Beyond the First Small Business

Once an entrepreneur makes a success of one business, there’s a dangerous tendency to think he can duplicate his efforts in another business, and then another, and another. Spreading yourself and your resources over a number of ventures can impair your ability to deal with financial and other challenges. Aside from stretching finances, getting pulled in too many directions can deplete a business owner’s time and energy, making it difficult to maintain the core business that brought about the initial success.

The key to avoiding this killer is to know your abilities and be sure to keep enough energy, cash and focus to maintain your core business. When you’re tempted to spread your wings and become a raving capitalist, the first question to ask yourself is how much time, energy and money you can afford to invest.

  1. Assess Your Current Situation. The time to consider branching out to own different ventures is after you’ve made your core business successful and honed your time management to the point that you have time to invest in other things. A starting point to investing is to take a close look at where you’re at with regard to the core business. Is it running smoothly? Where is it at in the growth cycle? How much of your time is needed currently to run the business? Will it require more of your time and energy in the future?

Continue reading Beyond the First Small Business

Small Business Lessons from a Writer’s Conference

In June, my wife and I attended the Summer in Words Conference in Cannon Beach, Oregon. The conference was hosted by Jessica Page Morrell, author, writing coach, and freelance editor. After reading a couple of Jessica’s books, Thanks, But This Isn’t For Us and Bullies, Bastards and Bitches, we hungered to draw more from Jessica’s well of editorial wisdom.

To me, writing is both a passion and my business. Jessica’s conference attracted successful and aspiring writers from Canada and the US, and was a feast of insights for artists and entrepreneurs.

Whether you’re writing a book or running a business, there’s never a shortage of naysayers. Jessica’s selection of speakers served up a smattering of realism balanced by a healthy dosage of encouragement. As I enjoyed the teachings for writers, my mind repurposed them to my business. Here are a few of the takeaways that I found to be helpful to my writing and my business.

  1. Experienced authors told us that they do a lot of research, but ignore most of it and use only the most relevant findings. Researching a business idea entails a lot of searching, massive reading, and then sifting to separate the best from the rest.
  2. Promotion of a book begins at least six months prior to its release or launch date. Promotion of a small business begins well before opening day.
  3. You save money by defining your niche clearly. A lot of money is wasted by attempting to market to a poorly-described audience. In business, it’s more efficient to target your advertising and marketing on a smaller, clearly identified customer.
  4. Write the book you want to read. Create the business you want to buy from.
  5. A book is an investment, not a hobby. A business is an investment, not a hobby.
  6. You are the boss; be in control. Whether writing or managing your small business, you must learn to work at your craft or career, even when you don’t want to.
  7. Much of a writer’s work is a lone journey, just as a lot of the fundamental work of building a small business is done solo.
  8. Let others critique your work, and then decide whether to use the input. Use feedback from unsophisticated sources judiciously. Give more importance to feedback from professionals.
  9. Once you’ve begun, there’s a tendency to get mired in the technical and mechanical aspects of writing. This is also true in business. Most writings and business ideas begin with a gust of intuition. Perhaps the most important advice I heard was “don’t lose the gut feeling that spawned the writing.”
  10. If you have a dream, don’t give up on it. If you give up on a book, it never gets written and your dream dies. Only if you write the book does your dream have a chance of coming to fruition. Similarly, giving up on a business idea is a sure way to killing it. Keep writing and keep working toward achieving your dreams.

Jessica Page Morrell’s books are rich resources for authors and the Summer in Words Conference was time well invested. We’re already plotting to attend next year. You can learn more about Jessica at her blogs, http://thewritinglifetoo.blogspot.ca/ and http://jessicamorrell.com/

If you’re an author who would like to grow your writing business, join us for the Business Planning Online Workshop Sept 24.

To Business Plan or Not: Is That Really the Question?

After coaching many people through the eye of the business planning needle, I’m intrigued and bewildered by the gap between “what business planning is” and “what people seem to think it is.” Time and again I see intelligent people going to great lengths to avoid business planning when it’s exactly what they need to navigate the complexities of start-up.

Whether they admit it or not, those who succeed in business do some sort of planning – or hire someone to do it for them. The pieces of a successful business don’t fall into place perfectly by themselves without some kind of high-level roadmap to get them flying in formation. The elements of success come together because someone—usually the business owner—plans, agonizes, organizes, pampers, and weaves the threads together to achieve the desired positive result.

So, what is this aggravation called business planning? Continue reading To Business Plan or Not: Is That Really the Question?

Join us for the Business Planning Online Workshop

Access Powerful “Hands-on” Training, Research Your Business Idea and Write Your Business Plan!

Join the RiskBuster Team for the Business Planning Online Workshop. Master business planning and market research skills and techniques so you can confidently start or grow your business! Use your business planning skills to develop a business plan you can use to start a business, grow an existing business, attract investors or leverage funding. You will learn how to research competitors, complete market research, develop the basis of a marketing plan and create one or more 3-year financial projections.

You’ve heard it said that four out of five new businesses fail in their infancy. That’s a scary statement. We think it’s misleading. We think it should go like this – four out of five businesses that fail to plan fail.

The top value of the Business Planning 2012 Online Workshop is that you become the expert for your business by building your own business plan. Working your way through a business plan gets you grounded in your business and takes you to opening day with confidence. The business plan removes much of the guesswork, freeing up your energy to focus on serving customers and making money.

In 30 years of owning businesses and coaching others to start businesses, I have learned that there are five essential keys launching any business: Continue reading Join us for the Business Planning Online Workshop

Your Business. Your Plan. Your Way.