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Who’s on #SmallBizChat – February 2012

Who’s on #SmallBizChat – February 2012

Each week as Smallbizlady, I conduct interviews with small business experts on my weekly Twitter talk show #SmallBizChat.

Here are the upcoming guests for February 2012…

  •  Feb 1st Retail Pioneer @LizLange How to Be Successful in Business
  • Feb 8th  @DeborahShane How to reinvent your Brand
  • Feb 15th @DarnyelleJervey How to Monetize Your Message
  • Feb 22 @Taxmama Eva Rosenberg Getting your Small Biz Taxes Together
  • Feb 29th Stephanie Chandler @Bizauthor How to Own Your Niche

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SmallBizLady Q&A How to Build a Powerful Online Brand

 

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.

 

 

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In Just 365 Days You Can Become Your Own Boss

If you have always wanted to become your own boss, now is a great time. I realize that you are probably saying to yourself a year, Really? But trust me, 12 months is a reasonable and realistic timeframe to make your transition from employee to entrepreneur. You will want to take the time to plan your success; otherwise you could create a business that feels like a noose around your neck. You can mess around the kill the thought of something you used to love to do. I know that it is so tempting to just quit your job today, but try these steps first before jumping into the shark infested waters known as small business ownership. The reason why I call the waters shark infested is because when you are an entrepreneur, you must kill for your dinner everyday. Here are 6 steps to Become Your Own Boss in 12 months. I also call it the Emerson Planning System.

Develop a life plan: You really need to spend some quality time with yourself.  Create a life planning journal so that you can examine how you life, what you love, what makes you laugh, and what you need to learn. Get clear on how much money you need to make to be happy. Find out what you want out of life and build a business that aligns with that.

Examine your personal finances: Develop a financial plan. Your ability to save has everything to do with your ability to start a business. BYOB stands for be your own bank. Make sure your credit score is 700 or higher and get rid of any debt. You will need to have money to live on while you pursue your entrepreneurial dream. And you need money to launch the business too.

Validate your business concept: Make sure there is a paying customer out there willing to buy your product or service. Test market your idea. Do not start a business people need, start a business people are willing to pay for. Be sure you know what skills you have and need to run your business as well. Don’t start a restaurant if you have never worked in one.

Start with a marketing plan: You need to make sure you know who is going to buy from your company and why? Develop a niche target customer.  People want to hire people who specialize in solving their problem every day.  If everyone can use your product or service no one will.  Pick a niche and own your niche.

Write a business plan: If you want your business to have the best potential chance for success, you need a plan. The best way to create a business plan is with software. There many free options such as www.enloop.com or you can invest in top the line solution such as businessplanpro.com. After you take a crack at it, sign-up for a business plan course make sure that you can complete it.  The finances are usually the toughest part, the course will help you get your initial costs and budget done correctly. You want to make sure you understand how much profit is in every sale.

Start your business as a side-hustle:  Start your business while you are still working, if you can.  It takes 18-36 months to breakeven in a small business. If you start before you quit your job you’ll be closer to making money before your cut off your paychecks.  Learn on someone else’s dime. If there are skills or connections you need to learn to run your business such as computer skills or gaining key industry contacts many times you can get those from your current employer.  Plan your escape from corporate America.

If you follow these simple steps, this time next year you’ll be open for business.

What three things will you do for your business today to make sure you eat tomorrow?

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

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Ready to dream big in 2012?

Which road do you choose?

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

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

Here are some clarifying questions to consider:

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

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

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

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

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

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

 

 

 

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2011 Best of SmallBizLady Blogs

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.

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Bob Burg interview on his new book: It’s Not About You


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 a special holiday interview with Bob Burg.  I loved his new book, Its Not All About You and I wanted to share it with all my loyal readers. Bob shares information on topics vital to the success of today’s businessperson. He speaks for corporations and associations internationally, including fortune 500 companies, franchises, and numerous direct sales organizations.  He is the author of the popular book The Go-Giver. He and co-author John David Mann wrote their newest book, entitled It’s Not About You, another business parable focusing on influence and leadership.  http://www.burg.com/

Smallbizlady: What’s the basic premise of It’s Not About You?

Bob Burg: That to the degree you focus on building, benefitting, and adding value to others (your team, employees, organization, social-media connections, etc.), that is the degree to which you, and your bottom line will increase. You benefit yourself by benefiting those around you. Of course, this must be done in a way that is authentic and genuine; not manipulative.

