Episode 51 - How does back-to-school affect small businesses?
Many small business owners and customers are sending their kids back to school. As fall approaches, what effect does this have on your small business?
Time
As kids go back to school, parents and teachers will be adjusting their schedules. What does that mean for your small business?
- More traffic on the roads especially before and after school. Make sure to allow more travel time getting to client meetings.
- More parents are available during school hours. If your ideal customer is a parent, consider offering webinars during the day. Also consider earlier bed times when scheduling webinars.
- While days are less hectic, afternoons and evenings are becoming more hectic as kids get involved with after-school sports and activities. Again, make sure to plan for that as you offer live events in your business.
Money
According to the Montley Fool, consumers are spending more this year and expressing less pessimism about the economy. While slightly more parents with kids in K-12 are looking for deals, fewer parents with college-age children are. That is great news for small businesses. When people are more optimistic about the economy, they are more likely to open their wallets for other things. The next six weeks may be the perfect time to launch a new product while consumers are still in a good mood but before holiday spending begins.
Back-to-school time is also an excellent time to scoop up deals for your small business. Office supply and electronics deals are great right now. If you need pens, paper, Post-It notes, or a new computer or printer, now would be the time to pick up those items.
Planning
There are only four months left in 2016. Soon, the holidays will be upon us and customers will turn their attention to Halloween, Thanksgiving, and Christmas. As business owners, the last few months of the year are an excellent time for us to start planning for 2017. What better way to get a jump on 2017 than to have your plans in place before the year begins. We have a number of episodes on goal setting to make sure you start 2017 off right:
Creating SMART goals (Episode 15)
The why and how of goal setting (Episode 16)
Developing a plan to achieve your goals (Episode 8)
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