Tag Archives | small business info

Best of How To Succeed As Your Own Boss 2010

By on December 27, 2010 in Business Inspiration, Grow Your Business, My Recommendations, Your Small Business

Many of you who follow this blog are aware that I believe that the best thing you can do for your small business is pray over it every day.  The most popular post on my blog this year was this one I wrote last January on the top 10 Bible verses that I thought could strengthen and encourage small business owners along this rough road we call entrepreneurship.  10 Bible Verses Every Small Business Owner Needs http://bit.ly/8XSFBf

Do you want to know if you have what it takes to be a small business owner? It takes enthusiasm and energy for starters. Then you have to grow your business into a profitable and sustainable enterprise.  If you think you work hard now in corporate America, you are in for a real awakening once you launch your small business. Your paid support staff will no longer exist. Do you think you can hack it?  This is a Two Part series on what it takes to be an entrepreneur.  The Entrepreneur’s Job Description  — PART I http://bit.ly/i7WLCk, PART II http://bit.ly/gXcBma

Regardless of the entrepreneurial idea, it all starts with a dream of the kind of life you want to have as a small business owner.  In order to be successful, you must have a big picture vision for your life.  You need a life plan first, then build your business around that.  You need to know how much money you need to make to be happy, and how many employees you want your business to have.  Do you just want one great pizza shop or a chain of bakeries with wholesale and retail operations? Regardless of your business goals, you need to understand what kind of resources you would need to start a business like that.  Be careful that your dreams do not convince you that you will be an overnight success; there are not many of those. The formula for small business success is dream + plan + pray + hard work = success,  4 Keys to Small Business Success: Dream, Plan, Pray and Hard Work http://bit.ly/cYuK3X

Are you afraid of the financial side of your small business? It’s great to have a nice blog, an email marketing list, a sales process and glossy business cards to drive sales in your business. You must look credible in order to do business with anyone especially a corporation. Having key relationships is essential to generating business, but how are you tracking your profits? Are you using up-to-date financial information to manage your business? It’s not about revenue, it’s about profits.   How Do You Make Business Decisions? http://bit.ly/9aov1P

As this year winds down, it is my hope that you go into the New Year with an updated business plan. Successful businesses are run based on a budget and sales projections. In order to make your business plan turn into a document that you can actually use to run your business, there are 5 common mistakes to avoid when writing a business plan.  Top 5 Business Plan Mistakes http://bit.ly/buMEqi

This blog post was ripped right from my client work.  I have a set of clients who have been in business for a while — 7 years +, and all this change going on in the marketplace has them significantly losing business. The recession has changed everything, and some business models are obsolete.  Everyone these days wants to hire specialists. And, competing on price in the computer age is a bad idea, for competition is world-wide.  If you are ready to reinvent yourself and your business, now is the time.  Start with these 7 steps and get your business back on track.  7-Steps to Course Correction in Your Small Business http://bit.ly/cGhY2b

The goal of this blog is to end small business failure. If you think there’s another blog post from the year that should be on this list let me know.

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

Become Your Own Boss in 12 Months Books By Melinda EmersonMelinda 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) 

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Big Things to Come From SmallBizLady in 2011

By on December 24, 2010 in Business Inspiration, Grow Your Business, How to Start, Starting A Small Business

I am so excited to announce Become Your Own Boss in 12 Months has won a Reader’s Choice Award in 2010 Small Business Book Awards by Smallbiztrends.com.  If you still haven’t grabbed a copy click to order an autographed edition.

I am writing a new book in 2011 which focuses on the “cardinal sins” of small business and how to avoid them.  Look for sneak peeks on this blog. 

More Resources from Author Melinda Emerson

Become Your Own Boss in 12 Months now has a companion workbook.  Click to order the Are You Ready to Become Your Own Boss Workbook

Are you unsure of what type of business you want to start? Try Smallbizady’s Life Planning Journal. This download is 76-page dynamic PDF that allows you to type right into the document, then save and print it for your records.  This comprehensive journal will help you get clear about what you want out of life. Whether you’re getting started or ready to reinvent, this life planning journal could be just what you need. Click now to order the life planning journal.

Starting Jan 20th, Become Your Own Boss 8-week Mastermind Group returns. It you would like Smallbizlady to help you start or reinvent your small business, this is your chance.  Only 20 people will be able to sign up to be personally coached by me.  Click for details.

Are You Ready to Become Your Own Boss, 9-week College Course will roll out in the summer.  If you are small business trainer interested in adding a prerequisite course to your Continuing Education, Credit or Small Business Development Center training program, we’re excited to provide training, an instructor manual and student  materials.  Send an email to Melinda at melindaemerson dot com for more information.

 Smallbizlady hits the road with a six city Build Your Own Business national tour in March.  BYOB 2011 will come to Philadelphia, PA, DC, Atlanta, GA, Los Angeles, CA, Chicago, IL, and Houston, TX. 

We’re also hosting a series of #Smallbizchat tweet-ups in cities across the country.  I am looking forward to meeting more people and sharing tools to help start and grow successful small businesses.  Look for me to do more TV appearances this coming year.

 Succeedasyourownboss.com will add new features 

Succeedasyourownboss.com is going 5 days a week in 2011. We’re featuring a new video segment called ASKSmallBizLady, answering your small business questions.

We’ll also feature 2-3 guest bloggers per week with how-to topics like small business technology, young entrepreneurs, productivity, small business finance, your faith and your business.

As always, I am your resource for small business. Connect with me on

Happy Holidays everyone.

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The Best Resources for Budding Book Authors

By on December 20, 2010 in My Recommendations, Starting A Small Business

Since my book, Become Your Own Boss in 12 Months was published by Adams Media earlier this year; many people have reached out for advice. Some wanted to know how to get a book deal or how to promote a book, while others wanted to learn how to get a book excerpt in a major magazine or how to publish a children’s book, so I decided to do a blog post about it so that all of the information could be in one spot. 

So how did I become a successful book author?

There are two things that you must keep in mind with any book:

  1. Publishers are NOT interested in making you famous, they are interested in capitalizing on the fame you create for yourself.  
  2. 60% of all books are sold to people with prior exposure to the author.

I interviewed many fiction and non-fiction authors three years before my book was even published.  I built an author platform using social media 18 months prior to my book launch and I established my blog one year before its release date. 

I read a lot of books to get advice about the book business and also hired professionals to help.  I hired two publicists to assist me with promoting Become Your Own Boss in 12 Months.  One was hired 18 months before the launch and the other worked with me six months before the launch to plan the pre-launch and post-launch marketing.  One focused on social media marketing the other focused on traditional PR marketing.

Here are some author resources I suggest:

Publishing Confidential: The Insider’s Guide to What It Really Takes to Land a Nonfiction Book Deal by Paul B. Brown  If you are thinking about pursuing a traditional book deal, then you need to grab this book.  Not only is it a short, quick read, but it also includes a winning book proposal. Paul B. Brown is a seasoned author whose books have sold millions—and I used this book to get my own book deal.

From Entrepreneur to Infopreneur: Make Money with books, E-Books and Information Products By Stephanie Chandler  This is a comprehensive book about how to create multiple streams of income for your small business.  Author Stephanie Chandler is thorough in her explanations of all the different business models that you can pursue. The profile of successful infopreneurs at the end of each chapter is helpful and inspiring, too.  There’s lots of money to be made in selling information, you just need to know how to make it work for your business and this is one of the best guides I’ve seen.

1001 Ways to Market Your Books, Sixth Edition (1001 Ways to Market Your Books: For Authors and Publishers) By John Kremer  Whether you have a traditional book deal or are a self-published author this book is a big help.  John Kremer turns over every stone and idea that you could think of to promote a new book.  I like his candor and that fact that he helps you understand clearly that you will personally sell every book.  Give this book to the aspiring or new author in your life.

