If you’re like me, you’ve probably said this statement many times: “If I had only known then what I know now.” I understand that mistakes are part of the process, but do I have to make so many of them!?! Experience has made me a fast learner and now, more than ever, I pay attention to those who have gone ahead of me so I can learn from their mistakes and hopefully not make so many on my own. Maybe you do too.

To gain some more insight, I asked business owners who have been in business five years or more the same question, “If you would have known then what you know now, what would you have done differently and why?” Their answers were not only insightful, but inspiring and I think you will really appreciate what they had to say.

So here you go; 29 (plus one) insights from business owners like us on what they would have done differently had they known.

We would love to hear your answers too, please leave a comment and let us know, “What would you have done differently in your business if you would have known then what you know now.”

Enjoy!

1. Hire Slowly, Fire Quickly

Oh man, I wish I would have remembered this one every day when I woke up. There is little of greater importance than having the right people on your team(s) and when you find out an apple has gone bad or you have found a worm in a seemingly perfect apple, get rid of it ASAP! The old adage is often true, ’some dogs can’t hunt’.

Thanks to Ben Sayers, VoIP Supply, LLC.,VoIP phone systems, in business 8 years

2. Be More Open to ChangeTechnology and trends are constantly evolving: one day you are set in your Facebook ways and the next day Pinterest is the new phenomenon. Social media has changed the way we do business and how startups utilize it is integral to your success. However, if someone told me this during social media’s infancy, I would have called them crazy. I let all my years in business bias my first impression of social media and thought it was simply a fad. I couldn’t have been more wrong! Social media has changed the way we do business and has set the bar for the way we measure success. If companies are not willing to adapt, they will never become an industry leader or experience great successes.

Thanks to Jim Joyal,, SHIFT Communications, PR and social media agency, in business 9 years

3. Be the Boss Not the Buddy

Don’t be friends with employees. When you try to be too nice it makes it easy for others to take advantage of you, and that’s been true of about 80 percent of everyone I hired in the past. There was a time when I would give a job to almost anyone who asked, regardless if they were qualified or not, because back then I had the capital and I did not want to be the person who turned them down. Most of the money I lost when I started out was due to being overly tolerant of inefficient employees. It’s fine to be friendly with your staff, but you have to set boundaries and be willing to be a firm boss — whether you have three or 300 people working for you.

Thanks to Cathy Ward, BridesVillage.com, wedding accessories e-commerce retailer, 11 years in business

4. Lock in Your Location

Had I known then what I know now, I would have done everything possible to purchase my own business property. Last year, the rent for my original office, located in the Prospect Heights section of Brooklyn doubled, necessitating my having to move during my income tax preparation season.  If I had to rent a property, the lease would have included a “lease to own” clause and have a termination date during my slow season.

Thanks to Eustace L. Greaves Jr., Greaves Financial Services, Insurance and Income Tax Preparation Services, 17 years in business

5.  Start with Sustainably in Mind

In hind sight I would have focused much more deeply on a sustainable way to generate deal flow and new leads. No matter how large you think your network is (mine is large) it is not large enough and although power networking/word of mouth is the best source of leads of all the advisor/coach /consultant/soloprenuers I know almost none are reaching their personal income goals. What I am doing differently is focusing on the internet. I have just launched an e-commerce site and hope to launch a content site in the next 90 days. Historically my advisory services were delivered on site at companies located regional. I will continue with my advisory work with about 1/3 of my time, but focus on national and to a lesser extent international clientele via phone or Skype.

Thanks to Ajax Greene, On Belay Business Advisors Inc., business advising, 7 years in business

6. Know the Value of Vision

I would have placed an earlier emphasis to define the vision, mission and values of our company. It is important for the value of our employees to be aligned with my vision for our Company.

Thanks to Jason Maxwell, MassPay Payroll Services, payroll services company, in business for 8 years

7. Eliminate Distractions

Having owned several companies, I would have eliminated my distractions sooner than I did, e.g. real estate investments (rentals), buying and selling a laundromat, renovating homes, etc. While all the ventures were profitable they took away from focusing on building a brand that ultimately would have had more value than the combined profits of each transaction not related to directly building that brand.

Thanks to Joseph Carvelli, Retail Ingenuity, retail inventory and sales forecasting, in business for 12 years

8. Set Aside Significant Saving

I assumed if I built a good product, they would come! I had no idea how costly being in business would be, the amount of money I needed to succeed, or the toll the financial strain would take.

I am blessed that I had the tenacity and the strength to succeed despite overwhelming odds. If I could go back to the beginning, I would make sure I had significant savings set aside, or capital from another source. I cannot overstate the importance of being properly funded!

