Business & Entrepreneurship – Page 12

Q & A: Marketing My Business

Note: Although this person provided specifics about her business, we have chosen to maintain confidentiality in order to protect her idea.

Dear Katie:

I have started an email support service (that costs a small monthly fee), and I don't know how to reach the people who could really benefit from my service. I sent out notices to everyone on my personal and professional email list, informing them of my service and asking them to refer anyone whom they thought would be interested.

I have placed ads on Yahoo and some other internet classified sites and I'm in the process of getting a domain name and creating a website. I am also going to list my daily emails as an ezine at various listing sites.

What else can I do to get the word out to homebound, isolated, disabled or ill people who might want to subscribe to my service? I want to spend my time on actually creating and running the service, not on promoting it.

I'd appreciate any help you can give me.

Sincerely,

Miranda

***************************************

Hi Miranda,

It sounds as though you have a very interesting idea. Hopefully it can take off for you, although to be honest, most people offer email newsletters at no cost to the individuals, so remember you will be competing with those folks, too.

Most of your questions are marketing questions, and to be honest again, in order to create anything that is successful online, you're going to have to spend a substantial amount of time (or money as you pay someone else) to get your project rolling the way you'd like. Like anything else, once you hit "critical mass", it should take off and almost run itself.

The first thing you will need to do to be "legitimate" in the internet community is to have your own domain name. They're very easy to get, only cost $70 for the first 2 years (note: yes, it used to cost this much – now you can get them for as low as $7/year), and most Internet Service Providers (ISPs) should be able to park it for you for no extra charge until you're ready to open your website. In fact, this is something I recommend before you "open your doors" for business. Think about it: a retail store wouldn't start selling stuff from their warehouse, and then expect folks to transfer to the store later.

So, get your domain name, set up your email from there (some hosts even let you park your domain and still get email using the domain name for a small fee prior to actually publishing the site to the web).

Then, or even in the meantime, some other things to consider include using the internet to investigate sites where the people you are interested in will be "hanging out". When you find a site that would appeal to your audience, contact the owner of the site and ask about a reciprocal link. A reciprocal link means that each of you link to the other's site. If your site is already up, you can add the other link first. Letting the owner of the other site know you have already linked to his/he r site will strengthen the attractiveness for linking to yours.

Build your network by building your relationships, and that will build referrals far more quickly. You will need to convince the other owner that you have something to offer him/her in exchange for the link (for instance, a substantial subscriber base, information that his/her visitors may be interested in, etc.).

I like that you offer a free sample. That's a good way to let people know what your product is like before they are required to pay for it. Perhaps you could also offer an incentive for people who send you referrals who "stick" (for instance a free month for anyone whose referral signs up for 3 months).

Now, to be honest for the third time, I need to ask, how much market research have you done? Are you sure there's a market for your services (have you found enough people who will want to pay for them)? Have you found other people who are doing similar things in a different market and actually making money on them? For instance, someone else who has a pay-for-email service relating to a different market segment? You have a lovely idea, but with so much free stuff on the internet, you may well find out that there's just not enough interest by folks who are willing to pay. I recommend you do a great deal of research first, and consider having your service be a free one that supports something else that provides the profit. For instance, provide a website that has all the information online (that you've listed in your offer), some free email services, and then a product or other service for a fee.

You might also be able to offer your service (at a fee) to existing online companies for whom it could become an acillary/free product from them. An example might be a pharmaceutical company, or one that specializes in medical equipment for the home. You wouldn't make as much money per subscriber, but you would be generating an income. One of the secrets to success on the internet is giving stuff away, so I'm wondering about the viability of your idea. Before you get too far down the path , putting your heart and soul into something you think is a good idea, I'd highly recommend you do a lot of research.

If you find you have a viable product, there are several internet marketing programs that can help you promote your business. Unfortunately, you will have to do marketing in some way. Any business that wants to stay in business has to put time, effort and at least a bit of money into marketing.

Good Luck, and let me know how it goes.

Katie Darden

©2000-2010 Katie Darden, Career Life Institute

Refresh Your Business Plan

When is the last time you reviewed your business plan? Do you even HAVE a business plan? Many businesses sprout from someone's "good idea", by an entrepreneur who either didn't know about business plans, or simply didn't have the time to complete one.

While the idea of a business plan may seem overwhelming at first, many businesses end up hitting that wall when it's time to expand or they need financing. Anyone who wishes to attract funding quickly understands that without a business plan, commercial lenders won't even talk with you.

Yet business plans serve a much larger purpose, too. They allow the owner to really understand their business. Developing the plan requires a certain amount of research into the general industry as well as the business itself. Delving into the intricacies can give the business owner a new perspective on what's working and what needs to be improved in their own business. It also helps identify new or unexplored trends in the industry. New ideas and possibilities pop up when you are clear about what works.

There are several good software packages that can help you develop your business plan or you can simply start with a good business plan outline of categories and "fill-in-the-blanks". Either way you will be broadening your understanding of what's possible and probable in your business.

