‘A’ is for Accountant

Our business is focused on public relations, social media, and design … mathematicians, we are not. Even if you aced every math test in school, hear me out about the luxuries of an accountant.

Our accountant is head of a small business accounting department of a large financial firm in Chicago (we are based in Austin, Texas now). We could probably find someone just as knowledgeable in the same city as us for a much more affordable rate, but we’re willing to pay a little extra for the luxury of trust.

We use Quickbooks for Mac for daily accounting work, which consists of time tracking, invoicing, paying bills, and managing sub-contractors. The accountant helps us once a year with taxes. Terms like 1099s and W-2s make my head spin and he and his team relieves that headache. Our accountant prepares our annual tax return and delivers our quarterly tax payment coupons.

And, beyond his annual time commitment to us, he’s also a phone call or email away if we need information to help us steer our business in the right direction. We found him after some trial and error with other accountants and have now been through two, going on three, tax seasons together.

So now you understand the importance of having an accountant on your side, but how do you find the right accountant? We did quite a bit of interviewing and, as a mentioned in the previous paragraph, some trial and error. I found that, for us, it was wise to select an accountant with knowledge of businesses our size as well as the size of business we aspire to become so that we can grow with him. I wanted someone that we could depend on for years to come. I also wanted a seasoned accountant that could serve as both an auditor and advisor. Talking with other agencies netted some great recommendations, but in the end our then intern made the introduction. Her dad is a lawyer and has worked with George and his team for years.

While every business is different, here are some questions I suggest you ask your prospective accountant:
1.    How many clients are you currently working with that are in a similar industry to mine?
2.    How comfortable do you feel with working over the phone and email rather than in person?
3.    Could you please share three client references (clients must be current)?
4.    How do you prefer to work?
5.    Are you willing to look at my current records and evaluate where we are and where we should be?

Have you hired an accountant recently? What types of questions would you add to my list? Any other tips you’d like to add?

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Look Before You Launch

This should be filed under “Do as I say, not as I did”. You see, Snackbox was launched before we had a strong client base, before we had a nest egg prepared. While we are the exception to that rule of ‘planning makes perfect execution’, I’m here to caution you that it doesn’t always end up as rosy as the Snackbox story.

If I had to do it all over again, in the spirit of hindsight being 20/20, for the next 26 weeks I’m going to post my top pre-launch tips for starting your own business, no matter whom you are or what you’re doing. Each week we’ll focus on another letter within the alphabet, just to keep things interesting … especially when we get to ‘X’ and ‘Z’. I’m doing this for you, dear SnackBlog reader, so you can benefit from my lessons learned (sometimes learned the hard way) and skate through them like a checklist.

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Are You Entreprenur Material?

Not everyone is entrepreneurial material.  Anyone can start a business, but an entrepreneur is someone who can start a business and give it life. A series of personality traits seem to be the common thread among entrepreneurs, both great and small. Here are my top five traits:

1. Optimism
It’s a cold, scary world out there and not everyone is going to believe in your idea, your business or even you. Why? Because they don’t have to. It’s your job to convince prospects otherwise.

If you’re building a business and feel it won’t succeed, why continue moving forward with the idea? If you believe every negative comment you hear, why would you believe in yourself?

Knowing in your hear that you can and will succeed, believing in your idea and, with laser like focus, moving forward at all costs, the characteristics of an optimist are truly the center of any entrepreneur.

2. Perseverance/Confidence
No matter how tough the task becomes, as an entrepreneur, you must persevere. This is where your optimism and unbridled confidence comes into play. Survival of the fittest. Sure anyone can start a business, but how many keep that business moving and growing years after its creation?

3. Knowledge
So you’re optimistic and confident … that’s great. But are you knowledgeable? Will potential customers feel your experience and expertise translate into a successful foundation for your business? Will your knowledge convince them to invest in your business?

Build your knowledge before launching your business. Think about your bio through the eyes of a prospective client and make sure you’re telling the full story. Find ways to continue gathering knowledge even after you’ve launched your business. Never stop improving yourself.

