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Archive for May, 2010

5 Steps to an Effective Buzz Piece

May 18th, 2010 :: Thursday Bram

A great buzz piece can make marketing much easier. A report or a white paper can turn cold calls into warm calls — just offer to send prospective customers a free report about their industry. A few weeks later, you can follow up and start discussing business. That same report can get you inbound links from blogs and news sites covering your industry. It can even help establish you as an expert — someone for the media to contact with questions.

To achieve all of that, though, your buzz piece has to be absolutely spot on. Whether it takes the form of a report, a tip list or even a workbook, you have to make it as effective as possible. These tips can help you prepare the best buzz piece you can.

Be relevant to your customers: You may have a list of ideas that you would find incredibly interesting, but you have to make sure that your buzz pieces are interesting to your prospective clients, not just to you. If, for instance, you sell sporting goods, you might find a report on which brands sell best to be very interesting. But your customers would much rather see tips on getting their gear ready for next season. If you aren’t sure, ask a couple of your existing customers if they’d be interested in reading the buzz piece you’re putting together.
Hire help, if you need it: You may think that putting together your buzz piece all on your own is the best route, but there is value to be had from hiring someone for at least part of the work. A designer, for instance, can make sure your buzz piece doesn’t look like it was put together in Microsoft Word. There’s a world of difference that taking a document out of Microsoft Word can provide.
Don’t just rehash old information: A few buzz pieces are little more than compilations of statistics easily found anywhere. Even if you aren’t in the position to do original research on the topic you’re writing about, you have to add something to the buzz piece. Analyze the data you’re including, if nothing else.
Make your buzz piece available for free: When I say free, I mean it. I’m not just talking price, although no good buzz piece comes with a price tag. It shouldn’t come with strings attached, either. The temptation may be to request contact information from anyone who wants to download it, but even something as simple as a request for a name and email address can derail many prospective readers. Instead, make it very easy for a reader to follow up with you. Include all of your contact information in your buzz piece.
Push your piece yourself: Putting a truly amazing report online is no guarantee that anyone will actually look at it. However, if you start getting it out to people who will actually care about the contents, such as bloggers who cover your industry, you can quickly build up the buzz that was your goal in the first place.

Image by Flickr user Foreign and Commonwealth Office

Tags: buzz piece, Inbound Marketing, report, white paper
Posted in small business | No Comments »

The Perils of Using Personal Credit Cards to Fund Your Business

May 18th, 2010 :: Steven Fisher

In my last post, I talked about funding your business with your retirement account. Now while that may at first seem crazy, there are some cases it can work but you must be careful. Other ways people have funded their business have involved using their personal credit cards. Yes, you might have heard amazing stories of entrepreneurs and filmmakers who did this and it worked out for them. That is a rare case. I know because about 8 years ago I did this and ended up with $80,000 in personal credit card debt that I almost couldn’t pay off.

When Things Are Good You Don’t Think Twice. But You Should More Than Ever.

Back in 2000 the stock market was roaring and Internet businesses were the bubble of the day. I had started my business in 1999 and we were doing product development and marketing for technology companies. We had tons of startups and a few big tech companies. The big companies paid well and on time while the startups tried the whole cash and stock thing (we did bite on a few and I will never do that again) so in general things were good. We grew to 15 people and then it happened. First with a “uh oh” 400 point “adjustment” on the NASDAQ in March 2000. It was the beginning of the tech bubble bursting but we didn’t know it yet. By the end of the year many of our startup clients were struggling to pay their bills and many collapsed. Still we had to meet payroll and keep the lights on. Since we were not yet two years old as a business I could not get a line of credit but I could sure get personal credit cards.

That is when I started down the slippery slope. I used my own credit cards.

Mid-way into 2001 I was using them on a revolving basis and while things were getting tight we able to get by with our larger clients who still needed to launch products, had cash flow and couldn’t hire the talent they wanted because people were still chasing dot-com dreams.

