1. Do your homework and discover who the best partners will be for your venture. Just as everyone isn’t your customer, every business owner will not be the right joint venture partner. Don’t just send out blanket requests to everyone you know or have ever heard of. Select a business with a customer base that compliments your own.

2. Don’t expect that someone will want to do a JV with you just for “exposure.” The venture should fit into your partner’s marketing strategy or it won’t be worth it for them. You may not mind throwing everything out there to see what sticks, but that may not be their idea of a beneficial venture.

3. When you approach a potential JV partner, have all of your materials ready. For instance, if you’re launching a product have everything prepared before you contact prospective partners. It’s hard to take someone seriously if their website is under construction or their product isn’t ready. There’s nothing wrong with lining up partners prior to your launch, but it doesn’t send a good message if you’re throwing things together at the last minute.

4. Be prepared to invest in order to make your venture a success. I’ve encountered a few business owners who expected their JV partners to provide all of the materials – including donating free products and services. Don’t use a joint venture as a way to profit from someone else’s work. It’s called a “joint” venture, which means both parties are contributing.

5. Don’t forget to follow through and follow up. Things don’t always go as planned, but if you’ve promised to provide information don’t leave your partner hanging. Let them know what’s going on and follow through as soon as possible. The venture may be a one-time event, but it doesn’t hurt to check in afterwards and find out how things went for your partner (and let them know how it worked for you too).

Joint ventures are a way to build your business while you build relationships. You don’t have to go it alone during challenging economic times. When you join forces with other entrepreneurs, there are always opportunities for growth.

When I speak to entrepreneurs (and to professionals considering starting a business) usually the topic of selling will come up. I don’t know many people who will admit to liking it or even having much respect for it. That’s probably because we tend to have the idea that selling is a negative thing to do. We may think that it’s about forcing people to buy things they’d rather not – similar to what happens when telemarketers call you just when you’ve sat down to dinner. Even when you tell them that you’re not interested, they’re not taking “no” for an answer.

Though that is an extreme example, I think there is a deeper reason why selling has such a negative connotation. How many of us have been brought up to believe that we shouldn’t blow our own horn? Usually being humble and self-effacing is held is much higher regard. This can stop us from talking about what we can do for our clients. If you’re uncomfortable talking about the value you offer, or if you have low self esteem, you won’t believe that your product or service can be of help to someone else.

We are bombarded all the time with messages about products and services. It seems that someone is always trying to get us to buy something.  At times it may feel that they aren’t necessarily caring about our needs as much as they care about getting our money. For that reason a business person may to believe that in order to sell, they have to be overbearing, deceptive or manipulative to achieve their ends.

In truth, none of that is really true. If you are solving a problem for your clients, then you won’t have to force them to buy what you’re selling. If you are connected with your target market, and really want to solve their problems (because you know what they are) then closing the sale won’t be the same as forcing a sale.

Selling by forcing yourself on anyone and everyone is not necessary. Selling through building relationships, solving problems and giving your clients what they want will be a win for you and for the person buying your product. Believe in yourself and in what you are providing, and you won’t have to fear making the sale.

A couple of years ago two large wine stores opened up in my town. In that same area there were already 3 other stores within about a five-minute drive. I wondered how all of these stores would survive in a small, yet densely-populated suburban area. Right now one of the larger stores is on the verge of closing, and the other new store seems to be doing a brisk business. What was the difference? The last time I went into the more-successful of the two stores, the employees all went out of their way to greet me. The cashier was friendly and the entire experience was very pleasant. They decided to let everyone who walked in the door know that it mattered that they were there.

When it comes to pleasing your stakeholders, it’s not just your investors, or partners or bankers. You have to go out of your way to let your clients and prospects know that they’re important. That also includes honoring your commitments, paying attention to your client’s wants (which may not be the same as their needs) and giving them value.

Some business owners feel that cutting back on prices is a way to keep business coming in the door – or keep it from leaving. The downside is that price cuts can only last so long. You have bills to pay and expenses to meet. Cutting back on your worth will not be a sound business strategy for very long. Besides, those prospects who buy on price won’t stay because you lower it. Instead of putting yourself into that no-win situation, give your current clients more service and make them happy to keep coming back.

