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Small-Business Facts

The Office of Advocacy of the U.S. Small Business Administration (SBA) estimates that in 2005 there were 25.8 million businesses in the U.S. Estimates for businesses with employees indicate there were 671,800 new firms and 544,800 closures in 2005. If you need these and other facts to help flesh out your business or financing plan, take a look at the FAQ Sheet from the SBA. The FAQ answers such questions as:

• What is the survival rate for new firms?

• How are small businesses financed?

• Whom do I contact about regulations?

• How do regulations affect small firms?

Avoid Marketing Mistakes

Before you launch your next marketing campaign, there are two steps you can take to avoid missteps: research and testing. Do your research by talking to or surveying your current customers. Find out which of your products and services wow them. Ask why they do business with you, rather than your competitors. Develop a marketing campaign around those strengths. Next, test your ads with different offers in different mediums. Track results to see which ads pull the best response. By researching and testing, you’ll avoid blowing your small-business budget on an ineffective marketing campaign.

 

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