Then the bottom fell out…

On September 11, 2001 it was a beautiful morning. Crisp and cool fall air with not a cloud in sky in DC or New York. I was supposed to be in New York that day for the Risk Waters Financial Technology Congress on technology security at Windows on the World in the North Tower. I decided that day to sleep in and stay in Baltimore since some colleagues would be there later that day and I had other projects that needed attention. I drove into work not knowing what had happened and that day my entire staff and I walked to a corner bar to watch everything happen.

About a week after the attacks, most businesses and people were still in a state of shock. All of my clients, especially the larger ones, froze their contracts and payments. This caused a chain reaction with vendors like my company. Since we couldn’t get paid, we couldn’t pay our bills or our employees. Looking at the financials I realized we had about two months of cash flow left so I had to make a decision – keep going with a reduced staff and hope that things get back on track or stay the course and run off the cliff. I chose the former and talked with everyone very frankly together. We all decided we would finish what projects we had that month so the company could get paid eventually and give everyone severance for a month and time to find other jobs.

After Laying Everyone Off, I had $80,000 to pay off personally. Ouch.

Mixing up the credit cards with personal and business stuff was a nightmare for my accountant. After all that I still had $80,000 in personal credit card debit to pay off. Eventually, recievables did get paid and I was able to get things under control but I was lucky. I would never recommend this to any one unless you had a hold on a check for a few days and really had no other choice and even then I would wait a few days.

Use Them as a Tool, Not Financing

I agree with Jeremy Vohwinkle on About.com that “credit cards do have their place in business just as they do in personal finance. They are a convenient way to make purchases and potentially receive cash back or other rewards. What you have to realize is that you should treat a business credit card just like you would a personal card. Only charge what you can afford to pay back, keep interest rates low, and make payments on time.” So true.

Some Great Thoughts and Links on Credit Cards and Small Business:

About.com Financial Planning

Entrepreneur.com on Startup Financing

FoundValue on Finance

Great Tips on Precautions of Using Credit Cards to Finance Your Business

Posted in Uncategorized, UnintentionalEntrepreneur | 6 Comments »

The Truth About References in the Social Media Age

May 18th, 2010 :: Robin Ferrier

by Robin Ferrier

It used to be easy. A company asked for references. You provided the names and contact information of those people you knew would say good things about you. Simple, right?

Not anymore.

In case you didn’t realize it, in today’s social media-permeated world of LinkedIn and Facebook and Twitter, it’s a lot easier for a hiring manager to get the “unofficial” scoop on potential job candidates. And it’s being done. I promise.

Just to prove my point, here’s an example from my personal life that supports this theory, even if it doesn’t involve a hiring situation. One of my colleagues was looking to connect with someone from a local biotech company. They asked if I knew anywhere there. I didn’t. However, a quick search on the company’s name via LinkedIn showed that I had a 2nd degree connection to someone from that company. A simple email to my connector point and a few days later I had a lunch meeting set up with that 2nd degree connection. It was that easy.

And if it was that easy (and quick) for me to make that connection, you can bet that recruiters and hiring managers are doing the same thing to check up on you and your past. They’re doing it to check up on how well you did at your internships, your summer jobs, your college activities…

So what does this mean?

It means you’d better work your a** off – and look to prove yourself – at everything you do, even when you’re “only” in college or “only” working a summer job. And even if that summer job is “only” manual labor.
It means you’d better conduct yourself professionally when you’re leaving a company for your second job. (And yes, there is a right and a wrong way to give notice and leave a job. More on that in another post.)
And it means information you think is private online isn’t. Because who knows if a friend of mine is a friend of yours and has access to your supposedly private pictures or musings on Facebook. (Of course, if you haven’t picked up on that fact yet, maybe you should just stop reading now!)
And it means that all bets are off when it comes to references these days.

Disconcerting? Yes. But it’s reality. And it’s just another reason you’d better realize that what you do = who you are = your personal brand = your reputation = your chances of getting hired.