Smallbizlady: That sounds good in theory. but, in the real world, can you really thrive if you don’t care about yourself?

Bob Burg: Actually, this should not be confused with not “caring” about yourself or not being “interested” in yourself. As human beings, we are indeed self-interested creatures. Good thing, too! Without this trait, we would not advance, either as individuals or as a society. The key then is not interest, but “focus.” Turn your focus off of yourself and onto others and great things will happen! Not for some “way out” reasons but for very solid, practical reasons. Remember that, as Ernesto tells the protege, Joe, in our previous book, “The Go-Giver”…”all things being equal, people will do business with, and refer business to, those people they know, like and trust.” And, the quickest, most powerful and most effective way to elicit those feelings toward you in others is to temporarily suspend your self-interest and focus on providing value to them.

Smallbizlady: In the new book, you talk a lot about character, and compare that with competence in terms of market value. Why do you do that?

Bob Burg: Character comes from an old Greek word meaning scrape or scratch. It came to mean an engraved mark and, eventually, a defining quality. I think that’s a good definition. Actually, the sum of all one’s qualities make up their defining quality, and that really dictates everything.  While Competence and Character are both very important, competence is simply the baseline; that which allows you into the game. Character, on the other hand, is harder to come by. In his excellent book, “What Got You Here Won’t Get You There” Dr. Marshall Goldsmith discusses the fact that as people climb further and further up the corporate ladder, the competence/talent level is pretty similar. Character is becomes the separator. I believe that’s true not only in corporate business but in any business; in any area where people desire to influence. As we say in the book, “Character is that rare, precious gem, and anyone who possesses it is worth a great deal to the world around them.” In other words, because character is in such short supply and with great demand for it, it has far more market value.

Smallbizlady: How does this play out? What is one quality of character in particular?

Bob Burg: People with character truly “stand for something.” That alone provides them with a huge amount of influence. An excellent example of this is John Allison, the former CEO of BB&T (Branch Banking and Trust Company). He grew one of the most profitable banks in the country as well as one of the few that never involved themselves in sub-prime loans; only writing conventional mortgage. He knew that what the politicians and many of the other bankers were doing was wrong, and refused to go for the “easy money” when it went against his value-based principles. The result was that not only was his bank left standing profitably in the middle of the meltdown, but he was hugely respected, as well.

Smallbizlady: In the business world in general; certainly in social media we talk about “influence” a lot, but what is it, really?

Bob Burg: Influence is *pull*…not *push.” This is most likely why you rarely hear, “Wow that person is so influential; he or she has a lot of *push*! Joking aside, influencers are those who understand that the substance of influence is pull; gentle pull. This is a form of “power” as opposed to “force.” Force involves control, manipulation, intimidation and compliance. It is often a function of “positional leadership” rather than true, influence-based leadership. Let’s face it, even a positional leader can cause those in their employ to take a certain action. That is “compliance.” The challenge is that, at best, the person will perform exactly what he is asked and no more. At worst, they will sabotage the process. On the other hand, when there is “buy-in” that person is committed to the process and to its success. This is why our good friend, Leadership Consultant, Dondi Scumaci (www.DondiScumaci.com) says, “Compliance will never take you where commitment can go.”

Smallbizlady: One concept you discuss in the book – in fact – in most of your books, is “Empathy.” Why is that?

Bob Burg: Not only is empathy a vitally important part of the influence and selling process; it is also a vitally important part of the *human* process. This is true whether trying to understand why someone is resistant to our viewpoint or if we are simply attempting to help them through an issue or difficult time. I believe that in any relationship – business or personal –  empathy is another key differentiator between the successful and the unsuccessful person. Those who have the talent and skill; both at having empathy and being able to *communicate* empathy are at a huge advantage over those who don’t. Empathy can be defined as the as “the identification with the feelings of another person. Being a simple person, I just say it is really nothing more than – as the saying goes – putting yourself in the other person’s shoes. If we have similarities in experience, we might actually be able to really identify; to know what and/or how they are feeling. But, what if that is not the case? Let’s face it; there are times when not only do we not know exactly how they feel…we have absolutely *no idea* how they feel! Yet, we can still be empathetic. You see, empathy doesn’t necessarily mean you actually feel what the other person feels. The truth is, you might not. It *does* mean you communicate that you understand they are feeling … something. When someone with true empathy listens…the other person feels truly heard. And feeling heard is what often makes the difference.

