The question is, can I be rich and still have a small intimate business that I am comfortable with leading and directing? The average small business owner adores the intimacy of their little company and oftentimes their dedicated customers do too.

But there is money to be made, and in efforts to increase profits many businesses equate that with growth. But is growth (in the traditional sense) always our friend? Companies can literally grow in size with more employees, more buildings and more overhead expenses. But this is not the only way, and to some it’s not even the best way. If you are prepared to think outside the box, then here are three key smart ideas for any savvy small business owner:

1. NICHE IT OUT. For many of you, if you have heard it once, then you’ve heard it one-thousand times. And here it is again: Don’t try to be a jack of all trades. Choose your focus and work that niche to life. Just be sure to choose an area that is small enough for you to be the big fish and large enough to support your success. In other words, if you sale travel, then consider focusing on luxury or trips to Jerusalem or family vacations, and then become the quintessential expert at it. Every entrepreneur has to figure out what makes them different and your niche helps to distinguish you from the crowd.

2. OUTSOURCING. If there’s one trap that the typical small business owner falls into, then it’s trying to do it all yourself. But in the spirit of niching consider focusing your energy on what you and your core team do best and then outsource the rest. And before your mind jumps to The 4 Hour Workweek and your new Indian assistant half-a-world away, consider local manufacturers too, as well as marketing and consulting firms, printing companies that you can get your hands on if something goes wrong. And if you are more adventurous, then there are a world of resources just waiting for you including that Indian assistant half-a-world away. Help is a good thing. We recently started outsourcing some of our printing at the church and it is a time and money saver.

3. TECHNOLOGY. Your number one money saving and time saving tool will easily be the technology that you choose to use. You can hand address 200 hundred envelopes or you can print labels and save time and hand cramps. You can keep a Rolodex (you know like the 80s) or you can keep them in your Blackberry and sync them to your laptop. You can track your clients manually or you can use a smart database to make it easier, faster and more thorough. These suggestions are not new, but sometimes we just need a reminder and a nudge. And yes, technology comes with a learning curve, but after you do learn how to use your new tool, it adds color, freedom and time to your business life.

Just remember to do your homework and then dive in with both eyes open, but dive in.

If you haven’t had enough of this kind of “office talk” then check out Mina Kimes’ article from the November 2008 issue of Fortune Small Business. She highlights how four smart entrepreneurs increased their profit margins, dramatically, while remaining small in size. And for your convenience, it is available online: When Less Means More by Mina Kimes.

-J Warner-

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Are you on the right roller coaster? It doesn’t matter what kind of business idea that you come up with or that you become a part of, you need to make sure that you choose the right ride for you. You are in for some work, ‘painful effort,’ as King Solomon puts it, and you need to know beyond the shadow of a doubt that it’s worth it.

Whether your grassroots project is artistic in nature, service based and/or profit-driven, here are seven questions that will help you focus your heart and your resources (the same seven questions that ! asked myself as I was trying to discover the right entrepreneurial work for me):

