May 16, 2008

Book Review: Bounce!


Failure. No one likes to talk about it. And when we do talk about it, we like to feel there is some deeper meaning or learning in every business failure we have. I suppose it helps us to feel that we didn't go through a bad time in vain.


Barry Moltz's new book, Bounce!, talks about failure in a different way. Gone are the platitude, replaced by the practical notion that failure is part of every growing business, neither to be praised as a "learning experience" nor to be bashed as something to be ashamed of.


Instead Motlz sees failure as a way to build strength and confidence. Failure isn't the opposite of success, it's a step along the path to success. So knowing and expecting some level of failure allows you to take more risks because you learn resiliency along the way...not from your successes, but from your failures. Once you develop resiliency, you have the confidence to take even more risks and try even more big ideas because you know you can bounce back from them if they don't go well.


And Moltz should know: he's had his fair share of failures before he rose to his current level of success, and he talks about them proudly and without shame. Bravo!

May 15, 2008

Share Your Thoughts!


I'd love you to share your thoughts about the way you like to learn.

It's a short 3-question survey. Share your thoughts today, click here to take my "How Do You Like To Learn?" survey.

Thanks! I'll tally up the results and share them in the next newsletter.

May 7, 2008

Self-Employment: The Hardest Way to Make Easy Money


I heard this comment at a National Speaker's Association meeting last month: "Being your own boss is the hardest way to make easy money." Boy, isn't that the truth!

So many people I speak with dream of becoming self employed and starting their own small business. Don't get me wrong: being self employed is the best lifestyle I know. It has a huge range of rewards, from flexibility to independence to self-responsibility. I'm completely in love with being self employed and wouldn't exchange it for a corporate job for a million dollars! (Okay, truthfully, if you want to offer me a million dollars a year in salary, I'm willing to entertain a discussion.)

But self employment is hard work, plain and simple. After carefully studying and working with people who start their own businesses, my best estimate is that it takes at least a year to make a serious profit, and often it's more like two years. I have yet to see a "quick fix" for small business marketing that will land a lot of cash in your pocket in 30 days.

If your business structure and administrative process are not firmly in place, you'll crash and burn eventually. If your business strategy and plan are not fine-tuned, you'll spend an extraordinary amount of time running in circles trying to find the right customer and the right product or service to sell them.

So why do people look for (and purchase) products and services that promise a quick fix to their ailing small business? In the question lays the answer: they want a quick fix to the pain. Don't we all?

Running your own small business is a marathon, not a sprint. Stop trying to sprint your way to your first million without a firm foundation under you. Remember, marathoners train all year long for just one marathon; they don't wait until the month before to begin preparing.

Things to consider:

  1. Make sure you have the personality to be self employed.
  2. Make sure you have enough money to finance your dreams, and a good financial plan that tells you when you'll actually start making a profit.
  3. Invest money and time in sound, effective marketing strategies and do them every month, rain or shine.
  4. Have a written business plan and a business strategy, even if it's only three pages long.
  5. Test your marketing ideas, your product ideas and your service ideas to make sure you've got everything on target.
  6. And finally, have a marathoner's attitude: the finish line does exist, just over the next hill. Believe that you will make it to the finish line, as long as you keep putting one foot in front of the other and maintain a positive attitude.

May 5, 2008

Marketing To Women class


What's more important?

  1. Learning about how women buy

  2. The product or service you are selling

(Hint: the answer is #1.)

In order to grow your business, you must understand women's lifestyles and what are their specific wants, needs and desires.

You will learn:

  • What women buy -- and why

  • The number 1 thing you must do in your marketing to women

  • The 10 (HUGE) mistakes we make when marketing to women

  • The keys to creating a woman-friendly website

  • How to market to women without alienating men

  • What women want and need from a shopping experience

  • How to re-write your marketing copy so that it's inviting to women

Click here for more class details about Marketing to Women.

What Students Say...

The Marketing To Women class was very helpful in offering specific, valuable tips on what women really want and are looking for with information. I will be changing my website to reflect these ideas, and adding more coaching options to be more client-focused. The price for this class was easily justified!

--Barbara Brady

Intercultural & Transition Coach

Schedule

This three-week teleclass begins

May 15, 2008

  • May 15

  • May 22

  • June 5


NOTE: There will no class the week of Memorial Day (May 29)


All teleclasses are

1:00 PM - 2:00 PM eastern


Classes will be recorded, so if you miss a session, you will be able to download the audio recording of the live class and listen to it at your leisure.

The instructor for this class is Alicia Smith. Alicia has been self employed since 1978 and has started 6 businesses and sold 4 of them. If you like to know not only why you should do things, but how, you will enjoy Alicia’s teaching style.

Registration

Registration Fee: $99

Instructor: Alicia Smith

Registration Information:

http://www.passionforbusinesslearning.com/mtw/

April 30, 2008

US Postage Stamp Increase


US postage and stamp prices will increase as of May 12. Many self-employed people are feeling the pinch, especially those who use the mail for direct-marketing purposes or to send products to customers.

Here are some tips for dealing with the US postage and stamp increase:

1. Buy the "Forever" Stamp. As the USPS says, "The stamp will be good for mailing one-ounce First-Class letters anytime in the future — regardless of price changes." So if you buy it before May 12, it will cost you $0.41, and you will be able to use it to mail letters forever. If you have a hard time getting them at your local post office, purchase them online at www.usps.com

2. Consider converting your books and audio programs to downloadable e-products (PDF files for ebooks, MP3 files for audio programs). With the US postage and stamp price increase, your shipping costs will increase also, and you'll have to decide whether you'll pass those shipping costs on to your customers. (If you use UPS or FedEx you'll see their rates increase as well, as gasoline prices soar in the USA.) With downloadable products, you save on shipping, you save on production costs, you save on fulfillment costs, and you give your customers instant gratification.