So what are some ways to boost your customer service?

• Ask your clients what they want – don’t assume that you know.
• Make contact with your clients, face-to-face or by phone. Set aside a time to check in with them just to see how they’re doing.
• Think out of the box for ways you can implement new services or products. Don’t just follow along with what everyone else is doing.
• Stay enthusiastic about your business. If you’re frustrated or afraid you’ll create a self-fulfilling prophecy.
• See if you can freshen up your marketing or use different ways to reach out to your clients and prospects.

Right now a lot of business owners are pulling back or thinking in negative, defeating ways. The business owners who find new ways to delight their clients and prospects will continue to build their businesses or discover new revenue streams.

Now is the time to look at your business and determine whether or not you are ready to deal with the upcoming challenges. My own business has experienced various changes since I began it, and I am still in the process of tweaking things here and there.

I started out focusing on being a life coach, then I decided that I wanted to leverage my experience blogging about career issues, and do career coaching. At this point, my ideal clients include employed professionals, entrepreneurs and employees looking to transition into owning their own businesses.

I’ve decided to focus more on entrepreneurship because it’s in line with my business vision, which is to support women’s economic empowerment. So, in order for me to follow through on this vision, I have to take a look at where my business is now. How can I position myself to meet my ideal client and be of service to them? Am I prepared to put products and services in place to serve these clients and create a profitable business?

It’s easy to get caught up in the negative media and believe that an economic downturn means bad times for all small businesses. However, if you understand who your client is and what you can provide, you’ll be in a better position to prosper while others are struggling.

What are some things you can do to determine the state of your business?

• Do you know who your ideal client is? Who can benefit from buying your products and services?
• What do you want to achieve in 2009? Do a gap analysis to determine how far away you are from that goal.
• Is your web copy and social media profile in line with your unique selling proposition (USP)?
• Go over the financials. How are you positioned to weather the economic storms?

Tough financial times can inspire us to dig deeper to find ways to connect with potential clients. It can also be a time of creativity. We can turn obstacles into opportunities by thinking out of the box to create new and exciting products and services.

If my potential client feels they can’t afford coaching, then perhaps I can offer products such as e-books, audios and videos in addition to private coaching. I may even end up being able to reach more people (and make more money) in the process.

Seeing opportunities where others see roadblocks will help you to increase your exposure and explode your business. If you take a look at what you have to offer, and if you are willing to think in new ways, you may find that your business is in excellent shape.  Once you do a check on the state of your business, you may find that you are on track to make 2009 a prosperous year.

Over the past few years my business has changed as I’ve learned and grown. When I started my vision was just to have clients and get paid regularly. However, as I went on I realized that I had to have a vision of where I wanted to be and how to get there.

I have a writing business and recently started a coaching practice. My writing projects mostly come through referrals and through people finding me on social media sites. My coaching clients so far have been people I’ve met personally, as opposed to people who happened to find my website. In order for me to have the time to maintain my social media presence and go out to meet people in person, I needed to hire some help. So, after some consideration I hired a virtual assistant to help with administrative functions. Even though I was reluctant to make the financial investment, I knew that if I wanted to go to the next level, I’d have to start delegating certain tasks.

When I created my coaching business I called it DBC Communications, LLC. My intention was for it to become an umbrella for my writing and coaching services. My vision is to have a business beyond where I am right now. So the decisions I make have to be with the end result in mind.

Recently I started an internet radio show on Blog Talk Radio called, “Women Entrepreneurs – The Secrets of Success.” I started out asking a few contacts to be on the show. I thought I’d do a small amount of shows and then that would be that. Instead the response has been overwhelming and within a week I’d scheduled enough guests for three months of shows. My virtual assistant has been assisting me with scheduling. Because I was proactive, I had someone in place to help me deal with the additional work.

Are you being proactive in making decisions about your business? Here are some points to consider.

1.      If you really want to grow your business, you can’t do it alone. Make an investment in your future by delegating tasks that others can do.

2.      Instead of asking yourself can you afford to hire help, ask if you can afford not to. Identify the areas where you are spending time on things that aren’t helping your business to grow.