4. Experience
While knowledge and experience go hand in hand, they are certainly quite separate, too. Find ways to gain a variety of experiences that will ultimately contribute to your knowledge.

By creating a roadmap for your employed career, you can easily make a path through a series of experiences that will contribute to your entrepreneurial success. Think about the clients you ultimately want to gain and the type of person and experience they’ll be looking for … think about your competitors and what they’ve accomplished, then do it better.

Explore your professional bio and consider additional experiences that you need to tackle in order to make your personal brand more attractive to your prospects, then gather the experience.

If all else fails, dye your hair grey (that was a joke, by the way).

5. Focus
So you believe in your idea, you’re confident it’s going to succeed; you know your business concept inside and out … now all you have to do is make it happen. Sounds simple enough, but without focus, you’ll never get off the ground. While optimism, perseverance, experience and knowledge are all at the center of an entrepreneur’s strong foundation, nothing can happen without focus.

Time and time again I’ve seen people with great talent and ideas who declare they want to start their own business.  The net result of these well-meaning people is that, if they lack focus, it never gets off the ground.

So what exactly is entrepreneurial focus? At minimum for those of you launching a business from home:
–    Create a space that is specifically designated as a work zone. More often than not it will consist of a desk, chair and computer. This is your home base, the place you go to work. Your family understands that they are not to bother you if you’re in your workspace
–    Set your workday hours. A good starting place is 9 a.m. to 5 p.m. Friends and family need to understand that these are your working hours and that you should not be bothered until the workday is over with.
–    Set daily, weekly, monthly goals for yourself
–    Craft to-do lists
–    Create a support system of other entrepreneurs. Considering setting a weekly or monthly co-working day which doubles as a support group.

In your opinion, what other qualities make for a successful entrepreneur? What contributes to entrepreneurial focus?

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Backgrounding People And Companies

by Anna M. Gonzalaz, @WebAnna on Twitter

Special Projects Executive Producer Aaron Wishce recently attended a workshop given by Margot Williams, a researcher/librarian at the New York Times. She compiled an impressive list of websites and databases that she uses to track people and background companies. The list was presented at the Investigative Reporters and Editors conference.

For the most part, they’re free or free with registration.

http://publicrecords.onlinesearches.com/Texas.htm

Enter a name and search dozens of public records sites for Texas court records, OFFENDER INFORMATION BY FACILITY, census info, corporations, criminal history, state bills and statutes, unclaimed property, government salaries, land records, etc. Most of the searches are free. Very cool one stop shop.

http://www.zoominfo.com

Find people and companies. Company background info, including key people, # of employees, annual sales, personal bios, education and employment history of high profile people.

http://www.pipl.com

Search names, phone numbers, email addresses and website profile names.

http://www.icerocket.com

Search blogs, blog trends, Twitter, MySpace, news articles, images.  I clicked on Twitter search, entered my name and it pulled up my latest “tweets.”

http://www.snitch.name/

Enter a name and search for people who have profiles on social networking sites like Facebook, Twitter, MySpace, Plaxo and LinkdIn. Good one stop shop when looking for profiles in breaking news situations. It located my Facebook, LinkdIn, addresses dating back 12 years and pictures of me.

http://www.domaintools.com

http://www.allwhois.com

Who owns a domain name? Search all current, deleted, and expired domain names for over 9 years worth of history. Free registration gives you full access.

http://www.acinet.org/acinet/licensedoccupations/lois_state.asp?by=occ&nodeid=16

Is the person you’re investigating a licensed contractor, engineer, cosmetologist, massage therapist, pharmacist or EMT? Listing of professional licenses nationwide. Dozens of categories. Check multiple states at the same time

http://registry.faa.gov/aircraftinquiry/

Information about aircraft owners, registration info, engine info, documents filed, aircraft dealers, and more.

