Designing an MBA: creative focused business thinking: Page 2

can you grow your wholesale business without doing a trade show?

By megan on February 15, 2012

One of the biggest questions I get about wholesale is whether you need to do a trade show in order to grow your business.

The short answer is, no, you don’t need to do a trade show. But exhibiting at a trade show does have certain advantages when it comes to sharing your wholesale business, as I share in this video:

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Whether you’re looking to grow your wholesale business through trade shows, store outreach, or a combination of many strategies, Wholesale Academy can help you get there!

To be notified when registration is open, enter your name and email address in the space below:

Posted in shows, video, wholesale | 9 Responses

the one mistake you might be making with your trade show booth

By megan on February 7, 2012

Last week I was in New York for the New York International Gift Fair, and I put together this quick video on the biggest mistake many people make when designing a trade show booth. This is a mistake that happens when you’re in the early design stage of your booth, but it can cost you a lot of traffic at the show.

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Want even more personalized help with your wholesale and trade show strategy? The next session of Wholesale Academy starts soon!

To be notified when registration is open, enter your name and email address in the space below:

Posted in shows, video, wholesale | 18 Responses

network like a rock star

By megan on January 25, 2012

A colleague recently mentioned to me that she polled some business students and the number one thing they wanted to learn was networking. I was a little surprised by this! Who needs to learn to network?

I grew up with a business owner father who was capable of talking to anyone, anywhere. He’d always come home with stories that started with “Today I met…” And don’t even get me started on my pre-teen mortification as he spent 15 minutes talking to the grocery store checker.

But it turns out that not everyone grew up like this. For some people, networking doesn’t come naturally. Which is a challenge, because networking is really critical to the success of your business.

Why does networking matter?

First and foremost, networking matters because you can’t run a business by yourself. I’m not talking about employees here. A business needs people. Not just customers, but allies, cheerleaders, and promoters. And the best way to meet these people is by going to events and networking.

The second is that your business needs buzz in order to grow. And the best way to develop some buzz is to meet people and tell them about what you do. The more you talk about your business, the more likely it is that other people will do so as well.

Third, your business needs resources. You never know when you’ll need to do something that’s outside your wheelhouse or comfort zone. At conferences, I’ve met designers, photographers, web people, and so many others that I can utilize to help me grow my business.

And finally, networking is a great way to learn. I charge $250 an hour for consulting. The Marketing for Makers e-course is $500. But I gave out a lot of information free. All you have to do is sit down next to me at a conference. And the same goes for many other people. People will share a lot more about their businesses with someone they meet at a conference than with someone who emails them out of the blue online.

If you aren’t networking, you’re missing out on growing your business. But I understand that networking makes some people uncomfortable.

If you didn’t grow up with a gregarious roll model, you can still develop your networking skills. Here are some suggestions to help you network like a rock star the next time you find yourself at a conference or event:

Go with clear intentions. Last week I was in Salt Lake City for the Alt Design Summit. And I went with a networking plan in place. I knew the areas of my business I most wanted to promote, and the people I wanted to connect with. And social media has made it even easier to plan your networking goals. Prior to going, I created a Twitter list of speakers, and paid attention to the Alt Summit hashtag. I knew who was going to be there and who I wanted to meet. With these networking goals in mind, I was confident that I’d see a return on my investment at the conference.

But be open to the possibilities. While it’s important to go with goals in mind, it’s equally important to be open to meeting and talking with everyone. I made some fantastic contacts because we sat next to each other at dinner or stood in line together at the bar. Contacts that I didn’t even know I wanted to make! When it comes to networking, chance is just an important to planning. So don’t disregard anyone just because they aren’t on your target list. You never know who they are!

Speak up. At every panel I went to, I sat in the front and asked questions. (Yes, I’m still that same girl from elementary school.) But here’s the thing. People remember those people. (Especially when you ask insightful questions.) When I asked a question, both panelists and audience members noticed, and I talked to more than a few people as a result of asking a question during a session. Yes, raising your hand to ask a question takes a little bravery. But the rewards far outweigh the (perceived) risks.

