Tag Archives: small business
How to Be Successful in Business #SmallBizChat QA

How to Be Successful in Business #SmallBizChat QA

by on February 2, 2012 in Grow Your Business, How to Start, SmallBizChat, Uncategorized

Every week as SmallBizLady, I conduct interviews with experts on my Twitter talk show #SmallBizChat. The show takes place every Wednesday on Twitter from 8-9pm ET. This is excerpted from my recent interview with retail and fashion pioneer Liz Lange @lizlange. In 1997, out of a one-room office, she created Liz Lange Maternity, changing forever the face of maternity fashions.  A decade later in 2007, after dressing every major pregnant celebrity, forging licensing deals with Nike and Target (today, Liz Lange for Target is the exclusive maternity department at all Target locations), and opening three flagship Liz Lange boutiques, Lange sold her business though she continues on as the face of that brand.  In 2010, her first ever non-maternity clothing collection, Completely Me by Liz Lange, debuted exclusively on HSN.  She is the co-founder of the popular woman’s shopping site, Shopafrolic.com.

Smallbizlady: How and when did you have the ‘Ah ha’ moment that led you to launch your first business?

Liz Lange: My Ah ha moment came back in 1997. I was newly married and although I hadn’t yet had my children – pregnancy was definitely on my mind (today my son is 13 and my daughter is 11). After having worked at Vogue, I had left to apprentice for a struggling fashion designer. My friends starting getting pregnant and they would come to our offices to buy clothing. I would say to them, why come here, you should shop at maternity clothing stores but they all said that they could find nothing at traditional maternity clothing stores. Instead, I noticed that they were buying “regular” clothing in big sizes and altering it to make it work. And in our offices they were squeezing themselves into anything that had a bit of stretch in it.

This led to my double Ah ha moment: one) pregnant woman looked better, sexier, more stylish and ironically smaller when squeezed into something stretchy and fitted instead of the tent-like maternity dresses that were typical at that time and two) pregnant women were spending and shopping (they needed to – after all nothing in their closet fit them anymore) but they didn’t like the maternity clothing being offered. I didn’t consider myself a fashion designer so I went to the designer I was apprenticing for and told him that he needed to do a maternity line and that it would turn his business around. But he hated the idea. I found that I couldn’t get the idea out of my mind. I finally realized that if I didn’t create the maternity clothing that I was envisioning and someone else did that I wouldn’t be able to forgive myself. And so I launched Liz Lange Maternity.

Smallbizlady: How did you land your very first big customer?

Liz Lange: My first customers were my pregnant friends. But dressing celebrities really put me on the map. Whenever I heard a celebrity was pregnant I would reach out to them through their assistant, publicist, manager. My first big customers were Cindy Crawford, Terri Hatcher and Bobbie Brown.

Smallbizlady: What kind of money did you need and how did you get it to start your business ventures?

Liz Lange: I started very small. At the beginning I did everything made to order so that I didn’t have to invest in inventory that I may or may not have been able to sell. I borrowed about $10,000 from my parents. I had a phone so that people could make appointments with me to see my designs and a fax machine to fax the factory that was filling orders for me, one at a time.

Smallbizlady: You became a mom while running your business, how did you handle being a pregnant entrepreneur? (other than being a great model for your maternity clothing line LOL)

Liz Lange: Pregnancy did NOT slow me down. I worked until the day before I gave birth to each of my children and was back within a few weeks. After all, my business was my baby too!

Smallbizlady: Pricing is always a challenge for business owners. What’s your advice on getting it right?

Liz Lange: It’s hard to give general advice about pricing. You need to make money and get your margins right. You need to have a feel for what the market place will allow.

Smallbizlady: What’s the biggest struggle you’ve encountered and how did you overcome it?

Liz Lange: Running your own business is filled with highs and lows and to me that is exhilarating. Definitely post 9/11 was challenging. The world was not interested in buying high end maternity clothing anymore! I signed a licensing deal with Target and together we produced Liz Lange for Target which has become the exclusive maternity clothing offered at all Target locations and Target.com. Its success helped bring success back to my high end business too

Smallbizlady: You are a self-made millionaire entrepreneur.  How do you stay grounded and humble?

Liz Lange: I think being self-made is what keeps one humble and grounded. I am so lucky to do what I do and I love my customers and my life, my family and friends. They definitely all keep me grounded!

Smallbizlady: How do you measure success? 

Liz Lange: Well there are so many ways to measure success. The most obvious in business is financial. I felt successful when I was able to open 3 flagship retail stores (when I sold the business the new owners chose not to keep the stores) but for many years I had boutiques on Madison avenue, Beverly hills and Long island. And signing licensing deals with Nike and Target, dressing tons of A-list celebrities, that all made me feel successful. But maybe what has made me feel most successful is the letters I get from women telling me that I made them feel pretty or sexy or confident during a time that they didn’t think that was possible.

Smallbizlady: What’s your must-read resource for small business owners and Why?

Liz Lange:  I love reading books by entrepreneurs whom I admire. Some of my favorites: Phil Knight’s Just Do It, Howard Schultz’ Pour Your Heart Into It, Tony Hsieh’s Delivering Happiness, Mary Wells Lawrence’s A Big Life in Advertising.

Smallbizlady: What’s your biggest business goal over the next 12 months?

Liz Lange: I honestly never set goals, I just do the best I can every day but…I launched a new line, my first ever NON maternity line of women’s clothing a little over a year ago. It is exclusive to HSN and it’s called Completely Me by Liz Lange – I want to see that line really take off. I want to see my fashion/shopping e-newsletter, shopafrolic.com grow and I am working on a book about being an entrepreneur.

Smallbizlady: Complete these sentence:  If standing on a rooftop facing crowds of aspiring or struggling small business owners, I would shout:

Liz Lange:  “Shut out the naysayers! The truth is until someone does something new NO ONE thinks it’s a good idea. Just do it!!!”

 

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

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

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

 

Comments { 0 }

SmallBizLady Q&A How to Build a Powerful Online Brand

by on January 30, 2012 in Branding & Marketing

 

How to become a powerful social media brand is a major factor in small business success these days. Beyond having a website, you need to make sure that you are out there demonstrating your expertise at every opportunity. There are those who believe that if they can’t find you or your business online, you do not exist. That may seem harsh, but think about how we all buy things now. We do not call 411, or look in the yellow pages, we all go look for information in search engines such as google.

As someone who has a powerful brand on the internet, I have recently been interviewed a few times about building an online brand and more specifically how I built the SmallBizLady brand and I thought the information might be helpful to all of you. So here’s the full interview.

1) Why does everyone whether they are in a career or business for themselves need to be aware of their online image? 

Every 30 days people should Google themselves to see what is being said about them on the internet.  If they Google themselves and nothing comes up that is a problem too.  Everyone with a business or a job should at least have a LinkedIn profile, and if you run a business you should have a website.  If you are really trying to build an online brand, I would also add Google profile, and Facebook Fan page to that as well.

 

2) How does one go about developing a strategy to build a brand online? 