The approach we've taken in most of our "Writing a Business Plan" classes has been to divide the traditional plan into individual parts and focus on each section in turn. Even with the focus and group interaction, few participants were able to complete more than 60-75% of their plans by the end of the 7-10 sessions. Recently, however, I've come across a wonderful new book that takes a slightly different approach.

Using Jim Horan's "One Page Business Plan", I've been able to help one of my coaching clients complete her initial draft of a viable plan in three sessions. Jim Horan is a San Francisco Bay Area small business expert who has taken the complexity of business plans and demystified the process. My client had already done some work on vision and mission, and had a fairly clear idea about what she wanted to create, but she seemed stuck as she struggled to complete the formal business plan.

Jim's book offers several interactive exercises that are more interesting and enjoyable than straight research. The exercises are designed to get you thinking about key elements of your business, from vision and mission through strategies and plans. All the elements are still there, but with the One Page Business Plan(sm) they are simplified down to their essence.

Having the resulting business plan on a single page helps the business owner focus on the essentials of what will make the business work, rather than getting trapped in the verbage that makes up a more traditional plan. And it provides a document that can start the dialogue with bankers or venture capitalists.

My client's response to the One Page Business Plan? Now she's excited about her business again – she sees that it's doable, she has specific milestones to aim for, and best of all, a plan that will help her focus!

Whatever your approach, taking the time to develop your plan more fully will help you refocuse on your strengths and remember your vision. Whether you are starting a new business or expanding an existing one, a well thought-out business plan will add to your success.

_____For More Information_____
Contact the Career Life Institute to find out more about small business coaching, our Biz Plan In a Week Program and other upcoming classes.

This book is available at Amazon.com. Click below to find out more:

The One Page Business Plan – Start with a Vision, Build a Company
– James T. Horan, Jr.

Tips to Promote Your Business

Know Thyself and Thy Business:
What is it you really want to do, or what product(s) do you want to sell?
Develop an Identity:
Reflect your professional identity in a sign or logo that you can use for business cards, stationary, advertising and presentations.
Advertising:
Clarify your target audience. Develop a campaign, produce materials, place ads in the best mediums, track placement, send bills and follow up to check effectiveness.
Television and radio advertising
Media Advertising in Humboldt County is cheap! Placing a TV commercial ranges from as little as $10/spot on cable to more than $200/spot on prime-time networks. Radio spots range from as little as $4 to $18 depending on the length of the spot, the station it runs on and the time of day it runs. Radio can target specific audiences.
Print ads
These can be referred to more than once, can be clipped and saved.
Non-advertising options
(a) newsletters which can be placed in billing statements or mailed to prospective customers,
(b) company brochures,
(c) portfolio of your past work,
(d) news media relations activities which can generate human interest articles about your business,
(e) networking with community groups, like WomenPreneursOnline.

Remember, whatever direction you decide to take, promoting your business is entirely up to you.

©1995 Elizabeth Hans, Hans Communications, 442-3813

Create Your Own Job Through Entrepreneurship

Let me begin by sharing an updated version of the Cinderella story.

When the Wicked Stepmother stood at Cinderella's door, she saw Cinderella working on a stack of papers very intently instead of sweeping the floor. Her curiosity was aroused, and she asked Cinderella what she was working on.

Cinderella quickly replied, "Job options. I'm thinking about starting my own business so I can expand my horizons and create money at the same time."

"But what about Prince Charming," the Wicked Stepmother replied.

"Oh, I'd still love to meet him. I could use a partner in life as well as business!" Cinderella cheerfully responded.

As for the rest of the story, the Wicked Stepmother soon realized Cinderella was no longer a "wimp" and was seizing control of her own future. She decided to stop picking on Cinderella and began spending more time looking at her own life—exploring creative job options for herself.

As for Prince Charming, well eventually he did meet Cinderella and was instantly charmed by her aliveness and sense of purpose as well as her obvious business management skills. Eventually he became one of her financial backers in business and Cinderella became a very successful Woman Entrepreneur—and everyone lived happily ever after.

This new version of Cinderella is perhaps more relevant than ever to present day. We are all challenged by changing economic times where jobs are tight and too many large organizations seem to be downsizing instead of hiring. This is definitely a time to be creative in looking at different ways to earn money—different ways to create a job.

Starting your own business is one creative option that more and more people are seriously looking at, especially women. Many organizations, such as the Women Entrepreneurs Roundtable and WomenPreneursOnline have been formed over the past few years to help women explore the option of starting their own businesses.

Traditionally, women have been geared to work as employees and homemakers. More and more women, however, are becoming aware that they do have additional options—and one option is to start their own businesses.

Many women have become experts in juggling a multitude of roles by balancing work and family life, and many of these skills are transferable to managing a successful business.

Starting a business from scratch can be rewarding experience. It offers freedom and the chance to integrate one's interests and talents with making money. Besides being one of the toughest and potentially most rewarding careers, it is possibly one of the last frontiers for real independence and creativity.