Introduce yourself. A conference is no time to sit in silence. Every time you sit down next to someone new, introduce yourself. I know this seems like an obvious one, but so many people don’t do it, that I felt compelled to mention it.

Ask questions first. You can still meet people even if you’re uncomfortable talking about yourself. One of the best strategies is to ask other people questions. It’s a great way to start a conversation, especially if you’re a little hesitant to just introduce yourself. Keeping a few simple questions in rotation, (“Is this your first time at Alt?” or “Where are you from?”) is a great way to start a connection.

Try to have fun. Remember that your fellow attendees aren’t snarling monsters, they’re just people. If you’re shy and networking makes you uncomfortable, then you’re likely to assume that the person next to you is a snob for not introducing themselves. But the truth is, they’re probably just nervous too! When you make a point to relax and enjoy meeting new people, it makes the whole situation a lot easier.

Follow up. Of course, meeting new people is only half the battle. Keep those business cards you collected (you did collect them, right?) someplace safe, and follow up when you get home. It doesn’t have to be complicated. A brief “it was great to meet you” email can be enough to continue the connection.

Networking is crucial for the success of your business, and it really can be simple. Relax, say hello, and remember to have fun, and you’ll be on the right track when it comes to growing your business!

Posted in business life, marketing + PR | 18 Responses

stop worrying about SEO

By megan on January 18, 2012

Is worrying about SEO getting in the way of engaging with your customers? In today’s video, I give you permission to stop worrying about SEO.

SEO stands for Search Engine Optimization, and it simply means making changes and creating content for your site to rank higher in Google. And while certain types of businesses can really benefit from improving SEO, in our business, there are much more effective methods for spending your time.

The reality is that for most of us, our customers aren’t making purchasing decisions by hitting Google. They’re finding our products through blogs, social media, and recommendations from friends.

So instead of worrying about SEO, focus on writing copy that speaks to your values and purpose and creating visuals that people will want to share on blogs and social media (like Pinterest)! When you approach marketing this way, not only will it be more effective, but also more enjoyable!

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Want to learn more about making your marketing more fun AND more effective? Check out my Marketing for Makers e-course! The next session starts January 23rd!

Posted in marketing + PR | 12 Responses

4 steps to your best business year

By megan on January 4, 2012

I don’t know about you, but I’ve got some big goals for my business for 2012. In fact, I’m planning on making 2012 my best business year yet.

But I’m not just hoping it will happen. I’m putting a plan in place to help me achieve my goals.

If you’re planning on making 2012 your best business year yet, here are four ideas to help you get there:

1. Pick one point of focus.

It’s really easy to get overwhelmed when trying to grow your business. Every day you’ve got an endless number of tasks to complete and it can be difficult to prioritize. Should you work on your website or call stores? Should you design new products or work on promoting the ones you already have? Should you spend money on that trade show or put it into advertising?

When you have a clearly defined point of focus, making those decisions becomes a whole lot easier.

The way you focus varies a lot from person to person. Some people pick a word or mantra to carry them through the year. Others may pick one area of their business they want to focus on growing. (For me, this year is all about growing my online retail sales.) Others may find that one focus for the year is too limiting, and instead decide to focus on one thing to improve every month.

Regardless of which strategy you choose, the most important thing is that you pick one thing to focus on and make a priority.

2. Don’t do things just because “you’re supposed to” or “that’s the way it’s done.”

When I started my business, I sold at retail shows. Because I thought that’s what I was supposed to do. But I realized pretty quickly that I didn’t love doing them. So I stopped.

I see so many makers doing something that’s not working (either for them or the bottom line) because they feel it’s what they should be doing. When it comes to running your business, there are no rules. (There are some laws, but there are no rules.) What works for someone else’s business may not work for yours.

If craft shows make you miserable, stop doing them. If the leaps you need to make in your business mean you no longer fit into Etsy’s terms of service, stop selling on Etsy. Just because you’ve always done something (or other people are doing it) doesn’t mean you have to.

