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#SmallBizChat Live Telesummit Recap (Part 2)

By Melinda Emerson on November 13, 2009 in Business Inspiration, Cash Flow & Finance, Grow Your Business, Mompreneurs, Pink Slip Entrepreneurs, SmallBizChat, Social Media, Solopreneurs, Starting A Small Business, Telesummit, Women in Business, Your Small Business

(Dear readers: this is the second part of a two part post. Click here to see part one.)

Every week as SmallBizLady, I conduct interviews with experts on my Twitter talk show #SmallBizChat. This past week, I presented the first annual #SmallBizChat Live Telesummit. The goal was to give the audience the information to create a new plan for their business in 2010. After nearly a year of communicating in writing on this blog and using Twitter, LinkedIn and Facebook, I wanted to interview small business experts over the phone. I also wanted our followers to have access to some experts who do not use Twitter, but who have fantastic information to share. In today’s blog post, I have prepared a recap of three key points that each expert shared with us.

Allyson Lewis @allyson7minutes is a renowned motivational speaker and business coach whose focus is on productivity, specifically developing systems to change your life. Her book, The Seven Minute Difference, grew out of the workshops she has been teaching for the past five years. For more information, please visit Seven Minutes Inc. Allyson talked to us about getting more out of your day as a business owner.

Here are Allyson’s key takeaways:
1. Use a daily written plan of action. The average adult has a 7 minute attention span. Take 7 minutes to write down your top priorities for the day. Regain your passion by doing what is most important to you.
2. Get 7-8 hours of rest a night. Stop watching late night TV and sacrificing a good night’s rest.
3. She introduced the 5 before 11am rule. Allyson advises us all to make an exhaustive list of everything in our personal lives and business lives that needs to get done. Then she suggests tackling 5 tasks per day before 11am, if that’s too tough try do 5 a week. Just get rid of the list.

Michelle Villalobos @mivi is a business turnaround expert who teaches busy entrepreneurs how to improve their sales approach through networking skills, personal branding and word-of-mouth marketing. For more information, please visit MichelleVillalobos.com. Michelle talked to us about turning contacts into contracts.

Here are Michelle’s key takeaways:
1. Reframe the typical “elevator pitch” into an “elevator teaser.” Instead of a rapid fire 30 second commercial that describes everything you do, find the core of what you do and develop a tagline that encompasses your entire brand (if you can). Done properly, it will elicit the follow-up question, “that sounds interesting, tell me more.” One therapist who helps people get over their fears and anxieties described herself as “the couchless therapist,” which makes people want to know more.
2. Business card etiquette – Avoid “premature solicitation” – which is the act of handing out business cards before even saying hello. When you give someone a business card, it is all about timing. Your goal is to develop rapport and to connect with someone. The time to exchange business cards, more appropriately, is after interaction.
3. Follow-up is important. Michelle suggests offering a free newsletter signup to people in a follow-up email. And in the monthly newsletter have valuable tips and info, all focused on the needs of the customers.

Paul B. Brown is a long-time contributor to the New York Times and author of more than two dozen books, including the international best-seller Customers for Life. He is the author of Publishing Confidential: What it really takes to land a non-fiction book deal. Paul spoke with us about becoming a published author to build your business.

Here are Paul B. Brown’s key takeaways:
1. Once you have book idea, the first thing to do is to try developing an outline for the book, and then writing 2-3 sample chapters.
2. The title of your book should tell people exactly what your book is about. Do not be afraid to talk to potential readers about the book topic to get the right words to use in your book title.
3. A book proposal is what you need to approach an agent or editor to pitch your book. It’s fine to send a query letter first, but if there’s any interest, the next request will be to send a book proposal which is typically a 30-page document. Start working on the proposal before sending query letter, so that you can respond to interest.
Paul made a special offer to Telesummit participants – he will give out a copy of a book proposal that sold. You should email Paul at paulbbrown@aol.com and use “Melinda’s Telesummit” in the subject line. His offer ends 11/13/09 at 5pm Eastern.

Lisa D. Sparks @lisadsparks is an email marketing expert with nine years of experience developing and implementing marketing solutions for small business owners. Lisa taught us how to become email marketing rock stars. For more information, please visit lisadsparks.com

Here are Lisa’s key takeaways:
1. Typical open rate on email marketing is 22%. Be sure not use language in your emails that are triggers for spam filters such as: FREE, space available, special offer, only today, !!!, and ???
2. You should have multiple ways to build your email list for your business. Using an email sign-up for your newsletter/blog on multiple pages of your website is one strategy. You can also offer a special report in exchange for an email address. Conducting free monthly conference calls is another great technique to build your list. When you go to a networking function, be sure to ask someone who gives you a business card if you can add them to your mailing list.
3. Develop an editorial calendar for your e-newsletters and all of your auto-responders. Consider writing a year’s worth of e-newsletters all at once. Email should not be the only way that you communicate with your list – using video and/or audio and are nice ways to break it up.