1. The First Question is an issue of Creativity: Do you have an idea? If the answer is yes, then move on to the next question, so that you can test it to see if this idea is right for you. Why am I saying this? Because I have a plethora of new ideas daily, but only certain ones are perfect for me at this time in my life. Some, I will implement later (I write those down and save them), others would be perfect for somebody else’s dream, not mine (I save those too). Make sure that you know the difference between what really drives you and what doesn’t. Let’s go on to the next question . . .
2. The Second Question is an issue of Passion. Are you driven by this idea? If the answer is ‘No,’ then you need to go back to the first question and find an idea (or let it find you) that drives you and captures your full attention. Look at your talents and your favorite things to do. If you can merge the two, then you may be on to something. But it needs to be a problem that you can solve for people. A good gauge is this, solving this problem simply makes you happy in a deep place. Seeing it unsolved probably angers you when the average person only feels indifference about it. Businesses at their core solve problems: I need a new car, I go to the car lot. I need a tune up, I go to the service place. I need a good car cleaning, I go to Champs Car Cleaning Service. You see what I mean? Businesses solve problems. I need some fun, I go to the concert of a favorite artist and dinner with some friends or a poetry spot. Businesses can solve all kinds of problems, you just need to find the one that you want to and that you know how to solve–or at least be willing to learn how to solve it better than anyone else.
3. The Third Question is an issue of Focus. Are you willing to shift all available time and resources to making this idea a reality? I don’t mean to quit eating or to forget to feed the children or you barely have time to kiss your wife or you can’t even give your friends a decent greeting. But I do mean this, what are willing to give up? I gave up the Television. I watch my favorite shows a couple of evenings a week for an hour each. I figure they’re already living their dreams, I need to put some time into making sure that I live mine too. Besides the television, there is something else that you can give up which takes us to the fourth question . . .
4. The Fourth Question is an issue of Time. What days and time can you consistently devote to your idea? And before you remind me of how busy you are (and I do understand that), hear me out. Will you discipline yourself to efficiently give up your time? Even if you don’t have a lot of it to give, consistency will pay off. If all you can find is two hours on Saturday morning to work on your business, then disappear into the library or the coffee shop to do just that. And then do what you said you where going to do, “Work on your business for two solid FOCUSED hours (no interruptions, no exceptions).” A hint: choose the same times each week, then it will become such a habit that you will feel out of place if you are not “working on your business between the hours of 11:00 am and 1:00 pm on Saturdays.” Now that we have the time issue on the table, we might as well get to the question that has a tendency to scare us the most . . .
5. The Fifth Question is an issue of Cash-Flow (that’s right, money): What is the financial cost to turn your idea into a reality? Notice that I didn’t ask you, could you afford to whatever your dream is ? That’s not the issue. You need to know real cost, and not guestimations. Speculating will make a coward overestimate and run or an over zealot underestimate and dive into quick-sand without a life line. Count the cost and be fearless while you do it. It cost you nothing to ask questions and to create a budget, and you will gain insight, skill and focus while you do it. Knowing real cost helps you to develop a real plan and to focus your faith. Which brings us to the next question . . .
6. The Sixth Question is an issue of Tools, Materials & Equipment: What equipment do you need in order to create the idea? This answer needs to have two parts, your high-end version of the materials you may need and their prices, then you need a scaled down, more budget conscious version. Why both? Study the best first, understand its cost, so that when it’s time to purchase you will know a bargain when you see it and you will know and be able to quickly identify quality in the less expensive versions when you see it as well. Get over your fears, start the research, set the budget. Besides don’t count yourself out, with a little negotiating and a-lot of favor, you just may get your first choice. So get ready to win. But before you take off, there is one more question . . .
7. The Seventh Question is an issue of TEAM: Is there a way for people to help you? Will you let them? In a world of do-it-yourselfers, we are slow to ask for help. But long term success and freedom requires team work. You will have to become crystal clear about your goals and get organized, but that will just make you and your business better. For ideas about who you may need on your team, check out an earlier post, Five People You Need On Your TEAM: Don’t Be An IDAIT, You NEED Help!

For those of you who are looking to build a true business that runs even when you are on vacation, in the beginning you still need to be there in order to nurse the first steps of your company and establish the system that will allow it to run without you.

We’ll, talk about systems in another post. But keep in mind that even if you are not trying to replace yourself, systems will allow you to focus on the part of the business that you excel at. Then the team that you build, and the system that drives them, will do the rest. A great book that addresses this subject is E-Myth Revisited, Why Most Small Business Don’t Work & What to Do About It by Michael E. Gerber.

I hope these seven questions help you, the way they help to stay focus me. In a nutshell, do the work to live the dream that you truly want to live. Don’t settle.

