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Small Business: Another Conventional Path To Success

February 28, 2012 | Comments: 0 | Views: 169

A small business is considered as another conventional path to reach success. The definitive sign of this kind of business is expressed by the name itself. Basically, the business may be owned privately and operated with a small number of employees as well as sales. In the U.S., this kind of business is fondly called the Mom and Pop store because the store owners can be the partnership of parents, sole proprietorship, and corporations. The term "small" in small business varies from country to country. It can also be classified according to the net, sales, and assets. This kind of business is not alien to almost every country. Examples of this are bakeries or delicatessen, convenience store, guest house, restaurants, hairdressers, photographers, online business, and manufacturing.

Franchising is another small business method that will benefit from the economies of scale from big corporation franchisers such as McDonald's. With this, owners of small businesses can keep up with their investment while answering the leveraging principle. The only down side is, small businesses can have a feel of both worlds to the point of crumpling their own independence. But in some cases, mentioning their business names in their franchise is allowable.

The reasons of this kind of business that have gained momentum in the whole industry are those people who have resigned from employment who want to be their own boss. You can say that personal independence could be achieved through this. The desire of starting from scratch without surrendering to blunders and reaping the sweetest rewards later on are the characteristics of the people behind this business. There, they can attain satisfaction and have their own decisions without the threats of outside economic factors. On the other hand, those entrepreneurs will be entitled to long hours of work for their consumers.

The problem encountered is bankruptcy which is due to undercapitalization. Others would be increasing energy bills, health insurance, and taxes. Diversity in the products or services is seen as lifeblood for the business to thrive. This is an important aspect when it comes to the local level. They can have adjustments through this on their goods so that it will meet the needs of the community. Local businesses might find it a great strategy to support new or controversial products. This will cause a stir and will help local artists especially patronizing local music and art.

In order to reach success in this kind of field, there are available marketing techniques to utilize. Word of mouth is the most common way followed by networking. Also, yellow pages directory, customer referrals, radio, television, print, email marketing, and internet marketing. Internet marketing is the most popular form of strategy because it is convenient and requires no effort. Consumers can simply add the Facebook or Twitter page and gain knowledge through advertising. Blogs and other social media sites are equally utilized to have a product or store boom. Do-it-yourself websites are also available and public relations as well.In the end, big success comes from small businesses.

Andre B. Reynolds is a leisure writer who enjoys sharing information about Los Angeles building cleaning and janitorial companies in Santa Ana as well as other interesting topics.

Source: EzineArticles
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