Three Small Business Secrets to Getting More Billable Time

As small business owners we’re in business to make money doing what we love. And that means we need enough billable hours to cover our expenses, our payroll, upgrades in skills and technology, and profit. But if you stay in business for any length of time, you eventually reach the point where you just don’t have more hours in the day to give to your business. After all, you have a personal life too. (If you don’t have a personal life, you really need to work on that.) So, if you’ve maxed out on the hours you have available to build your business, how can you get more billable hours?

You have to get those billable hours from time you are currently spending doing other activities in your business. Here are some ways to do that:

1. Delegate out anything you hate to do or aren’t good at doing in the running of your business. For example, I hate filing and organizing all my reference materials. So I hire a professional organizer to come in once a quarter to file all the papers I’ve stacked up, to set up any new files I’ll need, to pack up old files on inactive clients and projects, and to reorganize my 10 bookcases. She can do all that for me in 3 hours. When I was doing it myself it took me forever and it was never completed because I’d let anything else distract me from it. So, finding just the right reference book or file was not only hit-or-miss at best, it again took too much of my time. How much time can you recover by delegating out activities and tasks you don’t want to do, but that have to get done to keep your business running smoothly?

2. Automate or computerize administrivia, including making regular backups of your computer disk drives. (I learned to get my backups automated after I’d lost my entire contacts database, including my appointment schedule - sometimes I’m hardheaded about these basic business maintenance things!) In addition to now having automated backups of my computer disks, here’s a sample of what else I’ve automated:

o Contact management and scheduling
o Taking class registration and payment
o Distributing class notes and materials
o Taking coaching payments via the Web
o Notification to follow-up with clients
o Subscribing and unsubscribing to my ezine
o Broadcasting of my ezine
o Payment and delivery of digital products
o Creating eClasses from templates
o Subscriptions, payment, and delivery of eClasses
o Tracking of billable time
o Creating time reports
o Invoicing
o Expense and revenue tracking

3. Gracefully get out from under your most time-consuming and energy-draining clients and projects. I know it’s difficult to say “No” to a client or a project in today’s economic climate. But you can refer these clients and projects to competitors in your network who are better suited to serve them, retain the good will from the clients you are referring out, and free up all that time and energy to work with people and projects you love. Just by relieving all the stress you’re under from your Clients and Projects from Hell, you make yourself open and available to more of your Ideal Clients and projects. And, have you noticed, you’re more productive and efficient when you’re working with your Ideal Clients and Projects?

Increased productivity = increased billable hours available

Put these 3 secrets to work in your business and get back valuable and billable time for doing more of what you love for your Ideal Clients!

A Bagful of Holiday Marketing Ideas

It seems as though the entire year is filled with holidays now �” Christmas trees hit stores in October, Thanksgiving decorations appear in September, the Fourth of July celebrations are advertised in May and on and on. Since people obviously like to celebrate the holidays, why not throw a little cheer their way with your marketing materials?
Here are some ideas to use the holidays in your marketing campaign:

Thank your customers. It’s as simple as that �” use a holiday or two out of the year to thank them. Thanksgiving and Christmas probably come to mind as good times to do this, and they are, but you can use other holidays too. For example, use Memorial Day to thank veterans (and everyone else while you’re at it by sending out a thank you note or letter). Print greeting cards that are tailored to whatever holiday you are using to thank your customers and include a handwritten thank you note inside. Ask your printing company for a discount if you order cards for multiple holidays at once �” for instance, you could get Fourth of July cards, Thanksgiving cards and Christmas cards all in one order and send them out at the appropriate time of year.

Give out a special coupon. Make it a gift to your customers and offer them something special, like 50 percent off or a “free item with purchase.” You can also just send out a free-item-without-purchase coupon, like Victoria’s Secret does. Victoria’s Secret sends out coupons for a free pair of underwear a few times a year, which gets people in their stores for their free item. While people are in the store, they end up browsing and buying items to go along with their free underwear.

Pitch your product to local media for their gift-giving guides. Many newspapers, magazines and television stations run a special segment on great gift-giving ideas for Christmas or for Father’s Day and Mother’s Day. Be sure to check when they start putting these segments together �” many magazines start 4�”6 months ahead of time so you need to plan ahead to get your product in the guide.

