April 2015 – Page 2

Mad Money

I always have a line
in my budgets
for ‘other.’
This ‘other’ is buffer.
It’s mad money.
It allows me the freedom
to spend on things or projects
that might or might not work.

Barbara Corcoran,
Co-Founder of
Barbara Corcoran Venture Partners,
shares

“Each year,
I gave all my managers
5 percent of their operating budget
to use however they wished
with no accountability.
If they didn’t spend
their mad money by year-end,
they had to give it back.
No one ever did,
and they blew it on
all kinds of stupid things
like ad hoc parties and day trips,
costume and movie rentals,
surprise bonuses for good deeds,
gifts, fortune-tellers
and lots of alcohol.
They also spent it
on wacky business ideas
—most of which didn’t work.
But they learned to laugh it off
and, in the process of failing,
tripped over some good business ideas
that did work.”

Do you have a line
in your budget
for mad money?

The Two Different Ways To Run A Business

Entrepreneurs often hear
that we should have an end goal
in mind.
What does that mean?

Diana Lovett
founder of Cissé,
shares one of the best
pieces of advice
she’s received
(given to her
by a successful entrepreneur).

“She told me,
‘There are two different ways
you can run your business:
Either grow it slowly
with an emphasis on profitability,
or grow it to scale
and position yourself for an exit.'”

Are you building your business
for you to run
or for others to eventually manage?

Should You Quit Your Day Job To Start A Business?

Every week,
I hear either a future entrepreneur
or
a future writer
say they’re going to quit their day job
and start a business
or write a book.

Please reconsider this.

The reason I say this
isn’t only about cash flow
(very few writers or businesses
make money in the first
couple of years).

It’s about you.
You’re not mentally ready.

If you were mentally ready,
you would find the time
in your already busy day
to work on your novel/business.

When I decided,
truly decided to become
a writer,
I was working 70 hours a week
at the day job,
had the same family/friend obligations
as everyone else,
and I still found time to write.
Why?
Because it was a priority for me.

I’m glad I did
because now
I’m working 70 hours a week
PLUS
at the writing business.

If it isn’t yet a priority for you,
it likely isn’t time
to start that business
or write that novel.

Don’t quit your day job
to START a business
or write a novel.
Quit it
because your business
or writing career
has grown larger
than part time.

Listening In

A loved one was on a sales call
to a big client.
Before meeting with this client,
he met with his associates
to ensure they were making
the same pitch.
They met in a small meeting room
at the client’s office.

When they met with the client
minutes later,
the client listed their points,
almost word by word,
before they made them.

Did the client have ESP?
No.
But they could have been
listening.

When I worked for large corporations,
they reportedly had
the common areas
of their offices bugged.
They also bugged right
outside the doors.

This is why
salespeople talk
in their cars.

If you’re on a company’s premises,
assume they’re listening
to your conversation.

Guy Kawasaki’s Top Social Media Tips

I considered writing
a ‘get shit done’ post,
a reminder that doing is essential
to success
but this quote from Guy Kawasaki
does that
AND
gives us some great social media tips.

Guy Kawasaki,
serial entrepreneur,
shares

“All of your posts
cannot be promotional.
Most of them should provide value,
not sell what you do.
Before you share anything,
ask yourself if it’s so good
that people will re-share it
to their followers.
Always include a graphic or video
with your posts.
Repeat your posts
—you should not assume
that everyone you want to reach
is viewing your social media
at the same time of day.
I’m all about tactics,
not high-level strategies.
Now go and implement.”

You heard the man.
Go and implement!

How To Turn Content Marketing Into Sales

In March/April
The Costco Connection,
Marc Anderson,
CEO of TalkToCanada,
shares

“Content marketing increases
awareness and trust
in our brand
by positioning us
as an expert in our field.
We limit salesy content
on our website,
focusing instead on
useful information
which helps increase traffic.”
“All of our leads
come through our website,
with 88 percent of new visitors
finding us via our blog.
Blog posts that help visitors
improve their English do best,
such as
‘Tips on How To Build Up
Your Confidence
When Speaking English.’
Many visitors register
for our one-hour trial lesson
and 85 percent
become full-time customers
for our English language training classes.”

Notice how his company
doesn’t try to sell
the prospects something
directly after the article.
Instead, they offer a free trial,
easing the customer
into the sale.

Consider offering blog readers
a free trial
at the end of your posts.

How To Look Like You’re Confident

Fake it until you make it.
We’ve all been told that.
But how do you fake confidence?

Carmine Gallo
shares
some confidence tips.
(he’s referring
to confidence while public speaking
but these can be applied
to any situation)

“There are many techniques
for building a body presence
that is confident.
Here are a few tips:
First, don’t fidget, rock
or display distracting habits.
Second, use gestures
that are natural and purposeful
which reflect the power of your words.
And third,
keep your posture open
and your arm movements
within the power sphere,
the imaginary circle that runs
from the top of your eyes out
to the tips of your outstretched arms,
to your navel and back up to the eyes.
If your gestures stay
within the power sphere
you will appear confident
and energetic.”

Even if you aren’t confident,
look like you are.

Where Your Business Is Now

When I first started thinking
about self-publishing,
I thought
“I’ll throw the eBooks on Amazon
and not worry about
the other booksellers.”

Amazon is 98% of my business.
Why do additional work
for the extra 2%?

Why?
Because Amazon is 98% of my business.
Now.

Tomorrow, it might not be.
Heck, one of the reasons
I’m self-publishing
is to reach a wider readership.
Maybe that readership
is on B&N or iBook or Google.

Consider where your business
is now
when making decisions.
But also consider
where your business
might be in the future.

Content Marketing Is A Long-Term Strategy

When I first started out,
I thought I’d find success
with content marketing,
by writing one great article
and
smacking it on my blog.

Yeah, no.
That’s not how content marketing works.

In March/April
The Costco Connection,
Marcus Sheridan,
owner of
River Pools And Spas
shares

“Business owners have the expertise
to educate prospects
with essential information,
both good and bad,
about your industry,
which establishes trust
that can lead to sales.

But you have to commit
for the long haul
and not expect instant results.

When you commit to being
the most helpful teacher
in your industry,
you can earn attention,
loyalty and,
ultimately, more business.”

Content marketing works
but it’s a long-term strategy.
Don’t expect instant results.

The Craft Movement

The craft movement is popular
right now.

Why is it popular?

Ishan Dillon,
founder of
Seattle Distilling,
shares

“The reason the craft movement
is really booming
is that people want to know
where everything comes from.
We can say our ingredients
come from so and so farmer,
and we know his agricultural practices.”

If you run a small business,
you also likely know
where everything comes from.

Can you add that information
to your product listings?
Tell a story about
how your product was made?