Why Your Business Needs an Elevator Pitch …and Tips on How to Target it to your Audience
By Caron Beesley at Business.gov
Whether you are on a trade show floor, making a sales pitch, or seeking investment, perfecting your elevator pitch can be one of the most important things your business can do. From the moment you start-up (when no one has ever heard of you), having a well rehearsed and compelling elevator pitch can help buyers, clients and potential investors get to know you quickly.
More than simply explaining your product, industry, or “big idea” a business elevator pitch is essentially how you speak about your business to others in a way that engages and excites.
As business expert Chris O’Leary states, “…an effective elevator pitch is designed to give the audience just enough information that they will have a sense of what you are talking about and want to know more.” (http://www.elevatorpitchessentials.com/)
Adapt Your Elevator Pitch to Suit Specific Audiences
A savvy entrepreneur should be prepared to develop and modify their elevator pitch to meet the needs of the audience they are engaging.
If, for example, you are pitching your product to a passerby at a trade show booth, you will need to craft quite a different pitch than the one you would deliver to a potential lending institution or investor who will quickly weed out ill-prepared and poorly planned business ideas or propositions based on an elevator pitch alone.
Three Elements of an Effective Elevator Pitch
To help prepare your elevator pitch (whether to secure investment for your business or to communicate your sales proposition) you need to take a three-step approach and address these key elements of your business:
1. “What is the problem or “pain” in the marketplace that your business addresses?” A good way to address this element is to ask a question. For example:
Did you know that the average small business wastes approximately $1,250 in energy costs each month simply because electronic assets are left to operate on maximum power 24 hours a day?
2. “How does your business or its product solve this problem?” And, in this case, the (purely hypothetical) answer might be:
With our patented energy usage monitoring system – ElecTrack - business owners can monitor energy consumption across all their electronic assets and remotely deactivate non-business critical equipment and appliances when not in use.
3. If you are developing an elevator pitch to help communicate your sales proposition, you should ask yourself: “What is the main benefit you give?” For example: “ElecTrack can help you save thousands of dollars a year on your business utility bills.”
Alternatively, if you are seeking investment in your business the third element should be – “What do you need to bring your solution to reality?” For example: “We need $1.2 million in funding to get to the point where the company is self-sustaining. This should happen during the third quarter of our second year. For the purposes of start-up, we’re seeking $500,000 of initial funding. I am the CEO with 12 years senior sales and business development experience in the energy efficiency sector. Our Technology Director has 20 years of electrical engineering and software development experience and has led the development and patenting of ElecTrack. If we hit our numbers, we expect to expand our market base into Europe and Asia, within three years.”
For specific help on creating your elevator pitch for investors, take a look at this You Tube video clip from business planning expert Tim Berry. He provides tips on how to craft your pitch, what your goals should be, and perhaps most importantly, what your investors want to hear.
Get Feedback and Practice Your Pitch
Another element in the process is to get feedback on your pitch from fellow stakeholders, employees, or someone not as close to the business as you are. Modify your pitch based on this feedback, and then rehearse and familiarize yourself with it. This absolutely involves reading it out loud. As a goal, aim for delivering your pitch in 30-45 seconds, longer than that and you’ll need to head back to the drawing board.
You could also try writing key words or phrases from your elevator pitch on a prompt card that you can pull out before meetings to refresh your memory.
Additional Resources:
•Developing an Elevator Pitch - Links to more resources as provided by the New York State Small Business Development Center (NYS SBDC).
•Effective Elevator Speeches that Leave a Lasting Impression (SCORE)
•Business Planning Tutorials from Business.gov guest blogger and business planning expert Tim Berry
•Small Business Marketing Guide from Business.gov – Tips, tools and lots of information to help you market your start-up or small business.
•How to Write a Business Plan - From free training and templates to business planning guidance, these resources are specifically designed for small business owners and entrepreneurs.
Does your website catch and deliver prospective customers? Or do those prospects click on to the next website? Or worse yet, are people unable to find your site at all?
Your small business website costs time and money, so make sure it works for you! Learn free and lowcost tips and techniques to improve the effectiveness of your website, including search engine optimization (SEO) and marketing (SEM), improving the user experience, and turning prospects into customers. This course offers valuable recommendations for new and established businesses.
