Tag Archives | smallbizlady

How to Start a Business In This Economy

By on August 6, 2009 in How to Start, SmallBizChat, Social Media

From time to time as SmallBizLady, I conduct interviews with experts that could benefit my audience. This is excerpts from my #SmallBizChat interview on Twitter with Mike Michalowicz aka Toilet Paper Entrepreneur @TPEntrepreneur. Mike Michalowicz has a driving passion for entrepreneurialism. Michalowicz wrote The Toilet Paper Entrepreneur with the sole purpose of giving first time entrepreneurs the information they need to grow their concepts into industry leaders.  Michalowicz has successfully launched three multimillion-dollar companies.  His most recent venture, Obsidian Launch LLC, partners exclusively with first-time entrepreneurs, to launch their ideas into niche industry leaders.

Smallbizlady: Why is this a great time to start a business?

Mike Michalowicz: When the economy slows down, two things happen.  Established businesses that are weak close up, and new businesses that were going to start get put on hold.  In this economy there is way less competition.  If you start now it will be hard (just like it is in a great economy), but you will have the advantage as the economy recovers since you will have momentum going in when others are just starting.

Smallbizlady: What is the first thing someone who wants to start a business needs to consider?

Mike Michalowicz: You MUST consider what you love to do. Your passion.  Since if you do your passion, you will likely stick with it during the lean years, and you will naturally excel at it because it is your passion.

Smallbizlady: Where is the funding coming from to start a business right now?

Mike Michalowicz: Funding is coming out of the entrepreneurs own pocket.  Even hedge funds are starting to push more and more entrepreneurs to practically go on welfare before the fund adds any money.  The great irony is that if you use only your own money, you typically will do better since it forces better decision making and more out of the box thinking.

Smallbizlady: Are there certain industries that make more sense to pursue as a business in this economy?

Mike Michalowicz: Self help always booms in a down economy.  Any business that helps others become more self-reliant is a good thing.  Another great sector is “micro-luxuries”… these replace the big ticket luxuries like vacations and the new car.  A perfect example of a booming micro luxury is alcohol.  Instead of going on vacation, people take many “mini-vacations” with a bottle of wine!

Smallbizlady: Do you need a business plan to start a business?

Mike Michalowicz: No. In fact they often are big dust collectors. To start and BUILD a business you need a dynamic planning strategy. Something that adjusts with all the craziness that goes on.  The best dynamic planning strategy is the 3-sheet method (which I detail in The Toilet Paper Entrepreneur fully).

Smallbizlady: How do you develop a Unique Selling Position or secret sauce as I like to say?

Mike Michalowicz: The fastest way is by asking “what sucks about my industry?”  When you discover the stuff that sucks, your job is to make it “un-suck”.  That becomes a very unique selling position, and customers will flock to you.

Smallbizlady: Is it best to start an internet business right now?

Mike Michalowicz: I would argue every business is an internet business.  Since we all have a presence on line, and if you don’t you are being left behind.  So, hell yes, it is good to have an internet business right now… but it must compliment your passion.

Smallbizlady: Where should you look for your first clients?

Mike Michalowicz: That is a hard one, since every business is different. But the general answer is to go where they already are.  For example if you sell to baseball fans, don’t go to the local chamber of commerce… go to the ball park.

Smallbizlady: Can you give three low-cost marketing suggestions for start-up businesses?

Mike Michalowicz: Blogging is amazingly powerful and effective marketing. The key is sticking with it.  Another is speaking engagements.  If you do it well, you get paid to speak to a group and at the end they are will want to buy from you, too.  Collaboration.  Find complimentary vendors and make partnering deals. They may have the audience and you have the goods. Can be a win all around.

Smallbizlady: Can you list a few resources that a first time entrepreneur should read before starting a business?

Mike Michalowicz: Definitely read The Toilet Paper Entrepreneur, and I am not just saying that.  Also read E-myth to get you in the right mindset to scale the business and read Purple Cow to get to the marketing mindset.

Smallbizlady: How important is social media to a start-up business?

Mike Michalowicz: It is a powerful tool, but it isn’t critical. What is critical is consistently getting the word out.  If you only did it through face to face networking, that is in fact ok…. you just need to do a lot of it and build strong relationships.  If you just do social networking, make no mistake, you need to do just as much, if not MORE than face to face networking, but you can reach out to a lot more people a lot faster.

Smallbizlady: Can you give suggestions for maintaining work/life balance as an entrepreneur?

