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3 Chrome Plugins that Really Help Entrepreneur Productivity

 

As an entrepreneur, you're being pulled in a hundred different directions every day. With so many responsibilities, effectively managing your time in order to be your most productive can be difficult. Fortunately, here are three Chrome plugins, with links, that we've personally found can help your productivity.

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RescueTime

RescueTime monitors your usage of both websites and applications, then categorizes that usage to determine your productivity score. It also provides detailed reports of your activity, so you can better identify where and how you're spending your time. You can then set productivity goals, like "I will spend less than 15 minutes today on Facebook," and compete with yourself to meet those goals and increase your productivity score. This extension comes in premium and free versions.

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Stayfocusd

If you lack impulse control, StayFocusd is the plugin for you. It allows you to better manage the time you spend online by blocking, for a few minutes or a few hours, specific sites or pages you select. You can set browsing time quotas for social media, then once you have met your quota, you're blocked from visiting those sites for the rest of the day. The "nuclear" option blocks all sites for a specified amount of time. You can use it as your own personal "Do Not Disturb" sign. This plugin has changed the way we work and has been the most helpful in improving our productivity.

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Webtime Tracker

Rather than block your access to sites, Webtime Tracker shows you, right in your browser, how much time you've spent on a site. And since you probably use data dashboards to guide decisions for your business, this plugin provides a similar experience by giving you the data to make decisions about your online activity. Webtime Tracker's extensive reporting tools help you discover your browsing habits using scannable charts and graphs. The data is available on a daily basis, as well as aggregated over time.

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Regardless of which productivity tool you choose, the first step is recognizing the importance of time management, focus and efficiency in the daily operations of your company. Perhaps one or more of these plugins will help you, and we would like to help you as well. If you have any questions, please contact us and learn how we can assist you in becoming a more productive entrepreneur.

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3 Reasons You Should Define Your Target Market 

 

When you start a business and open your doors, you’re probably willing to accept any customer who will write you a check or give you their credit card number. But getting someone to hand over a hard-earned dollar is harder than you think. To find prospects out there who are willing to part with their money for your services and products, you need to define and segment your target market.

 

Researched correctly, you will know what your customers look like and what they want, rather than simply guessing. This is the measurement, or empirical, approach to marketing with which many startups find success. So why spend precious time and energy formally defining your target market? Here are three good reasons why.

 

1. It saves you boatloads of cash.

This is a lesson I learned the hard way. Going for the biggest market segment possible is NOT free — you’ll spend a lot more money to get the reach and retargeting you may need. Instead, sending a targeted message to a smaller, well-defined audience via the most effective channel(s) is a much smarter use of your marketing budget.

 

2. You’re more likely to connect with customers as individuals.

In addition to saving on costs, targeting in general — and developing and using well-defined personas specifically — all help you connect with potential clients as you learn more about them. A persona is simply a representation of the type of customer most likely to buy your product or service, and the more detailed the persona, the better you will understand them. This in-depth knowledge will help you make connections and allow you to “get” them as individuals, rather than as a faceless member of an aggregate group of “customers.”

 

3. It improves internal organizational clarity.

As a founder, you have a wealth of knowledge that your employees, contractors, partners and investors might not have. We often take that knowledge for granted, assuming that everyone else shares our experiences. But when everyone is not on the same page, an understanding of the core purpose of the business and what you are trying to achieve can get lost. Formally defining your target market, then, is a great way to document and share this information with your team, as well as serve as a gentle reminder to yourself. 

 

Defining and segmenting your target audience, and researching and creating personas inside that audience, can be tedious and time-consuming, and you may not want to take on such theoretical-type tasks. But in the long term, defining your target market keeps you and your team on track, saves you money and helps you connect to your customers as individuals. Whatever your market, we can help you reach them more efficiently. Contact us for more information today.

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What’s Value Proposition? And 4 Ways to Strengthen Yours

 

“Value proposition” may sound complicated, but it is actually quite simple: it’s the benefit – or value – that your customers will get, or believe they will get, from your product or service. An example of a good value prop is that of Dollar Shave Club: “A great shave for a few bucks a month.” That’s what they promise to their prospective customers, and that’s what they deliver.

 

It’s crucial that you lock down your value prop before you launch your startup. It provides you with a consistent message around which to focus your marketing efforts, adds credibility to your offering, and should eventually result in sales. Here are four considerations to help you craft an effective value proposition.

