Tag Archives: networking
How to Inspire More Digital Referrals

How to Inspire More Digital Referrals

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 Howard Yermish @hyermish, an expert in Internet strategy, website development, speaker and private trainer. His new project, “More Digital Referrals” is an online course delivered via email several times a week, with step-by-step instructions, video tutorials, and downloadable materials you can implement right away, launching in January 2012. Learn more and register for free at http://moredigitalreferrals.com.

SmallBizLady: How do you define a digital referral?

Howard Yermish:  A digital referral “happens” when a person puts his or her own trusted reputation at risk with her or her own network of contacts for the benefit of someone or something else. When I post a link to my stuff on Twitter, you see it as self-promoting. When one of my clients posts a link to my stuff, there is added credibility. It is obvious to most people, but most business professionals focus on broadcasting as loud as possible, and skip referral marketing.

So many businesses pin their online success to Google. Google is like a reverse cold call. People click on random and unknown links in the absence of any knowledge or trust. If the sole purpose of your website is to try to catch random people who in effect accidentally clicked on your website, you start at a zero level of trust and loyalty.

SmallBizLady: What are the first steps for getting more digital referrals?

Howard Yermish:  It may seem basic, but it starts with making connections. A powerful network is a messy combination of sheer number of people and loyal ambassadors. I actually focus on building a network of people that I can regularly refer business out to.  Once you start building your network, the focus shifts to giving. It is exactly what #SmallBizChat is about, giving valuable information to a community of people. And when it was time for the @SmallBizLady to take the spotlight, the community was there to lift you higher than you could go yourself.

Philosophically it is an understanding of giving and taking turns. Once you know that you have been giving, you get “permission” to ask for help. When asking for help, you need to be specific. “I’m looking for anyone that needs to have their taxes done,” is an impossible request. That is everybody! “I’m looking for someone that has recently changed jobs,” is much more specific. “I’m looking for someone that just moved into an apartment in the city,” is specific.

People won’t make digital referrals in floods, so don’t expect it. Instead, put together many different trickles from multiple sources over a long stretch of time and you will stop caring about the random cold leads from Google.

SmallBizLady: Does this mean that a business professional doesn’t need a website?

Howard Yermish:   Business professionals should have a particular “home base” to operate from. Ideally, this is a website, but in some cases a corporate entity or budget or time may get in the way. A LinkedIn profile can be a great home base, as could a Facebook page, Twitter account or Tumblr site. When it is your own website, that becomes the source of material that others can link to. When you rely on third-party sites, your tactics may change out from under you, like when Facebook, LinkedIn or Twitter change how things work on their sites. Not having your own “source” is a risk.

Some business professionals have to work with a handicap as their corporate umbrella prevents them from using some of the Internet tools.

SmallBizLady: What are the key concepts for getting more digital referrals?

Howard Yermish:  I’ll boil this down to four things. First, clarify and define your audience of prospective customers and referral partners. Don’t just talk about it, write it down. Next, stop trying to “hunt” for prospects online, instead focus on giving referrals. It allows you to model the behavior to your own referral sources. Third, learn to spot people that are raising their “virtual” hands and communicate this back to your referral sources. Finally, integrate your online activities with your traditional systems.

Referrals are a two way street. In order to receive a referral, you have to give a referral. So a core component to receiving a digital referral is giving digital referrals. Most don’t realize the importance of giving first. Most also don’t realize that referral marketing starts slow, but then builds and builds and builds over time.


SmallBizLady: So digital referrals are about using social networks the way Dale Carnegie may have?

Howard Yermish:  If you have read Dale Carnegie, you will have a good sense of what I teach business professionals to do with the social networks. If Dale had Facebook, what would he suggest? I see books and websites focusing on “Influence” and “Trust” which is really what Dale Carnegie teaches. Remember that digital tools are not replacements for human connection; digital tools are conduits for human connection.

SmallBizLady: Does this mean that I should send email instead of hand-written notes?

Howard Yermish:  If you have a habit of writing handwritten notes, extend that habit by also writing short personal email messages, or posting a note on someone’s Facebook wall. For example, you might meet someone at an after hours event and exchange cards. An email follow-up is a great action. But it should be about extending a conversation, not just a copy/paste of your marketing boilerplate text. If the email feels impersonal, you may be teaching the recipient that you aren’t really paying attention to them. When you value your audience’s attention, you make them feel special. As business professionals, attention is our most valuable and scarce resource.

