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Do You Need to Know Your Business?

By 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?

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.

Comments { 3 }

Are You Ready for 2010?

By 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_telesummitThe 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 1st 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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Global Creative Economy Summit 2009

By on September 22, 2009 in My Recommendations, Social Media

See Melinda Emerson Live at the Global Creative Economy Summit

Oct 5-6, 2009 Philadelphia Convention Center 

Only two weeks to register for GCECS 2009!

I will be among 150 speakers discussing topics including innovative technologies such as animation, gaming, design, social media, and business solutions software; to the resources that support creative entrepreneurial development ; to the 21st century workforce skills needed to fuel the creative economy; to the convergence of technologies and innovation that will drive sustainability in our communities and in the world.

Visit www.gcecs2009.com for more information about the program, speakers, the $75 No Frills registration package, and free events.

Comments { 0 }

Managing Difficult Clients

By on September 6, 2009 in Branding & Marketing, Grow Your Business, My Recommendations

Does this sound familiar…”How many 16 hour days is this project going to take?” “My client has saboteurs working with me on this project,” “This project started with an Managing Difficult Clientsunrealistic deadline and has gotten crazier every day since.” If you have said any of these phrases out loud to yourself recently – you are not alone.  Professional service businesses, particularly creative service businesses can really get abused and lose profit margin to rework.

Unanticipated hours spent trying to please a client that is never satisfied can drain you and your business like a vampire.  From the countless unnecessary revisions, to the “I don’t know what I want, but I don’t want that” dance or too many people allowed to influence the look and feel of your project.  Then there’s the real kicker– the client beat you up on price in the first place.  After more than a decade in business, I have seen that devil more than a few times-and now I have strategies to cope.

When it seems like nothing that you do is right, forget about preserving the relationship – save your sanity instead.  With a client who just won’t be satisfied no matter what you do, you need to operate defensively. 

Smallbizlady’s Rules for Managing Difficult Clients

  • Never start work without a signed agreement and at least a 50% deposit.
  • Don’t accept less than your standard fee without a good reason.
  • Reserve the right to adjust the budget if the scope of the project changes.
  • Make sure the budget is significant enough to hire a project manager to help you.
  • Have a kickoff to meet all the key stakeholders.
  • Create a project timeline and then have the client sign off.
  • Develop a detailed project plan with assigned task and deliverables.
  • Praise stakeholders openly who are helpful.
  • State clearly in your contract agreement, and every time you send over a draft how many business days the client will have to review the draft based on the project timeline.
  • Insist on a single point of contact.
  • 1 edit, 1 revision -That’s it! All additional changes are billable for time and materials hourly.
  • Use a signed work order for revisions. Before additional revisions are made, make the client sign a work order to approve any additional charges.
  • Over communicate with status reports.
  • Document all communication, just in case you need to prove ridiculous directives after the fact.

 If you are a project-based company it may make sense to invest in a project management software/file share program such as GoPlan, Microsoft Sharepoint, or SharedPlan Central. These programs allow you to give restricted access to clients and your project team 24/7.  It will also keep you from having 42 emails back and forth about the same project.

Always make time to fill your pipeline.  Do not fall into the trap of spending all of your time on one extremely demanding clients to the point where you can’t devote yourself to any new opportunities.  Say “no” or “that’s impossible” when necessary.

Take great care of customers, who love your work and acknowledge your dedication and professionalism.  They are rare, but they are the backbone of your long-term business success.

You will not love all of your clients; not everyone is a good customer.  The great thing about being in business for yourself is that you can move on from difficult clients after their nightmare project is over. Never be afraid to cut your losses and move on.

Have you ever dealt with a difficult client? How did you handle the situation? Share your story in the comments.

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

Comments { 7 }

How to Become a Family First Entrepreneur

By 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

Comments { 2 }

Healthcare Reform and Your Small Business

By on August 20, 2009 in Cash Flow & Finance, My Recommendations, SmallBizChat

Other than payroll, healthcare benefits represent the second or third largest cost center in any small business.  Subsequently, too many small business owners often cannot afford to provide health insurance coverage for their employees.  The current heath care debate presents an excellent opportunity to examine the pros and cons of the health care reform bill proposals.

Each week as Smallbizlady, I conduct interviews with small business experts on my weekly Twitter talk show #SmallBizChat.  This interview is excerpted from my #SmallBizChat interview with Dawn Rivers Baker, one of the nation’s most prominent experts on microbusiness.  Her activities on behalf of small businesses range from offering input on federal legislation to addressing audiences around the globe.  She has followed the healthcare reform debate very closely.