Thanks to Regina McRae, Grandma’s Secrets, dessert delivery, in business for 18 years

9. Put More Emphasis on Processes

If I had known then what I did now I would have put a lot more time into creating processes.  I find that with the majority of businesses these fundamentals often get overlooked and sometimes ignored completely. To me this is utter madness! A company can succeed or fail just by their processes. We find that we avoid 99% of mistakes because we process them out. This not only avoids unnecessary errors and client issues, but actually makes the company as a whole more efficient.

Thanks to Ben Norman, Koozai Ltd., UK based digital marketing agency , in business for 6 years

10. Delegate, Delegate, Delegate

I would have delegated more and not tried to do everything myself. Although it does take time to build relationships with your staff, I waited too long to delegate certain responsibilities that could have been done by someone else. Giving responsibilities does much to validate a staff member’s gifts and also demonstrates a deeper level of trust in the employer / employee relationship. Letting go of certain tasks has been difficult for me but I have come to realize that the more responsibilities I entrust to others in their areas of expertise, the lighter I feel, the more confident a staff member becomes and greater things are achieved by their efforts than could have been done otherwise.

Thanks to Stephanie Ciccarelli, Voices.com, online voiceover talent marketplace, in business for 8 years

11. Let Go and Let it Grow

For many years I had to know everything and do everything. I have discovered that other people and organizations can do things better and at a lower cost than doing it myself.  Letting go has enabled my business to grow and prosper and made my life much easier.

Thanks to Bob Shirilla, Keepsakes Etc. and Simply Bags in business for 30 years

12. Avoid Delaying Difficult Decisions

My biggest lesson over the years was learning that sometimes decisions had to be made for the good of the company, which sometimes meant disciplining or dismissing employees. In particular, when the economy started going into recession, I had to fire one of my closest friends in order to keep the company going. I should have done it sooner. As a result of my delay, it took a while to regain the company’s financial stability. Making difficult decisions is part of owning a business. Owners have to be willing to do it.

Thanks to Susan Southerland, Just Marry, Just Right DM and The Susan Southerland Secret, event planning, destination management, and small business consulting, in business for 20 years

13. Start with a Solid Team

I would have started with a solid business plan, hired an account, and started with a solid team around me.  There are not many businesses that are successful with one person wearing so many hats. Do what you do best and allow others to contribute what they do best to help your business grow.

Thanks to Amore Leighton Black, Apples & Oranges Public Relations, public relations and marketing, in business 7 years

14. Charge What I am Worth

I would have charged more! I was so excited to be working for myself doing something I loved. I’ve never been a person who chased profits -that’s not why I do what I do. But I didn’t do my homework and when I started, I charged pretty close to what I was making hourly at the jobs I’d left behind. That was all fine dandy except when working for myself, that wasn’t enough to cover things like taxes, health insurance, and so on. And also, I was definitely undervaluing my services. I was booked ALL the time, yet I could never seem to get ahead. Even though my clients all loved me and thanked me for my work, I doubted my value, and that was definitely reflected in my pricing.

Thanks to Alaia Williams, One Organized Business, professional organizing and small business systems consulting, in business 5 years

15. Focus on Building Relationships

We spent a fortune of money on advertising when we started out (with unimpressive results). We then changed our focus on relationship building with existing clients and organic search maximization vs. paid ads.  Now we see incredible returns in the form of referrals, and new business at a cost that is a fraction of what we used to spend. We needed to learn the hard way but if I knew then…

Thanks to Ben Schusterman, ElJet Aviation Services - private jet charter service, in business for 5 years

16. Start with More Money, Less Friends

I would start with about three-times as much cash as I thought I needed. I’d also be cautious around hiring friends/family.

Thanks to Heidi Ganahl, Camp Bow Wow, doggy day & overnight care, in business for 12 years

17. Use a Better Business Model

If we knew then what we know now, we would have started with the business model that we changed to about two years ago. Before the recession hit, we charged $39.95 for an annual membership with no free trial, and no automatic rebilling at the end of their membership term. During the recession, the rate in which we generated new members waned and we reached a growth plateau. To combat our stagnation we decided to change our revenue model to a free trial and a monthly rebilling combination. We implemented a three-day free trial and then a recurring $18.95 monthly fee after the three days expired. We are doing very well as a company now, but in retrospect, we should have thought about rebilling from the get go.

Thanks to Ian Aronovich, GovernmentAuctions.org, providing information about government auctions of seized and surplus merchandise

18. Hire Employees Sooner

One thing I would do differently if I were starting my training business today would be to make my first hire sooner. Operating on shoestring (and a broken one at that), I originally had to do everything myself. The thrift that made it possible for me to survive and then thrive in the beginning quickly became a hindrance when I delayed hiring people who could do any number of specific tasks easier, cheaper and far better than I could.