SmallBizLady: LinkedIn seems very business focused, while Facebook and Twitter are more social. Should business professionals focus on LinkedIn?

Howard Yermish:  Time and time again, I hear business professionals resist using social networks, claiming that they get their business through word of mouth. Their only real use of LinkedIn is to accept or ignore connection requests. My hope is that these same people will understand that LinkedIn, Facebook and Twitter are about two-way conversations rather than broadcast media. I see word of mouth really as referral marketing, and when someone on Facebook “likes” something or someone “retweets” something else, it can be the start of a referral. LinkedIn is a great place to start and get comfortable, but referral math gets much better when you are comfortable on Facebook, Twitter and Google Plus.

SmallBizLady: What was your reason behind putting a system together?

Howard Yermish:  I see people using social networks quite haphazardly. It’s why the corporate IT departments want to block their use. Sharing links to 20 stories from the New York Times every day is probably not an effective use of your time. Just like having a meeting agenda or an exercise routine, a system for using social networks should be obvious. You can track your own execution of the tactics and the overall performance of the system to generate referral opportunities.

SmallBizLady: Do you recommend that business professionals mix work contacts with personal contacts?

Howard Yermish:  Business people will often give me the line, “But I don’t want to connect with people from high school or upload photos of my kids.” So don’t. Keep in mind that trust forms from common interests and experiences. Being part of the same high school or college class is a component of trust, sometimes enough to get your foot in the door. So don’t discount the “trivial” experiences.

That said, Facebook lets you categorize your friends into custom named lists, Twitter has public and private lists, Google Plus has custom named circles, and even LinkedIn lets you tag contacts.  When you connect with people, you should be defining the reason or context for the connection. This way you stay organized and efficient.

SmallBizLady: How can you be most efficient with your social network activity?

Howard Yermish:  Proficiency with the social networks does not make you efficient. It simply means that you can Tweet faster than the average bear.  Proficiency doesn’t mean that you have to partake in every social network website available either.  Exploring new outlets for creating connections is important, but it is rarely your main business focus.

If you do strength training at the gym, you probably have a system. A system that builds good habits and measures progress over time is valuable in every area of your life. Practicing your activities in the system will develop a more efficient use of social networks.

SmallBizLady: Are your methods appropriate for all types of businesses?

Howard Yermish:  I don’t think that the system that I’m teaching in my “More Digital Referrals” course is appropriate for retail stores or “brand marketing.” I’m focused on the service business professional. There are a lot of business professionals that are really great at what they do for their clients and customers, but not great marketers. They don’t want to be labeled as marketers as they believe that it devalues their professional expertise.

SmallBizLady: What are some examples that you use to inspire digital referrals?

Howard Yermish:  Each person has to explore this, but there are some basics that everyone can use. I like to promote one or two events that I’m attending each week. It’s not my job to be the event organizer, but the event will be better if more people are there. Posting a link to Facebook or LinkedIn with a comment about why you are going to the event is more interesting than a simple link.

When you learn something valuable from someone, that is a perfect opportunity to lift up the source. When I learned the math behind how my health insurance policy worked, I wanted to share, but my health insurance broker didn’t have a website or use social networks. I had no link that I could share and my own blog was the wrong venue.

Also, I recommend people participate in other people’s posts with comments. Participation should follow a few basic principals. Avoid criticizing or complaining about people, products or services. When using your sense of humor, self-deprecating works, but never ever make fun of someone else. I also recommend that people avoid getting into political debates online.

SmallBizLady: How do you go about putting together a system schedule?

Howard Yermish:  It starts by creating three separate checklists: one for daily activities, one for weekly activities, and one for monthly activities. My previous example about promoting an event would go on my weekly checklist. If all I ever posted was links to events, people might learn to safely ignore my posts if they don’t like going to events.  Using the checklists, you will develop good habits over time. At first, the checklists will be a way to help you get comfortable with the different activities. Many of the daily actions will become automatic. But the weekly and monthly activities are easy to forget.

