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The Entrepreneur’s Job Description PART II

By Melinda Emerson on January 25, 2010 in Become Your Own Boss Tips, Branding & Marketing, Cash Flow & Finance, Grow Your Business, How to Start, Starting A Small Business, Your Small Business

Just as you would write a job description when hiring an employee, you need to understand what is fully involved in your new job as an entrepreneur and business owner. Everyone at some time or another has dreamed of becoming their own boss, but I’m here to tell you there’s a lot of work involved in running a successful small business. This post is the second of a two part series on what it takes to be an entrepreneur; click here to view Part I of this article.

This blog post is excerpted from my new book Become Your Own Boss in 12 Months; A Month-By-Month Guide to a Business That Works which will be released in March 2010 by Adams Media. Become Your Own Boss in 12 Months walks you step-by-step through the Emerson Planning System, which will reduce your learning curve as you start your business.

Starting a business is a huge commitment of time, money, and personal energy. Here’s a list of five more jobs you must hold as a small business owner.

Chief Operations Officer– Once you have your vision for your business, then you must run it. Issues such as office space, banking, insurance, inventory management, budgeting and financial management are all things that must be handled in order to run a small business effectively. You must also make sure there are processes in place for hiring, sales and customer service.

Chief Project Manager— You must know who is going to really get the work done once a sale is made to a customer. Who’s going to communicate with the client, attend all meetings and make sure the project or delivery stays aligned with the timeline? Will you need to hire employees or freelancers to get the work done?

Web/Social Media Manager— In addition to having a website that is updated regularly, you also need to make sure that you are maintaining a presence on social media sites where your prospective customers are spending time. Three top social networking sites are LinkedIn, Twitter and Facebook. If you decide to launch a blog to keep your website updated and promote your expertise, you will also need to write regular blog posts. Using social media consistently is the best thing you can do to build your small business brand online.

Bill Collector— One you make a sale, you must have a process in place to collect your money. In the current economic environment many businesses and corporations are paying their bills late. Small businesses are always on the bottom of the list, so you must be aggressive about getting paid. On day 31, you should be on the phone and emailing about the status of your payment. This is one of the least fun things to do as a business owner, but you must be paid for your products and services.

Secretary— In addition to writing your own letters, you will do your own mail merges, labels and take your mail to the post office or over night mail drop off. You will probably answer your own phone as well. It will be important to screen your calls. Never hesitate to tell a caller you are on deadline and need to call them back. Be sure to use a message pad so that you can actually remember to return the call.

This information will help you think through having your own business – before you get too far down the road pursuing your entrepreneurial endeavor.

Click here to view Part I of this article.

What else do you think needs to go into the small business owner’s job description? 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 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.

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When Growth Stalls in Your Business

By Melinda Emerson on January 14, 2010 in Grow Your Business, SmallBizChat, Your Small Business

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 an excerpt from my recent interview with Steve McKee @whengrowthstall on Twitter. Steve Mckee is the author of When Growth Stalls and a columnist for BusinessWeek.com. A marketing strategist for more than two decades, he runs his own firm advertising firm, McKee Wallwork Cleveland, which was recently recognized by Advertising Age as one of ten top small agencies in the nation. For more information or to purchase a book log on to http://www.whengrowthstalls.com/.

Disclosure Note: I was mailed two books to review and to give away on #smallbizchat to prepare for this interview.

SmallBizLady: How did When Growth Stalls come about?

Steve McKee It was actually a fairly serendipitous thing. My firm, which had been named to the Inc. 500 as one of America’s fastest-growing companies, suddenly and inexplicably stalled. We went through a very difficult two-year period of drifting. During that time we commissioned a research study among other Inc. 500 companies to see what we could learn about their ability to maintain growth, and that’s when the lights came on for us, I began sharing the findings in speeches around the country and one thing led to another until the book came out.

SmallBizLady: The book seems well-timed. Did you plan it that way?

Steve McKee The fact that the book came out during the worst recession in our lifetime is pure coincidence. Our original research was completed in 2003 when the economy as a whole was doing just fine. We started the book project in early 2007, and it wasn’t until late that year that things started to go downhill. My publisher did try to move the pub date along once the economy started to tank, but it wasn’t any more planned than that.

SmallBizLady: Has the depth of the current recession impacted your thinking?

Steve McKee Only to reinforce it. Economic factors are the cause most often cited for stalled growth, and that’s happening in spades this year. In fact, my research shows that in an average year between ten and fifteen percent of companies stall. I’ve seen estimates that during this recession as many as nine out of ten companies’ sales are flat or down. Truly unprecedented.

SmallBizLady: You talk about destructive factors that correlate highly with stalled growth. What are they?

Steve McKee There are two main categories—external events, which we call “market tectonics,” and internal dynamics, which are the most insidious and destructive.

SmallBizLady: Let’s start with the externals. What are market tectonics?

Steve McKee We call them market tectonics because just as with plate tectonics in the geological world, when the economic ground starts to shake, it affects every company. Recessions, new technologies, government regulations, competition—every company has to deal with these in one form or another. That’s not to downplay their impact (the current recession being the most powerful case in point), it’s just to say that they’re not unique to any one company. Typically when growth stalls, other things are going on.

SmallBizLady: Which must be the internal dynamics, right? What are they?

Steve McKee They’re what make life really interesting in a stalled growth environment. There are four that we see cropping up over and over when things get rough: a lack of consensus among the management team, a loss of focus in the marketplace, a loss of nerve, and inconsistency. All can do their damage by stealth, which is why they’re so destructive.

