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How is Your Entrepreneurial Literacy?

By on February 22, 2010 in Become Your Own Boss Tips, How to Start, My Recommendations, Starting A Small Business, Your Small Business

This is National Entrepreneurship Week Feb 20-27, 2010. This year‘s theme is Entrepreneurial Literacy Empowers Everyone. This is a theme that I truly embrace.

Whether you are still working in corporate America, running a nonprofit, or leading the charge in your own small business - being able to evaluate things from a business perspective will always enable you to be more successful.

So What is Entrepreneurial Literacy?

The organizers of this week-long celebration in honor of Entrepreneurship in America define it as having some basic knowledge of how a business is created and managed.

I have a slightly different definition.  When you are entrepreneurial literate, you are a student of small business.  You do not just rest on your idea and marketing efforts. You constantly work to refine your business model. You are someone who makes sure your passion has a profit center.

Entrepreneurial Literacy is important because too many people who want to start small businesses lack critical understanding about financial matters including budgeting, taxes, balancing a checkbook, managing credit cards or lines of credit, and developing sales projections.

Here’s a fact: if you do not manage your household with a budget you are far less likely to manage your business with budget. The best business owners make business decisions based on up-to-date financial information that is tracked against a budget.

Your journey to become an entrepreneur starts from real experiences that test your knowledge and skills and motivations.

Pursuing entrepreneurial literacy is about the research you do as you prepare to start your business.  The more you learn and grow, the better business leader you will be. Real entrepreneurial skills come from your work and industry experience, and your willingness to continue learning.

Entrepreneurial Literacy is a real necessity if you have plans to Become Your Own Boss.   These are the skills that empower everyone to succeed in business and fuel the American economy with 60-80% of the net new jobs.

Here are 15 Questions for All Would-Be Entrepreneurs

  1. Do you have the career skills and experiences to become a successful entrepreneur?
  2. What personality traits are more likely to lead to success as an entrepreneur?
  3. What taxes do entrepreneurs pay?
  4. What items are part of a firm’s operating costs?
  5. How can an entrepreneur learn about what his/her customers want?
  6. How can computer skills help with business operations?
  7. How do small business owners deal with risk?
  8. How does personal financial literacy relate to business financial literacy?
  9. What factors determine where to locate a business?
  10. Why is branding important?
  11. How does competition affect entrepreneurship?
  12. What percent of American firms have no employees working for them?   Why is this important?
  13. What are some sources of funding to start a business?
  14. What should you do if business drops off?
  15. What should an entrepreneur consider when hiring employees for the business?

National Entrepreneurship Week is sponsored by The Consortium for Entrepreneurship Education which believes that ”Entrepreneurs are not born….rather they ‘become’ through the experiences of their lives.” (Albert Shapero – OSU) For more information http://www.nationaleweek.org/

Are there any other questions that need to go on this list? Please leave a comment.

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 “Smallbizlady” is a seasoned entrepreneur, professional speaker, and small business coach. Her areas of expertise include small business start-up, business development and social media marketing.  Melinda hosts #Smallbizchat, a weekly talk show on Twitter.  Melinda’s first book Become Your Own Boss in 12 months; A Month-by-Month Guide to Start a Business that Works is due out in March 2010 by Adams Media.

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The Entrepreneur’s Job Description PART II

By on January 25, 2010 in Become Your Own Boss Tips, Branding & Marketing, Cash Flow & Finance, Grow Your Business, How to Start, Starting A Small Business, Your Small Business

Just as you would write a job description when hiring an employee, you need to understand what is fully involved in your new job as an entrepreneur and business owner. Everyone at some time or another has dreamed of becoming their own boss, but I’m here to tell you there’s a lot of work involved in running a successful small business. This post is the second of a two part series on what it takes to be an entrepreneur; click here to view Part I of this article.

This blog post is excerpted from my new book Become Your Own Boss in 12 Months; A Month-By-Month Guide to a Business That Works which will be released in March 2010 by Adams Media.  Become Your Own Boss in 12 Months walks you step-by-step through the Emerson Planning System, which will reduce your learning curve as you start your business.

