Free daily tips, information, advice, and ideas
to help you build your small business.
Here are a dozen ways to help you attract new clients and keep current ones coming back. New customers and clients expand your business reach in the community. And bringing present ones back to you can keep them talking about you and what you do.
+ Attend networking meetings. Introduce yourself and your business.
+ Ask existing clients/customers for referrals. Remind them often.
+ Keep your Facebook page active. Snap pictures and post them.
+ Join local organizations. Volunteer to help.
+ Form a MeetUp.com group centered around your interests. MeetUp is free.
+ Get your business on Angie's List. It can bring new clients.
+ Hold an open house. Explain and demonstrate what you do.
+ Offer free "how-to" workshops. People love to learn new things.
+ Build your email list. Send out brief announcements.
+ Send out news releases to local papers. Some will get printed.
+ Offer your expertise as a guest speaker. Organizations are looking for you.
+ Offer freebies and gift certificates. Put coupons on your web page and Facebook.
Some marketing experts say that new customers are more valuable than existing customers. They represent future value. And, let's face it, for one reason or another, you will lose your existing customers--they move, they find another supplier, they just disappear.
Examples: I know an exercise and fitness operation that offers a free initial consultation with a personal trainer. A doctor of chiropractic does the same thing. A free initial meeting puts the new client's mind at ease. It attracts new people to you and begins a new relationship.
Examples: A healthy foods store sets up a daily sample table--free goodies. A bakery does the same thing. New people coming in are introduced to new products and they are impressed with your operation. They linger, they come back, and they refer others.
Examples: A lawyer offers free brochures. One explains what to do when you get a traffic ticket. Another explains how to think about your last will and testament. An accountant offers free tax tips in brochures that people can take with them--and bring them back when they have accounting problems. Brochures are easy to prepare and have on hand. Clients appreciate free information from an expert, and they come back to you.
All of these methods help you expand your reach into the community you serve. Expanding your reach brings in more clients/customers. You keep your business out there in the minds and conversations of people.
Attracting new clients and keeping present ones happy is really an easy thing to do. None of these methods cost you much, if anything, except your time. Expanding your business reach can help build your business into a vital part of the community. And referrals result.
Wednesday, December 31, 2014
Tuesday, December 30, 2014
Business size
Free daily tips, information, advice and ideas
for owners of small businesses
To get a business out of the garage and into the big time takes a lot of dreaming, hard work and vision. Not all small businesses grow large.
Today's leaders in computing technology and social media started small. So did the fast food chains--one outlet at a time.
The ultimate size of a business depends on the vision of the owner. But the main constraint is the marketplace. Markets limit business growth.
No matter the size of your dream, the buyers of your goods and services will determine how big you get.
Example: Therapists usually work alone with a relatively small group of clients they serve. Working alone, specialists in massage, Reiki, yoga, personal trainers, even chiropractors and nutritional experts and others can only handle so many clients. But by expanding into a wellness center, more clients can be served--and each specialty attracts more clients to individual practitioners.
Example: Small cafes can specialize, attracting tradespeople looking for hearty breakfasts and quick lunches. Electricians, plumbers, construction crews, landscapers and others start their day very early. They represent a niche market in the restaurant business. Is there a market opportunity here for a new type of start-up quick food service place? I'm not talking Starbucks or Burger King here.
Example: Gift shops can grow large by attracting a certain market segment. There is a niche market for up-scale, high-end, handmade items. A small or outdated gift shop can re-brand itself and grow by addressing this niche market. Seek out artists and artisans who create and craft items that appeal to this market segment.
If your small business is stuck at the present level, you can grow by thinking outside the box. Re-examine your market. Who are your customers/clients? What additional groups can you serve by expanding in a new direction?
No matter your business or its size, you're only as big as your dreams. Match your dream to the markets that are out there. Just remember that markets always rule, not your dream. Markets always trump whatever you might want.
Dreams are the stuff of small business. The trick is to translate that dream of yours into the reality of a successful small business. It ain't easy. But it can give you a great deal of personal satisfaction.
for owners of small businesses
To get a business out of the garage and into the big time takes a lot of dreaming, hard work and vision. Not all small businesses grow large.
Today's leaders in computing technology and social media started small. So did the fast food chains--one outlet at a time.
The ultimate size of a business depends on the vision of the owner. But the main constraint is the marketplace. Markets limit business growth.
No matter the size of your dream, the buyers of your goods and services will determine how big you get.
Example: Therapists usually work alone with a relatively small group of clients they serve. Working alone, specialists in massage, Reiki, yoga, personal trainers, even chiropractors and nutritional experts and others can only handle so many clients. But by expanding into a wellness center, more clients can be served--and each specialty attracts more clients to individual practitioners.
Example: Small cafes can specialize, attracting tradespeople looking for hearty breakfasts and quick lunches. Electricians, plumbers, construction crews, landscapers and others start their day very early. They represent a niche market in the restaurant business. Is there a market opportunity here for a new type of start-up quick food service place? I'm not talking Starbucks or Burger King here.
Example: Gift shops can grow large by attracting a certain market segment. There is a niche market for up-scale, high-end, handmade items. A small or outdated gift shop can re-brand itself and grow by addressing this niche market. Seek out artists and artisans who create and craft items that appeal to this market segment.
If your small business is stuck at the present level, you can grow by thinking outside the box. Re-examine your market. Who are your customers/clients? What additional groups can you serve by expanding in a new direction?
No matter your business or its size, you're only as big as your dreams. Match your dream to the markets that are out there. Just remember that markets always rule, not your dream. Markets always trump whatever you might want.
Dreams are the stuff of small business. The trick is to translate that dream of yours into the reality of a successful small business. It ain't easy. But it can give you a great deal of personal satisfaction.
Monday, December 29, 2014
Kickstart planning
Free daily tips, information, advice and ideas
for small business from small business experience.
Planning can prove difficult for some business owners. But planning is necessary. If you are in business, you have done some planning. You probably did it without knowing it.
With business plans, the aim is to match your business to the market. This forces you to look at the market for your goods/services, define it as best you can, see if your business ideas measure up, and how you can grow into the future.
Questions: Is there truly a market for my goods/services? How big is this market (do some numbers here)? What part or parts of this market can I serve? What's the future of this market? What's the impact of technology on this market? What's the competition already in place?
More questions: Is this market mature? New? Developing? Is it moving to the Internet? Is it truly brick-and-mortar based--with a simple Internet presence? Or is it better for me to go entirely on the net?
There are many more questions that you will think of. Some of these will be related to the overall economy and others will be related to the particular industry you're in. I've found it useful to jot down questions/thoughts/ideas as they come to me. I throw these pieces of paper into a drawer and in 2 or 3 months, I go through everything.
Most ideas that seem important at the time will not seem so after a while. Discard them. Concentrate on those thoughts that continue to seem relevant. In a quiet place, come up with answers that make sense in your business.
Using the questions and the idea box can accomplish basic planning for you. Of course, you can't expect the bank to grant a loan based on what's largely still in your head--or the box. To get it written down on paper in standard business planning format, you need an outline. Go to your local Small Business Development Center for help--it's free. Or find a business plan outline through a Google search.
The questions and the box of ideas are first steps. These get you started. And unless there's a need to generate a formal business plan, these first steps can serve you well in developing your business and growing to the next level. It's worked for me.
Business planning is something you do all the time. You didn't get where you are without planning. And the most important part of planning is the market that's out there for your goods and services.
for small business from small business experience.
Planning can prove difficult for some business owners. But planning is necessary. If you are in business, you have done some planning. You probably did it without knowing it.
With business plans, the aim is to match your business to the market. This forces you to look at the market for your goods/services, define it as best you can, see if your business ideas measure up, and how you can grow into the future.
Questions: Is there truly a market for my goods/services? How big is this market (do some numbers here)? What part or parts of this market can I serve? What's the future of this market? What's the impact of technology on this market? What's the competition already in place?
More questions: Is this market mature? New? Developing? Is it moving to the Internet? Is it truly brick-and-mortar based--with a simple Internet presence? Or is it better for me to go entirely on the net?
There are many more questions that you will think of. Some of these will be related to the overall economy and others will be related to the particular industry you're in. I've found it useful to jot down questions/thoughts/ideas as they come to me. I throw these pieces of paper into a drawer and in 2 or 3 months, I go through everything.
Most ideas that seem important at the time will not seem so after a while. Discard them. Concentrate on those thoughts that continue to seem relevant. In a quiet place, come up with answers that make sense in your business.
Using the questions and the idea box can accomplish basic planning for you. Of course, you can't expect the bank to grant a loan based on what's largely still in your head--or the box. To get it written down on paper in standard business planning format, you need an outline. Go to your local Small Business Development Center for help--it's free. Or find a business plan outline through a Google search.
The questions and the box of ideas are first steps. These get you started. And unless there's a need to generate a formal business plan, these first steps can serve you well in developing your business and growing to the next level. It's worked for me.
Business planning is something you do all the time. You didn't get where you are without planning. And the most important part of planning is the market that's out there for your goods and services.
Friday, December 26, 2014
Future uncertainties
Free daily tips, information, advice, and ideas
to better manage and grow your small business.
Today's world is very different from that of yesterday. And tomorrow's world will be even more unrecognizable.
A degree of certainty is required for business to survive, much less thrive. Right now, your small business is caught up in a juggernaut of change.
Just consider energy. Who knows how the current debate will play out?
One thing is certain. You and your business depend on electricity. Without electricity, your computer will go dark. Without electricity, banks and supermarkets will close. Gas stations will close, so you'll be reduced to using your bicycle. Appliances will become useless--how will you cook or wash clothes?
