Small Business News: So You Want To Start A Business
Starting a business need not be scary and you don’t need to be a seasoned entrepreneur to get on the right road to success. In fact, for the most successful entrepreneurs, the key has been simply experimenting to find out what works and then letting the right market find them. Of course, advice from other small business leaders is also important. We’ve collected some for you in this latest update of Small Business Trends business roundup
Branding & Marketing
How do you build your brand? An important part of distinguishing yourself from competitors and helping customers remember your name and what your business can provide when they have a need is creating a solid brand. Creating a brand for your business, especially a new business, can be truly challenging if you’re new to the process. Not everything will work but the key is to keep trying and monitor your results in the process. In Part 1 of Rik Savoia’s interview with Lisa Hendrickson of Call That Girl, a computer support and repair company in Minneapolis, Minn., we hear how a new business owner with little or no experience built her brand and set herself apart. The Force Field
How do you market your business? No matter what your field, in the end bringing in clients and customers is what will make or break your small business. But many small business owners, especially those starting out, may know little or nothing about the marketing process or how to go about reaching people in need of your products or services. In Part 2 or Rik Savoia’s interview with Lisa Hendrickson of Call That Girl, a computer support and repair company in Minneapolis, Minn., we learn about the “big seven” in social media marketing and other tips and tricks for gaining referrals. The Force Field
How to simplify what you do. From branding to marketing to creating your products and services, simplicity is the key. How easy is it for you to explain to others what you can do for them? Do you feel like you’re dumbing things down by simplifying your great concept or innovation? Think again. If customers and clients can’t understand what you do, how will they know if they need your help? Check out John Jantsch’s plea for simplicity in everything you do. Then start redefining your business. Duct Tape Marketing
Operations
The secrets of succeeding at your startup. Every business starts somewhere and most start small and grow. Inc.com interviewed six successful companies in a wide range of fields to discover what they felt was the key to their success. Similar approaches may help you in moving your business forward no matter how small. In the beginning, consider a wide range of tips and see which ones work for you. Inc.com
Finding your business. Though it certainly may not be for everyone, Matt Paxton’s business, Clutter Cleaner, a service for extreme hoarders, is proof that businesses sometimes start where no one even knows there is a market. Matt originally started his business as a service to help relocate senior citizens. But a more unusual market, and a cable television series in which his business is featured, found him. WSJ
Finance
Media complains about lack of lobbying for small business lending. Though we’re not sure more federal spending in the name of more debt for small businesses is a good idea to pull us out of recession, the mainstream media seems to be worried that there aren’t more lobbyists in Washington pushing for it. The only thing that may raise questions is why so many lobbyists, including groups that supposedly support small business, were in favor of the original 2008 bank bailout. Maybe they’ve finally wised up? Bloomberg BusinessWeek
Credit Unions could be key to business lending. Forget about a $30 billion lending package from the federal government. Bill Cheney, president and chief executive officer of the Credit Union National Association, argues credit unions could be a natural resource for small business, if Congress would raise their lending limits. In either case, small businesses, especially those starting out, should think long and hard before incurring large amounts of debt and focus instead on ways to generate cash flow to help them grow, creating less financial burden for a newly launched venture. Bloomberg BusinessWeek
Startup
Want to start a business? You may want to begin with a business plan. Small business blogger Martin Lindeskog will be taking you through the process in some coming posts as he explores creation of a business plan for his own venture TeaParty.nu. Join Martin for a close up look at putting together a real business plan for a real venture and be sure to keep following along on his blog for the posts to come. Ego Journal
When starting a business, forget the office. Obviously, some businesses require a place for customers and clients to visit or to purchase products or services. But if you can get away with working at home, try to do it and let your staff do it too. A recent report shows just how much money businesses can save by not having people come into work. smallbiztechnology.com
Using blogging to start your business. Let’s face it. When starting a business in today’s rough economy it’s best to begin with as little cost as possible. Undoubtedly, one of the easiest ways to promote what you do or offer is by creating a blog. Talking about the problems in your market and offering solutions to them will make you the expert prospects will seek out. Of course, blogs are not and should not be mere advertisements for your business and what you do. Check out this article from Ben Cathers to figure out what your blog should look like in order to create the branding you need for your business. Personal Branding Blog
Small Business News: So You Want To Start A Business
Is Your Business World-Cup-Worthy?
