Archives for 2019

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With the continuing development of online publishing platforms, it’s never been easier to get your book out to the wider world. However, the actual publication is only one part of a much-longer process: You still need to write, edit and promote your book, each part of which can present a significant number of challenges. To find out more, we asked a panel of Young Entrepreneur Council members the following question:

“What is the most important thing for entrepreneurs to remember when they are preparing to publish their first book?”

Preparing to Publish Your First Book

Here’s what YEC community members had to say:

1. Make Sure You Have Something Original to Say

“I think too many entrepreneurs today are writing books simply as a branding exercise. There’s nothing wrong with this, as long as you have a real message. Consider what your area of expertise is and what you’ve learned from experience. Don’t just rehash what’s already out there. If you don’t have the experience yet, think of partnering with someone else or creating a book of interviews.” ~ Kalin Kassabov,ProTexting

2. Research Every Book in the Industry

“When I first started writing my book, I looked into every single book in my industry and wrote notes on what I liked, what I didn’t like and what I saw myself improving. It was a tedious process and many times I found myself in a room reading all the time. But the research came in handy because it gave me clarity on my subject and the value I wanted to deliver through my book.” ~ Sweta Patel, Startup Growth Mode

3. Make Sure You Have a Great Title and Cover

“It’s a sad truth, but the title and cover of your book are going to be responsible for most of its sales and success. Have a great cover and title and a horrible book, you will likely make a bunch of sales. Have a bad cover and a bad title, but a great story, and your book will likely suffer in sales. Split test several titles and cover ideas before going live with your final decision.” ~ Zac Johnson, Blogger

4. Know Your Audience

“Don’t write the book for you, write the book for your audience. First, identify who your audience will be. Next, use content and verbiage your audience will understand. For instance, if your audience is a layperson, you want to avoid industry jargon and craft words in a way they will understand. Lastly, have an outsider review the book and provide candid feedback from their perspective.” ~ Matthew Podolsky,Florida Law Advisers, P.A.

5. Hire an Editor

“Even if you’re a great writer and pretty good and spelling and grammar, you should still consider hiring an editor. A professional editor will help you polish your book so that it’s in the best possible shape for readers. Plus, self-editing is hard. An editor will be able to find holes and areas where you can get your message across more effectively that you might never have noticed without them.” ~ John Turner, SeedProd LLC

6. Align the Book With Your Personal and Company Brands

“Make sure everything about the book reflects the brand you are building to get more traction, whether it is your personal or business brand or both. Consider how the cover art, title and overall content aligns with your brand.” ~ Angela Ruth, Calendar

7. Temper Your Expectations

“Remember that if your book does not take off and become a bestseller, it’s nothing personal. Writing and marketing a book are difficult, so do not take lackluster interest or sales as a business or personal failure. Instead, re-read your book, get feedback from people you respect and think about what you could have done differently. Look at it as a another learning experience.” ~ Blair Thomas, eMerchantBroker

8. Build Initial Traction

“Entrepreneurs should never neglect the pre-sales work that goes into launching the first book. Setting up a site, engaging your audience months ahead, building a pre-sales email list are some of the important elements. Working with industry leaders to gather reviews and including these reviews in the preface is equally important for credibility. Initial traction is paramount.” ~ Mario Peshev, DevriX

9. Be Prepared for the Work Ahead

“Publishing your first book means creating the biggest deliverable of your career. It’s important to know that creating, editing, publishing and marketing a book is a long and arduous process. No matter how much you rely on others to do ghostwriting and promotion, if the book is published under your name, the creation and sale of the product will require serious time and a commitment to success.” ~ Joey Kercher, Air Fresh Marketing

10. Remember: Publishing a Book is Only the Beginning

“From what I have learned, writing and publishing a book is only the beginning of the journey. Then you need to embark on selling it. This takes a whole new marketing plan which, depending on the book, may include such events are touring, signings and media spots. Be prepared to do that work. After putting in so much effort to write a book, it deserves that attention.” ~ Colbey Pfund, LFNT Distribution

Image: Depositphotos.com

This article, “10 Tips for Entrepreneurs Preparing to Publish Their First Book” was first published on Small Business Trends

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You’ve heard the horror stories: Small businesses being sued for trademark infringement and having to rebrand their businesses. That means redoing marketing materials, changing domain names and a myriad of other nightmarish tasks — all because the business owner failed to file for trademark protection. Don’t let this happen to you! 

