Consumers are increasingly using mobile devices to buy

In mid 2015 Google announced that mobile-friendly websites will be rewarded with higher rankings on searches done using mobile devices. Ranking higher definitely means more exposure for your small business.

The latest consumer statistics show that Smartphones and emerging mobile devices e.g. Smartwatches are increasingly becoming more popular for purposes of searching the internet. Clearly, more mobile visitors are what entrepreneurs need in order to boost sales volumes. Accordingly, it’s well worth knowing just how to go about doing this…the infographic below will help you do exactly that.

How to Get More Sales From Your Mobile Visitors
Courtesy of: Quick Sprout

While it’s good to know that having a mobile-friendly website will help to enhance the success of your small business, it’s definitely worth appreciating the fact that you also need to work smart. You see, spending more of your time working doesn’t always mean you’ll be successful.

The key to being a successful person is not working more, but working less and working smarter. If you want to be successful, get more done, and work less, take some time to learn from these 7 practices of successful people.

How Successful People Work Less and Get More Done


A legitimate business has essentially satisfied all the criteria set by relevant authorities

Before your business idea becomes a legally recognized startup an assortment of federal regulations, registrations, licenses, and permits must be complied with. Granted that different forms of business exist, all with varying requirements, having a clear overall picture of what’s required will save you much time and effort. Get ready to share details about the following:

1. Your business structure



A partnership is one of the business structures you can opt for.

Government needs to know the form your new small business will take as this will inform its legal accountability and type of taxation. Some of the different business structures you may wish to consider include sole proprietorship, partnership, limited liability company (LLC), and corporation.

2. Your business name


Display it loud and bold if it is legal

A registered business name implies that your startup is legally operational, in addition to being a prerequisite for receiving financial assistance from the government.

3. Is it a regulated business?


To run this sort of business you’ll need a permit from the FDA.

If your new small business intends to deal with product/s or activity that is under the supervision of a federal agency you will need to obtain the required federal license or permit. This will be the case if you aspire to deal in:

4. Is the new small business tax compliant?


Tax compliance is vigorously pursued by government…

It’s certainly prudent to be fully aware of your new startup’s federal tax obligations. Lots of information is available to this effect; this checklist and these guidelines should be a nice place to start.

Note that there are two types of federal tax registrations.

Employer Identification Number (EIN) – This is a requirement for corporations, LLCs, partnerships, and sole proprietorships that intend to hire employees. Get the requisite Form SS-4 from the IRS.

S Corporation Tax Form – This is applicable for corporations that wish to attain S corporation status for special tax treatment purposes. Form 2553 is required and is also obtained from the IRS website.

5. How well does the new small business handle employee affairs?


How the boss and the team relate is of concern to government.

Hiring and dealing with employee affairs can be quite tricky; you basically need a good grasp of federal labor and employment laws. The SBA provides a wealth of hiring and employee information. Also, registering with E-Verify will allow you to establish your employees’ employment eligibility.

6. Does the business have proper insurance coverage?


Government needs to know that businesses are adequately insured seeing as workplaces can be quite hazardous…

One of the preconditions for starting a new small business is obtaining adequate insurance coverage. Not just any cover will do though; your type of business determines what form this insurance coverage will take. Additionally, the business ought to have health insurance coverage in place, including the Small Business Health Options Program.

7. Is the new startup compliant with location and equipment regulations?


How many different regulations had to be complied with before this operation got going?

An assortment of regulations determines how small businesses should go about matters to do with location, zoning, leasing business equipment, and leasing commercial space, etc. These resources from the SBA will shed more light on these issues.

8. Is your new startup conversant with business laws?


Advertising, like other facets of business, is governed by laws and regulations…

There are roughly a dozen business laws and regulations that you need to be aware of as a new small business owner; with some basic knowledge you’ll at least be able to handle various business obligations from an informed point of view. These laws cover aspects of advertising and marketing, employment and labor, finance, intellectual property, online business, privacy, financial contracts, and so on. The SBA offers more information about these laws.