The system also includes a score card for the referrals that you make to others: 1 point for posting someone’s link, 2 for an email introduction or recommendation, 3 for a warm lead, 5 points for direct business referral. It may seem silly at first, but it helps you improve and stay on task.

 

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 Leverage Conference Networking

How to Leverage Conference Networking

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 Mike “Ambassador” Bruny @ambassadorbruny. Mike works with entrepreneurs and those who think like one to help them build stronger relationships. He is the creator of “The New Art of Conference Networking: #Hashtags to Handshakes.” For more information http://www.ambassadorbruny.com


Smallbizlady: I notice you use a hyphen when you talk about Net-working.  What is that all about?

Mike “Ambassador” Bruny: Net-working is a new way of looking at traditional networking.  I ask people to think about networking as if all the people they know represents a physical “net,” just like a fishing net.  They have to put it to “work” if they expect to achieve your goals.  Knowing a lot of people is not enough.  You have to actually put those relationships to work.

Another aspect of Net-working is understanding that you are part of someone else’s net and have to be ready and willing to be put to work. Conference networking is a sub-set of networking.  In conference networking, you may find yourself surrounded by more people, for more days than you would with other networking opportunities.  There may be a couple of differences between local networking events and conferences.  In your local events you may feel like Norm from the TV show Cheers.  You walk in and everyone knows you name.  When you’re at a conference you may find yourself around more and more strangers.  That can be minimized with a little bit of research and engagement before the conference begins.
Smallbizlady: When it comes to Conference Networking, where do you suggest we start?

Mike “Ambassador” Bruny: Start with focus.  List your current goals and how the conference you will attend will help to move those forward.  Look at what you want to accomplish by using the traditional SMART goal setting format and add an additional “S” at the end for “Sharing.”  You want to share your goal with at least one person who will help to keep you accountable.

Next, consider who at this conference can help you accomplish your goals.  You may not know the exact names of the people, but you can focus on the kind of people who you think would be able to help you (their title, occupation, etc.).  For example, if you are looking to start a bakery, you may be looking to connect with bakery suppliers to give you a sense of what pricing is like or you may be looking for administrators from culinary institutions to provide access to future employees.

Lastly you want to consider what you need to learn to bring you closer to your goals.  When you know what you want to learn, it makes selecting which workshops to attend much easier.  Being in the right workshop also connects you to the right participants and the right experts (speakers).

 

Smallbizlady: How does technology and social media come into play in conference networking?

Mike “Ambassador” Bruny: Technology and social media can help you connect with fellow participants, speakers and the organizers before the conference begins.  Once at the conference there are apps you can use to exchange information without using a business card.  I’ve been going “Green” by using this cool app called, #Hashable, which allows you to send a virtual business card to someone you meet and also set-up a reminder to follow-up after the conference.

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growth, summer,

10 Things to Grow Your Business This Summer

growth, summer, Summer is here!  Now that the kids are out of school, you might be thinking about how to reduce your work schedule, but that’s the worst thing you could do.  It’s time to turn up the heat in your business. Third and fourth quarters are critical times in business. You may have customers who are in budget planning cycles, or have excess budget to spend. Now is the right time reach out to your existing customers and get your house in order to make your revenue goals for the rest of the year.

 

Here’s 10 Things to grow your business this summer.

1. Take a break. Even if all you can afford to do is a staycation, take a break from work for at least 7 days. You need to recharge your batteries so that you can go hard the rest of the year.

2. Attend a conference. The Summer is a great time to sign up for a course or attend a conference in your industry to learn the latest trends and techniques.

3. Read a great business book. Pick a book that’s you have been meaning to read and learn a few techniques that will help you grow your business. I really like 201 Great Ideas for Your Small Business by Jane Applegate. http://www.amazon.com/Great-Ideas-Small-Business-Bloomberg/dp/0470919663/ref=dp_ob_title_bk

4. Revisit your business plan. In the first few years of a business, you should be updating your business plan every 90 days.  When is the last time you reviewed your marketing plan and how well it was working to drive sales. Make sure your budget and revenue projections are up-to-date.

5. Organize a Business Retreat. Take your team offsite treat them to some good food in a lush environment. Brainstorm with them to solve the top three issues in the business.  Bring in a trainer.

