The Idea Guy

Long Copy, Long Copy, Long Copy
Manifesting Your Dreams And Desires
Ryan Mongan's role model is Sir Richard Branson of Virgin Group fame -- not so much for his rock 'n' roll lifestyle, but for his love of starting a seemingly endless string of businesses. Since launching his first business, Speck Design, 11 years ago, Mongan and his business partner have founded Speck Products, famous for its iPod accessories; CAD Talent, an online job board for engineering talent; Camera Armor, which makes protective cases for cameras; and Speck China, a design and sourcing firm in China. Mongan's latest company is called VentureNiche, which will act as a hub to help his growing family of companies to leverage each other whenever possible.

"I started out working at a design firm in Palo Alto, Calif., called IDEO. In 1996, my co-worker David Law and I left to start our own business, which we called Speck Design. We didn't like working for a company where we designed things for other people. We would put our heart and soul in designing something and it would just go away. We wanted a company where we could see our designs made into products.

"We learned that we also enjoyed starting companies in niche markets. Our mantra when it comes to starting new companies is to fail fast, fail frugal, and fail fearlessly. We started 10 companies before we had our next successful next company, which became Speck Products. We tried new stuff, didn't spend a lot of money, and if it wasn't going anywhere, we shut it down. We never bet the farm on a new venture, which allowed us to keep trying.

"Now we have five separate operating companies, and our success rate is getting better. Our philosophy when we look to start a new venture today is that it has to be in a niche market, needs only a small investment to get started, and that we know someone talented who can run it for us. We're always collecting talented people, whether they know it or not. We call it our virtual bench. When the time comes that we see a great potential match between a person, concept and timing, we'll start the company.

"We come up with the majority of our ideas internally. For instance, we came up with the idea for Camera Armor at a trade show. We want to play in niches -- we don't want to go mainstream. As much as I respect Richard Branson, I'm not interested in building a global brand. We did start our first few companies using the name Speck, but we're changing that.

"Our latest company, VentureNiche, is going to be like a mothership to all the companies and help them give each other unfair advantages. For example, we want our people at Speck Design talking to the folks at Speck Products about new designs. Then we want the Speck Products people to talk to people at Speck China about tips on pricing suppliers. I act as conduit between the CEOs of all the companies. In the end, I want to be an owner, not a CEO."

[via finance.yahoo.com]

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Ryan Mongan's role model is Sir Richard Branson of Virgin Group fame -- not so much for his rock 'n' roll lifestyle, but for his love of starting a seemingly endless string of businesses. Since launching his first business, Speck Design, 11 years ago, Mongan and his business partner have founded Speck Products, famous for its iPod accessories; CAD Talent, an online job board for engineering talent; Camera Armor, which makes protective cases for cameras; and Speck China, a design and sourcing firm in China. Mongan's latest company is called VentureNiche, which will act as a hub to help his growing family of companies to leverage each other whenever possible.

"I started out working at a design firm in Palo Alto, Calif., called IDEO. In 1996, my co-worker David Law and I left to start our own business, which we called Speck Design. We didn't like working for a company where we designed things for other people. We would put our heart and soul in designing something and it would just go away. We wanted a company where we could see our designs made into products.

"We learned that we also enjoyed starting companies in niche markets. Our mantra when it comes to starting new companies is to fail fast, fail frugal, and fail fearlessly. We started 10 companies before we had our next successful next company, which became Speck Products. We tried new stuff, didn't spend a lot of money, and if it wasn't going anywhere, we shut it down. We never bet the farm on a new venture, which allowed us to keep trying.

"Now we have five separate operating companies, and our success rate is getting better. Our philosophy when we look to start a new venture today is that it has to be in a niche market, needs only a small investment to get started, and that we know someone talented who can run it for us. We're always collecting talented people, whether they know it or not. We call it our virtual bench. When the time comes that we see a great potential match between a person, concept and timing, we'll start the company.

"We come up with the majority of our ideas internally. For instance, we came up with the idea for Camera Armor at a trade show. We want to play in niches -- we don't want to go mainstream. As much as I respect Richard Branson, I'm not interested in building a global brand. We did start our first few companies using the name Speck, but we're changing that.