Update your Web site for the holidays. Show customers that you’re in the holiday spirit by updating your graphics like adding a Christmas tree or firecrackers for the Fourth of July. Promote gift memberships or gift lists comprised of your products.

Volunteer with a local charity or organization. Give your time by volunteering for a local charity and/or sponsor a local organization’s holiday events. By sponsoring local charity events at the holidays, you’ll be seen as helping your community and will be associated with a good cause.

Give away something needed for the holiday season. You can hold contests to give away a free Christmas tree or a free turkey. Or, you can just give your customers something that is associated with the season, like an ice scraper for their cars. Include the gifts in your shopping bags and your customers will get a pleasant surprise when they go home and unload their packages!

E-Book writing is a great way to get started with internet marketing

One of the easiest things to get started on with internet marketing is e-books With just a few hints and tips on how this is done you could already be staring your own as soon as you have finished reading this brief report. Although this process assumes that you’re doing the writing yourself, you could hire someone else to write the articles or just produce additional material.

Once you’ve decided on a topic for your E-Book, and have done research to ensure that people are looking for and buying information on this topic, write a series of articles. A good method used to practice before you start is to write some articles on the topic of your book and then distribute them on the internet to promote the book you are writing; free publicity! If you want to know how successful the book will be, just send the articles on the topic of the book to various article directories to se how many people view them.

Writing the articles should help you work out in your head just how you want the e-book to look when it is complete. The most common way t structure a book is by having an introduction, then the content of the book with a concluding section but a resources area can be worthwhile too. To help increase the number of sales it is often worth adding extra material.

Once each article has been written, place into the e-book; just how many you will ultimately require will depend on how long you want it to be. If you want someone to actually read your e-book, it can’t be too long so keep it informative and around fifty pages in length. Because it’s more difficult to read on your computer screen than on the page, ensure that there’s no information that essentially useless to your reader.

If you want to give further value to your e-book then why not research some additional information which you can add as a bonus. This is not too difficult if you already have this extra information in the form Do not supply bonus material about a completely unrelated subject, readers do not appreciate this.

Three Common Website Design Mistakes That Can Cost You Business

How many times have you visited a website and had to hunt around to determine what that site was about and who it was for? Maybe the site was boring and lifeless with nothing special to draw you in to it. I’d be willing to bet you didn’t stick around very long. In the ten years I’ve been a website design and marketing professional, I’ve been asked to provide SEO and other marketing services for websites that were developed by other professionals. Getting visitors to a website makes absolutely no sense if they won’t stick around and convert to leads and customers. Before you invest in marketing your website, determine whether you have an effective website design. Avoid the following three common mistakes that can dramatically compromise your results.

Mistake #1: No Clear Objective for the Visitor on A Web Page

Ask yourself what you want the visitor to do when they land on your web page? Do you want them to buy a product, join your mailing list or call you for a consultation? Keep in mind that a confused prospect seldom buys. If you are providing multiple choices and linking them all over the place, you are likely to lose that prospect forever. If your main objective is to capture qualified leads, consider providing a free and/or low risk incentive which they receive almost instantly when they fill out your form. The data in the form comes to you by email but is also captured in a database that allows you to stay in contact with that prospect through autoresponders and email marketing. Have your website design company make the fields for name, email and phone required in your form. Make your incentive and form the main focus on the page and include supporting information that encourages the visitor to act now. Supporting information should include benefits in a bulleted list, how you will solve their problem, how you are different, testimonials, FAQs that answer all objections and why they should trust you or your company. A time limited offer such as bonuses will encourage them to act right away. Always incorporate relevant keywords in your copy. Consider using multimedia such as video and audio to further enhance the effectiveness of your message. Combine this information with strong benefit-rich headlines, sub-headlines and formatting, and you will have a webpage that is ready to receive visitors - people who will stick around and become your loyal prospects and customers.

Mistake #2: Poorly Organized Website Navigation

Your website navigation is the framework for organizing your website content. It can significantly contribute to the length of a prospect’s visit and the number and quality of conversions. Recently I visited a website that had approximately 15 main level links in the navigation. Links to the multiple services provided were distributed randomly. Information about the company was at the bottom of the vertical menu bar. This was a site that had been developed by a professional website design company. I do not fault them completely because they clearly made no claims about marketing, copy writing or providing anything other than web design services. Not only was I feeling confused and overwhelmed by the navigation on this website, my development team had the same reaction.