Learn free and lowcost tips and techniques to improve the effectiveness of your website, including search engine optimization (SEO) and marketing (SEM), improving the user experience, and turning prospects into customers. This course offers valuable recommendations for new and established businesses.
Workshop participants will learn:
• how to assess a website’s performance
• what search engines look for
• how to develop a website improvement plan
• how to track conversions and website usage
• how to select and use keywords and phrases
• what website elements should be optimized
• how to boost incoming website traffic
This workshop is presented by Adam Barkafski, owner of Dream Seed Multimedia. He has been designing websites since 1998
You can click on this link to learn more and to register:
By Lisa Barone
Trust is all you have as a small business. It’s your lifeblood. When you open your doors, you greet your customers and make a silent promise that you’ll do everything in your power to take care of them. You use your words, facial expressions and actions to make them feel safe. On the Web, you don’t have any of those visual cues. All you have to establish trust is your Web site. That becomes the face of your brand and what all emotional connections will be based on.
Your Web site should be crafted, designed and set up to clearly convey the information, values and trust signals that your customers are looking for. And here are nine trust indicators to help you do that.
Get a domain name that makes sense: Domains are as tricky as they are important. Get a good one and you’re almost set from the start. Get a dud and well…tough break. As a small business owner, you don’t need to worry too much about the competitive art of domain buying. You simply need to find the best domain that your budget will allow. This means finding something that accurately describes what you do, is short and has good branding potential. At the bare minimum, you want it to “make sense” for what you do. If you sell computers, you want a domain that suggests that on sight. You don’t want someone to land on your Web site and then immediately leave because they thought you were about beach balls, not Mac computers.
Use a branded email addresses: Think about it like a user. If you’re about to spend $500 on an entertainment system, which contact email do you trust more – seller@sellerdomain.com or joey324@sketchyfreeemail.com? It’s a lot easier to trust someone who has clearly invested in their business over someone who simply stumbled across a free Yahoo or Gmail account. When you go searching for a host for your Web site, you want to get a package that includes POP3 accounts and email aliases so that you’ll be able to send branded email. It’s a very simple trust cue that packs a big punch.
Competent design: There’s a whole world of professional-looking DIY design solutions out there if you know some HTML. If you don’t and you’re not even sure what HTML stands for, do yourself a favor and get someone to help you design your site. Even if it’s a college kid you’re bribing with pizza. Find someone who can help you build a credible looking Web site. Essentially, you want your site to be “invisible” with everything in its proper place and working as it should so people don’t even notice it. You don’t need to pay for a full Flash site with all the bells and whistles (in fact, you shouldn’t, they’re horrible for SEO), but you do need something that establishes you as a credible business.
Use a reliable host: Your Web site doesn’t do anyone any good if it your host can’t be trusted to be up and running at all times. Before you settle on a hosting company, do some Google research to see if they have any widespread customer service issues. Google the name of your host plus a few of your favorite “[host name] sucks” variations to see what comes up. If you see frequent mentions of downtime troubles, go elsewhere. If you’re going to be running extensive social media or viral campaigns, you’ll want to talk to your host about that, as well. You don’t want them to automatically take your site down should a flurry of traffic suddenly hit. To make sure your site is running at optimal level, also look for ways to speed up page response times.
Create an About Us Page: Help folks feel comfortable with your site by introducing them to the people behind it. Show them you’re not just some makeshift company that will take their money and be gone in the morning. Very often creating a company About Page that includes all the names, faces and personalities of your company can go a long way to establishing vital trust cues. Use your About Page to talk to customers. Include when the company was founded, what you’re an expert in, how excited you are to help them and all the ways they can contact you. If your Web site is the face of your company, the About Page is its heart.
…And a Contact Page: Sorry, but your About Page doesn’t erase your need for a contact page. You’ll still need a dedicated page on your site to show customers all the ways that they can contact you (it also acts as a great citation for the search engines’ local algorithms). Include your real business address, telephone number, a map of where you’re located, hours, and any other information someone would need to get a hold of you.