9. How environmentally-conscious is your business?


The EPA is most likely going to be pleased with this setup…

Depending on the nature of your new small business you may need to secure some form of licensing from the Environmental Protection Agency (EPA). Find out more about what is required at http://www.epa.gov/smallbusiness.

10. In case it’s home-based…


Government also has rules for work-at-home guys.

This SBA guide offers information about what is required of home-based new small business owners.


Eye-tracking research done with regard to consumers shopping behaviors indicates that most purchasing decisions are unthinking and instinctive; color, shape, and location familiarity are the main motivations behind most people’s decisions to buy. With the average supermarket in the U.S. carrying approximately 42,000 different items, the need to make your product stand out cannot be overstated. Accordingly, your choice of packaging design must be able to market your product effectively and thereby guarantee healthy sales volumes…(Read the entire post here)


It’s just not worth calling yourself an entrepreneur if you can’t think through the relationship between revenues and profits. Willful ignorance on the part of lots of small business owners might just be the reason why they are caught up in this quandary. Entrepreneurs should ideally be concerned about how healthy their profit margins are because this will…(Read the entire post here)

Finding customers to sell to is at the heart of owning a thriving business. Even better is the ability to retain your customers thus ensuring that you can enjoy repeat business.

Today’s entrepreneur is privileged to have access to more business-enabling assets, including information, resources, tools and skillsets, as compared to any other era in the long history of entrepreneurship. While it is now much easier to…(Read the entire post here)

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Aspiring entrepreneurs can at least take heart in the fact that not all of the available stats about business failure are credible. One of the foremost of these invalid stats is attributed to a study done by Bloomberg and which declares that 8 out of 10 businesses fail within the first 18 months. The stat has been widely referenced including here. It’s sort of reassuring that this particular study is non-existent.

According to the SBA approximately 50% of new businesses survive for 5+ years while about one-third survive for 10+ years. There is however sufficient reason to question this statistic as well and this has to do with how the reason for failure is defined. Indeed, businesses close down for a variety of reasons, apart from failure. The SBA’s stat is therefore inaccurate.

This position is supported by a University of Tennessee 2013 study which showed that only 25% of businesses failed in Year 1 while just 36% failed in Year 2. An alternative independent study estimates the number of closures at 3% to 25%.

I digress though. This post isn’t about business failure stats but rather the reasons why new businesses fail.

Hopefully you are now more upbeat about launching your business venture. Don’t let your optimism cloud prudence though. Here are some reasons why your startup could make the annual damned 25% list:

1. Your motivations for entrepreneurship are misguided

To succeed in an entrepreneurial career you have to be pragmatic right from the get-go. In addition to having a passion for what you intend to do, your reasons for starting a business should be based on a practical foundation. Your startup must be focused on providing a practical solution for an identified need in the market.

Business failure is a harsh reality...

Business failure is a harsh reality…

If your reasons for starting a business are to make more money, escape the 9-to-5 lifestyle and be answerable to yourself only, etc, you clearly need to rethink things. These are the perks of a successful entrepreneurial lifestyle and they don’t come easy. In entrepreneurship things typically get worse before they get better.

2. Lack of a unique value proposition and innovativeness

Deciding to offer a product/service that virtually everyone else is providing and doing this in the exact same way is really business suicide. Naturally you will have to contend with poor revenues month after month. The probability of making real progress is virtually zero – how can this happen when you are barely able to make enough?

Many businesses offer the same products/services but the most successful among them are the ones that do this in a unique way. Think about your business – what can you do to set it apart from the rest? Once you find the answer make sure that this uniqueness is well communicated to the target market.