Organization of the navigation is critical to enable the visitor to readily gain access to important information such as products and services (which is generally the main purpose of the website). Links to this information should be placed at the top of the menu bar, directly below company information (when that is important to include). When there are sub-menu pages, links to them should readily fly-out or emerge from a collapsible menu. All links should be named to quickly describe what they are, preferably including relevant keywords. Below the featured menu items (products and services) can be supportive information such as testimonials, our clients, press items, articles and links. Sections that might be set apart in a more prominent box below the main menu might include newsletter and photo gallery. I often create a supplemental menu for links to home, contact and other important but supplemental information such as portfolio and blog.

Whenever possible, I try to avoid three levels of navigation. An example is a main menu link to services and a sub-level menu with all of your services, each of which includes multiple pages. Let’s say you are a personal coach and you offer business coaching, life coaching and relationship coaching. Your main item might be coaching services which links to each of these three submenu items. Perhaps you also provide a variety of business coaching services such as leadership, time management and budgeting which you want to include as a third level sub menu. Color coding the items so that the visitor on a sub menu page can tell from a color that budgeting, business coaching and coaching services are all connected, will help prevent the visitor from experiencing confusion and getting lost in your website. Some of the best website designs use color coding as a strategy for effectively organizing complex content.

Mistake #3: Missing the Emotional Component

People respond to any type of advertising based on emotions. They respond when they are interrupted by something of interest that clearly relates to them. They are drawn in through an emotional message that educates, answers objections and provides a low-risk offer. The emotional component is what facilitates this process.

The best website designs get inside the head and heart of the ideal visitor. Work with your website design company to create a profile of your perfect customer. Describe who that person is - their gender, education, socio-economic level, interests, problems, etc. Once you capture the essence of this person, you will gain a sense of what they want and how you can engage them in your message. Pictures and testimonials that show benefits received through your products and/or services is likely to be particularly effective. This is where a video or flash presentation can be extremely advantageous.

Let’s look at an example. If I am selling an anti-aging skin care product, my ideal customer is a middle aged woman who is middle to upper middle class so that she can afford my product. She is also concerned about her appearance and is willing to invest in products and services that allow her to regain a youthful appearance which will lead to a happier life. To sell my product effectively, I want to show this woman customer compelling before and after pictures and how looking better will translate into a better self-image, improved relationships and expanded opportunities for a better quality of life. I want to reveal testimonials of women just like her and how they experienced life altering benefits through my product. All of this is achieved through the integrating of a strong emotional component.

Conclusion

In conclusion, three common website mistakes include (1) having no clear objective on your web pages, (2) poorly organized website navigation and (3) missing the emotional component. Becoming aware of these important aspects of effective website design can contribute to the quality of the visitor’s experience and significantly improve website conversions. Before you invest in SEO, PPC or other marketing strategies from a website design company, make sure you have an effective website design. An attractive website is not the only criteria for being the best website design. It is only one small piece of the Internet puzzle. Choosing a website design company that can provide website design, website development, consulting, multimedia, copy writing and marketing services is likely to produce a better project with much greater return on your investment.

Online design and marketing specialist, Ruth Kuttler, “the Web PuzzleMaster,” is the creator of “Winning Marketing Secrets” E-zine. Get my FREE SPECIAL REPORT, “10 Simple Secrets for Making your Website into a Selling Machine!” at http://www.WebPuzzleMaster.com/newsletter.htm

You are welcome to ‘reprint’ this article, provided it remains complete (including the contact information at the end). Thanks!

How to Find Help With Investing

1. Do some online research. You can find data, read reports, and join discussion forums to educate yourself on how to invest.
2. Go to the closest business school and get to know the professors and students there. If possible, take a class. Not only will it help you learn about investing, but it will also help you network with people who know much more about it than you do.
3. Find a mentor. If you’re lucky enough to find someone who’s knowledgeable about investing and loves helping people, become that person’s pupil. In order to not make them feel used, however, offer your own services in return in whichever way you can.
4. Ask successful investors for the names of their consultants. Contact them and expect to pay. It’s investing, after all, and investing in the right expertise will help you earn higher returns in the long run.
5. Get an online advisor. Look for one with a proven track record.

How to Become Rich Someday

There are many ways to become rich, but many more to become poor. Of course it’s usually not easy and many quick methods involve a lot of risk. So take your time and follow these steps to build your wealth.