 

To build an online brand you must use the HELP mantra: Help Others, Engage People, Listen Carefully and Promote Yourself With Care. Traditional selling is dead.  Your valuable content and helpful sharing will do the selling for you. No one wants to hear or read “Buy my stuff, buy my stuff,” they want to read about how you can solve their most pressing issue.

 

3) What is your advice for one trying to build their brand online?

 

Before you do anything online, you need to identify your niche target customer.  Then you should employ a listening strategy to figure out where your target customer spends time online. Research the keywords people use most to search for your topic, service or product. Then develop your content strategy for how you will stand out in the marketplace.

 

4) How important is it to choose the right social networks? Which ones work best for what, ie. LinkedIn, Twitter, Facebook, Tumblr etc.? 

 

In order to build an online brand you must first figure out where your target client spends time online, and become a part of the conversation.  Everyone does not have to be doing everything. LinkedIn is perfect for people who need to network with senior executives and decision makers.  Facebook personal accounts are great of keep in contact with family and friends.  Facebook groups and fan pages are great for engaging with retail customers. Google+ is also becoming a major factor in communicating with your entire social rolodex, particularly if you are blogging.

 

Twitter is terrific for establishing thought-leadership and building community online.  I convene my #Smallbizchat community live each week on Twitter, which has been a major factor in growing my online community. Tumblr lets you effortlessly share anything. You can post text messages, photos, quotes, links, music and video from email and from any devices. I chose Twitter and LinkedIn to build my brand when I got started.  I also used blogging as a key strategy to demonstrate my expertise and keep my website updated.

 

5) How important is messaging in social media? Should one stay on message at all times? When is it OK to go off message and be ‘social’?

 

It is critical to stay on message. It should be obvious who your customer is by what you share online and what you write on your blog.  You can not write a blog about being an expert image consultant and the next day blog about a cat caught in a tree in your backyard.  You will confuse people.  I think it is important share personal things about yourself, so that people know that you are a real person but be strategic. Nobody cares what you had for breakfast.

 

6) Are there any special tools or apps on any social media sites that you would recommend? why?

 

I like www.Hootsuite.com to manage all my social media accounts. You can have up to 5 social accounts. I also have a virtual assistant that helps me manage my blog and some social media updating.

 

7) How does one go about earning a community of subscribers, followers, friends, etc?  

 

Content is currency online.  In order to attract subscribers, followers, likes and connections you need to add value to the conversation, create valuable blog content and engage the people who like your content.

 

8) How important is it to be discreet or cautious online? Any tips on what should be put online and what shouldn’t be? 

 

You should not post anything online that you wouldn’t want to read in the newspaper.  Everything on the internet can be found forever. Watch the loose talk on Facebook especially. 

 

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 businessMelinda Emerson "SmallBizLady" experts. As a seasoned entrepreneur, professional speaker, and small business coach, she develops audio, video and written content to fulfill her mission to end small business failure. As CEO of Quintessence Multimedia, Melinda educates entrepreneurs and Fortune 500 companies on subjects including small business start-up, business development and social media marketing. Forbes Magazine named her #1 woman for entrepreneurs to follow on Twitter. She hosts #SmallBizChat Wednesdays on Twitter 8-9pm ET for emerging entrepreneurs. She also publishes a resource blog http://www.succeedasyourownboss.com Melinda is also bestseller author of Become Your Own Boss in 12 months; A Month-by-Month Guide to a Business That Works.

 

 

Comments { 5 }

2011 Best of SmallBizLady Blogs

by on December 28, 2011 in 10 Things Lists, My Recommendations

Every week I publish articles on this blog to help small business owners start and grow their entrepreneurial ventures.  My mission is simple: to end small business failure. There are times when I write things based on questions I am frequently asked and then there are other times when I wake up in the middle of the night with an idea I simply must get down on paper. I write this blog for all the people who I never get to meet or mentor.  I want you to succeed as your own boss, and I write faithfully so that you can have a roadmap to achieve your small business goals.  Over the past year, I have grown as a writer and business consultant, and I shared what I have learned with all of you. Happy New Year everybody. Lets make 2012 is year to remember!

Here’s the best 10 articles I have written in 2011 according to all of you.

5 Things Every Entrepreneur Must Do Each Day

http://succeedasyourownboss.com/10/2011/5-things-every-entrepreneur-must-do-each-day/

10 Best How to Start a Small Business Websites

http://succeedasyourownboss.com/10/2011/10-best-how-to-start-a-small-business-websites/

Use 3 C’s of Social Media Marketing: Content, Community, Commerce

http://succeedasyourownboss.com/08/2011/use-the-3-cs-of-social-media-content-community-commerce/

12 Things to Tweet About on Twitter

http://succeedasyourownboss.com/03/2011/12-things-to-tweet-about-on-twitter/

How to Write a Business Plan Part I, II, and III

http://succeedasyourownboss.com/01/2011/how-to-write-a-business-plan-part-iii/ 

6 Business Lessons for Under 30 Entrepreneurs

http://succeedasyourownboss.com/07/2011/6-business-lessons-for-under-30-entrepreneurs/ 

10 Tips to Recession Proof Your Small Business

http://succeedasyourownboss.com/10/2011/10-tips-to-recession-proof-your-small-business/

What Can Twitter Do For Your Small Business

http://succeedasyourownboss.com/12/2011/what-can-twitter-do-for-your-small-business/

11 Great Technology Tools for Small Business

http://succeedasyourownboss.com/04/2011/11-great-technology-tools-for-small-business/

11 Bible Versus Small Business Owners Need in 2011

http://succeedasyourownboss.com/04/2011/11-bible-verses-small-business-owners-need-in-2011/

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

Melinda F. Emerson, known to many as SmallBizLady is one of America’s leading small business experts. As a seasoned entrepreneur, professionalMelinda Emerson "SmallBizLady" speaker, and small business coach, she develops audio, video and written content to fulfill her mission to end small business failure. As CEO of Quintessence Multimedia, Melinda educates entrepreneurs and Fortune 500 companies on subjects including small business start-up, business development and social media marketing. Forbes Magazine named her #1 woman for entrepreneurs to follow on Twitter. She hosts #SmallBizChat Wednesdays on Twitter 8-9pm ET for emerging entrepreneurs. She also publishes a resource blog http://www.succeedasyourownboss.comMelinda is also bestseller author of Become Your Own Boss in 12 months; A Month-by-Month Guide to a Business That Works.

Comments { 1 }

SmallBizLady 2011 Year in Review

by on December 21, 2011 in Business Inspiration, Your Small Business

Wow, it has been an amazing year. The SmallBizLady Team has worked hard providing information to end small business failure. I feel so blessed to have had an opportunity to travel the country and talk directly with small business owners about how to start and stay in business. There are so many big things to highlight from 2011. I travelled to 14 states this year on official SmallBizLady business (and I’m silver and gold preferred on an airline and with a hotel chain to prove it.) I was pushed and pulled in many unexpected ways this year.  I learned so much and updated my skills.

