Today’s post comes to us from Scott, Roundpeg’s summer interactive development intern. Scott started his own business a while back, and shares some tips about what he learned from turning his passion into cash flow.

I am a very curious person.  I like to ask lots of questions and it is important to me to see how something is done before I actually do it myself.  There have been times, however, when I have blindly rushed into something. For example:

Last summer, shortly after graduating from high school I was working Marsh Supermarket.  It was near the end of my shift, I was bringing in the last few carts from the parking lot and getting ready to go home.  I can’t remember my inspiration or thought process but I do remember the end result.  Standing in the parking I decided I should make a Frisbee!

When I got home I rushed to my computer to do some research.  I found a company that let me send them a design.   Before I knew it I had sold 20 of my frisbees to members of the community.  I learned a few things from this business venture.

Selling to a Specific Niche

Choosing a niche to sell to is key for any product.  The trick is to select a niche that is not too narrow or you will not sell much product.  Also, the item that is being sold, in this case a frisbee, has to appeal to the customer.  People won’t necessarily buy a frisbee for the heck of it.  There has to be a better reason.  In my case the audience I chose was attracted to buy my frisbee because it said “Panther Ultimate” on it.  The panther is the mascot of my high school.  It is also the mascot of another area high school.  Using this phrasing I was able to attract students from both schools.

Become an expert

I started playing Ultimate Frisbee a few years ago and came to love this unique sport.   My passion for Ultimate Frisbee drove me to learn more.  I attended a College Ultimate Championship and was overwhelmed by the amount of merchandise available.  After going home I quickly looked up the different brands and found out which companies were generally regarded as the best makers of frisbees.  Once I had a company in mind I got information on the most widely used frisbee weights and found the standard weight.  When I was satisfied I knew everything  I could possibly be asked about a frisbee I felt confident my researching was done.

Referral marketing is essential

Forming a network of people is important when trying to sell via referrals. I have played recreational Ultimate frisbee with different groups and people of all ages.  As a result, I have friends at multiple colleges who are on their school teams.  My friends know I am passionate about the sport and not just some random person.  If someone needed a new frisbee my friends would point them my way. Using my passion to start this business venture led me to the sale of frisbees.  This was a great experience and I would definitely repeat it.

Are you passionate about something?  How have you used this passion to enhance your business?

Roundpeg is focused on small business for several reasons:

1. I like working with business owners.  It is fun to share their passion and help them make their dreams a reality.
2. I really believe the economic recovery will come from the jobs created by thousands of new of small businesses.  The stronger the startup community, the stronger the community will be overall.  This is one of the reasons I am so involved with Startup Weekend.
3. There are a lot of small businesses!!  This data from Gaebler.com shows you just how many there are in Marion County.  And this doesn’t include any of the surrounding counties.

There is a vibrant small business community, which is growing daily.  Want to be a part of the action?  Check out the local networking and Startup groups, from Rainmakers and BNI, to the Chambers and Hackers and Founders.  Or join the conversation on line at places like Smaller Indiana.   If you are thinking of starting a business, this is your year!

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Thinking about starting a business, but not sure where you should focus your efforts? A recent post on Entrepreneur.com identifies a series of of trends and niches for 2011.

Boomers Again: Buying and Still Working!

• 76 million-strong, Boomers are providing a slew of market opportunities such as construction services to make homes more senior-friendly; supermarkets with lower shelves and wheelchair-compatible shopping carts; and sales and techsupport by phone for seniors, by seniors
• 62 percent of working boomers expect to stay in the labor force for at least nine more years – So they will have money to spend!

Two other trends tied to some extent to the Boomer influence are

• Home Sweet Home - As home values have fallen people are choosing to renovate and retrofit rather then move.  Some of the growth is fueled by delayed repairs from previous years, but much of the growth is expected to come from the Boomer’s desire to age in place.  Addition of safety rails in showers,  conversions of living space to create first floor bedrooms and more accessible kitchens will be a staple for many construction firms in the years to come.
• Vital Signs - With costs on the rise and access to the healthcare system expanded, the technology and services sectors are poised for growth.

Get Packing – The Travel Industry is Heating Up

• Revenues are up:
  • International trips will jump 5.5 percent, to 94.7 million;
  • Domestic trips will rise 1.2 percent, to 627.4 million
  • Hotel revenues will go up by 4.4 percent, to $114.8 billion;
• The opportunity is not just in the travel industry itself, but in the exploding “App” market  to support, guide, and inform travelers.  Smart phone applications include: Wi-Fi finders, flight status updaters, local restaurant finders, budget booking assistants, and translators

Other exploding niches revolve around consumer spending:

• Social Shopping - As the lines between online shopping sites and social networks begin to blurr
• Who’s Your Daddy – Marketers are finally discovering men are interested in more then just gadgets and electronics. Fashion, health and beauty ( ok what do you call mostierizers and facial products for men? )
• Great expectations - Consumers seeking out and manufacturers providing moderately priced luxury; designer lines at Walmart and Kmart, and high end companies offering online versions for less.

So if you are looking for a new idea, new inspiration to grow your business or start a new one, perhaps this list will give you that “new” idea.
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Even if you are thinking about funding your business yourself, a business plan is a great way to organize your ideas. Don’t know how to get started? Download our simple outline to point you in the right direction.

