The unemployed and economically frustrated are choosing entrepreneurship in great numbers because bills need to be paid.

But I’d wager a bet that any survey of small business owners would still surface quite a few of us whose dreams extend beyond the timely payment of utility bills.

Check with Your Small Business Owner Network

In one of my small business owner networking groups we had a discussion about why we’re running our businesses and where we see ourselves a few years down the road. I can tell you that continuing to pay the bills on time, while expected,  didn’t lead the “dream” list.

Small business networking groups are not just good for picking up knowledge about your industry and practices.  They are good for inspiration,validation and accountability.  I learned from my networking group that I wasn’t the only business owner that wanted more travel in my future.

Many of us want to travel more, others want vacation homes and still others just want the peace of mind that comes from knowing financial needs are met.

Unlike many employees who fantasize about not working in the future, entrepreneurs tend to love what they do and like the fact that they can determine the timing of their retirement (if at all).  We want to keep running our businesses as long as they feed our aspirations and turn concepts into reality. The portability of running a business online makes it particularly appealing as a long term pursuit.

The Baby Boomer, Labor Shortage and Opportunity

The background to all of this is the reality that the largest population group in our nation – the aging baby boomer  – will be retiring in droves in the years ahead. Unlike previous generations, there will be fewer youth available (or even willing) to fill these positions since as a society we are having less children than we did 20-30 years ago.

Labor analysts are forecasting a significant labor shortage that may impact North American companies’ ability to compete successfully in the marketplace. Other analysts who are watching the entrepreneurial trend of baby boomers are indicating that this will be an opportunity for small business owners to become essential outsourcing partners for larger firms.

Does this make you feel more confident about your small business venture? It should. Being creative and flexible enough to respond to expected market needs as articulated by  forward thinking economists and best selling authors like Richard Florida is good news for your financial future.

It’s also good news for your life plans.  Think about it…summers in the northern part of the country or maybe another country all together? Once those cold winter winds start to blow you can either enjoy the ski country if that’s your thing or head to the Caribbean for real warmth and relaxation. No matter your decision with an online business you can in many cases move your business with you for those extended stays in any place your heart desires.

So what dreams are you going to realize in the year(s) ahead?

To your success,

Sharon

As a full time or part time business owner you need to have a certain level of knowledge about your business.  For example, the more you know about your target market, the more inclined you’ll be to develop products and services that they’ll actually be interested in and want to buy.  The more you know about online marketing strategies the more effective you will be in using your time and limited resources to increase your sales.

I could go on and on, but the message here is that the more you know, the better it is for your business.  Now I’m not suggesting that you become an encyclopedia about your business as you definitely don’t need to be immersed in  details you shouldn’t be spending your time on anyhow.

For instance your business will need a logo, but that doesn’t mean you need to learn about graphic design.  Rather you need to know how to present your business professionally in the marketplace.  So instead of learning how to use Photoshop to design your own logo you need to learn about the essentials of marketing a business and why it is important to establish a consistent brand and image for your company, all of which includes having a professional logo.

Obviously there is work to be done in your business that is management oriented (work for you to do) and there are tasks that are better addressed by outsourced professionals or specialized contractors who can get the job done right, within budget and on time.

One of the best ways to ensure that you’re not running down rabbit holes on tasks while your business languishes is to develop a sound business plan that outlines your:

• Goals: these are major achievements you want realized, like attaining a certain position in the marketplace or income level.
• Objectives: these are preliminary and measurable achievements you want realized on the way to meeting your goals – consider objectives as being mile posts.
• Strategies: this is your road map for achieving your objectives and explains how you’ll go about doing things like increasing sales by 30% or obtaining media coverage in 10% of the major media reaching your target market, etc.

Once you have that business plan the next thing to do is to ensure you LOOK at it REGULARLY.  Too many entrepreneurs keep their business plans tucked away in a file and then lose track of their strategies and goals.  That’s a sure way to greet failure fast.

Keep your business plan handy, refer to it often and seek out mentors and resources that can help to enhance your knowledge of your market, best practices in your business and trends in the marketplace.

Information about creating a business plan and outsourcing tasks effectively and affordably will be included in our next  Biz Facts Online newsletter. To get this handy information you’ll need to be a Biz Facts Online subscriber.  You can sign up using the subscribers form up on the top right hand corner of this page (and every page of this site).

To your success,

Sharon

One of the great things about the Internet is that there are hundreds of millions of people online and your target group is bound to be in that huge online audience.

The work of a savvy small business owner is to use the Internet in the most (cost) efficient way possible to locate  that all important target market.

One of the best ways to reach your target market and start building up your client/customer list is to both raise your profile in key communities and connect effectively with your prospect list using Internet marketing techniques like email marketing (see #5 below).

Here are five current and effective ways of finding clients online:

#1

Use Google to find the most popular blogs and discussion groups for your business or sector. After familiarizing yourself with those sites respond in constructive ways to appropriate blog posts and get involved as a contributing and supportive member in discussion groups. Note: the list of blogs/websites that appear on the first page of your Google search of your keywords will likely identify some of the most popular and/or credible authorities for your sector.

#2

Identify teleseminars and conferences put on by respected event producers in your sector and approach these producers about becoming a speaker and/or sponsor at these events.

#3

Determine the size of your advertising budget and identify any affordable advertising opportunities on  blogs or other websites reaching a significant segment of your target market.  Advertising can take  the form of a $15/ month button on a home page of a blog to a podcast sponsorship costing several hundred dollars.  Obviously how much is charged depends on the  popularity (audience size ) or reputation of that website..  You don’t necessarily have to advertise with the most popular blogger/publisher, but you do want to consider sites where you know your target market can be found in significant numbers.

#4

Use social media, including tools like “Twitter” and “LinkedIn“, to reach a growing audience of just about everyone.  You can use the Twitter search function to isolate those businesses and users who are interested in your product or service.  Once you check out their profile and their website (when you’ve got time) then you should decide to “follow” them (or not).  That “follow” will put their twitter feed in your timeline and if this person represents part of your target market you’ll really want them to follow you as well. All your followers will get your tweet in their feeds. That’s why part of your goal on Twitter is to build up a follower list of strong, potential customers/clients/peers.

LinkedIn is a great networking tool that is more structured than twitter.  It’s considered a very professional and well respected tool that allows you to really highlight your experience and background.

#5

Make strategic use of your autoresponder (I use aweber). An autoresponder is an automated service for sending out emails to your list after a user fills out one of your subscriber forms or signs up for something you are promoting.  Don’t flood inboxes with email (spam) but communicate regularly with your list of prospective clients/customers.  If you establish yourself as a timely resource and helpful expert, by sharing timely tips and information in your emails, you’ll be more likely to succeed in selling your products and services to this group of individuals who have “chosen” to communicate with you.

There are books and conferences dedicated to finding clients.  The five suggestions listed above are just some of the more common strategies used by small business owners succeeding online.  What other strategies would you suggest or add to this list?

The recent global recession has only helped to fuel the upward trend of entrepreneurship in the U.S. and Canada.  What has made starting a business even more affordable is the Internet.

Before the Internet one of the most expensive aspects of starting a business was marketing. The cost of placing advertisements in local, regional or national media was ridiculously expensive as were printing costs associated with direct mail and other promotional tactics needed to let customers know you were in business.

Today a website, hosting and implementation of an online marketing strategy could cost less than $100 and might offer far more targeted exposure than a “pre-Internet” campaign.

Here’s a short list of just a few of the dozens of popular and successful online businesses today:

Business Writing

Online Affiliate Sales (market and sell other companies’ products and services from your website for commission)

Virtual Assistant Service

Product Review Blog