The year started off in January with a bang. I landed on the front page of the Washington Post Business section as my book Become Your Own Boss in 12 Months http://succeedasyourownboss.com/products/purchase-the-book/

was named the Color of Money book club pick of the month by personal finance columnist Michelle Singletary. http://www.washingtonpost.com/wp-dyn/content/article/2011/01/15/AR2011011502644.html  This article was syndicated in over 100 newspapers across the country and it pushed my book into a second printing.

In February, I got on a war path about branding. It is my desire to help small business owners understand that their web presence and social media footprint were a critical element in small business success. I led my revolution with my column on www.SecondAct.com Are You Googleable? http://www.secondact.com/2011/02/are-you-google-able/

In March, the Philadelphia Business Journal named me as host of #Smallbizchat a Social Media Star in the Greater Philadelphia Region. http://www.bizjournals.com/philadelphia/print-edition/2011/03/25/melinda-emerson-smallbizchat.html We also kicked off BYOB2011 Conference National Tour.

In April, my co-host Tai Goodwin and I celebrated the two year anniversary of #Smallbizchat with two special guests. Real Estate Mogul Barbara Corcoran from ABC’s Shark Tank joined us for an audio interview http://www.blogtalkradio.com/smallbizradio/2011/04/27/small-biz-lady-melinda-emerson-interviews-barbara-corcoran and Alan Weiss, Author of Million Dollar Consulting.  http://succeedasyourownboss.com/04/2011/smallbizchats-100th-show-small-business-legend-alan-weiss/ These two business legends are people whom I have always admired. It was my honor to share their powerful advice.

May was National Small Business Month. I travelled the country teaching people how to become their own boss, build a social media brand, keep the sales going in a small business.  I lectured for the MIT Sloan Sales Conference, Virginia Tech Women’s Leadership and Philanthropy Conference, Black Enterprise Entrepreneurs Conference, U.S. Chamber of Commerce Small Business Summit, Delaware County Community College, and my own BYOB2011 Conference in Washington, D.C.

In June, I kicked off the national campaign for the Pitney Bowes Small Business Makeover Contest and started writing for www.pbsmallessentials.com

In July 2011, I started doing monthly appearances on NBC10 in Philadelphia’s 10! Show on small business tips. http://www.nbcphiladelphia.com/shows/10-show/Build_Your_Own_Business_At_Home_Philadelphia-127247128.html

I headed to Boston, MA to speak at the National Urban League conference. I had an unexpected death in my family that took me back to Alabama to honor my dad’s baby brother too.  It was a sad occasion, but it was great to see all my relatives. I also got a chance to hang out with one of my small biz owners for some quality one-on-one time.

In August, Become Your Own Boss in 12 Months was the book of the month by Verizon Small Business http://forums.verizon.com/t5/Verizon-Small-Biz-Blog/bg-p/SMBBlog/label-name/melinda%20emerson and I was a guest expert on a live Tweetchat. I also had a major honor as I lectured at my father’s alma mater Alabama A&M in Huntsville, AL. I also swung through Houston, TX for the National Sales Network and my BYOB2011 Conference. Later, I hit the road with the team from Pitney Bowes to visit the five grand prize winners who won the Pitney Bowes Small Business Makeover contest.  Fellow small business experts Jane Applegate, Matt Mansfield, and Phil Simon went on the road with me to Fairfield, CT, Huntington Beach, CA, Knoxville, TN, Leesburg, FL and Melbourne, FL.  I really loved spending time with the contest winners. They were all special, and I am confident that the advice we gave them will grow their businesses. Shel Israel also wrote a profile piece for American Express Open Forum http://www.openforum.com/articles/how-melinda-emerson-became-the-online-pal-for-small-business

In September, I packed up the family and headed West to Wyoming and Yelllowstone National Park.  I keynoted the annual Wyoming girls conference hosted by NorthEast College in Powell, Wyoming.  It was the first time I have travelled to Wyoming. It was a delight to speak to 9th and 10th girls. (I was nervous, but it was awesome.)  This was a great trip because my mother and son were with me. Family is so important to me.  It was great to share that experience with them.

October, my birthday month, took me to Portland, Oregon for the National Association of Community College Entrepreneurship Conference, NAACE conference where I lectured on a few difference subjects, but I was most excited to talk with the entrepreneurship professors about how to use my book and workbook Are You Ready to Become Your Own Boss http://www.amazon.com/gp/product/0979983916/ref=cm_sw_r_tw_alp_tQ8Nnb1NCK52Y to teach small businesses on the college level. Fedex Office, hosted  a live tweetchat with me on ow to recession proof your business and I was a featured speaker for the Pennsylvania Conference For Women which was right in Philadelphia in my backyard for a change. The SmallBizLady Team also conducted the final BYOB2011 Conference for the year.

In November, the team had three big opportunities. I lectured at Brand Camp University in Detroit, MI and then I went to NYC, The New York Expo to lecture to a standing room only crowd on How to Niche to Get Rich. (One of my favorite subjects) And the Wall Street Journal thrilled me by quoting me as article about whether realty stars could be legitimate small business owners.  http://online.wsj.com/article/SB10001424052970204449804577068600801965064.html

In December, has been a whirlwind of activity. I started the month in NYC appearing on MSNBC’s Your Business http://www.youtube.com/watch?v=c2KEuthazEI and I moderated a panel for Inc Magazine’s 1st annual Women’s Summit.  I pulled The SmallBizLady Team back together in Philadelphia for a retreat at my home to plan the strategy for 2012.  The Philadelphia Inquirer made my Christmas bright with a profile story by Diane Mastrull titled SmallBizLady: Using social media to spread small-business advice

http://articles.philly.com/2011-12-19/business/30534422_1_social-media-small-business-twitter-fans and a Yahoo small business quoted me in an article on 7 Tips to start a business in 2012 http://smallbusiness.yahoo.com/advisor/7-tips-for-becoming-your-own-boss-in-2012.html

With a 2011 like this, I can’t wait to see what is in store for 2012.

What was your biggest accomplishment this year?

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 smallbusinessexperts. AsMelinda Emerson "SmallBizLady" a seasoned entrepreneur, professional speaker, and small business coach, she develops audio, video and written content to fulfill her mission to end small businessfailure.  As CEO of 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 the #1 woman for entrepreneurs to follow on Twitter. She hosts #SmallBizChat Wednesdays on Twitter 8-9pm ET for emerging entrepreneurs. She also publishes a resource blog www.succeedasyourownboss.com  Melinda is also the author of the national bestseller Become Your Own Boss in 12 months; A Month-by-Month Guide to a Business That Works. (Adams Media 2010)

Comments { 4 }
How to Be a Small Business Success Q&A interview with Jay Goltz

How to Be a Small Business Success Q&A interview with Jay Goltz

by on December 8, 2011 in Grow Your Business, Q & A Interviews, SmallBizChat

smallbizchatEvery week as SmallBizLady, I conduct interviews with experts on my Twitter talk show #SmallBizChat. The show takes place every Wednesday on Twitter from 8-9pm ET. This is excerpted from my recent interview with Jay Goltz @Jaysmallbiz Jay has started five “old school” businesses over the last 33 years, and wrote “The Street Smart Entrepreneur”. He is the lead blogger for the New York Times You’re the Boss blog.   http://boss.blogs.nytimes.com/author/jay-goltz/                                                                                                                                             

SmallBizLady: Many people are looking for that new big idea. Any tips?