Thanks to Barry Maher, Barry Maher & Associates, motivational speaker, leadership trainer

19. Dream Bigger

I would have dreamed bigger from the start. In the beginning, my focus was on serving clients in my own Puget Sound backyard, even though successful people who were familiar with my publicity expertise and storytelling gifts were telling me to think nationally or globally. If I had it to do over again, I would have put more emphasis on national and global reach of my message right from the start.  Lead with juicier, higher value, and leveraged offerings first. When I was just starting out, I put a lot of emphasis on creating the absolute best $10 product about do-it-yourself publicity that I could create. Yes, the Media-Savvy-to-Go Publicity Tips Booklets have sold by the thousands since debuting in August of 2006. However, it is so much easier to make a bigger impact for more people and my own balance sheet by leading with a juicer, higher value offering. Today, the Broadcast Your Brilliance Webinar Series and Bye-Bye Boring Bio PLUS! Programs deliver great value for many around the nation and the world at price points that make it a whole lot easier to make a good living. Whether you create an entry level product or something much more, you still have to create all the systems to support those offerings. By leading with a deeper offering, the rewards are greater for all.

Thanks to Nancy Juetten, Authentic Visibility, PR tools and training, in business 11 years

20. Approach Additional Services More Cautiously

I’ve been in business as a web designer for 18 years. The main thing I would have done differently knowing then what I’ve learned along the way is I would approach any add-on services very cautiously. I used to briefly check out add-on services such as hosting, domain name management, and others, and then I would jump in whole-heartedly. Most of the time, it worked out fine for me. However, the occasional missteps cost me dearly.  As I learned more about running a business, I also learned through hard knocks that it is much better to approach additional services methodically and cautiously. I don’t put a lot of funding and energy into them until I’m sure it is the right thing to offer. I’ve learned it is easier to resist the urge to jump at opportunities than it is to extract myself from the occasional quagmire!

Thanks to Jim Smith, Blarneystone, LLC web design, in business for 18 years

21. Give More Away Sooner and Speak More

Network a lot more in person (the Internet was in its commercial infancy) and hunt for in-person speaking engagements, even if they are not paid.  Good writing alone is not enough to convince clients to hire you. They want to hear you speak on your topic of expertise, and when you help business owners with their problems or concerns, they are more likely to hire you and/or to recommend you to others who hire you. I once helped a business owner write something for his church at no charge, and with another small assignment that paid very little. That led to a long-term writing assignment that exceeded $40,000 in fees. Sow seeds of good will and interest through your networking, speaking, and help. Continue to do this even after your business is successful because it leads to more success.

Thanks to Candace Talmadge, Talmadge Writing Services, writing services, in business for 29 years

22. Been More Focused on This Business

I wouldn’t have started it out of my apt.  I would have “cleared the decks better” by parsing other interests that I was juggling at the same time. I would have learned more about guarding a business (legal, insurance, LLC/Scorp/Inc).  I would not have spent so much money on a business plan.

Thanks to Todd Greene, HeadBlade men’s grooming, in business 12 years

23. Don’t Do It All Yourself

I would have gotten an assistant, accountant and web coder much earlier. I did it all myself for 8 years in my business and have only been hiring assistance for the last two years. I knew it would free up my time to hire people - and what I didn’t know was how much it would free up my mind and let me do better, more powerful work along the way. I’ve been able to create more products and do more thought leadership since getting those little tasks off my plate… and if I’d done it earlier, I can only imagine how amazing things would be.

Thanks to Erin Ferree, BrandStyle Design, branding for small businesses, in business for 10 years

24. Look Before Leaping

What I know now is the huge cost of marketing and promotion required to build demand. We started out expecting to sell retailers and distributors and attend trade shows and travel to customers and sell and spent two years on that path. Then we took a hard right and for past two years we have evolved into an Internet retailer running DRTV (Direct Response TV) infomercials with 85% of our business now direct to the consumer. Social media was never in the business plan either now it’s vital.

What would I do differently knowing what I know now? (1) Keep my old job as long as possible and not leapt off the cliff (but it was a nice feeling) (2) Anticipate 5 years to break-even, and set aside “don’t touch” money.

Do I regret jumping off the cliff? No way. As I tell my wife- don’t look down, keep looking up!

Thanks to Brad Barrett, GrillGrate, LLC, grill surface for better food, in business 5 years

25. Pick More Profitable Partnerships

I would have used deeper discernment in picking partners/vendors/joint ventures, even markets. I picked some doozey’s AND after the fact, saw all the red flags.

