Tag Archives: Sales

MOMPRENEURSHIP

Ten months ago, I became a mom for the first time. Four months after that, my second baby was born. I know the math seems kind of weird, but that’s because the second baby was my Etsy store, Casa Confetti. Yes, I started a business with a four-month-old. Yes, it’s been CRAZY. It has also been one of the most rewarding things I have ever done, and although I’m still learning to juggle motherhood and entrepreneurship (a.k.a. mompreneurship), I wanted to share a few things I’ve learned along the way. Maybe this will inspire some of you who are on the fence to take the plunge and join me on this crazy journey. Come over to the dark side. We have cookies. And milk (of a different kind).

Identify a need and carve out your niche.

I started designing invitations and printables while planning my wedding, when I decided to save some money by making my own welcome cards and favor tags. But it wasn’t until I was pregnant with my son and planning my baby shower that I really hit my stride. I had become seriously obsessed with finding the perfect baby shower invitations, and no matter how hard I looked I just didn’t see anything that fit my style. I finally got so exasperated that I decided to design my own. Without realizing it at the time, I had found my niche!

Know your market.

By the time that I decided to take the plunge and start Casa Confetti, I was pretty much an expert in the Etsy printable invitation market. I knew what search terms yielded what kinds of results because I had run so many searches myself, which allowed me to tailor my product descriptions in order to maximize views. I knew what other Etsy stores charged for their products. And I had identified the major players in the printables market, because I had seen their names pop up in searches over and over again. A little more research into the nuts and bolts of setting up an Etsy store and I was ready to go. But I can’t stress how important doing this kind of background research is – you’ve got to know your market! And studying the habits of other, successful entrepreneurs is a must.

You can’t do it all, and that’s okay.

Being a mom is a 24/7 job. Being an entrepreneur is a 24/7 job. So, yes, a lot of the time it feels like I’m trying to squeeze 48 hours into a 24-hour day. And I don’t really know how to do it. It means that a lot of the time, a lot of things don’t get done. And that’s ok.

As a mompreneur, you need to be realistic. Everything takes about ten times as long to do with a child. Of course I wish I could sit in a quiet space designing invitations all day, but that’s not an option with a tiny tyrant around. Instead, I work with what I have. Coming up with a new, original design takes lots of time and energy, so once I do one, I make tiny edits and squeeze out about ten different variations from it. It becomes a baby shower invitation, a birthday party invitation, and a bridal shower invitation. I make a few minor changes and, voila! Three additional products.

My best-selling items are baby shower and first birthday invitations, because that’s what I know best. It makes me happy to work with customers who are in the same life stage as me, so I try to stick with that. Eventually I’d like to break into weddings, but for now, I like where I am. Which brings me to my next point.

Love where you are.

The flexibility that being your own boss affords you is invaluable when you’re a mom. Even if I have to work until 2 a.m. to fulfill my orders from that day, and then wake up at 7 a.m. when my husband brings my crying baby to the bed, the fact that I can be there for the little things makes all the difference in the world. I can put off orders for an hour to take my son to the park. I am hyper-diligent about getting orders out almost as soon as they’re received, so that if my son, Levi, is having a bad day, I can afford to spend time with him and cut myself some slack.

Any entrepreneur can tell you that starting your own business is full of highs and lows. Some days I feel like I don’t even have time to breathe. I’ll be bombarded with orders and questions from potential buyers, and I find myself questioning how in the world I’ll get it all done. Other days are slower, and having Levi there as a constant makes it easier to ride out these lows. I’ll start to feel down on myself for not being at the level where I feel like I should be, but then I remember that part of the appeal of this job is having time to spend with my baby. If I can do that and still make money, then it’s going as well as I could ever hope.

Don’t sell yourself short.

Even before I had Levi, the question started popping up in almost every conversation: “So, are you going back to work?” The truth is that at first I didn’t know the answer. I knew that I didn’t want to work full-time, but if I was being honest with myself, I wasn’t sure that I was willing to go the full-on, stay-at-home-mom route either. Motherhood had given me this crazy surge of courage. I firmly believe that the best gift you can give your child is a happy mom. So I got to getting happy.

At first when people asked me if I was back at work, I’d get embarrassed and kind of mutter under my breath, “No, just staying at home.” But I wasn’t JUST staying at home! I was working 24 hours a day! I had started a business and had already had more sales than I could have ever anticipated. So I’d quietly add, “Oh you know, it’s no big deal, I just started a little Etsy store on the side. It’s silly.” But then my store started taking off, and I started to feel immensely proud of my store and my ability. I realized that I had been selling myself short – if I were a man, I’d have been introducing myself as a CEO. So why as a woman was I “just a mom?” Once I changed my attitude, I started feeling so much more fulfilled and empowered. I get to spend time with my son and still make more than I was earning as a lawyer. As everyone says, the key to having it all is realizing that you already do!

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Gaby Abrams is the owner of Casa Confetti Party Designs on Etsy and a stay-at-home mom to Levi (10 months old). She lives in New York City with her husband, Jake. Prior to having a baby and starting Casa Confetti, Gaby worked as a lawyer. Follow Gaby on Instagram at @casaconfettishop or email her at [email protected].

