Tag: entrepreneur

Categories
Sales & Marketing

Quiz: Which Social Networking Platform is Right for You? Part 2

Last week, I put together a simple quiz you can take to figure out which social networking platform is the place for you. If you want to see the quiz plus the explanation AROUND the quiz (yes, there is a reason other than the entertainment value — it not only helps you use each social networking platform more successfully, but it also helps you structure your time better, so you get the results you’re looking for), you’ll want to check out part 1 right here: http://bit.ly/1jakn6t

 

Let’s jump right in.

 

If you’re a 3: LinkedIn.

You prefer small intimate cocktail parties or dinner parties where you can engage in deep conversations with a few close friends.

 

You’ve got to hand it to LinkedIn. They were one of the first social networking sites, and unlike a lot of their peers (can you say MySpace?) they’re STILL considered one of THE top social networking sites.

 

In my experience, pretty much every entrepreneur I’ve run into is either in the Facebook camp or LinkedIn camp. They may have accounts set up on both, but they very clearly prefer one over the other (which means the one they don’t prefer usually gets the shaft).

 

And while I haven’t personally experienced it (since I tend to prefer the less button-down nature of Facebook), I know plenty of folks who have gotten leads and clients from LinkedIn. So it too seems to be a hot place to showcase your business. Plus, LinkedIn does do a decent job of sending you blog traffic.

 

In addition, the other thing LinkedIn has going for it is “staying ability.” Who knows if Facebook really will weather the storm of kids thinking it’s “not cool?” But LinkedIn has managed to carve out its own unique category that (at this moment) appears to have some serious staying power.

 

One of the things I want to do this year is learn how to use my LinkedIn account more effectively. And if this is something you too are interested in then stay tuned — I’m planning to interview a LinkedIn expert on PW Unplugged in the near future!

 

 

If you’re a 4: Pinterest.

 

You’re an artist at heart and love hanging out with your other creative friends, drinking coffee or taking art classes at the local community college.

 

Pinterest is really a different sort of animal. On one hand, of all the social networking platforms out there, the posts seem to have the most staying power. (Pins last forever apparently.) But in terms of really engaging people and getting to know them, not as much.

 

I’m still testing and playing around with Pinterest myself because I’ve heard it’s a pretty good place for blog traffic (who knew?). And if you sell an actual product — like jewelry or art — I think Pinterest would be hot. Food would be hot too — like if you are selling a cookbook, pictures of the food would go a long way.  Plus it works well with Facebook — if you go through the trouble of creating a graphic for Facebook, you might as well pin it on Pinterest too.

 

I’m intrigued by the whole blog traffic thing so if I test it and it works, I may very well invite a Pinterest expert to PW Unplugged. Let me know if that intrigues you too!

 

If you’re a 5: YouTube.

 

You’re the life of the party — doesn’t matter how big or small the party is. You love nothing better than being the center of attention as you entertain all your friends.

 

Ahh, even if you never wanted to be a movie star (and you really aren’t the life of the party) incorporating video into your marketing mix is really a smart move. The best part of uploading your videos into YouTube is how versatile it is. People can search directly in YouTube, plus your videos will show up in Google search results AND in your Google+ account. You can also incorporate the YouTube link in your Facebook page, in LinkedIn, on your blog, and probably in whatever the next hot new social networking platform is going to be.

 

YouTube is not much for actual connecting and networking, but as a way to send traffic to your site, there are few things that are as hot as video.

 

The problem with video is it’s not as easy as sending a quick tweet or posting a pic on Facebook. But it’s definitely worth the extra effort. And if you are thinking about using video, I would encourage you to batch your videos in one shoot — set aside a couple hours or an afternoon and blast through as many as you can possibly stand. That way, you only have to get all dolled up once in a while (not to mention all the work hiring a video crew or getting your own studio set up).

 

 

If you’re a 6: Google+.

 

You’re the one having a party as you wait in line for the latest high tech product. You definitely consider yourself one of the early adopters and having a party with other early adopters is definitely the way to go!