6. Ask for testimonials. Go back to all of your customers that you worked with over the last six months and ask for testimonials. Get them in writing to update your website and ask them to post recommendations to LinkedIn.

7. Refresh your website and marketing materials. Take a look at your website and marketing collateral including your blog header, business cards, and newsletter template.  If something was just thrown together just to get some out or you’ve been using the same template for a whole, take the time to clean up your design elements to make your brand shine.

8. Update your personal bio and profiles across social media. Every small business owner should have a professional biography.  Take this time to update yours with any new marquee clients, non-profit board service, and speaking opportunities. Be sure to update your profiles on your social media accounts as well.

9. Do a waste walk in your office. Summer is a great time to chuck the clutter.  The shredder is your friend. Get rid of stray paper, conference bags, direct mail, magazines, equipment that doesn’t work, and giveaways you really didn’t want anyway.

10. Develop a special offer. You need a reason to contact your customers.  Nothing is better than a discount, coupon or special offer.  You use this as your excuse to call, email or snail mail your existing customers. They are the most valuable asset in your business.

Do you have any other tips to keep a small business growing over the summer?

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

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

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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Baby Boomer

9 Reasons Why Boomer Businesses Fail

Baby Boomer

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.

This article was originally posted on SecondAct.com. The content of this article is copywritten by Entrepreneur Media all rights reserved. www.secondact.com

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

9 Reasons Why Boomer Businesses Fail

Baby Boomer

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.

This article was originally posted on SecondAct.com. The content of this article is copywritten by Entrepreneur Media all rights reserved. www.secondact.com

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

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

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

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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Are you Google-able?

google logo

google logo

If you’re ready for a midcareer makeover, you can get new clothes and a new haircut. But even more important, you must make yourself what I call “Google-able.” That means you need to create a smart social media footprint.

By day I work as a small-business coach, and I keep coming across amazing professionals with extraordinary credentials who want to build a consulting practice or establish themselves as thought leaders in their industry.

But here’s the problem: When I put their names in Google, I come up with nothing. No website, no social networking profile — not even a guest blog post. These people may have advanced degrees and impressive titles on their resumes, but there is no electronic evidence of their expertise and accomplishments. Since this has happened several times over the last few weeks, it dawned on me that I needed to help fellow midcareer folks understand this new paradigm.

Gone are the days of calling around to get the 411 on a potential business partner or new hire. These days, people do an internet search before you ever get a call about a new opportunity. Recruiters and corporate executives routinely conduct internet searches when looking for talent and don’t always advertise open positions. Many believe you don’t even exist if you don’t have a social media footprint.

Here are five essential steps to get started online.
1. Smile and click.

One of the key things you need prior to establishing yourself online is to get a professional headshot. Go ahead and spend money to get a good photo. It should be a smiling shot that is friendly. Even though you are communicating over the internet, people still want to see who they are talking to.

If you haven’t established an online presence yet, keep this in mind: You are using the skills you already know — how to communicate with people. Creating an online presence simply helps people find you. Think of it as your virtual business card, which is far more useful in 2011 than the paper variety.

2. Sign up at LinkedIn.

The first step to building your brand online is to stake your territory: One of the best moves you can make is to set up a profile on LinkedIn. Yes, you’ll also want to establish a Google profile and sign up for a Facebook or Twitter account, too. But LinkedIn is the most important.

“If you are looking to do anything in the professional world, LinkedIn is where you need to be. LinkedIn is the ultimate buyers’ market,” says Patrice Rutledge, author of Using LinkedIn.

Here are her top tips to make your profile shine on LinkedIn:

  • Add your profile and be sure to fill it out 100 percent. Your profile should use the appropriate keywords that your target audience would use to search for your expertise (including job title and certifications).
  • Use applications to enhance your profile (SlideShare presentations, Google presentations, portfolio display or box.net to add a resume).
  • A detailed company profile is important for a business owner. Be sure to link it to your personal LinkedIn profile.
3. Create a website.

The next thing you can do is register your name or your business name as a website domain and create a simple one- to five-page website. If you are interested in establishing yourself as a thought leader in your industry, adding a blog to your new website is a great idea.

