Discovering Your Inner Samurai Blog

Loan for Your Start-up?

Today . . . I am thinking about this question that came in from one of our readers about whether to get a start-up loan or not?

If you have a small business question that you'd like for me to answer, let me know.

Q: Susan, should I take out a loan to get my business started up or not?

A:  Whatever you do, don't take out a loan to get your new business started up unless you have a guaranteed client or customer base to start with. Why? Because a loan is debt. And to start out your business with debt spells disaster, unless you have clients and customers waiting in the wings.

Problem: During our current recession economy, I've seen far too many women-owned businesses go belly-up because women relied on loans and other soft monies to start up, only to blow through that money without giving a thought to securing a client base beforehand.

Solution: Secure your client and customer base first, before you start up. Then, calculate your start-up expenses, plus five years, based on your guaranteed sales. This way, your start-up expenses will be manageable and you won't need a loan!

Not what you were expecting me to say, was it?

Do you have any other suggestions? If so, leave a comment and let us know. And, if you have a small business question that you'd like for me to answer, let me know.

 

    

 

 

Susan L. Reid
Inner Samurai Business Expert

Award-winning author of Discovering Your Inner Samurai: The Entrepreneurial Woman's Journey to Business Success

Purple Cow Marketing

Today . . . I am thinking about this question that came in from one of our readers. Mareya wanted to know if I would recommend a good niche marketing book. 

If you have a small business question that you'd like for me to answer, let me know.

Q: "I don't know where to begin. There are so many marketing books out there and they all have a chapter on niche marketing, but I'm overwhelmed with which one to chose. Do you have a good niche marketing book you'd recommend for me to read?

A: Yes. Purple Cow! 

It's an oldie and goodie.

One of the first marketing books I read when starting up my small business was Seth Godin's Purple Cow. What I found absolutely intriguing was his concept of "putting a purple cow into everything that you build and everything you do, to create something truly noticeable."

What he means by purple cow, is to create something that is truly remarkable--a product or service that will be remarked on, remarked about, remarked to. Something that is phenomenally amazing, never thought about it that way before, over the top fantastic!

 Cows, after all, are not remarkable. After you've seen the black ones, the brown ones, the white ones, and every combination of cows with black, brow, and white spots, you've just about seen them all. Unless you are on a long road-trip from the east to the west coast playing some 'I spot a . . . .' car game in the middle of the mid-west, cows are not remarkable. In fact, they are boring. 

Though, imagine if you are traveling along I 81 and your spied a purple cow standing in the middle of a corn field chewing on grass. Wouldn't that catch your eye? Wouldn't that make you stop your car, wake up the kids snoozing in the back seat, and get out and oooo-n-ahhhh? Maybe even take a family pic or two with the cow? Maybe even call the National Enquirer--can't you just see the headlines:  "Purple Cow Spotted Along I 81 in rural Virginia".

 Well, that's exactly the concept that marketing guru Seth Godin puts across in his Purple Cow book. In fact, he does it so well that each time one of my clients gets ready to work on niche marketing, I send them a copy of his book as a gift. One read of this book and my clients are convinced that this is the marketing strategy for them.

Best wishes discovering your Purple Cow!

Do you have any other suggestions? If so, leave a comment and let us know. And, if you have a small business question that you'd like for me to answer, let me know.

Susan L. Reid

Inner Samurai Business Expert

Award-winning author of Discovering Your Inner Samurai: The Entrepreneurial Woman's Journey to Business Success

 

Test Your Idea Out by Blogging

Today . . . I am thinking about this question that came in from one of our readers. Tammy asked about a good way to test her idea without spending a lot of money. 

If you have a small business question that you'd like for me to answer, let me know.

Q: "I have an business idea that I think will really be beneficial to a lot of people. However, I don't have a lot of money to test my idea out. Is there a way to test my idea without spending lots of money?"

A: Yes. It's called blogging.

When you're trying to do what you love and don't have a lot of money to invest in product research, one of the best ways to get feedback on your business idea is by blogging about it.

Why? Because by making your business idea public, you'll get immediate feedback. And that feedback is is the most valuable thing you can get whether floating a new idea, considering a product improvement, or upgrading a service.

Now, I'm not talking about blogging to everyone, just to a select 100 or so people who you know will wrangle with your idea and give you instant feedback. That's pure gold.

Take your cue from Steve Jobs: “So when a good idea comes, you know, part of my job is to move it around, just see what different people think, get people talking about it, argue with people about it, get ideas moving among that group of 100 people, get different people together to explore different aspects of it quietly, and, you know – just explore things.”

Be brave. Go for it. Put your idea out there.

Good luck!

Do you have any other suggestions? If so, leave a comment and let us know. And, if you have a small business question that you'd like for me to answer, let me know.

Susan L. Reid

Inner Samurai Business Expert

Award-winning author of Discovering Your Inner Samurai: The Entrepreneurial Woman's Journey to Business Success

How to Find Clarity Amidst Confusion

Today . . . I am thinking about this question that came in from one of our readers about how to find clarity when you're confused and the answers aren't coming.

If you have a small business question that you'd like for me to answer, let me know.

Q: "Susan, how do your find clarity for your business when you're uncertain and confused?"

A: A confused mind always shuts down and says "no" and there's nothing you can do to force a confused mind to come-up with answers. 

However, there are some things you can do to open your mind for clarity.

You can pave the way for clarity for yourself by taking these five steps:

Step 1 - Tell yourself that the answer already lies within and that clarity will be bubbling up to the surface very soon.

Step 2 - Affirm to yourself that the best possible outcome is already in place, waiting for you to align with it.  

Step 3 - Write on a pad of paper all the things you're grateful for knowing, now. There's nothing like copping an attitude of gratitude to get clarity rolling.

Step 4 - Take control of your life by repeating to yourself: I will no longer let someone/something get in the way of my happiness. I know that all is well in the world and the Universe is conspiring for my greatest good.

Step 5 - Stay unattached to outcome. This way, the winds of heaven can dance and deliver the outcome and knowing that is best for you.

How's that?

Do you have any other suggestions? If so, leave a comment and let us know. And, if you have a small business question that you'd like for me to answer, let me know.

Susan L. Reid
Inner Samurai Business Expert

Award-winning author of Discovering Your Inner Samurai: The Entrepreneurial Woman's Journey to Business Success

10 Things to Do in Your First Year of Business to Ensure Success

  This question came in from one of our readers. It's a great question for new business owners with their eye on the prize. If you have a small business question that you'd like for me to answer, let me know.

Q: What is the most important thing to do in your first year of starting up your business to ensure its success?

A: Congratulations on starting up your business! And even more so for looking beyond your start-up and asking the question that will lead to your success. Here are my suggestions:

1.    If you haven't created your business plan, do it now.

2.    Don't let yourself get sidetracked from your business plan. There will be lots of distractions that will make it seem like deviating from your business plan is a good idea. Don't be seduced. Work the plan.

3.    Keep the big picture in mind. If unemployment is at 10%, that means that 90% of the market is gainfully employed and spending money.

4.    Remember that everything cycles. Keep moving forward.

5.    Make sure you differentiate yourself in the market. Create an apples and oranges comparison and convey the contrast to your market.

6.    Stick with your core values. Remember why you are in business and what values are important you.

7.    Be transparent and honest in your dealings with people. During your first year, honesty will matter. Being a good person will matter. Being authentic will matter. Integrity earns trust.

8.    Master social networking to create inbound marketing.

9.    Keep things simple your first year. Don't over-complicate solutions, make situations more complex than they are, or react when you have the power to respond.

