Business Tips

Keep Pedaling that Bike

Most of us learned how to ride a bicycle as part of growing up. First we adjusted the seat and handle bars, hopped on, pedaled like crazy to build up some momentum, and tried to steer the bike down the correct path. Opening a small business involves similar procedures.

First you do your homework by investigating the industry, evaluating your local market and competition, finding a suitable location, identifying vendor sources, and determining your project costs and capital needs. Then you open the doors and hope enough customers actually come through to spend money in your business, which isn’t always the case.

This is where the pedaling comes in. All business experts are in agreement on one topic- the business that succeeds is the business that consistently and effectively markets. Sure you will market like crazy when you first open to build up that initial momentum. Unfortunately, when that initial marketing success is achieved many new business owners succumb to human nature. They quit pedaling. We know that you can only coast on a bike for so long before it slows to a crawl. And what if a new competitor that opens up down the street? How will that impact your momentum?

Marketing is an integral component of any small business and can never be ignored, regardless of how long you have been open. Make it a point to know the demographics of your client base. Find out the most effective ways to reach them through networking or advertising mediums. Learn how to write a compelling selling message in your ads. And most of all, never stop pedaling.