Small business owner Linda Fuller is no stranger to starting a business from the ground up. In her recent interview with Patch Partners, a website connecting business owners to Patch in local communities, she offers insight into how she expanded her florist business’s services from offering just flowers, to also carrying wine, beer and gourmet gift baskets.
Homework must be done first, she said.
“Research what’s compatible with your own products and services, what the current trends are and what your competition is doing.”
Fuller also notes, “Have three times the money you think you need, and access to more. Make a business plan for one, three and five years, with goals. Most businesses fail because they’re undercapitalized. Prepare for three years of working like a dog.”
She said it's also important to use your resources and spread the word about your business.
“Get help and advice, whenever and wherever you can. Every business has a trade organization and those organizations usually have wealth of information available."
"Finally - advertise, advertise, advertise," Fuller said. "Don’t see it as an expense. See it as an investment.”
Small Business Saturday 2012
For consumers, one way to support locally-owned small businesses is to participate in Amex’s Small Business Saturday on Nov. 24. Last year, more than 100 million people participated in this day dedicated to supporting small businesses.
For small business owners, there are more articles and interviews about small businesses on the Patch Partners website, where you can also sign up for the Patch Partners newsletter and Patch Partners Twitter feed to stay better informed, grow your small business and strengthen your community.
Have any other helpful tips on owning and expanding small businesses? Share them in the comments below!
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