Finance 101 For Startups

JUNE 26, 2006
BusinessWeek.com

Small Biz
By Douglas MacMillan

Finance 101 For Startups
Small business guru Steven D. Strauss talks about the steps needed to secure financial stability in your new business

Two years out of law school, Steven D. Strauss decided that he was meant to be an entrepreneur. So he started his own California-based law firm specializing in business and bankruptcy. Since then, his enterprises have grown to include Strauss Seminar, a widely syndicated weekly small business column called Ask an Expert, and the online resource MrAllBiz.com.
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He also provides consulting services to large companies trying to understand the small business market. Strauss jokingly refers to himself as a "recovering attorney" because he now devotes most of his time to dishing out entrepreneurship advice.

His most recent book, The Small Business Bible, takes new entrepreneurs through a comprehensive startup crash course and offers established business owners practical advice on accounting and taxes, human resource management, and franchising.

BusinessWeek.com intern Douglas MacMillan recently spoke with Strauss about the best ways to ensure financial stability in a burgeoning small business. Edited excerpts of their conversation follow.

Why are you interested in how small businesses are run?
I grew up in an entrepreneurial household, around small business people. My dad owned a chain of carpet stores in southern California. He once told me that an entrepreneur is a person who's willing to take a risk with money to make money, and I still remember that definition. That's something I just grew up thinking about.

In The Small Business Bible you claim that "Not everyone is cut out to be an entrepreneur." What is the best way to find out if you're up to the task?
You have to ask yourself a question. If the idea of leaving your job and your benefits and your insurance and a steady paycheck every two weeks kind of gets you excited, then you're an entrepreneur. But if the idea of leaving your job and all that stuff scares you more than it excites you, then maybe you're not an entrepreneur. (see BusinessWeek.com, 6/4/06, "Test Your Small Biz Temperament").

After an entrepreneur has developed an idea and a business model, how does he know when is a good time to go to an investor and seek financial help?
Most small businesses are funded through the friends and family plan. That is, you go to your mom or dad, and you see if they have some money to invest in you and your associates. If you have a really good business plan, a really good idea, a management team, and you have a bigger business idea, then you can start looking to angel investors and venture capitalists, and things like that. Most small businesses are started with your own savings, or credit cards—which is not my favorite way to fund a small business—or friends and family (see BW Online, 4/19/06, "Think Twice Before Borrowing from Family").

What is dangerous about going the credit-card route?
Well, the first couple years of a new business are the hardest, typically. And you don't want to run up a bunch of credit-card debt that you're going to have a hard time paying back.

What's the most important thing to have when you're looking for financial backing?
A really good plan. Come up with a business plan, know how you're going to make money, and know who your competition's going to be. Know how you're going to beat the competition, figure out how much it's going to cost you, and figure out how you're going to pay that money back—that's critical.

So when you go to your investors, they see that [you have] a legitimate, real idea with a plan for success. Because [as] innovators and entrepreneurs, we're big on ideas and we're really big on enthusiasm. But you need more than that. You need the nuts and bolts of the numbers if you're going to get some investors.

What are some of the most common financial problems you see small businesses run into when they first get going?
I always say there's two parts to any business: there's the part you love and you're passionate about…that you're probably really good at. Then there's everything else: the law, the taxes, the payroll, and the insurance. All that other stuff you have to know and have to do if you're going to get to do the passionate part. But most small businesses are long on passion and short on the other stuff. So I recommend finding as much help as you can with the other stuff.

When is it healthy to worry about the bottom line, and when can it be distracting?
We're all here to make a profit. You have to make a profit or you don't get to do that thing that you love to do. So you have to be concerned about it.

But you want to make sure that you're serving the market, that there's a need for whatever product or service you're providing. If you can fix a problem better than somebody else, and maybe for a little cheaper, they're going to be knocking at your door. If you do that, you don't have to worry about the bottom line.

But you have to always be cognizant of the numbers. You have to know how much you're bringing in every month, how much is going out every month, and what your profit margin is. Basic financial calculations will help you run your business much more smoothly

Starting Your Own Small Business

You're smart, hard-working, and driven to succeed. Your friends describe you as innovative, entrepreneurial, and business-savvy. You have thought out an angle for a business that is going to revolutionize the industry. Now it's decision time. Are you willing to take a financial risk on the strength of your idea? Or do you prefer the low-risk stability of your present employment? Is your venture well conceived and built to thrive, or fatally flawed and destined to fail? These are vital soul searching questions you must answer before joining the ranks of entrepreneur.

