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9 alternative ideas for financing your business start up

When I started seriously thinking about my business idea and how I’d launch it, I had a rough idea in my head of what my initial start-up costs were. So one of the first things I’ve been doing is looking into what sort of funding might be available to me.Confident Businesswoman

For the last 5 years the banks have been reluctant to lend money to new start-up businesses. This is well known and it has put a lot of people off even contemplating the idea of giving up a steady job and going it alone.

However, starting a business doesn’t have to mean going down the traditional route of speaking to the bank manager and asking for a loan. I’ve put together below a list of some more creative alternatives to get together the sort of funds you need to make that leap into the dream of working for yourself.

Government business grants

These are a rare sight nowadays unfortunately, but they do exist. The government tends to fund in areas they want to see growth in so some industries are more popular than others. Similarly, some are local to the area you live in and more common to find if you live in a more disadvantaged area.

A really good starting point is the gov.uk which has a easy tool to find finance you might be able to apply for:

https://www.gov.uk/business-finance-support-finder

Support if you are under 30

You lucky people. Not only do you have nice wrinkle-free skin, there are great support organisations for starting a business if you are under 30.

There is a government run loan scheme for anyone 18-30 planning on starting their own business. The website is here:

http://www.startuploans.co.uk/

The Princes Trust is another long well established and long running scheme which can offer you a low interest loan if you are 18-30 and planning on starting your own business. Details can be found on their website:

http://www.princes-trust.org.uk/need_help/enterprise_programme.aspx

Do you like to make things?

There are some great independent websites now to sell handmade goods. So if you are the crafty type, why not create your own little shop online and make and sell a few items in your spare time, using the extra money towards your business? You might even find that these websites are a useful launch pad for your start up if your business idea is to make and sell handmade items. Below are some of the biggest online marketplaces in the UK at the moment:

http://www.etsy.com/

http://www.folksy.com/

http://www.artfire.com/

http://www.coriandr.com/

http://www.notmassproduced.com/

http://www.shoponyourdoorstep.com/

http://en.dawanda.com/

http://www.notonthehighstreet.com/

http://www.allthingsoriginal.com/

http://www.misi.co.uk/

http://bigcartel.com/

http://www.ecrater.co.uk/

http://yokaboo.com/

How about earning some spare cash?

Could you take on a part time job in your local community? Not only will a part time job allow you to get some extra money together for your business start-up, it may also be something you can continue for a while until your business is making enough money to provide you with a salary. If you have specialist expertise in an area, there are some useful websites where you can promote and sell your services:

http://www.peopleperhour.com/ or http://guru.com/ – Peopleperhour and Guru.com are useful sites to have a look on if you have professional skills as it advertises remote work for professionals, mainly writers, technical and business bods, and creatives.

Get people to buy in to your idea (literally)

Crowd funding is the hottest way for start-ups to source funding for their business ideas. They are essentially websites to allow you to pitch your business idea to a group of investors and one or many can choose to invest in your business. Here are some websites to start you off:

http://www.crowdcube.com/

http://www.fundthegap.com/

http://www.wefund.com/

Peer to peer lending

If you are keen on a loan and have a good credit rating, peer to peer lending can offer you more competitive rates than many banks at the moment. Here are some of the top peer to peer sites:

http://uk.zopa.com/

https://www.fundingcircle.com/

http://www.ratesetter.com/

Lending from friends and family

Perhaps you have immediate or extended family that are looking to invest somewhere. Well, they won’t get much from putting their savings in ISAs, where the best rates on the market are 2% or 3%. Perhaps you can offer an alternative; either a higher rate for a loan, or allow them to invest money in exchange for shares in the business.

Working with another business

Is your business complimentary to another business? Perhaps you have common customers and can exploit cross-promotion. It’s worth having a think about whether you can pitch your idea to another company and use their resources, offices, or premises. Perhaps you can sell the idea enough for them to invest in your company. There is a lot of support that an established business can offer to a start-up.

Enter a business competition

There a plenty of business competitions out there for best new business idea, best female entrepreneur, best entrepreneur under 30. They may have cash prizes. Even if you don’t win, they are worth entering just for the exposure they give you, especially if you get shortlisted. Here are some places to start you off:

http://www.shell-livewire.org/ – they have a number of awards for entrepreneurs aged 18-30 with cash prizes of between £1000 and £10000

http://www.enterprisingu.com/ – Arranged by RBS, and is open to students and recent graduates

http://www.mykindacrowd.com/ – another scheme aimed at the younger crowd (16-25) this has a number of smaller ‘challenges’ you can enter and various types of prizes

http://www.joinourcore.com/ – sponsored by Ben and Jerry’s and offering cash prizes for social entrepreneurs across Europe

https://www.thebigawards.co.uk/Page/Home – run by Cisco, with big cash prizes of up to $250000

http://www.nectar.com/dynamic/smallbusiness – each category winner receives a £2000 cash prize

 

About the author:

Lauren is author of http://www.theglitteringeyesbrigade.com and entrepreneur currently in the process of starting her own business in the UK

Sound Advice From Women Who Lead

Erica Moss is the community manager for Georgetown University’s online midwifery programs, which partner with Nursing License Map to offer nursing career resources. She enjoys blogging, TV, pop culture and tweeting @ericajmoss.

After decades of being relegated to the lower rungs of the corporate ladder, an unprecedented number of women are breaking through the glass ceiling to become business leaders. This is due in part to the fact that the number of women starting their own businesses has increased by 20 percent in the past decade. Worldwide, 187 million women are founders and leaders of a business enterprise.

Besides making strides in the business arena, women are having an impact on the field of education. They currently earn more undergraduate and graduate degrees than their male counterparts. For many women, the road to the top begins at the university. This is also reflected by the fact that one-third of all MBA recipients are women – the highest percentage ever.

That’s the good news. The bad news is that the gender gap still exists. About 40 percent of large public companies around have no female board members and only 3.6 percent of Fortune 500 companies are led by a female CEO.

These numbers can be discouraging, but fortunately, some of most successful female business leaders are championing the advancement of their gender by using the media as a forum for discussion. Sheryl Sandberg, COO of Facebook, believes that more women are needed at every organization level, including the top, to ensure that women’s voices are not ignored. Arianna Huffington, media leader and founder of the Huffington Post, would like to see more women overcome their fear of power. Huffington recognizes the discomfort that many women feel when they are confronted with the opportunity to assume power and the tendency to view the traits of a powerful leader as a threat to their femininity.

The ratio between male and female workers is especially unbalanced in the technology sector, with women representing only a quarter of the workforce. Fewer than 5 percent of tech start-ups are owned by women. Blogger Rachel Sklar, who founded the Change the Ratio advocacy website, has made it her mission to remind the “dudes” of technology about the benefits of opening their ranks to women. For example: Companies that have a more even distribution of women at the executive level earn 30 percent more from their IPOs.

Despite the fact that women are underrepresented in the tech industry, many women are making their mark as innovators. The number of women receiving patents has surged in recent years. In 2010, 18 percent of all patents were obtained by women. According to the National Women’s Business Council, women are receiving patents in a wide range of fields, from chemistry, data processing, semi-conductor manufacturing and surgical devices to furnishings and clothing.

Sara Blakely, business founder and patent holder for the SPANX line of foundation garments, urges women innovators to become more adventuresome and less afraid of what they don’t know. According to Blakely, doing things differently due to lack of knowledge can end up being the key to success.

The infographic below shines a spotlight on the role of women in the workplace and provides sound bites from some of the top women leaders in media, technology and commerce.

