SucceedAsYourOwnBoss.com

Tag Archives: planning

Ready to dream big in 2012?

by Melinda Emerson on January 4, 2012 in Business Inspiration, My Recommendations, Your Small Business

Which road do you choose?

Are you ready to dream big in 2012? This is the perfect time to get a clear sense of what you need to do better in your business. Setting annual sales goals is fine, but you know me. I am all about the 30-day sales goal. As in, how much money do you need to make this week? It becomes a lot more real when you focus on your revenues it this way. Another great trick I use at the beginning of every year, I make a target list of people I want to meet and or do business with. Then twice a week, I reach out to some of the folks on my list via phone call, personal note, linkedin or email.

At the end of last month, I pulled the SmallBizLady team together for a retreat. During our three days together, we did an annual review of the good, the bad and what we better never do again in my business. I held the retreat at my home, at my home at the beginning of December to make it half fun / half work. Once we did the review, we planned for 2012. Too often we run our businesses in a reactionary mode. We swing from tree to tree and go from fire to fire. That is draining and exhausting and great way to get yourself on the fast track to burn out. We you take the time to set goals, you can stay focused.
Think about what you want to have happen in your business in 2011. Now, create a strategy that will drive your desired results for 2012. This will quickly help you figure out what you need to stop doing right now.

Here are some clarifying questions to consider:

· Do you need to add to your team? (You can only be an army of 1 for so long)
· Are you set up operationally for a huge sale or major media exposure?
· What are you doing to engage your online community?
· How are you going to attract new clients?
· Are you charging enough?
· What are your highest revenue generating activities?
· Is there a new niche market that you want to pursue in 2012?
· What are the best lessons you learned in 2011?

Once of the biggest lessons I learned in 2011, is that I needed to say No more often. Here’s my five best techniques for saying no to projects, employees, and potential clients that you know deep in the back of your head are going to be more trouble than they are worth. Try these when someone comes at you with foolishness.

No! It is a complete sentence.
I couldn’t possibly do that!
Nope, can’t do it! It’s not in the budget.
What?? Are you crazy? NO!!
Absolutely, NOT going to happen!

Do you have any more ideas for how to get your 2012 started off right? I want to learn your techniques.

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 businessfailure. 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 recently named her the #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 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)

Comments { 3 }

10 Things to Grow Your Business This Summer

by Melinda Emerson on June 22, 2011 in 10 Things Lists, Ask Smallbizlady, Become Your Own Boss Tips, Branding & Marketing, Business Inspiration, Customer Service, featured, Grow Your Business, My Recommendations, Social Media, Technology

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)

Comments { 6 }

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.

Comments { 1 }

Are you Google-able?

by Melinda Emerson on June 6, 2011 in Ask Smallbizlady, Become Your Own Boss Tips, Branding & Marketing, Business Inspiration, featured, Grow Your Business, How to Start, Social Media, Technology, Uncategorized, Your Small Business

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.

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.

Comments { 1 }

Do you need a Small Business Makeover?

by Melinda Emerson on June 1, 2011 in Ask Smallbizlady, Become Your Own Boss Tips, Branding & Marketing, Customer Service, featured, Grow Your Business, Mompreneurs, My Recommendations, Social Media, Technology, Your Small Business

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.

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)

Comments { 0 }

4 Things All Entrepreneurs Should Do On LinkedIn

by Melinda Emerson on May 31, 2011 in Ask Smallbizlady, Become Your Own Boss Tips, Before You Start, Branding & Marketing, Business Inspiration, featured, Grow Your Business, Social Media, Solopreneurs, Women in Business, Your Small Business

Linked in Logo

LinkedIn is important! 75% of all professionals in the US have a LinkedIn profile, which means if you want to do business you must have one too. LinkedIn is powerful tool that you can use to promote yourself if you are an individual consultant or a company with 2 or more employees. Here are my four tips that all entrepreneurs should do on LinkedIn.