Starting a business is a huge commitment of time, money, and personal energy.  Here’s a list of five more jobs you must hold as a small business owner.

Chief Operations Officer– Once you have your vision for your business, then you must run it.  Issues such as office space, banking, insurance, inventory management, budgeting and financial management are all things that must be handled in order to run a small business effectively.  You must also make sure there are processes in place for hiring, sales and customer service.

Chief Project Manager— You must know who is going to really get the work done once a sale is made to a customer.  Who’s going to communicate with the client, attend all meetings and make sure the project or delivery stays aligned with the timeline? Will you need to hire employees or freelancers to get the work done?

Web/Social Media Manager— In addition to having a website that is updated regularly, you also need to make sure that you are maintaining a presence on social media sites where your prospective customers are spending time. Three top social networking sites are LinkedIn, Twitter and Facebook.  If you decide to launch a blog to keep your website updated and promote your expertise, you will also need to write regular blog posts. Using social media consistently is the best thing you can do to build your small business brand online.

Bill Collector— One you make a sale, you must have a process in place to collect your money.  In the current economic environment many businesses and corporations are paying their bills late.  Small businesses are always on the bottom of the list, so you must be aggressive about getting paid.  On day 31, you should be on the phone and emailing about the status of your payment.  This is one of the least fun things to do as a business owner, but you must be paid for your products and services.     

Secretary— In addition to writing your own letters, you will do your own mail merges, labels and take your mail to the post office or over night mail drop off.  You will probably answer your own phone as well.  It will be important to screen your calls.  Never hesitate to tell a caller you are on deadline and need to call them back. Be sure to use a message pad so that you can actually remember to return the call.

This information will help you think through having your own business – before you get too far down the road pursuing your entrepreneurial endeavor.

Click here to view Part I of this article.

What else do you think needs to go into the small business owner’s job description?  Please leave a comment.

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 “SmallBizLady” 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, Become Your Own Boss in 12 months; A Month-By-Month Guide to a Business That Works will be released by Adams Media in March 2010.

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The Entrepreneur’s Job Description PART I

By on January 11, 2010 in Become Your Own Boss Tips, How to Start, Mompreneurs, My Recommendations, Pink Slip Entrepreneurs, Solopreneurs, Starting A Small Business, Your Small Business

It will take every bit of enthusiasm and energy you have to grow your business into a viable enterprise and a powerful brand.   If you think you work hard now with a job working in corporate America, you are in for a rude awakening once you start your small business, particularly if you are used to having a large support staff.  This is the first of a Two Part series of blog posts on what it takes to be an entrepreneur.

cover_becomeboss_11-16-09This blog post is excerpted from my forthcoming book Become Your Own Boss in 12 Months! A Month By Month Guide To A Business That Works! The book will be released in March 2010 by Adams Media.  Become Your Own Boss in 12 Months! is organized by month to lead you step by step through the process of how to transition from a job to small business ownership. In other words, it’s a 12 month planning guide to fire your boss and start your small business.

What Does It Take To Be an Entrepreneur?

1. Chief Visionary Officer You must visualize what you want your small business to become over the long haul. Stephen Covey’s most famous concept is “Begin with the End In Mind!”  This is true in business and in life.  This is the step that gets people in trouble all too often.  Don’t get excited about making one initial sale.  Take the time to plan out your business model and write out a business plan. Think about what you want your business to be ultimately in terms of number of employees, number of locations, and amount of revenue etc. this will dictate everything you do as you start and grow your business.

2. Chief Sales Officer Nobody should be able to sell your business better than you. You need to be a selling machine.  Networking feeds the sales of your business.  People do business with people they like and know.  If you are known more internally at your current job than externally, spend the time to build your network before your start your business.  If you are really not that great at networking, there are two options: get a partner with a great rolodex who loves to network or take some sales training courses to develop a structured system to get it done.

