Photo (CC) by Chris Lasher, on Flickr

I have had the opportunity to work with the small-business community over the last twenty years.

That community includes people looking to start a business, those in the start-up stage, others growing to the next stage, and a cadre of people dedicated to support these folks.

I have seen businesses start but also shut down.

Over that time, I am often asked what is the key element to success.

A successful, sustainable small-business meets a need. It offers products and services at prices the market will pay. These businesses market themselves and watch their dollars carefully. The owner knows that he or she must do the daily tasks and also look forward and plan for the future. And the owner understands the importance of keeping up with the trends. While the initial product might be unique, it won’t stay that way plus the market itself will often shift away to new ideas and alternatives.

Yet even when following all of these important elements, some businesses make it and other don’t. So what else is at play?

Some people say its luck or timing. Others talk about the support network and mentors that a business owner has in place.

And there is support for those two factors as well.

But there is one more element I view as even more crucial than all of these. That element is passion!!

Some call it perseverance or focus. Neither of these quite capture the attitude though.

You have to want it. You think about your business constantly looking for ideas and concepts to follow.

One of the earliest business owners I worked with drove this idea home. There were ups and downs, and hurdles. His response was it’s all a learning experience and let’s keep learning. If you asked him about his business, he knew it would be a success.

Passion, it goes a long ways.  No it isn’t the only thing you need but it sure helps when the road ahead looks rocky.

Owning a business is often part of a person’s dream.

The appeal of business ownership comes from a variety of reasons including independence, being the boss, money, and family time to name just a few.

Yet there is a substantial gap between starting a business and still be running that business five years later. Statistics vary but as many as 60 to 80 percent of businesses are no longer in operation after a five-year span.

There are lots of reasons why a business may not succeed, many of those reasons are out of control of the owner.

But many of the reasons are something the owner can prepare for before the doors are even opened.

This video looks at 10 items a potential owner must ask himself or herself before going into business.

This self-analysis can highlight where you may need help or more training. The areas include things such as marketing, having enough cash set aside, and having the necessary passion. The great thing about each of these potential hurdles is they can all be overcome, the skills needed are something you can learn.

So take just six minutes and take this self-assessment. See if you are ready to take the plunge into small business ownership. The tool is no guarantee but it’s a first step.

So, set yourself up for success.  Watch the video and get started.

Photo (CC 2.0) by Alex Wellerstein, on Flickr

Is your business the “best-kept secret?”

While that question should make you smile, it also should raise a concern. Reaching your full potential will not happen if people don’t know your business exists.

How do you know if you are the best-kept secret? If you finish a sale and your customer comments she wishes she had known about your store before, you may be in the running.

How can you avoid this? You have a plan to get your business in front of people and you routinely check to see if it is working.

You want the name of your business and what it does on the mind of your entire target audience and more. You want them to have a positive view of your reputation and the service you offer.

However, building a customer base doesn’t just happen. It takes a great deal of work. In this example, you could have asked the customer how he learned of your business. You also might ask more about his experience and what would have made it even better.

Finally, tell the customer you are trying to build your audience and ask for his help by:

• Telling his friends
• Letting you use him as a reference
• Completing online reviews. This means knowing which sites – Yelp, TripAdvisor, Google Places, etc. – list reviews for your business. If you don’t have any reviews, now is the time to change that.

Those are some steps you can take with that customer. Now think about how you can work some of these same requests into your conversation with every customer you see today, tomorrow and next week.

Keep track of the answers you get. Compile them. Then look at these comments to update your marketing plan. What efforts are working? Where are you getting a return for your investment?

Marketing is not a “one and done” effort. You need to get your name in front of someone three to four times before he or she will remember it. And getting people to come in your door may take five to seven exposures. Furthermore, customers don’t remember. More than 50 percent of customers will forget your business within 30 days if you stop marketing.

We haven’t even talked yet about what media to use, traditional or online/social. You will need both, but the level and type of each need to be customer-driven. Build these decisions into your marketing plan along with how future trends may influence what you do. One of those trends right now is the growth in mobile use.

So what’s the goal? It’s to never hear a customer say your business is the best-kept secret!

Such is the life of a small business owner. It never seems like there is enough time to get to all of the tasks you desire.

How often do you tell yourself that it will be slower next month or next quarter? And when that time goes by, you tell yourself I will get it done next month. But again, you miss the deadline.

It happens to us all. Yet there are some things that are just too important to let go by.

One crucial task you can’t overlook is the development and nurturing of your personal network.

Networks have always been an important success factor. Today, they are being recognized as that as well as the source of collaborative learning, new ideas, and problem solving.

I suspect I am like you in that I attend networking events, hand out my business cards (the #1 tool you have), and give my short elevator speech.

Where I struggle is with the follow-up, probably like many of you. The event is not where the rich rewards of networking are found. It is in the relationships built afterwards.

Plus over time, I often fail to keep that relationship intact.

It doesn’t take much to keep things going.  You probably see your network contact on a regular basis. Take a moment to say hi and have a short exchange. It’s important to see other people but it’s just as important to maintain existing relationships.

And if you don’t see your contact on a regular basis, drop them an email. Or check out their LinkedIn page to see what new things they are involved with and then comment. Or maybe you see or remember some important events they are involved in. Send them a short hand-written note. That technology will never grow old.

And if you want to share some tips and resources they might enjoy, print off a copy of the NDSU Small Business newsletter and give it to your contact or send it their way. Or encourage them to check out the Small Biz Survival website. (Shameless plugs)

So in the next month or two, RECONNECT!  The benefits are many.