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How To Use Trends Data To Grow Your Small Business

by Melinda Emerson, #SmallBizChat on January 26, 2012 in Branding & Marketing, Grow Your Business, Q & A Interviews, SmallBizChat

Every week as SmallBizLady, I conduct interviews with experts on my Twitter talk show #SmallBizChat. The show takes place every Wednesday on Twitter from 8-9pm ET. This is excerpted from my recent interview with Rieva Lesonsky @Rieva is CEO of GrowBiz Media, a content and consulting company specializing in covering small businesses and entrepreneurship. Before co-founding GrowBiz Media, Lesonsky was Editorial Director of Entrepreneur Magazine. A nationally known speaker and authority on entrepreneurship, Rieva has been covering America’s entrepreneurs for more than 26 years. www.growbizmedia.com

SmallBizLady: Why is it important for small business owners to pay attention to trends?

Rieva Lesonsky: If you don’t keep up on what’s going on (what’s trending), then it’s all too easy for your business to stagnate. Trends often end up taking businesses in new directions, which can scare business owners who aren’t comfortable pushing the envelope. Following trends doesn’t necessarily mean changing your business every time you hear about a new trend, but you need to educate yourself enough to know when you should—and should not react.

SmallBizLady: Are trends the same as fads? How do you differentiate?

Rieva Lesonsky: At first glance it might seem that trends and fads are the same thing. They’re not, though trends can start out as fads (that doesn’t happen all that often). Fads have short shelf lives. They’re in, everyone buzzes about them, and then they’re out. You can make a lot of money from capitalizing on fads, but it’s quite risky. Timing is key—you not only need to know when to get in—but more important, you have to know when to get out. If you don’t time it right, you can easily be stuck with a lot of expensive excess inventory.

SmallBizLady: What insights can a small business owner get from trends?

Rieva Lesonsky: If you pay attention, you can take advantage of a trend and add a lot of money to your bottom line. Trends take many forms: they can be about business practices, new technology, consumer behaviors, new demographics with buying power, or brand new business opportunities.

SmallBizLady: Is learning about trends the same as conducting market research?

Rieva Lesonsky: Not really, though the results may be the same. Market research is a more formal process, grounded in science. There are some hard costs involved, and you usually have to get other people involved. Trendwatching is more about seeing and adapting, and depending on what your particular situation is, it can all come down to your gut feelings.

SmallBizLady: Doesn’t market research cost a lot of money to conduct?

Rieva Lesonsky: While there usually are some costs involved with market research, it’s a lot easier today to conduct research on a budget. It all depends on what you’re trying to find out. But a smart first move is to ask your customers. You can do this in-store if you have a physical location, or using an online survey tool. Survey Monkey, which just bought my favorite survey company Zoomerang, is cheap—and easy to use.

If you live near a university or college, and need more formal and/or extensive market research, consider approaching a professor at the business school and ask if the class can conduct your research for you as a class project. You’ll likely have to pay some reimbursement costs, but you’ll still save a fortune.

SmallBizLady: Is it expensive to keep up with trends?

Rieva Lesonsky: It sure can, but it doesn’t have to. For some industries, there are companies that specialize in observing and reporting on trends. It can be quite expensive to subscribe to these services, but many businesses swear by them. Other research firms create extensive research reports which can be purchased for several thousand dollars.

On the other hand there are lots of places to get trends info free—or for a relatively low cost. Many websites, magazines, newspapers and blogs can deliver a lot of trend information at a relatively low cost—or even for free.

There’s a lot of free information available from the government as well.

Really, it’s about paying attention. You need to be a participant. Know what people are watching on TV, what books they’re reading, what movies they’re going to?

SmallBizLady: What are some good places to find out about trends?

Rieva Lesonsky: Here are some of my favorite trend sites, and places to get info:

www.springwise.com, www.trendwatching.com, http://www.jwtintelligence.com/, http://www.npdinsights.com/, http://oxygen.mintel.com/index.html, http://www.hartman-group.com/, www.ibisworld.com, and you can sign up for my free weekly trends e-newsletter, TrendCast at www.smallbizdaily.com

I also get a lot of trends info from BloombergBusinessweek magazine, The NY Times and The Wall Street Journal.

One of my favorite sources is Census data and other government reports. It’s amazing what you can learn from perusing this data. For instance from looking at Census data several years ago I discovered we’re on the leading edge of a wedding boom, that will likely last for more than 20 years (and leading to yet another Baby Boom).

SmallBizLady: What are some trends that are going on right now that I should be aware of?

Rieva Lesonsky: In customer behavior, the trend is towards wanting value. Consumers aren’t necessarily looking for the lowest prices, but they want to make sure they are getting a good deal for their money.

In the world of technology we’re seeing several dominant trends, both which can result in increased productivity for us, and our employees. One is the continuing march towards cloud computing, which decreases costs, increases productivity and communication. I know some businesses that were able to go all virtual, because of cloud-based servers, saving the owner a lot of overhead.

Another is consumerization, which is the merging of our digital personal and professional lives. I’d also keep my eyes on gamification, which is increasingly being incorporated into business practices.

