Seattle Small Business Blog

You may have several ideas for a new business or only one. Before you start pouring your effort and money into an idea you need to see if it will stand up to some analysis. Try a SWOT analysis. This requires you to think about the Strengths, Weaknesses, and Opportunities your business will have, and the Threats it may face.

A high level of skill with a range of equipment, or a friend that is prepared to loan you some money would be strengths. If you have never run a business before that could be a weakness. A ready, enthusiastic market would be an opportunity, while several businesses almost identical to the one you are thinking of starting or a weakening economy would be threats. This type of analysis can show you if your business idea is viable and should encourage you to exploit opportunities and help you decide how to tackle threats.

Decide on your Unique Selling Proposition…

Why should a potential customer come to you and not a rival? Will you specialize in a certain area? You should be able to identify where and how you can contact your potential customers and have an idea of the demand for your type of service or product.

Write a Business Plan…

There are many versions and it seems every bank and business advisor has slightly different requirements. However every version should keep you focused on what you want to do with your business and the strategies to achieve this in a certain time frame. It should identify the services or products you intend to offer initially, and those you hope to expand into later. Remember the plan is a working document. If you miss deadlines you should be able to modify the plan to get your business back on course.

Once you have decided on the type of business you want to start do some research to see if there are any gaps in the local market. Find out your competitor’s pricing. You could get friends to ask for quotes from the competition, or use a more direct approach and have discussions with a local expert. Remember, a company could be a potential competitor or a potential joint venture partner. Perhaps you could approach them with an idea for a product or service that would complement theirs.

When setting prices do not immediately assume undercutting is the only solution. You need enough income to cover your overheads and a low price may give the impression that your skills and work have little value.

Cash flow is another important element in starting and running a business. Make sure you do not have to make too big an investment before you get paid. You should know how much you have to earn to at least break even.

After working through your business plan and giving cash flow a good deal of thought you should know whether your proposed business is viable.

Whether you own a small or large business, chances are very good that you can benefit from outsourcing some of your business functions to outside vendors. Ideally, you want to be in a position where you are working on your business, rather than in your business.

Running and operating a business positioned for growth requires many different key functions. For starters, you must handle accounting, administration, customer service, as well as sales and marketing. Many new small business owners attempt to tackle all of these functions on their own, and find that they work long hours and can begin to burn out quickly. By outsourcing some of your routine tasks, you can leverage your time to spend on the functions that you do best in order to grow your business.

When trying to determine whether outsourcing will benefit your company, you need to determine how much money your time is worth. A simple way to figure this out is to estimate how much money you would like to make in a year, and divide that into productive work hours. Most of us are only productive about 2-3 hours a day. For example, if you’d like to make $200,000 this year, and you work 3 productive hours each day, 5 days a week, then your time is worth roughly $260 an hour. With this scenario, you could benefit from outsourcing any function that you can pay someone to do for less than $260 an hour.

In order to outsource effectively, you must understand your own business and processes. Take some time to write down job descriptions for different functions, as well as the processes you use in your business to accomplish certain tasks (like how you enter your invoices and receipts, how you generate new leads and clients, etc.). As part of this exercise, include clear expectations of what you hope to accomplish. A clear vision and business plan is key to setting up clear expectations. Once you have written down the job descriptions, you’ll have a better idea of what you would like to outsource first.

There’s no hard and fast rule as to which job functions you should outsource first, but many business owners like to hand off the functions that they enjoy the least. If you really dislike customer service, you may want to find a customer service rep first.

You have many options when looking for companies or services that will handle your outsourcing needs. Check with others in your industry to see who they use to outsource their functions. Many outsourcing firms not only specialize in certain functions (like customer service), but also in certain industries (like real estate). You can use freelancers, virtual assistants, or any number of outsourcing firms.

Many business owners hesitate to outsource some of their functions because they want to have complete control over their business, or they believe that it will be too difficult to train someone to do what they need. If you fall into this category, you may want to try outsourcing some very simple, routine tasks to get started. It will be well worth the effort!