"Our latest company, VentureNiche, is going to be like a mothership to all the companies and help them give each other unfair advantages. For example, we want our people at Speck Design talking to the folks at Speck Products about new designs. Then we want the Speck Products people to talk to people at Speck China about tips on pricing suppliers. I act as conduit between the CEOs of all the companies. In the end, I want to be an owner, not a CEO."

[via finance.yahoo.com]

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5 Ways to stop being late

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The reason I know so much about being late is because recently, I have been late a lot. So I have been telling myself that each time I am late I have to honestly think about what sort of behavior is causing me to be late, and write it down.

The write it down part is important. For me, writing something makes it more serious. Like I am taking more responsibility for changing something if I write it down. I know I am not alone in this.

I see blogs about losing weight and sticking to a budget, and those people say that blogging about it helps them stick to a plan. I think being on time is a similar type of goal in that you have to think about it every day in order to make a real change in your life.

Hopefully I will not end up writing a whole blog about being on time, especially since there’s such a good one already. Hopefully a post will be enough to get things back in order….

Here are things I’ve come up with for myself:

1. Schedule the event into your calendar.
If you block out time to be somewhere then you won’t be doing something else when it’s time to go. I amazed myself when I tried to do this. I discovered I had enough on my schedule to last 48 hours a day. It would have been impossible for me to be on time for anything.

(Note: If you are a person who is about to recommend to me that I read Getting Things Done in order to be better at time management, here is a link you might like.)

2. Practice saying what you need to say.
Here’s a great thing to say: “Excuse me, I hate to cut you off, but I have an appointment.” It is hard to cut someone off, but they will respect you for sticking to a schedule. The higher up you go in corporate life, the stricter the people stick to a schedule. The good news is that this means it’s perfectly acceptable in work life to say this short speech. Get comfortable doing it at work and then you can do it at home, too. Often saying no takes forethought and practice.

3. Be a time pessimist.
Assume everything will take a little longer than your first estimate. This will either make you right on time for everything, or it’ll make you a little early. People who run early are calm, organized, and always ready. Not a bad place to be.

4. Prioritize.
Some people are late because they simply don’t have enough time to do everything. The only way to change this is to stop doing so much. Face the reality that you cannot get your whole list done. Figure out what’s most important and just get that done. Tell the people who depend on you - like your boss — that you can only do what you have time for, and things at the bottom of the their list of priorities will not get done: a reality check for everyone in your life.

(Another Getting Things Done note: The only people I know who are really good at prioritizing have read the book. Here’s an overview of the book for the uninitiated.)

5. Be honest with yourself.
Why do you let yourself be late? It is disrespectful and makes you look unorganized and out of control. Why are you not getting control over your time. So much about being on time is actually about self-knowledge. Often, we are scared to make the decisions that we must make in order to get control over our time and become someone who runs on schedule. But there is no other way to run a life. To run on schedule is to plan the life you want to live and execute that plan.

[via penelopetrunk.com]

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The reason I know so much about being late is because recently, I have been late a lot. So I have been telling myself that each time I am late I have to honestly think about what sort of behavior is causing me to be late, and write it down.

The write it down part is important. For me, writing something makes it more serious. Like I am taking more responsibility for changing something if I write it down. I know I am not alone in this.

I see blogs about losing weight and sticking to a budget, and those people say that blogging about it helps them stick to a plan. I think being on time is a similar type of goal in that you have to think about it every day in order to make a real change in your life.

Hopefully I will not end up writing a whole blog about being on time, especially since there’s such a good one already. Hopefully a post will be enough to get things back in order….

Here are things I’ve come up with for myself:

1. Schedule the event into your calendar.
If you block out time to be somewhere then you won’t be doing something else when it’s time to go. I amazed myself when I tried to do this. I discovered I had enough on my schedule to last 48 hours a day. It would have been impossible for me to be on time for anything.

(Note: If you are a person who is about to recommend to me that I read Getting Things Done in order to be better at time management, here is a link you might like.)

2. Practice saying what you need to say.
Here’s a great thing to say: “Excuse me, I hate to cut you off, but I have an appointment.” It is hard to cut someone off, but they will respect you for sticking to a schedule. The higher up you go in corporate life, the stricter the people stick to a schedule. The good news is that this means it’s perfectly acceptable in work life to say this short speech. Get comfortable doing it at work and then you can do it at home, too. Often saying no takes forethought and practice.