 

1. Current benefits

Start by identifying the clear benefit that your prospective customers may be looking for and that your product or service provides. Try to use the term “benefits” as opposed to “services” (although both seem to be popular). Examples might be “Easy to use accounting” or “Reliable financials.”

 

2. The customer’s problem or “pain point”

Second, focus less on your company and more on your customers. Think about what problem or “pain point” customers have that your product or service can solve, then use language that reminds them that you exist to help them resolve that issue.

 

3. What sets you apart from the competition

Next, concentrate on what makes your company unique – your “fingerprint” or “special sauce” that the customers can connect to. Maybe it’s a specific feature of your product or service, or how you do things, or your mission – for example, if you solve the customer’s problem in an environmentally responsible way that the competition doesn’t, make that a centerpiece of your value prop.

 

4. Positivity and clarity

Finally, stay positive. A value prop is too short to veer into negativity, and it may work against you. And be clear. Though it’s not a slogan, it’s important to be concise and use accessible words. Your prospective customers will read this for a second or two, if you’re lucky, so make that time count.

 

A value proposition can appear to be a combination of a slogan and a mission statement, if properly crafted. You’re giving prospective customers a quick, hopefully effective pitch that will convince them to purchase your product or service. Try writing a few value propositions for your business idea and test them with potential customers to see how they do. If you need assistance, reach out to learn more.

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3 Data-Driven Ways to Find Your Marketing Niche

 

Ever heard the term “A jack of all trades is a master of none”? I learned the hard way a while ago that this is especially true with small business marketing. I spent a lot of money advertising to market segments that were clearly dominated by large corporate competitors — my complete investment was a drop in the bucket for them. I was especially de-motivated when marketing firms told me that my entire advertising budget was almost a reasonable “testing” budget! The better strategy would have been to focus my limited resources on a more specific market niche.

 

The first question, then, is: What is a market niche? It’s simply a subset or segment of a product or service’s market, taking into account the product or service’s features, quality, demographics and price range. For example, most attorneys don’t practice all types of law; they choose a niche such as family law or criminal defense. This reduces competition and allow the attorney to become an expert in a particular segment.

 

The second question is: How do I find my marketing niche? This question can be answered in two ways. One is to rely on your feelings and instincts, informed by your personal style and your goals for yourself and business. Another is to use more objective or data-driven approaches to find evidence of the market niche that best suits you. Here are three data-driven ways to find your marketing niche.

 

1. Market Segmentation

When you segment your market, you divide your existing and potential customers into sub-groups (segments) based on shared characteristics. You can use free advertising tools such as Facebook Business Manager to segment your market, which allows you to see the sizes of the segments and adjust them if they are too small or too large, or determine how many segments you need. This also allows you to see useful features of your demographics that you may not have previously taken into consideration, such as what locations will do well, or if location is more important than industry, for example.

 

2. Market Surveys

Once you have segmented your market, you can use demographic data and attributes from advertising platforms such as Facebook to reach out to a cross-section of potential customers and gauge their interest in your product or services. Surveys let you talk directly to prospective clients, getting valuable one-on-one time with prospects, and offering a small token such as a gift card is a popular incentive for participation.

 

3. Trial and Error or “Testing”

Another method is to review your demographic and behavioral market segments in order to identify an “anchor contract” to pursue for testing purposes. You may offer heavily discounted or free products or services to this anchor customer in order to track core demographic data and build marketing “personas” to use in future marketing. Be careful, though, because free may not be considered “credible” in your target market. Partner marketing or referrals are very effective here if you can get them.

 

Niche marketing is a powerful tool for small, underfunded or bootstrapped startups, and using data helps focus your limited resources in the most suitable areas. Whatever your niche, let us help you succeed within it.

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3 Inexpensive Types of Market Research for Budget-Conscious Startups

 

As a startup, when you’re trying to determine the best market segment or niche to pursue, market research can be invaluable. Unfortunately, on a limited marketing budget, primary market data and research can be expensive to purchase, and even more expensive to undertake. Secondary research, which stems from available data, is also very useful and can be less expensive and more accessible. However, I have found that sometimes it’s worth it to just go out there and collect the data myself, especially if I need a very specific piece of information about a very specific demographic or behavioral segment, and third-party bids are prohibitively expensive. Here, then, are three types of inexpensive market research that you can conduct on a limited budget.

