7 Reasons to Take Advantage of Social Media

Social media has become a rapidly growing marketing monster that every entrepreneur and business owner should be using. Not only is utilizing social media free, it provides many assets most entrepreneurs had to work even harder to get before the rise of Facebook, Twitter, Instagram, and other sites. Here are 7 reasons why you should be taking advantage of social media as an entrepreneur. 

• Create buzz. Social media is a platform for your business and brand to have a voice. Use that voice to create something that gets people talking. Promote online conversation.

• Build relationships. Social media networks give you the opportunity to talk with your clients and potential clients in a way you may never have been able to before.  Plus, it makes it more convenient if they want to share your product.

• Get feedback. Social media platforms are very large communities where people can talk about your product or service. Intently study what they are saying and use it to improve your business.

• A big way to be recognized. Social media is just one more outlet (and a very influential one) where you can get your brand out there. Create a Facebook page for people to provide reviews on your business and like it, set up a Twitter account to engage your audience, and get on Pinterest if you have crafty products people will want to pin. 

• You become more accessible. When you become more accessible to your clients, you establish greater trust.  It shows your seriousness and develops credibility.  

• Show off your products. With any social media website, you can show off your products by regularly uploading photos to your account. People can then view, like, and share those photos.  See my Handshakin photos on our Flickr or the blog posts on my LinkedIn as examples.

• Deliver the latest news. With Twitter, for example, you can create a following of people and deliver fresh news to them about your business before anyone else can.  Make it convenient for your friends and customers to follow your updates in case they are interested.  

For more information on establishing yourself as a industry expert or utilizing social media in a startup, please contact us.

3 Rookie Networking Mistakes

Many people hate networking. They despise it so much that they miss out on great business opportunities. They also miss out on meeting a lot of great like-minded people who could really help them grow their business. If they simply got over their fears, they may reap the huge benefits of connecting with experts, mentors, and like minded-communities. However, when one begins networking, it's key to be careful and not make any rookie networking mistakes.

Here are some mistakes that small business owners and entrepreneurs should avoid.

• Not having business cards to hand out. It is very important that you have business cards at a networking event (yes, it still is important in 2015). You are going to meet people that you will want to talk to at a later time and if they have no way of getting in touch with you, you might miss out on a great opportunity. If you just try to take their number, it does not look as professional as handing them a business card.  Maybe they want to research you more before scheduling a meeting.
• Handing business cards out to everyone that you see and talk to. Doing this makes you look very desperate. You should only hand out business cards to people that you can see yourself doing business with or if you are truly interested in getting to know someone.  Another bad practice is handing out multiple business cards assuming that the person will refer you after just meeting you.  My network is my most valuable asset, and I wouldn't be able to sustain it if I handed them someone's card I had just met.  
• Not following up after an event. It is very important to follow-up after an event. When you say that you are going to call them or e-mail them after an event, make sure that you follow through with your promise. You do not want to lose business because you forgot. Many people like to send a little card which tells them that it was nice to meet you.  Email works nowadays, too, even if you don't have a specific ask.  Add them on LinkedIn, or give them a specific compliment on their website.  

Though networking can be scary, it is very important to grow your business with larger customers, strategic partnerships, and setting up a referral network. However, you need to avoid certain mistakes so that you do not look like a rookie. You should never go to an event without business cards. You should also not hand out your cards to everyone that you see and look desperate. You must never forget to follow-up, especially if you promised that you would!

Subscribe to my YouTube Channel to learn more on how successful entrepreneurs are connecting with communities, experts, and mentors to reach success.

The #1 Problem with Being an Entrepreneur

So this problem surfaced last year, when I was just about to start the video series and had much less traction with handshakin.com.  But before I go into it, let me give you some context on what led up to said #1 problem.

2010:  I got into entrepreneurship with my 1st & 2nd companies, mattswheels.com and then holmesreg.com by purchasing a property and renting to roommates to keep my 'burn rate' low.  This allowed me to invest money into different startups I was pursuing before the video series.

