Read Start Your Own Business Online
Authors: Inc The Staff of Entrepreneur Media
Start Your Own Business (100 page)
“A terrible thing happens
without publicity
... nothing!”—PT BARNUM
Start by identifying the media outlets you want to target, and visit the website for each one to research it thoroughly. Keep your list brief so follow-up is manageable. Once you’ve built your list, search for key contacts at those outlets on LinkedIn. LinkedIn is a great resource for finding professional journalists and segment producers. With LinkedIn’s new search features, you can dive deeper into user data to find contacts that fit your criteria. For example, you can create a search to find contacts with “reporter” as their professional title within a 50-mile radius of your ZIP code. You can easily narrow each search by limiting other fields or adding a keyword, such as “business” or “features.” LinkedIn also lets you save a certain amount of searches so you can be alerted to new contacts that join LinkedIn matching your criteria.
TIPThe number of PR and marketing people on Twitter is astounding. Use their collective wisdom and networks to create buzz and support for you and/or an event.
MEDIA MATTERST
o find media outlets in your industry or topic area, check out the following sites:•
ipl2
(
ipl.org/div/news/
) is a merger of the Internet Public Library and the Librarians’ Internet Index. It includes a list of popular magazines and newspapers organized by their respective subject area or geographic focus. Each listing includes a brief description of the outlet’s coverage area, along with a link to the website.•
Yahoo! News and Media Directory
(
dir.yahoo.com/News_and_Media
). You can search news and media by format (newspaper, magazine, blog etc.) or by subject. This site also lists how many outlets are available under each category.•
HARO
(Help a Reporter Out) at
helpareporter.com
is a free service that connects journalists with expert sources. Each e-mail (there are three a day) includes reporter queries you can respond to (provided you have a relevant pitch or expert to offer).
Key media contact titles include:
Center of Influence List• Editor
• Segment producer
• Journalist
• Assignment desk editor
One of the fastest ways to build referrals and relationships online through social networking is by reconnecting with past friends and family members or simply by reaching out to the top people in your center of influence that respect and admire you. This could be friends from grammar or high school, college, past co-workers, family members, bestselling authors, media contacts, etc.
eMarketer.com
, a digital marketing and media researcher, reports that more than half (53 percent) of internet users have visited websites referred by friends or family members in the previous 30 days. People trust people that they already know, and your friends and family will most likely recommend you if the situation is right. Referrals have always been an extremely powerful way of gaining customers. With the web, trust levels can be very low for new visitors. In this environment, a referral from a trusted source can make all the difference in converting a contact into a customer.
, a digital marketing and media researcher, reports that more than half (53 percent) of internet users have visited websites referred by friends or family members in the previous 30 days. People trust people that they already know, and your friends and family will most likely recommend you if the situation is right. Referrals have always been an extremely powerful way of gaining customers. With the web, trust levels can be very low for new visitors. In this environment, a referral from a trusted source can make all the difference in converting a contact into a customer.
Develop that trusting relationship with people who are well positioned to help you. You must earn their referrals. When you do, your marketing will become supercharged with what’s clearly the best form of advertising—positive word-of-mouth.
TIPTwitter is a great site to meet media contacts from around the world. Once you build a following, try to attend a local tweetup. A tweetup is an event where people who use Twitter come together to meet in person; they’re great for walking away with a lot of contacts and leads. At a tweetup, you meet the people you might only otherwise know virtually, plus the media often attends.
Facebook is one of the best sites to connect with friends and family as well as past co-workers and your online center of influence. Once you’ve determined who these contacts are and connect with them online, you need to not only reach out to them but keep in touch with them. Have you ever had someone you know buy what you sell from a competitor because they just didn’t know you sold it? That means that you’re not at the top of their mind.