Starting your own business can be an exciting venture that allows you to use your personal knowledge and talent to prosper financially and emotionally. Ideally, your business venture involves an area in which you possess a high degree of expertise and passion. You need to be realistically aware of your talents and liabilities, and must have the energy to overcome many frustrating obstacles. The concept of the "American Dream" - being your own boss, following your heart, and charting your own destiny can be filled with rewards and accomplishment. However, your vision is not something guaranteed to succeed. Many creative endeavors come unraveled based on insufficient analysis, overly optimistic projections, or the inability to deliver a unique or tangible value. In order to avoid failure, starting your business must begin with the successful navigation of strategic and financial planning.

In order to transform your idea into a legitimate reality, preparation is of the utmost importance. Successful small businesses are not born from fleeting visions, but rather are built from a foundation of careful thought and deliberate analysis. Strategic planning is often thought of as a written document (most often referred to as a business plan), but the concept is much larger. The process should begin with identifying your organizational mission and vision, assessing the demographics and motivations of your target audience, and developing a mechanism for achieving short-term and long-term objectives.

Free Business Cards - VistaPrint.ca Strategic planning includes several critical elements: a detailed examination of your proposed product or service; the organizational structure that will accomplish the delivery of your business; market trends as they apply to your business, competition, and the industry at large; and a communications plan for marketing your business to prospective consumers and merchants who will provide necessary capital and collaboration. The strategic plan should be written to address in detail each of the elements above, however, it should not include highly sensitive, overly technical, or proprietary information. Additionally, it should realistically project financial matters such as income, cash flow, and operational and capital expenditures. While you may hold expert knowledge of your chosen industry, it is often difficult to master all aspects of business development that include legal matters, marketing, and accounting. Because strategic planning will offer an operating structure for your business, it is best to consult with expert advisors or assemble a qualified team if you are not highly credentialed in each area.

Strategic planning will not only provide you with a framework for developing your business idea, but also a vehicle for the second prerequisite to starting your business: financing. In essence, a solid strategic plan is interdependent with the likelihood of raising capital for your business. Whether applying for loans or securing investors, the ability to articulate your mission, method of delivery, and financial projections will determine your success in the notoriously difficult arena of fundraising.

Your strategic plan will determine the legal form your business should take. Typically, small businesses exist as sole proprietorships, Limited Liability Companies, C corporations, S corporations, general partnerships, and limited partnerships. Each entity possesses general advantages and disadvantages, but the specific legal form is contingent upon your individual and business objectives. Of course, your strategic plan will also determine how much capital is required to begin your business and achieve the desired outcomes. Many individuals who initiate small businesses receive their start up capital in form of SBA loans. Qualifying for these loans is a function of personal credit and income tax history, demonstration of the ability to repay the loan, collateral and business debt ratio, strength of the business plan, and the investment required to start a business (typically ranging from 10-30% capital injection). Again, preparation is the key to success.

With dedication and appropriate attention to detail, you can establish the building blocks for a thriving enterprise. No matter what your business, be sure to discuss it with family and professionals to determine if it is the right opportunity for you.

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How Common Is Identity Theft?

How Common Is Identity Theft?

ID theft affects millions of households and costs billions of dollars, government says.

Robert McMillan, IDG News Service
Monday, April 03, 2006

Wondering how likely you are to have your credit card number stolen? Well, according to a comprehensive survey conducted by the U.S. Department of Justice (DOJ), identity theft is affecting millions of households in the U.S each year and costing an estimated $6.4 billion per year.

About 3 percent of all households in the U.S., totaling an estimated 3.6 million families, were hit by some sort of ID theft during the first six months of 2004, according to DOJ data released this week.

The data comes from the Justice Department's National Crime Victimization Survey, which interviews members of 42,000 households across the country every six months to better understand the nature, frequency, and consequences of crime. Households that participate in the survey are selected at random and then interviewed by DOJ statisticians twice a year for three years.

The DOJ has been compiling this information for more than 30 years, but this marks the first time it has asked households about identity theft, said survey author Katrina Baum, a statistician with the Justice Department's Bureau of Justice Statistics.
Common Consequences

According to the DOJ's numbers, credit card misuse is the most common consequence of identity theft. It accounted for about half of the cases of identity theft that the survey tracked, Baum said.

Of the other identity theft victims, about 25 percent had banking and other types of accounts used without permission, 15 percent had their personal information misused, and about 12 percent faced a combination of several types of ID theft.