10.    Unplug from your business one day a week. I know. I know. There will be lots to do your first year. Your tendency will be to do whatever it takes to get things done. In addition to working long and hard, though, your business also needs you to refresh and renew yourself. Schedule one day a week off and stick to it.

Let me know if this was helpful, or if there is anything more you'd add. If you have a small business question that you'd like for me to answer, let me know.

Susan L. Reid
Inner Samurai Business Expert

Award-winning author of Discovering Your Inner Samurai: The Entrepreneurial Woman's Journey to Business Success

Hot Business Tip - Test Your Idea Out by Blogging

Today . . . I am thinking about this question that came in from one of our readers. Tammy asked about a good way to test her idea without spending a lot of money. 

If you have a small business question that you'd like for me to answer, let me know.

Q: "I have an business idea that I think will really be beneficial to a lot of people. However, I don't have a lot of money to test my idea out. Is there a way to test my idea without spending lots of money?"

A: Yes. It's called blogging.

When you're trying to do what you love and don't have a lot of money to invest in product research, one of the best ways to get feedback on your business idea is by blogging about it.

Why? Because by making your business idea public, you'll get immediate feedback. And that feedback is is the most valuable thing you can get whether floating a new idea, considering a product improvement, or upgrading a service.

Now, I'm not talking about blogging to everyone, just to a select 100 or so people who you know will wrangle with your idea and give you instant feedback. That's pure gold.

Take your cue from Steve Jobs: “So when a good idea comes, you know, part of my job is to move it around, just see what different people think, get people talking about it, argue with people about it, get ideas moving among that group of 100 people, get different people together to explore different aspects of it quietly, and, you know – just explore things.”

Be brave. Go for it. Put your idea out there.

That's this week's hot business tip.

Good luck!

Do you have any other suggestions? If so, leave a comment and let us know. And, if you have a small business question that you'd like for me to answer, let me know.

Susan L. Reid
Inner Samurai Business Expert

Award-winning author of Discovering Your Inner Samurai: The Entrepreneurial Woman's Journey to Business Success

How to Get a Woman Business Enterprise Certification

Today . . . I am thinking about this question that came in from one of our readers. Sally wants to know about how to become certified as a woman-owned business

If you have a small business question that you'd like for me to answer, let me know.

Q: "I have a woman-owned business and am wondering how to get a WBE certification. What are the steps?"

A: Woman Business Enterprise (WBE) certification can be an advantage when bidding for business from corporate or government organizations.

It's not a guarantee of getting new business. However, it could help you get your foot in the door. 

In addition to meeting other criteria, a woman owner must:

• Own and control at least 51% of the business.
• Be a U.S. citizen or legal resident.
• Serve as President or CEO (if those positions exist).
• Be active in daily management.
• Pay a non-refundable fee of $300 to 500, depending on business location.

The certification process is lengthy and takes 60 to 90 days from the time you send in your application packet. To find out if this certification is right for your business, visit either of these websites:

Women's Business Enterprise National Council  or National Women Business Owners Corporation.

Let me know how it goes for you!

Do you have any other suggestions? If so, leave a comment and let us know. And, if you have a small business question that you'd like for me to answer, let me know.  

Susan L. Reid
The original Accidental Pren-her™
Award-winning author of Discovering Your Inner Samurai: The Entrepreneurial Woman's Journey to Business Success

The Keys to Pricing Your Product Right

Today . . . I am thinking about this question that came in from one of our readers. Belinda is in the middle of starting up her business and wants to know the best way to determine pricing for her services.

If you have a small business question that you'd like for me to answer, let me know.

Q: "How do you determine pricing for your services?"

A: Whether you're selling a product or offering a service, figuring out how much to sell your product or service for is key to business success.

Anne Field wrote an informative, straight-foward article at American Express OPEN Form on "The Keys to Pricing Your Product Right."

In this article, Anne speaks to the heart of the matter:

You might be selling the most spectacular product in the world—but price it wrong, and you could still go broke. Too high, and you’ll scare off potential customers. Too low, and you’ll hurt your profitability.

To figure out how to do it right, read the rest of "The Keys to Pricing Your Product Right."

Happy reading!

Do you have any other suggestions? If so, leave a comment and let us know. And, if you have a small business question that you'd like for me to answer, let me know.  

Susan L. Reid
The original Accidental Pren-her™
Award-winning author of Discovering Your Inner Samurai: The Entrepreneurial Woman's Journey to Business Success

Women Entreprenuer Facing Fear? What Fear?

   Today . . . I am thinking about this question that came in from one of our readers. Chelsey wants to know about ways to deal with fear when starting up a business.

If you have a small business question that you'd like for me to answer, let me know.

Q: "Fear is constantly nagging at me. How can I overcome it?"

A: No matter what you're starting up, be it a relationship, business, or weight loss program, you will feel fear.

As a woman entrepreneur, how you deal with fear makes all the difference to your start up success.

Whether it's the fear of failure, fear of not being good enough, or fear of rejection, everytime you start something up you need to know how to deal with fear.

I like Alex Bugusky's approach to fear and failure.

Alex Bogusky - the big ole advertising executive and founding partner of Crispin Porter - whose balls to the walls mentality of "fear as the mortal enemy of creativity, innovation and happiness" - recommends that you simply erase fear and failure from you mental database.

"You create a fearful culture where you spend a lot of time looking at where you screwed up," he says. Instead, his company has bred a culture in which success is celebrated, and failure is forgotten. Take a look at what he has to say in this video, then head over to Alex Bogusky's Posterous blog to hear more.

Do you have any other suggestions? If so, leave a comment and let us know. And, if you have a small business question that you'd like for me to answer, let me know.  

Susan L. Reid
Small Business Start-up Expert
Award-winning author of Discovering Your Inner Samurai: The Entrepreneurial Woman's Journey to Business Success

Three Steps to Creating a Perfect Marketing Funnel

Today . . . I am thinking about this question that came in from one of our readers. She's been in business for a couple of years and wanted some suggestions about what to put into her marketing funnel.

If you have a small business question that you'd like for me to answer, let me know.

Q: What's a marketing funnel and what goes in it?"

A: A marketing funnel is a visual representation of the actual products and services that you are offering your prospects. The point of a marketing funnel is to keep people flowing down from the top of the funnel to the bottom. As you go deeper into the funnel your products and services will be priced higher and higher, until you get to the bottom where your highest priced offering awaits.

Here's how it works: Picture a funnel—wide and open at the top and tiny and narrow at the bottom. At the top of the funnel is where you want to get as many prospects in as possible. At the bottom of the funnel is your highest priced product or service. In the middle are in-between levels and prices.

Three Steps to Creating Your Marketing Funnel

Step one: Get your prospects into the funnel by offering them something free, such as a special report, e-Book, e-Zine, PDF chapter from your book, intro teleclass, or tip sheet. The important thing to keep in mind when creating your free offering is that it must be of value to your prospects. In other words, it must be something that they want. In exchange for signing up to receive your freebie, you get their names and e-mail addresses (leads).

Step two: Strategically fill the middle of your funnel with information products and other programs to sell. This will give your prospects the chance to "sample" you and get to know you at a lower price point before committing to your highest priced product or service at the bottom of the funnel.

10 Information Product Ideas for the Middle of Your Funnel

•    Audio Programs (MP3s or CDs)
•    Books
•    E-Books
•    Home Study Courses
•    Special Reports
•    Teleclasses
•    Teleseminars
•    Video Programs (MP4s or DVDs)
•    Webinars
•    Workbooks

Step three: Choose 2-3 high priced and highly sought after products and services for the bottom of your funnel, such as, private consultations, extended coaching packages, weekend live workshops, or a year-long personal mentoring program.

That's it!

