Startup Do’s and Don’ts
By Paige Arnof-Fenn,
Posted: 2006-11-15 13:25:15
Wish you had a ‘to do’ list for starting your biz? These seven key do’s — and don’ts — will keep you on track.
Wouldn’t it be great if someone could give you a “to do” list when you were ready to start your company that would guarantee your success? Even better, what about a “to don’t” list of things to avoid at all costs?
Through experience, I’ve found there are no shortcuts to launching a business–you have to do your homework to understand your customers, competitors, market conditions and risks. But there are some principles I’ve found to be very effective for growing both my company and my clients’ businesses whether they are startups or Fortune 500 corporations, whether they sell consumer products, professional services or technology products.
Even though we are all start from different places, these seven lessons have certainly served me well over the years:
1. Stop selling and start sharing. People are much more interested in what you have to say when you’re sharing your knowledge, your passion and your experience to help them solve their problems. Focus on being interested in them, and don’t worry so much about being interesting. It’s amazing how interesting you are when you’re paying attention to your customers’ needs. People buy from those they like, trust and identify with. Building rapport creates that trust and credibility. Just remember, it’s about the relationship, not the sale. Nobody likes to be sold, but everyone likes to buy.
Do: Listen to what your prospects and customers say with their words and body language.
Don’t: Pull out a brochure or sales sheet unless they ask for it.
2. Differentiate or die. What makes you unique vs. the others in the market? Make sure there’s something special about your product or service other than the price. Own something important in your customers’ hearts and minds. Being good is no longer good enough–you have to find something where you’re great. Use your imagination and creativity to set yourself apart from the crowd. I once worked with a business owner who always wears red. She works in a male-dominated field where everyone has basically the same credentials so at least she’s easy to spot at events. “The lady in red” gets most of her work by referral, which is a great way to build a business.
Do: Talk to real customers and ask them for a report card
Don’t: Chase last week’s/quarter’s/year’s trend
3. Solve problems people will pay for. Revenue is validation. Are customers voting with their wallets? Are your products or services the “nice to have” thing or the “have to have” thing? Be very important to your most important customers–they should think of you first for any needs in your category. Also, make sure you have more than just a “one off” good idea. Although great businesses start with great ideas, not all ideas are company-worthy. Many of the dotcoms forgot that the business model must actually work, that cash flow matters and that it’s not just about building awareness but about making the sale. Janet Jackson got plenty of attention for her wardrobe malfunction in last year’s Super Bowl, but did that sell more of her products?
Do: Test, tweak and try again.
Don’t: Ask your friends or family and call it “research.”
4. Leverage the evangelists. There are people out there using your product or service who would be glad to tell others about your business. If you can make them happy, they’ll help you spread the word to other like-minded customers. And here’s something to keep in mind: They may be using your product or service for purposes other than the ones you initially intended, so make sure you really understand what they like and dislike about your business and, more important, why. And remember, it’s not about pedigree or job title–your champions can come from anywhere. At one of the startups I worked for, a hair stylist made a key introduction for our company. Friend-raising can, in fact, lead to fundraising, so make friends before you need them.
Do: Make it easy for your evangelists to try your product or service.
Don’t: Discount the negatives. There may be an important insight buried within.
5. Be visible. Wasn’t it Woody Allen who said that 80 percent of success is just showing up? Invisibility is not a good business strategy–if people don’t know you exist, then guess what? You don’t. You don’t have to run a Super Bowl ad to get noticed, but you do have to be active in the communities you cater to so people know where and how to find you. Whether you have a technology business, a consumer products company or a professional services firm, you’re in the relationship business. If there are businesses that target your same customer base, then find creative ways you can each leverage your contacts and databases to multiply your outreach. Best-kept secrets are just that: secrets.
Do: Put your mouth where your money is, too.
Don’t: Hide in your office or behind your computer online.
6. Create extraordinary experiences. The relationships you have with your customers are based on the cumulative experiences they have with your employees, product, service and business. If your brochure or website makes one claim but the reality is very different, it’s the firsthand knowledge that will be remembered by your customers, so make sure you deliver on the promises you make every time you connect with your customers. Is it such a surprise that most of the airlines are going bankrupt while Jet Blue and Southwest are profitable?
Do: Consistently reinforce your key messages in everything you do.
Don’t: Forget that every employee, partner and affiliate is an ambassador, too.