So where does electricity come from? Hydroelectric and nuclear plants are producing significant streams of electricity, but they cannot supply the full need. Solar and wind farms produce electricity in relatively small amounts. Oil and gas produce significant amounts of electricity. Coal, the biggest generation component, is being banned.
Like it or not, we live in an age of oil and gas. This will continue for the foreseeable future. As coal is being phased out, oil and gas are filling some of the gap. Luckily, this country has more proven reserves of oil and gas than any other country.
People in small business need to be giving some thought to this problem. How will my business survive if the electric grid goes into frequent brownouts, or, worse, crashes for a month or two?
Other uncertainties will also affect your business in the future. We are right now in a continuing debate on health care. Is the future in small, community-based, privately run health clinics? Or in big government bureaucracies? Is another system of health care on the horizon?
Another uncertainty: Genetically modified foods now pervade the food chain in this country. A reaction to GMO foods is afoot--cities and some states are insisting that GMO foods be so labelled. Elsewhere in the world, there is an outright ban.
Still another: 3-D printing technology is already producing devices that will forever change manufacturing--both large and small. 3-D printing companies are already in the business of making parts for the automotive industry, aerospace, health care, home and personal products--including jewelry, lighting fixtures, shoe wear and more.
And I haven't even mentioned the 800-lb gorilla in today's world. Computing technology, the Internet, and communications advances have revolutionized the world in just 30 years. And the revolution is only beginning.
As owners of small businesses, we tend to think about today's problems. But it's a good thing to consider where we're headed. The future is not knowable, but trends tend to continue. Thinking about these trends will help you structure your business to survive and prosper. Or, maybe, get into another line of business altogether.
Uncertainties are everywhere in this world. In the past, we had time to absorb one uncertainty before the next one hit. No longer. Today, we must run twice as fast just to stay in the same place.
to better manage and grow your small business.
Today's world is very different from that of yesterday. And tomorrow's world will be even more unrecognizable.
A degree of certainty is required for business to survive, much less thrive. Right now, your small business is caught up in a juggernaut of change.
Just consider energy. Who knows how the current debate will play out?
One thing is certain. You and your business depend on electricity. Without electricity, your computer will go dark. Without electricity, banks and supermarkets will close. Gas stations will close, so you'll be reduced to using your bicycle. Appliances will become useless--how will you cook or wash clothes?
So where does electricity come from? Hydroelectric and nuclear plants are producing significant streams of electricity, but they cannot supply the full need. Solar and wind farms produce electricity in relatively small amounts. Oil and gas produce significant amounts of electricity. Coal, the biggest generation component, is being banned.
Like it or not, we live in an age of oil and gas. This will continue for the foreseeable future. As coal is being phased out, oil and gas are filling some of the gap. Luckily, this country has more proven reserves of oil and gas than any other country.
People in small business need to be giving some thought to this problem. How will my business survive if the electric grid goes into frequent brownouts, or, worse, crashes for a month or two?
Other uncertainties will also affect your business in the future. We are right now in a continuing debate on health care. Is the future in small, community-based, privately run health clinics? Or in big government bureaucracies? Is another system of health care on the horizon?
Another uncertainty: Genetically modified foods now pervade the food chain in this country. A reaction to GMO foods is afoot--cities and some states are insisting that GMO foods be so labelled. Elsewhere in the world, there is an outright ban.
Still another: 3-D printing technology is already producing devices that will forever change manufacturing--both large and small. 3-D printing companies are already in the business of making parts for the automotive industry, aerospace, health care, home and personal products--including jewelry, lighting fixtures, shoe wear and more.
And I haven't even mentioned the 800-lb gorilla in today's world. Computing technology, the Internet, and communications advances have revolutionized the world in just 30 years. And the revolution is only beginning.
As owners of small businesses, we tend to think about today's problems. But it's a good thing to consider where we're headed. The future is not knowable, but trends tend to continue. Thinking about these trends will help you structure your business to survive and prosper. Or, maybe, get into another line of business altogether.
Uncertainties are everywhere in this world. In the past, we had time to absorb one uncertainty before the next one hit. No longer. Today, we must run twice as fast just to stay in the same place.
Thursday, December 25, 2014
It's now or never
Free daily tips, information, advice, and ideas
from personal experience in small business.
If you have been thinking about starting a business, stop second-guessing yourself and do it. No matter your situation, the time to start that business is now.
It is never too early in life to start a business--consider the 10-year old boy next door who shovels snow for the neighbors. And it is never too late in life to begin--consider the lady in one of the examples that follow.
Example: A lady who worked in Corporate America left her job every day to hurry home. There, she pursued her first love--at her potter's wheel. When she thought she was ready, she took early retirement from her corporate position. She set up her own pottery operation. Her special glazes attracted early attention and her reputation spread. Today, her pottery commands high praise and high prices. And she's still in her 50s.
Adults are frequently locked in pursuits that they little enjoy. Some change career directions. Others start a business built around a compelling interest. They are looking for more fulfillment than that which they are leaving behind.
Example: I once helped a retired woman in her late 70s start up a new business. She wanted to establish a bagel house. She bought used equipment, rented a high traffic space, and in less than a year, she had established a thriving operation, selling bagels retail as well as wholesale. The key here was her drive, her persistence, her belief in herself, and the excellence of her bagels. To her mind, age was of little consequence.
Seniors have gained much from life's experiences. They can turn a long-held interest into a small business, avoiding the setbacks younger people might experience.
Example: A teenager named Tom came to me once for advice on growing his business. He had spent time after school throughout his teens cutting grass, trimming shrubbery and doing yard clean-ups. He wanted to grow his business into a full landscaping operation after he graduated high school. I helped him do a business plan and he was on his way. It was an easy transition for him to grow his business based on the customers and reputation he already had. While his high school classmates went on to college and were trying to sort out their life's path, Tom was expanding his business and buying a house for his growing family.
Teenagers are good at starting businesses. They are quick learners and have the energy and attitude to see a project through. They have not yet learned all the excuses that hold back the rest of us.
Starting a small business is a now or never proposition. I'm fond of quoting the Good Witch of the North in the Wizard of Oz: "The place to begin is at the beginning." And, as all of us know, we make our own beginnings.
Like the lady who started the bagel shop, I'm now in my late 70s. I've started several businesses and I've retired several times. Retirements last about 10 days.
from personal experience in small business.
If you have been thinking about starting a business, stop second-guessing yourself and do it. No matter your situation, the time to start that business is now.
It is never too early in life to start a business--consider the 10-year old boy next door who shovels snow for the neighbors. And it is never too late in life to begin--consider the lady in one of the examples that follow.
Example: A lady who worked in Corporate America left her job every day to hurry home. There, she pursued her first love--at her potter's wheel. When she thought she was ready, she took early retirement from her corporate position. She set up her own pottery operation. Her special glazes attracted early attention and her reputation spread. Today, her pottery commands high praise and high prices. And she's still in her 50s.
Adults are frequently locked in pursuits that they little enjoy. Some change career directions. Others start a business built around a compelling interest. They are looking for more fulfillment than that which they are leaving behind.
Example: I once helped a retired woman in her late 70s start up a new business. She wanted to establish a bagel house. She bought used equipment, rented a high traffic space, and in less than a year, she had established a thriving operation, selling bagels retail as well as wholesale. The key here was her drive, her persistence, her belief in herself, and the excellence of her bagels. To her mind, age was of little consequence.
Seniors have gained much from life's experiences. They can turn a long-held interest into a small business, avoiding the setbacks younger people might experience.
Example: A teenager named Tom came to me once for advice on growing his business. He had spent time after school throughout his teens cutting grass, trimming shrubbery and doing yard clean-ups. He wanted to grow his business into a full landscaping operation after he graduated high school. I helped him do a business plan and he was on his way. It was an easy transition for him to grow his business based on the customers and reputation he already had. While his high school classmates went on to college and were trying to sort out their life's path, Tom was expanding his business and buying a house for his growing family.
Teenagers are good at starting businesses. They are quick learners and have the energy and attitude to see a project through. They have not yet learned all the excuses that hold back the rest of us.
Starting a small business is a now or never proposition. I'm fond of quoting the Good Witch of the North in the Wizard of Oz: "The place to begin is at the beginning." And, as all of us know, we make our own beginnings.
Like the lady who started the bagel shop, I'm now in my late 70s. I've started several businesses and I've retired several times. Retirements last about 10 days.
Wednesday, December 24, 2014
Freebies promotions
Free daily tips, information, advice, and ideas
that can work to promote your small business.
No matter how many times you hear the word free, it moves you. It is a magic word that people in small business can use to attract attention.
You hear it and read it all the time. But you don't have to sell on television or mobile devices to take advantage of the free word.
Examples: Any small business can offer free workshops, seminars, demonstrations, information sessions, open houses, and the like. People are hungry for information and will attend free sessions. Chiropractors can explain just what chiropractic is--and offer free demonstrations. Music and dance studios can show just what classical, modern, hip hop and jazz dancing is all about. Restaurants can hold cooking classes. Accountants can talk about taxes--always a concern for small business owners and the general public. Any place offering food can set up a free sample table.
Examples: A fitness operation or massage therapist can set up free demos and introductory sessions. People attend, discuss, ask questions and perhaps sign up. The same holds for yoga and other holistic practitioners. It is an hour well spent by the business owner. Even if no one signs up, a good impression is made--and the word spreads in the community.
