Biz Series: Making Conferences Worthwhile!

Congratulating Mark and Tiffany Douglas as
their Detroit Avis Ford Dealership
won the B.E. 100s Award
Black Enterprise Entrepreneurs Conference
#BEEC12

On the #MoneyChat Biz Series we discussed conferences and as I prepared to re-write another post - I thought it better to simply update a previously written one. So here goes...

Choose Wisely!

Conferences aren't cheap: registration, hotel, airfare, food, books, etc - all add up. Ask others who have attended conferences about their experience. Check online forums, etc. - you may be able to gain insight on how to prepare.  Determine YOUR goal for attending each conference you choose. Do you want more media attention,  looking to land a job, need more awareness/sponsorships about your non-profit? Make sure the conferences you choose fit what you would like to accomplish.

Who Do You Want To Meet?

Make a list of people you want to meet, researching them and being sure to say hello at the conference. Reach out to them on Twitter, Facebook or  Linkedin - I normally only pick one platform - Twitter is my choice. If you choose Facebook, make sure it's their business page. 

If they've written a book, blog, or article - check it out - comment on it, etc. Be brief, conversational, not stalkerish and definitely not critical or negative. When the conference arrives you've become acquainted and it's better than meeting 'cold'.

At The Conference...

 Me & Ramit Sethi
www.Iwillteachyoutoberich.com
Financial Blogger Conference
#FINCON

Be social - when you are in business or looking to network for career purposes, you are the salesperson. Standing in the corner scowling and being 'anti' is not cool. No one is going to learn about your business, career path, or anything else about you if they think you will bite them if approached. So, no eating lunch alone, always keep a pleasant look on your face and make sure your body language also says 'hello'.

Don't Be Stuck Up... 

If you attend a conference with the idea that you only want to meet the speakers you will miss out on the wealth of knowledge you can gain from other attendees. I've made great contacts and been blown away by the accomplishments of attendees I've met at various conferences. Get to know the people around you, ask them questions about themselves, don't constantly talk and talk and talk and talk about yourself.

At the After Party...

Yeah - you know there's always an after party - (unless you never got out of that corner). Remember that you are not at home with your buddies. Watch your drinks, language, and character. Save the moves like Jagger for your private time - you are still being watched. People are going to think twice about hiring, booking or otherwise doing business with the person who couldn't quite keep it together.  Have fun, enjoy yourself, but maintain your decorum. 

For my wallflowers - NO... you may not skip the after party! This is where a lot of business is done! Dancing, drinking may not be your thing - no problem, but there's no harm in standing along the sides making pleasant conversation, getting to know people better.

Final Tips:

Go to more than one conference per year if you can. Pick several conferences that relate to your personal, professional goals. 

Don't skip a conference because of something negative someone else says about it. If you want to go then go. Do your own research - your experience will probably be different. 

After the conference, send 'great meeting you' notes via email or handwritten cards to the people you were able to connect with. This is not the time to 'sell' them on how wonderful you are and how they absolutely need to hire you or use your services. 

Also - I could be wrong, but I'm not a fan of the mass email blast 'nice to meet you, here's my business pitch' follow ups. It's impersonal and doesn't say that you are trying to build a relationship. I prefer to send individual emails that note something we discussed during the session. On the other hand, I've walked away from a conference with hundreds of business cards, so I do understand.

DO NOT.... DO NOT ...add people to your email, newsletter, blog list without asking. Getting their business card is not permission to do so = SPAM!  It happens all the time and everyone hates it!! 

Check out this article for more tips in.. 'Don't Be THAT Person!' by @AlfredEdmondJr.

Have something to add to the list? Comment below on your conference pet peeves!

Happy Networking!

Join us every Monday night 8-9p ET for #MoneyChat - Real talk about money & biz!
@DorethiaConner  | @MoneyChatLIVE | www.connercoaching.com

Biz Owners & The Graphic/Web Designer Blues....