Mike Michalowicz:   There is no such thing.  Being an entrepreneur is your life.  And it is impossible to separate the two. So instead of trying to bring balance, I encourage you to blend them. I have my family come to my office, my children will work here at times and my wife too.  When it is slow at work, I will head home right away…. Because when work needs me I will head there right away!

If you found this interview helpful, join me on Wednesdays 8-9pm ET for @SmallBizChat on Twitter.  Here’s the link for how to participate: http://succeedasyourownboss.com/07/2009/how-to-participate-in-smallbizchat/

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

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Niche to Get Rich

By on July 21, 2009 in Branding & Marketing, SmallBizChat

From time to time as SmallBizLady, I conduct interviews with small business experts that could benefit my audience. This is excerpts from my #smallbizchat interview on Twitter with  Isabella Murphy @nichelady.  She’s a Product Creation Specialist, Niche Marketer – CEO of Staying Paid.com – making payday come everyday through strategy, not chance!  She is a professional writer, and blogs for pleasure and profit. The Nichelady is generally known on the Internet for such concepts as “staying paid around the clock” and “leverage.”  She can be reached at nichelady@gmail.com

SmallBizLady: What is @smallbizchat?

Isabella Murphy: The perfect way to approach a niche audience – get connected & stay connected, share real-time experiences

SmallBizLady: Thank you Isa, I appreciate that you think so highly of what we try to do on #smallbizchat.

SmallBizLady: Lets get started. What is a niche?

Isabella Murphy: A niche is small enough to both highlight & appreciate your focus on them, but large enough to create products & services 4

SmallBizLady: What are the benefits of niche marketing?

Isabella Murphy: The benefits of niche marketing – lower advertising costs compared to “untargeted” ad campaigns (read: anyone who does X) Another benefit is ease of entry – smaller group, easier to leverage passion & systematic product/content creation for sales.

SmallBizLady: What is a niche mentality?

Isabella Murphy: A niche mentality is when a small business owner knows up front that they want to be a specialist in their industry focusing on a specific audience of customers.

SmallBizLady: What is the difference between a fad and a niche?

Isabella Murphy: Seasonal niches or fads are fine as a business model if you go into it fully understanding that it’s a fad which represents a short term revenue opportunity.  It’s not a long-term business strategy – Good for leading in with limited time offers. Fads fade giving rise to other, related products to sell. Niches are strategic marketing positions in tan industry. You want a very specific customer.

SmallBizLady: How should a business owner find their niche?

Isabella Murphy: Take a realistic inventory of what you like to do what your friends/assoc/family are passionate about and/or annoyed about.  You find your niche often by seeing what people are either stark raving mad about or passionate about. I do a lot of trend watching.  I’m on trendwatching.com’s list. I also read the newsstand headlines & newspapers

SmallBizLady: How do you make sure your niche is viable?

Isabella Murphy: You need to be careful, with too specific a niche you run out of room to grow, with too broad of a “niche” and you don’t have enough time to really penetrate the market before you run out of financial resources.

SmallBizLady: What are the downsides of having too specific a niche?

Isabella Murphy: Not enough profitability – forced to leave the niche due to lack of sales – customers may only see you as a provider of that particular niche solution and may reject your attempts to eventually expand.

SmallBizLady:  Give 3 tips for evaluating a niche?

Isabella Murphy: 1) Can you spot their three biggest problems? 2) Can you solve their problems profitably? 3) Can you generate a specific customer profile

SmallBizLady: How important is it to niche as an online business?

Isabella Murphy: Very important! Ease of entry and lower resources make niche marketing one of the most level playing fields around, especially online.

If you enjoyed this Q&A interview, follow @smallbizchat on Twitter and please join us on each Wednesday for #SmallBizChat 8-9pm ET.

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

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How to Be a Guest on #SmallBizChat

By on July 13, 2009 in SmallBizChat

smallbizchat_logo_webThank you for your interest in being a guest on #SmallBizChat! In preparation for the TwitterChat, here is what you should know in order to ensure a great chat experience.

#SmallBizChat is a weekly interactive talk show on Twitter for small business owners. It takes place every Wednesday from 8-9 pm eastern time.  Participants and guests type answers to questions from the host, using the social media site Twitter.

The focus of #SmallBizChat is to help small business owners succeed as their own boss by reducing the learning curve as their small businesses start and grow.

The target market for #SmallBizChat is emerging entrepreneurs 25-54, who have been in business less than five years.  We try to balance topics on the chat between challenges for start-ups and issues faced by a business with 20 or fewer employees.

