FFIRS.indd ii 23/03/11 1:13 PM Additional Praise for 201 Great Ideas for Your Small Business “Owning 201 Great Ideas for Your Small Business is like having a team of consultants sitting in your offi ce. Th is book not only educates and inspires, but the ideas will help you save time and money as well.” —Rieva Lesonsky, CEO, GrowBiz Media/SmallBizDaily.com, Former Editorial Director Entrepreneur magazine FFIRS.indd i 23/03/11 1:13 PM FFIRS.indd ii 23/03/11 1:13 PM 201 GREAT IDEAS for Your SMALL BUSINESS FFIRS.indd iii 23/03/11 1:13 PM Since 1996, Bloomberg Press has published books for fi nancial profession- als, as well as books of general interest in investing, economics, current aff airs, and policy aff ecting investors and business people. Titles are written by well-known practitioners, BLOOMBERG NEWS® reporters and colum- nists, and other leading authorities and journalists. Bloomberg Press books have been translated into more than 20 languages. For a list of available titles, please visit our web site at www.wiley.com/ go/bloombergpress. FFIRS.indd iv 23/03/11 1:13 PM 201 GREAT IDEAS for Your SMALL BUSINESS Third Edition JANE APPLEGATE FFIRS.indd v 23/03/11 1:13 PM Copyright © 2011 by Jane Applegate. All rights reserved. Published by John Wiley & Sons, Inc., Hoboken, New Jersey. Published simultaneously in Canada. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, (978) 750-8400, fax (978) 646-8600, or on the Web at www.copyright.com. Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, (201) 748-6011, fax (201) 748-6008, or online at http://www.wiley.com/go/permissions. Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their best eff orts in preparing this book, they make no representations or warranties with respect to the accuracy or completeness of the contents of this book and specifi cally disclaim any implied warranties of merchantability or fi tness for a particular purpose. No warranty may be created or extended by sales representatives or written sales materials. Th e advice and strategies contained herein may not be suitable for your situation. You should consult with a professional where appropriate. Neither the publisher nor author shall be liable for any loss of profi t or any other commercial damages, including but not limited to special, incidental, consequential, or other damages. For general information on our other products and services or for technical support, please contact our Customer Care Department within the United States at (800) 762-2974, outside the United States at (317) 572-3993 or fax (317) 572-4002. Wiley also publishes its books in a variety of electronic formats. Some content that appears in print may not be available in electronic books. For more information about Wiley products, visit our web site at www.wiley.com. Library of Congress Cataloging-in-Publication Data: Applegate, Jane. 201 great ideas for your small business / Jane Applegate. — 3rd ed. p. cm. — (Bloomberg series) Includes bibliographical references and index. ISBN 978-0-470-91966-8 (pbk.); 978-1-118-06769-7 (ebk); 978-1-118-086770-3 (ebk); 978-1-118-06771—0 (ebk) 1. Small business—Management. I. Title. II. Title: Two hundred one great ideas for your small business. III. Title: Two hundred and one great ideas for your small business. HD62.7.A64 2011 658.02'2—dc22 2010053517 Printed in the United States of America 10 9 8 7 6 5 4 3 2 1 FFIRS.indd vi 23/03/11 1:13 PM I DEDICATE THIS THIRD EDITION OF 201 GREAT IDEAS to Joe, my dearest husband, whose love and wit keep me smiling, and to our wonderful kids, Jeanne and Evan Applegate, who light up our lives. FFIRS.indd vii 23/03/11 1:13 PM FFIRS.indd viii 23/03/11 1:13 PM Contents Introduction xvii CHAPTER Management Strategies 1 1. Always Deal with Decision Makers 2 2. Never Work with Anyone Who Gives You a Headache or a Stomachache 3 3. Don’t Be Afraid to Reinvent Your Business 5 4. Add Spirituality to Your Business Life 7 5. Ask for a Quick “Yes” or “No” 9 6. Say Goodbye to Corporate Life 10 7. Create an Informal Advisory Board 12 8. Move Your Business into an Incubator 14 9. Organize a Company Retreat 16 10. Create