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If you're an internet marketer then you already know the importance of SEO. But all of your SEO efforts are for naught if you haven't taken the necessary steps to create a successful small business. The reality is that creating and sustaining a successful online business can be very difficult, but you can position yourself for success by following these 4 guidelines:
1. Sell the Right Stuff. This step assumes that you've already done ample research about what customers want and about what they're willing to spend money on. The next step is to actually offer your target audience what they clearly want. One sure way to fail is to build your small business around what you think your audience wants rather than what they actually do want. So listen to your audience and give them what they want!
2. Get Help. If your SEO efforts have paid off and your search engine rankings are increasing, traffic is increasing, and an increasing number of people are interested in your product or service, then you're on the right track! But one easy mistake to make is to try to do everything related to your business on your own. You have several gifts that make you a successful small business owner. Stick with those. Find other people with other gifts to take care of the other aspects of your business. Take some time to think about the things that you have to do yourself. Then figure out how to outsource everything else. It may be one of the most important things you have to do in the life of your small business. After all, you're the one with the grand idea and you want to maintain some control over every aspect of your business. But you'll find that your small business will get stronger and you let talented people help you with aspects of your business that don't correlated with your talents
3. Manage Your Time Well. Some things that can suck us in and keep us from focusing on the bigger picture of business include email, media, and loose boundaries. Limit the amount of time you spend answering email each day. In fact, commit to only checking it once or twice per day, and only answers the emails that you have to answer. Every one else can get in touch with you by phone if they desperately need to speak to you. Turn of the television if you work at home. It's too distracting. Finally, establish clear work hours. Honor them yourself, and expect others to honor them as well. This means letting friend and family know that you aren't to be disturbed during work hours, and that when the workday is over, you close up shop and focus on the rest of your life.
4. Too Much Multi-tasking. If you have too many irons in the fire, or too many incomplete projects, your small business is losing money. Focus on starting and completing one project or one product. You'll at least be making money on something! Keep an idea file for yourself to take the pressure off. Every time you have a great new idea, write it down and put it in the idea file. Then you when complete your next product, complete the necessary SEO, and get it on the market, you can allow yourself to start on the next product. Slowly but surely you'll increase your sales, which isn't going to happen if you never complete your first product because you have too much going on.
If you're struggling in your small business, consult with an internet marketer, or even an SEO professional, for tips on how to get on the right track. These four keys should start you off on the right foot for a successful small business!
What do Investors want?What doangel investors, venture capitalists, private equity investors and others seekwhen considering investing in a business?
-Different types of investorsinvesting at various stages of the company's growth and development will havedifferent expectations. (Notice the emphasis on and repeated use of the worddifferent!) An angel investor who is taking on the most risk by investing whenthe company is still in its nascent (i.e., very early) stage and has yet togenerate much revenue, if any, has no contracts, and has negative cash flow,will want the highest return of 40% or close to it. If the company issuccessful, due to the early entry stage, one would expect the company togenerate at least that. Often, though, the angel investor will sell out duringone of the subsequent financing periods. Rarely does an angel investor stay onboard until the company reaches maturity.
-Venture capitalists come in later but still before the company is cash flowpositive. Therefore, they typically want returns of 30-35%.
-Mezzanine financiers provide a mixture of debt and equity to more stable andestablished businesses so they expect blended returns of 16-20%.
-Very few investors wish to waitindefinitely for their money. They are investing not to make you feel good butbecause they believe in you and your business and the ability of the businessunder your management (and sometimes with their additional efforts) to generateenough revenue and cash flow and/or grow large enough in value to return themtheir investment and their expected return within a specific time frame.
-This varies based on the investor. Angel investors prefer a shorter period oftime (3 years). Private equity funds typically expect 4-5 years. Strategicinvestors derive a number of benefits so their investment timeframe tends to bethe longest, with a trend of ~7 years.
-There are many great ideas outthere. It's not so much the idea that counts (look at all the inventors whonever get anywhere) but the ability of the management team to capitalize onthat idea and provide the leadership, strategy, sales, marketing, andoperational skills and acumen to bring that idea to market. Or to apply thosesame skills to a purchase of an existing business and continue to generatesimilar growth if acquiring a high growth business or turn around the enterpriseand grow it, if acquiring an underperforming company.
-The management team is the most important component. A great managementteam can make a good idea or a so-so company into a great company. But a greatidea may never make it off the ground with poor management and a great companycan go rapidly downhill with mediocre management.
-You don't want to approachinvestors with no idea of what your company is worth. How do you know if theinvestor is proposing a good price for the portion of their investment? Angelinvestors sometimes are not highly financial savvy and can't do their ownvaluations. So you need to do one or have one done for your company and be ableto explain it to the interested investor. You need to show them in thesepro-forma financials how their investment will help move your business to thenext level. And they need to see in this valuation how the requested investmentamount was determined. Venture capital firms will do their own valuation but youshould have your own in order to understand the financial impact of yourcompany's strengths. This will facilitate your negotiations with these firms.
-Since they usually deal with existing stable businesses, mezzanine firms andprivate equity funds expect you to tell them what your firm is valued at, howyou arrived at the numbers, and what amount you expect from them to invest.They will run their own valuation but want something to compare it to. Also, ifyour firm has $10 - 20 million or more in revenue (typical for companies thatattract this type of equity investment), your management team should havesomeone with financial acumen -a CFO - or have access to someone (aconsultant,...) who can do this. Otherwise, your ability to financially managethe company could be called into question.
- You need an abbreviated businessplan. If you have a full strategic business plan, that's even better. If youalso have an operational business plan, that's all the more impressive. But youneed something that provides an overview of the market, background on thebusiness, industry and competitor assessment, management overview, sales andmarketing plan, risks, financial snapshot, goals, and the strategy toaccomplish these goals. Most investors only want to see an Executive Summary -3-5 pages - to determine if they're interested. Then, once they've expressedfull interest, they'd like to see the complete business plan.
-Remember, the business plan is an ongoing work in progress. The purpose is notto clearly map out exactly what you'll do but to chart a course for what you'lldo that enables you to respond to market changes and new information that maydiffer from the assumptions you made. If you're not fully aware of your ideas ofthe market, competitor, and customer behavior, then you don't know what to dowhen things don't go as expected. A business plan gets you to think creatively.
-Review your business plan on a quarterly basis and make changes semi-annuallyas needed. Remember, the business plan shows an investor that you treat yourbusiness seriously and have thought about what it takes to get to where youneed their money to help you go. The business plan says to the investor, "Here'swhat I'm going to do with your money to make sure you get it back with thereturn you seek".