To be considered as a guest on #SmallBizChat we require that you submt:

  • a specific topic (The more specific the topic the better)
  • a link to a blog post, article or book about the topic
  • a one page bio  
  • an electronic media kit (if you have one or are an author)
  •  your twitter name
  •  your complete contact information  

Please send all information to smallbizlady at gmail dot com  Once the above info has been reviewed, a phone interview will be scheduled.

If you are confirmed as a guest, we need a twitter bio and 10-12 questions and answers that you can answer during the live TweetChat.  They must be emailed to smallbizlady at gmail dot com at least 5 days before your appearance date.  

The host, Melinda Emerson may use your Q&A as a blog post at www.succeedasyourownboss.com so be sure to answer in complete sentences.

If you have a free giveaway, resource guide or blog post about the topic, feel free to use it as a link in your answers. Or we can always give it away at the end of the chat. It’s not required, but it’s good to have to grow your followers.

#SmallBizChat is hosted by @smallbizlady Melinda Emerson, a veteran enterpreneur and smallbiz coach based in Philadelphia and is co-hosted by @cathywebsavvypr, a public relations and social media strategist.  For more information, log on to 800080;">www.melindaemerson.com, www.succeedasyourownboss.com or www.websavvypr.com

Thank you again for your interest in #SmallBizChat!  We look forward to tweeting with you. 

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Could a mastermind group help your business?

By on June 14, 2009 in Grow Your Business, SmallBizChat

From time to time as Smallbizlady, I conduct interviews with small business experts that could benefit my audience.  This is excepts from my #smallbizchat interview with Karen Greenstreet, a top expert in forming and running mastermind groups.

An Interview with Karyn Greenstreet, the President of Passion For Business and The Success Alliance.  Karyn is also the owner of The Success Alliance – mastermind groups for the self-employed and, The Self Employment Blog, an ongoing resource for the self employed small business owner.  An internationally-known speaker and author, Karyn is a self-employment expert who has taught business and personal development topics to over 250,000 people worldwide.  She is extraordinarily passionate about helping self-employed people to create the life and business they want.

Q: What is a mastermind group?

Greenstreet: A mastermind group consists of 4-8 people, usually your peers and colleagues.  The purpose of a mastermind group is to brainstorm, problem-solve and to find creative solutions.  A major benefit of mastermind groups is the emotional support, keeping your attitude positive.  Some mastermind groups have an educational component where you learn new ideas and techniques.  Mastermind groups can also help you make decisions, and discover where you may be sabotaging your success.

Q: Why should biz owners belong to (or start) a mastermind group?

Greenstreet: I would not be as successful as I am today without the help and support of my mastermind group.  It’s like having a sounding board, a research assistant, and a positive attitude charger, combined.  Some people feel that business ownership is lonely, even if you have a staff to help you.  You can’t always share everything you are thinking and feeling with your staff, family and friends.  A mastermind group is a safe place to bring your challenges, concerns, decisions, ideas, and also to get honest feedback.

Q: What are the steps to putting together a mastermind group?

Greenstreet: First you have to decide what type of group you would like to have.  Do you want a have members from a certain industry (like Real Estate Agents)?

Q: Do people pay to belong to a mastermind group, or is it free?

Greenstreet: Some mastermind groups are free. For the paid ones, fees range from $100 a year to $14,000 a year.  It depends on who is the mastermind Group Facilitator, and what you’re getting from the group.  Many groups fail because there is no real leader; having a strong Group Facilitator will help your group.

Q: What is the structure of a mastermind meeting?

Greenstreet: There is no “official” structure to mastermind meetings.  In the 15 years that I’ve been running groups, I’ve tinkered with a lot of structures.  The one that works best for me is to start by sharing Success Stories.  Then each person gets a certain amount of time to bring forth a problem or decision they’d like to work on.  We end each meeting with goal setting and action items.  Some groups like to include guest speakers, or other activities, depending on timing and what the group wants.

Q: How do you figure out who should be in your mastermind group?

Greenstreet: This is crucial to the success of a mastermind group. You don’t want negative people in your group. You want people who are serious about success (as they define it) and are very committed to participating fully.  You want to make sure the people in your group have a similar level of experience so that the group gels.  It helps to put together an interview questionnaire, so that you can find out more about people in advance.

Q: Where and how often do people hold mastermind group meetings?

Greenstreet: Some groups meet weekly, some groups meet quarterly. Others meet via teleconference, some meet in local libraries, some meet at retreat centers or hotels.

Q: If you want to join an existing mastermind group, where can you find one?

