Over the past three years, the local media has often shared bad economic news. There has been plenty of bad news to report.
Would you like some good economic news? News to inspire your current business efforts? New to inspire your brand new business ideas?
Take 10 minutes to read the interview with Jeff Heegaard on the next economy in the St Paul and Minneapolis area. Here’s one paragraph from the article.
“In many ways I think we need to become like new immigrants in our own country. New immigrants will try anything, do anything, to get established and support their families. They have a can-do spirit, and I think all of us need more of that. We can do it; we’re blessed with great resources everywhere, and we can do it—as much as we complain about all of the things that are going wrong, we really can be a piece of the solution as the next economy grows–locally, regionally, nationally, and globally.”
Go here to read the complete article: Jeff Heegaard on the next economy. Share your own comment and questions in the comment box below. Enjoy and prosper.
This article is reprinted in partnership withThe Line, an online chronicle of Twin Cities creativity in entrepreneurship, culture, retail, placemaking, the arts, and other elements of the new creative economy.Jon Spayde is the managing editor of The Line.
“My new year’s resolution is to start my own business in 2012”, exclaimed a person with whom I was visiting recently at a social gathering. This person went on to say that they wanted to visit with me about it because of my SCORE columns and work with SCORE as a mentor, but warned me that they only had an idea and needed “help with everything” and wanted some suggestions about what to do first.
I responded by saying that I was glad that they liked the newspaper columns and would be glad to visit with them and learn about the great ideas. We set a time to meet but then they gave me a slight puzzled look when I said that I wanted them to be prepared at our first meeting to tell me why they really want to start their own business.
This should be the first thing that a new entrepreneur does in planning for a startup business. It is wonderful and exciting to have the great American dream of owning your own business, but you need to make sure that you are starting for the right reasons. What is the motivation for wanting to start this new venture?
I have heard many reasons including: “I am burned out in my current career and want to do something different with my life”; “I’m tired of the old grind and always being at the beck and call of the boss”; “We have a bad situation at work and I’ve just got to get out of there”; “I have been unemployed for a while and I’m just looking to create income for myself”; and “I have had this burning desire to start and build a successful business enterprise”
I have suggested that clients read a business book that I came across recently. It was just published this last fall and it is a great book for anyone thinking about going into business. The title is “It’s Your Biz…the complete guide to becoming your own boss” written by Susan Wilson Solovic. She is a good writer and resource.
In Solovic’s latest book, she comments on the reason people chose to go into business. She states that “People give myriad reasons for wanting to start their own business. But not all of those reasons are good ones. Having a good reason for your efforts is crucial because your motivation for starting a business will play an important role in your ability to succeed.
For example, if your sole motivation for starting a business is to escape a job you hate, then you really need to rethink your choice. The same is true if you view self-employment as the only option for creating an income stream for yourself because you see no job opportunities on the horizon. In both situations, you aren’t driven toward business ownership; rather, you’re pushing yourself into it.
Remember, the grass is always greener on the other side of the fence. “
The reason that motivation is such an important factor is that a small businessis more than just a way to make a living; it’s a way of living. Becoming a business owner and self-employed is more involved than changing jobs or careers. It represents a lifestyle change, a lifestyle for which not everyone is suited. Therefore, analyzing the motivation for starting a business is a key “starting point”.
___________________________
Dean L. Swanson
Southeast Minnesota SCORE
*Dean is a volunteer SCORE Mentor and District Director for SCORE Minnesota
Recently, I was invited to speak to our local St. Paul SCORE Chapter about the impact social media sites are having on SCORE’s work with new businesses. Rather than focus on Facebook and Twitter, I focused my remarks on powerof local search marketing. Local search marketing is a small business owner’s most powerful friend!
83% of today’s customers start their buying process online. 50% of these searchers look for a local business or service. A small business needs to be where customers are shopping.
Using local search marketing, a business owner can put his business online where customers are shopping. It is fast. It is economical. It is totally under the control of the small business owner. It is a perfect startup tool for small business owners.
My name is Chris Harlander. My wife and I started a small (us two) Frozen yogurt company. We have many advisors in the food industry. Our background is food science. We believe there is a niche market for small 4 oz pre-packaged frozen yogurt treats for middle school, high school, college, corporate cafeteria concessions etc.
Jack Lonnee from SCORE hooked us up with Mark Ratner from SCORE. They met with us 3 times ( 2-3+ hours each time) and Mark did 12 hours of homework for us as well. We had no idea how to determine our price point. The viability of our business was at stake. Without SCOREs help Kris and I would have made fatal errors or would have spent thousands more dollars on accounting.