Women at Work Infographic Via MBA@UNC
Via MBA@UNC: Top MBA Online & Women 2.0

Women at work

MBA for Women

Via HowToMBA and The Forte Foundation

Affordable Websites for Independent Retailers

Free trial of e-commerce solution

Multi-channel commerce is increasingly important and relevant for independent retailers, especially at this time of year when many consumers turn to the Internet to do their Christmas shopping. But without expertise and knowledge, building an e-commerce website can be a minefield as you struggle to find an option that best suits your business, let alone one that is affordable.

With many years experience in designing websites, Kevin Flannigan has set up a 30 day free trial for independent retailers looking to test the water for a new or improved site. The trial also gives you the opportunity to see how much you can do yourself, and how much help you need to get started. The trial uses Magento Go, a scaleable e-commerce package that includes hosting and technical support.

Magento is an open source e-commerce web application that was launched in 2008. At the start of 2012 it had surpassed 4 million downloads worldwide. In fact, the software is so good, in 2010 eBay announced it had made an investment in Magento and by 2011 it owned the software outright.

Magento Go is a streamlined version of Magento. It’s trusted by more than 125,000 businesses worldwide and offers the power and flexibility of Magento at a price that every business can afford. The beauty of Magento Go is the fact that it’s a totally scaleable, hosted e-commerce solution. In times of austerity, having a scaleable ‘one stop shop’ that can be amended very quickly is a great way to control costs.

Kevin recently built and launched the website for Miss Milly, a new supplier of affordable, quality jewellery, and has also worked extensively on retail websites for the fashion, health and beauty industries.

“Miss Milly wanted a reliable platform that showcased its products beautifully with good search facilities whilst also being straightforward to use,” explains Kevin. “Even though the company is a wholesaler, it wanted to have an aesthetic retail feel, which I think we’ve achieved.”

Once you have played around with the trial website, if you wish to go ahead and develop it further, there are different options available from just £9.99 per month. And you will not be left on your own as Kevin offers a variety of design and e-commerce support packages from helping with new branding and logos suitable for online use, to building a website optimised for search engines, setting up a payment provider, and pre and post launch training and support.

With the www.missmilly.co.uk website now live since late August, the company’s managing director, Sarah Watmore, is delighted with the functionality. “Kevin was hugely supportive, creative and proactive throughout the design, development and launch process. He really understood our brief and took a real interest in the business, which has resulted in a fantastic showcase for Miss Milly.

“And with his help, hard work and advice, it has only taken us six weeks to reach page one on Google search for our priority key phrase.”

To start your no risk 30 day free trial, go to www.kevflannigan.co.uk/trial or contact Kevin on 07813 206786 or by email to info@kevflannigan.co.uk for further information or design and project management quotes.

Top 3 Ways to Turn the Right People Away and Stop Wasting Time & Energy so you can Boost your Revenues

  1. When you network/market online or offline, know who you want to reach. If you don’t take time out before you start networking or marketing online you may find yourself just talking to people and ending up making no real business connections. After all, if you don’t know who you’re looking for, what qualities you want these ideal clients to have, or what problems you want your ideal clients to have, then you’re going to have a difficult time finding the “ideal client”. As a result, it is quite likely that your website content will reflect this indecisive thought process, and come across as if you are trying to be all things to all people; not pinpointing an exact issue that visitors to your website can read, picture in their minds, and think “oh, you do this? Well, I have this problem….maybe this company can solve it” or “oh, my friend Mack is having this exact problem! Maybe this company can help…I should tell him about it.” If you don’t communicate clearly what characteristics your ideal client has, people can’t form pictures or pretend scenarios in their minds as to what you do and how you help people, and you end up missing opportunities to build new business relationships. If you communicate clearly what the problem is that you solve and why your ideal client should try you and your company, you end up increasing the likelihood that you will boost your revenues.
  2. When you are marketing and you meet someone – either in person or in an online chat group like linked in or Facebook – pre-qualify your ideal client when you first communicate. And by “pre-qualify” I mean go beyond the basics of asking the person’s name, where they work and whether they need what you are selling. The danger of not pre-qualifying your ideal clients beyond the basics is that if you leave your qualifying questions to those three mentioned above, you are setting yourself up for disappointment down the road when the prospect goes and tells you that – after you have spent time and energy trying to make this person a client – your solution wasn’t really a fit in the first place because of this, that or the other excuse. It is better to ask too many questions up front and find out early on in the sales game that you are not a match, than to spend lots of time and energy communicating with someone who is not a true ideal client (which is very easy to do – especially in this slow global economic recovery we are all experiencing right now). So what kinds of questions do you ask to find out if this new-found friend is indeed an ideal client? Read point three to find out!
  3. If you decide to have a needs analysis meeting, know what questions you need to ask to get the answers you want. So how do you know that? There are typically three things you want to find out from an ideal client:
    1. What are their needs?
    2. What are their preferences?
    3. Where do their strengths/abilities lie?

If in the meeting you discover – for whatever reason – you cannot help this prospect, be up front & tell them. It annoys people to be lied to, deceived or misled, and they could badmouth your company, ruin your hard-earned reputation or worse. In addition, it improves your reputation if you are seen by others in the business community as a trustworthy truth-teller who directs not-so-ideal-clients to others you know and trust that can help your current prospect. If you discover your services/products are a match for what this person needs, give the person 2-3 easy, low- or no-risk ways to move forward and try your product/service. You may be thinking “why do I have to give a prospect the easy way?” The answer is simple: business is built on relationships. Many business owners and executives are too busy with their days as it is. If they become dissatisfied with a current supplier, they may feel uncomfortable that the relationship with that supplier has come to a close, and also may feel stressed by the difficulty of trying to find a trustworthy replacement who is worthy of receiving his hard earned business dollars. Add to this the simple facts that many people in the market-place today do whatever it takes (including embellish the truth or out-right lie) to make a sale, and that many people have been “burned” before by characters who say one thing and do another in attempts to earn a buck, and the consumer is left feeling jaded, probably nervous, and unsure of whether this new business person can be trusted. If you remove some or all of the risk of trying your product or service and you deliver a winning sales presentation, the prospect is more likely to try your product or service to see if you can indeed follow through on what it is you say you will do.

Did you like this article? Was it helpful? Do you want to learn more about how to write sales content that attracts only your ideal clients and convinces them to start sales cycles for you? Do you want to learn more about how to customize qualifying questions so that you can properly filter your prospects list and only deal with truly ideal clients? Book your complimentary 60 minute coaching call – regularly priced at $150, but it is yours for free if you call in the next 3 hours!

About the Author: Alison Silbert is the author of Boost Your Revenues by Turning People Away.  When not running her business Passionate Web Creations, she is a mentor, coach, and teacher, supporting individuals in living their dream of having a successful online business. For more details about the book, email us at info@idealvisitor.com; to order copies of the book go from Amazon.comBarnes & Nobile and http://idealvisitor.com/idealsite/book-2/.

Police Your Own Business! Three Things to Watch for That Could Get Your Business Issued a Warning Ticket

It was a sunny, early spring day and we were on our way to the North Carolina Zoo. While traveling on Highway 49 and enjoying the scenery, we noticed a state trooper. Sure enough, as soon as we made eye contact, we got pulled over. The officer asked my husband T.C. why he was not wearing a seat belt. Well, due to his torn left shoulder, he wore it differently. The state trooper collected his information while we waited silently in the car with T.C.’s favorite NPR show “Car Talk” now turned off. The trooper came back with a warning ticket and informed T.C. that unless he had a doctor’s order, he must wear the seat belt the correct way, meaning visible and not under the arm. It was a relief that T.C. just got a warning ticket, nevertheless, it’s on his driving record now.

In small business, no one polices your business, not even the IRS. Your CPA and the IRS don’t really care whether or not you make a profit, although if you do make a profit, you may end up owing them more money. But they don’t serve as your “cash police.”

How often have you wondered, “how come there is no cash in the business checking account?”