Use customer testimonials: Providing testimonials on your Web site does a couple of things for user trust. First, it helps show customers that you’re safe to do business with and gives them an idea of what they can expect from you. Second, people like to be associated with companies other people like. It makes us feel better about ourselves to be connected to popular things. If you can feed their vanity that buying your product makes them one of the in crowd you’ll go a long way toward helping them down the conversion path.
Keep a tidy site: Take as much pride in your Web site as you would a company newsletter or direct mailing. Your content should be grammatically correct and use an appropriate tone. Your links should work. Your pages should be neat. If there are a bunch of broken links, it’s a clear sign that you don’t care about your Web site. And if you don’t care about your site, why should they think you’d care about them? Or your product? That’s not the impression you want to give off.
List groups you belong to: People trust companies that go out of their way to be part of the community. If you’re part of the local chamber of commerce or Better Business Bureau, take the badge or logo they give you and proudly display it on your site. Again, it shows customers looking at your cold Web site that you’re real, that you care and that you’re part of your community. It will send the message that not only do you stand behind your products, but that you are aligned with others who share that same position.
Trust is everything, both on the Web and off. Take some time to make sure your Web site is giving off the right vibe and not turning off visitors before they even learn about you.
Karen J. Lange, The Company Corporation®
In its recent study, The Entrepreneur Next Door, the Kauffman Foundation indicates that entrepreneurship is as widespread in the United States as getting married or having a baby. More than 10 million U.S. adults are actively engaged in creating businesses, often with a friend or colleague. With lay-offs and corporate downsizing filling the news, no wonder sources as mainstream as USA Today and MSN are recommending entrepreneurship as the new corporate lifestyle.
Laid-off and downsized workers are “making lemonade.” Instead of sending resumes, they are investing in themselves by starting businesses or purchasing franchises. Gladys Edmunds, USA Today, says it best—when you leave your job, you take with you the skills and talents that you own—plus the experience you got during employment. Many choose to become consultants or independent contractors in familiar industries. Others take transferable skills like salesmanship or project management and apply them to new ventures. Some use their newfound freedom to turn a hobby into a profit center.
Whichever entrepreneurial direction you choose, select a business structure that works for you and your family. Many businesses start as sole proprietorships or partnerships. However, these structures have unlimited personal liability for company debts. As a result, many business owners opt to incorporate or form a limited liability company (LLC) to protect their families and financial interests. Businesses may change structure at any time. Here are the most critical items to consider when selecting—or re-selecting—your business structure.
1. Protection of personal assets—Sole proprietors and partners have unlimited personal liability for business debt or law suits against their company. Creditors can attach homes, cars, savings or other personal assets. Incorporating or forming an LLC helps separate your personal identity from your business identity. Corporation shareholders or LLC members have only the money they put into the company to lose.
2. Pass-Through Taxation—For sole proprietors and partners, company profits/losses pass directly through to their personal tax returns. For corporations, profits are taxed, then the profits that are distributed to shareholders as dividends are taxed again on the personal level. This “double taxation” can be avoided while still enjoying the benefits of personal asset protection by forming an LLC or by electing an S Corporation. S Corporations and LLCs can be taxed just like partnerships.
3. Uninterrupted business—Sole proprietorships and partnerships may automatically end or become legally entangled when one owner dies or retires. Corporations and LLCs are enduring legal business structures. They may continue regardless of individual officers, managers or shareholders. Corporation ownership may be transferred, without substantially disrupting operations, through sale of stock.
4. Access to Capital—Sole proprietorships and partnerships may find investors hard to attract because of personal liability. Investors are more likely to purchase shares in a corporation where they can separate personal and business assets.
5. Credibility with vendors and customers—Adding “Inc.” or “LLC” to your company name helps your business seem larger and more established!
With over 100 years of experience, The Company Corporation® provides expert incorporation services to small businesses and entrepreneurs nationwide. In addition to filing corporations and limited liability companies in all 50 states and the District of Columbia, The Company Corporation® offers a wide range of products and services that help businesses preserve and protect their corporate status. We provide registered agent services, Tax-on-Time® and mail forwarding services, corporate kits, publications, certificates of good standing and qualifications to do business in any state. Our commitment to the success of small businesses does not end there. Our exclusive, Compliance Watch® online reminder and calendar service takes the worry out of staying in corporate compliance.