How to get a children book published?  This is not my niche, but I did research some resources you could visit:

Society of Children’s Book Writers and Illustrators, a professional organization dedicated to serving the people who write, illustrate, or share a vital interest in children’s literature. www.scbwi.org 

I found this to be a great blog:  http://Write4Kids.com, with a good article titled How to Get a Children’s Book Published If You’re Not a Celebrity.

All about kids publishing:  http://www.aakp.com

Do you have another book author resource? I’d love to hear about it.

If you’re ready to start or grow your small business subscribe to Melinda Emerson’s blog at www.succeedasyourownboss.com

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:

Become Your Own Boss in 12 Months Books By Melinda EmersonMelinda 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, the Tavis Smiley Radio Show, in the 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) 

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Effective Email Marketing For Small Businesses

By on December 16, 2010 in Q & A Interviews, SmallBizChat

Tune in to Smallbizchat with Smallbizlady on TwitterEach week as @Smallbizlady, I conduct interviews with small business experts on my weekly Twitter talk show #SmallBizChat. This is excerpted from my #SmallBizChat interview with James Tayo @eblogr (on Twitter). James is a software developer who provides software for bloggers and Internet entrepreneurs. He helps entrepreneurs achieve a maximum effectiveness by developing software that automates the work they should not be doing. He blogs at Entrepreneur Blog’r, http://entrepreneurblogr.com/

Smallbizlady: Why is email marketing important? How does it help a business generate revenue?

James Tayo: Email marketing is the most cost-effective way to keep in touch with your clients and prospects. Most people coming in contact with your brand will not make a purchase immediately. Email marketing gives you that unique ability to create a relationship with your prospects, making them understand you are there to help.

Smallbizlady: What advice would you give a small business owner that is just starting on the Internet?

James Tayo: Take action. A lot of people including me always like to consume information and courses. The first version of your product should not aim to be the greatest. The problem is nothing will happen if you don’t actually take action to actualize your dreams. Do not over analyze.

Your product should only serve to add value with the minimal amount of features or information. The rest will be decided by your market. Improving on your product with the feedback of your market will ensure you don’t offer something nobody cares about.

Smallbizlady: How should small business owners gather email addresses from clients and what services do you recommend for sending out email?

James Tayo: I would recommend you use a third-party service provider and not to try and use a free tool. This is because your email marketing effort, if done right, will become the core of your business helping to bring in revenue and you do not want to trust this to a free service that has no support. Your email deliver-ability with the service providers should also be top-notch. I use an email service provider called Aweber. Another service provider you can take a look at is MailChimp.

Smallbizlady: How can small business owners get the best results from email marketing?

James Tayo: To get the most results, you need to nurture engaged subscribers. By engaging subscribers to click on your links, respond to your questions you will in turn get them to buy your products or hire you.

To do this you will need to train your subscribers to always expect to receive valuable stuff from you. If, every time they open your emails, your subscribers receive a great tip, or a blog post with information that helps or improves their bottom line, they will naturally come to trust you. Whenever you offer something for sale, it will be deemed to be valuable and you will not get as much objections as you normally would.

Smallbizlady: How often should your email list hear from you?

James Tayo: It depends on your audience. The goal you want to achieve is to stay in recent memory. You want to communicate frequently enough not to be deemed a spammer or overwhelm your list. But not infrequent enough for them to forget who you are. As a rule of thumb, it should be at least once a month and at most once a week for your regular schedule.

Smallbizlady: Should a small business have a branded e-newsletter template or is a text only email enough to engage subscribers?

James Tayo: A branded e-Newsletter comes across more professional and in some markets like insurance, it may be necessary to have that professional image. The issue you will have with branded newsletters is, you will need to test each email you have in a lot of email software.

Your readers will be reading your emails in multiple software clients like Outlook, Gmail or even on their mobile phones. All these clients display HTML newsletters in different ways. You can use a service like Litmus (http://litmus.com/) to test this. But at $49/month, you may want to start off with plain text emails. These will look mostly the same on most email software.

Smallbizlady: Do you need content strategy before starting an email marketing campaign?

James Tayo: You need to be in touch with your subscribers often. The emails you send them need to be strategic. It should be positioned to educate your subscribers about a topic they want to know about and in the same time selling your services.

This is what is known as content marketing. Education is one of the best ways to sell without really selling. The content (or most of it) will need to be written before you start your campaign If you use a service like Aweber or MailChimp, you can queue all the emails to be sent on your required schedule. Anytime, a subscriber joins your list, he/she gets the first email and the relationship between you and the subscriber starts. Very effective and low-cost.

Smallbizlady: How can you increase the number of people that sign up to hear from you?

James Tayo: On the Internet, the main currency is value. People only take action when they know it will be of benefit to them. You will need to offer something valuable to your subscribers. It doesn’t end there, you will have to communicate that value to people that haven’t signed up. Offer to give something in return for signing up. Whatever you offer, make sure it is of good quality. This is the first contact they will be having with you so you need to make a good impression. Don’t just slap a couple of words together and call it an eBook.

Smallbizlady: What other ways can I use to grow my subscriber numbers?

James Tayo: One strategy that people do not use is asking for referrals. As a small business you should always encourage your clients to refer you to their friends. Why not get your subscribers to refer you to their friends as well? If you use WordPress, I have developed a plugin that automates this process. Offering your subscribers something in return if they get their friend to sign up for your email newsletter. You can check it out here http://memerson.virallist.hop.clickbank.net/

Smallbizlady: People get a lot of emails. How do I make sure mine gets opened?

James Tayo: An interesting subject line will go a long way in making sure your email gets opened. Try to create a subject that promises something on the other end. You can always try to arouse curiosity by asking a question. You have to make sure you deliver on the promise though. Do not trick your readers into opening your emails.

Smallbizlady: What other advice would you give entrepreneurs looking to use email marketing?

James Tayo: Invest as much as you can in your business. A lot of people try to do it all. Content creation, marketing, web design, product development. This is the fastest way to burn out. A business is meant to be fun most of the time. Yes, you will have to do the grunt work sometime but outsource what you are not good at to someone that will do it faster and better than you ever can. Your business will grow faster this way.

Smallbizlady: What metrics can I track so I know what to improve on? What tracking devices do you use?

James Tayo: You should track your open rates and click rates at the minimum. You should track your open rates and click rates at the minimum. Great email subjects will make your open rates better. You will want to optimize your subject to achieve higher open-rates. As noted earlier, you can arouse curiosity with your email subject line to achieve that goal.

Most of the email service providers give you access to reports for daily, weekly or monthly statistics. To increase your click rates, you will need great content. To get people clicking on the links in your email, entice them with a juicy offer or useful information on the other side of the click

Another good metric to track is to see which of your opt-in forms get the most sign-ups. The location of these forms on your website will affect the number of people that sign up. If you tag each form with an identifier, you can track them over a couple of months to determine
the optimum position for the form.

If you found this interview helpful, join us on Wednesdays 8-9pm ET follow @SmallBizChat on Twitter.
For more tips on how start or grow your small business subscribe to Melinda Emerson’s blog http://www.succeedasyourownboss.com.

Melinda F. Emerson, known to many as SmallBizLady is one of America’s leading small business Become Your Own Boss in 12 Months Books By Melinda Emersonexperts. As a seasoned entrepreneur, professional speaker, and small business coach, she develops audio, video and written content to fulfill her mission to end small business failure.  As CEO of MFE Consulting LLC, Melinda educates entrepreneurs and Fortune 500 companies on subjects including small business start-up, business development and social media marketing. Forbes Magazine recently named her one of the Top 20 women for entrepreneurs to follow on Twitter. She hosts #SmallBizChat Wednesdays on Twitter 8-9pm ET for emerging entrepreneurs. She also publishes a resource blog www.succeedasyourownboss.com Melinda is also the author of the national bestseller Become Your Own Boss in 12 months; A Month-by-Month Guide to a Business That Works. (Adams Media 2010)

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Best Start-up Business Resources For 2010

By on December 13, 2010 in How to Start, My Recommendations, Starting A Small Business

At the end of each year, I like to supply a list to the best small business book resources I have found on how to start a business.  2010 was a great year for entrepreneurship and next year will be even better.  I have found some terrific authors whose books and e-books will help would-be and start-up entrepreneurs avoid having to learn so many expensive lessons. Enjoy!

