6 tips for keeping your business goals on track

We’re now into the third week of the new year, a time when many entrepreneurs find they are beginning to drift off course regardless of honest intentions.

Maybe you resolved to post on your blog more frequently or publish a monthly newsletter. Perhaps your plan is to finish your e-book by mid year but you’ve only written one chapter. Or, you vowed to get your work into 6 galleries. You’ve made a list of those you want to contact. When you searched their websites, you began to wonder if your work would sell and got sidetracked creating a line that might better fit those galleries.

If you are already slipping off course, you aren’t alone. Just look at the gym signups and how the crowds thinned out already.

For entrepreneurs, it doesn’t appear to be a problem of motivation. Judging by  the comments I get from people who truly want to commit to launching or growing a business, it’s more the challenge to remain focused. If you are committed to accomplishing your business goals this year, I recommend you:

• Limit the number of short term goals.  If you are like many creative people, you may have trouble accomplishing your business goals because you are easily sidetracked by new ideas. This is a huge challenge for me as well. I find it helpful to narrow my big goals to three at a time. When new ideas rush in and clamor for my attention, I remind myself that if I try to do too much, I won’t get anything done well. I commit to seeing three through to completion before I will address the others. If you do this, make a note of the ideas as they come to you and file them under “brilliant things I will do when I can give them the attention they deserve.”
• Get clarity on the reason your goals matter. What is the feeling you want to experience when you have accomplished each goal? What difference will it make in your life, the community or the world? Write out your “why” in detail and review it often.
• Create a vision board for your goals and post it where you see it daily. There’s something powerful about a physical image that helps reinforce the importance of your goal. It doesn’t have to be a work of art. Just make sure you have a vivid picture of what those goals accomplished will look and feel like.
• Celebrate small accomplishments. Those first baby steps toward your goals can be the hardest. Take note of milestones and celebrate them. Maybe you’ve made a list of a dozen galleries or shops you hope will feature your work. Once you’ve contacted the first four, congratulate yourself and honor the accomplishment. Have lunch with a friend or take a picnic to the park. Make it celebratory in a way that’s meaningful to you.
• At least in the beginning, stick to a schedule. To-do lists are fine but it’s easy to keep putting off items on the list. Instead, schedule certain days or times of day to do specific tasks toward your goal. If you know you want to publish a monthly newsletter, schedule a day each week that you work on it. If you know you want to post on your blog 3 times a week, make writing appointments on your calendar. I’m not advocating rigidity. You don’t have to schedule your tasks for 8-5 Monday through Friday. One of the perks of self-employment is being able to work around your own body rhythm so if you write best in the middle of the night, mark your calendar to write at 2 AM Tuesday, Thursday and Saturday. Then if something comes up that you want to do, adjust your schedule for one night.  It’s OK to stay flexible. Just be accountable.
• Join a mastermind group or find an accountability buddy. In addition to the support, sharing of resources and idea generation, a mastermind group will give you a sense of accountability. When you know you have a phone conference scheduled every Wednesday at noon, you are more likely to stay on course to meet your goals for the week. You will feel a responsibility to your group so you will be sure to have accomplishments to report. Also, when you confront an obstacle that discourages you from moving forward towards your goal, you will have a team to help you overcome whatever the challenge is and get back on track.

Speaking of accountability, there’s still time to join Barbara Winter and me for the Obstacle Buster Mastermind this coming weekend in Las Vegas. Find out more HERE

How to start your business when you know what you want but have no idea where to begin

I’m getting excited about the workshop that Barbara Winter and I will be facilitating next weekend in Las Vegas. The attendees have some phenomenal business ideas and we’ll be working through what’s been holding them back so they can make those dreams happen now.

I’ve heard from a several aspiring entrepreneurs who said they wanted to join us but had scheduling conflicts.  They all said the same thing. “I have this great business idea but don’t know where to get started.”

Here are a few tips to help you begin working on your dream business.