I realize that this might sound intimidating, but it doesn’t have to be. You can register your own domain name and then hire a virtual assistant who specializes in social media to help you set it up. (By the way, a virtual assistant is an entrepreneur who assists business owners and busy people with time-consuming tasks, allowing them more time to focus on profit-generating activities.) With a few basic lessons, and time with tutorials, you can get going in no time.

4. Sign up for a Facebook account.

Cathy Larkin, founder of Web Savvy PR, conducts hands-on workshops to teach baby boomers how to use Facebook. Her clients often want to know what to talk about on their Facebook Fan Pages and how to create a good profile.

“I show people how to use Facebook rather than telling them how to do it,” Larkin says. “It’s all about figuring out what your intended audience wants to hear, learn or know about.”

She offers the example of a real estate agent who posted information about how to clear two feet of snow from your roof, which is much more creative — and useful — information than simply listing houses for sale.

Here are Larkin’s three tips for using Facebook Fan Pages:

  • Consider your keywords. Your domain name for your Facebook Fan Page should include keywords that people will use to search for you online.
  • Set your Info page as your default page. If someone visits you on Facebook, they will quickly get a sense of who you are and what you do (and hopefully fan your page).
  • Upload photos and online videos. It’s a great way to promote your products or services and add rich content to your Facebook Page.
5. Don’t forget Twitter.

Thomas MacEntee, the 48-year-old founder of High-Definition Genealogy, says its best to think of social media as a garden you have to tend.

Laid off from his tech job in Chicago in late 2008, MacEntee reinvented himself as a family historian — helping people investigate their family trees — and utilizes social media to connect with clients. It took MacEntee about a year to build his business.

He’s been so successful mastering the intricacies of Twitter — the free service that allows users to share information in 140 characters or less — that he now teaches a social media class for baby boomers called “Twitter: It’s not just what I had for breakfast anymore.”

He says the key to Twitter is giving as much as you get, and listening as much as you speak. He says some boomers have a problem with these concepts. “They think they are giving away their work for free, but it’s part of building yourself as a brand and an expert,” says MacEntee.

Here are some action steps to get you started building your online brand.

  • Decide what you wish to accomplish before using social media. Are you looking for a new work opportunity or simply want to connect with others who share a special interest or expertise?
  • Figure out who your audience is and where these folks hang out online. (You want to be as specific as possible in targeting your efforts.)
  • Create your LinkedIn account immediately. Add a great photo, import your contact database from your e-mail and join one group.
  • Expand to your own website, Facebook and/or Twitter.
  • Start developing a list of potentials blog topics. It’s a good idea to developed an archive of blog posts at least three months prior to launching your blog.
  • Remember that social media marketing is a marathon, not a sprint. You will get out of it what you invest in it.

If you follow all of these tips, when someone types your name into the world’s most famous search engine, they will immediately have your virtual business card — and so much more — right at their fingertips.

This article was originally posted on SecondAct.com. The content of this article is copywritten by Entrepreneur Media all rights reserved. www.secondact.com

Melinda F. Emerson, known as the SmallBizLady, is an entrepreneur, professional speaker, small business coach and the author of Become 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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oprah winfrey purple finale dress

6 Things Oprah Winfrey Taught Us About 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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Pitney Bowes Makeover Small Business

Do you need a Small Business Makeover?

Pitney Bowes wants to give your business a communications makeover worth up to $10,000. If you could use some help with your email, direct mail and social media communications, you can win a free year of using Pitney Bowes’ full suite of business tools.  The grand prize winners will also receive in person one-on-one coaching from me @Smallbizlady and my colleagues marketing expert Jane Applegate and technology expert Phil Simon.Pitney Bowes Makeover Small Business

 

 

You have until July 19th to tell us how you’d improve your business communications. The earlier you enter the better as you will need to get a social media pals to vote for you in order to become a finalist. To enter write a 300 word essay on your biggest communications challenge or send in a one minute video. Click here to enter the Pitney Bowes Small Business Makeover Contest     http://www.pbsmartessentials.com/makeover/

Disclosure: I am a paid consultant to Pitney Bowes to participate as a judge and business coach in this makeover contest!

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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The Fortune is in the Follow-up

The choice to succeed as your own business is an exhilarating concept, and it comes with a price tag. There are  endless  responsibilities and tasks that must be taken care of and all of the pressure is on you.  To choose to succeed as your own boss, it is absolutely vital you prime your network for awareness of your business and referrals for your services. The fortune is in the follow up.