The companies that get noticed don’t get that way because they follow the conventional wisdom of their industries. The companies that everyone talks about do so because they make decisions based on what’s best for them, not the way it’s always been done.

3. Take chances and make big leaps.

If you want your business to be different than it was last year, you have to do some things differently. And that means taking chances (and maybe even making a big leap or two.)

For some people, this might mean spending the money to do a trade show for the first time. For others, it might mean writing (and hitting publish on) a blog post that pushes you past your comfort zone. Regardless, the outcome is the same. By doing something that you’ve never done before, you’re taking your business in a new direction.

It’s hard to grow your business doing only what makes you feel safe.

Give yourself permission to take risks with your business this year and do things that make you uncomfortable. Sure, some of them might not pan out the way you had hoped. But if you only do exactly what you did last year, your business is going to look exactly like it did last year.

4. Embrace your customers.

If you’re looking for a mantra for 2012, why not make it “people”?

A business has to be built around more than just what you want to do. (Yes, even a creative business.) Even if you don’t take your customers into account when creating (which I highly encourage you to do), you need to consider them when it comes time to make a sale.

Think about what your customers want and what value you can provide for them. Instead of thinking about what your business can do for you, start thinking about what it can do for others. (And I’m not talking about charity here, I’m talking about value.)

If you make your business customer focused instead of just thinking about how it can benefit you, I guarantee you’ll see positive results come back your way.

There’s no reason why 2012 can’t be your best business year yet, as long as you’re committed to doing the work.

Please share in the comments – how are you planning on making 2012 your best business year yet?

Posted in business growth | 33 Responses

the 3 best things I did for my business in 2011

By megan on December 21, 2011

Last year, I shared the three best things I did for my business in 2010. Writing that post was a great opportunity to reflect on what did (and didn’t) work for my business in the previous year, and so I’ve decided to make it an annual tradition.

2011 was an interesting year for my business, and for most of the year, it had the feeling of a kind of awkward growth year. My perception of the year didn’t quite match the reality (more on that later) and in actuality it was a major year for me.

I was able to double my sales from 2011, as well as doubling my profits, making 2011 my highest earning year ever. Not only did I double my wholesale sales from 2010 to 2011, but my sales were 1.5 times my 2008 numbers, which was my previous best year in terms of wholesale.

Here are the three things that I feel had a really positive impact on my business in 2011:

1. I hired an employee.

While having a 30 hour a week employee certainly contributed to the growing pains feeling I had throughout the year, it was by far the best thing I could have done for my business. By handing over the bulk of the jewelry production to someone else, I was able to focus on other aspects of my business – marketing, sales, and running this site.

Having an employee also allowed me to take on an order volume that I might not have been able to handle otherwise. During my busiest months of the year, both Amy and myself were working some steady production hours to get orders out the door.

While having an employee did give me the occasional added stress of someone else to pay (someone who HAS to get paid before I do) it also gave me the opportunity to step back from my business from time to time. I could go to trade shows, conferences, or just take a few days off and not worry that the business was falling apart.

2. I expanded my jewelry line.

Having an employee also gave me the time to focus on creating new designs, something I hadn’t really done for the jewelry collection since 2008. Over the summer, I created a new collection that expanded on my best selling pieces while taking them to the next level.

This new collection really helped boost my sales in the second half of the year. I picked up new stores, brought back a major account that hadn’t ordered in over a year, and reenergized some of my existing, long term accounts.

While news reporters continued to talk about a sluggish economy, I continued to receive word from my stores about how well the new collection was selling. (And more importantly, getting lots of reorders.)

3. I learned to sell.

Prior to this year, I had serious doubts about my abilities to sell my own work. Not only that, I worried that selling was a skill I’d never posses. But in 2011, I not only learned how to sell my work better, I learned to love selling.

Now, before you think I’ve turned into some shark who’ll do anything to make a sale, let me reassure you that is not the case.