7. Put passion above all else. Customers are savvy–they know when something is genuine or if you’re just going through the motions. So do your employees, partners and affiliates. If you don’t enjoy what you are doing, find something else to do! It’s hard to compete with someone who gets up feeling excited every day and who’s full of ideas about their business. To them, what they do doesn’t feel like work. Enthusiasm is contagious, so determine what it is you enjoy doing and then share your gift with others whose talents may lie somewhere else. When everyone plays to their strengths, the results are superior.
Do: Work you love and believe is important.
Don’t: Waste time. It’s your most precious commodity.
Paige Arnof-Fenn is Entrepreneur.com’s “Startup Basics” columnist and the founder and CEO of Mavens & Moguls, a strategic-marketing consulting firm whose clients include Fortune 500 companies as well as early stage and emerging businesses.
Monday, September 27, 2010
30 Press Release Ideas Turn Business Event into Newsworthy Publicity
30 Press Release Ideas
By Al Lautenslager
Check this idea list for ways to turn any biz event into newsworthy info that will catch an editor's eye.
It's a well-known fact that a company's visibility will increase with powerful publicity. After all, publicity aims to bring the news of your company to the world. The basic weapons you'll need to do this include a press kit, a company background piece, press releases, story ideas and articles or columns about your business. The most important of all, though, is the press release.
If you're wondering what exactly should be covered in a press release, think along the lines of "newsy" and interesting topics. Examples include: your online presence; important information and tools regarding a change in management or the business components you offer; special information that can be obtained online; any proprietary product or methodology that you offer through your consulting services; the announcement of articles, events and appearances; relevant worksheets, tips and techniques; and so on.
A publicity campaign that uses press releases should begin with a master plan. The more newsworthy you make your company, the more coverage you'll get. And coverage is important because it earns the kind of credibility that advertising just can't buy. When writing a press release, your goals should be uniqueness, timeliness and top-of-the-mind awareness. Once you achieve publicity and visibility, both your company profile and your client and prospect levels will rise. One successful story about your company resulting in free publicity is advertising worth hundreds and thousands of dollars.
There is definitely a knack to writing a "newsworthy" press release, even though the ultimate goals are usually awareness and promotion. Editors don't like promotion, though, so crafting a press release to appeal to an editor is key. If you provide reporters with news that appeals to their readers, you'll gain instant credibility and be on your way to forming a valuable promotional relationship. This can be very powerful from a marketing point of view.
There's no guarantee that any press release will ever be published, but by taking a consistent, professional and newsworthy approach with the reputable editors of respected publications, the probability is good that you'll get some coverage. Press releases are also great vehicles for communicating with clients and prospects. Putting them on your Web site is a very effective means of promoting to your captive markets. It also further substantiates your marketing efforts, as well as your credibility.
If you're not sure about what you should cover in a press release, consider these ideas to see if any apply to your business:
1. Starting a new business
2. Introducing a new product
3. Celebrating an anniversary
4. Announcing a restructuring of the company
5. Offering an article series for publishing
6. Opening up branch or satellite offices
7. Receiving an award
8. Receiving an appointment
9. Participating in a philanthropic event
10. Introducing a unique strategy/approach
11. Announcing a partnership
12. Changing the company or product name
13. Earning recognition of the company, product or executives by a publication
14. Announcing that you're available to speak on particular subjects of interest
15. Issuing a statement of position regarding a local, regional or national issue
16. Announcing a public appearance on television, radio or in person
17. Launching a website
18. Announcing free information available
19. Announcing that you've reached a major milestone
20. Obtaining a new, significant customer
21. Expanding or renovating the business
22. Establishing a unique vendor agreement
23. Meeting some kind of unusual challenge or rising above adversity
24. Restructuring your business or its business model
25. Setting up a customer advisory group
26. Announcing the results of research or surveys you have conducted
27. Announcing that an individual in your business has been named to serve in a leadership position in a community, professional or charitable organization
28. Sponsoring a workshop or seminar
29. Making public statements on future business trends or conditions
30. Forming a new strategic partnership or alliance
Of course, these are just a few ideas to get you started. Just remember this: If a press release is well-written, almost any event can be turned into news.
Alfred J. Lautenslager is an award-winning marketing and PR consultant, direct-mail promotion specialist, principle of marketing consulting firm Marketing Now, and president and owner of The Ink Well, a commercial printing and mailing company in Wheaton, Illinois. Visit his Web sites at www.market-for-profits.com and www.1-800-inkwell.com, or e-mail him at al@market-for-profits.com.
