Credit Crunch?

With the current condition of the economy, everyone seems to be concerned about the ability (or rather inability) to obtain credit. As entrepreneurship fuels the economy, this could potentially be a rather grave concern if entrepreneurs are unable to obtain credit to grow their companies. 

However, although a recent survey by Wells Fargo indicates that optimism is low for entrepreneurs, "four out of five small business owners said they did not perceive credit as difficult to obtain."

Why is credit not that big of a concern for entrepreneurs? My guess is that entrepreneurs have learned to persevere and find a creative way to get things done no matter what. The bar can also be relatively high in order to go the traditional credit route via a bank. It typically requires an entrepreneur to think thorough the business opportunity, prepare a business plan and financial projections. These projections must be realistic and believable enough to convince a lender to take on the risk of the loan. Thus, entrepreneurs have likely found a few different options to get the financing they need, and if financing isn't available, they find another way to get through the situation.

That said, even if credit is not the main concern of entrepreneurs, how the economic conditions impacts their ability to sell their product/service obviously is. Unfortunately, there is no real quick fix here.

Going Green

I read an article this morning on how some larger companies are going green (attempting to be more environmentally friendly in highly visible ways) in order to attract not only customers...but employees! With the rise of the creative class, some highly desirable employees are being a bit choosier about the kinds of companies they work for. They want to work in an environment where they know they are making a difference.

If you are a start-up company and want to be competitive, there is further motivation for going green. Not sure how? For starters, you should at a minimum...

• Recycling in the office
• Using eco-friendly suppliers
• Go digital (reduce paper consumption)
• Offer carpooling and/or working from home
• Use energy-efficient light bulbs

Visit www.evo.com for some additional ideas.

 

More Freebies

Last month I blogged about the many free online resources that are available. Well...here is another website to check out -- a directly of free online resources!!!

TheFreeSite.com even has a section dedicated just to business-related freebies. Some of these include free press releases, a free online storefront, and free template for business cards.

Some of the other, interesting freebies pertain to Internet access, web space, and webmaster tools.

Like anything that is offered for free, do make sure you read the fine print!

Creative Marketing?

I am expecting our third child in early January and we are waiting to find out if the baby is a he or a she. While I was shopping the other day in a shoe store, a vibrant lady came up to me and told me that she was 100% confident that I was going to have a boy. She went on to chat about how she is always right about these things and that I should call her after I have the baby to confirm that she is right. Miss Sherrie (as she likes to be called) then went on to tell me that she is a professional psychic.

Afterwards, I got to thinking -- wasn't that a creative marketing ploy on her behalf? Miss Sherrie has a 50-50 chance on getting the gender of the baby correct (although perhaps her psychic abilities increase that chance....haha). For those that she does guess correctly, they then have her phone number and are probably more likely to call her up to find out what else she knows!

Setting Yourself Apart

Some industries are more competitive than others and to the average consumer, it is hard to tell some of the business within those industries apart. Think about the dry cleaners, book store, coffee shop, gas station or even hotels. They all pretty much offer the same product/service as their competitor.

This weekend, I was traveling and had to select a hotel. I went online and in the mid-price level, the hotels all looked pretty much the same -- the rates were within $10 of each other, they all offered a complimentary breakfast, pool, high-speed Internet, etc. I ended up settling on the Country Inn & Suites, just because I hadn't been there in a while.

When I arrived, something really stood out to me that I hadn't seen before at a hotel - their Lending Library program. In the bookshelves surrounding the fireplace in the lobby, they had books available that were geared towards all ages. A simple sign explained that you were welcome to pick a book to read, and if you didn't finish it during your stay, go ahead and take it with you and just return it the next time you visit a Country Inn & Suites. What a nice idea!

This program probably doesn't cost a fortune, but it was a nice surprise that I will remember - and for me, will separate this particular hotel from the mass of other hotels in the mid-level price range.

As an entrepreneur, this is exactly how you need to think. Your mainstream product/service has to be competitive, but then try and look to see how you can offer a unique perk or something unexpected that the customer will take away from their experience.

Free Online Resources: It is just a matter of looking

One of the things that I enjoyed about doing market research is that, 9 out of 10 times, the information was out there -- it was just a matter of finding it. That meant doing some exhaustive web searching or going to the library to talk with the librarians (who are in my mind extremely brilliant and knowledgeable).

I have since come to realize the same thing when looking for web applications. If there is some sort of online service that you want, more often than not, it is already being produced and out there. And, many times, those applications are free. This is great news for the bootstrapping entrepreneur that is trying to save a dime or two.

In the coming months, I will attempt to periodically profile some of the applications that I think are useful. And, I'll start with a few right now that might surprise you.

Launched in 2000, the intent of localendar.com is to provide people with access to public events. This is accomplished by giving away free web-based calendars. From an entrepreneurial standpoint, I am not that interested in publicizing my events through their website -- but I am very interested in providing an interactive calendar on my website where my customers / suppliers can see what is going on. What I like about this application (besides it being free) is that it is easy to update on their website and then I can incorporate it into my own website by either providing a link or embedding it as an actual interactive calendar.

Listserves are another great resource for any small business. It allows users to subscribe to your mailing list, and then you can correspond with news, updates or promotions. Our business has historically used this service via godaddy.com, and it has worked well for us - and I do appreciate the extra graphic options that it provides. However, I have also come across some free applications for listserves (with unlimited usage) that I am now using for another organization and recommend you consider. The free application I used is Mailman, and is definitely worth checking out.

By now, craigslist.com is starting to become a household name of sorts! But, think of it from an entrepreneur's perspective -- what a great way to advertise (FOR FREE) your products and services, or your employment needs.

A family member recently referred me to scrapblog.com. For some businesses, creating a scrapblog of sorts may be a good marketing tool or a good way to showcase some of your products. However, I found it to be helpful for other reasons. Specifically, I found it very helpful and user friendly to create a customized website header (and saves you the cost of purchasing a photo editing software and in my mind, is much easier to work with). It is also helpful from a marketing standpoint to create customized, professional looks to help with your marketing material.

On a marketing note, the new HP Creative Studio is also pretty neat. It is an online application that allows you to create business cards, logos, flyers, brochures, websites and more. They do charge for some of their higher level services, but also offer free templates for the cash strapped small business owner.

If you have come across any free online resources that you feel are particularly helpful, feel free to let us know!

Podcasts: Learning on the Go

A colleague recently shared with me that she frequently downloads podcasts (for free) from iTunes in order to keep up to date on the latest business news while she is on the go. They can be played on either your iPod or your computer. After taking a look at iTunes, I was quite impressed as they literally have 1000's of free podcasts available for download.

Within the 'business' category of available podcasts, the top 10 audio podcasts include:

1. NPR: Planet Money Broadcast

2. The Dave Ramsey Show - The Truth about Life and Money

3. Wall Street Journal This Morning

4. APM - Marketplace

5. Bloomberg on the Economy

6. World Business News

7. Harvard Business Ideacast

8. Get-it-done Guy's Quick and Dirty Tips to work Less and do More

9. Wall Street Journal's What's News

10. Bloomberg Economics

There are also many podcasts available that pertain specifically to entrepreneurship. By far, the most popular downloaded podcast was Rich Dad's Podcast by Robert Kiyosaki (who I have recommended previously on this blog). Overall, there were 86 podcasts that came up in a search on the word 'entrepreneur.'

Regardless of whether or not you are an entrepreneur, one of the keys to being successful in life in constant learning.