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10 Things To Do Before Going into Business

By Melinda Emerson on January 4, 2010 in 10 Things Lists, Become Your Own Boss Tips, Business Inspiration, How to Start

The following is excerpted from my forthcoming book Become Your Own Boss in 12 Months: A Month-by-Month Guide To a Business That Works! which is being published by Adams Media, March 2010.

cover_becomeboss_11-16-09 Are you tired of your boss nagging you throughout the day? Are you fed up with the small amount of pay you get as compensation at the end of the month to put up with his repeated verbal attacks? If this is the case, it is high time that you chucked your 9 to 5 job and started your own business. The best way to do this is to develop a plan for success.

Life is too short, and jobs are no longer secure anyway. When you are your own boss, you can work how and when you like in your own business. The key to launching a successful small business is to developing a firm plan, saving enough money before you quit your job, and learning the business of running a business. Below is a list of the Top 10 Things to Do before Going into Business.

Plan Your Departure 12 Months Before You Quit Your Job. Create a 12 month countdown to accomplish all the things that you need to get in order personally prior to starting your business e.g., financial resources, upgrading your technology skills, building marketing platform, business planning, office space/inventory needs, etc.
Develop A Life Plan. Decide what kind of entrepreneurial lifestyle you will lead. Do you have the energy to start a business? How many days a week will you work. Will you work 6 days a week or be off every Friday? Will you work weekends, every weekend? You should design your life plan around what your best day looks like 5 years from now.
Calculate Your Net Worth. List all of your fixed and liquid assets, such as real estate and cars, cash, stocks, and bank accounts at their current value. List all jewelry, furniture and household items at their current value. These are your total assets. Subtract all of your debts, such as your mortgage, car loan and credit card balances, from your total assets. The result is your net worth. Remember: Pay off all credit card debt! Carrying large amounts of credit card debt will strangle you financially as you start your business.
Save As Much Money As Possible. Time to tighten your belt. All too often, people go into business without any personal savings, exclusively using loan money from friends and family, home equity and credit cards. You may expect to pay the loans back right away with the profits from your business; however, it typically takes 12-18 months to generate revenue and an average of three years to break even. Please note: You will also need a separate emergency savings account just for your household.
Upgrade Your Technology Skills. 80 percent of the people know less than 20 percent of their software’s capabilities. Invest in online training or video professor to learn any software and social media marketing skills essential to your business operations. Quickbooks is a very common small business accounting software program that will be helpful to learn even if you hire a bookkeeper. Learning how to maximize your technology resources will give you skills that make you more valuable in your business.
Determine How You Will Cover Your Health Insurance. The ideal scenario is when your health insurance is covered by your spouse, but for those that are divorced or single parents, health insurance is serious business. There is COBRA, which is offered by your most recent employer, but it is only available for 18 months after your quit your job and is very expensive. You may also obtain health insurance through the National Association for the Self Employed (NASE), local Chambers of Commerce, and trade organizations.
Expand Your Network. Evaluate your network. Are you known internally or externally at your job? Make a real effort to join organizations and attend networking functions to build and reinforce relationships. When you first start out in business, many of your customers typically come from your personal network.
Get Yourself a “Kitchen Cabinet” of Advisors. Find four supportive mentors or friends who you can safely bounce ideas and concerns off of. It is helpful if at least one of these people is already an entrepreneur or a potential client.
Get Yourself a Personal Theme Song. Pick a song that always makes you feel good! Play it everyday to energize you. The journey you are about to start is hard and lonely, and your theme song will help lift you up and keep you focused on your goal – especially when you need extra motivation.
Stay Positive and Encouraged. You are the power source that will make your business a success! Find ways to keep your battery charged and sustain your optimism. Make a list of your accomplishments every day – it will keep you from dwelling on your never ending to-do list.

There are many different types of opportunities available for you in the form of a small business. If you are experienced in any field, you can make money working for yourself. Start realizing your real potential and make money for yourself by selecting the right business opportunity.

Good Luck! An expanded version of this article titled; 44 Things You Need To Do Before You Go Into Business is available as a free download on my website at www.melindaemerson.com.

This is insight into starting – and more importantly, staying – in business. I love to get feedback. Tell me if you have any other good tips to add to the list.

