What Is Your Real Market Potential?
You Can’t Assume You Can Capture a Portion of The Total Available Market (TAM) W/O Understanding the Served Available and Service Obtainable Market (SAM/SOM)
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What Is the Value of Quiet Time?
One of the best things for me about hunting season is not the thrill of the hunt or even trying to outwit a wild and cunning animal. Nope, it’s far less glamorous – It’s the quiet time I have alone with my thoughts. I recall a story that I read as a boy about Fred
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Is Your Business Persona Aligned for Success as a Business Owner
As we discussed in the Anatomy of a Business Owner, most self-employed, micro, and lifestyle businesses are started by a person with a strong technical persona. Often, these entrepreneurs are suddenly seized with the desire to start their own businesses because of their strong technical skills. Michael Gerber, the author of “The E-Myth,” describes this
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Stop Chasing Shortcuts: How Skill Beats Gear Every Time
Many Entrepreneurs Chase Fancy Tools Hoping for a Shortcut to Success. True Achievement, However, Lies in Mastering Your Skills, Not Upgrading Your Gear.
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What I Learned from the Food Network
The other day I was watching a cooking show with my wife, Kim, and it dawned on me that what I was watching was a teachable moment for small business owners. On the show, there are a bunch of renowned chefs showing you step by step how to make one of their signature dishes. At
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What To Do When You Exceed Your Estimate
We prioritize tasks based on our return on investment (ROI). If we undertake a task that we think should take one day to complete and we find ourselves still working on it two days later, it is time to reevaluate our efforts. For the most part, human beings are all poor estimators. Remember the last
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Is It Time to Clean House?
The other day I went to a restaurant that I had never been to before with an old colleague. Upon opening up the menu, I was presented with over 100 choices and I’m not talking 50 different types of burgers. Can you even imagine the logistics involved with stocking all the ingredients and trying to
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How Small Victories Keep Entrepreneurs Motivated for Big Results
Entrepreneurs Often Chase the Dopamine Hit of Task Completion. Discover How Breaking Large Goals Into Milestones Can Sustain Momentum and Drive Real Business Growth.
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Make Client Interactions Be More Memorable with This Technique
My advice to small business owners making sales calls is to use some type of icebreaker gift and share your story to make you stand out and be more memorable. Several years ago, a delegation from South Korea visited our company. At the time we were working with a publicly traded company whose product, floppy
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Turning Trash to Treasure
I’m writing this post while sitting in a hunting blind with lots of time to think about life and business. Last night after sunset, I located a farmer by the name of Ryan Britten. I have known him since he was a small child. I hopped aboard his Caterpillar tractor and we took several laps
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Is Your Organizational Model Flawed?
My youngest son, Hank, works in an upscale country club restaurant. He works in what is known in the restaurant business as the “back of the house,” a.k.a. the kitchen. The hostess, waitresses, and bartenders work in what is known as the “front of the house.” Many businesses are set up in a similar way
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How to Exploit Bad Press
in Late 2016 The FAA issued a safety alert to the airlines regarding the Samsung Note 7 and its exploding battery issue. Airline gate attendants announce to millions of travelers every day the special regulation to completely turn off the Note 7 phone to avoid a potential battery explosion during flight. To the everyday person,
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Be Willing to Let Key Employees Go
What if one of your best employees was forced to move to a new city or wanted to leave for a better opportunity? Would you do whatever it took to keep them, such as making a job for him or her to work remotely or would you encourage them to leave? I was faced with that
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4 Super Valuable Business ROI Lessons From Publishing
While the underlining ability to write content that people want to buy is the same for both the magazine and the book publisher, the design considerations mirror many of the same issues entrepreneurs go through when they try to define their business and economic models.
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Why Even Great Products Fail Without Great Marketing (Here’s What To Do Instead)
Starbucks Didn’t Invent Coffee—They Mastered Marketing. In Today’s Market, Average Products With Great Marketing Win Out Over Great Products With No Strategy.
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Why Advertising Is Dying In the Long Tail Marketplace
In the old days, companies would do extensive research to try to predict what the market would buy. Once they felt that they had a good idea about what would sell and how much of it they would need, they would build a product line to produce it and develop a strategy to deliver it.
