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10 Books That You Should Have in Your Small Business Library

By on August 3, 2009 in 10 Things Lists, My Recommendations, Starting A Small Business

SmallBizLady’s Recommendations:

How to Win Friends and Influence People by Dale Carnegie

First published in 1936, this is one of the best self-help books ever published with 15 million copies in print.  This book touches on the fundamental techniques of handling people, six ways to make people like you, and twelve ways to win people to your way of thinking. Remember, people do business with people they like and people they know.

The Successful Business Plan Secrets & Strategies 4th Edition by Rhonda Abrams

This book has the detail needed to write a serious business plan.  The book features dozens of worksheets covering every phase of developing a business plan.  Some of the financial worksheets are not very easy to understand, but it is still one of the most thorough business plan books I have ever read.

The 25 Most Common Sales Mistakes and How to Avoid Them by Stephen Schiffman

Schiffman is the man.  This is one of my favorite small business books.  This book is not only entertaining, but it also gets down to the fundamentals of being a killer salesperson, which should be every entrepreneur’s goal.  This book is practical, concise, and straight to the point.

Guerilla Marketing Small Businesses by Jay Conrad Levinson

Guerrilla Marketing will teach you how important it is to make it easy for people to do business with you.  This book will help you use your imagination rather than your bank account to tell the world you are open for business.  If you are just starting in business or are unfamiliar with sales and marketing this is the book for you.

Finance for Non-Finance Managers and Small Business Owners by Lawrence W. Tuller

The book takes the fear out of small business finance.  It breaks down essential finance concepts including cash management, analyzing financial statements, forecasting, banks and bank terminology, operating budgets, and financing options.

Entrepreneurial Finance: Finance and Business Strategies for the Serious Entrepreneur by Steven Rogers

Professor Steven Rogers was highlighted by Fortune magazine as one of the Top 10 Minds in Small Business. Entrepreneurial Finance provides a straightforward, practical overview of the business and financial knowledge required to become a successful entrepreneur.  This book also alerts entrepreneurs about the kind of financial problems they may face and recommends action to prevent them.

This Is How We Do It: A Practical Guide for the Working Mother by Carol Evans

If you are a single mother or woman with a family and starting a business, this book will help you manage your three full-time jobs. (without medication, I might add) This book offers innovative solutions from working moms on how to successfully balance work and family.  Written by the founder of Working Mother magazine, this is an excellent guide to managing it all without the guilt.

The Ultimate Guide to Electronic Marketing for Small Businesses by Tom Antion

Tom Antion is a master at selling on the web. This book is about how to create a website that drives traffic and makes money.  A perfect resource for the e-marketing novice, this book is about low cost/high return web techniques that really work.

The Seven Minute Difference by Allyson Lewis

What kind of small business coach would I be without a productivity book on the list?  This book gives some really good advice on ways of improving your business habits as well as your personal life. This book especially gives you procrastinators out there things you can do now to be more effective.

The New Rules of Marketing & PR by David Meerman Scott

This book teaches readers how to launch a marketing campaign strategically using social media tools. It is an invaluable guide for anyone who wants to make a name for themselves, their ideas, and their organizations. 

If you are one of these people who buy business books and never get around to reading  them, consider subscribing to a service by Soundview Executive Book Summaries, www. summary.com. This company provides concise summaries of recently published business books. 

If you have time to listen but not to read, think about purchasing audio books. Each audio book can be downloaded to your iPod or MP3 player — if you have a long drive time, this is a perfect way to keep up with the latest small business trends and  techniques.

For more tips on starting or growing your small business subscribe to Melinda Emerson’s blog at http://www.succeedasyourownboss.com

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5 More Things You Must Never Forget in Business

By on July 14, 2009 in 10 Things Lists, Become Your Own Boss Tips

This is a Part II of blog post series highlighting excerpts from my forthcoming book Be Your Own Boss! How to Quit Your Job and Start Your Own Business in 12 Months or Less!  The book will be released in February 2010 by Adams Media.

What can this book do for you?

Be Your Own Boss! is organized by month to lead you step by step through the process of how to transition from a job to small business ownership.

The book covers everything from life planning and personal finance, to marketing and business plans, to financial management, opening your business, and how to handle customer complaints. 