http://www.freecourtdockets.com/Select_Court_Type.aspx

If you have a case number, you can search this site for state, federal and even international case dockets. It’s free. PACER costs money, so this is a work around IF you know the case number. There is no name search capability right now. The site is growing every day with new cases posted.

http://www.legacy.com/obituaries.asp?page=obitfinder

Looking for an obituary? This will search newspapers worldwide.

http://www.fedstats.gov/

Looking for statistics on retail sales, average earnings, building permits, minority owned firms, home values? You name it, this website probably has it. Narrow down by state, county and city, congressional district. You can also search for statistics by category such as crime, transportation, environment, health, etc.

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The 80/20 rule, or why I chose iPhone over Android

Post written by guest blogger Mark Moseley
Check him out here.

The prelude: I’ve had an iPhone since the 3G. I love the iPhone. I’m not crazy about the rules for applications in the app store and I do wish it was a bit more customizable than it is, but as a whole package I love it. I also hate AT&T with a white-hot burning passion. Long story short, last month (pre iPhone 4) I decided to try out the new HTC Evo 4G – mostly prompted by the new AT&T packages for tethering. Plus, I’m a geek and I love to play with new toys. I’d never really played with Android, so I felt it was my duty to see what it was all about.

After about 4 days in to having the Evo, I was pretty much done with it.

The Evo is a beautiful device – it’s got a gorgeous screen, it’s fast and it supports Sprint’s 4G network (which is also pretty awe inspiring). Android is also pretty nice – had I never seen an iPhone before, I’d swear that the Evo/Android pair was the greatest thing to ever happen to technology. Unfortunately for the Evo, I have seen an iPhone before – and the Evo can’t even come close.

Why am I sticking with the iPhone over the Evo, even considering AT&T’s terrible service and worse plans? Two words – consistency and polish.

As a developer/IT worker, I’m constantly having the 80/20 rule brought to my attention. There are various permutations of what this means, but ultimately it comes down to this: implementing the first 80% of a project is easy – it’s the last 20% that’s nearly impossible to finish. In the corporate world, that last 20% is often left out – it’s disproportionately expensive to finish the last 20%, while the first 80% leaves you with a functional and usable product, albeit with a few holes.

The Android team stopped at 80%. The iPhone team finished their project.

I won’t argue specific features of iPhone vs. Android (in this post, anyway). What I’m talking about is just the general feel of using iPhone vs. using Android as your daily smartphone. Scroll between pages of apps on the iPhone – everything is super smooth. The same thing on Android (and I’m using the Evo – the flagship Android device right now) is almost smooth. Do they both get the job done? Certainly. Which feels better to use? iPhone hands down.

What about navigating around between and inside apps? On iPhone, there is an extremely detailed set of UI guidelines for non-game apps. Some argue that it’s too restrictive. Use Android for a few days and you’ll understand the genius of it. In any given iPhone app, I can almost be guaranteed that navigation between “pages” of the app will include a toolbar at the top, with a back button on the left of that toolbar. If there are multiple views, there will be a toolbar on the bottom. Editing items on a page? Almost always a button on the right of the top toolbar. Everything seems familiar.

Android is a different beast. Every app is different. There’s a hard back button on the device, but it acts differently between apps. Sometimes it’ll just back you up to pages that you’ve been to. Sometimes hitting it from the “home” page of an app takes you to settings. Sometimes hitting it from the “home” page of an app takes you back to the Android UI itself. There’s also a hard menu button on Android. Sometimes you have to use this, sometimes you don’t. It’s inconsistent between apps, and because of that you never really feel like the “master” of your Android device.

Apple took the time to eek out an extra few frames of animation in the UI. They took the time to understand the touch screen UI, and they took the time to standardize how it should all work on their device. Would the iPhone be a functional device without this last 20% of effort? Absolutely. Would it inspire such strong loyalty and even passion from its users? Not a chance. It’s almost like Google got everything in place to have an awesome platform in Android, and then just never put it all together in a cohesive package. All the parts are there, but they just don’t fit together.