By Al Lautenslager
Check this idea list for ways to turn any biz event into newsworthy info that will catch an editor's eye.
It's a well-known fact that a company's visibility will increase with powerful publicity. After all, publicity aims to bring the news of your company to the world. The basic weapons you'll need to do this include a press kit, a company background piece, press releases, story ideas and articles or columns about your business. The most important of all, though, is the press release.
If you're wondering what exactly should be covered in a press release, think along the lines of "newsy" and interesting topics. Examples include: your online presence; important information and tools regarding a change in management or the business components you offer; special information that can be obtained online; any proprietary product or methodology that you offer through your consulting services; the announcement of articles, events and appearances; relevant worksheets, tips and techniques; and so on.
A publicity campaign that uses press releases should begin with a master plan. The more newsworthy you make your company, the more coverage you'll get. And coverage is important because it earns the kind of credibility that advertising just can't buy. When writing a press release, your goals should be uniqueness, timeliness and top-of-the-mind awareness. Once you achieve publicity and visibility, both your company profile and your client and prospect levels will rise. One successful story about your company resulting in free publicity is advertising worth hundreds and thousands of dollars.
There is definitely a knack to writing a "newsworthy" press release, even though the ultimate goals are usually awareness and promotion. Editors don't like promotion, though, so crafting a press release to appeal to an editor is key. If you provide reporters with news that appeals to their readers, you'll gain instant credibility and be on your way to forming a valuable promotional relationship. This can be very powerful from a marketing point of view.
There's no guarantee that any press release will ever be published, but by taking a consistent, professional and newsworthy approach with the reputable editors of respected publications, the probability is good that you'll get some coverage. Press releases are also great vehicles for communicating with clients and prospects. Putting them on your Web site is a very effective means of promoting to your captive markets. It also further substantiates your marketing efforts, as well as your credibility.
If you're not sure about what you should cover in a press release, consider these ideas to see if any apply to your business:
1. Starting a new business
2. Introducing a new product
3. Celebrating an anniversary
4. Announcing a restructuring of the company
5. Offering an article series for publishing
6. Opening up branch or satellite offices
7. Receiving an award
8. Receiving an appointment
9. Participating in a philanthropic event
10. Introducing a unique strategy/approach
11. Announcing a partnership
12. Changing the company or product name
13. Earning recognition of the company, product or executives by a publication
14. Announcing that you're available to speak on particular subjects of interest
15. Issuing a statement of position regarding a local, regional or national issue
16. Announcing a public appearance on television, radio or in person
17. Launching a website
18. Announcing free information available
19. Announcing that you've reached a major milestone
20. Obtaining a new, significant customer
21. Expanding or renovating the business
22. Establishing a unique vendor agreement
23. Meeting some kind of unusual challenge or rising above adversity
24. Restructuring your business or its business model
25. Setting up a customer advisory group
26. Announcing the results of research or surveys you have conducted
27. Announcing that an individual in your business has been named to serve in a leadership position in a community, professional or charitable organization
28. Sponsoring a workshop or seminar
29. Making public statements on future business trends or conditions
30. Forming a new strategic partnership or alliance
Of course, these are just a few ideas to get you started. Just remember this: If a press release is well-written, almost any event can be turned into news.
Alfred J. Lautenslager is an award-winning marketing and PR consultant, direct-mail promotion specialist, principle of marketing consulting firm Marketing Now, and president and owner of The Ink Well, a commercial printing and mailing company in Wheaton, Illinois. Visit his Web sites at www.market-for-profits.com and www.1-800-inkwell.com, or e-mail him at al@market-for-profits.com.
7 Tips for Improving Your Cash Flow
7 Tips for Improving Your Cash Flow
By Pam Newman
They say cash is king. Find out how to give yours the royal treatment.
There's a golden rule in business you'd be smart to learn now: No matter how much you sell, if you don't collect the money, you're going to go out of business. As business owners, we often get so wrapped up in selling our products and services that we forget to take the time to ensure we're managing our cash flow and receiving the money for those sales. But when it comes to your bottom line, you'd be wrong to simply focus on total sales dollars: You also need to focus on the cash collection of those sales.