Do you have any other suggestions? If so, leave a comment and let us know. And, if you have a small business question that you'd like for me to answer, let me know.   

 

 

Susan L. Reid
The original Accidental Pren-her™
Award-winning author of Discovering Your Inner Samurai: The Entrepreneurial Woman's Journey to Business Success

Business Made Easy - LLP vs LLC

Today . . . I am thinking about this question that came in from one of our readers about what the difference is between an LLP and LLC.

If you have a small business question that you'd like for me to answer, let me know.

Q: Dear Inner Samurai, I'm debating between whether to register my business entity as an LLP or LLC. What are the pros and cons of both? 

A: Excellent question!

As you know, everyone starting up a business needs to decide which business entity is best for them.

Although the differences between an LLP (Limited Liability Company) and an LLP (Limited Liaility Partnership) looks to be rather like splitting hairs, once you know how these two entities are created and what legal protectsion and benefits each offers, you'll be able to decide which one is best for your business.

Articles of Organization

Both LLCs and LLPs are created by filing Articles of Organization or Formation with the appropriate state government agency-typically the Secretary of State for the state.

Although the paperwork varies, in terms of formation, forming an LLC closely resembles forming an LLP. And often the Articles of Organization or Formation consist of a simple one- or two-page form where the organizer of the new entity "fills in the blanks."

Legal Protection

LLCs and LLPs offer, basically, the same legal protection. Both entities shield owners from liability related to the operations of the entity.

However, each state has laws that governs the particulars of the legal protections offered by LLCs and LLPs. And in some jurisdictions, an LLP may have or may be required to have one partner whose personal liability is not limited.

FYI: The owners of an LLC are called members and the owners of an LLP are called partners.

Tax Benefits

In general, both LLCs and LLPs do not require the business to pay income taxes on its profits. Instead, the income, deductions, and associated taxes just "pass through" to the owners/partners of the entity. In otherwords, the tax liability is passed on to the owners/partners and they are personally responsible for paying any taxes on gains.

What to Consider When Deciding Which Entity Is Best for You

Deciding on the best entity formation for your business will depend on the state in which you live, your personal circumstances, and the way you are proposing to run the business.

In some states, some types of businesses are not permitted to use either an LLC or LLP as their business entity. For example, one of the reasons that large law and accounting firms are LLPs is that they can be an LLP in every state, yet can't operate as an LLC in every state. So check with your state to make sure an LLC or LLP is allowed.

The case for an LLC: If the total capital to start up your business belongs personally to you, as an individual, and you alone are going to be responsible for its operations and all future decisions, it is better to form an LLC. This will limit your liability to the extent of the capital you have invested.

However, if you have made any personal guarantees while arranging loans or credit for your business, these guarantees can force you to extend the force of your personal assets to any liabilities that the LLC incurs.

The case for an LLP: If you will be including any other partner in the running of your business, either because you need your partner's finances, intellectual, or other resources, an LLP is the better choice. When that is the case, make sure you put down in writing the extent of the interests each partners has in the Articles of Association or Formation. This will govern the risks and liabilities that each partner will be liable for in case of any losses caused by operations or as a result of any legal action against the LLP.

Finally, it is best to consult with a legal professional before making a decision about which business entity is best for you. Also, talk to your CPA and financial advisor before making the final decision.

Do you have any other suggestions? If so, leave a comment and let us know. And, if you have a small business question that you'd like for me to answer, let me know.

Susan L. Reid
Inner Samurai Business Expert

Award-winning author of Discovering Your Inner Samurai: The Entrepreneurial Woman's Journey to Business Success

Women Entrepreneurs - How Long Does it Take to Get from Start-up to Profit?

Today . . . I am thinking about this question that came in from one of our readers about how long it takes to get from start-up to profit.

If you have a small business question that you'd like for me to answer, let me know.

Q: Susan, how long will it take to make my new business profitable?

A: The traditional answer is: you probably won't see sustainable profit for five years. The optimistic answer is: it takes between 2-3 years to see sustained growth profit.

For most women entrepreneurs starting up a business, the answer lies somewhere in between. And the following three points are important to keep in mind:

• When talking about the success of a start up, slow and steady has a much better chance of winning the race.
  
  
• Startups always take more time and money then expected. Once the business is up and running, plan on a one year roller-coaster adjustment period. This is the time when most new business owners throw in the towel. Don’t!
  
  
• If, however, you manage to make it past the two-year mark, what I call the terrible twos, you can expect to see some stabilization and growth. From this vantage point, you can begin focusing on how to sustain that growth and project profits.

Here's Entrepreneur Magazine's time-line guide for businesses:

•     Year 1: Starting Up
•     Years 2 to 5: Time to Grow
•     Years 5 to 10: Growing to the Next Level
•     Years 10 to Retirement: Managing Maturity
•     Moving On: Exit Strategies

Was that helpful?

Do you have any other suggestions? If so, leave a comment and let us know. And, if you have a small business question that you'd like for me to answer, let me know.

Susan L. Reid
Inner Samurai Business Expert

Award-winning author of Discovering Your Inner Samurai: The Entrepreneurial Woman's Journey to Business Success

Legitimate Work From Home Jobs

Today . . . I am thinking about this question that came in from one of our readers about working from home.

If you have a small business question that you'd like for me to answer, let me know.

Q: Susan, with my children all in school, I now have some time on my hands. I'm not ready to start up a business. However, I am ready to do some work. Do you know of any jobs I can do from home between the hours of 9a and 3p when my children are in school?

Thanks,

Cindy

A: Cindy, working from home can be both personally and financially rewarding. Yet, finding an at-home job needs to considered carefully. Not only because you want to make sure what you do is a good fit for you and your schedule, but also because you don't want to get ripped-off!

Clark Howard (radio host of the nationally syndicated consumer advocate program The Clark Howard Show) has put together a list of work-from-home companies that he has determined to be legitimate.

They range in scale and scope from working from home as a virtual call center to working as a virtual assistants for the military. There are a number of interesting possibilities on his "Would You Like to Work From Home" list.

Check out his list, and, as always, do your own due diligence by contacting the Better Business Bureau to make sure the company you're interested in working for is legitimate and in good standing.

Good luck!

Do you have any other suggestions? If so, leave a comment and let us know. And, if you have a small business question that you'd like for me to answer, let me know.

Susan L. Reid
Inner Samurai Business Expert

Award-winning author of Discovering Your Inner Samurai: The Entrepreneurial Woman's Journey to Business Success

Legitimate Work from Home Companies

Today . . . I am thinking about this question that came in from one of our readers about working from home.

If you have a small business question that you'd like for me to answer, let me know.

Q: Susan, with my children all in school, I now have some time on my hands. I'm not ready to start up a business. However, I am ready to do some work. Do you know of any jobs I can do from home between the hours of 9a and 3p when my children are in school?

Thanks,

Cindy

A: Cindy, working from home can be both personally and financially rewarding. Yet, finding an at-home job needs to considered carefully. Not only because you want to make sure what you do is a good fit for you and your schedule, but also because you don't want to get ripped-off!

Clark Howard (radio host of the nationally syndicated consumer advocate program The Clark Howard Show) has put together a list of work-from-home companies that he has determined to be legitimate.

They range in scale and scope from working from home as a virtual call center to working as a virtual assistants for the military. There are a number of interesting possibilities on his "Would You Like to Work From Home" list.

Check out his list, and, as always, do your own due diligence by contacting the Better Business Bureau to make sure the company you're interested in working for is legitimate and in good standing.

Good luck!

Do you have any other suggestions? If so, leave a comment and let us know. And, if you have a small business question that you'd like for me to answer, let me know.

