Small business « Mark Jenney Business

Posts Tagged ‘Small business’

Start-up Advice

Thursday, March 10th, 2011

So you have an idea for a start-up? We all know that a large percentage of new businesses fail. Here are some steps you can you take to increase your chances of start-up success.

1. Get a Mentor- find someone who has started their own successful business and get advice from them. Also read any books or articles you can find written by successful entrepreneurs. You want to make sure you are getting advice from someone who has actually been through this before and will give you their HONEST opinion. If their opinion is not what you would like, make sure you get some constructive criticism, pointers, things to change. Do not ignore their opinion. You need to keep and open mind and consider tweaking your project/idea if need be.

Check out this article from INC. : “10 Great Entrepreneurs Talk about their Start-up Days”

2. Identify your Target Market- Make sure that there is actually a decent sized market of real people that are actually going to buy your product or service. You need to focus in on one specific market and plan how you will target them. Make sure your product or service solves a problem.

3. Customer Experience- make sure that every single customer has a great experience. Gather feedback from your customers so you can change features, etc as you go along to make the experience even better. Don’t skimp on customer service. Make sure that you have enough customer service to handle growth without any angry customers.

Here is a great model illustrating the stages of a successful start-up http://startup-marketing.com/the-startup-pyramid/

Great Ways to Measure the Customer Experience (brighthub.com)
What’s the Best Advice You Can Give to Other Small Business Owners? (blogs.constantcontact.com)

Tags: Business, business success, Customer experience, Customer service, Entrepreneur, Small business, Start Up, start-up success, success
Posted in Business Tips | 57 Comments »

Be Your Own Boss

Friday, January 28th, 2011

If you are still on the fence about whether or not you should start your own business, read this article:

http://www.woopidoo.com/articles/jimrohn1profits.htm

“profits are better than wages. Wages will make you a living, profits can make you a fortune.”start working for yourself and making profits today! You can even keep your current job and work on your business in your free time. You will not regret it.

Tags: Business, motivation, Small business, starting a business
Posted in Business Tips | No Comments »

Coworking

Thursday, November 18th, 2010

Coworking is an increasingly popular alternative to the traditional office or home office. If you are not familiar with the concept, coworking is where you share office space with other people who all work independently. You can find coworking space in almost all major cities. Most places have you sign up for a membership and the price is based on your needs. Your workspace can range anywhere from space at a table to your own private office.

Get Out Of The House

This set-up is perfect for small businesses. It works best for 1-10 employees. Many people join because they are sick of working at home. They want to be able to meet with people in a conference room rather than at their kitchen table. They also want access to professional office equipment and high-quality Internet. Another perk is that they can be around people who are more interesting and helpful than their dog or cat.

Flexibility

Flexibility and risk also come into play when deciding if coworking is right for you. When you are starting a business it is hard to anticipate what your needs will be in a few years. Why tie yourself down with a multi-year lease on your own office space? What if you outgrow it, or what if you want to move the company or sell? With coworking you can get more desks, more space, etc as you grow and the contract is much shorter than if you were leasing your own space. Therefore, it is the less risky option, especially for a new business.

The benefits of coworking are numerous. Here is a list of benefits you will find with most coworking spaces:

1.You are not tied down to or liable for a lease

2. You get access to a conference room

3. You get access to a copier, fax, etc (most of the time the paper and ink and everything is all taken care of)

4. As your business grows you are flexible to reserve more desks, tables, etc

5. You have people from all different lines of work to network with

6. You have people from all different lines of work to help you with your work/business or to bounce ideas off of

7. You are not at home being distracted by your children, spouse, dog etc

8. You don’t have to consume multiple coffee drinks because you feel guilty for hogging a table at Starbucks all day

Coworking catching on in neighborhood locales (seattletimes.nwsource.com)
5 Signs That Coworking Might Be for You (mashable.com)
DesksNear.Me: A Tool for Co-working Freelancers (freelanceswitch.com)

Tags: Business, Coworking, coworking space, Home Office, Office Services, Office Space, Small business, Telecommuting
Posted in Business Tips | 105 Comments »

Using Twitter for Your Business

Wednesday, November 10th, 2010

Twitter now has over 145 million registered users. It is a huge audience for you to take advantage of. When developing your Twitter strategy you need to keep in mind that your tweets must always be relevant and interesting. People come to Twitter to converse and be social not to be sold.

First off, you will want a “front man” for your Twitter account. People don’t want to talk to a logo. They like to think they are communicating with someone really important. If you can, it is best to have a Twitter account for the CEO or owner of your company. You want to put a nice picture of them and make sure to fill out the bio.

You should provide quick updates to your followers about your company. A lot of people don’t take the time to read long articles or press releases. Twitter is a great way to get your company news out there. Tweet an exciting tidbit and link to a blog or news article on your website so they can get more info if they want. Adding links to your website in your tweets is a great way to increase traffic to your website.

