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Archive for Small Business

Why You Haven’t Attracted Your Ideal Client Yet And What You Really Need To Do

By Elena · Comments (24)
Thursday, May 16th, 2013
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When you’re running a small business, time, energy and money are your most valuable resources. Those resources are usually in scarce supply so you have to pay even greater attention when trying to attract your ideal client.

What is an ideal client?

Put simply, an ideal client is a specific group of people who share the same common traits and problems that your offering (product or service) can help them resolve. They buy what you are selling and provide your company the best word-of-mouth recommendation to their friends and networks.

Answering WIIFT

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Comments (24)
Categories : Small Business
Tags : attracting your ideal client, Girl Two Doors Down, ideal customer, ideal customer demographic, ideal customer psychographic, Visa Small Business, WIIFT

How to Embrace Financial Planning for Your Lifestyle-Based Business

By Elena · Comments (25)
Thursday, April 11th, 2013
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One of the defining moments that shaped my career was taking my first accounting class in university. I hated it. I knew it was something I was going to avoid at all costs, for as long as I could. I immediately switched out of my business major, and studied for a communications degree instead.

For a long time in my small business, I just avoided looking at the numbers. I simply put receipts and expenses in a box, printed out all my invoices and handed them over to my accountant once a year. No worries!

Financial planning for a small businessThe problem with that system is that I never really knew where things stood. Sure, I knew how much monthly revenue was coming in and the big expenses like paying contractors who worked for me.

But I never really knew the big picture of where the business was going and more importantly, how it could affect my lifestyle. Knowing where my business stood financially would have made it easier to decide when to launch a new product or service, when to take a new client on and when I could ease up and say no to opportunities that came my way. I had no financial roadmap to follow and more importantly, I wanted my business goals to truly support my lifestyle.

Many years later, I still hand a paper trail every year to my accountant. I’m just not wired to input every expense into online tools like Freshbooks, no matter how simple they make it. Instead, I have a customized Excel spreadsheet that works for what I would like to know. If you hate numbers like me, consider this type of financial planning to support your personal values and what you truly want in life.
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Comments (25)
Categories : Small Business
Tags : Elance, elena verlee, Excel spreadsheet financial tracking, financial planning, Fiverr, lifestyle based business, Odesk, Visa Business Network, Well Sourced by Visa Business

3 Common Pitfalls to Avoid When Taking Your Local Company Global

By Elena · Comments (2)
Tuesday, February 12th, 2013
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Small business Going Global

Having worked in three continents and coming from an entrepreneurial family, I’ve had the privilege of being directly involved in, or being on the periphery of, several businesses ranging from cars, clothing, technology and professional services.

I’ve learned many business lessons that otherwise would take years of experience to acquire. I’ve talked about some of those lessons here and here, but in this post, I’d like to talk specifically about going global.

As some of our companies established themselves locally, it was only natural that we look for expansion elsewhere. Entering new markets in strategic geographic locations can offer your small business attractive growth opportunities that will help fulfill your long-term vision.

While that may sound exciting, it’s also easy to forget that it can be very challenging to work in countries other than your own, and navigate through cultures you aren’t familiar with. Below are a few pitfalls you’d want to avoid when ramping up your small business for global success.

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Comments (2)
Categories : Small Business
Tags : business going global, global business pitfalls, global entrepreneur, Visa Small Business

How to Grow Your Business Big, By Thinking Small

By Elena · Comments (8)
Tuesday, December 11th, 2012
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Grow Your Business by Thinking Small

I’m in a unique position where I straddle two very different business worlds.

On the one hand, I’m a small business owner myself, and my blog helps solopreneurs and small businesses thrive with do-it-yourself PR and marketing efforts.

On the other hand, my PR agency specializes in working with high growth technology companies. My team and I have worked with startups to billion dollar companies and in this arena, the mantra is often “go big or go home.”

For small businesses that’s not always the right mantra. We lack resources — time, money and people — to go really big, really fast and do it well.

