Have Small Business Success

The second thing you need to be aware of in order to have business success is that you have to market your business no matter what kind of business it is. Advertising, though it can sometimes be a little expensive, is necessary. You have to have customers in order to have business success, and the only way to get them is to advertise. You can find the most affordable means of advertising when you look for it, and this will save you quite a bit of money.

In order to have success with your business, you have to of course know what exactly success means. Success isn’t the same with a small business as a large business in most cases. Of course, a very successful business will make you able to be comfortable in life, but you won’t be a millionaire by any means, unless you expand your business form a small one into a large one. This perspective is important because it will help you to have more realistic expectations of what your business success will bring you.

In some cases, though, your business success will require that you expand your business from a single small business to a large business or a chain. This is not an easy move, and it is very risky, but you could possibly gain quite a bit of money and profit from a move such as this. Once again, though, this will require quite a bit of work in order to successfully make this move. And the rewards with such a risk are of course much greater.

The advantages of being an owner of a successful small business are great, but if you want to have small business success, you have to work at it. Spend your time working and advertising in order to make your business successful. And remember, if you want to be a millionaire, in most cases you will have to expand your business in some way, and this is even more work and possibly more reward. If you are willing to put in the work, you can easily have small business success like you want.

Small Business Facts to Get You

The first of the small business facts that you need to know is exactly what a business is. It is just what it sounds like. It is a business that is pretty small. The employees can range from one or two all the way to about 50 or so people to still be considered small.

There are many different kinds of small businesses. You can own a business of your own doing a service where you are the only employee, such as mowing lawns. Or, you can own a business that has many employees such as a small restaurant or diner. The choices of small businesses that you can buy or open are virtually endless, so whatever you want to do is most likely possible.

And that brings us to the next of the small business facts. It is a fact that not all businesses are successful, so you have to make sure that you know what you are doing when you are trying to run your own business. Sometimes this just involves making good choices, and other times you may even have to take some business classes in order to have the best results with your business. It depends on the type of business that you are turning of course.

The next of the essential business facts involves advertising. It is a fact that your business has to be advertised in order to make money in nearly all cases. This is because customers are most often required in order to make money. And to get customers, advertising has to be done. You always have to make sure that you allocate a certain amount of money in your business’s budget to advertising in order to have a successful business.

The last of these business facts is one about the amount of money that you stand to make when you are a small business owner. In most cases, you will increase your standard of living with a successful business. But, you will not extensively increase it. You need a larger business or a more expensive product or service in order to have this kind of income increase.

7 Ways to Exit Your Business

If your plan is to start a business grow and run the business until you are 65 and then sell it- you have a plan and are ahead of most. It is so easy to start and buy a business and spend a lot of time preparing for that acquisition or start up, then get wrapped up in the transition or start-up, then get wrapped up in the day to day, and then one day you get real sick, and you have no one in your business that knows how to run your business, and laying in bed decide that you may need a plan- it may be to late then.

I am currently a business broker based in Florida and find my role of meeting with small business owners brings awareness to the need for an exit strategy. I had owned my own small business for 20 years and realized how ensconced with the day to day one can get with their small business. There are several ways to exit ones business- I primarily work with small business owners looking to sell their Florida business, but observe some of the other exit mechanism and have been personally involved with several of these methods.

These are a few methods a small business owner may utilize to exit a business. Some are good, some not so good.

The Good, the Bad and Ugly Ways to Exit Your Business

Sell at profit- can include “merger with other companies
Sell at Loss
Close your doors-bankruptcy, long term negative cash flow.
Poor Health, Significant Injury, Death
LBO (Leveraged Buy Out)
Successfully grow it to such a size and take it public
leave to children

Or some combination of the above- one could die and leave the business to the children

But when you look at the above list you recognize that some of the exit strategies you choose on your schedule and others are “chosen for you” and you have less control over the time frame. Your plans can change and often do, but I suggest you plan to have a plan.

Process of Selling Your Business

The first and most important step in the process of selling your business is to obtain a professional business valuation on your company. A business valuation offers a crystal clear picture of where your business stands today as well as understanding of the current market worth. While a business valuation is not required to sell your business, completing a business valuation offers a realistic picture of your company worth and fair selling price.

