Posts Tagged ‘success tips’

One of the great things about having a small business is that you get the opportunity to learn every day.  Hopefully you are not learning too many expensive lessons. I thought it would be helpful to share a few important lessons that I have learned over my years in business so that you can benefit from my mistakes.  Now, there are plenty more where these came from, but here’s what I would call my top 5 entrepreneurial lessons.

Be early; On time is already late. You need to be 15 minutes early everywhere you go.  If you are going to a networking event, the cocktail hour is the event for you.  Once the event starts you can only network with the 9 other people at your table. If you have an appointment and you only give yourself enough time to show up right on time you are asking for something bad to happen. There could be traffic or you could have a tough time parking or maybe you’re not sure of exactly where the office building is located. Being late is deadly when making a sales call.  Always be early.

Don’t take a “NO” from someone who can’t say “YES”. Gatekeepers are there to protect the time of the big boss.  Do everything you can to get to the decision maker, but be respectful about it. No one responds well to being talked down to. My favorite technique is to say, “I’m returning their call.”  Many times mid-level managers or gatekeepers will try to block you. Make sure you have a relationship with more than one contact at a company you are targeting.  If you can, turn the gatekeeper into a friend. Give them some attention and try to make a personal connection. When you are successful, they’ll help you get to the people you really want to talk to you.

Never start work without a signed contract. As small business owners, sometimes we are so enthusiastic that we’ll take people at their word and start work before we get a signed agreement.  I have even delayed a vacation on someone’s word – thinking I needed to be around to do work – on a contract which never materialized. Be willing to talk to everyone, but do not spend on money on inventory and materials, and certainly don’t change your travel plans until you have a signed contract and a deposit.   

Always know your next hire. I once had a mentor tell me that even your best employees will leave you someday, and when you least expect it. You should always have a Plan B person in mind that you would bring in for every key position in your small business.  

Always know how much profit is in every deal. As small business owners we have a tendency to focus on revenues—which is important, but I would much rather you focus on profits.  I believe that if a deal is not making you money it doesn’t make much sense or cents. You should know how much money you’re making on every sale or contract.  There will be times early on in your business when you need to do work at cost so that you can get a certain client on your roster, but don’t make a habit of doing that.  Also make sure you calculate a percentage of your overhead and administrative costs in your pricing as well.  Every customer should pay a percentage of what it costs you to run your business.

Do you have any lessons to share about what you’ve learned in business? Please leave a comment.

Melinda Emerson, known to many as “SmallBizLady,” is a Veteran Entrepreneur, Small Business Coach and Social Media Strategist who hosts #SmallBizChat weekly on Twitter for emerging entrepreneurs. #Smallbizchat is the trusted resource on Twitter to discuss everything entrepreneurs need to know about launching and running a profitable small business. Her first book Become Your Own Boss in 12 Months was released in March 2010.

Developing a LinkedIn profile is a great step towards building your social media footprint. LinkedIn is a professional social networking application.  LinkedIn users tend to be more affluent and very well educated.  57% of users are men and 43% are women with 72% of users over the age 35.  According to a May 2009 survey, 82% of total users have a college degree and 30% of LinkedIn users are savvy networkers who earn more than $90,000 per year.  69% of users read blogs, and 9% maintain their own blogs.

Benefits of LinkedIn:

1. Able to build a network.  LinkedIn makes it much easier to keep in touch with contacts. This is a great way to generate warm leads and access potential partners.
2. Access to research. Having access to your contacts’ and/or targets’ resumes and background.  This information tells you not only where they have worked, but also their educational background and professional organizations to which they belong.
3. Acceptable self-promotion. Be sure your profile highlights your best assets and current projects to attract people with whom you would want to be associated.
4. Promote your events. LinkedIn allows you to put your rolodex on steroids. You can reach out to contacts all at once to promote your latest projects, activities and events.
5. Job leads. LinkedIn helps you develop your network, which will be key if you are searching for a job or need to post one.  LinkedIn is a great source for job leads and tools to track down connections at a particular company.

Below is a step-by-step instruction sheet for completing a LinkedIn profile.  The information you provide will appear on your public profile on LinkedIn. Your phone number and email addresses will only be shared with your direct contacts.

To Complete Your LinkedIn Profile

1. Go to LinkedIn.com.
2. Sign up for an account.
3. Choose a password.

Contact info:

Full name: (Catherine Smith) (no place for middle initial, they are not used)

Display name: (Cathy Smith) Optional: if nothing is specified, LinkedIn will use full name

Email address:

Phone # with extension:

Former or maiden name: (Optional: but helps people who know you from college or job in the past can find and connect with you)

Headshot photo: Jpeg format—This should be a nice, smiling photo of you.

Create a Professional headline:

Examples: Experienced Transportation Executive, Web Designer and Information Architect, Visionary Entrepreneur and Investor. People also often include CEO, CFO, or Consultant etc. It is one of the first thing people see in your profile.

Zip code: this puts you in a metro region – use your work zip code, unless home or other Zip code is more appropriate.

Industry: Sample Options: Law Practice, Legal Services, Lobbying, Education Management, Public Policy Expert - Other industries are available.

(All of these sections have unstated word limits, so be brief, but thorough.)

Summary: Summarize your professional experience in paragraph form.  This is your chance to provide an engaging 30-second description that highlights who you are and what you do— think of it as your personal elevator pitch. (This section is limited to somewhere around 325 words.)

Specialties: The specialties field allows you to list your areas of expertise that will help potential clients find you when they are looking for a specific skill-set or knowledge-base.. 60 words max, but less is fine too.

Experience: Your position descriptions should briefly explain what the company does, and your main responsibilities and accomplishments. Be sure to include the exact time period – the month and year of your start and end date. Use clear, succinct phrases to streamline your information down to precise bullet points that highlight your talent and accomplishments.

Education: Make sure your profile lists any universities, colleges, advanced degree institutions, fellowships, and any certificate programs.  Be sure to provide any additional notes on your experience at each institution. Examples: Alpha Phi Alpha, Chamber Chorale, Debate Team

Additional Information: The additional information profile element allows you to give users more insight into your professional qualifications by providing the following:

• Web or social networking profile URLs – Facebook, Twitter, personal blog, groups etc. All you need is the URL http://twitter.com/username etc.
• Websites: list a link to your company website
• Interests: list the things that you enjoy doing, learning about, etc. These can be a mix of personal and professional interests.
• Groups and Associations: list professional organizations or display badges of LinkedIn groups that you are a part of.
• Honors and Awards

Recommendations: In order to get a 100% profile on LinkedIn, you will need to secure three recommendations. Start thinking about who you can request recommendations from. It can be current or former employers or colleagues, clients and or associates with whom you have done volunteer service. You must be connected to a person in LinkedIn in order to receive a recommendation.

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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.