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!

—————————————————————————————-

Need a little help organizing your business ideas? Download our free business plan outline to get you pointed in the right direction.

Name:
Email:
Zip/Postal:
	Powered By:

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.
——————————————————————-
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.

Name:
Email:
Zip/Postal:
	Powered By:

January , prediction time. Every writer and pundit is making predictions about the economy, small business, the internet, social media, fashion, trends and more. You can spend an entire year reading the trends, and miss the real year completely. As I read the multiple lists, I look for common trends, where does everyone agree.

So what seems to be on everyone’s prediction lists?

• Erica Swallow writing for Mashable says we can expect to see increased spending on websites and a revolution in smarthphone technology.
• Lance Ulanoff writing for PC Mag.com says it will be about speed as consumers demand the same type of speeds from mobile devices they enjoy at home   He also expects social media to continue to grow with Facebook dominating the space, and twitter a strong second
• Jolie O’Dell also writing for Mashable sees an expansion of cloud computing and collaboration tools, improved Wysiwyg type interfaces for developers and higher standards for web and mobile security?

Technology is not the only area where we predictions this time of year.   Economists also jump into the game.

• Robert Oak writing for the Economic Populist submitted the following, not very encouraging summary of a Goldman Sachs report -

1. a strengthening in growth from 2.1% on average in 2010 to 2.4% in 2011, with real GDP rising at an above-potential 3½% pace in late 2011
2. A peaking in unemployment in mid-2011 at about 10.75%
3. extremely low inflation – close to zero on a core basis during 2011
4. a continuation of the Fed’s (near) zero interest rate policy (ZIRP) throughout 2011.

What are the implications for small business owners if they are right?

• If you haven’t updated your website in the last 18 months, plan on doing it this year.  Focus on load times, compatibility with mobile applications and social media
• Stop sitting on the fence when it comes to social media – Facebook and Twitter are a part of how business operates.
• Low interest rates will make this an attractive time to make capital investments in your business as you prepare for growth in your business.
• With continued unemployment, there will be many qualified candidates available, so hire wisely
• Expect more low priced competition as newly unemployed individuals make the decision to start their own business in your space.

What are your predictions and plans for 2011?

As we emerge from one of the longest recessions in the last 50 years, many small business owners are unsure how to approach their business.  What changes should you make to turn your business around and accelerate their growth. Some of the most valuable changes you can make ere operational in nature.  For example:

1. Focus on Customer Generated Revenue – This seems kind of intuitive, but the author suggests instead of looking for a loan go looking for more sales to fuel your growth.
2. Use online invoicing and payment solutions. – Here the strategy is to accelerate payments to you.  Although I pay a fee to process a credit card, it is nothing compared to what it costs to chase an invoice after the project is complete.  Practice asking your clients if they ” want the miles” referring to the mileage points they receive when they use their credit card, as away of encouraging them to use their cards to pay you.
3. Invest in technology - Upgrade computers, enhance software. Don’t spend frivolously, but  don’t try to run your business with antiquated technology.
4. Manage costs, but when you invest ahead of your competitors – While everyone else is still cutting costs, now is a good time to invest a little.  It won’t take as much to leap out ahead as it would if everyone was spending.

What else would you add to this list?

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.

The economy right now is tough. Everyone knows that, and almost everyone is in the same boat. So you have a few choices: you can mope and be depressed about our economic circumstances, or you can put yourself in a position to succeed when the economy inevitably rebounds.

Inc. Magazine’s excellent 25 Ways to Jump Start Your Business offers some great suggestions. Keep  having meetings with prospective clients–even if you know that they won’t buy right now. Stay away from a hard-sell approach, and instead be sympathetic: “I know times are tough right now, but I still wanted to talk with you about your business, and find if perhaps there are ways that we could serve you in the future.” Build those relationships now, and they’ll pay off down the road.

Take advantage of the cheap labor market. With work scarce, even experienced workers are willing to take low-paying jobs, or even unpaid internships. Again, cultivate these relationships, and when the economy picks back up, you’ll have the option of taking on a full-time, experienced employee who’s glad for the help you provided them during a rough patch.

I know that it feels counter intuitive, but now is the time to be proactive. Now is the time to be taking risks and preparing for our economy to bounce back. Things will get better, and when they do, you’ll be ready while your competitors are left in the dust.

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!

This is another installment of More Than a Few Words

As a small business owner, there are days I feel like I have been run over by the economy. There I am minding my own business, driving along, when along comes the economy moving full speed ahead in a downward direction. 

It is easy to make excuses and let the impact slow me down! But I have big plans for 2010, so I konw I can not let the external factors like the continued sluggish performance of the economy distract me from my goals and objectives.

What about you?  Do you have a plan to keep your small business focused?   That is the topic of today’s pod cast!