The Wealthy Freelancer; 12 Secrets to a Great Income and an Enviable Lifestyle  By Steve Slaunwhite, Pete Savage, Ed Gandia: This is one of the best business books I have read this year.  Most small business start as a side hustle or freelance business, and these guys have nailed down what you need to do in order to build the kind of business where you make a profit and are not just skating by, barely able to pay bills. All three authors are super smart and they are relentless marketers—which is what you need to be to start a successful business.

Plan As You Go Business Plan by Tim Berry Tim Berry is the foremost expert on business plans among

small business thought leaders I know. Berry is a seasoned entrepreneur and adjunct professor who founded Palo Alto software, a business that is still in existence and annually grosses over $10 Million in revenue.  One of their top products is Business Plan Pro software, which is an excellent resource for starting a business plan. I’ve included my affiliate link if you want to grab a download of the software.

In his book, the Plan As You Go Business Plan, Tim emphasizes that business plans are not a one shot deal.  He also gives the reader options for pulling together their business plan in a way that is not too overwhelming. Tim also gives plenty of resources and practical advice to make your business plan a success.

Your Idea, Inc.  12 Steps to Building a Million Dollar Business – Starting Today!  by Sandy Abrams Your Idea, Inc. by Sandy Abrams is for people with product ideas who want to create a small business. Sandy creatively provides step-by-step details and motivational stories from the inner rumblings of idea to seeing your product on store shelves or HSN or QVC.  The book’s concrete examples will set anyone up for success.  Use her million dollar tips and biz brainstorms to take yourself from inventor to business owner.

Become Your Own Boss in 12 Months; A Month-by-Month Guide to a Business that Works By Melinda F.  Emerson This is my book which features a month-by-month countdown to starting your small business.  If you always wanted to start a business and were not sure how to start, this is the book for you.  It would be great to start my system in January. They say it’s also a great professional development course for existing business owners too.

Are You Ready To Become Your Own Boss Workbook by Melinda F. Emerson This is my brand new workbook which will walk you through to go/no go decision to start your small business. The takes the Emerson Planning System from my book Become Your Own Boss in 12 Months and     breaks it down do that you can fill in the blanks about your business idea. You will finish this workbook with a clear life plan, financial plan, business concept, niche customer and marketing plan.  You will understand whether or not you have a viable business idea.

The blog post is the debut of this new product and I am so excited to share it with you.  You can down load it or order a hard copy workbook with at 8.5 x 11 in size so that you have plenty to room to write down your answers to all the thought provoking questions about your business idea.

Life Planning Journal By Melinda F. Emerson You have often read and heard me say that you need a life plan before your ever write a business plan.  Well now we’ve taken the basic life planning tools in the book,  Become Your Own Boss in 12 Months, and developed a 76-page, life planning journal, that you can use to get clear about what you want out of life. I have been using this dynamic PDF (which means you can type right in it and print) with my clients who need to get centered, reinvent, or want to start a business but are not sure what business to start.

We all need to spend quality time with ourselves so that we can plan a course of action.  Use my life planning journal to help you figure out what you want out of life so that you can build a business around that.  Do not be one of these people who start a business that is not a good business for them.

Do you have another start-up book that I left off the list? Let me know, I love to find new resources.

If you’re ready to start or grow your small business subscribe to Melinda Emerson’s blog at www.succeedasyourownboss.com

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:

Become Your Own Boss in 12 Months Books By Melinda EmersonMelinda 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, the Tavis Smiley Radio Show, in the 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)

$27.00

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

By 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.

Become Your Own Boss in 12 Months Books By Melinda EmersonMelinda 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)

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Confessions of a Small Business Coach

By on November 29, 2010 in Become Your Own Boss Tips, How to Start, Starting A Small Business, Your Small Business

As a business consultant, I believe our biggest concern is to get our clients to understand that the planning before starting the business is more important than how they actually run the businesses.  Everyone has good ideas, but the business of running a business is what gets most entrepreneurs in trouble. Making the leap from doing three jobs in corporate America, to doing 10 or so jobs as a small business owner, is overwhelming for even the most organized project manager.  So what should we do to help small business owners?

I believe that our role is to make sure that would-be entrepreneurs think through what it’s going to be like to run their business every day.  Too often, they understand running a business in theory, but we need to help them to visualize and chart out a typical 14 hour day—because that’s often where there is a disconnect.  We must also help them understand where the money is actually coming from to start their business.  I’m often asked about the likelihood of getting a grant to start a small business.  It is frightening that people really believe someone will give them money (that they do not need to pay back) to become a millionaire.  Not to mention that they haven’t accounted for needing funds to live – along with money to launch the business. 

Then, they want to sell to anyone and everyone or tell you about the five verticals they’re going to target for business. Sometimes, I want to give a homework assignment to write 300 times single spaced, “Niche to get rich!”  I want them all to be killer sales people, even though most of them do not want to sell — or think they can.  If I could only get them to see that selling is just networking; if you can make friends, you can sell. But I also want them to understand that they are selling themselves as much as their product or service.  Then the most important thing I try to share with them is to always focus on their profit margin.  Revenues are great, but how much do you get to keep after expenses, overhead, general and administrative costs?  I get concerned about how many expensive hobbies pretend to be small businesses.  I also want business owners to understand when their businesses are not making money and know why or in advance that it was part of a plan.

After more than a decade in business, I wrote the book Become Your Own Boss in 12 Months, to lay out the Emerson Planning System to help entrepreneurs make a successful transition from having a job to starting a business. It’s a logical system to help startup business owners see planning as building blocks necessary for success in business.

Step 1: The Life Plan—Entrepreneurs need to know what they want out of life and build a business around that. They should make sure the business concept is a good business for them and their families.

Step 2: The Financial Plan—It’s all about the money. They must make sure their credit is stellar and that they have three pots of money:  1) emergency savings; 2) one to two years of household budget; 3) one year operating expenses to launch the business.

Step 3: The Business Concept—Entrepreneurs need to get clear about their business concept and evaluate what skills they have and need to run that kind of business.

Step 4: The Marketing Plan—They must validate the market opportunity and know who is buying and why that customer will buy from them—before going any further with their planning.

Step 5: The Business Plan—Good businesses are run with a business plan that has a budget and realistic sales projections. In the early years of a business, the plan should be updated every 2-3 months to make sure the business is on the right track.

Step 6: Start The Business While Still Working – Entrepreneurs should work two jobs as long as they can to continue to save money.  Once the paycheck is gone, that is it!

My mission is to end small business failure.  I just want to save would-be entrepreneurs heartache and financial ruin.  With a proper plan that they actually use to run their business, there is no doubt their odds of success are greatly increased for small business owners.

Do you have another tip for a start-up business owner?

Become Your Own Boss in 12 Months Books By Melinda EmersonMelinda 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, the Tavis Smiley Radio Show, in the 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) 

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Ready To Become Your Own Boss in 2011? (Part 2)

By on November 22, 2010 in Become Your Own Boss Tips, How to Start, Starting A Small Business

In Part 1 of this article, I ask the question:  Have you had it with the daily grind?  When I realized being a small business owner would be my next career, I set out on a path to ditch the job that gave me headaches on the way to work every day.  I knew I was capable of doing so something more that would allow me to make a difference and where I would also make money. So, I used my spare time to start planning to become my own boss.

