Why 2013 Saw a Rise in Small Business Sales in California

If you are contemplating selling your business in the state of California, it may interest you to know that business sales for 2013 were up from 2012. Selling a business is a big and sometimes difficult decision. Even so, many business owners find this recent increase in sales to be quite comforting, especially if they want some security to know that there is a stronger market out there for selling. In fact, many potential buyers hope that these positive numbers will induce more businesses on the fence about listing their business will knowing that the market is in a healthier place for business sales in the state.

Small Business Sales Increase in California

The rate of small business sale has increased throughout the Golden State. In 2012, reports show that 14,368 small business operations were sold in total. In 2013, that number grew to 14,764 completed sale transactions. Of course, experts suggest that the increase may not be felt as substantially in some counties as others, which is typically to be expected, but that overall these good numbers reflect a new trend in upward sales that is likely to continue in 2014. Many factors appear to be linked to the increase, but one of the main reasons why these sales are going through is because buyers have better access to funding sources.

Sales in Large Counties Mixed

Some of California’s largest counties may not be feeling the increase yet, but that likelihood could change as more California businesses may be hitting the market for sale in 2014. Certainly, large counties like Los Angeles County are hoping to see more sales as a thriving business-for-sale market is a strong indication of an overall strong economy. Increased business sales are linked to better job growth too. The increase is doubly important in light of the fact that the state was losing businesses at a rate of about five percent.

What is Triggering the Rise?

While better access to money is at the heart of the increase, there may be other factors involved. For instance, experts believe that an improving house market as well as an improved stock market may also be supporting the increase in California business sales. Many small business owners also appeared to be waiting to list their business for sale in California until the market began to shape up.

Do You Have a California Business for Sale or Want to Buy One?

Increases or decreases aside, it can help the process of buying and selling to contract with a business broker. Their services can help viable buyers and sellers to sync up more quickly and effectively. Business brokers stay current with the sale market and understand the ins and outs of the buying and selling process. Their expertise can certainly impact the nature of the sale and the time frame in which a sale can be made. Contact a business broker if you plan to sell your California business or hope to purchase one.

Marketing Tips – Small Business Pricing

Pricing is a key determinant in the decision making process customers use to purchase your product or service as well as a key element in determining the profitability of your business. Setting a price for your product or service that appeals to your target market and encourages them to buy is therefore an essential part of your business and marketing strategy.

Before determining your pricing strategy for your business it is important to consider the following:

Your Customer

An effective marketing strategy begins and ends with your customer. It is therefore important to establish how much your customers are willing to pay for your product or service, how sensitive your customers are to changes in price and how price discounting will affect the level of demand and profitability of your business.

Your Product or Service’s Features and Benefits

Unless you have a product or service that offers a unique or additional benefit, and you can communicate this benefit adequately to your target market, if your price is too high you may price yourself out of the market. Look at the features and benefits your product or service offers and how they compare to your competitors. Remember the benefits you provide can either be physical, emotional or both. For example, some customers may see a high price as equalling high quality and are therefore willing to pay a premium.

The Cost of Doing Business

Before setting your price you need to determine what your small business must charge for its product or service in order for you to make and sustain a profit. Look at what the cost and expenses are of doing business and what price you will need to sell at to ensure these expenses are covered. Unless you have a sustainable cost advantage, if your price is too low, your sales volume may not generate enough revenue to cover the costs associated with your business.

The Market and Your Competitors

Your competitors play an important role when setting your pricing strategy. For example, there may be competitors nearby where customers can compare prices so you may need to price match. If it is hard for your customers to compare prices you may be able to charge a premium.

Distribution Channels

Some customers may expect to pay a different price for a product or service depending on which distribution channel they use. For example, if a customer purchases a product over the internet or by mail they may expect to pay a lower price due to the elimination of the middle person i.e. the retailer.

Life Cycle of Your Product or Service

At different stages of your product or service life cycle you may change your pricing strategy to suite your business needs. For example, when you are launching a new product or service you may adopt a low price strategy to encourage trial and repurchase of your product/service on a regular basis. Alternatively if your product or service has a unique point of difference or high cost of production you may charge a premium over your competitors. As your product or service grows in customer awareness and credibility you may be able to sustain a price increase. Alternatively as sales increase, your production costs may be reduced and you may be able to pass on some of these savings in a price reduction or regular promotional offers.