Jay Goltz: Most successful businesses are not new ideas at all. They are better execution of an existing concept. Did Starbucks invent coffee? For every Facebook, there are 100,000 old school businesses.

 

SmallBizLady: With all of the resources available today, why is the failure rate for new businesses still as high as 75% or so?

Jay Goltz: To be successful in business requires a basic skill set in marketing, finances and management. Most people are great at one, maybe good at the second, and are incompetent at the third. It is like a three-legged stool with one short leg. You fall on your butt. Additionally, some businesses just don’t work for reasons that at not apparent when you are in the exciting start up phase.

 

SmallBizLady: Do you think it is safer to start a business with a partner so you can share responsibility?  

Jay Goltz: That is probably mistake number one, before you even open for business. People go into business with their friend or relative because it is more fun, more comfortable, and less scary. But it is not necessarily safer. A strategic partnership makes sense when both parties bring complimentary skill sets. When they don’t, one person usually works harder than the other, or one is just more critical to the success of the company, if things go well. If things don’t go well, it can create a hostile environment.

 

SmallBizLady: What are common mistakes you have seen that have ruined what might have been a successful business?

Jay Goltz: One of the bigger ones is the idea that you can just hire a bookkeeper or accountant to “take care of all of that number stuff”. Every entrepreneur should have a basic understanding of accounting. Income Statement, Balance Sheet, and the difference between cash flow and profit.

 

SmallBizLady: Now that you have over 100 employees, what do you now know about management that you didn’t know when you started?

Jay Goltz: I believe that 75% of management is hiring the right people in the first place. Most entrepreneurs do what I call “accidental hiring” when they start. They hire their friends, their friend’s cousin, the neighbor’s kid… Great companies have great hiring protocols.

 

SmallBizLady: Do you have any tips on hiring?

Jay Goltz: Sure. First of all, make sure that the person doing the interviewing is a good listener. That is frequently NOT the entrepreneur. Ask compelling questions that get the person to talk. Check references. Think “guilty until proven innocent”. Many people looking for jobs will be a horrible fit for your company. Probably only one in ten “decent” resumes will be a great fit.

 

SmallBizLady: What is the hardest part about building a staff?

Jay Goltz: “Unhiring” the wrong people. Firing. Many bosses avoid confrontation and hope that an under performing employee will get better. Sometimes they do, but many times they won’t, or can’t. It is a harsh reality, but the one of the boss’s many jobs is to make sure that the right people are in every position. It isn’t always pretty.

 

SmallBizLady: What is the best way a new company can market themselves?

Jay Goltz: Marketing is about figuring out who your best potential customers are and figuring out what advertising vehicles to use to reach them. It is also about determining what the best message is.

 

SmallBizLady: What do you tell people who say that “All I need is to find new customers to get profitable!”

Jay Goltz: Keeping old customers should be the first order of business. The next thing I always look at, and frequently find problems with, is the pricing of their products or service. It is a common and costly mistake that many businesspeople make. They don’t understand their costs, and they are undercharging. As a result, they are busy but unprofitable. They assume that more business will fix the problem, but in reality they will just get busier and still not make money.

 

SmallBizLady: How did you go from working in the business to working on the  business?

Jay Goltz: It is all about having the right people, good training, and then delegating. You also have to understand the income statement enough to figure out how to pay all of these people. It really involves everything I have just talked about.

 

SmallBizLady: You always hear the mantra “never, never, never quit”. Do you think that is true?

Jay Goltz: Yes and no. That is a very misquoted piece of a speech that Winston Churchill gave during WWII. The rest of the sentence includes “unless in good judgment”.  Besides the five businesses I own are another five that I started and closed. Sometimes things are not well thought out, can’t work because of some unforeseen problems, or maybe you are just miserable. With that being said, being successful does require tenacity to weather all of the storms that are sure to come. Going down with the ship is not being tenacious, it can be delusional.

 

SmallBizLady: How do you keep balance as an entrepreneur?

Jay Goltz: You mean try to keep balance! It is hard, especially in the early stages. In most cases, it is a case of tolerable sacrifice. Did I go to all of my kid’s baseball games? No. But many of them. Was I at home every night for dinner? No, not even close. Did I pay a price for building a successful business? Absolutely did. Do I have any regrets? Yes, but too few to mention. (My Way-Frank Sinatra) There is an old saying that there is no old man laying on his deathbed wishing that he would have spent more time at his business. They got it wrong. It is the day that you hopefully drop them off at college. In some ways it worse. Instead of dying you get to spend years feeling guilty! Here is what I have figured out. It is not the income that matters, but the outcome.

 

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

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

 

Melinda F. Emerson, known to many as SmallBizLady is one of America’s leading small business experts. As a seasoned entrepreneur, professional speaker, and small business coach, she develops audio, video and written content to fulfill her mission to end small business failure.  As CEO of MFE Consulting LLC, Melinda educates entrepreneurs and Fortune 500 companies on subjects including small business start-up, business development and social media marketing. Forbes Magazine recently named her the #1 women for entrepreneurs to follow on Twitter. She hosts #SmallBizChat Wednesdays on Twitter 8-9pm ET for emerging entrepreneurs. She also publishes a resource blog www.succeedasyourownboss.com Melinda is also the author of the national bestseller Become Your Own Boss in 12 months; A Month-by-Month Guide to a Business That Works. (Adams Media 2010)

 

Comments { 0 }

How to Build a One-Person Franchise Business

by on November 29, 2011 in Branding & Marketing, Grow Your Business, How to Start, Uncategorized

The topic of equity isn’t exactly what I’d call, “top of mind,” with most of the prospective franchise owners that I work with as an advisor. Most of their energy is focused on things like potential locations for the franchises that they’re considering, or other minor details; like how much they’re going to make as franchisees. Equity? Who needs it?

Well, if you’re looking at becoming a franchise owner, I think that you need it. I’m convinced that you’re going to want something to show for all of your hard work as a small business owner, not to mention the up-front investment you made to get your business up and running. And you’ll actually have about 10 years to figure out how to come out a winner.

That’s because in the franchise world, most franchise agreements, (contracts) are 10 years in length. In most cases, you’ll have an opportunity to renew your agreement, so you can stay in business. Or, you can sell it. (You can usually sell your franchise business before the 10 year contract period is up. Make sure you know going in what your options are.)

This is Easy to Visualize

If you end up investing in a franchise that requires you to have a physical location, like a fitness franchise for example, in 10 year’s time you’ll probably have multiple locations. (That should be your goal.)  So, if you kick back for a moment, put your feet up, and close your eyes, you should be able to easily visualize the 2 or 3 stores that you own. Are you with me so far?

Now let’s say that you’re getting towards the end of your franchise contract. Let’s also say that you’re approaching 60 years old, and are starting to think about other things…..like a beachfront condo somewhere, for example. Maybe you’re thinking about travelling. You’re actually having lots of interesting thoughts these days….and they all seem to have a common thread; they don’t involve you working!