After the vuvuzelas have stopped droning and the instant replay returns to settle football disputes, what lessons can we business owners learn from the world’s greatest competition? Small business and soccer are the world’s most popular ways to work and play. What can we learn from playing the game?
If your company was a World Cup team, how would it do in terms of…
- Preparation? The Cup had teams who played well together, like the U.S., and those who didn’t, like England. Is your company focused on a common goal or too busy pursuing individual agendas?
- Coaching? The French team walked out on their coach after he exerted his authority, while Maradona created a cult of leadership around his Argentina team. What would your team do to you when faced with pressure?
- Fans? Is your team like Ghana who united their fan base across tribal Africa or like Brazil who booed them upon their return without the Cup? Do your customers really like you or just pay you because they have to?
- Commentators? Does the media treat your company like first-to-be-eliminated Cameroon (“They’ll be home before the postcards arrive” ) or like the Spanish, who consistently kept a low profile, played ever-so-well and took home the Cup and the world’s respect.
No other sport has a harder invitation to earn, 5 billion people to watch your every move, and relentless pressure to win and capture the hearts and minds of teams and sponsors that have millions to spend on victors and stars. As leaders running businesses in the age of social media, we share many of these same challenges and opportunities.
How would your business do as a World Cup contender?
Is Your Business World-Cup-Worthy?
A Simple Guide to Small Business Insurance
Is your small business insured? Are you carrying the right kind of insurance to protect you, your company, your employees and your customers? These are the questions we faced as we were working to launch our company, OfficeDrop. We found that government-mandated insurance such as workers’ compensation go only so far in providing adequate protection. To ensure that all the sweat and money that went into building our business is adequately protected, we needed to carry other forms of insurance. After spending many days talking to various insurance advisors, we narrowed down the insurances to a handful. I hope the following guide demystifies the insurance landscape.
Legally Mandatory
Workers’ Compensation Insurance
Also known as employer’s liability insurance, this insurance is mandatory in every state. By providing workers’ compensation insurance, your company can award employees monetary sums in the event that an employee is injured or disabled while on the job. Since coverage is provided in exchange for the employee’s right to take legal action against the company, you will be protected from lawsuits in the case of employee injury or death.
Business Auto Insurance
If your company owns vehicles, then all 50 states require you to carry business auto insurance. The extent of coverage will depend on who drives the vehicles and what your state requires.
Disability Insurance
If your business operates in the states of California, Hawaii, New Jersey, New York or Rhode Island, you are required to carry disability insurance. Disability insurance replaces a percentage of income for employees or business owners should they be injured and unable to earn a living themselves.
Not Legally Mandatory, But Must-Haves Nonetheless:
Property and Liability Insurance
Property and liability insurance protects your business’ assets from disasters such as fire and theft. Though you are not required to have it by law, you may own valuable assets such as furniture and expensive equipment that you cannot afford to lose. When purchasing this insurance, ensure that you are covered for the “replacement value” of these assets.
Errors and Omissions Insurance
We’re all human, and we all make mistakes. E&O insurance covers you when a client holds your company responsible for mistakes or errors made by your firm that were damaging to the client. Since OfficeDrop handles valuable customer documents, we decided to carry this insurance in case customer documents are accidentally lost or damaged. Every one of our customers is protected up to $1 million if they are adversely affected by an error. Consulting and other professional service firms are also good candidates for this insurance.
Criminal Liability
While E&O insurance protects against unintentional errors and damage, criminal liability insurance covers damages intentionally done by employees. Even with extensive background checks of each of our employees, criminal acts are sometimes completely unpredictable, so we chose to carry criminal liability.
Business Owner’s Insurance
Recommended for any business owner, business owner’s insurance protects you from personal liability in the case of litigation against your business.
Other Options
Besides the above mentioned, there are many other insurance options that may greatly reduce risk in your business. Other policies include:
- Business Continuation Insurance
- Product Liability Insurance
- Key Executive Insurance
Though not all companies carry these insurance policies, they are still worth considering.
Still not sure as to what insurances to get for your business? While you may not need all of the insurance policies not mandated by law, we highly recommended that you review your business with an insurance advisor to discuss which insurance options are best for you.
A Simple Guide to Small Business Insurance