The average loss from these crimes amounted to $1290, with two-thirds of respondents saying that the theft cost them money. Based on these numbers, the nationwide estimated loss during the six months of the study amounted to $3.2 billion, for an annualized total of $6.4 billion.

The young and the well-to-do appear to be more at risk for identity theft, according to the DOJ numbers. Households headed by people between 18 and 24 years of age and those with incomes of $75,000 or more were the most likely to experience identity theft. Households in urban and suburban areas were also more likely to be affected.

According to Baum, 5 percent of households earning more than $75,000 per year experienced this kind of crime. "It's usually a phenomenon that's experienced by the young and those in urban households," she said. The survey did not explore why this is the case.

The "Identity Theft 2004" report is available online.

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Economy Ended 2005 in a Rut

Despite sluggish readings from the last quarter, a rebound may be in the works.

By Jeannine aversa
The Associated Press

WASHINGTON -- The economy was lethargic in the final quarter of 2005, but fresher readings suggest a rebound since then.

Gross domestic product grew at an annual rate of just 1.7 percent in the October-to-December quarter, the Commerce Department reported Thursday. It was the most sluggish showing in three years but was a tad better than the 1.6 percent estimated a month ago.

The slight upgrade reflected stronger inventory building by businesses than previously thought.

Stephen Stanley, chief economist at RBS Greenwich Capital, summed up the fourth-quarter performance as "pretty dismal," but he added: "Of course we, along with everyone else, look for a snapback" in the current January-to-March quarter.

The Federal Reserve is of the same mind.

Private analysts predict that growth during this period will clock in at a brisk pace of 4.5 percent or higher. Then economic activity will moderate to about a 3.4 percent pace in the April-to-June quarter.

Gross domestic product measures the value of all goods and services produced within the United States and is considered the best gauge of the economy's performance.

In other economic news, the Labor Department said new claims filed last week for unemployment benefits dropped by 10,000, to 302,000, another sign the job picture is turning brighter.

Federal Reserve Chairman Ben Bernanke and his colleagues said this week that the economy has emerged from the doldrums and has "rebounded strongly" in the January-toMarch quarter. "But (it) appears likely to moderate to a more sustainable pace," the board said.

Fed policymakers chalked up the fourth quarter's mediocre performance to mostly "temporary or special factors" -- an assessment that was shared by private economists who likened it to a temporary breather rather than a sign of troubles ahead.

The fourth quarter marked a big loss of momentum from the third quarter's zippy 4.1 percent pace.

The slowdown was blamed on fallout from the Gulf Coast hurricanes and elevated energy prices.

Consumer spending grew at a pace of just 0.9 percent, the weakest since the first quarter of 1995. A cut in spending on big-ticket goods, such as cars, was the main culprit.

Cuts in spending by government also contributed to the fourth-quarter's weak performance.

Overall business investment -which includes spending on residential and commercial projects and on equipment and software, however, grew at a speedy pace of 16.1 percent, the strongest since the second quarter of 2004.

An inflation gauge closely watched by the Federal Reserve showed that core prices -- excluding food and energy -- rose at a 2.4 percent pace in the fourth quarter. That was higher than the 2.1 percent previously reported and marked a substantial pickup from the third quarter's 1.4 percent pace.

"The Fed will remain on inflation watch," observed Joel Naroff, president of Naroff Economic Advisors.

To fend off inflation, Bernanke, at his first meeting as Fed chairman Tuesday, boosted a key interest rate to 4.75 percent and hinted of further increases. In doing so, Bernanke and his colleagues hewed closely to the rate-raising script of predecessor Alan Greenspan.

Economists predict another rate increase will come at the Fed's next meeting, May 10.

Fresher economic barometers, meanwhile, have flashed good signs for the economy.

The jobs market is improving, with companies adding a sizable 243,000 positions in February. The unemployment rate of 4.8 percent, meanwhile, is close to a 41/2-year low reached in January.

Americans' optimism in the economy rebounded in March, climbing to a nearly four-year high, the Conference Board reported Tuesday.

Thursday's report also showed companies' profit growth gaining ground in the fourth quarter of 2005. One measure of after-tax profits in the GDP report showed profits increased by 13.8 percent, a turnaround from the third quarter's 4.3 percent decline.

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Ergonomics and Modern Workspace Design

At the end of the nineteenth century, Frederick Winslow Taylor went to work at Bethlehem Steel. Upon observing the workers shoveling coal, Taylor had an idea. He assigned each worker a shovel that was of a size and weight ideally suited to the worker’s own body structure. With the new shovels, the workers became triply effective, Bethlehem Steel was able to reduce its cost by half, and get the same amount of work out of 140 employees that it once got out of 400.

