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Back to the Basics: What is a Business Plan?

If you’re driving cross-country to a destination you’ve never visited before, would you want to leave home without your GPS?

Probably not.

However, new business owners sometimes make the mistake of accelerating at top speed to launch their companies without having a business plan to guide them.

A business plan serves as your roadmap. It describes your objectives and the strategies you’ll use to achieve them. Like a GPS, it offers assistance to help you get to where you’re going. And like a GPS’s directions—which change depending on traffic conditions, detours, and other unexpected circumstances—a business plan is a flexible tool. As you encounter market demand changes, new competitive pressures, altered regulatory requirements, and more, you can revisit your business plan and make adjustments to reset your course.

What does a good business plan cover?

What a company includes in its business plan depends on the nature of its business, whether it wants to pursue funding, and other factors. Some companies might find that a simple two-page business plan provides enough direction while others will need one that’s far more extensive and detailed.

The following elements are commonly found in business plans:

  • Executive Summary
  • Business Details
  • Market Analysis
  • Management and Organization
  • Description of Products and Services
  • Marketing and Sales Strategy
  • Financial Projections
  • Supporting Data

 

Executive Summary

This section of a business plan summarizes what your company is, what it does, where it’s located, and its mission. You might decide to include an overview of your leadership team, staff, finances, and growth objectives.

Business Details

This includes detailed information about your company and the problems it solves for its customers. In this section, share about your business’s competitive advantages (e.g., team expertise, use of advanced technology, etc.)

Market Analysis

To complete this section, you’ll need to do some research to learn about your target market and industry outlook. This is where you’ll identify what your competitors are doing, the market challenges you anticipate, and how you intend to successfully compete in your market.

Management and Organization

This section explains how your company is structured and managed. Will you operate as a sole proprietor, partnership LLC, or some form of corporation? It should also share about the people who are running your company, including their level of experience, education background, and skills they bring to the table.

Products and Services

In this part of your business plan, share details about the products and services you offer. How do they benefit your customers? Are you safeguarding your intellectual property by applying for patents or copyright protection? What is your research and product development process? What is your pricing strategy?

Marketing and Sales

Describe your strategies and tactics for attracting new and retaining existing customers. How will you reach your target audience and what does your lead generation process look like?

Financial Projections

This portion of the business plan has a two-fold purpose. It’s for your own benefit (to help you establish your financial goals and expectations) and for potential lenders who want to assess how well your business might perform financially. Within this section, businesses often include sales and income projections, an expense budget, cash flow statement, balance sheet, and break-even analysis. Graphs and charts can be particularly helpful in this section to aid understanding and highlight key information.

Supporting Data

Having an appendix at the end of your business plan will allow you to provide supplementary documentation and information, such as credit history, resumes, patents, licenses and permits, contracts, product guides, or items specifically requested by a lender or investor.

Where to Find Help in Developing Your Business Plan

You can find many online resources that offer business plan templates. For example, the Small Business Administration has a Build Your Business Plan tool, which provides a step-by-step guide for creating a business plan. Also, SCORE has a downloadable Business Plan Template for startups. As you use these tools to get started with your business plan, consider reaching out to a SCORE mentor for guidance and feedback, too. With experience in helping business owners in nearly every industry start their companies, our mentors can offer valuable insight as you develop your business plan and use it as your company’s GPS to success.

 

Your Year-End Checklist: Items to Review with Your SCORE Mentor

 

As 2017 winds down, it’s time to think about what’s ahead for your business in 2018. The best way to start is by reflecting on what went right—and not so right—for your company over the past year, and considering where opportunities lie in the new year.

Fortunately, you don’t have to go it alone. SCORE mentors are here to serve as sounding boards and advisors as you evaluate your business and plan for the future.

Here’s a checklist of essential items a SCORE mentor can help you assess:

  • Your business plan (road map)

It’s rare that a company writes a business plan that completely stays the same over time. With so many internal and external influences, your company’s procedures, goals, and objectives are bound to change. Now is the perfect time to revisit your business plan and update it, so it accurately reflects the roadmap you’re envisioning for your business in 2018.

  • Your budget

Take an objective look at your financials (including comparing your actual revenues and expenses to those that you budgeted in 2017). Use that information to identify discrepancies that need further analysis and to realistically forecast your budget for 2018.

