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Are You Ready to Get Serious About Your Business?

by on March 16, 2011 in Business Inspiration, Grow Your Business, Your Small Business

I meet people all the time who will offer me their business idea as soon as they hear I’m a small business coach.

I have heard it all, and here’s a secret – everyone has good ideas.   I rarely hear a business concept that I think is terrible. Most people walk around with those ideas without a real plan to start their business.  And in the rare case that they’ve already started their business, chances are the business is running them, for without a plan they are surely not running it.   If you are anywhere near Philadelphia, you need to come hang out with me April 2, 2011 for BYOB2011.

You know as Smallbizlady, my mission is to End Small Business Failure and now I’m hosting BYOB2011,  a live conference in Philadelphia 9am-3pm at Community College of Philadelphia to get you on the right track with your small business.  I’ll walk you step-by- step through the Emerson Planning system:  Life plan, Financial Plan, Validating the Business Concept, Marketing Plan and Business Plan. I also have some special guests stopping by to help you launch and reinvent your business the right way.

Lolly Daskal @LollyDaskal will kick off the day talking about how to lead from within, with the right mindset to start your small business.  Lolly believes that each of us is gifted with an inner voice that leads us.  She believes that each voice, when heard, allows our true gifts to surface, to empower us, to lead us to our best life.  Lolly affirms with those she works with that they indeed have what it takes to reach the next level. 

Amy Larrimore @AmyAllStar from SCORE will talk about the financial aspects of starting a business. Amy’s specialty is getting to A from B efficiently, effectively, accurately while getting the most bang for your buck. Her expertise includes all manners of strategic business analysis and technology solutions. You’ll love her.

But wait, there’s more!  Stay tuned, I have other special guests who will join us; look for another announcement here on Friday.

Special Bonus:  The next 10 people who register for BYOB2011 will get a free copy of my life planning journal http://bit.ly/dWc4H5

No joke – we’ll be hanging out at our Tweetup on April Fool’s Day– April 1st at 6pm at TGI Friday’s on Ben Franklin Parkway.

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Time For Your Small Business Checkup!

by on March 15, 2011 in Grow Your Business, Guest Articles

During the year, you go to the doctor for a checkup and you also bring your car to the mechanic for a tune up.   But what about your small business?  Have you thought about giving it a checkup also?  You should always know the status of your business’ financial health, how well it is doing in other areas and what aspects need to be tweaked.

With an entire year to assess behind you, and a new year for implementation ahead, this is an opportune time for your business checkup!

The Examination  During this stage, you want to accumulate all the data about your business from the past year.   So here are some questions to help you get to the bottom line:

How do your assets compare to your liabilities? How is your cash flow? Gather your financial information to help you answer these questions.  Have your financial statements for the current year ready along with those from the prior year for comparison.  For areas where you notice significant fluctuations, be ready to answer what gave rise to these.

Are you still on target with your vision, mission and strategy?  Pull out your business plans to help with this. 

Do you still own your niche? Are you still an expert?  Do you know what you don’t know?  Surely, these aren’t easy questions, but it will benefit your business to answer honestly.

Is your brand still relevant?  Is it time to revamp?  It is important to remember that brands are shaped upon creation and have the ability to evolve.  Additionally, they are not mutually exclusive from the business environment which is constantly changing.  So with outside factors considered, does your brand need a boost?

Are you still meeting your customers’ needs?  Are your solutions still needed? Are there new solutions you should provide to customers?  Business is all about satisfying needs in the marketplace so you should know where you stand and what opportunities exist.  Your business should be adaptable to keep up with your customers’ changing preferences.

Did you meet your goals that are outside the scope of your business?  For instance, were you as involved in the community as planned? How did you give back?

Are your marketing efforts focused in the right areas?   Did you notice different results from online versus offline marketing?

The Diagnosis  Analyze the answers to the questions above.  What information did you gather?  What does it tell you about your business performance during the year?  Did you notice any trends in your responses?  Do you notice any inconsistencies? What are some areas of improvement? What should you continue doing?

Your assessment shouldn’t begin and end with you.  Customers are vital to your business, so seek their input.  Not only can your customers speak on your performance, but they can also provide insight as to what moves competitors are making. 

And don’t forget your employees. The perception of those who aren’t making the decisions may be very different from those who are. 

Altogether, these responses should help you identify your strengths, weaknesses, opportunities and threats.  You will be able to determine what you want to accomplish as you look forward.

The Prescription  As a business owner, you know that taking action is key to the growth of your business. 

So in this step, you want to identify how you will accomplish your new goals.   Here are some suggestions:

  • Writing down each action item and for those that require more elaboration, be specific about your plan
  • Know what resources you need to commit.  These can be in the form of money, time, etc.  In addition to that, you want to work on a budget and timeline.
  • Assess your progress periodically.  In addition to annual, monthly and quarterly assessment can provide you with timely feedback which allows the opportunity to make changes quickly.

In summary  Make the idea of a checkup for your small business work for you!  Start by accumulating all the relevant information you’ll need, conduct your assessment, and decide what you want to implement.  Along the way, don’t forget to monitor your progress and how it compares to your initial goals.  Based on these results, revise your approach accordingly.