And it makes me all the happier that all this social media hoopla didn’t exist when I was leaving college!

Robin Ferrier is the editor of What’s Next, Gen Y? and Communications Manager for the Johns Hopkins University Montgomery County Campus. She is also the President of the Capital Communicators Group and the co-chair of the Marketing Committee for the Tech Council of Maryland. She has inadvertently become a frequent career / professional / job hunt resource for friends and colleagues due to a career path that has included five jobs in 12 years.

Tags: Facebook, job hunt, Job Search, networking, Personal Brand, References, Reputation, Robin Ferrier, social media
Posted in Job Search, Networking, Personal Brand, References, Robin Ferrier, social media, WhatsNextGenY | No Comments »

Clients Who Can't Be Polite

May 17th, 2010 :: Thursday Bram

I once had a client who wouldn’t talk to me if there was a man in the room. He wasn’t directly my client — I try to only work with clients who are happy to see me — as I was simply a sub-contractor on his project. But I’d meet with both the client and the actual contractor on a regular basis throughout the contract. Throughout the meetings, the client would only communicate with the contractor, who happened to have a Y chromosome.

It was a religious matter: the client was an ultra-Orthodox Jew. But, as it happens, I’m Jewish, and have interacted with many other ultra-Orthodox Jews who found ways to be polite, despite religious constraints on how they should respond to women. The client in question was essentially choosing not to be polite. Describing it as a religious matter wasn’t entirely accurate — rather, it was more of an excuse for bad behavior.

Handling Clients Who Can’t Be Polite

The obvious response in such situations is simply to avoid working with clients who give every indication of not being interested in working with you. But the reality of the situation is not always so simple, unfortunately. My less-than-civil client was not actually my client. I’d signed the contract with someone I was quite comfortable working with. There were many considerations that meant that simply tearing up the contract wasn’t an option — not least of all is the fact that I make it a point of pride to complete projects as contracted. And, as many new business owners can sympathize, I simply wasn’t in a financial position to turn down paying work, no matter how distasteful it was.

If there’s no way to get out of working with an unpleasant client, then there’s simply the option of getting the work done and the project over with. That’s exactly what I did. I actually beat the deadline to get that project done and in by a week and a half. I also took some steps to limit our interaction: I worked out a deal with the contractor who was ultimately responsible, allowing me to minimize the time I spent in meetings with the client.

Avoid These Clients, When You Can

After my part was done, I told the contractor that, while I would happily work on other projects with him in the future, I wanted to stay away from this client (and clients like him) in the future. As it turns out, the lack of politeness was just one characteristic of a client who turned out to be major trouble. I can’t claim that all impolite clients are bad news, but a client who can’t find away to work agreeably with you may have other problems down the line. In the case of this client, that trouble turned out to be an attempt to stiff the contractor I worked for, which just led me to reinforce my policy of not working with clients who couldn’t afford to be polite.

Image by Flickr user Bruce Berrien

Tags: client, polite, religion
Posted in small business | No Comments »

Women in Business: Turning a Layoff into a Golden Opportunity

May 17th, 2010 :: Monika Jansen

I first met graphic designer Margo Wolcott in September 2009 at a weekly meeting of the Business Network International (BNI) group that she belongs to in northern VA. Though I disappointed her a bit by not joining the group, she and I have collaborated on several projects together, and it has always been a pleasure. She is creative, responsive, versatile and flexible, so it’s no wonder that her company, MW Studio, has been growing at a quick clip for over a year now. She started her company during a recession and has weathered this recession very well. A key to her success? Networking!

Margo Wolcott

I was part of a layoff in mid-2003 – another recession. I started freelancing while I was looking for a full-time job and after a few months realized that I really enjoyed working for myself. So I made a website for my business and printed up some business cards. By the end of the year, I stopped looking for full-time work. My husband realized that I was doing well with finding clients, and told me “If this is what you want to do, then I’m behind you 100%”. That’s all I needed. I officially launched MW Studio in January of 2004.