If you missed the SmallBizChat Live Telesummit, do not worry! We are editing and packaging the calls to make them available shortly… so stay tuned.

I hope that after you read what these experts had to say, you will be ready to tackle 2010 with some inspiration and new tricks up your sleeve. Being in business is a spiritual marathon. Hang in there.

My co-host Cathy Larkin @cathywebsavvyPR and I presented the 1st Annual SmallBizChat Live Telesummit because it is our mission to end small business failure. We will be back November 2010 to do this again.

Please follow us at @smallbizchat and join us for #SmallBizChat every Wednesday from 8-9pm Eastern on Twitter. #SmallBizChat is the trusted resource on Twitter to discuss everything entrepreneurs need to know about launching and running a profitable small business.

How to participate in #SmallBizChat: http://bit.ly/S797e

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

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Do You Need A Business Plan?

By Melinda Emerson on November 5, 2009 in How to Start, My Recommendations, SmallBizChat, Social Media, Starting A Small Business

Every week as SmallBizLady, I conduct interviews with experts on my Twitter talk show #SmallBizChat. The show takes place every Wed. on Twitter from 8-9pm ET. This is excerpted from my recent interview with @TimBerry. Tim Berry is president and founder of Palo Alto Software, founder of bplans.com, and a co-founder of Borland International. He built Palo Alto Software from zero to 40 employees and 70% market share without outside investment. He is a Stanford MBA and has taught business at the University of Oregon. He’s the conceptual author of Business Plan Pro, author of The Plan-As-You-Go Business Plan, Entrepreneur Press. Find Tim on twitter at @TimBerry or at bplans.com

Disclaimer: I was mailed a free copy of Tim Berry’s Plan As You Go Business Plan Book, and I have purchased a copy of the BusinessPlanPro software in the past. I do not interview anyone on #smallbizchat or for this blog, who’s business ideas, advice and products or services I would not support. The focus of #smallbizchat is end small business failure.

Smallbizlady: What is plan-as-you-go business planning?

Tim Berry: Plan as you go is a reflection of changing times, the new world realities of doing business. We need planning more than ever, but it has to be live, flexible, and reviewed regularly.

Smallbizlady: How is it different from any other business plan?

Tim Berry: Ironically, it shouldn’t be; all plans should be done this way. But somewhere along the line people got lost in the plan as document, instead of planning process. Which is a damn shame.

Smallbizlady: How is the “Plan As You Go” method better?

Tim Berry: Because it’s a matter of fundamentals: it assumes change, and that form follows function. Business planning is about the business, not the plan. It’s about steering, and management and it’s about metrics, responsibility, and accountability.

Smallbizlady: What are some common mistakes in business planning?

Tim Berry: By far the most important is thinking that the plan itself matters, instead of keeping it alive and managing your business using it. As if the plan weren’t going to change. Then there’s forgetting cash flow, and staying up in the blue sky instead of getting into specific milestones and metrics.

Smallbizlady: Are business plans obsolete?

Tim Berry: Only if management is obsolete. Planning is part of the management function, like steering the business. The full formal document doesn’t apply as much as people think, but we all need planning more than ever, and the plan is a first step in planning.

Smallbizlady: You say in your book all business plans are wrong, but vital. Aren’t they just wrong?

Tim Berry: No, wrong but vital. Wrong because we’re human and we try to predict the future. But vital because we then track the plan vs. actual results. We need to watch how and in what direction it was off, and following up on course corrections, interdependence, and better management and accountability.

Smallbizlady: If business plan is a lot of trouble, why should a business owner bother to do it?

Tim Berry: Done right it’s a lot less trouble than you think. Make it only as big as you need it to be, just big enough to manage your business. And forget the formalities, the dressing, until you need to present it to a lender. With business planning you get goals, a tracking progress, metrics, accountability, and a management tool.

Smallbizlady: Sometimes smaller startup businesses or home-based businesses don’t think they need a business plan because their not trying to get a loan or funding, what advice can you give?

Tim Berry: All businesses need to optimize their resources, and planning helps. It helps to lay out your goals and the steps to achieve them, to watch the cash flow, isolate the factors, think about focus, and strategy, and to work towards the right long-term directions even as the day-to-day gets in the way.

Smallbizlady: Okay, business plans are a dime a dozen. You can get them free off of the Internet, you can buy a finished plan for $25. Why bother to actually write one?

Tim Berry: Because you’re going to implement, and nobody else. It’s going to be your plan. It’s not a writing exercise, or a document. It’s what you intend to do to run your business. Would you send somebody else to exercise for you or take a trip for you? Ghost writing works for writing, not for planning.

Smallbizlady: What are the most important parts of a business plan. What one thing would you do if you were going to do only that?

Tim Berry: Dates, deadlines, metrics, milestones, and, above all, cash flow. Who’s is responsible for what? How do things work together? And it’s good to write down strategy, particularly what you are not doing. If nothing else, at the very least, manage a sales forecast, and review plan vs. actual sales and expenses. And always cash flow.