The skills needed to be successful in the midst of the new economy puts tremendous pressure on today’s entrepreneurs.  But now is still a great time to start a small business.  Your skills, network, discipline, niche focus, optimism and ability to be coachable will determine whether your new business is a success or failure.  I have developed the Emerson Planning System with 6 things to consider when you are ready to become your own boss.  Parts 1-3 were discussed in Part 1  of this article, here are parts 4 through 6 of the Emerson Planning System:

4.  Are You Ready to Work From Home?  To keep your startup expenses low you should consider working from home.  Your spare bedroom, basement or kitchen table will do just fine as an office until you can afford professional office space.  One of the key considerations in working from home is – can you handle it?    It takes real discipline to work from home.  Earlier this year, I wrote a blog post:  Are You Fit to Work From Home?  http://smallbiztrends.com/2010/03/are-you-fit-to-work-from-home.html It has a few tips for evaluating whether working from home could be for you.

5.  Who’s Buying and Why?  The most important questions about your business are: Who are your customers, and why will they buy from you?  The new economy is all about niche marketing.  You must niche to get rich.  I suggest you develop a marketing plan before the business plan to make sure there is a viable market for your product or service. If you can’t answer these questions then you need to go back to the drawing board and come up with another business idea.

6.  Your Business Plan is Your Roadmap for Success  You must plan for success; it will not just happen to you.  You need to write a business plan to run your business.  It is very helpful to think through how you are going to get sales, what happens when a sale is made and how many sales you will generate each quarter and year.   Don’t be one of those business owners who spends more time working on your logo than you spend working on your business plan.  I suggest starting out with business plan software. Then, you should enroll in a business plan class at a SBDC Small Business Development Center or community college to finish the business plan. Typically, you need to interact with a human so you can ask questions to finish your business plan.  You can also check out http://www.bplans.com for hundreds of sample business plans that you can review for free.  You should use your business plan to run your business, in fact it should be reviewed and updated every 2-3 months to make sure your business is on the right track.

Become Your Own Boss in 12 Months Books By Melinda EmersonMelinda F. Emerson, known to many as SmallBizLady is one of America’s leading small business experts. As a seasoned entrepreneur, professional speaker, and small business coach, she develops audio, video and written content to fulfill her mission to end small business failure.  As CEO of MFE Consulting LLC, Melinda educates entrepreneurs and Fortune 500 companies on subjects including small business start-up, business development and social media marketing. Forbes Magazine recently named her one of the Top 20 women for entrepreneurs to follow on Twitter. She hosts #SmallBizChat Wednesdays on Twitter 8-9pm ET for emerging entrepreneurs. She also publishes a resource blog www.succeedasyourownboss.com  Melinda is also the author of the national bestseller Become Your Own Boss in 12 months; A Month-by-Month Guide to a Business That Works. (Adams Media 2010) 

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How to Reinvent Your Business Blog

By on November 18, 2010 in Q & A Interviews, SmallBizChat

Tune in to Smallbizchat with Smallbizlady on TwitterEach week as Smallbizlady, I conduct interviews with small business experts on my weekly Twitter talk show #SmallBizChat. This is excerpted from my #SmallBizChat interview with Cathy Larkin @CathyWebsavvyPR & @WhyDoWeBlog. Cathy Larkin is a social media strategist and 20-year public relations pro. Founder of Web Savvy PR, her boutique firm provides traditional PR and marketing support as well as social media coaching, strategy and execution.  Her specialty is making social media less intimidating for folks who are not so “tech” savvy.  You may also know her as the co-host of #SmallBizChat.  For more info: http://WebSavvyPR.com and http://WhyDoWeBlog.com.

Smallbizlady: When do you know it’s time to reinvent your blog?

Cathy Larkin: The most obvious is if your site is not converting readers into whatever you are looking for – RSS or email subscribers; customers; brand advocates; attendees of your classes/webinars/workshops; buyers of your book, ebook, audio products; or not generating enewsletter sign ups. Between the growth and changes of your own business, shifts in the economy, and the ever-changing online landscape – your blog, website or homebase, may no longer be keeping up with your business. Your site may need a cosmetic “face lift” for a refreshing new look; it may need a few tweaks of its features and functionality behind the scenes (themes, widgets and plugins oh my); or it may need a major overhaul of strategy, content, focus and/or look/feel.

Smallbizlady: Are there any reasons why I should NOT revamp my site?

Cathy Larkin: If your brand is well-known, well-liked and is working for you – think long and hard before leaving it behind just because it “seems” old to you. You might just want some “blog botox” rather than a complete “blog facelift, let alone “blog reconstructive surgery.”

Smallbizlady: What are 7 questions small business owners should ask themselves annually about their business website?

Cathy Larkin:

  • Does my site present my business in the way I want?
  • Does the look of my site reflect my biz today?
  • Do I post quality content frequently enough or too often?
  • Is my content aligned w/ my reader’s needs & my business goals?
  • Do I get comments/interaction, am I building community, engagement, trust?
  • Is it easy for readers to navigate; are the buttons and features clear?
  • Does my site convert readers into customers (or whatever conversion metric you consider important)

Smallbizlady: If someone wants to revamp their business blog what types of changes should they consider?

Cathy Larkin: If your site is looking old and tired, you may need more, better or different functionality. You haven’t been keeping up with plugins, theme or blog software updates/ upgrades. You are on a blogger/wordpress/typepad hosted site and want to move to a self hosted site on your own domain name. If you have a traditional website, you may want to add a blog. Or you may need to revamp your content – pages & posts.

Smallbizlady: What is the biggest reason why people but off updating their web presence?

Most of us know if our site needs work, but we put it off, it seems too much trouble. Some folks paid someone to put up a site for them, and other than putting up new blog posts – they haven’t done much else with it. It may be time for an overhaul.

Smallbizlady: What are the pros & cons of revamping a biz blog?

Cathy Larkin: Pros: A new updated look and feel can be as simple as a new blog header graphic and a refresh of site colors. Your goal is to create a better response when people land on your site. Better functionality can increase click thru and conversion rates and retention of readers. Better SEO or search engine optimization – organic search traffic; better response via social networking sites

Cons: Revamping a site takes time and or money, and if not done well can make it worse. You could also get push back from existing readers, who are used to a certain look or approach. You could suffer a loss of traffic.  If you completely restart with a new URL or change your site to a new structure you could suffer a loss of links and page rank (although this is often temporary).

Smallbizlady: What are some external ways you can update your blog?

Cathy Larkin: Look at your existing branding from your logo and business cards, to your social networking sites and your blog. Do they present a unified brand image and message? If not you may need a graphic designer to help you unify the look and feel of your brand overall. Maybe all you need is a new blog header graphic, that communicates what it is that you do. Another key element is a tagline, which clarifies for someone, that they came to the right place. A strong tagline lets them know what it is that your site can do for them – right from the start.

I’ve added a post on http://WhyDoWeBlog.com – with an expanded check list of items to review and analyze on your site: http://bit.ly/a3eQ87

Smallbizlady: What are some behind the scenes things we can do to our wordpress blogs to tweak it?

Cathy Larkin: Before you do anything, backup your site on wordpress and your webhost before doing any changes to the site. Be sure that your theme, plugins and wordpress software are up to date. Check to make sure everything it working, check for broken links and old plugins that don’t work (or are no longer serving their purpose). Upgrade each plugin individually. When you go to upgrade plugins – make sure they are compatible with the version of wordpress you are running. If you have plugins that aren’t useful, deactivate and/or uninstall them; they can slow your blog down.

If you are active in social media – make it easy for others to share your content.  There are many social sharing plugins.  Once you add a plugin, be sure to go into the settings and set it up.  For example, you can often add your @username to brand your tweets etc.  For example, with tweetmeme, you can set it up so your @username is automatically added to the retweet text of your post on Twitter.

If you are using a free wordpress theme, it might be worth exploring a paid or premium theme – anywhere from $49 to $87. Or it might be time to barter with or hire a designer or blog consultant to customize your site and take your theme and blog to the net level.

Smallbizlady: What if I am on a hosted site (WordPress.com, Blogger or Typepad) and I want to get more professional with my site?