Smallbizlady: What about “Tact” which you seem to place a high value on. Is that part of empathy?

Bob Burg: Well, I certainly think that people who are empathetic employ tact. However, tact is really a concept that can – and I believe should – be utilized by anyone who wants to be more effective both personally and professionally and who wants to help to bring out the best in others. My Dad defines Tact as “the language of strength.” I think that really encompasses the entire concept. Tact is a way of correcting, critiquing, teaching…and in such a way that not only is the person not defensive about what they are hearing, but they embrace it. And, they embrace you. Tact, like any other great principle, must be used in a genuine way, not manipulative.

Smallbizlady: So, a person who can utilize tact but does it will ill-intent can really cause some damage then?

Bob Burg: There’s probably nothing more dangerous than a bad person with good people skills. And, when I use the word “bad” I realize that’s a bit politically incorrect when it comes to the personal development genre; what I mean is someone with truly ill-intent. When a person like that has good people skills, they are downright dangerous. It’s also the difference between manipulation and persuasion.

Smallbizlady: That brings up another point. What actually *is* the difference between persuasion and manipulation. Aren’t they the same thing?

Bob Burg: The big difference is intent. I think that yes, the principles are similar; often even the same. In actuality, however, the results are as different as night and day. Again, the big difference intent.

Smallbizlady: In The Go-Giver you discuss the Law of Value, which says, “Your true worth is determined by how much more you give in value than you take in payment.” Certainly, you don’t mean not making a profit, do you?

Bob Burg: Actually, if a person taps into this Law correctly, they’ll make a very substantial profit and have a hugely thankful customer. The key is understanding the difference between  ”price” and “value.” Price is a dollar amount; a dollar figure. Value, on the other hand, is the relative worth or desirability of a thing to the end user. In other words, what is it about this “thing” (product, service, concept, idea, etc.) that brings with it so much worth; so much value, that someone will very willingly exchange their money for it, and be ecstatic that they did? Here’s an example. Let’s say an accountant charges you $2000 to do your taxes. That’s his fee, or price. But, he saves you over $6000 in taxes. he also provides you with the security and peace of mind of knowing it was done correctly. He has given you more in value (both in concrete value – the $6000, and conceptual value – the peace of mine) than he took in payment. So, I’d imagine that you feel great about it, and he made a significant profit, which he should for providing you so much in value compared to the price he charged. That is the essence of the Free Enterprise System, by the way; both the buyer and seller come away better off than before the transaction.

Smallbizlady: Let’s go back to the process of persuasion. You’ve talked about something called “The Law of The Out.” What is that?

Bob Burg: The Law of the Out is one of the most effective ways to make a person comfortable with you and the process, and leaving them in complete control of the decision so that – if the decision is the right one for them to make – they will. “The Law of the Out says: the bigger the out (or backdoor) you give someone to take…the less they’ll feel the need to take it.” In other words, when someone feels no pressure, they are much more apt to make the right decision. Understand, you are not giving them the “out” or “backdoor” in order for them to take it. But, rather that they feel comfortable enough to *not feel the need to take it.* Of course, if they feel it is in their best interest to take that out, they will. But, they would have anyway. Or, had they instead capitulated to your demands because they felt pressured to do so, they would have then had to either go back on their word or perhaps they would have sabotaged the process. Let it be their decision and – if they make the decision to proceed – they will feel good about it because it was their decision, not yours. And, the best way you can can increase the odds of this happening is to make the option for them *not* to do it, very clear.

Smallbizlady: Any final thoughts that an influencer should keep in mind when trying to persuade or encourage others?

Bob Burg: In a sense, it goes back to, above all, keeping in mind that – when it comes right down to motivating others to take action, it isn’t about you; it’s about them. It’s about them, and what *they* see as a benefit to their taking that particular action. In teaching selling, we often relate the old saying that each and every year, millions of 1⁄4-inch drill bits are sold, yet nobody buying any one of these 1⁄4-inch drill bits actually wants a 1⁄4-inch drill bit. Then, why do they buy them? Because they want a 1⁄4-inch hole! What does this have to do with influence and persuasion? People do things/buy things, not for the thing itself, but for the benefit that doing/buying the thing brings them. What makes this challenging is that those reasons are not always obvious. And, without knowing what they are, the chances of their taking the desired action are considerably lower. The key is to find out by asking the right questions. Asking the right questions, and then listening. Really listening!  