a Greener and Safer Workplace 17 11. Think Ergonomically 19 12. Make Meetings More Productive 21 13. Meet Clients in Elegant Public Places 21 14. Work the Phones or Walk the Floor 22 15. Join or Create a Peer Support Group 23 16. Know When to Reach Out for Help 26 17. Hire a Great Lawyer 27 18. Seek Help from a Restaurant Consultant 29 19. Thank Everyone You Work With 32 20. Move Your Business into a Main Street Revitalization Zone 32 21. Ask Your Staff to Evaluate You 34 22. Cross-Train Your Employees 35 23. Create a Disaster Recovery Plan 36 TOC.indd ix 24/03/11 9:57 AM x ● Contents CHAPTER Money Matters 39 24. Become a Profi t Enhancement Offi cer 41 25. Write a Killer Business Plan 42 26. More Insider Tips to Woo Investors 43 27. Find Yourself an Angel 44 28. Hire a Virtual Chief Financial Offi cer 47 29. Choose the Right Bank 48 30. Create a Sensitivity Analysis 50 31. Find a Good Accountant 50 32. Work with an Enrolled Agent to Do Your Taxes 52 33. Find a Strategic Partner to Invest in Your Company 53 34. Even Out Your Cash Flow 55 35. Consider Buying a Franchise 56 36. Franchise Your Business Concept 57 37. Barter for Goods and Services 59 38. Seek Vendor Financing 60 39. EB-5 Visas for Foreign Investors 61 40. Invest in Yourself by Tapping Your 401(k) 63 41. Apply for a Government-Backed Bank Loan 64 42. Invoice Bimonthly and Add an Overhead Charge 65 43. Ask for a Deposit 66 44. Lock Your Supply Cabinet 66 45. Set Up a Retirement Plan 67 46. Establish an Employee Stock Ownership Plan (ESOP) 68 47. Find a Good Independent Insurance Broker 69 48. Buy Disability Insurance 70 49. Hire a Debt Arbitrator 72 50. Collect the Money People Owe You 73 51. Accept Credit Cards 74 52. Work Part Time to Support Your Business 75 53. Expand Your Vendor Network 77 54. Check Out Economic Development Incentives 78 55. Produce an Independent Film 79 56. Buy Prepaid Legal Insurance or Make a Deal with a Law Firm 82 57. Find the Right Offi ce Space 82 TOC.indd x 24/03/11 9:57 AM Contents ● xi 58. Hire a Savvy Real Estate Broker 84 59. Share Space with a Compatible Business 85 60. Buy Used Offi ce Furnishings 86 61. Sell Your Business at the Right Time and Price 87 62. Sell Your Company to an Industry Giant 88 CHAPTER Technology and Telecommunications 91 63. Twitter for Business: Tips from Guy Kawasaki 94 64. Facebook Tips for Business Owners 95 65. Use Skype for Business 96 66. Set Up a Teleconference 97 67. Make the Most of Voice Mail 99 68. Don’t Let E-Mail Rule or Ruin Your Life 100 69. Take This Technology Checkup 101 70. Smart Technology and Telecommunication Toys to Buy for Your Business 102 71. Post Videos and Photos on Your Web Site 103 72. Consider a Cloud-Based Telephone Service 103 73. Create a Dynamic Web Site 104 74. The Truth about Search Engine Optimization (SEO) 106 75. Hire a Great Web Designer 107 76. Run Your Business in the Cloud 109 77. Use Online Mailing Solutions 110 78. Train Employees Online 111 79. Sell Products Online 112 80. Visit My Favorite Web Sites 113 CHAPTER Develop and Launch New Products and Services 115 81. Create a Fad 117 82. Import Something New and Diff erent 118 83. Turn Your Hobby into a Successful Business 119 TOC.indd xi 24/03/11 9:57 AM xii ● Contents 84. Become an Exclusive Importer 121 85. Launch a Green Product 123 86. Build a Working Model of Your Product 124 87. Make a Model with 3-D Software 126 88. Serve the High and Low Ends of the Market 127 89. Partner with a Big Company for Distribution 129 90. Take Advantage of an Online Technology Exchange 130 91. Have Your Product Mandated for Use by the Government 134 92. Create a Business Based on a Personal Challenge 135 93. Sell Your Wares in a Farmer’s Market 135 94. Set Up a Cart in a Shopping Mall 137 CHAPTER Marketing Strategies 141 95. Strike a Deal with a Giant 143 96. Look Bigger Online 144 97. Take Advantage of Co-op Advertising 145 98. Market to Callers on Hold 147 99. Consider Multilevel Marketing: Send Out Cards 148 100. Cross-Promote Your Products or Services 150 101. Sell through a Dealer Network 152 102. Create a Cool Business Card 153 103. Create a Dynamic Database 154 104.