Susan L. Reid
Inner Samurai Business Expert

Award-winning author of Discovering Your Inner Samurai: The Entrepreneurial Woman's Journey to Business Success

Business Causes Stress in Family

Today . . . I am thinking about this question that came in from one of our readers about how to deal with family stress.

If you have a small business question that you'd like for me to answer, let me know.

Q: "Susan, since starting up my business, the stress level in my family has sky-rocketed. We don't seem to have the time anymore to sit down and talk about what's going on in everybody's life. Do you have any suggestions about how to deal with family stress?

A: Yep. Starting up a business is stressful for most women entrepreneurs I know, and anyone who tells you differently is fibbing!

Please know that even a happily family goes through stressful periods, from time to time. Take heart! Here are two, very easy and fun things you can do right now to open up the lines of communication in your family and relieve the the stress.

1. Communicate differently.

Use refrigerator magnets, a cork board in the kitchen, a white board in the front hall... whatever works for you. Create a central place where family members can share thoughts for the day, post messages, or display school papers and artwork.

2. Make an appointment for enjoyment.

Busy families sometimes feel as if they are losing touch with each other. Make a date for a picnic, a bike ride, or tossing a Frisbee in the backyard. Attend a ballgame or school play together as a family. Or, simply take a walk in your neighborhood together, as a family, to reconnect and spend some quality time together.

Let me know how this goes for you.

Do you have any other suggestions? If so, leave a comment and let us know. And, if you have a small business question that you'd like for me to answer, let me know.

Susan L. Reid
Inner Samurai Business Expert

Award-winning author of Discovering Your Inner Samurai: The Entrepreneurial Woman's Journey to Business Success

First 10 Steps to Starting up Your Home-Based Business

Today . . . I am thinking about this question that came in from one of our readers. She just got her DBA and is all excited about starting up her business. Understandably, she wants to make sure she starts up right, and wants to know what the first steps are to starting up a business, and in what order she should go.

If you have a small business question that you'd like for me to answer, let me know.

Q: "What are the first steps to starting up a home-based business? Is there a certain sequence I should follow?"

A: First 10 Steps to Starting Up a Business

1. Get help. First things first. Don’t try to go it alone. Hire a home business coach, contact SCORE and partner with a mentor, or join a mastermind group focused on starting up a business.

2. Gather your people. A lot of fears may surface during this time. Make sure you have a group of people around you who understand what you are doing and know how to offer support without telling you what to do.

3. Decide what it is you want to do. This is no small task. You must be absolutely sure about the focus of your business and be passionate about it. It is this passion and conviction that will sustain you through the dark moments of doubt and confusion when no one believes in you but yourself.

4. Figure out who your niche market is. One of the best ways to do this is by creating a persona of your perfect client or customer. Figure out what they like, what keeps them up at night, and where they turn for help. Then develop an action plan for connecting with them.

5. Develop a viable product or service. First, make sure that your passion in business is a perfect match to the solutions you intend to provide to your niche market’s biggest challenges. Then, create 2-3 products at different price points that will entice website visitors to buy.

6. Put together a business plan. This is one of the most frequently skipped steps. The most important reason to have a business plan is to clarify where you are taking your business, what you are focusing on, and how you plan to get there.

7. Hire a professional to design and implement your website. Unless you have the design chops to put a website together, don’t try to skimp on money here by doing it yourself. You want a website that looks professional and is optimized with the actual keyword phrases that your niche market is using to find solutions to their challenges.

8. Begin building your mailing list. Rarely do people buy, right off, when they come to your home page. So create a special report, PDF, audio CD, or video that you will give away for free when website visitors opt-in to your mailing list. Do not ask them to sign up for your free e-Zine. No one needs another free e-Zine.

9. Put up a business blog. Make it an extension of your business that further connects you to your niche market. Plan to post 4-5 times a week and put into place an editorial calendar that focuses on four main subjects each week.

10. Brand your business. Branding means increasing the public’s awareness of your business name and logo and creating an image that inspires loyalty and trust in your niche market.

That's it! Follow these ten steps to starting up a business and you will be well on your way to business success.

If you have a small business question that you'd like for me to answer, let me know.  

Susan L. Reid
The original Accidental Pren-her™
Award-winning author of Discovering Your Inner Samurai: The Entrepreneurial Woman's Journey to Business Success

How Do I Accelerate Revenue Generation from Zero?

Today . . . I am thinking about this question that came in from one of our readers about how to accelerate revenue generation.

If you have a small business question that you'd like for me to answer, let me know.

Q: Susan, how do I accelerate revenue generation from zero?

A: The short of the answer is this: Accelerating revenue requires that you stimulate demand for your product while you facilitate the purchase of your product. 

The goal to accelerating revenue is to eliminate any barriers to purchasing that the customer may have. At the same time, being ready to respond with whatever information or motivation is necessary to encourage the customer to take the next step in the buying process.

To accelerate revenue you've got to be willing to put in a lot of time and effort to make things happen. And, you've got to be at the right place at the right time.

The first step in being at the right place at the right time is to make yourself and product accessible through the many free marketing tools in popular use today. Here is just a short list to get your thinking:

• Website SEO
• Public relations
• Blogging
• Social marketing
• Virial video
• Newsletters
• Interactive demonstrations

The point is to make your content and product ready and waiting to be served up, on demand, when needed. 

Was that helpful?

Do you have any other suggestions? If so, leave a comment and let us know. And, if you have a small business question that you'd like for me to answer, let me know.

Susan L. Reid

Inner Samurai Business Expert

Award-winning author of Discovering Your Inner Samurai: The Entrepreneurial Woman's Journey to Business Success

How To Set a One Minute Intention

Today . . . I am thinking about this question that came in from one of our readers about how to get and stay focused throughout the day.

If you have a small business question that you'd like for me to answer, let me know.

Q:  Help! I have the hardest time staying focused throughout my day. I start off in the morning fine. Then, this comes up and that comes up and by the end of the day nothing is done. Just lots of things started. Is there a fun, easy way to stop myself from getting side-tracked?

A: Absolutely! Setting the one-minute intention for the day is one of my favorite ways to stay on track and get a lot done in my day. 

• One minute is all you need to focus your time and attention.
• One minute is all you need to remind yourself of what’s important and what’s not.
• One minute is all you need to revitalize your course and heading.

Intention is one of the most powerful focusing tools that you have, and here's how to do it:

Step 1

At the beginning of your day, grab a piece of paper and pencil, set your timer for one minute, and ask yourself this question: What is the big vision for my day? Then just write the first things that come to you. Never mind about editing, spelling, or structure. Don’t let your left-brain engage with the things that you should get done today. No need to try and figure out how you are going to do this and that.  Just write until the timer goes off. Then sit back and look at the list.

Next, put your list in a convenient place where you can easily access it throughout the day.

Here'swhy it works: By using the phrase “the big vision for my day” you are engaging the intuitive, right-side of your brain that looks at the whole of your day and synthesizes your bigger life picture. 

Left Brain		Right Brain
Logical Sequential Rational Analytical Objective Looks at parts		Random Intuitive Holistic Synthesizing Subjective Looks at wholes

Step 2

Set your timer, watch, or computer to go off at the top of each hour, for one minute. When the beep goes off, take out your piece of paper, look at what you wrote and focus on it and nothing else for one minute. After the one minute is up, put your list away and go about your day, knowing that the left-side of your brain will actively engage in the process of objectively looking at the parts and putting them in a sequential order that is logical. Repeat this step for the duration of your work day.

Here's why it works: Most individuals have a distinct preference for either left or right-brain styles of thinking. By utilizing this whole-brain exercise, you will discover that your production will increase, distractions decrease, and you will feel more energized because you are focused and on-task throughout your day. 

