Three Ways to Get the Media to Pay Attention to Your Young Company

inShare27

Whether you’re starting a new company or launching a new product, most young entrepreneurs want to grab the microphone and tell everyone. And that’s totally understandable. It’s only natural that what occupies — in some cases, 90 percent — of your waking life is the first (and usually only) thing you talk about.
This “I’ll talk to anyone who will listen” mentality isn’t a bad thing necessarily. After all, it’s logical to want to spread the word about your new venture any and everywhere. But when it comes to taking your story to the media, doing so can actually be detrimental. Oftentimes, you may find yourself making a whole lot of motion, without making much progress.
It’s like customer acquisition. Do you want to chase 100 “maybe” customers that probably aren’t going to care about your awesomeness and only win a handful? Or would you rather go after 20 potential customers who are more likely to respond to your pitch because your product or idea is more relevant to them?
Seems like a no brainer, right? But you’d be amazed at how many young entrepreneurs go the “cast the widest net” route. Instead, here are three tips on how you can effectively — albeit indirectly — win over the media.
Think small batch. Find 20 reporters, bloggers, producers, outlets and influencers who both have the eyes and ears of the audience you seek (a.k.a. your target customer) and who will most likely want to open your email. Then, do some harmless stalking: Follow them on Twitter, set up some Google alerts for their names, read their content and socialize it. Finally, and this is the clincher: Look for uncommon connections. I once ultimately landed coverage in The Washington Post for a personal finance-management site thanks to a common experience involving black widow spiders and camping on the Mississippi River. Seriously. Basically, you’ll want to find legitimate opportunities to interact with them in a non-pitchy way.
Why this works? You’re showing that you’re a part of the community. And when the time comes for an actual pitch, you’ll have built up some cred that will at least get your email opened.
Start early. Know how many cold-call style “official launch” pitches a reporter or blogger gets per day? Too many. It’s overwhelming. To combat that, start making your soft introductions early. Even when you’re thoroughly not ready for public unveiling, ping your small batchers and tell them what you’re up to and where you’re headed. And most importantly, seek their input.
The idea here is simple: The influencers you’re trying to connect with know your space. And more often than not, they appreciate an entrepreneur who seeks their input before clamoring for coverage. It’s sort of like dating. Would you ask someone to come home and meet your parents just days removed from your first date? Or would you take some time to get to know them, share things, and build an actual relationship? Point is, start early, be subtle and seek input.
Offer to Participate – Ask your small batchers if their outlet/blog is open to guest articles/posts. If they are, propose an idea. It’s important to note though that your idea is going to have to be nonpromotional and original. You’re not going to get to write some glowing review of your company or product. And you can’t just cut and paste an old blog post of yours. Instead, pitch an idea or trend that’s relevant to your space, the reporter’s beat or the outlet’s focus areas — and offer up a fresh perspective.
The value here? Not only does penning a guest article increase your credibility, but it also strengthens your relationship with the reporter, blogger, media outlet, etc. And down the road, that’ll be valuable.
-taken from http://www.youngentrepreneur.com

