Didn’t go to Stanford for your MBA? Well, now you can. Top notch universities in the US and abroad, business schools, museums, public broadcasting stations and state education organizations are all part of YouTube EDU, Academic Earth, MIT Open Course Ware and iTunes U which offer free downloads of educational podcasts or videos. These presentations cover a range of topics from VoIP security forums to language courses. iTunes U is the most popular platform for these free downloads. iTunes U’s popularity is most likely attributed to its promotion of free and mobile learning. Although released in 2007, not many users are maximizing its true potential. iTunes U has the prospective of creating a more empowered business person.

How it works:

iTunes U is accessed through iTunes and is found at the top of the menu bar. The podcasts can be downloaded individually or you can subscribe for automatic downloads as they become available. This second feature is used primarily for an on-going series podcast which operates like an on-going course.

How to Use it:

iTunes U’s direct relationship with iTunes means podcasts can be watched or listened to through a computer or can be taken anywhere with an iPod or an iPhone. iTunes U can be accessed from mobile devices through their cellular networks and via Wi-Fi. When accessing iTunes U from a computer, you can even send the podcast to your employees to ensure they are also up-to-date with current technologies or business concepts.

Whether your company is trying to break into a new industry, revamp your company logo or stay current with trends, there is probably a lecture for it.

Here is an exaggerated hypothetical situation illustrating how to utilize iTunes U to improve your business:

A small business owner is deciding between a social media focused online marketing campaign or a direct mail campaign. From listening to some iTunes U lectures, he decides that an online marketing campaign would be best and could be part of a larger search engine optimization effort. This savvy businessman decides to learn more about online marketing strategies before hiring anyone. After several lectures, he hires an experienced graphic design firm familiar with techniques referenced in the podcasts. He managed to do all of this free research on his iPod while on his daily subway commute to work each day.

As with the hypothetical example above, listening to these lectures may not illicit the necessary skills to do the project yourself, but will create a more knowledgeable entrepreneur. This knowledge creates a more confident negotiator and may eliminate the need to outsource more basic projects. Whether trying to learn Spanish to attract new clients or learn about social networking sites, with over 200,000 free educational files available through iTunes U alone, not taking advantage of this educational opportunity is too expensive of a mistake to make.

In today’s economic environment, individuals with entrepreneurial mindsets are exploring new ideas for businesses that will not only survive in a recession, but will also thrive. The key to starting a new business is maximizing its resources while remaining lean in operations. Let’s face it: most people do not have $100,000 sitting in their pockets. So, how is it possible, then, to start a business with a minimal amount of capital? The good news is that there are literally hundreds of business concepts that can be created with less than $5,000 in start-up costs.

Businesses under $1,000

Yes, believe it or not, it is possible to start a business under $1,000. According to BusinessTown.com, there are 82 business categories that do not require more than $1,000 in start-up fees. For example, to become a Merchandise Demonstrator, start-up costs are estimated between $500 and $1,000. However, earnings can rest between $20,000 and $35,000 per year. This business requires a person who has garnered a network of business contacts to demonstrate products for one or more specific companies at trade shows and seminars. This business can be learned first by handing out samples at grocery stores, which typically pays up to $50 per day. By beginning here, the person has a launching point from which to establish relationships with larger corporations, with the ultimate goal of merchandising their products. Other examples of inexpensive businesses under $1,000 entail Lawn Care Services, Toy Cleaning and Repairing Services, Reminder Services, Professional Organizers, Motor Vehicle Transportation, and Roommate Referral Services.

Businesses between $1,000 and $5,000

The good news is that there are literally hundreds of business concepts that can be created with $5,000 or less. As reported by the aforementioned online source, 136 businesses cost between $1,000 and $5,000 in start-up fees. Most of these concepts only require a phone, desk, and a few other tools such as a list of established contacts and a passionate drive to build a steady pipeline. Some of the more interesting businesses that stood out include a Resume Service Provider, a Mobile Hair Salon, a Meeting Planner, a Mover, a Window Washing Service, a Vending Machine Owner, Flower and Tree Cutting and Trimming Services, and Speechwriting Services. Now, these are only eight of the 136 businesses listed, but are businesses that may appeal to a larger number of entrepreneurs, than the more concentrated, niche-targeted businesses such as an Adoption Search Service firm.

