Business Blog | Lilamitre-arte.com

One problem that many small business owners run into is simply thinking too small. I often have readers writing to me asking for helping getting their business ideas off the ground. I also often hear from folks who have run their small businesses into the ground. There are five key areas where you can think too small — and doom your business to failure.

Niche Too Small

Is your niche too small? Finding a small market to target with your business is key to success, but sometimes people narrow their niche too much. While doggy dental products could be a wonderful niche (as almost any dog owner can attest) you could even narrow your focus down to a certain type of dog (such as lap dogs) but going for one specific breed would be taking it too far.

Target Market Too Small

Is your target market too small? If you are looking only at one community or small geographic region then you may well doom your product to failure. It is far too easy to saturate a small market and it is far too easy for any marketing mistakes to end your campaign before it gets off the ground. In today’s economy with the availability of global marketing you need to think big when you are planning your target market.
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Do you run your own small business and try to do it all yourself? Why? Shouldn’t you spend your time doing what you do best- whether it is selling and marketing, customer service or making decisions on how to grow your business?

An entrepreneur tries to juggle many balls each day, but sooner or later one of them is going to be dropped. A smart business owner will realize that he/she can’t do everything because there are only 24 hours in a day. Unless you are extremely organized and enjoy working with numbers, then maybe you need to outsource this job. Too many business owners spend their time doing what they are not very good at simply because they don’t know how to go about finding someone to do that job for them.

Where do you start? Ask your accountant for referrals. Obviously you don’t need a full-time person to do your books, so your best bet is to look for someone who wants to moonlight at a part-time job. There are also bookkeepers with their own small business who are looking for clients. If you don’t have any other employees, this situation will work best for you because you can pay them as a subcontractor instead of an employee on payroll. However, you will need to give them a Form 1099 at year end for tax purposes. But, since they are accounting experts, they can help you with that task too.

You should interview your prospective bookkeeper just as you would if you were hiring him/her as an employee. Ask for a resume and references, and check them out. Since this person will be handling your confidential records, you want someone who is trustworthy.
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Nobody likes a bully… especially small business marketers. If you’ve ever felt like the little guy taking punches from a heavyweight champion, you know what I’m talking about. Big business has donned its gloves, and is waiting to put small business down for the count.

I’ve got good news! Sometimes the little guy wins. Heck, it isn’t easy and sometimes it’s a close call, but little guys do win and when they do… victory is sweet!

What can you do when you’re being threatened by the bully down the street?

1. Take a careful look at the Competition
Every business has its strengths and weaknesses. You need to be aware of both… your competitors strong points, and the places where room for improvement is quite obvious.

2. Be Flexible
Don’t expect your competitor to broadcast his next move so that you can be prepared to block it. You’ve got to think a step ahead, and be ready to outsmart his next maneuver.

3. Use a little Judo
You don’t have to be big and brawny to successfully use Judo. Why? It’s an art that uses your opponent’s momentum to trip him up. So what if you don’t have thousands of dollars to invest in a campaign. When you’re competition has invested his tens of thousands in one, you’ll be able to make a quick about turn and counteract quickly with a smaller campaign of your own. He’ll either forfeit his investment or continue through, but loose steam.
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If you have never gone to an online marketing seminar, you’re missing out.

I know what you’re thinking…

“Seminars are expensive.”

That’s true. They are. Some of ‘em cost over $5,000. Even the lower-priced parties are around $2,000.

“It’s a pain in the butt to attend.”

Again, that’s fair. In order to go, you have to get on a plane and fly somewhere. And you have to take time from your work and family to do it.

But, there are at least 3 reasons that attending seminars should be on your priority list (even if you DON’T plan to do a major product launch).

1. You Are Surrounded By Like-minded People.

Scoff if you want. But, I’m telling you, there’s huge POWER in being around folks who are driven to the same goal as you are.

To this day, my friends and family don’t really get what I do. They nod their heads and smile, but I can tell their eyes are glazing over.
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