• Research people who have already done what you want to do or something similar.
  Read their blogs, study their websites, listen to podcasts and read books by people who are doing what you want to do. Not so that you can mimmic them but so that you can learn from their journey and do your own version and share your unique gifts.
• Talk to people who have been successful at what you are trying to do or something like it. Ask what mistakes they made in the beginning and what they learned in the process. Most entrepreneurs love to share. We don’t see start-ups as competition but complimentary. When I meet a new self-employment guide, I take note of what qualities they possess that I do not and will frequently refer a client to someone who I think might be a better fit. By connecting with someone who has already done what you want to do, you may not only gain a mentor but a friend who you can do some co-operative projects with as well.
• Don’t let the things you don’t know how to do keep you from beginning. A smart entrepreneur admits what she doesn’t know and recognizes that learning is a life-long pursuit. You can always outsource or barter the skills you lack or don’t enjoy performing.
  Or partner with someone who has complimentary gifts.
• Hire a coach or consultant to guide you. Be careful to find someone who has had their own business, not someone who was trained as a business coach but never started a business. Don’t worry about certification. What matters is that they have learned by doing and can share their experience with you.
• Attend seminars or workshops with other entrepreneurs. You’ll learn from the facilitators and the other attendees will share resources and valuable insight with you. You’ll find your tribe and source of ongoing support. (We still have a couple of spaces left. Find out more HERE.)
• Start with baby steps. Even if your dream is big, start small. I’m not an advocate of the 5-year plan because I believe your business will evolve in ways you can’t even imagine now. It’s great to have a vision of the big goal but it’s easiest to make it happen by taking small steps every day.

What first small step can you take today to move forward toward your dream business?

Do you have so many ideas for starting a new business that you have trouble focusing on any of them?

Do you have so many ideas that you have trouble focusing on any of them? If so, you have a lot of creative company. This past week, I’ve spoken with each of the attendees of the upcoming Inspired Livelihood Obstacle Busting Mastermind.
Every one of them had more than one idea, some had many.

“I have too many ideas” is a common complaint of creative entrepreneurs. Being an idea generator is a gift but it can have you running in place if you aren’t able to effectively launch any of them because you are too scattered. It is absolutely possible to run several businesses successfully but just like juggling oranges, you have to start with what you can handle and add more as your confidence and competence grow.

I helped each of the attendees choose one idea to start with and we focused on fine tuning the vision of what that one business will look like. When they show up at the workshop in Las Vegas, we will focus on making that one idea a viable business. Once that business is running and they are seeing profit, it will be easier to launch the next idea, and the next. It’s kind of like when you have a baby. You give that first your undivided attention. Then, when that first child is a couple of years old and you’ve kind of got the hang of that parenting thing, you’re more able to parent a second. Maybe add a few more? Imagine if you gave birth to all your children at once? You’d be like the old woman in the shoe, right? Well just like kids,  you shouldn’t launch all your ideas at the same time.

If you’ve been sitting on a few projects or business ideas for awhile and haven’t been able to make any of them profitable, you are probably suffering from “refusal to choose” syndrome. But you know what? You did choose. By choosing to try to do them all, you’ve chosen to dilute your energy and get nothing done, right?

I know this first hand because the last several months, I’ve been thinking about several new businesses I want to launch. I’ve done research and some initial steps on all of them but mostly been ineffective moving forward with any of them because my attention was too scattered.

Then a few weeks ago, I realized something. If three months ago, I had chosen to focus on just one new project, I’d now have it successfully launched and be starting on the next. Instead, I haven’t launched any of them.

If you’ve been sitting on several ideas for the past year and feel frustrated because you’ve launched none, I’d like to offer you a challenge. Give yourself permission to put all but one on the back burner. Not forever. Just right now while you get that first one crystal clear and moving forward. Try it for three months. Remember, you aren’t neglecting the other ideas. You are just giving each idea the attention it deserves. Once that’s rolling, spend three months on your next idea. Imagine where you’ll be at the end of the year if you do that. You’ll have launched four new ideas successfully.