Smallbizlady: How long should a business plan be?

Tim Berry: Form follows function. It should be long enough to set down the strategy, main metrics, basic numbers, tasks, dates and deadlines. For the classic business plan, or the ones entered in contests, or submitted to investors or banks, 20 pages is enough, never more than 30. If we insist on measuring in pages.

Smallbizlady: Why Business Plan Pro? How does it help?

Tim Berry: Business Plan Pro is a tool that does the mechanics like keeping the financials mathematically and financially correct, documented and error proofed; and putting things into logical order with the right tables, charts. And outputting to a printer, PDF, secure website, or Word or Excel.

If you found this interview helpful, join us on Wednesdays 8-9pm ET follow @SmallBizChat on Twitter.

How to participate in #SmallBizChat: http://bit.ly/S797e

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

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Do You Need to Know Your Business?

By Melinda Emerson on November 2, 2009 in Business Inspiration, My Recommendations, Starting A Small Business, Your Small Business

The answer is a resounding YES! If you are starting a business, your business venture should be something in which you have experience or professional training. The only exception to this rule is if you buy into a franchise, but it is especially true if you take over an existing business. Sometimes there are people working in the business who can help provide institutional information about the business, but you need to make sure you trust the people giving you advice. In those cases, the franchise company typically provides some training. (Even so, I would not suggest buying a food franchise if you have never worked in a restaurant.)

Which way?

If you buy an existing business, you must make sure the employees who are left are interested in the business being successful. You also need to quickly determine who you can trust. Many times the original owner stays on in some role for a couple years to make sure there’s a smooth transition, but there is no guarantee that the founder of the business will work hard for you either.

I have a friend who was an investment banker, who wanted to get into the production industry. So, he researched the industry, found out who the major players were, and identified a business he wanted to buy in the Midwest. The company he had his eye on was the top post-production house in that town. He bought it for millions and then sunk millions more into it upgrading all of the equipment to HD and renovating the space so that people would just want to come by and hang out there and, of course, do business. The place was a showpiece. He even threw the industry Christmas party at his business location, so people would see how fabulous the place was on the inside. Everything was steady the first year, but within three years of the purchase, he was out of business.

Why did this happen? He should have had business lined up around the block with a facility like that, but because he didn’t know the industry, and more importantly – the culture of the industry so he made many costly mistakes. Within the first year, three of his top producing editors left the company. It wasn’t about the facility- his talent drove the demand – it was about the specific editor. Then, advertising people followed the editor they wanted to work with. He also rubbed industry people the wrong way by how he went about getting business; advertising creatives never respond favorably to being told what vendors to use. He was friends with the clients of some of his customers and was perceived as trying to get his friends to strong arm their ad agencies into doing business with him. He also turned off other production industry veterans in his town by being so flashy and bold. This is a brilliant guy, who had plenty of resources to run his business, but he had no industry experience. He also bought from a man who he couldn’t trust. The former owner was not invested in his success. He was just looking for a payday. The former owner didn’t help him understand the culture of doing business in the advertising industry. Not knowing how business was done in this industry, cost him his business. He thought – if he built a top-notch state-of-the-art facility, that would increase the business – but it didn’t. Here’s SmallBizlady’s rule about buying an existing business Do not just buy a business because you like their balance sheet.

I hold a degree in Broadcast Production from Virginia Tech. I worked for six years in television as a news producer before I started my multimedia production company. Work for a business like the one you want to start for at least a couple of years before starting on your own. Do not start a daycare center if you have never worked with kids, just because you heard those kinds of businesses make a lot of money.

Research and work in your industry. Your business venture will be a lot more successful if you do.

Do you have any stories to share about starting a business with or without industry experience? Leave a comment and let me know about 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:

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

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 Start a Business that Works! is scheduled to be released by Adams Media in Feb 2010.

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Are You Ready for 2010?

By Melinda Emerson on October 26, 2009 in Business Inspiration, Grow Your Business, How to Start, Mompreneurs, My Recommendations, Pink Slip Entrepreneurs, SmallBizChat, Solopreneurs, Starting A Small Business, Women in Business, Your Small Business

smallbizchat_live_telesummit The economy is on the rebound, but the nature of business has changed.

Is your small business repositioned for 2010? October and November is the perfect time to start planning for how you will kickoff the New Year. It’s not about making it through the recession; it’s about coming out of this recession with a stronger business.

Every Wednesday #SmallBizChat delivers training on how to start and run a profitable small business via Twitter, now for the first time we we’re delivering what you need over the phone and at your own desktop.

I’m known as @Smallbizlady on Twitter, I have developed a FREE resource to help you develop tools to compete in this new business environment. We’re calling it the SmallBizChat Live Telesummit. To register now, visit http://bit.ly/1TxnoL .

I’ve pulled together top small business experts who are allowing me to pick their brains and share with you invaluable advice that will take your business to the next level.