SmallBizLady: Lack of consensus sounds a little odd to be the first one. Why is it?

Steve McKee It is odd, but it also tends to be present in virtually every stalled company. There’s this place between autocratic leadership and management by committee (two unworkable management situations) called consensus—some might call it strategic alignment—where healthy companies operate. Because everyone on the management team is a unique individual, we all tend to think a little bit differently about objectives, strategy and tactics. There’s room for some disagreement and lengthy debate when things are going well, but when a company is in decline (and tensions are on the rise) a lack of consensus can grind things to a halt. The reasons I list it first is because until it’s solved, none of the other internal dynamics can be.

SmallBizLady: Loss of focus is #2. Is that common?

Steve McKee Very common. Sometimes successful companies start believing they have the Midas touch and lose their focus, which causes growth to stall. Other times a loss of focus is a response to stalled growth, as companies desperately seek new revenue streams. Either way it can take them way off track.

SmallBizLady: I’m intrigued by the loss of nerve dynamic. Why is that an issue?

Steve McKee Largely because of both of the above. If you’re not sure where you’re going—if you’re not even entirely sure what’s wrong—you tend to get very cautious. The place it manifests itself most often is in the wallet, as stalled companies cut or quit investments in the things that drive business forward—training, innovation, marketing, to name three. That loss of nerve only serves to slow things down further, reinforcing the lack of consensus and creating more pressure that can cause additional focus problems. It can get complicated fast.

SmallBizLady: Factor #4 is inconsistency. Why is consistency so important?

Steve McKee Primarily because it tends to go out the window when growth stalls. And in our over-communicated culture, consistency can be your best friend. Every time a company launches a new initiative or kicks off a new campaign, in some ways it’s starting over. It’s one thing to refresh your advertising along the same lines you’ve been doing for several years; it’s quite another to try to be something in the marketplace you’ve never been before. And since it can take some time to realize marketing effects, companies that need a quick fix tend to lose patience. That only leads to more change as they dig an even deeper hole without even realizing it.

SmallBizLady: since so many companies are so slammed by economic events, can this book really help?

Steve McKee Absolutely. The recession has been terrible, but one way to look at it is as one big tectonic event. It has affected every company, and many (if not most) are now dealing with some or all of the above issues. Those that recognize them and take steps to address them now can actually gain competitive advantage, positioning their companies for greater success as the economy starts to rebound.

SmallBizLady: Any other words of advice?

Steve McKee Yes. Don’t neglect or ignore these issues. They’re real, and they’re terribly destructive. They’re not as easy to see as something that shows up on a P&L, but I guarantee you they’re affecting what that P&L says. Face up to what might be going on psychologically within your company, and don’t be afraid to confront these destructive dynamics. You may never rid your organization of them entirely (not as long as any human beings are involved), but you can keep a lid on them if you remain alert and aware.

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

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

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.

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Best of Melinda Emerson’s #SmallBizChat Interviews in 2009

By Melinda Emerson on December 28, 2009 in Business Inspiration, How to Start, Mompreneurs, My Recommendations, Pink Slip Entrepreneurs, SmallBizChat, Solopreneurs, Telesummit, Women in Business, Your Small Business

My interview with Sherri Garrity on how to quit a job to start a business:

Sherri is the founder of Corporate Fugitive. Her company provides business coaching to aspiring entrepreneurs and business owners who want to go from overwhelmed to extraordinary. In 2007, she walked away from a successful marketing career to start her own consulting business. Contact her on Twitter @SherriGarrity or at http://www.corporatefugitive.com

http://succeedasyourownboss.com/09/2009/how-to-quit-a-job-to-start-a-business/

My Interview with Christina Katz on how to develop a platform for your small business:

Christina is the author of Get Known Before The Book Deal; Use Your Personal Strengths to Grow an Author Platform and Writer Mama, How to Raise a Writing Career Alongside Your Kids for Writer’s Digest Books. She has written hundreds of articles for national, regional, and online publications, presents at publishing events around the country. Find Christina on Twitter at @thewritermama or at: http://christinakatz.com/

http://succeedasyourownboss.com/12/2009/how-to-develop-a-platform-for-your-small-business/

My Interview with coach Elizabeth Barbour on 5 Ways to Shift from Tired to Inspired in Business:

Elizabeth Barbour’s company is The Inspired Entrepreneur. She is a small business coach who serves as a catalyst for entrepreneurs to take inspired action and create extraordinary results in business and in life. Her four core values are community, celebration, spirituality and self-care. Find Elizabeth on Twitter @CoachElizabethB Visit www.ElizabethBarbour.com.

http://succeedasyourownboss.com/09/2009/5-ways-to-shift-from-tired-to-inspired-in-business/

#SmallBizChat Live Telesummit Recap (Part 1)

In November 2009, we presented the first annual #SmallBizChat Live Telesummit. This blog post recapped three key points that each expert shared with us. The four experts highlighted are:

Mike Michalowicz talked about using social media a build your business. Mike aka @TPEntrepreneur is a small business expert and author of Toilet Paper Entrepreneur. For more information, please visit toiletpaperentrepreneur.com

Karyn Greenstreet talked to us about mastermind group best practices. Karyn aka @kgreenstreet is a self-employment expert who runs thesuccessalliance.com. Her website has all the resources a business owner needs to start or run a mastermind group.

Dr. Mel Gravely talked about how to retool your business in tough times. Mel aka @melgravely is the founder of the Institute for Entrepreneurial Thinking, the leading think tank on issues related to business development. For more information, please visit entrethinking.com .