Be Your Own Boss! is designed to help you lay out your personal long-term goals, get clarity on your personal and business financial picture, understand your personal strengths and weaknesses, lay out timelines for your transition, focus your activities to achieve your transition, set business goals and measurement, and anticipate obstacles that you will likely come across in your business and how to manage them.  One of the best chapters in the book is 10 Things You Must Never Forget In Business.

Here’s the link to Part I The First 5 Things You Must Never Forget in Business http://succeedasyourownboss.com/07/2009/first-5-things-you-must-never-forget-in-business/

 Now here’s Part II: 5 More Things You Must Never Forget in Business

 6. Time – Your most valuable resource

As an entrepreneur, your time is the most valuable thing that you can give anyone, so treat it as such. Qualify prospective clients before you agree to meet with them. Have a clear timeline that you clarify up front with goals and objectives for the meeting. If the client does not have a budget that may suggest that they are not really ready to buy. Conduct as much pre-work over the phone as possible, and develop a check list of things you need from the client prior to developing a quote or attending a meeting. If you can, make the meeting in your office, so that you do not lose opportunity time if they do not show up.

 Here are some general hints to manage your time more effectively. 

  • Be early for appointments 
  • Plan each day – make a “to do” and a “call list” list with priorities
  • Never say “yes” when you need to say “no”
  • Be strategic about what fundraisers and social events you attend

 7. Get it in writing

Confirming the deal – My brother is an attorney and he has a saying, “a conversation never happened until you get it in writing.”  There will be times in your business when you deal with clients who promise you things or tell you it’s a deal and then things fall apart.  Do yourself a favor, never start any work or ship any product until you get a signed contract or purchase order.  

8. Use reference letters as a report card

Ask for a reference letter.  There are several reasons to do this:

Helps to build your business – if a client won’t give a letter, you need to know why.  To date, I have always been given a letter, but that is a good door to open to make sure you are doing an excellent job.

Provides constructive feedback – No business is perfect, especially when you are just starting out.  The letter will help you understand what you could have done better. 

Creates a “positive buzz” - Asking for a letter is particularly important when you are first getting started.  People need to see a good track record because they don’t want to risk dealing with a bad vendor. 

9. Manage your client’s first impression

There is nothing worse than calling a place of business and having someone unprofessional or rude answer the phone.  Think about how you get treated when you call a phone or cable company?  They don’t seem to care very much about you.   Well, that should not be the case in your business.  The person answering the phone is your brand and the first line of offense when closing a new client.  Your receptionist is the first person that really indicates the culture of your business and you must make sure this person is polite, friendly, and helpful.

Here are some hints to make that telephone call as impressive as a face-to-face meeting:

  • Invest in a decent phone management system
  • Answer promptly
  • Identify the company, then yourself
  • Use the “May I put you on hold” Policy

 For home-based businesses, here’s a word of advice for you.  Get separate phone and fax lines for your business and use voicemail.        

10. Always fill the pipeline

No matter what else is going on, always need to know where your next bit of business is going to come from.  In the fourth quarter, I’m already working on contracts for the first quarter of the next calendar year.  

Here are some strategies you might find useful:

  •  Get information on your client’s budget cycle
  • Nurture your relationships
  • Prospect everywhere and all the time

 This blog post is just a sample of information in my book, Be Your Own Boss! How to Quit Your Job and Start Your Own Business in 12 Months or Less!  Look for more inside tips and giveaways as we get closer to the release of the book. 

If this series of blog posts were helpful, I want to know about it.  Please leave a comment below.

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6 Things Michael Jackson Taught Us About Business

By on July 7, 2009 in 10 Things Lists, Branding & Marketing

mj-images-danerous-tour1

1) You must be excellent

Michael Jackson was nothing if not a perfectionist.  He was the greatest entertainer of all time, because he had his hands in everything.  It wasn’t just about the music; he designed the lighting, the choreography, the video montages, and his wardrobe.

When you first start a business you do 10-12 jobs. As the business grows and you delegate tasks you still need you know all the positions in your company.  Are you paying attention to every detail in your customer’s experience? Effective follow-up after the sale is a great way to do this. You want your clients to say you were the best small business vendor they ever worked with.

mj-moonwalk

2) You must have a signature move

We all know that the first time Michael Jackson did the moonwalk, and that    became the move people always wanted to see. What is your secret sauce or custom process in your business? Does your business have a signature that your customers are aware of?