 

1. Surveys

Depending on how they are done, surveys can be inexpensive. You can use a free online survey service, such as Google or Office 365 forms, and use qualifying questions to filter out unfit respondents. If you haven’t collected your own customer contact data, the majority of your expenses may result from using clean, third-party or verifiable data to target your survey to the correct audience. Always include an incentive, but to be more cost effective, offer one large incentive via a drawing rather than a small incentive to everyone who participates. The downside to surveys is that the responses can be very subjective, since you’re often asking the respondent for their opinions or recollections of their behaviors, which can be biased. But you will still end up with more information than you had before.

 

2. Product/Service Testing or “Anchor Contracts”

Another option is to select a smaller target audience than a survey but conduct much more in-depth research. By offering your product or service to a select client or audience for free or at a discount, you can track customer demographics and behaviors against market conditions — and your own metrics — over an entire customer life cycle. This will provide real-time data which you can then apply when marketing to other potential customers.

 

3. Advertising Testing via Local Offers

Admittedly, while online advertising can start out as inexpensive, costs can quickly escalate, since it is often auction-based and costs-per-click skyrocket as soon as advertisers begin to see return on their investment. However, valuable awareness research can be done with a small testing budget on the appropriate platform. For example, ad testing on LinkedIn has been historically pricey, but you may be able to afford light testing of offers on Facebook or your local business paper. For this kind of research and testing to be inexpensive, it’s important to find an advertising platform that’s the right mix of effective targeting, available metrics for experiment design and cost.

 

Whatever primary research methods you choose, stick with them if you believe they will return long-term gains to your business. Research does get easier as you become more experienced, and we are always available to help. To continue the conversation, contact us for more information.

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3 Marketing Strategy and Mix Questions Entrepreneurs Should be Able to Answer

 

I’ll try not to put you to sleep too quickly with this one, but Marketing Strategy and Marketing Mix — and how they are related — are very important concepts that entrepreneurs need to understand when building startups.

 

Marketing Strategy is your long-term approach to how you plan to achieve and sustain your competitive advantage. It includes definitions of your ideal or target customer, your value proposition, and your key brand and marketing messages. Marketing Mix is also known as the 4 P’s (Price, Product, Place and Promotion) and is the foundation of marketing. They are related in that you will use the tactics in the marketing mix to implement and achieve your marketing strategy, adjusting as needed for different situations. Answering the three questions below will help ensure you’ve covered all necessary points in both your marketing strategy and marketing mix.

 

1. Do you have a set of long-term, high-level marketing strategy goals and a direction you’re committed to?

 

Don’t worry if you don’t have your complete marketing strategy in place yet, as it can change and evolve. But as long as you have the overall strategy in mind, you can more easily share it with teammates, partners, investors, etc. It helps to transfer our long-term entrepreneurial vision from our brain to others’.

If you need help formulating the strategy, you don’t need an MBA; a simple SWOT analysis will do. See our article on SWOT analysis if you need to know more.

 

2. Have you identified the 4 P’s for your business?

 

For example:

• Price: What price point are you targeting and why?

• Product: How is your product best described using common attributes?

• Place: Where can your product be found? How easy is it to get to?

• Promotion: How will your customers find out about your services?

 

Again, no one is holding your feet to the fire here if you don’t follow through, but the goal is to show intent and to focus your vision.

 

3. Can you connect your long-term marketing strategy from question one to the operating decisions in question two to come up with a seamless marketing plan?

 

Personally, I find this is a great question to answer if you’re unsure about your next marketing steps, or if you need to share with third parties such as partners or investors.

 

Understanding these basic terms and answering these questions can really help you focus and communicate your vision as an entrepreneur. Marketing and sales are crucial components of any startup, so it helps to use this structure to think about your marketing strategy early on. As a solopreneur, you don’t have to go solo. We can help fill out the roles you’d like to delegate.

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What the 5 Components of Promotion Mean to Entrepreneurs

 

We previously talked about the 4 P’s of the Marketing Mix. One of the P’s, “Promotion,” is a fundamental prerequisite of your product or service offering: your prospective customer must find out about your offer. For most of us, that will happen by promoting ourselves or our offers using a variety of different avenues while giving customers a very consistent view of ourselves — consistency facilitates the credibility of the offer. Also providing credibility, as well as producing excellent results for entrepreneurs, is communicating your value proposition through these five components of the promotional mix.

 

1. Advertising

Advertising is the first place we tend to look for our promotion needs because of its potentially wide reach, but for that reason it’s also usually the most expensive option. This is especially true when advertising online and trying to win a keywords auction against large corporations with deep pockets and a high bid ceiling. The digital age has greatly expanded the number of advertising options and allows for nearly real-time testing and performance optimization, which are crucial to getting more bang for your advertising buck.