I should love Android. I’m a geek, and I love to tinker with things. I WANT to love Android. Android is a tinkerer’s dream – you can tweak EVERYTHING (you can replace the built in on-screen keyboard even). iPhone is exactly the opposite – you will use it like Apple wants you to, and that’s that. And yet, after four days of using the Evo, I felt a distinct sense of relief when I picked up my iPhone again. It felt comfortable, and not constraining in any way. I can’t swap out the keyboard, but I don’t want to.

My point here is that while the last 20% of functionality might be painful and costly to implement, it also has the potential to buy you something that’s priceless – loyalty and passion about your product from your users. How many cars have you seen with Google or Android (or Microsoft) stickers on them? Now think about all the little apples that you’ve seen while driving around. Apple’s products aren’t more functional than their competitors (in fact, they’re often less feature-rich), and yet their users are like a cult.

As it turns out, that last 20% might just be worth more than the raw cost, even if it’s not immediately obvious or even measurable.

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Entrepreneurs: 5 Rules to Work By

Entrepreneurs have no “off” switch and, if you’re like me, you’re constantly working to grow your business, improve productivity… all the while wishing you had just a little downtime that employed people seem to have so much of.

1. Forge your own path – the competition will be lighter in the new direction you create. Just because everyone in your industry is doing things one way, it doesn’t mean you have to follow their lead. It’s okay to make up things as you go, but be prepared to shift directions if things aren’t going the way they should. I like to call this “unbridled confidence”.

2. Maintain forward motion through leading; don’t micromanage. Surround yourself with brilliant people who can be trusted. If you feel you have to micromanage, then you need to reevaluate yourself and your employees.

3. Say what’s on your mind; don’t hold back. Be an assertive leader, yet approachable. Be firm, yet flexible.

4. Don’t put off what you can do today. In an entrepreneur’s world, things can change on a dime. Make the most of each work day and save time for life.

5. Celebrate successes, no matter how small. If it makes you smile, celebrate it. And more importantly, don’t forget to smile. As an entrepreneur you’re doing something that most people dream of … not everyone has the cojones to do what we’re doing.  So work hard and enjoy it.

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Happy Networking, Happy Couples

Overcoming Networking Challenges With Your Partner

by Anna M. Gonzalaz, @WebAnna on Twitter

Opportunities to network can arise in almost any setting. But have you ever been at a social gathering and been so involved in making a business connection that you either ignored or paid little attention to your spouse or partner?  How do you handle those awkward moments when you are networking with your significant other?

The higher the position, the more social skills you need to be successful. With more effective communication, your partner can help make you look good in any social situation.

Often when you’re at a networking event, your partner won’t be in the same industry. “What do you do?” is usually how a conversation starts, but it doesn’t have to be where it ends. Too many times I’ve heard conversations end with this question, because the answer wasn’t relevant to the other person. If this is the case with your partner, be prepared with a general follow up question to engage the other person.

You can also invite your partner into the conversation by bringing up a subject they are passionate about. Think about ways to involve your partner in the conversation and make them shine. They will be sure to return the favor.

You can also use your partner’s knowledge as a way to break the ice with someone you’ve been trying to get a meeting with. For example, say a potential client loves the San Antonio Spurs. You may know nothing about basketball, but your partner does. Use this as a gateway conversation.

Make sure before you go to the event you tell your partner who will be there and why they are important to your goals. Then they can expect to excuse themselves from a conversation if they start to hear you talk about work.

It’s all about the signals.

For example, if you ask your partner to please freshen both of your drinks, it’s a signal that you’re about to get pulled into a meeting.

The tricky part for your partner is knowing when to circle back into the conversation. If you’re done with the conversation, catch your partner’s eye and smile. If you avoid eye contact, it means you’re still deep in working out the details.

Signals are also important for exiting conversations. You don’t want to walk away and leave your partner stuck in a conversation. So having the right exit signals, like having your partner gently squeeze your arm, can help avoid an awkward conversation.