That's all there is to it. 

Have fun!

And, if you have a small business question that you'd like for me to answer, let me know.

Susan L. Reid
Inner Samurai Business Expert

Award-winning author of Discovering Your Inner Samurai: The Entrepreneurial Woman's Journey to Business Success

How Do I Get My Hands on Some of That $30-Billion?

Today . . . I am thinking about this question that came in from one of our readers about how to get in on the Small Business Jobs and Credit Act action.

If you have a small business question that you'd like for me to answer, let me know.

Q:  Susan, with the recent Small Business Jobs and Credit Act signed into law by President Obama a couple of weeks ago, how do I go about getting my hands on some of that $30-billion flying around?

A:  This is a question many women entrepreneurs are asking and Matt Quinn over at Inc.com answered quite nicely:

The Small Business Jobs and Credit Act, which was signed into law by President Obama late last month, offers a fresh source of financing for small firms by expanding the Small Business Administration's programs and creating a $30-billion loan fund administered by the Treasury Department for banks with less than $10 billion in assets.

But if you’re hoping to get your hands on some of that cash, you’ll still need to go through a loan officer, a process that has become extremely difficult for small businesses since the credit crisis.

For a little guidance on what lenders want these days, I recently spoke with Chris Reilly, president of small business lending at commercial lender CIT Group. Click here to read the rest of the article and what Chris had to say in, "What Loan Officers Want."

Get your business plan in order, ladies!

And, if you have a small business question that you'd like for me to answer, let me know.

Susan L. Reid
Inner Samurai Business Expert

Award-winning author of Discovering Your Inner Samurai: The Entrepreneurial Woman's Journey to Business Success

Should You Get A Loan for Your Start-up?

Today . . . I am thinking about this question that came in from one of our readers about whether to get a start-up loan or not?

If you have a small business question that you'd like for me to answer, let me know.

Q: Susan, should I take out a loan to get my business started up or not?

A:  Whatever you do, don't take out a loan to get your new business started up unless you have a guaranteed client or customer base to start with. Why? Because a loan is debt. And to start out your business with debt spells disaster, unless you have clients and customers waiting in the wings.

Problem: During our current recession economy, I've seen far too many women-owned businesses go belly-up because women relied on loans and other soft monies to start up, only to blow through that money without giving a thought to securing a client base beforehand.

Solution: Secure your client and customer base first, before you start up. Then, calculate your start-up expenses, plus five years, based on your guaranteed sales. This way, your start-up expenses will be manageable and you won't need a loan!

Not what you were expecting me to say, was it?

Do you have any other suggestions? If so, leave a comment and let us know. And, if you have a small business question that you'd like for me to answer, let me know.

Susan L. Reid
Inner Samurai Business Expert

Award-winning author of Discovering Your Inner Samurai: The Entrepreneurial Woman's Journey to Business Success

Women Entrepreneurs - How Long Does it Take to Get from Start-up to Profit?

Today . . . I am thinking about this question that came in from one of our readers about how long it takes to get from start-up to profit.

If you have a small business question that you'd like for me to answer, let me know.

Q: Susan, how can I get from start-up to profit in less that one year?

A: The traditional answer is: you probably won't see sustainable profit for five years. The optimistic answer is: it takes between 2-3 years to see sustained growth profit.

For most women entrepreneurs starting up a business, the answer lies somewhere in between. And the following three points are important to keep in mind:

• When talking about the success of a start up, slow and steady has a much better chance of winning the race.
  
  
• Startups always take more time and money then expected. Once the business is up and running, plan on a one year roller-coaster adjustment period. This is the time when most new business owners throw in the towel. Don’t!
  
  
• If, however, you manage to make it past the two-year mark, what I call the terrible twos, you can expect to see some stabilization and growth. From this vantage point, you can begin focusing on how to sustain that growth and project profits.

Here's Entrepreneur Magazine's time-line guide for businesses:

•     Year 1: Starting Up
•     Years 2 to 5: Time to Grow
•     Years 5 to 10: Growing to the Next Level
•     Years 10 to Retirement: Managing Maturity
•     Moving On: Exit Strategies

Was that helpful?

Do you have any other suggestions? If so, leave a comment and let us know. And, if you have a small business question that you'd like for me to answer, let me know.

Susan L. Reid
Inner Samurai Business Expert

Award-winning author of Discovering Your Inner Samurai: The Entrepreneurial Woman's Journey to Business Success

Five Helpful Ways to Keep Worry at Bay

Today . . . I am thinking about this question that came in from one of our readers about what to do when you feel as if you're drowning in worry.

If you have a small business question that you'd like for me to answer, let me know.

Q: Susan, I'm worried all the time and about everything.

I'm worried my business isn't going to ever make a profit, I'm worried that if I keep this pace up I'm going to have a heart attack, worried about my family, worried about finances, and now worried about worrying as much as I do!

I'm feel like I'm drowning in my worry.

Do you have any advice on how I can take back control of my thoughts and worry less?"

A: Worry seems to be widespread there days. Just about every small business owner I know has in one way or another felt the touch of anxiety born from worry. I say that only to let you know that you are not alone, and to let you know that there are some things you can do to put worry in its place.

If something is weighing heavily on your heart and mind, ask yourself: Can I control this thing I'm worried about? If the answer is yes, then it's relatively easy to decide what it really is you want to see happen and then take the steps necessary to get from here to there.

If, on the other hand, you cannot control the situation causing your worry, I have found the following techniques to be helpful:

1. Get involved in an activity to get some relief from your worries.

Activities in which you are physically active and mentally engaged are usually the best. Action activities like gardening, cleaning out your garage, walking the dog, or swimming laps are better at controlling worry than passive activities like watching TV.

2. There's something really comforting about the Serenity Prayer.

Repeat it as many times as necessary when you feel worry gnawing in your gut.

God grant me the serenity to accept the things I cannot change;
courage to change the things I can;
and wisdom to know the difference.

3. Stop the thought.

There's lots of ways you can do this. Some people place a rubber band around their wrist and snap it every time they become aware that a worrisome thought has invaded their calm. Other folks simply shout the word, "STOP!" and immediately re-direct their thoughts to focus on something pleasant. Whatever works for you, the important think is to stop the thought.

4. Put the worries down on paper.

There's something very healing about getting the niggling thoughts out of your head by writing them down in a notebook. It doesn't have the same effect if you type them out on your computer. It's the kinesthetic act of actually writing down the bothersome chatter, then shutting the notebook and leaving it behind you on the table that does wonders for putting worry in its place.

Lastly, if worry really has you worried, then consider seeking the help of a trained counselor or psychologist. There's no shame in seeking help for something as normal as worry. Because worry that goes too long unattended can turn into severe anxiety, panic attacks, and depression. So seek professional help, if needed.

How's that?

Do you have any other suggestions? If so, leave a comment and let us know. And, if you have a small business question that you'd like for me to answer, let me know.

Susan L. Reid
Inner Samurai Business Expert

Award-winning author of Discovering Your Inner Samurai: The Entrepreneurial Woman's Journey to Business Success

Dealing with Family Stress

Today . . . I am thinking about this question that came in from one of our readers about how to deal with family stress.

If you have a small business question that you'd like for me to answer, let me know.

Q: "Susan, since starting up my business, the stress level in my family has sky-rocketed. We don't seem to have the time anymore to sit down and talk about what's going on in everybody's life. Do you have any suggestions about how to deal with family stress?

A: Yep. Starting up a business is stressful for most women entrepreneurs I know, and anyone who tells you differently is fibbing!