What I learned to love about selling is that it’s another form of teaching. I love being able to share my product with others, and help match people with the product that’s right for them.

My ability to sell really helped me make the most of every wholesale show I did this year. While my neighbors at certain shows were complaining about how slow the show was, I was in my booth, talking to potential customers and ultimately, writing orders.

Not only did learning to be a better salesperson bring me more confidence (and more orders) but it also taught me an important lesson. There’s nothing that needs to take place in my business that I can’t learn if I commit to it.

Not only do I want to reflect on what went well in 2011, but I also want to look at what could have gone better. In 2011, I made a major error that caused me a lot of stress.

I lost track of my numbers.

In 2010, I was meticulous about tracking my numbers. I knew exactly how much money was going in and coming out at any given moment.

But in 2011, I was anything but meticulous. I let myself believe that I didn’t have time to pay attention to the numbers, and that was a serious mistake.

For most of the year, I had no idea how well my business was doing. I was only focused on the number in my bank account, which isn’t always a true reflection of the health of your business. Without tracking monthly numbers on my faithful spreadsheet, I wasn’t seeing the big picture.

As a result, I had a major freakout in October, in the weeks leading up to my 30th birthday. I felt frustrated that my business wasn’t growing at all.

But in November, I finally made myself take a look at my numbers, and I was floored. I had completely underestimated the amount of money I had brought in this year! And what I thought was a slow year was actually my biggest year ever!

Around the time that I finally looked at my numbers, someone shared this podcast with me on Twitter, and it reinforced the lesson that I had learned. (If you have time, it’s really worth listening to!)

Out of my mistake, I learned a major lesson, and that might be the best thing that happened to my business this year. Tracking my numbers is 100% essential, not only to the health of my business, but to my emotional state regarding my business.

You can be sure in 2012 I’ll be tracking them religiously.

How about you? What were the best (and worst) things you did for your business in 2011?

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If you want to get serious about growing your business in 2012, check out my newest e-course, Business Thinking Boot Camp. Class starts on January 2nd!

Posted in business life | 29 Responses

addressing customer objections

By megan on December 7, 2011

We often make the mistake of thinking that the only reason someone isn’t buying our product is because of price.

But the truth is, customers have many objections (reasons they don’t buy) and very few of them are related to price.

Watch the video for ways to discover your customers’ objections. Then keep reading to discover more ways to address customer objections.

In the video, I mentioned a few ways to address customer objections. Here are a few more things to consider:

Give them stories, not facts. When we hear customer objections, we tend to want to fight them with facts (or righteous indignation) but these strategies rarely work. Instead, you need to appeal to your customers emotions. By addressing concerns with stories, instead of facts, you help create a deeper connection between the customer and the product. By telling stories about how the product fits into the customers lives, you can help overcome many of their objections.

Show, don’t tell. Because so much of what we communicate about our products is visual, you can often overcome objections by improving your visuals. Use photography and video to tell a story and to show customers how your products can fit into their lives. If you can create a strong mental image of how your product fits into your customers life, you’ll overcome a lot of objections.

Keep in mind that customers aren’t always aware of their objections. It’s not always possible for a customer to explain why they aren’t buying your product. It’s your job to act as detective/psychologist and figure out what’s holding your customers back. Start with an objective that you think they might have, and work that into your sales materials. If that doesn’t have an effect, you’ll have to dig deeper for other objectives.

Not every customer has the same objections. One last thing to remember is that every customer isn’t going to have the objections. In this case, you’ll have to use your various marketing opportunities (such as your blog and email list) to address these various concerns.

What objections do your customers have when it comes to your products? Share them in the comments, along with ways you might address them!

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Want more business thinking? Registration is now open for Business Thinking Boot Camp, an e-course designed to help you clarify, differentiate, and activate your business. Head over to the registration page for more details and to reserve your spot.

Posted in marketing + PR, sales | 16 Responses

taking action + taking great photos

By megan on November 30, 2011

Do you consume lots of business learning but don’t always take action? In today’s video, I discuss why reading a book, taking an e-course, watching a video, or any other type business learning isn’t useful unless you take ACTION.