 

Google+ is so massive, it’s really hard to get a handle on it. Google Hangouts, the whole +1 thing, profiles, pages, communities, circles, videos…

 

It feels like at the end of the day, G+ wants to have it all. You have the search engine capabilities with the +1 and everything that’s posted in G+ gets indexed in Google. You have videos and Google Hangouts that automatically show up on your profile plus get uploaded into YouTube. You have the communities and the networking, and maybe because G+ IS more complicated than some of the other social networking platforms, the people you DO find on G+ tend to be smart, sophisticated and passionate.

 

G+ is another one I’m playing around with more because I think there are some possibilities here, especially for traffic and SEO. I’m not sure about the leads yet — you have to be very careful about promoting yourself on this network, which isn’t necessarily a bad thing because getting to know people is the first step to actually having them become your clients. But without being able to openly promote (and really no advertising options like you have on LinkedIn and Facebook — plus Twitter looking like they’re getting into the game too) this definitely falls into a long-term biz building strategy instead of “get clients now” strategy.

 

 

 

 

Categories
Entrepreneurs

Quiz: Which Social Networking Platform is Right for You? Part 1

Facebook, Twitter, Linked In, Google+ — oh my! If all the different social networking platforms are making your head spin, this quick quiz should help you get a handle on which social networking platform is right for you.

 

Now while the quiz itself (including the personality types in the answers) are all in jest, there IS a method to my madness. Mainly, know that social networking platforms DO start to take on their own personality as they mature and become more popular. And this is important because it leads to some interesting results:

 

• There is a definite bias around the social networking platforms each person prefers — and personality types do seem to play into those preferences.

 

* BUT what’s also interesting is how people will also adjust their personalities depending on which platform they’re on. Just like in real life, we show a different side of us depending on if we’re at work, at a family function, out with friends, etc. We also show a different side depending on which social networking platform we’re currently on.

 

* AND because each social networking platform attracts a different personality type, what each type is EXPECTING from each platform is different. And why does that matter? Because depending on what YOU want to see happen as a result of your social networking activities, different platforms may make more sense for you to focus on. (I.e. some platforms are better for blog traffic, some are better for networking, and some platforms need you to tweak how you use it if you want to see more blog traffic and/or networking.)

 

Make sense? Great – now on to the questions!

 

1. You’re a professional athlete/celebrity/politician who is feeling a bit bored in your life and you want to spice things up a bit with some sort of scandal.

 

2. You’re over 25 and you love the idea of multi-tasking — a.k.a. keeping an eye on your kid’s social networking activities while promoting your biz.

 

3. You’re uncomfortable letting it “all hang out” when you’re marketing your biz (and you privately feel like sharing too much personal stuff is just plain wrong). You prefer your social networking platform to be as professional as you are.

 

4. You love letting your creative side come out and play — and the more visual the better!

 

5. Ever since you were a child, you knew you were destined to be a movie star, or at least have your own television show. You love nothing better than to ham it up in front of the camera.

 

6. You love being on the cutting edge of the next “hot” social media platform, because once it catches on, you’ll reap that many more benefits as one of the first to use it.

 

So today, we’re going to talk about the best social networking platforms for 1-2 above, and next week we’ll discuss the matches for 3-6.

 

On to the answers!

 

If you’re a 1: Twitter.

 

You love being in the middle of it all! On your bucket list is to be in Times Square when the ball drops on New Year’s Eve and, if you haven’t already, you’re definitely going to be a part of flash mob one of these days.

 

You know, Twitter is sort of the online equivalent of a flash mob. Something happens and everyone jumps to provide their feedback/commentary/opinion – and that leads to topic trending (or Twitter exploding).

 

And maybe THAT is why it’s also the sole social networking platform people use to get themselves in trouble! There is a flash mob mentality to Twitter; something rises up out of nowhere, and disappears almost as fast. You never hear about controversial quotes from something posted on Facebook or Linked In. But random tweets (or, worse yet, pictures of tweeted unmentionables) are always making the news. And it’s not like it’s any less work to post a tweet versus a post in any other social networking platform.

 

Alas, you’d think by now people would have figured out that tweets (especially tweets you have no business tweeting) last forever.

 

Anyway, on to Twitter and your business. My personal experience with Twitter is while it does work, it’s not as good as some of the other social networking platforms out there. Maybe because people aren’t really looking to click on a link to leave Twitter; they’re there to be a part of the action! But even the clicks I do get from Twitter seem to be weaker (i.e. less likely to opt in or take action) than clicks from other social networking platforms.

