During these tough economic times it seems with the flip of a page or a click of our mouse that stories are consistantly available telling a story about an entrepreneur going out of business. On the other hand, the hopelessly optimistic print stories talking about how now is the time to thrive and take advantage of the lower-than-ever market prices.

I’m a realist–so let’s keep it real. In today’s world despite the real estate market being at an all-time low, some people simply don’t have the cash flow to scoop up those cheap properties. Most of us still have bills to pay, mouths to feed, and deadlines approaching on an all-t00-regular basis. If you’re worried about paying your mortgage, are you really going to start a business? Probably not. Some businesses just don’t make it any economy but when a successful venture goes out of business, the prior owners are often left thinking, “What do I do now?”

Going through the New York Times small business section, I came upon an article called “How Six Companies Failed To Survive 2010.” It goes through 6 different companies from all over the country that folded this past year and also covers the peak period of the business to the point the business ended up closing shop. The demise of each failed business is different. The reasons vary, but the outcome is the same: the money just wasn’ t there.

The sad fact that some businesses just don’t make it is one that entrepreneurs are very familar with. In truth, most entrepreneurs have tried more than business venture that hasn’t worked out. It’s the name of the game.

What still astounds me is the way these entrepreneurs pick themselves up and get back on the horse. It’s a true testiment to just how determined they are to make their ideas work and create a livelihood working for themselves. It seems a true entrepreneur just has to do things on their own terms. They aren’t cut out to work for someone else and they aren’t going to. However, in order to really make a business work there are a few things to consider when you’re running a successful company to prevent failure.

1. Don’t spend all that you make–save your money and put it aside for emergencies, back-up resources, and business expansion.

2. Build a business credit profile–don’t use only your personal funds. Build your business credit and make your debt an asset of the company rather than a liability.

3. Invest in free marketing–stop dumping all your funds into paid advertisements and large marketing firms. Write a blog, post SEO articles, build a Facebook profile and make connections on LinkedIn.

4. Stop hiring more people than you really need–get hands-on with your business if you’re not already, cut back on the amount of employees you have and keep those vital to the running of your company.

5. Maintain a solid business plan–always have a plan B, C, and D available in case of unexpected road blocks or unforeseen tragedies. Technology superceeds our innovations at times, so make sure your business can adapt to the ever-changing business market.

I would love to hear your thoughts on how businesses can avoid failure. What have you done to keep your business afloat? Have you tried and failed before? What did you learn from your experience?

Give us your feedback at sjohn@laughlinusa.com

As entrepreneurs face major competition out there and strive to find their “niche” within their arena to set them apart from everyone else, all too frequently a dreaded cliché comes into play.

“Putting all of your eggs in one basket,” seems to be the proverbial black cloud hanging over many businesses out there scraping by in today’s difficult market. The key to any successful business structure is avoiding the all too common mistake that most business owners are guilty of: relying on a set group of customers to maintain their company’s revenue.

What many business owners don’t consider is that if a certain major client or account falls through, then you may be guilty of that well-known cliché after all and now comes the time to mix your eggs up and get them into some different baskets, FAST!

“How do I do that?” may be the first question that comes to your mind. And, yes, it’s a good one. This article from American Express Open Forum discusses 5 tips for business owners in diversifying their businesses.

So how can you attract new clientele while still satisfying your existing customers?

Here are five ideas.

1. Think different (customers). If you want a diverse client base, you have to diversify your products and services. Brainstorm several ways that your product or service could be revamped to target a different industry or a different niche of your current industry. For example, if your current customers are beauty salons, perhaps you could also target beauty supply stores or drugstores.

2. Diversify your marketing. If you want to catch different fish, you need to fish in a different lake. Try using social networking tools like Twitter and LinkedIn to reach new prospects and target new markets you haven’t focused on before. There’s no cost but your time.

3. Seek referrals. Using your current customers to help you land new ones is smart business. You’ll be surprised how many contacts in other industries you’ll be able to glean from your existing clientele.

4. Give ‘em more. Is there a fast, easy way to extend what you offer your existing clients? Suppose you own a business coaching company. Think about adding business-organizing or time-management seminars to your line of services. Offering something new to your old clients tends to lead to new markets as clients tell their friends and colleagues about your business.

5. Team up. Are you leery of jumping into a new industry or niche? Partnering with complementary businesses to offer new products and services is a great way for both of you to expand your clientele. It lessens risk, cuts expenses, and saves time.

As business owners striving to not just survive in this economy, but to thrive in it, what have you been doing to diversify your business?

Do you find more power in marketing your business in a new, untapped way or in creating powerful network relationships with affluent business people in your community?

