Foundations

Before you start a business it is always the best idea to do a little market research. Running a business just because you have the drive and desire is not enough, there must be a demand. While many market research companies charge thousands of dollars to determine whether or not there is a demand for your business there is a way to do it all for free (or nearly free).

The first resources you should tap are the .gov websites. The census bureau has a rich source of information regarding population. They also provide a lot of information regarding the current face of the United States economy. For more specific information you should check you local state, county and city websites. Oftentimes census information regarding your local area will be listed somewhere on these websites.

Your next option is to do the leg work yourself. Get out in your community and perform surveys. Get a group of friends together to perform phone surveys. Mail surveys to members of your community. Technically these methods are not completely free but there pretty close. You may also consider placing a survey on a several websites and forums as well as creating a Craigslisting. You may be pleasantly surprised by who is willing to help you out.

My last suggestion is to search through .edu websites or perform web searches for the information you need. Many schools perform studies and surveys that work great as market research. The problem with this is the fact that it takes a lot of sifting to find relevant information. Web searches are also tricky because the credibility is sometimes lacking. While there is a lot of information available for free you will need to check sources on all information found floating freely in cyberspace. With a little innovation you can likely come up with a few cheap and easy ways to knock your market research out of the way.

Are you a dynamic public speaker with a load of credentials and the will to travel? One of the most profitable businesses an entrepreneur can engage in is public speaking. Every day I receive brochures in the mail advertising lectures given around the world on various issues. The average cost to attend seems to be around $180 per person and the average tour is typically around a month with around ten cities hit. Now let’s do the math.

200 People at Each Venue x $180 x 10 Venues x .5 for Publicity, Travel and Venue = $180,000

 That’s amazing income for so little work. $180,000 a month! You could easily draw over $2 million a year if you chose to do this full time. Sounds simple enough, right? Well sorry, it’s not.

The biggest thing you need to make this dream come true are a few letters behind your name, MBA, CEO, MD, RN, DDS, any letters signifying that you are well educated will work. The idea here is that you need to establish your credibility. If you look like some average Joe off the street then no one will be willing to show up and hear what you have to say.

TIP: To gain credibility get nationally accredited and offer college credit. Professionals whose jobs require ongoing education credits will appreciate this and others will enjoy that the cost is tax deductable.   

The next important thing is that you need to have an interesting topic with wide reach and you must have an interesting presentation. Common topics covered are how to start a business, how to get published, grief counseling techniques, etc. All of these topics have wide reach. Everyone wants to start a business or get their book published. Topics like this are sure to draw people from all walks of life. Topics like grief counseling techniques have a wide reach within the professional community. Doctors, nurses, counselors, teachers and even people who are dealing with grief within their own families are likely to show up to hear a lecture on such topics. Just figure out an interesting topic in your area of expertise and then figure out how to make it interesting and informative.

TIP: Outsource the public speaking. Hire dynamic speakers to deliver their speeches and you reap the rewards. Make all their arrangements and pay them a percentage of the profits. You then make a profit from marketing and making travel arrangements. Not too shabby considering you can hire several speakers at one time. New graduates with no capital are often a good start.     

The last important thing to realize is that not everyone with expertise is cut out for this work. Public speaking does not come naturally to everyone and starting a public speaking business is not a great way to test your abilities as a public speaker. To ensure that you are a good public speaker, consider lecturing at local colleges first. Perform market research by surveying students who have watched your lecture and take their advice to heart. If you treat public speaking as a real business you can make real income.

When you are running a business it’s important to have credibility with your customers. If your business looks unprofessional customers will be put off. Here are a few easy ways to promote a professional appearance.

The number one thing that works for standard operations, whether you’re selling retail, running a restaurant or operating a service based business, is to keep your storefront clean and tidy. The less dust, the less clutter, the better. Even if you are running a mechanical shop people still tend to judge the business operation on what they can see. Because of this you should insist that anywhere a customer can see should be cleaned and organized daily, more often if needed.

The best way to look professional is through great customer service. Customer service goes far beyond greeting your customer with a smile. Depending on the type of business you are in you should possibly follow-up orders or services with a friendly phone call or e-mail, you should always remain courteous and kind, you should answer the phone with the business name and your name, you should possess business cards so customers can call you with questions, you should limit personal frustrations and ranting when dealing with difficult customers and you should always be honest with your customer. Of course if you own a business you already know all that. The problem is, are your employees following through with your customer service protocol? If you fear that customer service is lacking when you’re gone you may hire a secret shopper. Knowing who is helping and who is hindering your company are pivotal to your success.

For e-commerce businesses you can increase your professional appearance by setting up a 1-800 number, using a PO Box, creating catalogs, displaying all security badges on every page, offering shipping, return and privacy policies from every page of your website, offering great content that is relevant to your site, allowing customers to order in a number of ways, sending confirmation e-mails after and order is placed, running a well designed yet easy to use website.

With little to no money or effort you can display a professional appearance that is sure to have your customers returning.   

When you need business advice it’s not always crystal clear which way to turn. Sometimes you have a tax question other times it’s a management issue. Whatever the problem I suggest seeking out the free programs offered by the government first.

In every U.S. state there are SBA (Small Business Association) representatives that can answer nearly any business related question. If they can’t answer your question they can at least set you in the right direction. I would seek out the SBA first if I had questions regarding SBA loans, federal tax questions and for general permit and licensing information. They can also be very helpful when it comes to writing a business plan, developing and patenting ideas and providing information on federal laws. Visit www.SBA.gov to find your local representative.  

Each U.S. state also has state agencies that are experienced in helping small business as well. Sometimes states will have several offices throughout the state set up to explicitly help business owners. Other times there are a small army of offices each with their specialty; taxes, finances, legalities etc. However your state is, if you do not have a local SBA office you should definitely seek out this help as it is almost always free.

Colleges also offer several resources to help local business. Most of the time business owners can take courses through a college without actually enrolling. Locally it is called “workforce training”. Courses obviously vary from school to school but traditionally you can learn a few software programs, write a business plan, knit a sweater and learn a few pertinent laws. While these classes are not free some are close. I have seen classes for as little as $5.

Finally are the private firms. Most of the private firms are reputable… some are not. This is why you must proceed with caution. Personally I would go to these sources last. While they can offer more in depth help by filling and filing paperwork, writing important documents and even providing legal, accounting, or marketing services they often charge for their services. The exception may be non-profit organizations. You may find that financially it makes more sense to do the brunt of this work by yourself. Perhaps you can even have some documents proofread for a fraction of the cost.

Next time you’re stuck and need advice try remembering that there are a few great resources in your own community. Shoot for free and work your way up in cost from there.

Starting a new business can be absolutely terrifying, especially when it is your first venture. So much time and stress is poured over your business plan. Every dollar you put out there you wonder, “will this be a waste?” There may be a few moments of doubt about your ideas, doubt about your competence level, doubt about the future of the market. However, ultimately, all of us who do go out there, who do put our reputations and financial futures on the line, we are a very unique breed.

Most people talk about one day starting a business but truth be told far fewer are ballsy enough to get out there and do it. Starting a business is almost always a huge risk… a huge, calculated, risk. This is why we need to attempt to always make the most well informed decisions we can when starting our businesses. The more research you accomplish the more confident you will likely feel as you inch closer and closer to success. However, next time you begin to fear that the money won’t be there, that you don’t have a strong marketing plan, that you will never see any customers just remember; you cannot be afraid of success.