2014:  Fast-forward 4 years:  Now, I had investment properties, offices, and events that made up the startup that I had the most success with, Holmes Real Estate Group.  This company is still what pays my bills while I'm working on the video series full-time.  Business had grown and I decided to move from the basement in my first house (front yard pictured) to upstairs in a larger property that was located 1.5 blocks away.

The Move:  In saving for another down payment for the next property, I could not justify paying movers since the properties were so close.  I had lived in my house about 5 years, which is rare for people my age.  I also had 1700 sq ft of crap to move, and I'm not good at the planning and details and hate asking friends for too many favors.  So we already know this isn't going to be a pleasant move.  Oh, and one more fact:  my daily driver was a Lexus IS250, which is small 4 door that really can't fit more than a small suitcase.

I had to ask friends to help with some of the big stuff.  So we got the big stuff to the new house.  That wasn't the problem.  Next, I was able to move a lot of the smaller items on my own over a week with a quick trip after work.  That also wasn't the problem.  

The #1 Problem:  The problem came when trying to move all of my clothes over.  I didn't have boxes or any convenient way to transport them.  Have any of you guys moved clothes and had them slide all over?  Slide onto the ground when you open your car door?  Lose hangers?  Get wrinkled?  Yeah.  My response would be D:  All of the above.

So was there any other way to get my clothes to the other house besides that route?  Maybe... I had a clothes rack.  Something like a portable clothes rack that you'd see in Nordstrom.  And the houses are so close.  So, I find myself in sunglasses and a hat, walking a block in a half, wheeling my entire closet on a commercial clothes rack down a busier street in my neighborhood.  FML.

Can you help me find a hint of my pride back and like my Facebook Page?

3 Startup Mistakes to Avoid At All Costs

They say 95% of startups fail.  Attempting to build a company from the ground up is difficult, especially if you have little or no prior experience in business world as an entrepreneur.

Here are 3 startup mistakes you should avoid at all costs in hopes of being in the 5%.  

Doing It Alone, Without Involving Others

Saying startups are stressful is an understatement. If you start a business alone, without a plan on who is going to do what you're not good at, you'll likely burn out. You're not an expert at everything, and you need the find the experts to get their feedback, get them involved, and possibly hire them if that is the right decision.

You also need advisors to help you figure out when you need an employee, or just an online tool that costs $10/month that you don't know about yet.  If you're in Colorado, or planning to move here to launch your business, check out our mentorship program. 

Treating The Business Plan Like Homework

A business plan serves to guide the startup towards the right direction of staying aligned with the entrepreneur's vision. Here are some questions it should answer:

• what is the purpose of the company?
• who are the customers?
• what problem does it solve?
• who are the competitors and what are they doing?

While these questions don't cover every aspect, a sound business plan should at least touch on every aspect. It's important you know where you want to go and that you've done extensive research on exactly how you expect to get there.  It should be about 90% accurate.  This is especially true when you start seeking out angel investors or venture capital. Without a plan, expect the answer no 100% of the time, instead of just most the time ;)

Mismanaging Money

If you've just started a business, chances are you're not making much money from it right off the bat.  If fact, if even one person has given you one dollar, that's big success, so congratulations! It may also be the case you have limited amount of cash to put into your startup. Therefore, you need to properly handle all your resources and not overextend.  I was just talking with one of our Handshakin mentees on not over spending on your logo off the bat.  That can come later.  

You only need your logo, and so many other items, at only 90% to move forward... the remaining 10% will cost you too much when you are just starting.  Grow the company and then find world-class team members who are expert graphic designers later to complete that 10%.  

In addition to making up your salary, the business requires additional overhead.   However, what happens if a business suddenly faces an unexpected disaster or has to undertake a costly change, but has insufficient funds set aside? This will more than likely happen to you.  With bootstrapped and many angel funded startups, you can't afford that 10% until you are fully employed and full-time on your startup.  Without proper money management, your new business may fall long before you even pay yourself $100.  

If you found this helpful, please subscribe to our YouTube channel for more startup and networking tips.

Also, big shout out to everyone who has given me awesome support, mentorship, and of course those who had stickers that can be seen on the computer in the picture!  You're awesome Colorado!