2009 | By E-Myth Business Blog
Do you know how much cash you have? Do you know how that cash flows through your business?
The amount of cash you have on hand is one of the most important metrics for the growth and survival of your company. As a business owner three of your primary financial responsibilities are:
- Being aware of the business’ cash position
- Actively guiding the business towards attaining more cash
- Maximizing the return on cash reserves
To put it simply, you need to know where your cash is, plan its path through the business and how to make the most of every dollar.
Think of cash as the fuel that runs your business. Lacking cash can leave you stranded on the side of the road while the competition zooms by. A business, like a car, won’t go anywhere without fuel. The last thing you want is to be walking for miles with that gas can in your hand.
Accordingly, you must be aware of how much fuel you have in your tank at any time. You must understand the efficiency in which your business is burning it, where your next fill-up is coming from, and how well your reserves are performing. How do you monitor all this? By implementing an effective cash management system; which forms a part of every well managed company’s financial controls.
A Cash Control System
Managing this vital component requires the use of simple, well-documented control systems for the money flowing through the business. It needn’t be an overly complex system, but it must cover two categories: money coming in and money going out.
Money coming into the business includes:
- Sales Receipts
- Cash Handling
- Credit Transactions
- Invoicing and Accounts Receivable
- Collections
Money going out of the business includes:
- Purchasing
- Accounts Payable
- Inventory Control
- Payroll
Keeping the Cash Flowing In Every Stage of Business
The complexity of your cash management systems will depend on your business’ stage of development.
In the infancy or young stage of a business, you’re likely to experience periods of growth. Your cash is cycled from revenue to expense very quickly during this time, allowing just enough cash flow to add resources or fulfill demand. If at any point during this stage, there is a major cash shortage, you could be in big trouble. Your cash management system provides an early detection system for such events and allows you to make adjustments before it’s too late.
As your business matures, your cash management priorities shift slightly from a purely internal perspective to a more balanced internal and external focus. Cash on hand and meeting the day-to-day needs of your business is always top priority, but cash is too valuable to be sitting around doing nothing. Businesses with cash reserves can create competitive advantages through joint ventures, acquisitions, research and development, traditional savings and smart investments. While many of these activities may seem more likely for large public corporations, by focusing your efforts in a similar fashion, cash savvy small companies can leverage their cash position as a competitive strategy.
Where do you start?
The fastest way to get your cash and related money management systems in place is to perform a quick audit of your current systems. From there you can create an action plan to get from where you are, to where you need to be.
Begin by assigning a performance score to rank each component of your cash system according to how well it meets its intended goal After you’ve scored each component, or sub-system, prioritize the list in terms of relevancy and urgency. This becomes your development plan for making improvements.
For example, a retail client of mine recently set up a ranking system from -10 to +10, and ranked her cash management systems as follows:
- Sales Receipts +10
- Cash Handling +10
- Credit Transactions 0
- Invoicing and Accounts Receivable -5
- Collections -10
- Purchasing -10
- Accounts Payable 0
- Inventory Control -5
- Payroll +10
After a careful consideration of which systems would affect her cash flow fastest she prioritized her system development as follows: inventory control, invoicing and accounts receivable, credit transactions, collections, purchasing and accounts payable. This simple step gave her a clear path towards improving all her cash management systems. Of course, each business is different, but this same ranking system and prioritizing your development will lead to the same result my client achieved: a feeling of comfort and calmness, as she experienced a sense of control over all areas of her cash systems.
By E-Myth Business Blog
As a business owner, you’re always prioritizing efforts and making resource decisions. You may feel like you live in your own world… wearing all the hats of the business, or “doing it, doing it, doing it.”
Starting a board of directors and maximizing its usefulness may not be high on your list, but as your business grows, having an active board can provide you with significant advantages. It’s also something you may not have a choice about; every corporation is required by law to have a board of directors. You should, of course, be working with your attorney on matters such as these. But whatever the legal requirements, satisfying the laws of incorporation is only the beginning for this vastly underutilized small business resource.
What Kind Of Board Is Right For Your Business?
