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How to create a marketing plan for your small business - build a brand, target customers and set prices that will maximise sales.

The internet has transformed business marketing. No matter what you do, the internet is likely to be at the heart of your marketing strategy.

Social media is firmly established as a marketing tool. Having a presence opens up new lines of communication with existing and potential customers.

Good advertising puts the right marketing message in front of the right people at the right time, raising awareness of your business.

Customer care is at the heart of all successful companies. It can help you develop customer loyalty and improve relationships with your customers.

Sales bring in the money that enables your business to survive and grow. Your sales strategy will be driven by your sales objectives.

Market research exists to guide your business decisions by giving you insight into your market, competitors, products, marketing and your customers.

Exhibitions and events are valuable for businesses because they allow face-to-face communication and offer opportunities for networking.

False starts for thousands of new firms in 2022

28 March 2023

A new study has found that almost 7,000 businesses were dissolved in 2022 just months after they were incorporated.

Analysis of businesses that were incorporated and dissolved in 2022 by Real Business Rescue has revealed the industries where new businesses struggled the most. Almost 7,000 UK businesses (6,928) that were less than a year old were dissolved in 2022; on average, these start-ups lasted 164 days; the most common age, however, was just 92 days.

The findings show that the sectors where new businesses are most likely to fail in the early days are:

  • Online retail stores;
  • Property rental;
  • Hairdressing and beauty businesses;
  • Takeaway food shops and mobile food stands;
  • Management and IT consultancies;
  • Freight transport.

More than one in five (22%) of these short-lived businesses were London-based. Birmingham had the second highest number of firms that closed months after they were incorporated, followed by Cardiff, Manchester and Leicester.

Shaun Barton, national online business operations director at Real Business Rescue, said: "Our research has highlighted the intense strain put on new businesses over the last year … while there are a whole host of reasons to strike off a company, for these new businesses, it is likely that they never got off the ground at all.

"Many small businesses saw demand for their products and services fall as the economy struggled for growth and consumers reined in their spending. Rising inflation and soaring interest rates affected all businesses new and old and, despite introducing government support programmes, the sharp increase in energy bills has also contributed to the struggles facing businesses over the past few months.

"Now with the government scaling back support and protection for businesses in relation to their energy bills from April 2023, we expect to see corporate insolvency and liquidation rates rise considerably in the coming months. New businesses formed this year are doing so in a particularly volatile environment."

Searching for side hustles

Despite the challenges of running a business, the cost of living crisis seems to be fuelling an interest in side hustles as Brits search for ways to earn extra money. A study by Fasthosts has found that Google now sees approximately 3,800 Brits per month searching for "easy ways to make money" and 24,000 looking for "how to make money online".

According to the research, the most popular side hustle searches in the UK are:

  • Paid surveys: With about 5,200 searches a month on average, the phrase "paid surveys" has seen a 49% increase in search volume between December 2021 and now.
  • Sell clothes online: Since December 2021, the term "sell clothes online" has seen a 72% increase in searches to about 3,300 per month.
  • How to make money on Tiktok: This search has seen a 24% increase in searches since December 2021, averaging 2,600 a month.
  • How to sell feet pics: This bizarre side hustle has seen a 96% rise in searches.
  • How to become a virtual assistant: This has seen the highest increase in searches in the past year with a 170% rise.
  • How to start dropshipping: This could be a lucrative opportunity as it has not yet become an oversaturated market, with just a 25% increase in searches.

Written by Rachel Miller.

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