Dasanj Aberdeen is an entrepreneur, businesswoman and artist. She founded Theafter5edge.com and is a graduate of the Wharton School of UPENN. Follow her at @TheAfter5Edge

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Help @Smallbizlady, My Client Doesn’t Value My Expertise

by on March 14, 2011 in Business Inspiration, Grow Your Business

Dear Smallbizlady,

Whenever I try to give professional advice to my client, she dismisses my opinions and goes with her own ideas. 

What should I do?

If you know that you are an expert and that your advice is sound, do not allow your client’s behavior to weaken your confidence in your business. Instead, examine whether your communication style is the problem.  Does she perhaps prefer to receive information and opinions in writing backed up with a lot of details? You need to understand how you can work best with her particular idiosyncrasies.

I once had a client who told me, “There’s not a problem just because you say it’s a problem.” At first, I was taken aback by her statement, but then I realized that she wanted me to provide her with a better explanation about why there was a problem. I assumed that she would just trust my opinion, since I was the expert she hired.  We all know what happens when you assume something.

Next, look specifically at your dynamic with your client. Is her lack of respect for your opinions causing you to become resentful, making matters worse? Email communication is always a bad idea when a relationship is going south.  A conference call is good, but a face-to face meeting to clear the air is always best.

If you continue to feel underutilized, be extremely pro-active in doing what’s expected of you. Over communicate for clarification about assigned tasks and completed assignments.

Ultimately, if you’re unable to change your client’s attitude towards you, may need to renegotiate the nature of your working relationship.  In other words, move on.  The next time you get a proposal request make sure the dollar figure exceeds their budget, and they will not call you again.

For more tips on how start or grow your small business subscribe to Melinda Emerson’s blog http://www.succeedasyourownboss.com.

Become Your Own Boss in 12 Months Books By Melinda EmersonMelinda F. Emerson, known to many as SmallBizLady is one of America’s leading small business experts. As a seasoned entrepreneur, professional speaker, and small business coach, she develops audio, video and written content to fulfill her mission to end small business failure.  As CEO of MFE Consulting LLC, Melinda educates entrepreneurs and Fortune 500 companies on subjects including small business start-up, business development and social media marketing. Forbes Magazine recently named her one of the Top 20 women for entrepreneurs to follow on Twitter. She hosts #SmallBizChat Wednesdays on Twitter 8-9pm ET for emerging entrepreneurs. She also publishes a resource blog www.succeedasyourownboss.com  Melinda is also the author of the national bestseller Become Your Own Boss in 12 months; A Month-by-Month Guide to a Business That Works. (Adams Media 2010)

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Effective Emails That Save Time

by on March 8, 2011 in Guest Articles

As a Professional Organizer, I’ve heard all sorts of excuses about email.  Still, my all time favorite is when I called a new client and asked if they had received my email. “Oh, sorry about that, I declared email bankruptcy and deleted everything in my inbox. I do this about twice a year. If it’s really important they will get back to me.”

Of course he did this because his inbox was FULL, the IT department was yelling at him and he had no hope of finding anything in is his inbox anyway. So before you are tempted to hit delete, keep reading. Believe it or not, sending effective emails yourself will actually save you time and help tame your unruly inbox.

Dedicated Email for Business  I know that the “joke of the day” emails Aunt Iris sends are funny, but honestly, they are clogging up your inbox. The biggest sources of clutter in our inbox are emails we get from friends and family. Personal emails are usually cute, but rarely actionable. Plus, because they are from loved ones, we resist deleting them. So there they sit, smiley faces and all. Keeping a dedicated business email means that clients come first and you can go over your personal emails on the weekends.

To Send Effective Emails is to Receive Effective Emails  Start saving time by making your own emails as actionable as possible. This has two benefits. First, you raise your professionalism and credibility with your contact. Second, you subtly train your email senders to do the same. This can only help the greater good of all email-kind.

Action Oriented Subject Lines  Want your contact to act on your email first? Make the subject line compelling or at the very least something where it is obvious that an action is required. “Action: Johnson Proposal” is good, and “Decision on Johnson Proposal due by 12/28” is even better. This also makes it easier for you to key word search and look for emails where a response is past due. And if you do send the rare email that is “Info Only” put that in the subject line too so they can read it at their leisure.

Anticipate Questions  Who, what, when, where and why are crucial questions for reporters. They are also the keys to helping your contact make that decision or take that action as soon as they open your email. It’s ok to have an introductory paragraph, but after that, make it clear why they should read and answer your email sooner rather than later. Use unique formatting so the reader’s eyes can easily scan for the answers to these questions. If your contact has to read a novel, then guess what? Your email won’t be answered until later, much later.

One Subject per Email  While it may be tempting to pile on all the things you need to say to your contact in one email, keep it to one subject at a time. That way you can track your email threads separately and it makes it easier to key word search at a later date.

When you combine subjects in a single email, most likely the email won’t be replied to as quickly. Worse yet, when you finally do get a reply, you may not get all the subjects answered. This happens quite often when people are responding via blackberry.

Call, then Email  I know this is an article on effective emails, but sometimes it is just best to call. Is it a sensitive topic? Are emotions running high or is there room for misunderstandings? Then call your contact first. Hash out the specifics and then follow-up with a summary email of the agreements and next steps.

