Be Your Own Boss

7 tips to help you launch a successful business

(Family Features) Entrepreneurship is alive and well, even if the face of small business is evolving with the times. Autonomy in management and making dreams a reality are the reasons most cited by entrepreneurs looking to open a small business.

Nearly half of all respondents in the annual The UPS Store “Inside Small Business Survey” said they’d be optimistic about opening a small business this year. Of respondents who hope to open a small business, top motivators include being their own bosses (38 percent), followed by believing in the power of their own ideas (17 percent) and creating their next career paths (15 percent).

“The American Dream of owning your own business is still very much real, especially when compared to the rest of the developed world,” said Dr. Luke Pittaway, Ohio University College of Business Copeland Professor of Entrepreneurship.

However, how Americans are choosing to open small businesses is where there may be a shift.

“Consumer habits are changing,” Pittaway said. “That’s forcing Americans to consider how they open small businesses, whether it’s focusing more on e-commerce than actual store fronts or focusing on selling to a local community or region instead of a broader national audience.”

Starting Your Own Start-Up
The process of launching a start-up can throw various unexpected obstacles your way, but there are numerous resources available to support a budding business.

“We understand the challenges of small business owners and offer products and services designed specifically to help and support small businesses,” said Tim Davis, president of The UPS Store, Inc. “Small business owners are unparalleled in their passion for their businesses, and understanding that aspiration is critical to running a successful small business.”

This action plan from the experts at The UPS Store can help you get you on your way to launching a successful start-up:

1. Analyze your target audience.
Start by performing extensive market research to understand your customers’ core necessities. Assessing your target demographic gives you a clear perspective on how to serve the people in it.

2. Determine a legal structure.
Selecting the right legal structure ultimately determines how you handle income taxes and all government reporting requirements. Many small businesses fall under a sole proprietorship or limited liability company (LLC) while bigger entities may identify as corporations.

3. Establish your premises.
Choosing the right business setting could be the difference between a cost-effective start-up and a moderately expensive one. Your work space should fall within your monthly budget while still satisfying the needs of your customers.

4. Determine your budget and expenses.
Assessing your available funds enables you to prioritize and assign an appropriate amount to your business assets. This should include necessities for daily operations, as well as secondary expenses, such as traveling and meetings.

5. Develop a business plan.
Think of a business plan as a road map that indicates where your start-up stands and where it is headed. If you need funding, it’s also a great tool to articulate your ideas, philosophies and goals.

6. Set up a marketing plan.
Conduct an analysis of your business’s strengths and weaknesses to devise strategies and tactics that account for challenges and opportunities your business is likely to face. The scale of your marketing plan will likely depend on resources you have available and your target audience, but should feature a variety of tactics. Your plan should include printed materials like direct mailers, business cards, newsletters, flyers, banners and posters, as well as digital to cover things like search and social media.

7. Be competitive.
Examine your competitors to determine the areas in which they thrive and see what makes them successful. Learn from the landscape to improve upon their strengths and gain an upper hand on their weaknesses. For example, implement various pricing models, such as special offers, coupons and rewards, rather than sticking with your initial, low price to remain competitive and profitable.

With a carefully structured action plan, you can turn your start-up idea into a successful business. Find more tips for your small business at TheUPSStore.com.

Pitch your small business like a Pro

When you’re launching a small business, there could be any number of reasons you may need to pitch your idea. You may be courting an investor, recruiting talent or even starting to market your product or service. Brevity is often essential, so learn how to concisely pitch your business like a pro with these tips:

Draw out the essentials. Reduce your pitch to a few digestible bites. Make sure you have an intro that is brief enough to get someone’s undivided attention then elaborate on your points, such as your top competitive advantages, and provide more detail about your business as a whole.

Come to entertain. Add an entertainment factor to make your pitch engaging and memorable. Of course, you need substance to go along with style, but keeping your audience focused and doing something to stand out is essential.

Anticipate questions. Prepare yourself to reassure concerned investors and flesh out subjects you may have kept brief for your presentation. Make sure to practice your answers so you sound confident. Grabbing attention is important, but you need to be able to back up your spiel.

Know your audience. This is the cardinal rule of communication. Make sure you do your homework and know who you are addressing. This shows you value your listener’s time and feedback. Furthermore, insight about his or her philosophy in doing business can be extremely valuable during a pitch.

Practice until it hurts. Take the time to practice your entire pitch, including answers to likely questions, until you know it inside and out. The more comfortable you are, the more likely you are to win someone over in a meeting.