And mobile marketing is quickly becoming very important. Most businesses not only need a website, but they need one that is optimized for mobile devices.

SmallBizLady: We’re always hearing about how young people set the trends. Does that have influence on other demographics?

Rieva Lesonsky: Actually trends can start in any demographic, and affect (or should I say infect) other generations. Right now there are major trends going on in many demos. The over 50 crowd is acting younger, and many are not planning to retire anytime soon. They working, spending and are a great market to target. They’ve embraced technology more than people give them credit for.

Gen Y is having an impact, just by its size. They’re early tech adopters, and demand that workplaces offer better technology—and have had a lot to do with the consumerization and gamification trends.

The lines between the generations have blended to some degree, which is good news for business owners, giving us broader markets to target.

SmallBizLady: Are there some business niches that are particularly trendy right now?

Rieva Lesonsky: The senior market is quite hot. The oldest baby boomers turn 66 this year, but the youngest turn 48, so there’s a lot of years left to serve this market. There’s a growing need for services to address parents of these Baby Boomers as well, like adult day care, senior relocation services, and home health non-medical care.

Another market that’s trending is the beauty and health industry. We’ve seen significant growth in things like Pilates and yoga studios, and clothing, and in men’s grooming products. And there’s a ton of money spent by teens, tweens and even young girls on makeup.

SmallBizLady: There always seems to be a food trend in the US. What’s hot right now?

Rieva Lesonsky: So many—too many to mention actually. If you own a restaurant, even non-vegetarians are demanding more veggie choices. Hamburgers are going upscale, some burger joints have rebranded as burger pubs or burger bars, offering more exotic toppings, and meat, leading to more prices.

Mobile food is still hot—almost anything can be served from a truck these days, and the overheads costs are reduced. Many entrepreneurs who started in trucks, graduated into sit-down restaurants.

And of course the battle to rule the dessert realm continues. Many have tried, gourmet macaroons, donuts, pies in many forms—but cupcakes still rule.

SmallBizLady: What’s the one thing all small business owners need to keep in mind as they grow their businesses?

Rieva Lesonsky: Trends are important because they provide fodder for change. And that’s essential for the health of every growing business. You cannot, should not fear change. Embracing change will keep you ahead of your competitors, and in a better position to attract and satisfy customers.

If you found this interview helpful, join us on Wednesdays 8-9pm ET follow @SmallBizChat on Twitter. Here’s how to participate in #SmallBizChat: http://bit.ly/S797e

For more tips on how start or grow your small business subscribe to Melinda Emerson’s blog http://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. Forbes Magazine recently named her one of the Top 20 women for entrepreneurs to follow on Twitter. She hosts #SmallBizChat Wednesdays on Twitter 8-9pm ET for emerging entrepreneurs. She also 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)

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How To Be A Pregnant Entrepreneur – #Smallbizchat QA with Darla DeMorrow

by Melinda Emerson, #SmallBizChat on January 19, 2012 in Mompreneurs, Q & A Interviews, SmallBizChat, Women in Business

Every week as SmallBizLady, I conduct interviews with experts on my Twitter talk show #SmallBizChat. The show takes place every Wednesday on Twitter from 8-9pm ET. This is excerpted from my recent interview with professional organizer Darla DeMorrow @DarlaDeMorrow Darla helps people find their desktops, keys, time, money, and sanity as a certified professional organizer, but her kids still leave toys on the floor. She was a pregnant entrepreneur twice and wrote the book The Pregnant Entrepreneur. Website: www.PregnantEntrepreneur.com

Smallbizlady: Once I realize that I’m pregnant , who should I tell and when?

Darla DeMorrow: Disclosure of your news requires a plan. Start with your spouse, then family when the time is right. Tell employees, then clients. Then figure that everyone else will already have heard the news, but still be prepared to tell people. Don’t let people wonder too long, especially employees and key clients. You want to assure them that there is a plan for business continuation. Unfortunately, there is still a stereotype that most women decide to stay home after having children, even if that isn’t reality. It’s unbelievable, but you may be discriminated against for being pregnant, and you may not even know it. But it’s almost never worth pursuing, other than to perform your best, just as you always have.

Smallbizlady: What kinds of things should I spend my time on while pregnant, getting ready for change?

Darla DeMorrow: In your first trimester, start any new projects that can better sustain the business, especially passive income streams that you might want to develop. In your second trimester, wrap up any major projects and secure any agreements with colleagues or suppliers. In your third trimester, spend time on building relationships, scheduling business for your return from maternity leave, and putting finishing touches on any new passive revenue streams.

Smallbizlady: How long will I be able to work while pregnant?

Darla DeMorrow: Every pregnancy is different, but with good health, most women will work right up until delivery. Physical changes do start almost immediately, though, so the golden rule is to listen to your body and don’t do something if it stresses your body. Although I was able to do much of my normal workload right up until my ninth month, I did find that I was accomplishing work much more slowly. So if you work alone much of the time, consider bringing in an assistant to help speed things up, even if you are otherwise healthy.

Smallbizlady: How long of a maternity leave can I take?

