copyright 2016 Brain Storm and Boot Strap 2017 Starting a small business is hard work. In a tough economy, it can be even harder. This is partly because when credit markets are tight, it can be tough to get startup financing. That's why it's crucial for small business owners to hone their business plans. In other words, if you want a slice of the financing pie, you had better work your cash projections really hard and know your bottom line down to the penny - how much money you need to put into the business, how much you will need to charge to meet your operating costs and, hopefully, what you need to do to realize a profit. If you're thinking about making the leap into entrepreneurship, consider the following tips to successfully build your business in a difficult economy. 888.316.3572

1. - Starting a small business is hard work. In a
tough economy, it can be even harder. This is
partly because when credit markets are tight,
it can be tough to get startup financing. That's
why it's crucial for small business owners to
hone their business plans. In other words, if
you want a slice of the financing pie, you had
better work your cash projections really hard
and know your bottom line down to the penny
- how much money you need to put into the
business, how much you will need to charge
to meet your operating costs and, hopefully,
what you need to do to realize a profit. If
you're thinking about making the leap into
entrepreneurship, consider the following tips
to successfully build your business in a
difficult economy.
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2. No.1: Finding pennies to finance your
business
▪ a friend who owns his or her own business
▪ a loan officer at the bank where you do business
▪ an accountant (ask for an estimate - preferably a flat-rate fee - for
reviewing your plan)
Before applying for a person loan, ask trusted friends or professional advisors to
review your plan to make sure you're not overlooking anything critical or making
inaccurate assumptions. You could ask:

3. The best way to borrow… is not at all…
- In addition to securing small funding for your new home-base enterprise, come
up with a financial back-up plan both for your business and your personal finances
if you fail to hit your initial revenue projections. You should also build up your own
personal cash reserves so that you have enough to live off of for six to 12 months,
and collect peanuts (loose change) carefully to make sure you can continue making
your most crucial payments (i.e. rent/mortgage, insurance premiums, mobile
phone, etc.). Finally, check your gut - and your bank balance - to make sure you're
ready to start your new home-base business.
Brain Storm and Boot Strap

4. No. 2: Market Smartly
Starting a new business when the economy is
on the downturn takes creativity and
ingenuity. Marketing is vital in getting ahead of
the game - and your competitors. Take your plan
and really flesh out the marketing components.
What exactly are you going to sell, who are your
targeted customers, how will you price your rate
or services, and what is your plan for promoting
your business?
You stand a better chance of succeeding by thinking niche.
Slice and dice your original mobile phone and social media
base to come up with smaller segment to market more
strategically. For example, if you offer a professional service
geared toward women, could you narrow it to target women
within a specific age range, career type or geographic
location? Find your Niche Market
Facts Sell,
Stories Tell

5. No. 2: Market Smartly
- Or, alternatively, think about ways to alter
your rates or services to broaden your
businesses' appeal and customer base. For
example, if you have invested in opening a
“ hospitality and travel “home-based
business, could you also offer event
packages or ride sharing for customers
who want “click and go"?
Cont.

6. - Remember to keep a close eye on the competition. Do ongoing competitive
analysis and watch what other providers are doing and what marketing
techniques they're using to build their business. Are they tweaking the rates?
Lowering the price? Using creative promotional tactics? You'll need to know
where your competitors are so you can differentiate yourself and gain market
share. For example, think about where your competitors aren't operating or
which potential customers they're missing - then be the first to capture that
segment of your market. (To find out how to attract new clients,
read Generational
No. 2: Market Smartly

7. No. 3: Start Small … With an Eye to Expand
Start Small
▪ Manage your expectations and your
expenses by starting as small as
possible, with an eye to expand when
business takes off. Review your plan
and reconsider what you need to start.
For example, could you start in a
smaller - and less expensive - location,
or stay "virtual" and eschew a physical
office completely?
With an Eye to Expand
▪ After deciding upon the best, most
affordable space for your business,
think about your staffing needs. Before
hiring full-time employees think about
filling needed positions with
contractors, temporary workers or part-
time staff. If you're opening a business
in an area that has seen local
businesses fold, you may be able to pick
up some great talent for less
compensation than in an "up" market.

8. No. 4: Use Technology to Your Advantage
Technology can provide you with numerous ways to save money and increase
profits. For example:
Expand your market by selling through multiple online channels.
Do email marketing instead of more expensive electronic or print advertising.
Use websites like Entrepreneur.com, Score.com, BusinessInfoGuide.com or bizSugar.com
to get ideas from fellow entrepreneurs and successful business leaders.
Optimize your website for search engines to keep your site coming up at the top of your
customers' searches.
Produce affordable marketing vehicles like podcasts or webinars through your website.
Create an online customer loyalty program offering advanced notices of sales, discounts,
referral bonuses and coupons.

9. No. 5: Network, Network, Network
Get to know other people in your community who can refer
customers and help build your business. Don't know where to
start? Find a local business networking group (meetup.com) or
contact your chamber of commerce. Look into joining a professional
association - either a local one where you can meet people in person
or even an online group - to tap into others' ideas. (LinkedIn.com)

10. No. 6: Ideas for Lowering Costs
Using the economic situation as leverage when negotiating rents, equipment leasing agreements, etc.
Leasers, developers, and vendors need businesses to pay their rent and fulfill their contracts. You may be
able to get a lower price if you can demonstrate an ability to pay on time and in full at the lower rate.
Buying supplies from businesses that are closing or need to reduce inventory, particularly for big-ticket
items like electronics, office furniture, etc.
Bartering with other business owners. Look for business alliance possibilities and suggest offsetting costs
by trading products or services.
Doing your own legal homework. Before shelling out big money to a lawyer for business startup costs like
incorporating or obtaining a trademark, use online sources like Findlaw.com or Legalzoom.com, which
provide free resources and low-cost services.
A gloomy economy can actually disguise some great ways
to save money. Creative ideas to lower your start-up costs
include:

11. Conclusion : “In Business for Yourself but not by
Yourself”
- There are unique benefits and opportunities to starting a
business in a tough economy. If you do your homework,
think strategically and take advantage of every opportunity
to minimize costs while maximizing the value you add for
customers, you can build a foundation for long-lasting
business success.