Inspiration and Information for Starting Your Business

Archive for May, 2010

How Do You Balance Your Relationships with Your Small Business?

balanceI admire my brother, John, very much for his extraordinary dedication to training when it comes to competing in the grueling IronMan – a 2.4-mile swim, 112-mile bike ride and a 26.2-mile run – all in one day. He completed three of them in his 30s  - an amazing feat in itself. He once told me that when he attended a meeting of the regional triathlon club he was involved in, the guest speaker opened his lecture with, “How many of you are still married?” John noted that there weren’t a whole lot of people in the crowd who raised their hands.

The same question can be asked of you as small business owners and enterprising individuals who slave and sacrifice to meet the demands of your business. You may not be ready to divvy up responsibilities to other employees or you may be physically at home with your family, but not really. You are still chained to the laptop and cell phone.

But priorities still need to be kept in check. My brother amazingly enough discovered balance while training for the huge event. He participated in zillions of triathlons while preparing for the big day so his wife and three children would come and support him. He would rise at the crack of dawn to fit in workouts to be home in time for breakfast with the kids. He would also make time to be with his family for dinner (and dishes) at night as well. He was able to separate his training life from his home life.

So how about you? What advice would you give to small business owners with families just starting out? How do you balance your dedication to your business with your devotion to your family?

What Is The Biggest Career Blunder You Have Ever Made?

whoopsIn a former life, I worked with a woman who accidentally sent an email ABOUT her boss TO her boss. Oops! I hate when that happens. It’s a good thing she didn’t say anything too incriminating.

Unfortunately, there’s just no way around being human, and we’re bound to make errors in every compartment of our lives. As proven in the following example, some are more extreme than others. Take the one that recently happened at 6pm.com - a sister company to Zappos.com.

The Dane Carlson’s Business Opportunity weblog reported that 6pm.com’s pricing engine capped everything at $49.95 on Friday. While you were most likely snoozing, lucky shoppers we’re cashing in on bargains of a lifetime, including GPS systems – regularly priced at $1,000-$1,600 – for you guessed it, $49.95. The hiccup in the system took on a life of its own from midnight until around 6 a.m. PST and cost the company $1.6 million!

Do you think the individual(s) behind this blunder still has a job? If you’re a small business owner running a web-based business, what advice can you offer to minimize errors?

What is the biggest career blunder you’ve ever made? What lessons did you learn from it?

Consider Entering Competitions As Part Of Your PR Plan

One way to harvest some good ol’ fashioned public relations opportunities, is to enter contests that gel with your goals, image and brand. Drive your efforts with what you hope the end result to be – from only wanting your photo in the local paper to being featured in a national magazine to being honored at an awards ceremony.
award
There are plenty of worthwhile competitions out there to recognize and honor your hard-earned achievements. Award ceremonies and press opportunities may follow a win so filling out the application form (and sending in the sometimes required entry fee) may be well worth it.

Here are a couple of opportunities that are coming up if you’re interested:

  • 2010 Leading Moms in Business – This contest will rank the top 200 mompreneurs across the U.S. as determined by popular votes. The publicity does not carry a price tag with opportunities available for MSN, Bizjournals, ABC News NOW and so much more! Click here to learn more.
  • Entrepreneurial Winning Women Contest – Sponsored by Ernst & Young, this contest supports dynamic women entrepreneurs. To meet eligibility requirements, you must be a woman who has owned or founded your own company within the past 10 years. And you must have achieved at least $1 million in revenue in the past two years. Winners receive recognition and participate in a program to fuel growth and success. Application deadline is June 30, 2010. Find our more details from Ernst & Young.
  • Green Your Small Business Challenge – If your head is brimming with ideas about how you’d like to make your office greener, this challenge is for you. And the reward is nothing to scoff at. Staples will award eco-friendly products to the winning submissions valued at $10,000; $2,000; and $1,000. Entrepreneur Magazine and Staples have teamed up to encourage small business owners to let them know how and why they would like to make their office environments more eco-friendly. Deadline is June 4, 2010. Visit Entrepreneur for more details.
  • Entrepreneur Magazine’s Entrepreneur of 2010 Awards. Tell Entrepreneur Magazine what you’re doing to leave your footprint on your employees, in your community or on your industry. And you could earn the title of Entrepreneur of 2010. Entries are due by June 15, 2010. An awards event will be held in Atlanta. Click here for more details.

Design a calendar of your own to track upcoming small business competitions in your area. If you’ve already earned some trophies for your mantle, tell us how you did it. What advice would you give to other competition seekers?

Are You Ready For A Consumer Comeback?

According to a recent article from Associated Press Retail Writer Anne D’Innocenzio, consumer trends reveal an upswing in the retail climate that was once grossly overshadowed by the Great Recession.
recovery
The article gives examples of business owners and retailers who are preparing for the gradual surge in traffic and spending as we approach the recovery stages:

  • Toys R Us is touting $5 toys instead of $3 toys in its designated value section
  • Lowe’s has adjusted its advertising to underline the experience of its salespeople rather than price
  • HSN Inc. is peddling gold jewelry instead of silver

Evidence also shows that luxury retailers are testing the waters with consumers by displaying higher-priced items while continuing to expand less expensive store-label merchandise.