Example: I've run into construction outfits and home improvement businesses that charge a fee for an estimate. The company's reasoning is that it costs them to send out an estimator. In today's world, this can leave a bad impression. Estimates for work to be done should be free. People expect it. Put the word out that your estimates are free--and emphasize it. It just might be the edge that gets a new customer to call you instead of your competitor.
Put on your thinking cap and figure out how you can use the free word in your business. It can be a valuable part of your on-going promotion.
Many of my blogs are about promotional methods that can be used to good advantage in small businesses. At this point, there are over 200 write-ups--check out the listing.
that can work to promote your small business.
No matter how many times you hear the word free, it moves you. It is a magic word that people in small business can use to attract attention.
You hear it and read it all the time. But you don't have to sell on television or mobile devices to take advantage of the free word.
Examples: Any small business can offer free workshops, seminars, demonstrations, information sessions, open houses, and the like. People are hungry for information and will attend free sessions. Chiropractors can explain just what chiropractic is--and offer free demonstrations. Music and dance studios can show just what classical, modern, hip hop and jazz dancing is all about. Restaurants can hold cooking classes. Accountants can talk about taxes--always a concern for small business owners and the general public. Any place offering food can set up a free sample table.
Examples: A fitness operation or massage therapist can set up free demos and introductory sessions. People attend, discuss, ask questions and perhaps sign up. The same holds for yoga and other holistic practitioners. It is an hour well spent by the business owner. Even if no one signs up, a good impression is made--and the word spreads in the community.
Example: I've run into construction outfits and home improvement businesses that charge a fee for an estimate. The company's reasoning is that it costs them to send out an estimator. In today's world, this can leave a bad impression. Estimates for work to be done should be free. People expect it. Put the word out that your estimates are free--and emphasize it. It just might be the edge that gets a new customer to call you instead of your competitor.
Put on your thinking cap and figure out how you can use the free word in your business. It can be a valuable part of your on-going promotion.
Many of my blogs are about promotional methods that can be used to good advantage in small businesses. At this point, there are over 200 write-ups--check out the listing.
Tuesday, December 23, 2014
Taking risks
Free daily tips, information, advice, and ideas
for better managing small businesses.
If your mother had not taken the risk of carrying you to term, you would not be reading this. Likewise, if you had not taken the risk of failing, you would not be in business.
Life is full of risks. A tree limb can fall on you, but you walk under trees. An oncoming vehicle can swerve in front of you, but you still drive.
In business you are continually taking risks. You bring in new additions to your product lines. You make adjustments to your customer service. You change the way you manage.
You always face the danger of failing. The small risks you take will help to inch you toward that overall goal. The small risks prepare you to take the big risk.
I have seen this in many small businesses. The massage therapist who could expand into a wellness center, but doesn't. The landscaper who could expand into a garden center, but doesn't. The tax specialist who could expand into a full accounting operation, but doesn't.
To grow a small business into a larger operation takes a dream, a plan, and a follow-up. Taking the risks along the way is part of the game. Of course, if you've built your small business to the size that you're comfortable with and you don't want to grow bigger, that's one thing. But, if your dream is still not realized, then taking risks can get you there. Do the planning, step lively and look back only to learn from it.
Example: Mary tried baking all sorts of goodies in her bakery until she settled on the mix of products that brought in retail customers and wholesale clients. She let the business "settle in" for a few years. Then, Mary decided that the time was right for taking the big risk. She took a big loan, expanded her facilities, hired additional people, and purchased a delivery van. When this new operation "settled in" Mary headed toward offering her first franchise. By taking the small risks over time, she was following her long term plan--and the biggest risk of her business life.
A funny thing happens to many business owners. They get into business and it works. Years of struggle establishing the operation finally are in the rear view mirror. So, they become fearful that any changes will destroy what they have built. They avoid even the little risks, much more so the big risk. They continue to nibble around the edges making little changes. They become complacent, and they never become all they can be.
The key is this--never take unnecessary risks. And before taking that giant leap, think through what you're about to do. That fear of failure can serve you well. Just don't let it keep you from taking the big risks. Your mother didn't hesitate carrying you.
Business teaches the owner many things. One valuable lesson is learned when you realize that everything you do carries a risk. And not all risks turn out well. Consider the risk, and try to minimize it. But don't let it stop you from taking the next step.
for better managing small businesses.
If your mother had not taken the risk of carrying you to term, you would not be reading this. Likewise, if you had not taken the risk of failing, you would not be in business.
Life is full of risks. A tree limb can fall on you, but you walk under trees. An oncoming vehicle can swerve in front of you, but you still drive.
In business you are continually taking risks. You bring in new additions to your product lines. You make adjustments to your customer service. You change the way you manage.
You always face the danger of failing. The small risks you take will help to inch you toward that overall goal. The small risks prepare you to take the big risk.
I have seen this in many small businesses. The massage therapist who could expand into a wellness center, but doesn't. The landscaper who could expand into a garden center, but doesn't. The tax specialist who could expand into a full accounting operation, but doesn't.
To grow a small business into a larger operation takes a dream, a plan, and a follow-up. Taking the risks along the way is part of the game. Of course, if you've built your small business to the size that you're comfortable with and you don't want to grow bigger, that's one thing. But, if your dream is still not realized, then taking risks can get you there. Do the planning, step lively and look back only to learn from it.
Example: Mary tried baking all sorts of goodies in her bakery until she settled on the mix of products that brought in retail customers and wholesale clients. She let the business "settle in" for a few years. Then, Mary decided that the time was right for taking the big risk. She took a big loan, expanded her facilities, hired additional people, and purchased a delivery van. When this new operation "settled in" Mary headed toward offering her first franchise. By taking the small risks over time, she was following her long term plan--and the biggest risk of her business life.
A funny thing happens to many business owners. They get into business and it works. Years of struggle establishing the operation finally are in the rear view mirror. So, they become fearful that any changes will destroy what they have built. They avoid even the little risks, much more so the big risk. They continue to nibble around the edges making little changes. They become complacent, and they never become all they can be.
The key is this--never take unnecessary risks. And before taking that giant leap, think through what you're about to do. That fear of failure can serve you well. Just don't let it keep you from taking the big risks. Your mother didn't hesitate carrying you.
Business teaches the owner many things. One valuable lesson is learned when you realize that everything you do carries a risk. And not all risks turn out well. Consider the risk, and try to minimize it. But don't let it stop you from taking the next step.
Monday, December 22, 2014
Beyond the rut
Free daily tips, information, advice, and ideas
together with examples from small businesses.
You've done it. I've done it. It happens to everyone, all the time.
We tend to pigeon hole each other. We remember Judy as the lady who leads the meditation classes. But she also is an expert massage therapist. Who knew?
Running a business, you must guard against this. Your customers/clients tend to remember you in one category only. While everything you do might be related, it needs to be pointed out.
It's a continuing problem. You must tell, remind, inform and otherwise educate your customers/clients. If you don't, they might not think to call you when they need another service.
Example: You hired a web designer and you were pleased with the result. Then you needed someone to set you up in social media. So you called your web designer and asked for a recommendation. That's when he told you, "I can do that." You had only thought of your web designer in one way. And he had not informed you of the other things he could do.
Example: Clients depend on your accounting firm to handle their taxes. But they are not aware that your firm also helps business owners prepare for the eventual sale of the business. You must remind them from time to time that you have additional expertise. When the time comes that they need your other services, you get the call.
Example: Regular diners are very happy with the healthy meals they enjoy at your small restaurant. But they forget that you also run a catering operation. When they need to prepare for that corporate meeting, they call a caterer. You've missed an opportunity because you did not remind them that you also cater events.
Reminding people of all the things that your business does should be on your to-do list. If you depend on them to remember that you can cater their get-together, then you are depending on them to do your selling for you. Not that you should get into the blatant business of selling. But a gentle mention, tucked into another conversation, can be a valuable part of keeping your customers/clients informed. And coming back.
My first business was in the graphic arts field. Then I took on partners and we expanded into printing. I found it necessary to continually remind customers that the firm could handle the job from beginning to end, from design to artwork to printing and delivery.
together with examples from small businesses.
You've done it. I've done it. It happens to everyone, all the time.
We tend to pigeon hole each other. We remember Judy as the lady who leads the meditation classes. But she also is an expert massage therapist. Who knew?
Running a business, you must guard against this. Your customers/clients tend to remember you in one category only. While everything you do might be related, it needs to be pointed out.
It's a continuing problem. You must tell, remind, inform and otherwise educate your customers/clients. If you don't, they might not think to call you when they need another service.
Example: You hired a web designer and you were pleased with the result. Then you needed someone to set you up in social media. So you called your web designer and asked for a recommendation. That's when he told you, "I can do that." You had only thought of your web designer in one way. And he had not informed you of the other things he could do.
Example: Clients depend on your accounting firm to handle their taxes. But they are not aware that your firm also helps business owners prepare for the eventual sale of the business. You must remind them from time to time that you have additional expertise. When the time comes that they need your other services, you get the call.
Example: Regular diners are very happy with the healthy meals they enjoy at your small restaurant. But they forget that you also run a catering operation. When they need to prepare for that corporate meeting, they call a caterer. You've missed an opportunity because you did not remind them that you also cater events.
Reminding people of all the things that your business does should be on your to-do list. If you depend on them to remember that you can cater their get-together, then you are depending on them to do your selling for you. Not that you should get into the blatant business of selling. But a gentle mention, tucked into another conversation, can be a valuable part of keeping your customers/clients informed. And coming back.
