Start or Grow Your Business Even in a Bad Economy

A fragile economy doesn't necessarily mean it's a bad time to launch a new business or expand an existing company. Prospective entrepreneurs and small business owners should take some extra precaution and soul-searching before making any big decision.

A recent segment of the Today Show talked about entrepreneurship, specifically, how many individuals are beginning to start businesses in response to a fragile economy and job market. It also featured a small business owner who after being layed-off from her corporate job, turned her hobby into a thriving business. To view the video, click here.

According to Bureau of Labor Statistics, in March 2009, the number of unemployed persons increased by 694,000 to 13.2 million, and the unemployment rate rose to 8.5 percent. With the rise in unemployment, many driven individuals find themselves without jobs and are forced to find creative solutions to their economic pressures.

If you have a business idea, by all means, research and find out if it has the potential to be a viable and profitable business venture. Take the time to find resources available to assist you in this process. The following sites will give you invaluable information on business planning:

A huge online directory with over 200 directories in PDF. www.sba.gov
This is a link to SCORE's toolkit. http://www.score.org/business_toolbox.html or
http://www.score.org/template_gallery.html
The IRS provides a checklist for business start up. www.irs.gov/businesses
This site has articles and links. www.inc.com
This is an online workshop. www.myownbusiness.org/course.html

As an entrepreneur, you are constantly looking for ways to get your business name in front of potential clients. Here are four quick tips to help you market and grow your business:

Know your target market
It is important to know who your customers are. I have talked to entrepreneurs who wanted to sell their products or services to everybody. No business can be all things to all people. Not only is this inefficient, but it’s ineffective!

Create a Marketing Plan – Revisit it Often!
Every small business should have a marketing plan. It is an essential tool to any successful business. A marketing plan helps you to map out how you plan to attract and attain customers. By having an effective marketing plan, you are able to boost your sales and increase your profits.

Use the Internet - Low to No Cost Marketing
Many businesses, small and large, use the internet to market and grow their businesses.

• Social media sites such as Linkedin, Facebook or Twitter can build your brand, market your products or services or link you to potential clients.
• Start writing a blog regularly. This can help you to establish credibility as an expert in your industry. Two free blog services that I am familiar with are www.blogger.com and www.wordpress.com.
• Create a monthly e-newsletter. This allows you to market to your client on a regular basis. You can send clients updates on upcoming sales or give them relevant tips to help them. I am familiar with and use Constant Contact, www.constantcontact.com. Always research and compare price and services of similar companies.

Network, Network, Network!
I can’t stress how important networking is for your business! If you want people to know about your business, then you must get out and talk to them. There are many opportunities to network your business. Chamber meetings, professional associations, conferences or trade shows are types of venues that business professionals gather.

Yes, these are trying times, and though it is easy to buy into the doom and gloom, aspiring entrepreneurs should continue to pursue their business ideas and small business owners should take aggressive steps to successfully grow their businesses.