Do you need some guidance and support birthing that first idea? If so, check out what Barbara Winter, best selling author of “Making a Living without a Job” and I are doing to help a small group of aspiring entrepreneurs break through the barriers and start their dream businesses NOW.  Find out more HERE

Where you should never put your limited start-up cash (and the one thing you mustn’t skimp on)

One of the most frequent questions aspiring entrepreneurs ask me is “Where should I spend my limited amount of start-up money?”  My answer is that it depends on the type of business you are starting.

A brick and mortar retail shop does need more start-up cash than an online information product business. There is inventory, rent, security deposits and possibly some fix-up/build-out work to be done. There are ways around spending on these items with barter, consignment, trade and other savings options which I have implemented myself and have written about on this blog. I have started successful businesses on very little cash and that is my number one suggestion for anyone starting a new venture.

There is only one thing I would borrow money for at start-up, but first, I’ll tell you what
I recommend you do NOT spend money on:

• High priced legal and accounting services. Yes, there will be a time when these are vital to your business but a l lot of new entrepreneurs waste time and money on establishing an LLC or Corporation and setting up expensive accounting systems long before they need to. Unless your business involves liability, just get started. Get whatever licenses you need, start as a sole proprietor and start making money. Of course if you are selling physical items in a state with sales tax, you will need to obtain a re-sale license right away. Keep your business money completely separate from your personal money.  Then, when you are generating revenue, contact an attorney and set up a legal business entity to protect your assets and a good accountant to help you avoid unnecessary tax.
  *note:I do highly recommend you purchase insurance if you have a brick and mortar location where you could be liable for injury to a customer. If you have inventory you will need to insure it for fire and theft as well. If your stock is on consignment. check with the artist or supplier to see if their insurance covers it while in your possession.
• Fancy office equipment, fixtures or build-out. You don’t need state-of the art technology unless you are starting a tech-based business. I’ve started every business with a pen and legal pad, off-the-shelf receipts and a cigar box for cash. Wouldn’t you rather hit your break even point and start building up a reserve than have a snazzy cash register? If you are doing your business online, you do need a working computer you can depend on but you do not need a lot of pricey software, nor do you need the fastest, best technology. Try to work with what you have until your business is generating enough to pay for it.
• An expensive website. Too many new entrepreneurs wait until they have the perfect website to start their business. That’s a huge waste. What you think you want in the beginning is almost never what ends up serving you and your clients best once your business is up and running. Do pay for a self-hosted domain and use a free WordPress theme to begin. I am absolutely not a techie and even I can set up a WordPress site in a day. Later, when you are generating enough income to pay for it, hire a WordPress expert to help you fine-tune the site to suit your needs. Have them teach you how to do it so that you can keep it updated yourself. Ideally, barter for their services. ( I learned this the hard way. I paid a Silicon Valley way too much money and wasted weeks waiting for them to create my dream site. I wasn’t in business long before I realized it did not fit my needs and replaced it with a WordPress blog which I  can make changes to myself as my needs change.

The one thing I would spend money on, even if I had to borrow it, is education or consulting. I’m not talking about an elite platinum group coaching club where you pay $20,000 to $100,000 to spend 4 days a year with a coach in a group of people. (Yes those do exist and people vie for a spot in them.) Rather I am suggesting that if you know what you want to do but not exactly how to go about it, you hire someone who has done it successfully to guide you through the obstacles. It will pay you many times over to get it right the first time.

If you can’t afford one-on-one consulting which can be quite expensive, find a small group mastermind led by someone who is experienced in helping people work-through solutions. It doesn’t have to cost a bundle and it will be the single best investment you make in your start-up. If you are ready to take the first step toward making your dream business happen in 2012, go HERE to learn how you can get your ideas in front of 2 life-long entrepreneurs and problem solvers.

Are you getting business advise from a coach who has never started a business?

There appears to be a growing trend in online business that disturbs me and it should concern you too.