My first business was in the graphic arts field. Then I took on partners and we expanded into printing. I found it necessary to continually remind customers that the firm could handle the job from beginning to end, from design to artwork to printing and delivery.
Friday, December 19, 2014
Business core
Free daily tips, information, advice, and ideas
with examples from small businesses.
Businesses have a way of pulling you in various directions. No matter your business, you'll be tempted to head off down a side road.
More people are turning to therapy for weight reduction, so should you go off in that direction? More people are looking for healthy foods, so should you turn your cafe into a place for gluten-free and vegetarian meals?
You've created your business out of a dream. That dream is the core. Messing with that core can destroy your business. Be careful.
Example: Jennifer opened a bakery. She was inspired by the looks on children's faces when they sampled her brownies. Her baking passion caused her to expand into high-end, high-priced cakes. It was a good move. The business thrived because she took advantage of a market that was ripe for the taking. But she missed the children's faces. She kept the high-end cake part of her business, but she brought back the brownies and added cookies. One evening each week, Jennifer holds an open house. Kids are invited to sample the goodies at no charge. Their parents buy more to take home, and they remember Jennifer when there's a need for a high-end cake.
If you move completely away from your business core, you are leaving something behind. Perhaps, as in Jennifer's case, you can incorporate that previous dream into the new entity and be a better business because of it.
Example: Josh is an environmental engineer. Frequently, he gets caught up in the lengthy permitting process for a project. Getting permits in place means keeping abreast of local regulations and permits, and this saps his time and energy. He decided to put part of the process onto his clients--he required them to go for permits and deal with the local bureaucracies. This left Josh with more time to devote to his first love--environmental engineering. But clients resisted his new procedures, and he lost some work because of it. He did a U-turn and, again, as before, began offering to handle the whole project, end to end.
What saves you time might weigh heavily on your customers/clients. Changing the way you offer your goods/services can have dire consequences in the marketplace. People know what they want, and they trust you to provide it.
I am reminded of the robins that return year after year to the nest they long ago built under the eaves of my front porch. When they find something that works, birds don't change their core. I am the customer of these robins, and I look forward to their return year after year.
Your business core is who you are. The business, along with you, can change, grow, expand, and even go off in a new direction. Just be careful messing with your original dream.
with examples from small businesses.
Businesses have a way of pulling you in various directions. No matter your business, you'll be tempted to head off down a side road.
More people are turning to therapy for weight reduction, so should you go off in that direction? More people are looking for healthy foods, so should you turn your cafe into a place for gluten-free and vegetarian meals?
You've created your business out of a dream. That dream is the core. Messing with that core can destroy your business. Be careful.
Example: Jennifer opened a bakery. She was inspired by the looks on children's faces when they sampled her brownies. Her baking passion caused her to expand into high-end, high-priced cakes. It was a good move. The business thrived because she took advantage of a market that was ripe for the taking. But she missed the children's faces. She kept the high-end cake part of her business, but she brought back the brownies and added cookies. One evening each week, Jennifer holds an open house. Kids are invited to sample the goodies at no charge. Their parents buy more to take home, and they remember Jennifer when there's a need for a high-end cake.
If you move completely away from your business core, you are leaving something behind. Perhaps, as in Jennifer's case, you can incorporate that previous dream into the new entity and be a better business because of it.
Example: Josh is an environmental engineer. Frequently, he gets caught up in the lengthy permitting process for a project. Getting permits in place means keeping abreast of local regulations and permits, and this saps his time and energy. He decided to put part of the process onto his clients--he required them to go for permits and deal with the local bureaucracies. This left Josh with more time to devote to his first love--environmental engineering. But clients resisted his new procedures, and he lost some work because of it. He did a U-turn and, again, as before, began offering to handle the whole project, end to end.
What saves you time might weigh heavily on your customers/clients. Changing the way you offer your goods/services can have dire consequences in the marketplace. People know what they want, and they trust you to provide it.
I am reminded of the robins that return year after year to the nest they long ago built under the eaves of my front porch. When they find something that works, birds don't change their core. I am the customer of these robins, and I look forward to their return year after year.
Your business core is who you are. The business, along with you, can change, grow, expand, and even go off in a new direction. Just be careful messing with your original dream.
Thursday, December 18, 2014
Street smarts
Free daily tips, information, advice, and ideas
to help you better operate your small business.
Stores and salons, coffee shops and cafes line Main Street everywhere. This is where small business lives. Gas stations, chiropractors, and garden centers--these make America work.
The media pretty much ignore Main Street. They pay attention to Wall Street where big business congregates. Every day the New York Stock Exchange closing prices are announced with gusto.
Wall Street is the world's largest casino. It's all about guessing the future and playing the odds. Who will be worth how much tomorrow, and how much should we discount that?
Meanwhile, there are upwards of 25 million small businesses in the country, and they provide most of the jobs. Main Street is all about today. Who's buying what and how much will they pay for this or that? Main Street is where the rubber meets the road in the national economy. It's where America lives.
But the elephant in the room is K Street. This is where lawyers and lobbyists have taken up residence in Washington DC. The silk suits who inhabit K Street are all about making the future happen to the liking of their special interest clients. A steady stream of big bucks flows through K Street and into the halls of the federal government. How can we influence what Congress does and how much will it cost us?
Small businesses on Main Street are left out in the cold. Yes, the U. S. Chamber of Commerce and other organizations such as the National Federation of Independent Business claim to represent Main Street. But, taken together, these two groups account for fewer than a million members.
What's a small business owner to do? Main Street faces its struggles alone. You and almost all of your small business compatriots must keep the national ship afloat--with precious little help. Wall Street and K Street are doing their own thing. And the media, having little appreciation for business and economics, post a daily menu of juicy sensationalism.
Keep on truckin' and never, never give up! You are the backbone of the nation.
Two things in the U. S. Constitution account for our economic success--private ownership of property and contract law. Even the Chinese came to recognize the value of these principles. When they put them in place back in the 1980s, look what happened.
to help you better operate your small business.
Stores and salons, coffee shops and cafes line Main Street everywhere. This is where small business lives. Gas stations, chiropractors, and garden centers--these make America work.
The media pretty much ignore Main Street. They pay attention to Wall Street where big business congregates. Every day the New York Stock Exchange closing prices are announced with gusto.
Wall Street is the world's largest casino. It's all about guessing the future and playing the odds. Who will be worth how much tomorrow, and how much should we discount that?
Meanwhile, there are upwards of 25 million small businesses in the country, and they provide most of the jobs. Main Street is all about today. Who's buying what and how much will they pay for this or that? Main Street is where the rubber meets the road in the national economy. It's where America lives.
But the elephant in the room is K Street. This is where lawyers and lobbyists have taken up residence in Washington DC. The silk suits who inhabit K Street are all about making the future happen to the liking of their special interest clients. A steady stream of big bucks flows through K Street and into the halls of the federal government. How can we influence what Congress does and how much will it cost us?
Small businesses on Main Street are left out in the cold. Yes, the U. S. Chamber of Commerce and other organizations such as the National Federation of Independent Business claim to represent Main Street. But, taken together, these two groups account for fewer than a million members.
What's a small business owner to do? Main Street faces its struggles alone. You and almost all of your small business compatriots must keep the national ship afloat--with precious little help. Wall Street and K Street are doing their own thing. And the media, having little appreciation for business and economics, post a daily menu of juicy sensationalism.
Keep on truckin' and never, never give up! You are the backbone of the nation.
Two things in the U. S. Constitution account for our economic success--private ownership of property and contract law. Even the Chinese came to recognize the value of these principles. When they put them in place back in the 1980s, look what happened.
Wednesday, December 17, 2014
Daily hustle
Free daily tips, information, advice and ideas
from actual small business experiences.
It began many years ago when I was in college. To pay my way, I always had two or three part time jobs. Classes were every day, but these were just the beginning of the schedule.
If it's Tuesday afternoon, I'm working in the library's stacks. Thursday evenings, sweep the floors of the local drugstore. Every day, find the time to edit the student newspaper and study all those organic chemistry equations.
At some point, I began keeping a written list of things to be done. It was always with me. As I thought of things, I would jot them down on my list. As the list grew, I began another list--one for today and one for tomorrow.
I came to depend on my lists. I didn't have to clutter up my thinking by remembering all the things I had to do. I simply consulted my list, checking off those things done and adding additional items as they occurred to me.
Keeping a daily list organizes you. It frees up your thinking so you can concentrate on other things--like being creative, dreaming, planning, thinking through ideas. The daily grind is kept in strict perspective because it's on the list. Meeting schedules becomes a breeze.
Joining Corporate America after college, my daily list grew. It included items with a star beside some of them. These were the things important to the boss. They took priority over the others on the list. My desk was a mess, but my list organized me.
When I left Corporate America and set up my own business, that's when the list came to full maturity. Follow up with my last customer. Meet the banker. Update insurance coverage. Do some tax planning with my accountant. Order supplies. Interview a prospective employee. Take out the trash.
My daily list became a weekly list. A small business has many more things to be accomplished. Attend a networker on Wednesday. Meet a new client Friday for breakfast. Call three new suppliers and home in on one to deal with.
In business, the list becomes a record--the date you bought that new car, the date you applied for the loan, the date you looked at new space and signed the lease, the date you first talked with that new prospect. All these dates exist in papers you've collected, but your list pulls everything together in one place. These days you can maintain a list on that latest electronic device you carry around with you.
Retired now, I still do a daily list. Out of habit, I still do it on paper--I don't have to worry about a virus wiping everything out or a power breakdown. It is a useful habit, and I recommend it. Critical things to do today get done and checked off. I look at the list two or three times a day to make sure I'm on track. New items are added as they occur to me.