Mark was incredibly thorough. The market has shown so far that our product is priced correctly. We are currently being sold at Minnetonka High School and we have tastings scheduled this month in Fridley Middle School and High School and Wayzata High School. Our product is sold the following day after a tasting. We have been in touch with Eden Prairie, Chaska, Apple valley, Eagan, Rosemount, Lakeville and other school districts. Our product is appealing for its nutritional content and great taste.
Back in August/September 2011, we knew we had a great product. Our SCORE consultations regarding pricepoint gave us the confidence to jump in with both feet. Thankyou mark, Jack and SCORE!
Sincerely, Chris and Kristin Harlander
Click on the appropriate links on the right column to find a SCORE chapter to help your business.
Want to learn more about the Minneapolis Chapter of SCORE and their new programs for business owners?. Here is an excerpt from a Minneapolis Star Tribune article published in early January by Todd Nelson a freelance writer from Woodbury. Todd interviewed Rick Barkley one of Minneapolis SCORE 100 volunteers.
Minneapolis SCORE
SCORE got its start when the Minneapolis chapter formed in 1964, Barkley said. Today it has 365 chapters and 13,000 volunteers nationwide. More than 8 million businesses have started up with SCORE’s help.
Minnesota SCORE chapters helped launch 1,300 of the state’s 11,000 start-ups in 2010, according to Barkley. More than 65 percent of those SCORE-assisted companies are still in business. Businesses counseled by the Minneapolis chapter generated more than $400 million in revenue last year. Women account for 46 percent of SCORE clients, minorities 22 percent and veterans 6 percent.
Simple Steps for Business Growth
Established businesses are the focus of “Simple Steps for Growth,” a new SCORE program starting this spring for which the Minneapolis chapter is now seeking applicants. (The chapter also serves the western and northern suburbs.)
The program, Barkley said, involves a series of workshops designed to help assess, guide, engage and mentor current business owners. “We want to help current and new clients expand their businesses and improve the Minneapolis community through job creation,” Barkley said. “We will help small-business owners switch their strategies to a growth mode.”
One area of emphasis will be to help businesses identify a sustainable competitive advantage, Barkley said. The workshops will meet for three hours every other week over a 10-week period.
“SCORE is uniquely situated to be the forerunner for small business support, with our deep bench of real-life experienced volunteers, national reach and corporate sponsors,” Barkley said. “We provide the broadest range of capability and services to the small-business community.”
New Program Available to Business Owners
Also new on SCORE’s agenda in 2012 is a CEO Forum, where business owners learn and share with peers at a monthly roundtable. The chapter already has a group set to begin meeting this month but is looking for 12 to 15 CEOs a month to form additional roundtables as the year continues, Barkley said. SCORE is a partner in the program with the Small Business Development Center, St. Thomas University and the Northern Hennepin Chamber of Commerce.
The CEO Forum is targeting smaller companies with $1 million to $10 million in annual revenue, Barkley said.
SCORE, of course, continues to work with start-ups. The Minneapolis chapter makes computers and volunteers available free of charge to help prospective business owners work on business plans Tuesday and Thursday afternoons at its St. Louis Park offices.
Volunteer for SCORE
With a busy year planned, SCORE also is looking for more volunteers to help mentor new and established business owners, Barkley said. Local volunteers have experience in such areas as banking, marketing, research, operations, retail, restaurants and real estate.
SCORE Minneapolis has just released the
2011 version of “Income Taxes for Small Businesses”.For new entrepreneurs it will help take the mystery out of taxes!The webinar covers two broad topics:
First, the Form 1040, Schedule C Profit
and Loss for a Business.It
discusses all of the unusual items an entrepreneur may encounter as they prepare
for their April 15 tax filing date, including use of personal cars and home
office expenses,expensing capital
equipment cost versus depreciation, independent contractors, etc.
Second, it covers the business owner’s
personal Form 1040 by integrating the Schedule C.The business is made aware of their options for Self-Employed Retirement
Plans and Health Insurance coverage, plus Self-Employed
taxes for Social Security and Medicare.
This sixty-six minute discussion will
not make you a tax expert, but will let you approach taxes with a level of
knowledge needed to take advantage of deductions available to you.It also points out areas where your accountant can be of help.
The views posted on this blog are those of our independent volunteer SCORE counselors and may not necessarily reflect the views of the SCORE Association.