All of these tips will help you make your emails be more effective to the pleasant surprise of your customers and co-workers. They will save you time and hopefully head off the temptation to declare email bankruptcy on your own inbox! Just remember my motto: The Secret to Success is getting Started!

Sarah Kirkish is a Certified Coach and Professional Organizer with over 18 years of project management experience in corporate America. She helps busy professionals simplify their lives from the inside out with her down-to-earth coaching and interactive workshops. Follow her on Twitter: WorkLifeOrg or visit her website at: www.worklifeorganization.com

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Are You Confusing Target Market With Niche?

by on March 7, 2011 in Branding & Marketing, Your Small Business

It’s so easy to confuse your target market with your niche, but it’s one of those things that once you get it straight in your own head, it will be so much easier to develop a message that resonates with your target audience. Many entrepreneurs make the mistake of targeting too broad a pool of potential customers. If everybody can use your service, it’s likely no one will. 

Remember, you have limited time and limited resources when starting out in business. If you narrow your focus, you can target customers who are most likely to use your product or service.  According to Jennifer Sander, co-author of Niche and Grow Rich, “Niche businesses have a 25 percent better chance of surviving over ten years than more general types of companies.” 

What are the three things that make a good niche?

1. Your target customers have a strong desire for what you offer.
2. The customer pool is big enough to produce the volume of business you need.
3. The customer pool is small enough that your competition is likely to overlook it.

Think about your business this way to keep things straight in terms of your target market vs. niche:

I provide (X) to (Y) who does (Z).

X = Your solution. What is the result to generate for your client? It could be more time to focus on being the talent, more time to develop a new business venture, more family time, get the dog taken care of, etc.

Y= Your target market. Who is your target customer? Be as specific as possible. Professional women 35+, Stay at home moms, Under 30 entrepreneurs, Single dads, Baby boomers, C – level executives, etc.

Z= Your niche focus. You must narrow-down the piece of the market you want capture. What do you do that helps you stand out in the marketplace?  People want to hire specialists.

Here are some examples: If you have a graphic design company how about you focus on doing work for educational institutions? If you are a virtual assistant, why not focus on professional speakers and thought leaders who are often overwhelmed with the constant need to develop content and handle logistics? If you are an accountant, how about focusing on providing services, exclusively to restaurants?

Here’s mine: I’m a small business coach who specializes in helping people transition from a job to small business ownership

X= My solution. Small Business Coach

Y= My target market. People in Transition

Z= My niche focus. Go from Corporate to Entrepreneurship

To find your niche, look at the customers you already have. Is there a common customer? What work fills you up the most of your time and what work IS the most profitable?  Figure that out and then define your niche around that. Then, develop a killer sales message that speaks to the specific interests and needs of that niche market. You’ll see an immediate increase in your sales and repeat business. You will build your riches in the niches.

Become Your Own Boss in 12 Months Books By Melinda EmersonMelinda F. Emerson, known to many as SmallBizLady is one of America’s leading small business experts. As a seasoned entrepreneur, professional speaker, and small business coach, she develops audio, video and written content to fulfill her mission to end small business failure.  As CEO of MFE Consulting LLC, Melinda educates entrepreneurs and Fortune 500 companies on subjects including small business start-up, business development and social media marketing. She has been featured on NBC Nightly News, in Forbes, the Wall Street Journal and Black Enterprise Magazine. Melinda is also the author of the national bestseller Become Your Own Boss in 12 Months; A Month-by-Month Guide to a Business That Works. (Adams Media 2010)

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Ask SmallBizLady How Can I Get Started Blogging?

by on March 4, 2011 in Ask Smallbizlady

Every Friday, I answer questions on my blog in this Ask Small Biz Lady segment, posting video answers to frequent small business questions.

This week, we are tackling the question: How Can I Get Started Blogging?


Determine who you want to talk to:  It is important to speak to the same customer every time you write on your blog. The most successful blogs are focused on a niche market.

Develop signature content: Develop a system and theory that is unique to your industry. The goal of blogging is to position you as a thought leader.

Develop a list of 25 or more blog topics: Start writing your content at least three months before launching the blog. Give yourself a way to build up your archive of great blog posts.

If you have a question for Melinda Emerson, Small Biz Lady, I’m always here as a resource.

Leave a comment on this article, send a message using the contact us page, tweet me – @smallbizlady, on Facebook or you can hit me up on LinkedIn.

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Great Resource for Aspiring Authors

by on March 2, 2011 in My Recommendations

Stephanie Chandler @bizauthor, has written and published a new book, Booked UP!  How To Write, Publish and Promote a book to Grow Your Business. 

I must admit that I am a big fan of Stephanie’s from her publication From Entrepreneur to Infopreneur Make Money with books, E-Books and Information Products (Wiley & Sons, 2006)

In Booked Up!, Stephanie breaks down the pros and cons of the traditional book deal and self publishing. She’s done both, and does a good job of laying out the case for either approach.  I think the fact that she self published this book tells you that she believes self publishing is the best option.

Part Three – How the write a book—FAST!  is a real gold mine for developing an action plan to get your book done now.  In Part Four, her book is all about developing an author platform, and she goes in depth with social media in Part Five.  I found her advice about article marketing and virtual tours especially helpful.

The resource section at the end of this book is terrific, as well.  I even learned about some needed resources and associations from reading this book.