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

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

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Best Small Business Start-Up Books

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

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

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

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

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

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

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

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

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

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

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

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When a Book Can Change Your Outlook About Your Business

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

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

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

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

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

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

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

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

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

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

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

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

What books have you read that transformed your business?

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

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

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

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Smallbizlady’s Reading List Part II

By Melinda Emerson on November 26, 2009 in 10 Things Lists, Business Inspiration, Grow Your Business, Mompreneurs, My Recommendations, Pink Slip Entrepreneurs, Solopreneurs, Women in Business, Your Small Business

readingglasses_ii Reading is brain food for your business. To keep your thinking sharp it is always good to read about the latest techniques for running a successful small business. One of my favorite things to do is read books about business strategy, social media and leadership.

Here’s Part II of a list of best books that I think will have a major impact on your business strategy heading into 2010. (Part I was posted earlier this week.)

Plan As You Go Business Plan by Tim Berry (Entrepreneur Press, 2008) Business owners struggle everyday because they don’t have a plan. I also see folks who create a business plan and then never use it. Without an up-to-date business plan, you put your business at a great disadvantage. Tim Berry lays out an easy to use system to get your business plan done. The value from having a written plan comes from going through the process and updating it on a regular basis to evaluate how your business is doing and making adjustments as needed. Tim has organized the book to support his “plan as you go” approach. It is designed so you can jump around and use the section of the book that you need at any given time. Don’t start 2010 without an updated business plan.

When Growth Stalls: How it Happens, Why You’re Stuck & What to Do About It by Steve McKee (Jossey-Bass, 2009) One of the biggest challenges any business owner faces is generating consistent, profitable growth. “When Growth Stalls” is all about keeping the momentum going in your business. It is a practical, hands-on guide for business owners who are struggling with stalled growth and for those who hope to prevent it in the first place. When your entire financial future is on the line – it’s not just business, it’s personal. This book is based on research that illustrates that 54.9% of companies’ growth is currently stalled. Growth can slow down for a variety of reasons including: marketing inconsistency, increased competition, lack of focus at the top, or a loss of nerve. Steve gives you the blue print to focus inward and turn things around in your business.

Book Yourself Solid: The Fastest, Easiest, and Most Reliable System for Getting More Clients Than You Can Handle Even if You Hate Marketing and Selling by Michael Port (J. Wiley & Sons, 2006) Michael Port makes you think about your clients and work in a different way. He suggests attracting clients with a no-cost-of-entry offer that leads to a low-cost-of-entry offer that leads the client deeper into your solutions and offerings. He also teaches that, if you have clients who sap you of energy because they are not “your” kind of clients, you cannot do as good a job for them, and you lack integrity. This is what I believe as well. You may restructure your marketing plans based on the lessons taught in the book. This book is especially helpful for service businesses.

From Entrepreneur to Infopreneur: Make Money with books, E-Books and Information Products by Stephanie Chandler (J. Wiley & Sons 2007) In this business age, it’s all about what you know that you can sell. Stephanie Chandler does a great job of breaking down all the different ways to generate content and information products. She also illustrates how you can repurpose your content to build your expertise and brand. She profiles the biggest names in the infoproducts at the end of every chapter including my favorite self-publishing guru Dan Poynter. She also has an extremely thorough chapter towards the end of the book about how to promote a book. From Entrepreneur to Infopreneur is worth reading a few times.

ONO: Options not Obligations, Family First Entrepreneur by Marc Warnke (Morgan James Publishing 2009) Most entrepreneurs struggle with work/life balance issues. Marc Warnke challenges readers to enrich their personal lives by rethinking their financial lives. ONO teaches a wealth creation lifestyle that focuses on making a difference first and creating profit second. Family first entrepreneurs make business choices based on the potential impact they will have on their families first, and on business profitability second. I bought this book after reading an incredible review by a blogger online. This is a great philosophy to live and run your business. Try it!

Do you know a book that should be added to the list? Let me know, I love the feedback.

