HOW TO AVOID COMMON STARTUP BLUNDERS
MEET THE EXPERT: Tabitha Naylor, marketing pro and founder of SuccessfulStartup101.com
Entrepreneurs bring approximately 543,000 new business ideas to fruition every month, transforming and evolving the consumer landscape with everything from specialty grocery stores to jewelry shops. But with the average cost of starting a new business burning a $30,000 hole in most owners’ pockets, cutting costs without cutting corners can be a major challenge for both experienced retailers and industry newcomers. Despite arguments that for how critical public awareness is for retail success, allotting marketing dollars from an already limited budget can seem a stretch for many entrepreneurs.
That small business struggle -- of managing your bottom line while being conscious of the proactive steps required to get ahead -- was the inspiration behind sales and marketing expert Tabitha Naylor’s marketing consultancy practice and business advice site, SuccessfulStartUp101.com.
“Over the years of speaking with business owners I came to recognize that many operators end up making the same mistakes as their peers,” says Naylor. “It doesn’t matter where they are geographically, what niche they’re in, it’s just human nature that, unfortunately, we end up making common mistakes that others already have experienced and that end up costing us in the long run.”
The economic feasibility of startups and small shops requires creativity, perseverance, and perhaps a little insight from industry peers when it comes to critical business components, like marketing. Blogging, social media, and a web presence to match the feel and sophistication of your physical storefront are just a few of the many tips Tabitha shared with us in our recent Podcast series on building your small business while avoiding common start up pitfalls. Listen to the full podcast below. You can also jump ahead to key talking points by referencing the index below, or click over to the full transcript.
- 1:10 About SuccessfulStartup101.com
- 3:55 Defining modern day marketing
- 6:15 What differentiates inbound and outbound marketing
- 9:18 How small businesses can incorporate inbound marketing into their business strategies
- 10:25 Why ROI is important in marketing, and other helpful metrics retailers should be aware of
- 12:45 Simple ways to increase ROI
- 15:35 Tips on common outbound marketing approaches
- 17:00 Top tricks for accurately measuring ROI
- 17:55 What should be on every business owners’ startup checklist
This has been an installment of StoreFront, an interview series with leaders of successful retail businesses. For more interviews, visit the StoreFront page. To learn how you can be featured, email us. We’d love to hear from you.