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.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.comMelinda is also bestseller author of Become Your Own Boss in 12 months; A Month-by-Month Guide to a Business That Works.

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SmallBizLady 2011 Year in Review

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)

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14 Technology Experts Worth Following On Twitter

Technology is an even bigger factor in achieving small business goals than ever before.  But the explosion of information about so many aspects of technology makes it hard to form conclusions and make decisions about the right tech tools for your business, (especially, if you’re not a techie.) From social media to cloud systems or the best scheduling software there’s lots to choose from.  Here are 14 technology experts on Twitter worth your follow.

Pete Cashmore is founder of Mashable, “largest independent online news site dedicated to covering digital culture, social media and technology.” Mashable provides the latest headlines on those topics in bite-sized summaries with links you can follow for the full story.

Mario Armstrong is America’s TV Tech dude. He’s a Radio & TV Host, and Emmy winner. He is regularly featured on CNN, HLN, TODAY show! and SiriusXM Radio. He’s also a speaker, entrepreneur, and Founder of TechTechBoom! He  tweets about technolog,y small business & his busy life! http://marioarmstrong.com

Lisa Barone is well known for making her opinions plain, and for the work she’s done promoting brands as co-founder of Outspoken Media. She regularly writes for smallbiztrends.com on all things tech. She tweets around the clock about social media and internet marketing.

Ramon Ray is a journalist, technology evangelist & editor of Smallbiztechnology.com, author of “Technology Solutions for Growing Businesses” & “Technology Resources for Growing Businesses” and a national speaker.  Ramon brings his unique dose of humor, insight and “practical home advise” to thousands of small business owners on technology issues. advice to twitter daily. I love his tweets.

Jenna Wortham is a New York Times tech reporter with a huge Twitter following. Her enthusiasm is infectious as she tweets about tech trends, gadgets, and industry stories.

Lena West is CEO and Chief of Influence Expansion is an award-winning social media consultant, founder of the social media course Real Women Do Social Media. Lena is always straight-talking and bold, with a solid technical and practical background to back her up. She writes and tweets about how to use social media for your business needs.

TJ McCue writes for his blog Tech Biz Talk which provides reviews of web-based software (mostly), tips, tutorials, and how-to for the top applications to take your company and business to the next level.  He also writes tech reviews for Forbes, Open Forum, Smallbiztrends and Dun and Bradstreet’s AllBusiness.com

Cali Lewis Host of GeekBeat.TV, an online news show about technology gadgets and research. The show is downloaded millions of times each month by viewers from around the world.  She’s a Tech correspondent for CNN, FOX and Sirius 101′s GeekTime.  I think she’s one of the most effective users of Google+ I’ve ever seen.

Veronica Belmont is a San Francisco-based video host of @Tekzilla who made her start with CBS Interactive as an on-air talent and producer. She tweets about gadgets, gaming, video production to her 1 million-plus Twitter following, and blog readers.

Guy Kawasaki,is founder of AllTop, is a venture capitalist and among the best-known brands on Twitter. As the co-founder of AllTop (a collective of headlines of many topics, including tech) and Garage Technology Ventures, Guy is found tweeting about many of the newest gadgets and tech tools to be found online.

Maisha Walker is founder and president of Message Medium, a web design and internet strategy firm for businesses as large as AOL/Time Warner as well as small businesses and solopreneurs. She is known as “The Internet Strategist” at Inc. Magazine.  She tweets about her expertise on online business growth and strategy.

Christopher Penn is the Director of Strategy and Innovation at WhatCounts email marketing and co-founder of Chris Brogan’s PodCamp, co-host of Marketing over Coffee, and professor of Internet marketing at the University of San Francisco online. He tweets the five most interesting digital marketing tech news stories he can find every day. His current outlook on the tech and marketing, reviews and interviews with other tech and marketing experts, and more appear at his own blog.

Stanford Smith of Pushing Social is one of the top social media bloggers on Twitter, with constant updates on what works and what doesn’t on WordPress, Twitter and other social media platforms. The Michigan-based VP of Marketing at Fluency Media always has the apps, tools, and gadgets to make social media more productive for your needs.