In the past couple of years, all these “how to make six and seven figures by working harder, not smarter” have cropped up. It goes like this:.  A recent corporate refugee, let’s call her Suzie,  attends a large seminar where another recent corporate escapee tells her story of hating her job and being broke until she took these specific steps to create her dream business and ideal life and she can teach you to do the same to create your six or seven figure business. She sells a membership or coaching program or series of live calls, CDs and transcripts teaching you how to do what she did. Suzie and sixty other recent corporate refugees purchase the program and put some of the steps into practice. A hand-full of those seminar attendees do have a an area of expertise and may go on to use the techniques from the seminar to leverage and make more money. But the majority of them will create joint ventures with others they met at the first seminar to interview each other in a free tele-class during which they sell a program based on what they learned at the seminar and within a short time, they are teaching others how to create a six figure business by teaching others to create a six figure business by teaching others to create a six figure business. But have any of those people ever really started a business other than selling the idea of creating a six figure business?

Now, I’m NOT calling this a pyramid scheme but it does have the feel of those letters people used to send out that said, “Send me $19.95 and I will send you my secret program that will teach you how I made almost $200,000 with less than a twenty dollar investment.” The program actually told people to send out letters asking people to send them $19.95 to learn how to make $200,000 with a $20. investment. If they sold 10,000 of these people, they would make $200,000 with a $20. investment.

Here’s the difference: Suzie and her pals from the seminar are NOT trying to screw anyone. They truly want to help others do what they did and make more money with this formula. They aren’t shysters. Most were successful in their previous corporate careers. But they were employees. The only experience they’ve had in self-employment is selling this formula. Yes, many put their own personality or brand into it but they are primarily all doing the same thing. No one is doing anything innovative so how can they possibly be creative and solve your business problems if they are simply following a formula?

It feels very much like a franchise and while there is nothing dishonest about most franchises, I wouldn’t go to someone who purchased and successfully ran a Subway for advise on how to start a business unless I wanted to open a sandwich shop.  If I wanted business coaching, I would not seek the help of someone who took a course in how to be a business coach but has never started their own business other than business coaching.  If I wanted to start a new business but needed help figuring out how to go about making my idea into a viable money making venture, I would seek advise from someone who has created businesses.

Barbara Winter and I have each started several successful businesses. We both love guiding aspiring entrepreneurs on the journey from idea to inspired self-employment. Neither of us use formulas and we don’t teach you to do what we do. We listen to your dreams and help you figure out how to make them into your own unique enterprise. If you’re ready for personalized, innovative problem solving, there’s still time to join us in January for an intimate 2-day mastermind where we’ll focus on your business your way. Find out more HERE.

Do you believe in “lucky breaks”?

We’ve all heard the stories. The guy who just happened to be seated next to someone on a train who loved their his so much he offered to finance it. The woman who happened to be at the same cocktail party as the only publisher in her genre. Yes, sometimes things happen that seem like “lucky breaks” but the reality is, these people met the right people because they were out there telling their story. You  could be at a holiday party and meet the perfect person to help you break into your dream business but if you don’t have your message clear and share it, nothing will happen. You might be seated on a plane next to the best friend of your ideal client but if you have your earplugs in and your face buried in a book (as I sometimes do on long flights), that person will never know of your expertise.

Maybe you believe in coincidence but the only way you are going to make things happen is if you are clear on what you need to make happen and what steps to take to make it real.

Do you have a dream that you long to bring to fruition but no idea where to begin to make it happen? If you’re serious about starting your dream business, don’t sit around waiting for you lucky break. Outline a plan of small steps you can start taking now to move in the direction of your dream.

Speaking of luck, if you need help figuring out what those steps are or how to make money with your idea and how to do it without enough money to start up, join Barbara Winter and me in Lucky Las Vegas for a Mastermind Weekend where we’ll examine YOUR idea and brainstorm solutions to help you jump those hurdles and make 2012 the year you finally make your dream happen. Find out more HERE

When is the best time to start a business?

This is the second in a series about what might be holding you back from starting your own business.

When is the best time to start a business?

Do you keep thinking you want to start a business but the time isn’t right, the economy isn’t right or you don’t have enough free time right now?

The best answer I’ve ever heard to the question, “When is the best time to start a business?” came from Gordon Moore co-founder of Intel. He said “The best time to start a business is when you have a good idea.”

