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Social Networking and Marketing for your small business

I gotta get the panel members for this panel, my minicomputer was acting up. They seem powerful and extremely well-put together.

The dollar doesn't turn around once in the Black community, that means, when a black person gets a dollar, they spend it and more than likely with someone of an opposite race. Out of approximately 6000 businesses that start every year, less than 19% of those businesses are started by blacks. Small business is a major aspect in revitalizing the national economy.

Okay, here are the panel members
Ken Blanks Harrell
Ed Foxworthy
Hajj Flemmings (moderator)
there's a few more, but I am doing this LIVE and I am not keeping up with the names like I should...email me chrisreed07@gmail.com
1. HOW DID YOU IDENTIFY THE BUSINESS THAT YOU ARE IN (marketing)? What was your AH-HA moment?
-Forget about what you think life is and figure out what you enjoy doing and put a dollar sign on it.
-After making so many mistakes, and having self pitty parties, you begin to realize that your loyalty needs to be with you. Maximize your time, improve your skill and make your activities co-inside with your goal. If you say you want to make $1 million, then make it.

Ms. Gillian Blackwell, one of the benefits of the internet, they have leveled the playing field for small businesses and the connections that they can make. But one of the downfalls is that everyone is claiming to be an expert. However, it trying to organizing who is best at what. In my last post I mentioned that small business owners need to find those that are perfectionists in their industries and can help you run your business. But take your mommas advice to heart, You can tell a tree by its fruit. Look at the relationships that your colleagues may have created, take a peek at their e-networking history, listen to what they have to say, do your research..don't go int a situation completely blind.

@ Mr. Ken Blanks Harrell, he demanded that we take notes. He speaks on his success and what prevents them from being successful (making money)
1. There is no need for your service
2. There is no money
3. There is no trust
Staying consistent with your message is very important with how your business lives
Stay relevant with the audience you want, get a website, build your following, be in the face of your audience. Promote yourself. Create a plan that you will be able to make you money.

I am really enjoying this forum, especially when they are talking about FREE methods of social networking and finding leads for your business. It all comes down to building a base, and then using those connections. Thats what facebook, myspace, twitter and the such are for, they are to be used to better define your audience, getting your specific message to the people and most importantly, LISTENING TO YOUR AUDIENCE. Although there are a ton of things to get on sites like ebay and amazon.com, but if you look close enough you can find the things that people want. When building your social network make sure you keep thinking about who you want to meet, what you want them to know about you and why they should want to continue to know you.

Branding - Developing a Professional Image and Polishing Your Brand
All of your information needs to be available to potential clients/customers. Your customers should constantly see it so that when people they know need something, you are the first person they think of it. Gaining HOUSEHOLD BRAND status is very important and very easy, just stay out there, all the time and everywhere. Your branding strategy includes the entire experience a customer has when dealing with you, the way you answer the phone, the presentation of your product, your follow up, the price versus the feel of purchasing your product or service. Develop what it is that is going to be your image.

JUST GOT A LITTLE INSPIRATION, I'ma post this on TWITTER (darealchrisreed) NEWSLETTER COMING SOON

Thank you to Mr. Harrell for "Own your own, or be owned by someone else." Corporate America is frustrating and I am pretty sure that you feel me on this, let it frustrate you so much that you start your own and do it as good as you can.

LIVE from the Detroit Black Expo - LEGAL ADVICE FOR ENTREPRENEURS

What you need to know how to run your business correctly, legally and profitably!

w/ Anita Davis, Managing Director of an Accounting/Tax/Audit firm. Her services is offered to all entities and persons. She assists businesses in establishing structure, assureing each client is efficient accounting practices. She is passionate about economic development in the city and in Black business;
W/ Allen Venable, Attorney at Venable Law PLLC, a litigator by trait, he deals with criminal law and personal injury. He is a strong believer in black business and is happy to offer any assistance;
w/ Nikki Wright, Attorney and Counselor, NR Wright and Associate ; has been in practice for 15 years, she represents businesses on contract, personal injuries, contract/document preparation as well as nonprofit law. She's chosen to sit on the panel after recognizing she can offer legal advice to small businesses; and
w/ Jeane Adams, Attorney, a member of the largest law firm in Detroit, she is a transactional lawyer who specializes in franchise law.


What are some of the things that small business hasnt done to legitimate themselves as an entrepreneur.
Allen V. - Businesses havent sat down and written down how your business fits within the economy and the industry they plan to infiltrate. They havent figured out how to make money, or how they can differ themselves.
N. Wright, business owners, especially new entrepreneurs don't differentiate their funds. They continue to expose their personal assets to risk by co-mingling financials. This puts your assets under pressure, liability issues are a big problem becuase if (god forbid) their is legal action, everything you have can be taken.
Anita Davis - It's hard to manage your business when you don't know how you are spending your money. As business owners we are visionaries, however, an accounting structure is necessary to capture costs and to dive in finding out more about running a business aside from building it.

As always, the panel agreed that business owners often lack when it comes to seeking advice and asking for help. This provides you with not only the proper information, but you build that connection and gain the exposure, and you realize that the people that you are meeting are the RIGHT people.

The proper relationships are very important in running your business.
What type of entity works best for you business?
DBA : Doing Business As, a filing within your country/city that allows for you to complete business

LLC : Limited Liability Corporation, a filing with the State, a basic business filing. Has certain tax benefits over and under the S Corp.

S Corp : Smaller Corporation

C Corp: Large Corporation, board of directors and has many more tax advantages.

Each corporate entity has different tax benefits as well as insurance accompaniments.

The major motif behind this particular forum is ASK FOR HELP get the proper advice, get to a professional. This is global for all, if you are a competent business owner you want people to come to you...accountants, attorneys and consultants are experts in what they do...why not ask them to "hook you up". Utilizing the business of your peers not only grows your network of businesses and people you know.

DON'T BE SCARED OF THE MONEY...
Products cost money, products for your business, however, make money...in the long run. Visiting random legal document sites is, dare we say, sloppy. Mass created documents aren't as industry specific as a document drafted by your attorney or a statement/tax form created by an attorney. The money that your business spends on itself is an investment, just as a fashion designer wants to have the best fabrics you should also want the best insurance, legal advice, banking rates, location or whatever...investing in how your business is run affects how much your business can make.