The focus must be on sharing your experience, casting your vision, listening to others,  getting out and networking. Connecting and interacting as frequently as possible with prospects is important and learning how to ask for referrals. You must focus always on casting the vision of your growing business while being present in the moment of relationships as well.   Not only do you want to do this while the small business is up and running, but you want to plan and engage in this at least 12 months before launching the business. Communication and engagement are two powerful tools, learn to use them online and off.

The big mistake a lot of entrepreneurs make is only talking with customers or prospects when they are looking for more business.  Clients referrals are important, but they are best obtained by excellent service or product offerings.  If you as the business owner cross the line of too frequent requests for referrals, clients will quickly tire of being asked.  The fact is your current customers and clients are who helping you keep your business on track, the relationship you share with them is essential to your continued success. Clients and customers are always willing to share their experience…whether its a good one or a difficult one. Make their experience with you count.

Competition for every service or business is at a ridiculous level online.  Scarily, you are not the only person online offering the product your small business has to offer. You may not be the lowest price, your products may not be the biggest or the best, however, if you know your audience, and their needs, your business will stand out and shine.  Your relationships, your delivery of service, your accessibility on line and off are the keys to your future. Smart phones make the management of presence accessible for individuals, even when you are the only staff in your organization, it is an important skill to learn.

People buy from people they trust and respect.  We are far more likely to buy from a friend than a stranger.  The same holds true for your customers and prospects.  They want to know the person they are buying from cares about them, their needs and their wants.

Start networking and interacting online and off each day through your words, your tweets, your posts and your conversations.  You are choosing to succeed as your own boss, you will choose to build from the ground up starting with the interaction process.  Jump into forums whether on Linked In, online communities or local conversations on a daily basis.  Friend request as many prospects as possible on Facebook.  Share  your two cents of sense on blogs, use services that link those comments back to your business and let people know who you are.

Engaging with people online and off in business means intentional presence. Be present on blogs, on Facebook, on Linked In.  Be interested in prospects needs, study their processes, encourage their success. The highest form of prospecting involves truly engaging in their space and sharing your own space with them.   From there, make it a point to send emails frequently even if it is simply to say hi or have a good weekend.  People care about those who care about them.  It sounds like an incredibly simple strategy, but you would be surprised how much of an impact nurturing your network in the pre-stages, during your first year and throughout the life of your success as your own boss.

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Success Power Networking

7 Keys to Power Networking

7 Keys to Power Networking

Success Power Networking

Power Networking at Business Event

May 16th kicks off National Small Business Week and for the next seven to 14 days there are tons of events and awards ceremonies for small business owners which is a fantastic opportunity to meet and greet potential contacts.  I keynote and speak at many conferences and small business events, and often I see small business owners doing their businesses a disservice by how they show up and network at events.  With tons of networking opportunities taking place from now until Memorial Day, I wanted to provide a guide on how to prepare for a networking event. I call them my 7 Keys to Power Networking.

Here are 7 things to consider when networking:

  1. 1. Set a Goal. Don’t go to any event without a goal in mind. You should always know why you are attending the event. You should not go to any event where your best target customers are not the majority of the attendees. When I attend events, I try to secure 5 quality contacts and that’s it. Why? Because there’s only so much time to follow-up with people.  The fortune is in the follow-up, I’ll talk about that in next week’s blog post.

 

  1. 2. Research Attendees. Try to find out who is attending the event. Look at who’s on the board of the event sponsor. Check out the names of the honorary committee hosting the invitation. Make a call to the organizers to try to get as much information as a possible.  (If they utilized an online invitation, you can see who else was invited. Use Google and LinkedIn to research as many attendees as possible. This makes having conversations much more interesting and you’ll show your prospect you’ve got legitimate interest in them. You want to learn any information that will help you make a personal connection as quickly as possible.

 

  1. 3. Bring You’re A Game. You can’t bring your A game in your B suit. Make sure you look great head to toes.  Men shoes are important. Ladies make sure the makeup and neckline are appropriate.  Everything should fit well, and it will really boost your confidence. You don’t get a second chance make a first impression!  Dress how you want others to perceive you and your business.