3. Marketing Manager Your marketing efforts are the life’s blood of your business.  You must market strategically. You have limited time and limited resources. The narrower your niche market, the easier it is to focus on where to engage your customers. When you are just starting a business you should do marketing activities weekly.  Social media marketing activities must be done at least three times a week.NameTag_CVO

4. AR/AP Manager (Accounts Receivable /Accounts Payable) One of the most important things you need to do to have a successful small business is to stay on top of who you need to pay, and who owes you money.  You should develop a set policy for when you cut checks to vendors and payroll such as every two weeks.  When you can, try to negotiate credit terms with all of your vendors. Push for Net 45 if you can.

5. HR Manager All part time, full time and contract employees will be hired by you.  That means you will need to develop job descriptions for each position and conduct interviews for all positions needed. If you work with a temp agency you will still need to provide a job description.  No employees should be hired until you can afford their salary, taxes and benefits for at least six months. A year is even better.

What other jobs do you think a small business owner needs to do?  Please leave a comment.

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 “SmallBizLady” 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, Become Your Own Boss in 12 months; A Month-By-Month Guide To a Business Than Works! is scheduled to be released by Adams Media in March 2010.

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Win a Year of FREE Business Coaching From Melinda Emerson “SmallBizLady”

By on January 5, 2010 in Become Your Own Boss Tips, How to Start, Starting A Small Business

For Immediate Release: January 5, 2010, Philadelphia, PA – In celebration of the release of her first book, Become Your Own Boss in 12 Months: A Month-by-Month Guide to a Business That Works (Adams Media, March 2010) Melinda Emerson has decided to offer one lucky business owner the opportunity to be coached weekly personally by her.

If you are an early stage entrepreneur with one year or less in business or someone with a side hustle looking to go full-time,  or  someone looking to start a business in 2010 this opportunity is for you.  One of the main selling points of her book is the Emerson Planning System, her innovative method for starting a successful small business.

In addition to FREE one-on-one coaching, the selected business owner will receive an autographed copy of her book Become Your Own Boss in 12 Months and the workbook, her life planning journal, and her Audio CD: 10 Things You Must Never Forget in Business. This is a once in a life time opportunity worth over $25,000 to a start-up business. You supply the energy, the idea, and elbow grease—and SmallBizLady supplies the plan.

To enter, entrepreneurs need to write an essay explaining in 500 words or less why they want to be an entrepreneur including their basic business concept, and a 100 word biography.  Entrants should also provide a headshot, email address, website/blog, and any social media accounts (Facebook, Twitter and LinkedIn) in their contact information. No purchase necessary to enter. Coaching with Melinda will be 50 minutes a week for 50 weeks. The winner will be required to blog weekly about their entrepreneurial journey.

Submissions are due to Melinda@melindaemerson.com by 5pm on February 5, 2010.  The winner will be selected by March 5, 2010.

About the Melinda:

Melinda F. Emerson “SmallBizLady” is a seasoned entrepreneur, professional speaker, and small business coach whose areas of expertise include small business start-up, business development and social media strategy . She hosts #SmallBizChat weekly on Twitter.  She is also the founder and CEO of Quintessence Multimedia, an award-winning strategic communications and digital media firm. She has created productions for such companies as Johnson & Johnson, Verizon, Enterprise Rent-A-Car and Comcast. Emerson was named one of the Top 50 Women in Business in Pennsylvania, one of Top 30 Leaders of the Future by Ebony magazine and the Philadelphia Business Journal/National Association of Women Business Owners gave her the Woman of Distinction Award.

MFE Consulting, LLC

67 Long Lane, Suite 50, Upper Darby, PA 19082

Web: www.melindaemerson.com / Blog: www.succeedasyourownboss.com

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10 Things To Do Before Going into Business

By on January 4, 2010 in 10 Things Lists, Become Your Own Boss Tips, Business Inspiration, How to Start

The following is excerpted from my forthcoming book Become Your Own Boss in 12 Months: A Month-by-Month Guide To a Business That Works! which is being published by Adams Media, March 2010.

cover_becomeboss_11-16-09Are you tired of your boss nagging you throughout the day? Are you fed up with the small amount of pay you get as compensation at the end of the month to put up with his repeated verbal attacks? If this is the case, it is high time that you chucked your 9 to 5 job and started your own business. The best way to do this is to develop a plan for success.