Building work relationships is just as important as building personal relationships. Maintaining a balance is key to peaceful partying and networking.

Blanca Gonzalez contributed to this report.

 

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Can Social Media Be Used Against Employees?

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By guest blogger Pat Richter of
Shannon, Gracey, Ratliff & Miller, L.L.P.
prichter@shannongracey.com

 

 

Can employers use social media like Facebook and Twitter against employees?

 

The short answer is – yes.

The longer answer is that in Texas employers generally are free to monitor employee social media postings and other online activity.  However, an employer’s use of the information obtained from monitoring is not 100% risk-free.

The most common legal issues associated with employers monitoring (and taking action based upon) their employees’ use of social media are:

•    Invasion of privacy: In most states a person has a right to be free from invasion of privacy and an employer’s viewing of online activity could cross that line. However, to maintain a claim an employee or candidate would have to show that she had a reasonable expectation of privacy – something that might be hard to show given the public nature of online activity. Nonetheless, privacy is an issue that employers should consider before using an employee/candidate’s online activity in the decision-making process.

•    Discrimination: An employer should be careful not to create a claim of discrimination on the basis of age, ethnicity, gender, etc. by its use of an employee/candidate’s online activity. In fact, an employer might learn information simply by browsing a candidate’s Facebook page that it would be prohibited from asking about in an interview.  Combine that knowledge with an adverse action (e.g., not hiring a candidate) close in time, and you have a recipe for a potential claim.

•    Protected concerted activity: The National Labor Relations Act protects all employees – even those not in unions – from retaliation by employers for engaging in protected concerted activities. “Protected concerted activity” is group activity seeking to modify working conditions.1 And the National Labor Relations Board says that includes 2 or more employees discussing pay or other work-related issues with each other.2 An employer taking action needs to be careful not to run afoul of the NLRA.

•    Legal off-duty activity: Some states (Texas is not one of them) have specific statutes limiting employers’ rights to take action based on an employee’s lawful, off-duty activities.  Check to see if your state has such a statute before taking action based on online activity.

The best advice for employers is to tread cautiously.  You might satisfy your curiosity, only to get information about an employee/candidate that you’d rather not have. While the odds of creating liability may be slim, the useful information you get may not be worth the potential hassle.

And, for employees/candidates, the best advice is to not put anything online that you wouldn’t your employer/prospective employer to see.  There might be some legal recourse available, but it would be better to keep/get the job than have a fight.

 

1 See nlrb.gov/workplace_rights/employee_rights.aspx (last visited 5/17/2010).
2  See nlrb.gov/workplace_rights/i_am_new_to_this_website/what_are_protected_concerted_activities.aspx (last visited 5/17/2010).

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Tools for Virtual Offices

It’s funny: When we first launched Snackbox, my idea of success was office space, employees and a commute. But one day, after rolling out of bed and walking 10 feet to my computer, as I looked down at my juvenile-patterned pajama pants and listened to the hum of the coffee grinder, I realized that I had already found success. If you’re cut out for it, working from home is an incredible experience, but it’s important to be armed with the right tools.

The keys to working from home in a nutshell: Remaining focused, having the ability to separate work life from home life and pushing yourself to not put off doing what can be done today.

Of course, it’s not all cupcakes and roses. As we quickly learned, once you begin adding freelancers, associates and/or employees, you’re forced to become creative in your semi-unconventional working environment.  My top five virtual office musts are:

1. While we tend to travel to our clients for most meetings, it is important to have an alternate space for those times when you’re hosting the gathering. Co-working spaces are great as are restaurants with private rooms. Also, the occasional big favor works great (asking a friend or business associate to use their company’s conference room).

2. Create a method for sharing documents. It’s cool if you want to email the document back and forth like a tennis match, but Google Docs or Drop Box are favorites of ours.