Tim Berry talked about Managing Cash Flow in a Tough Economy. Tim aka @Timberry is president and founder of Palo Alto Software the makers of Business Plan Pro, and founder of bplans.com. He’s the author of The Plan-As-You-Go Business Plan, Entrepreneur Press.

http://succeedasyourownboss.com/11/2009/smallbizchat-live-telesummit-recap-part-1/

#SmallBizChat Live Telesummit Recap (Part 2)

Here’s the recap of three key points that each expert shared with us.

Allyson Lewis talked to us about getting more out of your day as a business owner. Allyson is a business coach whose focus is on productivity. Her book, The 7 Minute Difference, grew out of the workshops she has been teaching for years. Contact her on Twitter at @allyson7minutes or visit Seven Minutes Inc.

Michelle Villalobos talked to us about turning contacts into contracts. Michelle is a business turnaround expert who teaches busy entrepreneurs how to improve their sales. Reach her on Twitter at @mivi or visit MichelleVillalobos.com.

Paul B. Brown spoke with us about becoming a published author to build your business. Paul is a long-time contributor to the New York Times and author of more than two dozen books, including the international best-seller Customers for Life. He is the author of Publishing Confidential: What it really takes to land a non-fiction book deal.

Lisa D. Sparks taught us how to become email marketing rock stars. Lisa is an email marketing expert with nine years of experience developing and implementing marketing campaigns for small business owners. Reach her on Twitter @lisadsparks or visit lisadsparks.com

http://succeedasyourownboss.com/11/2009/smallbizchat-live-telesummit-recap-part-2/

We have had a great time doing #smallbizchat interviews weekly, and we hope you enjoy these recaps. If these interviews have been helpful join us every Wed 8-9 ET for #smallbizchat on Twitter. We have lots if great small business resources coming in 2010. The goal of #smallbizchat is to end small business failure and reduce the learning curve of small biz owners as they start a grow their small business.

How to participate in #SmallBizChat: http://bit.ly/S797e

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

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

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Best Small Business Start-Up Books

By Melinda Emerson on December 21, 2009 in 10 Things Lists, Business Inspiration, How to Start, My Recommendations, Your Small Business

I am a serious book reader. I pride myself on reading at least 25 new books a year to learn the latest information about running a successful small business. business book stack

When you are first launching your small business I believe it’s best to plan for 12 months before you start. During that time there are many things you will need to do to get ready – including developing a life plan, saving money, networking, joining industry organizations and reading as much as you can about the business of running a business. Below are some of the best start-up business books I have read. They could be a great resource for you, too.

Start Your Own Business, 4th Edition (Entrepreneurial Press, Revised 2007) by Rieva Lesonsky – While I don’t agree with the author in that this is the only book you’ll ever need, it is one book that you should have in your business book library. This book is extremely useful to a newcomer starting a business. Rieva Lesonsky was at the helm of Entrepreneur Magazine when she and her fellow editors wrote this book on small business start-up. Start Your Own Business is a best-selling book now in its fourth edition; it has helped thousands of people start their own businesses

What No One Ever Tells You about Starting Your Own Business: Real-Life Start-Up Advice from 101 Successful Entrepreneurs (Kaplan Publishing, 2004) By Jan Norman – What No One Ever Tells You about Starting Your Own Business is practical business advice from over 101 real-life entrepreneurs who have “been there, and done that.” It is designed for people who are launching a business, whether they are first-time entrepreneurs or people who need to re-group and do it right this time. Norman combines practical, straightforward how-to advice with interesting and memorable stories.

The Young Entrepreneur’s Edge: Using Your Ambition, Independence, and Youth to Launch a Successful Business (Princeton Review, 1999) By Jennifer Kurshell – I’ve read The Young Entrepreneur’s Edge twice at different stages of running my numerous businesses. This book is not only “informative,” but it provides humorous and enlightening stories from the front lines of starting a business before you have much of a professional track record. Being a young entrepreneur is possible, but it takes many of the specific tactics that she lays out in this thoroughly researched book. Everyone can learn from this book!

The Successful Business Plan, 4th Edition: Secrets and Strategies (The Planning Shop, Revised 2008) By Rhonda Abrams – The Successful Business Plan is a thorough small business planning book. She leaves no stone unturned in the planning process. This book also helps you sort out your thoughts and feelings about why you are starting a business which is critically important. If you are someone who wants to use a book to write your business plan, instead of software, this is a great resource.

Tell me about the best small business start-up books you have read and how they helped you.

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.

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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10 Things To Do Before 2010

By Melinda Emerson on December 14, 2009 in 10 Things Lists, Business Inspiration, Grow Your Business, My Recommendations

The best way to start out the New Year is to close out the previous year with a plan to get your house in order. Don’t start January 1st in a panic. Use the down time of the last two weeks of the year to close out important administrative and marketing tasks. Here’s a list of suggestions to start your 2010 off right.

Are your business ducks in a row?

Organize Your Files. I can find all the proposals I created in 2009, because I have a file folder for it on my hard drive. Don’t waste time looking for things. Organize your files and create file folders for key projects and information. Delete duplicate files before you cannot remember which one was the final version. Once the organization project is complete, back it up. Invest in an external hard drive from Western Digital or another top brand. Remember this is your back–up system, so please have your information in at least two places. There are also online back-up systems such as http://www.carbonite.com or Mozy. It will be a sad day if you lose critical data, because you didn’t take the time to back it up.

