Using coupons to draw customers

Dear Karen: Do you have some tips on using coupons to attract new customers?

Answer: In a tough economy, consumers desperate for a break may be more willing than ever to use coupons. Coupon-sharing website DealLocker.com, where you can submit your coupons, has had a 40% jump in usage in the last month, Chief Executive Jonathan Lieberman said.

He recommended that you target consumer frustrations to strike a chord with your clients: “Offer a ‘gas-saver’ free shipping coupon, for example.” Flatter your customers with words that include “savvy shopper” or “smart mommy,” Lieberman said. Attract previous customers by e-mailing coupons to your client list and encourage them to share the coupons with their friends.

Lieberman also suggested using a variety of expiration dates. Short expirations will encourage frequent return visits to your store or website, whereas longer dates will encourage customers to share your coupons and perhaps even blog about your bargains.

Benefiting from ethnicity, gender

Dear Karen: Since my husband is Latino and I’m a woman, we are debating which would benefit us more in setting up our company. Would you recommend that I own the business on paper or should my husband?

Answer: The benefits of being a minority-owned or a female-owned business are substantive if you plan to become certified so you can subcontract with large corporations or the government. If you’re selling primarily to the Latino community, listing your husband as owner may help marketing efforts; if most of your customers are likely to be women, you may be the best choice.

But being a minority- or female-owned company will not help you get funding, said Michael T. Hanley, an accountant with Merl & Hanley. If you’re looking for a loan guaranteed by the Small Business Administration, you’ll have to show that you’re creditworthy.

“As a woman owning a business or a member of a minority group owning a business, you open yourself up to the strong possibility of acquiring a mentor,” Hanley said. And, depending on your location, you might also join networking groups, chambers of commerce or business directory groups geared toward female- or Latino-owned businesses.

Help for new entrepreneurs

Dear Karen: Can you give me contact information for groups that offer assistance to new business owners?

Answer: There are myriad public and private organizations that assist entrepreneurs with business planning and training. Start with the Small Business Administration at www.sba.gov. Click on Small Business Planner and you’ll find items such as an entrepreneurship personality quiz, detailed advice on writing business plans and exit strategies.

Get mentoring from the SCORE organization at www.score.org, and your local Small Business Development Center at www.sba.gov/sbdc. Take an entrepreneurship class at your local community college or university or go online and take a free course from MyOwnBusiness.org.

Several nonprofit organizations provide advice and helpful tools for entrepreneurs, including BuzGate.org and the Kauffman Foundation’s eVenturing site, https://eventuring .kauffman.org.

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