Here are three warnings to be aware of if you want your business to continue to create value. Remember, no one is policing your business but you.

1.       Negative Net Profit – Perhaps you don’t know your net profit until your CPA completes your tax return. I would say that all of my clients do check their profit and loss (P&L) statement on a monthly basis. If you don’t, you should get in the habit of checking that P&L on a regular basis to know whether or not you are running your business with a positive net profit. If you are, congratulations, but if you are not, you just got yourself a “warning ticket.” Analyses are needed before you slash expenses. You might want to start by looking at which product or service can bring in more net profit. Or look at which customers are more profitable than others and why. Often time, increasing company revenue is the best way to get in the black. However, positive net profit does not necessarily mean you’ll have cash in your business checking account, especially if the business is carrying a huge debt that may or may not show on your P&L statement.

2.       Negative Cash Flow – While you are checking your monthly financial statements, you might want also to check your cash flow statement. This tells you how much cash you have on hand. If you have negative cash flow for a while, you may begin to feel like you are running on a treadmill. Borrowing working capital from the bank or an infusion of investment capital may not solve the problem.  Cash Flow Formula:

Net Profit from Business

+     Accounts Receivable at Start

-      Accounts Receivable at End

+     Inventory at Start

-      Inventory at End

+     Accounts Payable at End

-      Accounts Payable at Start

+     Cash from Assets SOLD

-      Cash Paid to Purchase New Assets

+     Depreciation/Amortization

-      Debt at Start

+     Debt at End

=     Cash Flow

By looking at this formula, you can see there are many variables to determine cash flow. For example, you might have positive net profit, yet a huge amount of accounts payable on large outstanding debts. It will be hard to breathe if your business shows a positive net profit, but has very little cash or even a negative cash flow. If you have negative cash flow, your business just got another “warning ticket.”

3.       Not enough Return On Investment – Take the business net profit divided by total assets and you get your return on investment (ROI). Have you done this calculation for your business yet? There are many industry benchmarks you can compare to determine if you have adequate ROI. There are two other types of ROI:

Product ROI = Gross Margin / (Average Inventory + Average Accounts Receivable)

(of that particular product)

Customer ROI = Average Accounts Receivable / Gross Profits

(of that particular customer)

Obviously, you must have GOOD financial data in order to analyze your business. Sometimes it may take up to an entire year to get data clean enough to accurately complete the above analyses and avoid those “warning tickets.” Your CPA may provide such a service on a regular basis for you. If this is very foreign to you, hire a fractional or virtual CFO (Chief Financial Officer) for your business to monitor these vital signs on a monthly basis. That CFO is your safety belt, there to make sure that you not only avoid any “ warning tickets” that go on your record, but also to make sure you don’t endanger yourself and others while on the road.

As a business leader, you’re not only responsible for you and your family, but also people whose families rely on you. So be aware of the warning signals and make sure you are enjoying the ride and not attracting the negative attention that might get you a “warning ticket.” This is fundamental in building value for your business.

Chia-Li Chien, CFP®, CRPC, PMP; Chia-Li “like JOLLY!” Passionate leader of small business strategic value creation & implementation Mastery. She is CEO& chief strategist of Value Growth Institute. Creating business value that transforms your world. She is the Award-Winning author of “Show Me The Money” and you can grab a free sample of “PROFITS MATTER® 1GAP” to grow your business at http://valuegrowthinstitute.com/vgi/1GAPSample

Where does the time go?

Where does the time go?

We all have the same 24-hour day.

Chia-Li Chien | Nov. 10, 2010

Are you exhausted from working IN your business? Many business owners struggle to grow their businesses, but not because they did not have the right tools. Most in fact, have all the tools they need, but are not using them strategically or consistently.

Lily’s business was going gangbusters, and in the spring of 2010 she was busier than ever, thanks to a new email marketing campaign she started. She was able to secure many new clients through that one effort. However, by October 2010, Lily felt her business had decreased considerably, mainly because she had no clients to work with at that point. You see, she had dropped the ball and was no longer running her email campaign on the monthly basis she had begun in the spring. As a result, she found herself with no follow-up calls and her prospects pipeline had dried up.

Joanne conducts annual free seminars every fall, consisting of two seminars every other week for three months. She emails seminar invitations only to her existing clients, asking her clients to bring someone who might be interested. In each of the seminars, she will get an average of thirty-five attendees, ten of whom will book appointments with her team right on the spot. She has been doing this consistently for the past five years. Are her seminar topics really that attractive? Is her email letter really that compelling? According to Joanne, even if you had the worst email letter ever, and the worst seminar topics in the world, if you are consistent, your pipelines will remain filled. It’s the discipline that really matters.

Let’s take a look at two words I have used here and their definitions:

Discipline (according to http://www.merriam-webster.com/dictionary/discipline):
A rule or system of rules governing conduct or activity

Consistent (according to http://www.merriam-webster.com/dictionary/consistent):
Showing steady conformity to character, profession, belief, or custom

So why do business owners struggle to have the discipline to do what they are supposed to do consistently? Well, we live in a multi-media and multi-tasking world, for one thing. One of my business colleagues told me once, “The worst person to work for is YOURSELF.” You put in more hours than ever, are more distracted with many different clients with many different projects, and on top of that, you have a team to manage and new prospects to attract. There are so many things to do and still you may find yourself asking, “Where does the time go?”

Do you remember your college days? You most likely had a set schedule of what day and time to attend the classes you selected. You may or may not have liked the class subject, but at the end of each semester, you probably had completed what you were supposed to do and received a passing grade.

I did the same with my workweek schedule for my business. See below for a sample of what my working week looks like. I’ve also asked my team to know when I am doing what and I do stay on that schedule accordingly.

There are couple things that you might consider:

  • Green Time is your money making time – make it a priority.
  • Client Retention Time is your money making time too – make servicing your clients top priority in your business.
  • Marketing and Sales are Income Generating activities – block them out accordingly if that is your role in your business.
  • Continuing Learning Time. Knowledge helps build your common sense. Remember, you can’t teach others about common sense, but each of us can continue honing our common sense skills through varied training, reading, etc.
  • Personal and Family Time. Take care of yourself in body, mind and spirit. Take time with family as well. I take a 30-minute nap during my 3 to 5 pm block because my brain needs a break before I can continue on. Listen to what your body is telling you – if you’re tired, take a break.

A weekly schedule can help each of your team members too. You see, being organized saves everyone a lot of time in getting the right thing done right!

See my sample week here.

There are a few rules I follow and train my clients and team to follow that you might also want to consider:

•    Don’t return phone calls or emails during the day. Because I am busy servicing scheduled clients and working on scheduled tasks, I only return calls when they are pre-scheduled via email. I return email in the late afternoon or early in the morning. This may not be realistic for your business, nevertheless, set your own rules and train your clients and team accordingly. Remember to stick to your own rules.
•    Use your weekends wisely. Depending on the stage of your business and life, you may be very busy over the weekends. To be quite honest, weekends are my sacred time, and I protect them well. I would rather sacrifice a party, or a hiking trip for a good 2-hour nap to recharge my batteries. Or, I use the weekend to catch up on projects. I enjoy cooking and love to make delicious meals not only for just the weekend, but also preparing them for the week ahead.

I love what I do and am rewarded by watching my clients grow consistently in the right direction. But each successful business owner has their own internal time clock of the best time for doing certain things. Once you get into a routine you can follow, stick with that. Make changes as you see fit. After all, it’s your time – make it worthwhile.

So, where does your TIME go?

Chia-Li Chien, CFP®, CRPC, PMP; helps women entrepreneurs to convert their business into meaningful personal wealth.  She is the author of Show Me The Money and columnist for WomenEntrepreneur.com & Fox Business online.   She is available for consulting, speaking engagements and workshops.  She can be reached at http://www.chialichien.com or jolly@chialichien.com.

