Business Information for Entrepreneurs by an Entrepreneur

Nearly two years ago, I had an idea.  Like many of my other ideas, I thought this was a good one, ripe with economic potential.  Unlike a few (ahem) of my other ideas, my team actually liked this one, too.  Adding this enhancement to our email marketing service would expand our penetration into newer markets.  We all agreed, we would put this into our business plan and make it a priority.

The Thrill

So we embarked on our journey.  We drafted sketches.  We created mock-ups.  We built a prototype.  This was exciting, very exciting.  It's the kind of thrill you seek in business, the feeling of building something that you think is so wicked cool that people will really want to buy it.  Sweet!

Wait, did we miss something?  Oh yeah, how about asking our customers if they would buy it?  Or checking to see if this bright new idea solves a problem they can't solve any other way, or helps them make more sales?  And how about talking to our advisers, those people we trust to guide us?

The Reality Check

It was time to test our idea against the often harsh reality of the business world.  We brought in customers to check out our new baby.  You had to contain our excitement in the testing room.  Everything started great!  But then, we had to go into this, well, slightly uncomfortable topic of how much this enhancement would cost.  It couldn't be a free add-on.  It required a lot more computing and other resources so we had to cover our expenses first.  And that's what broke the camel's back.

We had a very cool feature indeed.  But our existing market wouldn't pay for it.  You would think that the next logical step would be to look at the markets who could afford this option and wanted it.  After examining it more closely, we realized that we would be pursuing an entirely new type of customer.  It would require a different kind of sale and a different level of support.  We would lose our focus.

Sadly, reluctantly, we dropped the idea. Major bummer.

The Right Decision

Here we are, two years later.  We have had a chance to see how markets changed and how products evolved.  Did we make the right decision back then to drop our idea?  Yes. Not just "yes," but YES!  Hindsight being 20/20, we see now that we would have been chasing and supporting a whole new market, which would have diluted our company resources, which in turn would have resulted in slower growth for our core product.

You may ask, what was that seemingly brilliant idea?  I won't say, at least not for now.  The market is still evolving and so are we.  I can tell you this: you will soon see a new MailerMailer and we couldn't have built it had we focused on the wrong enhancements.

Your Small Business - Get Organized NOW

One of the most common mistakes small business owners make is not organizing themselves properly. Organization is the key to running a business smoothly whether that business is small or large. Often when you own and operate your own business having time to be 100% organized can be difficult. That said there are a few things that you can do that will make your small business function more smoothly.

Organize E-mail

E-mail is an essential function in today's modern business world. Whether you run an online business or you only have a web presence, organizing your e-mail can be extremely helpful.

First, separate your contacts by business and personal. You can also separate your business contacts by associates and customers.

Keep your e-mail box cleaned up. Delete junk e-mail and mark it as spam immediately upon receiving it. Have a dedicated spam folder that you routinely empty. Have folders for customers, associates and other contacts.

Separate your e-mails and distribute them to their correct folder upon receiving them.

Tidy Up

Keep your office or work area clean and organized. Utilize file folders, desk organizers and any shelving you have available.

At least once each week, tidy up your work space. Keep a trashcan and a paper shredder by your desk so you can discard things you do not need to keep.

Copy Cat

Make sure you keep backup copies of all your important information on disk or at a remote location. This will enable you to save your business should your computer crash.

Additionally, make sure you have all your important contact numbers on paper. This way if you lose your phone or your computer crashes you can still make important calls.

Getting organized isn't rocket science - and it will help you be more productive in the long run!

Resources for Buying or Selling a Small Business

Whether you want to buy a small business or sell your existing one, it can be difficult to know where to start.

Before you start your search for a small business opportunity or make a plan to sell your small business, it is important that you know your options.

Regardless of whether you are buying or selling a small business, there are two fabulous resources you have at your disposal.

Business Brokers

Many people use a local business broker to buy or sell their small business. Generally, if you are selling a small business a business broker will only charge you if they sell your business.

It is important to consult with more than one small business broker to see what each has to offer you in the way of listing services.

Business brokers are also an excellent resource for individuals who are interested in buying a small business. Often, business brokers have a list of businesses that are for sale locally.

This allows you to get a look at what is available and what the price range for small business opportunities is. In addition, if you find something that interests you, they can help you during negotiations.

Online Advertisements

The Internet is an excellent resource for individuals looking to buy or sell a small business.

There are a number of online classified sites like BusinessMart.com, Craigslist.com and forums that allow small businesses to place for sale ads. This is a great place to start researching available opportunities when you are looking to buy.

Additionally, they are great places to spread the word when you are looking to sell.

If you need to sell your small business, there's no need to despair. Use the two resources above, and your search could soon be over.