Start Preparing for 2016 NOW: Gain Momentum Heading Into Next Year

It’s now December 2015 (wow that’s crazy to think about!) and we have one month left in the year. While New Year Resolutions typically get all the rage around this time, this year I’ve been trying something much different so I can hit 2016 with serious momentum. Why wait to get started on getting better at a mostly arbitrary point of time?

Personally, it’s the beginning of week 7 of sticking to a legit workout/training regime. I’ve been working on improving my Spanish almost daily in the same amount of time as well. And, I just relaunched my new website and blog. Sure I could’ve waited until January 1 to begin, but why when now is the perfect time to begin getting better (or even better: yesterday).

Of course that doesn’t mean you shouldn’t enjoy the holidays and indulge in the parties, family time, and especially great food and drinks. However, you should simultaneously begin planning for next year as well, both personally and professionally (this post will stick to the “professionally” part). Otherwise January 1^st is going to smack you in the face with the inevitable onset of panic and regret.

Here is my list of the top 5 things to consider, plan for, and think about implementing in your business, etc. for next year. Of course there are about a million others, but for brevity’s sake (if you’re into the whole brevity thing) I’ll keep it short so you can get back to your holiday shenanigans.

Rethink Money.

This may seem obvious but cash, checks, and credit cards aren’t the only way to pay for things, nor to get paid for the products and services your business provides. Electronic currency is extremely convenient and safe. For example, it’s quite common that I get paid for a project via PayPal (whether via their PayPal account or their credit card), and subsequently pay a company expense via my PayPal debit card or by transferring immediately afterwards. All this without having to deal with a bank in the middle or crazy credit card transaction fees.

There are also a ton of benefits in using Venmo, Square, Apple Pay, etc. Lastly, while it may take a little more time to yet to go mainstream, I’d also be thinking about how to implement BitCoin into your business as well.

CRM & Marketing Automation

I’ve been preaching this one for years now, yet people still keep pushing it off because of the perception of extremely high costs both monetarily and in resource allocation. Sure a well implemented and administered CRM and Marketing Automation program remains a relatively expensive investment. But the cost of not utilizing these tools is even greater, and the ROI more than makes up for it.

While you may not want to admit it, your competitors most likely have a program either operational or at least in the works. Soon just having one isn’t going to be enough to remain competitive either, as economies of scale will be reached and adjustments will be made. There are approaches and methods to get a program implemented in a cost effective manner, and I’d love to be your resource to show you how.

Content Marketing: Video in Particular

Content marketing includes your blog, social media posts, ebooks, how-to guides, white papers, podcasts, etc. (You do have a content marketing strategy, right?) All of these will remain extremely valuable in 2016 of course and leveraging them is still a great marketing strategy, however the one that will continue to trump them all is video. Again, this isn’t anything new, however the impact of video is going to continue growing even more. Whether you begin leveraging 6 second Vine clips, hour long webinars, or 20 minute “fireside chat” videos like my boy Gary V, you really need to think of creative ways to incorporate videos into your 2016 strategy.

I’ll admit this hasn’t been a strong suit of mine in the past either, which is why I made it my mission to partner up with an excellent team to not only deliver video services to my clients, but for my personal/WIMS, Inc. 2016 video content strategy as well.

Online: Improve Mobile

You most likely already have a website, and maybe you’ve even incorporated some SEO to the back end as well. You’re absolutely set now right? Not quite. The numbers showing how many people are now solely viewing website content on their mobile devices is staggering. Fortunately, most website publishing and template companies like WordPress and Wix come with complementary mobile optimization capabilities. But if you created your website a long time ago, or if you haven’t tested your mobile site recently there may still be some issues. It’s well worth getting this right now.

Extending this further is the still growing world of mobile apps. I won’t say that you absolutely need to create an app right now for your business to survive, but if you can identify potential value in having one then it’s at least worth exploring. Costs to create them have been significantly reduced due to economies of scale and improved technique. There’s even a free tool called Yapp that allows you to build a bare-bones version of an app, and it’s definitely worth taking a look.

Operations: Reduce Costs; Increase Productivity & Sales

You may think you’re already operating on a bare bones budget, and perhaps you are. But there are always areas to cut back on, especially for mid-large professional services firms. The biggest area is human resources, and by extension the overhead to support it. You may love having an in-house marketing department and beautiful office space for vanity purposes. In reality though, rather than allocating such extensive resources that aren’t very efficient you could pay for work output and space as needed, rather than 24/7 in the form of salaries, benefits and a huge office location. You can dramatically reduce costs while improving efficiency and productivity, which in turn will increase revenue and profit margins. There obviously isn’t one perfect way to go about this but it certainly worth thinking about objectively.

Hopefully you’ll find at least one or two, if not all of these insights valuable as you begin winding down the year and preparing for next year. If nothing else I hope they at least get you thinking and the wheels turning. The main thing I want to reiterate is to not forget your goals and lose focus for an entire month. There are 31 days left to do great work, crush some of your lingering goals, and hit 2016 with serious momentum. I guarantee you won’t wake up on January 1^st regretting that you did.