3. Ignoring customers feedback

One adage that you must never forget as a business owner is that the customer is always right. The reason is simple – without customers your business is useless. Engaging with your customers therefore will give you a firsthand opportunity to learn about those things they feel will make their buying experience better. Customers feedback, whether offline or online, will give you hints about what to improve on with regards to your product/service, business practices, pricing, etc. Ignore feedback at your peril – when customers decide to ignore you back the failure list could be where you are headed.

Ignoring customers feedback is the one-way street to business oblivion...

Ignoring customers feedback is the one-way street to business oblivion…

4. Incompetent management

Being the owner of a new small business often means that you are in charge of just about every aspect of running the enterprise. You are therefore supposed to handle or oversee the critical roles of production, sales, purchasing, finance, marketing, customer relations, hiring and managing staff, etc. Don’t forget that you are the custodian of the company’s mission and vision – in charge of providing direction and strategically steering the company forward.

Business success depends on how well an entrepreneur handles the managerial role...

Business success depends on how well an entrepreneur handles the managerial role…

The characteristic volatility of the workplace and marketplace ensures that no two days are the same. To be successful as a manager therefore you must learn how to be proactive and to stay on top of things. Indecision, neglect, lethargy and other qualities of this ilk are the hallmarks of a poor and dysfunctional leader.

5. Insufficient capital and poor cash flow

One very significant reason why many startups fail is the lack of sufficient funding. Before launching a business you must ensure that you have enough funds to cater for startup costs and to support operations until the venture becomes self-supporting. Clearly one needs to be realistic. Businesses do take some time to get going. Having enough funds to cater for operational expenses for a year or two is advisable in order to give the business ample opportunity to establish itself in the market.

6. Financial mismanagement

Failing to properly account for business money is a sure path to early failure. From a financial perspective, effectively running a business means that you’ve got a grip on cash flow, expenses, taxes, employee salaries and benefits, etc. Many business owners opt to delegate this aspect of running a business to accountants or bookkeepers out of sheer reluctance to learn the basics of money management. Opt to not be ignorant. At the very least you should be able to understand simple financial documentation including a balance sheet, P&L statement account and a cash flow statement.

7. Poor location

Even the best funded and managed startup will find it difficult to survive and thrive if the location is wanting.

Consider the spot where you intend to open shop. Is it easily accessible for your target customers and suppliers? Is it secure? Are all the necessary amenities provided? Is the local community receptive or hostile to new businesses? Is the cost running the business from there manageable? Would it be wiser to relocate to a cheaper neighborhood?

An unsuitable location does your business a major disservice

Are you sure that your business’ location can’t be better?

8. Failure to adapt to market changes

The marketplace is typically dynamic – never static. Your initial business model may be working wonderfully for now but moving forward you’ll need to adapt to the changes in the marketplace in order to remain relevant. Many a business owner has opted to adamantly maintain status quo in the face of changing times only to make a belated realization that in the business world it is “adapt or die”.

9. Ineffective marketing

It’s no good to have a superb product or service if no one knows about it. If they don’t know about it they won’t buy it and if they don’t buy it you’ll be out of business. Marketing is therefore imperative for business success.

Marketing doesn’t have to be all complicated and expensive. Depending on what you are offering you definitely have several cost-effective options to consider starting with word-of-mouth which is absolutely free. How about using social media to spread the word even further?

10. Overambitious expansion

Upon achieving early business success many entrepreneurs erroneously embark on an expansion spree without adequately thinking about whether the move could be premature. The reasons for success vary and could indeed be temporal. For this reason, steady business growth is most advisable. Expansion efforts should be based on well observed and deliberated business realities as well as marketplace trends and opportunities. Steady growth will allow you ample time to secure the required systems and people that will give the new addition to your business a fair shot at success.

11. Hiring the wrong team

Successful entrepreneurs will tell you that nothing quite beats having a good team. Your staff should be individuals who are equally motivated to succeed and see the business grow and go places. It is therefore important for you to hire people who can talk and walk the part. Getting such people won’t be easy but once you find them make sure that they have a good reason to stay.

