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10 Steps to a New Business

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Train Tracks

Have you dreamed of owning your own business, but don’t know where to start? Have you started planning for your new business, but keep wondering if you’ve forgotten anything important? Check out the basic steps below to be sure you’re on the right track.

Evaluate and Develop Your Business Concept

1. Do you feel passionate about this idea? Will it be something you can do every day –- and night?

2. Jot out a quick break-even analysis. Can you make money at what you’re planning to do?

3. Figure out how you can pay for it, until it pays for itself and then makes money. Determine best and worst case scenarios.

Structure Your Business

4. What type of business will you form?

  • Sole proprietorship
  • Partnership
  • LLC
  • C Corporation
  • S Corporation

5. Who will be your key employees, partners and vendors? What value do they add that you don’t have?

Brand It

6. Determine the name of your business. Start with a brainstorm session, then research your top 5-10 names for trademark and online domain availability.

7. Register your name and trademarks.

8. Determine your brand identity. If your brand were a person, who would it be? What does it stand for? How does it speak? Your brand is more than your logo and name, by answering these questions, and more, you will begin to identify your brand and its persona.

Set Up Your Business Systems

9. Obtain Insurance. Determine what liabilities are most relevant and insure for them.

10. Set Up Your Books. Find an accountant or bookkeeper that can periodically check your business situation, methods and prepare your taxes.

There’s more, but these are the top ten things that need to happen, to give your business a sound start.  This is a basic list, but you would be surprised at how many people, and companies, skip some or all of these steps.

If you find yourself overwhelmed, give me a call. Many of these steps can be readily achieved and will build the foundation for a strong business. Your strong business.


First Steps to Successful Inbound Marketing

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So, you’ve watched Socialnomics with Eric Qualman and now you ‘get it’.

Haven’t seen it yet? Here it is again.

Now, you’re ready to begin the first steps to successful Inbound Marketing. Because traditional marketing will never be the same. It will no longer get you ‘there’. If you want to move your business forward, then you will need to focus on what you’re doing online. Here are some tips to help you get started.

Own Your Own Website
There is nothing more important than owning your own website. It’s your basecamp. The place that all your social media efforts revolve around. The place where all your communications should originate from -and end up at.

Location, location, location!
Now more than ever location matters. Whether it’s a busy street corner or a hard to find hole in the wall, getting your spot on the map right is vital. My recommendation is first things, first. Can people find you? If you’re a restaurant, hotel or auto repair shop, then start by registering your address and details on Google Places. This will literally, put you on the map.

Google Places http://www.google.com/help/places/index.html

Get Found
Make it easy for others to find your website (you do have a website, right?) by adding it to these most popular search engines, as listed below. Yes, all of them. This will allow the search engines to find you without waiting for them to ‘crawl’ your site. Being proactive on this is a good thing.Socialnomics

Google – http://www.google.com/addurl/?continue=/addurl
Bing- http://www.bing.com/webmaster/SubmitSitePage.aspx
Yahoo! Local – http://listings.local.yahoo.com/
Yelp! http://www.yelp.com/business?country=US

Consider these:
__Craigslist- http://yourcity.craigslist.org/
__Here is a link where you can submit your site to MANY places:
http://www.locallytype.com/pages/submit.htm

Next steps
For all businesses, the top things that you need to do is establish a presence on Facebook, Twitter, Google+ and start a blog. For hospitality businesses, include TripAdvisor in that equation. Put it at the top of the list.
I’ll cover those in future articles. Stay tuned!

Scrooge Strikes e-Commerce Small Business

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Is Network TV the Scrooge?
This Christmas season, it seems like every network TV news personality is reporting that online sales are booming. On Cyber-Monday, Becky Worley of Good Morning America said that online sales are up significantly this year. Technically, that’s true. That is, if you are Amazon, Walmart or Best Buy.

e-Commerce: Not for the Little GuyChristmas Cancelled for Small Business
Unfortunately, small to mid-size e-tailers have actually lost ground according to ComScore’s latest Cyber Monday report. Although, they reported a 12% overall increase in total consumer online spending, when you break it down the big box stores increased their sales 20%, while small-medium businesses experienced a 4% loss compared to 2009 spending.

Why do the Big Boys get the Attention?
Two reasons. One, the big boys can afford to lure shoppers with deep discounts and attention-grabbing promotions. In doing so, they grab market share from the online ‘mom & pops’, who thought the internet provided a new path to successful marketing. Two, network TV news keeps its focus on its customers: those big box stores who are their biggest advertisers this time of year.  ABC’s Becky Worley delivered her “news” report live from the floor of Amazon.com’s Phoenix distribution and shipping center.  Her story focused on Amazon’s deal of the day and other online retailers like Home Depot. If economic growth comes from small to medium-sized businesses, isn’t it time journalists paid more attention to them?

As Tiny Tim waits to see what’s in store for him this Christmas, remember small and medium-sized businesses are the ones that bring handcrafted, quality craftsmanship, made in America items to market. These are often gifts that last a lifetime.

Buy from someone ‘small’ today. There’s still time to shop!

Strategy Problems? Six ways to know if your business is failing.

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Surrounded by dumb asses? This is a great article explaining the “dumb ass syndrome” otherwise stated as ‘not understanding why you’re successful or unsuccessful’ by Dave Logan of BNet.Warning!

A summary of the steps are:

1. Recognize how common the dumb ass syndrome is in the world of business.

2. Ask yourself the question: “Do you know-really know-why you are getting the results you’re getting?”

3. Do the opposite of what comes natural.

4. Look for many causes.

5. Run low-risk experiments to test your explanations.

6. Allow for the fact that most people are victims of the dumb ass syndrome.

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