My only critical comment is that I wish the book was a bit longer.  At 138 pages, you’ll whip through this book in no time.  

If you always wanted to write a book and don’t know where to start, Booked UP! is a great way to start.

Become Your Own Boss in 12 Months Books By Melinda EmersonMelinda F. Emerson, known to many as SmallBizLady is one of America’s leading small business experts. As a seasoned entrepreneur, professional speaker, and small business coach, she develops audio, video and written content to fulfill her mission to end small business failure.  As CEO of MFE Consulting LLC, Melinda educates entrepreneurs and Fortune 500 companies on subjects including small business start-up, business development and social media marketing. She has been featured on NBC Nightly News, in Forbes, the Wall Street Journal and Black Enterprise Magazine. Melinda is also the author of the national bestseller Become Your Own Boss in 12 Months; A Month-by-Month Guide to a Business That Works. (Adams Media 2010)

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Are You an Authentic Writer? Creating Trust for Greater Sales.

by on March 1, 2011 in Guest Articles

The internet is overflowing with marketers and bloggers.  Every search reveals hundreds of posts.  At last count, WordPress houses millions of blog posts.  That’s a lot of written content. 

When you sit down to write content for your blog posts or other social media channels, do you often try to think of a catchy one-liner to grab your reader and engage them?  Be honest, you know you do.  That’s part of marketing, right?  Well, it’s one part, but here’s the other part.  Do you also ask yourself if what you’re saying is the most authentic and trustworthy way you can say it?    

Your writing is a lasting imprint that speaks volumes about your business and reflects on your personal integrity as well.  I know, I know.  It’s not a flashy promise to boost your sales instantly, but an honest sales pitch doesn’t have to be boring. 

An honest sales pitch consists of delivering to your customers the benefits of your product or service in a clear, compelling manner.  Sounds too simple to be true, but the crux of your sales pitch should be your product or service.  If you don’t have clear, compelling benefits to your product or service that you can focus on as a means to draw people in and engage them, it’s time to refocus. 

So, how do you know if your writing is generating trust or distrust?  Easy; read it from the customer’s perspective, and ask yourself a few simple questions.  Be honest with yourself.  No one is looking.  I promise.   

What am I selling?  When you read your writing, are you selling empty promises, or are you selling a much needed product or service?  If your writing is drowning in gimmicky phrases and one-liners, then it’s a good bet you’re not selling the virtues of your product or service. 

Would I buy from me? Answering this question requires a great deal of objectivity, but it can be done.  Would you?  Would you buy whatever you’re selling?  If you don’t even have a clue what you’re selling, that’s bad news.  Your potential customers are probably completely clueless. 

Is there even a hint of slime? Remember that kid’s game show where people would get slimed?  It was gross and people would try hard to avoid getting slimed, right?  Well, slick, slimy written content gets the same treatment.  No one wants to feel like they’re getting taken for a ride, so get rid of any content that even hints that you’re about to get one over on your customer.  What classifies as too slick?  Posts that promise too much are one of the top offenders.  Keep your message honest, relevant, and engaging, and you’ll have long-time readers and a base of potential clients. 

The internet is definitely filled with business owners, but your voice can still be heard no matter how crowded the field.  Strive for consistency.  Craft valuable, informative content and avoid that urge to oversell, and you’ll be ahead of a good number of businesses in your industry.  Here’s to your business success!   

Shannon Harmon is a writer and business owner committed to helping entrepreneurs craft insightful, intelligent writing strategies designed to grow their businesses. For more information: http://www.jonesharmonwriting.com

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Smallbizlady Help! I Need A Business Mentor

by on February 28, 2011 in Grow Your Business, My Recommendations, Women in Business

Dear Smallbizlady, I know how important it is to have a business mentor, but I don’t know many successful entrepreneurs.  What’s the best way to go about getting one?

You’re right about the value of having a mentor, especially today. Choosing a mentor should be a real process of identifying the best person to help you get where you want to go in your business. You should cultivate a strong enough relationship so that asking to become your mentor becomes a natural request with clear mutual benefits.

If you want a mentor, you want to identify several people in order to hedge your bets.  Your selections should be based on who would be best positioned to help you, their time availability and their influence. Then you want to establish a relationship, perhaps by volunteering to work on a nonprofit they support. It’s also worth developing relationships with people around this person, so that you become even more of a known quantity.

Your goal is to present yourself in a very professional way. Make sure that they know you are worth their time.  Bear in mind that mentors don’t take on mentees out of altruism–they’re looking to take on valued contributors who they can grow as well as help them down the line.

Establish a rapport by trying to secure a lunch or coffee appointment at first. If that goes well, ask him or her to become your mentor. It should be a natural discussion to have.  Be prepared with your paperwork—often times mentors ask for business plans and the latest financial statements.

Be sure to express–a clear idea of what you want your potential mentor to help you with in your business. This gives your potential mentor a way to assess whether or not they can truly help you.

Many people who want mentors fail to communicate a strong sense of what it is they want out of the relationship, and that can be an obstacle to both getting a mentor and having a successful relationship with them down the line.

