small-business

How Much Should You Charge For Advertising On Your Blog?

by Paul Joseph February 9, 2012 Featured

So you have decided to sell ads directly to sponsors on your website or blog. Great idea. I’ve made money using this method since the early 2000s. It started off as a trickle – my first ad sale was direct to a small business for $50 a month for one banner on my card game website. From that point forward… Read the rest of this entry »

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Your Dream Will Die Without The Startup Essentials

by Paul Joseph February 6, 2012 Featured

I’ve noticed a great tendency among startup founders to ignore the essentials of business accounting in the early stages of their startup. Just because you are not profitable yet, doesn’t mean you can skip the record keeping. In fact, just the opposite is true.  When you anticipate losses for the first year or two, it is more important to properly document all expenses, including tricky ones like business travel, business meals, and your home office. Sloppy documentation and reporting of these expenses is an open invitation to an IRS audit, which is the last thing you need or can afford during the busy startup period. Expense accounting is just one of the key record-keeping requirements for a successful business: Expenses and income. You’ll need a check register, a cash receipt system, and a record of bills. Also you should include tax records, bank statements, cancelled checks, bank reconciliations, notices from and to your bank, deposit slips, and any loan-related documents. Keep good backups of all computer files. Corporate records. Include here articles of incorporation, bylaws, shareholder minutes, board minutes, state filings, stock ledger, copies of stock certificates, options and warrants, and copies of all securities law filings. In all cases, don’t forget permits, licenses, or registration forms required to operate the business under federal, state or local laws. Contracts. All the contracts you have, even expired ones, should be saved indefinitely. These would include equipment leases, joint venture agreements, real estate leases, and work-for-hire agreements.  It is also good to keep correspondence sent and received by mail, faxes, and important e-mail that you might want in hard copy. Employee records. Include here completed employment applications, employee offer letters, employee handbooks or policies, employment agreements, performance appraisals, employee attendance records, employee termination letters, W-2s, and any settlement agreements with terminated employees. Intellectual property records. This is an especially important category. Make sure you file a copy of all trademark applications, copyright filings, patent filings and patents, licenses, and confidentiality or nondisclosure agreements. Of course, these days you need a personal computer or laptop dedicated to your business with some basic software tools. You should investigate the wide variety of software systems that are on the market, and pick one you makes you comfortable, since you will probably be doing the basic data entry yourself.  This not only will save you money, but it will keep you intimately aware of all expenses and the condition of your overall business. In my experience, the most common small business accounting system I see in startups is QuickBooks Pro by Intuit. Even if you have the money to hire an accountant, you should keep a grip on your business financial affairs. You should be able to explain to yourself how much money you owe out to others, how much others owe you, and how much cash you have on hand. Don’t be shy about investigating local classes as adult education, or even a seminar with the SBA on bookkeeping. An accountant may not be necessary, but you still can’t skip the tools. You can’t walk in with a bag full of receipts. The more organized you are, the more organized you will be when presenting this material to an accountant. That translates to reduced bills from the accountant, and a reduced tax bill from the IRS. You will save time and money, and be more confident about your status. Good record-keeping practices are required to comply with tax laws, and to operate your business properly. When you incorporate your business is the right time to establish the records system. Don’t let your dream get killed by ignoring business basics. Martin Zwilling is the founder and chief executive officer of Startup Professionals, a company that provides products and services to startup founders and small business owners. Check out his daily blog at http://blog.startupprofessionals.com Read more about Marty here .

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Which Business Model Is Best: Selling Services, Software, Information Or Physical Products?

by Paul Joseph February 5, 2012 Featured

I’m getting old. Well, at least in internet years. It’s getting close to 15 years now that I have been online and had a website of my own. During this time I’ve played with all kinds of different business models. Perhaps just calling them money making techniques rather than fully fledged businesses is more accurate in the majority of… Read the rest of this entry »

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10 Reasons You’re Not Reaching Your Goals; or, What I Learned from Writing a Really Crappy Novel