No matter how you do it, get the crap out of your head and onto a list. You'll then have more time to think about the important stuff. Free up some brain cells to dream about next year instead of increasing your stress trying to remember what has to be done today.
A daily list is a good way to collect information you'll need for your business plan. No mistake about it, you'll need a business plan--not just to support a loan request, but for the growth of your business.
from actual small business experiences.
It began many years ago when I was in college. To pay my way, I always had two or three part time jobs. Classes were every day, but these were just the beginning of the schedule.
If it's Tuesday afternoon, I'm working in the library's stacks. Thursday evenings, sweep the floors of the local drugstore. Every day, find the time to edit the student newspaper and study all those organic chemistry equations.
At some point, I began keeping a written list of things to be done. It was always with me. As I thought of things, I would jot them down on my list. As the list grew, I began another list--one for today and one for tomorrow.
I came to depend on my lists. I didn't have to clutter up my thinking by remembering all the things I had to do. I simply consulted my list, checking off those things done and adding additional items as they occurred to me.
Keeping a daily list organizes you. It frees up your thinking so you can concentrate on other things--like being creative, dreaming, planning, thinking through ideas. The daily grind is kept in strict perspective because it's on the list. Meeting schedules becomes a breeze.
Joining Corporate America after college, my daily list grew. It included items with a star beside some of them. These were the things important to the boss. They took priority over the others on the list. My desk was a mess, but my list organized me.
When I left Corporate America and set up my own business, that's when the list came to full maturity. Follow up with my last customer. Meet the banker. Update insurance coverage. Do some tax planning with my accountant. Order supplies. Interview a prospective employee. Take out the trash.
My daily list became a weekly list. A small business has many more things to be accomplished. Attend a networker on Wednesday. Meet a new client Friday for breakfast. Call three new suppliers and home in on one to deal with.
In business, the list becomes a record--the date you bought that new car, the date you applied for the loan, the date you looked at new space and signed the lease, the date you first talked with that new prospect. All these dates exist in papers you've collected, but your list pulls everything together in one place. These days you can maintain a list on that latest electronic device you carry around with you.
Retired now, I still do a daily list. Out of habit, I still do it on paper--I don't have to worry about a virus wiping everything out or a power breakdown. It is a useful habit, and I recommend it. Critical things to do today get done and checked off. I look at the list two or three times a day to make sure I'm on track. New items are added as they occur to me.
No matter how you do it, get the crap out of your head and onto a list. You'll then have more time to think about the important stuff. Free up some brain cells to dream about next year instead of increasing your stress trying to remember what has to be done today.
A daily list is a good way to collect information you'll need for your business plan. No mistake about it, you'll need a business plan--not just to support a loan request, but for the growth of your business.
Tuesday, December 16, 2014
Size & location
Free daily tips, information, advice and ideas
from experience in small businesses.
Renting the space you need for your business can be nerve-wracking. Size and location are two of the main considerations. Cost is another concern, along with length of lease and landlord.
Location: Some businesses can be run out of your garage. Others benefit from a high traffic location. Still others are unique enough that your clients/customers will seek you out, no matter where you are located. And then there are those that only ship out to fill incoming orders.
Consider locating or expanding your sporting goods store in a farmer's country barn. A used car lot might benefit from being located on a busy thoroughfare, but a travel agency can attract people to a website in your home office. A frozen yogurt operation can do well on a small town's Main Street or in a mall, but a shop that machines widgets can be just about anywhere.
Two things are of major importance when considering location--your business plan for the future and pertinent zoning regulations. Is there a location impact in your plans? Is the neighborhood in transition--where is it headed? Are there plans afoot to raze the building in 3 or 5 years? Talking with a local real estate professional can provide some answers.
Size: Some business owners walk into a prospective space, make an intuitive guesstimate about the size, and sign on the dotted line. A much more prudent approach is to look to your business plan.
If you are opening a restaurant, what's the number of tables you need to generate the income you've projected in your business plan? What percentage of the tables will be filled? If you are performing accounting services for clients, how much space do you need as you hire additional employees?
If you are a therapist or chiropractor planning to expand into a wellness center in the future, can this space accommodate those plans? Will you need open spaces? A big reception area? A series of offices? Will you be able to expand here or will you be searching again in 3 years?
Every business needs space in which to operate. Even a virtual business operated entirely on the Internet requires a place somewhere to operate--and I don't mean making calls and contacts over the Wi-Fi in the local cafe. Translate your current and future business plan into a floor plan that will accommodate today and tomorrow.
Elsewhere in this series, I have discussed how to negotiate with a landlord. Even if you work at home, you need to set aside space and pay yourself some rent--talk to your tax professional about how to do this so you don't run into problems later on.
from experience in small businesses.
Renting the space you need for your business can be nerve-wracking. Size and location are two of the main considerations. Cost is another concern, along with length of lease and landlord.
Location: Some businesses can be run out of your garage. Others benefit from a high traffic location. Still others are unique enough that your clients/customers will seek you out, no matter where you are located. And then there are those that only ship out to fill incoming orders.
Consider locating or expanding your sporting goods store in a farmer's country barn. A used car lot might benefit from being located on a busy thoroughfare, but a travel agency can attract people to a website in your home office. A frozen yogurt operation can do well on a small town's Main Street or in a mall, but a shop that machines widgets can be just about anywhere.
Two things are of major importance when considering location--your business plan for the future and pertinent zoning regulations. Is there a location impact in your plans? Is the neighborhood in transition--where is it headed? Are there plans afoot to raze the building in 3 or 5 years? Talking with a local real estate professional can provide some answers.
Size: Some business owners walk into a prospective space, make an intuitive guesstimate about the size, and sign on the dotted line. A much more prudent approach is to look to your business plan.
If you are opening a restaurant, what's the number of tables you need to generate the income you've projected in your business plan? What percentage of the tables will be filled? If you are performing accounting services for clients, how much space do you need as you hire additional employees?
If you are a therapist or chiropractor planning to expand into a wellness center in the future, can this space accommodate those plans? Will you need open spaces? A big reception area? A series of offices? Will you be able to expand here or will you be searching again in 3 years?
Every business needs space in which to operate. Even a virtual business operated entirely on the Internet requires a place somewhere to operate--and I don't mean making calls and contacts over the Wi-Fi in the local cafe. Translate your current and future business plan into a floor plan that will accommodate today and tomorrow.
Elsewhere in this series, I have discussed how to negotiate with a landlord. Even if you work at home, you need to set aside space and pay yourself some rent--talk to your tax professional about how to do this so you don't run into problems later on.
Monday, December 15, 2014
Time to hire
Free daily tips, information, advice and ideas
for managing and growing your small business.
You are always short-handed in small business. Never do you have all the help you could use. So you tend to do everything yourself--including taking out the trash.
You started your business because you had a passion. Maybe it was baking or yoga, engineering or repairing automobiles.
But the time it takes for you to do everything has become too much. It's cutting into sleep time, and you could use a vacation. You are absorbing too much of the activity.
If you cannot afford to add a full time employee, consider a part timer. High school and college students always need a little extra money. You can hire one for 3 or 4 hours a day. Retirees also need more money and want to keep busy--a valuable asset to them and you.
You might consider bringing in an intern. Not every business is an appropriate venue for an intern. But a law office, a chef, an insurance agency, a small advertising firm, even a specialty grower of plants, and others can bring interns into their operations. Interns work for the experience and little pay is involved compared to a full time experienced employee.
If you decide to add a full time employee, consider the position carefully. This is an opportunity for you to extend yourself. It's a time to carve out those activities that take up lots of your time and turn them over to the new person. Or it's a time to bring in new talent--someone who can do things that you don't know how to do. Whatever the case, write down the things that you expect the new person to do--and then talk it over with them.
Whichever path you take--part timers, interns, or full time employees--you are extending yourself. Then, you can concentrate on the parts of the business that you enjoy and the parts that are critical to the future of the business. Extending yourself allows you--and the business--to grow.
It's time to hire when you get yourself overworked. Just make sure that your new hire fits into your long range plans.
New employees need to be trained. I've found that I can train a person to do just about anything. What you look for is someone who knows how to apply himself/herself to the tasks at hand, comes to work on time, has an interest in your business, and shows self discipline and integrity.
for managing and growing your small business.
You are always short-handed in small business. Never do you have all the help you could use. So you tend to do everything yourself--including taking out the trash.
You started your business because you had a passion. Maybe it was baking or yoga, engineering or repairing automobiles.
But the time it takes for you to do everything has become too much. It's cutting into sleep time, and you could use a vacation. You are absorbing too much of the activity.
If you cannot afford to add a full time employee, consider a part timer. High school and college students always need a little extra money. You can hire one for 3 or 4 hours a day. Retirees also need more money and want to keep busy--a valuable asset to them and you.
You might consider bringing in an intern. Not every business is an appropriate venue for an intern. But a law office, a chef, an insurance agency, a small advertising firm, even a specialty grower of plants, and others can bring interns into their operations. Interns work for the experience and little pay is involved compared to a full time experienced employee.
If you decide to add a full time employee, consider the position carefully. This is an opportunity for you to extend yourself. It's a time to carve out those activities that take up lots of your time and turn them over to the new person. Or it's a time to bring in new talent--someone who can do things that you don't know how to do. Whatever the case, write down the things that you expect the new person to do--and then talk it over with them.