Today, few businesses need concern themselves with optimizing their employees’ coal-shoveling potentialities, but workers are breaking their backs at a whole new kind of grind, spending up to fourteen hours a day at a desk in front of a computer. That is why ergonomics, the study and integration of human well-being principles into systems designs, has become an integral part of the creation of modern workspaces.

There are several areas of ergonomics to consider when designing or redesigning an office space. Arguably the most important of these is the physical aspect. The average worker pushes his or her body to the limit every day simply by sitting in a chair, motionless save for fingers flashing over the keyboard, and hands and arms controlling the mouse.

It doesn’t seem like a punishing physical task, but according to the Bureau of Labor Statistics, Repetitive Stress Injuries (RSIs), such as Carpel Tunnel Syndrome, are the single fastest-growing work-related illness, costing businesses as much as 30 billion dollars a year, and all due to just sitting at a desk typing.


Physical ergonomics, then, is concerned with office tools and supplies geared towards allowing people to work efficiently, productively, and painlessly. The major product issues in this category surround chairs, keyboards, and mice. There are many of these type of ‘ergonomic’ products on the market, but experts say that virtually none of these actually do the job right..

A huge demand for ergonomic office furniture and supplies has led to an unfortunate wave of products being advertised as ‘ergonomic,’ when they are anything but. At this point, there is absolutely no system in place regulating what can or cannot be marketed as such, so it’s wise to shop around. Ergonomists suggest that businesses consult – surprise, surprise – ergonomists, before overhauling a work environment.

However, without resorting to a process of drastic remodeling, employers can vastly improve physical ergonomics by providing free classes in which workers can learn to use their own bodies ergonomically. After all, you can have the best office chair in the world, but if you don’t know how to sit in it, you will always be uncomfortable. Classes in the Alexander Technique, Tai Chi, and yoga can do huge things for physical health in the workplace, and lead to a reduction in work-related injuries, which in turn shrinks the cost to businesses of paying out for sick days and sick workers.


Another crucial area of ergonomics is engineering psychology, or cognitive ergonomics. This area is born out of the philosophy that a happy worker is a productive worker, and to be happy, a worker has to not dread going in to the office every day. Cluttered, messy, overwhelming, or generally unpleasant workstations are the cause of this ennui for more than 50% of all office employees in the US, according to a recent Logitech survey.

The word of the day in ergonomic workspace design is to say goodbye to those cubicles! In practice, open, dynamic work areas are proving to be hotbeds of employee creativity and productivity. It is true that privacy is often cited as a workplace must-have, but the benefits of a spatially unrestricted environment in which workers are able to easily collaborate, communicate, and problem-solve are far greater.

A ‘war room’ style workspace, or what is called ‘radical collocation’ is gaining in popularity amongst fast-growing IT businesses. This environment normally involves a large, open space with tables around the center for collaborative work, and more enclosed spaces around the edge of the room for solo projects and private conferences.

Ideally, these workspaces will be furnished as dynamically as possible, with lightweight, easily movable furniture that can be regularly reconfigured to meet the needs of the day. Studies show that employees who are given the opportunity to contribute to the shaping of their work environment demonstrate high levels of commitment to their jobs, which translates into increased productivity, low turnover rates, fewer sick days, and even increased neatness and conscientious behavior.

This sort of open, flexible environment also provides ample opportunity for workers to move around, which has both cognitive and physical ergonomic benefits. Staying in the same position, at the same desk, day after day, is not conducive in allowing human beings to function at their best.

Rather than assigning desks, ergonomic workspace design involves employees being able to move freely from workstation to workstation, library to hot desk to breakout room, depending on what they need to do. This strategy works best in a wireless environment, and overall leads to reduced clutter, increased creativity and job commitment, and better employee health.


For a new business, beginning ergonomically is a must. It is an investment in cutting future costs by ensuring the on-site well-being of employees. When starting from scratch, ergonomic design can actually be cheaper than creating a conventional office environment, because it eliminates many of the expensive borders and limitations – everything from walls to wiring – that so many drab, gray, airless office spaces labor under.

For an established business, coming around to ergonomics can prove to be a great expense, and with so many products and services out there pushing themselves as the ergo-solution of the day, it can be hard not to go over-budget. However, the time of the isolated, burnt-out cubicle employee is drawing to a close, and to compete with the satisfied, energized workers found in modern office spaces, traditional businesses are going to have to come around eventually.