Are you incorporating similar tactics at your store? Are you feeling the winds of change? Are you seeing more traffic? Do you see more consumers splurging?

Don’t Overlook Google and LinkedIn For Social Marketing

A few weeks ago, I addressed the topic of Facebook’s new features. But it is also important to talk about the new tools Google and LinkedIn have added to their service portfolio.
social media for business
To sum it up, Google and LinkedIn now offer add-ons aimed at helping small business owners. LinkedIn recently lifted the veil of its “Follow Company” feature, offering a deeper insight into profiles of companies that are promoting and hiring. The advantage of this LinkedIn tool is that you will be in the know about new developments, job opportunities or business opportunities within companies that interest you. If you are an independent public relations consultant, you may have an eye on a particular company that you’ve been dying to do public relations for. Suddenly, that company announces that it is seeking a fresh approach to media relations. Start typing the proposal because opportunity has knocked!

Google on the other hand introduced its newly enhanced Local Business Center as Google Places. Following in the path of its introduction of Place Pages, containing reviews, images and other information about a company pooled from Web sources, Google announced that a business will be able to underline something special occurring at the store. Business owners can benefit from this feature by adding a little extra “oomph” to the description – a sale, an event, chocolate chip cookies to the first 100 customers on a particular day. Personalization also fits into the Place Page equation with companies being able to request a free photo shoot from Google in certain cities. Google’s vice president, John Hanke,  pointed out that one in five Google searches relate to location – noting that The Google Places dashboard will offer customized bar codes that customers can take with them directly to a business owner’s place page. They can be plugged into smartphones and scanned into marketing materials, promoting tremendous opportunities for strategic marketing plans.

If you’d like to learn more about following companies on LinkedIn, take a peek at this helpful YouTube video.  The Google blog also features helpful information on Google Places.

Please feel free to share how these tools are working for you. Have you tried them yet? What will you do differently in promoting your business?

Are You Creating An Experience For Your Customers?

Have you ever been to an American Girl store? If you haven’t, here’s what you are missing: multiple floors of not only American Girl dolls, but a vast selection of books, accessories galore, companion pet stuffed animals, doll clothing and little girl’s clothing. There’s even a beauty shop for yes, the doll, and you can partake in a private tea party. And these things do come with a hefty pricetag.
shopping experience
What American Girl has accomplished evidenced in its success, with 2009 American Girl brand sales perched at $462.9 million, is that consumers are willing to pay for the experience. Why would women AND men venture out to a crowded, explosive pink store to drop hundreds of dollars to make little Suzie happy?  Why it’s because of the unique experience.

According to the bestselling book The Experience Economy: Work is Theatre and Every Business a Stage by B. Joseph Pine II and James H. Gilmore every business owner can create an experience that’s worthwhile. Etched in customers’ minds as fun or exciting, they won’t blink an eye at paying for it.

Here’s some tips to help you create a more appealing environment:

  • Focus on the 4 E’s: Escapist (involving customers); Esthetics (featuring appealing eye catchers); Education (learning opportunities); and Entertainment.
  • Engage all five sense to make an event at your business truly unforgettable – (For example, the MINI dealership I go to provides free snacks, water and fancy coffee while you wait for your car to be serviced.)
  • Write down all the impressions that you want people to take away when they leave your business. How do you want customers to feel? What do you want them to say to others after they leave?
  • Provide unique memorabilia at your business – a physical keepsake that your customers will associate fondly with your business and the fun time they had.

Start by thinking of some places you love to visit and work on incorporating your own personality into making your customers’ experience memorable. What can you do to differentiate yourself from your competition?

Expect the unexpected when interviewing candidates

As a small business owner, you may have two employees or 20. But I’m certain you had to interview them. And maybe like American Idol, you’ve had some rather – shall we say – interesting candidates.
Unexpected things at job interviews
I’d like to take this opportunity to share one job interview that stands out in my mind and has so for 22 years! Before attending college, I moved to Minneapolis for a few years to gain some life experience. (I certainly did by the way coming from a family farm in Wisconsin.) I chose to temp for a stint and interviewed with a well-known agency. When I met with the hiring manager, I walked in the room, and she cried. (I thought maybe it was something I was wearing.)

Sadly, she had not expected me to be so young and had just lost her daughter in a tragic car accident. Not knowing what to do, I hugged her, and told her how sorry I was. Needless to say, she always made sure I had work and continued to send me holiday cards long after I left Minneapolis. It made me realize that even hiring managers are human.

I’d love to hear about your stories from interviewing your own candidates or being interviewed before you owned your own business! What lessons did you take away? Are there questions you don’t bother to ask anymore for fear of what the answers will be?

If you’d like to learn more about interviewing candidates, review this post on hiring that first employee.