 

2. Personal selling

Personal selling is essentially selling directly to another person. It may incorporate elements of both marketing and sales and is very useful for large ticket items, but not so much so for low margin items. In my experience with personal selling, it helps to know and play into your own strengths, all while having needed knowledge of your prospect and your product. That’s why, before embarking on a personal selling campaign, it’s helpful to conduct research into your ideal prospect or a similar persona.

 

3. Sales promotion

Sales promotion is using a sense of urgency and enticement to let customers know about your offers. For small businesses, it’s important to build credibility before a sales promotion; otherwise, you’ll have to deal with that “too good to be true” feeling the prospect may have.

 

4. Public relations

Public relations is not normally associated with promotion, but the careful and consistent sculpting of your public image builds credibility, which is crucial for most small startups. Small, local news outlets and bloggers — who are always looking for new content — are great places to start executing your public relations strategy.

 

5. Direct marketing

Direct Marketing is often a four-letter word with your prospective customers, but businesses continue to use it because it works. Essentially an outbound channel, it includes direct mail, email and even phone sales, though the latter is objectionable for some. In my personal experience, I believe most small, underfunded startups should at least consider a direct marketing strategy, if the research bears it out.

 

You don’t have to use every possible manner of promotion, but definitely experiment to see what works best for you and your business. As a solopreneur, you don’t have to go solo. We can help fill out the roles you’d like to delegate.

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3 Basic Marketing Segmentation Strategies for the Entrepreneur

 

In today’s digital world, your customers are being wooed by a multitude of offers for their attention. How do you stand out without spending your way into bankruptcy? One way to optimize your ad spend is by segmentation, or dividing your existing and potential customer base into sub-groups based on specific  characteristics. By separating your prospects into segments by what makes them unique, you can market more effectively to those segments using the three strategies here.

 

1. Identify the segments

Your goal in segmenting your audience is to find those segments with the most potential for growth and/or profitability. Typically, you will segment based on demographics that are similar to those of your ideal or target customer. The most popular and useful demographic profiles include age, gender, occupation, marital status, family status, income, education, living situation and ethnicity, though you should use only those that are relevant to your product or service.

 

2. Select a focused or differentiated strategy

After creating your segments, decide if you will market to just one segment or to multiple ones. Pursuing only one narrow segment is a “focused” strategy that is excellent if you’re low on startup cash, because it allows you to really understand that market segment and maximize your precious marketing spend early on (when you need it). With the “differentiated” strategy, you target two or more market segments and develop separate offers for each segment. Personally, I prefer the differentiated approach because I can conduct A/B testing in order to gather more information and optimize spending, then use the results to revert to a focused strategy. Either works well, so it’s up to you to decide which is the best fit for your business.

 

3. Use social media tools to practice segmentation

One thing I’ve learned about social media platforms is that they can give you a wealth of detailed “segmentation bases,” or variables you can use to segment your market, together with a ton of instant feedback and real data — even if you don’t pay for it. These “bases” include demographic, geographic, lifestyle and behavioral information. For instance, I use Facebook Business Manager to experiment with target audiences, their demographics and their behaviors. After experimenting, I can run a small campaign to try out my theories.

 

Definitely experiment with your marketing segmentation. Worst case, you’ll have a lot better understanding of the people you sell to. Best case, you’ll find many more efficient ways to sell to them. And remember: solopreneurs don’t have to be solo. We can help fill out the roles you’d like to delegate.

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3 Elements of Social Selling to Consider if You're Just Starting Out

 

The two most common sales misconceptions I hear from fellow entrepreneurs are:

 

1. The phone is dead; and

2. Social selling isn’t worth it.

 

While these channels may not be the best fit for your primary sales strategy, they’re far from useless —especially social selling, which is the part of the sales process in which you develop relationships with your customers and prospects. Today this might take place on social media, via networks such as Facebook, Instagram, LinkedIn, Pinterest and Twitter, but it can actually occur either online or offline.

It’s a “softer” way to interact directly with your prospects by offering relevant content and answering questions until the prospect is ready to commit to a purchase. Here are three recommendations to keep in mind when considering using social selling.