Life is too short, and jobs are no longer secure anyway. When you are your own boss, you can work how and when you like in your own business. The key to launching a successful small business is to developing a firm plan, saving enough money before you quit your job, and learning the business of running a business.  Below is a list of the Top 10 Things to Do before Going into Business.

  1. Plan Your Departure 12 Months Before You Quit Your Job. Create a 12 month countdown to accomplish all the things that you need to get in order personally prior to starting your business e.g., financial resources, upgrading your technology skills, building marketing platform, business planning, office space/inventory needs, etc.
  2. Develop A Life Plan. Decide what kind of entrepreneurial lifestyle you will lead.  Do you have the energy to start a business?  How many days a week will you work.  Will you work 6 days a week or be off every Friday?  Will you work weekends, every weekend? You should design your life plan around what your best day looks like 5 years from now.
  3. Calculate Your Net Worth. List all of your fixed and liquid assets, such as real estate and cars, cash, stocks, and bank accounts at their current value.  List all jewelry, furniture and household items at their current value.  These are your total assets.  Subtract all of your debts, such as your mortgage, car loan and credit card balances, from your total assets. The result is your net worth.  Remember: Pay off all credit card debt! Carrying large amounts of credit card debt will strangle you financially as you start your business.
  4. Save As Much Money As Possible. Time to tighten your belt.  All too often, people go into business without any personal savings, exclusively using loan money from friends and family, home equity and credit cards.  You may expect to pay the loans back right away with the profits from your business; however, it typically takes 12-18 months to generate revenue and an average of three years to break even.  Please note: You will also need a separate emergency savings account just for your household.
  5. Upgrade Your Technology Skills. 80 percent of the people know less than 20 percent of their software’s capabilities.  Invest in online training or video professor to learn any software and social media marketing skills essential to your business operations.  Quickbooks is a very common small business accounting software program that will be helpful to learn even if you hire a bookkeeper.  Learning how to maximize your technology resources will give you skills that make you more valuable in your business.
  6. Determine How You Will Cover Your Health Insurance.   The ideal scenario is when your health insurance is covered by your spouse, but for those that are divorced or single parents, health insurance is serious business.  There is COBRA, which is offered by your most recent employer, but it is only available for 18 months after your quit your job and is very expensive.  You may also obtain health insurance through the National Association for the Self Employed (NASE), local Chambers of Commerce, and trade organizations.
  7. Expand Your Network. Evaluate your network.  Are you known internally or externally at your job? Make a real effort to join organizations and attend networking functions to build and reinforce relationships.  When you first start out in business, many of your customers typically come from your personal network.
  8. Get Yourself a “Kitchen Cabinet” of Advisors. Find four supportive mentors or friends who you can safely bounce ideas and concerns off of.  It is helpful if at least one of these people is already an entrepreneur or a potential client.
  9. Get Yourself a Personal Theme Song. Pick a song that always makes you feel good!  Play it everyday to energize you.  The journey you are about to start is hard and lonely, and your theme song  will help lift you up and keep you focused on your goal – especially when you need extra motivation.
  10. Stay Positive and Encouraged. You are the power source that will make your business a success!  Find ways to keep your battery charged and sustain your optimism.  Make a list of your accomplishments every day – it will keep you from dwelling on your never ending to-do list.

There are many different types of opportunities available for you in the form of a small business.  If you are experienced in any field, you can make money working for yourself.  Start realizing your real potential and make money for yourself by selecting the right business opportunity.

Good Luck! An expanded version of this article titled; 44 Things You Need To Do Before You Go Into Business is available as a free download on my website at www.melindaemerson.com.

This is insight into starting – and more importantly, staying – in business.  I love to get feedback. Tell me if you have any other good tips to add to the list.

Melinda Emerson “SmallBizLady”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, Become Your Own Boss in 12 month! A Month-by-Month Guide to a Business that Works! will be released by Adams Media in March 2010.

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

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No Network, No Business

By on November 16, 2009 in Become Your Own Boss Tips, Business Inspiration, Grow Your Business, How to Start, Mompreneurs, My Recommendations, Pink Slip Entrepreneurs, Solopreneurs, Starting A Small Business, Your Small Business

cover_becomeboss_11-16-09The following is an excerpt from my forthcoming book: Become Your Own Boss in 12 months; A Month-by-Month Guide to a Business that Works! Scheduled to be released by Adams Media in February 2010.