The Smallbizchat Live Telesummit interviews will take place over four-days the first week of November.

Mark your calendars for Nov 3-6, 2009

Register now http://bit.ly/1TxnoL

Listen and Learn! Each day, we will do live interviews at 1pm and 7pm Eastern Time

We’re going to introduce the challenges and advantages this new business economy has created.

Live Telesummit Nov 3-6, 2009 | register for full program – http://bit.ly/1TxnoL

If you’re already an entrepreneur and you want to improve your business, or if you’re planning to take the leap and want to start out on the right foot, here’s your chance to learn from top experts who are business owners just like you.

Sheer passion and courage aren’t all you need to succeed in today’s business environment. Listen in and you’ll be able to learn key strategies to accelerate your business success.

This is a great time for an aggressive entrepreneur, but you need an action plan for business success in 2010.

Wondering if this is for you?

The old rules of business no longer apply. Do you know how to compete?

Are you tired of dealing with the unpredictable ups and downs of cash flow in your business?

Is the daily stress in your business draining you of the passion you have for your business?

You know you need to be utilizing social media, but don’t know where to start?

Are you ready to invest in learning how to adapt and grow your business while others struggle?

If you’ve answered “Yes” to any of the questions above, sign up today for the 1^st Annual #SmallBizChat Live Telesummit http://bit.ly/1TxnoL!

Telesummit Topics:

Using Social Media to Brand Your Business

Developing a Mastermind Group

Retooling Your Business in Tough Times

Strategic Cash Flow Management

Growing Your Network

Getting More Out of Each Business Day

How to Author a Book to Grow Your Brand

How to Be an Email-Marketing “ROCK STAR!”

MEET THE EXPERTS

Melinda Emerson “Smallbizlady” is your host for the #SmallBizChat Live TeleSummit! Melinda is a seasoned entrepreneur, professional speaker, and small business coach. Her areas of expertise include small business start-up, business development and social media strategy. Melinda hosts #Smallbizchat, a weekly talk show 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 has been featured on NBC Nightly News and in the Wall Street Journal, U.S. News and World Report and Black Enterprise. Melinda publishes a resource blog www.succeedasyourownboss.com and has several special reports including 44 Things To Do Before You Go Into Business and The 12 Cardinal Sins of Small Business-and How to Avoid Them! Melinda’s first book Become Your Own Boss in 12 months; A Month-by-Month Guide to Start a Business that Works!” will be released in February 2010 by Adams Media. For more information, please visit melindaemerson.com

Mike Michalowicz is the Toilet Paper Entrepreneur. Mike Michalowicz has a driving passion for entrepreneurialism. Michalowicz wrote The Toilet Paper Entrepreneur with the sole purpose of giving first time entrepreneurs the information they need to grow their concepts into industry leaders. Michalowicz has successfully launched three multimillion-dollar companies. His most recent venture, Obsidian Launch LLC, partners exclusively with first-time entrepreneurs to launch their ideas into niche industry leaders. For more information, please visit toiletpaperentrepreneur.com

Dr. Melvin Gravely, II, is the founder of the Institute for Entrepreneurial Thinking, the leading think tank on issues related to business development. The Institute is nationally known for providing thought leadership, and industry changing research on issues at the intersection of business and race. The Institute is a trusted advisor to Chambers of Commerce, major corporations and community leaders across the nation. Gravely is the author of seven books including The Lost Art of Entrepreneurship, When Black and White Make Green, and his latest Getting to the Next Level. He has been featured in many national publications including Black Enterprise Magazine, Entrepreneur Magazine, and American City Business Journals. After ten successful years working for a large corporation, he co-founded a civil engineering firm and grew it into a multimillion dollar company. Dr. Gravely speaks and writes on various topics related to entrepreneurial thinking and business development. For more information, please visit entrethinking.com

Michelle Villalobos is a Business turnaround expert who teaches busy entrepreneurs how to improve their sales approach through networking skills, personal branding and word-of-mouth marketing. As a 14-year sales & marketing veteran, she first made her mark in the publishing industry. Michelle is known for never turning down a sales challenge, she has helped numerous small businesses significantly increase their revenues. She conducts seminars, brainstorming sessions, strategic planning workshops, roundtables and other programs that “educate, entertain and engage” by helping businesses learn to build revenues, through effective sales, networking and word-of-mouth techniques Michelle holds an undergraduate degree from Dartmouth College, and an MBA from the University of Miami and is a life-long devotee of Sharpies. You’ll have to listen in to find out the deal with that. For more information, please visit MichelleVillalobos.com

Paul B. Brown is a long-time contributor to the New York Times. Paul is the author of more than two dozen books, including the international best-seller Customers for Life. A former writer and editor of Business Week, Financial World, Forbes, and Inc., Brown has “ghosted” books for several of the nation’s most success business executives. The latest example: Obstacles Welcome: How to Turn Adversity into Advantage in Business and in Life, written with Ralph de la Vega, president of AT&T. Even more relevant for our purposes he is the author of Publishing Confidential: What it really takes to land a non-fiction book deal. Brown was trained as a lawyer, but he asks that you do not hold that against him.