Being my own boss is very rewarding and empowering. I am able to talk directly to my clients without having to get feedback filtered through an account executive. This allows me to provide better service and design. I can do things the way I want to without having to answer to anyone other than my clients. However, being the only person responsible for the success or failure of this business is intimidating! The key is to use that fear to drive me to do the things that scare me, like public speaking.

[I have grown my business through] networking, word of mouth and referrals from clients, friends and my network group members. I have done very little print advertising, only a couple of ads. I’m starting to get into social media and will be volunteering with some organizations to get my name out there to new markets.

Lessons Learned

There are plenty of things that I could have done better, but in doing them, I learned, so I don’t regret any of it. I do wish that I had sought out more mentors though. Many times, I felt as though I was in this all on my own.

Looking Ahead

MW Studio is entering a major growth mode. I want to grow the business so that it can provide the sole source of income for my family. Then maybe I can convince my husband to come work for me! I see the company expanding into new target markets and taking on larger projects.

Advice for a New Business Owner

Figure out what you want, stay focused and don’t give up!

As told to Monika Jansen via email.

Tags: graphic design, Marketing, networking, small business success, women in business interview, word of mouth marketing
Posted in Interviews, Marketing, small business | No Comments »

Finding Nirvana – Book Review of "The Zen of Social Media Marketing" by Shama Hyder

May 14th, 2010 :: Steven Fisher

So are you a “Zen Master of Marketing”? Most likely, no. However, I am confident that after you sit down and read “The Zen of Social Media Marketing” by Shama Hyder Kabani you will feel like you have got a handle on this “social media thing”.

Learning how to get social media to “ACT” the way you want it to

She starts the book with the required basics to lay a foundation for even the newest of social media practitioners. What she then does is lay a foundation for how you approach social media in a 1-2-3 phase methodology called “ACT”. “ACT” stands for “Attract, Convert, Transform” and that forms the core of how you should look at each tool in your social media marketing toolbox. If it can’t help you do that and you don’t have a plan to make it happen then you need to revisit why you are using that tool and get a plan of action together.

Who is this book really for?

From Shama’s introduction she says “if you are responsible for marketing in any shape or form, this guide is written for you. Perhaps you are a small business owner responsible for attracting your own customers or clientele, or perhaps you’re an employee at a huge firm who is responsible for your company’s social media efforts. Maybe you want to get the word out about your nonprofit. It doesn’t matter; the principles are all the same.”

While I would agree with that, I would add that if you are new to social media or have just dabbled in it then this book is perfect for you. If you have been doing this for six months or more you have probably learned many of these things through trial and error. However, in each social media area she covers, there are some in-depth looks that everyone should read. I really like how she dives into the user experience and layout of these applications explaining what each thing is for and why it might be relevant or not for you and your business.

My favorite part of her “who this is for” is how she lays it out for those who the book is not for at all. She says “This guide is not for those who want to become overnight millionaires, internet marketers looking to turn a quick buck, or those looking to grow their Facebook friend count so they can spam those friends.” Love that.

There is Much to Learn and This Book Delivers

As you move through the book you will notice many real life examples and case studies from real small businesses who have seen what works and what doesn’t. That approach makes a book real. Not a lecturing diatribe like some other social media books out there nor a 50,000 fly over of major sections with the usual toolbox suspects (i.e. Twitter, Facebook, Digg). What I really like the most and what I think you will get out of this is that using social media is one part toolkit and two parts conversation/community. It is very clear that not everything will work for you and that you must find your own social media voice to create a solution that is successful for your small business. You will fail but I have saying “if you haven’t failed then really haven’t tried hard enough”.