If the current economic situation is holding you back, remember that some extremely successful enterprises were started in a weak economy. There are actually advantages to starting when the economy is sluggish.  You have a greater pool of resources because there is less competition. Vendors are more willing to negotiate and work with you. If you need to hire employees or even virtual assistants, they are hungrier for work right now so you get good rates and choice of the best. Also you have time to start off slowly and learn as you go, get the kinks out and be running at full swing when the economy strengthens. You will be well positioned to take advantage of the recovery.

I often hear “I want to start a business but I’m waiting until my kids start school” or start college, or finish college.  What they don’t realize is that there is never a perfect time. When the kids are in school, there will be more time commitments with after school sports and activities. If you wait until your kids start college, you may be taking care of elderly parents. The best answer I know is to start now so that when your kids are in school or college or you have elderly parents to care for, you will have some years in business already and have the funds to help your  kids and parents and the success to hire help or outsource some of your business tasks.

Not enough free-time? That used to be my excuse for not getting things done too. Then I met Read more

So you want to start your own business. What’s holding you back?

This is the first in a series about what might be holding you back from starting your own business.

In the last few years I’ve met many aspiring entrepreneurs with viable ideas for successful businesses. Some I’ve worked with and helped them get their business rolling. Many more say they’ve been reading self-employment newsletters and attending seminars for decades yet still haven’t moved forward with their dream of entrepreneurship.

Does this sound like you? You’ve spent years following entrepreneurial teachers. You fantasize about being your own boss. You obviously have a deep desire to enjoy the freedom, excitement and rewards of being self-employed. So what’s holding you  back? I’m guessing your roadblock has to do with money, time, fear or lack of knowledge.

Let’s look at the knowledge issue first because in my opinion, it’s the simplest obstacle to overcome and the thing that sets the mind reeling in fear about money and time.

If you find yourself thinking that you don’t know where to begin, you are not alone. You may have sought advise from the SBA or SCORE and walked away from those meetings more confused and discouraged than before. It’s generous of the retired volunteers to give their time but the truth is, they are speaking a language you don’t understand. You don’t need someone to fill your head with MBA-speak when you are already feeling overwhelmed. What you need is to Read more

Why FOR profit models can help more people than charity.

If you have been following me for awhile, you know that I am a big believer in social entrepreneurship but if you are like most people, you may think that means non-profit. It can, but for-profit business for the purpose of solving a social problem can actually help more people than charity.
“How can that be? “you might ask.
First, you need to understand that people who run non-profits DO actually make money. In fact, the director of a not-for-profit foundation frequently draws a six figure salary. The non-profit part refers to what the organization actually nets AFTER salaries and expenses are paid and the rest is used to further the cause.
When a for-profit business is set up as a social enterprise, there is a multiple bottom line with the intention of solving a social issue and making a profit. But, because it operates on business principles, the owners only make money if the the business is successful at the helping component as well as profitable.

For comparison, let’s look at this example. If I set up a non-profit to buy hearing aids for  hearing impaired children, I would need to raise funds. I’d start by asking everyone I know for donations and possibly apply for some grants. Once I’d exhausted those sources, I would constantly be scrambling for funds to help the people who had come to depend on my for aid. But, if I set up a a for-profit social enterprise, I would be able to help more children because it would be based on business principals which means making sure there is a continuous flow of income. I could set up a “buy-one-give-one” model and for every hearing aid I sold, I’d give one to someone in need. Yes, the profit margin would be slimmer than a typical for-profit business but this sustainable business model would mean I would continually be able to help more hearing impaired children.

Think about the organizations that feed hungry children in underdeveloped countries. If we set up a charity bringing formula to babies in a developing country and then for whatever reason we could no longer deliver, those babies would starve. They would have come to depend on our help and the mother’s breast milk would have dried up so they could no longer nurse their babies. But if we set up a business teaching those same women a craft that they could wholesale to us and we could turn around and re-sell, they would have a livelihood that provides the resources to continually feed their children without our help.