FORGET ME NOTI
t is vital that you create a powerful “stay connected” plan to keep your brand at top of mind with your contacts. Set aside half a day to reach out to your connections at least once every three months by using one of the following approaches:• Send them an e-mail once a month to announce something new in your business and simply to touch base.• Phone (or Skype) them to say hello. Ask them how they are first, and keep notes so you have a point of contact for the next call. You can close with an event or big announcement about your company, product or service.• A personal note works very well for developing this type of relationship. Notes take time, which shows that you value this relationship.
SendOutCards.com
is a great site that can help you automate card sending—and we’re talking real printed cards, not e-cards.• Don’t tell them, show them how important they are. If this relationship doesn’t include reciprocity, it will degenerate into a “what’s in it for me” situation that won’t stand the test of time. Send them thank you gifts or online gift cards (a small amount will do just fine) to let them know you’re grateful for them and any referrals that they’ve sent your way.
part 8
PROFIT
chapter 37
KEEPING SCORE
The Basics of Bookkeeping
By J. Tol Broome Jr.
a freelance business writer and banker with 28 years of
experience in commercial lending
a freelance business writer and banker with 28 years of
experience in commercial lending
S
o you say you would rather wrestle an alligator with one hand tied behind your back than get bogged down in numbers? Well, you aren’t alone. Many smallbusiness owners would rather focus on making and selling their products than on keeping their books and records in order. However, bookkeeping is just as important as production and marketing. Many a great business idea has failed due to a poor bookkeeping system.
o you say you would rather wrestle an alligator with one hand tied behind your back than get bogged down in numbers? Well, you aren’t alone. Many smallbusiness owners would rather focus on making and selling their products than on keeping their books and records in order. However, bookkeeping is just as important as production and marketing. Many a great business idea has failed due to a poor bookkeeping system.
Simply put, a business’s bookkeeping system tracks the money coming in vs. the money going out. And, ultimately, you won’t be able to keep your doors open if you have more dollars going out than coming in.
Aside from every business owner’s inherent desire to stay in business, there are two other key reasons to set up a good bookkeeping system:
1. It is legally required.
2. Bookkeeping records are an excellent business management tool.
Of course, staying out of jail is a good thing. And a good basic accounting system will provide useful financial information that will enable you to run your business proactively rather than reactively when it comes to important financial decisions.
TIP“The check is in the mail.” Or so they say—but is it really? If you switch to electronic billing and payment, you’ll always know for sure. Another advantage is a reduction in errors. If you want to start e-billing, you’ll need software and some training. Or you can find a service provider for a one-time setup fee and pertransaction charges.
As a new business owner, you are in an enviable position in setting up a bookkeeping system for your venture. You are not bound to the “we’ve always done it that way” mentality that bogs down many businesses. For your new endeavor, you have the advantage of being able to develop the bookkeeping system that is most compatible with your business type as well as your financial management skills.
While many businesses still operate using a manual (checkbook and receipts) bookkeeping system, it is not a good idea for a new business to use this type of system. It is far more efficient to go with an automated system, and there are now many bookkeeping software packages on the market that won’t break your wallet.
For a financially complex business such as a manufacturing concern, you can buy industry-specific software, but there also are many generic programs available that would suffice for most new businesses (see “It All Adds Up” on page 656).
A good accounting system meets three criteria. First, it is accurate; the numbers must be right. Automation will help ensure accuracy, but it won’t guarantee it. Bookkeeping numbers should be checked and rechecked to maintain accuracy.
Second, a good accounting system is relevant. The system provides information that is required and needed. The law requires that certain pieces of financial information be tracked for tax-reporting purposes. Obviously, these items (which compose a basic income statement and balance sheet) must be measured and tracked. However, it’s equally important to include information that you’ll need to run your business successfully.
Third, a good accounting system is user-friendly. It should not require a CPA to operate and interpret. Most of the Windows-based bookkeeping software packages are pretty user-friendly. They include tutorials and help screens that walk you through the programs. Find one with which you are comfortable, even if it doesn’t have some of the bells and whistles of more complicated programs.
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