When choosing an outsourcing firm, or freelancer, make sure you set clear expectations up front. Share your vision about how you see that function growing your business, and offer incentives for work well done, or work done under budget, or before a deadline.

In addition, take time to properly document how the work should be performed. This can be done easily with screen capture video software, and/or written processes and procedures.

Taking the time to properly train and motivate your outsourced personnel will benefit your business greatly. By now, you will see that outsourcing some of your business functions will help free up your time to work on your business, rather than in your business.

Do you realize relationships begin shortly after birth and are ongoing ways of life for every person on the planet?

An important part of life depends on how we develop our relationships with others. Perhaps, if we consider examples of this development, a better understanding will enable us to think more clearly before we interact with others.

Examples:

1. At birth we acknowledge a relationship with our mothers

2. Growing up, we build friendships with family members

3. In school, relationships with peers and teachers are normal

4. Most begin their dating relationships along the way

5. Searching for first employment, relationships must be formed

6. To market products, relationships are tried, tested, used

Most sports require close relationships to build a winning team. How far would the space programs have gotten without close working relationships? Would we marry without an excellent relationship with our partner?

As people mature in life, many relate an emptiness that is often difficult to understand or comprehend if a relationship has not been established with our creator. This personal relationship will fill a void that no other can fill. This is the most important relationship of all in every life, for complete fulfillment and joy.

The purpose for these examples are to enhance our willingness and desire to work on developing meaning in our lives, our families, and our businesses to become better persons and better marketers with positive relationship building goals.

A few very important traits in relationships are integrity or honesty, trust, and a willingness to open ourselves to others and be examined.

Have you ever seen failure? Perhaps it was caused by the lack of trust or integrity in another. Can relationship building with other persons prevent failure? Would your business become more successful with many great relationships? Think on these statements and make the adjustments in your life that you feel may improve your disposition.

These basic groundwork ideas on relationships are written to jog thinking and perhaps increase your business skills until they direct you to where success in business is inevitable and joy in your work becomes a normal lifestyle.

You may find varied and rotating articles on relationship building on our website, along with tips you can possibly use for your business.

Many times along the path of life, failures occur. It is good news to recognize and know the importance of earning good relationships during these trials and to be well prepared for the needed improvements.

Expect the best, prepare for the worst, and take what comes, is a great buffer for the many trials that happen in life.

Great relationships developed over a lifetime, yield great rewards!

No matter what business you are in it always helps to be seen as an expert. If you were calling someone to fix a drain or sell your house you would approach the person you saw as most credible and reputable in that area of expertise.

To become an expert takes hard work and experience. It can involve study or the honing of practical skills. It demands high standards of work. But after all this effort will you be perceived as an expert? If you feel you’ve earned the mantle of expert but are not recognized as one, here are eight ways to start establishing your reputation.

Publish a book or series of reports or articles

The internet has made this much easier. You can now create an ebook that can be downloaded without having to involve a publisher. There are ezine owners always looking for good quality articles and reports for their ezines. A well-written book or series of articles will establish your reputation as an expert in your field.

Publish a newsletter

Set one up on the internet and distribute it to your customers. This is an excellent way to regularly keep your name in front of your prospects as an authority on your subject.

Write press releases

Used correctly these can gain you a lot of positive publicity. Make sure the press release looks like newsworthy information and not like an advertisement.

Create a website

Set up a user-friendly website that will appeal to customers and you have expanded the reach of your reputation. Keep it timely and informative, and people will continue to return to your site. If you don’t know how to set up a website there are plenty of web designers who do. Alternatively enquire at a college teaching web design. Some students might want to build a portfolio.

Join associations

If you are a member of an association it will enhance your credibility. But don’t just be a member. Be an active member. This will build your reputation among your peers and lead to useful introductions. Membership can have many benefits, and it will certainly keep you up to date in your field.