Twelve common mistakes to avoid when presenting to investors

Twelve common mistakes to avoid when presenting to investors

Chia-Li Chien | Nov. 16, 2010

I recently had the opportunity to be a mentor, deal screener and speaker for the 4th annual Angle Capital Summit.  Although there were specific things to look for as a deal screener on behalf of the investors, I couldn’t help but to reflect on an article I recently wrote about G.U.P, as well as some of the material in my book Show Me The Money.

Many of the applicants at the Summit looking for funding had very little training in how to prepare a presentation for investors. Most had some type of business plan to start with, but some did not even have an executive summary. If you’re serious about your business, you must be prepared.

So what does an investor look for? Although I acted as a deal screener, I don’t necessarily have any interest in investing in a company I work with, but I do certainly have an interest in seeing that company succeed. As I’ve worked with clients over the years, there are many things we purposely put in place. Owners have to create a win-win situation for themselves and investors. You, as the owner, as well as the investors, are taking a risk on your ideas.
Here are twelve common mistakes to avoid as you prepare your investor presentation:

1.    Having no clear business model. Only one out of ten deals I reviewed had a solid business model. There are three components of a business model:  1) Owner’s passion and business purpose; ideally equaling what the customer is willing to pay you. 2) Core competency of key processes and key resources. 3) Economic engine or profit formula, which includes a plan for diversifying revenue sources.

2.    Not the right time to introduce your idea to the market. Some ideas I saw at the Summit were frankly out of date. If you want to introduce an old idea, make sure to innovate or create a mash-up compelling enough to repackage the idea for presentation.

3.    Not the right place to introduce your idea to the market. Did you do enough market research to present your case? How credible is your source of market research?

4.    Not having the right team of people to implement your idea. Most companies I reviewed are weak on implementation, meaning they were short on resources to implement their ideas. Resources include vendors, and most likely a team of other professionals. Identify them properly.

5.    Not planning to work in and run the business. I’ve seen, over the years, that some people just want the title without the work of the start-up. Well, that’s a good strategy for an exit plan, but at least at the beginning, you must be an integral part of your business, which will help you in the future to know how to react quickly to market changes.

6.    Entering without 10,000 hours of industry experience. Most of the deals I explored at the Summit were from people who did not have actual industry experience. According to research reported in Malcolm Gladwell’s “Outliers,” you need about 10,000 hours of experience in the industry of your business idea. If you personally don’t have it, have someone on your team who does.

7.    Not willing to put your own money into this business. Instead, you only seek ways to use other people’s money. You must invest some of your own “skins” in the game. You can’t expect only to use other people’s hard earned money.

8.    Having no specific go-to-market plan and not considering pull marketing strategy. I consistently see this as a huge problem in investor/business deals. Most people talk about their plan, but fail to be specific on how they will take their products or services into the market. I have seen very few businesses looking for an investor who talk about pull marketing strategy. Both your investors and you need to know how are you going to introduce your products or services into your market.

see mistakes 9 to 12 here.

Not everything has to be perfect in order to find funding, but nevertheless, put your best effort forward to show you are serious about making your business idea work. No one will know you are serious about succeeding until you have a complete plan. The amount of work, research, and thought you put into an entire business plan will speak louder than just a one page executive summary.

Chia-Li Chien, CFP®, CRPC, PMP; helps women entrepreneurs to convert their business into meaningful personal wealth.  She is the author of Show Me The Money and columnist for WomenEntrepreneur.com & Fox Business online.   She is available for consulting, speaking engagements and workshops.  She can be reached at http://www.chialichien.com or jolly@chialichien.com.

Too Much Lemon

Too Much Lemon

Patience is not an entrepreneur’s virtue

Chia-Li Chien | Dec. 8, 2010

Like most immigrants who come to the U.S., I continue to foster my own culture in my family, especially by way of Chinese food. When I first came to the U.S. at age 21, I did not have much cooking experience. Over the 22 years of living here, I kind of made up my own cuisine of mixed Chinese and American food in my day-to-day cooking. However, these days, my teenage daughter loves to “order” her favorite American food while I am preparing meals.

Initially, there were many American recipes that I tried and failed at. I had the most success with recipes from Martha Stewart’s Everyday Food. Their traditional spaghetti and meatballs is at the top of the order list from my daughter. She has a sweet tooth, too and always wants a traditional apple pie. So, once again, I followed a recipe from Everyday Food.

In Chinese cooking, we don’t use many lemons. But I love lemons, especially because they have significantly lowered my cholesterol. So instead of following the recipe and using the juice of half a lemon in the freshly sliced apples, I used the juice from a whole lemon.  Well, you can image the look on my daughter’s face. She did not want to eat that pie at all. I have to admit, it was a bit tart and citric, but I LOVED it. To make sure my husband did not make the same face my daughter had, I left him a big note that night to tell him to make sure he added sugar to his piece of pie if he found it too tart.

The next morning, he told me, “Honey, that is the best traditional apple pie I ever had! There is no tart lemon taste at all.” So I tried it and he was right. You see, T.C. and I love to eat and cook a lot. He immigrated to the U.S. when he was 12 years old, so he knows much more about American cooking than I do. T.C. told me that in fact, the extra lemon might have helped to ripen the apples overnight, actually making the pie filling much sweeter than expected. Guess what, that next day my first homemade traditional apple pie was gone in a very short time. My daughter decided she loved it and the orders are coming in again.

I’ve seen many of my clients without solutions for branding, with difficult to sell goods and services, or painful P & L’s continue to thrive. Why? They persist, waiting it out with patience while demonstrating consistency in their imarketing, sales, and operational processes. Like adding too much lemon in my traditional apple pie, it just goes to show if you are not patient enough, you’ll never get to taste the sweet results.

Of every six new businesses starts, five close in five years according to the Small Business Administration. Many of them survive the first five years, yet still struggle to make ends meet. Depending on whom you speak to, those business failures could be due to:
•    The brand having no stickiness
•    The wrong products/services
•    Not enough profits
•    And other similar reasons

Entrepreneurs are pros at getting their clever, innovative ideas off the ground. However, many fail to have a plan to sustain their big ideas and/or follow through with the plan. Instead, they jump to next hottest idea on businesses promotion without the flexibility needed to make the change. They sometimes drop the ball just when it gets rolling. Patience is not one of the entrepreneur’s typical personality traits.

As an entrepreneur, you might want to consider the following as you expand new ideas, products, and services into the new or same market space. And remember – it takes patience.

Have a 12-Month Marketing CalendarSee sample here from our PROFITS MATTER® 1-Year Growth Action Plan (1GAP).

•    Active Marketing. Consider this your primary marketing method. For example, in professional services, speaking engagements are the best way to market yourself. So make speaking engagement as a part of your Active Marketing.

•    Passive Marketing. Your website, advertising, search engine marketing, articles, blogs, social media are all passive marketing. Consistency is the key here, so consistently engaging in passive marketing will help in the long run.

•    Follow-up. How do you communicate to your prospects and continue to stay in front of them? Tools such as Constant Contact or InfusionSoft can do help you systematically keep in touch with your clients and potential clients.

I don’t believe in any one business solution overly much. Perhaps I did put too much lemon in my homemade traditional apple pie. Just waiting overnight helped to validate a method I can now use the next time. The result was sweet. Remember, patience is a virtue when it comes to marketing your business. The first results may not come out as you expected, but in a while, you may just enjoy results that will have your customers ordering again and again.

Chia-Li Chien, CFP®, CRPC, PMP; helps women entrepreneurs to creating business value that transforms their world.  She is the Award-Winning author of Show Me The Money and columnist for WomenEntrepreneur.com & Fox Business online.   She is available for consulting, speaking engagements and workshops.  She can be reached at http://www.chialichien.com or jolly@chialichien.com.