Thanks to Shawne Duperon, ShawneTV, media coach and production company, in business 11 years

26. Focus on Face to Face Interactions and New Technology

We learned a lot of lessons in starting our company. For example, we would never produce four-color mailers that are sent to mass prospective clients. We’ve learned that face-to-face interaction and building the business relationship is key. (This was pre-Internet). We also learned that a lot of mailing lists are not updated. This endeavor was expensive and resulted in a poor ROI. When the Internet came around, we certainly would have jumped on this new technology much earlier — developing a website much sooner. It’s an amazing tool to get your message out to the world to sell products and services with visuals. We try to make it much easier for clients to find us rather than we search for a ‘needle in a haystack’ to find prospective clients.

Thanks to Greg Jenkins, Bravo Productions, event planning and production company, in business 25 years

27. Plan For Growth, Be More Discerning in Following Advice

As the owner of a driving school in New York City, my first big regret is that I did not get all other licenses (Motorcycle, Bus, Truck license) earlier in life. I just pass my truck road test Tuesday January 17 2012.  Now I have to wait two more years before I can expand to teach Truck Lessons thanks to NYS requirement. Secondly, I was too naive and trusted many so called experts that convince me how to run my business only to find out they were wrong.  I wasted a lot of money trying ideas that did not work. 3.  In the real estate boom time I should have purchase commercial real estate to accommodate my growing business.  Now it’s impossible to get a loan.  I would have preferred to spend a bit more money to secure a property.

Thanks to Rajendra Hariprashad, Ena’s Driving School, in business for 8 years

28. Leverage People, Build a System

If I knew then what I know now I would have invested in two areas. One, I would have developed other people and brought them into the business sooner. No one is good at everything. Even Michael Jordon had a coach and team mates. One of my friends started a business five years ago and has 700 people working for him today. The more you can leverage other people and create a ladder for them to achieve what they want to then the more successful you will be. Find people you can trust and learn to work effectively with them. My business is much stronger today because I have a strong team.

Secondly, every business needs a system to build a pipeline that is consistent and measurable. I have depended too much in my business on my farming method which is delivering exceptional value to people I meet and eventually they and their friends become clients. I wish I would have understood how to build visibility for my business in my target market like I do today. I am beginning to develop a hybrid model that is both farming and hunting which I believe in the long run will deliver greater growth to my business. My approach that involves taking a prospect from visibility, credibility, and trust is proving to be highly effective. When people work with me they become more than clients they become friends because I am invested in their success. Everyday owning a business is a learning experience. I am very happy it is what I have chosen to pursue in my life.

Thanks to John Paul Engle, Knowledge Capital Consulting in business 10 years

29. Focus on Building Relationships with Customers

When I first started out, like most new veterinarians, my prime concern was my patients and their care. What I failed to fully appreciate was that each patient had an owner (aka client) attached to it! Often I would not address the needs and concerns of the client as well as I was trying to practice medicine and over time, I likely lost clients who, if I had better built my relationship with them, would still be a client today.

Thanks to Dr. James Day, Glendale Animal Hospital, veterinary practice in Glendale, Arizona, in business for 27 years

Bonus Tip:

30. Establish Boundaries With Employees

I would certainly separate “church and state” and I would have been more of a leader than a friend. As an owner and an active President& CEO of a small business- I’m in constant contact with my employees. When hiring new employees, certain requirements and credentials are necessary including: experience, expertise, and industry knowledge. Additionally, I look for multiple interpersonal skills and qualifications. That said, I’ve managed to find and retain wonderful employees who work well and who work well with one another. Formulating good friendships with my employees is nice but maintaining and stepping up as more of a leader at times, has been challenging. Establishing boundaries early on with employees is key and I wish I had known the importance of this, earlier on.

Thanks to Georgette Pascale, Pascale Communications, LLC. a healthcare specific PR firm, in business 7 years

Want to get more inexpensive and practical small business marketing ideas, grab a free e-book called “Build Buzz for Your Biz, 23 Creative and Inexpensive Marketing Strategies That Will Get You Noticed” at http://23kazoos.com.

Wendy Kenney is the bestselling author of How to Build Buzz for Your Business available on Amazon.com, and has been featured in the Wall Street Journal, USA Today, and Newsday.

There are quite a few offices in your city which are not filled to capacity. You can utilize these spaces if you are looking to get your team into offices where they can work together. You can also use these spaces to hold meetings in. Of course, it is important to pay attention to what the cost will be to use these spaces so that you are getting what you need at a price you can afford. By having these kinds of spaces at your disposal, it is possible for you to be able to be more productive and feel more like a team than ever before.

