Food Entrepreneur Gets Inspiration in Unlikeliest Spot |  |
- Food Entrepreneur Gets Inspiration in Unlikeliest Spot
- Microsoft Says Hackers Could Infiltrate Older Office and Other Software
- What Are Net Promoter Scores?
- 5 Small Business Financing Options for Startup Entrepreneurs
- Make Your Book Work For You With the “Nonfiction Book Marketing Plan”
| Food Entrepreneur Gets Inspiration in Unlikeliest Spot Posted: 17 Nov 2013 05:30 PM PST
There are many beautiful places to contemplate a startup. But Charlie Bigham, a food entrepreneur who’s ready-made food items now bear his name, may have found the most unlikely place of all. Bigham was sleeping in a camper van somewhere between Pakistan and Iran when the idea for his business hit him. Bigham told the BBC recently:
When he returned to his home in the UK, Bigham started his own company making handmade meals for supermarket chains and other food retailers in London. He had limited food experience, except for a few months spent working in a delicatessen specifically to gain some background in the industry he hoped to enter. His previous job had been as a management consultant. Entrepreneurs are sometimes intimidated by their lack of experience in the market they’ve chosen. But getting in there and rolling up your sleeves is a great way to get started. Also, remember that great idea can strike you anywhere and at any time. So don’t worry about waiting for just the right set of circumstances when looking for your entrepreneurial inspiration. Camper Van Photo via Shutterstock The post Food Entrepreneur Gets Inspiration in Unlikeliest Spot appeared first on Small Business Trends. |
| Microsoft Says Hackers Could Infiltrate Older Office and Other Software Posted: 17 Nov 2013 03:00 PM PST
If you have older editions of Microsoft Office and other software still running on your office computers, beware. Microsoft has issued a warning about the older systems, saying they contain a vulnerability that could be exploited by hackers. In an official Microsoft Security advisory, the company warns:
Specifically, those vulnerable include customers using Microsoft Windows Vista, Windows Server 2008, versions of Microsoft Office from 2003 to 2010, and any supported version of Lync. In a post on the official Microsoft Security Response Center, Dustin C. Childs, group manager with Microsoft communications, said the attacks the company was aware of were confined primarily to markets outside the U.S. Those attacks occurred mainly in the Middle East and South Asia, he said. Newer versions of Microsoft Windows and Office are not affected. While the company is working on a security update, Childs suggested customers take some other more immediate actions if concerned about future attacks. First, users can consult the Microsoft Security Advisory in the “suggested actions” section for information on a workaround to the problem. Childs also suggested deploying the Enhanced Mitigation Experience Toolkit to help prevent exploitation of the system by hackers. Hacker Photo via Shutterstock The post Microsoft Says Hackers Could Infiltrate Older Office and Other Software appeared first on Small Business Trends. |
| Posted: 17 Nov 2013 12:00 PM PST
What are net promoter scores? Well, if you have some idea how many of your customers would likely recommend your product or service to a friend, you already have a handle on the idea of Net Promoter Score. Here’s how it works. Ask each customer to rate the likelihood they’d recommend you to someone else on a scale of 0 to 10, with 0 being not likely and 10 being extremely likely. Now, group them based on their response. The PassivesGenerally, we might say that those who responded between, say, 7 and 8 are passives. They like your product or service. They may even continue purchasing it. But they aren’t necessarily going to run out and tell a friend about it. Passives are satisfied customers, but they aren't as enthusiastic as your promoters are. These are groups of customers who can switch loyalty in a moment's notice. They are not as likely to be overly enthusiastic about your business. The DetractorsThen there are those who responded between 0 and 6. We might call these detractors. We might optimistically say some of them toward the upper end of the scale are at least mildly satisfied with your product or service. More realistically, though, these people are clearly unhappy customers. They can damage your reputation and are likely to spread negative word-of-mouth. The PromotersThen we come to customers who responded between 9 and 10. These are your promoters. Promoters are loyalists. They are enthusiastic and they keenly believe that your products or services can really help or make a difference to their friends, colleagues, and others. They are firm in their belief that you deliver as a business and they place their complete trust in you. These are people who will do much more than buy from you. They will shout your name from the rooftops, name a child after you…well, you get the idea. Net Promoter Scores and Your BusinessWhen you’ve grouped your customer base this way, you’ve essentially determined your net promoter score, a very important number for the future growth of your company. Why? Well, it turns out a company can determine its success based on how many customers are willing to recommend its products and services to others. In fact, research shows the percentage of customers who are likely to refer a friend or colleague correlates comparatively with company growth rate and profitability, writes Frederick F. Reichheld in Harvard Business Review. In other instances, net promoter scores can raise important red flags about customer dissatisfaction. In one instance, poor net promoter scores alerted GE's Healthcare services that most customers were upset about slow response times from engineers. The realization led GE to set up a new call center reducing turnaround per customer request, BusinessWeek reported. Did Apple Build Its Brand on Net Promoter Scores?OK, but how valuable a tool is net promoter score when it comes to growing a business and brand? Well, arguably very valuable according to at least one observer. Consider what may be the most famous