 

  1. 4. The Reception IS The Event. Game time is the reception. DO NOT BE LATE! The reception is your best chance to track down your targets. You must be on time and armed with your business cards at the reception. Why? Once you take your seat you can only network with the other 9 people at your table. If you are going to attend an event with a friend– divide and conquer the event.

  1. 5. Go For The Relationship– Not The Chicken. Do not head immediately to the food table. Work The Room! Be fearless and ready to introduce yourself to anyone. Once you make a contact maintain eye contact. Don’t look over their shoulder at your key target who just entered the room. Be present where you are. Anyone could potentially be a great contact.

  1. 6. Moving On From A Contact. Moving on can be tricky. It’s important not to be rude. But most likely the person you are talking to has an agenda too, so do not hesitate to shut down the conversation and move on.  Here’s three great lines you can use to make a graceful exit.  Use one of these lines as appropriate; “It was so nice to meet you, I’m going to head over to get a drink.”  or  “It was so nice meeting you and I’m going to give you a call.”  “I do not want to monopolize you at this event, I am sure there are more people in here you want to meet. Let keep in touch and see how we can help each other.”  With any of these lines you can smoothly move on to your next potential prospect.

  1. 7. Take Notes. You’ll want to remember the details of your conversations, write down a few notes on the back of the contact’s business card to help your memory later.  If you meet a lot of people each week sometimes it’s hard to keep people straight relying on your memory. Your notes will help making follow-up much more personal.

 

What other networking tips do you have? I love to learn about other good ideas.

 

Melinda F. Emerson, SmallBizLady, is one of America’s leading small business experts. She is an author, speaker and small business coach whose areas of expertise include small business start-up, business development and social media marketing. As CEO of MFE Consulting LLC, Melinda develops audio, video and written content to fulfill her mission to End Small Business Failure.  She publishes a resource blog, www.succeedasyourownboss.com and hosts a weekly talk show on Twitter called #Smallbizchat for emerging entrepreneurs.  Forbes Magazine named Melinda Emerson one of the Top 20 Women for Entrepreneurs to follow on Twitter. Melinda has been featured in the New York Times, Wall Street Journal, The Washington Post, Fortune and Black Enterprise. She’s the author of the bestselling book “Become Your Own Boss in 12 months; A Month-by-Month Guide to a Business That Works.

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How to Network Online and Offline for Your Small Business

How to Network Online and Offline for Your Small 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 Kevin Knebl ( @KevinKnebl ), the owner of Knebl Communications, www.kevinknebl.com, a Colorado-based company specializing in Online and Offline Networking Skills and Social Media training. He is a professional speaker, trainer and coach whose clients include small, medium and Fortune 500 companies.  Kevin is an in-demand keynote speaker for conferences, conventions, company trainings, and many other engagements. He assists individuals and organizations in significantly growing their networks and businesses through dynamic, inspirational and humorous trainings, webinars, teleseminars, workshops and individual and group coaching.

Smallbizlady: What is networking?

Kevin Knebl: Networking is the cultivation of mutually-beneficial, give-and-take, win-win relationships.  It’s not schmoozing or throwing business cards at someone at a networking event.  It’s taking a sincere interest in helping other people grow their networks and businesses.  We are not dependent on each other; nor are we independent of each other; we are all interdependent with each other.   All things being equal, people do business with and refer business to people they know, like and trust.

Smallbizlady: How can we network more effectively?

Kevin Knebl: Have a strategy before networking.  Decide in advance who your networking prospects are and seek to connect with people involved in professions complementary to yours.  Be pleasant and approachable.  Seek out Centers of Influence and seek to add value to them.  Remember that you are there to work; to build your increase your contact list, which leads to business.  Have fun, be confident and smile.  Introduce yourself to people you don’t know.

Smallbizlady: What things can you do to set yourself apart from the masses?

Kevin Knebl: Develop great listening skills.  Focus the majority of the conversation on the other person.  Use questions that get people talking about themselves such as “How did you get started in your business?  What do you enjoy most about your profession?  What separates you and your company from the competition?  How can I know if someone I’m speaking to is a good prospect for you?”  Follow up with a hand-written thank you card.  Refer business to others.