 

However, there’s no question it does add to your promotional efforts, so I wonder if it’s a bit of a multiplier – if people see enough of your tweets and start to get comfortable with you, when they do finally click on a link (either in Twitter or a different social networking platform) they may be ready to take action.

 

The really nice thing about Twitter is it’s the easiest to add automation to in order to augment anything else you’re doing, so it really doesn’t take a lot of time to have it be a part of your promotions.

 

But if YOU have a different experience — like Twitter is THE place for you to get leads, I’d love to hear your story. Just comment on my blog LINK and let me know (especially if you think I’m just totally off base here).

 

If you’re a 2: Facebook.

 

You love a good party — not too big mind you (it at least needs to fit inside a house) but there’s nothing better than hanging out with 200 of your closest friends playing all the fun 80’s tunes you grew up with.

 

Yes indeed, Facebook has now become “your grandfather’s social networking platform.” That’s right, if Facebook is where you love to hang out, you are now officially old and square. (Oh wait, am I sounding even more dated now?? Does “so last year” work or is that just so “not cool” too?) Kids today between 16 and 25 prefer Twitter and think Facebook is for communicating with their mothers and any of their older friends who aren’t hip enough to be on Twitter. (I guess when your mom sends you a Facebook friend request, it dampens your enthusiasm.)

 

Of course what’s so ironic is Facebook started as a place for college kids to hook up! Ah, how times have changed.

 

Anyway, for the moment (and who knows how long THAT will last since the kids aren’t crazy about it) Facebook appears to be THE place to find clients and prospects via socializing and networking(unless of course your ideal clients are the 16-25 year olds – then you should definitely be tweeting up a storm).

 

Now, while there is no question you can get some decent blog traffic posting your blogs on Facebook, the real gold is the networking. (In fact, if you can fold your blog posting into your networking activities, that seems to work the best.) Facebook truly is the “party” social networking platform, so by augmenting anything you’re doing in Facebook with some personal connection and networking, you’ll definitely see better results.

 

And stay tuned for next week where I’ll talk about the best social networking platforms for you 3-6ers.

 

Categories
Entrepreneurs

3 Tips to Bringing Feminine Energy into Masculine Business Models

female-energy

Your biggest strength is also your biggest weakness. And that’s not only true of people, but also of things created by people.

Like the traditional business model, which is very masculine. And while that’s most definitely a strength — it’s also a weakness. (Especially for women living too much in their masculine energy, but even for men who may run the risk of losing touch altogether with their feminine side.) With more women joining the ranks of entrepreneurship than ever before in the history of humankind, we now have an opportunity to infuse traditional business models with feminine energy.

Now while that may sound good in theory, in practice this becomes “How the heck do you do that?” So if you’d like a few tips on how to get started infusing your biz with some feminine energy so you can more effortlessly build your biz, then read on.

1. STOP and breathe. Masculine energy is about moving forward toward a goal, preferably as quickly as possible. While there’s no question that’s what you want to be doing when you’re growing a business, if you spend all your time in that energy, you’ll burn out. (Hence the biggest strength/biggest weakness.) This is where the feminine energy of stopping, breathing and taking time for YOU comes in.

Not only will you give yourself a much-needed break, but you’ll also allow yourself some time to catch your breath to see if the direction you’re going in is really the direction you WANT to be going in. Which leads me to the next tip.

2. Listen to your intuition. Many successful entrepreneurs, men and women both, know that trusting their gut is one of their most important strengths. And you can thank your feminine side for your intuition!

The problem is most of the time, we either don’t hear it or don’t trust it. Taking time to stop, breathe and listen allows our intuition to talk to us. And over time, as we listen and follow (or not follow) what our intuition tells us (and see how right it was) we can learn to trust it.

3. Learn to receive. Feminine energy is about receiving. And for many of us, receiving is not at all comfortable. (We’re much more comfortable in the giving energy.) But if we can’t receive, how can we receive money into our business, or clients or sales or opportunities?

That’s why we need to learn how to receive.

For me, this was also a struggle, and how I started the process of learning to receive was by accepting compliments. I was someone who would always brush a compliment aside — oh it wasn’t a big deal, oh anyone could have done that. (Part of my Midwestern Wisconsin roots as well, I suspect.) But instead I started saying simply “Thank you,” really meaning it, and just staying quiet. I stopped turning it around and/or brushing it aside, and allowed myself to just receive the compliment, instead.