Clean Out Your Inbox. Clean out your email. If you can’t get to an empty inbox every day, get busy deleting all unnecessary emails to get to zero before the New Year. Marsha Egan, of the Egan Group, Inc. has some great advice for changing your email routines in her book, Inbox Detox; And the Habit of Email Excellence. Here’s a link to a great article Egan wrote as a resource. If you make her advice part of your daily routine, you will reduce stress and increase your productivity throughout the coming year.

Review Accounts Receivable. Find out who owes you money! What is the total owed? Start making calls on all outstanding invoices. Try to negotiate at least partial payments. If you have been owed money longer than 180 days you may need to decide whether to turn them over to collections or write it off as a loss. Consult your accountant for advice.

Update your website. Every year you should update your website with new graphics and photos. You can get a new header graphic for under a $100 bucks. If that’s not in the budget, at least update your site with fresh content. Update your services or product offering pages. Make sure your tagline still best describes what your business does. You will need to fine tune your website as you learn more about your niche target market.

Organize your financial records. If you have waited until the last minute to do any accounting for the year, it’s time to get organized. Go online and print out all your bank statements, organize your receipts and bank withdrawal or deposit slips by month. Make sure you have copies of all invoices. Collect statements from any credit cards you use in the business or monthly draws from your account such as a merchant service accounts or any online memberships. Pull together copies of any monthly phone or utility bills and any quarterly insurance bills.

Update employee paperwork. Ask each employee and any freelancer to complete new 1099’s & W-2 forms. This is to verify the mailing address you have on file and make sure you have the social security numbers for current and former employees and your independent contractors as well. Your accountant or payroll company will need this information to prepare tax forms by Jan 31, it is best to collect the information before you need it.

Develop Your Editorial Calendar for 2010. Holiday downtime is an excellent time to start creating a library of content. Take time now to develop an editorial calendar for your blog. Write as many posts as you can and all your monthly e-newsletters for 2010.

Update your contact database. This is a great time to take the business cards that have been lying around on your desk or in your purse and get that info entered into your outlook database or contact management system. Aweber, Constant Contact, or 1shoppingcart.com are effective CMS systems. This is a great task to hand off to an intern or virtual assistant.

Get a new professional headshot. If you’ve changed your appearance in any way, you need a new head shot. If it’s been a year or two since you had a professional photo taken, you need a new headshot. Ladies, be sure to get your makeup professionally done, and remember to smile. Give your business a fresh new look with a new headshot.

Refresh your bio. Every business owners need two bios. You should have a comprehensive one-page bio and a 50 word bio. Be sure to include a mini client list, any national media, all awards, association memberships and any volunteer service. Ask at least two people to review it, if you’re really struggling, hire a professional copy writer to tweak it for you. Once it’s updated, be sure to update your bio across your entire social media footprint for consistency.

Special shoutout to @AliciaSanera who’s blog post The Cure For A Business Hangover was inspiration in part for this blog post.

Is there anything else you are planning to tackle before the year is out?

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

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

Melinda Emerson “SmallBizLady” is a Veteran Entrepreneur, Small Business Expert and Social Media Coach who hosts #SmallBizChat on Twitter. #Smallbizchat is the trusted resource on Twitter to discuss everything entrepreneurs need to know about launching and running a profitable small business. Melinda’s first book, Become Your Own Boss in 12 Months! A Month-by-Month Guide to Start a Business that Works! which will be released by Adams Media Feb. 9, 2010.

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When a Book Can Change Your Outlook About Your Business

By Melinda Emerson on December 7, 2009 in How to Start, Starting A Small Business

Those of you who follow this blog know that I am a serious book lover. Last year, an email from Amazon.com informed that I purchased 118 books over the last 10 years. I was surprised they didn’t send me a coupon or discount card, but this post is not about customer service.

My love affair with the written word started when I was a little girl. For my birthday, my dad bought me an electric typewriter – and I was hooked. In the eighth grade, I decided that I would be a journalist and by the time I finished high school, I was the assistant editor of the school newspaper. My favorite class in college was editorial writing. Throughout my journalism career, I always wanted to write a book. After more than five years, my goal is finally about to be realized. My first book, Become You Own Boss in 12 Months is to be released by Adams Media in February, 2010.

The road to becoming a published author was not an easy one. The only easy part was to write the first draft. My book went through five drafts in the end. At one point last year when the market crashed, my book was postponed twice. I wasn’t convinced that Become Your Own Boss in 12 Months would ever be published. I was so depressed about my book situation that I banned all family and friends from even asking about it – unless they were willing to hear me whine about the irony that that so many people were being laid off, creating such incredible demand for my book – and yet, my publisher wasn’t rushing it to market.

One day, a friend was walking through a Borders book store and spotted, Get Known Before The Book Deal by Christina Katz. She immediately called and insisted that I buy it online. I wasn’t happy about this…remember, I had banned all book project conversation. But I complied and bought the book – and I cannot thank my girlfriend enough.

Get Known was a great read for me and it came just in time. It changed my attitude about my book, my writing career and my growth strategy for my business. This book helped me to understand three critical points about the book business.

1) I needed to create a built in audience for my book,

2) I needed to build a platform for a business and a book,

3) Book publishers are not interested in making you famous they are interested in capitalizing on the fame you create for yourself.

Last year I read Get Known Before The Book Deal. I was already the @Smallbizlady on Twitter, but I refocused my efforts a bit and launched #SmallBizChat and I developed this blog. The community that has grown out of this has enriched my life and work far beyond what I expected.

I also reached out to Christina Katz to share with her the profound effect her book had on me and on my business. She was so kind and gracious; she actually asked me to send her an early version of my book – which she read in a week and then provided me with a quote for the back cover.