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On the last working day of the 2010 year, the entire Roundpeg crew took time out to  discuss where we’ve been, where we are, and where we’re going. The company has grown over the past year, and we have several  exciting projects planned for 2011.

The end of year meeting was a time when we could all set company and personal goals, and challenge each other to grow and learn.  Quite often, it’s easy to get so overwhelmed with work you forget to step back and analyze the bigger picture. Are you still on the path to where you want to be? If not, what changes to you need to make?

Personally, I’m looking forward to teaching more seminars like Forget Henry Ford in the next twelve months. I’m also excited to work with our clients on more strategic, big picture projects.

2011 should be an even better year here than 2010. What would you like to achieve in the next twelve months, and how do you plan to get there?

Something is different, in the last few weeks the phones are ringing more.  My clients and friends seem to be in better moods and its not just the weather!   The small business community is starting to feel the economic uptick.  It is not just spring fever, there are real indicators that things are picking up, such as the  improvments in GDP, housing starts, and the Dow Jones 

Just a few statistics comparing Q1 2009 to Q1 2010.  While not overwhelmingly positive, there is a clear indication the economy is moving in the right direction. 

If you have been holiding back, waiting for things to get better, the time is now!  Start investing now in your business.  If you wait, the economy will pass you by!

In October, I wrote a post about the economy. I told the story of an old donkey which fell  into a well.  I hoped the tale would be a wake up call for small business owners who seemed to have fallen into a well waiting for the economy to turn around.

I was surprised by the responses to the post.  Even six months later, the post has several readers every day. The message was clearly more compelling then I expected, so  I decided to record it.

Today’s video created by the talented team at Another Cool Design, tells that tale!.  What do you think?

And just to be clear, no animals were injured in the production of this video.

Roundpeg Video Blog #2 from Another Cool Design on Vimeo.

I am really excited about the launch of my new Video Blog.  This first one in the series looks at my thoughts on how entrepreneurs need to approach the external economy.

Roundpeg-Economic Roadkill from Lorraine Ball on Vimeo.

The video was shot and edited by Another Cool Design.  John, Nathan and Victoria were so much fun to work with, and I think they did a great job of capturing my style and attitude with the graphics and supplemental images.

What do you think?

After one of the longest recessions in the last 50 years, many of us have forgotten how to operate our businesses in an expansionary economy.  But the recession is over, and it is time for a change in strategy!  In today’s podcast I talk about the single most important strategy for small business owners in the recovery … consumer spending!

If you enjoy today’s podcast, mark your calendar, and join me at the Rainmaker Main Event on Tuesday, March 30th, from 5:30 – 7:30,  as I explore this topic, in more detail.  Till then, I hope you enjoy today’s episode of More than a Few Words!

About a year ago, Ingrid Cummings invited me to be a guest on her radio program Rubicon Salon.  In the course of the hour, we talked about marketing, social media and staying ahead of your competition in an economic downturn.

While the entire program is too long for More Than a Few Words, I thought it would be fun to share a few excerpts over the next few weeks.

In this first segment, we talk some of the strategies small business owners can employ when the economy slows down.

From the interview:  “When everyone is pulling back it is a wonderful time to invest. It is easier to look bigger then you are”

And now, as the economy is starting to pick up, those same strategies will work.  Don’t wait for a full blown recovery, it will be too late.  Start investing now!

Click here to listen to the interview

As the internet makes the world seem smaller and smaller, it is easy to forget that you are part of a local business ecosystem.  As you make purchase decisions you choices impact the local economy.  If, like me you are concentrating in a specific community, hoping to generate revenue from the community, then you need to put money into that community.

As consumers, we have power.  Use it to actively support the businesses you care about and force change in the ones we don’t.  Seth Godin summed it up well when he said:

If you don’t like what an organization stands for, work actively to spread the word and force them to change
AND
If you will miss a product, a service, a book, a site or a professional when they close up shop, stand up, speak up and bring them masses of new business.

This was the theme of my presentation at Rainmakers last month.  ( I just got the video links) .    The video is in two parts and it contains a serious call to support local businesses.

With this local focus  in mind, I thought I would  share just a few of my favorite local restaurants.  These are places I would miss if they were gone. .  I hope you will consider voting with your dollars this holiday season, paying them a visit, and helping to build a strong local economy.

No links to websites sorry, but more importantly I have listed address so you can check them out yourself.

Ocean World on 86th Street and Ditch. Some of the best and most reasonably priced sushi in town. The food is so good it is easy to overlook the mediocre service. It is usually busy, but not overcrowded at lunch time, 1/2 prices specials on Sunday, and always a long wait on Friday night.

LaPeidad 6524 Cornell Ave – Great, authentic TexMex. Fast friendly service, good food, reasonable price. Nice outdoor dining when the weather permits. When I need a TexMex Fix this is my favorite.

Kona Jack – Meridian and 96th Street – Not to be confused with the Kona Grill chain in Clay Terrace. This Indy tradition has a wonderful, diverse fish menu, and even sells fresh fish for you to take home and prepare yourself. Sharing a kitchen with Daddy Jacks, you can often convince your waitress to serve something off the menu from the other side.

Santorini Greek Kitchen – 1417 Prospect Street, in Fountain Square – Well worth the trip to Fountain Square for the huge portions, home-style Greek food, and great service. It is also the only place in the city that makes Eggplant parmesan the way I like it – I think you will too.

These are  just a few of my favorites. What are yours? List them here, and more importantly, pay them a visit this month!