Sell! Sell!

That’s all you have to do as a retiring franchise owner. Just sell your franchise business. I didn’t say that it would be easy…but, it can be done.

My friend Carol Roth shared 6 things that you’ll need to do to get your business ready to sell over at another friend of mine’s highly rated small business blog. It’s all about the preparation, and it needs to start when you first purchase your franchise. That means that you need to start thinking about your exit strategy the moment after you sign your franchise agreement, and send in your check for the franchise fee. Most franchise owners don’t do this. Go ahead; be the change.

If you go into your new venture with an “investor’s” mindset, meaning that you want to have a real return on your investment, and are able to keep that mentality front and center during the term of your agreement, you could be rewarded handsomely.

For One-Person Franchises

If you’re the owner of a franchise business that is home-based, or office based, you’ll have to do things differently though, to prepare it for sale. As John Warrillow, the author of “Built to Sell,” writes;

“The number one mistake entrepreneurs make is to build a business that relies too heavily on them.”

Now, let’s substitute “franchisee” for entrepreneur, so that I can show you what you’ll need to do if you’re a one-man or one-woman show, and you’d like to have an opportunity to create equity.

The only way that you’ll be able to sell your one-person business is to take someone on as an employee, and teach them how to be The Owner.

Let’s use a coaching-type of franchise business as an example, since they’re very popular, and have the added bonus of becoming the next bubble that’s going to burst.

(The reason that business coaching franchises are going to bubble over soon, is that there are so many of them around that will be approaching the end of their franchise contracts soon, and most of these franchisees don’t have an exit strategy.)

The Model

For around $80,000, you can become the owner of a business coaching franchise. Your role as the franchisee is to call on small businesses in your geographical area that may be interested in your consulting services. Some of the services that you offer may include business planning, sales and marketing program implementation, inventory management…basically anything related to the operation of a small business.

If you can convince enough of the people that you’re calling on to sign on for your services, you can do pretty well. But, since most of your clients engage with you on a short-term basis, you must continue to keep your sales funnel full. That means that when you’re not doing your paid consulting gigs, you’re either calling on potential new clients, or attending business networking events in order to keep your name front and center with fellow small business professionals.

You’re the business. For the most part, your clients aren’t buying your franchise’s brand. They’re buying you; you’re unique personality…your skills. They’re also buying what others are saying about you, and how well you perform. That’s a problem.

Fixing The Problem

In order to make your one-person franchise business one that can be sold someday, you’ll have to start to slowly remove yourself from the picture. That means that you’re going to have to start hiring others that can do what you do. One great thing about the franchise model is that it’s so system-oriented; it’s fairly easy to train new employees.

You can add new employees at any pace you want; just have enough of them to have the ability to start making some choices. The choices that you’ll be making have to do with finding a buyer. That’s right; as soon you start bringing employees on, try to figure out which one could potentially buy you out at some future date.

Still using the example of a coaching franchise, if you do this right, you could have 3 coaches under you who are all building a client base, which includes a revenue stream…one that doesn’t only involve what you bring in.

A business with money coming in from several different sources is a heck of lot easier to sell.

If you do this right, which includes proper planning that starts the minute you officially become a franchisee, you’ll have a real shot at building equity in your franchise business that can come in the form of an official bank check that you can use for that beachfront condo.

About the author:

The Franchise King®, Joel Libava, is provides franchise advisory services to those interested in exploring franchise ownership. He’s frequently called on by the media for his no-spin 
insights on the world of franchising, and he wrote a book that puts would-be franchise owners into the driver’s seat called, Become a Franchise Owner!

 

 

 

 

Comments { 0 }
12 Things To Do Before 2012

12 Things To Do Before 2012

by on November 28, 2011 in Business Inspiration, Grow Your Business, My Recommendations

Today, kicks off the last three work weeks of the year. In addition to landing those key contracts and commitments and getting those holiday cards in the mail, it’s time to get your house in order in your small business. You want to be organized and  ready to do business heading to the new year.   As small business owners, we do not get lots of time off. It is important for us to prioritize tasks to manage all that we juggle on a daily basis.

In order to get things started off right in the New Year; I need to add a few more things to your to do list. Here are 12 Things To Do Before 2012:

1. Update Your Bio and Resume. As you head into the new year, take the time to reflect on your accomplishments this year.  Have you won any awards? Got some media attention? Landed any new Fortune 500 clients? Launched any new lines of business?  Any and all of these accomplishments should be reflected in your bio, resume and your social media profiles, especially on LinkedIn.

2. Create 2012 Folders. Create new files in your computer for all of the key files that you use on a regular basis ex: contracts 2012, coaching clients 2012, blog content 2012 etc. This is also a great time to start using dropbox.com to back up all of the files that you use in your business. Start using the cloud, so that you can share files and protect your business operations.

3. Update Your Pricing. If you haven’t raised your prices in over two years due to the recession, it’s time to revisit all of your costs and make sure that your are pricing to make a profit.  You do not run a charity, and I know you do not want to be a glorified hobby, so make sure there is enough profit in every sale.

4. Update Your Website. In the new year make sure your website or blog has a new look. Even adding a new header graphic can make a big difference. Create new ways to engage your target customers. Add a new giveaway, checklist or coupon offer to your website. Make sure that you at least update the copyright signature to 2012.

5. Export Your Contacts. Make sure you have all of your contacts are backed-up. Export your contacts into spreadsheet from LinkedIn, Facebook and your CRM system.

6. Clean Out Your Inbox. Start 2012 fresh with no old emails.  If you haven’t read it by now, it is simply not that important. And if you subscribed to anything you haven’t been reading take this opportunity to unsubscribe.

7. Get a New Professional Headshot. If you have changed your appearance in any way, you need a new head shot. Be sure to get it professionally done, the photo from your cellphone is not appropriate. Be sure to smile and look friendly. Ladies, be sure to get your makeup professionally done.

8. Collect Updated IRS Forms. Make sure you get up-to-date W-9 forms and/or W-4 on all freelance and full-time employees.  The IRS requires that W-2 and 1099 forms be mailed by Jan 31, 2011 to all workers paid over $600 this calendar year.

9. Develop a 2012 Target Customer List. You should have a list target 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. Update Your Personal Theme Song.  For years I have used Golden by Jill Scott and I have decided to make a change in 2012, I’m now using For the Love of Money by the O’Jays. Be sure to pick a theme song that makes you feel good whenever you hear it. Have it handy so you can rock your theme music whenever you need to remind yourself why you started your business.

 11. Develop Signature Content.  If you are going to be using content to build a social media brand in 2012, you need to spend time to develop great multimedia content. It’s the best way to firmly establish yourself as a thought leader in your industry. Remember, that people learn from reading, watching and listening to helpful information.  I created the Emerson Planning System and the Triple ROI of social media. What will your signature content be?

