It Will Only Cost You Your Time

How many times have we heard this expression “It will only cost you your time”? Many of us make great decisions with our money, but poor decisions with our time. As entrepreneurs we are often the sales, marketing, production, shipping, receiving and accounting departments for our company. We may also be the switchboard operator, the delivery person, and the janitor. In order to survive, thrive, and grow, it is crucial that our best energies be used for the right activities. Have you placed a value on your time?

The value of our time is a personal and economic decision. For some of us that number may be $8/hour (or less) for others it may be $200/ hour (or more). If you put a price on every hour, your priorities will suddenly become clear.

If your time is worth $25/ hr, treat every 4 hour project as if it would cost you $100. If you had to pay $100 to do every 4 hour project – you would only choose projects that would generate revenue greater than $100 or those that are the most meaningful to you and your family.

Take a look at your calendar with this same mentality. Consider professional, volunteer, and personal activities. What activities would you eliminate because they are too expensive? What activities should you outsource? I suggest you take an hour or 2 to walk through this exercise. It will be well worth the 50 bucks.


Amanda Wodzenski is a regular blogger for the WSBA, and the owner of CRMastermind, a consulting company that specializes in CRM and e-mail marketing for Small Business. Visit her blog Your Small Biz Technocoach.

Set yourself up for success. How much Capital do you really need to get your business up and running?

A common mistake for many failed businesses is having insufficient operating funds. Entrepreneurs often underestimate how much money is needed and they are often forced to close shop before they even have a chance to be succesful. So how much capital do you really need to start your business?

Obviously each business is very different, and the start-up costs will vary, but the concepts are the same across the board. Here is some food for thought as you pull together or update your business plan. Most expenses can be broken down into these broad categories. When calculating labor and salaries, consider the cost of benefits.



• Technology Costs: Hardware, software, phone systems or cell phones, websites, internet access, security, and IT consulting.

• Administrative Costs: Business insurance, salaries, office supplies, licenses, permits, postage, rent, utilities, office furniture, professional fees and legal fees.

• Cost of Goods Sold: Raw Materials, Inventory, Labor, Equipment, shipping, and warehousing.

• Marketing Costs: Print collateral, PR, events, tradeshows, association memberships, salaries, sales travel.



Many companies differentiate between startup-costs, fixed expenses, and variable expenses. Start-up costs are one- time expenses associated with the start-up of the business. Fixed costs remain constant no matter what the sales volume is, while variable costs are a function of sales.

Once you have these categories and expenses detailed, you will need to determine how long it is going to take until you have enough sales to cover your operating costs. Be conservative in your estimates. It is common for business owners to underestimate expenses and overestimate sales. It takes many businesses months or even years, before they are fully able to cover the operating costs. Are you financially prepared for the long haul or do you need strategies to come up with additional capital?

Amanda Wodzenski is a regular blogger for the WSBA, and the owner of CRMastermind, a consulting company that specializes in CRM and e-mail marketing for Small Business. Visit her blog Your Small Biz Technocoach.

Guest Blogging.......Part 2

Congratulations! You used the suggestions from last week to land your first guest blogging gig. Now What?

• Take time to review the blog and get a feel for the posts and the followers.
• Use your expertise to develop killer content that will be relevant to the followers. This is the time to showcase your best talents, passions, and knowledge, rather than explore new subject areas.
• Use graphics and visuals where appropriate.
• Include Links to your blog and your website. Beforehand, you will want to ensure that your website and blog are updated and ready for the onslaught of visitors.
• Promote the post ..... as you would your own blog.
• Be sure to comment on other's comments to keep the conversation going.
  

Some ideas for promoting your guest posts.....

• Facebook and Twitter are two of the best places to announce guest blog posts.
• Include in your e-newsletter with a link.
• For a different twist - create a short video announcing your guest post - post it on your website, social media, and e-newsletters.
• Let your own blog followers know about your guest post.
  

Amanda Wodzenski is a regular blogger for the WSBA, and the owner of CRMastermind, a consulting company that specializes in CRM and e-mail marketing for Small Business. Visit her blog Your Small Biz Technocoach. The WSBA welcomes guest bloggers ; Contact Linda Handley, Executive Director WSBA for more info.

Guest Blogging... Part 1

Guest Blogging is a Powerful Way to Gain Exposure for you, your business, your website, your blog and more...

The most obvious benefit of guest blogging is increased traffic to your site. Guest Blogging is when you post on a blog as a guest author. You do not need to have your own blog to be a guest blogger. Guest Blogging is a tried and tested way to generate inbound links and traffic. Let's take a minute to explore some of the benefits and then get you started on securing guest blogging opportunities.

Guest Blogging is Free. This may seem obvious, but guest blogging is one of the most effective free ways to promote your website.

SEO. Whenever you guest post on another blog, you usually get the courtesy of 1 or 2 links pointed back to your website. If you make these links keyword-rich, you can really start to improve your website’s search rankings over time.

Reach New Communities and Topic Hubs. Depending on where you choose to post, you will be able to step out of your comfort community and share your story with a wider audience.

So, now that you are convinced, the question becomes....How will you find a Popular Blogger who is willing to publish your post? Here are some ideas.

1. Start building your portfolio by contacting guest bloggers you already know.

2. Do google searches to find opportunities. Use key words such as "Become a contributor” or "Submit a guest post"

3. Use one of the match sites such as Bloggerlinkup or that will match guest bloggers with opportunities.

4. Do not ignore the small blogs Small blogs have fewer bloggers pitching thier guest post ideas. This means that your pitch will stand out more, and you will have a better probability of having your post approved.