Lisa D. Sparks is a marketing expert with nine years of experience developing and implementing marketing communications solutions for small and medium sized businesses. A small business owner herself, Lisa uses her expertise to teach small organizations in South Florida how to use technology to maximize the power of relationship marketing. She is experienced in providing guidance, instruction, and comprehensive planning advice for the development, growth, and expansion of new and existing businesses. In 2007, Lisa won the Florida State Star Award as the top small business analyst in Florida.

Karyn Greenstreet is a small business coach and a mastermind group facilitator, and the owner of The Success Alliance, a website devoted to helping mastermind group facilitators start and grow their own mastermind groups. She has been creating and running these groups since 1994 and is the author of How to Create a For-Profit Mastermind Group. She also teaches a series of classes on starting and running mastermind groups. Karyn holds a B.S. in Business Administration and Management, and is a certified Adult Education Trainer. She has postgraduate work in Business Administration and Computer Systems, and is graduate of CoachU. She has spoken at numerous national on business-building topics and action planning. Visit her website TheSuccessAlliance.com

Tim Berry, is president and founder of Palo Alto Software, founder of bplans.com, and a co-founder of Borland International. He built Palo Alto Software from zero to 40 employees and 70% market share without outside investment. He is a Stanford MBA and taught starting a business at the University of Oregon. He’s the conceptual author of Business Plan Pro, author of The Plan-As-You-Go Business Plan, Entrepreneur Press. Find Tim on twitter at @TimBerry. “I’ve seen startups and small business from multiple views. I’ve had the good years and bad years. My wife and I had three mortgages and $65,000 of credit card debt at one very low point, which we survived, but I really don’t recommend. I’ve consulted with startups on bringing in venture capital, and angel investors, and business loans, and friends and family.” He’ll be talking about Cash Flow in a Tough Economy.

Allyson Lewis is a renowned motivational speaker and business coach who focuses on productivity, specifically developing systems to change your life. Allyson has spent the last 22 years teaching concrete yet actionable ideas to business leaders all over the country. Her book, The Seven Minute Difference, grew out of the workshops she has been teaching for the last five years. Author of The Million Dollar Car and $250,000 Pizza (Kaplan Publishing, 2000), Allyson is frequently asked to host motivational and educational public workshops throughout the country. She has been a guest on CNN, CNNfn, Bloomberg Information Television, and many other regional radio and television programs. For more information, please visit Seven Minutes Inc.

The nature of business had changed, if you register for this Telesummit you will be equipped to handle anything the economy will throw at you. Don’t delay! Register now Smallbizchat Live TeleSummit http://bit.ly/1TxnoL

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Finding The Money To Start Your Small Business

By Melinda Emerson 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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How to Quit a Job to Start a Business

By Melinda Emerson on September 3, 2009 in Branding & Marketing, SmallBizChat, Starting A Small Business

Each week as Smallbizlady, I conduct interviews with small business experts on my weekly Twitter talk show #SmallBizChat. This is excerpted from my #SmallBizChat interview @SherriGarrity. Sherri is the founder of Corporate Fugitive, a company that provides business and marketing coaching to aspiring entrepreneurs and business owners who want to go from overwhelmed to extraordinary.

In 2007, she walked away from a raise and a successful marketing career in the corporate world to start her own consulting business. During her transition she found that there wasn’t a lot of information and support out there specific to entrepreneurs coming out of a corporate environment – so she established Corporate Fugitive. She has lots of free articles and how-to information on her site at http://www.corporatefugitive.com

Smallbizlady: How did you become the corporate fugitive and what are the typical reasons people quit their jobs to start a business?

Sherri Garrity: Many people choose to leave careers behind because they want flexibility, or have reached a ceiling in their income and want to have more control over their futures. Other common reasons are a desire to leave a legacy and create something, to fulfill a dream or passion. People also start businesses because of a change in life circumstance like job loss, relocation, or post retirement. In my case I hit a wall energy and health-wise and decided that I wanted to be able to spend more time at home with my young child.

Smallbizlady: What is the number one mistake you see people making when they quit a job to start a business?

Sherri Garrity: The biggest mistake I see is when someone does not take the time to truly consider what they want from a business. As a small business owner there is little or no line between life and work, and so if you don’t take the time to really think about your income goals, the way you like to work, the kind of flexibility you want, etc. you can easily create a business that simply becomes a job in disguise.

Smallbizlady: What is the best case scenario for a start-up entrepreneur?

Sherri Garrity: When you can create a business that is uniquely suited to you, by taking the time to consider what’s best for you, who you’re ideally matched to serve, and you create the business model that really fits you, it’s absolutely extraordinary and totally rewarding! This is the moment I strive for with business owners, is to see the light go on and their eyes widen when they realize the business is there for them to create exactly in the way that’s custom fit for them.