12. Determine How You Will Keep In Contact With Your List. The most valuable thing in your business is your potential and existing customer lists. You should plan how and when you will communicate with your target customers.  Options include email, video posts, direct mail, phone calls, special offers/ coupons.

Do you have any more tips for tasks before 2012 for small business owners?

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

Melinda F. Emerson, known to many as SmallBizLady is one of America’s leading small business experts.Melinda Emerson "SmallBizLady" As a seasoned entrepreneur, professional speaker, and small business coach, she develops audio, video and written content to fulfill her mission to end small business failure. As CEO of Quintessence Multimedia, Melinda educates entrepreneurs and Fortune 500 companies on subjects including small business start-up, business development and social media marketing. Forbes Magazine named her #1 woman for entrepreneurs to follow on Twitter. She hosts #SmallBizChat Wednesdays on Twitter 8-9pm ET for emerging entrepreneurs. She also publishes a resource blog http://www.succeedasyourownboss.com Melinda is also bestseller author of Become Your Own Boss in 12 months; A Month-by-Month Guide to a Business That Works. 

Comments { 21 }

Are You on the Path to Reinventing Your Small Business?

by on November 15, 2011 in Branding & Marketing, Business Inspiration, Grow Your Business, Women in Business

Small biz owners are reinventing their businesses all the time, especially in this economy. Old ways of doing business just aren’t working anymore. I’d love to be able to tell you that there are set of linear phases that every small business owner goes through while you’re reinventing your business and marketing models…

…but if I told you that, it would be a lie.

But there are some well-known phases that you might go through, sometimes circling back to one you thought you already finished, and skipping others completely. All these phases require you to put on your CEO hat and take a step back from daily busyness to look at the big picture.

Here is a short list of some of the signposts you’ll encounter on the road to reinvention:

  • I know/feel/sense/think something needs to change – You find yourself pausing in the middle of the day and asking, “What’s next for me and my business?” People report feeling restless or frustrated, knowing deep in their heart and mind that the business needs a fresh new approach.
  • Finding clarity on goals – If you spend time tapping into your goals for your business (and for yourself personally), you’ll find that it’s easier in the next phases to explore and choose the right business model for you. Is there a particular problem you need to solve? A particular dream you’d like to achieve? Values you’d like to express into the world?
  • Exploring the possibilities – In this idea-generation phase you explore every aspect of your existing business model, looking for places to add, modify and discard. Since there are 9 areas to explore, you’ll have plenty of space to be creative. Even the craziest of ideas can be a springboard to a new business and marketing model.
  • Making a road map – This is where you design your new business and marketing model, keeping what still fits from your old model and mixing in the new ideas you’ve generated. This is also where you create your transition plan and map out where and when changes will take place, and what resources you’ll need to make it happen. Now you’re thinking like a business owner and not just a worker-bee!
  • Taking the journey – Implementing your business model changes can happen in a week or it can be a two-year process, depending on how complex the changes are and how many resources you have at your disposal. This is often a journey through the weeds and can be rough going. Why? Because you have to continue to run your existing business (unless you’re independently wealthy!) while creating your new business at the same time. Managing change can feel like a juggling act.

You’ll know when it’s time to start thinking about transforming your business. And now you know you’re not alone in thinking that way: people before you have been down this path and emerged victorious!

Where are you on the path to reinventing your business?

Karyn Greenstreet is a self-employment expert and business reinvention strategist. She shares techniques, skills and strategies about the 9 areas in your business where you can reinvent and transform. Visit her business reinvention website at www.RoadmapToReinvention.com

 

Comments { 0 }

Are You Ready To Finish the Year With a Bang?

by on October 31, 2011 in Branding & Marketing, Business Inspiration, Grow Your Business, How to Start

This past weekend I conducted my last BYOB2011 Workshop in my national tour. I held the last one in Philadelphia, my hometown.  The focus of  the tour was  on three things; How to Become Your Own Boss, How to Develop a Killer Marketing Plan and How to build a Social Media Brand.   For the last year I have travelling the country teaching small business owners and would-be entrepreneurs the Emerson Planning System, How to align their marketing and sales activities and how to leverage social media to grow their businesses.  I thought it would be helpful to highlight what I have been teaching.  Here are 7 tips to finish the 2011 with a bang, and go into 2012 with a plan for success.

It’s Time to Update Your life plan.  The cornerstone of the Emerson Planning System is to develop a life plan and a vision board.  Your business goals and your personal goals must align or you could lose your business and your family.  Once you have a life plan create a vision board.  You can use the board as personal motivation to remind you why your work so hard.  My life plan is taped on the wall near my computer monitor so that I have a daily reminder of my big picture goals.

BYOB also stands for Be Your Own Bank. Your ability to save has everything to do with your ability to start a business. The nature of business has changed and you will need to fund your own enterprise. The most you can borrow is a microloan for $25K, most people can life off that and launch a business, so the money needs to come from somewhere.  I suggest you look in the right or left pocket.

90 percent of Success is Self-confidence. If you don’t believe in your business no one else will. Fake it until you make it!  Look yourself in the mirror (like I do sometimes), and say Girl, you are doing IT!!! Most business problems are not so well hidden personal problems.  Learn to compartmentalize your drama and stress and get your work done.  You must stay focused.

Be an Agent of Convenience. Small businesses who are still getting big business in this economy are making it easy for their customers to say yes. They solve problems before the customers can say ouch.  They understand industry trends. They use metrics heavily. They know the value they bring to the table. They can accept all forms of currency. They brainstorm with their clients for free because they care. What kind of agent are you?

Plan Sales in 30 day Increments. Your biggest concern should be how much money you need to make in the next 30 days.  Once you breakdown your sales goals by month, you can easily breakdown how much you need to generate each week.  Doing this, will help you get more aggressive about your sales process.  You can also plan your marketing activities around lead generation.

Done is Good Enough. Your small business brand will evolve over time. Don’t be one of these people who have not released your new website or newsletter because you are still messing with your logo or layout.  No one cares about your logo but you, and you can always revise it later.  Just get it out there.  Get feedback, and adjust your branded as needed.  You are supposed to cringe at the original art work years later.

Harness The Power of Social Media.  As a walking social media brand, trust me when I say that social media is the best thing that has happened to small business owners.  You must Listen + Engage + Add Value + Promote Others in order to be an Influencer in social media.  You must build trust and credibility in order for social media to really work for you. Use social media to speak directly to your target customer.

I am looking forward to teaching more entrepreneurs next year with the BYOB2012 National Tour.  The schedule of cities I’ll be coming too in 2012 will be released in December. Stay Tuned.  Special Thanks for Corpnet.com and ConstantContact.com for sponsoring this year’s tour.

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

Melinda F. Emerson, known to many as SmallBizLady is one of America’s leading small business experts.Melinda Emerson "SmallBizLady" As a seasoned entrepreneur, professional speaker, and small business coach, she develops audio, video and written content to fulfill her mission to end small business failure. As CEO of Quintessence Multimedia, Melinda educates entrepreneurs and Fortune 500 companies on subjects including small business start-up, business development and social media marketing. Forbes Magazine named her #1 woman for entrepreneurs to follow on Twitter. She hosts #SmallBizChat Wednesdays on Twitter 8-9pm ET for emerging entrepreneurs. She also publishes a resource blog http://www.succeedasyourownboss.com Melinda is also bestseller author of Become Your Own Boss in 12 months; A Month-by-Month Guide to a Business That Works. 