 

1. Focus on true social selling

“Social Selling” should not be confused with “Social Marketing,” in which marketing is used to effect social change, or “Social Media Marketing,” by which websites and social media networks are used to promote a service or product to large segments or groups. Rather, the goal of social selling is to nurture one-on-one relationships with individual prospects (instead of transmitting the same message to many prospects at the same time), supporting the prospect through the sales phases of Awareness, Consideration and Decision. Having said that, you should definitely make sure you are doing both social selling and social media marketing really well by providing timely, appropriate marketing content, then following those who read and/or comment on the content in order to cultivate relationships.

 

2. Pay attention to the health of your sales pipeline

The sales pipeline begins with a lead and ends with a paying customer by following a specific sequence of actions, beginning with Prospecting. This all-important first stage of the pipeline entails finding potential clients to move through the sales funnel in order to convert them into a customer who generates revenue for your business. When social prospecting, you search or monitor social networks to find customers who have expressed interest in your product or service, seem ready to buy, or appear to be qualified leads based on a pre-determined set of target buyer profiles. With practice, social media can really shine in the prospecting phase, especially since the alternatives — such as private databases — can be quite expensive.

 

3. Use at least two social networks

Social media platforms constantly tweak their rules, so it’s important to not depend entirely on just one. I witnessed many social sellers panic when Facebook changed their engagement rules and LinkedIn changed their group rules, so hedging your bets and focusing on multiple social networks is a good idea.

 

Ultimately, social selling should at least be evaluated for your new bootstrapped venture. The data from that evaluation may allow you to either double-down on that avenue or switch to a more old-fashioned approach. Regardless of your path, definitely conduct ample research to ensure you’re doing the right thing for your business, and reach out if you have any questions. We can help fill out the roles you’d like to delegate.

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The 4 Components of SWOT Analysis for the Novice Entrepreneur

 

SWOT (pronounced “swat”) analysis is one of the most useful theoretical business tools I know. I even use it for personal decision making, as well as for business. It quickly brings clarity to any decision I need to address.

 

What is SWOT analysis

SWOT analysis (or SWOT matrix) is a technique used in strategic planning to help identify the Strengths, Weaknesses, Opportunities and Threats of or related to the objective at hand, whether it be a specific project, product or service, or even the competition or marketplace. It also helps identify the internal and external factors that will impact achieving those objectives.

 

• “Internal” probing questions address positive attributes (strengths) and negative attributes (weaknesses). For example, if you have decades of experience in the field in which you are starting a business, then that’s definitely a strength. But if you have no prior experience with your target market, then that’s a weakness.

• “External” probing questions deal with our environment, and can be positive (opportunities) or negative (threats). For example, if you have a patent pending on a product, that’s an opportunity. But if your niche has a lot of established competition, that’s a threat.

 

Conducting SWOT analysis

On a whiteboard, flipchart, Google doc, etc., draw a box with four squares and label one quadrant Strengths, one Weaknesses, one Opportunities and one Threats. Then, with your objective in mind, consider each area carefully so you can get an honest “lay of the land” at the beginning of your decision making process. Ask a trusted colleague for his or her input as well to provide a different perspective.

 

How the 4 components can quickly help decision making

 

1. Forces the “rosy eyed” to acknowledge the negative

As entrepreneurs, we are emotionally connected to our ideas and shield ourselves from the inherent weaknesses in our plans, as well as the threats looming in the market. Facing those does not come naturally to me, as I’m too busy thinking through all the possibilities. But a quick SWOT analysis forces me to consider internal and external threats, preparing me to face the issues at the very core of my plans.

 

2. Sets you up to play to your strengths

The opposite is also true. A good startup plan can work best when we are intimately aware of our strengths and how to best play to them. Do you have subject matter expertise that few can match? Or is your market growing like wildfire? SWOT analysis helps you identify and prioritize these strengths.

 

3. Separates internal from external

We tend to have more control over internal attributes than external. Myself, I try to focus my energies on influencing internal factors while navigating external factors to the best of my ability. A SWOT analysis clarifies that dichotomy, helping me see what factors — good or bad — I can most influence.

 

4. Improves presentation of business ideas by proactively addressing nay-sayers

Personally, this is one of my favorite benefits of SWOT analysis. By addressing both positive and negative attributes of your pitch on your own terms, you get to frame the conversation more favorably. Doing so also improves your audience’s trust, as it shows you’re willing to address all issues, not just the things that make you look good.

 

So again, SWOT analysis does not have to be formal. I often simply jot down a quick quadrant with a list of attributes in each space, but the result is quite often clearer decision making and communication. Reach out for assistance with your SWOT analysis, or let us help fill out the roles you’d like to delegate.