The antiquated notion that a business cannot be started without a large lump sum of money is no longer the reality. Many businesses today have flourished based off of lean operations and low start-up costs. Today’s world does not require every type of business to begin its first day in operations out of a 10-story office building with leather couches and a glitzy waiting room. Companies can start out of one’s home and see immediate results. Entrepreneurial expert Bonny Alpo, who has owned her own copywriting service since 2005, reports that the least expensive business concepts revolve around pet care, home care, and delivery and moving services.

There’s no excuse for not being able to start your own small business either as a full time effort or start off part-time until it grows.

Many business plan writers and entrepreneurs have engaged in heated debates as to whether a business plan should include both a SWOT and risk analysis. The SWOT tool assesses the strengths, weaknesses, opportunities, and threats of your new or existing businesses, whereas the risk analysis looks at the risks faced by your venture and how you intend to overcome those obstacles. When looking at the entire business plan, the competitive overview, competitive advantages (of your business), risk analysis, and SWOT analysis seem too much of the same thing. This begs the question, how redundant should business plans be?

As a business plan writer and editor, I argue that is critical to demonstrate your knowledge of competition and what your businesses will or does face in the marketplace with regard to threats and how your advantages will supersede any barriers that may exist. When writing a business plan, I make it a priority to recognize the risks in the marketplace concerning such topics as the political, operational, technical, procedural, and technical areas surrounding your business. A great online tool to guide your risk analysis is Mind Tools.

Considerable time, research, and thought are needed to create the both management tools. SWOT and risk analysis can be thrown in to spruce up the appearance of your plan, but it is pertinent that these are formulated with an ardent knowledge of what your business is truly up against. Whether that means incorporating both management tools in the business plan document, they should only be implemented and put in the plan if redundancy is not a factor. Let’s face it: no one wants to read pages and pages of the same thing.

We all know the value of hard work, especially in one’s own ventures. There’s a slippery slope to avoid with it too, and that’s where hard work becomes more than just something to keep you up at night, it becomes an Art form. I spend a significant amount of time consulting and restructuring business plans to whittle down and refocus clients so they don’t spin their wheels.

One of the first things you can do to prevent yourself from falling into the cycle of never ending roadblocks is to separate what you need to do right now verses what you think you’ll need in the future. It sounds easy enough, but most people zoom from step 1 to step 7 without really considering what step 1 entails.

Say you want to open up your own pub; you’ve got your own recipes that you know people love. You know where you want to open up shop, you know what equipment you need, and you know how many people you need to manage it. You know how long it will take to break even, and how long it will take to become profitable. Now all you need is financing to pay for it all. Stop there. Now can you answer this question with a definitive “yes”: Do you have any beer right now?

If the answer is “no” because your product is contingent on getting the financing to get equipment to brew, then you’ve got to reassess your step 1: Make beer now, immediately. Not thousands of bottles, but enough to put it to a small market. To make your beer, you’ll need to borrow some equipment, preferably with some of your existing contacts in your industry who can lend you some time and space to do so. Yes, you’ll be paying out of your pocket to buy bottles, labels etc. Prove that you can sell your beer, calculate your results and make your business plan from there. At that point, you have proven that your own efforts, capital, and team have produced something that brings revenue. Step 2 then becomes making a plan to borrow your own equipment. Now you’re in a much better position to go through the trenches of capital raising instead of grasping for investors who are angelic enough to believe that the recipe scrawled on a piece of paper in your pocket will return millions of dollars after some theoretical time as passed.

For some people it’s hard to get past the idea that your business plan which you probably spent an inordinate amount of time crafting can’t be funded the way it is. Funding doesn’t happen because you think you can, it happens when you can prove you can. Proving it is your step 1. The feedback you get from your product at this stage becomes the groundwork for the rest of your business plan.

I once knew a person who spent 4 years making a business plan; it was magnificent, detailed and excruciating to review. He had spun his wheels for all those years without addressing the first step: make your product. The craft of planning goes beyond the ideas floating in one’s head, the craft involves execution at every stage. Remove yourself from the bigger picture just for a moment, and look carefully at your first required step. It’s not a chore; the ability to take a step back is an art.