Note that people have different perceptions of what it means to be rich. In this article we will define rich as having a fortune higher than $1 million.

Steps:

Start by investing in your most important asset: Your mind

1. Doing well in school and getting an education in a high-paying profession such as doctor, lawyer, economist, etc. will give you a head-start and a safe economic position.
2. Learn about basic economics such as Compound interest and investment strategies.
3. Develop yourself all your life. Increase your professional skills, leadership skills, financial skills, social skills and general life skills. Making yourself valuable will increase your chances regardless of your path to riches.
4. Develop a vision; why should you become wealthy? Based on this, set your goals. You won’t rise up unless you are able to build and focus your ambition.
5. Stay healthy; it is very important to stay healthy in your endeavor to become rich. This will enable you to work hard and also increase your life span increasing your earning period. On the other hand, you will be able to reduce the cost on health care.

Invest
1. Start investing as early as possible. Do not wait until you have “enough” money to invest. You will end up with a larger account in the end if you start investing a small amount early and keep adding more regularly.
2. Make smart investments.

If you don’t understand what you are investing in, don’t. Start with something easy like index funds. They have fewer ups and downs than individual stocks, and you will not have all your eggs in one basket.

1. For safety: Stay as debt free as possible. A paid-for education and a paid-off house will enable you to invest more money in the stock market or your own business. Only gear up low-risk investments with loans.
2. Starting now is better than never starting. The power of compound interest can make anyone wealthy. Example: Investing only $10 every year at 15 % annual profit will give you over $1.3 million after 70 years.

Start Your Own Business
1. It is always better to be an employer than an employee, if you are disciplined and able to devote time and money. Learn all you can about running a business. Take a class. Ask an experienced business owner for advice. Be careful, though. Many businesses fail, especially in their first year. You could end up with considerable debt, no savings, and no benefits. Get help!
2. Entrepreneurs make up the majority of millionaires, it is high risk, but it is also the most likely way to become truly wealthy. Few people amass great wealth through other means. Less than 1 % becomes a millionaire through “other” means such as being a rockstar, winning the lottery, etc. So unless you inherit wealth your best shot is doing this.
3. Note that you can start your own business part-time. For example by going into real estate, purchasing, renovating and selling homes is a common way for building wealth for people without money to invest.

Be Smart
1. Learn about budgeting, credit, and debt. Learn how credit cards work! If you get into debt early it can sabotage your progress.
2. Put an amount of money in the bank monthly. 10, 20, 30 dollars is good - $100 is better. By the time you get old, retirement would be easy. (See segment about compound interest).
3. If you are in college and can’t afford an apartment and don’t like those nasty dorms, then gather with 3 or 4 people, and buy a good sized house while splitting the payment. It’d probably cost less than an apartment.

10 Tips for Online Business Success

46 seconds is all you have…

The average time spent by an Internet user on a web page is a mere 46 seconds (Source: Clickz.com). Within these 46 seconds an online business needs to attract the customer, make a compelling proposition and close the deal.

The competition in the virtual world is growing day by day. Verisign reported 16% growth in domain name registrations in 2003. The total number of registered domain names now stands at a staggering 60 million, with .com consuming the largest share.

What can YOU do to stand out in the clutter and achieve E-Success?
We think the following 10 tips can substantially increase your chances of online business success:

1. Target the Un-Targeted:
Know your customers thoroughly and target those needs that are unseen by your competitors.

eBay is a bright example. eBay was quick to recognize peoples’ desire to earn economic profits by trading second-hand products. eBay realized the need for a platform where such buyers and sellers could meet and trade. ECommerce technologies helped eBay to create the required platform required and the rest is history.

When you are new to online business- Start Small but Start Right.

2. Strong Business Planning:
Have complete knowledge of your revenue source, break-even duration and other important strategic details from the beginning, and decide on the milestones that are to be achieved. You should know the right moment to expand your business and plan for future sources of revenue.

The Internet business has a cruel history of bringing about disastrous changes at phenomenal speed. Be prepared to face such upheavals and have plans in place to manage such turbulent times.

3. Business Friendly ECommerce Software:
Always choose software that is easy to manage and allows you to focus on your core business activities.

