Throwing in the towel – is it time to quit your small business?
By Samantha Garner | April 14, 2012
At GoForth Institute, we’re entrepreneurs too. We’ve been through it all, and many of us have had more than a couple of small businesses. We know that entrepreneurship can be an invigorating, freeing journey, but we also know that it can be one of the toughest things you can do.
The downsides of small business ownership aren’t often discussed honestly, and many of us can sometimes be unwilling to admit that our particular entrepreneurship journey might be at an end. Of course, we’d want everyone to love their small business, but we know that sometimes that love can run out. So, how can you tell if it might be time to end your small business? Here are some signs:
- You’re hemorrhaging money. It can take up to three years for a small business to turn a profit, but if you’ve tried everything and still see your money slipping away faster than it’s coming in, it could be a sign.
- Your relationships are suffering. If you’re so stressed that you’re taking it out on your loved ones, or work so much that you never see them, it could also be an indication that it’s time to close up shop. However, it could also be an indication that you need to hire some help!
- You’re bored. When you started your small business, you were thrilled by it and spent every waking hour dreaming and planning. Now, though, you have no more ideas and are just running on fumes. Could you benefit from outside help with planning?
- You dread going to work. If the thought of another work day makes you feel miserable, that’s not a good sign. Analyze this feeling. Would a new direction for the business help? Some new employees to take the load off? Think about what it would take to make you love your small business again, and plan out all options.
- Your health is taking a turn for the worse. If the pressure and stress you’re feeling about your small business is taking a toll on your health, then something’s not right.
If you answered ‘yes’ to one or two of these things, you may have a problem – but that doesn’t mean closing the business is the only solution. This problem could be solved by new staff, for example. And as we said above, most businesses don’t become profitable until about the third year of business, so we usually don’t advise throwing in the towel after, say, 14 months. However, if you’re starting to feel like maybe you want out, take it seriously. Take time to analyze all options available to you, to make very sure this is the best course of action. If you haven’t already done so, plan your exit strategy and tie up all loose ends. And once that’s all finished, regroup, reflect, and plan for your next small business!
No matter what stage of business you’re in, comprehensive small business education, like the kind offered by us at GoForth Institute, may help you find success. Knowledge is power!
Topics: GoForth Institute Small Business Training, Small Business Tips and Advice | No Comments »
Forty-three small businesses you can start from home
By Samantha Garner | April 7, 2012
Home-based entrepreneurs are self-employed, working alone or with few employees. Flexibility and autonomy are what these business owners crave. Having the freedom to do things like arrange a child’s dentist appointment, or take the family dog for a walk at lunchtime, is a must. Companies run by home-based entrepreneurs typically don’t have a storefront, street advertising signs or customer parking. Entrepreneurs working from home may have an office, studio or workshop, depending on their business.
Sounds great, right? If you think starting a home-based business might be ideal for you, here are 43 small businesses you can start from home:
- Bookkeeper/accountant
- Photographer
- Writer
- Editor
- Graphic designer
- Web designer
- Web developer
- Event planner
- Visual artist
- Crafter
- Marketing consultant
- Bicycle repair
- Financial planner
- IT consultant
- Hairstylist
- Manicurist
- Personal shopper
- Virtual assistant
- Transcriptionist
- Personal trainer
- Tutor
- Massage therapist
- Bed & breakfast
- Daycare
- Clothing designer
- Dog walker
- Jewelry designer
- Ceramicist
- Pet groomer
- Music instructor
- Bag designer
- Notary public
- Language instructor
- Home organizer
- Interior decorator
- Business coach
- Alterations or sewing
- Personal chef
- Caterer
- Computer repair
- Personal assistant
- Wedding planner
- Carpenter
I’m sure there are a few that can be added to this list. As always, your friends at GoForth Institute encourage you to thoroughly research and plan when starting any small business. Entrepreneurs starting a home-based business should be especially wary of scams and opportunities that sound too good to be true.
Good luck, and have fun!
For more tips on starting and running a home-based small business, check out these posts:
How to sniff out a home-based business scam
You should sell these! How to start a business selling your handcrafted work
Perks and snags of internet or home-based businesses
Home-based business permits and expenses
Topics: Small Business Tips and Advice | No Comments »
Tips for an effective small business website
By Samantha Garner | March 31, 2012
A website for your small business can be an incredible marketing tool. These days, when someone wants to know something about a company, their first move is often to search for it online. Your small business’ website provides a nearly real-time snapshot of your company, its goals, its products and services and – most importantly – how your customers can find you.
So, how do you create an effective website for your small business? We’ve got a few things to keep in mind.
Keep your small business’ website user-friendly
You don’t have to make your small business’ website look like everyone else’s, but there are a few things that are generally recognized as best practices. For example:
- Keep your text and background colours calm and easy to look at. Blue text on a black background does nobody’s eyes any favours.