Smallbizlady: What are the things that someone can do first like maybe even before they quit their day job?

Sherri Garrity: It is best to do the research and test the waters while you’re still working. Think about what you want, research others who have businesses you like, and check out the market. Once you know what you want, it’s relatively easy to start a home-based business, especially with the online tools we have today. The other thing is I think what’s really valuable is to learn some basics about marketing and business and I’m not talking about being a master but you know, get some basic knowledge while you have the time to learn and your income is not dependent on it. Finally, build your network. Today with social media this is so much quicker than it used to be. Get out there and don’t worry about perfection, just take action.

Smallbizlady: What tips do you have for people who are still working for an employer while they’re developing their business?

Sherri Garrity: I think the number one is for first of all, keep it separate. You know, one of the biggest challenges, if you’re working while you’re starting a business, is what to tell people. Keep the worlds separate as much as possible and while you’re representing your employer, be the consummate professional and do your best job and absolutely do not market your independent services where you work. That’s a big no-no. It’s just not ethical and that’s not going to serve you if you try to market yourself at the same time. But if you’re out on your own time, attending an event or something, introduce yourself as the owner of your business, and do not mention that you’re also working for someone else. This makes you look disloyal to your employer and also not serious about your business. So keep it separate.

The second tip is to use the predictable income you have to invest in some of the tools you’ll need in your business.

Smallbizlady: Popular business advice is to save several months salary, or use someone else’s money to start your business. Do you have any advice in this area?

Sherri Garrity: Most of the 2500 or so new businesses that are started every day in Canada and the USA are started as sole proprietorships. Most are service based and also home based meaning most of us tend to transition from a job to working at home and usually on our own, providing services in our professional backgrounds. The first piece of advice I give to anyone contemplating making this leap is to go through the basics of what you want in a business, what you need to live on, what you’d ideally like vs what you have to make, and so on. Everyone has a different circumstance and this is also why I think that these kinds of generalized statements are unrealistic. As far as business loans go, it really depends on your type of business. Most of my clients are solo professionals who work from home providing a service and so wouldn’t require or likely qualify for a typical business loan.

Smallbizlady: What should someone expect when they quit?

Sherri Garrity: The biggest fear people have is where they are going to get clients and how they’re going to get the money flowing. These are valid concerns, but luckily with some planning and forethought you can get things rolling pretty quickly, although you shouldn’t expect to be replacing your income right away. If you do your homework and keep marketing you’ll get the work and this will lead to more.

Smallbizlady: Do you need to change your mindset to become an entrepreneur?

Sherri Garrity: I think the issue that no one really talks about that can be really difficult is the total mindset shift that is required. I joke about the “corporate detox” process but it really doesn’t feel that funny when you’re in the middle of it and no one told you what to expect. It can be completely exhilarating and completely terrifying at the same time. You lose your identity as an employee and all of its social stature and you enter the no man’s land of the not yet successful business owner. The other thing to remember is that you’re doing the unexpected and so many people who know you will think you’re crazy to walk away from the so called security of a corporate career. You need to develop a thick skin.

Smallbizlady: I have heard you say that business owners should CHOOSE their clients. Most think it’s the other way around. Can you explain that?

Sherri Garrity: Especially coming out of a traditional employee relationship we tend to think that our marketplace dictates our business and unfortunately many people who start businesses just take whatever work comes along. I advise that it is entirely possible to choose your clients and not only that, you SHOULD choose. You will actually make more money and enjoy your business more if you can tap into a specific unique talent that has huge value to the ideal client. Once you set up services that complement your skills and work preferences, this will make your marketing efforts more effective. You’ll be able to attract clients and connect with them in a way that will ensure they are the right fit for you. This is how you build a business instead of creating a job for yourself!

Smallbizlady: Many new business owners spread themselves really thin to take on work that maybe doesn’t fit them. They dream of getting a big client. You like to call this an anchor client. Can you talk about that?

Sherri Garrity: Many business owners are just so happy to get clients that they take whatever comes along. They think if they can land that one big secure, regular paying client that they’ll be set. This is sometimes called the anchor client. The problem with an anchor is that it is designed to weigh an object, in this case you, down! Be careful. Be clear to define your market and your ideal client. Be clear on your service offerings. It’s better to start out with less, but highly focused work than to spread yourself thin or to take clients on that don’t fit where you want to go. Also, if you are going to seek a big client, be sure you are not overly dependent on one or two for your survival.

The biggest danger of an anchor client is that you become complacent and you stop marketing. Never stop marketing.

Smallbizlady: Many new business owners have a problem with cash flow. Can you give us advice on this?

Sherri Garrity: Cash flow is really critical. You can have high fees and lots of clients and be really strapped if you are waiting a long time to get paid. The best way to ensure consistent cash flow is to make sure you’re always marketing. The marketing actions you’re taking today are what turn into cash flow months down the road. Also structure your products and services in such a way that you’re getting predictable and regular payments. There are many ways to set your business up to encourage this.