How to Decide if a Job or Entrepreneurship is Right for You

inShare9

It’s a perennial question for college graduates: Should you cling to the stability of a corporate job or try for your dream with entrepreneurship?
To be sure, many young people today aren’t flush with job offers upon graduation. But for the lucky ones who do have a choice, the question of what to do is no less though. And in these rocky economic times, it’s likely an even more stressful decision.
So what should you do? Besides the obvious questions of whether a company offers healthcare and retirement options, here are five factors to consider:
Structure versus flexibility: Big companies have the infrastructure and policies to keep it running well. Your position would likely be highly structured with specific duties. There will be regular performance measures and goals for every department. Everyone is taught his or her level of authority. If rigidness keeps you focused, this may be a good choice for you.
Smaller firms, particularly startups, invent and reinvent themselves as they grow. Goals are fluid and a new opportunity can completely change the company’s direction. If you like to do new things every day and you’re not afraid of change, this type of company might be your best fit.
Focus versus multitasking: With a larger corporation, you’ll likely have few dedicated tasks to complete. You’ll only interact with certain people and departments and your work may have a lot of routine. Because of the company’s large size, you will be able to focus on one project or responsibility and rely on others to complete their responsibilities.
A startup doesn’t have enough people to allow any one person to focus on just one task or problem at a time. You may be pulled out of your current project to help another area that needs an extra pair of hands. Chances are that every day will have more projects and work than you can complete. You will have to constantly prioritize the work that needs to be done.
Plentiful resources versus not enough: Generally, large companies have the resources to meet their goals. Office equipment, supplies and services such as FedEx are available as needed. Someone comes by every day to deliver and collect mail. There’s an internal team that can solve any technology problems. Legal and other support is also available.
Startups don’t have enough of anything. Every dollar needs to go in about 20 different directions. Often you need to make do with limited equipment and supplies. If you’re lucky, there’s a computer geek on the team who takes care of problems when he or she has time.
Growth versus survival: Large corporations can go for years before they notice that they’re in financial trouble. Six quarters of million-dollar losses can be absorbed without affecting anything much other than stock prices. Eventually problems will lead to layoffs, but not until they trim the travel and training budgets. The focus is on increasing revenue — and survival is assumed.
Startups, by contrast, are always in some form of survival mode. Sales are critical, expenses are carefully monitored and a decision such as attending a conference is carefully weighed. Owners know that they may be only one or two clients away from closing their doors, even as the business progresses.
Risk versus reward: Initially, the large corporate option looks very inviting. Salaries may be bigger, benefits are richer and stability is the order of the day. But over time, the potential for advancement is limited to the capabilities and structure of the firm.
At riskier startups, stability can seem unattainable, while salaries are generally lower and benefits may be nonexistent. There’s no guarantee that the company will be around a year from now. But — and this is a big but — promotions can happen quickly, along with raises or bonuses. And if you can get some equity in the company, the rewards could be amazing.
-taken from http://www.youngentrepreneur.com

10 Ways to Generate Your Own Startup Capital

inShare44

One of the biggest challenges for entrepreneurs of all ages is getting ahold of startup capital. But for young and first-time entrepreneurs in particular that task can be even more formidable. Banks and investors typically like to see that you’ve started successful businesses in the past or that you’ve worked in your chosen industry.
Fortunately for this group, you can rely on yourself — you are, after all, your best source for capital. Here are 10 ways to use your own best asset: You.

1. Income. If you have a job, keep it, or consider just reducing your hours. It will be tough to startup while you’re still working, but that constant, stable source of cash could help sustain you and your startup until it starts generating enough money on its own.
2. Savings. Before you startup, save as much as possible. This personal nest egg is your best source for start-up capital, as it can help further your business plans without asking others for money.
3. Downsize. If your personal expenses such as rent and car payments are too high, you may not have enough left to start your business. To keep your costs down, continue living in student mode — where cereal and ramen noodles are daily staples — even if your income has moved up. You may need to consider more drastic measures: Moving back in with mom and dad, for instance, is a common strategy among startup entrepreneurs.
4. Grants. A number of organizations have grant opportunities to serve as seed money for startups. Federal, state and sometimes city grants are also available to those looking to start up.
5. Related: A Definitive Guide to Government Grants
6. Credit. While you should avoid crazy spending sprees, your credit cards may be a valuable resource while you’re getting started. Look for cards with no annual fee and a low interest rate on balances.
7. Start selling. Your product or service may not be ready for primetime, but what about a local sales event? Maybe you can participate in an area flea market or even sell items in advance of an official launch. Call it a beta launch and tap users for feedback too.
8. Crowdfunding. Raising money from individual investors through crowdfunding networks like Kickstarter and Indiegogo will likely get overhauled soon, after the JOBS Act goes into effect. But it’s still a worthy option for cash-strapped startups.
9. Related: On Crowdfunding Sites, Age Doesn’t Matter
10. Liquidation sale. Gather up anything of value that you can live without. Ask family and friends to contribute unneeded stuff too, and hold a garage sale or sell those items on eBay. If you have some furniture and larger items to sell, you may be surprised at how much you can earn.
11. Rent party. During the depression, people would throw parties for neighbors and friends with food, drinks and music. Everyone would pay an admission fee and the money would be used to pay the rent. How about throwing your own “rent party” but for start-up cash instead?
12. Street performances. OK, so maybe you’re not up for this one, but I’ve given you nine other decent ideas. Now it’s your turn to come up with something that will work for you.-taken from http://www.youngentrepreneur.com