Every business plan should entail a comprehensive overview of your business’ marketplace competition. Any business that provides a similar service or product in the same region may be viewed as a primary or secondary competitor. Identified competitors underscore the impetus of expanding your company’s product or service into the selected market. As such, your business needs to highlight and build upon the weaknesses of its competitors to increase its profitability and market share. The following provides a step-by-step process in creating your competitive analysis.

Identifying competitors: To locate competitors, simply use a Google or Yahoo! map. Enter in your business’ proposed or existing address and search nearby businesses of a similar category. For example, if you’re opening a pizzeria, you can search “pizza shops” or “pizzerias” in the same zip code or city. Through this easy task, you’ve identified potential competitors. If your business operates in a niche industry, the best way to identify competitors is to leverage established contacts and web research.

Understanding your competition: Now that you have identified your top competitors (aim to analyze two to three direct competitors), it is necessary to learn everything about these companies. What do I mean? Visit their website; call the business directly to learn more about the way they operate or what they sell; physically go to the competitor’s place of business; and research customer reviews. The latter step can be implemented by simply typing in “customer reviews of XXX” in your online search bar. Also, these reviews usually are posted on websites such as Yelp.com and CitySearch.com.

Pointing out their weaknesses and strengths (eloquently): Lesson to be learned – no bashing on competitors; it is unprofessional and makes your business look worse. When I say bashing, I mean using expressions such as “they are bad” or “they have no customer assistance.” Every company has some element of customer service, so a statement like that is literally untrue. Now, the competitor may lack quality customer service, and such an observation would be a much more acceptable approach in pointing out a weakness in a business. When I am writing a competitive analysis, I always include one to two strengths and two to three weaknesses of each competitor.

Your competitive advantages: Ah, finally, we’ve reached the point of emphasizing your strengths. Truly use this section to emphasize why you’re a better business in a bulleted format (preferred) and include a few statements in a paragraph form on how you intend to supersede your competition. Examples include greater industry knowledge, lower prices, friendlier and attentive staff, larger inventory of products, and so forth. Your best bet is to underscore your own unique competitive edge that cannot be argued with, and voila, you’ve completed your competitive analysis.

With the ongoing recession, it is critical for existing and new business owners to carefully analyze the risks prior to entering the marketplace and how they intend to overcome these challenges, or barriers to market. Not every business plan service includes a risk analysis, but as an experienced business plan writer, I argue that it is necessary to acknowledge any risk(s) associated with expanding or commencing a business. The technique of building a risk analysis may cause some business owners to cringe – especially those who are exuberant about their concept and see nothing in the way of jeopardizing their ability to thrive in the marketplace. However, that is not always the case.

Business owners need to be well-prepared to create a contingency plan in case things do not go according to plan. What do I mean? Maintaining a sustainable cash flow, unforeseen market circumstances, fierce competition, utilizing the right marketing methods, etc. To properly mitigate these market risks – the owner must carry out a plan of action based off of the contingency proposal to overcome potential risks that make their business vulnerable.

The risk analysis inserted into a business plan document should include at least three market risks specifically tailored to the business concept emphasized in the plan. It is up to the owner and/or management team to look at the more pressing risks facing their industry entrance. Commonly used risks include lean capitalization, the economic recession (slow times), competition, and the owner’s ability to successfully oversee day-to-day operations. Other risks, for such businesses like retail stores, eating places, and independently owned medical clinics entail obtaining a substantial customer/client base, slow industry traction, and how to advertise to the target audience. When speaking with a client, I ask them questions to engage then with confronting market risks, i.e. “How do you intend to rise above competition?”, “How will you draw in customers?”, and “How do you intend to obtain enough customers to sustain business and generate a strong profit?” Their answers are usually their planned action in overcoming these risks.

According to information submitted by the Small Business Administration, business plans should include a competitive overview, risk assessment (or analysis), and a contingency plan once the writer has collected enough data to possess a more thorough understanding of the business’ position and what it will need to focus on or strive for to supersede its competition in an effort to become a profitable entity.

Having written hundreds of business plans, I’ve found that some of our clients insist upon receiving business plan documents of more than thirty pages, not including financial charts.  The end-result is a document with too many pages of additional market research, a lengthy product and/or service description, and other elements such as company history and client background.

