Deanna

A: I know of very few small business people who would trade their lot for a gig with a big business, even given the steady paycheck and benefits that would come with it. The lack of freedom alone would likely emotionally pummel most small business owners (and in fact, probably did – that is why they left.)

But it’s not called “big business” for nothing: Large corporations have bigger budgets, better resources, more people – a whole host of bigger and better advantages small business can only dream of.

But, to quote the wizard in The Wizard of Oz, “You’ve got one thing they haven’t got,” namely, the ability to adjust quickly and move fast. You are the speedboat to their tanker. And in an economy like this that is no small thing. The best small businesses shift course, quickly.

Here’s an example: Polly Liu is the founder of Beau-Coup.com, a website that started out offering an amazing array of wedding favors. Ms. Liu and her husband started the business because, while looking for unique wedding favors for guests at their wedding, “we seemed to come across the same set of products from vendor to vendor.” They knew they could do better.

Beau-Coup.com was born not long thereafter and while the site is great and the business quickly became successful, the question arose: How to grow, and more importantly, in what area? This is where being a nimble small business really comes in handy. Beau Coup used Google Analytics and Google AdWords to research and test out new possibilities. They concluded that the next natural extension for them was, maybe not surprisingly, the baby market. Beau Coup soon began to sell favors, accessories, and party supplies for lots of non-wedding events like baby showers, bar mitzvahs, birthday parties, and so on.

The two Google tools Beau Coup used are indeed a great way to test new ideas inexpensively and quickly, but they are not the only way. There are in fact plenty of online tools available that can help you too do some market research and make some smart decisions about what’s working, what’s not, and which way to head next:

Google Analytics, as indicated, is a free tool that analyzes how visitors interact with a site – from how they found it (referrals) to what they do when they get there (navigation). Savvy marketers can use this info to make smart decisions. For example, by testing new products and seeing which visitors click on most often, you can determine which are most popular. You can then emphasize them in ads, move them to more prominent pages on the site, expand inventory with similar items, etc.

Microsoft AdCenter allows you to place ads throughout the Microsoft world – on MSN, Bing, etc. and because such ad campaigns are easy to change, they are a good way to effectively and quickly test something new and hunt for new customers. Example, a sporting goods retailer who wants to try his hand at selling archery equipment can create ad campaigns related to bows and arrows, targets, etc. and see what ads and which key phrases work best.

AT&T (whom I do some work with) allows you to place ads using the online Yellow Pages, on mobile devises, in search engine results, and more. They also have some great local search options.

Google AdWords, as you likely know, allows you to place ads on Google and throughout the Google world.

Of course the other big player is Yahoo.

All of these tools allow you to try something new, inexpensively, and see if it works. If this idea of shifting into new markets is of interest to you, here are a few tips to keep in mind:

1. Consider line extensions: A line extension is, as the name suggests, simply a logical expansion of the line of products you already carry. But remember to think broadly – Beau Coup did not just consider wedding products, they thought about celebrations generally.

2. Consider new customers: Who else may be interested in what you offer? How can you reach them? What might they want?

3. Start small, tweak, expand: The beauty of these tools is that you can look before you leap. Test, see what works, don’t spend a lot, test some more, analyze results, and then go for it.

4. Keep your brand in mind: Going in a wholly new direction could hurt your brand. Be careful of that.

Today’s tip: Know a great woman entrepreneur? Ernst & Young is looking for her. The company is now hosting its second annual Entrepreneurial Winning Women contest. Winners

• Receive ongoing personalized business advice from Ernst & Young professionals as well as entrepreneurs, executives and advisors;
• Will get to meet role models, coaches and mentors;
• Will connect with possible investors, partners, customers, and suppliers; and
• Can participate in formal and informal educational sessions

Apply here

William

A: Now, that is a great idea. I have often said that we are living in a remarkable time for small business, probably the most remarkable ever. Not only have there been incredible technological innovations that have revolutionized business (computers, printers, the Net, etc.), but equally, huge new markets have been opened that were never available before (China, India, virtual.)

OK, I think I have run out of superlatives, but you get the idea.

Starting and succeeding internationally, while much easier than ever before, nevertheless poses a variety of challenges you will not face here at home.

Begin with just the cultural differences. Needless to say, business is conducted differently in different parts of the world. Customs that we take for granted may be entirely missing in the region where you may want to do business, and vice versa. Things they find vital may be unknown to you, and not knowing may be the difference between deal or no deal.

