Working the Room: Networking is mostly about what YOU can give to them

Back in November, I had the distinct pleasure of meeting Wendy Mayhew, entrepreneur extraordinaire, creator of Business Launch Solutions at a guest lecture at Algonquin College.  The slogan on her business card truly reflects the brand of her company: Helping You Take Care of Business.

 By collaborating and outsourcing with a small host of reliable professionals in related fields of interest, she offers a comprehensive service helping small businesses get off the ground on a solid, professional footing.

Wendy couldn’t emphasize enough how important networking with the right people is for your business. Here are some of the lessons I took away from her informative and motivational presentation:

 1. Networking is mostly about what YOU can do for someone you talk to. As you meet other business professionals you are interested in, find something constructive or useful you can offer them, rather than just taking from them.

 2. When approaching others in a networking event or occasion, always have a confident exchange so that the other business professional will want to get to know you and by the time the few minutes of conversation are over, that person will have memorable reasons to keep you as a contact.

 3. Dress appropriately for the networking event you are attending. Wendy used this phrase which I particularly liked: Dress like Success.

 Other pearls of business wisdom that Wendy shared with us that were pertinent to networking and being a good representative of your own small business were:

 1. Make sure you have a passion for your business venture and that it shows. People who are passionate about their business respect and like others who have the same zeal and professional drive.

 2. When at all possible, arrange to meet contacts, prospective clients, professional peers, etc in PERSON. Although we live in an electronic age where email, tweeting and texting are commonplace, choose the first option. There’s a wealth of benefits from meeting and interacting with someone face-to-face.

3. There are no ‘friends’ in business. If any business is generated for you (referral or new clients) through networking, don’t just accept it as a solid deal without an arrangement in writing. Wendy says it’s a very selfish world out there now -there are some unscrupulous people who will try and get your services or products for free.*

 *Special note to Infopreneurs : Don’t offer all your creativity and ideas for free. Some people will take advantage of this, for obvious reasons. Engage with prospective clients and/or new professional contacts in an open and friendly way, giving them a bit of your expertise, but leave the rest to be worked on when a contract is signed between you and the other party.

So go out and ‘work the room’, believing that what you have to offer as an infopreneur is valuable and unique not only to YOU, but to your prospective clients and professional networking contacts.

YOU are what you Tweet: Reinforcing Brand Positioning with Social Media Practices

As a new small business, how do you begin to stand out of the crowd of infopreneurs competing for the same target market?   One part of the answer seems to be that we need to be “seen” and “heard” so that our clients will be able to recognize who we are, what values are important to us. 

 We need to find an effective vehicle that will communicate all this, and get people to visit our website and access/buy/use the services and products we can uniquely offer them that will address their needs and wants in a very effective way.  We need to establish our brand positioning to the world at large and establish meaningful connections with our target market, other professionals in related fields and beyond.  “The” place to do it nowadays is on the Web.

Communicating and exchanging ideas, personal experiences and networking using social media such as writing and producing a blog (or several), Twitter, Facebook and YouTube (to name just a few popular ones) seems to be the modus operandi for the world at large now.  It is no surprise that most innovative, proactive and creative business individuals are taking advantage of this great opportunity to participate so that their own unique ‘voice’ can be distinguished from the crowd.  An indirect benefit of this investment is more traffic is generated to their website (the old adage ‘Curiosity killed the cat, satisfaction brought him back!’ comes to mind). 

One thing leads to another, and this principle is made effectively clear in the life of Patti Church, co-founder of www.whyhire.me, offering a unique and dynamic Personal Branding/marketing strategy course curriculum delivered to post-secondary students at various schools and other interested groups in Ontario for a very reasonable fee – $30 per student).   

At a recent guest lecture at Algonquin College in Ottawa, Patti shared how this business opportunity began to develop and grow organically  – all from her participation online in social media during a difficult time in her life when she was seeking a new vocational direction. 

She started participating actively and extensively in social media and ‘exposing’ herself and her strong ideals about herself on a personal level (what she is passionate about), as well as writing and talking online about her ‘take’ on social media marketing practices.