-J Warner-

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You had a brilliant business idea that inspired you so much, you got off the couch in the evenings and started planning your family’s future. Now you burn the candles at both ends, trying to build a dream, but as quiet as its kept, it’s harder than you realized. Our business ideas and entrepreneur dreams vary like the fingers prints on our hands. Nevertheless, we can agree on some things:

• Starting a business is hard work;
• By the time we realize that we really need help, we are often in too deep to just quit, and there’s a part of us that doesn’t want to quit anyway;
• Oftentimes, great help comes with a great price tag

But we need help and we know we need help. So, what do we do? Turn to the government!? Why not? If you are a small business owner or thinking about becoming an entrepreneur, then chances are that you are a responsible citizen and probably a tax payer (save the diligent teenager with a brilliant idea, in which case, this is for you too). That being said, there are three services designed just for you, so be sure to take advantage of them, (many small business owners don’t). Besides, your business being a success helps you, your family, the community and the economy (and the government knows it, which is one of the reasons why the services exist). So check out these 3 Ways To Get FREE Help for the Entrepreneur:

1. The SMALL BUSINESS ADMINSITRATION (SBA).

MISSION: to be your small business resource by providing programs and services to help you start, grow and succeed at your entrepreneurial dreams

STRUCTURE: The U.S. Small Business Administration (SBA) was created in 1953 as an independent agency of the federal government to aid, counsel, assist and protect the interests of small business concerns, to preserve free competitive enterprise and to maintain and strengthen the overall economy of our nation. In their own words “We recognize that small business is critical to our economic recovery and strength, to building America’s future, and to helping the United States compete in today’s global marketplace.”

SERVICES:

1. SBDC services (discussed below) are administered through the SBA
2. Online resources covering marketing, business planning, staffing, etc.
3. Access to other services online and in your area that you may not be aware of
4. The SBA website is priceless, so be sure to check it out.

2. The SMALL BUSINESS DEVELOPMENT CENTER (SBDC).

MISSION: to provide management assistance to current and prospective small business owners.

STRUCTURE: In their own words they “offer one-stop assistance to individuals and small businesses by providing a wide variety of information and guidance in central and easily accessible branch locations.” The program is a cooperative effort of the private sector, the educational community and federal, state and local governments and is an integral component of Entrepreneurial Development’s network of training and counseling services.

SERVICES:

1. training and educational programs,
   
2. advisory services and counseling,
   
3. publications filled with information,
   
4. financial programs and contract assistance,
   
5. The agency also offers specialized programs for women business owners, minorities, veterans, international trade and rural development.

3. SCORE.

MISSION: to be “Counselors to America’s Small Business”. They consider themselves to be America’s premier source of free and confidential small business advice for entrepreneurs.

STRUCTURE: Technically, they are not a government program but rather a Resource Partner with the U.S. Small Business Administration. SCORE is a nonprofit association dedicated to entrepreneur education and the formation, growth and success of small business nationwide. They have 389 chapters in locations throughout the United States and its territories, with 10,500 volunteers nationwide. Both working and retired executives and business owners donate time and expertise as business counselors.

SERVICES:

1. Counseling from experts in your field of interest. This is available online as well as in person. You write your questions and the expert responds back to you. You can also have free face to face counseling. Just find the website of the SCORE program in the city closest to you.
2. Workshops & Seminars at reasonable prices. For example, you could take a two hour course on writing a mini business plan at Cobb Galeria in Atlanta for $20 person. Their classes are always taught by experts.
3. Conferences offered at reasonable prices. This is perfect the more in dept immersion in a subject

These three services make it easy to develop a new problem, OVERwhelm at all that they offer. To help with this, consider the final tips below:

With the SBDC seek out the specific classes (some have nominal fees) that you need as well as one on one consulting (which is free). If you are in need of a loan, they are experts at teaching you how to create a business plan that will probably get funding.

With the SBA be advised that you are benefiting from this program when you using the SBDC or acquiring a loan. However, they also have an overwhelming amount of quality online courses that you can take plus downloadable booklets on varying subjects from business plan to marketing that you can print off for free.

With SCORE focus on getting the advice from the volunteer professionals. Post your questions, be kind and persistent. You will get an answer. You can also search their database for counsel based on field or region.

How you use each program all depends on how you learn.

-J Warner-

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