Cultivating Connections

How networking can build your business

(Family Features) Business is built on relationships. For many entrepreneurs whose small businesses are thriving, successful networking is one of the most common threads.

Making connections and building relationships are among the most beneficial aspects of networking with other small businesses, according to more than half of the respondents in a survey by The UPS Store. This is especially true among younger business owners, who are more likely than their older counterparts to take advantage of networking opportunities with fellow small business owners.

Not only do they crave these connections, 61 percent of small business owners say they want to establish in-person relationships. Attending networking and meetup events is a great way for entrepreneurs to form new relationships, share experiences and celebrate their hard work. In honor of National Small Business Week, The UPS Store will offer several networking events to facilitate small business connections. The following tips can help small business owners make the most of networking events.

Practice your “elevator pitch.” When introducing yourself, be prepared to give a brief explanation of your business, boiled down to a couple of sentences. Be sure to include your business name, the solution you provide and anything that makes you unique. The key is to deliver enough context that others can engage in meaningful conversation, while keeping it succinct enough that you have plenty of time to listen. If you think your elevator pitch is perfected, submit a 90-second video describing the business or idea to enter The UPS Store national Pitch Off contest at theupsstore.com/pitchoff for a chance to win $10,000.

Be prepared to participate. Successful networking is as much about giving as it is receiving. Ask open-ended questions and be prepared to listen to what others are saying. Actively participating not only leads to more productive conversations, it helps build stronger relationships

Embrace the competition. It may feel counterintuitive to forge a relationship with a direct competitor, but there’s some obvious benefit to trading notes with someone who is operating in your market from a similar vantage point. Remember, while neither of you is going to give up proprietary information, a respectful dialogue may get your wheels turning to think about solving a problem in a new way.

Represent your brand well. A networking event is intended to be social, but it shouldn’t be treated casually. You are every bit the face of your business in this setting as you are within your business walls. Dress the part and present yourself as you would to potential customers. Make sure you have updated business cards, as 75 percent of survey respondents said they are the most common marketing tool used to promote their business, and any other printed materials such as brochures or fliers that showcase your business.

Retain your newfound knowledge. After meeting a handful (or more) of new people, all the faces and names can run together. When you get back to your desk, take some time to make notes on everyone you met. Include pertinent contact information and details of your conversation, areas where the connection may be fruitful in the future and any immediate follow-up.

Find networking opportunities and more ideas to grow your small business at theupsstore.com/smallbizsalute.

Photo courtesy of Getty Images (business people socializing)

SOURCE:
The UPS Store

Bring Your Idea to Life

5 tips for starting your own business

(Family Features) Like any idea, the great ones come when you formulate a plan and turn that idea into action. Starting your own business can be stressful and demanding, but also both personally and professionally fulfilling. Getting a business up and running takes planning, smart financial decision-making and backing, and stacks of paperwork, but these tips can help guide you through the development stage and help you ready your idea for unveiling.

Create a Business Plan
To get started, create a simple overview of the business you intend to start. This plan will be your roadmap moving forward and should include a mission statement, a company executive summary, a list of services and/or products offered and their costs, a target market analysis, an organizational structure, financial projections and expected cost of operations. Remember, this is a fluid process, so keeping it simple at the beginning may be beneficial in the long run.

Finance Your Business
Whether you plan on self-funding your business – be it through savings, credit cards or personal loans – or looking for other sources of start-up income, i.e. grants or venture capitalists, you’re going to need funding to get your idea off the ground. If you don’t have the capital to fund the venture yourself, look for investors who share your passion and that you believe you can work with or aid in the form of research grants or small business loans backed by the government.

Determine the Legal Structure
Decide on which form of ownership is best for you: sole proprietorship, partnership, Limited Liability Company, corporation, S corporation, nonprofit or cooperative. Owning your own business comes with federal tax obligations related to the type of business entity you establish. Often, during the infantile stages of your business, it can best serve you to register as a sole proprietor – which comes with less paperwork and upfront expenses. Acting as a sole proprietor does carry personal risks, however, so be sure to consult an attorney prior to finalizing the ownership structure.