3. Ask the clerk at the post office counter for other options when shipping. Sometimes Media Mail will get to your destination in approximately the same time (depends on the destination) and for lots less money.

4. Use the Priority Mail Flat Rate boxes for shipping items. These all-you-can-fit-in-it boxes are a fixed cost, and may be less expensive than sending something weighed Priority Mail.

5. Pay your bills online instead of sending checks.

6. Send correspondence to customers, including agreements and contracts, via fax or email. For instance, I send coaching and consulting contracts to clients in PDF format via email, they sign it, and fax it back to me. No postage on either side of the equation.

While this US postage stamp increase won't affect everyone, for those who use the mails regularly, it will be a growing business expense. Best to think ahead, because the US Postal Service says that prices will probably increase each year from now on.

Click here for further information on all the US postage and stamp increases schedule for May 12.

April 29, 2008

Email Marketing Tips

I thought you'd enjoy this great article, 13 Tips for Effective Email Marketing from MarketingVOX. You'll also appreciate some other, lesser known email marketing tips from them as well.

April 26, 2008

It's Okay to Think Small

In nearly every business book I read and from the lips of nearly every business guru I listen to is the premise that you have to grow your business. Grow, grow, grow -- think big -- and you'll feel successful. More products, more services, more revenue -- and you'll be happy. Bigger is better, right?


Here's a secret that I'm going to start shouting from the rooftops: there's no shame in declaring that you want to keep your business small. This push for growing our business to the next level (whatever that means) might not be the right thing for many of us.


I'm not talking about people who remain small because they're scared, or because they don't have the skills or financing to grow big. I'm talking about the people who choose to keep their business small because, after careful analysis, it's what they really want. There's an unspoken taboo about saying, "I want my business to remain small," and I want to halt that taboo.


In his book The E-Myth Revisited, Michael Gerber says that if you elect to stay small and work in your business (instead of working "on" your business by creating a system where someone can run your business for you), you have a job, not a business. I don't understand his logic and I can't see where there's something inherently wrong with wanting to stay small and do the work yourself. Most self-employed people start their own businesses because they love what they do.


Gerber's principle is that a business should be created to get more out of life. Certainly the work you do should allow you to have the lifestyle you want. But I didn't start a business just to make heaps of money; I could get a corporate executive job and do that. I started a business to provide the services and products I love, that gives me personal fulfillment and creative challenge.


If you love the work you do, there is nothing wrong with wanting to continue to be the technician, as well as take on the role of manager and entrepreneur. You've got to do all three, so don't try to avoid it. But if you're willing to take on all three roles, you can find much meaning and satisfaction in running your own business.


Staying Small


There is a new way of looking at small business that challenges the notion that all growth is desirable. In Bo Burlingham's book, Small Giants: Companies That Choose to be Great Instead of Big, he talks about small business owners who had a choice to grow their business to majestic proportions and chose instead to remain small, to perfect their business to great heights without selling their soul to the "you must grow" mantra.


There are those business owners to elect to stay small, and create a great business. I didn't create a business in order to create a franchise-able model of it where someone else did the work. I created a business to be great at what I do, offering the best service and products possible. For me, the only way to do this is to remain small, boutique, and connected intimately with my customers. This allows me to listen to their needs and create solutions quickly. It gives me a kind of independence and joy that I never found in corporate life.


Seth Godin says, "Small is the new big because small gives you the flexibility to change the business model. Small means you can tell the truth on your blog. Small means that you will outsource the boring, low-impact stuff like manufacturing and shipping and billing and packing to others, while you keep the power because you invent the remarkable."


In fact, Seth wrote a book called Small Is The New Big. Maybe I'm on to something here.


Loving What You Do


While your business can be a means to an end (a lifestyle you want, or maybe to send your kids to college), why can't your business also be enjoyable in and of itself?


If you love gardening, you don't just work "on" your garden plan, you work "in" the garden every chance you get. You don't try to figure out ways to delegate all the work just so you can sit back and get the rewards of a pretty garden. Instead you want to get your fingers in the dirt and do it yourself because the very act of working in the garden is enjoyable to you. And sometimes that means you have a smaller garden so that you can find joy and fulfillment in doing it all yourself.


Many self-employed people don't want to be an absentee owner. I don't want to lose touch with my customers or the reason I do this work. I don't want to manage employees; instead, I'd rather work with partners who love what they do. I don’t want to create a big business model that any low-skilled employee can implement just for some extra cash.


If you want to be the CEO of a big company with lots of people working for you -- go for it. But for me, I want to get my hands dirty every day. I'd rather stay focused and build a business that's small and great.

April 24, 2008

Studying Start-ups


Kauffman Firm Survey (KFS) follows nearly 5,000 businesses founded in 2004 and tracks them over their early years of operation. Here are some interesting results:

  • More than a third of businesses (37 percent) had no revenue in their first year of operation while about 17 percent of businesses had profits in excess of $100,000.

  • Just under 9 percent of firms closed in one year and the survival rates vary by owner demographics.

  • Nearly 60 percent of the businesses had no employees in their first year while very few businesses (less than 4 percent) had more than 10 employees.

To learn more about the results of this survey, visit: http://www.kauffman.org/item.cfm?item=1021