Another great resource for finding a business mentor is SCORE, the organization provides free online and face-to-face business counseling, mentoring, training and advice for small businesses just starting out or hoping to take their business to the next level. http://www.SCORE.org

Melinda F. Emerson, known to many as SmallBizLady is one of America’s leading small Become Your Own Boss in 12 Months Books By Melinda Emersonbusiness experts. As a seasoned entrepreneur, professional speaker, and small business coach, she develops audio, video and written content to fulfill her mission to end small business failure.  As CEO of MFE Consulting LLC, Melinda educates entrepreneurs and Fortune 500 companies on subjects including small business start-up, business development and social media marketing. She has been featured in the New York Times, Washington Post, Entrepreneur, Wall Street Journal and Black Enterprise Magazine. She hosts #SmallBizChat weekly on Twitter for emerging entrepreneurs and publishes a resource blog www.succeedasyourownboss.com  Melinda is also the author of the national bestseller Become Your Own Boss in 12 months; A Month-by-Month Guide to a Business That Works. (Adams Media 2010) 

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Book Interview: How They Did It: Billion Dollar Insights from the Heart of America

by on February 23, 2011 in Business Inspiration, Your Small Business

This is a Q&A from my interview with Robert Jordan author of How They Did It: Billion Dollar Insights from the Heart of America  (RedFlash Press, www.HowTheyDidItBook.com).  Robert has been launching and growing companies and helping other entrepreneurs do the same for the past 20 years.  His book is a collection of interviews from 45 leading founders who created $41 billion from scratch. His newest endeavors are RedFlash project implementation team, a worldwide network of interim, contract, and project executives.

Smallbizlady:  What gave you the idea for this book?

Robert Jordan:  I was waiting in the SeaTac airport in Seattle for a flight, reading a book of quotes I found in a bookstore (it’s a great airport). I had a thought – wouldn’t it be great to read a book of quotes from entrepreneurs who had hit home runs – and learn how they did it. The generic quote book I was reading was ok, but not specific for what would have really inspired me as an entrepreneur. So when I came home I approached some VC investor friends with the idea (not asking them for money, just wanted their opinion because they knew lots of entrepreneurs), and the added idea that I’d like to invite these champion company founders to an event where we would multi-author the book in 90 minutes. It didn’t work out quite that neatly in the end, but the event did occur, at the Four Seasons Hotel in Chicago, and 21 of the 45 founders were there.

SmallBizlady:   How did you pick the company founders you spoke to and was there criteria you used for the companies you included?

Robert Jordan:  I set criteria that a founder had to launch/grow/sell for $100mm or more or go public for $300mm or more. I did this with the help of an informal committee of these VC friends. I went to Goldman Sachs, William Blair and Dow Jones to ask them to help screen companies, and from their databases I then hired a bunch of Northwestern University undergrads to help me screen founders. After a year of that we had a list of folks to invite to the Four Seasons event. This was not a rigorous/academic approach – I broke my own rules. For example, Viresh Bhatia from Installshield sold for $78mm. And we decided to not include a number of founders who were, frankly, not inspiring. The emphasis was on technology and innovation; we did not consider real estate, hedge funds, that sort of thing. Nothing against those home run hitters – we just wanted to focus on very hard stuff not expected outside of Silicon Valley.

Smallbizlady:  Many of the interviewees aren’t well-known and, you point out yourself, some are actually reclusive. Is there any insight in that about people who really score success?

Robert Jordan:  I think so. There seems to be a pattern of quietly going about your work, be great at execution, don’t focus on self and ego. Mahendra Vora said of course you have to have ego to do these great things, but not to the point that you cannot see and act on your mistakes, or recognize other people for their own great work.  Also: one of my biggest conclusions is that none of these founders did it alone. Success is never a solo act. Even for solitary founders, the only way they hit it big was by developing partners and/or incredibly capable management teams.

Smallbizlady:  Why did you choose to focus on technology businesses?

Robert Jordan:  Because there could be a perception in the world that the only valuable tech development has to or must occur in Silicon Valley. And that just is not true. And it becomes more interesting to learn from quiet, unsung heroes than the usual subjects. And because most aspiring entrepreneurs in the world are not in SV and never will be – it becomes another facet on inspiration. You can see other people in obscure places who didn’t give up, didn’t blame their surroundings (Mary Engelbreit’s line from her greeting cards – bloom where you are planted). The number one billionaire in the book, Dane Miller (Biomet, $12 billion company value when taken private in 2007) started Biomet in Warsaw, Indiana, and he’s still there, and he’s still unknown. On USA Today’s 25th anniversary they ranked the 25 best performing companies over the past 25 years. Dane is #7: 30,000% growth. Warren Buffet is #20: 19,600%. Dane almost doubled Berkshire Hathaway’s performance. Not on a whim…but over the course of 25 years.

My guess is that most people consider Google and Facebook the 2 most important tech companies in the world at the moment. The next 2 could be Twitter and Groupon, and Twitter’s CEO Dick Costolo is in the book, as is Groupon’s co-founder Eric Lefkofsky. (Costolo was not the founder of Twitter but even the quiet guys can score home runs.)

Smallbizlady:  Is there one core value you feel is the strongest and most important factor in your personal achievements.

Robert Jordan:  Integrity.

Smallbizlady:  Do you believe there are some unique qualities that are inherent in all of those individuals who built a great fortune for themselves?