Adria Richards of But You’re A Girl is a San Francisco-based organic technology consultant and speaker about various tech fields. She helps businesses and other organizations increase productivity and profit from tech tools in daily business operations. She tweets about technology, business, news, and more.

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.

 

 

 

 

 

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How to find a manufacturer for your small business product?

I have been talking to quite a few small business inventors lastly, and the most common question that keeps coming up is how to find a manufacturer for your small business product. Most of the business owners in my network use foreign manufacturers, so that is where my advice is centered. Here are some tips I have gathered from interviewing a few successful entrepreneurs about small business manufacturing. They all made a few universal comments: Look for word of mouth recommendations from other small business owners. There are US companies who specialize in sourcing foreign manufacturers. Try to have a prototype built in the U.S. With a foreign manufacturer, you always want approaching them with a prototype.

Work directly with the factory. Try to remove the middleman. Working with an agent, representative or distributor is really a bad idea. Those people make 5%-40%, and it will slow down the decision making time and increase pricing. Keep in mind, you need to have certain dollar amount and quantity volumes to work directly with the factory as a house account. Factories are interested in producing 10,000 items at one time and not 300 pieces a month. They will try to push you to use a broker if your quantity is too small.

You must be prepared to be the problem solver. If there is a problem, the small business owner has to come up with a solution. All factories do is to make the products based on a pattern that is provided. It’s ok to send someone to the factory to get it right. A hands-on approach could be the best and only solution.

Do you homework on your manufacturing partner. Ask for client references and check them. Ask them for banking references as well.

Have someone on the ground doing quality control: You must have someone inspecting your merchandise! Make sure that damaged goods or incorrect items are not

shipped to the you.

5 Key questions to ask a perspective manufacturer:

Can the manufacturer deliver on your timeline? You want to know up front that they have the capacity to produce your product.

What are the payment terms? How will they take the order, what percentage do they need up front? Who responsible for the banking fees? Many manufacturers require 30% down and full payment before shipment.

What are their quality control policies? You want to know what are their policies for quality control inspections, and need to understand a policy about returns.

Where is their factory located? You need to travel to see the factory in person.

Who is going to warehouse the goods? You need to know if the manufacturer will store finished goods or if you have to have a warehousing facility.

Partnering with a foreign manufacturer could cut costs significantly in your small business. Just be clear about your expectations, and make sure that you provide examples of everything you want them to do, and how you need the finished product.

Do you have any other tips for finding a manufacturer?

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

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What Can Twitter Do For Your Small Business?

What Can Twitter Do For Your Small Business?

I signed up for a Twitter account three years ago, and it truly changed my life. My Twitter anniversary was on December 2nd, and I thought it might be helpful for me to explain what my goals were for the social network. Now is a perfect time to step up your game on Twitter or finally get it going with a social media strategy.

I have never had a nickname in my life, but since my name Melinda Emerson was taken when I tried to sign up for Twitter, my buddy social media strategist, Cathy Larkin @Cathywebsavvypr nicknamed me @SmallBizLady. We now know that was the best branding accident that ever happen to me. We thought it would work, since it would help people know who I was and what my expertise was as a small business start-up and business development expert.  We ultimately knew it would help me raise awareness to my book, Become Your Own Boss in 12 Months.

When you got on Twitter did you have a plan?

When I started out on Twitter I had two goals. First, I wanted to build an author platform to demonstrate my thought leadership on all things small business. Secondly, I wanted to make friends and attract my niche target customer; professional women 30+, who want to start or grow a small business.  However, Twitter provided some unintended benefits as well.

When I first when on twitter I did three things each day. I shared a helpful article on small business, I tweeted out something personal about myself, and I answered someone’s small business question. Being helpful was my intent, and it served me well.  I set up Google alerts on specific business topics so that I would always have fresh things to tweet.  Once I got the hang of it, I made sure that I shared other people’s content more than my own.

I am now, a well-respected social media expert as a result of how well I’ve built my brand. I also am an active member of the Twitter community with over 125K followers. I tell people that I work Twitter like a job Monday thru Friday.

Why Twitter works for me.

Twitter is a micro-blogging platform designed for people who need the bottom-line and not much else. In short, if you can’t say it in 140 characters or less, forget about it. If you do not know who you are trying to talk with or attract forget about it.  You need a content strategy in order to really be successful with Twitter.

