How to make
Rhonda Abrams’ newest
book is Entrepreneurship:
A Real World Approach
(2012). Register for her
free monthly business-tips newsletter at www.
“HOW DO I make more money?” Of all the questions
I’m asked about small business, most come down to
this: How do I make more money?
Hucksters make it seem there’s a way to get rich
quick. Experienced entrepreneurs know there’s no
such magic. But there are proven ways to increase
the cash you’ll have in the bank.
Make more sales. “Duh!” I can hear you saying. You know you need more sales. But it’s easy to
get distracted by other issues, such as creating new
products or managing day-to-day tasks. Get out there
Change. If what you’re doing is not working,
why not? Are you selling the wrong product or
service? Charging too much? Not doing effective
marketing? Sit down and analyze what’s not working
and figure out ways to improve.
Target different customers. If your product is
right, but you earn too little from your current cus- tomer base, perhaps it’s time to look around. Is there a more profitable market segment you could reach? Are there other customers who could pay more? Sell more to each customer. Once you have customers, can you provide them with related prod- ucts or services? Instead of selling them just one thing, can you create a bundle? Can you turn your one-time service into an ongoing subscription? Get help. It’s hard to grow alone. If you’re spending your time on routine tasks when you could be out there making sales or providing your service, you’re losing money. Maximize your earn- ing potential by using your own time in the most productive way. Use technology. Technology can give you more time and create deeper connections with your customers. Do you use a contact management sys- tem to track customers? An email program to stay in touch? Can customers order from your website? Find tech solutions to speed administrative tasks, finances and production, so you have time to make more money. Stick with it! You may not get rich overnight, but if you work smart and hard, the money will follow. C
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On Costco.com, enter
“Connection.” At Online Edition,
search “Rhonda Abrams.”
Blog to brand and grow your business
WANT TO BRAND your business as the top
resource in your field? Branding expert and Costco
member Nora Richardson (http://spot-onbranding.
com) says blogging is a great way to showcase your
business. “If you’re not blogging, you’re in the
minority,” she says in an article on Biznik.com.
Here are some of her reasons you should blog.
social media platforms.
Tip: Have plenty of links on your blog page to
your other social media outlets. This encourages
others to share your blog posts and comments,
which means more traffic to your website and further distribution of your ideas.
Show your expertise. Use
your blog to elevate your audience’s trust in you, your business and your brand.
Tip: The more you write
(and the more regularly you
write), the more you show your
commitment to your business.
Tip: Ask questions at the end of each blog post
to start interesting conversations in the comments.
Thoughtfully respond to those comments to build
relationships with your audience.
The result? Credibility with
your target audience.
Connect with your target audience. As you continue to blog and offer insider industry info or tips,
you’ll build a solid following.
Give and you shall receive. Think of
each blog post as a free little nugget
of information that will improve the
business or life of each member of
Tip: Offering additional free
materials, such as e-books, for
example, can help you grow
your leads. Ask contacts to sign
up for your newsletter to receive
this free information.
Introduce other websites. Use your blog to connect people to your business website and your other
Showcase your connectedness. To show your
connections with your community and within your
industry, invite professional contacts to write a guest
post. Ask your guest bloggers to share success stories
on how your expertise has improved their business.
Tip: Writing a guest blog can be time-consuming for your associates. Link from their post back to
their website and/or social media pages to show the
benefits of sharing their knowledge and experiences
with your audience. C
A NEW FREE online tool from the
Small Business Administration
helps small-business owners and
startups to compete and grow.
SizeUp helps businesses identify
new customers and compare
their performance against other
businesses in their industry with
data collected from hundreds of
private and public sources.
SizeUp works by analyzing
a business in comparison with
similar businesses in the same
trade and provides geographic
information on the marketplace,
areas recommended for advertis-
ing and prospective customers.
The tool provides data analy-
sis in three key ways:
; Modeling a new business
or benchmarking an existing
business to see how it sizes up
by comparing performance to
all other competitors in the
; A mapping feature that
lets you see where customers
and suppliers are located
; Finding the best places
to advertise your business by
letting you choose from preset
reports to find areas with the
highest industry revenue and
the most underserved markets.
You can also create custom
SizeUp can be found at