3. Be a time pessimist.
Assume everything will take a little longer than your first estimate. This will either make you right on time for everything, or it’ll make you a little early. People who run early are calm, organized, and always ready. Not a bad place to be.

4. Prioritize.
Some people are late because they simply don’t have enough time to do everything. The only way to change this is to stop doing so much. Face the reality that you cannot get your whole list done. Figure out what’s most important and just get that done. Tell the people who depend on you - like your boss — that you can only do what you have time for, and things at the bottom of the their list of priorities will not get done: a reality check for everyone in your life.

(Another Getting Things Done note: The only people I know who are really good at prioritizing have read the book. Here’s an overview of the book for the uninitiated.)

5. Be honest with yourself.
Why do you let yourself be late? It is disrespectful and makes you look unorganized and out of control. Why are you not getting control over your time. So much about being on time is actually about self-knowledge. Often, we are scared to make the decisions that we must make in order to get control over our time and become someone who runs on schedule. But there is no other way to run a life. To run on schedule is to plan the life you want to live and execute that plan.

[via penelopetrunk.com]

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Five Tips to Motivate Small-Business Workers

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WHEN YOU RUN A lean operation, how do you motivate your work force?

Sure, large corporations with deep pockets can easily dangle bonuses, perks and an array of fancy reward programs (often created by outside consultants) to encourage employees to outperform. Yet, small businesses with limited budgets have a distinct advantage: Chances are, you probably know all your employees. So it's easier to show 'em you care.

In many cases, employees will perform best for a boss who can accommodate their needs, whether that's giving them an afternoon off to take care of a personal situation, re-arranging their work schedule so they can pick up kids from school, or allowing them to telecommute as needed, says John Challenger, head of outplacement firm Challenger, Gray & Christmas in Chicago.

"Small business can be so flexible," he says. "Big companies have policies, and if they make an exception they think the whole world will fall apart."

So when it comes to energizing your staff, being small can be your best advantage. Here are five steps to engage your employees:

1. Communicate your vision

A boss at a small firm should explain the company's missions and goals, preferably right when a new employee starts, says Jeanie Adkins, a rewards consultant at Mercer Human Resource Consulting in Louisville, Ky. Studies at larger corporations show that employees perform better when they understand the company's vision, think the company's mission is worthwhile, and think they can contribute to the success of the organization, she says. "Small businesses have perhaps an easier task than big ones because it's easier to create that line of sight," she says.

2. Acknowledge your limitations

Admit it: You may not be able to provide the same opportunities for promotion that a large company can. But, "what you can do is make sure employees are getting the mentoring, training and development that they need to build a career with you — or someone else," Adkins says. While it sounds counterintuitive, offering an employee valuable (and marketable) work skills can reinforce good performance, she says.

3. Involve workers in special projects

Ask your employees to step away from their routine jobs and come up with creative solutions to customers' problems, suggests Ron Wince, president of Guidon Performance Solutions, a Mesa, Ariz., consulting firm. That sends a message that you value their creativity, which in turns boosts their job satisfaction. "If you go into a company and all people do is punch the clock, you as a customer can almost always tell how the morale is in an organization," he says. Once a month, invite a cross-section of employees to meet for a few hours and work on a particular issue, usually one involving customer service. Not only will you probably get some good ideas, but "the employee feels like they're part of something," he says.

4. Offer "add-ons" in addition to wages

Younger people, in particular, have grown up hearing catch phrases like "work-life balance" and value benefits such as child-care programs, flexible schedules, and even wellness initiatives almost as much as competitive salaries, says Pete Stoddart, a spokesman for Ceridian, a Minneapolis human-resources company. A small-business owner might not have the resources for formal programs, but can promise the flexibility to work with individuals in the event of major life events, such as the birth of a child, the death of a relative or health problems. And consider employee-assistance programs, which have come down in price and can be purchased by small businesses for roughly "a few dollars per employee per month," he says. "It's a very easy thing for a small-business owner to have in place."

5. Get creative with rewards

At trucking company Admiral Merchants Motor Freight in Minneapolis, which has about 60 employees, human-resources manager Augusta Kirk has come up with an original (and relatively low-budget) rewards program called "Run to the Border" to encourage the office staff to exercise. Working under a $2,000 budget, Kirk doles out gift certificates to restaurants and sporting-goods stores to employees who agree to work out for 30 minutes, five days a week, for all of 2007. (Kirk says each work-out session equals about six miles, so by the end of the year, employees who stick to it will log 1,508 miles, roughly the distance between their office and the Mexican border.) "You definitely do have better-performing employees if they are more active," she says. If an exercise routine doesn't work for your staff, Challenger suggests something like an NCAA basketball tournament. "Rather than drive the pools underground, do it for free and give an award out to the winner," he says.
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WHEN YOU RUN A lean operation, how do you motivate your work force?

