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 A small or outdated gift shop can re-brand itself and grow by addressing this niche market.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.
Tuesday, December 30, 2014
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.
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