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What if the business you love is not making money?

By on June 22, 2009 in Grow Your Business

A slowdown in your business is an opportunity to sharpen your knife and focus on working smarter not harder.  Being a small business owner is an emotional experience that will stretch you in ways that you could not imagine.  If you are really motivated and driven, you can turn things around.  There are no limits to what you can achieve as your own boss. 

Here’s some suggestions to get your business moving forward.

1)  Go where the money is:  if customers are not buying what you are selling, sell something else.

2) Brainstorm ideas with your staff: Sometimes someone in your organization might have a great idea, but no one ever asked them. Make sure everyone knows the situation with the business. That will give everyone ownership over fixing the problem. Your staff will feel more comfortable letting you know about their ideas when you invite them in to help.

2) Create additional streams of income:  If you have a brick and mortar business, sell online too! Are there additional products you can add to your store such as lottery tickets, UPS packaging and pick up, giftwrap, snack & food items?  Do you have information to sell? Are you good writer? Why not create an e-book about how to start a consulting business or coffee shop?

3) Develop a loyalty program:  Create a frequent buyers club.  Hold special sales and create special discounts.   Sponsor a special event where they get VIP tickets.  The goal is to generate more repeat business.

4) Build a list:  Create an offer to collect e-mail addresses from all customers who buy in the physical store and online, and then send them monthly newsletters with special offers, additional products and services and suggestions.  The goal is to generate more repeat business.

5) Become a PR machine:  Develop 3 hooks to pitch your business to the local media and business journal. Create an exceptional guarantee or a special sale with a portion of proceeds going to charity.  Consider doing a live remote with a local radio station.  Find any way to attract publicity and to get people to enter the business:  have a person in a costume pass out flyers, have a party with games and clowns for the kids, hire a musicians to play every Friday for a month, throw some sort of contest for college students to create a jingle for the store or a YouTube commercial.

6) Create coupons or postcard flyers:  These can be displayed in other businesses in the area.  Work out ways to cross market other businesses and they will help you in return.

Small actions CAN lead to big changes in your small business!

WANT TO USE THIS ARTICLE IN YOUR EZINE, E-NEWSLETTER OR WEB SITE?  You may, as long as you include this complete blurb with it:

Melinda Emerson is a Veteran Entrepreneur, Small Business Expert and Social Media Coach who hosts #smallbizchat on Twitter.  #Smallbizchat is the trusted Twitter resource to discuss everything entrepreneurs need to know about launching and running a profitable small business.  Melinda’s first book, Be Your Own Boss! How to Quit Your Job and Start Your Own Business 12 Months or Less! is scheduled to be released by Adams Media in early 2010.

If you’re ready to start or grow your small business visit www.succeedasyourownboss.com and subscribe to Melinda Emerson’s blog.

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Could a mastermind group help your business?

By on June 14, 2009 in Grow Your Business, SmallBizChat

From time to time as Smallbizlady, I conduct interviews with small business experts that could benefit my audience.  This is excepts from my #smallbizchat interview with Karen Greenstreet, a top expert in forming and running mastermind groups.

An Interview with Karyn Greenstreet, the President of Passion For Business and The Success Alliance.  Karyn is also the owner of The Success Alliance – mastermind groups for the self-employed and, The Self Employment Blog, an ongoing resource for the self employed small business owner.  An internationally-known speaker and author, Karyn is a self-employment expert who has taught business and personal development topics to over 250,000 people worldwide.  She is extraordinarily passionate about helping self-employed people to create the life and business they want.

Q: What is a mastermind group?

Greenstreet: A mastermind group consists of 4-8 people, usually your peers and colleagues.  The purpose of a mastermind group is to brainstorm, problem-solve and to find creative solutions.  A major benefit of mastermind groups is the emotional support, keeping your attitude positive.  Some mastermind groups have an educational component where you learn new ideas and techniques.  Mastermind groups can also help you make decisions, and discover where you may be sabotaging your success.

Q: Why should biz owners belong to (or start) a mastermind group?

Greenstreet: I would not be as successful as I am today without the help and support of my mastermind group.  It’s like having a sounding board, a research assistant, and a positive attitude charger, combined.  Some people feel that business ownership is lonely, even if you have a staff to help you.  You can’t always share everything you are thinking and feeling with your staff, family and friends.  A mastermind group is a safe place to bring your challenges, concerns, decisions, ideas, and also to get honest feedback.

Q: What are the steps to putting together a mastermind group?

Greenstreet: First you have to decide what type of group you would like to have.  Do you want a have members from a certain industry (like Real Estate Agents)?

Q: Do people pay to belong to a mastermind group, or is it free?

Greenstreet: Some mastermind groups are free. For the paid ones, fees range from $100 a year to $14,000 a year.  It depends on who is the mastermind Group Facilitator, and what you’re getting from the group.  Many groups fail because there is no real leader; having a strong Group Facilitator will help your group.

Q: What is the structure of a mastermind meeting?