Darla DeMorrow: The good news: you decide how long you can take. Your bank account determines how long you can afford to take. Do a review of your bank account to see how long your business savings will allow you to run the business and still pay the bills. Decide how to increase revenues or cut expenses if you want to take a longer leave. If you aren’t good with numbers, use the Maternity Planning Guide I developed to help figure it out. The guide is in The Pregnant Entrepreneur and downloadable free at www.PregnantEntrepreneur.com . If you have the opportunity to establish any passive income streams now, like books, virtual consulting, tele-training and paid subscription programs, they may be able to add income even while you are not working.

Smallbizlady: Will I be able to run my business, even with a pregnancy and with a child?

Darla DeMorrow: Yes, if you want to. The keys will be organization, focus, and support. Talk to other business owners. Read what you can. Write down your plans for the business. Do it now. Most women will tell you that flexibility is the most important factor as their family grows, and you probably already have high flexibility as a business owner, so you are ahead of the game.

Smallbizlady: Will anyone else help pay for maternity leave?

Darla DeMorrow: Sadly, no. Unemployment and health insurance don’t cover maternity leave for the self-employed. If you aren’t yet pregnant, you might be able to buy a disability policy to cover time off, but do the math to see if it will pay enough to cover your loss of income. Start with your insurance carrier or a local benefits and insurance broker to research this, but do it before you
get pregnant.

Who else can help me run the business, even if I am a sole proprietor? Get a team together. Think like a big company and list out who your key suppliers and subcontractors are. Figure out if any of them might be able to service clients while you are out. Forge relationships with competitors to enable new clients to get serviced and old clients to get help. Consider earning referral fees if you are willing to refer clients out to Consider hiring help.

Smallbizlady: What if I don’t want to continue to run the business? When should I not continue?

Darla DeMorrow: Being an entrepreneur is great, but only if you are profitable. If your review of the business shows a deficit, and you can’t or don’t want to make changes to the business for profitability, then close the business without regret. According to the SBA, 50% of small businesses close after just five years in business. That doesn’t signal failure, but keeping an unprofitable business running while you could spend time on a new business or with your precious newborn is not a smart choice. This time will never come again. Having the option to devote time to your family is a luxury, and can be cherished.

Smallbizlady: I had a very difficult pregnancy and was on bed rest for nearly 6 months. What advice do you have for entrepreneurs who run into complications?

Darla DeMorrow: Complications that put you out of work are relatively rare, although they do happen. Plan for the worst, from how you will handle clients or employees to the reserves that you’ll need to close operations for a while, should you run into trouble. If you do get a bed rest prescription, talk with your doctor about how much work you should be doing, even with the help of today’s technology. Really, as a business owner, you should have a plan B anyway. Anyone can run into events that would disrupt a business, from a death in the family to a car accident. We don’t want to think about it, but successful business owners do.

Smallbizlady: Should I still try run my business with a small child?

Darla DeMorrow: Yes! If you are passionate about what you do, then your business will continue to be fun and rewarding, and possibly even a welcome break from all the pregnancy and baby craziness. If you are profitable, even a little bit, the flexibility that you gain from owning your own business will be worth so much more when you have to work around another small person. If you are passionate, you have a better chance of being successful than established businesses in your field.

Smallbizlady: What do I need to know about those first few weeks with my newborn?

Darla DeMorrow: Turn off the technology. Everything changes, so plan but be flexible. Give yourself a chance to unplug. Six weeks is absolutely not enough time to get used to the new normal and handle a full work load. Have a backup plan in place if you need to take a little longer getting your bearings. You may want to keep in touch with key contacts, but don’t immediately jump back into the fray if you don’t have to.

Smallbizlady: What is the one thing you must do as a pregnant entrepreneur?

Darla DeMorrow: If you don’t already do this, pay yourself. Mark your paydays on the calendar. Pay yourself when you sit down to pay your bills, once or twice a month. Write yourself a check or get to the bank and withdraw cash. If you haven’t started taking a salary from your business, start now, even if it is only $25 per week. You’ve probably been pouring all of your profits back into the business, but you deserve a paycheck, too. This becomes super important since you will probably need more income now, whether for necessities or just cute little baby outfits. But if you are going to stay in business for the years to come, it has to be worth it, and working for free isn’t fun for long. Make it pay for you and your family.

If you found this interview helpful, join us on Wednesdays 8-9pm ET follow @SmallBizChat on Twitter. Here’s how to participate in #SmallBizChat: http://bit.ly/S797e

For more tips on how start or grow your small business subscribe to Melinda Emerson’s blog http://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 Quintessence Multimedia, Melinda educates entrepreneurs and Fortune 500 companies on subjects including small business start-up, business development and social media marketing. Forbes Magazine named her #1 woman for entrepreneurs to follow on Twitter. She hosts #SmallBizChat Wednesdays on Twitter 8-9pm ET for emerging entrepreneurs. She also publishes a resource blog http://www.succeedasyourownboss.com Melinda is also bestseller author of Become Your Own Boss in 12 months; A Month-by-Month Guide to a Business That Works.