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Retail Arbitrage – The Homeless Can Be Entrepreneurs Too
Entrepreneurship Is a Potential Pathway Out of Poverty for Many Provided That They Understand Some Basic Entrepreneurial Principles.
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Are Your Employees Free-Agents?
My 89-year-old mother lives in an independent living facility that has several businesses connected to them. They have a bank, a maid service, and even a beauty parlor as my mom calls it. During a recent visit, my mom was telling me about how her hairdresser was let go because she was in such high
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Get Hooked On Link-Bait
Link-baiting is the practice of crafting content that is designed to get other content producers to link to it. The purpose is to increase the number of inbound links to your content and thus improving its performance in search engine results. Link-bait content falls into one of two major categories: Timeliness Content – Create timely
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11 Common Types of Business Model
A Business Model is Customer-Focused And Is Your Value Proposition. Most Businesses Can Be Categorized Into 1 of 11 Different Types Of Business Models.
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Trust or Bust: How Modern Consumers Decide Which Ads to Believe
Trust In Advertising Has Shifted—But Not As Much As You Might Think. New Data Shows That Word-Of-Mouth Still Reigns Supreme, While Digital Ads Still Struggle.
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From Idea to Traction: Why Startups Must Prove Demand Before Scaling
Most Entrepreneurs Want To Scale, But Scaling Without Adoption Is A Common Trap. Discover Why Early Traction Matters More Than Your Growth Strategy.
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The Real Secret Behind Successful Startups? It’s Not Innovation
You Don’t Have to Be First to Win in Business—Just Better. Discover Why Execution, Not Innovation, Is the Real Key to Entrepreneurial Success.
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Branding Your Personality for Profit
It occurred to me as I saw an article about Apple computers that there are some businesses clearly branded to their founders. For example, while I worked for Digital Equipment Corporation, founded by Ken Olsen, the company was not inexorably branded to his personality. However, that is not the case with Steve Jobs. Jobs was
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Four Business Lessons From The Sturgis Motorcycle Rally
As I write this post, I have just returned from a motorcycle rally in the Black Hills of South Dakota. This rally is often referred to as just “Sturgis.” As always, the trip was full of lessons for entrepreneurs. Now, you may be surprised by that, but stick with me and you’ll discover these lessons
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Non-Profit or For-Profit?
I often encounter clients that want to create a non-profit business. They all too often think that the primary difference is just one pays taxes and the other does not. They think that as long as they have a social benefit, they can be considered a non-profit. However, there is a vast difference between their
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Creating and Using Hashtags
When he was watching the 2012 London Olympics, Steven Marx felt disappointed with the television coverage offered by NBC. Since he was an intermittent Twitter user with only about 20 followers at the time, Marx tweeted his frustration and used the hashtag #NBCFail. That single post catapulted Marx to fame and put an unfavorable light
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Host a Contest to Self-Identify Customers
Some time back, I participated in what I believe was a brilliant promotional concept. A local HVAC company held a competition for the oldest water heater. They requested that you email them a picture of the product tag that included the model number and manufacture date. At the time, I had lived in the same
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6 Business Lessons From John Jacob Astor – America’s First Multi-Millionaire
John Jacob Astor was the 1st multimillionaire. He made his fortune from dominated musical instruments industry, fur trade, and real estate.
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Taking a Lesson from History
When the Spanish arrived in the new world, they encountered Montezuma, head of the Aztec Empire. The Aztec civilization was a command and control society. By killing Montezuma, the Spaniards easily defeated the remaining Aztecs since their entire society was built around a single, all powerful leader. As they continued their advance, the Spaniards used
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Your Why Packaging Isn’t Just for Products: How Service Businesses Win Customers Before the Sale
Your Product or Service May Be Great, but It’s Your “Packaging” That Convinces People to Buy. From Your Website to Your Receptionist, Discover How Packaging Drives First Impressions and Sales.
The Zero-Cost Customer Service Hack That Will Make You Unforgettable
The Secret to Memorable Customer Service May Be Simpler Than You Think. A Warm “Hello” and a Thoughtful “Goodbye”—Especially When Paired With a Customer’s Name—Can Set Your Business Apart and Drive Lasting Loyalty.
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Why Smart Marketers Never Stop at the Sale: The Power of the Follow-Up
Most Businesses Think Marketing Ends After the Sale, But That’s Just the Beginning. Discover How Simple Follow-Ups Can Drive Loyalty and Long-Term Growth.
