Tuesday, January 19, 2010

Prosper While Others Fail

I always advise my clients beginning new businesses to be conservative and have reasonable expectations about the income potential their new venture. Traditionally, brick and mortar stores will not pull a profit for at least two years from opening. During difficult economic times, I recommend giving a business five years before expecting to pull a profit. Too many businesses cut marketing and promotional budgets to combat tough times, which is the worst possible cut back. During financial difficulties expect to work harder for less, but do not cut back on a company's most important expense, marketing and promotion. Putting more effort into promoting your business to new clients and remember to target clients left behind by failing businesses.

For more information read "Small Businesses and Hard Facts."

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