In diversifying our efforts to satisfy the needs of our clients at Laughlin, we are always anxious to get your feedback about which products and services would benefit you most in your business. Let us know any time; we can’t wait to hear from you!

It is a warm and sunny day here in Carson City, Nevada. Quite the contrast from what I left a few hours ago in Portland, Oregon. It has been raining non-stop for days and there is flooding throughout the Portland area. The prevailing feeling among the population there is one of frustrated, dreary reconciliation that they are just going to be wet and miserable. Contrast that with the happy, enthusiastic perspective of the folks here in sunny Carson City and you get two very different realities. I give you this weather report because it illustrates something I notice all the time. People often fall victim to their surroundings. They let outside conditions control their attitude and restrict their success.

Today we celebrate the birth of Dr. Martin Luther King Jr. Whether or not you think Dr. King deserves a day in his honor, there is no getting around the great example that he provided for many millions of people and the reach of his influence that is still felt by all of us today. Despite financial, historical, political, and racial mountains that stood in his way, King was committed to a cause that was bigger than him. Despite the stormy circumstances that he faced all around him, he knew that the bad weather was all based on perspective and that if you just keep moving you break out of the clouds and into the sunshine. Dr. King kept moving and taking risks because he knew that what he was doing was right. He knew that his legacy would be reflective of doing the right thing no matter the storms, wind and rain. This is a worthy lesson for us to learn.

As business owners, we will all be faced with huge challenges. We will feel beaten down. Worn out. Unappreciated. Simply not up to the task before us. This is normal. But these feelings of inadequacy are typically a reflection of our perspective. The sun is shining someplace. We just need to keep moving toward the light.

May I encourage you today to commit to your own grand dream. To set huge goals. To lead your own march. Every dream ever worth accomplishing required that the dreamer give it his or her all.

Happy Birthday Dr. King!

Over the past year, more doors have opened up to opportunities than ever before in my career. It seems that a lot of companies (even some of the big boys) are anxious to make deals and go into partnerships with organizations that a few years ago, they would not have had time to even talk to. The result is that cool, creative projects are showing up all over the place.

My company, Laughlin Associates, is now able to provide our customers with access to small business funding, top-notch consulting, social media gurus, and expanded educational experience with some of the world’s top experts on small business. Our affinity partnerships are expanding rapidly, and our affiliate network is growing daily. And, there are a number of big deals in the works that I am not at liberty to discuss (yet) but that I am really jazzed about.

The reason that I mention all of this is to encourage you to pursue similar, BIG opportunities. If you had told me a year ago that we would be gearing up for a launch of our services into thousands of locations with a household name company, I would have thought you were crazy. And yet, that’s exactly what’s happening. And it is not just our little group that is doing such things. They are happening everywhere.

So, keep in mind that now is a time for optimism, not distress. In an economic downturn, it is possible to create high value opportunities much more quickly than during healthy growth periods. Even if your business is fledging, now is the time to seek opportunity. Every company is trying to survive in this crazy economy. Don’t be afraid to network with other companies and join forces with other business owners—use what is around you and create success within your partnerships. Keep trekking forward and your efforts can yield some pretty amazing results.

 I encourage you to share your own experiences with me at aaronyoung@laughlinusa.com.

I just got back from a great trip to California. While I was there I had the opportunity to spend a couple of days in San Diego with an exciting group of people including:

Troy Hazard, a radio and television personality from Australia recently transplanted to the USA, who brought us all together to talk about what we could do to help small business owners thrive in today’s turbulent economy.

Amilya Antonetti, a fixture on national television, contributing correspondent to Fox News and author of a new book, “The Recipe”.

Anthony Tesoriero, self-made millionaire, serial entrepreneur and founding member of The Lucky Napkin Group.

Joan Koerber-Walker, CEO of AMA Enterprises.

Last, but not least we were joined by author/speaker/marketing and sales training legend, Brian Tracy, who will also be speaking at Laughlin’s November 3-5 seminar in the Rio Hotel and Casino in Las Vegas.

We gathered at the offices of Brian Tracy International and spent our time discussing case studies of our various customers and trying to pinpoint what help entrepreneurs seem to need right now. It was an exciting discussion and there are some cool things that will come from it. We will have a short assessment tool coming online by mid-August called the “Smart Biz Quiz,” which will help identify what small business owners feel they need most right now. Using the results the group will attempt to find help and solutions based on our collective business connections.

As soon as the quiz is up and running, I will post a link. In the mean time please take time to read about the people mentioned above .

Comment  here and at www.smallbusiness411.com and let me know what issues are most important to the success and growth of your business!

 -Aaron Young, CEO Laughlin Associates, Inc.