Choose a Name and Location
Regardless of whether your business will be brick and mortar or online, deciding on a name that best suits your product or service and appeals to your intended audience is an important step. Once you’ve picked a name, select a location that offers opportunity for growth, proximity to suppliers, accessibility to customers and an acceptable level of competition, then check to see if the domain name is available online and make sure it is usable in your county and state. If it’s available, register it with the county clerk, secure the domain name and register a trademark at both the state and federal levels.

Register for Taxes, Licenses and Permits
When starting your business, you need to account for city licensing, state incorporation, business entity fees and more. Conduct a thorough search beforehand to determine applicable filing fees. In addition to fees, your business will have to pay certain state, local and federal taxes, including income taxes and employment taxes, based on the legal structure of your company. You’ll also need to obtain any licenses or permits, potentially including city or county business permits, liquor licenses or zoning variances.

Find more tips for starting and managing a small business at eLivingToday.com.

Cultivating Connections

How networking can build your business

Business is built on relationships. For many entrepreneurs whose small businesses are thriving, successful networking is one of the most common threads.

Making connections and building relationships are among the most beneficial aspects of networking with other small businesses, according to more than half of the respondents in a survey by The UPS Store. This is especially true among younger business owners, who are more likely than their older counterparts to take advantage of networking opportunities with fellow small business owners.

Not only do they crave these connections, 61 percent of small business owners say they want to establish in-person relationships. Attending networking and meetup events is a great way for entrepreneurs to form new relationships, share experiences and celebrate their hard work. In honor of National Small Business Week, The UPS Store will offer several networking events to facilitate small business connections. The following tips can help small business owners make the most of networking events.

Practice your “elevator pitch.” When introducing yourself, be prepared to give a brief explanation of your business, boiled down to a couple of sentences. Be sure to include your business name, the solution you provide and anything that makes you unique. The key is to deliver enough context that others can engage in meaningful conversation, while keeping it succinct enough that you have plenty of time to listen. If you think your elevator pitch is perfected, submit a 90-second video describing the business or idea to enter The UPS Store national Pitch Off contest at theupsstore.com/pitchoff for a chance to win $10,000.

Embrace the competition. It may feel counterintuitive to forge a relationship with a direct competitor, but there’s some obvious benefit to trading notes with someone who is operating in your market from a similar vantage point. Remember, while neither of you is going to give up proprietary information, a respectful dialogue may get your wheels turning to think about solving a problem in a new way.

Represent your brand well. A networking event is intended to be social, but it shouldn’t be treated casually. You are every bit the face of your business in this setting as you are within your business walls. Dress the part and present yourself as you would to potential customers. Make sure you have updated business cards, as 75 percent of survey respondents said they are the most common marketing tool used to promote their business, and any other printed materials such as brochures or fliers that showcase your business.

Find networking opportunities and more ideas to grow your small business at theupsstore.com/smallbizsalute.

Photos courtesy of Getty Images

SOURCE:
eLivingToday.com

What's In A Name? The Six Essential Elements You Need To Know

Selecting a name for your new business is not easy. A name does more than identify your company. It tells customers who you are, what you do, and more than a little about how you do it. Your name differentiates you from your peers, peaks customer interest, and invites further investigation -- if you do it right.

I didn't do it right. At least, not at first.

All entrepreneurs make mistakes, and I made one of my first ones right off the bat. Thrilled with the fledgling business I was starting, this precious enterprise so near and dear to my heart, I christened my company Diadem Communications. Diadem means crown-- a fitting name for what I felt was a
crowning achievement.

What does Diadem say to you? Does it evoke thoughts of me coming into your company, training your sales team to be the best booth staff ever, ensuring that every single trade show you attend turns out to be amazingly successful? Does it make me sound so good that you just can't wait to hire me?