Greenstreet: There is no “official” structure to mastermind meetings.  In the 15 years that I’ve been running groups, I’ve tinkered with a lot of structures.  The one that works best for me is to start by sharing Success Stories.  Then each person gets a certain amount of time to bring forth a problem or decision they’d like to work on.  We end each meeting with goal setting and action items.  Some groups like to include guest speakers, or other activities, depending on timing and what the group wants.

Q: How do you figure out who should be in your mastermind group?

Greenstreet: This is crucial to the success of a mastermind group. You don’t want negative people in your group. You want people who are serious about success (as they define it) and are very committed to participating fully.  You want to make sure the people in your group have a similar level of experience so that the group gels.  It helps to put together an interview questionnaire, so that you can find out more about people in advance.

Q: Where and how often do people hold mastermind group meetings?

Greenstreet: Some groups meet weekly, some groups meet quarterly. Others meet via teleconference, some meet in local libraries, some meet at retreat centers or hotels.

Q: If you want to join an existing mastermind group, where can you find one?

Greenstreet: The easiest way is to Google “mastermind group” or “find a mastermind group” Sometimes people post mastermind groups on www.meetup.com Also check with your professional association to see if they sponsor mastermind groups.

Q: How to you handle a mastermind member who is standing out in a negative way?

Greenstreet: While misbehavior is rare, it does happen. I suggest coming up with Group Guidelines that lay out the rules.  It’s the job of the Group Facilitator to handle disruptive or non-committed members.  I would start by taking them aside privately and talk about what you are observing in their behavior.  Be prepared, however, that you may have to “fire” them from the mastermind group.

Q: How long should it take for a mastermind group to gel?

Greenstreet: It depends on how often they meet. Groups typically start to gel after the 2nd or 3rd meeting.

If you’re ready to start or grow your small business visit www.succeedasyourownboss.com and subscribe to Melinda Emerson’s blog.

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8 Things Small Business Owners Can Do NOW to Save Money!

By on June 2, 2009 in 10 Things Lists, Cash Flow & Finance

1. Track Expenses Using a Budget.  

Budgets are about planning and tracking spending -you need financial information to make business decisions.  Track business expenses by month or by quarter.  Ideally, you should have a twelve month budget, but at the very least, make a three-month budget.

2. Eliminate Unnecessary Expenses.

Club memberships or services with monthly fees can add up over a twelve month period.  Evaluate whether you actually use the private dinning room, the postage meter, the online credit alert service, or your merchant services account.  Sometimes a private memberships club will allow you to park your membership for a reduced fee.

3. Relocate to Cheaper Office Space.

Overhead is one of the largest monthly fixed expenses for a small business.  If you have a long term lease, start first with trying to renegotiate with your existing landlord.  If that doesn’t work, look for other space or consider retreating back into your home.  Contact the county where you are located to seek out HUB Zone space or see if they offer any tax abatement for locating in a certain area.

4. Lower Interest Rates on Loan Payments. 

Work with your bank to arrange for automatic debit payments.  Your bank will lower your interest rate if you agree to automatic debits.

5. Investigate if You Are Eligible For a Reduced Fees For Shipping.

I recently learned that my membership in the National Association of Women Business Owners (NAWBO) made me eligible for discounts for shipping and with rental car companies.  Check member benefits with your local chamber of commerce and any other small business organization where you’re a member.

6. Lease or Buy Used Equipment.

Unfortunately, there are many businesses large and small going out of business theses days. There are plenty of opportunities to pick up gently used office furniture and equipment.  You might also be able to pick additional office supplies.  Try second hand furniture stores, too.

7. Consider Bartering Services.

You never know who might need your services.  Start with business contacts, but do not overlook your personal day care provider, law professional, hair stylist or mechanic.  You can also join barter network organizations.  The key to bartering successfully is good verbal or written communication between the two parties. Whatever you agree to, be sure to communicate it in writing.

8. Comparison Shop for Everything.

Just as large companies require three bids to make a purchase, so should your business.  Search the internet for deals, but beware of shipping fees.  Sometimes the cost with shipping is not a better deal.  Use the internet price to haggle with your local vendor for a better price for services, such as free delivery and installation.

If you make these simple changes I guarantee that you will begin to see more money in your bank.   If this blog post was helpful, please subscribe to this blog’s RSS feed to keep up with the lastest information from succeedasyourownboss.com

WANT TO USE THIS ARTICLE IN YOUR EZINE, E-NEWSLETTER OR WEB SITE?  You may, as long as you include this complete blurb with it:


Melinda Emerson is a Veteran Entrepreneur, Small Business Expert and Social Media Coach who hosts #smallbizchat on Twitter.  #Smallbizchat is the trusted Twitter resource to discuss everything entrepreneurs need to know about launching and running a profitable small business.  Melinda’s first book, Be Your Own Boss! How to Quit Your Job and Start Your Own Business 12 Months or Less! is scheduled to be released by Adams Media in early 2010.

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June is a Great Time to Restart the Clock on Your Goals!