The Art of Child-Proofing Your Office

A home-based or virtual office is often an irresistible temptation to the young children of a household. The desire to be with the parent who works in the office and to be included in their activities is a powerful attraction. Young children love to mimic the activities they see their parent involved in, whether it be sitting at a big desk with the computer or writing important documents. The key to child-proofing your office is to provide space and materials in a safe environment so the time your child spends there does not upset the productivity and peace of your office, but rather adds to quality time with your child.

Keeping safety as the major motivator, develop a plan of action to make your home office a welcome place for your child to spend time. Some ideas to consider when developing your plan are:

  • Create a distraction. Set aside a corner of the office where you can have a toy box filled with toys that are suitable for the space you have available and is out of the traffic area required for the smooth operation of your business. Encourage your child to keep the toys in the designated area so they don’t become a hazard.
  • Provide materials similar to those you use while you work so the child can “do work like Mommy or Daddy.”  Be sure to emphasize that they now have their own things that are like yours to work on and that yours are off limits.
  • File important papers promptly. Papers that are left sitting around are often attractive to children; they see you working and writing on them and want to do the same. Don’t leave important papers out where your child has access to them. Provide your child with paper and crayons they can draw on, allowing them to be creative.
  • Make sure the area is physically safe for your child. Attach electrical outlet covers to outlets that are not in use. Look for window blind cords, hazardous chemicals and other such items that are used in your daily business making sure they are stored out of the reach of children.
  • Get rid of the electrical wires. Cable ties can be used to tidy and shorten wires that can be a danger, not only to children but to anyone who moves around the office. Making sure wires are not in the way protects the people in the office, as well as expensive equipment, from damage.
  • Keep garbage contained. The answer to this can be as simple as purchasing a garbage container with a lid.
  • Keeping drawers and cabinets inaccessible to children with child-proof latches is another great idea. Small items present a safety risk for young children. Storing loose staples, elastics, tacks, and paper clips in plastic containers with tight fitting lids will remove this risk if you don’t have a drawer or cabinet that is equipped with the appropriate hardware to make it inaccessible to a child.

These simple ideas, do not take long to implement and the cost is minimal. Having a child-proof office in your home gives you peace of mind and has the added benefit and pleasure of you being there for your child.

About the Author:  Michelle Jamison is a Virtual Assistant, Coach, Speaker, College Instructor, and Author. Her latest book, Virtu@l Office Essentials provides virtual office workers with solid strategies to ensure a successful virtual work environment.  http://www.virtual-office-essentials.com

What does music have to do with leadership in business?

What does music have to do with leadership in business?

默契: 情意暗合

I recently attended Project Management Institute (PMI), Metrolina’s Professional Development Day (PDD) in Charlotte, NC. I attend the PDD each year simply to keep up with my continuing education credits. This year was a treat for me, because we had two and a half hours of The Music Paradigm® featuring conductor Roger Nierenberg as the keynote presenter. I have to admit, I have not been to the symphony for many years and it really brought back the love I have for music, dance and art.

We were seated amongst the orchestra, surrounded by the symphony musicians. Nierenberg raised his baton for a beautiful short “A” note to open the session. The musicians that Nierenberg conducted were all local from Charlotte, but none of them had ever played together before. Nierenberg and his ad hoc local ensemble of musicians had only practiced together for the seventy minutes right before the keynote presentation. Each individual musician possessed high technical competency and the discipline to know what to do when in this situation. Nierenberg used the orchestra concept to relate to organizational leadership, collaboration, and communication by using various different styles of conducting. Each style resembled many issues we face in everyday business organizations.

Nierenberg effectively demonstrated how to understand a key business strategy, with clarity of performance objective and unity around company mission through teamwork.  I can only summarize that with the right leader (in this case Nierenberg), the musical team had synchronicity or 默契 that made it seem as if they had been together for a long time. Let’s take a look at the definition of synchronicity and 默契 (Chinese phrase).

Definition of SYNCHRONICITY (from www.merriam-webster.com)

1: the quality or fact of being synchronous

2: the coincidental occurrence of events and especially psychic events (as similar thoughts in widely separated persons or a mental image of an unexpected event before it happens) that seem related but are not explained by conventional mechanisms of causality —used especially in the psychology of C. G. Jung.

默契 (pronounced mò qì): 情意暗合

Tacit understanding between parties, governments  (from www.chinese-tools.com)

When the synchronicity or 默契 reached its high point, the music came ALIVE! It was touching, it flowed through my heart, and most importantly, I enjoyed it immensely. I enjoyed it so much that I could envision ballet dancers performing right in front of me. But none of this can be accomplished in our companies unless we build up some basics in our own business. Consider the following:

  • Your business culture. Your business culture is based on, as the owner, your passion and purpose. Without that deep down culture that is uniquely yours, the attitude of your team can make or break certain projects within your business. You may not know what it is, but clarify your business vision and communicate it within your team.
  • Hold your team accountable. When Nierenberg was off-stage and not conducting, somehow the orchestra knew whom to look to as a leader with cues from Nierenberg. Nierenberg held every player accountable by simply asking him or her to perform like this other group, and follow this other group.
  • Make a connection with the team. Make an effort to connect to people by inspiring them with common goals that fit the culture – but not to micro manage them.
  • Attitude you bring to work. Through individual performances, or through you, you can expect great results by projecting an optimism and certainty that you can do it.
  • You’re the leader. Your team is expecting you to be the leader of your business. Be one! Your physical communication says it all.
  • Speak their language. Find out how to talk to your team, but communicate at a level and with language they can understand and relate to.
  • Bond with the team. Using effective role-playing to bond with the team, demonstrate the model to emulate. Play together and play together well.
  • Believe in your team. Encourage your team.

Nierenberg’s love of music and passing the value of classical music to the attendees of the PDD not only gave insight to his passion, but also to opened up their minds to receive music. Music is a universal language for the world. Perhaps, it would not be easy to use Nierenberg’s method in your business. But you can certainly consider using some of the basic concepts mentioned above for your business – the community you create with your team.

Chia-Li Chien, CFP®, CRPC, PMP; helps women entrepreneurs to convert their business into meaningful personal wealth.  She is the author of Show Me The Money and columnist for WomenEntrepreneur.com & Fox Business online.   She is available for consulting, speaking engagements and workshops.  She can be reached at http://www.chialichien.com or jolly@chialichien.com.

Marking women’s progress

Despite widespread advancement since winning the right to vote 90 years ago, women can achieve more in the business world. Here’s how.

Chia-Li Chien | August 27, 2010

On Aug. 26, 1920, after a 72-year struggle, the 19th Amendment to the United States Constitution was finally ratified, granting women the right to vote nationwide. This week, we celebrated the 90th anniversary of that struggle with Women’s Equality Day.

It’s fair to say much progress has been made since the days of the suffragettes.

If women-owned businesses based in the United States were part of their own country, they would have the fifth-largest gross domestic product in the world. They would trail closely the German economy, and be ahead of countries including France, the United Kingdom and Italy, according to the Center for Women’s Business Research.

Unconvinced about women’s role in our economy? Women-owned firms have an economic impact of $3 trillion annually, which creates or supports more than 23 million jobs. That’s 16% of all jobs in the United States, according to Center for Women’s Business Research.

This means that in the last 90 years, women have progressed from gaining voting rights to becoming an economic power.

These are great wins, but the annual celebration should observe more than accomplishments. Women’s Equality Day should serve to remind all people there’s more that needs to be done.

There are many opportunities for women in business to help build a better world, not just for themselves, but for all people.