After you have a few good tweets up, start following people. You don’t want to follow people before you have anything up because they will be less likely to follow you back. The more people you follow, the more will follow you. Follow top CEOs, companies, financial experts, speakers,philanthropists, etc. People will check out who you follow. The higher the quality of the people you follow the more Twitter credibility you will have.

On Twitter you can easily monitor what people are saying about you or your company. Search your name, your company name, the name of any popular brands or products, etc and see what people are tweeting. If someone has tweeted something good make sure and retweet it to your followers with a thank you message. Not only will the person think it is really cool that you took the time, your followers will get to see that people like you. If it is a negative tweet you might want to try and appease the person if possible. If they are complaining about a product or service, message them privately and ask what went wrong.

This should give you a good start. You are now ready to take advantage of Twitter for your business. Get out there and tweet!

Business Use of Twitter (thinkup.waldenu.edu)
Twitter Content Strategy: 4 Reasons Why Everyone’s Content is King on Twitter (windmillnetworking.com)
Twitter 101: Experts Provide a Brief How-To Guide and Overview on Best Practices (bigthink.com)
27 Top Money-Making Tips On Using Twitter To Market Your Business … (canadiansalesexecutive.ca)

Tags: Business, Online Communities, Small business, Social network, Twitter, Twitter for Business, website traffic
Posted in Business Tips | 68 Comments »

Benefits of Outsourcing

Wednesday, November 3rd, 2010

Outsourcing your labor can help you turn fixed costs into variable costs. A fixed cost is something that you have to pay regardless of income. It remains the same every month. An example is a salaried employee. No matter what your profit is, you pay that employee the same amount every month. A variable cost is a cost that varies depending on sales or some other factor. It is not the same every month. An example is a sales rep. Their compensation would be variable because they are usually paid based on sales.

By turning some of your fixed costs into variable costs you are lowering your overhead. A low overhead is very important for new businesses and businesses trying to stay afloat in tough times. It reduces the amount of capital needed during sales slumps. A low monthly fixed expense ensures that you will break even and profit faster.

Here are some examples of positions you can outsource to reduce your overhead.

1. Public Relations- find a PR firm that charges on performance rather than fees. For new companies this variable cost will be cheaper than the fixed fee.

2. Manufacturing- contract manufacturers will handle all your manufacturing needs for you. This is much cheaper than having your own factory. Although you will have less control, this is a great option for new businesses looking to reduce their risk.

3. Administration- by outsourcing your administrative tasks you are saving the cost of employee’s salaries and benefits and the cost of expensive software that constantly changes. This is also great for new businesses because you can have all your administrative tasks professionally done and well organized right off the bat.

4. Salespeople- use independent sales representatives so you don’t have to pay their expenses and benefits. They simply earn a percentage. Many independent reps have lots of experience and valuable relationships with customers in their territory. You will be able to gain access to these customers much faster then waiting for your own sales rep to build the relationships.

Simple Examples of Calculating Fixed & Variable Costs (brighthub.com)
Turn Fixed Costs into Variable Costs with Outsource Marketing (marketingpr.suite101.com)

Tags: Business, business resources, business tips, Employment, Fixed cost, Human resources, new business, Outsourcing, Salary, Sales, Small business, starting a business, Variable cost
Posted in Business Tips | 104 Comments »

Inexpensive Online Exposure for Your Small Business

Sunday, October 17th, 2010

After you’ve exhausted your personal online social networks it is time to reach out to online media and increase your exposure. If you can’t afford a PR agency right away, don’t worry. There are plenty of things you can do to get some inexpensive exposure.

Public Media Queries

Bloggers and reporters are always looking for interesting stories to cover. They often use media query services to post what they are looking for. You can subscribe to one of these services and receive E-mail updates of reporter’s queries. When you find one that you feel you are a good resource for, simply send the reporter a pitch of your story. Try sites like www.helpareporter.com.

Business Blog

Blogging is an excellent source of free PR. A business blog allows you to share more of your expertise than the “about us” section of your website. It also helps bump you up higher in the search results for keywords in your industry. Make sure your blog has lots of up-to-date content on topics that are currently popular within your industry. Also, make sure to comment on other related blogs so people can find your blog as well.

For more on blogging check out: http://www.problogger.net/

Marc Krisjanous of Business Blogs Publishes Influence of Social Media and Blogging in Business (your-story.org)
Hands-On Tips For Link Building (seomoz.org)
Unexpected Exposure (prinyourpajamas.com)
9 Awesome Ways to Market a Business Blog (hubspot.com)

Tags: Blog, Business, Corporate blog, FAQs Help and Tutorials, marketing, online exposure, Public relations, Small business, social media, Social network service
Posted in Business Tips | 1 Comment »

Conducting Market Research

Wednesday, October 13th, 2010

So you have an idea for a new business you just can’t wait to launch?