Comments { 7 }

5 Things Every Entrepreneur Must Do Each Day

by on October 17, 2011 in Business Inspiration, Cash Flow & Finance, featured, Grow Your Business, My Recommendations

Meditate— The worst thing you can do for your business is start each day in a race. I am strong believer in thinking about your day before you jump into it. I start each day in prayer before I leave my bed. I find that I am able to keep a positive disposition throughout my day regardless of what happens as a result. Years ago, Oprah Winfrey featured a book on her show called Simple Abundance; A Daybook of Comfort and Joy by Sarah Ban Breathnach. In it, she provides daily lessons about the concept of peace, joy and gratitude. This is a great book that I have used over 10 years to stay centered. If you start your day thinking about what you are grateful for it’s much easier to keep perspective when things go wrong. Running a small business involves 10 or more jobs at one time. Do yourself a favor, slow down and mediate on something before each day starts.

Know your cash flow situation– Cash is King! You have to know what your cash flow is, every single day, or you could lose your business. You should run your business based on a 30-day cash flow projection. You need to know how much money is coming in and what money needs to go out daily. You also need to stay on top of what invoices need to go out, and what the payment procedure is for each of your clients. Start collections procedures the first day after your money is past due. Never hesitate to call your client or the bank to get clarity about your cash flow situation. No matter what accounting software you use or what bookkeeper you hire, as the owner of the business you must know your cash flow situation every day.

Set aside 1 hour a day for business development– Work on getting in front of someone who may buy your product or service every day. Sales is the life’s blood of your business. Each day you must conduct business development activities in order to stay ahead of the competition. You can make calls, write emails, send thank you notes, Connect with new connections on LinkedIn, search for conferences and trade shows to attend, develop signature content, use social media to build relationships as lead generating activities. You need to make it a priority each day to spend at least one hour generating new business.

Follow-up with 3 three existing connections– People do business with people they like, know and trust, but you must nurture those relationships. Reach out to existing customers you haven’t spoken too in a while. Give three recommendations on LinkedIn. Send a lengthy personal note on Facebook.  Make three calls or send follow-up notes with an article your read in the New York Times or Washington Post over the weekend. You will spend a longer time on these contacts, but they are further down your sales funnel, so they are worth it.  

Get your plan together for the next day– One of my other favorite books is the 7 Minute Difference by Allyson Lewis. In this book, she says you need to do 5 things before 11am each day and anything else is a bonus. I love this and I do this every day. I make my list of the five things at the end of each day so I have a game plan for my day each morning. This, by the way, is also how I sleep well at night.

Do you have any suggestions for the daily priorities of a small business owner?

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

Melinda F. Emerson, known to many as SmallBizLady is one of America’s leading small business experts. As a seasoned entrepreneur, professional speaker, and small business coach, she develops audio, video and written content to fulfill her mission to end small business failure. As CEO of Quintessence Multimedia, Melinda educates entrepreneurs and Fortune 500 companies on subjects including small business start-up, business development and social media marketing. Forbes Magazine named her #1 woman for entrepreneurs to follow on Twitter. She hosts #SmallBizChat Wednesdays on Twitter 8-9pm ET for emerging entrepreneurs. She also publishes a resource blog http://www.succeedasyourownboss.com Melinda is also bestselling author of Become Your Own Boss in 12 months; A Month-by-Month Guide to a Business That Works. 

 

 

 

Comments { 40 }

10 Tips To Recession Proof Your Small Business

by on October 10, 2011 in Branding & Marketing, Cash Flow & Finance, Customer Service

Sponsored Post

If you are tired of hearing about the recession or the potential of a double dip recession due to foreign markets crashing now, Listen up. It does not matter. Recession or not you need to run your business well. You need to be an agent of convenience for your best target customer, manage cash flow with military precision and pay attention to the trends in your industry. This is a perfect time for an aggressive small business. No matter what your business does, if you build a better mousetrap, the world will beat a path to your door.  In order to beat the recession, you must get smart about your marketing and business operations.

Here are 10 tips on strategic marketing and cash management to recession proof your small business.

Keep marketing. Do not be tempted to cut or eliminate marketing activities. This is no time to cut back on marketing. If you can’t afford a full-blown marketing campaign, pursue low-cost options such as social media marketing, webinars, news releases, e-mail blasts, blogging, and online newsletters. Be sure to keep your marketing activities going at least six months so that you can track your rate of return.

Develop 30-day sales goals. Do not focus on sales activities beyond 30 days. You should break down how many sales you need to close each month to meet your revenue goals.  Determine how many meetings, calls, emails and blog posts you need to have, make, send or write to generate your target sales.  You must keep the sales engine rolling in your business. You should be doing at least 60 minutes of sales cultivation activities per day.

Cut expenses and track cash carefully.  It is extremely important for you to understand your monthly burn rate and your cash position.  Determine where you can cut costs, and make sure on a weekly basis that you understand what money is coming in. As you cut costs use this formula, for every $2 dollars you cut in business expenses, invest $1 into your marketing efforts.

Start collections at 30 days past due. The days of waiting 45-90 days for payments are over. You need your money now. Once a client gets to 30 days past due, get on the phone and track down the accounts payable manager for an update. Be sure you are set up to take credit cards, you may get paid a lot faster.

Improve communications with your customers.  Have quarterly face-to-face meetings or lunches with your top customers. Understand their biggest business challenges and look for ways you can help even if that doesn’t involve more direct business for you.  Consider keeping your fees the same for long-term customers if they are really having financial difficulty.

Add value, not price.  Continuously adding value to your and services is the way to get repeat customers and new business through referrals.  Adding price without value is a lose/lose proposition.  You may get the reorder, but your client will start looking for a replacement vendor.

Under Promise and Over Deliver.  Excellent customer service is the number one way to beat the recession. If you do a great job and your customers love working with you, your customers will become an unpaid sales force for your business.  If do great work, are highly responsive if there’s a concern, make follow-up calls, send thank you cards, throw in little extras all that shows you care.  It’s also the best way to encourage your customers to refer you more business.  Be known for delivering great products and services. Do not treat your customers like you are doing then a favor.

Network, network, network online and offline.  People do business with people they like, know and trust. You need to make sure people know who you are, what you do and how to do business with you. You want to be top of mind when an opportunity presents itself.  One of the best ways to so this is using social media. You can network online without being considered spam. Use Twitter and Facebook Fan Pages to give out helpful advice.  Consider updating your LinkedIn profile regularly with updates on your business and/or any signature content such as blog posts.  When you meet a new contact, online or in person think solutions for them first.  Successful networking is all about give to get.

Consider adding staff.  One good thing about a recession is there are lots good people are on the market looking for a job.  You could pick up some quality talent right now that you could not otherwise afford.  Consider hiring a salesperson and pay them commission only.  Make them kill what they eat. Also be sure you think about exact what target market they will focus on and how success will be measured. If you have never hired an employee here’s a recent blog post that will give you some tips on the interview process.