 She soon discovered her niche and established her educational/mentorship program on Personal Branding and marketing strategies.   Patti emphasized that she used social media exclusively to get to this point in her business, hammering home the point that all business folk (infopreneurs especially!) need to dive in and create a dynamic online presence by writing a blog, guest blogging, start Tweeting, Facebooking and posting videos on YouTube – using all pertinent social media to reinforce who YOU are and what your particular brand is. 

There is no cost to writing a blog or interacting with other like-minded people online via the social media applications mentioned above and others.  Be your brand.  By jumping in with both feet into the social media world, we can propel our small business forward by reinforcing our brand positioning and our trustworthiness as individuals as well as business people so that our clients can say, “I know her and I can trust what she’s offering because she’s consistent in what she says and does.” 

Sweet, tweet!

YOU need to get down to business: Basic e-commerce decisions for Infopreneurs

If you are an infopreneur who wants to set up shop on the Web, you need to sit down and decide from the beginning which aspects of the e-commerce part of creating/maintaining your website you will handle yourself, and which administrative parts you will hire an expert to do for you.

Researching the best e-commerce options and deciding on how you will proceed with each phase or aspect of setting up shop technically is a crucial foundation for any ‘for profit’ business. Here’s what you have to decide and/or do on the technical front to get your small business up and running online:-

 1. Build a great website. Great means highly functional and efficient, entertaining, relevant and informative. If you are not tech-savvy, you need to hire a web developer who can develop your vision clearly.

 Hire someone who has a reputation for creatively and effectively reflecting the small business owner’s particular brand, content, and business goals. Also, make sure the design includes several places on the site where your target market can participate actively (whether it be buying an ebook or other resource promoted on the site, commenting on a blog, registering on a forum exchange or responding to a survey, etc). 

Every visual and practical aspect communicated/structured on your website should reinforce your brand and supply value to the visitor/purchaser so that it will become easily recognizable from the sea of ‘same’ and that visitors will always receive something valuable for their time or money invested.

 2. Select a website hosting company and register your domain name. There are numerous companies offering this service. You can either do both with the same provider, or register your domain name with a different company than the website hosting service.

 Ask other small business owners who they are currently using and get feedback about the companies; choose the service options that seem right for your business needs.

 3. Decide on a shopping cart, set up a payment gateway, arrange for credit card processing and open a merchant account. I would recommend that the small business infopreneur simply pay for this service from a company specializing in reliable delivery,  rather than simply buying a software package and installing/maintaining it yourself.  Given the complexity of maintaining this highly technical aspect of e-commerce, many things could go wrong that you may or may not be qualified to fix. 

Saving a few dollars initially during the start up phase of your small business will not be worth the frustration and lost business revenue while your clients flock to your competition who have reliable and secure e-commerce applications on their websites.   

It’ll free up your time as an infopreneur to develop creative and informative content for your website, invest in social marketing practices and participate more effectively in all other aspects of moving your small business forward.

Don’t chase YOUR tail: Effective Time Management for Small Business

Many years ago when I owned a dog, I was often amused at watching my golden retriever “play” on her own in our livingroom, running around in circles and trying to bite her tail.  There are times when we can relate to that feeling when we are stressed and overwhelmed with ALL we need to get done in a short amount of time.

If you are transitioning from regular employment or full-time studies to starting your own small business, it goes without saying it will be a busy time in your life – that neverending ‘to do’ list of essential steps and tasks to accomplish can bring even the most organized of people to their knees crying, “No more!  I don’t have enough time in my day to do all I have to!”  After all, you’re juggling your job and all your ongoing life obligations AND working at preparing and launching your small business at the same time. 

The important first decision is not to panic or give up.

Stephen Covey, in his bestseller, Put First Things First offers us many pearls of wisdom that are very practical to apply in our over-extended lives.  We don’t have to fall victim to people or circumstances (or our own moments of distraction and procrastination) that interrupt us, preventing us from achieving what we really want or need to do. 

Mr. Covey makes a distinction between what is urgent and what is important, and setting priorities for how we manage our time by assessing each thing and placing them in the right category.