So you have to begin by learning more about business in your desired country.

• There are plenty of websites that offer international travelers tips on doing business in different countries and regions. Start there. It cannot be stressed enough how even the slightest misunderstanding can have severe ramifications that could torpedo any possible deal.

• Speak with anyone you know from a host country where you plan on doing business and get their take. That is the sort of “insider info” that can not only warn you of any potential landmines, but similarly, let you know what will play and what to expect.

Next, once you know what is expected of you, you have to get your website ready for international sales. Surf to other websites that are selling internationally and see what they offer, how they do business, and what practices you may need to adopt.

Questions to consider are:

• Do you need to have your site in more than one language? And if so, what do you need to consider as you translate your offerings for an international audience?

• What sorts of terms do you need to consider for international transactions? Will your sales be in dollars, and does the country in question even conduct business in dollars? If you are going to accept international currency, you have to have a merchant solution that accepts that kind of currency, and you better be sure that the conversion rate works out for you.

Next, you need customers. Finding them is always an issue, no matter where you do business.

A good place to start is with online advertising, and if you are going to be relying on your website to generate leads, then you also have to figure out where people in the new country go to search for information. Although search ads are not the only way to generate leads, they are a main one, and different regions rely on different search engines. Google, Yahoo, and MSN are not the only games in town. Many countries have home-grown solutions that you need to discover.

Today’s tip: Every now and then I hear about a cool opportunity for small businesses, and here’s another one: Ever have a questions for someone like Michael Dell? We all know that Dell started his billion-dollar empire as a very small business – out of a dorm room. Got a question for him about business? He is going to be answering some online. Click here to learn more.

Max

A: Well, if it’s help you need to grow your business, then you should get some. What if I told you there was an easy way to get that help, and it won’t cost you hardly a cent? And what if I further told you this method is incredibly powerful and historically successful?

I thought you might be interested.

Think for a moment about all of the immigrants who have come to this country, be it Irish Catholics, Eastern European Jews, Asians, whomever. When you hear their success stories, usually it’s because they were industrious, hard-working, entrepreneurial, thrifty, and so on.

They also tapped the power of their community.

Historically, when an immigrant starts a new business in this country, their first taste of success comes when members of the community begin to frequent the business. Word gets around, other members of the group start to show up, and the fledgling business takes root. If the business is really good, then the word of mouth continues to grow, and the business expands organically, seemingly effortlessly.

But it’s not just new immigrants who can tap the power of community, almost any business can.

Sophy Khut and her family escaped Cambodia after the war and moved to the Portland, Oregon in 1976 when she was about 10 years old. As she became a young woman, needing to help her family, she began to work in an aunt’s restaurant, doing everything from washing dishes and mopping floors to cleaning up and bussing tables. She opened her own restaurant just a year later – when she was but 22. But with the help of the local Cambodian community, it started strong. Their continued support helped the restaurant grow.

Buoyed by her success, Sophy looked around and realized that a golden opportunity lay not far away: Long Beach, California has the largest Cambodian community anywhere in the world outside of Cambodia. As she told me, “it was a great opportunity and a ready market.” So she up and moved to California, by herself, and started another restaurant, from scratch.

Sure, it sounds intimidating, but Sophy knew the secret: Help the community and they will help you.

So she opened Sophy’s Thai and Cambodian Cuisine and immediately began tapping into the vast Cambodian community that surrounded her. She knew that a great restaurant, serving delicious, home-cooked food should be a winner.

She was right.

Sophy’s is now one of the very best Cambodian restaurants in all of Southern California. Nobody does it better than Sophy’s, and the mass of satisfied customers every night attest to that. That she just moved to a restaurant three-times the size, and it’s already full every night, is further proof.

And how about this: It’s all word of mouth. Sophy does not advertise. That’s the power of community (and having a great business.)

Here’s Sophy’s secrets to having your community support your business:

“Give, rather than take”: Sophy explains that giving actually has two meanings:

• First, you have to give your customers a great product or service. Give them more than they expect.
• Second, give in the traditional sense. For instance, the Cambodian community in L.A. has a foundation called Hearts Without Boundaries, whereby they bring needy Cambodian children who have congenital heart defects to the U.S. and give them surgery and all of the medical help they need – for free. Sophy is a big a participant in the group, and in fact the team meets in her restaurant regularly.

“Get involved”: In Sophy’s case, she helps out every year with the Cambodian New Year parade. She has food booths at fairs and expos. She opens the restaurant up to different groups. She donates to non-profits.