Instead, we should focus on becoming the next “10-year overnight success” story… one that builds consistent value in small ways, brick by brick, person to person, tweet by tweet… a business that grows organically, sustainably and without losing the essence of why you started it in the first place.

As you plan for next year, why not make a conscious decision to redefine what success is going to look like for you? Part of that may involve “cleaning house” in order to build a business that honors your personal values or brings more work-life balance — but at the same time may actually increase your profitability.

Here are some ways “small can be the new big” for your business next year:

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Comments (8)
Categories : Small Business
Tags : grow your business, small business tips, small business visa, Visa small business solutions

How to Choose a PR Agency: 7 Most Critical Questions to Ask

By Liz · Comments (3)
Thursday, December 6th, 2012
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How to Choose a PR Agency or Consultant

Choosing the right PR agency or consultant has been compared to choosing a spouse.

It’s a crucial decision. Your PR agency will be a close partner and one of the key ingredients to a successful marketing program.

However, asking the right questions during your selection process will help you make a better choice, and make sure you are comparing apples to apples.

Below is our list of the 7 most critical questions to ask your candidate PR agencies or professionals:

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Comments (3)
Categories : Small Business
Tags : hiring PR, how to choose a PR agency, how to choose a PR consultant, how to choose a PR firm, PR pitch

Small Business Lessons From High Performance Athletes

By Elena · Comments (6)
Tuesday, August 7th, 2012
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Business Lessons from AthletesI’m a wannabe athlete.

I wear the gear and own the equipment, but most of the time I’d rather be in a hammock… and watch the professional athletes compete on television.

When I finally learned to swim just a few years ago, my then 7-year old son challenged me to try my first triathlon. It was a mini race, just enough for newbies like me not to drown, fall off a bike or have to walk to the finish line. It was fun, but now I’ve crossed it off my bucket list.

My husband on the other hand, has been a sponsored triathlete who has raced on and off over the last two decades. To this day, we have a solid group of friends who are both entrepreneurs and triathletes. Many run very large businesses, and they still manage to compete in extreme races – one where they swim 2.4 miles, bike 112 miles and then run a full marathon of 26 miles at the end.

How do they do it?

Here’s what I’ve noticed about how they train and think, and how those lessons can apply to small businesses.

5 Business Lessons from Triathletes

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Comments (6)
Categories : Small Business
Tags : business lessons from athletes, small business lessons, Visa business of the Olympic games, Visa Small Business, what business owners can learn from athletes

7 Ways You Are Missing Out On Getting Your Company Noticed

By admin · Comments (11)
Thursday, March 22nd, 2012
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In today’s guest post, Juliette Schmerler lists seven commonly missed opportunities for exposure, both online and offline. Does this list inspire you to try a new marketing platform?

7 Ways You're Missing Out on Getting Your Company NoticedThere are undoubtedly a number of marketing methods that your business is NOT using at the moment to improve your visibility with potential customers. Unfortunately, too many businesses feel that if they have a website, they have done enough to make themselves visible. The truth is, today’s businesses need to make use of many methods in order to make it easy for their customers to connect with them.

Here are just a few methods which are commonly overlooked, but can bring a lot more exposure to your company:

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Comments (11)
Categories : Small Business
Tags : email newsletters, Facebook business page, Google Places, how to get more visibility, Juliette Schmerler, LinkedIn for publicity, Sparktank Creative, vehicle decals, video marketing

Look Yourself Straight in the Eye: Questions Entrepreneurs Must Ask

By admin · Comments (6)
Thursday, March 8th, 2012
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Questions for EntrepreneursToday we have a guest post from Karen Southall Watts, who tells us to be courageous and ask ourselves the toughest questions about our business. Doing so may not be pleasant but, trust me, you’ll be glad you did.


You’re tired or cranky. The office seems overly noisy but not productive. Something seems off, but you aren’t sure what.

It happens to all entrepreneurs—the time comes to look in the mirror and ask some tough questions.

Don’t shy away. Just face yourself and you can move on to greater success.