Cathy Larkin: I am a wordpress.org kind of a girl. but I’ve talked with a folks who know Blogger and a couple who made the shift to a self-hosted site at http://wordpress.org. If you are taking the time to create content, you want to own your own content. The self-hosted wordpress blog software offers more tools and more robust functional themes and tools to change the look of your site as well. Blogger & Typepad both do have a way to host on your own domain, but WordPress.org seems to be winning the “most functional and flexible” battle.

Smallbizlady: If I’m not a techy myelf – what do I need to look for in someone to help me out?

Cathy Larkin: You want someone who comes highly-recommended, whose sites you like, who is easy to work with. Beware those who want to do it all themselves and resent you looking over their shoulder. Beware of someone who is very techy and talks down to you. I have seen several folks have their sites taken over by “helpful” people and had disasters occur – I’ve had to help a few recover from vendors like that.  Ideally – you want someone who tells you in a document – what changes they are planning on making to your site – so if there is a problem later – you can know where to start to fix it.  Make sure you get access to passwords and links to anything that they set up for you. NEVER let anyone buy a domain name “in your name.” The one who pays – legally owns a URL.  I know of at least two times a designer held a site & domain name hostage against payment when there was a dispute. Be a good client to work with too.  Have a few model sites to share with the designer, be involved, but don’t get in the way. Discuss a plan going in, and a timeline for completion, I usually pay 50% upfront, the rest at the end, and get a project plan in writing. Confirm if your fee includes one or two revisions of the header graphic; find out in advance what changes are extra.

Smallbizlady: What about internal strategy and content changes?

Cathy Larkin: Yes, reviewing your content is a crucial part of revitalizing a blog. Make sure that your content (blog posts and static pages) positions you in the way you want your readers to see you – especially if your business model has changed. Look at how often you post. What posts convert for you? What gets comments, what gets retweeted or talked about on Facebook? What posts get linked to from other sites? (This is a big part of Google page rank) What topics have you been missing? What topics should you revisit from a different direction? Don’t be afraid to ask your readers what they want to see more of, or less. Could adding video or podcasting help you reach more readers? Look at what your audience responds to. I decided to launch a second blog site to focus on blogging, separate from my main brand, because that is what my readers best responded too.

Smallbizlady: What if our biz model has changed and we really want to make a real branding/site shift?

Cathy Larkin: Rebranding can be tricky, but it can be done. For this you really want to take a hard look at your site, URL, do a hubspot website grader analysis – see the number of incoming links, and your site’s page rank. Look at your RSS subscriber numbers and comments and retweets per post.  You should understand know how many engaged readers do you have. Identify your business goals, Identify your niche audience, know where they hang out online, decide what content you can provide to get their attention. An example @JimKukral – kept his same site – but moved from blogging to video blogging for a year, and is now doing only ebooks from his site. Bold moves that seem to have worked for him. @DannyBrown shifted from his PressReleasePR site a few years ago to his http://DannyBrown.me site and let his old site go a month later – after he was sure the new one was working.

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

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

Melinda F. Emerson, known to many as SmallBizLady is one of America’s leading small Become Your Own Boss in 12 Months Books By Melinda Emerson business experts. As a seasoned entrepreneur, professional speaker, and small business coach, she develops audio, video and written content to fulfill her mission to end small business failure. As CEO of MFE Consulting LLC, Melinda educates entrepreneurs and Fortune 500 companies on subjects including small business start-up, business development and social media marketing. Forbes Magazine recently named her one of the Top 20 women for entrepreneurs to follow on Twitter. She hosts #SmallBizChat Wednesdays on Twitter 8-9pm ET for emerging entrepreneurs. She also publishes a resource blog www.succeedasyourownboss.com Melinda is also the author of the national bestseller Become Your Own Boss in 12 months; A Month-by-Month Guide to a Business That Works. (Adams Media 2010)

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Ready To Become Your Own Boss in 2011? (Part 1)

By on November 15, 2010 in Become Your Own Boss Tips, Starting A Small Business, Your Small Business

Have you had it with the daily grind?  You may be ready to become your own boss.  I remember when I knew my next career would be as a small business owner. I had the job I thought I always wanted, but getting headaches on the way to work in the morning just wasn’t right. I knew I was capable of doing so something more that would allow me to make a difference and where I would also make money.  So, I used every spare moment to start planning to become my own boss.

The skills needed to be successful in the midst of the new economy puts tremendous pressure on today’s entrepreneurs.  But now is still a great time to start a small business. Your skills, network, discipline, niche focus, optimism and ability to be coachable will determine whether your new business is a success or failure.  I developed the Emerson Planning System with 6 things to consider when you think you are ready to become your own boss. This article is divided into two parts:  This week’s Part 1 lays out steps 1-3.  Next week, we will cover steps 4-6 of the Emerson Planning System.

  1. Develop a Life Plan Before You Ever Write a Business Plan:  Regardless of your business idea, you must first figure out what you want out of life.  By developing a life plan, it will enable you to build a business that aligns with your life goals.  Too many people start businesses that are not good for them and their families. Your life plan should outline your financial, personal, learning and retirement goals.  For example, you need to know up front how much money you need to make in order to be happy. The goals you outline in your life plan will play a role in just about every decision you make as you are starting your business.  Decisions relating to how you structure your business must be addressed:  Will you try to pursue angel or venture funding?  Do you want to have one great boutique or a chain of them? Will you take on a partner? All of these decisions must be measured against your big picture goals for your life.
  2. Getting Your Finances Ready to Become an Entrepreneur:  The money to start your business will come from your right or left pocket. Your ability to save has everything to do with your ability to become your own boss.  Before you jump out there and quit your job, I suggest planning at least 12 months in advance.  You should try to save 20%-40% of every paycheck. If you don’t already do so, you should start living by a budget.  You should have a 750 or higher credit score. You also need to eliminate as much debt as possible. Starting a business while carrying a bunch of credit card debt will put a lot of pressure on you.  It’s best to be debt free so you can go without a paycheck for a year or two before you’ll be able to pay yourself.
  3. Examine the Skills You Need to Run Your Business: You should look at what skills you have and what skills your need to run your business.  Be honest when making your list of skills. If you are not sure about them ask three people close you to what they think are your best skills—you might be surprised by their responses. You may need to learn basic computer programs such as Excel, Access or Powerpoint. Or you might also need to learn accounting software or Adobe Photoshop or the latest social networking sites such as Facebook, LinkedIn and Twitter.  You might also need to learn WordPress so that you can set up your website or blog without being held captive by a web developer.

Next week:  Parts 4 through 6 of the Emerson Planning System

What steps did you consider when starting your small business?

Become Your Own Boss in 12 Months Books By Melinda EmersonMelinda F. Emerson, known to many as SmallBizLady is one of America’s leading small business experts. As a seasoned entrepreneur, professional speaker, and small business coach, she develops audio, video and written content to fulfill her mission to end small business failure.  As CEO of MFE Consulting LLC, Melinda educates entrepreneurs and Fortune 500 companies on subjects including small business start-up, business development and social media marketing. Forbes Magazine recently named her one of the Top 20 women for entrepreneurs to follow on Twitter. She hosts #SmallBizChat Wednesdays on Twitter 8-9pm ET for emerging entrepreneurs. She also publishes a resource blog www.succeedasyourownboss.com  Melinda is also the author of the national bestseller Become Your Own Boss in 12 months; A Month-by-Month Guide to a Business That Works. (Adams Media 2010) 

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How to Use SCORE to Get Free Small Business Help

By on November 4, 2010 in Q & A Interviews, SmallBizChat

Tune in to Smallbizchat with Smallbizlady on TwitterEach week as Smallbizlady, I conduct interviews with small business experts on my weekly Twitter talk show #SmallBizChat. This is excerpted from my #SmallBizChat interview with Amy Larrimore @SCOREphila Amy is the Vice President of Technology for SCORE, a free business mentoring program, and nonprofit association with 364 offices across the country. Amy is a seasoned entrepreneur and an active volunteer with SCORE’s Philadelphia chapter. For more information http://www.score.org

Smallbizlady: What is the SCORE Association?