There are two basic kinds of boards: advisory or fully mandated. An advisory board does just what it says: it’s a board that provides feedback and advice, but nothing is binding. The second type, a fully mandated board has real power and accepts fiduciary responsibility for the company.
The kind of board you choose depends on your needs. Go with the advisory board if you just want advice but don’t want decisions mandated by a majority. A fully mandated board is a good option if you’re ready to take a step back from ultimate decision making. Either way a board is a great way to bring in expert, trustworthy advisers to help you make the big decisions.
Why You Need A Board
With a board of directors, your business immediately gains legitimacy and a panel of expertise you may not otherwise have “in house”. Directors with specialized expertise such as law, finance and marketing become a valued resource providing guidance and much needed advice in critical centers of the business. Your board can help develop business plans, handle policy issues and also help focus overall business strategy. Directors monitor a company’s financial strength and the success of its product and services. Selecting board members from your business community can also bring greater awareness from the community at large.
Typically, a board will focus on protecting the company’s unique values and culture — a necessity in our fast changing business environment. They’ll also assist with recruitment, bringing in new people for both the management team and other director’s seats, especially ones who can help further the company’s business objectives and secure sources of capital. A board can also help with succession planning and your overall exit strategy.
The most effective boards are comprised of diverse, strong-willed people with their own viewpoints. You want board members who are fearless about offering advice, guidance, feedback or argument. An open forum for ideas and opinions is a board’s most valuable asset — don’t squander it by setting up a board with a bunch of drone-like “yes” people.
Now maybe you’re thinking that your business is just a small family affair and your partners are already working in the business with you. But we would say that your business is the perfect candidate for a board. In fact, nobody needs a board more than you! Why? A board will help you set aside your tactical perspective, get outside the organizational boundaries of your day-to-day perspective and force you to work on the business!
A board allows you the unique opportunity to look at the business objectively and from every angle. It forces you to work on strategy instead of tactics. It allows time to develop new ways to improve the entire business enterprise. Don’t underestimate the impact formalizing a board can have on a family or small partnership business.
The Final Analysis
As with all entrepreneurial decisions, it’s up to you whether to invest your energy and resources in a board of directors. There are many advantages to consider; the only real disadvantage is investing your time and resources in a structure which may not serve your current objectives. At the least, an advisory board can increase your community outreach, while a fully mandated board can give you just the expertise and legitimacy you need to grow to the next level of your business organism’s natural development.
SCORE Lancaster offers free Advisory Boards
SCORE Advisory Boards function like a free Boards of Directors, staffed by SCORE mentors with relevant expertise and experience. In most small businesses, owners facing major decisions usually face them alone. SCORE mentors and Advisory Boards provide sounding boards, critiques and analyses to help lead to good decisions. For information about SCORE Lancaster, contact us at www.scorelancaster.org or call us at 717-397-3092.
by Rohit Bhargava, American Express Open Forum:
Local advertising can be effective to reach a regional audience, but when it comes to exposure, nothing beats having a profile piece done on you and your business in the local, regional or even national media. Many small business owners believe that getting mentioned in the media is simply a matter of luck or networking and knowing the right person. These help, but there is more of a formula to earning positive press than you might imagine. Here are a few tips that can help you get coverage:
Be an expert. You might think that the most compelling thing about your business is the great product you have, or the story behind your business. Although that is important, being an expert in something puts you on the media radar. You may be the foremost expert in your area on whether homebuyers should choose brick or stone for their house exterior. Or be able to taste the difference between coffee from Guatemala and Cuba. Whatever it is, uncover what you know best and then start including that in how you talk about and promote your business.
Remember the story isn’t always about you. Many small business owners make the mistake of assuming that the only media coverage they should try and get is a “profile piece” about them and their businesses. That’s one way to go, but it is far less likely that you’ll get covered in this type of story, and if you do it will be a small regional story anyway. Reporters choose topics to write stories about, but most require some real points of view (i.e. interviews). If you can be a source for a reporter on a story they are already writing, you will be far ahead of your competition in getting mentioned more frequently in media.