I agree with him that many of us confuse the two.  We can’t afford to waste our time on trying to snuff out those all-too-frequent fires that crop up suddenly while we continue to play the willing victim to the tyranny of the urgent.

Write down a schedule of how you are going to spend your time in a day; put your entrepreneurial goals in pen in a set block of time and be realistic by structuring those tasks in one or two-hour segments.  Many people decide they’ve had enough and are falling behind, saying ‘I’ll take this day and catch up’, only to fall prey to that tyranny of the urgent…and another day goes by without progress toward achieving your business goals.

Here are some tips to help you be strong and decisive:-

• Brainstorm all the perceived and necessary tasks you need to do/want to achieve and then prioritize them in categories “Needs” and “Wants”.  Prioritize those numerically in order of importance to you. 
• Make a schedule of your week, your day, breaking it up in two-hour segments.  Block out the absolute commitments that cannot be changed. Be disciplined with your time, be organized with ALL of your time – even schedule your personal life and activities (you’d be surprised how many hours are ‘wasted’ without focus because we perceive to be ‘only’ spending 6 hours per week watching t.v…when in reality we’ve used up 10!)

Keep your goals and ideals and priorities always at the forefront of your mind when all those new demands on your time crop up.  Make sure you take a step back before giving the commitment to spend your precious time and energy on a task or activity that may not be necessary.

Remember the fable of the tortoise and the hare.  What a relief and great sense of accomplishment you will have if you stay on track with your business goals and achieve mighty things, all progressive steps at a time, without losing your sanity in the process.

What some accountants won’t tell YOU : Financial advice to save money for small business

There are so many things to learn when starting your own business.  One major component is the organization ( and I stress that word) of your financial records, right from the beginning.  If you’re not organized from the get-go, problems and stress will just compound once tax season comes around.  Not to mention the cost of having an accountant try and sort out all your mess in order to file a somewhat coherent tax return on your business’ behalf.  

According to Marlene Grant, CGA and co-owner of her own accounting firm in Ottawa, Ontario, the Canadian Revenue Agency has really tightened their grip on our tax returns over the past few years.  It seems in the eyes of the CRA, we are guilty until proven innocent.   For the small business owner, it’s even more essential to keep good financial records throughout the year and not just scramble and hunt for receipts days before meeting with your accountant.  It’s stressful enough starting a new business without having to deal with the added hassle of owing MORE tax than you imagined (and have difficulty actually paying off because you’re a new business without much revenue at this point) or submitting a complicated tax return with expense claims you cannot verify. 

Here are some practical tips Ms. Grant recommends to ensure your small business starts on the right financial foot:-

*    If you are a sole proprietor or partner, make sure you have a separate bank account for all your business transactions

*   Buy an accounting software package and use it. Quick Books or Simple Accounting 

*  Consult with an accountant right away. Don’t wait until you’ve completed your first year of business, close to tax time, to hire an accountant.  Interview and choose the right one who will most suit your small business needs.

Many accountants seem very willing to take on clients who are ill-prepared – that just means they can charge you more to prepare your small business tax return!  A reputable CGA with integrity will encourage you to be proactive and involved in establishing a good financial regime so that you have a better chance at succeeding at your new business venture.  Find one today.

The Brand Called YOU

Creating your own unique business path.

“ I was once afraid of people saying, ‘Who does she think she is?’ Now I have the courage to stand and say, ‘This is who I am.’ “–Oprah Winfrey

 When I first heard about the term, ‘Personal branding’ the person who immediately popped into my mind was: Oprah Winfrey. Who better to represent success by being the product? Ms. Winfrey’s outstanding success isn’t the result of magic or luck, but from following her passion and being the approachable person of integrity and vulnerability who has consistently built her business on her own values and interests, and offering them to us, the viewers via television for decades. I’m not sure if Ms. Winfrey ever took the time in the early days of her journalism career to complete the Myers-Briggs Personality Test (see link below),but perhaps it can be a start for you if you don’t know how to begin defining your own personal brand,an essential foundation on which your whole business/career will be built upon.