For More Info and To Buy the Book

As someone that practices what she preaches she has a great online and social media presence for the book. You can find the web site for the book at http://zenofsocialmedia.com/

She also has provided bonus resources for those who know the secret passphrase, but you will have to buy the book to find that out. You can find the book online at all major outlets below:

Tags: Facebook, Marketing, small business, social media, Twitter
Posted in Entrepreneurs, Marketing, small business, social media, Thought Leadership | No Comments »

Pitch Your Idea for a new business, blog or website and Win $50,000

May 13th, 2010 :: Steven Fisher

Pitch your idea for a new business, blog or website and you could win $50,000 and the ideal .CO web address* to make it a reality.

Recently, we announced the global launch of the .CO domain. While it has been the domain for the country of Columbia, it is now available for the first time outside of that country.

To support this launch, the site Pitch.CO has a contest asking for your best business idea pitch and you can win $50,000. Here are the details:

Pitch it

Whether you’ve got a full plan ready to launch or just a few half-baked ideas drawn on the back of a napkin, it’s time to make your pitch! Clear your calendar for 30 minutes, get ready to focus and put your best pitch forward. Don’t worry about making it perfect – just have fun and make it happen. You’ll need the following details:

A 60-second video or an image that will inspire

Nothing gets people inspired like hearing a great new idea directly from you.
A catchy title for your idea

Half the battle in any contest is getting people to pay attention. How will you do it?
A little plan

This is where the rubber meets the road. How does your idea come to life (in 1,000 characters or less)?
Your ideal .CO web address

This is your chance to get the .CO web address you really want – choose wisely.
Tell us about you

Charm the voters and judges with a little story about yourself and your background.

Promote It

Once you enter the contest, use our easy promotional tools to start marketing it everywhere. Share it with your friends, update your status, tweet about it, call your relatives, tell a stranger, whatever it takes to get people to vote for your entry on Pitch.co! The top 30 vote-getters will be advanced to the finals where they will join a maximum of 8 pitches selected by the judges. Voting ends on June 14, 2010 at 11:59pm EST.

Win It

Grand Prize (1)

$25,000 in cash
$25,000 in web design/development services
1 ideal .CO web address to build it on*

Runner Ups (5)

$500 in cash
1 ideal .CO web address to build it on
*Subject to the .CO Launch and Registration Rules

Enter to Win!

So let’s get started! Go to http://pitch.co/submit or click on the button below. Good luck!

Disclaimer: Any .co domain including those mentioned in your contest entry may be registered by any member of the public after the sunrise period ending on June 10, 2010.

Tags: Pitch, Website
Posted in small business | No Comments »

Can Someone Else Tell Your Company's Story?

May 13th, 2010 :: Thursday Bram

The story of how I came to be a business owner is very personal: my own entrepreneurial drive grew out of working for the businesses owned by my parents, grandparents and other relatives. When I talk about my company, those experiences help me to explain why I approach problems the way that I do, why I want to work with certain kinds of clients and even how I’ve chosen the services and products I offer.

But when I need help with marketing — when I need someone to help me tell my business’ story — I can face a problem. Having someone else share that sort of story is difficult, at best. When you consider how many small business’ value is based on the expertise of the founder or trust in one particular person, having someone else market that expertise or make promises based on that trust is incredibly difficult.

But it’s not impossible

Any number of companies have found ways to bring in help with marketing. The big sticking point seems to be be social media: there are plenty of social media specialists who will happily set up a Twitter account or a Facebook page for you. The problem is that asking them to provide content for those accounts day in and day out is not only expensive but ineffective. Social media, just like networking, relies on a deep understanding of how your business operates. Both current and prospective customers may reach out to you through social media, asking for questions that only someone who is involved in your business on a day to day basis can answer.

Furthermore, one of the most critical reasons to build up a presence for your business online is to convince customers that they’re dealing with a real company with real people, rather than with just a series of zeros and ones. You can do so by providing insights into how you operate, what day-to-day activities look like for your company and so on — but an outsider may not know those critical details.

Finding a storyteller

In order for your story to be told effectively by someone who is outside of your company, you need a very talented storyteller. The person that you bring in to help you with marketing, whether it’s online or off, needs to be as familiar with your business as possible. If you’re working with someone who doesn’t ask too many questions about your business, you may not be working with the right person.