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Comments (6)
Categories : Small Business
Tags : Karen Southall Watts, questions for entrepreneurs, Sex is Good for Business, Time management

Hard–Earned Lessons From An (Accidental) Entrepreneur

By Elena · Comments (14)
Monday, October 31st, 2011
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Turtle versus HareI wish I could say I always wanted to be an entrepreneur.

After all, my father was one, my brothers run a successful business and I married an entrepreneur.

From my perspective, they worked long hours, talked about business all the time and always seemed to be thinking of taking things “to the next level.”

I didn’t understand that those long hours didn’t seem long enough when it’s spent pursuing your passion. That you cannot help sharing your enthusiasm about what you love and how you are going to change the world to anyone who has a minute to spare. And that having your own business opens up a whole new world of creativity and perseverance that you previously didn’t know existed about yourself.

I didn’t know any of this until I became an entrepreneur myself.

In a new country, with no local experience and no contacts, I began consulting until I could get a secure job. What was simply a bridge to the next “sure thing” turned into a never-ending road with an unknown destination.

In 13 years, I’ve gone down the bumpy road of entrepreneurship traveled by many before me, and learned a few good lessons along the way. I hope these lessons make your road to adventure a whole lot smoother:

1. Embrace That You’ll Never Know Everything

It took you years to be THE expert in your field. You struggled to finally make THE product that everyone’s talking about. However, if, after all those years of hard work, you think you know it all and stop learning, or stop innovating on product development, your business will either fail or eventually get left behind.

Curiosity and perseverance are some of the most important traits for an entrepreneur to embrace – why do things work and how can it be better? What would happen if I did the opposite of what is the logical thing to do? Who knows more than I do and whom did they learn from? Do I really know what my customer wants?

Assume there is more than one “right” answer and ask the difficult questions no one is asking. You might be surprised at the answers you’ll get.

2. Work Hard And Give Yourself The Gift of Time

One of the most frustrating traits of an entrepreneur is our impatience. We spend weeks, months, even years creating something we love and when it’s ready, we’re caught by surprise at how slow it sells: How come my potential client can’t see how brilliant our product or solution is and how perfect it is for them? How can they not want it right NOW?

In a market with ever-increasing noise, it really does take time for you to stand out and build a momentum with your marketing.  “Overnight successes” can often take 18 – 24 months or more. If you truly believe in your offering, keep working hard but give yourself the gift of time and know that you may need to take the marathon approach versus trying to sprint to success. Remember that childhood story? The turtle eventually beats the hare!

3. Be Willing To Succeed As A Result of Your Work

You should definitely be willing to fail as an entrepreneur, but sometimes what can hold us back is the willingness to succeed.  It seems counter-intuitive but many of us have a fear of success in some way.  We may believe: I’ve worked so hard but don’t deserve the good things and recognition that come my way. What if I can’t sustain my success? What if I take on something way over my capabilities?

Remember that many of your fears will be irrational if you look at them closely. Success is your reward for setting your sights on a seemingly impossible goal, pursuing it doggedly and sometimes making incredible sacrifices to get there.  YES, you are worth it, and yes, you deserve all the recognition and success that comes your way.

4. Keep Working Towards The Next Step

Having your own business can provide amazing freedom and flexibility in creating a lifestyle you want.  There are times though, where it takes great effort to get out of bed and hang onto your determination to keep going. You may be stuck on what you need to do next in order to reach your goal.

During these times, I remember an analogy a business coach shared with me: When trying to reach a mountain’s summit (your goal) you know the general direction is up. Even in the worst weather, when you cannot see the summit and don’t know how you are going to get there, you can at least see the next step.

In building your business, just keep taking the next step, work hard, and trust that you know what you need to succeed. You may go down the wrong path here and there, but you won’t know until you take that step…and sometimes the step you need to take may be asking for help from a guide who’s been to the summit and back!

 

Disclosure: I received compensation from Visa for sharing my views in this post, but the views expressed here are solely mine, not Visa’s. This post was sponsored by Visa Small Business as part of their #gobiz Sweepstakes for @VisaSmallBusiness. Visa will be rewarding small business owners with $10,000 in prizes for their hard work from October 25th through November 17th. Visit here http://hosting.thetenthwave.com/visasb/ for more details, and follow @VisaSmallBiz for ways to help make your small business more efficient and successful. Discover more at http://visa.com/business.