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5 Reasons Why Community and Partners Matter when Starting Your Business

 

Entrepreneurs are often “lone wolves” – for example, staying up all night in a dorm room coding; skipping out on parties to work on an idea; eating ramen for weeks in order to spend every spare dime putting together a prototype.

 

That kind of focused individuality is useful in helping your company stand out from the crowd and get noticed. But it can also limit your horizons, because business growth is really a team sport. And as in sports, we’re competitive. But we’re also a lot alike, and we should be partnering with each other.

 

Still not convinced? Here are five non-financial reasons to join an entrepreneurial community.

 

1. Emotional Support. News flash: entrepreneurship is very hard. It’s ok to want to talk about your experiences with someone else. It’s even better when that person has been through some of the same experiences you have. Whether you want to discuss a particular issue or just want to vent, having someone else to talk to can be both healthy and helpful.​

2. Accountability Partners. Sometimes we are able to motivate ourselves, and sometimes we have a hard time maintaining that motivation. Articulating your goals, committing to action, and having someone hold you accountable to those goals and actions can help solopreneurs keep on track​

3. Objective Opinion. When faced with a business dilemma, it can be beneficial to bounce your ideas off of someone you know will tell you what you need to hear, not what you want to hear. By helping you step outside of the issue, these straight shooters can provide a new perspective, allowing you to see your patterns and biases more clearly.​

4. Expert Opinion. As entrepreneurs, we’re forced to wear many hats…but some hats don’t always fit. By being a member of a common group, you can find others to fill in the gaps in your skillset, as well as help others in areas in which are you stronger. And who knows? Maybe together, you and your new partners will come up with an even better business idea.​

5. Distraction. The stress of the hustle adds up. Stepping back to relax and think about something else, if even for a few minutes, can be just the break you need to come back stronger and sharper than before. Having those peers who understand what you’re going through and can provide those distractions, however brief, can be enough to keep you fighting through another day.

 

The bottom line is, we can’t do it all ourselves. A community of your peers can make it easier for everyone to succeed, while making it a more pleasant experience getting there. And if you feel you don’t currently have a community, you’re in luck – we’re building a startup community to help you connect to other entrepreneurs. Reach out as we build a group that helps entrepreneurs from all walks reach their full potential. Join us!

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3 Ways to Keep Your Entrepreneurial Motivation Going When Things Get Rough

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According to Wikipedia, motivation is “the reason for people’s actions, desires, and needs.” As entrepreneurs, we all have different reasons for starting a business, and those reasons may be all that stand between us giving up or giving it one more day.

 

Therefore, maintaining our motivation is key. Here are three ways I’ve found that help me keep going, even on the darkest days.

 

1. Connect your core values and beliefs with your business success.

One of my core values is helping my community. Running a successful startup that helps others fulfill their dreams relates directly to that core value. So when the going gets tough, I reflect on this desire to help others, then on all the ways I’ve achieved this so far via my work. The result is that I’m re-energized.

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Think about what your core values and beliefs are – be honest with yourself, list those values, then figure out how succeeding in your business helps you reinforce those values. These unchanging beliefs will carry you through the dark days…and you will see a few!

 

2. Take a break.

Starting and running a business can be exhausting. Often, fatigue can cause us to lose motivation – this is normal and happens to every entrepreneur.  But not every entrepreneur is able to slow down when so many things need to be done. I’ve learned that when I start to feel my motivation slipping away, I force myself to take a break. My business can do without me for 30 minutes or an hour while I meditate, talk with a good friend, read a book, even go out for lunch instead of eating at my desk – anything that replenishes me. Those few minutes away can result in hours, even days, of renewed motivation.

 

3. Lean on others.

When my motivation is waning, I lean on a close team member. If you’re a one-person shop, find an accountability partner – someone supportive who will hold you accountable to your commitments and goals. There are even groups that can match you with a partner. Either way, it’s important to know yourself well enough reach out proactively, before things are at their worst.

 

If I’ve thought about my core values, taken a break, and am still feeling like quitting it all, I reach out to my accountability partner to discuss why I might be feeling that way, and what I can do to get motivated again. This requires honesty and self-awareness, which can be difficult at times, but is worth it to keep your business on track.

 

So next time you’re feeling burnt out, try these techniques. Keep challenging yourself. Keep working toward the next change. If you don’t have something in your repertoire, develop it. We’re here to help. We believe in the growth mindset for entrepreneurs, and we’re building a startup community to help you connect to other entrepreneurs and be more successful. Join us!

