Saturday morning as I was heating water for tea in my twenty-five-year-old microwave oven, my son was telling me a tale of woe about his five-year-old GE microwave. It had stopped heating. The expensive magnetron tube that produces the microwaves had failed, and considering parts and labor, it did not make economic sense for him to have the oven repaired.

As the microwave was built into his kitchen cabinets, he needed to replace the unit with one that could easily slide into the space. After shopping at Home Depot and Lowes he went to the local store, Stewart’s Appliances, and bought the unit he needed – at a lower price than at the “big box” stores.

The myth we all seem to want to buy into is that big box outlets offer the same merchandise at lower prices than locally owned and run stores. This myth has been the ruin of so many downtowns and local stores. Not only are prices often comparable but local store owners are knowledgeable and generally provide much better service. In addition, buying locally supports neighbors and puts profits right back into the community.

I want local businesses to support me, so I do everything I can to support them. What do you do?

Will Limkemann
www.siqualtd.com

Lending news

According to Crain’s Cleveland Business, Key Bank, through its Key for Women group, has set aside $3 billion to lend to responsibly-run women-owned businesses over the next three years.

A related story in today’s Cleveland Plain Dealer says that the Small Business Administration (SBA) announced that SBA loan guarantees have been raised to 90 percent and fees have been waived.

Both these initiative should begin to give small businesses hope that credit will begin to loosen up and they will once again be able to obtain badly needed money.

Will Limkemann

Grants for small businesses

I’m often asked if there are government grants for small businesses and how to get them. Federal government agencies and many state governments do offer a great many grants, but most are for research or specific capabilities needed by government entities. Grants generally have an extensive application process that can be quite challenging to the small business owner. Federal and state grant information is consolidated in the government site, www.grants.gov.

Some grants which are geared toward economic stimulus, are more general in nature, and, for qualifying companies, can be relatively easy to apply for. For example, government funding is often available for training employees or upgrading their skills. See the Wall Street Journal article on How to Get Government Grants for Training.

Will Limkemann

Independent Book Publishing

When I decided to self-publish my new book, The Successful Home Business Guide, I did not  realize how large a fraternity I was joining, or what the statistics were in the book publishing trade. It’s probably a good thing or I may not have tackled the project.

According to bookstatistics.com while there are only six major publishers we all recognize, such as Random House, there are more than 80 thousand book publishers in the United States. Foreword Magazine offers the grim statistics that  of the 3000 new titles published EVERY DAY, over 79 percent will sell fewer than 99 copies! It’s no wonder that Borders and other large book chains employ stringent selection practices and will only purchase through a small number of distributors and wholesalers.

Despite the numbers, I’m convinced that writing a book for home business owners was the right and timely thing to do, and that self-publishing will get the book to market much quicker than had I tried to elbow my way into one of the major publishers. But I certainly have my work cut out for me. Can anyone spell “book tour?”

The bright light is the ease in which a book can be listed on Amazon.com. Set up an account, upload the necessary data and graphics, and pay an annual fee of just $29 and a self-published book gets equal “shelf space” as books from Simon and Schuster.

Will Limkemann
www.doublewarepub.com

Strategic Alliances

Strategic alliances can have several meanings. On the one hand I think of strategic alliances as large contractual agreements such as Continental Airlines signing trans-Atlantic code-sharing pacts with Lufthansa, Air Canada, and United Airlines. Such a partnership gives passengers to all of the airlines easier travel to a wide variety of destinations.

About 20 years ago while operating a software development company, I formed a strategic allicance with a computer sales and marketing company in which we used our technical resources to design and develop accounting software, while they used their network of dealers and sales and marketing skills to sell and support the software.

Wikipedia lists various definitions for a strategic alliance, but the one I like best is the “joining forces and resources to achieve a common objective”.

Yesterday I had the priviledge of participating in a COSE Home Business Network seminar led by Diane Helbig, of Seize This Day Coaching, discussing the value of strategic alliances to small businesses. Strategic alliances, she said, do not need to be formal or even in writing. Rather, they are synergistic relationships between businesses that will help all parties in selling to their clients. A client who buys from one company, may well have need for goods or services sold by a partner business.