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The New WIMS Inc: Putting In-House Marketing Departments on Notice

Unlike my typical blog posts, this one is certainly going to piss people off, including current and former colleagues, friends, clients, and prospects. While I usually try to avoid that, I can’t any longer as some things just need to be said. Change can be a scary and complicated thing, but there’s just a better way to do business and it’s nothing personal.

Now, the trend of outsourcing is far from a new or innovative concept. Yet companies like professional services firms continue to allocate extremely high budgets of $500,000-$1,000,000 and often much more to their in-house marketing departments. They do this despite the fact that they could spend a fraction of the cost while simultaneously getting significantly better service and results.

Regardless if you prefer to keep your team in house or to use a consulting firm, one thing is constant in either case, you need to DEMAND to see ROI. There are some advantages to keeping the team in-house I’ll admit that, but you should at least be able to make an apples to apples comparison between both approaches.

The way to do that is ROI, the objective metric that evens out all playing fields. I’ve seen many CMO’s apply the “smoke and mirrors” strategy year after year. They avoid accountability by overlooking past failures while waving the amazing, shiny new “marketing strategy” that they’re going to deploy this year. This is often just the old strategy repackaged to appear new however. CEO’s looking to avoid conflict accept it as a cost of doing business and then proceed to kick the can further down the road.

Now while there are plenty of exceptions, as there always are when dealing with people, there’s something I’ve often observed in the corporate world, I call it the “comfort theory.” Essentially, when you’re paying someone a predictable and stable salary it inherently allows most people to start cutting corners and reducing the quality of their work because they can get away with it. Not only is there a reduced quality of work, but why subsidize employee’s internet browsing time and social media addiction when you can just pay for the work that’s actually done. Besides, I doubt they’re going to give you a cut of their fantasy football winnings despite squandering hours a week of your time managing their team.

Don’t just take my word for it, conduct your own experiment and see for yourself. The next time you’re in a meeting with your marketing department demand more out of them or suggest changes, and watch the level of pushback, reluctance, and resistance you get. On the contrary call a consultant about a new project idea and watch them passionately geek out about all the possibilities.

I understand the comfort of familiarity and the status quo believe me, but is it really worth spending $50,000-100,000 on a salary for someone to just write an occasional blog post or article, blankly stare at a twitter feed, or create an occasional ad. You can get the same result or better for a tenth of the cost in many cases.

As another experiment, this Friday afternoon say around 3pm, take a walk around your building and see how empty the offices and cubicles are. The mentality of being an employee and working for your boss vs. being a client and working for your business partner can’t be compared. Working with independent contractors that need your business takes the quality of work to another level. They are mini-CEOs trying to better their lives, they’re not just punching a clock while desperately waiting to leave the office early on Friday afternoon. They’re the ones working at midnight on a Saturday because they’re hungry and ambitious.

You create the best work when you absolutely need to, like when writing a paper the night before it’s due. There’s something about having your life depending on it that generates this hyper-focus of productivity. Imagine having a team of people producing this kind of work every day because that’s how they approach their live, very deliberately.

Typical counter-arguments for in-house departments include things like, “oh but we know the brand so well,” or “what if someone urgently needs a brochure for a sales call?” It may not be a popular sentiment, but people are easily replaceable. We work with various brand guidelines all the time and pick them up very quickly. Also, I’ve seen countless desks with stacks of brochures piled high collecting dust, as much as marketers may try to convince you otherwise, your beautiful brochure is not what’s going to win you new business, relationships are.

Perhaps this post is like that old “Magician’s Greatest Secrets Revealed” show where the masked magician showed you how the tricks were really done and made a lot of magicians extremely angry. If you’re feeling that way right now I hope you take this opportunity to step your game up and prove me wrong.

Changing a decades long mindset of keeping marketing teams in-house is going to require evolution and a rebuilding process, but there’s definitely hope. It will force people to BE BETTER. Think about the Golden State Warriors a few years ago. They were very bad, but they had some decent and promising players, they stuck to their long-term plan to build their team, make a few strategic moves and then a few years later they won a championship. The metaphor is very relative in business as well.

For the sake of full transparency, this long-winded blog post has the additional goal of announcing the new WIMS, Inc. We now offer a complete suite of marketing, CRM, and business development services that are provided for literally a fraction of the total cost you’re paying for your entire marketing department. By leveraging strategic partnerships and a deep team of independent contractors we are now able to offer literally any marketing service, and to any size firm in any industry. If you’re interested in video, we can develop the content, build an entire distribution network, and even create your own online channel. If audio is your thing, we can help with the creation, publishing, and promotion of your own radio show and/or podcast. If you need a website, an ad campaign, online content creation, or social media network, whatever it is you’re looking for, we can help facilitate.

Give us a call or send us an email and we’ll be happy to provide you with a FREE consultation to see if our companies would be a good fit to work together. Part of building strong long-term relationships includes occasionally offering some free advice, which we do happily. What do you have to lose by at least evaluating whether it’s worth pursuing a potential 6-figure a year cost reduction in your marketing expenses?