Networking

You can boost your reputation and influence by speaking to the right people. Keep your name in front of your prospects. Organize mutually beneficial ventures. You cannot predict what may come from a contact so make as many as you can.

Public Speaking

Even speaking to a local group of people can establish you as an expert and get you referrals that may lead to a wider audience. If you are not sure you can speak in public, preparation and rehearsal are the keys to success. Make sure your presentation is aimed at the right level, follows a sensible sequence and will not sound like a dry textbook-like monologue. Write your main points on small cards so you are not relying solely on your memory and start in front of a small audience.

Teach workshops or seminars

If you have knowledge that people would like to tap into you can pass on your expertise. If your presentation is well planned you will be seen as an authority in your subject. You will also meet people who are likely to recommend you to others. If you are teaching a hot topic you will also be gaining a useful income stream.

Any of these methods will start building your reputation as an expert. Use them all correctly and you will gain the sort of reputation that will have potential clients approaching you without having to seek them out.

If you are afraid to speak in public, don’t feel bad. You are not alone. Over 40% of the adult population is. In fact, fear of speaking in public is the highest ranked fear that all people have. Mostly this is due to a feeling that you won’t succeed but rather fail and be ridiculed or laughed at and no one wants that. Some people avoid it at all cost, including the potential to succeed or excel in their field. It doesn’t have to be this way for you. We’ve got some tips for you here which, if implemented should help you tremendously.

For most people, the most common place where they need to speak in public is in the workplace. Usually, you either need to inform your coworkers of the project you are working on or you need to sell an idea across to people higher up in the company. Don’t panic yet. If you take some time to plan it out you’ll do ok. Preparation is key.

One of the most important things before speaking in front of others is to know your material thoroughly. Make sure you’ve covered all areas of what you will be discussing. If you know what you are talking about, you won’t feel as nervous or flustered. Try to anticipate what questions others may have and be ready with an answer. If it’s at all complicated, try to think of different ways to say it, so everyone will understand. Diagrams may help you here to illustrate your point. Once you’ve done this, practice out loud somewhere by yourself if possible at first then in front of a friend or coworker later if it’s important.

If it’s appropriate you may want to hand out either an outline or a few illustrations. It may help to have some eyes looking at these occasionally and not all of them looking at you all the time.

As much as it’s humanly possible, try to relax. Breathe deeply. Since most people fear public speaking, others know it’s not easy and will be rooting for you not against you. If you are the type that can make small jokes, you can try one if appropriate. It helps your audience to relax as well.

If someone asks you a questions you don’t know or aren’t sure about, you can say something like “that’s a good question” and think for a few seconds, then if you know the answer great, answer it, and if you don’t you can say something like “I’m not sure about that, I think Bill might be able to answer that for you”. Make sure you name someone who you think would definitely know the answer. Other wise, you can tell them you will check into it and get back to them.

Arrive early to your meeting or presentation to make sure everything is there that you need and working properly.

Don’t say anything about being nervous to your audience, some people may not notice and you don’t want to bring it to their attention if they don’t. You may do better than you expect.

Try not to speak too fast, semi slow and clear is the way to go. Try not to speak in a monotone voice either. Add some inflection to your speech.

Keep things simple and to the point. Try not to drag on if at all possible. You don’t want to bore your audience.

A lot of people in sports use visualization to imagine themselves accomplishing their goal. This can work for you too. Visualize yourself succeeding with your public speaking.

Public speaking is a valuable tool you can learn and use throughout your life. The more you practice it and gain confidence the better you will get.

Whether it involves talking with your teen about sex or drugs, your spouse about finances or housework, or your employee about attendance or performance issues, the prospect of initiating a difficult discussion is daunting to many, if not most, people. Mix in the tendency to procrastinate tackling unpleasant tasks, then feeling guilty about putting something so important off, and you can wind up feeling even more miserable and anxious about the impending conversation. You might even lose sleep over it.

Initiating such a discussion doesn’t have to be nearly so painful. With the proper mindset and some preparation, you can learn to handle even the most difficult topic with ease and confidence. The following tips will enable you to do just that.