Choose an ECommerce solution that fits your business requirements. Analyze ECommerce software in terms of its scalability, security and the amount of customization allowed.

Invest in a solution that not only meets your present requirements, but also is capable of accommodating your future business needs.

4. Create a Web Store with a Difference:
Visual memory is more enduring than textual memory. Correct branding is important for the success of your online business. Increase your brand recall by creating an estore that is in tune with the likes and dislikes of your targeted customers.

Learn more about your customers and create unique branding by using distinct color combinations, site layout and innovative logo. Attractive display of your domain name can also play an important role in branding your online store.

Be different (but not vague) in order to create a positive appeal in the minds of your customers for achieving e-success.

5. Make your “Hot Sellers” most Visible:
Attract a customer and advertise your USP first.

Create your e-store in such a manner that when a visitor leaves your online store, s/he is aware of your specialty even if they do not intend on purchasing those products.

To clarify: Let us assume you are an online flower vendor specializing in selling fresh red roses. Create your online storefront in a way that when a visitor leaves your storefront, s/he is aware about your specialty even though he may not have seen the Red Roses section. So the next time the visitor intends to buy red roses, they will be very likely to recall your storefront.

Highlight your best product/service first in your e-store.

6. Do not let your Customers forget you:
Customer Relationship Management is of prime importance, especially when you are small and struggling to build a persistent customer base. Develop innovative ways to inform past customers about new products and the latest updates to the web store. Your chosen ECommerce solution should have provisions for incorporating various CRM campaigns. Adopt Innovative communication for communicating with your customers.

Pamper your customers to generate permanent sales in order ensure the success of your online business.

7. Increase your Web Presence:
Make your presence felt by carrying out intelligent marketing over the Internet. Perform search engine optimization (SEO) for your site, since the majority of buyers visit websites after spotting them come in the first three or four pages of search engine results. You can either hire professional services or carry out Internet marketing by yourself.

Associate yourself with web sites providing complimentary products or services on the Internet. This helps you in increasing your web presence both for search engines and for your customers.

Intelligent marketing alone will get you customers.

8. Build Robust Backend Operations:
Backend operations are the backbone of your online storefront. Spend time in analyzing the backend operations provided by the ECommerce software. Features such as Inventory management processing, credit card processing, reporting systems etc. will shape your first impression.

All your backend operations are expected to be accurate, scalable and provide real time data. Your choice of ECommerce solution would largely determine the strength of your backend operations.

A potential threat to your ECommerce operations is systems failure owning to faulty backend operations. Ensure the existence of a strong backend platform before opening for business.

9. Learn Faster and Better:
To err is human, but failing to cover yourself and allowing your competitors to exploit your loopholes, is suicidal and is a major threat to E-Success.

Always have an unbiased assessment of your online business and be prepared to spot your mistakes. Learn the art of covering your mistakes and rectify them before your competitors come to know about them.

Business is all about speed. Speed is essential in identifying and rectifying mistakes. You need to learn about your loopholes and mistakes faster than your competitors and rectify them effectively.

10. Surprise your Customers:
Surprise your customers with frequent changes in your business offerings. Add incentives by providing surprise offers, price discounts etc.

Your e-store can also help to add life to your business enterprise. Perform regular enhancements to look and feel, the display of products etc of your online storefront. Make changes that do not detract from the brand image in the minds of your customers. Make sure, as well, that the changes are not unattractive or are too frequent.

Constantly innovating while remaining focused on your business goals will lead to success in your online business.

Home Based Business - 10 Tips for Using a Computer Mouse

Working From Home and 10 Tips for Using a Computer Mouse
The following tips should help you avoid a mouse-related musculoskeletal injury. The same posture principles apply to other input devices (e.g. trackball, touchpad, pen, digitizing puck etc.). Postural variation is a key factor for good ergonomics. Try to regularly vary your posture when you work with a mouse, and in this way you will help to minimize the risk of ergonomic problems. Remember, the best ergonomic mice are designed to allow you to vary your posture while working with the mouse.

1. Mouse Grip - don’t throttle your mouse (it’s already dead)! Hold the mouse gently to move it over a mousing surface.

2. Mouse from the Elbow - don’t skate or flick the mouse with your wrist. Make controlled mouse movements using your elbow as the pivot point and keep your wrist straight and neutral.