Robert Jordan:  My biggest conclusion from this is that for massive success you have to take a leap. You have to take risk. This sounds obvious, but in reality, what most of us do is avoid failure. We think we’re taking risk when we do small things, and act incrementally. These folks did not get to multi-million and billion dollar valuations by failure avoidance. It just doesn’t work. They each have one or more points when there was a distinct decision to make a leap, and the results were not known upfront. Actually I think overall these founders struck out far more than most business people. They just did something very different from most people with those failures.  A related quality: they are all very passionate about what they do.

Smallbizlady:  What advice did you glean from your interviews about how to best go about funding a business?

Robert Jordan:   To be more patient (Joe Mansueto’s advice).

-          To stop thinking that anyone could become a success overnight, because that is completely a false notion, and in fact all self-made founders hit the wall one or more times.

-          To not take money at any price, because once you are diluted down by selling equity too cheap, you can’t get it back (Michael Polsky).

-          To think about more options for funding, to never rely on one source alone (Vince Pettinelli; and Jim Dolan talking about always doing one more thing; always have a “hot standby”).

Smallbizlady:  Another key issue is hiring. What was some of the best advice you heard about that?

Robert Jordan:  Joe Piscopo (Pansophic) said if he could have hired better he could have been 10x bigger, and that 75% of failures relate to poor hiring.

-          Mahendra Vora (Intelliseek) said you first train your core team of 5 managers, and when you do that well, they train the next 25, and when they do that well they train the next 125, and that’s how success occurs.

-          Raj Soin (MTC) said he trained his managers to not think first of their customers but to primarily think of the employees, because the employees would create success with the customers – not the managers.

-          David Becker (First Internet Bank) said it was hard because sometimes early employees could not stay at fast growth companies – just no longer a fit. But when he developed a core team that was outstanding, he took them from one startup to the next. Becker’s line reminded me of Andrew Carnegie’s quote about taking away all his steel mills, it wouldn’t matter, just give him his team and he could reproduce the same success in any other industry.

Smallbizlady:  What are the most common mistakes start-ups make, and how can we avoid them?

Robert Jordan:  1) Trying to avoid failing is a mistake. Instead: look at each failure and see if that could be the source of the real home run. Another big revelation: most home runs were because of Plan B, not the original plan! Bill Merchantz’s software company had a spectacular failure, software that crashed on a big client. They worked feverishly to restore functionality and invent disaster recovery software. In the end the client left. But the big win? The disaster recovery software was, not the original product.

2) Hiring the wrong people is a mistake. One piece of advice from Howard Tullman: founders should never do the hiring, because we entrepreneurs are in love with our products and can’t stop talking. Smart candidates sit there, nod, don’t say a word, entrepreneur falls in love with them, they get hired. Big mistake. Delegate hiring. Joe Piscopo said first order of business for a CEO: take up to date courses on hiring.

3) Not being willing to give up control is a mistake. This is NOT the same thing as giving up equity. Big success is never a solo act. Great founders develop partners and/or great management teams without fail.

4) Complacency is a mistake. Champions always do one more thing; have one more backup, one more Plan B. How many times have you heard about a company that, gee, they came so close! But they just missed because of the Internet bubble bursting, or the recession, or… The experience of these founders is not that they didn’t hit obstacles – they did. They just kept moving.

5) Designing the “perfect” product is a mistake. Especially in technology, things move too fast, and the attempt for perfection can mean completely missing the market. Only by being in the market can you improve, learn, and eventually make something great.

Smallbizlady:  What practical advice do your founders offer for the average person to do well in life?

Robert Jordan:  Be passionate about what you are doing! I realize that may sound idealistic, but I noticed throughout the interviews a near-total lack of cynicism. And my own experience with a lot of startups is that passion is the first determining characteristic of founders who get funded. Being passionate is contagious.

You can grab this book today on Amazon.  For more tips on how start or grow your small business subscribe to Melinda Emerson’s blog http://www.succeedasyourownboss.com.

Melinda F. Emerson, known to many as SmallBizLady is one of America’s leading small business Become Your Own Boss in 12 Months Books By Melinda Emersonexperts. As a seasoned entrepreneur, professional speaker, and small business coach, she develops audio, video and written content to fulfill her mission to end small business failure.  As CEO of MFE Consulting LLC, Melinda educates entrepreneurs and Fortune 500 companies on subjects including small business start-up, business development and social media marketing. Forbes Magazine recently named her one of the Top 20 women for entrepreneurs to follow on Twitter. She hosts #SmallBizChat Wednesdays on Twitter 8-9pm ET for emerging entrepreneurs. She also publishes a resource blog www.succeedasyourownboss.com  Melinda is also the author of the national bestseller Become Your Own Boss in 12 months; A Month-by-Month Guide to a Business That Works. (Adams Media 2010) 

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Give Your Business Finances a Fighting Chance

by on February 22, 2011 in Cash Flow & Finance, Guest Articles

Give Your Business Finances a Fighting Chance, by Morgan Leu Parkhurst

Whether you have owned your business for years or plan to open your doors for the first time next week, there are a few things you can do to save money.  The Joneses of the business world will have you believe that if a business looks wealthy then it must be.  But lessons of the last few years tell otherwise.  Do you want to give your business a healthy chance at survival?  If so, below are a few expenses worth postponing (or simply ignoring altogether) until your cash-flow is plentiful.

