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8 Things a Joint Venture Agreement Should Cover

January 28, 2014

Combining forces to create a joint venture (JV) is nothing new, but the real trick is to do so in such a way that protects each venturer so that both parties are free to put their best creative foot forward. I’m talking “Captain Planet” levels of teamwork that can only come when all parties feel that they’re in a safe space to build an empire.

Just three little words are required to make your wildest joint venture dreams come true: joint venture agreement. Sounds dry. Sounds complicated. But they are absolutely necessary. By outlining each partner’s expectations, not only are both of your businesses protected, but the relationship between the people teaming up is protected, too. No passive aggressive emails or fighting over customer lists and trademarks — or worse.

Every agreement varies depending on the specifics, but when I joined forces with Ashley Ambirge of The TMFProject to create a comprehensive legal resource for entrepreneurs called Small Business Bodyguard, we made sure to cover the absolute must-haves. Here are some of the key items we included that you can use as a jumping-off point to craft your own agreement: (more…)

6 Methods For Making a Lasting Impression

January 23, 2014

You went to a networking event, chatted with new contacts, and collected cards. Now what? There are multitudes of things you can do to make a personal and lasting impression past the first interaction. Now that you’ve done your due diligence in attending a networking event and connecting with peers, it’s time to begin the process of staying top-of-mind.

Here are 6 tips to get you past a one-night networking stand — and into a long-lasting business relationship:

Connect quickly on multiple levels. Twitter, LinkedIn, Facebook, you name it. Today, there is even a great app powered by LinkedIn called Cardmunch that allows you to take a picture of a business card and it will instantly connect you with the person’s LinkedIn account. It doesn’t get simpler than that. I recommend doing this either the same day or the next day — it’s important to connect while the event is still fresh on everyone’s mind. Building relationships takes time, effort and genuine interest. You wouldn’t wait a week to connect with a new interest on social sites; consider timely interaction with new business contacts as proper business courting.

Get it on the calendar. Coffee, lunch, or drinks are preferred first methods of connection. Send an email to remind your new contact how you met. Make sure to include an important fact about the person too; we all love to know people were listening to us, and details can be great conversation starters. Request a time to meet to learn more about them, their business, and how you can help one another. (more…)

SBDC Success Story: Washington

January 22, 2014

State: Washington
Center: Washington SBDC
Client: John Lyman

The Carlton General Store on two-lane Highway 153 heading toward Twisp and Winthrop looks like a throwback to an earlier time, with a false front on the weathered, wood-plank building and hand-painted signs advertising bait, ice and gas. But how to explain the wintertime yoga classes held alongside the ice cream display case, or the Kombucha in the coolers alongside Pabst Blue Ribbon, the quinoa a short distance from the Spam?

It’s all part of owner Jeff Lyman’s plan to create a 21st century general store for the diverse residents of his rural community who share a love of the outdoors and the Methow Valley. In mid-June the store’s Facebook page had 365 “likes,” which is about the population of Carlton, Lyman said, maybe more. Recent posts included shout-outs to local organic eggs, fresh-picked morels, and hot dogs for $1.50.

“This is a local’s place,” Lyman said. “There are very few out-of-towner’s here.” Until buying the General Store in December 2011, Lyman was an out-of-towner himself, albeit one with long ties to the area. An avid outdoorsman with a history of working hard to support his fishing habit, Lyman had first visited the Methow Valley with his family when he was a teen and had returned many times since then. (more…)

3 Email Marketing Resolutions to Stick to in 2014

January 21, 2014

January is a time of introspection, reflection and goal setting for the year ahead. Want to get your email marketing on the right path for 2014? Here are 3 easy but essential email marketing resolutions to commit to now to ensure long-term success:

Eliminate your email bad habits

Like in life, sometimes bad habits have a way of creeping into our marketing efforts as well.  For example you may wait to the last minute to think about what you’re going to write in your emails or are go months without engaging with your contact lists. If that is the case, you probably already know that these are habits you need to change. But how? Start by developing an email marketing plan and stick to a reasonable schedule. This will immediately increase your potential for success. You should also take some time to review your email lists to make sure you understand as much as possible about your subscribers. Use your click-through data to find out what type of content your readers are interested in. You can then segment your list into different audiences, based on the content that most engages them.

Reduce your content-related stress

Few email marketing tasks can cause a small business owner’s stress level to go up faster than creating email content. This is especially true if you consider yourself to be a less-than-perfect writer. Make a commitment to reducing your content-related stress, and break this frustrating cycle. (more…)

Email Marketing That Nails Sales

January 16, 2014

Did you know that companies that leverage email marketing estimate its overall return on investment at 119 percent?* That’s an impressive ROI! Without a doubt, a carefully considered email marketing campaign can reap high returns for savvy small business owners.

Email marketing is an opportunity to connect with existing customers and prospects in ways that other online marketing resources cannot. When done correctly, an email marketing campaign can boost brand awareness, pique interest in your products and services, communicate value to a targeted audience, and generate sales.

So, how do you do it right? Here are five tips for top-notch email marketing:

1. Only send email campaigns to people who have signed up for or requested them. Email campaign companies offer resources like opt-in buttons or sign-up forms to help build permission-based contact lists.

2. Craft the kind of content your contacts requested. You’ll build credibility and loyalty when you deliver what you promised. Get creative, but be sure to provide the type of information recipients signed up for. And remember to include at least one compelling call to action, such as “Call today to start saving!” (more…)