by Paul Joseph February 1, 2012 Featured

I hit a big goal of mine – finally – just before 2011 ended. I finished writing the novel I began five or so years ago. When I say finished, however, what I mean is that the very first, very rough draft is complete, ringing in at just under 80,000 words. I am now the proud author of one really crappy novel, but it’s a completely written crappy novel. And one day, after much editing and revising, it may move from “complete but crappy” to, simply, “complete.” I learned a few things through this novel-writing process. Like most of you, I don’t have the means to dedicate my days to a creative outlet, or hobby, or side business, or start-up. I have to squeeze the work in on the edges: in between feeding my four kids something other than mac ‘n’ cheese, keeping up with my freelance writing business, and making sure my house doesn’t get on the HAZMAT radar. Know how that novel got written? One single, small word at a time, with lots of mistakes along the way. I learned what not to do, and through that, I learned what works. The Top-Ten List of What’s Keeping You From Your Goals 1. No planning, bad planning, or too much planning. Oh, the power of the plan. “Plans are useless,” said Dwight D. Eisenhower, “but planning is indispensable.” The act of planning helps you to figure out where you want to go (the goal) and how you’re going to get there (the next action you need to take). The best plans cover just that much information and, really, not much more. No planning can leave you wandering. You aren’t committed to one goal or course of action, so you waver and accomplish nothing. Bad planning can leave you overwhelmed by details, a rigid schedule, or a totally unrealistic view of the daily distractions and obstacles you will encounter. A good plan allows you to be flexible, deal with the details as they arise, and keep moving forward even when things go wrong. Too much planning is just you wallowing around in your planner and task list instead of taking that next action you need to take. Trust me, you won’t make much progress that way. 2. Too many goals. You only have so much time, energy, and availability. If you spread yourself too thin by pursuing too many goals at the same time, you’ll make minimal or no progress in each. That’s just plain discouraging. Instead, focus on one to three “big” goals, and keep the rest of your life in maintenance mode. Once you make significant progress, or reach a goal, you can tackle another. Success breeds success, so you’ll build on your momentum as you complete one goal and go for the next. 3. Goals you don’t care about. Your mom, your spouse, your brother, and your ten best friends may all think it’s a great idea for you to start a business or lose weight. But if you don’t really care, there’s no point in setting that goal. You’re the one who has to work for the goal, so you’re the one who needs to want to get to it. 4. Organizing in lieu of doing. Reaching goals requires that you take action, not spend time eternally preparing to take action. Orderliness is great, yes, and serves its purpose; but your ability to take action does not depend on how organized your stuff, space, or schedule is. Give yourself a limit on organizing and prep work; when you reach the limit, it’s time to start moving forward, even if things aren’t as neat as you’d like them. 5. Too detailed or ritualistic. Writers fall prey to this one all the time. You can read dozens of biographies of writers known for their various rituals and tics, from only writing while laying down in bed to using a particular type of pencil to having the right odor in the room. While those rituals are interesting to read, in real life all they do is slow you down. When you commit yourself to a ritual, you handicap yourself psychologically. “I can’t work unless _____________.” But that’s not true, is it? You can work, as long as you possess the physical and mental ability to do the work itself. Even if that means you have to skip your ritual, or work in a space that doesn’t look, feel, or smell right. 6. Lack of supplies. So simple, I hate to mention it, but if you’re going to do something requiring special supplies, go get your supplies. Now. Set them up. Now. Then you can actually do the work: whether that’s pen and paper, a laptop, running shoes and a water bottle, paints and brushes, or a piano. If you set a goal but refuse to arm yourself with the supplies you need to reach it, you’re not really serious about the goal. Either switch to a goal you are serious about, or set yourself up for this one. 7. Tracking results instead of progress. When you’re working toward a long-term or “big” goal, like, say, writing a novel, it’s easy to get discouraged. In my case, the result – a finished novel – was far-off in the distance when I first started writing. So instead of measuring my success by a result, which was still in the distance, I learned to measure by the progress I made. For example, I would track word counts or minutes spent writing. Sometimes I would push myself to complete 1000 words a day, every day, for a week or a month. Other times, when life got busier, I would just focus on putting in 20 minutes a day. Tracking progress allows you to see that you are moving forward, even if slowly, and that knowledge helps you to keep pushing through. 8. No milestones. Larger or long-term goals need milestones along the way. Training for a marathon is a big undertaking, but if you break it down into certain training milestones, you can keep your focus. Your first milestone could be running two consecutive miles; your next could be running three; and so on, until you reach your goal. Starting a business, another big, unwieldy goal, works well with milestones. First milestone: setting up an LLC. Second milestone: setting a budget for your business. Third milestone: launching your first product. And so on. Tweak as needed for your big goal. 9. No accountability. I am, by nature, a private person. And writing is a private endeavor. Talking about my novel made me feel like it was silly to attempt it, so for a long time I avoided letting anyone but my husband know what I was up to, hunched over my keyboard in the corner. That was my mistake, as it turns out: my husband is not a private person. Pretty soon he was casually mentioning to anyone within earshot that his wife was working on a novel, at which point I would stammer out some sort of acknowledgement while silently vowing to kill him as soon as we got home. But a funny thing happened… First, I learned how to own what I was doing. Was I a real writer or not? Did it matter? I was writing, so I might as own it, and stick with it. Second, I learned that people are intrigued when you set big goals. They want to know why, and how, and what motivates you. They start getting inspired. They start sharing their own big goals. Pretty soon, you’re checking up on and encouraging each other. Before long, I was sharing daily word counts on my Facebook wall. The accountability and encouragement I got, first from my husband and then from many friends, helped me to stick with it on many days when punching out a few more paragraphs was the last thing I wanted to do. 10. No rewards/acknowledgement. You know the great thing about having accountability? Once you reach a goal, accountability shifts to acknowledgement. When I finished my novel, I got to brag about it, on Facebook and to anyone who would listen. Public acknowledgement is a powerful motivator, but that’s not the only kind of reward out there. For bigger goals, promise yourself a reward for every milestone. Make it something fitting with the goal so you stay focused. The Path to Progress The path to progress is not going to be an easy walk. You know that, right? When you set big goals, you set yourself up for an uphill climb. You’ll be working against a culture that encourages mediocrity as well as your own tendencies to procrastinate, be lazy, and question yourself. But you can still reach your goals. Focus. Work on one or two big goals at time. Act instead of planning or organizing. Don’t over-complicate things. Get what you need to get the job done. Track your progress along the way, celebrate each milestone with rewards, and share what you’re doing along the way. The path to progress isn’t easy, but it’s fulfilling, invigorating, and the views are a heck of a lot better than anything on YouTube. Annie Mueller enjoys creating a personal yet professional voice to render complex topics understandable. Her passion is helping home, small, and micro businesses succeed. Read more about Annie here .