Greenstreet: The easiest way is to Google “mastermind group” or “find a mastermind group” Sometimes people post mastermind groups on www.meetup.com Also check with your professional association to see if they sponsor mastermind groups.

Q: How to you handle a mastermind member who is standing out in a negative way?

Greenstreet: While misbehavior is rare, it does happen. I suggest coming up with Group Guidelines that lay out the rules.  It’s the job of the Group Facilitator to handle disruptive or non-committed members.  I would start by taking them aside privately and talk about what you are observing in their behavior.  Be prepared, however, that you may have to “fire” them from the mastermind group.

Q: How long should it take for a mastermind group to gel?

Greenstreet: It depends on how often they meet. Groups typically start to gel after the 2nd or 3rd meeting.

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

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Is Your Linkedin Profile Lame?

By on May 3, 2009 in Social Media

linkedin_logo

Here are some tips to maximizing your Linkedin Profile

1. Complete your profile 100%

It not enough to add the basic data about who you are and what you do.  In order to get 100%, at least add three recommendations, two past job positions, and a list of your specialties. Also, consider adding a detailed summary of your professional accomplishments. It’s one of the areas that people read and it’s a great opportunity to tell people what you want them to know about you.

 2. Keep your Linkedin photo up to date

If you have gained or loss weight or are using a 10 year old photo, update your picture. It’s best to use a professional headshot which shows you smiling.

3. Grow your connections every chance you get

From now on whenever you meet a new contact connect with them on Linkedin to follow-up, in addition to adding their name to your contact database. If you are just getting started, import your contact databases (i.e Aol, gmail, MS outlook etc.) into Linkedin.

4. Update status on a regular basis

Your status updates appear on your connections’ home pages, giving you further exposure. Consider including links to your status updates to conferences you may be attending, or a new website you just launched or if you have a blog, it is great to add a link to you posts on occasion.  Use tinyurl.com or bit.ly to shorten longer links. An advantage of using bit.ly is that it tracks click conversions, which help you know what interests your connections the most.

5. Add the slideshare application to your profile

Forget about emailing information post what you want to share with an audience. Post it on your Linkedin profile using slideshare.  As a professional speaker I no longer travel with handouts, I make the audience contact me on linkedin to get my information.  Also make the slideshare presentation available to everyone. It will significantly increase your rankings in the search engines as well.  You can post PPT, PDF and files with audio and video as well.

6. Add your blog feed to your Linkedin profile

You can use the Blog Link application to show previews of your latest blog posts right on your Linkedin profile. Readers can get a glimpse of what you’re blogging about and click the Read More link to go directly to your blog.

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

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

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Newsflash–Nobody Cares About Your Business!

By on January 3, 2009 in How to Start

This may seem harsh, but if you do not take the time to build and maintain relationships with your customers your direct mail, emails, brochures, and that voicemail you left at 4pm on Friday is all headed for file zero or the delete button.  

All your customers care about is WIIFM or What’s in it for me? They want their problems solved. You and your staff must use solution oriented thinking to engage them and you should call sometimes just to say Hi. So what is solution oriented thinking? Read up on your customers. Study the trends in their industry. Anticipate their challenges ahead of time. Call and ask them what their biggest challenges are currently.

The other thing your email marketers need to learn is that your list loses its effectiveness by 10% every month. So any prospects on your list that have not bought from you in over a year, should be purged from your list.

The same rule applies to your employees will not care about your business either, if you do not engage them in major decisions and take care of their needs. Remember, it’s all about your employees and your customers and never about you. A key ingredient to being a successful business owner is being selfless. Make it a point to acknowledge little things. I like to make a big deal out of my employee’s birthdays. I cater lunch and buy a cake for everyone. My team is under 12 people, so this is not a big deal, but you get my point.

So how do you keep your small business relevant to your customers?

  • Always position your business as a helpful resource. Instead of sending cards at holiday time, subscribe your clients to a helpful magazine. I have used Pink Magazine, Success Magazine and Black Enterprise for this in the past.
  • Give away valuable information for free through white papers, blogs, and webinars.
  • Offer to brainstorm (for free) with clients about a challenge to get helpful insights  to bid on potential upcoming projects.
  • Create a “Clients in the News” section on your website to brag about what your customers are accomplishing.
  • Meet with key staff twice a year about their future career goals. Look for ways to support them, so they are not planning their exit on your dime.

Remember: When you invest your time and resources in your clients and employees the investment always pays off down the road.

Action: List three strategies you will implement this month to ensure your business is relevant to your customers or you are engaging your employees.

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

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

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