Archive for the ‘Become Your Own Boss Tips’ Category

Has Your Business Hit a Brick Wall?

Lack of Discipline:  When you work for yourself, you are the engine that drives your small business. This also means that you kill for your dinner day after day. As an entrepreneur you need to stay on task daily to accomplish your business goals. Don’t believe hype about making millions in your bunny slippers. I believe there’s something psychological and positive that you feel internally when you take a shower and get dressed before you start the day. It’s best to develop routines to avoid distractions. Do not work in a room that has a bed; it is far too inviting to take a nap when the pressure starts getting to you. Especially if you work from home, treat your work hours like you are in a professional office. Try not to run errands during the day or hold off on personal calls until after 5pm.

Lack of Organization:  It is amazing how much time you can waste looking for things when you don’t have your files in order.  That means your physical files as well as your computer files.  Use inbox, outbox and to be filed bins to keep your mail under control. You should also create general computer files and then use subfolders that track information by year.  For example, I use a proposals folder and then I have subfolders for each year 2009, 2010, and so on to track my information so that I do not need to re-create contract proposals every time I need one.  You should have file folders for your email as well.  One of the things I do to cut back on paper waste is to use my http://www.delicious.com account to file articles online that I want to read or refer back to later.  You should also have a folder where you keep monthly bank statements and receipts for your bookkeeper to reconcile your account monthly.

Lack of Niche Focus:  Too often, small business owners sell to anyone that they think has money as opposed to focusing on a niche target market.  You must niche to get rich!  You have limited time and resources to hit it big in business; you will have a much better shot at it if you hone in on a specific target customer. You should be able to see the face of your customer and tell a story about her. Where does she live? Does she have children? How much education does she have? Does she use the internet? Does she feel comfortable buying things online? Is she married? How often does she buy what you sell and how much does she usually spend? This is how much detail you should know about your customer to develop a niche marketing strategy.

Lack of a Marketing Plan:  In addition to knowing your customer, you need to have a great answer for “Why will they buy from you?” In other words, you need a signature move or secret sauce. There are lots of small business coaches out here, but why do you need the Smallbizlady? Here’s the answer: “After 12 years as an entrepreneur and five years as a business coach, I’ve developed a six-step planning system to help people transition from having a job to starting a business. The Emerson Planning System will help you plan a successful small business.”

Lack of a Business Plan:  This is the most common of all things that undermine small businesses. You need a business plan to run a successful small business. In the first few years of a business it is especially important that the business plan be reviewed and updated every 2-3 months to make sure the business is on the right track.  Your initial business plan is your hypothesis of what you think is going to happen in your business— and it will change once your business is exposed to the marketplace.  Do not treat your business plan like a historical document—use it to run your business.

What else do you think undermines the success of small businesses?

Melinda Emerson, known to many as “SmallBizLady,” is a Veteran Entrepreneur, Small Business Coach and Social Media Strategist who specializes in small business start-up, social media marketing and business development. She hosts #Smallbizchat weekly on Twitter for emerging entrepreneurs.  Melinda also publishes a resource blog www.succeedasyourownboss.com Her first book Become Your Own Boss in 12 Months http://bit.ly/asEgeR was released in March 2010 by Adams Media. For more information http://www.becomeyourownbossbook.com 

It’s more than a notion to launch your own business. Nowadays it’s common for folks to leave a job via layoff or early retirement and jump right into starting a small business.  Some become small business owners because they always wanted to do it…and others are hanging their shingle out of necessity.  Regardless of how you found your path to entrepreneurship, you need to keep these 8 tips in mind as you Become Your Own Boss.

1. Figure Out What You Want Out Of Life. It’s just like when you are driving a car – places are so much easier reach when you know the route. Take the time to map out a plan for a successful life. Get clear about what will make you happy. In order to have a successful business, you need a life plan before you ever write a business plan.

2. Get Your Money Straight. Many businesses do not get off the ground because of too many financial obligations in a business owner’s personal life. You need to be prepared financially to go without a paycheck for a year or two in order to make your business dream a reality. Then you’re going to need money to run your new business. You must consider whether you can afford to become an entrepreneur.

3. Evaluate Your Business Concept. Many people who are struck by the entrepreneurial bug have more than one business idea. Make sure that you don’t just follow the idea you love the most. Make sure there’s a real market for your product or service. There’s a big difference between need, want and willing to pay for. I’m all for finding your passion and making it a business, just make sure your passion has a profit center.

4. Get Yourself a Kitchen Cabinet of Advisors. I think you need a fan club of people who believe in you and will tell you the truth about your business ideas. This should be a 3 to 4 people, including an existing entrepreneur, a friend who’s a potential customer, a retired executive who has a rolodex that can assist you and a lawyer or accountant that can give you advice that you otherwise probably couldn’t pay for. I call this group a kitchen cabinet of advisors because they will usually work for food.

5. Spend Time Building Your Network. In business your network is your net worth. People do business with people they like and know. If you are known more internally at your job, you must get out there and start networking at least six months before you start your business. Your first customers will be people who know you or referrals from those same people.

6. Know Your Niche Customer. In this new economy, it’s more important than ever to have a niche target market. Niche to get Rich is a saying, but it is true. The more specialized your target market, the better for your business. You should be able to see the face of your customer and write a story about him or her. Even if you’re using social media you need to know who you want to talk to before jumping out there.

7. You Need a Marketing Plan. Use your marketing plan to clearly identify that there’s a market for your product or service that you can actually reach. You need to figure out who’s buying and why. You also need to develop a signature move or signature service as you are developing your marketing plan. If you can answer those simple those questions you should move forward with your business plans.

8. You Must Have a Business Plan. You must plan for success, it will not just happen to you. You need a business plan to give yourself a road map to run your business. Do not treat your business plan like a historical document. Your first business plan is your hypothesis of what you think will happen in your business. Your assumptions will change once your business is exposed to the market place. In the early years of your business, you should review and update your business plan every 2-3 months to make sure your business is on the right track. 

Do you have any more tips on How to Become Your Own Boss?

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Melinda Emerson “SmallBizLady” is a Veteran Entrepreneur, Small Business Coach and Social Media Marketing Expert 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 also publishes a resource blog on small business best practices at www.succeedasyourownboss.com  Her first book, Become Your Own Boss in 12 Months was released by Adams Media in March 2010.