Sure, large corporations with deep pockets can easily dangle bonuses, perks and an array of fancy reward programs (often created by outside consultants) to encourage employees to outperform. Yet, small businesses with limited budgets have a distinct advantage: Chances are, you probably know all your employees. So it's easier to show 'em you care.

In many cases, employees will perform best for a boss who can accommodate their needs, whether that's giving them an afternoon off to take care of a personal situation, re-arranging their work schedule so they can pick up kids from school, or allowing them to telecommute as needed, says John Challenger, head of outplacement firm Challenger, Gray & Christmas in Chicago.

"Small business can be so flexible," he says. "Big companies have policies, and if they make an exception they think the whole world will fall apart."

So when it comes to energizing your staff, being small can be your best advantage. Here are five steps to engage your employees:

1. Communicate your vision

A boss at a small firm should explain the company's missions and goals, preferably right when a new employee starts, says Jeanie Adkins, a rewards consultant at Mercer Human Resource Consulting in Louisville, Ky. Studies at larger corporations show that employees perform better when they understand the company's vision, think the company's mission is worthwhile, and think they can contribute to the success of the organization, she says. "Small businesses have perhaps an easier task than big ones because it's easier to create that line of sight," she says.

2. Acknowledge your limitations

Admit it: You may not be able to provide the same opportunities for promotion that a large company can. But, "what you can do is make sure employees are getting the mentoring, training and development that they need to build a career with you — or someone else," Adkins says. While it sounds counterintuitive, offering an employee valuable (and marketable) work skills can reinforce good performance, she says.

3. Involve workers in special projects

Ask your employees to step away from their routine jobs and come up with creative solutions to customers' problems, suggests Ron Wince, president of Guidon Performance Solutions, a Mesa, Ariz., consulting firm. That sends a message that you value their creativity, which in turns boosts their job satisfaction. "If you go into a company and all people do is punch the clock, you as a customer can almost always tell how the morale is in an organization," he says. Once a month, invite a cross-section of employees to meet for a few hours and work on a particular issue, usually one involving customer service. Not only will you probably get some good ideas, but "the employee feels like they're part of something," he says.

4. Offer "add-ons" in addition to wages

Younger people, in particular, have grown up hearing catch phrases like "work-life balance" and value benefits such as child-care programs, flexible schedules, and even wellness initiatives almost as much as competitive salaries, says Pete Stoddart, a spokesman for Ceridian, a Minneapolis human-resources company. A small-business owner might not have the resources for formal programs, but can promise the flexibility to work with individuals in the event of major life events, such as the birth of a child, the death of a relative or health problems. And consider employee-assistance programs, which have come down in price and can be purchased by small businesses for roughly "a few dollars per employee per month," he says. "It's a very easy thing for a small-business owner to have in place."

5. Get creative with rewards

At trucking company Admiral Merchants Motor Freight in Minneapolis, which has about 60 employees, human-resources manager Augusta Kirk has come up with an original (and relatively low-budget) rewards program called "Run to the Border" to encourage the office staff to exercise. Working under a $2,000 budget, Kirk doles out gift certificates to restaurants and sporting-goods stores to employees who agree to work out for 30 minutes, five days a week, for all of 2007. (Kirk says each work-out session equals about six miles, so by the end of the year, employees who stick to it will log 1,508 miles, roughly the distance between their office and the Mexican border.) "You definitely do have better-performing employees if they are more active," she says. If an exercise routine doesn't work for your staff, Challenger suggests something like an NCAA basketball tournament. "Rather than drive the pools underground, do it for free and give an award out to the winner," he says.
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WHEN YOU RUN A lean operation, how do you motivate your work force?

Sure, large corporations with deep pockets can easily dangle bonuses, perks and an array of fancy reward programs (often created by outside consultants) to encourage employees to outperform. Yet, small businesses with limited budgets have a distinct advantage: Chances are, you probably know all your employees. So it's easier to show 'em you care.