1. Realize that by having the discussion, your goal is to benefit others as well as yourself. Whether or not he shows it, your teen will most likely appreciate that you care enough to talk to him about things that concern or matter to you. In the case of the employee with the performance issue, she will have an opportunity to correct or improve on it, or face consequences. In either event, the other members on your team will certainly appreciate that you took steps to address the situation, because they will see the poor performer either stepping up to the plate or terminated.

2. Focus on the possible positive outcomes of having the discussion sooner rather than later. The employee’s performance could most certainly improve. Or you may have the opportunity to replace a poor performer with someone more willing and able to do the work and follow company or departmental policies. Either way, the performance of your team as a whole will benefit, which will be a positive reflection on your own performance.

3. Prepare for any possible reaction to the discussion. Have contingency plans for handling any behavior or response to what you have to say, whether it be anger, denial, silence or disbelief. Knowing in advance exactly how you will deal with any of these will give you the confidence you need to proceed. Understand that you cannot control a person’s reaction, and in many cases you cannot predict it either. But you can always prepare for any possibility.

4. If the topic for discussion is an especially difficult one for you, have a reward planned for yourself when you complete it. Take a half day off to do something you enjoy, or treat yourself to something you ordinarily would not. After all, you just accomplished something that doesn’t come easily for you. You deserve something special.

Following these tips will not make handling difficult discussions any more fun, by any means, but doing so when the necessity arises will make you a better and more competent communicator, manager, parent and/or spouse. And who wouldn’t benefit from that?

People have been rediscovering inspirational books, such as Napoleon Hill’s “Think and Grow Rich” and James Allen’s “As A Man Thinketh,” in which wealth is achieved by one’s thinking habit. It is based on the premise that you are what you want to be, you are what you think. It is no wonder that Rhonda Byrne’s “The Secret” became a bestseller, for the book also believes that wealth comes to those who want it.

We do want to achieve great wealth. But is it enough just to think about wealth and it will automatically come?

Of course, it is not as easy as it may seem. However, achieving wealth really starts with the mind. For example, if you set your mind as an employee, you will start to look for a job and be satisfied to work for someone else. But if you set your mind to attain financial freedom, you are able to see opportunities and means to get wealthy.

This article will suggest ways in which you can set your mind for financial wealth.

1. Be aware of your thinking process.

The poor will say, “I cannot afford….” while the rich will say, “How can I own…?” What is the difference between the two? The poor focuses on the problem while the rich tries to seek for the solution. Now, who do you think will most likely achieve his goal?

2. Work to learn, rather than earn.

It is all right to be an employee, but do not stay one for too long. As an employee, your income may be guaranteed, but it is limited. You will have what is called a “linear income”, in which you need to produce more or put in more time and effort to your job to earn more.

As you work on your job, learn the business in order that you may later become the employer.

Come to think of it, if you work for somebody, then you are surrendering the control of your finances at your employer’s mercy. Your future is shaped by that person and not by you. Therefore, it will be of importance to you to control your future, especially in terms of money matters.

3. Have an objective.

There once was a teacher who asked his students to cross from one end of the room to the other. There were thirty students, and each one crossed the room according to his or her own way. The teacher had shown that once you have an objective, the means of getting that objective will present itself. There is often more than one correct way of achieving one’s goal.

Many inspirational gurus will tell you that if you visualize your goal, put a lot of emotion in it, and believe that you have already have it, you will surely achieve your goal.

4. Make a budget and stick to it.

Companies, to become successful, formulate a budget and stick to that budget. They track their sources of money and determine where their money is going. They do this to control their cash flow.

How many people have ignored making a budget, or not sticking to one, and find out that they have spent more than they have earned? They get mired into debt in which there seems to be no way out.

5. Control your fear.

Most people are afraid of going into business because they fear they might lose their money if the business fails. They say that going into business is risky. But, with the present economic situation, isn’t it riskier to stay being an employee? If the company you are working for goes down, you go down with it. And with no job security, the company can give you the pink slip anytime.