Seven Keys to a Profitable Small Business

                                          whether big or small, requires a type of leadership that taps into various areas of business expertise to bring together an all-around profitable business. Some companies excel in certain areas and bleed profits in others. It is important to be sure that all aspects of the business will be managed effectively to profitability.
Need help pinpointing where to start in assuring your small business is on the track to prosperity? Here are 7 vital keys for running a profitable small business:

1. People

Building a business with a solid employee base is an important key to running a profitable small business. Your employees must be dependable, flexible, and more simply, they should be people you like to work with everyday. An enjoyable work environment means happy employees, which almost always leads to great customer service and higher productivity.
Small businesses are also fairly dependent upon their vendors, partners, contractors, and other professional relationships. Building and strengthening these associations will not only make for a pleasant work environment, it can also translate into customer referrals or even a crossover from professional relationship to loyal customer.

2. Planning

There’s no need to write a dissertation about the intricate goals and business trajectories you intend for your new business. Setting pen to paper and outlining a clear business plan for your business will help ensure that you stick to your plans as time goes on and your business evolves. Evolution is great in business development but keeping a reminder of the business plan from day 1 should serve periodically as a helpful eye-opener.

3. Personal Development

Your small business is a reflection of you. As you develop personally, so will your business, and this should translate into greater earnings across the board. The more you invest into yourself by building your knowledgebase and expanding mental and physical well-being, the better off the company will be. It’s important to make a strong commitment to your own personal development, and it’s easy with these tips:

• Spend commute drive time listening to audio books or informative podcasts.
• Work, or maintain consistent phone or email contact with a business or personal mentor. Having a successful role model to hold you accountable and offer advice throughout the maze of business ownership can be priceless.
• Invest 15-30 minutes a day catching up on industry-relevant reading. Make a goal to read 12 books a year, and you’ll end up way ahead of the game.

4. Products and Services

Whether your business is a brand new startup or an established business looking to expand, take a moment to step back and really look at the products and services your company offers. Not just to analyze whether or not you’re selling at the proper price point, but to take a close look and really consider the quality of your offerings. This will also be a good way to identify if there is something clearly lacking from your product or service line. Is it time for a technology upgrade, or is it possibly time to seek out new product lines?

5. Promotions

Thinking outside the typical marketing box can really pay off. We see promotions everyday directed at new customers, such as discounts for first time visits or a waived initial fee. Why not thank existing customers? Posting special promotions to email subscribers or Facebook followers will not only bring already happy past customers back, but it will greatly increase the likelihood that you’ll be on the receiving end of that priceless word of mouth advertising from those happy customers.

6. Processes

Henry Ford had it right. Creating an automatic process similar to an assembly line will greatly heighten the efficiency of any given procedure, and it will also build credibility with your customers, as they can count on consistent results every time. This will also help remove quite a bit of pressure off of you as the owner. Having a systemized process in place will share the work amongst employees, rather than mandating the owner to micromanage day in and day out.

7. Profit

An important key to ensuring you have a profitable company is to be able to understand what makes you profitable. You don’t have to be trained in high finance or be a professional accountant, but investing in dependable accounting software is a minimum. Being able to demonstrate gross profit margins, net profit, customer retention rates, and track accounts payable and receivable is fundamental to running a profitable company.
Having a profitable small business of course depends upon a multitude of different factors. Implementing these 7 vital keys will be a sure way for your company to be on the fast track to profitability.
Adam Toren is an Award Winning Author, Serial Entrepreneur and Investor. He Co-Founded YoungEntrepreneur.com along with his brother Matthew. Adam is co-author of the newly released book: Small Business, Big Vision: “Lessons on How to Dominate Your Market from Self-Made Entrepreneurs Who Did it Right” and also co-author of Kidpreneurs.

-taken from http://www.youngentrepreneur.com

10 World Famous Companies that Started in Garages

#1 Amazon

Jeff Bezos founded Amazon.com in 1994 as an online bookstore. At the time, it was completely run out of his garage in Bellevue, Washington.
He sold his first book in July 1995 and issued his IPO two years later in 1997.
Today it’s the world’s largest online retailer.
Address: 10704 NE 28th, Bellevue, Washington

 

#2 Apple

In 1976, Steve Jobs and Steve Wozniak, ages 21 and 26 respectively, started Apple Computers by selling 50 units of Wozniak’s Apple I Computer at $500 apiece to a local retailer. Jobs took the purchase order to a parts distributor and ordered the parts. “The Steves” and their small team hand-built 50 computers in 30 days from a garage in Cupertino, CA.
Today, Apple is the most valuable technology company in the world.
Address: 2066 Crist Dr, Los Altos, California