Office Space

One of the ultimate things you can do for your business team is to provide office space in which you can work. You can look through websites like Loosecubes.com to find the office spaces that you are looking for in your city. These spaces can provide you with access to internet and service through VoIP service providers. This way you will not have to set up any services under the company name. You will only be responsible for paying the cost of the office rent to get access to everything your team will need.

Meeting Space

Even if you cannot afford to get an actual office space for your team, it is possible to at least get a place in which you can all get together as a team for business meetings. You can look in the same places which offer offices for rent to find meeting spaces which are cheaper than going to a hotel to utilize their meeting spaces. No matter what the expense, it beats having meetings in the coffee shop where you feel awkward brining in a whiteboard to strategize what is going on in your business.

The Cost

One of the things you are likely to wonder about in all of this is how much it will cost to get the space that you are looking for. It will all depend on the city that you live in, the amenities you will need such as a VoIP phone service or a complex printing system in the space you are renting and the amount of time that you are renting for. The longer that you rent, the less you may have to pay per month. All in all, it is possible for you to cut the cost of having a professional place from which to do business in half.

I recently spoke to Kimberly Palmer. She’s the senior editor and personal finance columnist for US News & World Report. And in addition to appearing on NBC’s Today show, CNBC, CNN, and local television and radio shows nationwide, she has also written for the Washington Post, The Wall Street Journal, and the Asahi Shimbun/International Herald Tribune in Tokyo as a Henry Luce scholar.

Well, with tax season upon us, I thought I’d venture a little out of the PR and marketing area. Instead, I asked Kimberly to provide some financial tips for small business owners and insights from her new book, “Generation Earn.”. Here’s what she had to say:

Why did you write your book?

I was frustrated with the lack of personal finance books written for people like me; people who are not downing in debt, but who still want solid financial advice to help take them to the next level. So many books for 20- and 30-somethings focus almost exclusively on debt issues, but I don’t think most of us are defined by our debts, as large as they might be. So I wrote Generation Earn to go beyond all the debt-talk and explore how to get ahead in today’s economy.

Why should entrepreneurs read your book?

Because almost everyone needs to act like an entrepreneur at least to some degree in the new economy, I profiled many entrepreneurs and devoted an entire chapter to the importance of being entrepreneurial.

Some people want to run their own business full-time, but others just want to start up a venture on the side, or have a second (or third) source of income to supplement a main gig.

When you’re an entrepreneur, it becomes even more important to manage your money well, because you need extra savings to cushion ebbs and flows in income, as well as plan for your own retirement, take out insurance, and anticipate taxes. I write about those unique challenges and how to successfully navigate them.

What one, main piece of advice do you have for entrepreneurs who want to leave their full-time jobs and start a business now?

The most successful entrepreneurs that I profiled in Generation Earn actually held onto their full-time jobs while they built their small businesses.

One woman worked as a paralegal while she slowly built up her yoga studio. When she finally quit, she already had a steady revenue stream from her studio and yoga clothing design business.

Another couple who started up a pet décor Web business still work their full-time jobs (as a lawyer and fundraiser) even though their Website is pulling in a steady revenue stream. Even though it means they’re getting little sleep for now, they know it’s essential for their financial security…. so my advice is to build up your business before quitting your full-time gig.  

What specific tips do you have for new business owners to help them save money and control business costs?

The first step is to figure out how you can save a significant chunk of whatever income you are bringing in – I recommend saving one-quarter of your pre-tax income, which includes retirement savings.  

The key to doing that, if it sounds impossible, is to start slowly and to automate. Set up your bank account so you are automatically saving two percent of your income each month. Then, slowly raise that to three, four and five percent (and higher).

As for controlling business costs, it’s important not to be overly frugal – investing in your business is key to growing it, so you might need to spend on advertising, Web design, or whatever makes sense for your company. Look for savings elsewhere: lifestyle costs, transportation, food, or housing, for example.

What advice can you give entrepreneurs to help them save on taxes?

Be super-organized! The classic mistake that so many people make is to wait until taxes are almost due before figuring out what they can deduct and where those old receipts are.

Setting up a simple filing system, or using a website that does it for you (such as myquickreceipts.com) can save you a lot of time and headache. If you know you are just not up for the challenge, then outsource the job to an accountant.

It can save you a lot of trouble and money in the long-run.

Thanks Kimberly! Those are great tips. If you’d like to learn more, or get a copy of Kimberly’s book, Generation Earn, visit www.generationearn.com.