All of this gets the word of Sophy’s Restaurant out there. And then, when people show up, her great food and friendly restaurant makes them want to come back.

So the lesson is clear: Get involved in your community. Befriend them. Be thankful for their patronage. Help out. Just take it from Sophy: “Support your community and they will support you!”

Today’s Tip: Do you bill by the hour for different clients and customers? If so, you might be interested in some great software I recently learned about. Fast, easy, online, and affordable, Bill4Time can help you focus on your work, not your billing. Check it out here.

Q: How does a small business get big? We have been at the same level for years now and can’t seem to breakthrough.

Jess

A: Your question reminds me of a quote I recently saw by J. Paul Getty, once the world’s richest man: “My formula for success is rise early, work late, and strike oil. ”

No, you are not going to strike literal oil; those days are over. But figurative oil, why not? Think about Google founders Larry Page and Sergey Brin? Do you think they feel as if they struck oil? You bet. Richard Branson took The Virgin Group from a one-man band to a worldwide conglomerate, and you can bet he feels like he struck oil too.

In fact, every company on the New York Stock Exchange or the NASDAQ started out as a small business. If they did it, so can you.

How? There is no one single answer. Different companies use different methods. Here are some of the best ways to go from small to big.

Find a great partner: Chester Carlson invented his copying machine at home but could not sell it – to anyone. A man named Joe Wilson eventually saw the machine and teamed up with Carlson. Wilson’s company eventually put more than $100 million into R&D, and then renamed the business – from Haloid to Xerox.

When you work alone, as many small business folk do, or even if yours is a company of, say, eight people or so, there is only so much you can do by yourself. Your institutional knowledge is limited to what it is you do, your reach is similarly limited to your normal channels, and of course your resources are limited. In those cases, growth, while a laudable goal, is often one that can also understandably be out of reach. So what do you do?

Find a partner, that’s what. Partners can bring your business to a whole new level. They have contacts you do not and resources different than yours. They also will have ideas that are new to you and offer unique ways to implement those ideas. The key then is to find strategic partners who offer some synergy: They need what you do and you need what they do. Together, what you can accomplish can be more than what you can do alone.

Be first to market: Ed Lowe owned a small factory that made a kiln-dried clay that was supposed to be an industrial absorbent. But it was only when his neighbor came by one day and asked to use some for her cat that Kitty Litter was born. Being first to market also helps you go from small to big.

Innovate : Bette Naismith was a terrible typist, but a good painter. That is why she would bring small tubes of paint to the bank where she worked to cover up her typos. Playing with various formulas, she eventually invented Liquid Paper at home, on her kitchen table.

Creating a new product or a way of doing things is a tried and true way to grow from small to big. Innovation gives companies what is known as the “first mover’s advantage,” and that in turn allows them to own a new market.

Be unique : If you want to take your business to the next level then one thing you should concentrate more energy on is your X Factor, that is, that one special thing sets you apart and makes you stand out from the crowd .

Think about the businesses you like best. Don’t they so something special, unique, different, something out of the ordinary? That is their X factor. Figuring out what your X factor is, and then putting extra effort into it, can go a long way to taking you from small to big.

So the upshot is that there are lots of ways to go from small to big, companies do it all the time. The real trick is to pick a strategy that fits your business and your business plan, one with integrity. Do that, and your growth chances are much better.

Today’s tip : One last thought: Plan Big. Notice I didn’t say “Think Big.” Most entrepreneurs have no problem thinking big. But what growth companies do is plan big . They create a team, figure out their X Factor, find strategic partners, come up with a plan, and execute on those big ideas. That is how you go from small to big.

As we get into the full swing of summer and you begin to look forward to taking that much needed 2 week vacation to the Bahamas let’s take a step back and put some things in perspective. You probably work a minimum of 9-5, 5 days a week right? If you work less than that, well my friend you are luckier than most. But what about 39 year old Lee from South Korea who can only spend 10-15 minutes a day with his kids because he’s gone from 5:30AM to 11:00PM six days a week. Oh yeah and he only gets 3 days off a year.

Here are the top hardest working countries and the average number of hours worked per year:

1. South Korea – 2,357

2. Greece – 2,052

3. Czech Republic, Hungary, Poland – tied with close numbers in the 1,900-2,000 range

So next time you want to duck out early on a Friday, be thankful you can and make sure you really DO enjoy that nice long vacation!