Start with the bloggers. Bloggers can often be an approachable first point of entry into getting covered. If you can start inviting them to share their comments on your business and perhaps invite them to come and experience what you have to sell, you can build relationships. Those relationships can matter not only because people may read and trust those blogs, but also because they are having a growing influence on the “traditional” media and can lend credibility to your business.
Learn the beats and players. Whatever the industry your business is in, there are always individuals that should matter more to you. Do you know who covers your “beat” (i.e. – the category that your business is in)? Knowing the right journalists is essential and is part of what a public relations consultant would help you do first. How can you target a message or campaign if you don’t know your audience? Once you know the individuals you are targeting, you can start to build a relationship with them and offer yourself and your business for comment on anything they may be working on. You would be surprised how often a personal relationship can help lead to being considered as part of an article.
These are just a few tips to help get you started with appearing more frequently in the media.
by Nora Dunn on American Express Open Forum
We have all been told that a business plan is required for the business to fly. But how much attention do we really pay to it? And do all business owners really need one? You have customers, you have a niche, and you don’t need bank funding. You know what you know. Who will even read it? In this article, we will discuss why a business plan is quite often a necessary evil, and then we’ll go into the basic mechanics of a business plan.
Case Study of Peter and Joe: How you can be on the same starting block together, but run a different race entirely.
Peter and Joe are both plumbers. They work together at the same company before deciding they can do better on their own as self-employed professionals. They each have enough contacts and are more than qualified to do a variety of plumbing-related jobs — both residential and industrial. However despite starting in the same place, their businesses evolve very differently.
Why Peter Fails
No Forward Planning: Peter likes to fly by the seat of his pants, and runs his business the same way. He figures his casual attitude will be easy for customers to work with.
No Administrative or Business Skills: Peter is not good with computers, generating invoices, and analytical tasks (and no effort made to develop or outsource them), but he believes he has enough residential contacts who will want plumbing-related jobs and will pay cash that he’ll be okay.
No Target Market or Specialization: Despite Peter’s preference for working with residential contacts (because they largely pay with cash), he’s also incredibly talented with industrial plumbing, so if jobs of that nature come his way, he takes them too. He’s basically ready for any and every job that comes his way, rather than deciding to specialize. (The problem is that jobs don’t seem to come Peter’s way.)
No Market Research: Peter has great ideas for new niches of business, but when he throws everything he has at those niches without researching them first, he consistently underestimates the competition or logistical requirements and suffers for it.
No Polished Elevator Speech: Peter’s casual attitude doesn’t bode as well for his customers as it did when he was just an employee; he doesn’t come off as taking his own business seriously. When you ask him what he does for a living, he does no credit to his talents by simply saying something crude about toilets (even when the person asking is an industrial property manager who could potentially be a good customer).
No Purchasing Plan:Peter regularly puts the cart in front of the horse by insisting he needs some new equipment or an elaborate website in order for his business to turn the corner.
No Marketing Plan:Pursuant to the above point, Peter’s purchases fail because he can’t even identify how to get the necessary clients to pay off the new equipment that put him in the red, or how to attract potential customers to his website and convert them into paying clients.
Peter’s Results: So despite the fact that Peter has the initial contacts and ability to generate enough business to support himself, he ends up going broke and asking for his old job back.
Why Joe Succeeds Specialization: Although Joe can perform any number of plumbing tasks, he decides to specialize in commercial kitchen work.
Research: Joe researches exactly what his costs will be to get set up with equipment and determines how long it will take to pay it back using industry-based estimates.
Know the Competition: Joe knows the competition, and even takes some time to introduce himself to them (in the hopes that they may provide a referral if they have too much work on their plate, as well as to chat about business in the area for his own research purposes).
Outsourcing: Joe recognizes his weakness for accounts receivable and hires a virtual assistant to help him with this and other administrative tasks.
Targeted Marketing: In knowing who his ideal customer is, Joe targets his marketing efforts to them and when asked what he does by a stranger, his “elevator speech” (a 10 second pitch for his business) is polished and concise.
Joe’s Results: Joe has a more structured approach to his business and ends up not only supporting himself successfully, but in his second year he revises his business plan and hires employees to help him with the workload and increase his profits.
