6 Tips to Succeed in Business

Are You Planning for Business Success? 6 Tips to Succeed!
Guest Post by Sylvia Browder.

One of the most gratifying steps that you can take is starting your own business. This can be an exciting and rewarding venture. The key to business ownership is preparation. Proper planning is one of the most important aspects of starting a business. It defines your capabilities not only as an entrepreneur, but in your personal affairs.

Are you planning for business success? You should be! Here are 5 Tips to increase your chances of success.

Tip 1: By failing to plan, you are planning to fail. If you can’t take the time needed to plan for the success of your business, then don’t waste your time starting one. Statistics show that 8 out of 10 businesses fail within the first three years. This is staggering but true! Invest your time in researching and writing a business plan. Many prospective entrepreneurs think that a business plan is very hard and tedious. The truth is it’s a powerful tool that can help you plan and achieve business success. So, what is this thing called a business plan? Well, a business plan is your blue print or what I tell many of my clients, it’s your bible! A business plan defines your business, identifies your goals, and serves as your company’s resume. It will help you arrange strategic alliances, obtain financing and attract key personnel. By planning for success, you will be able to overcome many hurdles that may arise.

A closer look at why a business plan is important:
• To secure funding, your lender will request your business plan with completed financials. DO NOT approach a lender without having a completed business plan. In his/her eyes, you will look unprepared and too risky to lend to. By being prepared, you will have a better chance at securing funding for operations or expansion of your business.

• A great way to test the feasibility of your business idea. By the time you complete your market or competitive analysis, you will have a clear picture of the viability of your idea.

Resources for business planning:
SCORE- "Counselors to America's Small Business" is a nonprofit association dedicated to educating entrepreneurs and the formation, growth and success of small business nationwide. SCORE is a resource partner with the U.S. Small Business Administration (SBA). www.score.org

Association Small Business Development Centers (SBDC) - The mission of the network is to help new entrepreneurs realize their dream of business ownership, and assist existing businesses to remain competitive in the complex marketplace of an ever-changing global economy. To find a location near you, http://www.asbdc-us.org/

Association of Women's Business Centers (AWBC) - is a national not for profit organization representing women business owners through a network of women's business centers (WBC). The WBC’s throughout the US provide education, training, technical assistance, and access to capital to over 100,000 women and tens of thousands of businesses each year. That's us....YWCA Center for Women's Entrepreneurship.

Tip 2: Work on your business, not in your business! The worst thing that you can do is become a slave to your business. I know this first hand; as a former owner of a Building Maintenance Company; I was president, HR generalist, payroll specialist, trainer, janitor, saleswoman and more. It took me a while to realize that not only could I not effectively wear every hat, but in order to grow and regain my sanity, I had to trust others. Believe me, it wasn’t easy for me to let go and trust others to help me in my business, but it was worth it!

Because of my experiences as a business owner and business consultant, I can honestly advise others on the importance of delegating non-core tasks to employees or independent contractors. Play on the strengths of others. The lack of delegation will stifle your growth, or worse, cause you to run your business and yourself into a pit fall.

Before You Hire:

• Create job descriptions and have an employee policy manual in place.
• Communicate policies and procedures to everyone in the beginning, whether employees or independent contractors.
• Have a standard operating procedure (SOP) in place which lay out the daily, weekly and monthly operations of your business. By doing this, your business can run smoothly especially in your absence.

Tip 3: In order to blossom, you must network. Networking is a reciprocal process based on the exchange of ideas, contacts, advice and referrals. By networking, you are building professional relationships and generating new business. It is important to get out and meet with others that can provide a business support structure for you. Don't think you can do it all by yourself; by talking to others in business you will find out great ideas which is very motivating.

Tip 4: Great customer service is paramount! I can’t begin to emphasize how important it is to provide your customers with exceptional customer service. How is this done? This can be achieved by building lasting relationships with people. The success of a business depends upon the quality of care in the relationship. By understanding and focusing on the needs of your customers, you create a loyalty between yourselves. Don’t sit on your morals! You should never get too comfortable, instead, regularly assess the strengths and weaknesses of the quality of your services, your processes and your customer approach. As a business owner, I make it a practice to over deliver and under promise.

Tip 5: Understanding your finances is extremely important. The NUMBER ONE reason that businesses fail is due to lack of control over finances. Some experts suggest reviewing your profit and loss statements, balance sheets and cash flow reports on a monthly basis. To manage this, there is accounting software such as QuickBooks specifically for small businesses. Also, hiring a CPA or bookkeeper can be a wise investment.

Tip 6: Form an advisory board. An advisory board is a group of individuals, who offer advice, inform or notify. No business is too small to benefit from having an advisory board which is an extremely powerful management tool. This is a great way to get a new perspective on your business or marketing plans, fresh innovative ideas and give honest and constructive opinion. Do you ever share an open discussion with other business people in an informal setting? Well, an advisory committee is a professional version.