No. It doesn't say that to me either. And even worse, it didn't say that to any of my potential customers. Going by name alone, no one would be able to determine the least bit of information about me, my company, or the services we offer. The name said nothing, and it did nothing for me.

The name had to go. More importantly, it had to be replaced by something effective. How do you come up with an effective name? Consider these six elements:

An Effective Name:

1. Tells Who You Are: Your name should reflect your identity. This is an essential aspect of branding. You'll be promoting this name, getting it in front of as many eyes as possible as often as possible. How do you want the public to think of you?

For some, that means integrating your personal name into the name of your business. This is very common in some professions: legal, medical, and accounting leap to mind.

Others prefer a more descriptive name. One successful small baker runs her business under the name "The Cookie Lady" because that's how her first customers identified her. It's doubtful that most of the customers even know her first name (It's Pat) but everybody in her market knows "The Cookie Lady".

2. Tells What You Do: It's incredible how many company names give little, if any indication of what type of work the organization actually does. Take the following examples:

Can you tell me what any of these companies does? Of course you can't. They're relying on customers already knowing who they are (a tricky proposition for new businesses!) or by having their name found in 'context', such as a yellow pages or on-line business directory.

3. Tells How You Do It: Words are very powerful. By carefully selecting what words you use in your name, you can convey a great deal about your company's image. Consider the names of three different massage and bodywork centers:
All three companies are providing the same service: massage therapy. Yet the first appears to favor a more medical approach, the second, a dreamy, luxury approach, and the third focuses on fast service.

4. Differentiates You From Your Peers: Your company name is the first opportunity to tell customers how you differ from the competition. This can be done by emphasizing what makes you unique, pinpointing what aspect of your products and services can't be found anywhere else -- or that you do better than anyone else.

Consider the massage therapy example we looked at in number three. Each organization clearly has a different focus and approach to their customer base. They're attracting different types of clients, who are seeking fundamentally different approaches. All of which is conveyed in less than five words.

5. Peaks Customer Interest: Creating customer interest is an art and a science. Think carefully about your target audience. What qualities of your services are of the greatest import to your customers? What kind of words are likely to appeal to them?

Emphasize the important qualities in your name. For example, busy homeowners are drawn to the inherent promise of speed offered by "Bob's Instant Plumbing" while a reader in search of a good mystery will gravitate toward "Crime Pays Books".

Word choice is also important. Two yarn shops can both specialize in specialty fibers, but the one who labels themselves "All Hemp All the Time" will draw in a decidedly different crowd than the one named "Natural Beauty: Organic Yarns".

6. Invites Further Investigation: Customers are funny creatures. What one group finds to be funny and engaging turns another group off. You want your name to be inviting and approachable -- as those qualities are perceived by your target audience.
The best example of this may be seen in the individual investor segment of the financial services industry. Charles Schwab has spent years cultivating a classic, formal image -- but now that the consumer base is changing from 'old people with money' to 'everyone with a 401K', Charles Schwab has launched the "Talk to Chuck" campaign in an effort to be more approachable.

Make sure your name doesn't intimidate customers away! Some industries are more formal than others, but adopt pretension at your peril.

After following a series of simple step-by-step instructions to match my corporate identity with my service offering, I came up with the quintessential name: The Trade Show Coach. This name instantly tells customers what I do - assist companies with trade shows - and a little of the manner in which I do it - coach, rather than dictate, direct, guide, or organize.

See the difference? So did the buying public, some of who quickly became my best customers. The same thing can happen for you -- if you pick the right name.

Author Bio
Written by Susan A. Friedmann,CSP, The Tradeshow Coach, Lake Placid, NY, author: "Meeting & Event Planning for Dummies," working with companies to improve their meeting and event success through coaching, consulting and training. For a free copy of "10 Common Mistakes Exhibitors Make", e-mail: article4@thetradeshowcoach.com; website: www.thetradeshowcoach.com

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