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How to Negotiate Commercial Real Estate – #SmallBizChat QA with The Square Foot

by Melinda Emerson, #SmallBizChat on October 20, 2011 in Grow Your Business, Q & A Interviews, SmallBizChat

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 Justin Lee, co-founder of The Square Foot. The Square Foot is a website that connects businesses with local real estate agents who have insider market information that you won’t learn from listing services or landlords in the Houston area. Justin is a licensed real estate salesman in Texas and has worked in commercial real estate since 2003. Learn more about his new venture: http ://www .thesquarefoot .com

Smallbizlady: What are the different types of office space businesses can find for lease?

Justin Lee: Broadly speaking, there are three types of office space: traditional, executive, and virtual. By far the largest percentage of offices are traditional leases. Traditional leases fill up most of the buildings you see around you everyday. Executive suites offer smaller floor plans (generally under 1000 square feet) with more flexible lease terms and communal conference rooms and kitchenettes. A virtual office at the most basic level gives the user an address where she can receive mail plus access to a conference room for a set number of hours a month.

Smallbizlady: Why shouldn’t business owners rely on online listings for available spaces?

Justin Lee: The most common problem is that the information on listings is not always up to date. Listings are sometimes left online even after the spaces are leased just to get prospects in the door and looking at other available spaces. While listings can be helpful, they are only a small part of the process which takes time and knowledge.

Smallbizlady: Why should business owners/operators avoid leasing office space without a tenant broker?

Justin Lee: The fact of the matter is that a tenant is simply not aware of the market driven standards for the countless elements of a complicated commercial lease, nor are they up to speed with all of the available space options for them. A tenant broker is a market expert that represents only the tenant and due to industry practice commissions are paid by the landlord, which means no out of pocket expense for the tenant!

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Ask @SmallBizLady: How do I follow-up after a business conference?

by Melinda Emerson on June 17, 2011 in Ask Smallbizlady, Become Your Own Boss Tips, Branding & Marketing, featured, Grow Your Business, Social Media, Technology

Every Friday, I answer your small business questions in a video blog segment called Ask Small Biz Lady. This week, I took a question live from the New York Times Small Business Summit.

Here’s the question: How do I make a plan to follow-up after a business conference? Here’s the answer: http://www.youtube.com/watch?v=Z3rKLFEkF_I

Immediately reach out to all of your new connections on LinkedIn.

Separate your new contact into piles email follow-up vs. hand-written note.
Wait 5-10 business days to follow-up your initial contact with a personal phone call. I really enjoyed attending this year’s conference.

Here’s some key takeaways: It’s all about being ready to do commerce via mobile devices. All websites need to be mobile ready and google is coming out with some innovate tools to help…stay tuned.

LivingSocial.com CEO Tim O’Shaughnessy, enlightened the audience by explaining how important it is to have a local sales presence for an online business. He also made the audience aware of all the other services his company can provide for small businesses beyond daily deals, which I am intrigued to learn about that more fully.

Susan Sobbott, President of American Express Open, shared sobering statistics on social media use among small businesses. 35% are using Facebook, 14% are using LinkedIn and 10% are on Twitter regularly.

If you have a question for Melinda Emerson, Small Biz Lady, leave a comment on this blog using the contact us page or send me a note on Twitter @smallbizlady, on Facebook at www.facebook.com/smallbizlady or you can hit me up on www.linkedin.com/in/melindaemerson I’m always here as a resource.

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How to Make the Most of Social Media Marketing

by sss4success on June 14, 2011 in Become Your Own Boss Tips, Branding & Marketing, Customer Service, Grow Your Business, Social Media

Image taken from Google Images

Leveraging the power of social media to market your brand in the Web 2.0 world is imperative to remaining viable as a business owner. Having social media profiles on Facebook, Twitter, and LinkedIn aren’t enough to take advantage of the marketing opportunities that new media environment has created. You need to adopt a comprehensive strategy to deliver the results that you want.

Here are five (5) key strategies to insure that you make the most out of your social media marketing efforts:

Have a Plan and Set Objectives: As an entrepreneur, the temptation might be to just jump in and start using various social media platforms to promote your brand and products, but before doing so, you need a clear understanding of how you’re using social media to augment your core marketing efforts to generate leads and convert them to sales. Social media alone can’t be the “be-all, end-all” of your company’s plan, so having a Social Media Marketing Plan that specifically shows how social media outlets will be used to promote your brand is key.

Know Your Niche: In a world where Facebook has over 500 million registered users and Twitter sees 155,000,000 tweets a day from any of its 200,000,000+ tweeters, your message can be easily lost in the “noise” being created in the social media space. Targeting your market and knowing the best places to reach key members of your audience is the best way to insure better returns for your efforts.

Encourage Conversation and Dialogue: If you run a blog, enable your comments and allow visitors to contribute their opinion and provide a sense of community around the content you’re providing. If you visit other blogs regularly, leave useful comments (i.e. relevant to the topic at hand and not just a standard “Great Post!”) and provide your contact/blog information within your comments profile (if possible). Encouraging conversation and dialogue among the people who already find your content compelling is a great way to learn what makes them tick and ensure that you can keep providing what they need to keep them coming back to you.