Make sure your profile is 100%: If you do not have a headshot, please add a profession one. Typically, business owners who are not 100% lack recommendations. Look at your connections and ask at least three people to write why they love doing business with you. To make it easy, write the recommendation for them. This might be rough, but go ahead and do it. Actually, you should get in habit of asking anyone you interact with to give to a recommendation. I have over 47 recommendations and counting, you can never have too many.

Know Your Keywords: Your keywords should be spread across your profile. First your description of who you are should include keywords that your target customer would use to find you on the internet. Your summary and skills should also be peppered with keywords. This will also help you appear higher in Linkedin searches for experts.

Join LinkedIn Groups: You can join up to 50 groups on LinkedIn. You should join at least 10 groups that have your target customer in the group. You should have a strategy for how you will engage and attract members of the group to connect with you. Many groups allow fellow members to connect even though you do not know each other.
Answer Questions: One of best ways to standout in LinkedIn is to answer questions. It should become a part of your social media routine. Try to answer two to three questions a week and see how many new connections you will make for your business.

LinkedIn is a powerful tool and a great way to connect with decision makers. Make sure you are in the best position to promote yourself and your business online. Do you have any other LinkedIn secrets to promote a 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)

Comments { 8 }

How to Write a Business Plan Part II

by Melinda Emerson on January 24, 2011 in Before You Start, My Recommendations, Your Small Business

Once you know what business you are in, it’s time to figure out who’s going to buy from you and why. You are just someone with an idea until you develop a business plan. In other words, if you haven’t written your plan yet, your business is still in the fantasy stages.

In Part II, of how to write a business plan, we get to the heart of the matter about your business your marketing analysis and your marketing plan. You will now need to define your target customer, niche, competitive analysis, the secret sauce or differentiator and how you are going to tell the world you are open for business. Most importantly, you will need to know how much money you’ll need to do that.

Your Marketing Plan should answer the following questions:

What is/are your product(s) or service(s)?
Who is the target market customer?
What is your placement strategy?
How will your product or service be distributed?
How will you price your product or service?
How will you promote your product or service?
What are your budgetary needs to execute your marketing plan?

This information is a key part of your business plan. In fact, it is the foundation upon which you build your business. Anyone who reads this part of your plan will not only understand who’s buying and why, but also your plan to get sales, your pricing strategy, profitability and projected growth.

Market Analysis The market analysis starts with a market summary outlining the business opportunity, then drills down what share of the market you believe you can capture. Then determine how much each customer segment is worth to your business in terms of revenue. It should also include a trend analysis which is about your industry and where the market is going. Is it growing or shrinking? The reasoning is that if you are not in a growth industry you need to understand how long you can pursue your business strategy before the market moves or is saturated. Then you need to identify and explain your target customer and the market segments you plan to reach. When identifying your target market, you should make sure you have three things:

a) Meaningful – you need to know the problem you will solve, and be a real solution.

b) Sizable – you need to make sure the piece of the market you want is large enough to turn a profit.

c) Reachable – you must make sure that you have the resources to reach your target audience. Remember, your network is your net worth when starting a business.

Who’s the Competition? Your customer’s need is already being met somehow. Describe your top three competitors and discuss their strengths and weaknesses. Then explain why their customer will buy your product or service over theirs.

The Customer Profile Identify your customer is in painful detail. Your description should enable anyone to see the face of your customer. Based on this information, you can now create a strategy on how you plan to market to each customer segment. Your sales plan should also be a part of this section of the business plan.

The Niche Webster’s Business Dictionary defines a niche as a “particular market or specialty area where a company finds it profitable to concentrate its selling efforts. Niche marketing offers a concentration of clients in an area of limited competition. You have limited time and resources as a start-up small business, so you need to pick a lane and be disciplined enough to stay in your lane.

So in other words, there are thousands of graphic design firms out there… what specific market will you serve exclusively? Will it be small business, nonprofits, educational institutions, etc?