3. Track your time if you’re in the type of business that requires it. A low-tech version is to track your time through a form created in Excel. An alternate, more hi-tech version is something like FreshBooks.

4. I post one phone number on business cards, our website, and everywhere else: My cell phone. By forcing phone calls through my mobile phone, it allows me to be well, more mobile. But if you aren’t into handing out your cell number to everybody and their brother, consider using Google Voice to forward calls to where you’re going to be.

5. Online chatting is a great way to keep the lines of communication open with partners, employees and freelancers. While instant messenger is okay, we prefer Skype for a number of reasons. And, if you chat with the same group of people frequently, consider Yammer.

Of course, that being said, I’m by no means an expert and am learning about new tricks and tools every day. Do you have a favorite tool that works great for virtual offices? Do tell!

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Small Business Shoulda Coulda Woulda’s

Note: To see this post in its original space, please visit www.powerofcare.com

Written by Nadine Owens Burton of Owens Burton Consulting

So you want to start your own business. Great! It is one of the American dreams. But many entrepreneurs will tell you that along the way to that dream there can be some nightmarish lessons to be learned. Here are some of the Shoulda Woulda Coulda lessons from a few veteran entrepreneurs.

Attitude Counts
Most successful business persons agree, you’d better enjoy and be passionate about your business. You’ll need that love to carry you through the bad days. “Even if you’re doing what you’re passionate about – which you better be in the world of entrepreneurialism – some days will suck. We all think it’s hard. It’s ok. Tomorrow will be better,” says Andy Hayes (http://www.andyhayes.com/).

Having the Right People Is Important
In one of my favorite books, Good to Great, Jim Collins notes that one of the keys to a company – in fact any organization – making the leap from good to great, rests in their having the “right people on the bus and then the right people in the right seat”. This metaphor, quite simply, illustrates the role human capital or a human resource plays in the future success or failure of a company. Many small businesses owners first need to realize that they can’t always do it alone. Then once you’ve made this crucial decision to seek help, you have to choose the right partners and the right staff.

“Probably one of my biggest ‘wish I knew then’ moments would be know who the right people to hire are. As a young company with limited capital, you’re usually going to go for the cheapest option and one of those is your friends. I wish I realized that hiring friends is not only bad for your company, but also your friendship, “ says AmyLynn Keimach of Border7 Studios (http://www.border7.com/).

Brad Shepard, one of the founders of Innovar Partners (http://www.innovarpartners.com/), an operational improvement firm, is involved in his second startup. He admits that some of his mistakes from his first company, Eyeformatics, are benefiting his new venture. One of Mr. Shepard’s lessons learned? — Assemble the right team. He notes, “People! Very cliché, but so true. With Innovar Partners, that meant finding the right business partner, Shawn Coffman, and then surrounding ourselves with an absolute all-star team of professionals. Taking care to assemble the right team reaps more rewards than imaginable. Although you have to get the ball rolling to attract top people, once you do it is imperative that you find creative ways to get people excited and keep them engaged. At Eyeformatics I tried to play too many roles in which I had no direct background experience.”

Greg Stallkamp , (http://www.holosfitness.com/) “feel[s] that one of the most important things in starting a business is having the right resources at your disposal, especially human resources. I would never approach a business with the idea of, ‘we’ll find the right person after we launch’. Instead, I feel it is completely necessary to have the right resources lined up before launching. This will save a lot of time and headaches. And if you’re not able to find the right resources prior to launch, it’s only going to become more difficult as time goes on.”

And just as finding the right people is key, when you realize a relationship isn’t working, Act! “Don’t wait too long to get rid of people that aren’t performing well – they just drag the whole organization down,” says Mike Walker of WalkerTek Interactive Marketing (http://www.walkertek.com/).