Have the materials to back it up. A written document is your chance to leave a lasting impression and elaborate on your major selling points. It’s also a chance to show your professionalism, so be sure to proofread carefully and package the information for a polished presentation.

Find more resources to help get your small business off the ground at theupsstore.com/smallbiz.

Photos courtesy of Getty Images

Build a Business Your Way

(Family Features) Creating a business from the ground up is no small endeavor. From planning to financing to putting standard business services in place, there’s a lot to tackle. All of that is in addition to operating the day-to-day business.

To overcome these obstacles, franchising is an ideal solution for many aspiring business owners. It provides the advantages of business ownership, but with the added support of a recognized brand and an established method of doing business. Partnering with a franchise like The UPS Store offers numerous benefits.

Flexibility. Opening a franchise allows you to enjoy the freedom and flexibility of making your own business decisions and being your own boss, while working toward your goals of personal and financial independence at your own pace.

Start-up resources. Getting a new business off the ground requires a wide range of activity, from site selection and lease negotiation to hiring and training staff. A franchise can help you navigate these early decisions and needs with a deep pool of experience and knowledge to help overcome the hurdles you may encounter.

Training. Even a well-educated business owner has room to learn. With a franchise, you have the opportunity to receive in-depth training in areas such as business operations, technical systems, human resources, marketing and financial management.

Networking opportunities. Connecting with other franchisees at area meetings, regional conferences and national conventions helps you stay informed of industry trends, discover new tools and resources, and develop lasting relationships with fellow franchisees. The result is a peer group that has intimate knowledge of your business model that can serve as a valuable resource as your business grows.

Product development. Part of developing your business is understanding your customers’ needs and introducing new products and solutions. As a franchise owner, you can contribute insight to the process but focus on running your business while development experts dedicate themselves to researching and innovating new products and services that can help you better serve your customers.

Marketing support. Many franchises conduct national advertising campaigns to build brand awareness, while regional efforts and local store marketing can build excitement in your market. A layered marketing plan extends the reach of your marketing budget and lends credibility to your business.

Financing assistance. Funding your franchise according to your unique goals and background can help eliminate many of the financial pitfalls that those without experience or industry expertise may encounter.

Learn more about franchising and the options available to aspiring small business owners at TheUPSStoreFranchise.com.

A Milestone Accomplishment

A focus on small business is driving big results for one national retailer. The nation’s largest franchise system of retail shipping, print and business service centers, The UPS Store, Inc., is now 5,000 locations strong.

“The UPS Store network is made up of dedicated individuals and families who are committed to serving small business owners, customers and their communities,” said Chris Adkins, vice president of franchise development for The UPS Store. “We look forward to welcoming more franchisees into our network as we continue to challenge ourselves to find new ways we can bring convenience and value to our customers.”

Over the years, the retail concept has expanded to include a range of solutions for small business owners, creating a one-stop shop for small-business support. Small business owners can find resources such as notary services, shredding, mailbox and locker rental, and, in some cases, even inventory management solutions, as well as the packing and shipping services that business and non-business customers alike can utilize.

5 Tips for Creating a Business Plan

Once you’ve settled on a business model that meets your needs, developing a business plan is an essential next step. These five tips can help you get started:

• Think long-term. A solid business plan should account for your start-up, of course, but also the longer range future of your operations. Consider how you want your business to look five years down the road. Create goals and build in milestones to chart your progress on that long-term path.

• Write it yourself. No one can embrace your vision as completely as you can and developing the plan yourself gives you a deep understanding of every aspect of the business, which is essential for good management. Even if you hand over certain responsibilities down the road, being aware of each aspect of your business can make you a stronger, more successful leader.

• Review the plan over time. Know that time brings change. The business climate and other variables that influenced your original plan will likely shift over the course of your ownership. That’s why it’s important to revisit your plan at least annually to ensure your original roadmap is still on the right track strategically.

• Share your plan with others. Inviting input from an adviser or experienced friend or colleague is a great way to spur new ideas and identify potential problem areas. Be sure you’re prepared to accept constructive criticism to help shape the best possible business plan.

• Stick to it. After all the sweat equity you invest in creating your business plan, the worst thing you can do is allow it to collect dust on a shelf. Use the plan to guide you in launching and growing your business. When business is booming and you’re too busy to think strategically, you’ll be grateful to have a well-conceived plan to rely upon.