Business Plan Basics: We have all heard that the business plan is the foundation for every business, and we may try to do one by going through the motions. But until we truly embrace the business plan as our roadmap to entrepreneurial success, we may flounder in a sea of incompetence. Having this roadmap keeps your goals aligned with your progress. It can be easy to survive with a fly by the seat of your pants model, but to truly succeed and grow a real business, you need something to let you know if you’ve veered off track.
Your business plan doesn’t have to be over-involved or full of statistics that are meaningless to you. But it should be on paper, and incorporate the following components:
Description of Your Business:
- What do you do?
- What is your product or service?
- How is your business run?
Industry Outlook
- What is your industry?
- What state is the industry currently in (ie: economics, supply, and demand)?
- Where is the industry going in the future?
- Are there any unfilled niches, and if so – how can you fill in those gaps?
Your Market:
- Exactly who is your customer?
- Where do you find them?
- How does your customer like to shop for your services (ie: how will you market to them)?
- How are you the perfect candidate for your customers?
Competitors:
- Who is your competitor?
- How much do they charge?
- How are they regarded in the industry?
- How are your services (or customers) different from theirs?
- Can the market bear the increased supply?
Marketing:
- Exactly how will you market your services?
- How much will it cost?
- How will this help you get new business?
- What is your return on investment?
Industry Experience: What is your story? Ultimately it is your personal experience and approach to the business that will determine your success.
Financials: This is where many business plans fall apart at the seams, especially in the first year of development, when most of the numbers are estimates. But as the years roll by, having year-over-year figures are the best barometer for your business. Annual financial reports tend to include the following:
- Profit & Loss Statements
- Operating Revenue
- Cash Flow Analysis
Your business plan does not have to be a daunting or insurmountable task, nor a chore to produce. The next crucial step is to review and revise the plan at least once per year (or more frequently depending on industry changes). With the exception of the financials, much of it can remain similar to previous years.
The U.S. Federal Government has created a new internet resource called DATA.GOV
The purpose of this website is to increase public access to high value, machine readable data generated by the Federal Government. DATA.GOV enables the public to participate in government by providing downloadable Federal datasets to build applications, conduct analyses, and perform research.
The initial launch of DATA.GOV provides only a limited portion of the rich variety of Federal datasets presently available, but you are invited to participate in shaping the future of DATA.GOV by suggesting additional datasets and site enhancements.
The goal of DATA.GOV is to improve access to Federal data and expand creative use of those data beyond the walls of government by encouraging innovative ideas (e.g., web applications).
DATA.GOV strives to make government more transparent and is committed to creating an unprecedented level of openness in Government. It is hoped that openness derived from Data.gov will strengthen the Nation’s democracy and promote efficiency and effectiveness in Government.
Visit the new site and check it out!
Business Start-Up Book Bags
The Library System of Lancaster is pleased to offer a valuable new resource to prospective business owners in the form of a Business Start-Up Book Bag!
These Book Bags are available to check out for a two week loan at public libraries in Lancaster Cou
nty. By borrowing this Business Start-up Book Bag, you’ve taken the first step towards possible business ownership. The books and information packet contained in the bag will provide you with small business basics and answer many preliminary questions you might have.
The four books included in the bag are:
• Start Your Own Business, by Rieva Lesonsky
• How to Write a Business Plan (includes CD), by Mike McKeever
• Legal Guide for Starting & Running a Small Business, by Attorney Fred S. Steingold
• Financing Your Business: Get a Grip on Finding the Money, by Angie Mohr
In addition to books, you will find a removable plastic information packet for you to keep as a ready reference! Items included in the packet include:
• Six-page business start-up toolkit
• Duke Street Business Center info sheet with contact info and hours
• List of county and state business organizations
• List of reference titles available at the Duke Street Business Center
• List of business databases, most of which are available via remote access
• Contact information for SCORE Lancaster
Business Book Bags are available at all Lancaster County Public Libraries and may be checked out for a two-week loan period. They may also be reserved by going on the OPAC (Online Public Access Catalog). Simply search the catalog by using the keyword: “Business Book Bag”.
In addition to these resources, there is also a wealth of information available under our Business Information Link.
If you have questions about these resources, please contact Rhonda Kleiman at 717.207.0500 x1225 or email at rkleiman@lancasterlibraries.org
