America’s SBDC Blog

A “Forbes 100 Best Websites for Entrepreneurs”

Bad Days, Family Wisdom, and Entrepreneurship

February 13, 2013

One of the joys of fatherhood is discovering the insights and blunt wisdom of children’s books. My eleven-year-old daughter, Truitte Rose, used to have a favorite book titled “Alexander and the Terrible, No Good, Very Bad Day” by Judith Viorst. I couldn’t read it to her enough. It chronicles a day in a boy’s life where nothing goes right.

I too had a bad day last week at my company, Corporate Rain. I hit my chair dealing with client crises, fighting a cold, losing a valued associate, dealing with a minor credit card fraud, and reading a dense legal contract. On the side of my desk there was a Mt. Everest of overdue sales calls I needed to get to. And this was before noon. I was frustrated. I was angry. I was having a terrible, horrible, no good very bad day.

As an entrepreneur, I’ve learned that a day like this can be dangerous, not because of the circumstantially difficult day, but because of my internal reaction to it. (more…)

6 Simple Tips for Great Content Marketing

February 5, 2013

Content is currency on the Internet. It’s what people consume, share, and it’s what can help get your small business found. It doesn’t have to be difficult to shape content that is simply irresistible for your audience. Here are a few tips to keep top of mind as you consider what content to develop.

1. Write about topics people want to read

Your content should always have an audience in mind. That means you should have their needs in mind, too, not your own. Content marketing should provide something valuable. People want to read something that’s written about the things they’re thinking about (related to your business, of course) so ask yourself what concerns and delights your audience, then go from there.

2. Show people how to do things

Google’s Keyword Tool estimates that, each month, the phrase “how to” is searched 414,000,000 times and the phrase “how to videos” is searched 618,000,000 times. It’s clear that people are interested in learning “how to.” Create your own “How to” posts that discuss the things your organization offers, as well as anything else that your audience is interested in that can be related to what you offer. (more…)

Keep your current job, start a business!

January 29, 2013

Let’s be honest.  Walking away from a job with benefits and regular pay doesn’t seem like the greatest idea right now with the economy the way it is.  But think about this ideal situation: keep your current job while you start a business on the side.  This is commonly called “absentee” or “semi-absentee” business. Many people look would love this scenario, but don’t realize understand exactly what it means. Before you get started, here are four helpful tips as you search for that perfect absentee opportunity:

1. IN EMPLOYEES I TRUST: You will have to learn how to really “let go” and trust others.  Absentee businesses require employees. While you’re working at your regular job, you’ll need someone who can run the shop. There has to be at least a few trusted workers on site to operate the business, and it can be a challenge to find them. As a new business owner, you’ll learn quickly the importance of acquiring the face of your business – your employees.

2. LOCATION, LOCATION, LOCATION: Learn it, love it, live by it.  It will become your mantra.  In general, you can’t run an absentee business from your home office. You need to have a place where customers and clients go so they can purchase your product or service. As an absentee business owner, finding the right location to do business will be one of the most important aspects of your business. (more…)

How Can Businesses Protect Themselves During a Recession

January 28, 2013

Many U.S. businesses are still climbing out of the 2008 recession and there’s still the possibility that we could fall right back into one within the next couple of years. There’s significant uncertainty ahead of us as global economic growth remains subdued and the U.S. has yet to resolve key tax and financial matters related to the fiscal cliff. No matter what happens in the next couple of years, all entrepreneurs need to be prepared.

Review your financial model

You may not be a financial professional, but you still need to understand how changes to company sales and expenses will impact the bottom line. Work with your accountant or hire a financial consultant to help you understand what the impact will be from varying degrees of recession. Obviously, businesses with high fixed costs are at greatest risk during a recession, but each business model needs to be monitored for a five, 10, 15 and 20 percent decrease in sales.

By performing the analysis now, you’ll have a game plan for what needs to be done to maintain profitability and to sustain the business during a recession. It may be that a 10 percent loss of sales means that you need to lay off or demote X number of employees and close X number of locations. These decisions will need to be made swiftly and ahead of the storm, which is why you should create a plan now. (more…)

5 Strategies for a Successful Acquisition Deal

January 25, 2013

It’s a well known statistic that approximately two-thirds of acquired businesses fail. While these stats are based on publicly traded companies with failure measured by loss of equity value, there is no reason to believe that the failure experience is any different for private companies.

The statistics are daunting; however, companies continue to be acquired for a variety of good reasons and not all acquisitions fail. While the success or failure of an acquisition is often based on post-purchase issues (such as the melding of company cultures), there are five strategies that can help you beat the odds.

1. Strategic Acquisition Plan

First and foremost, understanding the motivation for acquiring a company is the first step to a successful acquisition. If the reasons for purchasing a company are clearly stated and supported, that laser-like focus will help: guide your purchase decisions; communicate your objectives to employees, service providers, and potential companies; and provide a benchmark to measure your success. To clearly define your motivation, ask yourself: (more…)