Whichever path you take--part timers, interns, or full time employees--you are extending yourself. Then, you can concentrate on the parts of the business that you enjoy and the parts that are critical to the future of the business. Extending yourself allows you--and the business--to grow.
It's time to hire when you get yourself overworked. Just make sure that your new hire fits into your long range plans.
New employees need to be trained. I've found that I can train a person to do just about anything. What you look for is someone who knows how to apply himself/herself to the tasks at hand, comes to work on time, has an interest in your business, and shows self discipline and integrity.
Friday, December 12, 2014
Going for loans
Free daily tips, information, advice and ideas,
with examples from small businesses.
All this week I've talked about business planning. People in small businesses are always planning, but it's usually short-term. The nature of your operation means you are continually thinking about tomorrow, next week and next month--not next year.
Long-term planning is frequently put off. It's not an immediate concern. But it should be done from time to time. Get yourself in a quiet place and think about next year and beyond.
Every business needs funding to expand and grow. Unless you generate excess cash internally, you go outside to find capital.
Small banks have traditionally filled this role. They were the go-to place for expansion funding. But that is changing.
Galloping technology is providing another answer. Other players have moved into the loan market. There are dozens of lenders out there who will loan you money, either personally or for the business. Do a Google search "Business Loans" and a long list of these firms will fly back at you.
Example: Lending Club does personal loans up to $35,000 and business loans up to $300,000. This is not some questionable upstart--it has a history dating back more than 5 years. Lending Club is a peer-to-peer lender that made its debut on the New York Stock Exchange this week. It is an online marketplace that puts people like you in front of prospective investors. You agree to a fixed rate for 1 to 5 years of monthly repayments. The funding agreed to shows up in your bank account in a few days. You apply online and get approval in as little as 5 minutes. Yes, fees are involved and an interest rate applies, but these can be less than you pay on credit cards and banks. This is not a recommendation; rather, it is a possibility for you to thoroughly check out before taking any plunge. Go to LendingClub.com for more.
Example: Another possibility is Prosper Marketplace. This company offers fixed rate unsecured loans from $2,000 to $35,000 with a 3 to 5 year payback. Rates and choices can vary depending on your situation. There is an online application and turnaround is faster than you might expect from your local bank. Again, this is not a recommendation; rather, it is a possibility for you to thoroughly check out before agreeing to anything. For more information, go go Prosper.com.
Example: OnDeck is another online lender, providing loans to small and medium-sized businesses only. No start-ups, just operations that have been in business at least one year and have $100,000 in revenue. Fast decisions here and fast funding. This company launched operations in 2007 and makes loans in all 50 states. Again, I am not recommending this company; rather, it is a possibility for you to consider and check out yourself. For more information, go to OnDeck.com.
There are many others. If you have funded your business using credit cards, you might be able to consolidate at a lower interest rate than you are now paying. Or, if you need funding to grow and expand your business, check out the online lenders. Whatever you do, make certain that any arrangement you agree to fits into your long-range business plan.
Developing your business plan gives lenders confidence that you know what you are doing, that you know your market, and that you'll be able to pay them back. Local banks have been the traditional source for loans to local businesses. Today, more possibilities exist. You deserve to check out whether or not these work in your situation.
with examples from small businesses.
All this week I've talked about business planning. People in small businesses are always planning, but it's usually short-term. The nature of your operation means you are continually thinking about tomorrow, next week and next month--not next year.
Long-term planning is frequently put off. It's not an immediate concern. But it should be done from time to time. Get yourself in a quiet place and think about next year and beyond.
Every business needs funding to expand and grow. Unless you generate excess cash internally, you go outside to find capital.
Small banks have traditionally filled this role. They were the go-to place for expansion funding. But that is changing.
Galloping technology is providing another answer. Other players have moved into the loan market. There are dozens of lenders out there who will loan you money, either personally or for the business. Do a Google search "Business Loans" and a long list of these firms will fly back at you.
Example: Lending Club does personal loans up to $35,000 and business loans up to $300,000. This is not some questionable upstart--it has a history dating back more than 5 years. Lending Club is a peer-to-peer lender that made its debut on the New York Stock Exchange this week. It is an online marketplace that puts people like you in front of prospective investors. You agree to a fixed rate for 1 to 5 years of monthly repayments. The funding agreed to shows up in your bank account in a few days. You apply online and get approval in as little as 5 minutes. Yes, fees are involved and an interest rate applies, but these can be less than you pay on credit cards and banks. This is not a recommendation; rather, it is a possibility for you to thoroughly check out before taking any plunge. Go to LendingClub.com for more.
Example: Another possibility is Prosper Marketplace. This company offers fixed rate unsecured loans from $2,000 to $35,000 with a 3 to 5 year payback. Rates and choices can vary depending on your situation. There is an online application and turnaround is faster than you might expect from your local bank. Again, this is not a recommendation; rather, it is a possibility for you to thoroughly check out before agreeing to anything. For more information, go go Prosper.com.
Example: OnDeck is another online lender, providing loans to small and medium-sized businesses only. No start-ups, just operations that have been in business at least one year and have $100,000 in revenue. Fast decisions here and fast funding. This company launched operations in 2007 and makes loans in all 50 states. Again, I am not recommending this company; rather, it is a possibility for you to consider and check out yourself. For more information, go to OnDeck.com.
There are many others. If you have funded your business using credit cards, you might be able to consolidate at a lower interest rate than you are now paying. Or, if you need funding to grow and expand your business, check out the online lenders. Whatever you do, make certain that any arrangement you agree to fits into your long-range business plan.
Developing your business plan gives lenders confidence that you know what you are doing, that you know your market, and that you'll be able to pay them back. Local banks have been the traditional source for loans to local businesses. Today, more possibilities exist. You deserve to check out whether or not these work in your situation.
Thursday, December 11, 2014
Even more about planning
Free daily tips, information, advice, and ideas
with examples from small businesses.
The heart of business planning is marketing. I've written a lot about this in the past in this blog--especially over the past two days.
When you apply for a loan, however, the lender wants as much information as you can provide. A formal, written business plan must cover other aspects of you and your business.
Example: In one of my own businesses, I once applied to a bank for a substantial loan. They wanted to know all of my personal history as well as the complete background information on my company for the previous five years. So much for yesterday. Then, they wanted to know how I had arrived at the $100,000 I was requesting--they wanted to know the future. How would I spend the funds? How did I know I was requesting enough? How would I pay them back? How would I handle sales problems as they surely would arise? How would I handle competition? How would I ride through a general economic downturn? How well did I know my industry? The questions seemed endless, but I had to admit they were pertinent. After all, the bank was considering putting $100,000 on the table, and they wanted assurances that I could be trusted and would pay back the loan. Then came the kicker. Not only did they want answers to all their questions, but they wanted everything turned into numbers projected forward for five years.
Reducing verbiage to hard numbers is like wringing all the water out of a wet towel. When you do the numbers, all the crap disappears. Your history to date and your projections into the future--this is where the rubber meets the road.
The numbers give validity to all that you say in a written plan. This is where you convince someone else that they can believe in your market projections.
For more on planning, see previous blogs--Planning Box, Business Check-up, Daily Planning, etc. Don't neglect the planning part of running your small business. It's some of the most important work you will ever do.
with examples from small businesses.
The heart of business planning is marketing. I've written a lot about this in the past in this blog--especially over the past two days.
When you apply for a loan, however, the lender wants as much information as you can provide. A formal, written business plan must cover other aspects of you and your business.
Example: In one of my own businesses, I once applied to a bank for a substantial loan. They wanted to know all of my personal history as well as the complete background information on my company for the previous five years. So much for yesterday. Then, they wanted to know how I had arrived at the $100,000 I was requesting--they wanted to know the future. How would I spend the funds? How did I know I was requesting enough? How would I pay them back? How would I handle sales problems as they surely would arise? How would I handle competition? How would I ride through a general economic downturn? How well did I know my industry? The questions seemed endless, but I had to admit they were pertinent. After all, the bank was considering putting $100,000 on the table, and they wanted assurances that I could be trusted and would pay back the loan. Then came the kicker. Not only did they want answers to all their questions, but they wanted everything turned into numbers projected forward for five years.
Reducing verbiage to hard numbers is like wringing all the water out of a wet towel. When you do the numbers, all the crap disappears. Your history to date and your projections into the future--this is where the rubber meets the road.
The numbers give validity to all that you say in a written plan. This is where you convince someone else that they can believe in your market projections.
For more on planning, see previous blogs--Planning Box, Business Check-up, Daily Planning, etc. Don't neglect the planning part of running your small business. It's some of the most important work you will ever do.
Wednesday, December 10, 2014
More about planning
Free daily tips, information, advice, and ideas
for small business with examples from small businesses.
Planning comes naturally to the small business owner. You tend to concentrate on where you're headed and what needs to be done today to get to tomorrow.
The past is important. It teaches us valuable lessons. Good and bad avenues have been traveled by all of us. We owe it to ourselves to learn from the past.
But business planning is all about tomorrow. And nothing in your future is more important than the markets you serve.
Your customers determine your future. That outrageously complex computer game you devised will not turn into a business if no one buys it. That new beer you brewed and bottled will remain on shelves if no one buys it. And you grow tired of looking at all those pictures you painted that stare back at you in your studio.
Start your planning process with the most important aspect--marketing. Like the good witch says in the Wizard of Oz, the place to begin is at the beginning. And the beginning of your business plan is with marketing. Today's marketing.
Who are your customers? How do you find them? Is their need a continuing one that you can supply? How will you expand the customer base in the future? What's the competition? Have you accounted for the changes that future technology will impose? Is marketing and selling one of your strengths? If not, how will you compensate?