By on June 1, 2009 in How to Start

June 1st means there is still six months left to accomplish your goals for the year.

 

Tip #1: Re-commit to your Top 3 goals

We all have some goals for the year that we have still not accomplished. Make a new list of your goals, and get down the business of getting them done. Be honest, take ownership, acknowledge where you are. Evaluate whether it’s a realistic goal and reflect on the reason(s) why you haven’t fulfilled it already. Build an action plan and get a nudge or an accountability partner. Its all about moving forward–don’t repeat history.

I’ve re-committed myself to getting my new blog up. I have a whole new brand that’s been getting a lot of attention. In order to maximize it I need to have my entire online brand working for me. I also visit my top competition’s website every day.

Tip #2: Clean out the Clutter

You cannot do your best work in a cluttered work environment. Perform a “waste walk” around your office and your house. Get rid of stuff with no home or that you do not use. If the printer is broken get rid of it!

As a reformed pack rat, I can tell you that sometimes you need to bring in uninvolved parties to help part with things, but it is worth it. Your friends will work for food. Invite a few over to power through your clutter. Get 3-4 bins and label them.  If anyone picks up something from a bin category – drop it in. It feels good to work in a clean space. Cluttered spaces are draining. Clean your work space at least twice per year.

Tip #3: Do Something to Build Your Skills

Last year at this time, I wanted to have a major footprint in social media, but I really only understood Linkedin and YouTube, so I broke down and hired a social media coach for Twitter lessons and bought a few books on social media. Well, as a wife mother and business owner, time is not something I have in abundance, but still, I knew I needed to update my skills.

Part of being a successful business owner is being a life long learner. Nowadays, I am a social media coach and I have a significant presence on Twitter, Facebook, Linkedin, YouTube.  Additionally, I host a weekly talk show on Twitter called #Smallbizchat. Do not run your own business with skills that are out-of-date.  Make it a point to examine your skills, invest in yourself and read a book you would never buy. Always challenge yourself to grow. My motto is “Grow yourself to grow your business.”

Tip #4: Create a mastermind group

No one does it alone. We have all had mentors and in some cases sponsors, but at a certain point you need to engage with people at your level to really get something accomplished. A mastermind group is a peer-to-peer mentoring group; a team of likeminded people working together to make everyone better. You meet regularly to discuss goals, resources, successes and challenges. It’s good to get support and let people who do a better job at something, teach you how to do it, too.

Isolation is the enemy of entrepreneurship. My mastermind group helps me and inspires me to be my best. We talk 3 times per month and email resources to each other in between.  After every conversation I come away feeling motivated and supported.

Tip #5: Make your workout productive!
If I’m exercising at home on my treadmill, or taking it to the street for a quick jog, this can be time consuming. I make it productive by using the time to brainstorm by running in silence to plan my tasks for the week.  Or, I’ll keep up with business trends by listening to podcasts on my MP3 player.  Now rather than focusing on how much time it takes to workout, I look forward to this uninterrupted time to be with someone as smart as I am to strategize!

WANT TO USE THIS ARTICLE IN YOUR EZINE, E-NEWSLETTER OR WEB SITE?  You may, as long as you include this complete blurb with it:

Melinda Emerson is a Veteran Entrepreneur, Small Business Expert and Social Media Coach who hosts #smallbizchat on Twitter.  #Smallbizchat is the trusted resource on Twitter to discuss everything entrepreneurs need to know about launching and running a profitable small business.  Melinda’s first book, Be Your Own Boss! How to Quit Your Job and Start Your Own Business 12 Months or Less! is scheduled to be released by Adams Media in early 2010.

If you’re ready to start or grow your small business subscribe to Melinda Emerson’s blog. www.succeedasyourownboss.com

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How to Power up Your Business Plan

By on May 7, 2009 in Starting A Small Business

From time to time as Smallbizlady, I conduct interviews with small business experts that could benefit my audience.  This is excepts from my #smallbizchat interview with Ellen St. George-Godfrey, a top expert in business planning. Elli coaches entrepreneurs who want to develop their “behind the business” skills by using the three keys of ability, success, and growth.

This is an interview with Ellen St. George-Godfrey about how to power up your business plan. Elli helps her clients build confidence, reduce self-sabotage, and develop effective strategies by using 1:1 coaching, mastermind groups, seminars, and independent study products. Subscribe to the Key Notes newsletter and receive the Vision to Action e-course at http://www.abilitysuccessgrowth.com

Q: What is a living business plan and how do you use it?

St. George-Godfrey:  A living business plan is a focusing tool to guide you as grow business.  Business owners must actively use a business plan on quarterly or bi-annual basis to check progress, tweak goals, identify changes, and celebrate business growth.

Q: How important is it to have mission & vision statements?

St. George-Godfrey:  Vision gives you the big goal you are working for.  It doesn’t have to be huge; one client in computer security just wants to make it harder for hackers to get into companies and stealing info.  Mission statements speak to your value system and the reason you started your business – and it is deeply tied into your vision.  These are your starting points.