So... you have a major campaign launching tomorrow that you are pretty excited about, one last look at your site and ERROR!!! Utter horror sets in and frantically you call, email, text your designer. No answer.  A couple hours later you get a call, email, text that they are busy and might get to you by the end of the day. MORE HORROR. 

It's time to update your business cards, press kit, e-blast - the works. Time for a fresh look. You decide to call a graphic designer who does great work and asked to design for you in past - they are elated you chose them. You meet, outline your needs, and bada-boom, bada-bing, they promise to get to work. THAT was four weeks ago. Each call, email, text is met with an apology and a promise to have your materials by this or that due date. NOT!  

Those fancy-dancy Facebook 'Welcome' tabs everyone has now are so    cool - you decide you want one too! You shop around, think you found a great 'guy' who does them, promises it will take no time at all. The work he's done in the past looks snazzy, so you sign up too! Turns out, maybe those weren't exactly tabs HE created and the one he does for you isn't anything you want others to see. #FAIL

We've also noticed that with some web designers it seems as if they want to do the big jobs, but not the minute details once the largest portion is complete. You know - moving a box, changing colors. Once the project is done you always need ongoing maintenance. And YES, even when this is in the written agreement, you may be made to feel as if you are a hassle to your designer instead of a valued customer.

Now, before everyone starts waving their fingers saying - ' you pay for what you get, these must have been low budget designers.' UH NO! My friends and I have this discussion all the time about our troubles with graphic/web designers who do great work, but are slow or have horrible customer service.  Oh, and some may show a great portfolio, but .. er.. your finished project is anything but great.

We haven't come up with a complete solution - other than to keep shopping around until you hit the jackpot. Some of us have and are pleased with our designers, others, well, we hear their stories when we meet up at the Biggby Coffee Shop! 

Do you have any tips? Have you had great success with your designer? Shout 'em out!! They deserve it! 

@DorethiaConner

www.connercoaching.com

Follow @MoneyChatLive and Join us for #MoneyChat every Monday night on Twitter from 8-9p ET!

A Conversation with Melinda Emerson - The Small Biz Lady!

There are several chats on Twitter that I enjoy and Melinda F. Emerson's #smallbizchat is one of them. Each Wednesday night she features a guest expert who shares useful information for small business owners. Her book, "Become Your Own Boss in 12 months; A Month-by-Month Guide to a Business That Works!”, is a great road map for business startup and I recommend it to my clients. Well folks, today we have a treat as she shares her motivation for writing her book and some additional tips for aspiring and established small business owners... 

Q: Why did you write Become Your Own Boss in 12 Months?

A: My mission as small business coach is to End Small Business Failure. I wanted to develop a tool for people who are unhappy with their jobs and wanted to start a business.  I also wanted to discourage people from just quitting their jobs without a well-researched plan. Too often I got calls from people seeking my advice about starting a business—after they had already quit their job which is just too late to start planning.  

Q: What makes your book different from all the other start-up business books?

A: Become Your Own Boss in 12 Months provides a realistic, month-by-month planning guide to start a sustainable and profitable small business. If you’re planning to start a business soon, the key to being successful is not only to create a sound business concept, but also taking the time to figure out the business of running a business. This book will point out the important and necessary steps to take – so you will have the right foundation for a small business. Become Your Own Boss in 12 Months is not a book about writing a business plan; it’s about planning your successful small business. 

Q: Why does it take 12 months to start a business?

A: 12 Months is an ideal time-frame to start a business, it’s not meant to be restrictive.  I have been an entrepreneur for more than 11 years.  Based on my experience, I believe the longer you plan, the more research you will do, and the more money you save, the more likely you are to succeed in business.

Q: What if you don’t have 12 months?

A: Sometimes people are forced to start sooner. This is triggered by layoffs, getting fired, buyouts or retirement packages.  I only planned for three months with my first business, but the challenge with that approach is you learn plenty of lessons the hard way, and that can be expensive.  If you live by a budget, have your debt under control, and have a significant amount of savings, you will be able to start your business much sooner.   Depending on your individual situation, it may take more than a year to get your personal finances in order.