What Is Your Signature Move? Michael Jackson was famous before he became a solo artist, but once he did the moonwalk on stage during Motown 25, he became the King of Pop. What is your moonwalk? Defining your secret sauce or signature move will enable you to stand out in the market place. A signature move could be uniforms, an extra free service, how you say thank you, a discount coupon for the next time. Here’s a great example, a funeral home sending a gift clock to a bereaved family with the inscription “Always remember the good times.” People will always remember how you made them feel while doing business with you.

Marketing Budget Now that you know who you are selling to, your niche, and signature move, you need develop a budget to execute your marketing plan. Once you have a 30-day revenue goal, you need to determine how many sales leads you need to generate to hit that number each month. Then you need to figure out how many resources you need to put those leads in your pipeline (website, sales people, call center, tradeshow, facebook ads etc.) That’s the easiest way to develop your marketing budget.

If you are someone who would like to read further about writing a business plan here’s two books I suggest: Plan As You Go Business Plan by Tim Berry and The Successful Business Plan by Rhonda Abrams are quite good.

Next week in Part III, we’ll deal with the operations, budget and financials projections.

How is this series on How to write a business plan working for you? Need a Part I refresher?

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

Comments { 10 }

SmallBizLady’s Business Checklist: 10 Important Tasks To Do Before 2011

by Melinda Emerson on December 6, 2010 in 10 Things Lists, Business Inspiration, My Recommendations, Your Small Business

At this time of year, we all have a lot of pressures. We have our families, the holidays, parties, shopping, and our travel plans. Then there’s how we make our living. We are small business owners, we do not get lots of time off. It is important for us to stay organized to manage all that we juggle.

In order to get things started off right in the New Year; it’s time to make sure you’ve got everything squared away. I hate to do it, but I need to add a few more things to the to do list. Here are 10 Important Tasks To Do Before 2011:

1. Update Your Business Plan: It much easier to go some place when you know where you are going. Take the time to finish, update or write a business plan so that you can start out the new-year not wondering what’s going to happen – you’ll be able to make it happen!

2. Create 2011 Folders: Do this for all your key files in your computer that you use on a regular basis ex: contracts 2011, schedules 2011, meeting notes 2011, etc.

3. Unsubscribe Yourself: If you haven’t opened an e-newsletter in the last 60 days, you no longer need to get the information in your inbox. Free yourself.

4. Export Your 2010 Contacts: Make sure you have three ways to contact everyone. Export your contacts into email, LinkedIn, Facebook and your CRM system.

5. Develop an Editorial Calendar: If you use an e-newsletter or blog, lay out a monthly content plan for yourself for 2011. If you can, write all your e-newsletters now for the year, so you won’t be slammed once the New Year starts rolling.

6. Give Your Blog a Facelift: Think about a new feature you can add to your blog next year. Even adding a new header graphic can make a big difference to your blog. People like to see things evolve and change over time. Here’s a link to a great interview with @cathywebsavvypr on how to reinvent your small business blog. http://bit.ly/haBhYZH

7. Empty Your Email Inbox: Start the year fresh with no old emails. It will be like going away on vacation and coming home to a clean house. Ahhh… priceless. And if you subscribe to anything you haven’t read yet, file it or delete, delete, delete.

8. Collect W-4 Forms and W-9 Forms: Make sure you get up-to-date W-9 forms and/or W-4 on all freelance and full-time employees so that you can mail the W-2 and 1099 forms by Jan 31, 2011 to all workers paid over $600 this calendar year. People need those to get their personal income taxes done.

9. Develop a target customer list: Every year I make a list of the top conferences where I want to speak, and corporate clients I want to have. Monthly, I check my list against my sales activities. Challenge yourself by putting some big fish on the list. It’s a great way to keep your sales processes going.

10. Get yourself a new personal theme song: It’s important to have way to keep motivated as an entrepreneur. Music is always a good option. Pick a theme song that makes you feel good whenever you hear it. Make the song’s video one of your favorites on YouTube. Make sure you have a copy on your MP3 Player, and have a version for the car too. Just have it handy so you can rock your theme music whenever you need to remind yourself why you started your business.