Cut Your Teeth

Little did I know when I first heard this rather graphic and cringe-worthy phrase how literal it could be. If you haven’t heard it before, this will explain it for you.

But first to quickly digress, after receiving such positive and encouraging feedback from my post last week (if you haven’t read it yet, you can check it out here) I figured why not tell another embarrassing and self-depreciating yet important lesson learned story. That being said, if you want more of these types of posts please let me know, and on the contrary if you’d rather me go back to providing more practical marketing/entrepreneurial advice I can accommodate that as well, regardless I’d love to hear your thoughts! Now back to the story.

A couple months ago on a Friday evening, I had just arrived to Miami for a business trip. I had driven about 11 hours straight on limited sleep as it is after a few late nights working. Needless to say, I was extremely relieved to arrive at my best friend’s place where I was staying that first night and immediately poured a glass of wine after walking through the door. I didn’t even make it through the first glass before getting up to walk to the bathroom. But on the way, disaster struck!

Somehow out of nowhere I fainted, falling face first into his granite sink and literally cut my tooth in half, while chipping several others, and bit through my lip. To add insult to injury my limp body subsequently collapsed into a kitty litter box, which thankfully at least had recently been cleaned out. I came to a few minutes later laying in the litter box, and lots of blood all over me. For full disclosure’s sake, the picture above is not of me, my accident looked much worse.

Luckily my friend and his girlfriend were there to help clean me up, and get me back to the couch where I promptly received 1950’s era medical treatment, i.e. a towel, a bag of ice, and aspirin. Of course I didn’t have health insurance at the time (nor dental) so I essentially had to just suck it up. That’s one of the trade-offs you have to sometimes make when going from a corporate gig to becoming an entrepreneur.

I spent the rest of the weekend sleeping, recovering, and mulling over whether or not to just head home with my tail between my legs and finish recovering with my fiancé in the comforts of my own home. Considering I can be a little vain, and didn’t want people to see me looking like that, I came very close to making that decision. Not to mention I had a feeling my reputation as a partier would generally be considered the culprit for my accident, and I wanted to avoid the condescending, “uh huh, sure that’s how it happened…” comments that would likely ensue.

Obviously, I didn’t make what in hindsight would’ve been a very poor decision or I wouldn’t be telling you this story now. Come Monday morning I decided that despite how much pain I was in, and how bad my face looked, I needed to rally and make the best of the trip.

As an entrepreneur you don’t have the luxury of taking a paid sick day. I knew I desperately needed to close business while I was there so I mustered all the courage I could, bought a BIG bottle of ibuprofen, and got to work.

An hour after making this decision I got a call about an opportunity I hadn’t even anticipated with a potential dream client. Since I was still in town I was able to make some moves, and ended up landing it! That client then led to another big opportunity with another client in Miami as well. Not to mention I was still able to attend the HYPE Awards with an interesting yet lisp-y story to tell.

Not only does being an entrepreneur, or any professional for that matter, require skill, intelligence, and hard work, but it also requires a little grit and relentless determination as well. The easier and comfortable decision is always to give up and call it a day, but that’s not what’s going to make you successful. Sometimes you have to learn by figuratively cutting your teeth, and sometimes it takes literally cutting them to learn what you’re capable of.

Running Out of Runway

Typically I don’t discuss my personal life or experiences in this forum, I now realize how much of a missed opportunity that has been. While people sometimes enjoy reading how-to guides and the “Top 10 Tips for X,” it’s the personal, and hopefully relatable stories that really move people and resonates with them. This story is about the moment when you get the sobering realization that you are speeding rapidly down the runway, and you better take off very soon…

So, a couple of weeks ago, my fiancé and I were invited out to dinner with my future in-laws. Initially it seemed normal enough, and I didn’t think much of it as dinner with them is pretty common. But then all of a suddenly it dawned on me, I was about to get grilled.

To set the scene a bit, while my future father-in-law is one of the nicest men around and we do have a great relationship, he is also a typical alpha-male and very successful self-made entrepreneur in the aviation industry. He knows better than anyone the struggle it is to start your own business, but at the same time he also has his only daughter’s present and future to be concerned about, and he wanted reassurance that both were in good hands.

Now, I’m an eternal optimist for the most part, so I excitedly began telling him about all the amazing opportunities I have going on, the wonderful current clients and projects, the great prospective ones coming up, etc. Success is a foregone conclusion in my mind, and only a matter of time. The thought of failure doesn’t even cross my mind.

Needless to say, he was thoroughly unimpressed. He had heard similar things like this from me before but at this point wanted to see real tangible results. He now wanted me to put a deadline on when, if I wasn’t making enough money that I would give up my dream, face reality and get a real job to make real money. Up until this conversation I hadn’t really made the connection that what some people (like myself) consider optimism, others consider bull shit. I can’t say I blame him. After all, over a very long career he’s seen it all before, and seen many optimistic young men just like me with all the passion in the world still fail.

Gulp!