In the end, it’s just a matter of identifying the point at which the costs of dealing with unhappy, uncomfortable workers begins to be outweighed by the benefits of making the change in favor of better quality work, lower absenteeism, consistently met deadlines, and fewer errors. Yes, the transition to ergonomic workspace design can be expensive, but ultimately, it could save your business.

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Business Consulting in Contemporary Companies

Today’s business world demands maximum efficiency and future vision in order to succeed amidst intense competition. Consequently, businesses of all sectors and sizes find themselves turning to expert consultants to give them the decided edge in providing superior products and services.

Many leading experts have estimated that companies lose up to as much as 35 percent of their operating budget due primarily to inefficient procedures. In order to improve this trend, business consultants are retained to evaluate company strategy and initiate structural changes. Just as today’s organization is composed of increasing areas of expertise, consultants specialize in many areas including finance, marketing, development, and operations.

Regardless of industry, communication is an essential element to the success of any organization. Whether dealing with an external client or internal processes, companies are defined by the quality and consistency of their communication. Many business consultants begin with this premise, and employ a system-wide audit of communication to assess strengths and weaknesses.

Consultants’ focus on communication can lead to dramatic workplace developments and improvements with customers. A necessary beginning is to examine the mission and vision of an organization. Does the business execute its intended plan, or does it need to redefine its strategy? Similarly, business consultants devote special attention to the defined roles and responsibilities within an organization. Analysis of formal communication networks will indicate if a business is utilizing an appropriately designed system for sharing information.

Consultants will use their conclusions to determine if the company ideals are being accurately implemented amongst the staff and conveyed to the public. If the agency message is not in alignment with the communicated reality, ambiguity will obscure productivity and incur confusion for employees and customers alike.

Another main focus of consultants across all industries is the area of leadership. Organizational management not only holds the responsibility of decisions which determine the direction of the company, but also influence the workplace culture and corresponding attitudes of employees. Business consultants spend considerable time in the realm of leadership training and executive coaching. Through their guidance, managers are provided the necessary tools to enhance their performance appraisal systems and overall feedback with employees. When an organization can promote a culture of recognition, respect, dedication, and clear expectations it will energize the productivity and satisfaction of its workforce.

In order to successfully contract with a consultant, you must carefully examine your own needs and motivations. Are you prepared to accept the recommendations of a third-party observer, or are you hoping to find a consultant to validate your own ideas? Remember it might be necessary to implement dramatic changes to the structure and strategy of your business. Only when you make the commitment to endorse the proposed advice, regardless of your level of familiarity with any corresponding concepts, are you capable of utilizing a business consultant effectively.

Given all that is at stake, it is essential to select a consultant with the appropriate skill set to address your areas of concern. Of course, not every consultant is armed with a magic wand for curing the ailments of any business. Do your homework with thorough research of your consultant’s experience and references. Has your prospect worked with similar industries in terms of size and scope of service? Success stories and testimonials will reflect strongly on the credibility and promise of a business consultant. Also, determine the bottom line you want to accomplish. Decide if you require the diverse talents of a full service consulting firm or the individual specialization of a private consultant.

The demand for expert advice has never been higher. Business consulting can provide valuable recommendations that have a direct and immediate impact on the performance of a company. In order to capitalize on this trend, be sure to do a comprehensive needs-analysis and carefully select the best talent capable of advancing your business to the next level.

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Discount Travel at Its Best

If you can manage it, discount travel is the best way to go. There are many ways in which you can go about saving money on airline tickets. You can save scores of money if you purchase your airline tickets at the last minute. Airlines are desperate to sell empty seats on upcoming flights - especially those that leave on Saturday and return on the following Monday or Tuesday. If you are just looking to take a mini vacation this would be an excellent way of getting discount travel.

Another exciting and useful way to gain discount travel is through frequent flyer and other loyalty programs. If you use a credit card and rewards airline miles for every dollar spent you can make an investment towards your next trip. You will find that whenever you rent a car, book a hotel room, or purchase an airline ticket, you are joined to that company’s loyalty program. This widens your scope for traveling options and possibilities. Once you are apart of one frequent flyer plan, the sky is the limit.