Smallbizlady: How much time do you think should be spent on marketing and managing their business versus doing the actual work of their business?

Sherri Garrity: I advise people they should be spending at least the equivalent of a day per week on this. In all businesses this is critical, but it’s even more so in new businesses that aren’t established yet. You can think of the business in two broad categories: marketing and operations. Marketing is the routine activities that keep you in front of your ideal client. For example, you should be spending your time developing new contacts, following up with current or past customers, attending networking events, and drawing clients in with activities like speaking, writing and so on. Think of this as part of your job as a business owner rather than a special project or something.

The other category is marketing operations. On a regular basis you must revisit your broader business and marketing plan. This means creating new services and products ahead of time, and rolling them out in a well thought out fashion.

If you found this interview helpful, join us on Wednesdays 8-9pm ET follow @SmallBizChat on Twitter.

How to participate in #SmallBizChat: http://bit.ly/S797e

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

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How to Become a Family First Entrepreneur

By Melinda Emerson on August 27, 2009 in My Recommendations, SmallBizChat, Starting A Small Business

Each week as SmallBizLady, I conduct interviews with small business experts that could benefit my audience. This is excerpted from my #smallbizchat interview on Twitter with @MarcWarnke. He’s the author of ONO, Options Not Obligations Family First Enterpreneur. Marc has had some incredible life experiences as a result of his entrepreneurial successes. He was able to semi-retire for three years as his first son grew, but he is now back at it, with his first book. Marc decided he wanted to teach others about entrepreneurism, and ONO is the result of that decision. For more info www.familyfirstentrepreneur.com

Smallbizlady: What is ONO about?

Marc Warnke: ONO is the acronym for Options Not Obligations. It challenges readers to enrich their personal lives by rethinking their financial lives. ONO teaches a wealth creation lifestyle that focuses on making a difference first and creating profit second.

Smallbizlady: Why did you write ONO?

Marc Warnke: Sharing my knowledge and teaching the concept of family first entrepreneurism is part of my self-defined higher purpose in life. I wanted everyone to have the opportunity I have of being able to spend less time in the pursuit of wealth and more time with the people they love.

Smallbizlady: You call yourself a family first entrepreneur. What does that mean?

Marc Warnke: A Family First Entrepreneur is simply someone with an entrepreneurial mindset who keeps his or her family first. Family First Entrepreneurs make business choices based on the potential impact they will have on their families first, and on business profitability second.

Smallbizlady: What is the first step to creating options, not obligations?

Marc Warnke: The first step is envisioning what you would want to be doing with your life if money had no bearing on your decisions. That is your higher purpose. Write your own eulogy. What would you want said about you at your funeral? (Hint: there would be no mention of your net worth) Create a financial plan through entrepreneurism that will allow you to accomplish your higher purpose. Begin with the end in mind.

Smallbizlady: Talk about a few other main points in your book.

Marc Warnke: ONO teaches readers how to preserve and create their number one asset, Time. Kids spell love, T-I-M-E. We only have 936 weeks with our children in the home. Don’t sacrifice your time in pursuit of wealth. You don’t have to have a ton of money to have options. It breaks down to the simple principle of saving and investing.

Smallbizlady: Where should you start if you are interested in entrepreneurism?

Marc Warnke: Find something that you enjoy doing and find a way to make money at it. Good transitions start with good decisions based on an intended outcome. Evaluate your goals with the “Ready, Aim, Fire!” decision making process that I talk about extensively in my book. Don’t be afraid to ask for guidance. Find mentors, ask questions, never stop learning. Don’t reinvent the wheel. Find a system that is working and imitate it. Like I say in ONO, “Imitation, Not Innovation.”

Smallbizlady: Is it harder to become an entrepreneur in this struggling economy?

Marc Warnke: Entrepreneurism is actually growing as a whole across America. People are seeing the need to take their financial future into their own hands. When people are struggling, their instinctual will to survive kicks in. For many, entrepreneurism has become the solution to their survival.

Smallbizlady: How do I keep family first when I am crazy busy?

Marc Warnke: It takes work. Start by keeping certain parts of every day and week sacred with your family. I eat 3 meals a day with my wife and kids. I also shut off from my business, no matter what, from 5 to the kids’ bedtime. Weekends are family time as well. Time with your family will not only show the love that every child needs to see, it will also rejuvenate you as well.

Smallbizlady: You talk a lot about spirituality. Why do you feel that it is important in business?

Marc Warnke: A misunderstanding of what one is in control of leads to stagnation because it locks you into shame of the past or fear of the future. Clean and clear spirituality in your business life lends serenity to your family life. Spiritually in business allows for a clear sense that the only two things you can control are your choices and behaviors. Please be clear that I’m endorsing a spiritual life and have no agenda with your religious life.

