2010 Guide to Starting a Business in a Bad Economy
7 Tips for Starting a Business in 2010
Starting a business in a recession economy can be a scary prospect; however, in this age of layoffs and job shortages, what better way is there to assure yourself work than to create it yourself?
You can minimize some of the riskier aspects of business start-up by following some elementary tips.
1. Start Your Business in an Area of Projected Growth.
Green construction and technology are considered top business opportunities in 2010, as are senior care and senior renovations. There is high demand for these services not just for the coming year, but for many years subsequent. Your business idea doesn’t have to involve these markets, but there should be comparable demand for your product or service not just in this year, but years to come.
2. Figure Out Your Start Up Costs
Make sure you have the right amount of cash to get things on track properly. You will need sparkling credit and an extremely low risk business model if you want to apply for a loan. If you’re denied at your local bank and credit union, consider family and friends.
3. Protect Yourself and Your Investment.
Apply for a patent if it’s appropriate, and trademark your name and logo if you have them. It’s a small outlay of cash at the beginning that will save you a lot of heartache down the road.
4. Get the word out about your product or service
Find members of your target audience and provide them with a sample for free. Word of mouth can do wonders for a fledgling business.
5. Establish a Presence on the Web.
Consumers are ever increasingly seeking product and service information on the internet, and a domain name and professional looking website will only increase your business’ visibility. If you aren’t web savvy, recruit a friend who is to build your site, or pay a professional. Your website directly reflects on your business, and you don’t want it to look cheap or poorly conceived.
6. Familiarize Yourself With Search Engine Optimization.
Submit your site to the major search engines such as Yahoo! and Google. Make sure your website is search friendly. Incorporate cross linking between pages within your site, which means have many links leading back to your main page; this will increase your PageRank in the search engines. Try to get linked by other sites whenever possible. Think about the most frequently searched keyword phrases for your product or service and be smart about writing content that will be relevant to those phrases. Finally, consider paid inclusion programs with the major search engines to move your site up in the results. Check out the three largest vendors: Google AdWords, Yahoo! Search Marketing and Microsoft adCenter.
7. Find a Mentor.
Seek out individuals who have achieved the type of success that you are after, preferably in a comparable field, and pick their brains. Ask them how they got the edge, how they stay afloat, and what they’d recommend to a newbie on the scene. This will also be a great networking opportunity that will provide you with instant business contacts.
For more great tips on how to make a small business grow and much more please visit the Small Business section on GKBusiness.