Smallbizlady: Is there an etiquette to successful networking?

Kevin Knebl: Yes, there is.  When you give something to or do something for someone, do not ask for or expect an immediate repayment.  Make sure that you respect people’s time.  If you promise something, make sure that you follow through on your promise.  Treat all referred prospects with the best of care and service.  Always write a personalized thank you card. The little things mean a lot and many people overlook them to their detriment.  Huge doors of opportunity swing on little hinges.

Smallbizlady: What Social Networking sites are good for networking?

Kevin Knebl: LinkedIn is the premier business-networking site.  There are over 75 million professionals using LinkedIn to increase their visibility, showcase their credibility and grow their revenues. The average LinkedIn user is 41 years old with an average annual income of $109,000.  Twitter is the best real-time online networking site.  With laser-like precision you can identify people and resources by targeting keywords.  It’s like being at the world’s largest cocktail party.

Smallbizlady: How does Social Networking integrate with traditional networking?

Kevin Knebl: Social Networking is a great addition to traditional networking.  Through the effective use of Social Networking you can identify with laser-like precision individuals and organizations that you want to connect with.  Leveraging Social Networking sites like LinkedIn, Facebook and Twitter will enable you to learn about people and therefore accelerate your rapport building with your new networking partners.  When used strategically, Social Networking can greatly enhance your offline networking efforts.

Smallbizlady: How would you start building your Social Network?

Kevin Knebl: When you meet people ask them if they are on LinkedIn, Facebook and Twitter.  If so, get their contact information and connect with them on those platforms.  You may want to put links to your Social Networking profiles in your email signature.  You may also want to put the links to the websites on your business cards.  Make it easy for people to find you.  In a more and more interconnected world it doesn’t serve you to be in the Witness Relocation Program.  Be findable.

Smallbizlady: Where would be a good place to start networking for people new to networking?

Kevin Knebl: There are many networking organizations where people can start their networking efforts.  BNI International is the largest networking organization in the world with chapters in almost all major cities in the USA.  Look in your local paper for local networking events.  They are usually listed at least once per week in your local newspaper’s business section.  I suggest attending a lot of events and determining which may feel right to you and your personality style.  You need to feel comfortable with the people and the format.

Smallbizlady: What are some networking mistakes to avoid?

Kevin Knebl: Don’t be “that guy.”  That guy could be the stalker .  The one who hangs onto you as you’re trying to meet new people.  That guy can also be the person who never stops talking about themselves and their business.  Also, don’t just hang around the people whom you already know and feel comfortable with.  Reach out and meet new people.  Certainly, say hi to the people you already know and then spend the majority of your time meeting new people and learning about them and their business.

Smallbizlady: Any last thoughts on how to network effectively?

Kevin Knebl: Remember that networking is primarily about building relationships.  Think relationally and not transactionally.  People are not commodities although many people’s actions would indicate that they think that other people are commodities.  What we do speaks so loud that what we say others cannot hear.  You’re networking with people.  Little things mean a lot.  Be someone that people see value in because you see value in them.  Learn as much as you can about people and their business and then stay in contact with them in a non-intrusive fashion.  All things being equal, people do business with and refer business to people they know, like and trust.  Position yourself so that you are that person.

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

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

Melinda Emerson, known to many as “SmallBizLady,” is a Veteran Entrepreneur, Small Business Coach and Social Media Strategist who hosts #SmallBizChat weekly on Twitter for emerging entrepreneurs. #Smallbizchat is the trusted resource on Twitter to discuss everything entrepreneurs need to know about launching and running a profitable small business. Her first book Become Your Own Boss in 12 Months was released in March 2010.

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Become Your Own Boss in 12 Months by Melinda Emerson

No Network, No Business

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

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

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

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

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

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

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

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

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

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

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

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

Melinda Emerson “SmallBizLady”is a Veteran Entrepreneur, Small Business Expert and Social Media Coach who hosts #smallbizchat on Twitter. #Smallbizchat is the trusted resource on Twitter to discuss everything entrepreneurs need to know about launching and running a profitable small business. Melinda’s first book, Become Your Own Boss in 12 month! A Month-by-Month Guide to a Business that Works! will be released by Adams Media in Feb 2010.

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

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