Think of your trademark like planting a tree in your garden. The trademark represents your brand and you need to protect it and maintain it, so it grows and blooms. Here’s what to do. 

Understanding trademarks: What can they do?

First, it’s important to understand the distinction between the three types of protection available from the federal government. 

• A copyright protects original works of authorship both published and unpublished, such as artistic works like poetry, novels, movies, songs, computer software and architecture. Copyrights do not protect facts, ideas, systems or methods of operation.
• Patents protect inventions or discoveries such as processes, machines, and designs for products.
• A trademark is a word, phrase, name or symbol that identifies a company, a product or a service and distinguishes it from competitors. 

You can trademark your company name, product names, logos and taglines. You can’t trademark an invention or a piece of software.

Trademarking Your Brand: Steps to success

To see if your business name is available to trademark, start by searching online for similar names and brands to make sure your company name isn’t already taken. Does it seem as if every name you want pops up in Google? Don’t fret: The only search results you really need to care about are those on the United States Patent & Trademark Office (USPTO) website. If your name, logo, tagline, etc. doesn’t show up there, you can begin the trademark application process. 

Most likely your brand involves more than just your company name, so you need to be clear on what exactly you want trademarked. The USPTO will want to know if your trademark consists of words only (called a “standard character drawing”) or if it includes stylization, designs, graphics, logos or color (called a “special form drawing”). 

During the application process you’ll be asked to upload files depicting your trademark. If you’re trademarking a special character drawing, the more detailed and original you can make this drawing, the better chance you have of securing the trademark. If your business has already begun, you’ll also need to show evidence of the trademark appearing in your marketing materials, correspondence and website.

You’ll also need to determine your business’s classification. You’ll be directed to search on a few words describing your what your business does, how it does it and where it does it. The system then tries to match your description with several options for classification. Here’s where you can really distinguish your trademark from similar trademarks already in the system — again, the more specific you can be, the better. If you’re not sure of your classification, ask an expert on trademarks or contact the USPTO for assistance so you get it right.

Protecting your Trademark: Use It or Lose It

Once your trademark has been approved, your responsibilities have just begun. Your trademark needs your care and attention if you want to maximize its full power for your brand. Use your trademark extensively so as to keep it in the public eye. Why is this important? The U.S. trademark system is based on use. If another company files for the same trademark and can prove you have not used your trademark consistently and in a high-quality manner, you could lose your rights to it. 

Between the fifth and sixth year after your trademark has been registered, you will be required to file a “Declaration of Use” to show you’re keeping your trademark in the public eye. Then, between the ninth and tenth year, you need to file a combined “Declaration of Use (or Excusable Nonuse)” and “Application for Renewal” in order to continue ownership of the trademark. You must refile for ownership every 10 years after that to maintain in good standing.

What happens if you miss the deadline for renewal? You do have a grace period of six months after the deadline to refile, but if you miss that deadline, you’ll need to start the trademark registration process all over again.  

If you follow the rules for care and feeding of your trademark, you’ll have nothing to worry about. Maintain your trademark registration, keep your trademark in the public eye, and you can sleep soundly with no nightmares about trademark infringement to keep you awake. 

Image: Depositphotos.com

This article, “How to Protect Your Brand with a Trademark” was first published on Small Business Trends

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To be an effective marketer in 2019, you need to improve on the basic strategies you already use. It’s no longer enough to simply have a social media strategy or to send out emails periodically. For tips on stepping up your marketing strategies in 2019 and beyond, here are some tips from members of the online small business community.

Pay Attention to These Advertising Trends in 2019

The advertising landscape is changing quickly, especially on platforms like Facebook. If you want your messages to be seen by relevant consumers, you need to pay attention to the current trends. In this Voy Media post, Kevin Urrutia goes over some of the advertising trends to note in 2019.

Think Above Customer Expectations with Social Media Marketing

It’s always important to consider your customers’ expectations when marketing. But when it comes to social media, it may be necessary to exceed them. In this post, Are Morch explores this concept for hotels, but much of the concepts apply to other businesses as well. BizSugar members commented on the post here.

Don’t Ignore These Sales Strategies for Lead Generation

When you’re working to increase your sales, you need to bring in leads from multiple sources. There are some lead generation techniques that tend to be overlooked by small businesses. To really make an impact on your sales numbers, read this DIY Marketers post by Stefan Aarnio.