Put it in Writing
There is a saying that a goal is just a dream until your write it down. Sometimes small business owners underestimate to power of a business plan. “Boy did business hit me upside the head!”, says Ros Guerrero of Ficklets (http://ficklets.com/). “Having a vision in my mind is one thing, but not having it on paper isn’t visionary at all. What I would have done from the beginning is created a comprehensive business plan that included a comprehensive marketing plan. Now that our company is growing, working capital is needed to expand and g row with the demand. Having a business plan in place would have [helped] us prepare to seek funding from potential investors.”

Find a Good Accountant or Bookkeeper
Leah Cochran (http://www.glocalconsulting.com/)— who has been in business since 2008 — believes that being proactive about your bookkeeping and taxes is very important. “Things I should have done, immediately — talk to a CPA about what is able to be written off, etc for taxes. I volunteered pro bono services (about $15,000 worth) after hearing other companies being able to write-off the work. When I got to my CPA this year, he said NOOOOO. It’s not income, so you can’t write it off.

Traci Ellis (http://www.traciellislaw.com/), an attorney, agrees that starting off with bookkeeping assistance is key. “My BIG regret was not having a bookkeeper for my business operating account. As a result of trying to save money and be a “DIY’er” (Do it yourselfer), I totally screwed up my accounting records, didn’t have a good handle on cash flow, and because I was busy practicing law, didn’t pay bills on time. Of course, by paying bills late, I was hit with late fees and added interest, etc. How dumb is that? Also, my idea of cash flow management was to sign into online banking, and if there was money in the account spend it! But, when a nice guy from the power company showed up one day at my office with a disconnect notice, I KNEW I had to make a change. So, I hired a bookkeeper. My financial life has been incredible every since! I have a good sense of what I need to bring in every month, what my monthly expenses are, and actually even have reserves now! I am now a REFORMED DIY’er (and proud of it)!”

Cash Flow & Financing
Even before you hang up your shingle or register your domain name, you have to think about how you are going to pay the bills when there are no profits. Jenna Oltersdorf of SnackBox (https://snackbox.us/) says, “Create a nest egg for your company. The first few years can be tough from a cash flow perspective. When times are profitable, put money aside to help out during the lean times.”

LaTron Brown (http://www.seniorlifestyleconcierge.com/) realized that whatever you think you need to start your business, add on to that magic number. “For my business, I wish I would have begun with more funding. I underestimated the amount that I needed, even as I was saving while in a full-time position. I found that as general rule if you are serious about diving right into starting your business, you should save up enough/borrow enough for an 8 month emergency fund for bills, one year of salary and startup costs. Otherwise, do it part time while you are working a full time job. If one is downsized from a corporate job like I was and can’t save that much because of [an] unexpected layoff, consider getting a job through a temp agency or a part-time job. However, if you have to borrow money, then try family and friends first; make banks loans the last resort. These are some factors that I wish I had considered.”

Be careful of relying on credit cards to help with cash flow. For every story of the successful entrepreneur or film maker who financed their project with credit cards and then became a big success, there are countless business owners for whom that doesn’t work. And don’t think you’ll make up for it later with a bank loan. That’s not necessarily always an option. “If I would have known that I could EVER be turned down for a loan (I had perfect credit) I would NEVER have used my credit cards to get me through the recession,” says Becky Sturm (http://www.stormsister.biz/).

Always remember to follow the money, “When overwhelmed with a ‘To Do’ list, remember: what’s the next thing closest to money? E.g. if you need to do this marketing campaign, or take five minutes to send out invoices, shouldn’t you really take a deep breath, do the invoices, then move on? Get organized, because at the end of the day, even if your ideas are good and your plan is solid, if you run out of cash, you lose,” says Mr. Hayes.

Marketing Marketing Marketing
Let’s face it. You are not going to be successful if no one knows you exist. When it comes to marketing Shoulda-Woulda-Coulda’s, Carolyn E. Stys (http://www.bluemontcapital.com/) just wishes she had hired a true marketing pro and started networking SOONER!