Do you have any other tips to add to the 2011 small business to do list?

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. She has been featured on NBC Nightly News, in Forbes, the Wall Street Journal and Black Enterprise Magazine. 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)

Comments { 36 }

Smallbizlady’s 7-Step Course Correction in Your Small Business

by Melinda Emerson on November 1, 2010 in Grow Your Business, My Recommendations, Your Small Business

I often use real coaching situations to develop content for this blog. I recently came across three women business owners who told me that they’d been in business 10-20 years, and that they were stuck and constantly in fear of what was going to happen next in their businesses. It occurred to me that more than just these women were having these issues. In order to get your business on the right track, you must get clear that the nature of business has changed. Everyone these days wants to hire specialists. And competing on price in the computer age is a losing proposition for small business owners, since competition is world-wide. You must understand that what you always did is no longer working. It’s time to reinvent yourself and your business. It is best to start by updating your business plan, which is a roadmap for success—but if that is too overwhelming right now, start by updating your marketing plan.

Here are 7 steps to take for course correction in your small business.

1. Evaluate the core products or services that your business provides. Once you make your list; determine three reasons for why you still sell each of them. Now if you can’t come up with three reasons for any of them, that’s a big clue. Now write down what are the features and benefits of each service. Remember “the benefits” is how you add value to what you do.

2. Determine the most profitable two things you sell in your business. It is fine to have a big list of things that you do, but at this point you need to focus your quickly dwindling resources on your most profitable activities. I want you to get clear about where you make the most money in your business.

3. Examine the competition in specific product or service areas. Look at their website and social media profiles, sign up for their mailing list, swing by their retail space. You need to study what they are doing, so that you can get ideas.

4. Look at your existing customer base. When is the last time you spoke with a former customer? Develop a new detailed customer profile. When you are finished you should be able to see the face of your customer. Develop a Target 25 or (for product based businesses a Target 65) list of customers who hear from you monthly. Never contact them the same way two months in a row.

5. Redefine Your Secret Sauce. Anyone can make pizza, but it’s the sauce that keeps bringing you back. What once made your business special is no longer working. Figure out what you could do that makes you stand out in the crowd. Be sure to take into consideration how social media could help you stand out.

6. Develop a method to attract new customers. Update your website, create a white paper or special report, create a contest or giveaway, or create a blog to demonstrate your expertise.

7. Develop daily sales activities. You must do something every day to tell the world you are open for business. Even if you just make one sales call a day, send out one helpful tweet a day, write one article to promote your expertise, send one follow-up email a day. DO IT EVERY DAY!!

Do you have any tips that could help an existing business owner jumpstart their business?

Melinda F. Emerson, known to many as Small Biz Lady (or on Twitter 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)

Comments { 2 }

What Undermines Most Small Businesses?

by Melinda Emerson on July 12, 2010 in Become Your Own Boss Tips, Branding & Marketing, Grow Your Business, My Recommendations, Women in Business, Your Small Business

Has Your Business Hit a Brick Wall?

Lack of Discipline: When you work for yourself, you are the engine that drives your small business. This also means that you kill for your dinner day after day. As an entrepreneur you need to stay on task daily to accomplish your business goals. Don’t believe hype about making millions in your bunny slippers. I believe there’s something psychological and positive that you feel internally when you take a shower and get dressed before you start the day. It’s best to develop routines to avoid distractions. Do not work in a room that has a bed; it is far too inviting to take a nap when the pressure starts getting to you. Especially if you work from home, treat your work hours like you are in a professional office. Try not to run errands during the day or hold off on personal calls until after 5pm.