3. Optimal Mouse position - sit back in your chair, relax your arms then lift your mousing hand up, pivoting at the elbow, until your hand is just above elbow level. Your mouse should be positioned somewhere around this point. Don’t use a mouse by stretching to the desk or out to the side of a keyboard. With a flat mouse platform, position this 1-2″ above the keyboard and over the numeric keypad if you are right handed - you can easily move it out of the way if you need to access these keys. With a downward sloping mouse platform, position this close to the side of the keyboard so that you can use the mouse in a neutral wrist position. Position adjustable mouse platforms are commercially available (e.g. Humanscale, Proformix, Flexrest, 3M etc.)

4. Protect your wrist - if you look at the anatomy of the wrist it is curved away from any contact surface (you can easily see this by resting your hand/arm on a flat surface - you’ll see light under the wrist and can probably even pass a thin pen under this). The forearm is shaped liked this for the wrist to remain free of surface pressure contact.

5. Avoid restricting circulation - For may people there are exposed blood vessels near the skin at the wrist, which is where the pulse is often taken. Any pressure in this region will disrupt circulation into the hand and this will increase the risks of injury.

6. Don’t use a Wrist Rest - research has shown that using a wrist rest doubles the pressure inside the carpal tunnel, because the floor of the tunnel is a more flexible ligament that transmits external pressure changes directly into the carpal tunnel (the roof of the tunnel is bone so the pressure doesn’t get transmitted on through the hand). Indeed, one test for carpal tunnel syndrome (CTS), know as Tinel’s sign, simply involves tapping on the palmar surface of the wrist, which is enough to cause tingling and numbness in someone developing CTS.

7. Avoid Restricting Arm Movement - with a softly padded wrist rest, especially one that is rounded, or a soft chair arm rest the forearm becomes “locked” into position and this encourages people to make mouse movements by flicking the wrist, which also increases intracarpal pressure.

8. Keep the Mouse Free Moving - The base of the palm of the hand is the part of the body designed to support the hand when resting on a surface. For keyboard use a broad palm support is best. However, mouse use is different from keyboard use. With a keyboard the best posture is for users to float their hands over the keyboard when typing and then to rest on the palm support in microbreaks between typing bursts. A mouse is used by moving its position over a surface, and resting usually occurs when mouse movements stop but with the mouse still being held in the hand. Mouse movements should be made using the elbow as the pivot point, not the wrist. Anything that impairs free movement of the forearm/hand and mouse will increase injury risks.

9. Mouse shape - choose a mouse design that fits your hand but is as flat as possible to reduce wrist extension. Don’t use a curved mouse. Use a symmetrically shaped mouse. Consider a larger mouse and there are several new interesting products on the market , such as the Perfect Mouse, that encourage arm rather than wrist movements or that encourage postural variety and one or two-handed use. Pen-based mice designs also allow a more comfortable grip.

10. Load sharing - if you want to load share between your right and left hands, that is using the mouse for some of the time with each hand. For this you need to choose a mouse platform that can easily be configured to the left or/and right, and a symmetrical shaped mouse that can be used by either hand. Other input devices - whether you choose a different mouse design, a trackball, a joystick, a pen, a touchpad, a multitouch pad or some other input device, make sure that you position this comfortably, and that your wrist is in a neutral position when using the device.

Summary recommendations for mouse position:

If you are using your mouse on a surface then:

· Best arrangement for a mouse is a platform over the number keypad and just above the keyboard

· Good arrangement is a pad on an angled platform to the side of the keyboard

· Poor arrangement is a flat surface to the side of the keyboard

· Worst arrangement is on the desk out to the side of the keyboard.

Six Start-Up Tips Every Business Needs

Every business deserves a chance to succeed. But after deciding to open a business, it can be a daunting task to develop, organize and present your products or services without the right resources to help you on your way. But where to begin? Perhaps this checklist will help you.

#1: BUILD YOUR BUSINESS ‘BRAND’ FROM THE VERY ‘GET-GO’.

Your business identity deserves careful thought. The name of your business should convey an immediate sense of what you offer your customer. You’ll want a name that’s easy to remember but not so ‘cute’ that it leaves the impress you are serious about your business.

When you come up with your first choice, do a domain name check and also a trademark check to make sure it’s an original name and that you’re not infringing on the legal rights of someone else who’s already an existing provider and who got there ahead of you.