To create a solid, streamlined business plan that speaks of the core components needed in a professional document, I have been taught, by experienced mentors and business planning blog writers (such as Guy Kawasaki) that a business plan should rarely exceed 25 pages.

We aim to earn the satisfaction of every client we work with, but emphasize that less is often more.  From my experience, 20-25 pages is frequently the perfect length; if a concept and its market cannot be explained and demonstrated fairly briefly, then either the writer does not properly understand the product or market, or not enough effort is being spent in the pursuit of brevity.

Major sections of a business plan, excluding financial charts and tables, should include a tailored, non-template executive summary (one page in length, no more), products and services description, a vision or mission statement, market analysis and industry overview, a branding and advertising strategy, ownership and operations, and competition in the marketplace.

Remember: pages and pages of market research only hide what the actual product or service is; thus, if it is needed in the marketplace, a 10-page market analysis is only making the business plan more jumbled and confusing to the reader.  If the product or service is needed, 10 pages of research should not be necessary.

You’d probably think twice before going for a trim at Yummy Hair or getting an oil change at Sham Auto Repair, right? Choosing a business name is one of the most important decisions an entrepreneur can be faced with- the name will stick with your company for years into the future, tell customers what your business is all about, and determine branding, online marketing, and advertising strategies. Here are a few things every entrepreneur needs to consider when selecting a business name:

The “Sticky” Factor

Choosing a memorable business name can be tough. Many branding and online advertising experts advise starting with brainstorming or mindmapping.  While bouncing ideas off a few trusted sources is smart, try to avoid involving too many people (employees, spouses, silent partners) in the naming process. If you’re in need of a little inspiration, check out sites like rhymer or wordlab. Noemata and bubbl are also good places to start or to browse if you’re fresh out of ideas.

SEO Implications

Sure, you know a few search engine optimization basics- your business name should be simple to search for and easy for prospective clients to identify. But did you know that many common search terms are delivery devices for malware? According to a recent study by McAfee, certain popular terms, celebrity names, and phrases link to malware sites that can crash the computer where the term was searched- not entirely your fault (unless your business offers that dangerously named “Jessica Biel Screensaver”), but a bad first impression nonetheless. Do a little research, and avoid choosing a name that’s too similar to a dangerous, obscene (likely to be blocked) or otherwise undesirable search term.

Copyright/Trademark Issues

Copyright and trademark issues don’t just prohibit you from calling your own burger restaurant “MacDonalds.” Licensing regulations can impact logos, tag lines, graphics, and overly similar company names alike. Yes, it’s time consuming to perform a U.S. Patents and Trademarks Office search, but the effort will be well worth it if you find that you need to make modifications to all of your promotional materials before they’re printed. Check out the SBA website’s tutorial on copyright and trademark issues for more information.

Domain Names

In an ideal world, your domain name would be the same as your business name. This isn’t always possible, especially if you have a name with a common term in it. Try to avoid modifying the name beyond recognition (“PriceLogic” shouldn’t ever become “PryceLogixNetworkOnline”). You can also choose a catchy tagline or a descriptive domain. For example, one local taco shop went with www.eataburrito.com. Instead of a popular domain that might be unavailable (drsmith.com), try something descriptive (Marina del Rey Opthamology or Marina Eye Doc). Even if your name is available, you should still be careful- some businesses who register their full company name don’t count on the way the words read as a single block of text. It always helps to get a second opinion before you commit to a domain.

Translations

If you plan to do business in foreign markets, you’ll need to consider the language and cultural implications of your business name. We’ve all heard about the Chevy Nova and its unpopularity in Spanish speaking countries- naming the U.S. model the NoGo probably wouldn’t have been a smart move, either. While services like Google Translate are free and easy to use, they aren’t able to translate the cultural or slang implications of a certain name. Ask a native speaker what they think of a prospective name before committing to it.

Naming your business is an important (and fun!) first step in starting your company. Avoid the mistake of an unfortunate name (like Yummy Hair) by doing your research and choosing wisely.