While I was feeling pretty down after this conversation, I certainly wasn’t going to let it defeat me. After the initial sting wore off I realized that I had two choices: I could take his advice and go update my resume, or I could use it as motivation to light a fire and get back to work.

Obviously I chose the latter, as some of the recent success I’ve been having prior to this was extremely encouraging and I just know that this is what I’m meant to be doing. But I also knew that I needed to tweak my approach.

Now I have simplified my priorities to the following: provide exceptional service for the clients I already have, track my time and bill them regularly (unfortunately collecting is by far the hardest part of being an entrepreneur), and then focus on bringing in new business after the first two are covered.

At the time it was a very awkward and uncomfortable conversation with my future father-in-law, but in hindsight it was very necessary. In the couple weeks since I’ve been much more focused and disciplined in the day-to-day operations of my business. I’ve always had a keen instinct for self-preservation (that’s even more so now that I have others to take care of as well) so there’s really no greater motivation than realizing that if you don’t soon take off, you’re going to crash and burn.

The Gaping Hole in Capital Funding

Along with countless other entrepreneurs out there it has been nearly impossible to acquire funding for my consulting firm, WIMS Consulting. It’s a constantly looping game of “chicken or the egg.” You can’t get a business loan or start-up funding without demonstrating two-three years worth of income. Simultaneously you can’t grow your business to a sustainable level without having an appropriate amount of capital. See the dilemma?

While I’ve been fortunate enough to walk this tight rope since I launched my business back in March, at some point the only way my business can truly grow is with additional external funding. Only that’s much easier said than done, as you can only operate on retainers and short-term projects for so long before the bills start piling up. But for professional service businesses like mine it’s difficult to show predictable and sustainable revenue in the beginning. It’s not only the case with consulting; it’s the same whether you want to start an accounting firm, a law practice, a hair salon, or photography studio among countless others.

Perhaps I’m just going about it all wrong? I certainly realize that’s a distinct possibility. To quickly digress, this isn’t meant to be a “woe is me” post, I may have to struggle now but don’t get me wrong, it’s been the most exhilarating and rewarding experience I’ve had in my professional life to date. But in case I’m not the only one stuck in this catch-22 let’s review the existing options out there along with their shortcomings.

The first one that comes to mind is going to an actual bank. Theoretically their sole purpose of existing is to give access to capital to those that need it, right? Ha! Unfortunately that is far from the case. They only loan money to those that already have it and don’t need it. Even when they do consider shelling out a measly slice of the multi-billion dollar pie they’re hoarding they make you jump through insurmountable hoops while holding you hostage throughout the entire process.

After banks the idea of peer-to-peer lenders came to mind. Companies like the Lending Club would be more understanding that I can’t provide two years of my business’ tax returns because I just started it, right? Wrong. It doesn’t matter how much money you made at your previous position, starting your own business deems those years of income moot.

Unless you have a world-changing technological innovation or company that can prove solid cash flow over multiple years, venture capital and private equity aren’t really an option. Not too mention the equity hit you’ll have to take for them to give you the time of day typically isn’t worth it either. Moving on.

I finally found the ideal solution, or so I thought. Crowdfunding is all the rage these days and the success stories receive a ton of media attention. While it has been a step in the right direction, and has done wonders for things like financing movies of old TV shows and launching innovative new products like the Coolest Cooler, it doesn’t help much when you’re starting another “boring” service business. I tried getting in on the action by setting up a GoFundMe account; sadly it still remains bare after several months. There remain challenges with this approach, but at least upcoming (still pending) changes allowing the incorporation of equity provides hope.

What’s left is the dreaded and awkward “friends and family” option, another far from perfect one however. This is especially true in my case as I personally come from a very poor family. While I’m generally very proud of that fact, it’s an unfortunate one when you’re trying to raise capital for your business. Yet, even when you get past the awkward ask and get to pitch to wealthy friend, it’s quite challenging to assure them that you will be able to generate enough revenue to be able to pay them back as these can be quite unpredictable businesses. You can’t blame them for being concerned, like any reasonable person they just want that elusive guarantee that their investment will be returned to them.

Despite this ongoing challenge, starting my own business from scratch has been one of the best decisions I’ve made in my life, and one I’d remake over and over again. And on a sort of related note, the best businesses always solve a huge problem that a large number of people face. Therefore there is a huge opportunity here.

When I became the CMO of the start-up (and soon to go live) Hathrup Capital Funding it’s clear that this is a problem that I personally can become part of the solution for, while helping potentially millions of people in the future so they don’t have to go through the same experience I have. I’m very much looking forward to the challenge.

CRM Revisited: It Should be Your #1 Priority Heading into 2015

Customer Relationship Management (CRM) programs aren’t only the future of business; they’re the present. And they aren’t just for Fortune 500 companies anymore either. Like with most technology, competition, economies of scale, and innovation have driven costs down significantly. Now, you can even get a basic version of a CRM program for free. Without a doubt, acquiring and implementing a CRM program is my #1 recommendation for businesses of all kinds looking to grow and increase revenue.