Having a second or third choice also make sense. After all, if your first choice of business name is already taken, you’ll need to abandon it in favor of another. Brainstorm the names you like with a few other people who are bright and imaginative. Sometimes a twist on the first or second choice names might be the best in the marketplace.

#2: BUILD A WEB PRESENCE THAT CONVEYS YOUR VISION

Build awareness of the existing of your business starting with the World Wide Web. The virtual world is very real, and today most savvy consumers will start looking for you on the Internet before they ever pick up the yellow pages. Of course, that assumes they initiate the idea of doing business with you in the first place.

Most consumers will not be that pro-active. They begin searching for a suitable provider only when they become aware of the ‘need’ you fill. So your web presence must address that from the start.

Too many business enterprises overwhelm their customers with so much information that it’s easy for the customer to get sidetracked. So keep your website clutter-free. Use imagination and simplicity so that your customers enjoy the experience of visiting your site and that makes it easier for them to refer other potential customers as well.

#3: IDENTIFY YOUR CUSTOMER CHARACTERISTICS

You’d be surprised how many business owners think of their customers as some kind of faceless mass of humanity. The most successful business enterprise develop a composite of who their ‘ideal’ customer is, and they plan their entire marketing approach to that ideal customer.

But remember too that it’s rare to daily encounter the perfect or ideal customer. A friend of mine used to tell me that sometimes the maidens have to kiss a lot of frogs to find the prince. If you develop a customer profile as a composite of many customers, you’ll have more flexibility to meet the needs of real people.

#4: ORGANIZE YOUR BUSINESS ENTITY

The most common form of business ownership today is the Sole Proprietor. We typically see that in the brand-new ‘mom and pop’ small business owner who simply gets some business cards, obtains a business license, opens a business checking account and simply ‘opens shop’.

In a Sole Proprietorship you and the business are one-and-the-same. That is, your business does not have a separate legal identity from you - and therefore you are personally and completely exposed to all the risks. On the other hand, operating as a corporation or limited liability company can help to manage and better yet minimize those legal risks.

At my workshops around the country, I discuss the difference in a way that’s down-to-earth and understandable. For example, the use of a corporation makes sense if you intend to have the business continue in perpetuity after your death or if you wish to ‘go public’ (i.e. sell stock in the Stock Exchange). If you intend to ’stay private’ (which makes sense for most people) a limited liability company (’LLC’) probably makes sense.

The LLC is by far easier to maintain and manage. It has fewer formality requirements and the trend today in the United States is towards the registration of more LLCs than corporations every year. Given the statistics, I believe that trend will maintain itself and continue over the next several years.

#5: ESTABLISH A STRONG BUSINESS PLAN

It’s surprising but even today, many people still think that developing a strong and dynamic Business Plan is a mostly-academic exercise that has little practical place in the market today. But nothing could be farther from the truth.

A well-crafted Business Plan should be the bedrock foundation of your business. It encompasses your vision, your message, your organization, your marketing, and even your financing. Without a written and specific Business Plan, a capital loan application has little credibility. However, with a Business Plan that is specific and well thought out, lenders have a much better picture of what you have in mind, and frankly, so do you.

You see, most business owners get what I like to call ‘Widgetitis’ - meaning that they get caught up in their widget concept and get so involved in its development that they ‘underwhelm’ potential Lenders when it’s time for the financing to get the business along its path.

#6: WHAT ABOUT AN OFFICE?

Depending on the size and needs of your business, you may want to begin with a Home-Based Business. That means that your personal residence may become what the IRS calls your ‘principal place of business’. In such a case, you can legitimately take deductions for the business portion use of your home. If you identify a specific portion of your home as your working space, then treat that area as you would any other business space. That means having your primary work area there.

Set it up with your computer, internet connection, a fax machine, a dedicated business telephone line, answering service, office supplies and everything else you need to do business. It may require more than one area. For example, you might have inventory that is stored in a specific room or a portion of your garage or even another physical structure on your property.

If you are self-employed, you may be able to deduct certain expenses for the part of your home that you use for business. The use of that portion of your home you wish to deduct must be exclusively business.

