All Business Is Risky Business

Well, here's a painful thought for business owners ...... "When a business fails, it's the owners fault." Wow! No pressure there! That was one of hundreds of subjects presented and discussed at our America's Small Business Development Centers' annual training conference last week. New business owners are over-worked and under-capitalized; and while they are to be admired for their persistence in getting the door to their businesses open in spite of cash shortages, a business' chances of survival can be greatly enhanced by just waiting a little longer and saving a little more money either for a "cushion," or perhaps to hire someone to help right from the beginning. Business owners tend to think they can be all things: entrepreneur, manager, marketer, computer technician, etc. The fact is that most people can be only one ... maybe two ... of those things and do them well. After that, they're a danger to themselves and their employees' sense of security ... a business owner spread too thin or working in an area for which he or she isn't qualified puts everything at risk.

“How to Turn Customers into Brand Ambassadors”

In an article by Christopher Hann he states "When starting a new business it is important to know and understand your customer base". This step in entrepreneurship can lead to customer satisfaction and constancy. The article “How to Turn Customers into Brand Ambassadors” explains the importance of how communication plays a part in creating these lifetime customers. It uses examples of how companies, like Taco Bell and Crayola, met the needs of their customers through social media and took their marketing to a new level. This type of customer service sparks a new form of advertising that entrepreneurs need to generate brand ambassadors. Through the use of social media and other means, an entrepreneur can listen to consumer requests and reach out to their mass audience to spread the word of their products and services. This stimulates loyalty and engagement between your customers and your brand while rewarding customers for their support and dedication. Some companies think that it takes a lot of funds to offer something in return. However, according to marketing experts, it takes more effort to “find and activate” those consumers than money to offer them products or sales. This article sheds a light on rewarding customers and how listening has an important role in creating brand ambassadors.


Link to article: http://www.entrepreneur.com/article/226117

3rd Annual Veteran Entrepreneur Training Symposium, June 10-13, 2013

Vet Entrepreneurs Focus on Leadership and Community

Veterans Symposium Releases Action Packed Agenda

Washington, DC, May 2013 – The Federal market is shifting due to shrinking budgets, new regulations, and the changing missions of agencies. At the 3^rd Annual Veteran Entrepreneur Training Symposium (VETS2013) in Reno, Nevada, June 10-13, Vet Entrepreneurs will receive the latest news and information on how these trends will impact their business and identify ways to protect their company. 

The focus of this unique Veteran Business Development event is the extraordinary variety of educational content for Veteran small business owners to choose from to meet their needs. As such, VETS2013 offers sessions for start-up/emerging Business owners with little or no experience in Federal procurement and/or business ownership, as well as for mid-tier/mature Veteran business owners who have already broken into the Federal marketplace and are seeking knowledge to grow. Hot Topics Breakouts include:

For Start-Up Businesses

·       Introduction to Federal Contracting

·       VA Verification Financing Options for Your Small Business

·       GSA's Multiple Award Schedule Program 

Ideal for Mature Businesses

·       2014 Healthcare Reform: Are you Paying or Playing? 

·       Growth Beyond Size Standards 

·       Identity Theft: Impact on Your Company

 Breathtaking keynotes who have redefined leadership:

·       Justin Constantine, Inspirational Speaker, will discuss the value of a positive attitude, teamwork and community values in overcoming adversity.

·       Commander Kirk Lippold, USN (Ret.) tells us why integrity is key to success and how his Five Pillars of Leadership can help get the most out of your workforce.  

·       Tony Jimenez, President and CEO, MicroTech, tells his story on how he has grown his 9-year old business into a profitable quarter-billion dollar company.  

·       Andre Gudger, Director, OSBP, Office of the Under Secretary of Defense Acquisition, Technology & Logistics, shares the DoD OSBP goals and changes in DoD acquisition policies that will impact your Veteran-owned small business.   

Power Networking: VETS Connect:

One-on-One Business Sessions - Schedule face-to-face business meetings. Suppliers may request 15-minutes meetings with potential Buyers of their product or services.

Industry Networking Roundtables: Informal, interactive discussions provide you the opportunity for learning, and professional networking with your peers from around the country. Share opinions, strategies, and tactics.

Other exceptional program highlights at VETS2013 include:

·       Awards Luncheon: Celebrate the Champions of Veteran Enterprise that met or exceeded the 3% SDVOSB goal.

·       Mobile Vet Center: The Reno Mobile Vet Center joins us to provide Veterans with vital, on-the-spot treatment and resources.

2 Strategies to focus on when starting a business

If you are in business or thinking about starting your own business soon, there are two strategies you should take into consideration when thinking about how your business will be successful in this competitive business environment.

1. Differentiation Strategy – with this first strategy your main goal should be to come up with a product or service that is able to differentiate itself from your competitors. Create something that no one else offers or add a little extra something to your products or services that adds value to them that make them different.

2. Low cost Strategy – the second strategy to think about is how you can eliminate costs when developing your product or providing your services in order to charge lower prices compared to competitors. Customers are always looking for the lowest prices in town. With this strategy, you will be able to have higher profit margins that will make up for the low prices provided.

 

This is how you can use Pinterest for your business

Pinterest is a pin-based social media website where people and businesses share photos about all sorts of personal and business related things. It is a great way for businesses to engage with customers about products, services, events and much more through photographs.

The following video gives you a short explanation about this trending social media and you can use it for your small business. And note: Pinterest has a higher click through rate to websites than Facebook and Twitter put together! Check it out!

"A business is simply an idea to make other people's lives better. If you can make people’s lives a lot better, you've got a really good business." - – Sir Richard Branson

Partnerships? How do you structure them?

A lady writes to Inc Magazine asking them for business advice. She is opening an art gallery and pottery studio, but she isn’t doing it alone...she is partnering up with another artist. Is this a good idea? How do they structure the business, as a partnership or S Corporation?

You may be in the same situation if you’re thinking about starting a partnership with someone else. The following article answers the lady’s questions, and also says there are 2 very important facts you need to consider before entering into a partnership.

First, you never know what the person is like until you have worked with him/her for a couple of years; and second, the more complicated you make the partnership structure at the outset, the harder it is to get out of it if things don’t turn out the way you thought.

Take a look at what Inc Magazine advices the lady about her partnership and how to structure her business.

http://www.inc.com/magazine/201209/norm-brodsky/partnership-or-s-corporation.html?nav=featured