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This page is updated monthly with new and valuable tips about where you can
obtain the best free or low-cost business and industry information, so you can
do market research yourself, or add to Marketdata's reports. Be sure to check
back with us once a month for new tips. We give you specific, up-to-date
references and phone numbers.
* FRANCHISE info. sources...Here are some useful sources to check out:
Other good small business websites...
* Need to know your businesses' key ratios or "yardsticks" - like
typical pre- and after-tax profit margins, expense ratios, how much you should
carry in inventory, accounts receivable, cash, etc.? The best source we've seen
for this info is the Robert Morris Annual Statement Studies, published annually
for a wide variety of service, retail, wholesale, manufacturing, and other
industries. They do a composite "average" balance sheet and income statement,
arranged by SIC code. Ask for it at your local business reference department of
a university library. Many public libraries may not have it.
* Press Release Essentials...1. If someone asks to be put on your
press release mailing list, DO IT! Be diligent and send them every one you have
on an ongoing basis. 2.Write the release to read like a story you'd see in the
newspaper or magazine, as the writer would write it. Don't include a lot of
statements about how great your company is, just pack it with useful facts,
figures, key findings, new services you are offering (i.e. According to
Marketdata Research Director, John LaRosa: "The self-improvement market is
booming, especially for books and seminars."). 5. Include a bold,
attention-getting headline (and subhead). 6. Include details about how readers
can obtain any free materials, fliers, brochures, reports, consultation, or
other services you're offering. 7. Include e-mail and website address, phone and
fax numbers. 8. Mail releases to your "trade press" list (which you've built up
over time) at least 4-6 times/year, and keep the release style/look consistent
so they recognize your company when they get it.
* Merchant Credit Card Accounts-getting one can be tough. Many banks
no longer even consider granting new customers operating a MAIL ORDER
business a merchant account (allowing your customers to pay by VISA/MC). This is
a shame, since your reputable firm is grouped with all the fly-by-night
companies that burned the banks in the past with nondelivery of merchandise,
etc. If your business falls into this category, and outside of the traditional
"retail establishment" (i.e. home-based consultant, or you sell your products
via mail order or phone where you don't see customers face to face), banks give
you major hassles and steep discount rates even if you're approved. Describe
your business as anything but mail order, if possible. For mail order, expect to
pay 3% of gross sales amounts on VISA/MC sales and a whopping 4.5% on AMEX.
* The Service Annual Survey (Dept. of Commerce) is an excellent source
of data about the past 3-4 years' receipts and growth for a wide range of
service and healthcare industries (incl. beauty shops, parking lots, public
relations, dentists offices, video rental stores, home health care services,
etc.) The latest edition is 2006. Call: 301-457-2826 or see
www.census.gov. (see topics A to Z and
choose S for Service Annual Survey. * Limited advertising budget? Try bartering your services. We do, to
great benefit. As an example, we provide many industry trade journals with a
copy of our Industry Studies, in exchange for one or several space ads. No cash
outlay. We provide camera-ready art/ad. However, many 1/4-page ads cost
$300-800+, so the value of YOUR product/service must be roughly equal to the
space ad's value. Also, you have to have something of value to the magazine and
their members, something they can use for editorial/stories .
* Want to locate hundreds of market research reports about specific markets?
Contact Marketresearch.com ......More survival tips to come! Check back with us
regularly...
Small Business Survival Tips