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How To Win The War Against Piracy – It’s Not SOPA

by Paul Joseph January 31, 2012 Featured

In the wake of the recent trashing of the SOPA bill and the collective uproar that surrounded it, I’d like to investigate a few things relevant to us as online entrepreneurs, creativity and ownership. Just in case you have been living under a rock and don’t know what I’m talking about, the US government recently tried to… Read the rest of this entry »

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Seal the Deal: The 6 Laws of Successful Sales

by Paul Joseph January 31, 2012 Featured

Each and every business focuses on its sales numbers.  Whether a company offers products or services, their ultimate success depends on how many people they can convince to invest in them.  While many believe that the executives in their ivory towers determine the daily success of a company, the people truly steering the ship are the salespeople.  These are the individuals who know best what customers want, what customers are concerned about, and what it takes to get prospects to become customers. That’s not to say, however, that each salesperson couldn’t benefit from some help.  A change in mindset can be all it takes to change the course of your ship – and your company’s.  Here are the six laws that each sale hinges on: 1. The Law of Vibration Everything carries a frequency or vibration, and the highest form of vibration is thought.  Things in the same frequency will resonate and attract, while elements in different frequencies will repel or oppose.  This means that fixating on positive thoughts will attract more of the same, while ruminating on negative thoughts will prevent you from bringing positivity into your fold.  Great entrepreneurs have command over choosing the thoughts they’re aware of, and therefore, giving the most energy toward.  Focusing on thoughts that empower you attracts more deals, better customers, and high-quality team members. 2. The Law of Cause and Effect Ralph Waldo Emerson called this “the law of laws.”  The concept of cause and effect doesn’t begin at the physical action/reaction level, despite what you learned in high school physics.  Rather, it begins at the conscious thought level.  The cause (the ideas or perspective you choose to focus on consciously) creates feelings (vibrations) that lead to an effect (the frequency you are in).  Again, this attracts opportunities and challenges that are in line with the vibrations you’re giving off.  You and I bring about our thoughts the majority of the time.  To change your results, you must first change your thoughts. 3. The Law of Engenderment Everything in life has an incubation (engenderment) period.  Babies, for example, incubate over an engenderment period of approximately 280 days.  Deals and sales cycles are the same way.  Some sales cycles and products move on impulse; others do not.  A good rule of thumb for entrepreneurs and salespeople is to remember that you’re always 90 days away from your income potential.  This means that what you’re doing today will not likely manifest into real income potential until 90 days from now.  To jump-start this incubation period, be proactive.  Start calling and visiting prospects – you never know which sale will mark the beginning of your big 90-day period. 4. The Law of Rhythm There’s an ebb and flow to the universe.  Great entrepreneurs understand that this rhythm applies to their business and sales as well.  They work to cash in on the high tide in their business or industry so they can create cash reserves for the low tide.  There’s one constant: change.  Don’t assume that the good times will last forever – or that the bad ones will, either.  Accept that you will encounter both, and prepare accordingly. 5. The Law of Compensation Compensation is a function of 1) the need for what you do, 2) your ability to fill that need in comparison to others, and 3) how difficult – or easy – it is to replace you.  For salespeople, this encourages you to take ownership of your job.  You certainly need to focus on your customers and their needs, but you also need to ensure that you have the skills and confidence to tackle their needs head-on.  Focus on your abilities and your growth as a seller, and you will attract more success. 6. The Law of Minimums A phenomenon that I have witnessed over my work with no fewer than 10,000 entrepreneurs and salespeople over the last decade is that of big goals.  Most people who meet with great success set large goals, which is key to stretching their comfort zones.  This, in turn, forces them to increase their awareness.  However, the vast majority will stop when they achieve what I call their “acceptable minimum,” rather than their actual goal.  This is important to remember.  When all five other laws are in play, we are operating on autopilot, and the target destination will invariably be some minimal acceptable standard we fall back on that’s in the general direction of our most-desired dreams.  With this in mind, the purpose of goal-setting outside of our current performance level is two-fold: 1) it requires us to increase our awareness and grow, and 2) it ensures that our acceptable minimums from yesterday do not remain our acceptable minimums of tomorrow.  We have to continue to move ahead. Great salespeople produce 90% of an organization’s sales.  They’re operating from a higher level of minimums within their subconscious.  They may or may not set goals, but all of them inherently have “acceptable minimums” that exceed the status quo.  This causes them to default to a higher autopilot level, and therefore, receive more than the majority of their counterparts. Why shouldn’t you be one of them?  Following these laws of selling will not only strengthen your thoughts and abilities as a salesperson, but your sales will also grow as a direct result of the changes you’re making within.  Gandhi said it best: “Be the change you wish to see.”  It will also be the change your company wishes to see – and you’re the one who can make it happen. Chris J. Snook has spent over 11 years as an author, entrepreneur, and venture catalyst and has spent the last 5 years in the investment community incubating media startups as the Managing Partner of TLEC Ventures. He co-authored three international best-selling books entitled Wealth Matters 2007 and 2011 (2nd Edition) and Burnout: How to Transform Frustration to Fortune in 2005 .