And if you need help in saving money on your PR and marketing activities, please let me know here or at www.rembrandtwrites.com.

Great! Now, what do you do?

A.     Sit back and watch who signs up.

B.     Communicate with your new registrants right away.

C.    Send valuable information to your list on a regular basis.

If you answered B and C… Ding, Ding Ding! You are right!

Newsletter Set Up is Just the Beginning.

The whole reason you have an online newsletter registration
is so that you can collect the contact information for potential
customers.

Once you get their names and e-mails, the real work begins…

• Send a thank you.

Immediately after people register for your newsletter, send them
a personalized, e-mail thank-you note. It should include a welcome
message, all the benefits they will be receiving and any kind of
free e-report, survey, white paper, etc. that you agreed to send
them if they registered.

• Schedule e-mail auto-responders.

What are they?

Well, after you send out your initial thank-you
and welcome e-mail, you need to communicate with your
list on a regular basis.

With e-mail auto-responders, you send e-mails to your
audience to remind them about your business. And these 5-10
e-mails are scheduled for automatic delivery over a matter of weeks.

However, you want to ensure these e-mail messages are personal
and provide value to the readers.

Perhaps, you can share a story about something that happened
to you recently, provide a business tip or talk about a current,
news story?

At the end of your e-mail, you remind your list about
a particular product or service that you are selling.

This way, you communicate with your list in a way that provides value,
reminds them you are around and allows them to get to know you
over time.

It is a fantastic way to build long-term, customer relationships.

• Are you blogging and using social media?

In addition to sending out the e-mail auto-responders mentioned above,
you also want to let your list know when you have a new blog entry,
article, sale, etc. And this is just a simple process of scheduling an
e-mail to go out whenever you have a new entry.

For these services, check out:

http://aweber.com/?324776
www.constantcontact.com
www.icontact.com
www.myemma.com
www.verticalresponse.com

This way, you can easily stay in touch with your list on a regular
basis and keep your products and services top-of-mind while
providing value.

• Monitor e-mail auto-responder results.

Once your newsletter-registration and e-mail auto-responder
process is in place, be sure to monitor it regularly.

By checking your e-mail service, you can see how many people
opened your e-mail, the most popular content and clicks,
the best subject lines and send times, undeliverables, spam notices,
and more.

This is valuable information you can use to get the best results
for your e-mail efforts. Plus, you can use this data to discover key
trends with your list members, conduct follow-up, stop issues before
they become big problems, and create new content to meet their
specific needs.

Take Advantage of This Process.

Having a newsletter registration allows you to create and
grow your own list of customers. But this is just the beginning.

Once you offer your newsletter, it’s important to provide
personalized information  to your list on a regular basis via
an e-mail auto-responder series.

Now, you may think that your customers will turn away if you
send them too many e-mails. And sure, you will get some
unsubscribes. But you do not want these “uninterested” people
on your list anyway.

Just be sure to send valuable information your customers can
use. And note that there is an art to the content and timing of these
e-mails… so I strongly advise that you hire an experienced, SEO
copywriter to help you write and send them.

But it’s well worth the time, cost and effort. With good, e-mail
auto-responders, your list will actually look forward to
receiving  your e-mails.

And this means you can build valuable,
long-term customer relationships that will catapult your business
above the competition and dramatically increase sales.

Do you need assistance setting up your newsletter process and
e-mail auto-responder series? Please write to me here or at
www.rembrandtwrites.com. Your site traffic will increase!

The program brings together people from both the private and public sectors. According to the White House, leaders from the most innovative corporations, universities, and foundations will partner with government to help increase the number of new business start ups.

The program mainly focuses on expanding new businesses related to healthcare/medicine, clean energy, advanced manufacturing, information technology.

As entrepreneur myself, I applaud the President’s effort. But not being involved in any of those industries, I’m a little disappointed. Why not support all entrepreneurs across all industries? Where’s the initiative for women or minority entrepreneurs?

According to the Washington Post, it’s businesses owned by women and minorities that are going to fuel job growth in the coming years. Recent Census Bureau figures show that the number of women and minorities owned businesses is growing. As of 2007, women owned almost one third of all businesses in America, and minorities owned one in five.
Here’s some key statistics from the Center for Women’s Business Research.

• 10.1 million firms are owned by women (50% or more), employing more than 13 million people, and generating $1.9 trillion in sales as of 2008.

• Three quarters of all women-owned businesses are majority owned by women (51% or more), for a total of 7.2 million firms, employing 7.3 million people, and generating $1.1 trillion in sales.
• Women-owned firms (50% or more) account for 40% of all privately held firms.

