How a Small Business Can Become a National Brand

 

Getting the products in your small business on the shelves at stores nationwide takes lots of persistence and a little luck.

 

When you think about how some of the largest corporations in the U.S. and abroad got going, compare it to how planting a seed in the ground will eventually turn into a towering tree with an intricate root system, large branches, and beautiful green leaves. In essence, startup success is a very similar process. 1800Accountant explains some of the ways a small business can transform itself into a national brand.

Unique Products and Brand Name

If the products or services that a small business sells are unique enough, this type of enterprise would have a better chance at soaring and potentially gaining traction on a national scale. Because there are hundreds – if not thousands – of brands with a national footprint out there, a business would have to offer something that is innovative enough to make it stand out from the rest. Doing this on a micro-level is tough as it is, and accomplishing it nationally takes even more effort and luck.. Along with a company selling something different, the name of a company can have a lot to do with how well it may catch on. A short and catchy name may be able to give a business the boost it needs to get people talking about it as well.

Marketing & Advertising

Marketing is an integral part of pushing a small business above others so that it has a chance to sweep the nation. Creativity in presenting a business through advertising can require a great deal of thinking and research, but sometimes some of the simplest ideas spark very effective ways of communicating a product or service to a target market. Although word-of-mouth is a proven method of spreading the word about a small business within a local community, it will take small business owners an advertising budget to make a little company a large national brand. Because the Internet has a worldwide reach, “viral” online advertising through social media is a current way of getting lots of potential customers to notice your small business is out there. After some time, you may have lots of eyeballs looking at it from coast to coast.

Finding the Right Market & Demographics

Some small businesses only prosper in specific markets of the country. Sometimes it’s easy to see why this occurs because a specific segment of the population may work or live in a particular area, and those individuals have the desire to patronize a local company for a given reason. In other cases, though, it is amazing how a simple product can take off like a rocket and catch on in a much larger market. Oftentimes, there is no specific reason for why this happens. In the broad scope of things, though, a business has to serve a nationwide need and have some appeal that people everywhere can benefit from. A business cannot discriminate by only offering something that truly appeals to residents of New York rather than residents of Florida or Texas. Successful products and services generally catch on among a wide demographic range as well, particularly because certain regions of the country encompass larger groups of people in certain demographics, while others encompass different groups.

From a broad perspective, the perfect mixture of time, energy, money, and a bit of good fortune is necessary in order for a small business to ultimately grow into something that Americans everywhere know and love. This should not prevent anyone from starting a company, however, since a great deal of small business owners are highly successful without ever reaching the point of having a nationally known brand.

1800Accountant is here for all of your small business consulting and accounting needs. Call 1-888-749-0117 or visit www.1800accountant.com to learn more.

Photo credit: The photograph of the grocery store shelves is used with permission via the Creative Commons license through Flickr.

Why running a small business is a very rewarding endeavor

Running a corporation can be extremely rewarding.

Running a corporation can be extremely rewarding for many reasons, especially when you enjoy financial success.

Taking the plunge into small business ownership and ultimately seeing it prosper as a financially flourishing company can be an extremely rewarding experience for small business owners in all walks of life. 1800Accountant explains some of the reasons why it can be so satisfying to be in charge of such a business enterprise.

First off, the personal satisfaction gained by small business owners makes it an exciting endeavor. Once all the hard work you have personally invested in getting the business off the ground is finally paying off, you will feel great about yourself. You’ll also be at a point where you are far from second-guessing your decision to start a company, which could present itself during tough times in the startup phase. Because of the funding required to do this, financial sacrifices are often a requirement as well, along with personal and family sacrifices that have to be made at times. Starting a business typically transforms the life of someone, and it’s all worth it in the end when this transformation shows results.

Small business success can also be rewarding for your family and close friends. Although making personal sacrifices is part of the game, your family members and friends will be very proud of you for taking the leap to startup achievement. These individuals could end up benefiting for your business in some fashion as well, even if you have to make sacrifices by not spending quite as much time with them when putting the business together.

Witnessing a decent amount of income flowing into your business bank account is certainly more than just icing on the cake. It takes a lot of blood, sweat, and tears to create a fully functional business operation that brings in reasonable profits. Because of this, a financial reward for your hard work is a fantastic benefit that is obviously a necessity to keep the company rolling along. Working for an employer is one thing, but making a comfortable living by doing something you’ve created yourself is even more rewarding.

Most importantly, running a company that makes a lot of headway by always accounting for the future will attract customers, investors, employees, and others who want to get in on the action of what you’re doing. This feeling can be like nothing else when you see that others are equally as enthused about your ideas, products, services, and other offerings. Putting a general idea on the table is one thing, but seeing it skyrocket into something special is incredibly rewarding. It just will likely take time and patience to reach such a goal.

1800Accountant can assist you with all of your small business accounting and consulting needs. To put your company on a path to prosperity and get the most satisfaction out of it, call 1-888-749-0117 or visit www.1800accountant.com.