In many cases, employees will perform best for a boss who can accommodate their needs, whether that's giving them an afternoon off to take care of a personal situation, re-arranging their work schedule so they can pick up kids from school, or allowing them to telecommute as needed, says John Challenger, head of outplacement firm Challenger, Gray & Christmas in Chicago.

"Small business can be so flexible," he says. "Big companies have policies, and if they make an exception they think the whole world will fall apart."

So when it comes to energizing your staff, being small can be your best advantage. Here are five steps to engage your employees:

1. Communicate your vision

A boss at a small firm should explain the company's missions and goals, preferably right when a new employee starts, says Jeanie Adkins, a rewards consultant at Mercer Human Resource Consulting in Louisville, Ky. Studies at larger corporations show that employees perform better when they understand the company's vision, think the company's mission is worthwhile, and think they can contribute to the success of the organization, she says. "Small businesses have perhaps an easier task than big ones because it's easier to create that line of sight," she says.

2. Acknowledge your limitations

Admit it: You may not be able to provide the same opportunities for promotion that a large company can. But, "what you can do is make sure employees are getting the mentoring, training and development that they need to build a career with you — or someone else," Adkins says. While it sounds counterintuitive, offering an employee valuable (and marketable) work skills can reinforce good performance, she says.

3. Involve workers in special projects

Ask your employees to step away from their routine jobs and come up with creative solutions to customers' problems, suggests Ron Wince, president of Guidon Performance Solutions, a Mesa, Ariz., consulting firm. That sends a message that you value their creativity, which in turns boosts their job satisfaction. "If you go into a company and all people do is punch the clock, you as a customer can almost always tell how the morale is in an organization," he says. Once a month, invite a cross-section of employees to meet for a few hours and work on a particular issue, usually one involving customer service. Not only will you probably get some good ideas, but "the employee feels like they're part of something," he says.

4. Offer "add-ons" in addition to wages

Younger people, in particular, have grown up hearing catch phrases like "work-life balance" and value benefits such as child-care programs, flexible schedules, and even wellness initiatives almost as much as competitive salaries, says Pete Stoddart, a spokesman for Ceridian, a Minneapolis human-resources company. A small-business owner might not have the resources for formal programs, but can promise the flexibility to work with individuals in the event of major life events, such as the birth of a child, the death of a relative or health problems. And consider employee-assistance programs, which have come down in price and can be purchased by small businesses for roughly "a few dollars per employee per month," he says. "It's a very easy thing for a small-business owner to have in place."

5. Get creative with rewards

At trucking company Admiral Merchants Motor Freight in Minneapolis, which has about 60 employees, human-resources manager Augusta Kirk has come up with an original (and relatively low-budget) rewards program called "Run to the Border" to encourage the office staff to exercise. Working under a $2,000 budget, Kirk doles out gift certificates to restaurants and sporting-goods stores to employees who agree to work out for 30 minutes, five days a week, for all of 2007. (Kirk says each work-out session equals about six miles, so by the end of the year, employees who stick to it will log 1,508 miles, roughly the distance between their office and the Mexican border.) "You definitely do have better-performing employees if they are more active," she says. If an exercise routine doesn't work for your staff, Challenger suggests something like an NCAA basketball tournament. "Rather than drive the pools underground, do it for free and give an award out to the winner," he says.
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WHEN YOU RUN A lean operation, how do you motivate your work force?

Sure, large corporations with deep pockets can easily dangle bonuses, perks and an array of fancy reward programs (often created by outside consultants) to encourage employees to outperform. Yet, small businesses with limited budgets have a distinct advantage: Chances are, you probably know all your employees. So it's easier to show 'em you care.

In many cases, employees will perform best for a boss who can accommodate their needs, whether that's giving them an afternoon off to take care of a personal situation, re-arranging their work schedule so they can pick up kids from school, or allowing them to telecommute as needed, says John Challenger, head of outplacement firm Challenger, Gray & Christmas in Chicago.

"Small business can be so flexible," he says. "Big companies have policies, and if they make an exception they think the whole world will fall apart."

So when it comes to energizing your staff, being small can be your best advantage. Here are five steps to engage your employees:

1. Communicate your vision

A boss at a small firm should explain the company's missions and goals, preferably right when a new employee starts, says Jeanie Adkins, a rewards consultant at Mercer Human Resource Consulting in Louisville, Ky. Studies at larger corporations show that employees perform better when they understand the company's vision, think the company's mission is worthwhile, and think they can contribute to the success of the organization, she says. "Small businesses have perhaps an easier task than big ones because it's easier to create that line of sight," she says.

