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The latest, Wyoming-specific small business tips from Wyoming SBDC Network experts.
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Now that I have data from the Market Research Center, what do I do with it?
Receiving a market research analysis can be incredibly valuable for small businesses. It can provide insights into customer needs, preferences, industry trends, and competitive landscape. However, taking action based on the insights gleaned from the analysis is essential. Here are some ways to take action in your small business after receiving a market research analysis.
Use Market Research to Discover Your Ideal Customer
As a small business owner, you likely spend most of your day thinking about your customers. You may consider how many customers you have, what and how much they buy, and how to get new customers. Customers are the key to any business’s success, and they ultimately determine if your business grows or shutters to a close. Since your customers are the lifeline to any business, it’s crucial to learn more about them. I recommend you start your customer discovery experience through market research.
Make Your Business a Must-Visit Destination This Tourist Season
Advertising a small business to tourists can be a great way to increase sales and revenue. However, it’s important to understand how to effectively advertise to the right audience in order to get the most out of your efforts.
Hiring and Retaining Seasonal Employees
The tourism industry is facing tough competition when it comes to hiring seasonal workers. With the growing hybrid economy and rising wages, Wyoming business owners have found themselves short-staffed. In an effort to remain open, many have been forced to reduce hours in response to their workforce shortages.
Get To Know The Wyoming Business Resource Locator Tool
The Wyoming Business Resource Locator tool, accessible at WyomingBusinessResources.org, is an interactive business resource tool that can be used as an informational reference for Wyoming entrepreneurs whether they’re already in business or are looking to start a...
Funding Options For Your Small Business or Start-Up
Obtaining startup funding for a small business can be particularly elusive — as most traditional business loans require one or more years in business — but that doesn’t mean it’s impossible. There are a wide variety of funding options available to small business...
Business Leases Are Not the Same as Apartment Leases
Business leases vary dramatically from leases for private apartments or homes. For private dwelling leases, the landlord is often on the hook for almost every property-related expense. Most commercial leases may have lower rent for the space, but everything building-related is likely the tenant’s responsibility, from insurance to maintenance. Looking at the different lease types will help you see that rent is only a small factor when looking at other costs and liabilities you might not know of.
Employee Annual Reviews and Goal-Setting Tips
As business owners and managers prepare for year-end, employee annual reviews and goal setting are also on the horizon. How do you make your employees’ annual reviews and goal-setting more effective? Here are some tips to help make these meetings more productive and increase accountability for your staff.
Plan for Your Company’s Digital Future
A client from Casper recently called me up and asked a tricky question, “How do I prepare my business for the digital future?” As I thought about how to answer that question I couldn’t help but remember (and I know I’m dating myself) how cool the DROID sound was on...