Whether you’re an independent freelancer, a sales mercenary who is compensated by getting to “eat what you kill,” or a large and complex company, there is a CRM program out there for you. Regardless of your budget (or even a lack thereof), you can customize the level of sophistication of your CRM program as they all have various subscription levels. Most integrate with your email provider of choice and have a mobile app too. Additionally there are an incredible amount of third-party add-ons you can incorporate depending on how robust your operations processes are.

Now don’t get me wrong, it’s not like building a CRM program is a cheap and easy task, far from it in fact. So keep in mind when considering which CRM program is best for you that the cost typically exceeds that of the user license fee. They require a significant amount of time and commitment, especially in the beginning when you’re just getting started. Don’t let that deter you however, as the ROI (while seemingly intangible at first) will more than make up for it, assuming it’s implemented correctly. In fact, the average ROI of a CRM system is $5.60 for every $1 spent.

CRM systems allow you to track and store vast amounts of data about your customers and prospects. The more data you have about your sales cycle that is accurate and relevant, the more deeply you can analyze that information to gain insight that will not only help increase revenue, but ultimately help you improve:

Close rates,
Customer service and retention,
Length of sales cycle, and
Forecasting efforts and projections.

Just as important, CRMs also help you automate your sales process. The more automated your sales cycle and follow up efforts can be, the greater volume of deals your business will be able to close as opportunities will be less likely to slip between the cracks.

By now you are probably either thrilled by the amazing potential a CRM program can provide, or perhaps you’re overwhelmed by the thought of endless amounts of data. If you’re like me and skew towards the former, below is a list of the necessary things to consider before rushing into it, along with some things to keep in mind after you’re fully operational.

Conduct an “audit” of existing processes and database.
Clean up your existing data to avoid the dreaded trap of “garbage in/garbage out.”
Code your database to more easily identify priority contacts, “ABC”.
Perform a sales cycle analysis, what are the typical steps involved and the time frame?
Customize CRM pages, fields, and layouts with your appropriate specifications.
Training of users/administrators.
Import your database and start beta testing.
Integrate with your existing systems, i.e. email, QuickBooks, etc.
Reporting and sales forecasting.
Ongoing maintenance, monitoring, updates, and improvements.

While implementing a CRM program can be relatively time‐consuming and expensive, if you do it right, the benefit to your business is invaluable. Don’t dismiss CRMs and cloud‐computing as trends that will soon go away, otherwise your competition may have already long passed you by the time you’re ready to get on board. With just over a month left in 2014, now is the perfect time to start planning and conduct your due diligence to start 2015 with yet another resolution.

Bootstrappin’: How to Launch Your Business on a Barebones Budget

Starting a business today is far easier than anytime in history. The caveat is that it depends on what type of business however, thus I’m primarily referring to professional service businesses (i.e. consulting, accounting, real estate, photography, legal, etc.). The type that don’t have the overbearing regulations attached to them or endless red tape to acquire permits and licenses, on the contrary those probably have more hurdles than ever (particularly in the US). But if you’re like me, and want to start a consulting or other service business, you can do it quicker and cheaper than ever, not to mention minimize overhead so you can compete with larger competition.

Before I begin, I want to emphasize that every single business is different and has various requirements, so while I’m speaking from a more general manner, please make sure to do the appropriate research regarding your specific industry and niche to make sure everything is legitimate.

Establishing Your Entity: My attorney friends may not be too happy to read this, but you don’t necessarily need one to establish your business. You don’t always need an automated service like Legal Zoom either. If you’re certain of the structure you want to use and don’t plan on having partners (which require more complex operating agreements, etc.) than in most instances you can go directly to the source and bypass additional fees (they can range anywhere from $150 to $1,000+). In my case, WIMS, Inc. was established in Coral Gables, FL so I used Sunbiz and set it all up for around $75. I will say that in most instances seeking counsel from an attorney is invaluable and worth the cost, however.

Website: Nowadays you can create your own website for free, using sites like Wix and 1and1. They have many elaborate templates to choose from so that you don’t have to start from scratch or learn to write code. You can simply swap out generic text for your own as well as graphics to completely customize it. It even ads easy to incorporate SEO (Search Engine Optimization) functionality. The catch of using these for free is that you can’t use your own domain name (they include theirs in the free versions) and there may be some ads. However, it’s quite affordable to create your own domain name (costs typically around $15 a month) if you’d prefer to go that route.

Email: By now it’s no great revelation that you can get great email service for free using Gmail. In most cases businesses can even get away with solely using a Gmail account (not to mention you get the added benefit of the also free Google Docs). However if you want to step up the professionalism a notch and create an email account using your domain name it’s relatively affordable to do so. For example, when I registered my domain name with GoDaddy, it also allowed me to leverage a custom email account via Office365 for about $10 a month. I find both to be well worth the cost.

Blog: Another one that is far from a novel idea, but you can start a blog for free using sites like WordPress (my personal preference) or Blogger. This is a great marketing tool that when coupled with social media can be very powerful, and all it costs is time. Providing thought leadership type content to your network demonstrates your expertise and adds value to the services you provide. Of course, there are upgrades to the service as well that are both affordable and worth it as your blog’s following begins to grow.