In April 2009, I launched #SmallBizChat which is a Tweetchat (or Twitter Talkshow as I like to call it.) My professional background is as a television producer, so I approached my tweetchat like a TV new program.  I developed a formula.  We have an open, close and new question coming out every four minutes.  Every Wednesday on Twitter to help entrepreneurs get answers to their small business questions with #Smallbizchat.  To date, my co-host @TaiGoodwin and I have produced over 130 shows.  By the way, New York Times Small Business Blogger Jay Goltz @JaySmallBiz is my guest this Wednesday.  His topic is how to run a successful small business.  He’s been an entrepreneur over 33 years, with five businesses so I think he knows a little something about it.

Twitter has grown my @SmallBizLady consulting brand. I have gotten several coaching clients and hundred of business contacts. I have also been invited for at least 50 speaking engagements, countless blog talk radio interviews, and thanks to this blog, I have been requested to write for several publications including smallbiztrends.com, secondact.com, black enterprise and essence magazines and quoted in many articles for publications including the Wall Street Journal, New York Times, Washington Post, Philadelphia Inquirer and Fortune.  I have also had several TV appearances for NBC, MSNBC, and Fox News. These opportunities came just because of the content, resources and blog posts I tweet out regularly on Twitter.

Twitter is  a great resource for a small business owners, particularly if you sell B2B or are in infopreneur.  Try it you might like it.

Do you have any other suggestions for how Twitter can help a small business?

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

Melinda F. Emerson, known to many as SmallBizLady is one of America’s leading smallbusinessexperts. As a seasoned entrepreneur, professional speaker, and small business coach, she developsMelinda Emerson "SmallBizLady" 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)

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12 Things To Do Before 2012

12 Things To Do Before 2012

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

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Creating a Business You Can Sell – Q&A with John Warrillow

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 John Warrillow @JohnWarrillow.    John is the author of Built to Sell: Creating a Business That Can Thrive Without You. Built to Sell was voted one of Inc. magazine’s “Best Books for Business Owners” in 2010. The book encourages business owners to build their business to sell from the start. For Thanksgiving, I’m pleased to bring you this Q&A with my colleague John, who wrote one of the best business books I’ve read in a long time.  http://www.builttosell.com/

 

Smallbizlady:  How far in advance should a business owner start to prepare his or her business to be sold?

 John Warrillow:  I think business owners should build their business to sell from day one. That way, they’ll have all of their options open: run the business forever without the stress of dealing with the details, install a manager and become a shareholder, or—if the price is right—sell it.

 

Smallbizlady:  What is the most difficult part of creating a sellable company?

John Warrillow: Pulling the owner out of the center of the business. To be sellable, the company has to be able to run without the owner.

 

Smallbizlady:  What’s the trick to pulling yourself out of the day-to-day?

John Warrillow: As ironic as it may sound, I think the secret is selling fewer things to more people. You need diversity among your customer base so your business is not overly reliant on one customer, and you need other people to do the work, which means narrowing your product and service list to a point where others can be trained to deliver.

 

Smallbizlady:  Won’t selling fewer things reduce the size of a business and therefore its value?

John Warrillow: Not necessarily. Once you have a narrow list of products and services that don’t change from one week to the next, you can hire a sales team—or empower the one you already have—to replace you as the rainmaker. Salespeople thrive on repetition, so they struggle when business owners keep changing the product or service or agreeing to customize a solution for an individual customer. There’s an example in the book of an ad agency owner who sells everything from websites to radio ads, and he is struggling to clear $100,000 on $1,000,000 in revenue. He narrows his offering to just logos and scales up to a $5,000,000 business with more than $1,000,000 in profit. He was able to grow because he was no longer doing all the selling.

 

Smallbizlady:  What’s the secret to getting the highest price for your business?

John Warrillow: Recurring revenue. When acquirers look into buying a business, they need to know how the company will continue to generate sales and profits after the business owner has sold the company. The best way to guarantee future revenue is through long-term contracts that include a change of ownership provision. The second best way is a recurring revenue model—like a subscription—where customers buy regularly and owners can demonstrate an annuity stream to an acquirer based on their renewal rate. There’s a list of the top six forms of recurring revenue ranked from least to most attractive in the eyes of an acquirer in the back of my book Built To Sell.

 

Smallbizlady: What’s the biggest mistake you see business owners make when it comes to their exit?