Photos courtesy of Getty Images (women with clipboard, man with open sign)

Make Marketing Work for You

Strategies to grow your small business

(Family Features) Many small business owners see their grand opening as the culmination of a lifelong dream of owning their own business. Indeed, it’s an important milestone, but it’s really just the beginning of a journey to build a brand that can attract and keep customers coming in the door.

Marketing is essential to the success of any business. It’s the way to tell people what products and services you offer, but more importantly, it’s an opportunity to tell your business’s story and convey why someone should choose to buy from you rather than a competitor.

Start with a plan
Just as you likely used a business plan to get your company off the ground, you’ll need a marketing plan to guide you in promoting your business. A marketing plan should include an analysis of your business’s strengths, weaknesses, opportunities and threats. It should also define your target audiences with as much detail as possible.

With this information, you can begin devising the strategies and tactics that will best answer the challenges and opportunities your business is likely to encounter. The scale of your plan will depend on the scope of your business and the resources you have available, but you should include a wide range of activities, from advertising and printed materials to events and social media. It’s also a good idea to build metrics into your plan, so you can assess how your ideas perform and make adjustments over time. Also remember to include a timeline to hold yourself accountable for executing the plan.

Define perceptions
Whether your business is brand new or you’re new to the idea of purposefully marketing your business, it’s important to know how you want people to perceive your brand and your company. Some of that information may be spelled out in your business plan, but for the purposes of marketing, it may be necessary to take it a step or two further to really tell your brand’s story. What do you want people to know? How should they feel when they interact with your company? Is there a reason your offering is superior to the alternatives? Ensure your marketing materials answer these types of questions clearly and concisely.

Make materials meaningful
For many small businesses, printed materials are the first impression customers and prospects have of your business. Printed materials can be any number of items, including direct mailers, business cards, newsletters, flyers, banners, posters and more.

Having professional, well-designed print items sends an important message about your business and your commitment to quality. Regardless of the format, all marketing materials should reflect your brand story. That is, the visual and linguistic ways you convey your brand.

Nearly all small business owners (90 percent) use printed materials in some aspect of their business, according to a survey conducted by The UPS Store. While marketing is the most common purpose, overall, small business owners use printed materials for a variety of other reasons such as internal documents, client documents and billing. Even those more functional pieces should consistently reflect your brand, the same as your external marketing materials.

Small business owners are often short on time and resources, but relying on a partner for print services can make things easier. For example, The UPS Store offers online ordering for print products and launched a “Print on Demand” program that enables customers to receive on-demand delivery service for everything printed from business cards and presentations to flyers and brochures. The print delivery service is the first of its kind and is available at more than 900 locations across the country. Learn more at upsstoreprint.com.

Marketing Solutions that Work

Try exploring these six print strategies that can help tell your small business brand story:

1. Flyers
   Every store should have a grand opening, and a flyer is a great way to tell the community your business is ready to launch. Once your business is underway, you can promote specials and create brand awareness using updated flyers in the same style.

2. Business cards
   Whether you are walking into a networking event or going about your daily routine, the right business card is a must to deliver a strong representation for your brand. In fact, a survey conducted by The UPS Store found that 70 percent of small business owners use business cards to market their businesses. Contact information is essential, but so is a quality design that lends credibility to your business.

3. Brochures
   When you need more space to tell your story, brochures offer a low-pressure method to make a long-form pitch to customers. Having a sales associate promote your capabilities can be intimidating. Conversely, brochures provide you with an opportunity to show customers what your brand offers in a low-pressure way with full color and detail in a format they can carry out and refer to later.

4. Promotional Products
   Promotional products can be fun, inexpensive ways to reach your customers. With branded items like T-shirts, bags, mugs or keychains, you can provide a functional product to your customer and raise brand awareness. Order online with the help of a trained printer by considering a partner such as The UPS Store.

5. Postcards
   With so many digital ad options available, today’s consumers receive less traditional mail, and that’s an opportunity to make your brand stand out. Postcards are a compact and cost-efficient way to announce a new product, the opening of a new location, a holiday sale or another important notice. Even if the recipient doesn’t immediately take action on the promotional message, postcards are also a good way to keep your brand in front of consumers and remind them of the products or services you can offer.

6. Presentations
   A well-put together presentation can leave a lasting impression by adding impact and value to the information being shared. Presentations help reinforce your message and brand while keeping important information in one place for current and potential clients.

Photo courtesy of Getty Images