Smallbizlady:  What are the key features of the health care reform bill? 

Dawn Rivers Baker: First, there’s more than one health care reform bill. There’s one in the House and at least two in the Senate.  Common features include an individual mandate, tax credit for firms that offer coverage, “pay or play” provisions, and subsidies for poor folks. It also eliminates discrimination for pre-existing conditions, gender discrimination, and lifetime and yearly limits on coverage.

Smallbizlady:  Is the healthcare reform bill good for small businesses?

Dawn Rivers Baker: It’s a mixed bag, some good, some bad but much better than what we have now. There is a $1,000 tax credit per employee ($2,000 for family coverage) each year, more if an employer contributes more than 60% of the health insurance premium.

Smallbizlady:  Are their any down sides to the healthcare reform bill for small business owners?

Dawn Rivers Baker: There is a “Pay or Play” employer mandate that applies to firms with 10 or more employees.  There’s also still no allowable premium deduction as a business expense. This means that self-employed Schedule C filers will still pay FICA taxes on health insurance premiums.

Smallbizlady:  How will the health care reform bill affect small businesses who offer insurance benefits?

Dawn Rivers Baker:  The only impact will be that they will have more choices of plans and more tax credits for coverage.

Smallbizlady: I have seen some statistics that say small business owners on average pay 18% higher insurance premiums than large businesses.  A few years ago my firm’s healthcare premium was raised 62% with a month’s notice. Isn’t the health care insurance exchange designed to fix that?     

Dawn Rivers Baker:  The Health Care Insurance Exchange (HIE) can only be used by individuals (who don’t have acceptable coverage already) and (in two years) by employers with less than 20 employees.  So, the plans offered in the HIE will give individuals and small businesses the group-negotiating power of a larger employer. This will hopefully eliminate things like what you experienced.

Smallbizlady:  Will small business owners who do not offer health insurance before forced to do so?

Dawn Rivers Baker: You can’t FORCE them to provide health insurance. There will be a “pay or play” provision: cover your workers or pay into this kitty to help pay for premium subsidies.

Smallbizlady:  What about mental health benefits under the health care reform bills?

Dawn Rivers Baker: The House Bill, America’s Affordable Health Choices Act of 2009 H.R. 3200 requires covered services, including hospitalization, prescription drugs, mental health services, preventive services, maternity care, and children health care including dental, vision, and hearing services and equipment. It limits annual out-of-pocket expenses to $5,000 for an individual and $10,000 for a family.

Smallbizlady:  How are solopreneurs and 1099 freelancers covered under the bill? I believe it says if you don’t have coverage, you will have a 2.5% tax on   your adjusted gross income.

Dawn Rivers Baker: It is not clear. It depends on what happens with the public option and with the health insurance exchange.

Smallbizlady:  Will I get to keep my health insurance coverage, if I like it?

Dawn Rivers Baker: If you can afford to pay for it, yes.

Smallbizlady:  What if you are a business owner whose health insurance is covered by your spouse’s job, will you need to provide health insurance to employees?

Dawn Rivers Baker: Yes, if you have 10 or more employees. The “pay or play” employer mandate applies to firms with more than 10 employees.

Smallbizlady:  What should a business owner do who supports health care reform?

Dawn Rivers Baker: They should contact their elected representatives to express support. Use Congress.org to look them up if you don’t know who they are.

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

Additional resources:

“Reality Check FAQs,” WhiteHouse.gov, accessed August 11, 2009. http://www.whitehouse.gov/realitycheck/faq#i1

The List on Health Care (Insurance) Reform Bill Nowpublic.com August 7, 2009
http://www.nowpublic.com/health/list-health-care-insurance-reform-bill

“What exactly is in the Healthcare Reform Bill” Smallbiztrends.com, July 18, 2009 http://smallbiztrends.com/2009/07/what-exactly-is-in-that-healthcare-reform-bill.html

“Why We Need a Public Health-Care Plan,” Wall Street Journal, June 24, 2009. http://online.wsj.com/article/SB124580516633344953.html

“5 freedoms you’d lose in health care reform” Fortune June 24, 2009 http://money.cnn.com/2009/07/24/news/economy/health_care_reform_obama.fortune/

“Healthcare Reform Fit For Small Business,” BusinessWeek Small Business May 6, 2009 http://www.businessweek.com/smallbiz/running_small_business/archives/2009/05/health_reform_f.html

Comments { 4 }

What Can America’s 1st Mega Entrepreneur Teach us Today?