Please know that even a happily family goes through stressful periods, from time to time. Take heart! Here are two, very easy and fun things you can do right now to open up the lines of communication in your family and relieve the the stress.

1. Communicate differently.

Use refrigerator magnets, a cork board in the kitchen, a white board in the front hall... whatever works for you. Create a central place where family members can share thoughts for the day, post messages, or display school papers and artwork.

2. Make an appointment for enjoyment.

Busy families sometimes feel as if they are losing touch with each other. Make a date for a picnic, a bike ride, or tossing a Frisbee in the backyard. Attend a ballgame or school play together as a family. Or, simply take a walk in your neighborhood together, as a family, to reconnect and spend some quality time together.

Let me know how this goes for you.

Do you have any other suggestions? If so, leave a comment and let us know. And, if you have a small business question that you'd like for me to answer, let me know.

Susan L. Reid
Inner Samurai Business Expert

Award-winning author of Discovering Your Inner Samurai: The Entrepreneurial Woman's Journey to Business Success

How to Find Clarity Amidst Confusion

  Today . . . I am thinking about this question that came in from one of our readers about how to find clarity when you're confused and the answers aren't coming.

If you have a small business question that you'd like for me to answer, let me know.

Q: "Susan, what do you do to find clarity for the big questions of life when you're uncertain and confused?"

A: A confused mind always says no, one-hundred-percent of the time. Therefore, if you're feeling confused, be easy with yourself. There's nothing you can do to force a confused mind to come-up with answers. 

When I am in a state of confusion, the first thing I do is pave the way for my mind to have clarity. Your mindset is so important! After all, it is your thoughts that create the confusion in the first place, therefore it's your thoughts that can pave the way to clarity. You can pave the way for clarity for yourself the same way I do by taking these five steps:

Step 1 - Tell yourself that the answer already lies within and that clarity will be bubbling up to the surface very soon.

Step 2 - Affirm to yourself that the best possible outcome is already in place, waiting for you to align with it.  

Step 3 - Write on a pad of paper all the things you're grateful for knowing, now. There's nothing like copping an an attitude of gratitude to get clarity rolling.

Step 4 - Take control of your life. I do this by repeating to myself: I will no longer let someone/something get in the way of my happiness. I know that all is well in the world and the Universe is conspiring for my greatest good.

Step 5 - Stay unattached to outcome. This way, the winds of heaven can dance and deliver the outcome and knowing that is best for you.

How's that?

Do you have any other suggestions? If so, leave a comment and let us know. And, if you have a small business question that you'd like for me to answer, let me know.

Susan L. Reid
Inner Samurai Business Expert

Award-winning author of Discovering Your Inner Samurai: The Entrepreneurial Woman's Journey to Business Success

What's an Accidental Prenher?

An Accidental Pren-her is a woman who finds herself starting up a business, perhaps for the very first time. She probably has had no, or very little experience starting up a business, though she may have exhibited early entrepreneurial leanings as a child. It is most likely that she has a dream — something she has been thinking about for a very long time — although she has taken no significant action to foster that dream’s development.

The “accidental” part comes in because most women, when facing starting up a business for the very first time, say that they never anticipated doing so. They may have been happily working in corporate, academic, or other traditional work places for most of their adult lives until something happened. What happened? Some kind of activating event — something big enough that it required them to view life differently from that point on.

For some, they were downsized. For others, they lost their job by getting laid off or fired. Still others decided they wanted more out of life than working for a paycheck, so they quit. Sometimes the activating event was getting married, becoming a mother, or children growing up and leaving home. The loss of a parent or other loved one caused some women to rethink life. Other activating events include divorce, near fatal accidents, recovery from a serious illness, and, as was the case for me, spiritual awakenings.

Whatever the activating event, all Accidental Pren-hers share a common theme. They know that something unexpected has happened to them and that this event is now shaping who they are and what they do.

Do you have any other suggestions? If so, leave a comment and let us know. And, if you have a small business question that you'd like for me to answer, let me know.

Susan L. Reid
Inner Samurai Business Expert

Award-winning author of Discovering Your Inner Samurai: The Entrepreneurial Woman's Journey to Business Success

The “accidental” part comes in because most women, when facing starting up a business for the very first time, say that they never anticipated doing so. They may have been happily working in corporate, academic, or other traditional work places for most of their adult lives until something happened. What happened? Some kind of activating event — something big enough that it required them to view life differently from that point on.

For some, they were downsized. For others, they lost their job by getting laid off or fired. Still others decided they wanted more out of life than working for a paycheck, so they quit. Sometimes the activating event was getting married, becoming a mother, or children growing up and leaving home. The loss of a parent or other loved one caused some women to rethink life. Other activating events include divorce, near fatal accidents, recovery from a serious illness, and, as was the case for me, spiritual awakenings.

Whatever the activating event, all Accidental Pren-hers share a common theme. They know that something unexpected has happened to them and that this event is now shaping who they are and what they do.

Do you have any other suggestions? If so, leave a comment and let us know. And, if you have a small business question that you'd like for me to answer, let me know.

Susan L. Reid
Inner Samurai Business Expert

Award-winning author of Discovering Your Inner Samurai: The Entrepreneurial Woman's Journey to Business Success

Is It Time for Your Business To Expand?

Today . . . I am thinking about this question that came in from one of our readers about how to grow from a small at home business to a larger at home business.

If you have a small business question that you'd like for me to answer, let me know.

Q: "How do you make the jump from a boutique business to a larger business?"

A. If you've been in business for 5 years are more, you're company is doing well, are getting more orders than you can handle, and can check off everything on this list, then yes!

8-Point Pre-expansion Checklist for the Home-Based Business Owner

• Determine if this is a growth spurt or sustained growth. If you have been in business less than three years, what you may be experiencing is a growth spurt. Growth spurts are surges of activity indicating an interest for your product. Don't make the mistake of thinking a spurt is an indicator for future growth. Make sure you are showing steady, increased growth over the past two years.

• Check your bottom-line profit numbers for the past three years. Has your business shown a consistent, steady growth?

• Look at the trends, both economic and consumer. Are there strong indications that your product has staying power? Especially in our current economic market.

• Do you already have in place the necessary administrative and management systems to support your expansion? The last thing you want to do is expand at the same time you're putting them in place. Instead, put them in place beforehand to keep your business running smoothly during the expansion.

• Do a new business plan. Not just an update. You're new business plan will help you determine when it's time to expand, what you need to have in place to make it happen, and how you'll accomplish it.

• Obtain financing. You'll need financing for an expansion. Don't depend on there being an increase in sales during your expansion. More likely, the opposite will be true. Just like when you started up, it will take more time and money than you think to grow, and sales will take time to match your expansion.

• Make sure your website is ready to handle the expansion. Besides having all the necessities for handling increased sales, make sure your product landing pages, home page, and navigation links are all optimized for the search engines and your clients. Your website has to be ready to play with the big boys and girls and must have a professional look and feel to it. Consider hiring a SEO expert to review your site and a copywriter to write great copy for key pages.

• Rev-up your sales to existing customers. Before you expand, boost you revenue by selling more to the customers you already have. You can do this through volume discounts, buy-two-get-one-free offers, and expanding your product line to include complimentary products. This will not only build in excitement and generate income; it will also get you used to handling more.

That's my answer and I'm sticking to it!

Do you have any other suggestions? If so, leave a comment and let us know. And, if you have a small business question that you'd like for me to answer, let me know.

Susan L. Reid
Inner Samurai Business Expert

Award-winning author of Discovering Your Inner Samurai: The Entrepreneurial Woman's Journey to Business Success

Help with Taxes

Today . . . I am thinking about this question that came in from one of our readers. It's tax time, and she wanted to know what small business tax books I'd recommend for her to read.