The answers to these questions will help you through the daily grind. The answers also provide the basis for the most important part of your business plan. You can carry it around in your head, or you can write it down. Writing it down will bring new questions to mind.
Writing a business plan is not difficult. Start by jotting down ideas and thoughts as they occur to you. I've done this in the past--I simply collected the pieces of paper in a box and after a month or so, picked through them. Those ideas that made sense I put together into a brief write-up. This is the beginning. Do this several times, and you'll see a business plan emerge for your future business.
This gets you started on a business plan. Tomorrow, I'll write more about this and the next step. Stay tuned.
Don't neglect planning. Whether you do it in your head or on paper, it's some of the most important work you'll do. Ultimately, you want to know where you're headed so you can take some steps to get there. Otherwise, your business will meander along and your daily work will gradually lock you into a path that you might not want.
for small business with examples from small businesses.
Planning comes naturally to the small business owner. You tend to concentrate on where you're headed and what needs to be done today to get to tomorrow.
The past is important. It teaches us valuable lessons. Good and bad avenues have been traveled by all of us. We owe it to ourselves to learn from the past.
But business planning is all about tomorrow. And nothing in your future is more important than the markets you serve.
Your customers determine your future. That outrageously complex computer game you devised will not turn into a business if no one buys it. That new beer you brewed and bottled will remain on shelves if no one buys it. And you grow tired of looking at all those pictures you painted that stare back at you in your studio.
Start your planning process with the most important aspect--marketing. Like the good witch says in the Wizard of Oz, the place to begin is at the beginning. And the beginning of your business plan is with marketing. Today's marketing.
Who are your customers? How do you find them? Is their need a continuing one that you can supply? How will you expand the customer base in the future? What's the competition? Have you accounted for the changes that future technology will impose? Is marketing and selling one of your strengths? If not, how will you compensate?
The answers to these questions will help you through the daily grind. The answers also provide the basis for the most important part of your business plan. You can carry it around in your head, or you can write it down. Writing it down will bring new questions to mind.
Writing a business plan is not difficult. Start by jotting down ideas and thoughts as they occur to you. I've done this in the past--I simply collected the pieces of paper in a box and after a month or so, picked through them. Those ideas that made sense I put together into a brief write-up. This is the beginning. Do this several times, and you'll see a business plan emerge for your future business.
This gets you started on a business plan. Tomorrow, I'll write more about this and the next step. Stay tuned.
Don't neglect planning. Whether you do it in your head or on paper, it's some of the most important work you'll do. Ultimately, you want to know where you're headed so you can take some steps to get there. Otherwise, your business will meander along and your daily work will gradually lock you into a path that you might not want.
Tuesday, December 9, 2014
Business planning
Free daily tips, information, advice, and ideas
with real life examples from small businesses.
Every small business needs to construct a business plan. You deserve the benefits that a business plan can give you.
The business plan forces you to face your future. It becomes a sounding board for you as you move forward. It can help you stay on track toward the successful operation you have in mind. It can help you put all the day-to-day distractions into a longer range perspective.
All of these are valuable. So how do you prepare your very own business plan?
You can find many business plan outlines by doing a Google search. Some are free, others are come-ons to get you to buy into additional services.
Business plans, no matter the cost and no matter who does them, basically boil down to one thing. Business planning is all about the market.
Your business sells products/services. You target a market and the market responds. Defining that market is where you begin.
Who are your target clients/customers? How will you attract them? How will you price your products/services? How much will they spend? Why will they keep coming back?
When you've answered all the market questions that are relevant, you're ready for the next step. Turn everything into numbers.
A business plan is much more than words. When you turn your wordy answers into numbers, reality sets in. Numbers bring brutal honesty to the process.
This is not to disparage intuition. You can feel in your gut a market developing. You want to serve and exploit the possibilities. But translating your intuition into hard numbers can put a better face on your business plan. And save you from some disasters.
Only if the numbers work do you proceed to put your plan into operation. If the numbers identify a glitch, then this must be solved before proceeding.
For example, you might identify a market segment that works on paper, but it is not big enough to justify going entirely in that direction with your business. It might be a sideline or an additional source of revenue to your business but not much of a business in itself. If this emerges on paper with the numbers, then you don't want to head off in that direction. Sidelines can be important in any business, and they might develop into full businesses in the future, but it's a watch and wait proposition.
My father ran a large dairy farm. He did all his planning in his head and he was very successful. But as I was growing up, I sometimes saw him sitting bent over a piece of paper--doing the numbers. It was a lesson that has stuck with me.
with real life examples from small businesses.
Every small business needs to construct a business plan. You deserve the benefits that a business plan can give you.
The business plan forces you to face your future. It becomes a sounding board for you as you move forward. It can help you stay on track toward the successful operation you have in mind. It can help you put all the day-to-day distractions into a longer range perspective.
All of these are valuable. So how do you prepare your very own business plan?
You can find many business plan outlines by doing a Google search. Some are free, others are come-ons to get you to buy into additional services.
Business plans, no matter the cost and no matter who does them, basically boil down to one thing. Business planning is all about the market.
Your business sells products/services. You target a market and the market responds. Defining that market is where you begin.
Who are your target clients/customers? How will you attract them? How will you price your products/services? How much will they spend? Why will they keep coming back?
When you've answered all the market questions that are relevant, you're ready for the next step. Turn everything into numbers.
A business plan is much more than words. When you turn your wordy answers into numbers, reality sets in. Numbers bring brutal honesty to the process.
This is not to disparage intuition. You can feel in your gut a market developing. You want to serve and exploit the possibilities. But translating your intuition into hard numbers can put a better face on your business plan. And save you from some disasters.
Only if the numbers work do you proceed to put your plan into operation. If the numbers identify a glitch, then this must be solved before proceeding.
For example, you might identify a market segment that works on paper, but it is not big enough to justify going entirely in that direction with your business. It might be a sideline or an additional source of revenue to your business but not much of a business in itself. If this emerges on paper with the numbers, then you don't want to head off in that direction. Sidelines can be important in any business, and they might develop into full businesses in the future, but it's a watch and wait proposition.
My father ran a large dairy farm. He did all his planning in his head and he was very successful. But as I was growing up, I sometimes saw him sitting bent over a piece of paper--doing the numbers. It was a lesson that has stuck with me.
Monday, December 8, 2014
Raising prices
Free daily tips, information, advice, and ideas
with examples from small businesses.
Most small businesses operate on a thin margin. Income scarcely exceeds expenses, leaving little to grow and expand.
If this describes your situation, you might give some thought to your pricing. You might be letting your competition guide your pricing, instead of the marketplace.
The market for goods and services is all over the place. You can price low and attract the bargain seekers. You can price to meet the competition and struggle to bring clients and customers to you instead of your competitors. Or you can price higher and attract a higher end market segment.
Example: A baker will not sell many cupcakes carrying a price tag of $100 each. But that same baker can sell a creatively designed cake for a special occasion at $100--or more.
Example: A hairdresser can struggle to make a living pricing haircuts at $10. Raise the price to $50 and the bargain seekers will go somewhere else. Raise the price again, and you'll define who seeks you out for that special haircut.
These two examples show what can happen when you target a certain market segment. Your pricing tends to position your business in the minds of your potential customers. Higher pricing tends to attract a different group of people.
Figuring out and targeting your client/customer base is crucial to growing a healthy business. Adjusting your pricing to a particular market segment helps you do this. You want clients/customers who appreciate--and will pay for--your quality product/service and your superior customer service. You price to attract these people.
Example: A fabric artist who designs and sells women's accessories priced competitively with WalMart will struggle to make a living. By raising prices for a scarf to $75 or more, the WalMart shoppers are weeded out in favor of a more selective and appreciative crowd.
Example: A pet groomer who offers an inexpensive grooming service can double or triple prices by offering a little more. Get the word out: drop your dog off on the way to work and pick up after work. The groomer not only grooms but "babysits" the dog all day. The client will pay much more for the convenience.
Figure out what market segment you want to serve. Then price accordingly. Price too low, and people think your product/service is not worth much. But by moving to higher pricing, you define the market you want to serve--and you end up with a much healthier business.
Pricing must match the quality of your products/services. Without quality, you can't expect people to pay more. But shoppers are astute--they know what they are paying for. And they'll gladly pay more for quality, creativity, convenience, and good customer service.
with examples from small businesses.
Most small businesses operate on a thin margin. Income scarcely exceeds expenses, leaving little to grow and expand.
If this describes your situation, you might give some thought to your pricing. You might be letting your competition guide your pricing, instead of the marketplace.
The market for goods and services is all over the place. You can price low and attract the bargain seekers. You can price to meet the competition and struggle to bring clients and customers to you instead of your competitors. Or you can price higher and attract a higher end market segment.
Example: A baker will not sell many cupcakes carrying a price tag of $100 each. But that same baker can sell a creatively designed cake for a special occasion at $100--or more.
Example: A hairdresser can struggle to make a living pricing haircuts at $10. Raise the price to $50 and the bargain seekers will go somewhere else. Raise the price again, and you'll define who seeks you out for that special haircut.
These two examples show what can happen when you target a certain market segment. Your pricing tends to position your business in the minds of your potential customers. Higher pricing tends to attract a different group of people.
Figuring out and targeting your client/customer base is crucial to growing a healthy business. Adjusting your pricing to a particular market segment helps you do this. You want clients/customers who appreciate--and will pay for--your quality product/service and your superior customer service. You price to attract these people.
