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We’re devoting many of our March posts to the importance of playing in a very specific niche market and an ideal client.  This is a great piece to launch our series.  Now more than ever, every small business owner needs to be identifying their niche market.

How To Create a Niche Market for Your Business

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by Gabrielle Melisende

Have you ever wondered how so many beauty salons, web design companies, attorneys Romper Stomper rip or Mexican restaurants can exist in the same geographic area? Especially in small populated areas? Maybe the demand is high. Or, perhaps some of these businesses have set themselves apart by targeting a niche market. Continue reading →

In a down economy, we have got to get creative. This is the time when we must come up with new marketing methods, new pricing strategies, new markets to penetrate. The one drawback to all of these new efforts, is the cost. There is one way to get yourself out there, without breaking the bank. We hear about it all the time, we know it’s a good idea…but so many of us just don’t do it. The strategy I am referring to is Networking.
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A bold Statement…well, maybe.  But it’s absolutely possible.

Looks like we have a new international phenomena on our hands. Unless you are really living in the dark, you have probably seen the media madness that is following the vampire movie “Twilight” and it’s cast. Thousands of teenage girls are swept up in the frenzy, packing malls, retail stores and movie theaters just to get a piece of this movie for themselves.

Now, if you have been reading this blog, you’ll know that one of our favorite business growth strategies is to create partnerships or joint ventures. Using your products or services to support a complimentary product or service is a tremendous way to increase your brand awareness by getting in front of a completely new customer base.

The City of Industry clothing retailer, Hot Topic, Inc. has sunk their teeth in to a  JV relationship that has its third quarter net income up 11% vs. the same period last year. This rise in sales is directly related to a licensing detail between the “Twilight” movie and the Los Angeles retailer. According to Joel Russell’s article in the LABJ, Hot Topic, “has long tried to shed an image as a seller of goth clothing and become a mainstream store for young buyers…Sales peaked leading up to the film’s release, when stars signed merchandise in Hot Topic stores around the country.” If the “Twighlight” book series continues to be converted to the big screen, the company can for see a very bright future ahead of itself.

Are you stuck in a sales slump? Do your customers only see you in one light? Are you searching for ways to market your other benefits to a new group of consumers? Keep your focus on potential partners out there with the same message and customer base that you want to reach. Strategize all the opportunities that both parties could receive from the partnership and then create a winning proposal to present to your prospect. Now is the time for creativity and everyone is looking for ways to grow their businesses. If you can show them how your partnership can create mutual growth, then you have just found your new bloodstream (sorry, I just couldn’t help myself!). buy synthroid

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Kiss Of The Vampire aka Immortally Yours dvdrip No Mercy divx According to Malcolm Gladwell in “Tipping Point”, there are two things faster than light:  thought and feeling.  People will feel about you way before they think about you.  And, they’ll think instantly

So What?

I consistently see some very good products and services in the small business community.  But a small business owners’ ability to persuade others to buy is the single biggest critical element I see missing.

Sales is at the heart of every company. If you want people to say YES to your product or service then you, or someone on your team, must master the art of persuasion.  I said persuasion, not manipulation.  Here’s the difference:

Sales is the transfer of energy.  Sure, we make up all kinds of other things about it…and we have our stories around how we hate it, or it doesn’t feel right.  Here’s the deal.  If it feels funny to you, it will funny to the other person who you’re trying to persuade.  And not just in words, but in the transfer of your energy to them.

Everyone wants to do business with someone they like.

First, you must believe you are a feeling creator.  Through confidence, certainty and the psychology that what you have to offer can help improve the life of someone else, you must create the feeling in your prospect that you’re the real deal.  And you’re prospect will make that decision in milliseconds, often non-consciously.

Build rapport.  This is critical.  Find commonality.  Be curious.

It helps that every time you meet someone you ask yourself “how can I help them?”.  When you are desperate for milk money, that’s the feeling your prospect gets.  See what you can do for them, not what they can do for you.  Be a ‘go-giver’ and not a ‘go-getter’.

And please, please know what you’re going to say when someone asks what you do.  Practice, drill and rehearse the single biggest benefit you offer someone.   What you practice in private will reward you in public.

Everyone wants to feel good.  When you make someone feel good they’ll say yes.

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I stumbled upon this great article by Sarah Caron, which I found to be so empowering for all small business owners right now. It is very easy to get wrapped up in the “gloom and doom,” of our current economic conditions, however, this mentality is not healthy for your business. If you buy in to the idea that you can not grow your business right now, then…you’re right, you probably can’t. But what if you changed that beleif? Do you think that with a different belief, you could produce a different result? These 14 companies did it, so can you.

14 Big Business that Started During a Recession

By Sarah Caron | November 11, 2008
It might seem counterintuitive to start a new business when the economy is in the dumps. But a recession can actually be the ideal time for launching a company. In fact, many well-known and successful organizations were born during an economic slump.

Why do these companies succeed? Usually it’s because the founders recognized a market need and filled it. Identifying that need — whether it’s related to entertainment, travel or even streamlining how businesses operate — is the key to any thriving enterprise, regardless of the economic climate in which it begins. The following major corporations made it big during recessions by doing just that.