In the real world, we have to deal with facing down challenges that can’t be overcome simply with motivational catch phrases made famous by Tony Robbins or Dr. Phil. Lately, we’re all taking hits from the recession and the general depression that this has brought on our country. Nationally and locally, business are facing hardships that we as a country haven’t truly had to face in a few generations and we’ve done our best to persevere, but that doesn’t always keep us from being pushed to the mat and the breaking point. The world where business credit was easy to acquire, vendors were lax in their collections, and the consumer was hungry for new purchases is long gone and the small business owner isn’t getting any true encouragement on what to do next.

So what’s the secret? If it’s not a mantra or a chant or a psalm than what is the way to pull yourself off the mat if your prospects are looking bleak? Frankly, it’s remembering the facts about being a start-up. Keep those in mind, and you’ll be able to maneuver your way through Year One.

Negativity: Why be negative when faced with an obstacle? The website isn’t getting the requisite number of hits and you’re baffled about the SEO guidelines from Google. The logo you adore is apparently too similar to one that’s for a restaurant chain in Florida. The only merchant account that you can get wants a 5% fee per transaction. When faced with these sorts of obstacles one must never succumb to the easy way out: negative thinking. Common sense dictates that a “woe is me” vibe around your business will not solve any of the problems you’re facing. It’s just as detrimental as unrestrained blind optimism. Take a deep breath, re-evaluate, consult a mentor, use a magic 8-ball, whatever, but don’t let it ruin the day. Obstacles will always exist. Focus on possible solutions instead of the problem.

The Red is no longer the enemy: Everyone worries about being in the red in their first year. Guess what? You’re supposed to be. No matter how much pre-opening marketing you do, no matter how much buzz you create, you will most likely be in the red for at least the first six months of operation once you’ve opened. Depending on the industry you’re involved in, it could be longer. It’s supposed to be this way. The only way to build cash flow is to be open and gathering a client base actively and that will be a period of time spending working capital and having very little revenue coming in to pay for it. Anyone who shows you a business plan without a period of deficit at the beginning of operations is either walking into opening the business with a client base already established or is not being realistic about their first year. If it’s the former, then they’ve spent longer on pre-opening than the average start-up. If it’s the latter, then they most likely are drinking their own Kool-Aid.

A Few Good Men (or women): “If you’re not smart, surround yourself with smart people. If you’re smart, surround yourself with smart people that disagree with you.” I heard this quote on a television show ages ago and it’s stuck with me. This is what every entrepreneur should consider when building their management team. When you’re starting out, the last thing you need are “Yes Men”. Nothing will get done and there will be no debate when it’s required to enact a change in the strategy. Just as we don’t want one voice in government, we don’t want one voice in the boardroom. The people that work in your inner circle should be those with the requisite experience to help you in areas you aren’t knowledgeable or they should be there to encourage healthy debate in case the strategy needs too change.

Coaches in the locker room tell us what they think we need to hear to keep a positive attitude without much thought to the practical reality that we live in. Remembering the reality about the first year of business will pay off a great deal better than some mantra from a motivational speaker especially one that charges thousands to attend an alarming convention where you are shouted at. You will inevitably have a moment where you see the mat coming closer and closer as you’re about to hit it. As you’re falling, remember the facts and the solutions for how to pull yourself back up from it.

In an interview in BtoBObline, Marcy Shinder, VP of Brand Strategy and Marketing at American Express OPEN, offered up these tips (in a different format):

• A downturn is a good time to identify ways to transform a company.
• A lot of companies look at delivering better customer service as a differentiator. (For service organizations, this can be a challenge since your competitors are likely to be trying the same things. Instead, think about what improvements would deliver the most value.)
• Companies need to stay relevant. (In other words, think about the problems customers buy from you, and make sure that what you provide truly solves their problems.)
• Provide tangible value. (We have a client with a fascinating vision of the future of technology in their sector, but we’ve advised them to make that game-changing vision a secondary message because their first goal is to sell product. So they need to focus on ways they provide real value to their customers. A compelling vision of what’s to come is good, but that doesn’t always help customers when deciding to buy now instead of putting off the purchase for later.)
• Companies need to market differently from the day of the 30-second spot. They need to provide insight, inspiration and advice during every customer interaction.
• Companies need to answer what they can do for their customers.

Some good common sense advice, yet I’d bet a lot of companies don’t follow up on this. Check out the complete article, “American Express’ Shinder on marketing to small businesses.”