Being an entrepreneur can at times be confusing. Every business is unique, so there’s no road map that works across the board. But, there are some concerns and questions all entrepreneurs share. Here are 6 common queries from real business owners and quick answers from expert consultants and advisors.
1. How important is a formal business plan, really?
Having a plan for your business is as important as having a map before you go on a trip, according to Christopher, a business advisor. It’s also necessary if you are seeking a loan from a bank. In this video, Christopher shows one business owner the key steps for creating a basic business plan.
2. How can I avoid cold calling but still grow my network of prospective customers?
Instead of cold calling, leverage the existing contacts in your network. In this video, Wells Fargo Works retained marketing consultant Michael shows the owners of Universal Martial Arts Academy how to use “The Bowling Alley Strategy” as an alternative to cold calling prospects.
3. How do I find enough hours in the day to get everything done?
Instead of the ceaseless multitasking that has her working into the wee hours of the night, in this video, Wells Fargo Works retained business consultant Coco Soodek shows one entrepreneur how to create a time budget. A helpful pointer: include one hour each day to dedicate to your least favorite task, says Coco.
4. Is there a low-cost marketing tactic that can result in high profits for my business?
The answer to this question is right in your own backyard. In this video, Wells Fargo Works retained business consultant, Ellen Rohr, shows the owners of Universal Martial Arts Academy how networking with neighbors can be a cost-effective way to potentially increase profits.
5. I’m ready to sell my business, now what?
Selling your business is a 4-step process including preparation, marketing, negotiation and closing. In this video, Robin from the Business Advisory Services takes business owners Kelly and Loren Lester through each step to help them negotiate a deal that works for them and find qualified buyers for their business.
6. Is a website worth the investment?
“A website is a fundamental element of your business today,” according to Wells Fargo Works retained business consultant Coco Soodek. “Your website is your signage for the web.” In this video, Coco shows two entrepreneurs exactly why a website is a non-negotiable for their business.