If, for example, you sell landscaping services, a strategic partner might be a real estate agent. An agent trying to sell a house might recommend the home-owner to hire your landsacping services to improve curb appeal. With your relationship with home-owners, you would introduce the real-estate agent when a house is ready to sell.

Diane pointed out that strategic relationships are more than casual referral arrangements. The parties involved understand each other’s business, recognize the value they can provide each other, and most importantly like and trust each other. Everyone wins.

Will Limkemann
Siqua Group Limited
www.siqualtd.com
440-871-0976

Book marketing

I’m beginnning to think that writing a book is the easy part. Publishing, distribution, and marketing is definitely work – and no end of work.

I’ve spent the past week registering at numerous on-line directories, and preparing and sending out press releases and review copies to an initial short list. The larger list should keep me occupied for the next decade or so!

Today I needed to get out of the office so visited all of the independent book stores in the greater Cleveland area. Result: 3 stores were out of business; 3 decision makers not it; 1 gave me a contract for a meet the local author session in June; 1 took a book for review; 3 bought books.

Considering the books just returned from the printer one week ago, I feel quite good having sold 10 books, including one through Amazon.com.

I’ll keep you informed as the project continues.

Will Limkemann

Innovation through outsourcing

Successful small businesses keep innovating products, processes, and services to keep competitive. They have an advantage over large corporations as they can adapt and change more more quickly than their bureaucratic cousins. Their disadvantage may be a small pool of internal resources that stymies innovation.

With just a few brains to tap new ideas are often hard to come by and the “old ways” are so ingrained that innovation is often neglected.

This is where outside help is frequently beneficial. A starting point may be as simple as briefly hiring an independent person to run a brainstorming session involving key people in an organization. The consultant can help stimulate ideas and focus action on the the good ones.

Sometimes a great idea for a product or service emerges, but the business does not have the resources or expertise to develope the idea. Effective outsourcing to an appropriate person or company may well turn the idea into a marketable commodity. But beware in outsource such research and development. Protect yourself with a contract that ensures confidentiality and assures that you will retain all intellectual property resulting from the work done by the contractor.

Will Limkemann

Keeping on-line data secure

April 1 has come and gone and the Internet still stands and few compters were affected by the Conflicker worm (virus) that was (perhaps legitimately) over-hyped by the media. So I thought we might all benefit from guidelines shared in the Wall Street Journal article, “How to keep your on-line business information secure”

Will Limkemann

Micro Loans

Need a business loan and the bank won’t talk to you? Finding an independent microlender might be the answer. See this Wall Street Journal article.

Will Limkemann

Self Publishing

Over the past few months I have tried to absorb so much information about publishing I think my head is about to burst! As for most subjects, Google returns thousands, if not millions, of hits for just about any keyword relating to publishing. There are also many books on the subject, the best of which I have found, is Day Poynter’s Self Publishing Manual, 16th edition. Having writing and self-published over 120 books, Dan seems to know what he is talking about. If you are considering self publishing, go no further until you have written Dan’s book.

Book publishing seems to fall into these realms:

1. Traditionally books have been published by major companies who contract with a writer, handle the cover and book design, do the editing, have the book printed, and get it into distribution. In return, the author is paid a royalty on sales. Publishers are looking to sell substantial volumes, so if a book doesn’t sell more than 5000 copies within the first year, it will probably be dropped.

2. Vanity press is the route many people take when they just want to get in print to impress family and friends. They contract with a vanity press which will handle design and production and print a limited number of copies for a fee.

3. Print on Demand presses are a step above vanity presses in that they will print a few or many copies and claim some distribution capabilities. An up-fron fee, along with marketing and other fees are paid during the process.

4. Self-publishing is the process where an author actually controls and contracts for all aspects of the publication process from acquiring an ISBN number (the number and bar code on the back cover), to editing, to cover design, to book design, to printing, to distribution. Self-publishing is actually a good option for an obscure author who is up to doing all the work of a publisher, wants to be in control, and get the book to market early. Self-publishing is the route I decided to take in publishing my new book, The Successful Home Business Guide.

No matter what route is taken, it is really up to the author to promote the book. While writing a book can be tedious and time consuming, the real work begins in marketing and promotion.

Will Limkemann
will@limkemann.net