Clearly women entrepreneurs and minorities have a significant impact on our economy.
In order to be a true Startup “America” program, I recommend that the President Obama include all businesses types in this initiative. And here is what I suggest be included as far as benefits.

1. Small business grants and loans for businesses owners who have shown consistency, promise and drive, or who have already made a significant impact in their community.
2. Develop mentorship and education programs to assist small business owners in the crucial startup phase.
3. Scholarship: Reward small business owners for investment in their communities by providing scholarships for extended learning.
4. Legislation: Pass legislation that is favorable to small businesses owners, opening doors up for business ownership.
5. Provide tax credits for starting a small business and for small business ownership.

These are just a few of my thoughts about what the White House could do to have a “Startup America” program that supports all startup business owners. Not just those who own companies in certain industries.

Small business is the backbone of America, and its small business that is bringing us out of the depths of recession. Let’s support all startups in America Mr. President, it just makes sense.

The second thing I would do is to look at other businesses similar to what I’m thinking of doing and figure out what it is that I can do differently, or do better, than what my potential competition is doing. If there is no potential competition in the area or demographic that you are looking at, then you don’t have to be quite so creative. In fact, it might be better to leave some of your more creative, which usually means more costly, ideas on the back burner in case someone decides to take your idea and open business next door or down the block. If that happens, then you will have something up your sleeve that can put the competition back in its place.

Then, research! Research! Research! The web is a valuable tool and one which you can use to find out how other similar businesses are doing. Your research should identify the demographic that you will be targeting, how close is the nearest competition to where you would like to do business, and what percentage of the market share like businesses have. Your research should also answer all of the money questions, such as what will the start up costs be, what is the profit margin, how soon you can expect to start making a profit and what will the monthly expenses be for all operating expenditures. If you have a question in your mind, it should be answered, on paper and honestly. And if the answers don’t add up to a positive, then definitely reconsider the business model you are mulling over. On the other hand, if all your numbers add up to making a profit within the first six months, then you have a fantastic, wonderful, can’t fail (maybe) business model and you should pursue it.

Finally, if you cannot find investors for your business model, then you should seriously think about finding a different model to pursue. Most investors have either experience or instinct when it comes to what works and what doesn’t. You may be able to convince a bank to lend you the money, but if you can’t get at least one investor on board, it may be time to do a serious reality check and can one business model in favor of another. Listen to the investors you talk to. If you hear the same thing out of more than one mouth, chances are they are right…and you are wrong.

Choosing the right business model is critical to success. The perfect balance of heart and mind should help you to choose the most successful business model.

One in particular is Microsoft’s launch of its WebsiteSpark program.  The program is geared toward small web design firms of ten or less employees and allows them to tap into the full resources of Microsoft for a mere $100 exit fee after program completion.  Website Spark not only puts you in touch with Microsoft’s network of partners and experts for training and sales leads, but it also gives you the opportunity to showcase your work in their marketing and networking events.  The real beauty of the program, however, is the free access and training for their full-featured software such as Expression, Silverlight, SQL Server, Windows Server, and Visual Studio.  That alone is a goldmine to any cash deprived start-up.

While Microsoft’s new effort certainly isn’t completely altruistic, it is well received.  They are looking to build brand loyalty that will translate into lifelong Microsoft customers and who could blame them.  I commend their efforts supporting the web design and development community and I can’t wait to see how the WebsiteSpark program graduates fair in the real world.  A new era of David and Goliath has been born.

(click to watch video)

Have your heard of any other tales of big business’ helping small business? If so, I’d love to hear them!  Just comment below or email me heather@glamajama.com

“you don’t know what you don’t know.”

Those past experiences are fresh on my mind as I find myself preaching about my golden rule on nearly a daily basis. As I consult with fellow entrepreneurs teaching them how to replicate my successes with branding, social media integration, and celebrity placements, I am heartsick. I hear countless stories of companies who have learned this costly lesson too late in the game. The “killer product launch” at a tradeshow that cost $30k that no one showed up for because the owner didn’t know how to contact the media or set appointments with key buyers. The “grand opening” in small town America that didn’t even make the neighborhood newsletter. Or the Mom that licensed her invention only to find that the company shelved the product and she had unwittingly relinquished her intellectual and distribution rights. I could go on. Knowing all of this, I can’t stress my golden rule enough. Please don’t make these same mistakes.

I know it might seem like an extra check to write when your bank account is already maxed out, but it will end up saving you money and heartache in the end. The money is there, you just need to re-allocate it. Instead of focusing your efforts on making a “big splash”, maybe focus on ensuring a return on investment? A solid marketing plan to leverage your event/news/product launch?  Or making sure all the legal and accounting issues are resolved so you actually get to keep your money?  Seek the help of professionals who have been there, done that.  After all, “you don’t know what you don’t know.”