Lack of Organization: It is amazing how much time you can waste looking for things when you don’t have your files in order. That means your physical files as well as your computer files. Use inbox, outbox and to be filed bins to keep your mail under control. You should also create general computer files and then use subfolders that track information by year. For example, I use a proposals folder and then I have subfolders for each year 2009, 2010, and so on to track my information so that I do not need to re-create contract proposals every time I need one. You should have file folders for your email as well. One of the things I do to cut back on paper waste is to use my http://www.delicious.com account to file articles online that I want to read or refer back to later. You should also have a folder where you keep monthly bank statements and receipts for your bookkeeper to reconcile your account monthly.

Lack of Niche Focus: Too often, small business owners sell to anyone that they think has money as opposed to focusing on a niche target market. You must niche to get rich! You have limited time and resources to hit it big in business; you will have a much better shot at it if you hone in on a specific target customer. You should be able to see the face of your customer and tell a story about her. Where does she live? Does she have children? How much education does she have? Does she use the internet? Does she feel comfortable buying things online? Is she married? How often does she buy what you sell and how much does she usually spend? This is how much detail you should know about your customer to develop a niche marketing strategy.

Lack of a Marketing Plan: In addition to knowing your customer, you need to have a great answer for “Why will they buy from you?” In other words, you need a signature move or secret sauce. There are lots of small business coaches out here, but why do you need the Smallbizlady? Here’s the answer: “After 12 years as an entrepreneur and five years as a business coach, I’ve developed a six-step planning system to help people transition from having a job to starting a business. The Emerson Planning System will help you plan a successful small business.”

Lack of a Business Plan: This is the most common of all things that undermine small businesses. You need a business plan to run a successful small business. In the first few years of a business it is especially important that the business plan be reviewed and updated every 2-3 months to make sure the business is on the right track. Your initial business plan is your hypothesis of what you think is going to happen in your business— and it will change once your business is exposed to the marketplace. Do not treat your business plan like a historical document—use it to run your business.

What else do you think undermines the success of small businesses?

Melinda Emerson, known to many as “SmallBizLady,” is a Veteran Entrepreneur, Small Business Coach and Social Media Strategist who specializes in small business start-up, social media marketing and business development. She hosts #Smallbizchat weekly on Twitter for emerging entrepreneurs. Melinda also publishes a resource blog www.succeedasyourownboss.com Her first book Become Your Own Boss in 12 Months http://bit.ly/asEgeR was released in March 2010 by Adams Media. For more information http://www.becomeyourownbossbook.com

Comments { 5 }

7 Questions Hobbyists Should Consider When Starting a Small Business

by Melinda Emerson on June 14, 2010 in Become Your Own Boss Tips, Before You Start, How to Start, My Recommendations, Your Small Business

This is the last of a two part series on how to turn a hobby into a small business. Sometimes people with great hobby do not have the right amount of business acumen to run a business. Everyone has good ideas — it is the business of running a business that gets some people in trouble.

Here are seven questions that one should consider before diving head first into entrepreneurship.

1. How committed are you to being a business owner? Successful small business owners are fully committed to their businesses. Are you the type of person who has lots of interests? Do you have lots of unfinished hobby projects around the house? Would you be easily distracted by the next business idea that you dream up? Successful entrepreneurs are disciplined.

2. Do you have a competitive attitude? Are you willing to charge people enough to make money from your products? Many people with hobbies have been giving away their homemade goods as gifts and presents for years. You must really change your mind set to turn into a real business person. No more hook-ups, friend discounts or freebies.

3. Are you a glass half full or half empty kind of person? Your business will live or die based on your own personal optimism. Most successful entrepreneurs are optimistic people. Can you see a positive opportunity or lesson in an otherwise challenging situation? When you don’t have optimism in your business, it is very difficult to sell to anyone or motivate employees. Most of all it is difficult to run a small business; you need optimism to survive the lean times.

4. How big of a business do you want to run? When you start a business, you also need to know in the beginning how much responsibility you are really trying to take on. It is also important to always know how much money you need to make to be happy. Do you want to make enough money to pay your bills and go on a few nice vacations per year, or do you want to buy your own island? Do you want one great restaurant or a regional chain of pizza shops? Do you want your product sold in high-end boutiques or at Wal-Mart? These are all decisions to be made up front as you are starting your business.