It wasn’t easy — in fact, to this day it’s still not easy, but it’s easier. And it’s made a huge difference in my biz and my life.

In fact, all these tips have helped me slow down and welcome the feminine into my biz, which has in turn helped make me feel less stress and less overwhelm. My hope is they will do the same for you.

Categories
Entrepreneurs

The Entrepreneur – Building Strategic Alliances for Success

Article Contributed by Joe Vaccaro, CBM

It was not too long ago that customers kept their providers of goods and services at arm’s length. Things change!! In today’s world, if you want to be successful, you have to consider vendors strategic allies who can bring “value-added” to your company. The key is developing and maintaining relationships with your suppliers that meet and at times exceed the expectations of all parties.

In order for relationships to be effective there are steps that have to be taken to provide the solid foundation from which to build a strong and enduring relationship. Before entering into any relationship, there has to be a period of time where the customer and potential vendor begin to acquire knowledge about one another. This means communicating the values, mission, objectives and goals of each entity. This is just as or more important than reviewing and analyzing a company’s financial statement. This enables each party to see how the other company perceives itself and what it intends to achieve. If there are similar, shared or complementary fundamental values, missions, objectives and goals, the relationship has a greater probability of success than if they were separate and distinct. It is the customer’s responsibilities clearly communicate what they expect from the relationship. Most customer-vendor relationships that fail are because the customer’s expectations were not effectively communicated to and subsequently understood and accepted by the vendor. The vision for the future must be defined and shared at the beginning of the relationship. If the vendor knows at this critical juncture that he cannot perform to expectation during the course of the relationship because he does not have the required resources, then he is legally, morally and ethically obligated to inform the potential customer. It is better for an entrepreneur to decline business that he cannot support than to try to deceive the customer with “smoke and mirrors”. Customers have friends and networked relationships. They love to share war stories. Customers are people and people respect honesty and integrity!
The successful entrepreneurs who evaluate and select their vendors should work only with the “best” vendors in the market place. The “best” for discussion purposes are those goods or services providers who provide the most favorable mix of price, quality and service. Notice, price is not the primary or most critical variable to consider. If a decision to purchase based solely on price is made, without giving due consideration for quality and service then the decision-maker and his successors will most likely live to regret it! If the price was too low, then the supplier was more than likely, anticipating making a profit by not consistently providing quality goods or services and/or after market support. If the price was really too low, then the payment could be rather costly. Payment could take the form of disappointing and possibly losing customers or even costing people their jobs!

The key to establishing a mutually fulfilling relationship is for both parties to jointly determine what the acceptable standards of performance will be. For example, this could mean that all deliveries must be made within one hour from time of pick-up or all orders placed for supplies must be filled within twenty-four hours from time of receipt. If the goods or service provider fails to meet these mutually agreed upon standards then there should be a penalty for non-performance. A financial penalty is preferred since it hits where it hurts the most, in the wallet. Periodically, the performance bar should be raised so that the entrepreneur and the supplier do not become too complacent. The key is knowing when and how to raise the bar that measures performance.

No agreement or contract should ever contain an “evergreen” clause that perpetuates the vendor-client relationship. There has to be a definitive life cycle for each relationship. Otherwise, everyone runs the risk of becoming fat and lazy. If a strategic leader discovers an “evergreen” clause in a relationship that he inherited, he most likely will assume that the vendor slipped something questionable by his predecessor. Also, any agreement or contract can and should be open for renegotiations. Why not, things can and usually do change over time. The costs of a good such as paper or the cost of labor such as an increase in the minimum wage can impact both the vendor and customer alike. Flexibility and adaptability by both parties is essential. The best entrepreneurs are always way ahead of the curve in anticipating the client’s need to possibly adjust the terms, conditions or measures of performance. Management reports provided on at least a monthly basis, serve as the documents for discussion. The presentation of these reports at regularly scheduled meetings provides the vendor with the opportunity to showcase his “value-added” to the client. What vendor wouldn’t jump at the chance to have a friendly audience to not only report accomplishments but to pitch new or improved goods or services? Believe it or not many vendors consider monthly meetings a chore instead of an opportunity to grow within an existing relationship.