3.      If money is not available right now, consider bartering your services. Are there ways you can help someone else while they help you?

Being proactive means preparing for the future today, as opposed to waiting until your business grows, then taking action. When we start our businesses we usually have to do it all, but once we get to the growing stage we have to look at our business vision. Where do you want to go and how will you get there? If you’re not proactive, you won’t be prepared when the opportunity arises for you to go to the next level.    

When I started my writing business three years ago, I was certain that I knew exactly what I wanted. After all, I’d been a writer for most of my life. Leaving the corporate world to become a freelance writer seemed like a natural extension. What I didn’t anticipate was that though I’d read business books, joined business organizations and went to business meetings, I had no idea how it would feel to be in business. I didn’t realize that my multitasking skills (honed in the world of corporate IT) would be stretched to the limit. I didn’t know that I’d become bored with being alone as I worked long hours from my home office.

Three years after going into freelance writing, I found a reason to get excited again when I started a coaching practice. Inspired by the prospect of being able to support and motivate others, I signed up for coach training. The unexpected benefit of the training has been that I’ve connected more with my real desires. The clarity I’ve gained has shown me that there are no limits to what I can do or how far I can go.

One thing I’ve finally accepted is that I am an entrepreneur. Yes, I know that’s something that should have been obvious since I’ve started two businesses. I’d just never known that being an entrepreneur was deep within me all along. Through all those years in corporate life, I hadn’t understood why I’d been so restless. Now I know, and I am embracing it fully for the first time.

Have you ever found yourself at a crossroads? If you’re wondering if you should go in a new direction, consider this:

1. Has your dream become a disappointment? Write down the things you love about your business. Then write down the things you don’t like. Consider both lists and make an honest assessment in order to find out if you’re just in a slump, or if it’s time to make some major changes.
2. Do you want to start a new business or add a new service, but you’re afraid of making a change? Listen to that “small voice” within. It may lead you to new opportunities if you trust it.
3. Entrepreneurs dislike being bogged down in details. If you can delegate or outsource some of the work that you dislike (for instance, administrative or bookkeeping work) you may find yourself with more time to focus on your business – and reignite your passion.

Recently I bought a camera, and I’ve been rediscovering my love for photography. Perhaps I can find a way to put all of my interests together into yet another business.

At first I was reluctant to release the past, or to change direction. I had to remind myself that I left the corporate world because I didn’t want to stay confined within a box – or a cubicle. The best advice I can give is to dream big and to continue to walk through those open doors.

As a business owner with two businesses: writing and life coaching, my list of things to do and follow up on has increased. Marketing, selling, and managing two businesses have to be balanced with taking care of my home and personal life. Where do I draw the line when taking the time to call a friend may mean less time for me to write an article? How do I get myself to focus on chores when I would much rather be working on an outline for my book? Not to mention the times I’ve turned on my laptop before I’ve had my morning coffee only to look up and find that it’s already time for lunch.

There has to be a negotiation between the business side and the personal side. Yes, they are both part of one person, but they probably don’t have the same priorities. Devoting ourselves solely to our businesses means that a very large part of our lives is being left out. Sometimes feeling just as burned out as I felt when I was in my corporate job. While I know that working for myself often means long hours, when it starts feeling like “work” then I know I’ve gone too far.

Returning to my center and negotiating between the business work and the personal life is not easy. Some personal things on my “to do” list – like laundry and housecleaning – are not exactly exciting. I’d much rather be writing or working with a client. However, the chores (and the fun) are a part of life and to neglect them because I’m only focused on the business will throw everything out of balance.

What are some ways to negotiate through business and personal needs?

• Set a time to start and stop working.
• Have time that is strictly family time or friend time.
• Schedule appointments on your calendar for things like going to the gym or getting a manicure.
• Determine your best work times during the day. When are you the most productive? Use those hours for business. Perhaps less productive times can be saved for chores or simply relaxing.
• Don’t work endless hours believing that once you’ve made a certain dollar amount, you’ll slow down. You won’t. Start now and build the foundation for balancing your business and personal life.
• Make your family and friends partners in your success. Let them know that you’ll still have time for them and set aside that time.