Marketing: I’m going to keep this section short and sweet as most of you know the usual suspects that can help market your business for free (yes, I’m referring to social media). My personal favorites: LinkedIn, Facebook, Twitter, Instagram and Google+. If what you’re selling is more visual (photography, hairstyling, tattoo artist) consider Pinterest too. There are plenty others as well.

CRM: CRM programs used to be thought of as these overly expensive and overly complicated Big Brother like programs that only the big boys could afford. Not anymore. Now you can get access to simpler CRM programs for free. My favorite is Insightly, it has a web based version coupled with a free app. Can’t beat it for the price!

Financing: If you need to raise money and aren’t able to get financing from a bank (you can’t show “2 years worth of income” when you just started, HELLO silly bankers!) consider crowd funding. Kickstarter is a good one, as is GoFundMe, which leverages your social media accounts to spread awareness. They’re “free” to start but make money by taxing 5% per donation or so (but hey 95% of something is better than 100% of nothing)! Although I’ll admit, I’ve recently set one up without much success yet.

Freelance Income: As you’re getting started you may need to build up some short term income with smaller projects as you build your network. Consider sites like Elance (I use it and love it so far) or others like Fiverr and Freelancer. There are million of projects searchable by expertise that you can do online or in person depending on location. Typically you get paid using PayPal (you do have PayPal right?), which is great, if you don’t have a fancy credit card machine. Although one solution I’m evaluating now is Square as I’ve heard good things.

Loose Ends: Just wanted to touch on some other things to consider in this paragraph. For one, you can get free digital storage space at either (or all if you’re a true hustler) Dropbox, Google Drive, or Box. For business cards, (which some people don’t even use anymore, although I advocate for them still) check out either Vista Print or Moo. Lastly, office space, this can be one of the hugest overhead expenses around. Do you really need to pay a ton of money each month in rent? I advocate a mix of home office, Starbucks, or local library (free internet!). But if you need tangible office space you can look at some of the shared office spaces from places such as Regus, or if you’re in Miami, Pipeline Brickell.

So there you have it, just some of the ways to start your business on the cheap. There are plenty others of course but I wanted to hit on some of the main ones to help get your started (if you have others please share in the comments!) Keeping low overhead is one of the ways to remain competitive with larger competition, so be relentless about every dollar you spend and you’re business will stick around long enough to start being profitable. Good luck!

Why My Fantasy Football Obsession Makes me a Better Business Man

Despite the current negative climate surrounding the NFL I’m still an avid fantasy football enthusiast. That being said, the focus of this post isn’t related to that unfortunate side of game, rather it’s designed to discuss some of the parallels between playing fantasy football and the business world, and how skills acquired and enhanced via the former can help improve those in the latter, and vice versa. These are just a few of my observations, so if you have others, or even want to elaborate on some of mine, please feel free to leave a comment. Here goes.

Knowledge and Information = Currency

Knowing things before the rest of your league can be very lucrative, assuming that information leads to action. The rate at which information is distributed nowadays has reached breakneck speeds and the definition of instant is constantly being redefined. Access to these information distribution tools is pretty widespread, I remember the days when Rotoworld was my secret weapon, then NBC Sports acquired it and now its common knowledge. The key differentiator in a world of instant information however, is having the courage to act on it. Most people see the world the way they want to see it so when they hear things their initial reaction is disbelief, which creates hesitation. If you hesitate that lotto ticket sitting on the waiver wire gets scooped up and leads someone else to fantasy glory.

Perception is Reality

In the crazy “Twitter-Mob-Rule” world of today facts are often secondary to perception and propaganda with regard to the establishment of market value. Perception tends to be molded by which information source you use, the writers you read, talking heads you watch, etc. When you have a level of familiarity it leads to trust which leads to bias, which is ultimately the basis of perception. For example, if you use ESPN rankings rather than Yahoo’s you’ll notice they both are mostly different despite being made up of the same players. Therefore if you do a draft in Yahoo you can find value from guys who are ranked much lower compared to ESPN where they may be priced more accurately, and vice versa. As such, whether you get your stock news from Yahoo Finance, CNBC, or Fortune, you can read many different opinions about the same stock which could lead to different actions, one says buy, the other sell, your preference for information will directly impact the subsequent transaction. Before many drafts the buzz surrounding guys like Toby Gerhart reached deafening heights, causing many to reach, the current reality however is most likely nauseating for his owners (I wouldn’t know though as I wasn’t buying what they were selling).

The Rich Usually Get Richer

Having a wealth and depth of assets gives you leverage. In fantasy football it allows to you to offer two-for-ones and three-for-twos trades, the things that lead to upgrading your weaker positions. It also gives you the ability to have a higher tolerance for risk, the kind that can lead to a higher reward. Having the knowledge and foresight to identify “sleepers” and get them at a discount is crucial for success. Whether you play them yourself in lieu of your “busts” or trade them for more proven stars having the knack for picking winners is valuable. This often requires an objective mindset, leaving emotion and the persuasive rants of the so-called experts out of it. Be more like Buffet than Cramer when it comes to finding value and you’ll end up rich.