Signature service could be the way you say thank you, or the uniforms the employees wear, or it could be a seamless process that takes a burden off your customer. A close family friend died last year, and the funeral home took a photo and had a faux oil painting done in four business days and presented it to the family as a gift at the end of the service. They do that for all their funeral services. Take some time to think about your signature move.

3) You must be strategic about branding

From the very beginning he wanted to be legendary. He was just 21 when he made Off the Wall. But by the time he made the Thriller album, he understood branding as well as any Madison Avenue ad agency. The infamous sequin glove he wore when he did moonwalk, to the red leather zipper jacket from Beat It video, and his dance moves were all part of his brand. Every time Michael Jackson released an album he reinvented his look. His versatility was his brand. He managed to be original and timeless at the same time; children who never saw him perform live know the words to his songs. Is it time for you to reinvent your business?

mj-thriller

4) You must be an innovator

Michael Jackson was self-taught in music and dance.  But he studied Fred Astaire, Charlie Chaplin and Frank Sinatra.  Every time he did something first, he did it      best.  Thriller was the great selling album of all time at 100 million copies, and in     the video for Thriller the song had the world on the edge of our seats waiting for the world premiere.  Is there an innovation in your business that could have the world on the edge of our seats waiting for it?

5)      You must give more than you get

Michael Jackson made the Genesis Book of World Records for most charities ever supported by a pop star. While he lived, he gave more than $500 million dollars to charity, and in death he left 20% of his estate to charity. What have you given to your favorite charity? Do you just give money or do you give your time?

6) Who is the business owner in the mirror?

“Man in the Mirror,” was one of Michael Jackson’s most famous songs. In it he talked about changing the man in the mirror. What do you need to change about the business owner in the mirror? Does your family know what kind of day you had based on how you treat them? Are you a family first entrepreneur or a work first entrepreneur? Lets all work to keep our family and friends as our #1 customer.

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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First 5 Things You Must Never Forget in Business

By on July 7, 2009 in 10 Things Lists, Become Your Own Boss Tips

This blog post is an excerpt from my forthcoming book  Be Your Own Boss! How to Quit Your Job and Start Your Own Business in 12 Months or Less!  The book is scheduled to be released in February 2010 by Adams Media.

What can this book do for you?

Be Your Own Boss! is organized by month to lead you step by step through the process of how to transition from a job to small business ownership.

The book covers everything from life planning and personal finance, to marketing and business planning, to financial management, opening your business, and how to handle customer complaints. 

Be Your Own Boss! is designed to help you lay out your personal long-term goals, get clarity on your personal and business financial picture, understand your personal strengths and weaknesses, lay out timelines for your transition, focus your activities to achieve your transition, set business goals and measurement, and anticipate obstacles that you will likely come across in your business and how to manage them.  One of my favorite chapters in the book is 10 Things You Must Never Forget In Business.

Here’s The First 5 Things You Must Never Forget in Business. 

 1. Make sure you know how much profit is in every deal.

The concept of knowing how much profit is in every deal is something that may seem like common sense, but it is not!! Before you send pricing to any client, it is important that you have clearly figured out what the job is worth to you. Early on in my business, I figured out some general pricing. I had a one-size-fits-all pricing in fact, and when I started analyzing my profits, I was lucky if I made 25% gross revenue on any project. Then I had to pay all overhead and taxes from that before I pocketed any money. This system got me nowhere fast.

 Your pricing should include the cost of materials, cost of labor, packaging, and a percentage of your overhead costs should be spread across every sale.

 2. Customer service is the truth, the light, and the way!!

There are times in business when you will make a mistake.  It happens to everyone; the key is how you fix it.  Go the extra yard to make your customers happy, respond quickly to their complaints, and treat them like your paycheck – because they are. Here’s some general rules about performing great customer service

  • Always know the value of a customer
  • Generate referrals and great word-of-mouth
  • Stay positive with your customers
  • Look for feedback

3. ABC- “Always Be Closing”

“Always Be Closing,” is terrible English, but it is an easy way to remember that new business can come to you at any time and just about from any place. Here are some key rules:

  • Use Religious Persistence
  • Create Targeted Marketing Materials
  • Ask for the Business

 If you use the “Always Be Closing” policy, you can always take advantage of every opportunity.