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3 Ways to Deal With the Psychological Effects of Entrepreneurship

 

Entrepreneurship can be a tough, grueling endeavor that we often do alone, which brings up a topic we don’t spend a lot of time talking about but really should: Are there things we entrepreneurs should be considering related to our mental health? Inc. magazine has a good article on the topic, which explores how entrepreneurs can deal with traumatic events and setbacks when starting and running their own companies. Here are three steps that can help prepare you to face the psychological effects of entrepreneurship.

 

1. Take a self inventory

The issues we face have a lot to do with who we are and what we’re trying to accomplish, and are very personal. Ask yourself: In the past have you been resilient in uncertain times, or have they triggered an emotional reaction? How long does it take for a difficult issue to really get to you, and can you tell when you are reaching that point? If you identify weaknesses in your approach to stress, do you have a “mental toolbox” or plan to address it? If so, what’s in your toolbox? Personally, I like biking and physical activity, or just vegging out, binge-watching shows for a few days when things get tough.

 

2. Mentally prepare the people around you

It’s very hard to keep a healthy work/life balance as an entrepreneur. Keep in mind that this is hard for the people around you as well. Responsibilities at home that you should be managing may get less of your attention as you push your business ideas forward. Set rigid schedules and prioritize tasks; one way to do this is by using an “Eisenhower Matrix,” which classifies your do-to list into four categories: Important and Urgent, Important but not Urgent, Not Important but Urgent, and Not Important and Not Urgent.

 

3. Maintain your psychological health to prevent burnout

Being accountable and responsible for everything and everyone — and the continued stress that comes with it — can weigh down even the strongest individuals. Since this can creep up on you, don’t gauge how you’re doing only during the first few weeks or months. Remember: you’re running a marathon, not a sprint, so pace yourself that way. Try incorporating your stress release “mental toolbox” on a firm schedule from which you don’t deviate. You can also rely on your partner, spouse and friends to help detect your stress levels and keep you on track when they begin to rise.

 

Starting a business can be fun and exciting, as well as stressful and challenging. Plan ahead of time how you will address those challenges by being aware of your unique personality and how you deal with setbacks. Ask for the help of your support circle as well, and those setbacks will quickly be managed and turned into new opportunities. For additional assistance in this area, reach out to discuss how we can help.

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Side-Hustle 101: 3 Things to Consider When Contemplating Part-Time Entrepreneurship

 

A recent study by Intuit predicted that in less than two years, 40 percent of American workers will be independent contractors, turning the “gig” economy into just “the economy.” Side-hustles have become a reality for many, either by choice or by need. They can allow us to pursue our entrepreneurial passions while working a 9-5 job that pays the bills. But they can also have a downside. Before making that leap, here are three things to consider when contemplating a new side-hustle.

 

1. Never let it jeopardize your main job.

Let’s consider this the “golden rule” of the gig economy. Until you’re ready for your side-hustle to provide your primary source of income, you must protect your “main hustle.”

 

Do you need more flexibility in your day job in order to pursue your side-hustle? Consider negotiating for it when you start a job, or at another opportune time; for example, ask for flex-time or one work-at-home day a week in lieu of a raise.

 

Is holding a second job permitted by your employer? If you’re not sure about the rules, find out what they are, and don’t break them – ignorance is no defense. And ask if your company has strict non-competes as well.

 

2. Maintain a very strict resource budget.

Time, money and focus are your primary resources when it comes to being an entrepreneur, so don’t let your side-hustle siphon them off, leaving little for anything else. Managing resources is easier when you have a clear business plan for your side-hustle. Not only should this include how much you will invest and how much you will see in return, but how much time you will devote each week, and how you will distribute your focus. Clarity always helps execution.

 

3. Find one or more mentors.

Many have already tread the path you’re on, so reach out to those who have already been where you are. Find someone who is executing a plan similar to yours and learn as much from them as possible. Then return the favor with someone else who is just starting out. Mentors and accountability partners help you keep in touch with other entrepreneurs, and stay on track yourself.

 

Like any business, there’s risk in starting a side-hustle. Implementing the three ideas above can help mitigate that risk, as well measuring, observing and being diligent – three behaviors to help make empirical decisions that will lead to better optimized outcomes and result in your dream career.

 

We can help you get there. You may feel like you’re on your own, but we believe that business is best done when done socially. We’re building a startup community in which you can connect with other entrepreneurs and help each other achieve more success. Join us!