5. Do you like to make decisions? One of the main differences between having a hobby and running a small business is making critical decisions with financial implications. In business there are many roles you will need to take on. The average business owner does 10-13 jobs starting out. Will your accountant do payroll or will you use a service? Will you hire employees or make everyone a 1099 virtual employee. Will you hire a booker to source a foreign manufacturer or run a local manufacturing operation that will great increase your cost per unit. Will you be a home-based internet business or have a retail storefront?

6. Do you have the money to start a business? Once you’ve written a marketing plan and then a business plan, you will know if there’s a market for your hobby to become a profitable small business. The next step is to start saving to finance the launch of your new business. Will you start with product or will you need to develop a few more to generate the money that you need to sustain the business. You should not quit your day job until you have sufficient money to fund your business plan and your household. In fact, there are three pools of money you should have in place before you start your business full-time.

A) You need emergency savings for your household.

B) You need enough money to go up to two years without a paycheck.

C) You need the first year of operating expenses for your business.

Start saving 20-40% of every paycheck to save the money you need to become your own boss. Often, things do not work out exactly according to your business plan. These pools of money will be your contingency plan to ensure that the business and your family financially survive your small business endeavor.

7. Do you like to sell? As an entrepreneur YOU are the chief sales officer. You must be the best sales person in your company. Not only do you sell your products–you also sell your vision for the company and most importantly you sell yourself. And you will need to sell every where you go, and make sure that those close to you know what you do. If you love selling, entrepreneurship really could be for you.

If you didn’t have strong answers to most of the questions you might need to plan a little more or consider getting a business partner to help you make your business plan a reality. The key is being honest with yourself about what skills you have and need to turn your hobby into a full-time business.

What other questions do you think a person with a hobby should ask themselves before making their entrepreneurial dreams a business reality?

WANT TO USE THIS ARTICLE IN YOUR EZINE, E-NEWSLETTER OR WEB SITE? You may, as long as you include this complete blurb with it:

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

Melinda Emerson, 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.

Comments { 2 }

Can You Afford to Become An Entrepreneur?

by Melinda Emerson on March 29, 2010 in Become Your Own Boss Tips, Before You Start, Cash Flow & Finance, How to Start, Mompreneurs, My Recommendations, Pink Slip Entrepreneurs, Solopreneurs, Women in Business, Your Small Business

Everyone has good ideas. Some of them may even be million dollar ideas, but if you live from paycheck to paycheck or way beyond your means, you may never be able to quit your job and start a business.

As the Smallbizlady, often I get emails, facebook messages and DM’s on Twitter from people asking me to help them start a business. My first three questions are usually something like this.

What is your business idea?
How much money do you have saved?
How much money do you think it will take to launch this business?

If question two brings on a case of stuttering, I start shaking my head.

You should have three pools of money before your start a business.

An emergency fund for the household
12-24 months of budget to run your household
12-18 months of money to launch and operate the business.

Now hear this, “Your ability to save has everything to do with your ability to start a business!”

Money is not everything. It’s just a tool, but it is certainly the beginning of a business plan. Banks rarely, if ever, loan money to start-up businesses. Banks will typically not deal with you for a loan or line of credit until you’re been in business 2-3 years and can show growth in the business with your financial statements and business tax returns.

There are some franchising opportunities that will provide some working capital, but 30-50% of the money will still come from you. And by the way, you will need to have significant net worth and assets to collateralize the loan. Think of it this way, no credit = no business. When you are first starting out in business, you are your business’s credit.

So what do you do if you have a great idea and no money? There are other sources of funds to start your business. There’s the 3 F’s Family, Friends, Fools. Your family loves you and hopefully believes in you enough to invest in your business. If you are fortunate enough to have a family that can afford to invest in you– you are fortunate, but beware. Your rich Aunt Sally may think she’s your boss and might call you up every 30 days to check on how her $50K is doing. You may not want that kind of pressure in your new business.