- Ensure your website’s navigation is concise and makes sense. Avoid having 15 pages crammed into three menus, all of which are in different locations on the page.
- Get your website content in order. Readers should be able to find exactly what they’re looking for without wading through pages of text.
- Make sure your website loads quickly and doesn’t make readers jump through hoops to get to what they’re looking for – avoid intro pages or autoplay music.
Think of your small business’ website like an online brochure – include relevant information that you think customers might be looking for, and resist the urge to over-write. Don’t forget to use your creativity. Consider adding unique applications not only for newsworthy business articles, but to attract customers and provide more convenience.
Your website should remain consistent with your small business’ image and reputation that your other marketing efforts produce. Once you’ve developed a visual identity for your company, design the website with your colours, logos, taglines and general design schemes in mind.
Keep your website responsive
It’s one thing to create a gorgeous website for your small business, but it’s a whole other thing to keep it working for you. Install a well-rounded analytics program such as Google Analytics, and keep an eye on what it reports. What are your customers searching for? When are they searching, and from where? How can that information be used to improve your website and your business? The beauty of websites is that they don’t have to be static. Update your site to respond to what your customers are looking for.
Do you have any tips for creating an effective small business website? Let us know!
Topics: Small Business Tips and Advice | No Comments »
Six tips for hiring and working with freelancers
By Samantha Garner | March 24, 2012
Entrepreneurs know that hiring freelancers for their small business can be a great way to save money while still drawing upon the expertise of graphic designers, copywriters, marketers, bookkeepers and IT consultants. However, working with freelancers can be much different than working with employees. Here are some tips for successfully hiring and working with freelancers in your small business.
Don’t focus only on price when hiring a freelancer
You know that saying, “You get what you pay for”? When it comes to hiring a freelancer for your small business, it can ring very true. Sure, it could be that your freelance marketing consultant is 50% cheaper than anyone else because he only does it part-time and has a full-time job as well. However, freelancers that are willing to work for rates drastically lower than average often have to sacrifice some things in order to make those rates justifiable – they may need to work faster than usual, for example. Your end result may not be what you bargained for (no pun intended).
Trust your instincts
So you found a potential freelancer that seems great for your small business. Except for the overly-casual language he uses in his emails. Or his past work isn’t exactly the kind of thing you’re looking for. Or he takes three days to respond to your messages. Are any of these things dealbreakers for you? Unless you’re looking for a freelancer with an absurdly specific skill set, he’s not the only game in town. This is a business partnership that can mean lost time and money if it goes badly – not to mention what it could do to your mental state. Know what you’re willing to overlook and what you’re not – and stick to it.
Don’t do anything without a signed contract
Well, you can have an initial meeting or consultation, of course. But once your freelancer is hired, creating and signing a contract is the most important next step. This protects both parties and can also serve as a roadmap for the project. Include components such as deadlines, payment terms, rights and exactly what responsibilities both parties will have.
Give your freelancer clear guidelines
You need a new website, and you’ve found a freelance web designer whose portfolio looks ideal. But simply telling her, “I want a website that will stand out” won’t work. Provide clear guidelines, deadlines and goals to avoid any time-wasting confusion. Who is your audience? What are the project’s milestones? In what format will the completed product be delivered? Will the freelancer check in from time to time? Be as detailed as you can. Ensure your freelancer has all the information they need, and encourage her to ask questions.
Set realistic expectations for both parties
In your mind, you may think that three weeks is a reasonable amount of time for your social media consultant to get a buzz going about your company on Twitter, Facebook and other outlets. But is that really reasonable? Talk to your expert freelancer and find out what’s standard in the industry (and do your own independent research, too). Leave buffer zones in your project schedule in case something comes up. And don’t forget, freelancers have other clients who also have deadlines and expectations.
Deal with your freelancer directly
Or, at least, don’t give her three different people to report to. Putting your freelancer on the other end of a big game of Telephone can result in misunderstanding, missed components and the dreaded scope creep. Your freelancer should have very easy access to the person who will be giving final approval on the project to ensure goals are met correctly and quickly.
Do you have any other tips for working with freelancers in a small business? Let us know in the comments!
Topics: Small Business Tips and Advice | No Comments »
Dr. Roberts to speak at Métis Business Forum
By Samantha Garner | March 20, 2012
GoForth founder and president Dr. Leslie Roberts will be a speaker at the Métis Nation of Ontario’s Métis Business Forum in Toronto next week. On March 30th, business leaders will gather at the Sheraton Centre to share small business tips and strategies, and entrepreneurs will have a chance to network. Dr Roberts is honoured to be part of such an esteemed crowd!
Topics: Entrepreneurial Inspiration, GoForth Institute News | No Comments »