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Hours of Operation
Most people work from 9 to 5, Monday through Friday. It always perplexes me why some business to consumer (B2C) businesses are open during these same hours. How can they build their business when their customers are all trapped at work? It doesn’t make any sense! Increasingly, many successful business owners see the folly in
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Why Time Is the Most Precious Currency in Business
Time Is the Most Valuable Commodity in Our Fast-Paced World—And Businesses That Respect It Win. Discover Why Speed Is the Secret to Earning Customer Loyalty.
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The Dirty Truth: Why Cleanliness Is the Secret Weapon in Your Marketing Strategy
Cleanliness and Neatness Aren’t Listed in Marketing Textbooks, but They Speak Volumes to Your Customers. Learn How a Tidy Environment Can Quietly Boost Sales.
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How to Choose the Right Retail Location for Long-Term Success
Click Here to Discover the Critical Questions Every Retail Entrepreneur Must Ask Before Picking a Location. One Bad Choice Could Cost You Everything.
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Roadside Stands
Almost anything can be sold from a roadside stand. If you’ve always wanted multiple locations, roadside stands are a great way to enjoy the benefits of expansion without the typical high costs. After all, each stand is a new location and increases the exposure of your brand. Roadside stands are portable, flexible, inexpensive, and appreciated
5 Timeless Rules for Designing a Company Logo That Lasts
Your Logo Is the Face of Your Brand. Learn How to Create a Logo That Stays Relevant, Communicates Clearly, and Avoids Costly Mistakes for Years to Come.
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What Businesses Can Learn from ISIS
When it comes to fighting a war, Americans think about the Army, Navy, Air Force, or Marines. Each of these branches practice a strict command and control hierarchy. In command and control structures, the higher up in the command structure someone is, the more skills they have. From this prospective, it makes total sense to
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Forget Writing A Business Plan
The SBA has it wrong. A business plan is not always what you need. Financial planning is advisable to the extent that you have access to enough money or capital to conduct your first few experiments. However, small business counselors, mentors, and the SBA often encourage ALL fledgling businesses to write a business plan. This
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The Genius of Unexpected Marketing: What a Mannequin Taught Me About Getting Noticed
How A Bikini-Clad Mannequin In 30° Weather Proved That Creative, Low-Cost Marketing Can Grab More Attention Than Expensive Ads Ever Could.
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Why You Keep Sabotaging Your Success—and How to Stop
Most People Stay Stuck in Life Because They Surround Themselves With People Who Reinforce Limiting Beliefs. Here’s How to Break Free and Redefine Your Reality.
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Success Is Contagious: Why Who You Know Shapes Who You Become
Leverage Isn’t Just About Money—It’s About Mindsets. Discover How One Conversation With a Venture Capital Insider Changed a CEO’s Trajectory Forever.
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Selling a Business – What to Expect During Due Diligence
When I sold my first company, I got a call from my business broker just before I was packing up to go home one night. He said that there was some interest in my business by a potential out-of-state buyer. He added they were a publicly traded company and wanted to fly out a team
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Allocation of Sales Price Governs Tax Consequences
Selling a Business Isn’t Just About Getting the Highest Offer—It’s About How the Deal Is Structured. Learn How Price Allocation Can Dramatically Impact Your Tax Bill.
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Beyond the Cash: Creative Ways to Structure a Business Sale
Most Business Sales Involve Far More Than Just Cash Changing Hands. From Earn-Outs and Equity to Non-Compete Agreements and Royalties, Smart Deal Structures Can Benefit Both the Buyer and Seller. Discover What Options Are Available and How to Protect Your Interests During the Sale Process.
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So, You Decided To Sell – The Documentation
Whether you are using a business broker or attempting to sell your business yourself, you will need to start with a solid business plan. Using the business plan as your base, you will need to edit it to create a confidential business review document (CBR). The CBR is the main document buyers will use to
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Employing A Schema In Marketing
A schema is a way to organize a pattern or thought using relationships to what is already known. For instance, make a relationship between what is known by your audience and what you seek to convey to them. This eliminates the need to explain much of the detail since your audience brings a body of
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Free Samples Can Drive Sales
When you have a new product or service, your customers will likely never take the risk of purchasing it unless you offer them a free sample first. Sometimes the free sample may come in the form of a gift from another person. I never considered getting a massage until I received one as a gift.