Then there are your friends. Nothing can kill a friendship faster than borrowing money that you can’t pay back. I have a rule. I do not loan money to friends, I give it to them. I make sure that I do not give away any money that I can not afford to lose. Would your friends do that for you? If so, they could be an option.

Every once in awhile, a hungry entrepreneur will come across a rich guy who’s an idealist about business, who falls in love your idea but doesn’t wish to run the business. That is an angel investor— who will invest money in the company for an equity stake and lend his or her network to help you. Do not get your hopes up about finding an angel investor in this economy. It can happen, but let’s just say you are better off using your own funds that you save to start your business. Family, friends or an angel investor can be fools for investing in a half-baked business idea. Invest your time, to make sure you have a sound business plan before you take anyone’s money. And do have a plan to show them—for when and how you think you’ll pay it back.

If you do have assets, you are in a different situation. You can borrow against your 401K, you can take out a home equity loan, you can sell your home or rental property, you can cash in a Roth IRA. The money must come from somewhere—its best when it comes from your own coffers.

It’s essential that you start your business from a position of financial security. Otherwise, you’re finished before you get started.

WANT TO USE THIS ARTICLE IN YOUR EZINE, E-NEWSLETTER OR WEB SITE? You may, as long as you include this complete blurb with it:

Melinda Emerson “SmallBizLady” is a Veteran Entrepreneur, Small Business Coach and Social Media Strategist 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 also publishes a resource blog on small business best practices at www.succeedasyourownboss.com Her first book, Become Your Own Boss in 12 Months was released by Adams Media in March 2010.

Comments { 9 }

The Right Way To Make Sales Calls For Your Small Business

by Melinda Emerson on March 8, 2010 in 10 Things Lists, Become Your Own Boss Tips, Customer Service, My Recommendations, Your Small Business

I have recently been exposed to too many instances of sales calls that are inappropriate and ineffective to actually make a sale. Social media networks such as LinkedIn, Twitter and Facebook are great for making the initial connection, but if you do not take the time to interact and actually build a relationship with your new connection, you are still a stranger.

My nickname is SmallBizLady and @smallbizlady is my handle on Twitter. I am considered a power Twitter user, with more than 10,000 followers between two accounts. That is great and all, but my favorite thing to do is reach someone outside of Twitter – on the telephone. That’s where the real relationship is made. Once that connection is made, there’s a right and a wrong way to approach a sale.

SmallBizlady’s 10 Rules For Small Business Sales Calls

Do not make sales calls on Monday! Mondays are tough enough for people; do not bother them when they are just getting their week started — if you want to be successful.
Make sales calls on Tues. Wed. Thurs. and never make sales calls before 10am or after 3pm.The prime calling hours for sales calls are 10-noon and 1-3pm. People do not like sales calls generally. Do not be a bother to a potential client before they get their morning coffee. After 3pm people on deadline do not have time for your call. Give yourself the best possible path to success by respecting your prospect’s time.
Always ask if your contact has time to speak with you. And if they are busy, ask when would be a best time to give them a call back. Then you’ll have a scheduled appointment which is even better.
Make sure you can remind your contact how you know them.
Research whether or not the contact is really a potential customer. It’s always best to know what products and services your customer purchases – and when they make these decisions to do so. If you really know your target market, you’ll know this information.
Make sure you have the correct name of the person you want to speak with on the call. When you do get a potential customer on the phone, be ready. You only have 7 seconds to make an impression. Stammering over someone’s name is not the way to make a good first impression.
Do not leave a voicemail if you do not reach your sales target. Connections are only made with real people. Your message will be deleted anyway.
Use contact management software. You need to track your calls and when it’s time to make follow-up calls.
Never make a sales call on a Friday! No one wants someone selling them something when they are trying to wrap up their week and get out the door to start their weekend.
Use a target list for potential customers. Make sure you contact you target list at least once a month by phone, email or direct mail.