Q: What role do our values play in developing our business culture?

St. George-Godfrey:  Who you are shows up in your business.  Even sole proprietorships have a culture. For example, notice how you use social media, the notion of transparency, or even how you engage with prospects, possible joint ventures, and professional friendships.

Q: How do our beliefs about money and success affect the beginning stages of a startup?

St. George-Godfrey:  Beliefs about money and success set you up for failure if not clear how you think and feel about these two necessities.  Money is loaded with meaning.  Define for yourself what money really means.  Evaluate what it means to make a profit.  Success is also loaded; generally coupled with money or wealth, which some people feel is too dirty or lacks some kind of virtue.  Identify what your kind of success looks like.

Q: Why is it important for small businesses to measure progress?

St. George-Godfrey:  Entrepreneurs are noted for how they stretch themselves and extend their comfort zone. There are objective measures – revenues, new hires, moving into bigger spaces.  There are subjective measures – increased networking, levels of confidence, enhanced ability to communicate with others, or more alignment with core values and core purpose of the business. Since I work with a lot of very small businesses, we often take a look at marketing, speaking opportunities, and follow-through on stated goals. It is important to know if your ideas work in real-life. Also, it is important to know when you can afford to stop wearing all of your hats and hire virtual assistants or other employees

Q: What are some of the most common ways we sabotage ourselves?

St. George-Godfrey:  Procrastination, disorganization of time & stuff, not taking time to write even a most basic business plan. Not using effective stress management techniques, Not developing community to avoid isolation.  

Q: What purpose does a SWOT analysis serve in a small business/startup? (Strategic planning method used to evaluate the Strengths, Weaknesses, Opportunities, and Threats involved in a project or in a business.)

St. George-Godfrey:  This is time to tell yourself the truth – good, bad, and ugly, including anything from your personal life that may affect your business.  It’s a good review of why you started business in the first place and to measure how your business is evolving

Q: How does my personal life affect my business?

St. George-Godfrey:  Lots of small businesses owners wear many hats.  If your attention or energy is used by life events, this can take away from business.  People who work from home are susceptible to interruptions from family, friends, and neighbors who may not realize that you are actually working.  Support from a coach, mentor, or peers is important to staying focused and keeping boundaries clear.  Success in business has more to do with your ability to manage your thoughts and feelings, to interact with people, and to know how you want to grow – both professionally and personally. Being flexible and fluid allows you to remain creative and dynamic in your business strategies.

If you’re ready to start or grow your small business visit www.succeedasyourownboss.com and subscribe to Melinda Emerson’s blog.

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Is Your Linkedin Profile Lame?

By on May 3, 2009 in Social Media

linkedin_logo

Here are some tips to maximizing your Linkedin Profile

1. Complete your profile 100%

It not enough to add the basic data about who you are and what you do.  In order to get 100%, at least add three recommendations, two past job positions, and a list of your specialties. Also, consider adding a detailed summary of your professional accomplishments. It’s one of the areas that people read and it’s a great opportunity to tell people what you want them to know about you.

 2. Keep your Linkedin photo up to date

If you have gained or loss weight or are using a 10 year old photo, update your picture. It’s best to use a professional headshot which shows you smiling.

3. Grow your connections every chance you get

From now on whenever you meet a new contact connect with them on Linkedin to follow-up, in addition to adding their name to your contact database. If you are just getting started, import your contact databases (i.e Aol, gmail, MS outlook etc.) into Linkedin.

4. Update status on a regular basis

Your status updates appear on your connections’ home pages, giving you further exposure. Consider including links to your status updates to conferences you may be attending, or a new website you just launched or if you have a blog, it is great to add a link to you posts on occasion.  Use tinyurl.com or bit.ly to shorten longer links. An advantage of using bit.ly is that it tracks click conversions, which help you know what interests your connections the most.

5. Add the slideshare application to your profile

Forget about emailing information post what you want to share with an audience. Post it on your Linkedin profile using slideshare.  As a professional speaker I no longer travel with handouts, I make the audience contact me on linkedin to get my information.  Also make the slideshare presentation available to everyone. It will significantly increase your rankings in the search engines as well.  You can post PPT, PDF and files with audio and video as well.

6. Add your blog feed to your Linkedin profile

You can use the Blog Link application to show previews of your latest blog posts right on your Linkedin profile. Readers can get a glimpse of what you’re blogging about and click the Read More link to go directly to your blog.

WANT TO USE THIS ARTICLE IN YOUR EZINE, E-NEWSLETTER OR WEB SITE?  You may, as long as you include this complete blurb with it:

Melinda Emerson is a Veteran Entrepreneur, Small Business Expert and Social Media Coach who hosts #smallbizchat on Twitter.  #Smallbizchat is the trusted Twitter resource to discuss everything entrepreneurs need to know about launching and running a profitable small business.  Melinda’s first book, Be Your Own Boss! How to Quit Your Job and Start Your Own Business 12 Months or Less! is scheduled to be released by Adams Media in early 2010.