In the 2009 Women’s Advisory Board annual report (http://bit.ly/bQ5oEu) to the Mecklenburg Board of County Commissioners early this year, there are two recommendations to provide help for women in business:

Hire women with pay equal to that of men. On average, women make 77 cents for every dollar earned by men (based on Census Bureau figures of median wages of full-time, year-round workers). The wage gap is generally more pronounced for women of color.

Get your voice heard and get involved. Some 19% of Mecklenburg County boards and commissions have no women members, according to Charlotte-Mecklenburg Women’s Summit’s 2008 Action Book.

Here are some other steps to support this sector of our economy:

Buy from women. Collectively we can create more jobs if we buy and support each other. Together, we’ll have substantial economic impact, not just in the United States, but also globally.

Lend to women. Women-owned businesses also need access to private capital to fuel expansion and growth. Many women use their business credit cards, personal bank loans, SBA loans and commercial loans to grow. Yet many don’t know where to look for private capital.

The lack of investment in women-led ventures limits the opportunity for women to grow their businesses and create wealth, according to The Diana Project, which advocates for female entrepreneurs. This diminishes opportunities for women to build wealth and create assets for future generations.

Invest in women. Nonprofit organizations such as Springboard Enterprises does this. It helps venture capitalists invest in women entrepreneurs’ business expansion, from startup to exit.

Little of this can be accomplished without putting more women in science, engineering and higher education. We can’t fix our education system overnight, but we can certainly start in our businesses.

Mentor women. Twice as many men-owned firms have annual revenue of $1 million or more than women-owned firms (6% vs. 3%), according to Center for Women’s Business Research.

The best way to grow your business is learn from successful fellow women business owners. If you don’t have a mentor, get one. If you are not mentoring, find a woman business owner to mentor.

This is the most valuable form of informal education, and an effective way to make a difference in our world.

As we approach a century of Women’s Equality Day, we can take a leadership role in our homes, businesses, schools, neighborhoods, states, country and world. Women helping women is the best way to celebrate and perpetuate our success.

Chia-Li Chien of Chien Associates provides growth strategies for women entrepreneurs. She can be reached at jolly@chialichien.com or .

This article is published at Charlotte Business Journal URL:

http://www.bizjournals.com/charlotte/stories/2010/08/30/editorial1.html

Leveraging Resources Creatively

Leveraging Resources Creatively

Improving your cash flow in a tight economy

Many of my fellow business owner colleagues faced the challenges of the post-financial crisis in the fall of 2008. For some industries, it meant an immediate sharp drop in revenue. For others, it was delayed a bit. Nevertheless, many businesses are still facing tight cash flows or the shock of the downturn, and continue to monitor their cash flow closely.

Truthfully, many businesses have actually benefited from this new found vigilance, and through it, have found ways to boost their bottom line, especially by cutting out areas of waste.

My business is one of those that did not experience an impact from the economic downturn until mid-2009. One thing I did during that time was to give up my office lease in a prime, high-rent location. When I thought about it, I could no longer justify having physical space for a virtual team. It sounded a lot like waste to me. And with that realization, I decided to spend some time looking for ways to be “creative” with my business space resources.

In August 2009, the Charlotte area office vacancy rate was 18.4%. Today, August 2010, the office vacancy rate is 18.8%. (Data is according to the FEDERAL RESERVE BANK OF RICHMOND, A MONTHLY UPDATE OF THE FIFTH DISTRICT ECONOMY SNAPSHOT; Aug. 2010 of North Carolina.)

With that knowledge in hand, I spent many months researching and seeking how to best leverage my office space resources. The first thing I did was to ask myself, “What do I need the office space for?” This might be an easy question for many business owners, but it is not for me. I had to consider every activity that actually took place in the office. It turned out the only real need I had was for a conference room to meet with clients or prospects. As a result, I shifted my focus to space that met that criteria.

With all the vacant office space available, I found myself with many options:

  1. A one-year or multi-year lease of a dedicated office space/suite. Some of the buildings had a common conference room but in general, occupants were limited to four to eight hours per month usage of the shared space.
  2. A month-to-month lease of a dedicated office space/suite, typically much more expensive than a one-year lease term. There was a shared conference room, but usage was still limited to a certain number of hours per month.
  3. A one-year or multi-year lease of a virtual office space/suite in which you paid for fourteen to twenty-four hours a week or month for use of the office space. There was no dedicated office suite especially for you, and was subject to availability.

All of the above were nice, but each came with amenities I didn’t need or want, such as a receptionist for answering calls, free coffee, mail pickup service, fitness center in the building, etc.  Once again, if I just looked at my “need,” it was still simply sharing a conference room. And after looking at some two dozen buildings, I still had not seen exactly what I was looking for.

One day, I went to see a prospect (who later became my client), named Cathy. Cathy shared with me that she had a co-habitat office space agreement with her landlord. She is there fifty percent of the time, and her landlord (Louis) occupies the same office fifty percent of the time. They share desks, living room, kitchen and conference room.

After touring the space many times, I went to her landlord and inquired for myself about the space.  Today, I am the third co-habitat tenant in the same space with Louis and Cathy. I am hardly ever in the office, because I just need the space for meetings. We signed a one-year lease (with the first month free) in early August 2010.

The co-habitat concept has been around for a while in many entrepreneur-friendly cities and was designed with start-ups in mind. Many incubator programs use the same concept. But for Cathy, Louis and me, with well-established businesses in operation for many years, our needs were different than most new businesses.

Ultimately, each of us saved our resources by sharing office space and by getting creative in how we put the space and our rent resources to use. You can do that as well. Think about what you need, take your time, and get creative. Don’t settle for what you don’t need or spend money on what you don’t want.

And many thanks to Cathy, who laid the groundwork for this idea, proving once again, you don’t get anything if you don’t ask.

Chia-Li Chien, CFP®, CRPC, PMP; helps women entrepreneurs to convert their business into meaningful personal wealth.  She is the author of Show Me The Money and columnist for WomenEntrepreneur.com & Fox Business online.   She is available for consulting, speaking engagements and workshops.  She can be reached at http://www.chialichien.com or jolly@chialichien.com.

7 mistakes to avoid in directing a small business marketing team

Digital marketing for small business

7 mistakes to avoid in directing a small business marketing team

In 2006, I hired a strategic branding firm to help me with a branding slogan, consistent messaging, collateral materials, website, etc. And while it was a sizable expenditure, it was worth every dime. Why? Because their expertise strategically moved my business in the direction it needed to be going, along with timely implementation.

Now, we are moving more and more into digital marketing. Small businesses often have a limited budget for marketing, if any budget at all. Most small businesses don’t budget for marketing or advertising and often become reactive to the newest trends instead of creating a marketing plan.

Being a small business owner, I procrastinated integrating new digital marketing trends into my existing marketing strategies. And one thing I have learned about myself over the years is that when it comes to new marketing ideas, I either I take out a checkbook to pay someone to do it for me or I sit in the classroom and learn. I’ve done both and I can honestly recommend either. You must decide which one suits you and your marketing team best.

I was told years ago that advertising is not effective for consulting or advisor types of businesses. I agree to a certain degree, yet, I still see many advisors who consistently advertise in their target market with great results.  The key here is consistency. No matter which channels you use to push your message out, you need to do it consistently, over a long period of time. This is true for digital marketing as well. Although I am an advocate for Pull Marketing or In Bound marketing, the reality is you need to integrate push marketing consistently before you’ll get any pull or inbound results.

Here are 7 mistakes to avoid when directing your small business marketing team. Yes, I said TEAM. Don’t expect to be able to market your business on you own, unless are a marketing professional yourself.

Mistake #1: No clear objective or message to communicate – Have a clear target market – know who your audience is. Don’t try or expect to be all things to all people. Once that target market is well defined, find out what they care about, or their challenges, and help them. Without exception, all your communication efforts speak to that target audience. Your team also needs to know your audience and messaging to them clearly.