Many factors are involved when it comes to selling a company; if this is your first time selling a business have an expert financial professional offer advise so you have the upper hand in the deal. A business valuation will provide a comprehensive overview of your business through neutral perspective to assist in determining the fair market value of your business is. By scrutinizing the business’ financial records, company assets, past and future current market trends, as well as tax data, you will have a very clear picture of expectations when selling your business.

Prior to selling your business, ensure your books are accurate and in order. Having a well-organized set of financials will help to speed up the sale of the business. Make sure your data is error-free and provide the most accurate information possible.

Ensure that you have a succession plan in place. Your senior management helps run the business on a day-to-day basis and they are key players in the success of your business. Determine what will happen to them when you leave. Will they stay and continue to run the day-to-day operations? Even having a temporary plan in place will offer greater chances in selling the business. Include everything in writing to help protect your staff that is staying. A succession plan is critical when selling a business.

Lastly, keep the sale as quiet as possible. By letting the cat of the bag so to speak can cause a series of negative events. From your competition finding out, to your employee’s learning of a potential sale to your customers, this information leak can wreak havoc on the potential to sell your business. Keep information tied to the sale of your business as confidential as possible. Start with the first step of the process and obtain a business valuation for your business today.

Ways for Creating a Catchy Business Name

1. Useful Alliteration
It’s a good idea to come up with an alliterative name. Companies make use of alliteration all the time to make sure that their catchy business name is a memorable one. Many reputable and popular companies and brands use alliteration in their names, including Bed Bath & Beyond, Dunkin’ Donuts, PayPal, Best Buy, and Johnson & Johnson. This is not only useful for making your business name memorable, but also for making a good acronym that people will easily remember to relate to your business.

2. Prominent Acronyms
Creating an influential yet helpful acronym for your business name can give you an edge against the competition. Acronyms make up for a catchy business name that’s easily remembered by consumers. But, if you’re planning to use an acronym you should first ensure that it’s memorable and unique. A good example of a catchy business name that uses an acronym is the golf store Power Athlete Retail. Its acronym, PAR, reads as the goal term “par” which every golfer wants to achieve.

3. Helpful Word Compounds
Word compounds are used to create an attractive and catchy business name that consumers can easily relate to. YouTube is a perfect example of this. The easy and familiar name instantly activates appropriate association in the mind that YouTube is a user-generated video sharing website. Another good example is combining the words Washington and Battery to come up with WaBatt, which easily suggests that your battery selling business is based in the state of Washington.

4. Smart and Deliberate Misspellings
Companies, advertisers, and shops deliberately misspell a word to come up with a catchy business name and make it stand out. This is a good way of giving a unique appeal to your business and perhaps one of the quickest and smartest techniques to create a catchy business name. One example of how this works is by naming your bookstore “Paperbax”, which easily suggests that you’re selling paperback books. Such small but strategic misspelling can tell people a lot about your business. Like in this case, where the name appeals to the younger audience and asserts the thought that Paperbax is not a regular bookstore that sell hardcover books alone.

5. Proper Crowdsourcing
Crowdsourcing is the effort to outsource tasks to a crowd through an open call. This means tapping into the collective intelligence of a large group of people for fulfilling a certain task. By doing so, productivity and creativity are increased while labor and operating costs are kept to a minimum. Naming Force is a good example of a web service that helps to create a catchy business name through the power of crowdsourcing. PickyDomains on the other hand, is a dedicated crowdsourcing service for online business owners who need help with naming their website.

6. Business Name Generator Applications
Business name generator applications also come handy in creating a catchy business name. These software mix and combine words or parts of words to generate a compound word. There are many professionals who make use of such tools to generate website, product, and brand names. One of the most popular business name generator software is Workmaker, which has a massive database containing not just English, but German, French, and several other languages as well. There are also free business name generators online which are widely used by small and large businesses to get a catchy business name. Some of the most notable business name generators for free are BizNameWiz, NetSubstance, and Online Generator.

7. Business Name Development Consultants
Running out of creative juices and still can’t find a catchy business name? Then it’s time to get some professional help. There are many professional consultants that offer their services to assist people in creating the right business name. Some of them combine audience impact and creativity to develop the perfect business or product name. One of these professional consultants is Fresh Bread Creative, which has developed over 5,000 logos and corporate identities.