 If you are honest with this psychological assessment, it will reveal your strengths and weaknesses that can be measured against what you want to do. If you an introvert and are very uncomfortable talking with people, then an online business that requires a lot of personalized customer contact might not be the right choice for you, or you may have to consider forming a partnership with someone who is very effective as a salesperson (usually rate as extroverts in Myers-Briggs test). As marketing guru Dan Schwabel writes:”Your self-impression = How people perceive you.”

 It might also be helpful to “interview” those who know you well, at work and in your personal life, to see what they say about you.  Does it match how you see yourself? If several people talk about a strength or ability you have that seems to be a surprise to you, consider it seriously as this may be a key to developing your personal brand. After all, it’s just as important how others “see” you as you see yourself. Take that information about you and apply it to your vocational intentions. Look for qualities or characteristics that make you different from your competitors— or your colleagues – and pay attention to those differences. Instill and build values that are integral in you as a person in your own business, one and the same. It truly has to be consistent and natural, the same when you think no one is looking (because maybe they are somehow!).

 If YOU are that reliable and true to yourself, then whatever business you promote will be valued in high regard as well, setting you apart from unreliable competition and yielding customer/client loyalty beyond your expectations that no amount of money could ever buy. Take it from the very successful (very rich!), Ms. Oprah Winfrey!

Myers-Briggs Personality Test- http://www.humanmetrics.com/cgi-win/jtypes1.htm

Dan Schwabel’s blog on Personal Branding - http://mashable.com/2009/02/05/personal-branding-101

YOU are the product: How to register your business name in Ontario

If you are proceeding with developing a sole proprietorship, it isn’t necessary to register formally as a business, you just need to ensure that you keep your professional and personal ‘business’ separated administratively to avoid getting penalized financially at tax time.  

However, you may want to register a specific company name for yourself.  If this is the case, then you can now easily register a name for your business in Ontario online.   Note that the cost for a business name registration is $60.00.

If you are going to make more than $30,000 in one fiscal year (or you’re getting close), you’ll also need to register for a GST account too – you’ll have to add GST onto the bill to your clients for services or goods rendered.

There are quite a few administrative steps when starting a small business.  A great local resource in Ottawa for new entrepreneurs and infopreneurs is the Ottawa Centre for Research and Innovation (OCRI).

When YOU are the product: How to find your niche as an Infopreneur

“Wow, that’s such a good idea. I never even thought of it that way before!”

If you are like myself, you’ve heard this countless times throughout your life -at work, with friends, even acquaintances you’ve talked with in the community.

If you have the goal of becoming an Information Entrepreneur, or Infopreneur http://www.businessdictionary.com/definition/infopreneur.html you’ll need to determine your own niche or area of expertise that you will be offering out there in cyberspace. What specific information do people appreciate getting from you? 

What experience and knowledge do you have that can be of help to others, or would be something that they would be interested in learning about? Is there anything important to you that you tried to research online and found very little information?  That may be a clue that there’s a need out there that only YOU can fill. 

In my case, I’ve offered practical, common sense solutions to unmotivated teens, confounded and/or ignorant parents, overworked educators, angry work colleagues,and even friends who are at a loss how to move forward in one aspect of their personal or professional lives. What seems insurmountable to them seems very solvable, so I offer what comes to mind after they ask me about their dilemma, and have seen the light dawn on their faces over and over again. “Yes, that makes sense now.  Yes, I think that would work!”

To find your particular niche, I suggest three things;-

1 .  Scour your résumé and make a list of all the expertise you’ve amassed through the years, in both your professional and extra-curricular and/or volunteer lives.

2.  Take the items you’ve listed and try and research those subjects online.  Read the info and see if there’s anything specific that is missing that only YOU can supply from your own experience and knowledge base.

3.  Listen to your heart. What really excites you?  What practical and entertaining information could you provide that some people would want to pay to read/receive/use it?

If  you complete these three steps, my guess is that you’ll have discovered that you DO have something unique to offer, and that you could probably make some money giving it away!