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Do You Qualify Your Customers?

By on April 1, 2009 in How to Start

Center

As an entrepreneur your time is the most valuable thing you can give anyone. 

Every business owner is a salesperson, and when you are starting out you have a certain amount of time to qualify new opportunities.  The best salespeople only spend time with companies that are ready to buy or can explain a pain point in their business they’re looking to solve.

One of my coaching clients called me recently asking what to do about a perspective client that keeps setting up appointments and then breaking them without notice.  I think you should allow people one screw-up, people are human.  But just a meeting or scheduled conference call more than once is a big red flag.  Years ago, Oprah said,” People show you who they are the first time.” Now she was talking about dating but the same rule applies to perspective clients.  If the client can’t keep appointments or get back to you, it might mean they are really unorganized or that they do not value your time.  Either way, walking away early is the best thing.  Imagine what they would be like to actually work with on a project.  When you decide to move on be careful not to show any annoyance or hostility to the perspective client.  They next time they call simply say you are unavailable due to a huge new client you just took on.

Effectively qualifying opportunity requires you to have your ACT together! ACT is an acronym for the three key steps in the qualification process:

Ask for their budget.  The phone screen is key to avoiding wasting time.  Before you agree to your first appointment find out what the budget is for the project.  It’s common to hear, “We have no idea, we are just gathering information.” or “Can you send me some information.”   Respond with, “I would be happy to send you my marketing materials or a link to our website. When you are ready to move forward with some idea of a budget, I would be happy to meet with you and any other decision makers.”

Credibility. Now you need to validate their request:  Try this, “I have several pieces of information I could send. Can you please tell me a bit about your business issue?  If they say, “Just send me what you have,” you are not dealing with a well qualified opportunity.  If they tell you about their business, the problem you will be solving, you should aggressively move forward.

Test. In the final step you are going to test the prospect’s intention by establishing next steps. Ask something such as, “Once you have the information, what is your timeline? What are the next steps?”  Their response will give you insight into the seriousness of this business opportunity.

It’s a big mean world out here, and many times people will waist your time by picking you clean for free ideas, pricing, or just because they have no clue about your service.  Don’t be fooled!  Time is money.  Qualify your prospects and watch your sales significantly increase!

If you have had any good or bad experiences with perspective clients, I want to hear from you about how you handled the situation, and any advice you have to share.

WANT TO USE THIS ARTICLE IN YOUR EZINE, E-NEWSLETTER OR WEB SITE?  You may, as long as you include this complete blurb with it:

Melinda Emerson is a Veteran Entrepreneur, Small Business Expert and Social Media Coach who hosts #smallbizchat on Twitter.  #Smallbizchat is the trusted Twitter resource to discuss everything entrepreneurs need to know about launching and running a profitable small business.  Melinda’s first book, Be Your Own Boss! How to Quit Your Job and Start Your Own Business 12 Months or Less! is scheduled to be released by Adams Media in early 2010.

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What Business Should I Start?

By on March 7, 2009 in Starting A Small Business

As a small business coach, not a week goes by that someone doesn’t say, “I need your help, I know I am meant to start a business, but I don’t know what kind of business I should start”.  Now, I specialize in helping people map out a plan once they decide to start a business, but I decided to develop a system to help people get clear about their business prospects.

Some entrepreneurs are born; they are the types that just can’t work for other people.  Some entrepreneurs are made through years of working soul-sapping jobs, and finally one day they know they can make more money working for themselves.  Some grow up in a family business and it just falls into their lap or they are strong armed into it by their parents.  Others are forced into business ownership after months of frustration looking for a job after getting laid off.  Regardless of how you make your decision to join the ranks of the self-employed the next question is – what business should you start?

There are many paths, but it really boils down to four options:

a) Start a business organically from scratch

b) Buy an existing business

c) Buy a franchise

d) Create an internet business

If you want to start a business organically, you will need to develop your business idea and be clear that you have viable market.  In other words, you need to be clear about who is buying and why, to see if you can identify the right business for you.

5 ways to find a business idea

What are 5 things you are passionate about?

  1. What is item you feel strongest about?
  2. Can you develop 10 ways to produce, promote and sell this as a business?  (If you are selling a retail product or a manufacturing business concept select your top product from the list)
  3. Make a list of 10 action steps to move forward with developing your product.
  4. If you are selling professional services or an online business, make a list of 10 action steps you can take to move forward with your business.

This basic system will help you get clear about whether an interest or hobby can be turned into a business. Let’s break down the steps using my coaching business as an example. This is a professional service business.

