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  Q1: What business things do you struggle with? (2 pieces of advice)

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  by willrobinsoniii 

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  03.19.08 | 01:29 PM

  Getting financing.

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  by bdavidson 

  This is helpful advice

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  03.19.08 | 01:55 PM

  I think it is great that you want to help small businesses which are the backbone of our economy. I agree with you that lack of business skills is a big problem for entrepreneurs. Many small business owners are fantastic at their trade or craft (technical skills) but do not understand that owning a hair salon is much different than being a stylist working for someone else.
  
  In regard to the question you posted, I suggest you consider not just what questions small business owners or potential owners have, but what questions should they be asking that they are not. I often find that since a small business owner has great technical but poor business skills they may not even know they right questions to ask. This may be a great way to set yourself apart from any competition you have or to market yourself -- We don't just answer your questions we make sure you know which questions to ask.
  
  In my experience working as a consultant/coach with small businesses the topics we discuss usually falls into the following general categories (in no specific order):
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  1) Where can I go to find information? This can be as simple as how do they determine the zoning regulations or business license requirements in their area, to identifying competitors, to finding someone to manufacture their product. In addition to the services your business is offering there are a whole host of free services already out there that small business owners usually do not know exist.
  
  2) How do I create a start up budget and accurately estimate how much money I need to start? Many entrepreneurial ventures fail because they had inadequate capital. Usually, the reason they underestimated was because they did not accurately identify the types and amount of expenses that they would need before opening the doors but also because they failed to include the funds that they would need to keep operating for the first six to twelve months until they could start covering operating expenses.
  
  3) How do I set up an accounting system? If a business starts tracking its expenses and revenues correctly from the beginning it can give them all kinds of information about their business (and make taxes much easier). I often find that business owners do not really know how much it costs them to produce their product or service because they are not tracking their expenses or because they do not know how to interpret their financial statements. This makes it difficult to accurately price the product or service as well.
  
  4) What legal form of business should I choose?
  
  5) Where can I get funding for my business? This can be everything from how to get an SBA backed loan to what is an equity investment.
  
  6) What value am I offering the customer? And how am I setting myself apart from the competition? Most businesses do not know what it is that they are truly selling (convenience, quality, location, etc.) or what sets them apart from the competition so they do not know how to effectively identify the customers they should be targeting or what is the most effective method of advertising or marketing their product or service.
  
  7) How do I advertise and market my product? Knowing where to advertise (understanding demographics) and how to determine if advertising is effective or worth the money is really important since advertising is often expensive. I am especially fond of teaching small business owners guerrilla marketing techniques because they are great for promoting a product for little or no cost.
  
  8) The basics of planning and time management. Small business owners always have more to do then time to do it so they need to be able to identify what is really important for them to do and what is more appropriate to have someone else do (it is a great use of your time to do your taxes or would you be better off hiring an accountant). They also need to understand that even though the day to day running of the business can seem overwhelming they must take time to plan for the future.
  
  There are lots of other questions and topics you probably will want to cover but these are the areas where I see small businesses having the most trouble.
  
  Hope this helps and good luck with your venture.
  

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