Successful entrepreneurs are lifelong learners. Reading books is just part of the program. You never know when a book can change your entire outlook on your business.

What books have you read that transformed your business?

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

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

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Do You Need to Know Your Business?

By Melinda Emerson on November 2, 2009 in Business Inspiration, My Recommendations, Starting A Small Business, Your Small Business

The answer is a resounding YES! If you are starting a business, your business venture should be something in which you have experience or professional training. The only exception to this rule is if you buy into a franchise, but it is especially true if you take over an existing business. Sometimes there are people working in the business who can help provide institutional information about the business, but you need to make sure you trust the people giving you advice. In those cases, the franchise company typically provides some training. (Even so, I would not suggest buying a food franchise if you have never worked in a restaurant.)

Which way?

If you buy an existing business, you must make sure the employees who are left are interested in the business being successful. You also need to quickly determine who you can trust. Many times the original owner stays on in some role for a couple years to make sure there’s a smooth transition, but there is no guarantee that the founder of the business will work hard for you either.

I have a friend who was an investment banker, who wanted to get into the production industry. So, he researched the industry, found out who the major players were, and identified a business he wanted to buy in the Midwest. The company he had his eye on was the top post-production house in that town. He bought it for millions and then sunk millions more into it upgrading all of the equipment to HD and renovating the space so that people would just want to come by and hang out there and, of course, do business. The place was a showpiece. He even threw the industry Christmas party at his business location, so people would see how fabulous the place was on the inside. Everything was steady the first year, but within three years of the purchase, he was out of business.

Why did this happen? He should have had business lined up around the block with a facility like that, but because he didn’t know the industry, and more importantly – the culture of the industry so he made many costly mistakes. Within the first year, three of his top producing editors left the company. It wasn’t about the facility- his talent drove the demand – it was about the specific editor. Then, advertising people followed the editor they wanted to work with. He also rubbed industry people the wrong way by how he went about getting business; advertising creatives never respond favorably to being told what vendors to use. He was friends with the clients of some of his customers and was perceived as trying to get his friends to strong arm their ad agencies into doing business with him. He also turned off other production industry veterans in his town by being so flashy and bold. This is a brilliant guy, who had plenty of resources to run his business, but he had no industry experience. He also bought from a man who he couldn’t trust. The former owner was not invested in his success. He was just looking for a payday. The former owner didn’t help him understand the culture of doing business in the advertising industry. Not knowing how business was done in this industry, cost him his business. He thought – if he built a top-notch state-of-the-art facility, that would increase the business – but it didn’t. Here’s SmallBizlady’s rule about buying an existing business Do not just buy a business because you like their balance sheet.

I hold a degree in Broadcast Production from Virginia Tech. I worked for six years in television as a news producer before I started my multimedia production company. Work for a business like the one you want to start for at least a couple of years before starting on your own. Do not start a daycare center if you have never worked with kids, just because you heard those kinds of businesses make a lot of money.

Research and work in your industry. Your business venture will be a lot more successful if you do.

Do you have any stories to share about starting a business with or without industry experience? Leave a comment and let me know about your business.

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

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

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

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Are You Ready for 2010?

By Melinda Emerson on October 26, 2009 in Business Inspiration, Grow Your Business, How to Start, Mompreneurs, My Recommendations, Pink Slip Entrepreneurs, SmallBizChat, Solopreneurs, Starting A Small Business, Women in Business, Your Small Business

smallbizchat_live_telesummit The economy is on the rebound, but the nature of business has changed.

Is your small business repositioned for 2010? October and November is the perfect time to start planning for how you will kickoff the New Year. It’s not about making it through the recession; it’s about coming out of this recession with a stronger business.

Every Wednesday #SmallBizChat delivers training on how to start and run a profitable small business via Twitter, now for the first time we we’re delivering what you need over the phone and at your own desktop.

I’m known as @Smallbizlady on Twitter, I have developed a FREE resource to help you develop tools to compete in this new business environment. We’re calling it the SmallBizChat Live Telesummit. To register now, visit http://bit.ly/1TxnoL .

I’ve pulled together top small business experts who are allowing me to pick their brains and share with you invaluable advice that will take your business to the next level.

The Smallbizchat Live Telesummit interviews will take place over four-days the first week of November.

Mark your calendars for Nov 3-6, 2009

Register now http://bit.ly/1TxnoL

Listen and Learn! Each day, we will do live interviews at 1pm and 7pm Eastern Time

We’re going to introduce the challenges and advantages this new business economy has created.

Live Telesummit Nov 3-6, 2009 | register for full program – http://bit.ly/1TxnoL

If you’re already an entrepreneur and you want to improve your business, or if you’re planning to take the leap and want to start out on the right foot, here’s your chance to learn from top experts who are business owners just like you.

Sheer passion and courage aren’t all you need to succeed in today’s business environment. Listen in and you’ll be able to learn key strategies to accelerate your business success.

This is a great time for an aggressive entrepreneur, but you need an action plan for business success in 2010.

Wondering if this is for you?

The old rules of business no longer apply. Do you know how to compete?

Are you tired of dealing with the unpredictable ups and downs of cash flow in your business?

Is the daily stress in your business draining you of the passion you have for your business?

You know you need to be utilizing social media, but don’t know where to start?

Are you ready to invest in learning how to adapt and grow your business while others struggle?

If you’ve answered “Yes” to any of the questions above, sign up today for the 1^st Annual #SmallBizChat Live Telesummit http://bit.ly/1TxnoL!