Step 1.  Five Passions

  • singing
  • love nurturing others in business
  • products for toddler children
  • power networking
  • writing

Step 2.  Select the #1 Passion

Love nurturing others in business = small business coach

Step 3.  Develop 10 products and or promotional ideas for your business concept

10 products and or promotional ideas for start-ups and people transitioning from corporate to business ownership

  • Develop one-on-one/group coaching packages
  • Be Your Own Boss Book & Self-Study Workbook
  • 10 Things You Must Never Forget in Business Audio CD
  • Life Planning Journal
  • Host @Smallbizchat weekly on Twitter
  • Develop workshop series
  • How to Transition from Corporate to Business Ownership,
  • How to Recession Proof Your Business,
  • What is Your 30 Second Commerical?
  • Mompreneurs:  Managing it all without the guilt.

Step 4.  Develop 10 action steps to pursue this business

Hire a coach to work with me so I can understand what it is like to be coached.

  • Read any books and take any courses that can increase my expertise
  • Hire a graphic designer thru e-lance.com to develop my logo, website and online brand
  • Join groups on Linkedin and Facebook that target small businesses
  • Join Twitter and develop a signature brand on twitter
  • Develop an outline for my book and start working on sample chapters
  • Purchase books that explain how to get a non-fiction book deal
  • Investigate courses at CoachU and other business certification organizations
  • Gain membership to the National Speakers Association
  • Develop a special report “44 Things to Do Before Going Into Business” as a free giveaway/download to start building my list online.

Once you have your action steps, try to take a step every day or at least one a week.  If you start right away, you’ll be more likely to follow through with your business plans.  Keep in mind that some of your steps will take a little time to execute if done well.  The internet is a great resource for research.  If you do something every day to start your business, you will be that much closer to making it your full-time job.

Repeat this system as many times as you need to find a business that is the right business for you. You can also drill down from 10 action items to 20 or 30 if you really have a well-thought out idea.  The key to any business is understanding who’s buying and why they are buying from you.  Once you’ve chosen your focus area make a list of 10 niche areas that you can specialize in with your service or product.  The 5 ways to find a business idea is a great way to start thinking about how your idea can become a successful business.

If this system helps you, please let me know with a comment below.

WANT TO USE THIS ARTICLE IN YOUR EZINE, E-NEWSLETTER OR WEB SITE? You may, as long as you include this complete blurb with it:

Melinda Emerson is a Veteran Entrepreneur, Small Business Expert and Social Media Coach who hosts #smallbizchat on Twitter.  #Smallbizchat is the trusted Twitter resource to discuss everything entrepreneurs need to know about launching and running a profitable small business.  Melinda’s first book, Be Your Own Boss! How to Quit Your Job and Start Your Own Business 12 Months or Less! is scheduled to be released by Adams Media in early 2010.

If you’re ready to start or grow your small business visit www.succeedasyourownboss.com and subscribe to Melinda Emerson’s blog.

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Managing Stress In Your Business

By on February 13, 2009 in Women in Business

If you tell yourself that you are going to have a good day, it is far more likely to happen. That said, all of us all too often have days when we feel like a one-armed wall paper hanger; there are never enough hours in the day.  The key to managing our daily task list is setting realistic priorities.  I have my superwoman cap in my closet, and I do pull it out on occasion, but on an average day I resort to my common sense when it comes to getting stuff done.  The worst thing in the world you can do in your business is spend your $100/per hour time doing $10/per hour work.

It’s easy to get overwhelmed running down a list in your head of all the things you need to accomplish in a day.  When it comes to work, you have to ask yourself if you need to do this task yourself.  If your tasks are directly connected the revenue generation, then push yourself to get it done.  If your task is something you think that you need to do then ask yourself three times if that is really true.  Entrepreneurs by nature can easily become workaholics.

Here are a few helpful tips that will make completing daily tasks easier:

1. Breakdown your priorities – Allot a reasonable amount of time for each task.

2. Determine your top 3 priorities - Once you determine what needs to be done – pull out the most important tasks keeping in mind the amount of time you have to complete your work.

3. Farm out lower priority tasks - Use a virtual assistant, intern, friend or just reschedule it. While you cannot completely let go of lesser tasks, write down all directions so you can hand off the assignments.

4. Eliminate clutter – Clutter distracts your mind. If you need to clean up your work space before starting, then do it.  Working in a chaotic environment contributes to you being less productive.

5. Focus – Make sure that you set up your office with few distractions.  Make sure you have a door that will close to limit noise.  Don’t give in to temptation and position your desk in a room with a television. (If you are a home based business, resist the urge to work in a room with a bed.)

6. Celebrate all victories – when you get things accomplished congratulate yourself.   Give yourself small rewards. Your celebrations do not have to be elaborate. In fact, a simple walk, quick personal phone call, Twitter break or a cup of herbal tea will do.

7. Ask for help – Do not let you pride (or your controlling nature) keep you from asking for help.  Seek the advice of friends and be willing to delegate tasks to the people in your life.

If you run your business by chasing from emergency to emergency, you will stress about everything and your health will eventually start to fail.  Do not choose between your business and your health.

  • Set up systems to handle daily tasks (only look at email and twitter at the beginning and end of the day)  
  • Be clear about when to say no
  • Let go of simple tasks that someone else can do  

If the amount of work reaches the point where your health and relationships are affected, then maybe it’s time to rethink how you do business.