Hiring a dysfunctional team is catastrophic for business sucess

Hiring a dysfunctional team is catastrophic for business success

12. Lack of a website or any online presence

The number of people with Internet access globally is at an all-time high and continues to rise by the day. As such, conventional methods of conducting business searches are being tossed aside in favor of online convenience. The lack of an online presence is therefore counter-effective for a modern-day business. Even though your business doesn’t sell goods/services online it is of utmost importance that people know about its existence. The site must of course be presentable enough so as not to put off potential customers.

It's of the essence to ensure that your small business has an online presence

It’s of the essence to ensure that your small business has an online presence

The least you should do in case you don’t have a website is become part of the social media conversation. Starting a company Twitter or Facebook account is a more than sufficient way to guarantee your business’ visibility and relevance.

13. Underestimating the competition

For a new business, gaining customer loyalty is quite akin to wooing a beautiful lady – the loyalty has to be earned, and the suitors are plentiful. As such, you cannot afford to take your customers for granted assuming that they’ll always come back for more. Remember that the competition is eyeing the same target market; up the game best and the customers will come in droves, remain mediocre and stare failure in the face.

14. The belief that you can do it all

However high your motivation and energy levels are it will be foolhardy for you to believe that you can alone deliver success for your business. It’s prudent therefore to seek advice from persons with longer and better experience about how best various aspects of business operations can be handled. Delegating tasks to capable staff is equally vital.

Why risk burnout and the failure of your business when all you have to do is ask for a little help?

Why risk burnout and the failure of your business when all you have to do is ask for a little help?

15. Unwillingness to take responsibility

As the business owner you must be willing to admit and own your mistakes without exception. Apportioning blame to others or to circumstances will only briefly soothe the ego but the realities of the situation will still need to be addressed. Running a small business successfully is about the ability to remain objective and goals-oriented.

Hope springs eternal though. Things may be really grim for your business venture right now but hopefully it isn’t too late for you to turn things around. It’s not going to be easy but if you are committed to the cause your entrepreneurial dream need not be added to the “crashed and burnt” list. Here are some tips for how you can turn around the fortunes of your business for the better.

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The United States Small Business Administration’s (SBA) Office of Advocacy asserts that small businesses make up 99.7% of all U.S. firms. It’s therefore safe to say that small businesses are the economy’s driving force.

Starting a small business is basically about setting up shop, finding clients and earning money. This is true for whatever form of business you plan to start.

Several more traits are also used to define small businesses as follows:

1. Low startup costs

Depending on the specific type of small business, startup costs are typically quite low. A retailing business doesn’t have to start big; simply buying the initial inventory and renting a suitable space will do. A consultancy service doesn’t have to start in a plush office with a flashy address; starting out in your home office where the overhead costs are minimal is certainly prudent.

2. Just a few employees

It’s typical of a small business to have a single worker – the owner. For this reason these businesses are commonly referred to as “one-man-shows”.

Nevertheless, as operations grow you may need to hire a number of employees. To keep your operating costs low you may, like many other small business owners, find it feasible to hire independent contractors or freelancers.

3. Small market share and intense competition

A small business serves just a small portion of the market. This is as compared to the significantly larger shares of the same market that corporations and larger businesses can control thanks to their bigger capacities.

Also, since there are a huge number of small businesses that need to compete for business opportunities in the same market, competition is rife. This typically results in product/service innovation and differentiation.

4. Limited budgets and funding

As compared to larger firms, small businesses typically operate with limited budgets. With their limited finances these enterprises have little or no choice but to keep their costs of doing business low. Cost-efficiency is the name of the game for small business owners.

5. A single location

Most small businesses operate from a single location; not many of these businesses have branches or outlets in multiple cities or states. Also, the rising prominence of home-based businesses means that a significant number of enterprises are now operating without formal business facilities. To their credit, many small businesses now have a global reach thanks to running internet-based operations.