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Investing in a Side Business From Your Salary: 6 Things to Consider

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Every business has some level of risk associated with it. The market rewards risk; if it didn’t, then everyone would start his or her own business and the subsequent rewards would be diluted. Sometimes we need to mitigate risk, however, by continuing to work a “day job” while we grind away at our side gig or side business.

 

This can be tricky, because that side business could easily be our main source of income in the future. But it can also drain a large chunk of our savings and/or salary in the present, and possibly never turn a profit (like most businesses). So here’s what first-time business owners should consider regarding how to fund their side gig.

 

1. Do not dip into your retirement savings.

Yes, I began with a “don’t.” But this is crucial. Yes, it may pan out. But let’s deal with probability, not possibility. CAN this be the best decision of your life? Sure. WILL it be the best financial decision of your life? Statistically speaking, probably not, given how many businesses ever actually turn a profit, especially in their early years. So hands off retirement savings, or any other irreplaceable savings. 

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2. Manage your initial debt.

Most likely this will be personally secured debt, so don’t take on more than you can comfortably pay back on your current salary. You decide what that is, but without knowing the details of your business, I would recommend it be recoverable in one year under your current net income, as a rule. 

 

3. Consider using a fraction of your salary.

Simply calculate how much you can spare out of each paycheck and use that. If you need a larger initial investment, e.g., for product development or a prototype, start saving a few months before your pre-launch activity. This budget discipline is also useful in vetting your idea, organizing your business, and not spending that money on yourself. 

 

4. Don’t jeopardize your current salary with your startup work.

That’s much easier said than done, because working on your startup is probably a lot more fun than your job, but it’s important. Your startup has a better chance of surviving if it has funds coming in. 

 

5. Spend “close” to your customer.

In other words, while it’s tempting to spend on “Phase 2” or the next cycle, it’s generally safer to concentrate on spending your dollars where they will have the most impact on your customers and prospects. This helps you spend less initially and focuses you on customer success and your marketing and sales pipelines. 

 

6. Niche your side-hustle.

If your small business lacks the funds to build an elaborate marketing and sales pipeline, consider a “niche.” Focus on a particular customer and a particular service or product, and pivot that niche if your data and experience lead you elsewhere. But beware of dilution; typically, multi-service/product marketing and sales pipelines are expensive to get right on a side gig’s budget. 

 

These considerations are just the tip of the iceberg with regard to financing your side gig, but I hope they are useful. If you need assistance, don’t hesitate to reach out and let us know. Maximize the return on your startup investment; give us a call to discuss how.

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4 Office Alternatives for the Solopreneur

 

Office space can be very expensive. And if you’re running a side-gig, then you may not have time to use it to begin with. So what can you do if you don’t have (or want) your own office? Here are four alternatives.

 

1. Co-working spaces

This is the obvious first choice. Co-working spaces can be inexpensive and flexible, with no leases and the ability to drop in rather than have set office hours. You can also network with other like-minded people who may eventually become customers or partners. A potential downside is that they may still be out of reach of your low budget, and your choices may be limited depending on where you live.

 

2. Coffee shops

For many years I worked out of Starbucks. It actually wasn’t bad — the staff was awesome and super-friendly, and many coffee shops share these positive characteristics — and the only cost is the price of the food and beverages you purchase. If you choose a chain, you’ll always know what you’ll get regardless of which city you’re in (not to mention the delicious desserts). Downsides include the fact that you may have a hard time working with audio on your computer; after a while you may have to leave to be courteous to the other customers; and the chairs and tables may not be comfortable or ergonomic.

 

3. Home office

A home office is the most cost-efficient option, though it does require some setup. Not having to commute is a plus for many entrepreneurs, and you can control the environment to your liking. Personally, it’s too quiet for me. I like human interaction during the day, and when I’m working long hours, it can be hard to resist the temptation to take a break, or even a nap.

 

4. “Bum” a desk

This is a bit of a wildcard, but ask your friends if they can lend you a space in their areas. I much prefer this to the library or another very public shared space. It may take some searching, but I’ve found that there are many very supportive entrepreneurs willing to help each other out, especially if you ask very nicely, have great rapport, and/or offer to trade services.

 

An office isn’t in everyone’s budget, especially when first starting out. Feel free to be creative and use a mixture of these alternatives to get by until you can afford a little place you can call your own. And remember, solopreneurs don’t have to be solo. We can help you fill out the roles you’d like to delegate.