Amy Larrimore: We are the Counselors to America’s Small Business. We’re a nonprofit organization dedicated to the success of small business. For the last 45 years, SCORE’s volunteer business experts have served hundreds of thousands of entrepreneurs out of their 350 offices across the nation. We are a resource partner with the U.S. Small Business Administration (SBA) and provide one on one mentoring as a free and confidential public service.

Smallbizlady: How are you affiliated with SCORE?

Amy Larrimore: I have volunteered for SCORE for over three years as a business counselor and workshop leader. I also serve as the District Vice President of Information Systems and Technology. My District includes 13 chapters with over 400 members in PA and DE. We are the largest district in the nation, providing over 15,000 services a year. I also serve the Philadelphia Chapter as the Vice Chair of Technology. I am blown away at the impact that we have on small businesses.

Smallbizlady: What kind of services does SCORE offer to businesses?

Amy Larrimore: Our main product is one on one business mentoring. SCORE’s experienced business mentors provide general business advice on everything from how to write a business plan, manage cash flow and grow an existing business. We can offer expertise to seed, startup and established businesses in everything from customer relations, hiring practices, using the Internet for business, PR advertising, home-based businesses, business financials, getting funded, and many other areas. We sit down with you and walk you through your business planning and strategy and financials and make sure you know how to implement it cheaply and effectively. SCORE has almost 13,000 mentors – our expertise is really endless.

Smallbizlady: Tell me about the training and workshops you provide?

Amy Larrimore: We offer business training in almost every topic in which we mentor. Many chapters and the national organization offer webinars too. Every chapter offers some kind of business planning series and introduction to the fundamentals of a business plan. Our workshops vary from chapter to chapter because they are dependent upon the local community needs and our volunteer expertise. Workshop and seminars fees generally range from $30-$70, depending on hand-outs, meals and program length. @SCOREPhila we offer everything from business planning to financial modeling to technology training. We were even lucky enough to have a seminar taught by @SmallBizLady herself!

Smallbizlady: How is SCORE funded?

Amy Larrimore: SCORE National is made possible by a federal grant and receives significant corporate support from companies like American Express Open, Palo Alto Software, Google, HP.  While our operating costs are low because we’re almost completely staffed by volunteers, every chapter needs to supplement that basic stipend with corporate, personal and community donations. Luckily for us, we’re a great cause that people can really get behind – helping small businesses grow! We are registered as a 501©3 and all donations are fully deductible. @SCOREPhila we manage our online donations with a startup company, @GiveLoop that built a technology to do it.

Smallbizlady: Let’s be honest – I’ve always heard of SCORE as just a bunch of retired guys?

Amy Larrimore: I always say, retirement is a state of finance, not of age! But seriously, yes, when SCORE was founded in 1964, our congressional charter indicated that we were the Senior Core of Retired Executives. However, a few years back that was changed by Congress to reflect the current needs of small business. Now we are the Counselors to America’s Small Business. Our volunteer base is made up of small business owners, corporate executives, subject matter experts, pro bono service providers like lawyers or accountants and of course, some retired executives.

Smallbizlady: What qualifies SCORE volunteers to give business advice?

Amy Larrimore: The key qualification SCORE mentors bring is real-world business experience. These business mentors have specific industry and general business expertise because we’ve been there, done that. I, for example, volunteer for SCORE because I’ve run two businesses (currently on my third) and I want to help give back some of the lessons and opportunities I’ve learned. All SCORE volunteers receive specialized training offered by the association and we have to take a series of tests to be released to counsel one on one.

Smallbizlady: Are business secrets safe with SCORE?

Amy Larrimore: Yes! All SCORE mentors sign a code of ethics before beginning any volunteer time. In this contract (with the federal government mind you) we agree to no solicitation for business, No third party representation, No gifts or cash accepted, High professional standards, non disclosure and non compete with client information. Client information remains totally confidential and each year, SCORE mentors reaffirm their commitment in writing.

Smallbizlady: Are all volunteers required to do face to face coaching with SCORE?

Amy Larrimore: Great question! No, we’re not required to do face to face coaching only. Many volunteers prefer this but it’s by no means required. SCORE can use volunteer help in teaching workshops, providing administrative or advisory support. We also can use volunteers interested in teaching webinars, doing email counseling, managing our social media, helping us balance the books, doing outreach on our behalf, helping maintain our websites. Many hands do light work. If you’re interested in volunteering, please check out the website.

Smallbizlady: What if you are not happy with your SCORE advisor can you ask for another resource?

Amy Larrimore: Of course! Our goal is to make a good match so we’ll work with you as hard as we need to find a good fit.

Smallbizlady: How can I contact SCORE for business assistance?

Amy Larrimore: Call 1-800/634-0245 to find the SCORE office near you. Or, find SCORE online by visiting www.score.org. You can search for the nearest location by city and state or zip code. You can find @SCOREPhila at http://www.scorephila.org/. Our chapter also offers a website featuring Philadelphia local business events and our mailing list at http://www.phillybizevents.com. We also maintain a delicious page at http://www.delicious.com/scorephila which contains lots of useful links and recommended.

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

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

Melinda F. Emerson, known to many as @SmallBizLady is one of America’s leading small business Become Your Own Boss in 12 Months Books By Melinda Emersonexperts. As a seasoned entrepreneur, professional speaker, and small business coach, she develops audio, video and written content to fulfill her mission to end small business failure.  As CEO of MFE Consulting LLC, Melinda educates entrepreneurs and Fortune 500 companies on subjects including small business start-up, business development and social media marketing. Forbes Magazine recently named her one of the Top 20 women for entrepreneurs to follow on Twitter. She hosts #SmallBizChat Wednesdays on Twitter 8-9pm ET for emerging entrepreneurs. She also publishes a resource blog www.succeedasyourownboss.com Melinda is also the author of the national bestseller Become Your Own Boss in 12 months; A Month-by-Month Guide to a Business That Works. (Adams Media 2010)

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How to Become an Infopreneur

By on October 28, 2010 in Q & A Interviews, SmallBizChat

Tune in to Smallbizchat with Smallbizlady on TwitterEach week as @Smallbizlady, I conduct interviews with small business experts on my weekly Twitter talk show #SmallBizChat. This is excerpted from my #SmallBizChat interview with entrepreneur and instructional designer, Tai Goodwin @Tai Goodwin. She leverages over 14 years of developing adult learning materials and training to help entrepreneurs, coaches, and speakers create infoproducts that sell. Tai offers e-book and information product design services through her website http://www.InfoThatSticks.com

Smallbizlady: How would you define an infopreneur?

Tai Goodwin: There’s a ton of free information out there – there are also people who are willing to pay for not having to search and find it on their own. Infopreneurs market and sell prepackaged information products.

Smallbizlady: What are some examples of infoproducts?

Tai Goodwin: Popular types of information products include: Articles, booklets, ebooks, workbooks, trade books, CDs, Videos, DVDs, forms, e-courses, worksheets, manuals, MP3 audio files, e-zines, newsletters, home study courses, workshops, seminars and conferences.

Smallbizlady: What are some benefits of having infoproducts?

Tai Goodwin: Info products help you position yourself as an expert. They can increase your credibility. Create more opportunities to put yourself in front of your target audience. Create more opportunities for you to meet your customers’ needs. And provide a way for you to create additional streams of income.

Smallbizlady: How can I use infoproducts in my business?

Tai Goodwin: There are two popular ways to use the infoproducts: As free give-aways to build your list and as a source of multiple streams of income. You can invite people to subscribe to your list and in exchange offer them a free infoproducts. Examples include a mini-report, a checklist, a video, an e-course. You need an autoresponder like Aweber or Constant Contact or Mail Chimp and an info product – then you start promoting it to your network

Smallbizlady: How can infoproducts be used to generate additional streams of income?