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

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

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

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#SmallBizChat Live Telesummit Recap (Part 2)

By Melinda Emerson on November 13, 2009 in Business Inspiration, Cash Flow & Finance, Grow Your Business, Mompreneurs, Pink Slip Entrepreneurs, SmallBizChat, Social Media, Solopreneurs, Starting A Small Business, Telesummit, Women in Business, Your Small Business

(Dear readers: this is the second part of a two part post. Click here to see part one.)

Every week as SmallBizLady, I conduct interviews with experts on my Twitter talk show #SmallBizChat. This past week, I presented the first annual #SmallBizChat Live Telesummit. The goal was to give the audience the information to create a new plan for their business in 2010. After nearly a year of communicating in writing on this blog and using Twitter, LinkedIn and Facebook, I wanted to interview small business experts over the phone. I also wanted our followers to have access to some experts who do not use Twitter, but who have fantastic information to share. In today’s blog post, I have prepared a recap of three key points that each expert shared with us.

Allyson Lewis @allyson7minutes is a renowned motivational speaker and business coach whose focus is on productivity, specifically developing systems to change your life. Her book, The Seven Minute Difference, grew out of the workshops she has been teaching for the past five years. For more information, please visit Seven Minutes Inc. Allyson talked to us about getting more out of your day as a business owner.

Here are Allyson’s key takeaways:
1. Use a daily written plan of action. The average adult has a 7 minute attention span. Take 7 minutes to write down your top priorities for the day. Regain your passion by doing what is most important to you.
2. Get 7-8 hours of rest a night. Stop watching late night TV and sacrificing a good night’s rest.
3. She introduced the 5 before 11am rule. Allyson advises us all to make an exhaustive list of everything in our personal lives and business lives that needs to get done. Then she suggests tackling 5 tasks per day before 11am, if that’s too tough try do 5 a week. Just get rid of the list.

Michelle Villalobos @mivi is a business turnaround expert who teaches busy entrepreneurs how to improve their sales approach through networking skills, personal branding and word-of-mouth marketing. For more information, please visit MichelleVillalobos.com. Michelle talked to us about turning contacts into contracts.

Here are Michelle’s key takeaways:
1. Reframe the typical “elevator pitch” into an “elevator teaser.” Instead of a rapid fire 30 second commercial that describes everything you do, find the core of what you do and develop a tagline that encompasses your entire brand (if you can). Done properly, it will elicit the follow-up question, “that sounds interesting, tell me more.” One therapist who helps people get over their fears and anxieties described herself as “the couchless therapist,” which makes people want to know more.
2. Business card etiquette – Avoid “premature solicitation” – which is the act of handing out business cards before even saying hello. When you give someone a business card, it is all about timing. Your goal is to develop rapport and to connect with someone. The time to exchange business cards, more appropriately, is after interaction.
3. Follow-up is important. Michelle suggests offering a free newsletter signup to people in a follow-up email. And in the monthly newsletter have valuable tips and info, all focused on the needs of the customers.

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

Here are Paul B. Brown’s key takeaways:
1. Once you have book idea, the first thing to do is to try developing an outline for the book, and then writing 2-3 sample chapters.
2. The title of your book should tell people exactly what your book is about. Do not be afraid to talk to potential readers about the book topic to get the right words to use in your book title.
3. A book proposal is what you need to approach an agent or editor to pitch your book. It’s fine to send a query letter first, but if there’s any interest, the next request will be to send a book proposal which is typically a 30-page document. Start working on the proposal before sending query letter, so that you can respond to interest.
Paul made a special offer to Telesummit participants – he will give out a copy of a book proposal that sold. You should email Paul at paulbbrown@aol.com and use “Melinda’s Telesummit” in the subject line. His offer ends 11/13/09 at 5pm Eastern.

Lisa D. Sparks @lisadsparks is an email marketing expert with nine years of experience developing and implementing marketing solutions for small business owners. Lisa taught us how to become email marketing rock stars. For more information, please visit lisadsparks.com

Here are Lisa’s key takeaways:
1. Typical open rate on email marketing is 22%. Be sure not use language in your emails that are triggers for spam filters such as: FREE, space available, special offer, only today, !!!, and ???
2. You should have multiple ways to build your email list for your business. Using an email sign-up for your newsletter/blog on multiple pages of your website is one strategy. You can also offer a special report in exchange for an email address. Conducting free monthly conference calls is another great technique to build your list. When you go to a networking function, be sure to ask someone who gives you a business card if you can add them to your mailing list.
3. Develop an editorial calendar for your e-newsletters and all of your auto-responders. Consider writing a year’s worth of e-newsletters all at once. Email should not be the only way that you communicate with your list – using video and/or audio and are nice ways to break it up.