By on August 16, 2009 in Business Inspiration, My Recommendations
Benjamin Franklin

Benjamin Franklin

Benjamin Franklin only attended school for two years while growing up in Boston – but he was the most famous writer of his time and he made enough money to retire from his printing business at the age of 42.

Some might think he built his fortune from his famous inventions, including the lightning rod, bifocals, the odometer, and the Franklin stove, but Ben Franklin never patented any of his inventions.  He believed that everyone should benefit from science.  I guess you could say he was an eighteenth century open-source advocate.  I learned this after reading the Walter Isaacson biography Benjamin Franklin, An American Life Simon and Shuster, 2003

Ben Franklin was, without a doubt, one of the most successful businessmen of his time, but he perhaps taught us the most by how practical and strategic he was in the way he did business.

1. Franklin was not educated, but he was a life-long learner.  He spearheaded the creation of the first lending library in the county as a means of providing himself access to literature and philosophy that would allow him later in his life to be able to converse with the elder statesmen and international political leaders of his time.  Not to mention, being a voracious reader also contributed to him becoming an exceptional writer.

2. Franklin was a consummate networker. Franklin had a great personality.  He was clever, charming, astute about human nature and eager to succeed.  He became an expert salesman.  He liked to mix his civic and social life to further his business endeavors.  His printing business was initially financed by two businessmen who were impressed by him.  He organized weekly meetings of up and coming businessmen called Junto.  This early American version of a mastermind group was joined by enterprising tradesmen in Philadelphia’s middle class. They shared ideas, did deals and learned from each other.   

3. Franklin sought to improve himself and his community.  He and his colleagues in Junto established a university, hospital, lending library, militia, firefighting brigade, learned society, and the first insurance company.   

4. Franklin took only very calculated risks.  Project printing was how he paid the bills.  Franklin knew he could make more money as a publisher.  Despite bitter turf wars with fellow printers, he created joint ventures with his rivals to spread the financial risk on large jobs.  Franklin published newspapers and almanacs, but when his opportunity came for large government print jobs he used his joint ventures to help to cover a huge upfront cash outlay.  This resulted in several profitable deals. Sometimes things still went wrong, but he never lost his shirt.

5. Franklin carefully managed his personal PR.  Franklin knew how useful a good reputation was in business.  Franklin not only was hard-working and down-to-earth, but made sure that everyone knew it. By managing his reputation, he gained credibility which earned him customers.  He also knew how to communicate his vision to others, often using his own press as a vehicle for his strategic public relations work.  Biographer Walter Isaacson called Ben Franklin “the country’s first public relations expert.” 

6. Franklin was a franchiser of sorts.  Once his apprentices became journeyman printers, they were free to set up their own businesses, if they could find the seed capital.  Rather than risk one of his journeymen becoming a local competitor, Franklin came up with a franchising idea.  He set them up in business as his printing partner in other colonial cities where he did not have any operations.  They paid him back with one-third of their annual profits for the next six years – this move gave Franklin significant market share for his publications.  The economies of scale enabled him to crush his competition with more competitive pricing.

7. Franklin was an excellent writer.  Franklin’s signature publications the Pennsylvania Gazette and Poor Richard’s Almanacs were the most successful publications in the country, in large part due to Franklin’s witty conversational writing style.  Franklin often wrote anonymous letters and pamphlets which he published in his own publications to try to sway public opinion. 

8. Franklin paid attention to his market.  Franklin saw the world around him in terms of how it could be improved upon.  When he saw opportunities in his market, he came up with creative ways to meet customer demands.  For example, Franklin realized that nearly a third of the settlers in Pennsylvania were German-speakers, and promptly launched the Philadelphische Zeitung – the first newspaper printed in German in the colonies. 

Many of Franklin ideals and methods of doing business give us a great roadmap for success today.  His never ending search for a better world is best summed up as “doing well by doing good,” his ultimate secret to his success.

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

SmallBizLady’s Recommendations:

How to Win Friends and Influence People by Dale Carnegie

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

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

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

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

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

Guerilla Marketing Small Businesses by Jay Conrad Levinson

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

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

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

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

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

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

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

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

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

The Seven Minute Difference by Allyson Lewis

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

The New Rules of Marketing & PR by David Meerman Scott

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

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

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

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

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