Add Video to Your Social Media Marketing

There’s a good chance that your marketing strategy includes some kind of social media content. You may even have a YouTube channel or some video content on your website. But you can make a greater impact by combining these strategies. This Content Marketing Institute post by Joe Forte includes tips for adding video into your social media strategy.

Go Back to Basics to Promote Your Business

Your marketing plan may have evolved a bit through the years. But some of those basic strategies can still be useful to established businesses. To step up your marketing strategy, here are some basic methods from Ivan Widjaya of Noobpreneur that you may want to re-examine.

Use These Smart Social Media Marketing Tools

To step up your social media strategies, you need to choose the right tools. There are plenty of options available for smart marketers, including those outlined in this post by Rebekah Radice. Then you can see input from the BizSugar community here.

Create Loyal Customers Through Post-Purchase Emails

Your business almost certainly has some kind of email marketing strategy. But if you just send out a regular newsletter, it may be time to rethink things. With post-purchase emails, you can more effectively build a loyal customer base. Learn more in this Target Marketing post by Alexandra Braunstein.

Use Psychology in Your SEO Strategy

SEO isn’t just about inserting keywords into your website content. You also need to think about how people think and feel when they interact with your online content. In this Search Engine Journal post, Andy Betts dives into the role psychology can play in your SEO efforts.

Improve Instagram Engagement Through Captions

When you think about Instagram content, you probably focus mainly on the actual visuals. But your captions can play a major role in driving engagement as well. Here, Jenn Herman of Social Media Examiner offers some tips for creating Instagram captions that help you connect with potential customers.

Make the Most of Interactive Content Tools

Interacting with customers is essential for any type of business, whether you target consumers or other businesses. There are plenty of tools that can help you effectively interact with your target audience. Caitlin Burgess explains how you can make the most of these tools on the TopRank Marketing blog.

If you’d like to suggest your favorite small business content to be considered for an upcoming community roundup, please send your news tips to: sbtips@gmail.com.

Image: Depositphotos.com

This article, “10 Expert Tips for Improving Your Existing Marketing Strategies” was first published on Small Business Trends

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A sales commission rate is a percentage of the sales your small business pays to the employee who made them. Here’s an example. If your small business sets a commission rate of 5% and an individual on the sales team makes $70,000 in net sales, the formula works like this:

$70,000 (net sales) x 5% (commission rate) = $3500 (payable to salesperson)

Why You Need Sales Commission Rates

There are a few different reasons why it’s a good idea to have sales commission rates for your small business. A sales commission rate can allow for different compensations for different levels of sales to increase motivation.

These also clearly define how people are compensated for their efforts. Small businesses can set rates for full-time and outsourced salespeople so everyone is on the same page.  They can be fixed or on a series of sliding scales like in the following example.

Let’s say that you pay someone on the sales team 5% for every unit up to $100,000. With a tiered commission plan that rate could go up to 7% once the plateau of $100,000 is reached and surpassed.

The sales commission rate playbook has a lot of choices. Here are a few ways to start thinking about how to set one that makes sense for your small business.

Different Ways to Set Them

While you can set your own rates, there are a few different scenarios that you might want to consider if you don’t already have a sales commission rate in place.

For example, small businesses might want to consider a lower commission rate if they have an inside sales team that works from a set list for cold calls. If a sales rep has a list of prospects to get in touch with, you might want to consider a base salary to offset a lower commission rate since the closing rate might be low.

Commissions for Different Kinds of Sales Teams

Sales teams that are focusing on building relationships one at a time should consider a commission rate that takes into account individual sales. This works great for outside sales teams who are meeting people face-to-face.

If you’re thinking big picture even though you’re a small business, setting a commission rate based on volume by territory is the best way to go here.

Finding the Sweet Spot

Finding the sweet spot for this sales commission rate can be helped along when you make these territories protected. It’s a great way to prevent poaching and keeps all the sales reps motivated but in their own territorial lanes.

Sometimes there’s a difference in the commission rate depending on what you sell. Small businesses that sell services are more likely to offer a percentage of the net profits than manufacturing outfits.

Finally, some companies will pay a larger commission rate and even bonuses for bringing in new clients or breaking into and forming new territories.

Mixing a Base Salary with your Commission Rate

Small businesses also have the option of mixing a base salary with the commission rate. You’ll need to decide if your sales people are the major drivers of getting your goods and services sold. If the answer is yes, you’ll need to have a higher rate.