In the video, I mention a previous post, Image is Everything, where I talk about the importance of investing in photography.

Pre-order your copy of The Crafter’s Guide to Taking Great Photosfrom Amazon!

And please share in the comments: do you struggle with taking action on the business skills you learn?

Posted in business growth, marketing + PR | 14 Responses

With Proper Preparation, the New “PayPal 1099” Doesn’t Have to Disrupt Your Tax Time

By megan on November 22, 2011

I’m having a little stay-cation this week to celebrate the Thanksgiving holiday (not to mention my wedding anniversary) but I’ve got a great guest post for you from Outright.com. I love using Outright.com to keep track of all my business finances, and the folks at Outright have happily shared some tips for dealing with the dreaded, I mean highly anticipated, PayPal 1099 that you may be seeing in your mailbox this tax season! Thanks Outright!

You’re an old pro at this, so you’re not worried. You have your whole year’s receipts in order, all your business expenses organized, and are almost psyched to sit down to do your taxes for 2012.

Except, wait…what’s this? Something from PayPal in the mail? That’s weird, but shouldn’t be anything too bad. You open it and gasp in terror – it’s a 1099!

That’s right, PayPal now sends out 1099s to online sellers. Like other online sellers out there, you’re probably a little worried, as this may completely disrupt your clockwork tax-time routine. The last thing we want is for our online seller friends to be stressed out during tax time, so we thought we would give you the skinny before this brand new tax form is dropped on your head next year.

What’s all this then?

You might be getting a new piece of tax paperwork in the mail this year because of a little known stipulation in the 2008 Housing and Economic Recovery Act designed to make sure people who sell online are paying income taxes. This stipulation required payment processors like PayPal to report large volumes of transactions to the IRS. This measure will purportedly catch less-than-scrupulous folks who collect large profits each year using PayPal and other payment processors but who fail to report those earnings to the IRS at the end of the year.

Like any 1099, the PayPal 1099 merely contains information about your business’ finances for the year. The only difference is this document contains financial information that you usually log yourself. All of this information is also sent to the IRS ahead of time.

When you’re figuring out what you owe for taxes next year, you’ll now have a visual aid to compare to. (Remember, this form 1099-K is sent to the IRS as well – so they also have a form to compare to!) If you’ve been in the business for a while, you’ve probably already got a system in place to keep your finances in order. Simply use the 1099 to more accurately log your earnings.

Of course, the 1099 won’t have one thing – how much you spent to maintain your craft business! It merely logs how much you actually made from sales through PayPal. If you don’t properly record and report your business expenses on your Schedule C, the IRS will never know, and you’ll end up paying more taxes than you should. This means it’s more important than ever for you to record every single business expense. Web apps like Outright allow you to import your sales info from sites like PayPal, Etsy, eBay and even your bank accounts and credit cards so that you don’t have to do thankless data entry on top of tedious tax compliance!

What Now?

You may be asking yourself: what do I do now in preparation for this development? Well, for one, the answer may be “nothing,” as you may not even see one of these forms. Only sellers who collected $20,000 through PayPal (or another online payment processing platform) and racked up over 200 transactions will receive one of these new 1099-Ks in the mail. If you made anything less, you’re off the hook.

If you do find a 1099-K from PayPal in your mailbox come February, the best piece of advice we can give you is that old British saying, “Keep calm and carry on!” As long as you track all of your expenses (or, as we like to call them “tax deductions”) then this new form should be a mere blip on your tax time radar.

For an easy way to get your expenses in order in anticipation of the PayPal 1099, sign up for Outright.com for free until the end of tax season in April 2012!

Posted in finance | 1 Response

Designing an MBA

creative focused business thinking

can you grow your wholesale business without doing a trade show?

the one mistake you might be making with your trade show booth

network like a rock star

stop worrying about SEO

Want to learn more about making your marketing more fun AND more effective? Check out my Marketing for Makers e-course! The next session starts January 23rd!