Tips on how to let employees go who work in a small business

One of the more uncomfortable parts of operating a small business with employees is to let someone go. While Donald Trump says “You’re fired!” on his TV show, it’s really not that easy. 1800Accountant has a few tips for small business owners on how to appropriately handle these difficult circumstances to minimize the effects of this process on yourself, your business, and the person you’re cutting ties with:

Have a valid and specific reason(s) for the termination

The first step to take is to make sure that you have a specific and legitimate reason for letting someone go. This could be because of one isolated incident or a combination of numerous occurrences that have led you to make such a decision. Use your best judgment in how to explain the reason for terminating an employee when breaking the news to them, although this process can vary greatly and is generally up to the business owner on how to handle it. Just keep respect and professionalism in the back of your mind. In some cases, you may need to document this information for your records to protect your business in case of any potential issues that arise in the future.

Have a plan of action in mind for a replacement

It may seem obvious, but small business owners should spend some time thinking about how you are going to replace an employee once you are 100% set on cutting ties with this person. How will losing this person affect your business in the short term and in the long term? How much information or data will you need to obtain from this person before they officially leave? How long will it take to train someone new to do similar work? Ask yourself these questions and come up with reasonable answers to them.

Use a privacy policy for others in your small business

There are certain privacy policies to consider implementing when handling the firing of an employee. For example, you may not want to reveal why someone was let go to fellow employees. Many businesses consider this information to be highly confidential. However, it’s also based on how much a business owner chooses to reveal and what kinds of working relationships this person has with his or her employees. You just don’t want any more feathers to be ruffled.

Educate yourself on the potential legal risks/issues of the termination

Due to certain laws, you should be aware of what could happen if you fire someone in a way that doesn’t follow the law. For instance, giving discrimination as a reason for termination would likely violate the federal anti-discrimination law on the books. This prevents certain employers from firing employees due to age, gender, race, religion, or disability. The last thing you want to happen is to get sued by someone because you wrongfully fired them.

Understand post-employment ramifications and loose ends to tie up

Along with potential legal implications, there are some other things to consider. Severance pay and the final paycheck for an employee are just two of these issues. Your business should have a policy on whether or not employees who leave on their own terms or are terminated receive severance pay. You should also determine the how much a fired employee is owed and how to get them their last paycheck. If you offered insurance to this individual, you’ll have to put a timetable on when to end this coverage, if not immediately.

To get top-notch accounting and small business consulting support, work with the business pros at 1800Accountant. Call 1-888-749-0117 or visit www.1800accountant.com to learn more.

4 Tips on Balancing a Day Job and a Small Business

Small business owners often have a “side” job that they use as a source of income to help fund their startup ventures. 1800Accountant, the nation’s leading small business accounting and consulting firm, offers a few basic tips on ways to balance this outside job with the demands of running a small business.

1) Clearly separate your day job from your small business.

Whether you work part-time, full-time, as an independent contractor, or in any other capacity for an outside company, you should never mix the responsibilities of your paid position with those of your business. There’s a good chance your employer will appreciate this as well. Plus, these two separate paths could be going in completely different directions, so there is no reason to focus on your small business when you have other obligations. Conversely, try not to think about your job when running your company. Consider making a schedule of your work hours and your business-related hours. This will make it a little easier for you to put a wall up between the two, enabling you to devote 100% of your attention to each one when the time comes to do so.

2) Devote time to your business during your off hours.

As suggested earlier, the most appropriate time for you to dedicate to your business is when you aren’t on the clock at work. This may be at night, on weekends, or on your days off. You will feel much more comfortable conducting business at these times as well. Answering phone calls, responding to e-mails, and visiting clients are just some of the tasks involved in having a business. Because of this, it only makes sense to make your undivided attention available to the individuals you’re working with. Create a schedule that can best fit your job duties and your company duties. Try to give each the right amount of attention so that one does not outweigh the other.

3) Remember the importance of having a day job.

More than likely, you are holding a paid position elsewhere and operating a business for a reason. This reason probably points to your financial situation. Keep this in mind when working at your job. Remember that the money you’re earning from it can benefit yourself and your company. Getting a small business off the ground tends to require substantial startup costs, so consider setting a portion of your paychecks aside to go toward your company. In many cases, business owners have dreams of not holding two separate roles and ultimately focusing on their businesses, but this can’t happen until you have the finances to support yourself and your family. Since this is the case, never forget the significance of the work you do that is separate from your entrepreneurial activities.

4) Make time for yourself for non-work activities.

Running a small business is hard enough, and being employed on top of this takes even more of your time away. To avoid getting burned out from your business or your job, it is a must to set aside some time each day for yourself. Use this time to get away from the demands of your professional life. Focus on a hobby or watch one of your favorite movies to get your mind off the stresses you’re likely to endure. This will help keep your mind fresh so that you can be the best business owner and the best employee at work. In addition, devote some time to spend with your family and friends. They will appreciate it, and so will you.