No matter how amazing your new idea is, you must always do market research pre-launch. You want to be sure there is a viable market for your product or service. Market research can also expose possible weaknesses that you were not previously aware of. you may think it is a waste of time and money, but I assure you it is not. Becoming aware of problems before they arise will save you tons of money in the long run. The companies that do the best are the ones that do their homework.

Market Research Methods

You should conduct both primary and secondary research. Primary research will come from potential customers. You can conduct this research yourself or hire a professional to do it for you. You can send out surveys, hold focus groups, etc. Ask potential customers their thoughts about the market, uncover their needs, etc. Be careful not to use leading questions! If possible, have potential customers use your product or service and provide feedback. Secondary research involves gathering information from government agencies, trade associations, local chamber of commerce, etc. You will want to review all the statistics, studies and reports that relate to your product or service and your target market.

Library

If you have a smaller budget and will be conducting the research yourself, a good place to start is the library. Walk right over to the reference librarian and ask them to point you in the right direction. There are a lot of good business reference books you can use to get you started.

Internet

Once you have a better idea of what you are looking for, use the Internet to get the most up-to-date statistics. Also make sure and thoroughly research your competition. Check out their website, their advertising and promotional materials, organizations they belong to, their social media and of course any feedback or reviews anyone has posted online about them.

Google Alerts

An easy way to keep tabs on your market and your competition is to set up Google alerts. Google alerts are free and can be accessed easily from Google’s website. Once you are at the Google alerts page type your market ex: “labor staffing” or the name of a competitor “ABC Staffing” and set up your alerts. It is important that you enter your term in parentheses because you only want results that are an exact match. If you enter your E-mail, google can alert you via E-mail every time something new is published on the Internet with the terms you have selected.

Sounds like too much work?

Are you reading this and thinking, “research is just not my thing”? What if I told you someone could assist you with your research for little or no cost? Contact local colleges and universities and ask if there are students interested in gaining real world experience conducting market research. More than likely, you will be able to find a student willing to help you with your market research.

If you have a larger budget, you can use information brokers to gather all the information for you. Or simply hire a marketing firm to handle all your market research for you.

Do your research first and save yourself a bunch of money and headaches later!

Secondary Research Tip: Set Google Alerts to Collect Customer News (questionpro.com)
How to Do Market Research–The Basics (entrepreneur.com)
Focus Groups Going Green Makes Good Business Sense (questionpro.com)

Tags: Business, business launch, business tips, Focus group, google alerts, Market, market research, marketing, Marketing and Advertising, new business, research, Small business
Posted in Business Tips | 1 Comment »

Are You Entrepreneur Material?

Thursday, September 30th, 2010

Entrepreneurship is still alive and well even in this down economy. Many people who lost their jobs, and could not find another, have decided to open their own businesses. Starting your own business is a huge commitment both financially and emotionally. It is important to make sure you are prepared and have the tools to be a success.

Below are 5 things to consider when deciding if entrepreneurship is right for you.

1. Is this what you have to do, should do, or what you have always wanted to do?

If you feel like you have “no choice” but to start a business do to a job loss or something else, take a minute to reflect on what you really want. Do you really want all the added stress and commitment of a business, or would you be happier finding another good job? Don’t just start a business because you don’t know what else to do. Figure out how to get what you actually want. To be successful you have to want it BAD.

2. Do you have support?

Is your spouse or your most important family members behind you? Are they comfortable with the risks you are taking? If not don’t give up just work harder to convince them that your idea is a good one. If they never come around just make sure you will be able to handle the negative comments/attitude that will likely be coming from them.

3. Do you have good role models?

Find some successful entrepreneurs and talk to them to see who might be a good mentor for you. You will not want to go this process alone and will need advice. Also, read several books about the lives of famous entrepreneurs and look for shared qualities, characteristics, etc of a successful entrepreneur.

4. Do you have a decent savings account?

Especially if you have a family to support, it is very important to remember that your business will not cash flow overnight. You need to make sure you have enough money in your savings to cover living expenses while you are getting the business up and running. Don’t underestimate the amount of time this will take. You will run in to obstacles and unforeseen challenges. Make sure you have enough money to live off of so you don’t have to give up your dream halfway through.

5. Do you possess these key characteristics?

High risk tolerance- entrepreneurship has a lot of uncertainties and you will be continually putting your reputation and your finances on the line.

Excellent salesmanship- No matter how great your product or service is on it’s own you need to be able to sell it well.

An independent temperament- Don’t be afraid to do something totally different from what everyone else is doing.

Great negotiating ability- Keep costs down by negotiating better deals on leases, materials, contracts, etc

Emotional intelligence-Be able to understand and influence the behavior of yourself and others.

Do You Really Have What It Takes (entrepreneur.com)
Economic crisis and recovery trigger an entrepreneurial revival in Canada in 2010 (newswire.ca)
Entrepreneurial spirit thrives in West: Survey (calgaryherald.com)

Tags: Business, Entrepreneur, Entrepreneurship, Small business, Start Up, success
Posted in Business Tips, Uncategorized | 1 Comment »

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