It’s also important to be proactive about providing that information. Put together as much information about your business, how you operate — even the reasoning behind your decisions — as you can. If you can educate the people helping you to tell your story about the details that make it up, your social media and other marketing efforts will be that much better, even if you aren’t working with someone who’s been in on that story from the beginning.

Image by Flickr user photobysg

Tags: Marketing, social media, storyteller
Posted in social media | 10 Comments »

All good things must come to an end

May 12th, 2010 :: Robin Ferrier

by Patrick Madsen

Image: CarbonNYC / David Goehring Flickrstream. Creative Commons

Finishing up this stage of your life seems like the easiest thing to do, but many forget to look at what’s involved with the next stage. Life after college can become a real bear if you are not ready for it. Many of you are beginning to feel the pinch of student loans coming soon, to worry about the big move to somewhere new, or even to fret over the lack of a job to transition into. Stress will creep into your mind, this is normal—but there is something you can do to lessen the effects it may have. Prepare yourself as early as possible.

Thinking about the future is always the hardest part because you are never sure what you are leaving out or forgetting. Let’s generally talk about what you are going to need:

Budget: No longer can you just spend money on whatever you want at the moment. Bills will begin to fall on your lap – not only for those pesky student loans, but also for rent, utilities, and food… you know, all those things mom and dad used to cover! Create a budget so you can figure out how much money you’ll have left over each month after you pay your bills.

Insurance: Make sure you have health insurance, car insurance, renters/home insurance, and even disability insurance. Extras could include vision, dental, and even maternity insurance. If any of these are not included in your benefits package, then you might want to measure the pros and cons of having it.

Sharpen the saw: Keep mentally, spiritually, and physically fit. Exercise and proper nutrition, no how busy you are, will assist you in coping with stress and living a healthier life. Remember to use those vacation days! They exist for a reason.

Office Politics/Culture: Observe your surroundings and find where you fit in. Do not come in like a gangbuster and expect to change the world. Remember there are formal and informal rules throughout each job. Pick your battles… your job is not your life!

Thinking of the future: At some point you are going to want to retire… or will be forced to. Consider your future when planning your budget or career. Start saving now. Think about IRA plans, mutual funds, stocks, and a comprehensive portfolio to make sure you are comfortable as you age. Remember to plan for extras such as family, car breakdowns, moving expenses, sudden illness, or whatever else life throws our way.

Let me leave you with a few things my father liked to bore into my mind. Remember, this is a man who has been in the work world for more than 35 years — most of those years with the same company. He has had many experiences and passes these experiences on to my siblings and myself. So here they are for you:

10 commandments of my dad

When you get done with work, be done.
Be prepared for the working world.
Understand what it is you want from life and take it.
Have a life.
Network, network, network.
Continue to learn new things so that you never get bored or stuck.
Respect your boss, don’t kiss ass.
Don’t be the same as everyone else. Those who are different get seen the most.
Relax… after all, what’s the worst that can happen?
Sometimes we have to do things we don’t like… SOMETIMES

Have a lesson you’ve learned from a parent, professor, friend, or your own working world experience? Add it below in the comments section.

Patrick Madsen is the Director of Programs & Education in Career Services at the Johns Hopkins University Carey Business School. He manages the Programs & Education curriculum to include career advising services, speaker series, brand management training, and other events to help students prepare themselves for the world of work. His background includes a degree in Psychology from North Carolina State University, a masters degree in Counseling from East Carolina University, and a doctorate in Organizational Leadership/Student Affairs from Nova Southeastern University.