In small business, your network is key is to your business success, but it is astonishing to me why people with no friends will start a business. I believe it’s best to plan 12 months before you quit your job to start a business.  In that year, one the most important things you need to do is build and reinforce your personal network. Why? Because, people do business with people they like and people they know. Hopefully, you can be both to your clients. There are many businesses like yours, but one thing that separates your company from others is who you know and how you know them.

An entrepreneur’s most valuable skill is the ability to make friends and influence people.

Look for Ways to Meet People Encounters with people you don’t know are important. Look at it this way: You don’t meet strangers; you meet friends you just don’t know yet. There are a few rules to this kind of networking. Always invite the person to talk about themselves first. After all, the more you know about them, the better you can tailor your thirty-second pitch. Be ready with your short commercial about your business. Consider this your opportunity to make a first impression.

The 30 Second Commercial Before you hit the street extolling the virtues of your great product or service, it is crucial that you have a clear thirty-second commercial (also known as “the elevator pitch”) for your business. When someone asks you what you do, you need to have a crisp and memorable response that makes it clear what business you are in and how you solve problems for your customers. Your commercial is intended for very brief, chance encounters. It is important because it helps you make a lasting first impression. You use it to showcase your professionalism, the benefits you provide, and your expertise. The goal is to capture your target’s attention and interest so that you can engage them in a more substantial and meaningful way. A strong thirty-second commercial will help you create better networking connections, and it can draw people to you. People will seek you out if you present yourself and your business professionally.

It is very important that you sound excited about what you do when you talk to people. You are always selling the business and yourself. Be careful never to tie up someone more than few minutes unless the contact seems to want to prolong the conversation.

Trains, planes, and buses are a great way to meet other business people. I only take the Amtrak Acela express train, which is how most business travelers in the Northeast ride. When I ride the train, I look for an open seat next to someone who looks like a businessperson. You just never know who could be a high-ranking executive, so I keep my mind and my options open. I try to make a friend or at least to learn something from someone during the ride. Most of the time, I accomplish both goals.

A Friendly Conversation Can Always Turn into a Potential Business Lead Learn how to strike up a conversation with anyone. Giving a compliment is a great way to start.  Look for something you have in common such as kids, sports, tired of being in line—anything you can thing of to make a personal connection with the person you are talking with. Whenever you attend networking functions or, for that matter, go anywhere, you should always have business cards. When it comes to networking, you never know where you might meet someone who can help you grow your business, so it pays to always be prepared with plenty of business cards. It’s like that old saying goes “never leave home without them.”

Build Personal Network When I first moved to Philadelphia, I put my nose to the grindstone for a few years to build up my career, then I turned my attention to meeting people. I did three things. First, I joined the Urban League to do volunteer work, socialize, and participate in professional development activities. Then I found a church home. The third thing I did was to reach out to the alumni association of my alma mater, Virginia Tech. These three associations paid off in spades years later when I started my business. My first customers came from those associations.

The Cocktail Hour Before Any Event is the Event! Be early for the reception so you can circulate. Once you sit down to dinner, the only people you can network with are the other nine people at your table. An accountant once told me that the rule of thumb is that you should go through 500 business cards roughly every two months when you first start a business. I even carry business cards to the hair salon because you never know who’s in the shampoo bowl next to you.

The Follow-Up The way to build relationships is through continued contact. It is essential to follow up within two weeks after meeting with a potential business contact. You can do this in multiple ways. The quickest and easiest way is e-mail. I prefer to send a handwritten note on my company stationery, since I feel this adds a personal touch. You can have note card stationary printed with your company logo on it.

Leave me a comment if you have any other good networking tips or stories to share.

Melinda Emerson “SmallBizLady”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, Become Your Own Boss in 12 month! A Month-by-Month Guide to a Business that Works! will be released by Adams Media in Feb 2010.

