ANY BUSINESS OWNERS: please answer this few quick questions for me?

[M........]

It is for a high school economics homework
Your name and business name. If you don't want to provide ur name I ll just make something up

1. What is the best advice you have for a new business owner?

2. How do you advertise/market your business?

3. Which economic principles are crucial for running a business and why?

4. In your opinion, what is the biggest socio-economic problem or issue here in Glendale?

5. How can this socio-economic problem (or problems) best be solved, in your opinion?

6. Do you think it is important to belong to a business net-working organization, such as the Chamber of Commerce, the Kiwanis, Rotary Club, etc.? Why or why not?

[John Ashtone]

1, no one ever went broke making a profit, many go broke spending too much.

2, depends on the size of the business, 'Direct mail marketing' is a good way, ~Junk Mail~ to you, especially for local, retail businesses and fast food outlets. Where you are aiming at a wider market, A website promoted through Twitter, (the guy spamming Faceache is okay, but Twitter is ten times better)
But specialist businesses may well just have representatives going round in which well produced glossy catalogues are a must, improved hydraulics systems for repair garages don't sell through twitter or facebook.

3, by this do you mean macro Economics?, Free trade and laisez Faire with good Laws and little corruption within Government.

4 & 5 is local to you, I wouldn't have the vaguest idea, ask your Mum and Dad or friends parents on this one.

6, Chamber of commerce can help where business needs to get into markets (at both home and abroad) that are not familiar to the person running a business, especially with regards to local Laws and Taxes.

Knowledge is power.


Edit

Draw Stars, you obviously don't understand the English language.

That is precisely what I said.

I am well aware that many businesses go bankrupt from overtrading, which is what you mean, however they don't go bust from making a Profit.

However the Questioner has asked answers for her School studies, not to take an MBNA.

Keep it simple stupid.

The questioner does not come up as being in Canada, if that is the Law in Canada, then poor Canadians get rid of the Idiot who imposed that restriction on free trade.

And when you have run half a dozen businesses you will know what you are talking about.

Get back to Biology your answers are half witted.

[Draw Stars]

@ John Ashtone

Actually, you can go broke if you do not have a plan for your business being successful. What I mean by that is this: If I've anticipated that I'll have 10,000 customers a year, and only have enough product for that, and make sales to 50,000 customers, what can end up happening is that you have liabilities in what you owe those customers. If I cannot service the unexpected 40k customers in a timely manner you're liable to being sued or having your business look terrible for not delivering what was promised in a timely manner, which may deter others from it. Indeed, your business can go down without being adequately prepared to handle growth of your business.

Also @ John, junk mail is illegal in Canada. https://www.ic.gc.ca/eic/site/ecic-ceac....00521.html

It's illegal in many other places, I'm almost positive it's illegal in the UK.

As for some of your questions, I am not currently a business owner. I'm a full time biology student whose thinking of opening an online business over the stuff. At least 50% of my spare time is dedicated to researching things related to the field of business I plan on opening. Psychology and behavioural economics provide a lot of insights into advertising - what are people susceptible to responding to?

Mostly, I'm all talk. I guess I place a lot of emphasis on knowing and understand the market I'm getting into, so I've yet to start the business, but I've made some calls and we'll see where things go. I'm hoping to start up this April. I don't feel comfortable providing more information than that. Hope it helps.