Tags: first job, graduation, insurance, Life Transition, networking, Patrick Madsen, Personal Brand, post-college, reitrement, Reputation, Working World
Posted in Life Transition, Networking, Patrick Madsen, Personal Brand, WhatsNextGenY, Working World | 1 Comment »

Women in Business: Transforming a Shoe and Accessories Store at the Beach into a Year Round Shopping Destination

May 12th, 2010 :: Monika Jansen

My parents, God bless them, had the foresight to buy property in the early 1970s in what has become the exclusive beach resort town of Avalon, NJ. One of my friends “down the shore” owns the adorable designer shoe and accessories shop Boutique Bellissima. Because it’s a seasonal town, operating a successful and profitable business poses its own set of unique challenges. Here’s the story of how Danielle O’Hara got into the shoe business, what she’s done to reach clients and build her business, and what advice she’d give to burgeoning business owners.

I was working as a realtor in Spring of 2006 when I found out that the local shoe store was for sale! I was so super excited as I was a Fashion Merchandising Major in college at FIT in New York and the real estate thing wasn’t going quite as planned. Owning a boutique was my dream. I didn’t expect an opportunity like this to come up so soon after graduating college and moving to Avalon. I thought it was now or never so I jumped on it. I made the decision to buy the store in early summer and worked at the shoe store all summer long. To complicate things just a little, I found out I was pregnant two days after making settlement on Bellissima. The store was all mine in September.

Being my own boss has been both a blessing and a challenge for me. Although I love the freedom that comes with owning my own business, I find it hard to manage my time and balance responsibilities. It took some time for me to give up control and delegate tasks.

Reaching—and Keeping—Seasonal Clients

Boutique Bellissima Named 2008 Best Women's Accessories by Fox Philly

Image courtesy of Boutique Bellissima

The previous owner of Bellissima spent a lot of money on print advertising. When I first bought the business I continued advertising in local Avalon publications as well as publications that targeted the greater Philadelphia and South Jersey area. I found this to be extremely expensive and not very effective. My situation is unique in that I am a seasonal store in a resort town. I was trying to turn my store into a year round business by advertising to areas north of Avalon where there are more “year round” people. Getting local support has been a challenge to say the least.

I am now more focused on advertising to my summer clientele. I still use print advertising but stick to it only in summer months when my customer is already here to see it. I have a website and also use social networking sites like Facebook and Twitter to promote the store. Facebook has proven to be very effective. I post pictures of all new merchandise that comes in the store weekly. I sell a lot this way but I also get my customer excited to get to Avalon to come shopping at the store.

Lessons Learned

Honestly, the only thing (and it’s a major thing) that I would have done differently is that instead of buying an existing store I would have started from scratch and opened my own store. I would have been able to create my own image from the beginning rather then keeping up with an image already in place. I would have also researched the shoe business a little bit more before I decided to buy the store. This business is extremely challenging because of the exorbitant inventory costs.

Diversify to Grow

My immediate goal is to diversify my product offering to appeal to a broader customer base. I am bringing in some smaller ticket items such as jewelry, small leather goods, candles, bath and body, and children’s shoes and clothing. I think this will increase sales tremendously this summer as well as bring different people into the store. I am hoping this will drive shoe sales also.

Ultimately, I would like to open a second location in a populated more year round area. I would like to be known as an accessory boutique rather then just a shoe store. I would also like to expand on my baby and children’s merchandise. A little less shoes and a little more of everything else so there is something for everyone at every price point.

Hiring and Customer Service Are Key to Success

My advice to a small business owner would be to hire people to do all of the mundane tasks so you can focus on what is really important in your business. I have learned to hire people to do the smaller tasks so I can focus on buying the merchandise. This is what I am good at and this is what will drive my business. I cannot be consumed by all of the daily tasks that add up or I will lose focus on my main objective. You have to pick one aspect of the business that you are strongest at and keep your focus there.

Another piece of advice is to keep building great relationships with your customers. I have so many customers that are now friends. Building a business is all about building relationships. Providing exceptional customer service is something I take great pride in.

As told to Monika Jansen.

Tags: advertising, Branding, retail business, seasonal business, small business, social media
Posted in Interviews, small business | 8 Comments »