Q:  Who should start a business? 

A:  Anyone with a solid, profitable business idea, willing to learn the business of running a business, can start a successful small business. 

Q:  Why do small businesses fail so often?

1)      No Life Plan—You need to develop a life plan and then build a business around that.  

2)      No Network—People do business with people they like and people they know.  Who do you know and,   more importantly, who knows you?

3)      Lack of Target Market Focus—You have limited time and limited resources.  Choose a niche so you can focus your marketing efforts.

4)      Undercapitalized—If you do not save enough money to run your household for at least a year and fund the business, you may not be able to hang on until the business can generate any real revenue.

5)      Lack of Fiscal Discipline—Do you run your business with a budget?  Do you just rob the cash register when you need some cash? Do you make business decisions based on up-to-date financial information?

Q: How do you transition from a job to starting a business?

A: Inside Become Your Own Boss in 12 Months, I illustrate the Emerson Planning System which is a six step system to transition from having a job to starting a business.  It includes developing a life plan, a financial plan, validating the business concept, developing a marketing plan, the business plan and then finally starting the business.

Q:  What is Life Plan and why and do I need one to start a business?

A:  You need a Life Plan before you ever write a business plan, because you need to make sure that the business you start is the right business for you.

Q: What are the 7 Essential Principals of Small Business Success?

A: Throughout the past five years, I have interviewed hundreds of entrepreneurs and business executives. After listening to what they said about running their businesses and observing how they did business, I realized that there were 7 things they all had in common. They include having an entrepreneurial mindset, utilizing strict fiscal discipline, and having a kitchen cabinet of advisors. They make use of a well-defined brand identity; have a niche market customer, excellent customer service, and a firm understanding every day of their cash position by carefully managing their banking relationship. 

Using these principles can help any business run at its best.  It’s the gold standard all businesses need to strive for from the very beginning.

Q: Who is this target audience for this book?

A: roadmap to reinventing a struggling business. 

About the Author

Melinda F. Emerson, also known as Twitter’s SmallBizLady, is a seasoned entrepreneur, professional speaker, and small business coach whose areas of expertise include small business start-up, business development and social media. She hosts #SmallBizChat weekly on Twitter for emerging entrepreneurs.  She is the founder and CEO of Quintessence Multimedia, an award-winning strategic communications firm. Purchase 'Become Your Own Boss in 12 Months: A Month-by-Month Guide to a Business that Works' on Amazon.com or visit succeedasyourownboss.com!

Here's to successful business in 2011!!

-Dorethia
connercoaching.com

Should You Be Out of Debt Before Starting a Business?

I am asked this question a lot when I'm speaking or coaching clients. Many people have entrepreneurial dreams, but aren't sure how this fits in with getting their personal finances in order.

The answer is NO, you do not have to be out of debt to start your business. (As a side, no you do not have to be out of debt before you get married either. I get this one a lot too!)  Anyway, moving right along,  here are a few financial things to consider before you jump into the world of being your own boss....

Have You Mastered Your Money? 
If you think handling the family money is a pain, wait until you start a business! You must have a process in place and some discipline in handling your personal finances in order to be able to successfully manage your business income and expenses as well.

Can You Answer YES to These Questions?

• You complete a budget each pay period and you know where your money goes
• You write transactions in your checkbook when they occur or at least by the end of the day
• You balance your checkbook to your bank statement when it arrives (or online)
• You've reigned in unnecessary spending
• You do have a plan for paying off your personal debts 

Personal Emergency Fund

I do suggest having at least your partial emergency fund of $1,000 saved.

Saving For Your Business

First, complete a 'Startup Expenses' form. You can  find one here: http://www.score.org/ .
List everything you will need to start up and the cost associated. Then, look at your personal budget and calculate how much can be allocated toward saving for your business each pay.
Essentially, you will add a line in your budget for let's say  'Dave's Detailing'  and assign it a dollar amount. Be disciplined about setting that money aside.