It’s exciting to have your own business, but don’t neglect the other parts of your life. Success isn’t just about a dollar amount or how many business you build – it’s about enjoying your success in all parts of your life. Take the time to make the negotiations between, around and through the challenges so that you can create the life of your dreams.

When I started my writing business I joined a few organizations, signed up for all kinds of services and attended many different networking events. As soon as someone told me about some new group, I signed up. I thought that as a business owner I had to be a part of every business organization and attend every event.

In time I realized that every event and organization was not helpful or worth my investment. I learned the hard way that though something may seem like a good idea, it may not be the best idea for you or your business. I started to pull back on memberships, subscriptions and services. As far as supplies, I kept a more careful accounting of what I was using. It’s amazing how expensive it can be when one adds up costs for ink and paper! In my corporate job I was used to printing and copying documents without thinking about the cost.

In time I also started to think about what books and home study courses I was buying. As soon as I’d read about a new book or set of materials that would show me how to grow my business, I would go and buy it. Then, inevitably the book would sit on my shelf collecting dust because I had no time to read it. I spent the first year of my business spending a lot of money that I now realize could’ve been directed elsewhere. Though it can be frustrating to look back at my lack of awareness about what was worth investing in (and what wasn’t) it was a learning experience. Being a business owner means that a lot of your learning will involve a great deal of trial and error. You try something and if it works you do more. If it doesn’t work try something else.

Consider these spending tips:

1. Set aside a budget for business books and materials before you start buying.
2. Keep track of expenditures in an Excel spreadsheet if you can’t afford to buy a more expensive software program
3. Be realistic about the money you need to spend to keep your business running. Not investing in hardware or software upgrades may hurt you more in the long run.
4. Can’t afford to have an elaborate website designed? A web presence is essential for a small business. At the very least invest in a domain name and get email capabilities, then use a free blogging account to host your web page.
5. Consider using free or low-cost social networking sites as an alternative to attending more expensive networking meetings and events.

It’s important for business owners to have a realistic picture of their finances. I know it may seem overwhelming, especially if you don’t consider finance to be your strong suit. However, just taking the time to look at what you really need to spend right now (and what can wait) can help you stay solvent during times of economic churn.

Once I transitioned from my corporate job, I decided to start a virtual assistant business. I did that for a while and got a few clients, but I never felt completely committed to my choice. About 6 months into it I decided to be honest with myself. I wanted to feel passion about what I was doing, and the one thing that really made me feel that way was writing. So, I changed my website, got new business cards and redefined my business.

Now that I’ve been in business for a couple of years, I’ve decided to make changes yet again. In addition to writing, I’m emphasizing my editing skills and helping other business owners with their marketing communications.

There’s no rule saying that once you start a business you can never do anything else with it – or that you can never have multiple types of businesses or services. Having your own business gives you the freedom to change when you see new opportunities. 

The changes in your business will also reflect the changes going on inside of you. As you evolve and gain confidence you’ll set your sights on new things that you want to do and achieve. It’s important to find that thing that you feel passionate about. Once you feel that excitement, you can take that energy and channel it into growing your business. That energy will also serve you when things aren’t going the way you’d like, or when you have doubts or are around negative people.

Don’t feel as though you have to stick to your first choices. As you discover your strengths and find the things that excite you, you’ll grow beyond what you initially believed you could do.

Positive effects of change in your business can include:

1. Opening up new streams of revenue as you add new products and services.

2. Becoming more of a risk taker and trusting your intuition when you have new ideas.

3.  Reaching new customers you never knew existed.

When I decided to add new services to my business, I was afraid that I would have to start all over again. I’d put time into my business and I didn’t want to give up what I’d gained in order to start fresh. Fear of change can keep us stuck even when we want to go in a new direction.

If you have a new idea, or want to create a new website or new marketing materials, go for it. Have a new product idea or new services? Start working on them. You never know where that idea will lead you. Go ahead and start that blog or create that podcast to reach new customers. As your business changes, don’t be afraid to change your marketing strategies. Making changes in my business has given me a lot of new ideas and has re-ignited my passion. When we look at change as a positive, we can see opportunities for continued growth and reasons to stay excited about our businesses.