Smallbizlady: Which is more important when building net worth, income or spending habits?

Marc Warnke: Spending. It’s not about how much you make, it’s about how much you save and invest. American families are threatened, not by an income problem, but by a spending problem. The key is to understand your needs vs wants and to have a powerful reason to stick to a spending strategy, like time with your family.

If you found this interview helpful, join us on Wednesdays 8-9pm ET follow @SmallBizChat on Twitter.

How to participate in #SmallBizChat: http://bit.ly/S797e

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

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How to Run a Successful Home-based Business

By Melinda Emerson on August 10, 2009 in Branding & Marketing, Solopreneurs, Starting A Small Business

Many folks think that building their own home-based business is the opportunity of a lifetime. We fall in love with the idea of being our own boss, setting our own schedule, even the idea of no longer having to wear a corporate uniform every day is a huge draw for some would-be entrepreneurs.

Every day, I see ads on the internet and twitter, “How to make $1000 a day from home.” or “I made $671 today on Twitter, let me show you how.” There are a lot of opportunities out there but none of them will make you a fortune overnight. In fact, if someone tells you that, they are lying to you and just trying to get your enrollment fee in their program.

When I was a kid my father told me, “There are no free lunches. You get what you pay for.” In terms of business, his advice is still true. There are NO legit get-rich-quick schemes. Do not be fooled. Home-based businesses are enterprises based on direct transactions, not just entities where checks start magically appearing in the mail.

Most of the self-made millionaires I know, said it took 5 to 10 years for them to become an overnight success. There are all kinds of multilevel marketing programs (MLM) out there, but beware of the business model that has more emphasis on signing other people up to sell, as opposed to selling the actual product.

Real effort and thought is required to build a successful business, and much of it is required before you ever open the business.

Develop a Lifeplan Have you really thought about what your life is going to be like as an entrepreneur. Will you work 7 days per week, 12-hour days? Do you have the energy to work like that? Working all alone in a back bedroom or in your basement behind a lonely PC could be a big adjustment. Isolation is the enemy of entrepreneurship. Working at home can also present a lot of distractions such TV watching, noisy neighbors, personal calls phone, napping, chores etc. How will you combat your environment?

Build Your Network People do business with people they like and know. Are you now more internally at your company than externally? Do you have a complete Linkedin profile? How many times per month do you attend or plan on attending networking functions? Everywhere you go, you need to talk up your new business. Try the hair salon, trade association, supermarket, your child’s daycare – even at your current job. Build the contacts you will need to build your business. Always be ready to promote your business.

Know Your Industry Have you done extensive business research on the market and industry trends? Even if you are going to sell May Kay, you need to know how many other Mary Kay ladies are in your area or operate in your church. Is the market saturated? Is there already a lady with a pink Cadillac in your neighborhood who’s cornered the market?
Develop a Marketing Strategy How will you do the bulk of your advertising and marketing? Will you strictly use the internet? Will you blog and use article marketing to attract clients? Will you outsource your social media? Will you need a social media coach or virtual assistant to help manage your internet footprint? Whatever your strategy, you will have limited time and resources to make a big splash, so be willing to do what your competitors are not willing to do to get noticed in the marketplace..

Develop Strategic Alliances Approaching a complementary business is a great strategy. You can help each other grow in business, trade tips and resources. If you are a massage therapist, partnering with a chiropractor could be a good move and a great referral business. See what kind of referral agreement you can work out. You never know what kind of deal people might be willing to make with your business. Now, not every business owner will be eager to partner with you, but networks are built one relationship at a time. You will never know until you ask. They might not be interested now, but maybe later…

Having a home-based business is like opening any other business except that your business happens to be headquartered in your home. If you plan well, do your market research, build your network before you start and while you are running your business, develop a comprehensive marketing strategy, and build strategic alliances your business will be far more likely to be successful.

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

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10 Books That You Should Have in Your Small Business Library

By Melinda Emerson 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 4^th 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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From Sidehustle to Fulltime Entrepreneur

By Melinda Emerson on July 20, 2009 in Starting A Small Business

I was recently interviewed by the Career Makover Coach, Tai Goodwin on #BlogTalkRadio. Here’s a link to the interview on repositioning from Employee to Entrepreneur – http://tobtr.com/s/567685 – below are a few takeaway tips from the interview:

Save 20-40% of every paycheck to get prepared to start your businesses
Kick the naysayers to the CURB!
Add potential clients to your Kitchen Cabinet of Advisors
Get a bookkeeper for help to set up your Quickbooks software on your computer!
Get Yourself a “Personal Theme Song,” that you can play everyday to give yourself a boost as your work towards your business venture.

Now, head over to www.melindaemerson.com where you can download my free special report 44 Things to Do Before Going Into Business.

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How to Power up Your Business Plan

By Melinda Emerson 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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What Business Should I Start?

By Melinda Emerson 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?

What is item you feel strongest about?
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)
Make a list of 10 action steps to move forward with developing your product.
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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