Stay away from debt... I'm the poster girl for the bootstrapper. Bootstrapping allows you complete freedom, no one gets a piece of the pie but you because you didn't borrow money!

So off you go... get busy ... live your dream, start your business, just plan it out!!

Need some motivation? Check Out These Tunes!

McFadden & Whitehead - Ain't No Stoppin' Us Now
Survivor - Eye of The Tiger
Ben Harper - My Own Two Hands


Your Financial Coach,
~Dorethia
http://www.connercoaching.com/

Finish Your Business Plan in 3 Months!!!

Ahh, a business plan!!! Is the idea of tackling this task overwhelming in the midst of everything else on your 'To Do' list? Many entrepreneurs put it off, but the business plan is the foundation for your company. It is not just a document you need if you are approaching investors or banks for loans. Even if you are funding your business yourself you need a business plan!

You discover things about your methods, ideas, and industry when you have to put all your research and hard work down on paper. You can save yourself a lot of time and money when you have a written plan!!!

A Few Quick Tips!

1. Spend two weeks on each section: there are 10 - 12 sections in a business plan - two weeks on each section = 3 months.

2. Finish the sections that are the easiest for you first. If you already have an idea of your operations or company description -complete those and then tackle the areas you have to research.

3. Write the Executive Summary last as it 'summarizes' the detail of your plan.

The portions that may need a little more time is the research you will need to do for your Market Research, Industry and Competitive Analysis. But don't drag it out - set specific days and times to work on it and stick to your deadline!


Check It Out -

www.Score.org: Business planning and financial templates for startups and existing businesses

Score offers some one of the best templates I've found complete with explanations of each section - and they're free! No two-ton book to buy or carry around!!

Ramping Up Your Side Gig!!!

In times like these we cannot always wait for traditional means of earning an income only. Think of ways to earn money that maybe you wouldn't have considered before. What can you do that would not require a large cash outlay? For instance, a bucket, a mop, and some soap and you're ready to clean homes and offices.

Tap into your talents - what do you enjoy doing in your spare time? What are you good at that people praise you for? Maybe there's something you always wanted to do but never had the time. Now, may be the opportunity to make the time!

Handy around the house? There are plenty of women/seniors who could use someone to fix things up a little, clean out the garage, etc and would gladly pay.

Do you love children? Babysit for a family that works the night shift. The kids will be sleep for most of the time - parents pick them up as you are getting ready for your work day - easiest gig ever!

Do you have a way with words? You can write blogs, articles etc. for people who have great ideas but don't know how to articulate them.

Always loved English? (or Science or Math or Speech...you get the picture) Tutor a student who is struggling in that area.

Do you live in an apartment building or in a tight knit neighborhood? Offer to clean the inside of your neighbors cars weekly, do the outside as well if you can.

Are you a great cook or have a special family recipe? Make your goodies and sell to your coworkers, friends, etc.

Fitness as a hobby? Do you have some equipment at home or great workout techniques? You could charge $5 per person and let people you trust use your 'gym'

These are just a few ideas, there are endless opportunities unique to your situation!

TO DO:

1. Write down at least 10 talents/things you enjoy or can make money doing.



2. Which ones can you implement THIS WEEK? Develop a serious action plan to get started!!




Remember:

YOU decide the financial state of your household! Make it Happen!!!!

- Dorethia

Bookkeeping Tips for Small Businesses

Great tips found at www.onlineorganizing.com

Here's a little help for you fellow entrepreneurs out there! Click on the title for the article...Enjoy - Dorethia

Buppie Yuppie Busy-ness!!

It’s cool to be busy, swamped…so busy that you only have a moment here to say this or a few minutes to meet ..it’s cool because it makes you feel important…like you have so much going on…and maybe you do, but those around you shouldn't feel rushed through your conversation, lunch, dinner, basketball game - you get the point.