Planning is the key to success in any business. Stay focused on your business goals and you will achieve the success that you imagined, and more!


Sylvia Browder currently works as a Project Director, business coach and consultant for the Women’s Business Center, Inc., a non-profit economic development organization with a mission of empowering women to start and grow successful businesses. She also serves as a volunteer SCORE counselor, an organization dedicated to educating entrepreneurs and the formation, growth and success of small business nationwide. She is also a Technical Assistant Provider for SBA’s Community Express Loan Program. She can be contacted at sylviabrowder@bellsouth.net.

25 Things Tips for being a better Entrepreneur

Here's your quick tips for September. Make it a September to Remember.

1. Don't let emotions cloud your judgment.
2. Never stop networking.
3. Learn from your own mistakes.
4. No matter how successful, you should never stop learning.
5. Invest in learning how to be a better expert in your industry.
6. Spending money on an attorney and accountant will save you money in the wrong run.
7. Change your mindset and your business will grow.
8. Choose your business partnerships carefully.
9. Feel the fear of the unknown but do it anyway.
10. You don't have to always be the innovator; it's okay to adopt and adapt it to fit your needs.
11. Have a marketing plan and budget.
12. If you don't have a business mentor, you better get one and quick.
13. Your income will be the average of your 5 closest friends, so pick them wisely.
14. Use the internet as a resource of free information that can be used to grow your business.
15. Learn to manage your business finances well and keep them separate from your personal.
16. Learn to be a team player.
17. Base your decisions on the metrics that illustrate it is a good decision for business.
18. If you don't take any risks, there won't be any rewards.
19. Never give up no matter what others say or do.
20. Use your email signature to promote your business.
21. Be willing to work for free when it can grow your business.
22. having a blog site will enhance your personal brand and grow your business.
23. Avoid mental candy and focus on mental protein.
24. Invest your time to grow into the business person you envision.
25. Around every corner lies an opportunity for you to sell something. Nothing happens until You sell something.

Remember, the YWCA Center for Women's Entrepreneurship is here to help you become a better entrepreneur. Contact us at dcwe@ywcade.org or 302.224.4060 x216.

Guest Post: Top 20 Linked In Groups All Entrepreneurs MUST Join

Check out a great article for all entrepreneurs...we've been talking about technology & the small business. Here's a way to leverage your LinkedIn profile to grow your small business.

http://www.bradleywill.com/2009/06/09/top-20-linkedin-groups-all-entrepreneurs-must-join/

Is Entrepreneurship the New Employed?

With all of the layoffs occuring around the nation, many people are turning their face to the possiblity of entrepreneurship. Is that the right way to go? I'm sure lots of people have an opinion and of course, I am going to share mine.

The way I see it, job security begins when you work for yourself. But can I confidently say that everyone is an entrepreneur? Absolutely not. Everyone does not have the discipline, knowledge, expertise and desire to obtain what it takes to be a successful entrepreneur. And there's nothing wrong with that but you must know yourself and your abilities. Let's be real, it sounds so good to be able to say 'I'm an entrepreneur.' It makes you sound astute, well positioned and discplined but words are just that, words. Words don't pay the bills and words won't give you a good night's rest.

An then there are varying levels to entrepreneurship...a home-based business like Mary Kay, Silpada Jewelry, Pampered Chef, those businesses are you taking a crack at selling a product that someone else created and earning extra income or replacing your income if that is your desire but to some, that is not true entrepreneurship.

Entrepreneurship is defined as the act of organizing and managing any enterprise, esp. a business, usually with considerable initiative and risk. So to say that there is considerable risk with a home-based business like those described above, who knows, but to many it doesn't meet the definition of true entrepreneurship. I think that is because those home-based businesses come with a network of people and resources ready to help you succeed in a business with a business plan and training program that the founder created where as having your own business from the ground up means that you have to meet, groom, and develop your own network of people and resources to help your business succeed. Essentially in those companies the work has already been done to make the venture seem easier for you. When you are a company of one...you can see that there is definitely a different way of looking at things.

See the difference?

Well, that's where the Center for Women's Entrepreneurship comes in....we can help you, the true entrepreneur, as defined above develop the skills, network and resources to grow your concept into a viable business.

Is entrepreneurship the new employed? I don't know but what I do know is that many are called but few are chosen. Let the YWCA Center for Women's Entrepreneurship help you to see if your number has been called.

The YWCA Center for Women's Entrepreneurship is funding in part by the US Small Business Administration and is located strategically in the Department for Economic Advancement at the YWCA. For more information, please visit http://www.ywcade.org/ or call 302.224.4060.

Is Now the Time to Pursue Your Passion?

When I share with others that I am the Director of the YWCA's Center for Women's Entrepreneurship, their eyes begin to sparkle and I can already guess what they are thinking: Is now a good time to pursue my passion and start my own business?