Next week --we will cover how to get the most of your posting -- once you have found a blogger willing to publish you. With that said, the WSBA and Entreprenuerial Empowerment has current opportunities available for guest bloggers. Please Contact Linda Handley, Executive Director, Womens Small Business Association with your proposals.

Amanda Wodzenski is a regular blogger for the WSBA, and the owner of CRMastermind, a consulting company that specializes in CRM and e-mail marketing for Small Business. Visit her blog Your Small Biz Technocoach.

Take the summer challenge: Strategies to Grow Your Business and Make the Most of Your Summer

It's the first week of June and panic slowly starts to set in. We are working hard to take our businesses to the next level, and we don't want to lose momentum just because it is summer. We need to challenge ourselves to work smarter in the summer months, keep the momentum strong, and enjoy the summer with our families. The challenge is to decrease hours spent and increase your profits at the same time.

• Really take a good look at your regular tasks and activities with the plan to eliminate. Scrutinize your task list and eliminate all activities that are not contributing to growth or profits.
• Only after you have elimated -- look to automate as much as possible.
• Hire a Virtual Assistant - summer is a great time to try a virtual assistant - even just a few hours a week can make a difference.
• Make Yourself portable - having both a laptop and a smartphone can tremendously increase your productivity and allow you to travel more.
• Get up 1-2 hours earlier - Use this uninterrupted time to get a jumpstart on your day. It is often possible to accomplish 2-3 times the work in these early hours
• Take and enjoy a much need non-working vacation.

Tips for Moms and Work-at-Home Moms

Summer is upon us and we still have the same amount of work, but children are now home. Here are some strategies to help you keep your sanity and thrive.

• Take advantage of youth summer programming for several weeks. Even half day programs can provide much needed blocks of time for working.
• Take your children to the library, park, pool, beach etc. Use your smartphone and laptop to work while they play. You can also use these opportunities to meet new people and network your business.
• Plan several activities throughout the summer - this will act as a forcing mechanism for you to have your work complete and your children will have these times to look forward to.
• Don't try to do it all. It is even more critical for moms to consider virtual assistants, childcare providers, and household help.
• Give older children additional chores in the summer - be sure to start this very first week.

I look forward to hearing your strategies for success in the summer.

Amanda Wodzenski is a regular blogger for the WSBA, and the owner of CRMastermind, a consulting company that specializes in CRM and e-mail marketing for Small Business. Visit her blog Your Small Biz Technocoach.

The 4-Hour Workweek: Escape 9-5, Live Anywhere, and Join the New Rich - Expanded and Updated

I am a huge fan of Timothy Ferris and the 4-Hour Workweek. So I was really excited to see the new Expanded and Updated edition. This is a crazy-fun book jammed full of sound, practical business strategies. Even if your ultimate goal isn’t to work a “4-Hour Workweek” this book can provide a much needed perspective on your 40-60 hour workweek. It is about liberating yourself by eliminating, automating, and outsourcing everything that you can – so you can focus on what matters most to you.

If you are one of the millions around the world who bought the original version of this ground-breaking guide to lifestyle design, you might wonder whether the new edition provides enough value to justify buying it again. The answer: absolutely. The core foundation hasn’t changed; rather case studies, tools, and tricks have been updated. If you are a first time reader --- grab a highlighter and notepad. This is one book that you will actually want to take notes as Tim guides you through the process.

• If you are a business owner, you’ll learn how to outsource many tasks so you can enjoy life more.
• If you are an employee, you will learn to negotiate remote work arrangements and work less.
• If you are starting a new business, you’ll find countless ideas on how to get started.
• If traveling is your passion, you’ll learn how to run your business from anywhere.

This book is an essential read for anyone who wants to dream big and follow through with those dreams. As a working mother and wife, I think some of my fun was just living vicariously through Tim’s adventures, but I did manage to pick up some great business tricks and tips along the way.

Amanda Wodzenski is a regular blogger for the WSBA, and the owner of CRMastermind, a consulting company that specializes in CRM and e-mail marketing for Small Business. Visit her blog Your SmallBiz Technocoach.

The Changing Face of Facebook

As business owners, Facebook is something we all need to keep our eye on. The scope of Facebook, and social media in general, will change our lives dramatically. We need to be prepared to take advantage of the next opportunity. Here are some stats that will knock your socks off.

1. Facebook is the #2 most visited website – second only to google.
2. 400 Million Users -- ½ of which log-in every day
3. Average time users spend on Facebook – 30min/ day

At last month’s F8 conference in San Fransisco, there were some major announcements from Facebook. Here is a rundown of some of the changes and additions

• Inside of Facebook the “Like” button has replaced the option to “become a fan”
• The “Like” Button will now be available across the world-wide-web. You can now “like” any website site that has a Facebook Like button on it.
• Facebook also announced the new Community pages. On each Community Page, you'll be able to learn more about a topic or an experience—whether it's cooking or learning a new language—and see what your friends and others in the Facebook community are saying about this topic. Facebook’s long term goal for these is to make them the best collection of shared knowledge on a topic. Interests and activities listed in a users profile will allow Facebook to recommend community pages to the user.
• Of all the announcements facebook made , Open graph is the most far reaching. Open graph will affect both Facebook, and ultimately the world wide web. Any website that integrates with open graph can now tap into Facebook’s vast array of user data and preferences to create a more targeted, personalized experience for the consumer. A great example of this is the Levi’s website – “where friends find, like, and shop for Levi’s”

What is your business strategy for this changing media?

Amanda Wodzenski is a regular blogger for the WSBA, and the owner of CRMastermind, a consulting company that specializes in CRM and e-mail marketing for Small Business. Visit her blog Your SmallBiz Technocoach