In the midst of all this busy-ness, you miss quality time with quality people....while you are attempting to connect with the ‘right’ folks, attend the ‘right’ meeting.

Not to mention, when you are always soooo busy, quality people no longer desire to be around you, you give off an anxious, hectic, vibe. Never settled, never comfortable, just running and rushing around all the time….when the truth of the matter is that balanced people find time for friendships, dinners out with family, time to make new acquaintances, and business networks…without saying…"I’ve only got a few minutes", "you know I’m so busy I’ve got to go". No one wants to hang around you because they don’t feel important enough for a slice of your time. A slice where you are relaxed, not looking at your watch or worse ANSWERING YOUR CELL PHONE! My next post will be about cell phone etiquette at lunch, dinner, standing in line at the grocery store! (I am guilty too).

We are all ambitious, driven, high achievers – regardless of age. But what matters is the quality of your relationships, whether business or personal. When you give off that hectic vibe, you are telling the person you are with that time with them does not matter, you’re not focused on what they are talking about or enjoying thier company.

It doesn’t matter if it is a business acquaintance, family member or friend. Everyone wants to feel as if their presence is important when you are around them.

We are all so concerned with being upwardly mobile, on this committee, on that board, going to this meeting, this event, working long hours….some of us bask in it, as if it says "Hey I’m about something, Hey I’m doing something"…..and you are….kudos to you….hard work pays off, being in the know does too….but what do you know about those closest too you …as you zoom here and there….what about new people you meet and you swear ‘we’ve got to get together’? But never do or you try to squeeze them in between this or that - at the last minute to boot. In all this buppie yuppie busy-ness we need to settle down, calm down and enjoy the moment as well as enjoying the people we come across.

True networking is about building genuine relationships, leaving others feeling good after meeting with you...and that's impossible to do when you're too busy.

Is Your Company an LLC? MEET WITH YOURSELF!

Hey!! Here's an interesting tip that I didn't know........

If you are an LLC you must, must, must make sure that you separate your personal from the business!! Uh, Duh Dorethia we knew that!! .....Okay....you knew you had to have an Operating Agreement and a separate bank account....but did you know that even if you have a single member LLC you also had to have regular meetings.....WITH YOURSELF!! Yes, with yourself. These meetings must be on the calendar, scheduled and you must outline what you 'discussed'.

I was at a thing, talking to a guy and he was telling me about 2 cases in which the LLC owners were personally held liable in lawsuits based on this one criteria. I believe they were in the Metro Detroit area, can't remember but I will try to find the cases soon to post as well.

In all the research you do, you will probably never find this little tid bit of info....well at least I didn't...anyway...get to scheduling those meetings...WITH YOURSELF!! Mine starts in about 20 minutes....ha ha.

No More Dreams Deferred!

Have you ever had one of those work weeks that makes you question your ability? Where you question who you are and what you’re doing? When you’ve got to dig deep to remind yourself that you’re a contender, a champ, you've dealt with worse in your career and come out on top?

I’m having that week…I’m digging deep….and of course it always works out in the end with the experience only encouraging us to move with lightening speed toward completely living our dreams…

A talk show host once attributed the time it takes people to fulfill their entrepreneurial dreams to fear and laziness. I’ll say that for some this may be the case, but for the most part I believe it is just our everyday lives. You go to work, you go to school, take care of your families…and before you know it - years have passed by and you couldn’t find time to sit down and plan for that business or new career or to go back to school.

Life happens and this or that distracts you from your goal….. I would also say money stops a lot of us too. Money is a huge factor in funding writing projects, career changes, or business ideas without going so deep in debt you can't climb out…

Which is why it is important to have your financial house in order so you can set some money aside to start your business or take a certification course or start a new career - without having to worry about a cut in pay.

Well no more dreams deferred, it’s going down!….NOW!….This is the year, now is the time!...Let's make it happen! I don't care if you only set aside a little money each pay....it's a start.... a few hours each week...it's a start.

So, what's next for you?