Booking flights during low seasonal periods is another great tactic on earning discount travel. If you wanted to travel to Australia, for example, the best time to go would be between June and September. This is when tourism is at its low point so cheap seats will be easier to come by.
Another way to obtain discount airline tickets is to book connecting flights instead of direct flights. However, this may not be the best solution. It will indeed lower your airfare but can cause problems, especially in the winter when storms fall at the drop of a hat. If your connecting flight is delayed you will have no choice but to wait, and it can become quite the hassle. There is also a greater risk in your luggage being misplaced.

In the end, it is your final decision on what you believe is the best way to achieve discount airline tickets. Remember to find the best deal that suits you and all of your needs, and that purchasing last minute tickets is your best hope for a discount.

Even if you choose to obtain discount travel, you want to make sure you will have security benefits (e.g. ensuring your luggage is taken care of). Traveling at a cheaper rate shouldn’t mean that you lose benefits and security. When you plan your vacation and are looking for a discount, be sure to find the best arrangement for you. After all, you want to enjoy your vacation.

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Printing For Your Business

The printer your choose for your business can make all the difference when it comes to the final product and what you get for your money. But beyond the regular choices that have traditionally been available, many businesses are choosing to use online printing services to add value to their purchase, and ease to their printing experience.

Printing online has become an extremely common and readily available service. It is quite cost effective and can save you a very large amount of time when the alternative means traveling to the printer’s location, and possibly waiting in line even before you’re served.

Online printing services include all of the standard options available at traditional printing companies. These options include:

- Address Labels
- Address Stamps
- Announcements
- Business Cards
- Business Card Magnets
- Business Checks
- Business Forms
- Envelopes
- Invitations
- Labels
- Letterhead
- Magnetic Signs
- Mailing Envelopes
- Memo Pads
- Mouse Pads
- Note Cards
- Personal Stationery
- Post-it® Notes
- Postcards
- Promotional Items
- Rubber Stamps
- Signs & Banners

Furthermore, online printing companies will often offer additional types of products that are ordered less frequently, but that are very handy in more specific circumstances. Such additional products include:

- Announcements
- Calendars
- Custom T-shirts
- Gifts & Apparel
- Golf Balls
- Note Cards
- Party Invitations
- Personal Stationery
- Photo Cards
- Photo Coasters
- Photo Mugs
- Photo Note Cubes
- Photo Ornaments
- Photo Plates
- Photo Playing Cards
- Photo Puzzles
- Post-it® Notes
- Refrigerator Magnets
- Rubber Stamps
- Sweatshirts

The most important thing to watch out for when you’re shopping around for an online printing company is the minimum and maximum quantities, which may limit the type of purchases that you can make (for example, if you need ten mouse pads, but the minimum purchase is one hundred, this will not exactly be an ideal situation for you), as well as the shipping costs. Some have free shipping options, while others only offer shipping and handling that is prohibitive for even the largest corporation. Make sure that you look into these details before you begin shopping.

Otherwise, you’ll love the many options and conveniences that you can enjoy from online printing.

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Branding Yourself for Successful Marketing

Since the late 90’s branding has been one of the hottest marketing concepts in the world – especially the online world. But how do you brand when you’re and individual, and not a multi-million dollar organization? Naturally, you won’t be buying a commercial spot during the next Super Bowl, but there are still ways for you to make a prospective client remember you after they’ve clicked through your website.

First, you need to keep in mind the fact that the majority of people who are your potential customers are seeking a person who can be trusted; so your goal is to make yourself trustworthy, and express that fact on your website and other marketing efforts.

Now that you’ve adopted that concept as the basis for your branding, here are some more worthwhile tactics that will help you to brand yourself as a trustworthy specialist in your niche market.

- Tell people about yourself – talk about what you do, and how you do it! Sure, all the marketing experts tell you to concentrate on benefits when you’re writing your marketing material, and that’s true, but don’t forget to say what it is that you do, how you do it, and why you’re an expert.

- Go above and beyond – if there’s one thing that customers love, no matter who they are, it’s free stuff. So take advantage of this, and give each and every one of your customers a bonus when they hire you. Remember, though, you want this freebie to be something that will make them remember you. Make your customer want to say “wow”, and make it compliment what your customer has paid for.

- Take advantage of Joint Ventures – Share the love with other businesses that compliment your own. This way, you’re not in direct competition with one another, and not losing clients to each other, but are instead able to refer clients who will require the other service along with yours. You’ll endorse each others businesses in your newsletters, and you can even bundle their services with yours. Share catalogs, or do tele-seminars together.

Your creativity is the only limit to what branding techniques you can use and enjoy, and as you can see, it really has very little to do with the size of your bank account. In fact, so much of it is absolutely free – and you know how we all like freebies!

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