If the area (such as a bedroom converted to office use) is not exclusively used for business, the deduction won’t pass muster. However if this area of the home is where your most important business activities occur on a regular basis, and where you spend most of your time doing business, then you are most likely entitled to the deduction. As it says in the One-Minute Tax Coach, if your home-based business in indeed your ‘principal place of business’ then deductible expenses for the business use of your home may include the business portion of your real estate taxes, deductible mortgage interest, rent, casualty losses, related utilities (such as phone and electricity), business or property insurance, property depreciation, business related maintenance and business related repairs. You can’t generally deduct expenses for lawn care or painting a room that’s not used for business.

Documentation is the name of the game so that you can legitimately defend your deductions if need be. It’s surprising how many people overlook deductions they’re legitimately entitled to take, and how many people fail to claim home-based business deductions out of unreasonable wariness born out of fear of the unknown.

When figuring the business-related amount you can deduct use the dollar amount of expenses attributable solely to the portion of the home used in the business. The amount you’ll be able to deduct for expenses attributable to the whole house depends entirely on the percentage of your home used for business. The easiest way to figure this percentage, is to divide the number of square feet used exclusively for business by the total square feet in your home.

Another way to go is based on the number of rooms. For example, if all the rooms are approximately the same size, you can divide the number of rooms used for business by the total number of rooms in your home. Then, you can calculate the business portion of your expenses by applying this same percentage to the total expense.

Also, remember that if your gross income from the business use of your home is less than your annual total business expenses, then your deduction for outgoing expenses for the business use of your home (other than mortgage interest, taxes, casualty losses, etc.) is limited. However, those same business expenses that can’t be deducted because of the gross income limitation can indeed be ‘carried forward’ to the next year subject to the deduction limit for that particular year.

Start a Business With Lousy Credit

You may be trying to start a business, or have one that’s in its initial stages. Your idea is great, your plan is flawless, and your product or service is ready for the fast lane. Only problem is, that super-charged, can’t-miss-small-business of yours is sitting by the side of the road. It’s stuck, and it’s out of gas.

The analogy may not be great, but if you’re in that type of situation, you know what it’s all about. Your personal credit rating is less than stellar. You found out just how bad, when the bank’s Business Loan Officer gave you a look of horror when you told him what you wanted to borrow, and why.

Let’s face it, he probably couldn’t wait to get you out of his office fast enough. Is there anything you can do to jump-start this situation? Yes there is. In fact, there a number of avenues you need to explore.

First things first. There are three credit reporting agencies, Equifax, Experian and TransUnion. You want to get your tri-merge credit report, which is a report from all 3 credit bureaus. Once you get them in hand, you’ll have a clear idea of exactly where you stand and just as importantly, why.

Review each and every report. Look for errors, because (guess what), the credit bureaus do make them. Maybe a bill they’re reporting as unpaid, involved a dispute. Maybe a credit card purchase wasn’t yours. If you find any glitches, report them immediately to the credit bureau involved. You can also enlist the services of an established credit repair company, if you’re not sure how to handle the disputes yourself.

Creating a business credit profile can also be an answer to your credit issue. By creating a business credit profile, you can start establishing credit for your business, which is separate than your personal FICO score. Establishing a business credit profile can help you get your business started while working to improve your personal FICO score. Once you establish your business credit profile your business can start applying for business credit cards and other types of business financing.

But, when you get business credit cards, keep your personal and business credit separate very separate. Many folks fall prey to the temptation of using business credit cards for personal expenses. This is more than a red flag to business lenders, it’s a giant red balloon. Commingling your funds can cause many problems for your accountant and attorney. When you commingle your personal and business funds, you open the door to lawsuits and your bookkeeping becomes a nightmare.

Business credit cards can be a great source of financing. One misconception is that business credit cards have a high interest rate. This just isn’t true. Many business credit cards fall in the interest rate range of 8-14%. But more importantly remember this; it’s not always the cost of money that’s important, but the availability of money. Wouldn’t you like to have an extra $30,000, $50,000, or even $100,000 right now to start or expand your business? Make sure you are diligent about making payments on time and, two things will happen: First, the credit card company will court your business, and probably offer you a credit line increase. Second, your credit standing will improve with the bank. Bank’s love it when you’ve demonstrated the ability to pay off a loan even if it’s not theirs.

Finally, make certain that you use your credit wisely, and strictly for the business. And more importantly, to improve the business new equipment or hiring employees, marketing, whatever it takes. This will show a Loan Officer that you’re serious about what you’re doing, and will make you a more attractive loan candidate.

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