Be Easy to Contact: It may seem like a “no-brainer”, but you’d be amazed at how many websites, blogs, and Facebook pages provide absolutely no way to get in touch with the people behind them. If your goal is to facilitate a relationship with your customers using social media, you have to be available to them. This can be done by providing easy ways for your customers and future customers to get in touch with you by providing online forms on your websites and blogs, giving email addresses and phone numbers (if you check them regularly and intend to respond), and even providing your Skype ID (if you use the service). Making it easy for people to contact you will provide one more way that you can hear what your audience wants.

Monitor Your Progress: Any Social Media Marketing effort is dead in the water without assessment. Be sure to manage and tweak Social Media Marketing Plan to determine if you’re meeting the long and short-term objectives you’ve set for your company.

What other strategies have you used to maximize the return on investment

of your social media marketing efforts?

Kindra C. Cotton is a Serial Entrepreneur, Technology & Social Media Specialist who runs a small business consulting practice specializing in brand marketing, market research, and strategic information consultancy. Her flagship brand “SSS for Success (Small Business Survival Specialists)” specializes in preparing small and medium-sized organizations to take advantage of the free and low-cost marketing avenues that exist online.

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9 Reasons Why Boomer Businesses Fail

by Melinda Emerson on June 13, 2011 in Ask Smallbizlady, Before You Start, Business Inspiration, Customer Service, featured, Grow Your Business, How to Start, My Recommendations

Baby Boomers Businesses

I know a woman (let’s call her Sarah) who was a vice president at a major Fortune 500 company. She was a sassy 48-year-old single MBA who was very successful climbing the corporate ladder. She worked in marketing, managing a brand at her company and making a handsome six-figure income. Then one day she decided that she wanted to start a business.

She did her research and decided to invest in a food franchise. She learned that franchises are 10 percent more likely to be successful than startups, so she decided to go for it. She hired an attorney to look over her franchise agreement. She spent weeks finding the perfect location and then hired an architect and contractor to develop her space. She gave notice at her job and invited everyone to her grand opening. She was so excited. She had prepared a thorough marketing plan and invested in local advertising through a coupon mailer.

Within two years, Sarah was back working in corporate America, grateful to have a job. I bumped into her and asked her what happened. She said, “I cannot be a slave to anything — especially something that does not fulfill me, and on top of that I hate teenagers and that’s who my employees were. I am grateful to be back at work with a regular paycheck.”

For baby boomers, making the transition from having a job to starting a business can be a tough road, no matter how successful you were in your previous life. Some of the issues that come up may have little to do with how well the business is doing financially.

Here are nine common trouble spots that cause baby boomer businesses to fail. These are the things that can destroy your entrepreneurial dream if they go unaddressed.

1. Not being coachable
To be successful in business, you must be a life-long learner and understand that you can learn something from anyone, even your interns and teenage employees. You also must be able to seek out– and take — advice from mentors and other entrepreneurs. Sometimes when you’ve been successful in the corporate world you might ask yourself “How hard could it be to run a small business?” Don’t be fooled; the hard work is endless!

2. Not developing a life plan
You need a life plan before you ever write a business plan. Take the time to think about what you want out of life, and then build a business around that. You need to know things like “How much money do I need to earn to be happy?” and “Is day-to-day variety important to me?” You do not want to start a business that is NOT a good business for you and your family.

3. Not having the energy
You must be honest about what you are willing to do to make your business a success. One of Sarah’s complaints was that she could not be a slave to anything. But that’s what it takes. In the first few years of running a business, your business owns you: 14- to 16-hour days are common, especially if you open a retail business that has long store hours. Can you physically sustain working seven days a week?

4. Not having a network
As a startup business, your network is your net worth. People do business with people they like, know and trust. You had no problem getting calls returned when you had a big corporate job, but once you are on the outside pounding the payment, it might be another story. Before starting a business, spend at least a year cultivating the market. If you are not good at making friends or are one of those people who never keeps in touch, entrepreneurship might not be for you.

5. Not willing to scale back your lifestyle
When you’ve been working a long time, and making good money, chances are you spend what you make. When you decide to become an entrepreneur, the first thing you should do is end your addiction to your paycheck. You must scale back your lifestyle to the essentials — and you need to cut back at least 12 months before you start your business. If you are someone who regularly enjoys retail therapy, eating out, extensive travel or indulging in the latest electronic gadgets, you might not adjust well to the entrepreneurial lifestyle.

6. Not saving enough money
In my book, Become Your Own Boss in 12 Months, I outline three pools of money that you should ideally have before starting a business. First, make sure you have the money to start your business. Then set aside enough resources so that you can survive for up to two years without a salary. On average it takes 18 to 36 months for a small business to break even, let alone replace your corporate salary. The third pot of money is your emergency savings. Your car may need to be replaced, your air conditioner may die, and your children may need college tuition. Your ability to start a business has everything to do with your ability to save money.

7. Having competing priorities
After age 40, you may have aging parents and perhaps a first grandchild that you’ve welcomed into the family. If you need to stay on top of your mother’s doctors’ visits or help out your daughter and son-in-law with the new baby, it may be really tough to get a new business off the ground because you will not have any spare time.