WANT TO USE THIS ARTICLE IN YOUR EZINE, E-NEWSLETTER OR WEB SITE?  You may, as long as you include this complete blurb with it:

Melinda Emerson is a Veteran Entrepreneur, Small Business Expert and Social Media Coach who hosts #smallbizchat on Twitter.  #Smallbizchat is the trusted Twitter resource to discuss everything entrepreneurs need to know about launching and running a profitable small business.  Melinda’s first book, Be Your Own Boss! How to Quit Your Job and Start Your Own Business 12 Months or Less! is scheduled to be released by Adams Media in early 2010.

If you’re ready to start or grow your small business visit www.succeedasyourownboss.com and subscribe to Melinda Emerson’s blog.

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How to Recession Proof Your Business!

By on February 8, 2009 in Cash Flow & Finance

Here you tired of hearing about the slowing economy?  Fewer openings, more layoffs and everyone wants more for less, while the expenses keep creeping up.  Banks are getting tough with their lending practices.  Times are tight, but this is a perfect time for an aggressive small business.  Get smart about your marketing and business operations to recession proof your business.  The two most important things to consider is marketing and cash management. 

Here are 15 tips to kick-start your business.

  1. Keep the marketing going.  The first instinct may be to reduce or eliminate marketing expenses.  If you can’t afford a full-blown marketing program, pursue less expensive options such as media releases, public relations, targeted direct mail, e-mail blasts, social marketing sites, blogs, article marketing, and online newsletters.
  2. Keep in close contact with your customers.  Understand how their business is being affected by the recession and look for ways you can help.  Lasting relationships are built in hard times.
  3. Start collections at 45 days.  The days of waiting 90 days are over.  You need your money now.  Once a client gets to 45 days get on the phone and track down the accounts payable manager for an update.
  4. Produce a three-six month cash flow projection.  Right now it is extremely important for you to understand your cash position.  Determine where you can cut costs, and make sure on a weekly basis that you understand what money is coming in.
  5. Use the 2 to 1 rule.  For every $2 dollars you cut in costs, invest $1 into your marketing efforts.  This is no time to cut back on marketing.
  6. Add value, not price.  Continuously adding value to your products and services is the way to get repeat customers and new business. Adding price without value is a lose/lose proposition.
  7. Offer a temporary price cut.  If you have retail business, consider cutting prices by 50% or doing a 2 for 1 deal.  If you have a service business with a retainer or monthly fee, consider the first three months 50% off with a 1 year contract.
  8. Under Promise and Over Deliver.  Excellent customer service is the number one way to encourage your customers refer you more business.  Be known for delivering great products and services.  
  9. Network, network, network.  Be everywhere.  You want to be top of mind when an opportunity presents itself.  People do business with people they know. Face to face contact is really the way sales happen.
  10. Give to get.  Look to give first before you get. When you meet a new contact, think solutions for them first or WII-FT What’s In It For Them.
  11. Consider adding staff.  One good thing about layoffs is lots good people are on the market.  You could pick up some quality talent you could not otherwise afford.  Hire a salesperson and pay them commission only.  Make them kill what they eat.
  12. Weed out unprofitable customers.  Every company has customers that cost more than they add to the bottom line.  Identify them, evaluate how to make them profitable customers, and if that’s not possible cut them.
  13. Keep your personal credit high.  Your personal credit is your small business credit ultimately. 
  14. Watch your business credit closely.  Pay down some principal on your lines of credit.  Curb your spending on your line and don’t give the bank a reason to charge you late fees.
  15. Call the bank before things great critical.  Regardless of your business situation, you need to communicate with your banker.  The bank does not benefit if you go out of business, so stop the denial and negotiate better terms with your bank.   

WANT TO USE THIS ARTICLE IN YOUR EZINE, E-NEWSLETTER OR WEB SITE?  You may, as long as you include this complete blurb with it:

Melinda Emerson is a Veteran Entrepreneur, Small Business Expert and Social Media Coach who hosts #smallbizchat on Twitter.  #Smallbizchat is the trusted Twitter resource to discuss everything entrepreneurs need to know about launching and running a profitable small business.  Melinda’s first book, Be Your Own Boss! How to Quit Your Job and Start Your Own Business 12 Months or Less! is scheduled to be released by Adams Media in early 2010.

If you’re ready to start or grow your small business subscribe to Melinda Emerson’s blog. www.succeedasyourownboss.com

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4 P’s of Small Business Success

By on February 1, 2009 in Become Your Own Boss Tips

Person carrying success. Business conceptMost of us do not enjoy the feeling of rushing from one thing to the next. Starting a business can make you feel that way, particularly if you did not take enough time to plan from the beginning. It does feel chaotic at times. You might need to deal with customer requests, follow-up from networking events, there’s ongoing employee issues and responding to that last minute request for proposal, all in the same day. When you start a business without a plan there will be many days when you will feel like a chicken with you head cut off. Running a successful business has a long learning curve. It’s 7 course meal, not a fast-food experience.