If you missed the SmallBizChat Live Telesummit, do not worry! We are editing and packaging the calls to make them available shortly… so stay tuned.

I hope that after you read what these experts had to say, you will be ready to tackle 2010 with some inspiration and new tricks up your sleeve. Being in business is a spiritual marathon. Hang in there.

My co-host Cathy Larkin @cathywebsavvyPR and I presented the 1st Annual SmallBizChat Live Telesummit because it is our mission to end small business failure. We will be back November 2010 to do this again.

Please follow us at @smallbizchat and join us for #SmallBizChat every Wednesday from 8-9pm Eastern on Twitter. #SmallBizChat is the trusted resource on Twitter to discuss everything entrepreneurs need to know about launching and running a profitable small business.

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

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

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Are You Ready for 2010?

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

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

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

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

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

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

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

Mark your calendars for Nov 3-6, 2009

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

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

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

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

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

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

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

Wondering if this is for you?

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

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

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

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

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

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

Telesummit Topics:

Using Social Media to Brand Your Business

Developing a Mastermind Group

Retooling Your Business in Tough Times

Strategic Cash Flow Management

Growing Your Network

Getting More Out of Each Business Day

How to Author a Book to Grow Your Brand

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

MEET THE EXPERTS

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

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

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

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

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

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

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

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

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

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

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Could Franchising Be For You?

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

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

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

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

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

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

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

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

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

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

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

www.franchiseopportunities.com

www.franchise.org

www.franchisegator.com

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

How much capital do you have to purchase a franchise?

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

Will you need financing?

How much training and continued support is offered?

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

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

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

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

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

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

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Finding The Money To Start Your Small Business

By Melinda Emerson on September 14, 2009 in Become Your Own Boss Tips, Cash Flow & Finance, Starting A Small Business

The following is an excerpt from my forthcoming book: Become Your Own Boss in 12 months or Less! A Month-by-Month Guide to Start a Business that Works! Scheduled to be released by Adams Media in February 2010.

If you are ready to take the leap into entrepreneurship, you must get really focused on your finances. It will be a real test to get back to only the bare necessities. Are you willing to reduce your lifestyle down to just basic living expenses? Most of the time, the initial capital to start your small business will come from you. Here are 8 tips you may not have considered to find money to start your small business.

Pay your mortgage twice a month to reduce payments. It is the accelerated payment program. Your mortgage company or a third party vendor offers this service for a low or no fee. The money will be automatically debited from your bank account. An extra mortgage payment is made each year; you can reduce a 30 year mortgage to a 22 year mortgage.

Go cash only. If you don’t have the cash, you don’t buy it. If you stop using your check card or credit cards to pay for everything, it’s much easier to stick to a weekly budget for yourself.

Avoid 90 days, 6 months or 1 year – same as cash deals. If you do not have the money the day you are making the purchase, chances are you will not have it in 90-days, six-months or a year from when it’s due. Keep in mind if you can’t pay, the interest rate is hefty and is compounded back to your original purchase date.

Cook at home and bring your leftovers to work for lunch. You’ll save money, get a healthier meal, and spend more quality time with your family. Look for free recipes online and start cooking!

Keep driving your car. Drive your car until it stops running. As a new business owner, you can no longer afford to upgrade your vehicle every two to three years. Buy a reliable car and take care of it, so you can ride without a car payment as long as you can. (I still do this! My car is five years old.) Try to plan your days so that you can do lots of major errands on the same day to minimize gas and parking expenses.

Grab a sweater. Turning down your thermostat five degrees and keeping a throw blanket nearby to save money on heating costs. The American Council for an Energy-Efficient Economy (ACEEE) says that for every degree you lower your thermostat, you’ll save about 3% of your heating bill. Putting your thermostat on a timer during the workday or while you are asleep will have an even greater effect on your heating bills.

Turn down the hot water heater. Heating water is the third-largest portion of the typical family’s energy bill. Heat water to 115-120 degrees to reduce power consumption.

