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Income Potential
Starting your own small business there is an opportunity to earn an unlimited income based on your efforts. It also depends on the success or failure of the enterprise. It is completely different from working for a company where you get limited income in the form of salary structure and by evaluation of your performance by your superior officials.
Pursuing a Passion
Having your own business can allow you to make a living while pursuing something for which you have a strong passion. Everyone have their own special talent which can be enjoyed as a hobby. Turning your hobby into business may find you more enjoyment and fulfillment in your work life. It allows you to lead to a happier life in general.
A Good Idea
You have an idea for a product or service that has limited or no service that can’t fulfill the market place. Implementing your idea into business as you can be the first t

Loyalty programs are essentially a marketing system offering rewards for customers, the purchase behavior of your customers and differ between businesses.
You can offer various loyalty programs such as points card in which a customer accumulates a certain amount of points which can be used towards something within your store. Loyalty programs can have several benefits in the long run a few of which is as follows.
1. It stewards relationships with existing customers
The biggest misconception in the loyalty programs is that they are expensive, but pursuing new customers is more expensive from keeping existing ones. According to a report, an existing customer is seven times less expensive than acquiring a new one.
Customers always want to save money and loyalty programs quite simply build loyal customers. It is true when a customer see the reward after a reasonable amount.
Shoppers want recognition that goes beyond monetary

83% of UK consumers are engaged with at least one retail loyalty schemes and there are only 17% of consumers claim not to be registered with any of the retail loyalty schemes.
In a survey 46% of customers said loyalty schemes had desired effect of making them a more loyal customer which raised to 50% in the age group between 18 to 34 years. Only 13% of respondents within the same age group disagreed with the schemes making them more loyal to a retailer.
There has been a clear evidence that more could be done for customers on behalf of retailers to encourage full engagement with the schemes. 74% of respondents admitted of collecting points on a regular basis and only 47% go on to claim the rewards that are owed to them.
Due to lack of knowledge around how to claim and a dislike of the perks that are offered by the retailers is one among the number of reasons behind customers not utilizing rewards? 33% of respondents simply can’t be bothered to retrieve t

The following are a few important metrics to track for small businesses.
Sales Revenue
Amount of money generated in sales minus returns is calculated as the sales revenue. Increase or decrease in sales need to be tracked on a monthly or annual basis so you can take action accordingly.
You can know how your business is growing since the previous year by reviewing your sales annually and help you to identify slow periods and busy seasons so you can prepare yourself for your cash flow situation. You can also identify which marketing and advertising strategies are successful by tracking your monthly sales revenue.
All Expenses
Keeping track of your small business sales revenue is great but you cannot know your monthly profit without knowing your expenses. You could be killing it in sales if your expenses or cost of staff are more than your sales revenue then you can’t stay in business for a long time.

As business grows you find it difficult to do more than just break even. 43% of small businesses grapple with stagnant revenue, while 45% struggle with growing profits in a report by 2016 State of Small Business Report.
Though it seems like you’re doing everything right, using all the right social media and email marketing to get the word out about your products, those lackluster financials which haven’t been solved.
Marketing efforts are good and necessary in today’s business perhaps you may be trying to improve in the wrong places.
If you have a closer look at your business and inventory, you might still use the manual inventory management methods like pen and paper or Excel spreadsheets? These methods are slow, prone to a lot of human errors, inefficient and won’t give the accurate data by which you can make decisions for your future business.
You still have time to implement an inventory tracking system. Make a survey of your inventory system

The three costliest factors for retailers are stock, space and staff. To maximize sales growth continuously all types of retailers has to perform regular performance and productivity checks and inventory, selling space and employees from month to month, quarter to quarter and year to year. We mention some key points to do so.
Measure Inventory Turnover:
Inventory turnover determines productivity for most of the retailers. It refers to the number of times the business sells its entire inventory in a given fiscal period. To keep cost of stock under control merchandise management strategies can help you. Some of the methods include cutting back slow moving items, limited number of colors and styles and emphasizing popular items.
Calculate inventory turnover over a certain time period, “divide the costs of sold goods and the amount of consumers paid for their inventory by the average inventory on hand.” By doing so retailers gets an idea of how