December 5, 2008, Newsletter Issue #188: No Company is Too Small (or Big) for a Marketing Plan

Tip of the Week

As a small business, you may be bootstrapping your way with no financial backing. Every sale may go into your bank account to pay bills. But if you’re not investing at least some money back into your company, you will quickly find yourself lumped in with 95% of all small business owners, who find themselves in the small business graveyard within the first five years of operations.

How can you avoid this morbid outlook? Get a marketing plan.

I know, you’re thinking, “Marketing and advertising are expensive. I can’t afford them!”

You can. Let’s start at the beginning. First, you need a plan. You need to do some research to see what forms of advertising you can afford, and what are best suited for your type of business. Depending on what you do, you should consider:

Direct mail Internet advertising Search Engine Optimization Advertising in local publications Press releases Networking These are all very affordable options that will help get you a boost of publicity without breaking the bank.

Once you determine which methods are right for your business (if you’re a local spa, online advertising may not be as effective as direct mail), lay out your budget. If you set aside just 10% of every sale, will that provide you enough capital to invest in at least one form of advertising a quarter? Could you afford to put aside 20%? You’d be surprised how quickly you can save enough money to have a decent marketing campaign if you only plan!

Organize your plan on your calendar. Decide exactly when you want to do each type of advertising and set deadlines for yourself. By doing this, you plan for your future, and can stay out of the small business graveyard!

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