Cut back on trips to Starbucks, Dunkin’ Donuts, Dairy Queen and Blockbuster. The money you spend each week on unnecessary extras can really add up. Treat yourself only once in a while. You’ll be shocked how the money you save will add up.

When you get started in business, you need three pools of money – an emergency savings account for your household, 12 months of budget to run your household, and 12 months of operating expenses to start your business. If you employ these simple money management tools, you will have the money you need in no time.

Comment on this blog if you have any other money saving tips to share.

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

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

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

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How to Quit a Job to Start a Business

By Melinda Emerson on September 3, 2009 in Branding & Marketing, SmallBizChat, Starting A Small Business

Each week as Smallbizlady, I conduct interviews with small business experts on my weekly Twitter talk show #SmallBizChat. This is excerpted from my #SmallBizChat interview @SherriGarrity. Sherri is the founder of Corporate Fugitive, a company that provides business and marketing coaching to aspiring entrepreneurs and business owners who want to go from overwhelmed to extraordinary.

In 2007, she walked away from a raise and a successful marketing career in the corporate world to start her own consulting business. During her transition she found that there wasn’t a lot of information and support out there specific to entrepreneurs coming out of a corporate environment – so she established Corporate Fugitive. She has lots of free articles and how-to information on her site at http://www.corporatefugitive.com

Smallbizlady: How did you become the corporate fugitive and what are the typical reasons people quit their jobs to start a business?

Sherri Garrity: Many people choose to leave careers behind because they want flexibility, or have reached a ceiling in their income and want to have more control over their futures. Other common reasons are a desire to leave a legacy and create something, to fulfill a dream or passion. People also start businesses because of a change in life circumstance like job loss, relocation, or post retirement. In my case I hit a wall energy and health-wise and decided that I wanted to be able to spend more time at home with my young child.

Smallbizlady: What is the number one mistake you see people making when they quit a job to start a business?

Sherri Garrity: The biggest mistake I see is when someone does not take the time to truly consider what they want from a business. As a small business owner there is little or no line between life and work, and so if you don’t take the time to really think about your income goals, the way you like to work, the kind of flexibility you want, etc. you can easily create a business that simply becomes a job in disguise.

Smallbizlady: What is the best case scenario for a start-up entrepreneur?

Sherri Garrity: When you can create a business that is uniquely suited to you, by taking the time to consider what’s best for you, who you’re ideally matched to serve, and you create the business model that really fits you, it’s absolutely extraordinary and totally rewarding! This is the moment I strive for with business owners, is to see the light go on and their eyes widen when they realize the business is there for them to create exactly in the way that’s custom fit for them.

Smallbizlady: What are the things that someone can do first like maybe even before they quit their day job?

Sherri Garrity: It is best to do the research and test the waters while you’re still working. Think about what you want, research others who have businesses you like, and check out the market. Once you know what you want, it’s relatively easy to start a home-based business, especially with the online tools we have today. The other thing is I think what’s really valuable is to learn some basics about marketing and business and I’m not talking about being a master but you know, get some basic knowledge while you have the time to learn and your income is not dependent on it. Finally, build your network. Today with social media this is so much quicker than it used to be. Get out there and don’t worry about perfection, just take action.

Smallbizlady: What tips do you have for people who are still working for an employer while they’re developing their business?

Sherri Garrity: I think the number one is for first of all, keep it separate. You know, one of the biggest challenges, if you’re working while you’re starting a business, is what to tell people. Keep the worlds separate as much as possible and while you’re representing your employer, be the consummate professional and do your best job and absolutely do not market your independent services where you work. That’s a big no-no. It’s just not ethical and that’s not going to serve you if you try to market yourself at the same time. But if you’re out on your own time, attending an event or something, introduce yourself as the owner of your business, and do not mention that you’re also working for someone else. This makes you look disloyal to your employer and also not serious about your business. So keep it separate.

The second tip is to use the predictable income you have to invest in some of the tools you’ll need in your business.

Smallbizlady: Popular business advice is to save several months salary, or use someone else’s money to start your business. Do you have any advice in this area?