Is there an injustice or lack that pulls at your heartstrings? You can set up a charity and find volunteers to help but if you run short of people willing to give their time or resources, you can no longer do your good work. Or,  you can set up a business that addresses that problem AND makes a profit so that you can sustain the level of aid and thus help more people.
If you need help figuring out how to develop a business that can bring you income and solve a social problem, click HERE to learn about my “idea generator” fall special package of three consultations. We will examine who you want to help and how you can set up a business that both makes a living and a difference.

Should you buy a business or start your own?

Have you been considering purchasing an existing business but not sure you should spend the money when you could start your own? It’s important to weigh many factors before you decide if it makes sense to buy or start from scratch.

For years I’ve bucked the adage “don’t re-invent the wheel” because I believe some of the most creative and inspired ideas and businesses are a result of doing it differently, putting your own spin on an existing concept. If you find an existing business that you love and that has a sound track record of profit, ask yourself the following questions:

• How could I take this idea and make it even better?
• Is this business missing a demographic that I could target with a similar model if I tweak it or add something to it?
• Do I like the service or product they offer but not the location?
• Would this concept or model work with a different product?

Here’s an example:
Last week, I spotted a unique business in the parking lot of the community swimming pool. A young man was making crepes on the back of a cool little teardrop-shaped trailer. Of course, I had to interrogate him as I always do when I discover a business I haven’t seen before. I learned that he sets up every Thursday in the summer at this location and at a different location every day of the week. He takes his portable creperie to local soccer games and other community events.
As I continued my walk, I thought of other items this concept could be applied to and taken to various locations where the ideal customers gather. The list of products someone could peddle this way is endless: candy, ice cream and even non-food products.  OR,  what if you loved the idea of starting a crepes business but not moving a trailer to a different location every day? Could you set up on a college campus permanently?
If you spotted this business on vacation and loved the idea, you might consider  duplicating in your own community. Do you know enough or could you research and learn about it to start up on your own or would it make sense to approach the entrepreneur who’s already doing this about hiring him as a consultant to help you start your own traveling crepe cart? Or purchase recipes from him?

While I generally encourage people to start their own business, there are times when it makes sense to purchase an existing business.

Years ago, my partner and I sold our home furnishings business to our controller.  Since he had all the inside information about vendors, advertising, employees and the systems of the business, he probably could have started from scratch, particularly since that business was not dependent on repeat customers. He chose instead to purchase the existing business because we had ideal locations and all the suppliers, vendors and personnel in place, saving him a lot of time which  meant he could immediately begin earning.

If you’re considering starting a personal service business, it might be best to start from scratch. When I decided to discontinue bodywork, it would have been foolish for another therapist to purchase the practice because I WAS the business. My clients liked my style and may have been unhappy with the work of another therapist. The same would hold true for some other very personal services like hairstylist or aesthetician. It is possible to  profit from your knowledge, however, when you are ready to close a business that isn’t really salable and I’ll address that in a future post.

So, when does it make sense to buy rather than start up on your own?

The couple who purchased my contemporary craft gallery made a wise choice to buy rather than start from scratch because I had a favorable lease on a building in an ideal location which was a valuable asset in that community. I had also established strong relationships and exclusive agreements with artist and vendors. I’d already figured out what works and doesn’t so they benefited from my early mistakes which saved them a lot of money. The gallery had a loyal following with locals and was a destination for tourists. All of those factors made it a wise choice for this couple to purchase rather than start a business on their own.

If you’re not sure whether to purchase an existing business or start your own, ask yourself these questions about any business you are considering.

• Does it have an established loyal following or clientele?
• Is the location ideal or would you be able to start-up in a better spot?
• Are there a number of years left on the existing lease and is it transferable to a new owner?
• Does the seller have exclusive agreements with vendors or sources?
• How much time would it take before you would be able to generate income if you started up on your own?
• Does the existing business have a strong reputation in the community?
• Does the market warrant another like business?

What if you spot a business you love but want to open your own in a different location? I’ll address that in a future post.

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