Strategic management is more of an art than a science. The entrepreneur has to know when and how to lead the relationship. A strong vendor manager accepts input and advice from his supplier. Good vendors can provide a wealth of information. They have access and entry into many organizations. This enables them to enlighten their clients on new and improved processes, systems, procedures and controls that their other clients have successfully implemented. A successful entrepreneur must always be searching and seeking other sources of supply. They must always have alternative solutions or contingency plans in the event that a provider fails to deliver goods or services and has to be replaced on short notice.

All strategic alliances have a life cycle and that may last a relatively long time dependent upon the ability of both parties to grow and adapt to changing business conditions. There are times when the client outgrows the need of the supplier. For instance, a client in the past may have used a local or regional supplier but because of a merger or acquisition may now require a national provider so that they can now enjoy the benefits of the economies of scale that the local or regional vendor cannot provide. Also, a client in the past may have been low maintenance and high profitability may now no longer be worth the time and effort to maintain because the profitability has significantly declined. The vendor may want to walk away from this relationship or start reducing his costs, which may have an adverse affect on the client’s goods or services. In either case, there should always be room for discussion and negotiating by both parties. Remember, the opposite of a win-win situation is a lose-lose situation!! Vendor managers and their vendors have to stay close so that they can study each other and be prepared for any changes in the conduct of the relationship. This could mean reviewing any available financial information or discussing common issues with fellow clients or suppliers.

There are times, believe it or not, when both parties in a contract forget what terms and conditions were to be met and subsequently someone has to pay a price. Also, there are numerous situations when vendors are constantly monitoring relationships and looking to provide “value-added”. In some relationships, either the client or the provider of services or both become complacent and do not see the need to always strive to improve. This lack of focus and concentration is a recipe for failure.

In conclusion, vendor management requires active participation by the client and vendor alike. Each one has a vested interest in the performance of the other. In today’s dynamic world of business, the strategic alliances a company develops, maintains and strengthens with its key suppliers of goods and services has a definite impact on the bottom line. The successful entrepreneur has to always seek out and build strategic alliances with vendors who share their vision and are willing to work with them in fulfilling the changing needs and exceeding the expectations of their customers.

About the Author:

Joe Vaccaro is a Certified Business Manager (CBM) and an entrepreneur. During his career, he has been on the corporate, vendor and consultant’s side of the desk. This tri-angular perspective enables him to bring real value-added in all his business endeavors. Joe is also a Viet Nam War Veteran with a Total (100%) Service-Connected Disability.