Sherri Garrity: Most of the 2500 or so new businesses that are started every day in Canada and the USA are started as sole proprietorships. Most are service based and also home based meaning most of us tend to transition from a job to working at home and usually on our own, providing services in our professional backgrounds. The first piece of advice I give to anyone contemplating making this leap is to go through the basics of what you want in a business, what you need to live on, what you’d ideally like vs what you have to make, and so on. Everyone has a different circumstance and this is also why I think that these kinds of generalized statements are unrealistic. As far as business loans go, it really depends on your type of business. Most of my clients are solo professionals who work from home providing a service and so wouldn’t require or likely qualify for a typical business loan.

Smallbizlady: What should someone expect when they quit?

Sherri Garrity: The biggest fear people have is where they are going to get clients and how they’re going to get the money flowing. These are valid concerns, but luckily with some planning and forethought you can get things rolling pretty quickly, although you shouldn’t expect to be replacing your income right away. If you do your homework and keep marketing you’ll get the work and this will lead to more.

Smallbizlady: Do you need to change your mindset to become an entrepreneur?

Sherri Garrity: I think the issue that no one really talks about that can be really difficult is the total mindset shift that is required. I joke about the “corporate detox” process but it really doesn’t feel that funny when you’re in the middle of it and no one told you what to expect. It can be completely exhilarating and completely terrifying at the same time. You lose your identity as an employee and all of its social stature and you enter the no man’s land of the not yet successful business owner. The other thing to remember is that you’re doing the unexpected and so many people who know you will think you’re crazy to walk away from the so called security of a corporate career. You need to develop a thick skin.

Smallbizlady: I have heard you say that business owners should CHOOSE their clients. Most think it’s the other way around. Can you explain that?

Sherri Garrity: Especially coming out of a traditional employee relationship we tend to think that our marketplace dictates our business and unfortunately many people who start businesses just take whatever work comes along. I advise that it is entirely possible to choose your clients and not only that, you SHOULD choose. You will actually make more money and enjoy your business more if you can tap into a specific unique talent that has huge value to the ideal client. Once you set up services that complement your skills and work preferences, this will make your marketing efforts more effective. You’ll be able to attract clients and connect with them in a way that will ensure they are the right fit for you. This is how you build a business instead of creating a job for yourself!

Smallbizlady: Many new business owners spread themselves really thin to take on work that maybe doesn’t fit them. They dream of getting a big client. You like to call this an anchor client. Can you talk about that?

Sherri Garrity: Many business owners are just so happy to get clients that they take whatever comes along. They think if they can land that one big secure, regular paying client that they’ll be set. This is sometimes called the anchor client. The problem with an anchor is that it is designed to weigh an object, in this case you, down! Be careful. Be clear to define your market and your ideal client. Be clear on your service offerings. It’s better to start out with less, but highly focused work than to spread yourself thin or to take clients on that don’t fit where you want to go. Also, if you are going to seek a big client, be sure you are not overly dependent on one or two for your survival.

The biggest danger of an anchor client is that you become complacent and you stop marketing. Never stop marketing.

Smallbizlady: Many new business owners have a problem with cash flow. Can you give us advice on this?

Sherri Garrity: Cash flow is really critical. You can have high fees and lots of clients and be really strapped if you are waiting a long time to get paid. The best way to ensure consistent cash flow is to make sure you’re always marketing. The marketing actions you’re taking today are what turn into cash flow months down the road. Also structure your products and services in such a way that you’re getting predictable and regular payments. There are many ways to set your business up to encourage this.

Smallbizlady: How much time do you think should be spent on marketing and managing their business versus doing the actual work of their business?

Sherri Garrity: I advise people they should be spending at least the equivalent of a day per week on this. In all businesses this is critical, but it’s even more so in new businesses that aren’t established yet. You can think of the business in two broad categories: marketing and operations. Marketing is the routine activities that keep you in front of your ideal client. For example, you should be spending your time developing new contacts, following up with current or past customers, attending networking events, and drawing clients in with activities like speaking, writing and so on. Think of this as part of your job as a business owner rather than a special project or something.

The other category is marketing operations. On a regular basis you must revisit your broader business and marketing plan. This means creating new services and products ahead of time, and rolling them out in a well thought out fashion.

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

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

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

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