Going back to our example of the teacher, what if one student stayed in his place and did not cross the room? No matter how much energy he applies in visualizing his objective, he will never get across the room.

Ultimately, it is the actions that you take that will determine if you will achieve your financial goals or not. However, without that goal, that “compelling why,” how can you achieve it?

So, you want to be in business for yourself. That decision is a great first step! How do you go about choosing a business to start? What is it that you love? What is your biggest passion? You need Really you need to decide what will get you out of bed every morning excited to work on your business.

Here are 6 things to think about:

1. What is your passion? Is it crafting, health, real estate, children, history, or something else? Within those subjects, what specifically are you enthusiastic about? Is it scrapbooking, exercise, buying foreclosures, kids’ birthday parties, or the Civil War? Make a list of all your interests.

2. How can you use your passion or talent to build a business? How can your enthusiasm for this be helpful to other people? The key here is to think about how your knowledge or skill in this area can help others. If you begin by focusing on how this will benefit you financially, you are almost doomed to failure. The key to success is to find a way to help other people. . .then, the money will follow.

3. How much time and energy do you have to devote to your business? Are you going to do this part time or full time? Online or offline? This will make a difference in the size of your business. For instance, if you want to open an accounting firm with several employees, you will need to devote some full-time effort. However, if you just want to publish some information about exotic pets, then you could probably get away with a small website and some part-time effort. Think realistically about the time and energy you have right now. In the future, you may be able to set aside more time, but do not expect more from yourself than you can reasonably give or you will be frustrated and discouraged.

4. When choosing a business, determine what your strengths and weaknesses are. Do you need a partner or can you go it alone? Do you need someone to keep your books for you, handle sales, create graphics, or design your website? Make a list of what you are best at and what you are not. Decide where your efforts are best spent and delegate the rest. Come together with people who complement your own abilities by contributing what you lack.

5. What resources do you have available? Of course, money is your most fragile resource. Are you starting your business on a shoestring budget? Are you going to take out a home equity loan? Are you going to bring on an investor? Whatever your financial source is, determine what your limits are. Do not leverage everything you own on your business no matter how successful you think it will be! If you plan well, then you will know how and when to spend the money that is available to you. Don’t forget also to take stock of all your non-monetary resources also.

6. Now, you are ready to consider if the idea is financially viable. In order to do that, you will need to do some homework. You MUST put together a business plan (even if it is just a rough, non-detailed version) to determine thoroughly whether or not your idea will actually make some return on your investment. After some analysis, you may have to tweak your initial idea. Whatever you do, do not skip this step… do your research!

When deciding what business to choose, your idea does not have to be original. However, you do need to give it that extra little “something”. You need to provide a more user-friendly solution or improvement that others aren’t offering. If you choose a business that you are familiar with, you will know what things currently frustrate or annoy users of that service or product. Supply a great solution, and people will flock to buy from you!

This is a difficult world we live in. People die everyday from disease, starvation and murder. So the question has to be asked: is this a destiny that was laid out for them beforehand, or could they have possibly changed their karma?

Some people will say yes and others no. But why?

To say your new business is heading for failure and there was nothing you could do about it would be silly, now wouldn’t it? Of course the horrid examples listed above couldn’t compare to losing your business now could it?

Well, let’s say your new business venture is the key to changing the future of your kids. Things are looking grim, you lose your job, and with the economy the way it is, another job making reasonable pay just doesn’t seem realistic at this point. If this is you or someone you know, then maybe the point is being made. Is there really a major difference between you and some pour soul who can barely feed herself? Well yes and no, because you have your problems and they have theirs. Some are bigger than others, yes, but when it concerns the individual at hand, no matter the dilemma, it can appear huge and overwhelming.

So your business is failing. It isn’t producing any profit. The prospects are untargeted and uninterested in what you have to offer. The whole thing is a step away from dying and you are preparing to throw in the towel.