Need help with your business? Contact me here: http://su.pr/2GXnYX

With over 70% of the economic experts expecting a last quarter uptick in the economy, now is the perfect time to start preparing for the extra business.  I am a big fan of using virtual assistants to help build out my team during peak seasons.  This is an especially useful business strategy in today’s market place.  One of the best lessons a recession can teach us is that in many circumstances variable costs beat fixed costs any day.  To survive the feast or famine rollercoaster of entrepreneurship, you need to make sure your expenses mimic those same ups and downs.

Benefits of Virtual Assistants

Adding virtual assistants to your workforce is a terrific way to turn a traditionally “fixed” expense, like payroll, into a more cash flow friendly variable expense.  Let me explain how it would work.  For example, most business advisers suggest that payroll expenses should average 20-30% of your sales.   This would mean that when sales are flush at $250,000/month that translates into payroll expenses of $50-75,000.  When sales hit a downturn at only $50,000/month, your payroll would then move back to a more manageable, $10-15,000.  As a business owner, how closely you adhere to this ratio means the difference between bleeding red and staying in the black.

Additional Benefits Include:

• No payroll taxes or employee benefit expenses
• No “on site” office space requirements
• No costly training programs when hiring experienced VA’s
• No long term commitment
• No morale draining lay offs during slow seasons

Understanding the Relationship

When considering virtual assistants to help manage business tasks, there are a couple considerations to keep in mind.   For starters, they are not your employee but independent contactors.  This means they will most likely have other tasks and deadlines on their schedule while they are working for you.  READ: They are on their clock- not yours.  Make sure you are respectful of time constraints and provide as much advanced notice of tasks, deadlines, and special circumstances as possible.  As with many business relationships, communication is critical.  You can’t blame a virtual assistant for not living up to your expectations if you never made those expectations clear.  In other words, don’t just say you need something “right away”, make sure you define “right away” as within two hours.

Getting Started

I also think it is wise to start slowly when building a new relationship with a virtual assistant.  For example, instead of requesting that they create a new website for you, start by having them update your blog template first.  As each task is completed satisfactorily, and communication strengthens, you can then proceed to larger and more complex tasks.  Also, be sure to discuss with potential VA’s their strengths and weaknesses to ensure the best experience possible.  If you are in the real estate field, consider searching for VA’s with backgrounds in real estate.  If you an entrepreneur looking for marketing help, be sure to search for VA’s with a background in marketing or who are currently active in social media.

Tips from an Experienced VA

For more tips, I turned to Dawn Martinello of Monday Morning VA.  As an experienced virtual assistant herself, she had some great insight to share.  She can be found at MondayMorningVA.

• Be sure to have an exit strategy.  Does your contract give you an out if you don’t mesh well?  This is especially important for first time clients.  For example, our services are non-refundable, but for first time clients we give a 7 day grace period in which they can bow out of the contract if they aren’t working well with their VA.
• When you’re considering outsourcing keep the price in mind.  My rule of thumb is that an entrepreneur shouldn’t be doing anything in their business that doesn’t earn them at least 2/3 of their regular rate.  That means if you’re a bookkeeper who charges $30.00 per hour, you should consider outsourcing anything that doesn’t earn you $20.00 per hour.  The reasoning behind this is that business people need to spend their time and energy on what generates revenue for them.  Spending 4 hours trying to update your website doesn’t earn a bookkeeper anything!

If you have never considered hiring a virtual assistant to build out your team, I strongly suggest taking a second look.  As technology continues to advance and better networking platforms are built, virtual work relationships will only become even easier.  A couple great places to start your search for virtual help include Guru.com, Freelance.com, RentACoder.com, or a simple “virtual assistant” search on Google.

Business Owners, feel free to leave any questions or experiences you would like to share in the comments. Virtual Assistants, be sure to leave any additional tips and your contact information including your area of expertise.

I’d love to hear your comments below and please be sure to follow me on www.twitter.com/glamajama! Want more DIY PR tips? Sign up here

I just moderated an expert panel on video as part of the Wells Fargo Webcast Series on this very topic and believe it’s a great way to get a snapshot of residential and commercial real estate realities and strategies. The program discusses how real estate can be a tool for reducing expenses as well as generating revenue. It also sheds light on the new rules of the road, including federal initiatives that impact us. Learn about:

• Lowering monthly payments by refinancing or renegotiating
• Mitigating commercial property tenant vacancies
• Reducing overall operating expenses and discovering true cost savings for your business
• Adapting to the current residential and commercial property markets