Telesummit Topics:

Using Social Media to Brand Your Business

Developing a Mastermind Group

Retooling Your Business in Tough Times

Strategic Cash Flow Management

Growing Your Network

Getting More Out of Each Business Day

How to Author a Book to Grow Your Brand

How to Be an Email-Marketing “ROCK STAR!”

MEET THE EXPERTS

Melinda Emerson “Smallbizlady” is your host for the #SmallBizChat Live TeleSummit! Melinda is a seasoned entrepreneur, professional speaker, and small business coach. Her areas of expertise include small business start-up, business development and social media strategy. Melinda hosts #Smallbizchat, a weekly talk show on Twitter. #Smallbizchat is the trusted resource on Twitter to discuss everything entrepreneurs need to know about launching and running a profitable small business. Melinda has been featured on NBC Nightly News and in the Wall Street Journal, U.S. News and World Report and Black Enterprise. Melinda publishes a resource blog www.succeedasyourownboss.com and has several special reports including 44 Things To Do Before You Go Into Business and The 12 Cardinal Sins of Small Business-and How to Avoid Them! Melinda’s first book Become Your Own Boss in 12 months; A Month-by-Month Guide to Start a Business that Works!” will be released in February 2010 by Adams Media. For more information, please visit melindaemerson.com

Mike Michalowicz is the Toilet Paper Entrepreneur. Mike Michalowicz has a driving passion for entrepreneurialism. Michalowicz wrote The Toilet Paper Entrepreneur with the sole purpose of giving first time entrepreneurs the information they need to grow their concepts into industry leaders. Michalowicz has successfully launched three multimillion-dollar companies. His most recent venture, Obsidian Launch LLC, partners exclusively with first-time entrepreneurs to launch their ideas into niche industry leaders. For more information, please visit toiletpaperentrepreneur.com

Dr. Melvin Gravely, II, is the founder of the Institute for Entrepreneurial Thinking, the leading think tank on issues related to business development. The Institute is nationally known for providing thought leadership, and industry changing research on issues at the intersection of business and race. The Institute is a trusted advisor to Chambers of Commerce, major corporations and community leaders across the nation. Gravely is the author of seven books including The Lost Art of Entrepreneurship, When Black and White Make Green, and his latest Getting to the Next Level. He has been featured in many national publications including Black Enterprise Magazine, Entrepreneur Magazine, and American City Business Journals. After ten successful years working for a large corporation, he co-founded a civil engineering firm and grew it into a multimillion dollar company. Dr. Gravely speaks and writes on various topics related to entrepreneurial thinking and business development. For more information, please visit entrethinking.com

Michelle Villalobos is a Business turnaround expert who teaches busy entrepreneurs how to improve their sales approach through networking skills, personal branding and word-of-mouth marketing. As a 14-year sales & marketing veteran, she first made her mark in the publishing industry. Michelle is known for never turning down a sales challenge, she has helped numerous small businesses significantly increase their revenues. She conducts seminars, brainstorming sessions, strategic planning workshops, roundtables and other programs that “educate, entertain and engage” by helping businesses learn to build revenues, through effective sales, networking and word-of-mouth techniques Michelle holds an undergraduate degree from Dartmouth College, and an MBA from the University of Miami and is a life-long devotee of Sharpies. You’ll have to listen in to find out the deal with that. For more information, please visit MichelleVillalobos.com

Paul B. Brown is a long-time contributor to the New York Times. Paul is the author of more than two dozen books, including the international best-seller Customers for Life. A former writer and editor of Business Week, Financial World, Forbes, and Inc., Brown has “ghosted” books for several of the nation’s most success business executives. The latest example: Obstacles Welcome: How to Turn Adversity into Advantage in Business and in Life, written with Ralph de la Vega, president of AT&T. Even more relevant for our purposes he is the author of Publishing Confidential: What it really takes to land a non-fiction book deal. Brown was trained as a lawyer, but he asks that you do not hold that against him.

Lisa D. Sparks is a marketing expert with nine years of experience developing and implementing marketing communications solutions for small and medium sized businesses. A small business owner herself, Lisa uses her expertise to teach small organizations in South Florida how to use technology to maximize the power of relationship marketing. She is experienced in providing guidance, instruction, and comprehensive planning advice for the development, growth, and expansion of new and existing businesses. In 2007, Lisa won the Florida State Star Award as the top small business analyst in Florida.

Karyn Greenstreet is a small business coach and a mastermind group facilitator, and the owner of The Success Alliance, a website devoted to helping mastermind group facilitators start and grow their own mastermind groups. She has been creating and running these groups since 1994 and is the author of How to Create a For-Profit Mastermind Group. She also teaches a series of classes on starting and running mastermind groups. Karyn holds a B.S. in Business Administration and Management, and is a certified Adult Education Trainer. She has postgraduate work in Business Administration and Computer Systems, and is graduate of CoachU. She has spoken at numerous national on business-building topics and action planning. Visit her website TheSuccessAlliance.com

Tim Berry, is president and founder of Palo Alto Software, founder of bplans.com, and a co-founder of Borland International. He built Palo Alto Software from zero to 40 employees and 70% market share without outside investment. He is a Stanford MBA and taught starting a business at the University of Oregon. He’s the conceptual author of Business Plan Pro, author of The Plan-As-You-Go Business Plan, Entrepreneur Press. Find Tim on twitter at @TimBerry. “I’ve seen startups and small business from multiple views. I’ve had the good years and bad years. My wife and I had three mortgages and $65,000 of credit card debt at one very low point, which we survived, but I really don’t recommend. I’ve consulted with startups on bringing in venture capital, and angel investors, and business loans, and friends and family.” He’ll be talking about Cash Flow in a Tough Economy.