Example: A fabric artist who designs and sells women's accessories priced competitively with WalMart will struggle to make a living. By raising prices for a scarf to $75 or more, the WalMart shoppers are weeded out in favor of a more selective and appreciative crowd.
Example: A pet groomer who offers an inexpensive grooming service can double or triple prices by offering a little more. Get the word out: drop your dog off on the way to work and pick up after work. The groomer not only grooms but "babysits" the dog all day. The client will pay much more for the convenience.
Figure out what market segment you want to serve. Then price accordingly. Price too low, and people think your product/service is not worth much. But by moving to higher pricing, you define the market you want to serve--and you end up with a much healthier business.
Pricing must match the quality of your products/services. Without quality, you can't expect people to pay more. But shoppers are astute--they know what they are paying for. And they'll gladly pay more for quality, creativity, convenience, and good customer service.
Friday, December 5, 2014
Small restaurants
Free daily tips, information and advice for people in small business
from experience--been there, done that in several small operations.
Small restaurants and cafes can go through difficult times. They are among the first businesses to feel the pinch in bad economic times.
They can become neighborhood gathering places and this can be the bedrock on which these operations grow and expand.
Kick-starting small restaurants and cafes to the next level takes careful planning. You don't want to mess with the success you already have, but you need more customers.
Example: Bob decided to add music. He contacted a local Irish music group and found that several members played traditional Irish musical instruments--they got together to practice and this presented them with a problem. Bob offered them exposure at his small restaurant on Sunday afternoons--no payment was involved. Soon, the word spread and a house full of new customers arrived. They came on Sunday afternoons, and they came on other days as well.
To solve your own problem, think outside the box. Sometimes, by solving someone else's problem, you solve your own.
Example: Jackie took an approach that involved her love of different cuisines. Her cafe sat less than 50 people. She was busy at breakfast and lunch, but there was little dinner traffic. She decided to add an International Night on Thursday evenings. She offered a Jamaican night, a Casablanca night, and a Tex-Mex night. By that third week, every seat in the cafe was filled with diners clamoring for more. The idea has generated traffic not otherwise possible, and people are referring others.
Every idea you try might not work. And what works for one place might not work in another. But you never give up.
Example: Frank wanted to expand his restaurant to become the "go-to" place for parties and gatherings. He began putting out the word to organizations, companies, and other groups. Everyone, it seemed, needed a place to hold small gatherings, and he had a large room off the main dining area. Frank could serve up food at a nominal price for big gatherings. As word spread, other people wanted to hold other events at Frank's restaurant. Soon, the place was booked most nights (and some daytime events) with private parties, corporate meetings, birthday celebrations, retirement events, reunions and the like.
You never know where an idea for change will lead you. But you stay on top of your game by thinking through and testing every idea that holds promise.
Owners of small restaurants and cafes can expand the business by making use of downtime and unused space. And, if you are clever about it, it won't mean a large outlay of expansion money. Work with what you have to grow the business. And remember, when you add excitement, the word spreads in the community and referrals come in.
from experience--been there, done that in several small operations.
Small restaurants and cafes can go through difficult times. They are among the first businesses to feel the pinch in bad economic times.
They can become neighborhood gathering places and this can be the bedrock on which these operations grow and expand.
Kick-starting small restaurants and cafes to the next level takes careful planning. You don't want to mess with the success you already have, but you need more customers.
Example: Bob decided to add music. He contacted a local Irish music group and found that several members played traditional Irish musical instruments--they got together to practice and this presented them with a problem. Bob offered them exposure at his small restaurant on Sunday afternoons--no payment was involved. Soon, the word spread and a house full of new customers arrived. They came on Sunday afternoons, and they came on other days as well.
To solve your own problem, think outside the box. Sometimes, by solving someone else's problem, you solve your own.
Example: Jackie took an approach that involved her love of different cuisines. Her cafe sat less than 50 people. She was busy at breakfast and lunch, but there was little dinner traffic. She decided to add an International Night on Thursday evenings. She offered a Jamaican night, a Casablanca night, and a Tex-Mex night. By that third week, every seat in the cafe was filled with diners clamoring for more. The idea has generated traffic not otherwise possible, and people are referring others.
Every idea you try might not work. And what works for one place might not work in another. But you never give up.
Example: Frank wanted to expand his restaurant to become the "go-to" place for parties and gatherings. He began putting out the word to organizations, companies, and other groups. Everyone, it seemed, needed a place to hold small gatherings, and he had a large room off the main dining area. Frank could serve up food at a nominal price for big gatherings. As word spread, other people wanted to hold other events at Frank's restaurant. Soon, the place was booked most nights (and some daytime events) with private parties, corporate meetings, birthday celebrations, retirement events, reunions and the like.
You never know where an idea for change will lead you. But you stay on top of your game by thinking through and testing every idea that holds promise.
Owners of small restaurants and cafes can expand the business by making use of downtime and unused space. And, if you are clever about it, it won't mean a large outlay of expansion money. Work with what you have to grow the business. And remember, when you add excitement, the word spreads in the community and referrals come in.
Thursday, December 4, 2014
Networking ideas
Free daily tips, information, advice, and ideas
with examples of how to do it in small business.
Networking meetings provide good promotional settings for small businesses. A networking meeting puts the focus on the small businesses that serve the neighborhood and surrounding region.
Therapists and chiropractors serve the local community. Florists and caterers reach out beyond the local area to attract customers. And everyone needs clients and customers.
Networking groups are easy to set up and operate. Consider doing one yourself to increase awareness, promote your business, and get more referrals.
Example: Frank operates a fitness studio or gym. Exercise machines and free weights keep clients busy, and Frank offers personal training. To increase his client base and get more referrals, he decided to hold networking meetings. But he did not use the networking name. He put the word out on social media that free demonstrations would be held in the evenings of the first Tuesday of each month. He envisioned the meeting as an open house for other business owners, fitness enthusiasts, corporate desk people, and the general public. He got a local caterer to furnish snacks, a local student band to play a short program, and Frank gave a brief talk about fitness programs and answered all the questions. He did not try to sell anything or sign people up for his fitness programs. The monthly open houses are fun and informative, and they have become a go-to destination for the community.
Example: Sandra is a marketing consultant. She was dissatisfied with the handful of business networking groups in her area. So she decided to start one of her own. She spoke with a local restaurant that had a large meeting room The room was never used in the mornings, so the restaurant owner agreed to let Sandra hold networking meetings there once each month on Wednesdays. People arrive, spend a half-hour milling around, talking with each other, and making new contacts. Sandra arranges for a special speaker for each meeting who discusses a subject of general interest--subjects like social media, mortgages and reverse mortgages, lease negotiations, and the like. There is a $20 charge, but it includes a continental breakfast furnished by the restaurant. Sandra puts the word out on her website and Facebook page. She also has a MeetUp.com site--free for the asking. Her networking sessions have become so popular she is thinking of holding a second one each month in an adjacent town.
Whether you call it an open house or a networking session, it can be a valuable promotional tool for your small business. The key to success, it seems, is to go beyond the simple networking idea. Bring in food, a speaker or demonstration, and perhaps some light entertainment, and you can have a winner.
Networking meetings are NOT business card exchanges. They are much more. Good sessions bring the local community together. Yes, you might exchange business cards, but only after you spend 15 or so minutes getting to know the person in front of you.
with examples of how to do it in small business.
Networking meetings provide good promotional settings for small businesses. A networking meeting puts the focus on the small businesses that serve the neighborhood and surrounding region.
Therapists and chiropractors serve the local community. Florists and caterers reach out beyond the local area to attract customers. And everyone needs clients and customers.
Networking groups are easy to set up and operate. Consider doing one yourself to increase awareness, promote your business, and get more referrals.
Example: Frank operates a fitness studio or gym. Exercise machines and free weights keep clients busy, and Frank offers personal training. To increase his client base and get more referrals, he decided to hold networking meetings. But he did not use the networking name. He put the word out on social media that free demonstrations would be held in the evenings of the first Tuesday of each month. He envisioned the meeting as an open house for other business owners, fitness enthusiasts, corporate desk people, and the general public. He got a local caterer to furnish snacks, a local student band to play a short program, and Frank gave a brief talk about fitness programs and answered all the questions. He did not try to sell anything or sign people up for his fitness programs. The monthly open houses are fun and informative, and they have become a go-to destination for the community.
Example: Sandra is a marketing consultant. She was dissatisfied with the handful of business networking groups in her area. So she decided to start one of her own. She spoke with a local restaurant that had a large meeting room The room was never used in the mornings, so the restaurant owner agreed to let Sandra hold networking meetings there once each month on Wednesdays. People arrive, spend a half-hour milling around, talking with each other, and making new contacts. Sandra arranges for a special speaker for each meeting who discusses a subject of general interest--subjects like social media, mortgages and reverse mortgages, lease negotiations, and the like. There is a $20 charge, but it includes a continental breakfast furnished by the restaurant. Sandra puts the word out on her website and Facebook page. She also has a MeetUp.com site--free for the asking. Her networking sessions have become so popular she is thinking of holding a second one each month in an adjacent town.
Whether you call it an open house or a networking session, it can be a valuable promotional tool for your small business. The key to success, it seems, is to go beyond the simple networking idea. Bring in food, a speaker or demonstration, and perhaps some light entertainment, and you can have a winner.
Networking meetings are NOT business card exchanges. They are much more. Good sessions bring the local community together. Yes, you might exchange business cards, but only after you spend 15 or so minutes getting to know the person in front of you.
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