(c) Marketing for Business Success Pty Ltd 2008

Top Five Tips Small Business Owners Can Learn From JK Rowling

J. K. Rowling is the English writer who has authored all seven beloved and widely read Harry Potter novels. At age 41, her rise to fame and fortune is inspiring. She has sold over 325 million books. The final book in the series, Harry Potter and the Deathly Hallows, was the fastest-selling book of all time.

Her fortune is estimated at $1 billion. She is ranked as the 136th richest person in the world. In 2006, Forbes named Rowling the second richest female entertainer in the world and ranked her as 48th on the 100 most powerful celebrities list of 2007.

When this all began in 1990, however, things were very different for J. K. Rowling. She was not a published author. She did not have a lot of money. She was living in London, working as a researcher and bi-lingual secretary for Amnesty International, and her mother had just died. How she got from there to where she is today is a story filled with invaluable tips for small business owners.

Tip # 1: Don’t Rush to Roll Out Your Product.

Destiny is a name often given in retrospect to choices that had dramatic consequences. – Rowling

Although J. K. Rowling had been a writer all her life, she was slow to publish. “I had written two novels before I had the idea for Harry, though I’d never tried to get them published (and a good job too, I don’t think they were very good).”

All too often, as small business owners, we rush to get a product out before its time, before it’s been fully considered or tested. Rowling sets a great example of getting a product just right before presenting it to the world.

Tip # 2: When a Great Idea Grabs You — Grab Back.

You sort of start thinking anythings possible if you’ve got enough nerve. – Rowling

Great ideas are unmistakably powerful in their announcement and come when least expected. Rowling says:

Where the idea for Harry Potter actually came from, I really couldn’t tell you. I was traveling on a train between Manchester and London and it just popped into my head. I spent four hours thinking about what Hogwarts would be like. By the time I got off at King’s Cross, many of the characters in the books had already been invented.

As small business owners, we know when a great idea is upon us. The problem is, we often question it, second-guess it, and rationalize it away. Not Rowling. She recognized the mark of a powerful idea, seized upon it and went with it.

Tip # 3: Persevere, Persevere, and Persevere.

It is our choices . . . that show what we truly are, far more than our abilities. – Rowling

Rowling moved to Portugal to teach English as a Second Language in 1991 and married her first husband in 1992. They divorced in 1993. The next year, she moved to Scotland. At this point, she was an unemployed single mother living on welfare. In 1995, she completed her manuscript for Harry Potter and the Philosopher’s Stone, typing it out on an old manual typewriter. She handed in the book to twelve publishing houses. They all rejected it.

Rowling never gave up. She did not stop just because life was hard. Despite all the changes and setbacks she was experiencing, she carried on. She persevered. As small business owners, we would do well to keep her example in mind.

Tip # 4: Don’t Let Anyone, Including Yourself, Sidetrack You from Your Goal.

If you’re holding out for universal popularity, I’m afraid you will be in this cabin for a very long time. – Rowling

Finally, Bloomsbury, a small publisher, agreed to publish the first book. Her editor, though, says that he “advised Rowling to get a day job, since she had little chance of making money in children’s books.”

It’s a good thing she didn’t listen. All seven volumes of the Harry Potter series have broken sales records and have been translated into 65 languages. What a shining role model Rowling is for small business owners. She didn’t let anyone stand in the way of her goal-not even herself.

Tip # 5: Each of Us Has a Unique Contribution to Make to the World.

I just write what I wanted to write. I write what amuses me. It’s totally for myself. – Rowling

J. K. Rowling never went searching for the kind of success she’s received. “I just wrote the sort of thing I liked reading when I was younger (and still enjoy now!). I didn’t expect lots of people to like them, in fact, I never really thought much past getting them published.”

It wasn’t fame or wealth that J. K. Rowling sought. No. She simply wanted to contribute to the world in general, and to children specifically. As small business owners, this is so important to learn. Focus on the unique something we have to offer to the world. The rest will surely come, in ways we may not even be able to imagine.

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