Allyson Lewis is a renowned motivational speaker and business coach who focuses on productivity, specifically developing systems to change your life. Allyson has spent the last 22 years teaching concrete yet actionable ideas to business leaders all over the country. Her book, The Seven Minute Difference, grew out of the workshops she has been teaching for the last five years. Author of The Million Dollar Car and $250,000 Pizza (Kaplan Publishing, 2000), Allyson is frequently asked to host motivational and educational public workshops throughout the country. She has been a guest on CNN, CNNfn, Bloomberg Information Television, and many other regional radio and television programs. For more information, please visit Seven Minutes Inc.

The nature of business had changed, if you register for this Telesummit you will be equipped to handle anything the economy will throw at you. Don’t delay! Register now Smallbizchat Live TeleSummit http://bit.ly/1TxnoL

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Could Franchising Be For You?

By Melinda Emerson on October 19, 2009 in Branding & Marketing, Business Inspiration, How to Start

Franchising is a great opportunity to take a proven business model that has produced financial success and run it as your own business. While there are many wildly inaccurate statistics about success rates for franchises all over the internet, in general “a franchise is a lower risk proposition than investing in a pure start-up,” according to Joel Libava, the The Franchise King.

One of things that concerns me the most about entrepreneurs who invest in franchises is the belief that, “if you buy a franchise, you cannot fail.” This is fallacy, and is simply not true. Any business can fail. The question is whether your particular franchise opportunity puts you in a better position for success than if you attempted to start a similar business on your own. When you buy into a franchise you are buying a turnkey system. Your continual implementation of that system will determine how successful you will be in business. Starting any business is a risk, but I believe fear of failure is a healthy motivator in business.

Key benefits of a owning a franchise includes – you are buying an established brand, with an instant client base, with operations procedures already in place. You do not have go through the labor intensive task of launching a new brand, establishing procedures, testing and marketing products or establishing a distribution network. However, you must operate your business exactly as the formula describes it and pay a royalty and/or licensing fee to the parent company.

Buying a franchise that is already established can be a lucrative business, but there are drawbacks.

It can be very expensive. In some cases, especially for the marquee franchises, you must be able and willing to purchase three franchises, not just one. This significantly limits the individuals who can afford to buy a franchise.

The price is substantial and the return on investment slow. It can take more than three years to break even and up to five years to turn a profit.

You are at the mercy of the parent marketing department. They will determine the marketing done in your area.

You share in your parent company’s negative publicity. Remember, that issue with lettuce that Taco Bell had two years ago? Well, nobody was eating at any Taco Bell until the restaurant chain cleared up the issue.

The deal with owning a franchise is that the rules/operating procedures must be followed. The uniforms and store set up are set in stone, your main suppliers will be predetermined and franchise fees must be paid. If you think you want to put your personal stamp on your business, a franchise might not be for you.

There are some terrific small franchise opportunities that you can invest in for under $50,000. The following websites are great resources for researching franchise businesses.

www.franchiseopportunities.com

www.franchise.org

www.franchisegator.com

There are so many business opportunities in franchising, that anyone can find one to fit their situation: the key is research. Like with any business, you must take into account the skills you have and the skills you will need to run your franchise. Consider working for another franchise before purchasing your own. Those franchise agreements are really intense legally binding contracts, so be sure to engage an attorney that specializes in franchise agreements. Here are some other questions to consider:

How much capital do you have to purchase a franchise?

How much capital do you have to actually operate the business?

Will you need financing?

How much training and continued support is offered?

How much control will you want to have over the business?

A franchise opportunity could be the perfect business for you. Once you understand your personal and financial capabilities then you will be able to find the franchise business that suits your situation. Evaluate your net worth, personal skills, the market you are interested in, and be sure to talk to other franchise operators to research the best franchise business for you.

Do you know of any additional franchising pros and cons? I want to hear why you think franchising is the way to go to start a business.

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

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

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

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Developing a Blog vs. Website Strategy

By Melinda Emerson on September 28, 2009 in Branding & Marketing, How to Start, Social Media, Your Small Business

Blog vs. Website in Business

This is the second of a three part series on blogging for business. It is such an essential issue for small businesses today that I felt it important to dedicate some real time to the topic. The first article focused on building a small business blog. Today’s piece investigates the decision to have a separate website verses using a blog as your website.

It used to be that all you had to worry about was having a website, now you need a blog and a complete social media footprint to go along with it to reflect the many ways that your customers are using the internet. Whether you have a professional services business, a brick-and-mortar retail establishment or an online business. Your business needs a website as the anchor of your online marketing! All websites should include a static home page that has been designed and written to clearly explain what you have on offer to people who visit your site. The question then becomes what kind of website do you need?

One of the most common questions I get about building an online brand is whether a small business should:

a) Have a website and a separate blog

b) Have a blog as the company website

c) Import a blog into an existing website.

I polled my @smallbizlady followers on http://www.twitter.com/ for advice on this: Here’s what a few had to say:

“With the right web team, you can power the blog within the website using WordPress.”

”Unless one can add value and maintain a blog long-term, I suggest just developing a website and importing dynamic content like Twitter feeds.”

“If your goal is heavy on the commercial side then go with a web site. If you want to create a community, go with a blog.”

Let’s define the basic business website terms: A blog is an online journal written by one person, or a team of staff people focused on a particular area of interest. Blogs are typically written in a conversational style and updated 2-3 times a week minimum. Search engines love blogs because of the fresh content. If possible, it’s best to have the blog as part of your website. Then, the fresh content on the blog attracts the search engines to your entire website.