Eve Tahmincioglu who writes the Your Biz Blog over at MSNBC.com had a great post today where she enlisted the help of business coach Dan Murphy, president and founder of The Growth Coach , to help cast some rays of hope down upon businesses that are suffering recession doldrums. I thought I might help spread the word a bit.

His tips are sure to help you regain a sense of perspective and lead you to taking active steps in maintaining your business. His advice comes in the tried and true form of the acronym: M.A.S.T.E.R. (as in MASTER your business)

M is for Marketing. In good times and bad, marketing should be the highest priority for the owner and the business. Marketing is about attracting, serving and retaining customers. Work smart to keep what you have. Sell more to your current customers. Attract new customers. Marketing is simply on-going education to your customers, prospects and referral sources of why it’s in their best interest to do business with you.

A is for Ask Others for Help. Now is not the time to be the strong, lone-ranger. Be strong and smart enough to ask for help. There is strength in numbers and better ideas. Ask your customers — "How can we better serve your needs. What additional needs could we serve?" Ask your franchisor support team for strategies. Ask your CPA for some expense control strategies. Ask your internal team for ideas on how to grow revenues, decrease costs, better serve customers, etc. Ask other entrepreneurs what they are doing in tough times — adopt and adapt their strategies to your business.

S is for Slow Down & Plan. Stop being busy about nothing. Get strategic. Slow down, face reality, think about your situation and do some planning. They need to create a one-year game plan but break it into 90-day action plans and keep everyone accountable for implementing the plan.

T is for Tough Decisions. Wake up! Now is not the time to be everyone’s friend or to maintain the status quo. You are the head coach and have to make some bold calls and even change up the roster. Your first goal is to survive and be in a position to thrive. Cut expenses and reallocate for marketing — dare to invest in sales and marketing. Cut loose non-performing employees. Redeploy more people to the front lines — sales and marketing. Fire customers that cost you money. Ask others who benefit from your business & success to share in the tough times with you and reduce their costs — CPAs, printers, vendors, suppliers, advertising channels, etc.

E is for End Excuses. Everyone needs to be held accountable for results. As owner and head coach, do not accept excuses, only results. You must provide accountability for everyone, including yourself. Lead by example. Just because the economy is tough, that is no excuse to lay down, to give up, and to allow things to happen. Now is the time to dig deeper, hustle, and out maneuver others. Get more creative. Do not play the role of the victim. Accept the truth that things are a bit rough. So what? The rough economy is not the real problem, your not confronting the problem and taking new actions is the problem.

R is for getting Re-Focused. Like a champion sports team, every one of your team members should have absolute clarity about their role, responsibilities and goals. They should not confuse being busy with accomplishment. Get them focused. Be honest and frank with your team — if sales are down, give them the facts. Everyone, from receptionists to managers, needs to face reality and positively go about improving on that situation.

Many brick and mortar stores have learned by now that they need to have a website in order to compete in today’s internet driven consumer marketplace. What many of them haven’t figured out yet is that there is much more to using the internet to draw in customers than simply having a website with store hours and information on it.

It is becoming increasingly important for businesses to make themselves available for customer reviews. Sites such as Amazon.com use the customer review system to sell products. Yelp.com uses the same concept but allows consumers to review actual businesses. This type of instant feedback is valuable to the business as well as potential customers. Studies show that consumers trust peer reviews 83% of the time while experts are trusted only 63% of the time.

If you put your business out there for customer reviews expect both good and bad. Take the time to contact all reviewers if you can. This will likely improve your overall rating and bring in a considerable amount of extra business from people who check these sites frequently and write reviews themselves.

Nevertheless, it happens. Many an entrepreneur finds him or herself going and going – until one day they just blankly stare at their desk or office space and feel lost and empty.

This is called entrepreneurial burnout. Essentially, the well of creativity and energy that has been running your business has run dry. This doesn’t mean you need to close shop or change business avenues – it simply means that it’s time to take a break, step away and recharge.

If you are a sole proprietor, or run a small business, running away for a few days or a week may not be an option. Let’s take a look at a few ways to do a little on-the-job recharging.

* Watch Your Hours – While all people who run their own businesses work an immense number of hours, you need to make sure you are not overworking yourself.

Too many hours of work will make you tired, sap your energy and make coming to work a monotonous chore, not something you love.

Instead, see if you can restructure your hours, or hand off some of your chores. The key is to work an acceptable amount of hours and still have time off to enjoy life.