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Why You Need to Compartmentalize Your Life when Building a Business

by Paul Joseph January 30, 2012 Featured

Starting a business can be one of the most challenging things that you can take on in your life. While the rewards of owning your own business cannot be matched in the corporate world, the hours worked and rollercoaster ride of highs and lows can often be extreme. One way to deal with the workload and manage stress is to compartmentalize your life. When you start a business, you will likely wear many different hats, and in many cases wear all of the hats. You might be in charge of marketing, sales, legal, HR, operations, finance, accounting, IT etc. And you might add on top of all that a personal life of some degree. When you add up all of the responsibilities from these different areas, you end up with a very heavy workload. Not only can all of this work create a lot of stress, but there can also be stress from the uncertainty that simply comes with owning and building a business. By compartmentalizing your life, you can try to break down the week into different compartments and then assign your different areas of responsibilities to the different compartments. The key to this working is that you shut down your attention to a particular area to a certain degree when it is not time to work in that area and when it is time to focus on that area, you shut down thoughts and attention to all other areas. Below are some examples of common compartments that can be built. By segmenting the week, we can not only improve focus and effectiveness, we can also stand to greatly decrease stress. Accounting / Finance Unfortunately, there are accounting needs that come with starting and owning a business. Whether it is paying bills, paying employees, balancing the books, or dealing with vendors, there is simply accounting and bookkeeping tasks that need to be done each week and month. If we don’t stay on top of these items, not only can it have a negative impact on our business, it can also stand to create a decent amount of stress. One way to deal with this is to pick a segment of hours during the week where everything else is shut down and attention is solely placed in the area of accounting, bills, payroll, etc. Sales In order to truly be successful, sales is something that you will need to do a little of everyday when building a business. But to pick a day (or days) of the week where we focus solely on sales, we can position ourselves for more success in this individual area. This can be a good tactic when picking up the phone and making some sort of sales calls is a component of our sales strategy. This is something that we can often procrastinate on. But if we block out a compartment for making calls and shut down everything else during that time, we will likely increase the amount of sales activity we are getting in each week. Marketing Two powerful marketing tactics for starting a business can be search engine optimization and social media. And effectively executing with either of these tactics can also be extremely time consuming. Setting time aside side specifically for blogging, improving the website, and interacting on social media can help to make sure enough time gets spent in this area. Personal Time While we spend so much time taking care of the business, we should not forget about spending some time to take care of ourselves. Since starting a business can sometimes mean working everyday and sometimes all day, this can take a toll on both your mind and your body. To help with this, you can set time aside to turn everything off and focus solely on working on you. This could be time spent relaxing, with family and friends, physical fitness, etc. Do you compartmentalize?  What do you do to get the most out of your limited time? Share your insights in the comments. Michael Halper is Founder and CEO of Launch Pad Solutions, LLC , a sales consulting and outsourcing firm that helps businesses to take off and get to the next level. Read more about Michael here .