Tai Goodwin: You only have so many hours a day you can work directly with clients. But you can sell infoproducts 24/7 to your clients – basically earning revenue while you sleep. And while your price point for individual coaching may be out of reach for some – you can offer lower priced products that have a broader market.

Smallbizlady: What level of expertise do you need to create informational products?

Tai Goodwin: There’s a difference between creating content and creating a product.

You don’t need to be an expert to create content. If you can write or speak you can create content. In fact you can even buy content or hire writers to create content.

Product creation is different – it involves organizing content so it makes sense and building in components to make it practical and engaging for your customer.

Smallbizlady: What makes a good information product?

Tai Goodwin: I use the acronym STICKS.

The first S is for Solution Oriented – it needs to solve a problem your customers have. Before you write or record: research. Ask, survey, find out what problems your customers have.

T is for Transforms. It needs to take your customers from point A to point B. If they don’t know more or can’t do more than before your product – there is no value for them.

I is for information, instruction, ideas, innovation and inspiration (this is what people will pay for)

C is for Covers relevant practical information. Don’t give them everything and the kitchen sink. Keep it to exactly what they need to take action.

K is for Keeps their attention. Use stories, examples, facts, steps, explanations, images, infographics, worksheets, questions. The best products keep customers engaged from start to finish.

The last “S” is for structure – is it organized in a way that is clear and logical.

Smallbizlady: What are some examples quick infoproducts that people can create?

Tai Goodwin: One of the best strategies for rapidly creating infoproducts is starting with what you have. For example: Turn your top 20 blog post into an e-book. Add questions and activities to those blog posts and create a workbook. Take snippets of your workbook and create a 7-day e-course. Or take those same 20 blog posts and record them to create a podcasts series. If you like being in front of the camera, record a series of short videos instead.  Don’t have blog posts? Get someone to interview you and record it: create an mp3 or have it transcribed and create a mini-booklet. There are so many possibilities.

Smallbizlady: What are some of your favorite tools for creating infoproducts?

Tai Goodwin: Start with basic word docs or Powerpoint files which you can publish as a PDF. I like on-line recording tools that let you create downloadable mp3s – freeconference.com, audioacrobat – which also lets you create videos. There are tools like podbean and audacity for creating podcast. Flip cams are great for creating informal videos. Camtasia and Jing are great for creating step-by-step videos. And one of my favorite image capture tools is Snag It for great screenshots. And then there are sites that offer royalty free music and graphics.

Smallbizlady: What ways can infopreneurs promote their products?

Tai Goodwin: Create a launch and marketing strategy just like you would for any other products. You want to pre-sell, use bonuses, create joint ventures, use affiliates to help expand your reach, you also want to consider how to upsell. One of the masters is Dave Navarro – The Launch Coach. I recommend his book – How to Launch the $%^& out of your e-book.

Smallbizlady: How should business owners price their infoproducts?

Tai Goodwin: Approaches include having three tiers between $19.97 – $47.00. Then you have mid products that range from $67 – $97, then you have your top tier products that range $127 – $197. Depends on what’s included and how specialized the information is. Then you have full home study courses or certification programs that start above $200 and can go into the $1,000s.

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 F. Emerson, known to many as Small Biz Lady is one of America’s leading small business Become Your Own Boss in 12 Months Books By Melinda Emersonexperts. 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, the Tavis Smiley Radio Show, in the Wall Street Journal, Entrepreneur 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).

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Top 5 Business Plan Mistakes

By on September 27, 2010 in Become Your Own Boss Tips, Grow Your Business, How to Start, Your Small Business

Successful businesses run based on an up-to-date business plan, particularly if you have a need to secure outside funding to launch or grow your business.  In order to make your business plan turn into a document that you can actually use to run your business, it’s best to avoid these 5 common mistakes when writing a business plan.

  1. Unrealistic Financials. Nothing makes a funder more annoyed than reading a business plan that shows the business is starting with less than $10,000 and in the first year will do $2 Million in revenue.  If you do not have an accounting background, you should have an accountant or seasoned bookkeeper working with you to develop your numbers.  Plus, if you are writing a business plan– using business plan software such as Business Plan Pro they offer readymade formulas that can really cut down on any guesswork you may find yourself doing.  Also If you take a business plan course to complete your roadmap to success like I suggest in my book Become Your Own Boss in 12 Months, your instructor will also have information and resources that can help your complete your budget and financial projections.
  2. Lack of Competitive Analysis. Do not believe that there’s no competition for your product or service.  It’s a big mistake. Your customer’s need is being met by some business even if it’s not exactly like yours.  You should make sure that you can highlight 3-5 competitors in detail in your business plan, and more than that you should have three reasons each how you will be different in the marketplace. And here’s a big tip, if you have competitors that also shows there’s a viable market for your product or service, provided there’s not some 800 pound gorilla competitor such as Microsoft, Comcast, or MTV.  Even then, those businesses can be taken down by drilling down a niche that they’re not serving well, but you need a lot of resources to compete with the big boys.  
  3. Lack of a Business Case. You should think of your business plan ultimately like a sales document.  You need investors, partners, employees and even your spouse to buy into what you are trying to accomplish with your new business.  You need to have real data to back up your claims about the market opportunity.  Start by capturing your industry financial ratios, then use data marketing companies to support any industry background and market share claims.  www.bizminer.com and www.hoovers.com are good resources for this kind of data. I would also use demographic stats and trade industry data as well. You want anyone who reads your business plan to understand that you really know your industry.
  4. Lack of Scaled Operations. It’s great to use your business plan to show how sales are going to start ramping up, but sales do not just happen — you need people to execute the production and delivery side of your business. It’s important to show how your staff and operation processes will expand to meet the projected growth in your business. It’s terrific that family members, two freelancers and a couple of interns are the team driving the business at first, but what will you do the day to get an order that triples the size of your business?  Map out how your supply chain will grow with the company.
  5. Lack of Update. Your business plan is not a historical document that belongs in a museum. In the first few years of a business, your business plan should be reviewed and updated every two – three months to make sure your business is on the right track. Your business plan is really a hypothesis of what you think is going to happen in your business, it will change once your business is exposed to the marketplace. The biggest issue you’ll need to manage is cash flow and responding to slow or fast growth.  Review and update your business plan with your accountant at least in the fourth quarter of every year, so that you start the new year with an updated budget and projections.

Melinda F. Emerson, known to many as SmallBizLady is one of America’s leading small business experts. As a seasoned entrepreneur, professional speaker, and small business coach, she develops audio, video and written content to fulfill her mission to end small business failure.  As CEO of MFE Consulting LLC, Melinda educates entrepreneurs and Fortune 500 companies on subjects including small business start-up, business development and social media marketing. Forbes Magazine recently named her one of the Top 20 women for entrepreneurs to follow on Twitter. She hosts #SmallBizChat Wednesdays on Twitter 8-9pm ET for emerging entrepreneurs. She also publishes a resource blog www.succeedasyourownboss.com  Melinda is also the author of the national bestseller Become Your Own Boss in 12 months; A Month-by-Month Guide to a Business That Works. (Adams Media 2010) 

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How to Choose a Business Partner

By on September 23, 2010 in Q & A Interviews, SmallBizChat

SmallBizChat with SmallBizLadyI’m Melinda Emerson and each week as Small Biz Lady (AKA @SmallBizLady), I conduct interviews with small business experts on my weekly Twitter talk show #SmallBizChat. This is excerpted from Nina Kaufman (AKA @ NinaKaufman on Twitter), an award-winning business attorney, columnist and blogger for Entrepreneur online, and author of The Entrepreneurs Prenup: How to Choose a Business Partner Who Won’t [BLEEP] You. She demystifies legal mumbo-jumbo in business partnerships so you save time, money and aggravation. Forbes named her one of the “30 Women Entrepreneurs to Follow on Twitter”. She reaches thousands of entrepreneurs with her legal services, professional speaking, information tools, and LexAppeal weekly ezine. If you are interested in knowing more about Nina, visit www.AskTheBusinessLawyer.com


SmallBizLady: What are three main reasons for starting a business with a partner?