Blog-based websites are cost effective, search engine friendly and can have both static information (like a traditional website) and dynamic information by way of blog posts. It is also very easy to update a blog without hiring a web designer every time you make a change. Cathy Larkin of WebSavvyPR.com says, “Blog posts are a way for service businesses to build trust in their brand. A blog, done well, gives you and your staff a way to showcase your expertise in a way that makes people think of you when it comes time to buy.”

A website is a collection of related web pages, images, videos or other digital assets that are available under a specific domain name on the World Wide Web. Websites are essentially online brochures designed to provide information, build a contact list, make money, and raise awareness of a small business. Information on a traditional website typically does not change very often. The static information on a typical website includes 5-7 pages: home page, about us, contact us, services/products, in the news, and an online store.

If you are just getting started, a self-hosted blog is the best option to help promote your business online. If you are starting from scratch, I suggest using WordPress.org, with your own hosting package. What I like about WordPress is that is designed to have both static pages and blog pages. Go for a hosting company that has a one button install for WordPress.org blogs. Customizing a WordPress blog can be tricky, but once its rolling along it’s pretty much maintenance-free.

If you already have a website, adding a blog section to it can be a way to update your online presence, and bring more traffic to your existing site. It’s best to have the blog as part of your website, but this isn’t always possible. “You may have started a blog a long time ago on a free hosted site such as blogger or typepad and may not want to go through what it takes to transfer a hosted blog to your website. In this case, you should link your blog from your website (and vice versa) and add frequent new content to your website, such as articles, white papers and special reports to provide fresh content on the website,” says internet marketing consultant, Phyllis Zimbler Miller, Millermosaicllc.com. The only downside is you will need to engage a professional web designer to upgrade your website to import your blog, and add the additional content unless you learn to do it yourself.

When would you use a blog and website separately? If your blog is targeted to a very specific niche market and your website is targeted to a larger market, two sites make sense. Some advocate creating a completely separate blog and stand alone website if you are an infopreneur. This works for authors, coaches, professional speakers etc. (a micro-site designed to sell each book, for example). I use Melindaemerson.com and Succeedasyourownboss.com.

To get up and running quickly, I advocate hiring someone to help you set up your blog. You will have an expert to help you build the most professional presentation, create a branded banner, customize your blog with a theme, and show you the ropes.

No matter what method you decide to go with, it is very important to have a static home page on website and/or blog where what you offer is clear the moment someone lands on your page. The headline, banner graphic, and the text all work together to keep that unique visitor on your site.

Next week, the final part of the blogging for business series: 10 Ways To Get Your Blog To Shine.

Part 1 http://succeedasyourownboss.com/09/2009/how-to-build-a-small-business-blog/

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 Start a Business that Works! is scheduled to be released by Adams Media in early 2010.

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

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4 P’s of Small Business Success

By Melinda Emerson on February 1, 2009 in Become Your Own Boss Tips

Person carrying success. Business concept Most of us do not enjoy the feeling of rushing from one thing to the next. Starting a business can make you feel that way, particularly if you did not take enough time to plan from the beginning. It does feel chaotic at times. You might need to deal with customer requests, follow-up from networking events, there’s ongoing employee issues and responding to that last minute request for proposal, all in the same day. When you start a business without a plan there will be many days when you will feel like a chicken with you head cut off. Running a successful business has a long learning curve. It’s 7 course meal, not a fast-food experience.

Here are 4 P’s to starting and running a successful small business.

Passion – Determine your calling in life and make that your business. Determine what you would do for free and figure out a way to get paid for it. When you love what you do you are far less likely to burn out. Your #1 job is to be enthusiastic about your business. If you are not excited about your small business no one else will be.

Planning - Success doesn’t just happen by default – it’s something you plan for. You must understand what skills you have and what skills you need to make your business successful. Plan your life and your business. In the beginning you may feel like your business owns you, but make sure to take at least one day a week to recharge yourself. Plan your finances before you start your business. 98% of the time start-up businesses are self-funded. Save your money and get your credit in order before you start your business. Read as much as you can about your business. It is important to know your market including the trends in your industry and make sure you have a niche focus. Once the business starts rolling, plan for growth and a rainy day.

Perseverance -If starting a business was easy, to everyone would be millionaire entrepreneurs and no one would have jobs. When you step out on faith with the determination to earn your own paycheck that is one of the bravest things you will ever do. You will hear “No!” more than you will hear “Yes!” Your ability to stay optimistic will be what separates your business from the competition. Take responsibility when you do not keep a promise to a customer, and then work to build a better relationship with them. Give them plenty of attention. You would be amazed how a mistake can build an even stronger relationship. Stay away from negative people, and if you are married to one try not to talk about the business at home. Surround yourself with other entrepreneurs -you will gain strength from each other.

Patience - Keep in mind that you will need to be patient with your customers, patient with your employees, and patient with yourself. Things will never happen as fast as you thought they would in your business plan. Starting a business is a learning process. Do not waste time dwelling on mistakes. If all else fails, learn the lesson and know that tomorrow is another day.

If you have another P to suggest, leave a comment. I want to know what has worked for you in your business.

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

Melinda Emerson is a Veteran Entrepreneur, Small Business Expert and Social Media Coach who hosts #smallbizchat on Twitter. #Smallbizchat is the trusted Twitter resource to discuss everything entrepreneurs need to know about launching and running a profitable small business. Melinda’s first book, Be Your Own Boss! How to Quit Your Job and Start Your Own Business 12 Months or Less! is scheduled to be released by Adams Media in early 2010.

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