Here are 4 P’s to starting and running a successful small business.

Passion – Determine your calling in life and make that your business. Determine what you would do for free and figure out a way to get paid for it. When you love what you do you are far less likely to burn out. Your #1 job is to be enthusiastic about your business. If you are not excited about your small business no one else will be.

Planning - Success doesn’t just happen by default – it’s something you plan for. You must understand what skills you have and what skills you need to make your business successful. Plan your life and your business. In the beginning you may feel like your business owns you, but make sure to take at least one day a week to recharge yourself. Plan your finances before you start your business. 98% of the time start-up businesses are self-funded.  Save your money and get your credit in order before you start your business. Read as much as you can about your business. It is important to know your market including the trends in your industry and make sure you have a niche focus. Once the business starts rolling, plan for growth and a rainy day.

Perseverance -If starting a business was easy, to everyone would be millionaire entrepreneurs and no one would have jobs. When you step out on faith with the determination to earn your own paycheck that is one of the bravest things you will ever do.  You will hear “No!” more than you will hear “Yes!”  Your ability to stay optimistic will be what separates your business from the competition. Take responsibility when you do not keep a promise to a customer, and then work to build a better relationship with them. Give them plenty of attention. You would be amazed how a mistake can build an even stronger relationship. Stay away from negative people, and if you are married to one try not to talk about the business at home. Surround yourself with other entrepreneurs -you will gain strength from each other.

Patience - Keep in mind that you will need to be patient with your customers, patient with your employees, and patient with yourself. Things will never happen as fast as you thought they would in your business plan. Starting a business is a learning process. Do not waste time dwelling on mistakes. If all else fails, learn the lesson and know that tomorrow is another day.

If you have another P to suggest, leave a comment. I want to know what has worked for you in your business.

WANT TO USE THIS ARTICLE IN YOUR EZINE, E-NEWSLETTER OR WEB SITE?  You may, as long as you include this complete blurb with it:

Melinda Emerson is a Veteran Entrepreneur, Small Business Expert and Social Media Coach who hosts #smallbizchat on Twitter.  #Smallbizchat is the trusted Twitter resource to discuss everything entrepreneurs need to know about launching and running a profitable small business.  Melinda’s first book, Be Your Own Boss! How to Quit Your Job and Start Your Own Business 12 Months or Less! is scheduled to be released by Adams Media in early 2010.

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Newsflash–Nobody Cares About Your Business!

By on January 3, 2009 in How to Start

This may seem harsh, but if you do not take the time to build and maintain relationships with your customers your direct mail, emails, brochures, and that voicemail you left at 4pm on Friday is all headed for file zero or the delete button.  

All your customers care about is WIIFM or What’s in it for me? They want their problems solved. You and your staff must use solution oriented thinking to engage them and you should call sometimes just to say Hi. So what is solution oriented thinking? Read up on your customers. Study the trends in their industry. Anticipate their challenges ahead of time. Call and ask them what their biggest challenges are currently.

The other thing your email marketers need to learn is that your list loses its effectiveness by 10% every month. So any prospects on your list that have not bought from you in over a year, should be purged from your list.

The same rule applies to your employees will not care about your business either, if you do not engage them in major decisions and take care of their needs. Remember, it’s all about your employees and your customers and never about you. A key ingredient to being a successful business owner is being selfless. Make it a point to acknowledge little things. I like to make a big deal out of my employee’s birthdays. I cater lunch and buy a cake for everyone. My team is under 12 people, so this is not a big deal, but you get my point.

So how do you keep your small business relevant to your customers?

  • Always position your business as a helpful resource. Instead of sending cards at holiday time, subscribe your clients to a helpful magazine. I have used Pink Magazine, Success Magazine and Black Enterprise for this in the past.
  • Give away valuable information for free through white papers, blogs, and webinars.
  • Offer to brainstorm (for free) with clients about a challenge to get helpful insights  to bid on potential upcoming projects.
  • Create a “Clients in the News” section on your website to brag about what your customers are accomplishing.
  • Meet with key staff twice a year about their future career goals. Look for ways to support them, so they are not planning their exit on your dime.

Remember: When you invest your time and resources in your clients and employees the investment always pays off down the road.

Action: List three strategies you will implement this month to ensure your business is relevant to your customers or you are engaging your employees.

WANT TO USE THIS ARTICLE IN YOUR EZINE, E-NEWSLETTER OR WEB SITE?  You may, as long as you include this complete blurb with it:

Melinda Emerson is a Veteran Entrepreneur, Small Business Expert and Social Media Coach who hosts #smallbizchat on Twitter.  #Smallbizchat is the trusted Twitter resource to discuss everything entrepreneurs need to know about launching and running a profitable small business.  Melinda’s first book, Be Your Own Boss! How to Quit Your Job and Start Your Own Business 12 Months or Less! is scheduled to be released by Adams Media in early 2010.

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