Mistake #2: Jump at the latest and greatest tools too soon – It seems human nature is to react. Long term planning or strategically looking at things is not our nature. So before you jump into social media, SEO, or even on-line marketing, be sure you understand and know what you’re buying into, or most importantly, that it will produce the results you’re looking for.

Mistake #3: Nothing is integrated – Your message is inconsistent from brochures, flyers, website, blogs, Twitter, Facebook, etc. You say many things, and your messaging comes across as inconsistent or not integrated. Without integration and consistent messaging, you will not create a pulling effect.

Mistake #4: Doing It ALL yourself – For many small businesses, budget or cash flow is tight, so you end up being the CFO, CEO, CMO and janitor. Find out how much your time costs and look at your ROI if you manage your own marketing.  For example, most social media tools offer free accounts, but your time is not free! Unless you are able to make very good contacts and form valuable networking groups, you may need to examine whether your time might be better spent closing deals or scheduling more appointments with prospects or servicing existing clients IRL (in real life).

Mistake #5: No ROI or measurement of all marketing regularly – After all marketing plans are in place and set, implement a method to measure your campaign results. Set your goals at the beginning of your campaign with percentages and numbers that are trackable, such as aiming for a 20% increase in prospects calls or a 30% increase in inquiry of services. Your campaign could be daily messages on a social media account. Those efforts may drive traffic to your website, but do they result in more click conversions? You’ll want to measure every aspect.

Mistake #6: Not setting favorable sales conditions – I get very confused when marketing or technology firms tell me that we’ll increase traffic on your website or we’ll get you on the first page of a Google search. Okay, that is nice, but does it create a favorable sales condition? Take Zappos, which promises a 365 days return policy plus free shipping both ways. That guarantee sets a favorable sales condition, because as a consumer, you know you won’t risk losing money in the online transaction. Offers and promises of satisfaction also work in this way.

Mistake #7: Not implementing regularly – You may have already made the deadly mistake of implementing a tactic only once and then moving on to the hottest and latest tools out there. If you’re spending money, time and energy in marketing, implement regularly. You gain momentum by doing little by little, and over time, you accumulate results. Regular implementation helps you improves your marketing efforts.

I’d like to invite you to participate in our Biz Value Drivers study to receive a sample chapter from my book, Show Me the Money, Chapter 20 – Doing Nothing is Not an Option – Get serious about creating the value you want to get out of your business in the end. Upon receipt of your assessment/survey, I will email you the link to the chapter and schedule to talk with you about your assessment results. It will help you grow your business in VALUE – not just in revenue!

Chia-Li Chien, CFP®, CRPC, PMP; helps women entrepreneurs to convert their business into meaningful personal wealth.  She is the author of Show Me The Money and columnist for WomenEntrepreneur.com & Fox Business online.   She is available for consulting, speaking engagements and workshops.  She can be reached at www.chialichien.com or jolly@chialichien.com.

How Soccer Relates to Business–Author Linda J Lord “The Pitch”–Virtual Book Tour May 2010

Join Author/Coach, Linda J. Lord on her Virtual Book Tour, Starting May 3, 2010

During the month of May, Linda will be discussing her recently published novel that reaches out to business owners, entrepreneurs, and working women who are looking for practical business strategies.

Her book “The Pitch” explains how soccer has very similar strategies that can be used to be successful in business.

Such strategies include: getting in touch with who and what matters to you most, because until you do that, you are just going through the motions, and maybe building the wrong empire; having a plan that provides a structure to follow during strong economies and weak ones; taking to time to evaluate the choices you make and whether or not they are based on sound business information or just expediency.

One dollar from the sale of each book goes to the Hemophilia Society of Ontario, South Western Ontario Region.

Go to http://virtualbooktour-theyppublishing.blogspot.com/ website to follow Linda’s full tour schedule or visit her website http://www.lindajlord.com/.

There will be an Amazon contest at many of her virtual book tour stops. Visit participating sites to find out more about contests and giveaways!

The Social Credit Crisis Solution – Microfinancing

February 5, 2010

2010 Canadian Wide Winner Small Business Credit Challenge – Solution – Microfinancing

Lana Larder of Halifax, Nova Scotia, Canada is inspired by the success of micro financing success stories around the world.  Larder has developed a microfinancing plan for Halifax, Nova Scotia, Canada. Larder is dedicated to microfinancing to meet Halifax, Nova Scotia’s business needs and the current gaps improving business opportunities for marginalized individuals and/or businesses in Halifax, Nova Scotia.

Microfinancing is an alternative solution for entrepreneurs. It is usually targeted towards women because they typically have a harder time to access credit.  Microfinancing can provide financing, credit building and business training and usually supports disadvantaged groups or individuals that seek capital for business start-ups and/or working capital for growth.

Microfinancing is predicted on the belief that access to affordable capital can play a critical role in unleashing the entrepreneurial capacity of individuals and/or business owners that can not access capital.  Thereby raising each borrower’s standard of living and bettering the community.

There is a tremendous need for microfinancing services. In fact, two thirds of the world’s population are not serviced by big financial institutions.

Microfinancing is typically for individuals and/or businesses that have no credit score and/or suffer from poor credit, effectively shutting them out of the mainstream financial system. As a result, the disadvantaged rely on fringe and predatory financial services.

In Halifax, a poverty rate of approximately 18.1 % (concentrated among women, children and minorities) and 30,000 children living in poverty force families to seek additional streams of revenue by opening a businesses.

Microfinancing services will enable disadvantaged groups or individuals to 1) start and/or expand businesses through affordable loans, 2) access services such as business and financial literacy training, 3) build credit history through successful loan repayments.  Currently there are few places for entrepreneurs to turn to for financing and even less now with the recent worldwide credit crisis.
Microfinancing services typically partner with government, non-profits and community partners so when clients apply to access microfinancing there is a good sense of the borrower’s character before a loan application is even filled out. Finally, the partners offer services that clients require to succeed.
Microfinancing offers affordable, flexible loans.  Through research, focus groups and conversations with individuals and businesses there is a strong demand for these type of loans.

The recent economic downturn and financial crisis have underscored the need for access to affordable capital.  Microfinancing serves a critical need for communities,and creates a paradigm shift in thinking about the importance of access to equitable financial services.

Microfinancing provides opportunities for economically marginalized individuals and companies creating pathways out of poverty to economic self-reliance. Microfinancing is an economic and social change agent. The benefits of these investments lead to long term and community wide benefits creating a healthier and progressive city, province or Country..

Short term investment for large, long-term savings….

Need a Marketing Director? Consider Consultants

In today’s economy, companies are looking to cut costs wherever they can while still maintaining, or even increasing, their presence in the market. Many are outsourcing their CFO functions (http://bit.ly/wmC4f). So why wouldn’t the same hold true for the role of marketing director?

By no means am I suggesting that you should eliminate any internal marketing functions. But right or wrong, marketing is often the first place companies cut when they want to decrease costs. If you are looking for ways to maintain or increase your presence in the market, “renting” a marketing director may be a good option.

Pay for only what you need
Marketing is a cost center where it is difficult to prove return on investment. While there are many opinions on how ROI can be measured – many of them valid –it’s still a bit of a crapshoot. And when budgets are being cut, choices have to be made. Using an outside marketing director allows you to focus on specific projects, and you only pay for the expertise you need. It can also allow you to supplement the capabilities of your internal staff, if you have one.

