Archive for the ‘Cash Flow & Finance’ Category

I recently interviewed Stephanie Chandler @bizauthor on Smallbizradio, my monthly show on #Blogtalkradio about how entrepreneurs can develop multiple streams of income.  Small business owners can grow numerous business lines by taking their knowledge and packaging it for sale in the ways that people absorb information: audio, video and written, of course.  The purpose of Smallbizradio is to create a place for entrepreneurs to learn how to grow a successful small business.  We feature top business experts to bring you helpful information to navigate the obstacles of building a growing business. Smallbizradio is recorded live every 4^th Wed of the month at 1pm ET.  To listen or join in with a question here’s the link http://www.blogtalkradio.com/smallbizradio and the dial-in number is (347) 843-4182 AND PRESS “1”

Stephanie Chandler is the author of four business and marketing books including (one of my favorites) From Entrepreneur to Infopreneur: Make Money with Books, eBooks and Information Products (John Wiley & Sons). Stephanie is also founder and CEO of AuthorityPublishing.com, which specializes in custom book publishing and marketing services.  She is a frequent speaker at business events and on the radio; she has been featured in Entrepreneur Magazine, BusinessWeek, Inc.com and many other media outlets.

Listen to the complete interview with Stephanie Chandler http://tobtr.com/s/1063193

In this interview Stephanie answers questions including:

What types of information products are best and easiest to produce?—Teleseminars, tips booklets, workbooks or in-person classes?

Should a small business be paying attention to the competition?

How do you price infoproducts?

What are some ways to market my info products?

What are the keys to info product success?

Here are links to Stephanie’s books:

LEAP! 101 Ways to Grow Your Business

From Entrepreneur to Infopreneur

The Author’s Guide to Building an Online Platform

If you found this interview helpful, join us every 4^th Wednesdays 1pm ET follow @SmallBizLady on Twitter for details on upcoming guests.

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

Melinda F. Emerson, known to many as SmallBizLady is one of America’s leading small business experts. As a seasoned entrepreneur, professional speaker, and small business coach, she develops audio, video and written content to fulfill her mission to end small business failure.  As CEO of MFE Consulting LLC, Melinda educates entrepreneurs and Fortune 500 companies on subjects including small business start-up, business development and social media marketing. She has been featured on NBC Nightly News, the Tavis Smiley Radio Show, in the Wall Street Journal, Entrepreneur and Black Enterprise Magazine. She hosts #SmallBizChat weekly on Twitter for emerging entrepreneurs and publishes a resource blog www.succeedasyourownboss.com.  Melinda is also the author of the national bestseller Become Your Own Boss in 12 months; A Month-by-Month Guide to a Business That Works. (Adams Media 2010)

What's the real deal about starting a small business?

This is national small business week.  In honor of that I thought I would use my blog to dispel 5 common myths about starting a small business. I chose these five as they are the most common questions I get when I speak around the country and do workshops on how to transition from a job to small business ownership. Entrepreneurship is the only way to build true wealth in America, but you need to make sure that you understand what you are getting into for the long haul.  

Myth #1: Starting my own small business will give me more control over my schedule.

Reality: Starting a small business is not a 9 to 5 job. In the beginning your business owns you—you do not own it or your time.  For many startups, 14-16 hour days are not unusual.  As an entrepreneur, you do 10-13 jobs at once including being the chief sales person, business planner, secretary, payroll manager, human resource manager, brand manager, chief financial officer, technology manager, project manager and bill collector. Carving out time for yourself will be a luxury. If you duck out early to run a personal errand, you’ll need the make the time up once the kids go to bed.  For the first three years, do not plan on spending lots of time on the golf course, or taking off every Friday. Your business will need every minute you have to spare.

Myth #2: I don’t want any loans to start my small business – I can get grants.

Reality:  There’s no such thing as getting a grant to start your small business. Expect that the money to start your business will come from your right or left pocket. Successful startup entrepreneurs save 20-40% of every paycheck for at least 12 months prior to starting the business.

In fact, there are three pools of money you should have before your start a business 

• An emergency savings account 
• Enough budget to go for 12-24 months without a paycheck 
• The first year of operating capital to run your business

Banks do not typically loan money to start-up businesses either. You need to be in business for two to three years to qualify for even a line of credit. The only chance you have of earning money you don’t need to pay back is if you win a business plan contest or new inventor competition, but that’s a long shot.  Now there are some franchises that provide funding, but 20-30% of the loan must come from your own resources.   

Myth #3: My business idea is so great my products will sell themselves.

Reality: Do not fool yourself. Building sales requires time, money, and a disciplined sales process that starts with strategic relationship building. How strong is your network? That’s where your first customers and sales will come from for your business.  What are your weekly marketing activities? Marketing is the engine that fuels a small business — no marketing = no sales.  Even if you have a big client, you do not want to put all your eggs into one basket.  Make sure your client base is diversified.   

Myth #4: I have been successful in corporate America; running a small business will not be too hard. 

Reality: If entrepreneurship were easy, everybody would be doing it. The biggest difference between working in corporate America and self-employment is infrastructure. You must build everything. You will have to do every job until you can afford help. Your corporate job can survive without you for a day or a week.  In your own business, if you don’t work, you don’t eat.  Sick days, hour lunches, health benefits and 401K perks don’t really exist in the start up phase of a small business.  You must be prepared to learn everything you can. If you already know everything, keep your good job—if you can.

Myth#5: Anybody can use my product or service.

Reality: One of the top reasons why small businesses fail is lack of having a niche target market.  Do not make the mistake of trying to sell to anyone that you think has money.  Take the time to develop a customer profile.  You should be able to see the face of your customer and know everything about her. How old is she? Does she have children?  In what country does she live? Does she make purchases using the internet? How much education does she have? What is her income? How often does she buy your product or service?

What other myths are out there about starting a small business?  Please let me know.

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 for emerging entrepreneurs.  Melinda’s first book Become Your Own Boss in 12 months; A Month-by-Month Guide to Start a Business that Works was released in March 2010 by Adams Media.