Sometimes, they ask me outright, other times I simply lead our conversation down that road. I am a believer that true job security lies in working for yourself. No dig on anyone who loves their job, as I love mine. But when someone else controls your paycheck, if they decide that it must stop to positively affect their bottomline, you will be up the creek without a paddle, right?

What's good for the goose is certainly good for the gander as it's no secret that I actively pursue my passion in addition to managing the best women's entreprenuerial program in the state of DE!

My point, the time to pursue your passion never goes in or out of style. If you have something that you love to do and you think that it could make a viable second income for your family - pursue it! Pursue it positively, powerfully and passionately! Do your research and find out if others will enjoy what you love so much. Find and need and fill it and your idea can turn into an a few extra dollars each week, month, year.

What I love about our society is that everyday a new entrepreneur is born. Everyday someone gets the point: work at what you love and you'll never work a day in your life. Our society was built by entrepreneurs. Entrepreneurs are willing to take the risks necessary because they have unwaivering belief and the non-negotiable goal in their hearts is sound and steadfast - they will make it happen. Sometimes, we entrepreneurs fail forward to success but we keep on ticking, no matter what!

The empowerment speaker in me loves to share those popular stories of entrepreneurs who failed several times before they became a household name....RH Macy with several failed retailed chains before the 125 year legacy we know and love as Macy's. Colonel Sanders and KFC with his 1008 "No, we don't want you or your chicken recipe!" before the Yes came and changed his life....

In order to live your dream and pursue your passion, you've got to believe and do the ridiculous. As the famed poem says "It's when you're hardest hit that you must not quit!" Never give up on your dreams, never give up on you....

I know that you are motivated and empowered to pursue your passion now, so I invite you to come visit us. At the Center for Women's Entrepreneurship, we offer a Business Basics and Assessments course which asks you the tough questions to assess if you are really rady to travel the road of entrepreneurship. My guess is that you are if you love your passion enough to put in the work to make it a staple in the marketplace. But just to be sure, contact us and attend the FREE workshop.

Darnyelle Jervey is the Director of the YWCA Delaware Center for Women's Entrepreneurship.

The YWCA Center for Women's Entrepreneurship is funding in part by the US Small Business Administration and is located strategically in the Department for Economic Advancement at the YWCA. For more information, please visit http://www.ywcade.org/ or call 302.224.4060.

Need Some P.O.W.E.R.?

Join the YWCA Delaware Center for Women's Entrepreneurship and the National Association of Women Business Owners, Delaware Chapter (NAWBO) in partnership with the US Small Business Administration, Delaware District office, for a dynamic forum for women business owners to share, discuss growth topics and similar challenges while creating effective solutions.

POWER Roundtable discussions allow women business owners to learn from each other in a two hour session though a facilitated group process. The Roundtables occur on the 2nd Thursday of alternating months throughout the year.

Upcoming Dates/Topics

May 14: Develop the Leader Within - get insights and methods to establish professional credibility and influence. Positive communication drives positve action.

July 9: Keys to Building and Strengthening Business Relationships - discuss techniwues essential to maintain and grown your business

September 10: Marketing During the Holidays and Beyond - positioning your marketing before the new season is essential if you want your piece of the holiday pie. Come share, discuss and learn some key marketing strategies to set your holiday sales up for success.

November 12: Last Minute Ideas to influence Your year End Success - It may be November but there is still time and there are still bright ideas to make your year end sparkle. Come learn and share your tips for success at year end and set your new year up to be your best year ever.

LOCATIONS:

New Castle County: 9 am to 11 am: Center for Women's Entrepreneurship 153 E Chestnut Hill Rd St 102 Newark, DE

Kent County: 7:30 to 9:30 am: Victorian Springs Country Spa 53-55 W Commerce St Smyrna DE 19977

Sussex County: Noon to 2 pm: Center for Women's Entrepreneurship 20155 Office Circle Unit 1 Georgetown, DE 19947

Are you ready to be an Entrepreneur?

There's no doubt that we are in a time that many of us might have thought would never happen. For many reasons, most of them beyond our immediate control, we find ourselves in the position to consistently re-evaluate who we are and how we will sustain a living for our families. Trust me, at the YWCA Center for Women's Entrepreneurship, we know exactly what you are facing. Strategically positioned in the Department of Economic Advancement, The Center is a place where your passion can turn into a paycheck if you are willing to do the hardwork it will take to start and maintain a thriving business. And more importantly, we are here to help. Maybe it has always been your dream to have a business of your own but you have no idea where to start and how to make that dream a reality.

We invite you to join us for an upcoming Business Assessment and Basics Workshop to see if you've got what it takes for entrepreneurship. Although very rewarding, to be a successful wntrepreneur it will not all be warm and fuzzy. Let us help you decide if the time is now and you are ready to enter the land where the sky is truly the limit on the success you can enjoy.

Next Workshop: Wednesday, June 17, 2009 from 6 - 8 pm at 153 E Chestnut Hill Rd Ste 102 Newark, DE.

Register today by calling 302.224.4060 x216 or going to www.ywcade.org