Try before you buy
Professional services firms are often reluctant to bring on a full-time marketer because they don’t completely understand what they do and because of the salary commitment. Many times the marketing director is the sole person in their department, and the others in the firm aren’t sure how to manage their work. By hiring an outside consultant to help you create a plan, determine your unique differentiators and manage the campaigns, you can get to know what to expect from this role. With the average marketing director making between $75,000 and $150,000, hiring one is not a decision a small or mid-sized firm can take lightly. Working with an experienced consultant can be much more cost-effective than hiring a full-time staff member before you are ready to take on that headcount.

Get an outside or user’s perspective on your industry, firm and competition
By hiring a marketing professional who specializes in your field, you not only gain someone who will handle the work of the firm, but also someone with the knowledge of what is going on in your industry. You may also get an outsider’s perspective of where your firm falls into the competitive landscape, and how you can best stand out from the crowd. Your employees are busy and often have little time to keep up with what the competition is doing. An outside consultant can bring this valuable knowledge, so your marketing initiatives can be much more effective and unique from the start. Keep in mind, you know your firm inside and out, and can impart that knowledge to your consultant. But the right consultant will know your industry – possibly better than you do – and can offer a different insight.

Get the skills you need when you need them
Like any part of business, marketing needs ebb and flow. And it’s hard to find any one person who has all the knowledge and expertise you need. An outside consultant is paid for the work they do, and therefore you can decide how much or little you need their services during fat and lean times. Do you have a new service you really want to push? Hire someone to come in and manage the process. Once that campaign is over, your needs may decrease to a level that can be handled internally. Have some additional funds you need to spend before the end of the year? An outside consultant can help you determine the best way to use those dollars. Then when your budget needs change, so can your relationship with your consultant. You are the one in control of how much or little they work.

Flexible pay structure
Most outside consultants will work with you to create a pay structure that works best for your business model. If you aren’t sure how much or often you’ll need their services, an hourly fee may be the best bet. Need someone to help with a particular campaign? Discuss project pricing that can be paid in installments. Or do you need someone who you can call on at a moment’s notice yet you still want to know what your marketing fees will be from month to month? Establish a monthly retainer that will give you immediate access to your marketing consultant when you need them.

Keep projects on task
Many internal marketing directors are faced with juggling 20 projects at once, and it’s almost impossible to complete all tasks. Sadly, projects often fall through the cracks and never get completed. Why not offload a few of these bigger projects to a marketing consultant who can shepherd them through the process and ensure they get completed on time and on budget. This is a great way to augment your internal marketing team; they focus on key daily marketing tasks, yet your firm still gets everything completed. It’s a win-win.

A marketing consultant won’t replace internal staff, but can be a great option to fill in the gaps when needed.

30 Women Entrepreneurs to Follow On Twitter

I am humbly honored to have been included on the Forbes.com list of 30 Women Entrepreneurs to Follow on Twitter written by Natalie MacNeil of She Takes On the World. It was a fantastic Thanksgiving surprise! Each of the women listed provide quality content and contribute useful information on their Twitter stream. I’m sure you will find these women and their resources extremely valuable.

Natalie states, “… Twitter has been an incredible tool for connecting with like-minded people from around the world….”.  As small business owners, we can’t discard the effectiveness and efficiency of using Twitter as a viable tool to share information and connect with potential clients, other business owners and needed resources. Give. Take. Share.

Using Twitter is like telling someone a secret and seeing how you can get that secret to travel. However, there are a wide variety of other ways to make the most of Twitter.

  • Ask a question, promote a sale, announce a seminar, share a tip, highlight an article, stay up to date, share your expertise, solve someone’s problem or join a discussion.  Although Twitter is free, it does cost you time. Be sure to use your time on Twitter wisely and take advantage of Twitter applications that allow you to schedule tweets, tweet from your phone or connect your Twitter updates to other social media sites like LinkedIN and Facebook.
  • Inexpensive (free) research can be conducted via Twitter. You can search for keywords, schedule tweets in advance, automatically follow and organize your followers. Use Twitter to access quick information on almost anything: current events, charities, business tips, travel, software, etc. Pose a question and you can see responses in minutes, often seconds.
  • Twitter is borderless. It has no boundaries. You can connect with people from around the world. Use it as an opportunity to open doors and make warm introductions. All relationships must start with an introduction. Don’t be afraid to ask people for help or their thoughts. You will certainly get a wide variety of them.

There is a caveat to using Twitter, time passes by at the speed of light. Be sure to use your time wisely. Set aside a set amount of time to update your tweets or use Twitter. Otherwise, you may find yourself on there for hours with minimal productivity.

Twitter is your friend when used properly and with a purpose. 140 characters can change your business.

Here’s a link to Natalie’s article on Forbes.com,  http://www.forbes.com/2009/11/24/twitter-forbeswoman-views-forbes-woman-entrepreneurs-natalie-macneil.html Be sure to check out the 30 women, their blogs and websites. Don’t forget to add them to your Twitter stream, especially Natalie (@nataliemacneil ).

To Retweet – What does it mean and how important is it?

A Retweet allows Twitter users to share their favourite tweets with their own followers.
So if someone has 10,000 followers and they like one of your tweets and they retweet it, then it will go out to all of their followers, good eh!42-15928058

It is done by copying and pasting the original tweet and sending it out. It’s usual to put “RT” plus the originator’s username at the beginning of the tweet. Here’s an example:

RT@thebizwoman: How to monetize your blog!

Obviously, if you regularly tweet great content then people will pick up on it and retweet you. They will also retweet you if your tweets are relevant to them or even, dare I say it, complementary.

A good way to get people to retweet you is to to ask to be retweeted.
This works really well if your tweets are for a good cause or are likely to be helpful to your follower’s audience.

Here’s an example:

Entrepreneurs – learn how to monetize your blog PLEASE RETWEET ME!

This is only about 66 characters; very important if you don’t want retweets with clipped off ends as you are only allowed a total of 140 characters in your tweets.

It is always better to simplify the procedure for your retweeter.
There is a great little application called PleaseRT.me – http://pleasert.me/
You add your tweet and it makes you keep it short then it adds a plea for a retweet at the end of your message, (I’m saying “message” because I’m fed up of saying “tweet”), which your follower can then click on to easily retweet without all the copy and pasting.
You can try it out now by retweeting this post.

Let’s face it if you don’t ask you don’t get!

Pat Sutton – Official Blog, http://www.patsutton.com

A world of Discovery

Looking back I wish that someone had taken the time to sit down with me and show me there was a world of discovery beyond the bottom corner of Belmont Avenue. A three dimensional chat involving the mind body and spirit which would inspire and uplift and take off the restrictions of what I perceived possible for my life and which career path i could choose.j0400219

The fifties were a time of both freedom and structure. As a kid I could play in the street or go to the park by myself, even travel on the train aged 8 to meet my father in London – shock horreur – couldn’t do it now but this freedom came with some strange rules. No eating food in the street – including ice creams, don’t speak unless spoken to and certainly do not ask for anything for yourself and be nice to everyone.

These were the funny restrictive beliefs of my family , with grandparents who belonged in the Victorian age and had a certain dislike of anything which involved chatting with or playing with children. Children belonged outside or in their rooms. Those cold icy places with counterpanes as thick as mattresses, a little radio, a shelf of books and a onebar electric fire to be used on days when the ice was on the inside of the windows.No wonder I trained as a therapist in order to get rid of this madness of passivity and blow in fresh air.

If I had had a fairy godmother, then she would have helped me to see that I could find a pathway through the thorns and brambles and stayed by my side whilst I went on my journey. She would have informed, encouraged, motivated and at times where needed, waved her magic wand.

So thats what I do, I help you blow fresh air into your life, dust out the cobwebs, polish up your Aladdin’s lamp and let out the genie and with a sprnkle of stardust – off you go.

So, the New Year is in sight and in this blog over the next month I’ll give you some tips as to how to make your resolutions work like magic so you can become who you were meant to be rather than the result of your family beliefs.