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

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Finding The Money To Start Your Small Business

By on September 14, 2009 in Become Your Own Boss Tips, Cash Flow & Finance, Starting A Small Business

The following is an excerpt from my forthcoming book: Become Your Own Boss in 12 months or Less! A Month-by-Month Guide to Start a Business that Works! Scheduled to be released by Adams Media in February 2010.

If you are ready to take the leap into entrepreneurship, you must get really focused on your finances. It will be a real test to get back to only the bare necessities. Are you willing to reduce your lifestyle down to just basic living expenses? Most of the time, the initial capital to start your small business will come from you. Here are 8 tips you may not have considered to find money to start your small business.

Pay your mortgage twice a month to reduce payments. It is the accelerated payment program. Your mortgage company or a third party vendor offers this service for a low or no fee. The money will be automatically debited from your bank account. An extra mortgage payment is made each year; you can reduce a 30 year mortgage to a 22 year mortgage.

Go cash only. If you don’t have the cash, you don’t buy it. If you stop using your check card or credit cards to pay for everything, it’s much easier to stick to a weekly budget for yourself.

Avoid 90 days, 6 months or 1 year – same as cash deals. If you do not have the money the day you are making the purchase, chances are you will not have it in 90-days, six-months or a year from when it’s due. Keep in mind if you can’t pay, the interest rate is hefty and is compounded back to your original purchase date.

Cook at home and bring your leftovers to work for lunch. You’ll save money, get a healthier meal, and spend more quality time with your family. Look for free recipes online and start cooking!

Keep driving your car. Drive your car until it stops running. As a new business owner, you can no longer afford to upgrade your vehicle every two to three years. Buy a reliable car and take care of it, so you can ride without a car payment as long as you can. (I still do this! My car is five years old.) Try to plan your days so that you can do lots of major errands on the same day to minimize gas and parking expenses.

Grab a sweater. Turning down your thermostat five degrees and keeping a throw blanket nearby to save money on heating costs. The American Council for an Energy-Efficient Economy (ACEEE) says that for every degree you lower your thermostat, you’ll save about 3% of your heating bill. Putting your thermostat on a timer during the workday or while you are asleep will have an even greater effect on your heating bills.

Turn down the hot water heater. Heating water is the third-largest portion of the typical family’s energy bill. Heat water to 115-120 degrees to reduce power consumption.

Cut back on trips to Starbucks, Dunkin’ Donuts, Dairy Queen and Blockbuster. The money you spend each week on unnecessary extras can really add up. Treat yourself only once in a while. You’ll be shocked how the money you save will add up.

When you get started in business, you need three pools of money – an emergency savings account for your household, 12 months of budget to run your household, and 12 months of operating expenses to start your business. If you employ these simple money management tools, you will have the money you need in no time.

Comment on this blog if you have any other money saving tips 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 “SmallBizLady”is a Veteran Entrepreneur, Small Business Expert and Social Media Coach who hosts #smallbizchat on Twitter. #Smallbizchat is the trusted resource Twitter to discuss everything entrepreneurs need to know about launching and running a profitable small business. Melinda’s first book, Become Your Own Boss in 12 months or Less! A Month-by-Month Guide to Start a Business that Works! is scheduled to be released by Adams Media in early 2010.

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

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It’s September; Time to Re-commit to Your Business!

By on September 1, 2009 in Become Your Own Boss Tips, Grow Your Business

wall-clock#SmallBizTip 1  

September is great time to re-commit, remove, renew & rebrand your business.

 September is the last quarter of the business calendar year.  Realistically, you have 14 weeks left to accomplish your 2009business goals. The last two weeks of the year are pretty much a wash. 

Re-commit to your Top 3 goals

We all have business 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 an accountability partner. It’s all about moving forward–don’t repeat history.

Remove 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.  It feels good to work in a clean space. Cluttered spaces are draining. Clean your work space at least once a month.

Renew Your Skills

Do not run your 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.”

Rebrand Your Business

Use the fourth quarter to rebuild your pipeline by rebranding your business.  Fall is perfect time to develop a new direct mail piece, email blast, or e-newsletter to contact your current and potential customers

What goal do you still need to accomplish?

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 in 12 months; A month-by-month guide to Start a Business that Works! 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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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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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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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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