Hyatt Corp. opened its first hotel’s doors at the Los Angeles International Airport during the Eisenhower recession (1957 to 1958). The chain rose to worldwide fame in the following decades and now operates more than 365 hotels in 25 countries with premium services such as wifi hotspots.

Burger King Corp.,

with its flame-broiled burgers, is another recession startup. The company began in 1954 when James McLamore and David Edgerton opened a Burger King restaurant in Miami, Fla. During another recession in 1957, the company introduced its successful signature burger — the Whopper. Today, the company operates more than 11,100 locations in 65 countries.

IHOP Corp. is another star from the Eisenhower recession. The first restaurant in the now national chain opened its doors July1958 in Toluca Lake, Calif. Owners Al and Jerry Lapin were at the helm of the fast growing company, which began franchising just three years later. Today, there are more than 1,300 locations across the U.S.

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When times get tougher and cash flow gets smaller, consumers get more creative. Especially those consumers with luxurious appetites. One niche that seems to be flourishing during these leaner times are the thrift, resale and vintage shops.

Designer consignment stores such as The Way We Wore, who boasts such labels as YSL and Halston, has seen a 22% increase in sales over last year while Decadestwo Van Nuys Blvd. dvd , who carriesonly the creme de la creme of vintage designers reports sales are up 45% from last summer. These stores are not only seeing more shoppers coming in, but also more consignors looking to sell off last year’s Louboutin’s. Both parties win, the stores get an influx of new pieces to keep all their new customers engaged and the sellers get nice little return on their expensive investments.

This boost on sales isn’t limited to the designer resalers however, according to Los Angeles Times staff writer, Emili Vesiland. In her article Secondhand clothes, with sales rising, are the new scaled-back chic

, “The great purge in L.A.’s closets has also translated into healthy sales at charitable thrift stores, including the Salvation Army and Goodwill, as well as secondhand outposts such as the Buffalo Exchange in Highland Park and Santa Monica…Sales at the Salvation Army stores in Santa Monica are up 7%-12% from the previous year.”

So…please don’t tell me NO ONE is making money right now. I know it seems tough, but if we just get a little creative, we might find there is opportunity right under our noses…or at least in our closets!

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Have you ever picked up one of those neighborhood rag newspapers and seen all of the small business owners that advertise their business?  These folks obviously see the value in advertising and have some sort of a marketing budget–even though its probably shoestring.  How many of them are trying to get the attention of the same type of client as you?

Ever thought about partnering with one of them?  Since you’re talking to the same person, competing for the same dollar, why not put a partnership together, offer something that leverages the value of both of your offerings and halves your advertising cost?

And the right relationship is not always in what you think is the ideal partnership. The massage therapy center partnering with up with the beauty salon is an obvious one, but what about some more untraditional pairings? For example at the shopping center by my house I saw that the nail salon had partnered up with the dry cleaner to offer incentives to their clientelle. Brilliant idea: the customer is already in the shopping center doing one errand, why not make it more convenient and easy for them to accomplish two! These opportunities are everywhere.  Just pick up one of these papers and get a sense of what others are offering.

You might even partner with the publisher of the publication and offer their advertisers something of value from you if they resign for another period of advertising.

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For the first time in its 26 year history, the 99 Cents Only Stores will be raising their prices to offset the rise of household items, foods and other goods.

To raise or not to raise, that is always the question. Well, if your not making enough to cover your costs, you must raise your prices (or lower your costs) in order to make a profit. But what if you just feel like you are worth more?

If you feel that you are worth more than you probably are. If you know that your product or service brings your customers incredible value, quality, ease, relief, hope and/or benefit, then consider separating yourself away from the competition and raising your prices.

Raise prices during an economic downturn you say? Well, if you are competing on price right now then you are facing a difficult battle. You can never win when you are competing on price alone. Your value and your service are your competitive edge so if you want to attract the clientele that can pay for what your worth AND you can deliver on that promise, then a price increase may be an option to think about when looking for ways to increase your revenues.

If you are STILL unsure though, complete the following exercise from Dr. John DeMartini, world leading behavioral expert, speaker and author:

1. Calculate how much you would like to raise your prices
2. Write down 100 benefits to your customers that would result from this raise
3. Write down 100 reasons why NOT raising your prices would be detrimental to your business and customers
4. Give yourself a raise!

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Everyday I get a treat from Daily Candy Los Angeles Stepmom hd , a free e-mail newsletter, in my inbox. Something new and stylish that is happening in and around the city. Friday’s candy took a different direction however. Not a new bar or t-shirt company, but a new service that is so desperately vital for fledgling small businesses.

Trade a Favor is a new service offered as an application on Facebook, that allows users to barter services with one another, no cash involved. Are you a great writer but have no idea where your unpaid bills are hiding? Trade out your copy-writing services for a professional organizer or a bookkeeper!

In order to grow our businesses, we must be focusing only on our highest impact producing activities. So if you’re not great at something or there is a task that just takes up too much of your time, you could either hire someone to help you out OR you can just make the trade.

Log on to your Facebook account and add the application today to start. While your there, join the Los Angeles Small Business Owners group in order to network with local entrepreneurs and hear about the latest events in Los Angeles.