Nina Kaufman: There are three main reasons why you’d want to bring someone else into your business. First, entrepreneurship can be a lonely ride. When you share with someone else, you get the benefit of having a cheerleader, cattle prod, an extra set of eyes–all wrapped up into one. Second, there’s no way that one person can know and do everything well but a business needs to grow and succeed. By bringing someone else into the business, you expand the range of skill sets, opportunities, and possible sources for financing. Finally, where else would you get someone to work for free, if not for “sweat equity”? But it’s not a decision you want to make lightly. Sometimes, if you can get what you need by hiring an employee or consultant, you’re better off.

SmallBizLady: How can I tell if my “intended” partner is really the right partner for me?

Nina Kaufman: Just as you wouldn’t marry someone you met right after the first date, you want to make sure you’re taking the time to really get to know your “intended.” As noted in my New York Enterprise Report article, “How to Choose a Business Partner,” (http://bit.ly/9fK0Hz) there’s a lot that goes into a strong business partnership. Do you have compatible communication and leadership styles? Are you on the same page with your values and your vision for the company? You won’t just find this out over a cup of coffee in a Starbucks. Ideally, you want the opportunity to work together on smaller projects to see if they really “walk their talk.”

SmallBizLady: What are the top three legal areas that tend to get business partnerships in trouble?

Nina Kaufman: The three areas that I see most often were business partnerships flounder are in the management of the business, money issues, and what happens when a partner needs to move on. As to management, what roles do you in your partner play in the business? Is there a fair division of labor between you? Are you each equally skilled in your respective areas of expertise? If management is lopsided, it can breed resentment. Money—well, that should come as no surprise, as that’s the number one issue that affects personal relationships. Do you each get an equal amount? How will you value what each contributes to the business? What happens if the business can’t afford to distribute what each of you needs for your personal expenses? Finally, as to moving on, there can be any number of reasons why someone needs to leave the business. You need to be honest with yourself and your partner if your personal needs and goals change. And, of course, you need an orderly transition should you decide you’re not in this business “until death do you part.”


SmallBizLady: Do I really need a written partnership agreement?

Nina Kaufman: Yes, you do. Business partnerships are as much about business as they are about partnership. It’s smart business to put things in writing, especially when there are so many variables involved, as there are with business partnerships. And, not to be morbid, but at some point, you’re going to die. See my blog post, “Because Death Is Inevitable,” (http://bit.ly/aCbum0) for more insight.

SmallBizLady: What are buy/sell agreements?

Nina Kaufman: Buy-sell agreements are the legal terms among multiple owners of a business that cover the circumstances, price, and procedure for buying or selling an interest in a company. In essence, buy sell terms outline your “exit strategy”: how, when, and how much you can get when leaving a company. What and how you get paid can vary depending on whether you’re leaving because you die, become disabled, get divorced, have a change of heart, or get caught with your hand in the company till. Buy sell agreements aren’t the whole story, though, when it comes to business owner contracts. You’ll also want to address the contributions each owner or business partner makes to the company, like money, intellectual property, or customer/contact lists.

SmallBizLady: Why are exit strategies so important?
Nina Kaufman: When you go into business, you need to begin with the end in mind. It sounds odd, but if you’re going to invest years of your life and thousands of your dollars, wouldn’t you want to be sure you’ll reap the benefits you want when the time comes? Without a planned exit strategy, a partner could leave, and destroy your business by using a company’s intellectual property and client list. If your partner dies, you could end up in court fighting his or her spouse over the value of the company. If you have a change of heart and want to live out your days as a Buddhist monk, you need to be sure there is a clear and smooth way for you to leave the business.

SmallBizLady: I’m doing business with a friend/brother/sister/cousin. Why do I need a written agreement?

Nina Kaufman: When you go into business with friends, you bring a special asset to the business: your friendship. That friendship needs to be protected at all costs. And we make a lot of assumptions when we are dealing with friends. We assume that they will be forgiving of our foibles when we lose a client. They assume we will forego getting paid for a month because they had a personal emergency and needed a larger draw from the business. Placed in a business context, our assumptions could be totally wrong. While it seems counterintuitive, you need to be extra vigilant in negotiating and preparing a partnership agreement than you might with an ordinary business colleague. After all, you have a friendship to protect.

SmallBizLady: What’s considered a fair split of profits (or management control)?

Nina Kaufman: The short answer is: it depends. “What’s fair” can vary with the circumstances. What is the relative skill level of the partners? What does each bring to the table in the way of intellectual property, capital, contacts, potential business, and skill sets? Will both be active in the business? Will both be working full-time in the business? They both intend to spend the same length of time working with the business? The factors get more complicated if you have investors in the mix, as David Ronick points out in his blogpost, “Working through the Numbers on Ownership.” (http://bit.ly/aApvEu). Your professional advisors can offer suggestions.


SmallBizLady: What can business owners do to diffuse tensions and legal issues between them?

Nina Kaufman: Very often, tempers flare–and legal issues arise–when business partners stop communicating with each other. It’s something that I encountered in my own business partnership. Over time, my partner and I each worked in our little silos of activity, and stopped focusing on building a business that met both of our goals and needs. It was the beginning of the end. In retrospect, we probably would have benefited from “business partners therapy,” or some kind of regular session with an outside consultant to keep us focused on the bigger picture. Having regular retreats to make sure you’re working on the business, and not just in it, can do wonders.

As I mention in my program, The Entrepreneurs Prenup: How to Choose a Business Partner Who Won’t [BLEEP] You (http://bit.ly/bXbU5A), you need to do more than just accept someone’s say so that they’ll be a good business partner for you. Do your due diligence. If you choose a business partner who has prior bankruptcies were criminal convictions on his or her record– regardless of whether he or she is currently a saint–you could find your company shut out of many financing opportunities. Ask around about their reputation in the field. Are they well respected? If not, you may find that attracting business becomes a hard sell. Open your eyes to their behaviors; don’t just see what you want to see. Is your business partner truly a self-starter, or will they constantly look to you for direction? Do they have a positive outlook or are they a sad sack who will drag you down?

SmallBizLady: Can’t I form my legal business partnership myself online? Why would I want attorney to help me?

Nina Kaufman: Often, starting a business partnership means starting a new company. And of course, you can do the filing yourself. But can you be sure you’re choosing the right legal form of business for your needs? Corporations and LLCs have different advantages and disadvantages. That’s where the professional advice of an attorney and accountant will help you get set up with a strong foundation.

SmallBizLady: Lawyers are expensive. Can I put together my own business partnership agreement?

Nina Kaufman: It’s smart business to have an attorney at least review the business partnership agreement you put together, if he or she doesn’t create it for you. If you’re not experienced in drafting partnership agreements, you can’t properly evaluate what’s in the agreement that could hurt you, or what might be included that could help you. By all means, look at partnership agreements on the Internet for education and ideas. But let the training and wisdom of an attorney experienced with business partnerships provide the expert review before you sign it.

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

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

Melinda F. Emerson, known to many as Small Biz Lady (AKA @SmallBizLady on Twitter) is one of America’s leading small business experts. As a seasoned entrepreneur, professional speaker, and small business coach, she develops audio, video and written content to fulfill her mission to end small business failure. As CEO of MFE Consulting LLC, Melinda educates entrepreneurs and Fortune 500 companies on subjects including small business start-up, business development and social media marketing. Forbes Magazine recently named her one of the Top 20 women for entrepreneurs to follow on Twitter. She hosts #SmallBizChat Wednesdays on Twitter 8-9pm ET for emerging entrepreneurs. She also publishes a resource blog www.succeedasyourownboss.com Melinda is also the author of the national bestseller Become Your Own Boss in 12 months; A Month-by-Month Guide to a Business That Works. (Adams Media 2010)

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