To help get that money in the door, here are seven tips for improving your cash flow:
1. Require a down payment on projects so that your customers fund the project, not you.
2. Set your terms to be payment in full upon completion. Don't extend out 30 or 60 days after you've completed your work. You don't get to use your hard-earned cash until payment is received from your clients, so get it as soon as you can.
3. Negotiate terms with your vendors for 30 days or more so you have an opportunity to complete the work, bill your customers and receive payments prior to paying your vendor.
4. Have a collection process in place, and follow through. When your customers delay payments, they're using your cash. You need to ensure that you're being diligent in collecting from your customers.
5. Set up a line of credit at your bank that you can use in case of emergency. Often, lenders rates will be less than the late fees your vendors will charge. This line of credit will help you cover a lapse in cash flow for short periods of time.
6. Factoring of your receivables allows you to sell your receivables and get cash now instead of waiting 30 or 60 days. There's a fee for using a factoring service, so you need to ensure that the benefits of getting cash today exceeds the cost you'll pay for that expedience.
7. Minimize the amount of draws you take personally from your business. Each dollar you take from your company reduces the amount of cash flow you'll have available for the business to grow.
Not all these options will work for every business--you have to consider which of these will work for your specific needs.
Here's one last tip: Don't ever think you're too busy making sales and working in your business to worry about your cash flow. This mindset is the very thing that can put a business out of business when there's no cash to pay the bills. So take the time to analyze your business's cash flow to locate--and make--some small changes that will have a big impact on your cash flow.
Remember, your cash flow is not the same as your profits. You can have a profitable business, but a negative cash flow. Prepare a monthly cash flow statement to ensure that you don't get caught unexpectedly without enough cash to handle your day-to-day operations.
By Pam Newman
They say cash is king. Find out how to give yours the royal treatment.
There's a golden rule in business you'd be smart to learn now: No matter how much you sell, if you don't collect the money, you're going to go out of business. As business owners, we often get so wrapped up in selling our products and services that we forget to take the time to ensure we're managing our cash flow and receiving the money for those sales. But when it comes to your bottom line, you'd be wrong to simply focus on total sales dollars: You also need to focus on the cash collection of those sales.
To help get that money in the door, here are seven tips for improving your cash flow:
1. Require a down payment on projects so that your customers fund the project, not you.
2. Set your terms to be payment in full upon completion. Don't extend out 30 or 60 days after you've completed your work. You don't get to use your hard-earned cash until payment is received from your clients, so get it as soon as you can.
3. Negotiate terms with your vendors for 30 days or more so you have an opportunity to complete the work, bill your customers and receive payments prior to paying your vendor.
4. Have a collection process in place, and follow through. When your customers delay payments, they're using your cash. You need to ensure that you're being diligent in collecting from your customers.
5. Set up a line of credit at your bank that you can use in case of emergency. Often, lenders rates will be less than the late fees your vendors will charge. This line of credit will help you cover a lapse in cash flow for short periods of time.
6. Factoring of your receivables allows you to sell your receivables and get cash now instead of waiting 30 or 60 days. There's a fee for using a factoring service, so you need to ensure that the benefits of getting cash today exceeds the cost you'll pay for that expedience.
7. Minimize the amount of draws you take personally from your business. Each dollar you take from your company reduces the amount of cash flow you'll have available for the business to grow.
Not all these options will work for every business--you have to consider which of these will work for your specific needs.
Here's one last tip: Don't ever think you're too busy making sales and working in your business to worry about your cash flow. This mindset is the very thing that can put a business out of business when there's no cash to pay the bills. So take the time to analyze your business's cash flow to locate--and make--some small changes that will have a big impact on your cash flow.
Remember, your cash flow is not the same as your profits. You can have a profitable business, but a negative cash flow. Prepare a monthly cash flow statement to ensure that you don't get caught unexpectedly without enough cash to handle your day-to-day operations.
Sunday, September 26, 2010
AbbyShot Clothiers - Movie Clothing | Cosplay Costumes
AbbyShot Clothiers - Movie Clothing Cosplay Costumes
This is one of my most favorite costumers. If they don't have it, they'll make it.
This is one of my most favorite costumers. If they don't have it, they'll make it.
Tuesday, September 14, 2010
Fun Fall Festivities
Halloween is nearly here. What are you planning to do. Dress up? Dress down?
Make up? Make OUT? Attend a party or throw one? Take a haunted tour? Decorate?
I hope this one is the best ever. Have fun.
Make up? Make OUT? Attend a party or throw one? Take a haunted tour? Decorate?
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