If you have a small business question that you'd like for me to answer, let me know.

Q: "I need help with my taxes. Do you have any books you'd recommend to help me figure out my home-office deductions?

A: This is a great question and very important consideration at tax time.

Here is a short list of books I've read and currently have on my bookshelf. They are very helpful to me, both in the daily operation of my business and for future planning. The last book is the one I take with me when I go visit my CPA:

1. For many small business entrepreneurial women, Eva Rosenberg is the go-to person for tax advice. Small Business Taxes Made Easy: How to Increase Your Deductions, Reduce What You Owe, and Boost Your Profits, is the ultimate tax book. 
   
2. Although this book isn't very long, Surprisingly Simple: Independent Contractor, Sole Proprietor, and LLC Taxes Explained in 100 Pages or Less, by Mike Piper is an excellent resource for women entrepreneurs.
   
3. Deduct It! Lower Your Small Business Taxes, by Stephen Fishman offers excellent tips on small business deductions.

Happy tax return!

Do you have any other suggestions? If so, leave a comment and let us know. And, if you have a small business question that you'd like for me to answer, let me know.

Susan L. Reid
Inner Samurai Business Expert

Award-winning author of Discovering Your Inner Samurai: The Entrepreneurial Woman's Journey to Business Success

Which Business Entity is Best for You?

Today . . . I am thinking about this question that came in from one of our readers. She is just starting up her business and wants to know what the different business entities are and how to decide what business entity is best for her.

If you have a small business question that you'd like for me to answer, let me know.

Q: "How do I decide which business entity is best for me?"

A: This is a great question and very important consideration for both small business owners just starting up and those wishing to expand.

Here is a brief overview of the seven main business entities available in the U.S.:

1. Sole Proprietorships

These are the simplest and consist of one person who has total control, liability, and rights to sign contracts. No state registration or other formalities are needed.

2. Partnerships with General Partners

These consist of two or more persons equally co-owning a business for profit. Partnerships with general partners can be created without a written agreement. However, it is best to have a written agreement regarding what each partner is responsible for.

3. General Partnerships with Limited Partners

These are formed by two or more persons when the partnership has one or more general partners (someone active in the business and liable for it) and one or more limited partners (an investor who is not involved with the day-to-day management of the business and not liable for more than his or her investment in the partnership).

4. Limited Liability Partnerships (LLPs)

These are formed by two or more persons who file a statement of registration with the state. LLPs provide liability protection for both the general and the limited partners. It is best for LLPs to have a partnership agreement.

5. Limited Liability Companies (LLCs)

These are formed by one or more persons filing articles of organization with the state. LLCs have few required legal formalities. LLCs should have an operating agreement.

6. C Corporations

These are formed by one or more persons and have articles of incorporation filed with the state. They also have bylaws and corporate minutes and may also have a shareholder's agreement.

7. S Corporations

These are formed by one or more persons who want to be organized like a C Corporation but taxed as an S Corporation, such as a partnership with a shareholder liable for entity income and losses and the corporation not liable for taxes.

When determining what's best for you and your business, consider the following:

• How easy or complicated do you want the set-up to be?
• Do you need liability protection?
• Do you to have outside equity investors?
• Do you want your business to be taxed on the individual or business level?
• Will you have stockholders?
• Are there numerous or just a few owners?

For example:

• Sole Proprietorships are easy to create and manage. They have no liability protection to their owners and cannot have outside equity investors, but they can take out loans. They are taxed at the individual level.
• Limited Partners and LLPs provide personal liability protection. They also allow equity investors. They are taxed at the individual level.
• C Corporations are best for entities with numerous owners and public investors. Taxes are paid at the entity level and on shareholder dividends.

That's it!

Do you have any other suggestions? If so, leave a comment and let us know. And, if you have a small business question that you'd like for me to answer, let me know.

Susan L. Reid
Inner Samurai Business Expert

Award-winning author of Discovering Your Inner Samurai: The Entrepreneurial Woman's Journey to Business Success

Books to Help You Through Your Life Transition

Today . . . I am thinking about this question that came in from one of our readers. She's just lost her job, she and her husband are separating, and she's in the middle of a major life transition. She's looking for answers, and wants to know what books I'd recommend to help her at this time.

If you have a small business question that you'd like for me to answer, let me know.

Q: I've just lost my job, my husband and I are separated, and I'm in the middle of a major life transition that is both scary and exciting. I read your book, Discovering Your Inner Samurai, and know you went through a big life transition, too. I'm looking for answers, direction, and solace, and I love to read. What books did you find helpful when you were going through your life transition?

A: Reading is a great way to connect with and relate to other women who have been there, done that, especially when you're going through a major life transition. In 2004, when it seemed to me as if my world was falling apart, books spoke to me in a way that made me feel heard, understood, and no longer alone in my experience.   
 
As you know, in 2004 I went through a huge life transition. For a while after my spiritual awakening, I was able to function and operate in the world just fine, but then it became all too much for me and I crashed in on myself. 

Within a short time, I quit my job, ended a long-term relationship, grieved the passing of both my parents, and wrote my book. The only two things that remained the same were my cat and my address. Other than that, my spiritual, financial, romantic, physical, and emotional worlds all went through monumental changes.

During that time I read a lot of books to help me make sense of the transition going in, around, and through me. One of the most helpful books was When the Heart Waits by Sue Monk Kidd. You may already know Sue Monk Kidd as the author of The Secret Life of Bees. (Another wonderful book, by the way!)

When the Heart Waits is an intensely personal book. Having gone through a life transition herself, Kidd openly talks about her own personal life journey and midlife experience. She shares how she grappled with the sacred questions of life, what her own emotional transformational process was like, how it almost did her in, and how she made it through to the other side. 

Another book I found very helpful was The Way of Transition by William Bridges. This is a poignant, beautifully written, and uplifting story of his journey from darkness to light. Throughout the book, Bridges shows you how to not only survive a major life transition but also to embrace these most difficult moments and turn them into something positive.

Take heart. Transformation is very much a part of the inner Samurai journey. It comes when we least expect it, and comes, seemingly, unasked for. The call is unmistakable. It's the call to shed what we've known ourselves to be in order to become a greater version of who we are.  

It's a journey all entrepreneurial women must take. While it may feel as if your life is falling apart, it really isn't. Instead, it's coming together in new and wonderful ways.

Enjoy these two beautiful reads!

If you have a small business question that you'd like for me to answer, let me know.

Susan L. Reid
Inner Samurai Business Expert

Award-winning author of Discovering Your Inner Samurai: The Entrepreneurial Woman's Journey to Business Success

Three Easy Steps to Creating Your Marketing Funnel

Today . . . I am thinking about this question that came in from one of our readers. She's been in business for a couple of years and wanted some suggestions about what to put into her marketing funnel.

If you have a small business question that you'd like for me to answer, let me know.

Q: What's a marketing funnel and what goes in it?"

A: Good for you! Having a marketing funnel in place for your business is a hot business strategy.

In short, a marketing funnel is a visual representation of the actual products and services that you are offering your prospects. The point of a marketing funnel is to keep people flowing down from the top of the funnel to the bottom. As you go deeper into the funnel your products and services will be priced higher and higher, until you get to the bottom where your highest priced offering awaits.

Here's how it works: Picture a funnel—wide and open at the top and tiny and narrow at the bottom. At the top of the funnel is where you want to get as many prospects in as possible. At the bottom of the funnel is your highest priced product or service. In the middle are in-between levels and prices.

