|  September 2, 2014  |  
Mostly Cloudy   64.0F  |  Forecast »
Bookmark and Share Email this page Email Print this page Print Feed Feed

2011 Small Business Survival Tips

Anchorage FranNet consultant provides guidance to prospective 
entrepreneurs in an uncertain business environment

Anchorage, AK (Grassroots Newswire) February 8, 2011 – As 2011 begins,
economic recovery remains sluggish and unemployment remains high. In such
an uncertain business environment, does it make sense to consider
franchise ownership? It might, says Page Nicol, a Anchorage FranNet
franchise consultant, if you approach starting up a small business with
the right tools and mindset.

"The small business landscape is changing," says Nicol. "To survive, and
eventually thrive, in these times, entrepreneurs need to bring their
expectations into line with today's economy and then continually adjust
their strategies to react to the changing business climate."

As a FranNet Consultant, Nicol helps people in the Anchorage area explore
the idea of franchise ownership by providing direction, information,
resources and support to help people find a franchise business model that
meets their individual needs.

Entrepreneur.com, in 10 Steps to Small Business Success in 2011, provides
advice to today's small business owners on surviving the current economic
doldrums. Nicol says that the following "Survival Tips," based on those
"10 Steps", provide would-be entrepreneurs with a reality checklist on the
challenges and satisfactions of small business ownership in an uncertain
economy.

1. Plan: Create or refine your business plan to focus on grabbing market
share and winning new business today, while other businesses are
struggling with the sluggish economy. Create benchmarks and evaluate your
progress frequently.
2. More like that: Do your homework. Review what is working, and not
working, in current marketing initiatives. Then, decide how to apply that
knowledge to your business.
3. Talk less; listen more: Open your mind to new ideas. Listen to existing
and prospective customers. Find out what your friends, coworkers and even
strangers online are saying about your industry or business arena. These
conversations can help you gain a new, and profitable, perspective on your
business.
4. Cut your losses: Resolve to avoid high-maintenance, low-margin
customers by defining the type of customer you want to work with. Then
focus on winning that kind of business.
5. Strike a deal. Your vendors are fellow business owners which means they
are looking for a way to win market share and increase revenues, too. Plan
to lock in long term contracts now with a volume discount. Then, negotiate
a payment plan, along with storage and timed delivery.
6. Network: Hone your understanding of your business by attending local
chamber of commerce events. Then take your new confidence for a spin by
joining and participating in networking events for your industry.
7. Define your brand. Understand what sets your business or product apart,
whether it's service, quality, design or something else, and then plan to
market that message aggressively to your target audience.
8. Create a cushion: As the housing market strengthens, consider tapping
into the equity on your home to help build your credit profile.
9. Motivate: Develop a well-defined bonus plan to create an opportunity
for your employees to share in your success by contributing to that
success. It's the perfect win-win scenario.
10. Piggyback: Find companies that have already captured your target
market with a different product or service and consider teaming up to help
them create new value for their customers – who will soon be your
customers, too.

"Surviving or starting a business in an economic downturn is a little like
playing a game of chess," says Nicol. "Each move you make should position
you for your next move – but you need to be able to adjust your strategy
continually. It's a constant challenge, but if you have an entrepreneurial
spirit, the financial and personal rewards can be significant."

For those considering owning a business in 2011, FranNet provides insight
into the advantages of franchise ownership. "Franchise ownership provides
a roadmap for the new entrepreneur, guiding him or her through many of the
critical start-up challenges with established guidelines and support for
marketing, sales, supply and management practices," explains Nicol. "For
someone starting a business in 2011, this kind of an edge could be the
critical difference between success and struggle."

For more information about FranNet Northwest, please contact Page Nicol at
503-534-3695 or www.frannet.com/pnicol.

About FranNet
FranNet provides free guidance and information to individuals who are
interested in purchasing a franchised business. Our role is to educate
entrepreneurs on the franchise industry to help clients determine if
franchise ownership is for them. FranNet works with many of the best
franchises in the industry and FranNet consultants use a special profiling
and consultative process to determine the right franchise opportunity and
business model unique to each person. Our services are 100% free through
the entire process. FranNet hosts numerous informational seminars and
educational programs that are open to the public each month throughout the
country and online. To learn more about opportunities with FranNet visit
www.frannet.com.

###

Add your comment:
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement