Ten Part Series on Starting a Business - Part 4

The marketing plan

Once you’ve decided what you are going to do with your business, service, or product, it is time to develop a solid marketing strategy to let the world (or at least your target market) know what you’re doing.  Marketing can be costly, so it is important to put some effort into a marketing plan to make the most efficient and effective use of your marketing dollars. 

First step in designing a marketing plan?  Determine your target market(s).  Who wants or needs your product or service?  The more specific you are, the better the chance that you can reach exactly who you need to reach. 

Once you’ve identified your specific target market(s), it is a good idea to determine what your marketing budget will be.  Then you can brainstorm how to make the best use of those dollars.  Do you need to attend trade shows? Purchase/rent contact lists? How can you leverage social media, contacts you already have, email marketing, advertising, and/or direct mail to get the most “bang” for your marketing buck?  Do you have a marketing professional on staff?  Do you need to hire a consultant to help you with strategy, branding, messaging, etc.?

Your marketing plan will be most effective if you choose a variety of ways to reach people, and set a schedule for implementing each of them. 

Don’t overlook “internal” marketing.  Does your staff know the message you are trying to send?  Are they well-versed in your product or service line? When a current or potential customer reaches your company, do they get a professional and helpful person on the phone, someone who is just trying to get through the week (and it’s obvious), or an automated run-around?  Make sure your WHOLE business reflects and LIVES your mission and vision.

And finally, be sure to measure the effectiveness of your marketing efforts and make adjustments along the way as necessary. This will assure you are getting the best return on your marketing investment and your marketing efforts are always meeting your organization’s goals and objectives.

What’s your biggest challenge with developing and implementing a strategic marketing plan?

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Kim Luedke is Co-owner of ProfessionalEdge Associates, offering a wide range of marketing and support services to businesses that want to increase their success, but aren't in a position to add to their staff.

Ten Part Series on Starting a Business - Part 3

Part 3 - The business plan

We could (and maybe we will) write a series just on this topic; but let’s start with an overview.  A business plan may seem like a huge, tedious undertaking with little return results, especially when you have so many other things to do as a new entrepreneur.  But don’t make the mistake of thinking that way.  You will gain so much by going through this process! 

All business plans describe the business in detail and show financial calculations/budgets projecting income.  Beyond that, different business plans serve different purposes.  If you are planning to obtain business loans or attract investors, a business plan is usually a requirement.  This type of plan should be written to sell investors on your business vision.  A plan to persuade potential investors/money-lenders to support your business must include thorough market research, a management plan, and detailed financial information including projected revenue and expenses.  This plan must be written clearly and professionally. 

If you are not planning to apply for loans or entice investors, your business plan is a tool to make sure you have thought of everything.  This type of plan can be much more informal, because it is for internal use only; however, don’t do yourself the disservice of thinking you can just throw something together.  You will get out of it what you put into it, and you may save yourself the heartbreak and financial distress of learning much too late that your business isn’t viable. 

A good business plan is comprehensive, and should include the following information at a minimum:

·        A thorough description of the business including its purpose, mission, and vision, and how it will work

·        A market analysis

·        Detailed financial projections, including start-up costs

·        A competitor analysis

·        Resumes of the key players in the business

·        A marketing plan

What other items would you include in your business plan?

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Kim Luedke is Co-owner of ProfessionalEdge Associates, offering a wide range of marketing and support services to businesses that want to increase their success, but aren't in a position to add to their staff.

Ten Part Series on Starting a Business - Part 2

Set it up legally

Once you’ve decided to go into business you have some decisions to make.  The first is what your legal structure will be.  There are several legal business structures, and of course a great many things to consider under each category, including personal liability, taxation, working with family or friends, agreements and bylaws, and a much more. 

The following are very basic definitions of each type of business; The information is not meant to be all-inclusive.  We urge you to do your homework and seek legal advice if necessary to make sure your business starts off on the right foundation.

Sole Proprietorships – Here you are on your own.  You are the only owner of the business.  Most freelance photographers, writers, handymen, etc. fall into this category, but many other businesses can be sole proprietorships as well.  This is the simplest business to run from a legal standpoint.  However one major consideration of this business structure is that legally you as the owner are not separated from the business.  In other words, you can be personally responsible/liable for any business debt.

Partnerships – A partnership is formed when two or more owners form a business and do not choose to become a corporation or LLC, or limited partnership.  Like sole proprietorships, partners are also personally indistinguishable from the business itself, and therefore can be liable for business debt, unless they also form an LLC or limited partnership.

Limited Liability Companies (LLCs) - Limited Liability Companies are a good option for those who want to have a legitimate business without the worries of personal liability for business debt, but who don’t want to go through all of the rigmarole of forming a corporation.  LLCs can offer the best of both worlds, combining the taxation structure of sole proprietorships and partnerships with the protection of a corporation.

Corporations – A corporation can be any size, from a single owner to a huge conglomerate.  The distinguishing feature is that is a formal and separate legal entity from the business owners, and it must follow certain tax rules.  Corporation owners are called shareholders, and they can be private or publicly traded (that’s an article for another day).

When deciding on the appropriate structure for your business, research carefully to choose the best one for your situation. 

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Kim Luedke is Co-owner of ProfessionalEdge Associates, offering a wide range of marketing and support services to businesses that want to increase their success, but aren't in a position to add to their staff.

Ten Part Series on Starting a Business - Part 1

So you want to start a business

Starting a business can run the gamut of emotions from exciting and fun to frustrating and scary.  But the overall feeling is usually one of satisfaction and hard work paying off for you instead of always someone else.  Starting your own business is easier than you think once you have an idea of what you’d like to do.  You can start from scratch or buy an existing business or franchise.  You can start by yourself or with partners or even a large group. 

However you decide to begin, the steps are much the same.  This ten part series will get you started with articles about deciding on a legal structure, developing a business plan and a marketing plan, deciding how to price your product or service and how to bid.  In addition we will cover accounting, finance and record-keeping, taxes and other governmental requirements, contracts, employees, and how to get the help you need. 

Of course we can only scratch the surface of these topics in blog-form -- you will need legal and accounting expertise -- but the information will help you get started. 

First things first:  What kind of business do you want to start?
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Kim Luedke is Co-owner of ProfessionalEdge Associates, offering a wide range of marketing and support services to businesses that want to increase their success, but aren't in a position to add to their staff.

Social Media Series for Small Business – An In-depth Look at Facebook for Your Small Business

If you've been following our Social Media Series for Small Business, you know we've now talked about which Social Media sites are best for your business, what good posting strategies you should employ and how you can re-use content to enhance your overall social media strategy.

With this post, we want to start to dive a little deeper into each Social Media platform with a more detailed look at Facebook for your small business.

Click above to take a look at an enhanced version of our Social Media for Small Business Infographic.

As we discussed before, Facebook has the most content shared of the sites we are reviewing with more than 1.3 billion users and growing.

Of all the options we've looked at, Facebook offers a more personal approach for small businesses than some of the other platforms. Facebook is known for personal connections so it’s only natural for small businesses to make this their platform of choice.

But it does depend on where you can find your customers. If you are a B2C (Business-to-Consumer) operation, Facebook may be a really good option for you. With 1.3 billion users, it’s safe to say at least a good chunk of your consumers are on Facebook.

But it may also be a good option for B2B (Business-to-Business) if those businesses are small businesses.

Facebook offers the opportunity to connect, have conversations and get to know your followers.

We recommend posting 2 - 4 times per day, including shares, likes and comments. A good mix might look like this:

1. Post a link to a new blog post weekly or bi-weekly that is not a sales pitch, but offers valuable information to your customers and prospects
2. Regularly post your latest how-to videos from YouTube
3. Daily like, share or comment on an item of interest from one of your followers that will enhance the experience to your followers
4. Engage in strategic conversation around topics important to your business and your followers
5. Follow others who will enhance the experience from your page as well as customers and potential customers
6. Post testimonials from current customers
7. Enhance the experience with add-ins like Pinterest and Foursquare if they are right for your business
8. Increase opportunities and followers by purchasing Facebook advertising

It’s also important to remember what NOT to do on Facebook:

• Don’t get political or pontificate
• Don’t over post, share, like or comment
• Don’t post your personal life on your business Facebook page

The key to every good social media strategy is to have a plan, think it through. Your social media should tie into your overall organizational goals. Be sure to think like your customer and be genuine. Above all #BeStrategic.

We would love it if you would share some ways you have successfully (or not so successfully – because we can all learn from that too!) integrated Facebook into your small business social media plan.

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Kerry Brooks is Co-owner of ProfessionalEdge Associates, offering a wide range of marketing, event planning and other support services to businesses that want to increase their success, but aren't in a position to add to their staff. Learn more at www.gettheprofessionaledge.com.