Is this what you envisioned when you first started out? No. But it’s happening and you just can’t find away to turn things around. Your husband or wife is nagging for you to find a real job and your kids aren’t eating the way you would like because you just can’t afford it right now.

What can you do? What will you do? Will you just roll over and die?

Do you need a reason to keep going? How about your husband or wife and kids. Owning your own business can be the greatest investment you will ever make in your own future, as well as that of your family. You already know this, but you just don’t know how to make it work.

Then answer yourself these questions:

1)Are you willing to learn?

2)Are you capable of sticking to one plan of action, rather than dabbling from one business to the next?

3)Do you like what you are doing?

4)Are you responsible with your business spending, rather than throwing away money on useless software, gadgets and schemes that bring you no return?

5)Are you a leader, rather than a follower?

If you answered these questions in the negative, there is still hope for you. What you need to do is reevaluate everything you are doing from the top to the bottom. There is a very good chance you know exactly what you are doing wrong. Let’s start with number one.

Will you dedicate yourself to learning new techniques on a daily basis? Will you read more? Knowledge is power. You must first understand what you are doing and why in order to implement it. OK, now two.

Stop dabbling from business to business right now. Stick with what you’ve got, no matter how good that new start-up appears. Stop buying into other programs and make the program(s) that you are now using work for you. Your distractions will become limited. This is important. Get to work on what you have and make a point of marketing every single day without fail, whether it is a simple article or adding content to your blog. Get it done. Now three.

If you don’t like what you are doing, then why do it? Find something else. This is your business. It should be everything you want it to be. Now four.

Please do not buy anything on impulse. Check it out thoroughly on the Internet before purchasing. Now five.

In order to succeed in business you must become a leader and in order to do this you must conquer a particular niche. Read and learn. Grab people’s attention by becoming knowledgeable. If you don’t lead you don’t succeed. That is a fact, and today is the day to get started on your quest to become that special someone people will look up to. Start today by picking up a book, magazine or other reading material, and make it a point to learn something new about your business every day.

If you really want your business to fail, keep doing what you are doing. Then maybe the naysayers are correct; a man or woman really can’t change their fate.

Prove them wrong. Make a change and watch your future become what you want it to be. The key to it all is believing, followed closely by doing.

Teaching online is becoming increasingly common. There are many benefits to learning online. However, it needs to be remembered that online education is not a ‘silver bullet’ or panacea. It is just as easy to develop inflexible and inappropriate instruction online as it is with other methods. Nevertheless, there are good reasons that both students and teachers are making greater use of the Web for educational purposes.

Perhaps the greatest benefit is that of convenience. The online classroom is always open. It can be reached from anywhere with an internet connection. Greater access is useful for students living in rural areas, students with disabilities and those who cannot attend campus because of other commitments such as work or child-rearing. It can also reduce costs if there is less need to travel. Of course, providing material online can also result in reduced access where students have limited access to the internet.

Online learning is typically self-paced. This can suit students who are shy; those who are not native speakers or slower learners who need to take extra time to develop answers. The student can review material as many times as they want and references such as dictionaries can be consulted.

Online teaching tends to be more student-centered where the role of the teacher becomes that of a facilitator. It is often said that the teacher changes from being a ‘sage on the stage’ to a ‘guide on the side’. Students are able to access a huge range of resources on the internet. These resources are not necessarily just text-based. The types of resources available include text, audio, video, graphics and animations. However, as there are no gatekeepers on the web and anyone can publish just about anything, students need to be taught how to evaluate and discriminate among these resources.

Being able to critically evaluate the wealth of material available on the web is just one skill that online learners develop. Students also get experience with technologies and methods that are used in many careers. For example, online courses often make use of computer-conferencing which is widely used in many industries. Hopefully, the skills that students attain can also help them become life-long learners.

Technology has the ability to enhance learning and teaching. However, if used inappropriately it can also interfere with learning. It is important to choose online methods in education for pedagogical reasons rather than let it be dictated by the availability of the latest technologies.