2. Acknowledge your limitations

Admit it: You may not be able to provide the same opportunities for promotion that a large company can. But, "what you can do is make sure employees are getting the mentoring, training and development that they need to build a career with you — or someone else," Adkins says. While it sounds counterintuitive, offering an employee valuable (and marketable) work skills can reinforce good performance, she says.

3. Involve workers in special projects

Ask your employees to step away from their routine jobs and come up with creative solutions to customers' problems, suggests Ron Wince, president of Guidon Performance Solutions, a Mesa, Ariz., consulting firm. That sends a message that you value their creativity, which in turns boosts their job satisfaction. "If you go into a company and all people do is punch the clock, you as a customer can almost always tell how the morale is in an organization," he says. Once a month, invite a cross-section of employees to meet for a few hours and work on a particular issue, usually one involving customer service. Not only will you probably get some good ideas, but "the employee feels like they're part of something," he says.

4. Offer "add-ons" in addition to wages

Younger people, in particular, have grown up hearing catch phrases like "work-life balance" and value benefits such as child-care programs, flexible schedules, and even wellness initiatives almost as much as competitive salaries, says Pete Stoddart, a spokesman for Ceridian, a Minneapolis human-resources company. A small-business owner might not have the resources for formal programs, but can promise the flexibility to work with individuals in the event of major life events, such as the birth of a child, the death of a relative or health problems. And consider employee-assistance programs, which have come down in price and can be purchased by small businesses for roughly "a few dollars per employee per month," he says. "It's a very easy thing for a small-business owner to have in place."

5. Get creative with rewards

At trucking company Admiral Merchants Motor Freight in Minneapolis, which has about 60 employees, human-resources manager Augusta Kirk has come up with an original (and relatively low-budget) rewards program called "Run to the Border" to encourage the office staff to exercise. Working under a $2,000 budget, Kirk doles out gift certificates to restaurants and sporting-goods stores to employees who agree to work out for 30 minutes, five days a week, for all of 2007. (Kirk says each work-out session equals about six miles, so by the end of the year, employees who stick to it will log 1,508 miles, roughly the distance between their office and the Mexican border.) "You definitely do have better-performing employees if they are more active," she says. If an exercise routine doesn't work for your staff, Challenger suggests something like an NCAA basketball tournament. "Rather than drive the pools underground, do it for free and give an award out to the winner," he says.
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Starting a business is a little like buying a car: You need to do some research before taking the plunge. First, figure out if there's demand for your product or service. Do a competitive analysis. Find a place to set up shop. And create a plan to differentiate your offering.

Doing your due diligence can mean the difference between success and failure, and it doesn’t have to cost a penny. Networking, online research, informal focus groups and other do-it-yourself methods can often do the trick.

Consider the case of an event facility in the South. It started as a place to hold weddings. Located in a beautiful old house, it attracted wedding business, but wasn't turning a profit because it usually sat empty on weekdays.

So the owners contacted members of a nationwide wedding planners' association with similar estate-type settings in other geographic markets. They discovered that others in their situation filled the gap with corporate meetings and by offering bed-and-breakfast arrangements. Today, 40 percent of the facility’s business is corporate events, and the owners are building a lodging facility on the grounds to expand their offerings.

Before you get the research ball rolling, you need to come up with a solid business concept. Once you have a concept, you need to determine if it's viable. To figure out if you should go ahead with your business idea, you need to ask questions like these:

• Is the market saturated? Does your city really need another hardware store or flower shop? How much money is spent in your industry each year in your area? Is there room in the market for one more business?
  
  
• Does the market want what you’re offering? If you’re thinking of providing day care for dogs or a facility where people can cook a week’s worth of meals in a group setting, will anyone care? Or if you’re developing a new online service for day traders, is it something they can’t live without?
  
  
• What’s the competition doing? What do they do well? What do they do poorly? What’s unique about them? Can you offer something different that'll encourage customers to patronize you instead of more established businesses?
  
  
• Can you reach your target audience? If you’re selling inline skates, are you opening in an area with a population of the right age and disposable income?

