If you are starting or currently running a small business, you know how difficult owning and operating your own business can be. Both rewarding and challenging, being a small business owner means you are constantly sizing up the competition and finding ways to keep your business relevant in an ever changing market. In recent years, infographs have become a popular way of providing data in a digestible and visually entertaining way. The following infographs are three that you need to see if you run or are attempting to run a small business.
Starting A Small Business
If you’ve laid any groundwork for your small business, you know how difficult getting it off the ground can be. That being said, part of the reason the failure rate for small businesses in the US is so high is because of an environment that is favorable for small business owners and encourages a lot of them to get into the market.
3 Key Stats:
1. Small businesses in the US outnumber corporations 1,162 to 1. This might mean the odds of your small business becoming the next Facebook or Amazon might be small, but it also means there are plenty of small businesses that are successful anyway.
2. Only 50% of small businesses make it past the 5 year mark. Because of the low risk of starting a small business in the US, plenty of people try and fail.
3. The average cost of starting a business in the India is 6x as much as starting a business in the US. It only costs $325 on average to start a small business in the United States in comparison to $2,046 in India.
How Small Businesses Spend Their Time
Being the owner of your own business can be a blessing and a curse. You are free to make your own schedule, but then again, you have to know how to use your time wisely and effectively. This infograph lets you know how your time should break down as a small business owner in a 40 hour work week.
3 Key Stats:
1. 14 hours should be spent conducting business services. This is the bulk of your time and the bread and butter of your business. This is the time you spend providing whatever service your business engages in to your clients.
2. 6 hours should be spent on sales. Use this time to attract new customers and nurture relationships with the customers you already have.
3. 5 hours should be split between web marketing (3 hours) and other marketing (2 hours). Make sure your product is available and visible to potential clients online and otherwise.
Marketing Your Product Online
The rise of social media has made it important to market your product online if you want to stay relevant and competitive. This inforgraph describes the purpose and pros and cons of each major social media site.
3 Major Players:
● Twitter – Contact your customer base 140 characters at a time. The call and response nature of Twitter allows you to respond quickly to clients and customers, but be careful not to spam or you will find it hard to attract followers.
● Facebook – A great way to reach out to a huge customer base and expose your brand, but not helpful with SEO.
● YouTube – Can help you clarify your brand image with consumers and make you an expert in your field, but is a difficult place to attract traffic and can be difficult getting consumers back to your website.
These are three important infographs to take a look at if you are running and marketing a small business. Using the information provided can, no doubt, help make your business more successful.