 

#3 Disney

About 45 minutes down the road from Disneyland Park in Anaheim, CA, there’s a house in Los Angeles where The Walt Disney Company got its start.
In 1923, the house belonged to Walt Disney’s uncle, Robert Disney. Walt and his brother Roy moved in with their uncle and set up “The First Disney Studio” in the one-car garage out back. There they started filming the Alice Comedies which was part of the original Alice’s Wonderland.
Today, Disney is the highest-grossing media conglomerate in the world.
Address: 4651 Kingswell Ave, Los Angeles, California

 

#4 Google

As Stanford Graduate students, Larry Page and Sergey Brin started what’s now known as Google from Susan Wojcicki’s garage in September 1998.
Soon the project was interfering with their schoolwork, so they tried to sell it to Excite for $1 million. Excite rejected the offer and now Google is the most trafficked site in the world.
Address: 232 Santa Margarita Ave, Menlo Park, California

 

#5 Harley Davidson

In 1901, 21-year-old William S. Harley drew up plans to create a small engine to power a bicycle.
Over the next two years, Harley and his childhood friend, Arthur Davidson, built their motor-bicycle out of their friend’s 10 by 15-foot wooden shed in Milwaukee, Wisconsin. It was the equivalent of a garage because they didn’t have cars.
They officially founded Harley-Davidson in 1903 and today it’s the most well-known motorcycle brand in the world.
Address: Somewhere in northern Milwaukee, Wisconsin

 

#6 Hewlett-Packard

In 1939, Bill Hewlett and Dave Packard founded HP in Packard’s garage with an initial investment of $538.
Their first product was an audio oscillator and one of their first customers was Walt Disney, who purchased eight oscillators to develop the sound system for the movie Fantasia.
The HP Garage in Palo Alto is known as the birthplace of Silicon Valley and HP is now one of the largest companies in the world.
Address: 367 Addison Ave, Palo Alto, California

 

#7 Lotus Cars

In 1948, at the age of 20, Anthony Colin Bruce Chapman started Lotus Cars by building the first Lotus racing car in stables behind The Railway Hotel in Hornsey, North London. Chapman used a 1930s Austin Seven and a power drill to build the Lotus Mark I.
Today Lotus Cars is one of the premier racing car manufacturers in the world.
Address: 472 Hornsey Rd, London N19 4EF, United Kingdom

 

#8 Maglite

In 1950, Tony Maglica moved from his war-torn home of Croatia back to America. Knowing very little English, he settled in Los Angeles and took jobs wherever he could find them.
In 1955, after saving $125, Tony put a down-payment on his first lathe. Then he started working out of a Los Angeles area garage to manufacture precision parts. He incorporated Mag Instrument in 1974 and released their first flashlight in 1979.
Today, Maglite is the standard issue flashlight for all police officers in the US.
Address: Somewhere in Los Angeles, California

 

#9 Mattel

Harold “Matt” Matson and Elliot Handler founded Mattel out of a garage in Southern California as picture frame company in 1945. To get the most out of their materials, they started using picture frame scrapes to create dollhouses.
Soon their dollhouses were selling better than their picture frames so they turned their emphasis to toys.
Today Mattel, Inc. is the highest-grossing toy company in the world.
Address: Somewhere in Southern California

 

#10 Yankee Candle Company

In 1969, at 16 years old, Michael Kittredge made his scented candle in his garage out of melted crayons as a gift for his mother. The neighbors took notice and expressed interest in buying Kittredge’s candles, so he started mass-producing them.
Four years later, Kittredge outgrew the garage so he moved the Yankee Candle Company to an old mill in Holyoke, Massachusetts.
Today it’s the largest manufacturer of scented candles in the US.
Address: Somewhere in South Hadley, Massachusetts.

What’s the Point?

Everything starts as nothing.
It’s easy to look at the world’s largest companies and think, “I could never start something like that.” And you’d be right. Most of these companies took decades to get where they are today.
They didn’t start by trying to create Amazon, Apple, and Google. They started by creating an online bookstore, a computer, and a search algorithm.
Whether it’s a garage, a basement, or a dorm room, every business has humble beginnings. It’s not about where you start. It’s where you end up.
Post written by Retireat21 writer, Nick Tart.

-taken from http://www.retireat21.com

rolex submariner