Call the bank before things great critical.  Good relationships are made in hard times. Regardless of your business situation, you need to communicate with your bank sooner rather than later.  The bank does not benefit if you go out of business, so stop the denial and negotiate better terms with your bank.

Last week, I spoke with FedEx Office® during a live Tweet Chat #FedExSmallBiz about ways to recession proof a small business.  Check out the transcript from part one of their Boost Your Small Business Tweet Chat series.

Do you have any more ideas on how to recession proof a small business? Your idea could be worth $50 bucks.

@SmallBizlady will offer two $50 gift cards for two more great ideas to recession proof your small business.  To be considered, post your comment on this blog post until 10pm ET Wed Oct. 12, 2011. Winners will be announced on Twitter on Friday,  Oct. 14, 2011. FedEx Office has no involvement in the selection of winners.   This is sponsored by @SmallBizlady.

Disclosure:  FedEx Office compensated me to write this post and participate as a small business expert during the FedEx Office Boost Your Small Business Tweet Chat program.  FedEx Office also provided the $50 gift cards. The ideas in this blog post are mine and not ideas or advice from FedEx Office.

About FedEx Office

FedEx Office (formerly FedEx Kinko’s) has the world’s largest retail printing network, providing access to printing and shipping expertise with reliable service.  The company’s network of more than 1,900 locations includes 1,800 in the U.S. and features FedEx Office Print & Ship Centers, FedEx Office Ship Centers, FedEx Office Signs & Graphics Centers, and centralized production centers.  Services include copying and digital printing, professional finishing, document creation, direct mail, signs and graphics, computer rental, free Wi-Fi access, FedEx Express and FedEx Ground shipping, and more.  In addition, the company offers the award-winning FedEx Office® Print Online solution, an online printing application for business and personal printing, at home, at the office or on the go.  Products, services and hours vary by location.  For more information, please visit www.fedex.com/office.

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

Comments { 16 }
Time to Plan for 2012

Time to Start Planning for 2012

by on September 26, 2011 in Branding & Marketing, Grow Your Business

Time to Plan for 2012The kids are back in school and Halloween is fast approaching.  People it is time to start planning your budget and marketing plan for the coming year.  2012 will be here before you know it and you do not want it to sneak up on you. Just like many of your clients are reaching out to you for budget information for 2012, you must be thinking now how you will take your business to higher heights next year.  Here are 4 things you must do to plan for 2012.

  1. Meet with your Accountant and/or Tax Preparer.  You’ll want to know if there’s anything that needs to be done that could reduce your tax burden before the end of the year.  For example: Do you need to purchase any equipment and lease a new delivery van to get it on the book this year. Do you need to delay a payment from a client?  You also should review you projected 2011 budget vs. actual budget 2011 for your business, so that you can make sure that you are keeping track of all your costs and adjusting your pricing accordingly.
  2. Create 2012 Budget and Sales Projections.  Once you have your meeting with your tax preparer, it’s time to develop your annual budget. At the same time, you should update your sales projections for 2012.  The most important thing is to understand how much money you need to make every 30 days to cover your expenses and earn a profit.
  3. Create a New Marketing Plan.  Once armed with your sales projections you should use that information to develop your marketing.  Now I have written many times on this blog about how to write a marketing plan and business plan, but here is a quick refresher course.  You should start with your 30 day sales goal.  Then determine what it takes ie. How many calls, email, blog posts and other lead generation activities it takes to close that number of sales each month.  Never start a marketing activity you can’t afford to maintain for at least 6 months.  Be sure to go back a measure what worked, so that you can eliminate those efforts that didn’t pay off in 2011. (How did that pay-per-click (PPC) ad campaign work for you?
  4. Stay Current with Your Clients. Make sure your business is still relevant to niche. Stay up on the industry trends and the needs of your niche target customer.  Sometimes businesses run a course and a competitor or new product comes along and fill the need better than you.  Do an annual check meeting face-to-face to make sure you are still giving them what they need.  If you run a business that is not based on relationship selling, then offer your customers a free gift to take a short survey to give you the feedback you need to keep being their best resource.

Do you have another tip on preparing your small business for 2012?

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 businessMelinda Emerson "SmallBizLady" 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 the #1 woman for entrepreneurs to follow on Twitter. She hosts #SmallBizChat Wednesdays on Twitter 8-9pm ET for emerging entrepreneurs. She also publishes a resource blog www.succeedasyourownboss.com  Melinda is also the author of the national bestseller Become Your Own Boss in 12 months; A Month-by-Month Guide to a Business That Works. (Adams Media 2010) 

Comments { 8 }
Simplify Your Social Media Strategy

Simplify Your Social Media Strategy

by on September 20, 2011 in Branding & Marketing, Guest Articles, Social Media

5 Great Social Media Tools for Small Business OwnersAs a small business owner, it’s important to keep essential aspects of your operation in-house whenever possible, logical, and cost effective. Social media outreach is one element more and more small business owners feel comfortable handling themselves.

But whether you’re taking on the responsibilities yourself or delegating them to other members of your team, it’s important to keep your strategy simple and straight forward.

But be warned, simple doesn’t mean easy. Irregular, haphazard, or lazy social media efforts will not be rewarded. Don’t waste your own time. Take your strategy seriously, and be consistent.

Below are a few basic guidelines to help you carve out a simple and effective social media presence. Keep your strategy limited to just a few key points, so that you can maintain focus.

Tell Your Story

Telling a compelling origin story or branding story to help ground and personify your business. Letting your customers know where you’re coming from and where you’re moving to (through narrative) will make your company more approachable, more trustworthy.

Engage with Content not Product

Content creation is the easiest way to keep your Fans interest. Here are a few rules of thumb:

  1. Quality over Quantity (no more than one Facebook post every three to four hours, use Twitter and other avenues for more rapid fire engagement)
  2. Less sales speak, more content marketing (offer useful information to your readers and they will come back for more; you’re sharing and teaching first, selling second)
  3. Less self-promotion, more engagement (limit half of your Facebook activity to promoting your own content and products, and focus the rest of your time and energy on facilitating discussions and responding to other people’s posts)

Be Deliberate

Whether you’re selling or engaging, your calls to action need to be purposeful. Think about this when designing your Facebook page and planning your outreach strategy.

Organize your goals: first and foremost you want to grow your Fan-base, secondly you want keep them engaged and interested with relevant content, coupons, and contests, and finally, you want to eventually make a sale.

To do all this your Facebook page needs to be simply designed (less clutter, so your brand shines through), the calls to action (Like this, read this, share this, etc) need to be apparent and easy to follow, and your content needs be consistent and compelling.

This guest post is by Brooks Hays, content creator and Customer Bliss Officer at Hy.ly. It’s a social media software company that offers its clients do-it-yourself Tab Building tools, so they can customize their own Facebook pages, get prospect, leads, and customers, all without outsourced assistance.

Comments { 3 }