Many want to be small business owners start the process of entrepreneurship when they identify an opportunity for a business. This process generally starts one of two ways, and in many cases both. The first is by learning a trade and then starting out. The second option is, working for another small business, and then doing things differently and better from your previous employer.
But at the core of it, the process starts with marketing, identifying a need, and finding a solution, be it a service or a product. Much time is then spent with the process of asset purchase, be it tools, machinery and transport etc with little to no attention on advertising or marketing.
Very little attention is then given back to the founding process of the business. The marketing side is heavily neglected. More often than not, established businesses only pay for marketing/advertising when work slows down.
Most small service businesses will spend more on assets than spend on the marketing/advertising to keep those assets working. Marketing and identifying a market was the principle reason to starting a business, that’s where most of the focus needs to be.
If you do not have a marketing/advertising process in your business, there is a 95% chance you will fail. The size of your small business, will only ever be on average 10-20 times your marketing/advertising budget.