Once you're sure of your business idea, dig in deeper. You need information that'll help you develop a unique business proposition that'll give you a competitive advantage. The best sources of information will vary depending on the type of business and circumstances, but options include the following:

• Trade information. In the wedding site example cited earlier, the trade association for wedding planners provided a direct pipeline to the information the event facility was seeking. Other trade information can also be found in print or online trade publications, or by walking the aisles of a trade show.
  
  
• Demographic and economic data. Try the U.S. Census Bureau’s American FactFinder, State Data Centers or most recent Economic Census to find things like age range, income, number of businesses by type in a geographic area and total sales in your category. For even more information, a reference librarian can point you to other specialized databases.
  
  
• Business groups. Your local chamber of commerce may be able to help you find the information you need. Also try government-sponsored Small Business Development Centers, which assist entrepreneurs and small-business owners.
  
  
• Local universities. Sometimes professors at business schools are interested in having their graduate students do a market feasibility study for course credit.
  
  
• Local competitors. If you’re starting a local business, shop the competition and check their websites. Or find a similar business in a similar city and ask to talk to the owner. Also look for similar businesses for sale and contact the brokers for information like why they're selling and what their financials are like. You may be interested in buying that business yourself.
  
  
• National competitors. Do an online search of businesses in your industry and evaluate what they offer to help fine-tune your idea.
  
  
• Potential customers. Run your idea up the flagpole with informal focus groups. Talk with friends of friends--but not your own friends or family, since they may not tell you the truth--and old customers or existing customers if you’re already in business. This is the acid test to see if your plan is ready for prime time or needs tweaking.

All this detective work will pay off, either by helping you validate your business plan, sending you back to the drawing board, or convincing you to shelve it altogether. And don't worry if that happens--inspiration will strike again.

---

Brad Sugars is Entrepreneur.com’s Startup Basics columnist and the founder of Action International, a business coaching franchise.

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Make Time for an Annual Review

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With years of experience behind you, your business should be running like a well-oiled machine, right? Actually, that's not always the case. As a business continues to grow, we sometimes get so tied up in the day-to-day activities that we forget to step back and conduct a high-level review of how our business is functioning.

Each year, you should be reviewing the contracts and processes that affect the vital areas of your business to assess where changes and improvements can be made. Not sure where to start? Here are seven key review areas you should address at least once a year.

1. Lease agreements. If you have lease agreements for property and equipment, review them to make sure the fine details are being handled properly.

2. Advertising agreements. Do you have advertising agreements that have been in place for years that you just keep renewing? If so, it's time to figure out what you're really paying for and what benefit your company is getting from those agreements. A prime example is yellow page advertising in your local phone books. Often these programs start out reasonably priced when your business is a startup but increase each year. Take the time to review your yellow page and other advertising agreements to ensure you are spending your advertising dollars wisely.

3. Insurance policies. Many businesses establish insurance policies during the startup phase and never think much about them afterward, even though insurance premiums grow each year and business needs change. Do some comparison shopping to confirm you have the right insurance coverage at a competitive price.

4. Taxes. Taxes are a necessary part of doing business, but are you being proactive with your company's tax situation? Create and maintain good communication with your tax professional so you're being proactive instead of reactive when it comes to taxes. See my column "10 Critical Tax Time Considerations" for a list of items you should be discussing with your tax accountant throughout the year to save time and money when filing.

5. Vendors. Vendor negotiations are part of doing business, and it's important to actively managing your cost of goods sold, especially if you are a high-inventory business or create a product for resale. Price increases are commonplace, but if you aren't keeping track of your rising costs, your profit margins may be dwindling.

6. Legal needs. Are the legal aspects of your business up-to-date? This includes making sure the proper documents are filed with the appropriate agencies, including those of the city, state and federal government.

7. Business plan. When was the last time you reviewed your business plan and your strategic goals? Business plans aren't just for outside parties; they should be the leading force of your internal operations. At a minimum of once a year, you and your top management should take part in a strategic planning process that includes reviewing your business plan.

Make sure you're conducting an annual review of these seven critical areas of your business. It may be something you're tempted to put off, but the time invested will pay off when your company continues to grow profitably.

Pam Newman is Entrepreneur.com's "Financial Management" columnist and president of RPPC Inc., which helps entrepreneurs succeed in their businesses through small-business training and consulting services in the areas of accounting and management.

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