  1. A luxury car.  I have met countless small business owners who insist on driving fancy cars to “look” established.  They operate under the impression (whether they know it or not) that the car they drive is somehow more important than the value they offer.  How sad.  If you can’t afford a luxury car, that’s okay.  Lead with your strengths, focus on the needs of the other person, and let the quality of your business show how established you are.  As for those business owners with fancy cars, well quite a few of them aren’t in business anymore.
  2. Tailored suits.  Like the car, the tailored suit implies wealth but doesn’t ensure it.  Do you habitually tell clients and prospects where you buy your clothes?  If not then you’re in luck.  No one will ever know your suits aren’t tailored.  Most won’t care.  They have better ways to occupy their time, like thinking about how your proposal affects their bottom line.  If they do care, you probably don’t want them for clients anyway.  Stick with a few basic pieces for important meetings, save some money, and leave the fluff to someone else.
  3. Dining at restaurants.  I love dining out as much as the next person.  But it can be a real cash guzzler on your business and personal finances.  It’s best to keep it in check.  To stretch your dollars a little farther, suggest coffee meetings instead.  You’ll be amazed at what you can save throughout the year.  Likely no one will notice the shift.  And if they do, they will probably secretly thank you for it since they could be taming their expenses (and waistlines) too.
  4. Extensive business overhead.  Do you really need multiple landlines (in addition to cell phones), fax lines, and top-of-the-line printers as well as other operating expenses?  If not carefully planned for, these items can eat away at your financial stability.  If you can’t afford it, don’t buy it.  There are often low-cost alternatives to common operating expenses.  For example, instead of paying for another landline for your fax machine, set up an email fax account in its place.    
  5. Business debt.  This one is tricky.  While we know we should keep our personal debt under control, we don’t always remember that for our business.  Every business “want” turns into a business “need,” and we end up taking on more debt than we should.  Perhaps you can’t run your business without a loan.  But do be careful how much you borrow.  Even if the business closes, you could still be personally liable for the remaining balance owed.  Ouch.  Work with organizations like SCORE and SBA to assess how much financing you really need, and whether you have the cash-flow in place to pay for it.

Giving your business finances a fair shot at winning isn’t always easy.  But it is worth it.  Let the love you have for your business energize you when you make sacrifices.  It is that love that will fuel you as you succeed at being your own boss.   

By day Morgan Leu Parkhurst helps individuals put the pieces of their marketing puzzles together.  By night she teaches marketing communications to aspiring entrepreneurs. Reach her at sharpmindmarketing.com or on Twitter at @Morgan_LP.

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How To Define Your Niche Business

by on February 21, 2011 in Branding & Marketing, Business Inspiration, Your Small Business

What the heck is a niche? Webster’s Business Dictionary defines a niche as a “particular market or specialty area where a company finds it profitable to concentrate its selling efforts. Niche marketing offers a concentration of clients in an area of limited competition. It can be a market niche that can be a specific geographic area, such the Mid-Atlantic Region, or a specialty industry such as sugar-free desserts, or an ethnic or age group such a Gen Y, Generation X-ers, or any particular group of people, such as people who do not own cars.” The key words here are “concentration of clients” and “limited competition. When you start a niche business you can spend more time generating business and less time looking for the market.

Finding your dream niche. A niche can be anywhere from under (or on) your nose (think Breathe Right™strips for snorers), to cyberspace, where eBay™  and YouTube™, among others, have generated millions. You might stumble on it. I spoke to a CPA friend of mine who only specializes in restaurant accounting. Do something that no one else will, like picking up dog poop (and make great money doing it). Sometimes, a niche can be created by improving a common product already on the market. Think the Swiffer™, the sleek hand duster or Splenda™, the sugar substitute. A business that focuses on a addressing an unmet need can be a niche business too. Think grocery store chains in inner-cities, or a car sharing business for people with an occasional need for wheels. Your first assignment is finding, or inventing your niche. Here are some general guidelines:

Go With What You Know.  If you have expertise in an area, for example: tax accounting, automobile repair, computers, or other profession, do you know enough to open your own business? Where would you get your customers? 

Look for “You Must Be Kidding” Opportunities. Beauty is in the eye of the beholder and what some would see as unattractive jobs, others see as a key to the mint. Typically, if you pursue an “ugly” business you can generally bet that the competitors will be few and the potential unlimited.

Turn a Hobby into a Money Machine. Stories abound about rib kings, cookie makers (Famous Dave Anderson, Famous Amos, Mrs. Fields, etc.) who went from the kitchen to national enterprises because they were tuned into America’s taste buds. For example, a local toy store in my area grew out of the owner’s affection for model trains. He now specializes in selling unique toy trains nationwide using the Internet.

Invent Something. Mother Necessity is always looking for solutions to problems. The Butler Bag™, PedEgg™, Snuggie™ and  plastic garbage bags are just a few of the many products created by inventors who made a niche where none existed before.

 Why Niche? Niche marketing can be cost-effective. The more focused on who your customers are, where they shop, where they live, how often they buy things, what their values are and what their struggles are…the easier it is to sell to them. By knowing your customer you can eliminate a lot of guess work and your marketing dollars will go a lot further.