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Can Social Media Hurt The Success Of Young Entrepreneurs?

by Paul Joseph January 26, 2012 Featured

I’m always amazed that interns at my company can do so much with the web. I’m even more amazed at the limitations social media has put on young aspiring entrepreneurs and how it hinders the necessary fundamentals to start a business. If you want to open a B2C ( Business to Consumer ) company, than yes, social media helps. In B2C,… Read the rest of this entry »

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6 Tips to Get People to Look Past Your Age and See an Expert

by Paul Joseph January 25, 2012 Featured

You want to make the big deals and the big bucks. However, your hurdle is the fact that your looks and voice haven’t matured as much as your ambition has. You have the disadvantage that your potential clients and business partners think you’re a young cub, rather than a king of industry. Here are some tips to make you the known expert in your industry and not the “kid” in the conference room. Become a virtual real estate tycoon Become the Donald Trump of your market by owning the entire first page of Google. How?  When you publish expert articles in multiple outlets with authority, the pages from these publications often rank for your brand or your target keywords. Make an effort to get your social media accounts to pop up in the top results on Google. You’re basically leasing virtual real estate for free on these sites, as well as on Googleʼs first page of search results. If people search for you and you appear to be the real deal, it gets you one step closer to earning respect as an expert. Create a networking web with A-players Who knows who your potential clients and partners will be?  The best time to build a network of A-players is before you need them. Smart entrepreneurs know they can’t be experts at everything, and they’re always looking for other experts to bring into their inner circle. Take advantage of speaking opportunities, guest contributor opportunities, and interviews to get your expertise and message out there. You’ll be shocked at how your message catches fire and how complete strangers become new evangelists for you. This will grow your web of influence to attract and seize new opportunities, building your reputation among your peers. Don’t be a social media robot Have you ever noticed that there are two types of people talking in social media?  There are those who share original thoughts, and those who simply repeat othersʼ original thoughts. Thought leaders amass a following. Now is the best time in history to make a difference by leveraging your social media following. Make an effort to share original thoughts to create a magnet for building a tribe on social networking sites. Know where the line is with self-promotion Know what’s repulsive?  Self-promotion – banging your own drum. Know what’s magnetic?  Concentrating on sharing your expertise and not just promoting your products or services. Sales resistance goes to zero when you’re a trusted expert. Start more meaningful conversations No one likes to be ‘talked at,’ but everyone likes to be ‘talked to.’ Conversations are where real relationships develop via two-way communication. Being an expert, having an opinion, and sharing it in multiple outlets puts the microphone in your hand; you lead the conversation. Your message is the fodder for dialogue in blogs, social media, and email. When you do get expert posts out there, make sure you comment back to people who bring credible points to your expertise. Build an audience at warp speed The fastest way to build an audience is to find one that already exists and get introduced to it. Literally overnight, you can go from virtually unknown to wildly popular. That’s why it costs millions of dollars per minute to access the audience created by the Super Bowl, the most-watched program ever. The money is in the size of the reach. 188 billion email messages are read every day…yes, BILLION!  Some sites, like Linked2Leadership, have massive email lists that you can reach by being a guest contributor. It allows you to drive readers back to your site, and nurture them over time with your message and your personality. This builds a community around your personal and company brand. If you’re ready to be a lion in your pride, don’t let your youthful appearance stop you. Brand yourself as an expert, and develop a true following among your readers. You’ll be leading the herd soon enough by being a leader, rather than trying to look like one. John Hall is the CEO of Digital Talent Agents , a company that helps experts build their personal and company brand through producing high quality content for reputable publications.

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How To Fire Yourself: Chris Ducker Reveals How He Removed Himself From His 300 Employee Company

by Paul Joseph January 24, 2012 Featured

Press play to begin streaming the audio or right click the text link and choose save as or save link. Download the MP3 [ 63 Minutes - 30 MB ] After ending his marriage, Chris Ducker packed his bags and moved to the Philippines for a fresh start. A few short years later he was married again with a new… Read the rest of this entry »

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