Categories
Franchise

Top 10 Franchises For Sale In 2009

subway_txt_nycjan292009.jpg
Article Contributed by GlobalBX.com
Every year, Entrepreneur magazine names its top franchises for sale, gathered up into a list called the “Franchise 500.” By referring to this list, prospective franchise owners can determine the top franchise for sale in any number of categories—the best fast-food franchise, the best auto service franchise, the best do-it-yourself picture framing franchise, and so on. This publication also names the 10 best franchises for sale regardless of the industry they are in, and it is this list that offers the most coveted ranking of all. The “next hottest franchise concept” certainly has a chance to advance in the standings. But year after year, the same companies continue to dominate this list, mainly because they have superb brand recognition, a solid financial base, highly satisfied franchisees committed to excellence, and products or services that have stood the test of time. As Entrepreneur sees it, here are the top 10 franchise companies for 2009.
1. Subway
The top company on this list has gained a reputation for offering fresh, healthy food at very reasonable prices. They also come up with some very innovative national marketing campaigns to keep the name “fresh” in the public’s eye. Subway began franchising in 1974 and has more than 21,000 franchises in the United States. The company charges a franchise fee of $15,000, with ongoing royalties of eight percent based on gross annual sales. One’s total investment will run from between $78,000 and $238,000. Subway has franchises for sale in nearly every U.S. state.
2. McDonald’s
Ray Kroc took a California hamburger joint owned by two brothers and turned it into the world’s largest fast-food restaurant chain. Over the years, McDonald’s has been an innovator from the aspects of both service and menu items, inventing such concepts as the kids’ meal and drink tops with pre-punched access holes. The company charges a franchise fee of $45,000, with ongoing royalties of 12.5 percent based on gross annual sales. One’s total investment will run from between $950,000 and $1.8 million. McDonald’s has a franchise for sale to residents of every U.S. state, plus worldwide opportunities exist as well.
3. Liberty Tax Service
With the tax deadline of April 15 looming over the heads of U.S. citizens every year, more and more taxpayers realize that it pays to hire an outside expert to help them complete their filings. The company started as Jackson Hewitt Tax Service in 1972 (and began franchising a year later) and changed its name after buying out another tax business in Canada. The company charges a franchise fee of $40,000, with variable ongoing royalties based on gross annual sales. One’s total investment will run from between $56,000 and $70,000. Liberty Tax Service has franchises for sale to anyone living in the U.S. or Canada.
4. Sonic Drive-In Restaurants
This company started as a root beer stand in 1954 in Shawnee, Oklahoma, jumping into the franchise business five years later. Today there are close to 3,000 Sonic Drive-In franchises across the country. The company charges a franchise fee of $45,000, with ongoing royalties ranging from two percent to five percent, based on gross annual sales. One’s total investment will run from between $1.2 million and $3.2 million. Sonic currently seeks out residents of Canada, New Zealand and Australia, offering exclusive territories in its franchise for sale.
5. InterContinental Hotels Group
The flagship property in this massive chain is the self-named InterContinental, which include some of the most prestigious hotels in such world capitals as London, Paris, Vienna, Cairo, Nairobi, and many others. This hotel conglomerate also includes such familiar brand names as Holiday Inn, Crown Plaza, Staybridge, and Candlewood. There are more than 2,600 franchises in the U.S. alone, as well as another 800-plus in foreign countries. Franchise fees and total investments will vary widely, since every property is unique. The company charges an ongoing royalty of five percent based on gross annual sales. InterContinental has franchises for sale in Oregon as well as assorted worldwide locations.
6. Ace Hardware Corp.
The neighborhood hardware store is alive and well in the guise of Ace, a national chain that prides itself on hometown values and helpful personnel who can tell you the best way to paint a door or repair a fence. The company began in 1924 and became a franchise operation in 1976. There are currently more than 4,200 U.S. franchises. The company charges an application fee of $5,000, and one’s total investment will run from between $400,000 and $1.1 million. Ace Hardware has franchise for sale opportunities in all U.S. states.
7. Pizza Hut
In 1957, when this pizza chain started business as a single restaurant in Wichita, Kansas, no one would have suspected that it would grow into the largest pizza restaurant chain in the world. Today there are nearly 10,000 franchises in existence, including “express” and kiosk locations that expose Pizza Hut products to more people than ever. The company charges a franchise fee of $25,000, with ongoing royalties of six percent based on gross annual sales. One’s total investment will run from between $317,000 and $2.9 million. Pizza Hut has franchises for sale in Oregon as well as assorted worldwide locations.
8. The UPS Store / Mail Boxes Etc.
Mail Boxes Etc. started in 1980 as a competitor to the U.S. Mail and has since expanded to offer all kinds of services that include the sale of packing materials, copying and printing, mailbox rentals, and shipments of darned near anything to anybody who has a permanent address. Re-branded as The UPS Store – although it ships by other carriers as well – the company charges a franchise fee of $30,000, with ongoing royalties of five percent based on gross annual sales. One’s total investment will run from between $155,000 and $295,000. The UPS Store has franchise for sale opportunities in all U.S. states, plus various locations worldwide.
9. Circle K
This convenience store chain was founded in 1951 in El Paso, Texas. They waited until 1995 to begin franchising, but since then Circle K has seen its U.S. franchises grow to more than 450. Surprisingly there are nearly 3,700 franchises overseas. The company charges a franchise fee of $15,000, with ongoing royalties of four percent based on gross annual sales. One’s total investment will run from between $161,000 and $1.4 million. In a nationwide expansion mode, Circle K has franchises for sale across the United States as well as in assorted worldwide locations.
10. Papa John’s International
This pizza chain got its start in 1985 in Jeffersonville, Indiana. Papa John’s has more than 2,100 U.S. franchises and close to 500 on international soil. The company charges a franchise fee of $25,000, with ongoing royalties of five percent based on gross annual sales. One’s total investment will run from between $135,000 and $490,000. Papa John’s has franchise for sale opportunities in all U.S. states.
About the Author
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