Use the internet to go deeper into your market. For example, I know a lawyer who created a website focused on Driving Under the Influence (DUI) infractions to advertise his law practice. He researched the key words people used to search for help with DUI’s and made sure to use those key words in his blog posts. His business really took off after he launched his DUI focused website. Use the web to establish your niche brand, and become the king or queen of your niche.

Do you agree that starting a niche business is the way to go? Tell me about your niche business?

Become Your Own Boss in 12 Months Books By Melinda EmersonMelinda F. Emerson, known to many as SmallBizLady is one of America’s leading small business experts. As a seasoned entrepreneur, professional speaker, and small business coach, she develops audio, video and written content to fulfill her mission to end small business failure.  As CEO of MFE Consulting LLC, Melinda educates entrepreneurs and Fortune 500 companies on subjects including small business start-up, business development and social media marketing. She has been featured in the New York Times, Washington Post, Entrepreneur, Wall Street Journal and Black Enterprise Magazine. She hosts #SmallBizChat weekly on Twitter for emerging entrepreneurs and publishes a resource blog www.succeedasyourownboss.com  Melinda is also the author of the national bestseller Become Your Own Boss in 12 months; A Month-by-Month Guide to a Business That Works. (Adams Media 2010) 

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Ask SmallBizLady: How Can I Get More Followers on Twitter to Promote My Small Business

Ask SmallBizLady: How Can I Get More Followers on Twitter to Promote My Small Business

by on February 18, 2011 in Ask Smallbizlady, Social Media

On Fridays, I answer questions on my blog in a segment called Ask Small Biz Lady, where I will post video answers to frequent questions about small business.  This week, we are taking on the question How Can I Get More Followers on Twitter to Promote My Small Business?  Click here to see my video response.

The answer is:   Follow other people, search for people who are asking questions using your keywords, Retweet (RT) other people’s content at a 4:1 ratio to your own, and participate in Twitterchats like such as #Smallbizchat every Wednesday 8-9pm ET.  By answering questions you’ll demonstrate your expertise and get noticed.  Remember the currency used in social media is value.  If you provide value consistently you will earn lots of followers.

If you have a question for Melinda Emerson, Small Biz Lady, I’m always here as a resource.

Leave a comment on this article, send a message using the contact us page, tweet me – @smallbizlady, on Facebook or you can hit me up on LinkedIn.

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Getting Organized to Start Your Part-Time Business

by on February 15, 2011 in Guest Articles

Getting Organized to Start your Part-Time Business” by Sarah Kirkish, Work Life Organization

As a Coach, I often help small business owners who originally started part-time and then took the leap to a full-time business. I can always tell if a business owner is focused on getting organized from the start because the systems they created when they were part-time still carry through to their full-time business today. Here are some suggestions to get your part-time businesses off on the right foot.

Create clear boundaries between your job, your business and your family. This is a recurring theme with my clients who want to be responsive to all the requests of their job, business and family, all at the same time. It is a sure fire recipe for decreased productivity and guilt. Boundaries help create order out of chaos. When you are consistent with co-workers, clients and loved ones, everyone knows what to expect. While they still might want more of your time, they at least can respect that you get back to them when you say you will.

Building your integrity with your clients now while your business is small generates trust and most importantly repeat business! Life events and unexpected emergencies such as Susie’s dance recital or the dog just got sprayed by a skunk happen. However, if every event in your life seems to be an emergency, then you may need to practice saying “No” gracefully or “Not Now” with a time when you will be able to respond.

Create either a separate workspace or a grab and go mobile office. Part of the boundary setting process is designing your business workspace so you can focus on the task at hand. First, buy your own business supplies. Keep them labeled and stored separately so the kids won’t borrow them for art projects.

Second, have all your supplies and equipment within arm’s reach. The fastest way to clutter your workspace is by having a “to file pile” on your desk because you have to climb over the guest bed in your office. Move the file cabinets right next to your desk within 3 feet or less. Also, even if it’s just a dedicated drawer or an electronic file folder, keep all your business files in one spot so they are easier to find when you need them.

Third, if your part-time business is on the go, select a tote that can hold all your supplies and is sturdy enough to live in your car. This way if you need to work in a coffee shop or on the road in between meetings, you can stay on track. Be careful though with brochures and other marketing materials. Paper gets heavy quickly, so use a tote with wheels. Your back will thank you!

Create business systems with the big picture in mind. Evaluate all that you do as a business owner and ask the question, can I do this the same way if I had 10 times more business or a 100 times? If you create processes that are complex, time intensive or where only you can understand them, how will you ever be able to hire staff to grow your business? Simplify the steps of each activity now and document them as if you had to explain them to a high school student. Then if possible, have someone else read your process and see if they can do that part of the job. Keep refining until each step is crystal clear.

Finally consider using checklists so that you provide your customers with the same level of service each and every time. This will really distinguish you from your competition. All these organizational tips will help you be more consistent and when the time is right, to expand your business from part-time to full-time! Just remember my motto: The Secret to Success is getting Started!

Sarah Kirkish is a Certified Coach and Professional Organizer with over 18 years of project management experience in corporate America. She helps busy professionals simplify their lives from the inside out with her down-to-earth coaching and interactive workshops. Follow her on Twitter: WorkLifeOrg or visit her website at: www.worklifeorganization.com

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