Eugenia Francis (http://www.teachildmath.com/) wishes she had learned the value of press releases sooner. “A well written press release is a good investment. ‘Times Tables, the Key to Your Child’s Success?’ (which I wrote) was blasted over the internet. Not only has [the press release] appeared in several languages, but [it] was reprinted in EDUCATION MATTERS, a periodical for teachers. I should’ve done this earlier,” says Ms Francis.

Press releases are important, and with so many free and low-cost press release distribution services online, it is possible for even a small business to develop a strong marketing campaign that includes press releases. Just know that to see tremendous return on your investment – like anything in life – it’s not just quantity, it’s quality. Send out press releases often, but you have to have a great story to tell before you decide to send out a press release.

And don’t do any new marketing strategy unless you can evaluate its effectiveness and your ROI (return on investment). Ms. Francis suggests adding coupons to your newspaper ads. “Advertising in magazines [and newspapers] is expensive. Every quarter, the ad exec would beg me to renew my ad. I decided to include a coupon in the ad. When not one coupon was redeemed, I dropped my ad. My advice: include a coupon in your ads to see if indeed you are reaching/persuading customers.”

Getting Feedback
Most veteran entrepreneurs would agree that you can never do too much networking. One of the outcomes of networking is getting feedback on your work. This is especially true for creative types of business ventures, where your success depends on pleasing the aesthetic sensibilities of your target market – or at least the professional buyers and gatekeepers of your target markets.

According to Marybeth Wydock of Velvet Lime Designs (http://www.velvetlimedesigns.com/), “ You’ve got your vision…your ‘pie in the sky’, but getting in front of retail people and getting yourself into a showroom is literally a dog-eat-dog world. You’re fighting trying to make yourself completely different and stand out from the crowd so that people notice you. I think a lot of it is about networking and getting the most opinions — good and bad — from anybody you can. Once you go through the whole process for a while, what you originally envisioned might be completely different from what you end up with and that can be a very good thing sometimes!“

The Customer Relationship Is Not Always Right
They say that the customer is always right. Well that’s not exactly true. However, in customer service your goal may be to figure out a way to make the customer right, or at least satisfied, so that you can keep them. But sometimes, you have to admit that some customers are just not right for your business. Ms. Oltersdorf believes that sometimes you have to “[k]now that it’s okay to fire a client. If they aren’t a good fit for any reason, it’s more than okay to sever ties and move on. Knowing how to go about firing the client would have been incredibly helpful [to me].”

Focused Effort
Knowing when to fire a customer goes hand in hand with the realization that you cannot be everything to everybody. You have to have focus. If you try to make your product or services fit everyone, you actually dilute your worth. Sometimes your better served when you figure out “Who is the right customer for my product or service” and focus on being the best for them.
Likewise, figuring out what business you are really in helps move you toward success. Did you ever hear why lion tamers use a stool as a prop when they enter the arena? It’s because the lion tries to focus on all four stool legs at once and the lack of focus helps the trainer keep the lion from his natural goal, devouring the trainer. If you lose focus you lose your ability to devour the market.

Jared OToole of Under30CEO (http://www.under30ceo.com/) states, “ When I started a business I wish I knew the importance of focusing on one area. It’s so crucial to pick a path and put all your efforts into it. We spent a year in the beginning changing plans and biz models. Once we picked a path and made the leap 100% we saw explosive growth and haven’t looked back.”

Learn From Your Mistakes
I love the Sesame Street song, “Everyone Makes Mistakes,” sung by Big Bird. I even use it in my Power of CARE™ motivational/quality improvement speech and workshops. The basic message of the song is, hey everyone makes mistakes, so why do you think you’ll be any different? The key to success is not that you will never make a mistake, it is what you do after you make those mistakes. What did you learn from it? How are you going to do better tomorrow?

As Mr. Shepard put it, “In the end it is not one single element that I think makes a difference between success and failure. It is the combination of several working together. In my case, the experience with Eyeformatics has deeply impacted our Innovar Partners success. Without the prior failure, Innovar Partners would be a different company if it existed at all.”

Post provided by www.powerofcare.com
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