8. Lack of a niche target market
Too many small-business owners sell to anyone they think has money. Define your niche customer and make sure you know why your customer will buy from you. It is so much easier to develop a marketing strategy when you know who you are trying to reach. You have limited time and limited resources. Customers want to hire businesses that specialize in solving their problem.

9. Lack of personal and fiscal discipline
If you do not run your household on a budget, you likely will struggle to run your business on one. You must make business decisions based on up-to-date financial information. Will you make money decisions without consulting your budget? How will you focus on tasks that generate money? Will you raid the cash register whenever you need money? You should know in advance how much money you are making on each sale; otherwise, you might have an expensive hobby.

If you focus on these nine areas as you are planning your midlife transition, you are far more likely to start a sustainable and profitable small business.

Melinda F. Emerson, known as the SmallBizLady, is an entrepreneur, professional speaker, small business coach and the author ofBecome Your Own Boss in 12 Months. In 2010, Forbes magazine named her as one of the Top 20 Women for Entrepreneurs to Follow on Twitter.

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9 Reasons Why Boomer Businesses Fail

by Melinda Emerson on June 13, 2011 in Ask Smallbizlady, Before You Start, Business Inspiration, Customer Service, featured, Grow Your Business, How to Start, My Recommendations

Baby Boomers Businesses

Here are nine common trouble spots that cause baby boomer businesses to fail. These are the things that can destroy your entrepreneurial dream if they go unaddressed.

If you focus on these nine areas as you are planning your midlife transition, you are far more likely to start a sustainable and profitable small business.

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Ask @SmallBizLady: How can I get my kids to “buy in” to my business?

by Melinda Emerson on June 10, 2011 in Ask Smallbizlady, Business Inspiration, Mompreneurs, Your Small Business

Here’s the answer:

Every Friday, I answer your small business questions in a video blog segment called Ask Small Biz Lady.

This week, we are taking on the question: How can I get my kids to “buy in” to my business?

If you want to get your family to support your business follow these steps:

Communicate with them and teach them what you do.
Don’t be afraid to put even the little ones to work; Get them a job in the business
Share your ideas and ask for their feedback
Everyone loves to be asked for advice, so you can’t go wrong there.

I’m always here as a resource.

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The Minority Entrepreneur Accelerator Program Could Be Your Answer

by Melinda Emerson on June 8, 2011 in Become Your Own Boss Tips, Branding & Marketing, Business Inspiration, BYOB2011, Cash Flow & Finance, Customer Service, featured, Grow Your Business, My Recommendations, Social Media, Technology, Your Small Business

Comcast Interactive Capital, the venture capital affiliate of Comcast Corporation, one of the world’s leading media, entertainment and communications companies, today announced that is has partnered with DreamIt Ventures (“DreamIt”), the leading technology accelerator for entrepreneurs, to provide seed funding, training, mentoring and other benefits to five minority-led startups through DreamIt’s accelerator program. The partnership with DreamIt, entitled the Minority Entrepreneur Accelerator Program (MEAP), is Comcast Interactive Capital’s first investment initiative from the $20 million fund created by Comcast as part of the NBCUniversal transaction that is committed to expanding opportunities for minority entrepreneurs.

Comcast Interactive Capital and DreamIt are now accepting applications and will select five minority-led startups to participate in DreamIt’s three-month accelerator program taking place in Philadelphia this fall. The deadline for applications is July 8^th and the program will commence on September 9^th.

Kerry Rupp, Managing Director of DreamIt, said, “We are thrilled to have Comcast Interactive Capital as a partner and are looking forward to working with them. DreamIt is proud to provide assistance and opportunities to help entrepreneurs grow, and we know that Comcast will provide invaluable expertise and partnership to this process.”

MEAP will provide minority entrepreneurs with the opportunity to engage in an intensive, company-building experience. Applicants who are accepted into MEAP will be a part of DreamIt’s broader Fall 2011 initiative in Philadelphia and will be offered the opportunity to learn from, and be mentored by, recognized experts in marketing, brand building, business development, financial modeling, business plans, distribution and customer acquisitions. In addition, they will be provided with office space, working alongside the other startups selected and be provided with donated legal, accounting and administrative help. At the end of the three-month period, the startups will have the opportunity to pitch to venture capital and angel investors at a demo day in Philadelphia to secure further funding to create a sustainable business.

For details on how to submit an application for the Comcast Minority Entrepreneur Accelerator Program, please visit the DreamIt website atwww.dreamitventures.com/about/Comcast-MEAP.php.