4. You are always under a microscope – Attention to Detail.

Customers are risk-aversive.  It is hard to gain a customer’s confidence as a new vendor, not because they dislike you, but they may already have a long-term relationship with a similar supplier and you are the unproven new kid on the block.  Who you are and what you do must always be clear and communicated well.  Here are some priorities for making the best impressions.

  • A product well-packaged is half sold
  • Have well-written marketing materials
  • Use effective meeting management skills
  • Respond timely to bid requests

 5. Nothing beats a professional presentation

Don’t try to bring your A game in your B suit.  How you look and how you speak sends a message to the customer.  Bad impressions are often deal breakers because they go directly to trust.  People are reluctant to spend money with vendors who don’t look right for the services or products that they are representing. Use the best when you are selling for your business.

Part II of this blog post 5 More Things You Must Never Forget in Business will be posted next week on www.succeedasyourownboss.com

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8 Ways to Attract Followers on Twitter

By on July 6, 2009 in 10 Things Lists, Social Media

When it comes to Twitter, attracting “followers” are key to building your online brand.

Here’s key information to attract followers:

1)  Use usernames which match your name or business service or other social networking sites. When you sign up for your Twitter account, use your real name or the name you use on other social network sites. If this name isn’t available, try to use something that describes what you do.  Thus my name is @smallbizlady to my surprise Melinda Emerson was taken.  Using the same picture on all social media sites is helpful as well.

2)  Make sure your bio gives a good reason for people to follow you. Do not be cute or sarcastic. Bios on Twitter are short and to the point. Focus on how people can hire you.  Consider this: do people hire “divas or gurus” or “coaches and experts?”  People will make a decision about following you in an instant.  It is not like the About Me page found on your website or blog.

3)  Be part of the conversation. Answering questions and joining conversations is a great way to build relationships on Twitter.  Asking questions when you need a resource is also a great way to attract people. This may result in you learning about a great tool or website you were unaware of and you could find out you have more in common with the person who answered your question. Participating in conversations also shows you are approachable.

4)  Always look to add value. Twitter is a give to get medium.  Always look to share when you communicate on Twitter. Personal comments are fine to help people get to know you, but if you constantly make irrelevant comments, people will unfollow you or consider you a spammer. Make sure you are adding something of value when you post. Be careful about selling on Twitter prior to building a relationship. Just like people do not like sales calls on their cell phone, they don’t like it in social media either.  Try to sell in the form of a question.

5)  Follow people from within your industry niche and geographic area. One of the best things about Twitter is how easy it is to search for information. You can search for other Twitter users by city and state. You can go to search and hit “smallbiz marketing” and anyone who has tweeted those exact words recently will come up. If that’s your industry, I would follow every one of those people. By following industry folks, not only will you be able to understand what they are talking about, but you may be able to partner with them on projects or create a weekly chat about your industry. Once you start to interact with your peers, they are more likely to follow back.

6) The best way to get referrals is to give them. Word of mouth referrals goes a long way on Twitter. You can ask others to recommend your profile, but the best way to get referrals is to give them.  Recommend people you interact with each week on #FollowFriday, and be sure to explain why they are a great people to follow.  Use a call to action at the end of your blog posts to ask readers could recommend your blog or social networking profile.  Recommend people to follow @mrtweet. If you work to give support to others on Twitter, you will get support back in the form of followers and friends.

7)  Connect your blog and social networks to your Twitter profile. Add a Twitter link to each of your social media profiles (Linkedin, FaceBook, YouTube, etc.) this will make sure everyone you know is able to connect with you across your entire social media footprint.  You can also have your twitter stream or blog fed into you facebook and linkedin profiles.

8)  Purchase banner ads. You can use the website Banner Ads on popular sites in your industry to drive traffic directly to your Twitter profile. When your banner ads are clicked on, the link is automatically connected to your Twitter page. This is a very aggressive thing to do, but if you have a specific product or service such as a book to sell on a specific timeline, it could be beneficial.

It takes time to build relationships online. Be consistent. Be helpful, and you will build a quality following. It does not make sense to use one of those programs that allow you to attract 10,000 followers in 60 days. None of those people will know you and they will be far less likely to be influenced by you. Quality followers trust you, and value you as a resource.  Take the time to let people get to know you. You will be amazed how quickly you get to 2001 followers and beyond.

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.

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

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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.

Comments { 1 }