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Are You Internally or Externally Motivated? Why It Matters More Than You Think
Are You Internally or Externally Motivated? Discover How Understanding Your Drive Can Transform Your Work-Life Balance and Fuel Long-Term Success.
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Is it Time to Bleach Your Business?
In 1913, five investors each contributed $100 in cash to a new enterprise. Each also brought a special skill to the enterprise. There was a salesman, accountant, miner, banker, and lawyer. After forming the company, they raised $75,000, which is just shy of $2 million in today’s money. The founders hoped to create a super-concentrated
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How to Write a Simple Sales Hook Video
What if you could create a simple sales hook video in minutes that converts visitors into buyers? This post will show you a proven, easy-to-follow formula to craft a compelling message and turn it into a video that engages and converts.
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5 Valuable Business Lessons from Pierre Omidyar and eBay
Small business owners can learn a lot from Pierre Omidyar and the birth of eBay.
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Process Mistakes that Reduce a Business’s Value During a Sale
Between the time when a business owner puts his company on the market and the closing date, there are two events that can occur which either kill the deal outright or negatively affect the final sale – the inadvertent disclosure of the sale and the accidental disclosure of proprietary information to competitors and customers. The
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Factors that Affect Business Value
There are several factors that can positively and negatively affect the value of a business from the point of view of the buyer. Some common factors that add value to a business include: When I sold my first business, the payment was to be made in the acquiring company’s public stock. Since it was during
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What Your Office Space Says About Your Company Culture (And Why It Matters)
How John Chambers Sizes Up Company Culture in Just Five Minutes. Learn What He Looks For and What Your Office Might Secretly Be Saying About Your Business.
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Red vs. Blue → Establishment vs. Outsider
Each time we embark on a new election season, I can’t help noticing that red vs. blue has given way to establishment vs. outsiders. In recent years, during their campaigns, politicians have marketed themselves as the candidate who will bring change to Washington, or in other words, the establishment. Yet once they are elected, they
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From Bland to Brand: How Naming Your Solution Creates Instant Value
Want to Build Instant Credibility and Drive Search Traffic? Give Your Solution a Name! Discover Why Naming Your Service Can Transform a Commodity Into a Brand.
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Strategic vs. Financial Buyers: Know Who’s Really Buying Your Business
Understand the Key Differences Between Financial and Strategic Buyers to Maximize Your Exit Strategy. Discover What Drives Their Decisions and What That Means for You.
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Selling Your Business? Here’s Why You Should Never Mention the Price First
When Selling Your Business, the Key to Maximizing Value Lies in Clearly Documenting Its Future Potential, Not Just Its Past Successes. Learn Why Naming Your Price Too Early Can Limit Your Negotiation Leverage.
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Sales Acceleration Emails
So, you have a potential customer’s email address. How do you get him to take action and accept your offer? You have to appeal to their unique buyer psychology. One size does not fit all when it comes to why customers hesitate to click on the “Buy Now” button. When it comes to making online
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Why Buyers Buy a Business
The inverse to why sellers sell a business is why buyers buy. Often a seller may only sell one business in a lifetime. However, buyers often buy several companies during their lifetime as they assemble pieces to help another business grow. Many buyers purchase a business to avoid the risk associated with start-ups and are
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Why Owners Sell Their Business
I teach a boot camp class each month for our local Small Business Development Center (SBDC). There is portion of this course that looks at the three ways to become a business owner. These ways include: buying a business, buying a franchise, and starting from scratch. As I discuss the option of buying an existing
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The Curse of Knowledge
The curse of knowledge prevents us from seeing the world as our customers see it. To demonstrate this curse, try this experiment with a friend. Think of a popular song like “Jingle Bells” or “Happy Birthday.” Then tap out the melody for your friend and ask him or her to try to guess what song
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Sell Smart, Sell Fast: Avoiding the Hidden Risks of Delay
Timing Is Everything When It Comes to Selling Your Business. Industry Shifts, Economic Swings, and Tax Changes Can All Erode Your Business’s Value While You Wait. Learn How to Accelerate Your Exit Strategy and Preserve Your Wealth.