* Add Something New – Have you thought of making some changes to spice things up? Perhaps you can look into starting a new product line.

Maybe you can add a new look to your office or any of a number of other changes that may be mulling around in your mind. This may be a great time to make those changes.

In addition to changing the look of your business, or adding new offerings for your customers, it will give you something new and exciting to see when you come to work.

* Reclaim Your Creativity – Many business owners, when they first started their companies, came up with new ideas, products and paths every day.

Over time, your job may have changed to being in charge of piles of paperwork and other boring things that involve no creativity. Can someone else do those tasks?

It may be time to hire an employee to take over some of the work that is dragging you down – so you can focus more on your creative side that got you into this business in the first place.

* Seek Education – A great way to become inspired to take your business to the next level is to see what is happening in the rest of your industry.

Book a trip to a trade show or convention and see what similar companies have to show and offer. Seeing new items and ideas may help kick start your creativity again and help you think of new directions and opportunities for your company.

Take a look at your competition and find your “angle”. Something different and unique. Chances are, your competition is all very similar, and are using the same old selling points to attract customers. Just like any successful actor knows, getting people to remember your name, your look, or your image is what keeps them coming back for more. And the same holds true for companies and their products. Any car can get you from place to place, but certainly a Hummer has a different image than a Volvo or a Ferrari. And it’s that definitive image that has each brand standing out in the marketplace and appealing to a certain group of customers.

Once you have decided on your company image, it’s time to play the role of agent and start promoting it. Hard work can pay off with “gigs” in magazines, newspapers, local news, blogs, websites, etc. Just because you never worked for a fancy Madison Avenue PR firm doesn’t mean you don’t have the chops to get your company mentioned again and again and again. Start sending out press releases, email blog writers, and email sell sheets to editors and online reviewers. And just like in show business, it just takes that one “role” or mention, to start a snowball effect all across the nation. We all remember Alex Tew, the Million Dollar Homepage guy – that all started from a few blog mentions!

You’ll find that doing PR for your company gets easier once you get past the first few. You can then use those mentions as examples to show other potential media platforms, showing them how easy it is to write a sensational piece about your company or product. And, more importantly, that there is a newsworthy component that readers are interested in.

So now that you know the real star potential of your company, it’s time to play the role of agent and get your destined-for-stardom company in the spotlight. Most business owners never think of their company in this way, which may also be the reason why most businesses within an industry all seem to market themselves in the exact same way. Now that you have the methods to make your business shine, you’ll need a scrapbook to hold all the magazine and newspaper clippings!

The federal government defines a franchise as a business relationship that has 3 specific characteristics. Number one there is a common trademark. Number two, there is a level of operational support or help and training and one company has significant operating control over another company where in decision making or operational policies and procedures. Third, the franchisee pays a minimum of $500 in the first six much for any fees, royalties, shared advertising costs, training fees, or equipment fees.

Being classified as a franchise means that your business is subject to State and Federal laws which spell out specific operating guidelines for disclosure, time periods for buying and selling franchises, and other regulatory requirements. If your business only has 2 of the 3 characteristics of a franchise then you are not considered a franchise and not subject to the stipulated regulations. Before you go trying to not incorporate one of the three main features of a franchise think carefully about how this characteristic will impact your business.

* Common Trademark is a difficult piece to circumvent. One of the advantages of a franchise is the marketing synergy you gain when you have franchises. Brand name and recognition all increase when you have the same name of business. Trying to circumvent this and having companies with separate names causes you to lose the branding you gain through franchising.

* Operational Support & Control is one of the key advantages of a franchise. McDonald’s is perhaps the most famous example of this. Because of Ray Kroc’s fanatical insistence on standardization a McDonald’s cheeseburger is the same in California as it is in Rhode Island. Growing your market segment through similar businesses you have no control over is a difficult proposition.

* $500 in charges in the first 6 months seems easy enough to get around, just delay the payments. This work around has been tried literally and in a court of law. While laws vary from State to State cases have been brought before the court regarding the delaying of franchising fees and the bottom line is if it looks like a franchise, operates like a franchise, but delays fees and royalties for however long it is still a franchise. Additionally, you would have to be very very comfortable with someone to let them operate under your trademark, with your policies and procedures, for at least 6 months at no charge for anything or essentially no charge(less than $500).

While it is possible to grow your business without franchising you need to be very careful and pay particular attention to all applicable laws. Before considering stepping out in this direction check with your attorney and tax professional to ensure you are compliant with all State and Federal Laws.