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

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