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5 Reasons for a Business Valuation
There are many reasons to conduct a business valuation. Some valuations are pretty straightforward while others can be quite complicated. If there is a good possibility that the valuation will be challenged on legal grounds or by the IRS, it is often best to have the valuation performed by a qualified appraiser. That said, I
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Understanding Hedonic Adaptation
Recently, I was reminded of a day I spent golfing last summer at a local Army base. Golfing as a threesome and being the odd man out, I got paired up with a soldier who was a double amputee, making us a foursome. After teeing off and driving the cart down the fairway to our
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Crowdfunding: Campaign Follow-up
The Campaign Follow-Up Step Involves Making Good on Your Campaign Promises. If You Fail to Meet Your Goal You Still Need to Thank Backers
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Crowdfunding: Campaign Execution
The Campaign Execution Step Is When the Campaign Is Live on The Crowdfunding Platform and Backers Are Pledging Their Support to Your Campaign
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Crowdfunding: Campaign Write-Up
The Campaign Write-Up Step Involves Creating the Campaign’s Landing Page and Includes At Least 8 Elements Necessary for A Successful Campaign
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Crowdfunding: Design Rewards
The Design Rewards Step Pertains to Reward-Based Crowdfunding Campaigns Only and Are a Series of Rewards to Incentivize Backers to Support Your Campaign
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Crowdfunding: Community Building
Crowdfunding Community Building Involves Building Awareness Of Your Upcoming Campaign So When You Launch, Your Campaign Sees Early Success
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Crowdfunding: Campaign Blog
The Campaign Blog Is Actual Part of Community Building but Is So Vital to Your Campaign Success That It Should Be Considered Its Own Step
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Crowdfunding: Campaign Influencers
Campaign Influencers Involves Finding and Engaging Journals, Publications, Bloggers, and Any Other Influencers That Cover Your Area
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Crowdfunding: Going Social
Going Social Involves Creating a Facebook Page & Getting Involved in Other Social Media Platforms/Groups to Bring Attention to Your Campaign
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Crowdfunding: Campaign Support
Campaign support is about introducing your campaign to a list of people that might be interested in not only supporting you but in helping you throughout the process. In most cases, campaign support should take you about 2 weeks or so to do effectively. At this point in the process, you are making people aware
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Crowdfunding: Campaign Research
Campaign Research Involves Talking to Several Campaign Owners and Asking Them If They Would Be Willing to Discuss Their Campaign Experience
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Crowdfunding: Platform Research
Campaign Platform Research Involves Finding What Projects Worked Best on Each Platform to Determine the Best Platform to Launch Your Campaign
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Crowdfunding: Process Overview
So, you have a gem of an idea and want to get it off the ground. The first question is how much will it cost and can you come up with the money. We know that going to a lending institution like a bank to secure a business loan is an unlikely option and attracting
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The Surprising Power of ‘Sorry’: Defusing Vengeful Actions in Business
We all have a need to exact revenge from time to time. In fact, it is hard-wired into animals and is especially acute in humans. Behavioral psychologists have conducted tests on animals and humans that show that when one party is wronged or feels unfairly treated, they will often try to deny or punish the
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“Names, Names, Names”: What a Small-Town Newspaper Can Teach Us About Recognition and Business Focus
Discover the Surprising Strategy Behind a Local Paper’s 117% Circulation Rate—And How Focusing on Names and People-First Content Builds Lasting Loyalty.
How Zip Car Built a Business Model Based on Customer Insight
Henry Ford said that if he asked customers what they wanted, they would say a faster horse. Gathering customer insight is not about asking the customer about what they want, but talking to customers about their daily challenges and developing a deeper understanding of their needs. Another challenge is knowing which customers to listen to.
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Buy and Sell Innovation
Rather than attract and retain key talent in-house, have you ever thought about building or using a platform like innocentive? Innocentive connects seekers of solutions with solvers. By using this type of platform, you can pay talented individuals based on the number of transactions you need instead of retaining them for a reoccurring salary. They
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How Will Income Taxes Affect Your Crowdfunding Campaign?
Crowdfunding Is a Popular Way to Raise Funds, but the Tax Implications Can Be Confusing. Learn How Taxes Work for Reward, Donation, and Equity-Based Campaigns.