example of measuring passionate fans to grow a brand, Apple Inc. Late CEO Steve Jobs was legendary for apparently ignoring customer feedback and relying instead on his instincts when it came to developing new products and features. But this reputation can be deceiving, writes Forbes.com contributor Steve Denning. Denning reviews The Ultimate Question 2.0 (Revised and Expanded Edition): How Net Promoter Companies Thrive in a Customer-Driven World by Reichheld with Rob Markey. In fact, everything Apple does is meant to cater to its major promoters. How likely are these people to recommend Apple's products to friends? Very likely. In fact, Apple has been extremely successful in creating a cult of fans dedicated to its products, Denning writes. How has the company accomplished this? Simply, Apple focuses all its energies, from how it manages its retail stores to every other aspect of its day-to-day operations, on building its net promoter score. For example, Apple's store managers call detractors within 24 hours to determine how to improve their experience with the company and its products. The results clearly show Apple’s success with this strategy. In 2007, Apple stores had a net promoter score of 58%. By 2011, that score had risen to 72% with some stores reaching as high as 92%. Of course, it’s important for small businesses to pay attention to all their customers. But focusing on those passionate enough to spread the word to others about your brand, products and services is key. It’s a strategy that can help your business and brand grow quickly by word of mouth without a big marketing budget. The post What Are Net Promoter Scores? appeared first on Small Business Trends. |
| 5 Small Business Financing Options for Startup Entrepreneurs Posted: 17 Nov 2013 09:00 AM PST
Credit CardsAccording to a 2012 National Federation of Independent Business (NFIB) study [click the image above for the full infographic], 79% of small business owners used credit cards to start or grow their business. That says a lot about the significance of using credit cards to capitalize a small business. According to another study (PDF) conducted by Keybridge Research, the use of business credit cards to start or grow a small business has tremendous positive effects on the business and the economy as a whole. The study found that the expansion of credit card lending between 2003 and 2008 contributed to the creation of 1.6 million jobs and for every $1,000 of business credit card use, a $5,500 increase in revenue was experienced by the small business. The bottom line is that about 4 out of 5 small business owners will be using credit cards. Founders of Google, Larry Page and Sergey Brin, did it in the early days. Most other successful business owners have done it as well. It's like anything else in that, you can use credit cards the right way or the wrong way. So plan this like you do your business. I like what T. Boone Pickens says about planning. He said:
Don't make a speech about using credit cards, make a plan. Places like Lendio and NCH Capital help a lot of business owners learn how to use business credit cards to grow their businesses. MicroloansMicroloans are small loans typically issued to borrowers who are low income earners or have less than perfect credit and do not qualify for traditional bank financing. According to the Microfinance Information Exchange, MicroBanking Bulletin Issue #19, nearly 74 million entrepreneurs across the world have microloans that are equal to a combined total of $38 billion U.S. dollars (as of 2009). Statistics vary but most microlenders report that between 95 – 99% of their loans are repaid. Kiva.org has over a 99% repayment rate this month alone. Repayment rates suggest that small businesses have experienced a significant level of success as a result of obtaining microloans. Furthermore, according to a recent survey (PDF) conducted by Accion U.S. Network, 42% of survey respondents said their business income increased (between 2010 & 2011) as a result of a microloan. Personal SavingsThis is the #1 small business financing option for most people who find that they don't qualify for credit cards, microloans, or any other type of "traditional bank financing." This is a great way to get started. If you don't quality for things like business credit cards or traditional bank financing, then you may want to take the appropriate steps to correct any credit issues that may be part of the problem. We would all like to have more financing options in the future as we grow our businesses. If you're like millions of other business owners with less-than-perfect credit, then do something about it. Resources like Creditera are invaluable as it is currently the only credit monitoring platform that allows business owners to monitor both business and personal credit in one place. The 3 F's: Family, Friends and FoolsThis is a great example of how the small business financing options are different for everyone. For some people, that list of possible investors from their friends and family is a long one. For others it's, well, a short list shall we say. Often times it is difficult to obtain financing from family and friends because they may not fully understand the business or believe it will succeed. You will really need to do what it takes to convince them the business will be lucrative and successful to get them to invest. Entrepreneurs are famous for over-selling their cool ideas to their Uncle Louie and then seeing things not work out. If you do accept an investment from a friend or family member, then I suggest using something like ZimpleMoney. Whatever you do, be sure to treat your friends and family no different than you would a savvy angel investor. They deserve updates, communication and to be one of the first phone calls when there is a problem. You should treat them as the partner you allowed them to become when you accepted their check. As for the fools – I'll leave that one alone. Retirement AccountsThis small business financing option is highly popular for entrepreneurs who want to purchase a franchise. In order to use your retirement account to fund your business, you would use the Rollover for Business Startup (ROBS) Strategy. This strategy is slightly complicated so you'll want to consult with an expert such as Benetrends or Tenet Financial Group. It consists of forming a C Corporation and rolling your current retirement plan over to the new corporation's retirement plan. It's a relatively complex strategy. So don't try it on your own and do your due-diligence. The term ROBS actually comes from the IRS ROBS compliance project. ROBs strategies are common but are right up there as the most risky ways to finance a business along with Home Equity Lines of Credit and using personal savings. Again, in the event that your business fails, you likely lose your nest egg or whatever portion of it you "rolled over." I probably side with my friend Joel Libava, The Franchise King, on this when I say that I don't think of franchisees as "full-fledged," 100% entrepreneurs. I also cannot negate what my other good friend, Rieva Lesonsky, says when she argues, very respectfully, that franchisees take a lot of risk in buying a franchise. Especially a less established franchise. When franchisees "roll over" their nest egg and start a franchise they totally get my respect and they clearly are taking a risk. I guess for me, I can't get past the part about following directions and needing to get permission from the franchisor for many business decisions that an entrepreneur would not only make, but would make quickly, and he/she would laugh at the thought of needing someone's permission. ConclusionSuccessful business owners all have one thing in common. They take action. They execute. Mistakes and failures come with the territory, so learn your options, move forward, and accept that there will be lessons to learn along your road to success. Figure out which small business financing option is best for you and your dream. The post 5 Small Business Financing Options for Startup Entrepreneurs appeared first on Small Business Trends. |
| Make Your Book Work For You With the “Nonfiction Book Marketing Plan” Posted: 17 Nov 2013 06:00 AM PST
The Book, The Nonfiction Book Marketing Plan: Online and Offline Promotion Strategies to Build Your Audience and Sell More Books, will give you the necessary tools to use before, during and after a book launch. So you can easily reach your intended audience, rather than wind up with a garage full of books gathering dust. The Nonfiction Book Marketing Plan is the latest installment from Stephanie Chandler (@bizauthor) and Authority Publishing. Stephanie has a long standing relationship with Small Business Trends and I reviewed her last book, Own Your Niche in 2012. What I like about this book is that it is easy to read and well organized by topic. I recommend that you take time to read it once through and then go back and implement each chapter step-by-step over the course of several weeks or months. Why Use The Nonfiction Book Marketing Plan?Some of the many benefits promised and how-to methods delivered in The Nonfiction Book Marketing Plan are:
In addition, the book includes six full pages of online resources and multiple checklists. Every aspect of launching a book is covered down to the smallest detail, such as how to sign your name so that your book becomes a potential collector's item. Beyond the benefits listed above, the book includes several interviews with business owners so you can learn from and be inspired by their stories. The Breakdown for Busy EntrepreneursThe Nonfiction Book Marketing Plan is filled to the brim with marketing tips summarized in three main areas: Before, during and after the book launch. She teaches how to maximize your book's impact and revenue generating potential. The book begins with the benefits of targeting your niche, building a strong following and establishing yourself as an authority in your field even before you write or launch your book. The second part covers planning the book launch and has several helpful checklists, so you can avoid feeling overwhelmed. This is especially true in the area of navigating the many ways to sell your book both in person and online. Finally The Nonfiction Book Marketing Plan wraps up with ways to capitalize on your book's sales. Areas such as how to break into public speaking, freelance writing and ways to turn your content into informational products. You put a lot of hard work into writing a book, it should work just as hard for you. About the AuthorStephanie Chandler is the author of several books including Own Your Niche: Hype-Free Internet Marketing Tactics to Establish Authority in Your Field and Promote Your Service-Based Business, Booked Up! How to Write, Publish, and Promote a Book to Grow Your Business, and From Entrepreneur to Infopreneur: Make Money with Books, eBooks and Information Products. Stephanie decided early on to avoid common, but questionable, Internet marketing tactics that didn't pass her internal "gut test." Despite her refusal to comply with the masses, she has built several successful businesses, is a frequent speaker at business events and on the radio and has been featured in Entrepreneur, BusinessWeek and Wired magazine. Plus, she is a blogger for Forbes. Who Benefits From The Nonfiction Book Marketing Plan?As the subtitle of the book suggests, if you want to sell more books and build your audience, The Nonfiction Book Marketing Plan is for you. This is true whether you are just thinking about writing a book or have already launched your book. The latest marketing techniques and methods are broken down into reasonable chunks you can tackle on a daily basis to get real results. The Nonfiction Book Marketing Plan shows you the most effective way to achieve your revenue goals before, during and after the book launch. The post Make Your Book Work For You With the “Nonfiction Book Marketing Plan” appeared first on Small Business Trends. |
You might think that writing a book is the hardest part about becoming a nonfiction author. But launching a truly successful book requires just as many marketing skills and techniques as starting your own business.| You are subscribed to email updates from Small Business Trends To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
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