This morning I listened intently to a TV news program as financial expert David Bach explained how it is that recessions contribute to making many people wealthy as part of his promotion for his book Start Over, Finish Rich: 10 Steps to Get You Back on Track in 2010. You’ve likely heard this already but essentially our nation is on the verge of the largest economic recovery since the depression. (At this point is there really any other direction we could go but up?).

What this means to the savvy entrepreneur who wants to come out of this recession ahead is that there are deals to be had. Make sure you’re taking advantage of those deals by investing and purchasing those supplies, services and educational materials your business needs now – while prices are low.

Once the recovery is in full swing, people will start buying and investing again. If you invested in your company while costs were relatively low for the services and products your business needs, the post recession recovery could be your time to recoup by being ready and positioned to meet your market’s need.

Do you know how to generate traffic to your website? Do you understand how to integrate social media into your promotional marketing campaign? Are you aware of the most cost effective ways to promote your business? How do you compare to your nearest competitor and what’s your strategy for claiming your target market? Do you know how to create a strategy for attracting your target market?

I’m asking a lot of question that any online entrepreneur should be asking and answering. If you’re looking for a cost effective way to get the knowledge you need to answer these questions and more importantly implement related strategies into your business please take some time to see what the Small Business Academy offers. This resource is a self-directed, affordable tutorial program just for new and experienced online entrepreneurs.

Is your business on the verge of achieving big things in 2010?

To your success,

Sharon

If you’ve been holding off on purchasing items for your small business because you want the best deal, your waiting may soon be over.  The biggest shopping day of the year, Black Friday is a week away.

Black Friday is of course the Friday after Thanksgiving which this year will be November 27.  Some stores (brick and mortar and web-based ones) will be opening at midnight on that date, others a little later, but their goal is the same: To get feet in doors (or your eyes on their website)  by dropping prices.

Personally I’ve never purchased anything on Black Friday, but this year I may make an exception.

There are some great deals to be had for small business owners.

Here are some highlights:

Best Buy:

• Sony laptop – $399, specs: Intel Pentium dual core, 4GB RAM, 320GB hard drive, Windows 7 Home
• Apple Macbook, $999, specs: Intel Duo core, 2 GB RAM, 250 GB hard drive (receive $150 Best Buy gift card
• HP package, $499.97, specs: desktop computer, AMD Quad Core processor, 8 GB RAM, 1 terrabyte hard drive, Windows 7 Home, HP 20″ widescreen monitor; HP deskjet D1530

Staples

• Brother color laser printer, $179.98
• Garmin nuvi255  portable GPS, $119.99
• HP laptop $299.98!!!, specs: Intel Celeron, 3GB RAM, 160 GB hrd drive, Windows 7 Home

Office Depot

• Ativa monitor, $119.99, 21.6″ HD
• Compaq Desktop, $229.99, specs: AMD, 2 GB RAM, 250 GB hard drive, Windows 7 Home
• Acer netbook, $199.98, specs: 1 GB Ram, 160 GB hard drive, Windows XP Home
• *note free HP printer with any PC purchase

Those are great deals (especially the Garmin GPS!) and of course there’ll be so many more deals once you research further online, according to your needs.

Remember the Objective is to SAVE

The best way to purchase wisely during this frantic shopping season is to take your time and plan ahead. If you were waiting this long to purchase certain items for your business simply because you wanted to take advantage of the huge savings offered during Black Friday then stick to your guns and purchase only what you need.

It will be tempting to purchase more than planned because the prices look soooo good, but resist.  You’ll be thankful you did when it comes time to pay your bills.

To your success,

Sharon

One of the upsides of this recession is that it gave a wake-up call to many people who were keeping their “inner entrepreneur at bay.” Actual layoffs and the uncertainty of long-term employment was a huge incentive for many people to finally start their own small businesses.

Making the mid-life leap to entrepreneurship is is perhaps a little less stressful in some ways. By your late 30’s or 40’s you likely know what it is you’re good at and where your interests lie.  Even if you’re not sure, you’re more likely to ask the kind of meaningful questions you might not have asked as a 21 year old.

Do you have enough in your savings account to cover expenses like the mortgage/rent, utilities, children’s expenses, etc. for at least 6 months?

What will leaving your job mean for your retirement savings plan?

What about college expenses for your older children or plans you had to cover costs associated with weddings, showers, trips?

For many people in this group going rogue and leaving the workplace may mean some changes to some  pre-conceived notions about their lifestyle.

Some will decide to downsize and choose the simple, frugal approach to living – at least until their business starts generating a profit.

Others will take loans from family/friends, credit cards or even banks.  Of course there has been a lot of talk lately about how difficult it is to get small business financing from banks.  From my perspective that’s always been the case for most small businesses, although this recession likely hasn’t helped.

But in a previous post I referred to stories of perseverance that paid off for small business owners. That’s an evergreen truth about the journey to entrepreneurship – perseverance is the foundation. But just yesterday there was some very good news regarding small business financing.

Blue chip investment bank, Goldman Sachs earned a whopping $3.2 billion last quarter and decided to do something to help spread the success around.  In light of the public’s huge distaste for the bank bailout provided to that sector by the U.S. government, the bank decided to launch a $500 million initiative called “10,000 Small Businesses.”

According to CNN the initiative is “aimed at unlocking the job creation and economic growth potential of America’s small companies.” Included on the project’s advisory council are some of the nation’s most famous business leaders including Warren Buffett, Goldman Sachs’ largest shareholder.

Here are program highlights as taken from the Goldman Sach press release:

Program highlights include:

• Business and Management Education: Small business owners will receive practical business education delivered through partnerships between local community colleges, universities and other institutions. 10,000 Small Businesses will contribute $200 million to these partners to provide scholarships predominantly to underserved small business owners and build educational capacity.

• Mentoring and Networking: Advice, technical assistance, and networking will be offered to participating small business owners through partnerships with national and local business organizations, as well as the people of Goldman Sachs.

• Access to Capital: Goldman Sachs will invest $300 million through a combination of lending and philanthropic support to Community Development Financial Institutions (CDFIs). The investment will increase the amount of growth capital available to small businesses in underserved communities and expand the capacity of the CDFIs to deliver enhanced technical assistance to small businesses. 10,000 Small Businesses will provide technical assistance to graduates of the program to help them access other sources of capital.

• Advisory Council: 10,000 Small Businesses will be guided by an Advisory Council co-chaired by CEO Lloyd C. Blankfein, Warren Buffett, and Dr. Michael Porter of Harvard Business School. The Advisory Council will assist in the development, execution and evaluation of the program.

Note this initiative is primarily focused on businesses that have been in operation for at least two years. For more information you can visit the Goldman Sachs website.

The time is ripe for small business growth and it’s encouraging to see the small business sector getting the recognition and support needed to boost the creativity, energy and efforts needed to drive this economy upwards.

To your success,

Sharon