On the other hand, if your goods and services pretty much sell themselves and your sales people lean more towards customer service, providing them with more of a salary is a good idea.

Finding Some Benchmarks to Gauge

Of course, it’s helpful to have some benchmarks to gauge your sales commission rates by. If you want to attract the best talent for your small business, it’s a good idea to stay in the ballpark that was set by other people in the same industry.

Salespeople in the services industries generally make a higher commission rate then those who sell manufactured products. In fact, research shows they can make between 20 to 40% commission.

Keeping Rates Low for Manufactured Goods

The price of building products including the overhead keeps the commission rate down for salespeople who are working with manufactured goods. The ballpark here is around 9 to 10% for these salespeople.

More numbers indicate that the low-end equals out to about $50,000 a year with the top end peaking at $75,000 on average.

Considering These Specifics

Specifically, the going sales commission rate for storm restoration and roofing businesses is around 10%. Home improvement sales reps generally make the same. Pest control salespeople make as much is 25% on the sales they make.

Marketing people can make as much as 20% on the first payment from a client. Sometimes, this can drop back down to around 10% as the payments continue.

Remember, these are only examples. Most small businesses will want to set their own rates based on the information that’s being provided here and their own business model.

Looking for Help when Possible

With everything else that you have to do is a small business owner, finding the time to set the right sales commission rate might sit on a ‘to do’ list longer than you’d like. Technology can be a real help. GetApp has a great list of some of the most updated software options.

If you are already tech savvy as a small business owner, you might be using accounting software. If that’s the case you can find some templates for setting sales commission rates with some of the services you already use. Check out QuickBooks Apps. Their Easy-Commission app calculates customized commission rates for each rep.

Image: Depositphotos.com

This article, “How to Turn your Sales Commission Rates from Blah to Fantastic” was first published on Small Business Trends

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Online shopping isn’t normally considered to be a particularly social experience. But Betabrand wants to change that. The fashion brand integrates customers into its product development process. And this has led to some really interesting offerings like yoga pants that look like dress pants and a sweater that uses thermoregulating technology so you can enjoy the coziness of a nice sweater even when it’s warm out.

Read more about the company and its unique process in this week’s Small Business Spotlight.

What the Business Does

Designs clothes with a social component.

Founder and CEO Chris Lindland told Small Business Trends, “Betabrand is an online clothing brand that designs in a uniquely social manner. By inviting customers into our creative process, we make more inventive products much faster. Internet hits include: Dress Pant Yoga Pants, Black Sheep Sweaters, Under-the-Jack Packs, Tennis Western Boots and many more. This month’s top product: Unicorn sweaters.”

Business Niche

Involving customers in the design process.

Lindland says, “We invite hundreds of thousands of consumers to co-create products on our site. Major brands like The North Face, Timberland, Vivobarefoot, and Smartwool have used our community platform to design products of their own.”

How the Business Got Started

As a way to mix social media and ecommerce.

Lindland explains, “The goal was always to create a unique social commerce platform. Some of our first hit products for the Internet were Cordarounds, Executive Hoodies, and Disco pants”

Biggest Win

Creating the Dress Pant Yoga Pants.

Lindland adds, “We’ve sold over 1M pair and expect to sell another million this year.”

Biggest Risk

Taking a unique approach to a womenswear launch.

Lindland says, “We knew we’d have to expand beyond menswear into womenswear but weren’t sure if we could do so in time to hit a fundraising goal. So we made the marketing decision to launch all of our women’s products on models with PhDs and it attracted an enormous amount of traffic to the site. The result: We grew incredibly and now women are our primary consumers.”

Lesson Learned

Take risks.

Lindland explains, “In the clothing business, you benefit from doing one thing really well and building scale off of it. To demonstrate that our platform could create anything, we tried everything and that was sometimes hard to manufacture to. But we always pulled it off, so I wouldn’t change a thing. It would have made things easier, but not necessarily better.”

How They’d Spend an Extra $100,000

Experimenting with live media.

Lindland says, “I’d pour it all into experiments with live commerce online. I think there’s a fun future in that. And we’re already gearing up experiments for it.”

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Find out more about the Small Biz Spotlight program

Images: Betabrand

This article, “In the Spotlight: Betabrand Puts New Fashion to the Test” was first published on Small Business Trends

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