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Information Asymmetry in Equity Crowdfunding
When it comes to equity-based crowdfunding, start-up investments are characterized by a high degree of information asymmetry between the entrepreneur and the investors. To obtain a positive return, investors need to accurately assess both the qualifications and ability of an entrepreneur. They also need to accurately assess the potential of the entrepreneur’s idea. Traditional institutional
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Making your Message Stick
In their book, “Made to Stick, Why Some Idea Survive and Others Die,” brothers Chip and Dan Heath define a sticky idea as one that is understood, remembered, and creates some kind of change in a person’s opinion, behavior, or values. They studied the panorama of what makes ideas sticky by examining urban legends, ad
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Some Equity-Based Crowdfunding Statistics
CrowdCube is the largest equity-based crowdfunding platform in the United Kingdom. Since its founding in 2008, it has facilitated more than $60 million in transactions to date. Combined, those transactions have involved nearly 88,000 investors and over 140 successfully funded ventures. The average individual equity-based investment was approximately $4,000, although investments ranged from as little
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Crowdfunding 101
Generally speaking, crowdfunding is divided into creative campaigns, reward-based campaigns, and equity campaigns. In creative campaigns, such as a Michael Moore movie, the backers support the message or the “art” and make donations to help promote the cause. Creative campaigns have been around forever, however reward-based and equity campaigns are relatively new. In reward-based campaigns,
What Sales People Can Learn from Donald Trump
Every day in the run-up to the 2016 elections I saw the poll numbers showing Donald Trump with a substantial lead in the GOP polls. In spite of the many gaffes that would destroy any other candidate’s political aspirations, Trump continued to be immune. This fact caused me to question why some people would continue
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How Small Businesses Can Navigate the Hype Cycle of Disruptive Technology
Understanding The Hype Cycle Of Disruptive Innovation Can Help Small Businesses Avoid Costly Mistakes. Learn How To Time Your Tech Investments Wisely.
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Are Large Corporations Past Their Prime?
One has to ask “Are corporations past their prime?” Corporations came into being to allow multiple investors to invest a portion of their capital across several risky, but potentially highly profitable endeavors. Corporations Come Into Existence When sailing ships were constructed to carry on world trading, it was a highly lucrative proposition but was fraught
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Why Color Isn’t Just Aesthetic—It’s Strategic
Color Choices Matter More Than You Think. Learn How Strategic Color Selection Can Influence Buying Decisions, Boost Recognition, And Improve Engagement.
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Are You Better Off?
As I write this article, we are in the midst of the political season. Candidates continue to talk about the fact that the middle class in the last decade is not making any progress. They are calling for minimum wage increases to improve their standard of living. I, however, believe they are looking at the
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Recasting Financial Reports When Selling Your Business
When it is time for an owner to sell his business, the wise seller will “recast” his financial reports to create a clearer and often better impression of his business for the buyer to see. If you are the buyer and the seller has not done a recasting of their financial statements, you’ll want to
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How to Argue for Seller Financing
Most banks say that they are small business lenders. The missing part of that statement is how banks define small businesses and what banks will lend money for. From the bank’s perspective, a small business is an established business and not a new business. Banks lend money primarily for tangible assets that double as collateral.
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How to Value an Existing Lifestyle or Micro Business
When it comes to buying a business, size does matter. Most lifestyle or micro businesses have under 1 million in annual sales. When it comes to lifestyle and micro businesses, the owner is also the top manager. For valuation purposes, a good rule of thumb for a marketable lifestyle or micro business is that the
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3 Risk Levels to Becoming a Business Owner
Existing businesses make money on day one. A successful franchise will earn the owner income not too long after starting up. However, a start-up, even one that survives, may take months or years to begin to pay the owner a salary for working in the business.
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Business Lessons from the First Black Woman Millionaire, Madame C.J. Walker
C.J. Walker – 1st black woman millionaire. She didn’t let life dictate her future, she developed a goal, navigated obstacles, and never quit
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The Harsh Reality about Expensive Websites
It’s a common trap. You start a business, and one of the first things people tell you is, “You need a website!” So, you hire a web designer who pitches you a sleek, beautifully designed site with all the bells and whistles: a company history page, employee bios, a mission statement, a list of services—everything
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