 

Photo Credit: The Femme Files

Comments (14)
Categories : Small Business
Tags : #gobiz, @VisaSmallBusiness, elena verlee, entrepreneur, entrepreneur lessons, lifestyle entrepreneur, pr consultant, Visa Small Business, women entrepreneurs

The 3 Keys to Business Flexibility

By admin · Comments (5)
Tuesday, September 27th, 2011
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Today we have a guest post by Matthew Toren, co-author of Small Business, BIG Vision.


Keys to Business Flexibility

In a world where technology, social trends, and economies change continually, rapidly, and without warning, one of the most important things an entrepreneur can do to remain competitive is create an atmosphere of flexibility within his or her business. In fact, it’s not an exaggeration to say that your company’s survival may very well depend on your ability to be flexible.

What is flexibility, and why is it so important?

I define flexibility in business as the ability for a company to make whatever internal changes are necessary to respond effectively to the changing outward environment, as quickly as possible. In other words, you’re ready for whatever happens in the market, and you’re able to turn it into opportunity by adjusting to the new paradigm almost immediately.

The reason flexibility is so vital to small businesses is because of what I stated in the first paragraph. The world is changing; it’s changing rapidly; and it isn’t going to stop changing – ever. Technology advancements and other market trends are accelerating at an exponential pace, and they won’t wait around for companies to adjust. As my brother Adam and I talk about in our new book, Small Business, BIG Vision: Lessons on How to Dominate Your Market from Self-Made Entrepreneurs Who Did it Right, for those companies that don’t embrace flexibility, changes in the business environment can mean significant setbacks. For those who actually resist change, they can spell disaster.

What does it take to create a flexible company?

When it comes right down to it, flexibility within a company is an attitude – a culture. In our book, we discuss a couple of phrases that we never like to hear: “Because that’s how we’ve always done it,” and “If it ain’t broke, don’t fix it.” What those common phrases are really saying is that we’re not only resistant to change, we don’t even want to explore the possibility that there might be a better way.

To get away from that limiting attitude and create a culture of flexibility within your company, follow these three keys for success:

1. Listen.

Listen to your employees, partners, vendors, and customers. Never be afraid of feedback of any kind, and welcome suggestions and ideas. A flexible company culture depends on everyone associated with the company feeling comfortable sharing ideas for innovations, process improvements, and correcting shortcomings. Not only will your company be more ready for any unexpected change that comes along, you’ll become stronger and more cohesive in the meantime.

2. Really listen.

Take it one step further. In addition to being open to hearing ideas, go ask for them. Start a “Bright Idea” award system for employees. Convene customer focus groups on a regular basis, and include employees, customers, and even vendors in internal mastermind sessions. It’s one thing to say your door’s always open – it’s another to walk someone through it.

3. Open your mind.

If you follow the first two keys, you have ideas coming from all over. This is a very good thing, but only if you receive the ideas with an open, creative mind. I say creative because creativity is what allows you to see possibilities – to envision things other than the way they currently are. If you truly have an open mind, you approach ideas and obstacle the same way: Instead of “It can’t be done,” you say, “What do we need to do to make this happen?” With that frame of mind, you welcome change as an opportunity to improve and grow. And that is what flexibility is all about.


Matthew Toren, Small Business Big VisionAbout the author: Matthew Toren is a Serial Entrepreneur (Co-founded YoungEntrepreneur.com), Mentor, Investor and award winning Co-Author of Kidpreneurs (Basic Principles of Entrepreneurship for Kids). Follow him on Twitter. Matthew is also co-author of the newly released book Small Business BIG Vision: Lessons on How to Dominate Your Market from Self-Made Entrepreneurs Who Did it Right.

Gymnast image by erin MC hammer

Comments (5)
Categories : Small Business
Tags : business flexibility, Kidpreneurs, Matthew Toren, Small Business BIG Vision, YoungEntrepreneur.com
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