Sometimes Past Performance is Trumped by Upside and Potential

This lesson is more something to be aware of than a fact of life. Everyone is different and the human element and opportunity play a huge role in dictating future performance. I will say this though, people often have a burning desire to be the one that “discovers” the next big thing. Therefore they will reach for someone with high upside rather than take a boring old veteran with a well-established and predictable floor. The results of which are always mixed. Guys that took Monte Ball over Demarco Murray are probably second guessing themselves right now; then again that feeling could change tomorrow. I feel that you need a mix of both to truly do well, coupling a high upside with a high floor as well.

Starting Well Doesn’t Mean Ending Well and Vice Versa

Nearly a decade ago Netscape Navigator came roaring out like gangbusters, while Google was a little late to the search engine game (remember Ask Jeeves?!). In hindsight we now see how both of these stories turned out. The market and fantasy landscapes change literally every second of every day as they are impacted by a variety of external forces. Sometimes they’re changed by politics, more or less demand, or emerging competition. Sometimes they’re changed by injuries or suspensions. Just because you’re in 1^st place today doesn’t mean your whole team won’t get injured tomorrow, it’s the NFL and crazier things have happened. In addition, being in last place after 2 weeks of the season doesn’t mean you’ll stay there (I’ve experienced both phenomena many times)! The key is to never rest on your laurels whether you’re failing or succeeding. Always be open and aware of potential changes and opportunities coming down the pike and be prepared to act accordingly.

Aside from the time consuming distraction of keeping track of my teams, players, injuries, etc. required for playing fantasy football it can actually be quite a learning experience. The correlation between fantasy football approaches and techniques with that of the business world are many and lessons that applies to each in order to be successful. It even goes further than business as it’s undoubtedly made me a better write too, you should see how clever yet vicious some of the trash talking/verbal lashings get. Perhaps I’m simply trying to justify my obsession, or perhaps I’m on to something here. Regardless I’d love to hear your thoughts on the matter!

So I Moved to Charlotte for a Girl…

Well THE girl. And if you knew Claire you’d understand. I like to think she’s the Daisy Buchanan to my Jay Gatsby, except I’m still working on building the fortune of course. The other difference, which is a fortunate one, is that we still have the opportunity for the happy ending Gatsby and Daisy never got.

Mike Simmons, CEO of WIMS Consulting, and Claire Hosmann

To make it happen I had to move from the city I love and lived for the past decade, Miami. After nearly 6 months of this new adventure, in hindsight I’d still make the same decision every time. Not only did I take a big chance moving to a new city to be with the love of my life, but it also led me to taking another risk by starting my own business. It’s not every day you get the opportunity to pursue both of your biggest dreams at the same time.

In order to find true happiness you need to take chances on the things that matter. Life is tough though, and it makes holding on to your comfortable and predictable job, or your same circle of friends, the easy and safe choice. But the only way to grow is to get out of your comfort zone and chase after the things you want in life.

Alas, rather than settling for a job working for someone else, and having to start over, I decided to start my own consulting firm. I had been planning on how best to do this for a couple years, yet while having a comfortable and mostly enjoyable job it was tough to work up the courage to take the leap of faith. I found myself over-thinking and second-guessing myself. I kept postponing my dream for tomorrow when I would have more time and money saved, like that would ever happen!

Sometimes you just need to jump and hope for the best; otherwise you risk living a life of regret. To me, that’s a fate far worse than trying and failing. It certainly hasn’t been easy, and it’s probably the hardest thing I’ve ever done in my life, but so far it’s been the most fulfilling as well.

Fortunately, with the help of technology, my business can service clients all over the country and even the world. So moving to Charlotte doesn’t mean I have to completely forget about all the relationships I’ve built in Miami. I will absolutely keep working with clients and helping people there too. I’ll even be pursuing business where I grew up in PA and CA as well. I don’t plan on stopping there either. They say you can’t have your cake and eat it too, but I certainly plan to try. And hopefully I can help many other aspiring business men and women to the day same.

I know I have a long way to go, and I haven’t figured everything out yet, but I’ve learned so much along the way that I wanted to start a blog (as if the world needs another blog!) to share my experiences and insight with all you like-minded entrepreneurs and young professionals out there. Who knows, perhaps it will help me finally finish the book I’ve been “planning” on writing for years now too.

The purpose isn’t just to tell you stories or offer suggestions with how to market your business, but to create an open dialogue and share ideas and resources in a collaborative manner. I can admit that I don’t have all the answers, but I believe you can learn something from every single person out there if you’re willing to listen.

The WIMS Guide as I’m calling it, will discuss a wide range of topics that impact the daily (and future) lives of entrepreneurs and young professionals alike. It will feature regular posts from me, along with a variety of featured authors to ensure a well-rounded, dynamic, and fresh perspective. If you have an idea or desired topic you’d like to discuss, or if you’d like to be one of our featured authors, please don’t hesitate to reach out. In the mean time I hope you enjoy and perhaps learn a thing or two along the way!