John Warrillow: Waiting too long. Most business owners add a lot of value in the first five years of running their company, when energy, drive, creativity and gumption are all valued at a premium. Once the business is up and running, the owner often gets bored, and the business stalls. Selling a business can give you the ultimate currency: time. Ironically, business owners often use up too much of it running a business beyond the point at which they are enjoying it.

 

Smallbizlady: What’s the biggest  advantage to business owners make the decision that they want to sell their business?

John Warrillow: A business owner who has a company that is “built to sell” has the best range of options available: run the business without the stress of dealing with the details, install a manager and become a shareholder, or—if the price is right—sell 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)

 

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Do you have an idea for the next great tech start-up?

Last night, CNN debuted Black in America 4 with Soledad O’Brien, which featured 8 African-American tech entrepreneurs who went out to Silicon Valley this summer to participate in a business incubator with the hopes of landing seed capital to catapult their entrepreneurial dreams.  It was an amazing mix between MTV’s the Real World and Donald Trump’s Apprentice.  These business owners had the opportunity to sit at the feet of tech masters in Silicon Valley and learn the art of “the pitch.”  The whole goal of the program is position participants to secure venture capital or angel investment for their consumer driven app or websites to launch their businesses.

I had the opportunity last week to interview Wayne Sutton, North Carolina based tech entrepreneur, publisher of the tech blog SocialWayne.Com, one of the founders of the New Media Accelerator . He along with co-founder Angela Benton,CEO of BlackWeb20.com the leading online publication for African-Americans interested in Technology and New Media.

Here’s to my three minute video interview: http://www.youtube.com/watch?v=153x4QxP8LQ

Applications to be in the second class of the New Media Accelerator are due by Dec 16, 2011 so not delay.  If you are a minority or women tech entrepreneur this could be the opportunity of a life time.

After the documentary aired last night CNN’s Tech guru Mario Armstrong host a live panel discussion on the web with seasoned veterans of the innovation space to further discuss how a pipeline of minority techpreneurs could be cultivated.  The panel included Terry Jones, Syncom Venture Partners, Christian S. Johnansson, Serial entrepreneur & Secretary of Business & Economic Development State of Maryland, Dave Troy, Venture capitalist & 410Labs.com, Hank Williams, Tech entrepreneur, founder Kloudco.com,  Wayne Sutton, Newmeaccelator.com , Ellen Hammerly, Exec Director UMBC Research and Technology Park.  You can watch a replay of the webcast of the panel discussion on http://www.marioarmstrong.com

Some of the key takeaways from the webcast:

  • You do not need to go to Silicon Valley to hit it big as a tech start-up.
  • Use the tools of technology to build the relationships to learn what you need to know for your business.
  • Build a PLN, a Personal Learning Network
  • Look at the state you are in to see if there is any seed money for tech start-ups. Maryland has a great program check out www.ChooseMaryland.org.
  • Learn on someone else’s dime
  • Check out the book The Lean Startup by Eric Ries and I would highly recommend my own book too Become Your Own Boss in 12 Months by Melinda F. Emerson.
  • We should all seek inclusive excellence. Everyone can live their entrepreneurial dreams.

Additional resources to launch your technology start-up:

Codeacademy.com They provide expert instruction, mentorship, and an immersive environment to learn how to code.

Startupdigest.com Kauffman foundation’s tech website.

Namde.org National Association of Multicultural Digital Entrepreneurs (NAMDE), a one-of-a-kind Washington-DC based trade association

Activateprogram.org  ACTiVATE is an applied tech entrepreneurship program for experienced women.

Alice.org Free scripting and prototyping environment program for 3D object behavior.

Scratch.mit.edu Scratch is a programming language for everyone. Create interactive stories, games, music and art – and share them online.

Do you have any suggestions for helping minority and women tech entrepreneurs?

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 Quintessence Multimedia, Melinda educates entrepreneurs and Fortune 500 companies on subjects including small business start-up, business development and social media marketing. Forbes Magazine named her #1 woman for entrepreneurs to follow on Twitter. She hosts #SmallBizChat Wednesdays on Twitter 8-9pm ET for emerging entrepreneurs. She also publishes a resource blog http://www.succeedasyourownboss.com Melinda is also bestseller author of Become Your Own Boss in 12 months; A Month-by-Month Guide to a Business That Works.

 

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