Three Steps to Creating Your Marketing Funnel

Step one: Get your prospects into the funnel by offering them something free, such as a special report, e-Book, e-Zine, PDF chapter from your book, intro teleclass, or tip sheet. The important thing to keep in mind when creating your free offering is that it must be of value to your prospects. In other words, it must be something that they want. In exchange for signing up to receive your freebie, you get their names and e-mail addresses (leads).

Step two: Strategically fill the middle of your funnel with information products and other programs to sell. This will give your prospects the chance to "sample" you and get to know you at a lower price point before committing to your highest priced product or service at the bottom of the funnel.

10 Information Product Ideas for Your Marketing Funnel

•    Audio Programs (MP3s or CDs)
•    Books
•    E-Books
•    Home Study Courses
•    Special Reports
•    Teleclasses
•    Teleseminars
•    Video Programs (MP4s or DVDs)
•    Webinars
•    Workbooks

Step three: Choose 2-3 high priced and highly sought after products and services for the bottom of your funnel, such as, private consultations, extended coaching packages, weekend live workshops, or a year-long personal mentoring program.

That's it!

If you have a small business question that you'd like for me to answer, let me know.

Susan L. Reid
Inner Samurai Business Expert

Award-winning author of Discovering Your Inner Samurai: The Entrepreneurial Woman's Journey to Business Success

What's the Difference Between an Agreement and a Contract?

Today . . . I am thinking about this question that came in from one of our women entrepreneur readers. Joan (not her real name) just signed up for coaching services with a new coach, and her coach sent her a Letter of Agreement to sign. Our reader wonders about this practice, and wanted to know the difference between an agreement and a contract. Good question!

If you have a small business question that you'd like for me to answer, let me know.

Q: "My coach just sent me a Letter of Agreement to sign before coaching services begin. Is this standard practice? What's the difference between a Letter of Agreement and a Contract?"   

A: Yes, a Letter of Agreement is standard practice in the coaching/mentoring industry. It is designed to lay the groundwork for a productive working relationship, and sets the tone for your upcoming work together.

The biggest difference between an agreement and a contact is that the courts will enforce a contract, whereas an agreement is just an arrangement between the parties. Sometimes, however, an agreement is included in a contract.

Here's the difference:

•    An agreement is based on an offer. In this case, your coach made you an offer for coaching services. If you sign the agreement, that means you have agreed to it. This is why it is called an agreement.

•    A contract, on the other hand, comes after there is an offer and an agreement. For example, a contract is signed between a publisher and a writer - after an offer has been accepted and terms agreed upon.

For most coaching/mentor relationships there is just an offer and an agreement. No contract will follow.

Disclaimer: I am neither an attorney nor an accountant and am not qualified to give you financial or legal advice. If you are starting up a business, it is important for you to contact qualified law and tax experts and seek their advice.

If you have a small business question that you'd like for me to answer, let me know.

Susan L. Reid
Inner Samurai Business Expert

Award-winning author of Discovering Your Inner Samurai: The Entrepreneurial Woman's Journey to Business Success

How to Write a Vision Statement

This question came in from one of our readers wanting to know about what a vision statement is and how to write one for her business.

If you have a small business question that you'd like for me to answer, let me know.

Q: I have lots of questions about vision statements:

• What is a vision statement?
  
• What's the difference between a vision statement and a mission statement?
  
• Which should I write first? 
• What does a vision statement look like? Is there a formula?

A: Here's my business made easy answer:

Vision and mission statements are two separate entities that answer two different, yet complementary, questions about your business.

Simply put, your vision statement answers the question: "Where do you see your business going?" Your mission statement answers, "Why do we exist?"

From the start, vision statements are future focused and written with the end result in mind. Mission statements are focused in the present and tell you the fundamental purpose of that business.

Which comes first, the vision or the mission?

If you are a new business just starting up, or if you are a larger company getting ready to add a new program, or an existing organization planning to overhaul your current services, then write your vision statement first.

If you are an established business with a mission statement already in place, then let your mission guide the writing of your vision statement.

Top Five Things to Keep in Mind When Writing Your Vision Statement

1.    Describe outcomes that are five to ten years out.
2.    Dream big and focus on success.
3.    Write your vision statement in the present tense.
4.    Infuse it with passion.
5.    Paint a graphic mental picture of the business you want.  

There is no space limit when writing a vision statement. Vision statements are written in paragraph form, and often contain one or more paragraphs. Write as much as you need to create a dynamic mental picture of your business that will serve to energize and inspire you and your team. 

Two Vision Statement Formulae for Success

Here are two basic vision statement formulae. The first one is for businesses starting up without a mission statement, and the second is for those businesses that are already established or have a mission statement in place.

1. Five years from now, _______________________________ (name of your business)
will become a successful ___________________________ (type or description of business including whether it will be local, regional, national, or international in its scope)
by providing ____________________________(description of your products and/or services)
to _____________________________________________(your customers).

Example:  Five years from now, the Sierra Woman's Shelter will become a successfully run non-profit shelter serving the Greater Pittsburgh area providing education, life-skills training, and the necessary support to help women who have been previously battered or abused build self-sufficient, sustaining, prosperous lives. 

2. Within the next ________ (add a number) years,
grow ___________________________________ (name of your business)
into a successful _______________________________________ (type or description of business including whether it will be local, regional, national, or international in its scope),
increasing revenues to ____________________________ (amount) by _________________ (date)
providing _______________________________(description of your products and/or services)
to _____________________________________________(your customers).

Example: Within the next five years, grow Cultural Awareness Travel into the premier North American woman's tour company increasing revenues to $225,000 by 2012 by becoming known for helping women develop greater self-awareness, confidence, and discover a new respect for diversity through cross-cultural exposure.

So, that's it. Vision statement in a nutshell. 

If you have a small business question that you'd like for me to answer, let me know.

Susan L. Reid
Inner Samurai Business Expert

Award-winning author of Discovering Your Inner Samurai: The Entrepreneurial Woman's Journey to Business Success

10 Things to do in Your First Year of Business to Ensure Success

This question came in from one of our readers. It's a great question for new business owners with their eye on the prize. If you have a small business question that you'd like for me to answer, let me know.

Q: What is the most important thing to do in your first year of starting up your business to ensure its success?

A: Congratulations on starting up your business! And even more so for looking beyond your start-up and asking the question that will lead to your success. Here are my suggestions:

1.    If you haven't created your business plan, do it now.

2.    Don't let yourself get sidetracked from your business plan. There will be lots of distractions that will make it seem like deviating from your business plan is a good idea. Don't be seduced. Work the plan.

3.    Keep the big picture in mind. If unemployment is at 10%, that means that 90% of the market is gainfully employed and spending money.

4.    Remember that everything cycles. Keep moving forward.

5.    Make sure you differentiate yourself in the market. Create an apples and oranges comparison and convey the contrast to your market.

6.    Stick with your core values. Remember why you are in business and what values are important you.

7.    Be transparent and honest in your dealings with people. During your first year, honesty will matter. Being a good person will matter. Being authentic will matter. Integrity earns trust.

8.    Master social networking to create inbound marketing.

9.    Keep things simple your first year. Don't over-complicate solutions, make situations more complex than they are, or react when you have the power to respond.

10.    Unplug from your business one day a week. I know. I know. There will be lots to do your first year. Your tendency will be to do whatever it takes to get things done. In addition to working long and hard, though, your business also needs you to refresh and renew yourself. Schedule one day a week off and stick to it.

Let me know if this was helpful, or if there is anything more you'd add. If you have a small business question that you'd like for me to answer, let me know.

Susan L. Reid
Inner Samurai Business Expert

Award-winning author of Discovering Your Inner Samurai: The Entrepreneurial Woman's Journey to Business Success