For more tips on how start or grow your small business subscribe to Melinda Emerson’s blog http://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. Forbes Magazine recently named her one of the Top 20 women for entrepreneurs to follow on Twitter. She hosts #SmallBizChat Wednesdays on Twitter 8-9pm ET for emerging entrepreneurs. She also 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)

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6 Things Oprah Winfrey Taught Us About Business

by Melinda Emerson on June 5, 2011 in Become Your Own Boss Tips, Before You Start, Branding & Marketing, Business Inspiration, Customer Service, Grow Your Business, How to Start, Women in Business, Your Small Business

Oprah Winfrey is my hero. I never thought about being an entrepreneur until she got on my radar when I was in college in the early 90’s. It was around that time that she opened Harpo Studios in Chicago, making her the third woman in the American entertainment industry (after Mary Pickford and Lucille Ball) to own her own studio. She immediately went from being just a daytime talk show host to becoming a media mogul. And it was awesome to watch. The biggest thing she did for me was show me that I could do it too. I have studied her every move in business. I had an Oprah file for a year before starting my production company in 1999. Any article I could get my hands on about her business I would devour, print and keep. What I love about her most is that she has never been about goals. Oprah Winfrey has always been about growth. She has constantly evolved. That and her business acumen will leave a lasting legacy to all business owners to come. Here are 6 Things Oprah Winfrey taught us about business. 1. Find your calling. Oprah said in her final show that every day she walked on stage she felt that she was exactly where she was supposed to be. If you have no life plan, you are most likely following someone else’s agenda for your life. Live on purpose! Don’t be one of these entrepreneurs with an endless to do list, exhausted at the end of day– getting nowhere fast and not making any money. Oprah urged us to follow our own truth. God speaks to us though visions and dreams. Pay attention to what he is showing you about your destiny and build a business around that. 2. People show you who they are the first time. If a prospective customer approaches you, acting like an impossible nightmare, that is exactly who they are and how they will behave if you move forward in business. Do not allow your need for money or a contract force you to tolerate someone who does not value your professional expertise. You will never be paid enough money to make it worth it. 3. Oprah owned a broad niche. Oprah targeted a demographic that was women of all ages and income levels. She developed shows that would appeal to career women, working moms, stay-at-home mothers, grandmothers, retirees, high school and college students. And her audience was loyal because she helped them be better, live better, and find a correct fitting bra. 4. OWN your mistakes. In the wake of disappointing ratings at OWN, The Oprah Winfrey Network, Oprah’s latest venture in partnership with Discovery Networks, Oprah made a change at the top. Network head Christina Norman, abruptly left the 4-month-old cable channel at the beginning of May. How many of us wait until it’s too late to make changes in our businesses? Evaluate what is going on in your business and do not be afraid to change course if you need to. 5. Know that you are worthy of success. Often times we know what we deserve, but the thing that keeps us from truly capturing it is internalizing that we are worthy of all God has for us in our lives and businesses. 6. Be willing to do what it takes. Oprah never missed a day of taping on her show in 25 years. She knew that showing up was the most important element in her success equation. Are you willing to do all that it takes to make your business a success? I have begun to reach major success in my business, but I started being your SmallBizLady in 2007. There is no such thing as overnight success. What lessons have you learned from Oprah in your small business? For more tips on how start or grow your small business subscribe to Melinda Emerson’s blog http://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. Forbes Magazine recently named her one of the Top 20 women for entrepreneurs to follow on Twitter. She hosts #SmallBizChat Wednesdays on Twitter 8-9pm ET for emerging entrepreneurs. She also 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)

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Should I put my picture on my business card?

by Melinda Emerson on May 20, 2011 in Ask Smallbizlady, Become Your Own Boss Tips, Branding & Marketing, Business Inspiration, BYOB2011, Customer Service, Grow Your Business, My Recommendations, Q & A Interview, SmallBizChat, Solopreneurs, Your Small Business

Ask @SmallBizLady: Should I put my picture on my business card?

Every Friday, I answer your small business questions in a video blog segment called Ask Small Biz Lady. This week, we are taking on the question: “Should I put my picture on my business card?”

Here’s the answer: http://www.youtube.com/watch?v=OKXIfQM-Kn4

If you are a solopreneur or a brand of one person with a business you can use your picture on you business card. Particularly if your business involves visual branding such as photography, make-up artist, stylist it could make sense to use your photo on your business card to promote your business. It could also work will for speaking and coaching businesses, financial services or if you a real estate agent. You just need to have a reason for using your photo on your business card.

For the record, I do not use my photo on my business card. My book is on my business card instead.

I’m always here as a resource.

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When It’s Gut Check Time in Your Small Business

by Melinda Emerson on May 17, 2011 in Guest Articles, Your Small Business

From time-to-time things may not go the way you need them to in your small business. When that happens, you need to take a deep breath and figure out what you are going to do. You can always seek the advice of mentors, but ultimately you need to do a gut check with yourself.

