Starting-up While the Economy is Down

Finding a job in a bad economy can be a daunting task, this is why many individuals are choosing to look at the skills they have and start their own business.  But, when money is tight, what is the best type of business to start?

Here is a short list of specific industries, according to Inc.com, that are surviving and thriving during this recession:

• Yoga Products and Services:  According to Yoga Journal, more and more consumers are turning to yoga as a form of stress relief.  There is still plenty of room in this industry for simple products to be developed and sold.
• Fast Casual Restaurants:  Although the food industry overall as seen a decrease in sales, the fast casual segment still continues to thrive.  This segment falls between fast-food and full service dining restaurants.
• Accounting Services:  This may be considered an expense that could be cut from a small business’s budget, but companies are finding an increased need for help in the accounts receivable department.  This increase is mainly due to consumers falling behind on their bills.
• Repair Services:  With money tight in many consumers’ pockets, purchasing a new item is out of the question.  Instead, consumers are now trying to stretch the life of their possessions further.  Even better, many repair service companies can be operated out of a home office.
• Candy: Historically, experts say, candy is one of the most recession-resistant industries and many of today’s classic brands, including Snickers, Tootsie Pops, and 3 Musketeers, all launched during the darkest days of the Great Depression, between 1930 and 1932.

Share your ideas and thoughts on what other industries you feel are surviving tough times!  Visit our website for more information on how to start your business!  www.BranchofSuccess.com

Set Your Goals!

Over the past three years, the unemployment rate in Florida has increased 6.8% and by April 2011 it reached 10.8%, according to the US Bureau for Labor Statistics.  With many residents discouraged by their job searches, they are beginning to start their own small businesses.

The most vital aspect and key to success of starting a business is to set your goals.  A potential business owner must provide themselves with deadlines and milestones to ensure their business will flourish.  The initial goals will be centered on the actual start-up of the business.  These goals commonly include selecting a name for your business, registering or incorporating your business, preparing a business plan, obtaining capital funds and promoting your business.

Once your business is established, you want to create milestones for your company.  Milestones can include reaching a certain amount of customers or sales, holding a special event or launching a new product.  Make sure your goals are realistic and achievable, but still challenging.

A great tip to reach your goals is to purchase a large calendar and post it in your home where you will continually see it.  You should write your goals on the calendar and circle the date.  This will serve as a constant reminder of what you need to do, as well as show you what you’ve already accomplished.

Finally, never be afraid to ask for help.  Starting a business can be a daunting task and there are many companies that specialize in assisting owners to promote and incorporate their business.  Just like Branch of Success, these companies have helped many small businesses; we help companies with writing business plans.

We're Officially Welcomed to the HBIF Team!

Back in February, we applied to join the HBIF’s network of professional Technical Assistance Providers.  As the leading Hispanic nonprofit economic development organization in Florida, HBIF has supported and promoted Hispanic entrepreneurs by providing them with free bilingual technical assistance since 1991.  With the delivery of quality professional services through their technical assistance scholarship program, HBIF is able to help the Hispanic business community reach its entrepreneurial dreams. 

Branch of Success applied for one of the 5 limited spots to provide Business Plan Development Services.  As of today, it has officially been announced that we were awarded one of those spots!  This will allow us a new source of customers, assist us in building our brand and recognition and, of course, assist new business owners in writing and creating their business plans.

"On behalf of the HBIF Technical Assistance Committee and staff, it is with great pleasure that we invite you to join our network of Professional Technical Assistance providers.  After our committee’s thorough review of your application, we feel that you will be a valuable partner and that your services will allow us to provide the best possible assistance to our clients. 

We look forward to working with you to help Hispanic entrepreneurs build successful businesses.

Welcome to our team!"

The HBIF sought for professionals in the community to join their team of independent providers to offer specialized scholarships for the following services:

Ø  Legal structure assessment

Ø  Accounting assessment

Ø  Business plan development

Ø  Loan application preparation

Ø  Marketing plan development

Ø  Corporate identity

Ø  QuickBooks training

Ø  Web site development

 For more information on the HBIF, visit www.hbifflorida.org

Giving Back, the FUN Way!

I think that giving back the the community, being involved in charity work or making donations is very important.  And...for businesses, this creates a stronger presence for the company in the community.  We have decided, that we will be running in various 5k races through out the year, for several different causes, as our way of giving back.

Our owner, Ashley Casey, just completed the first one in our 2011 series that we plan on participating in.  It was the "It's for the Kids!" 5K.  The “It’s For The Kids!” 5K Run/Walk ‘11 is an event to help raise awareness and funding for the children living at the Central Florida Children’s Home. Since 1973 the CFCH has provided a stable and loving Christian home for neglected children ages 2 to 18. At CFCH children are able to live, learn and grow. Daily they enjoy three healthy meals, a home life with spiritual guidance, and the opportunity to participate in extracurricular activities like sports and music lessons. There are currently 18 children living at the “Home,” but many more could be cared for if funding were available.

It was an early and foggy morning when we arrived for the race, at nearly 6:30am on Saturday.  Overall, it was a fun event and Ashley enjoyed running to support a good cause.  The race started at 8AM and Ashley finished with a time of 34 mins 46 secs.  She placed 14 out of 27 for her division class and 247 out of 478 runners, overall.  Thanks to all who donated!

Communication

What ways do you communicate with your customers?  I hate when I go to a website and have to dig through 40 pages to find information that I am looking for.  What’s even worse is when I can’t find the information and I can’t find the contact information for the company.  I personally do not like contact us forms.  I would prefer to send an email through my personal email and not have to give the company a lot of extra information, such as my address and phone number.  We hope that we have enough ways for our clients to contact us.  We have provided on our website our phone number, email address and physical address.  Plus, we just added a live chat.  Now, if a potential client has a quick question, they can easily click the chat button to speak to a representative.  How neat!

How's Business Going?

How’s Business Going?

Any time I see someone, this is usually one of the first things they say to me.  Measuring the success of your business can be a difficult thing, unless you have defined what you want to achieve.  If I want to be grossing a million dollars in sales a year, well then business is not going well.  But, if I have met or achieved my weekly sales goal, then things are going great.  

I think it is important that you set sales goals for you business and monitor if you are reaching those goals.  Owning a business can be overwhelming and sometimes you get caught up in the day to day operations that you don’t take time to step back and see how business is really going.

If you’re not meeting your goals, don’t throw in the towel just yet.  Sit down and see what you can change and make those changes.  Ask an outsider for their perspective, their ideas and advice.  A great way to get advice is by asking your indirect competition.  If you’re in an industry where your customers are a local demographic, contact a business owner in the same industry, but different geographic area and ask their advice.  Some won’t want to share, others will, but it never hurts to ask.

The Company's New Year Resolutions

Not all New Year's Resolutions have to be about losing weight, especially when they are being set for a business.  Here is a list of goals that Branch of Success would like to continue to achieve through 2011:

• Participate in at least 2 trade shows this year
• Attend 2 networking events a month
• Ensure that the blog is updated every other week
• Speak at one professional event on the importance of having and maintaining a business plan
• Write the first 3 chapters of my book about starting a business
• Support 2 marathon runners by sponsoring them for each event

What are some of the resolutions you have set for yourself?  Have you set any resolutions for your business yet?  No resolution is too big or too small.  The worst thing that happens is you fail, but you are that much closer to achieving that goal.  Good luck to everyone in 2011!