Your sales pipeline is the life’s blood of your business, so you must make sales calls. Just remember these rules so that you can build on your social networks instead of instantly turning them off with no chance of a sale.

Do you have any more rules to add to my list of sales calls dos and don’ts for a small business owner? Please leave me a comment below.

WANT TO USE THIS ARTICLE IN YOUR EZINE, E-NEWSLETTER OR WEB SITE? You may, as long as you include this complete blurb with it:

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

Comments { 9 }

How is Your Entrepreneurial Literacy?

by Melinda Emerson on February 22, 2010 in Become Your Own Boss Tips, Before You Start, How to Start, My Recommendations, Your Small Business

This is National Entrepreneurship Week Feb 20-27, 2010. This year‘s theme is Entrepreneurial Literacy Empowers Everyone. This is a theme that I truly embrace.

Whether you are still working in corporate America, running a nonprofit, or leading the charge in your own small business - being able to evaluate things from a business perspective will always enable you to be more successful.

So What is Entrepreneurial Literacy?

The organizers of this week-long celebration in honor of Entrepreneurship in America define it as having some basic knowledge of how a business is created and managed.

I have a slightly different definition. When you are entrepreneurial literate, you are a student of small business. You do not just rest on your idea and marketing efforts. You constantly work to refine your business model. You are someone who makes sure your passion has a profit center.

Entrepreneurial Literacy is important because too many people who want to start small businesses lack critical understanding about financial matters including budgeting, taxes, balancing a checkbook, managing credit cards or lines of credit, and developing sales projections.

Here’s a fact: if you do not manage your household with a budget you are far less likely to manage your business with budget. The best business owners make business decisions based on up-to-date financial information that is tracked against a budget.

Your journey to become an entrepreneur starts from real experiences that test your knowledge and skills and motivations.

Pursuing entrepreneurial literacy is about the research you do as you prepare to start your business. The more you learn and grow, the better business leader you will be. Real entrepreneurial skills come from your work and industry experience, and your willingness to continue learning.

Entrepreneurial Literacy is a real necessity if you have plans to Become Your Own Boss. These are the skills that empower everyone to succeed in business and fuel the American economy with 60-80% of the net new jobs.

Here are 15 Questions for All Would-Be Entrepreneurs

Do you have the career skills and experiences to become a successful entrepreneur?
What personality traits are more likely to lead to success as an entrepreneur?
What taxes do entrepreneurs pay?
What items are part of a firm’s operating costs?
How can an entrepreneur learn about what his/her customers want?
How can computer skills help with business operations?
How do small business owners deal with risk?
How does personal financial literacy relate to business financial literacy?
What factors determine where to locate a business?
Why is branding important?
How does competition affect entrepreneurship?
What percent of American firms have no employees working for them? Why is this important?
What are some sources of funding to start a business?
What should you do if business drops off?
What should an entrepreneur consider when hiring employees for the business?

National Entrepreneurship Week is sponsored by The Consortium for Entrepreneurship Education which believes that ”Entrepreneurs are not born….rather they ‘become’ through the experiences of their lives.” (Albert Shapero – OSU) For more information http://www.nationaleweek.org/

Are there any other questions that need to go on this list? Please leave a comment.

WANT TO USE THIS ARTICLE IN YOUR EZINE, E-NEWSLETTER OR WEB SITE? You may, as long as you include this complete blurb with it:

Melinda Emerson “Smallbizlady” is a seasoned entrepreneur, professional speaker, and small business coach. Her areas of expertise include small business start-up, business development and social media marketing. Melinda hosts #Smallbizchat, a weekly talk show on Twitter. Melinda’s first book Become Your Own Boss in 12 months; A Month-by-Month Guide to Start a Business that Works is due out in March 2010 by Adams Media.

Comments { 10 }