Here are 5 things to consider when your business is not going well:

Don’t be an ostrich: A major failing of many small business owners is in not taking their head out of the sand to give their business an overall strategic look. It is vital that you step back and research – look for trade association analysis, economic marks, and consume as much information as is published about your information. But you can’t rely solely on what is published – you need to venture into the real world to ensure the data you’re finding is valid. Networking is critical – go to tradeshows, join your local chamber of commerce, and talk to other business owners in your industry. Talk to different sources to make sure the information you’re receiving is consistent. You can spot trends by speaking to manufacturers and vendors that service your industry – they’re the ones that see what’s coming down the line.
Prepare for battle: Take a coldblooded look at where your market is in terms of how you think it will uptick. Then, look outside of your market to see how the larger picture as the buying habits of your target customer may have changed. Use what you learn to formulate a 6-month and a 12-month plan of action, which should include milestone markers that will be used for you to assess your plan as you execute it. But, don’t panic if it takes a little longer than you expected it might– there are frequent delays and changes in the market, and you have to give your plan time, and keep the faith. It’s important to balance belief in what you’re doing with outside data that confirms you’re on the right bath – large companies have teams of people that do this full-time, but for small business, it falls on the business owner to do so.
Call in backup: Every business owner needs a group of people that they truly trust, but whom aren’t involved in the day-to-day operations of the business. Business owners should seek to create an advisory group of individuals that understand your sector, but aren’t in the trenches with you, to bounce ideas off of and then triangulate accordingly. Small biz owners tend to be isolated, and forget the value of having outside perspective. Large companies have investors and boards of directors, and meet quarterly to get that perspective, which gives them a leg up over small businesses that don’t take the time to connect for insights.
Low, slow, or no cash flow: In order to sustain delays in the market, smart business owners will build in a financial cushion. It is vital that business owners go beyond living week-to-week or month-to-month – you need to think about your plan and how you’re spending your cash. What if several customers are suddenly unable to pay in the set window of time? If multiple accounts receivables are coming in slow, instead of waiting for crunch time, prepare ahead – can you tap a line of credit? Contact your vendors to extend payment terms? Order stock/supplies less frequently? Take a close look and do a cash flow projection to make sure you’re prepared to weather the worst.
The laws of (funding) attraction: Investors are largely still on the sidelines and, unless your company has an Internet play (retail or service), they’re going to evaluate you based on traditional models of revenue and profitability. If you go out for funding, you must be able to allocate time away from your business – and it takes a lot of time, and you have to put together a written plan with backup on financials. For small businesses right now, banks are still very tight. Unless you have perfect credit and a stellar background, the bank’s return to traditional lending guidelines means that your best bet is to go after small business loans backed by the SBA (federal government). If traditional lending sources are not an option for your business, don’t give up hope – there are more large groups of angel investors than ever before, and many businesses survive by reaching out to friends and family.

Quincy Yu, has spent her 30+ year career consulting for big and small businesses across a variety of industries, and currently she serves as President of SeaYu Enterprises, makers of Clean+Green natural pet stain and odor removers.

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Make This May The Month You Become Your Own Boss

by Melinda Emerson on May 11, 2011 in BYOB2011

Contact: Sonia Schenker
(E): sonia@melindaemerson.com
(P): 347-766-4289
FOR IMMEDIATE RELEASE

PHILADELPHIA, PA (May 9, 2011) – Melinda F. Emerson, SmallBizLady is a small business expert and bestselling author who has been featured in The Washington Post, Forbes, Fortune, Essence and Black Enterprise magazines. Known for her savvy approach to ending small business failure, she is crossing the country to coach small business owners through the Become Your Own Boss (BYOB2011) national tour. The conference is designed to give entrepreneurs a healthy slice of the reality of starting and running a successful business.

The half-day program sponsored by http://www.corpnet.com/, will be held in the nation’s capital at Busboys and Poets, 14th and V Streets NW, Wednesday May 25th, 2011 from 8-1pm. Registration is now open for area entrepreneurs seeking to ditch their paychecks and start or grow their own small businesses. All attendees will receive a free copy of Melinda’s new workbook as part of their registration. Seating is limited; tickets are $99 and are available online. Continue Reading →

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Problem-Solving Through Challenges in Your Small Business

by Melinda Emerson on May 10, 2011 in Grow Your Business, Guest Articles, Your Small Business

While entrepreneurs are certain to face challenges from clients, one of the keys to being successful in business is the ability to face problems fearlessly. The three most common problems in business are managing deadlines, managing expectations, and dealing with a changing marketplace. Below, I’ll share with you some of the most common obstacles facing small business owners and some tried-and-true secrets and solutions.

Problem 1: The Late Project

Business is more or less about multitasking. Especially as an entrepreneur, us businessmen (and women) inevitably juggle a lot of things at once – whether it’s juggling advertising work with filling client orders or juggling the many obligations we have in our lives as a whole. With this in mind, one part of business planning is crucial: Having a “game plan” for when something comes up.

For example, let’s say you have a translation job. You also know that you have a meeting with a PR representative, a few advertising-related errands, and a family event that same week. Or let’s say you don’t know about all of them, but you can easily estimate some setbacks – even if it looks like an easy project. If you have a translation job, and you need three days to complete it, tell the client it will take you five days.

Another example: Have you ever noticed how an airplane always manages to leave late—and arrive early? Very simple. It’s just a matter of playing with the math. If they tell you that are going to leave at 8 o’clock, and arrive at 4 in the morning, and really, if you left at 8 and landed at 3, by simply playing with the numbers on the slip of paper that come with the ticket, you are happy that you got in 15 minutes early instead of annoyed that you came in an hour late.

The Solution: Overestimate how much time it will take you to complete a project. Give that date to the client from the beginning. Continue Reading →

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