 

  • Your marketing strategy and tactics

Consider how effective your efforts have been throughout the year. What campaigns and activities have provided the most ROI and what has fallen flat? Are you on the right social media channels to reach your target audience? Identify your successes and failures so that you can develop a solid marketing plan for the upcoming year.

 

  • Your products and services

Will it make sense to expand or enhance the portfolio of products and services that you offer? Consider what customers have been asking for and market trends. Also, identify any products and services that are failing to sell or that sell but aren’t profitable. You may want to consider removing them from your offerings.

 

  • Your market

Sometimes the difference between the success and failure of a product or service can lie in reaching the right prospects. Are you targeting the ideal market segments in your marketing and sales efforts? You may find you need to change your focus or extend your brand’s reach to obtain better revenue opportunities.

 

  • Your systems and processes

Your business’s profitability can depend upon how efficiently you run your company. Are you able to keep up with sales inquiries? Are you able to fulfill the demand for your products and services? If you’re having issues with these and other aspects of running your business, you may need to implement (or fix) processes and systems that enable you to operate your business more effectively. Or you might discover you need to outsource some tasks or hire employees.

 

Owning a business requires an open, objective mindset and a willingness to adapt if you want to put it on a trajectory of success. SCORE mentors can help you down that path by providing insight and guidance as you review your business’s past performance and goals for growth. Mentoring is free, so there’s no reason not to take advantage of SCORE volunteers’ expertise and experience in all aspects of starting and running a business. Contact us today.

 

Is It Time For Your Business To Hire?

 

If you’re like many small business owners, you started out as a  “solopreneur”—a one-person bands who does it all. However, as your client lists and product or service offerings grow, there comes a point where you can’t do it alone.

Some signs that may indicate it’s time to expand your team include:

  • Tasks are slipping through the cracks.
  • You’re missing deadlines.
  • You’re making silly mistakes.
  • You’re finding it difficult to stay organized.
  • Customers and vendors are getting frustrated because you don’t respond promptly.
  • You’re working constantly and beginning to feel burnt out.

If any combination of the above sounds familiar, consider delegating some work. Whether you decide to add employees to your payroll or work with independent contractors, by making others a part of your team you’ll be able to focus on what you do best and ensure other responsibilities don’t go undone.

So, should you hire employees or outsource work to independent contractors? Both have their advantages and potential disadvantages.

Pros Of Hiring Employees

  • Because they’re part of your business, they stand to gain a stronger understanding of your business’s internal processes, needs, and expectations than an independent contractor might have. Therefore, they will know how to do their work and understand how that work fits into the big picture.
  • The hourly rate you pay them will probably be less than you would pay to a contractor.
  • You have more control over the work. As an employer, you establish how you want tasks done, what technology and tools to use, office hours, etc.
  • When your workload increases, you have someone who is readily available to assist. Your work is their priority; they aren’t dividing their working hours between you and other clients.
  • If you need to step away for a day or go on a week-long vacation, you have someone you can rely on to keep the business operating while you’re gone.

Cons Of Hiring Employees

  • In addition to wages, you may also be required to provide certain benefits to employees. That can add additional cost to your bottom line.
  • You add the complexity of payroll to your business. Certain paperwork is legally required and you’ll need to withhold employees’ federal, state, and local taxes; social security; and Medicare from their paychecks.
  • Even if your business experiences a drop in sales or profitability, you still need to pay your employees their wages and salaries.
  • If you discover an employee isn’t a good match for your business, terminating that worker might not be a simple process.

 

Pros Of Hiring Independent Contractors

  • You don’t have to commit to paying them regular wages or a salary, nor are you required to provide benefits. So, even though you’ll likely pay them more per hour than you would employees, they could save you money overall.
  • If things aren’t working out with an independent contractor, you simply don’t have to work with them anymore (after any contractual obligations are met). You don’t have a termination process to adhere to as you would with an employee.
  • It brings in someone with the specialized skills you need for a particular area of your business. That may mean little to no training necessary.
  • They are responsible for their own permits and professional licenses.

 

Cons Of Hiring Independent Contractors

  • You lose some control over the work. Independent contractors typically have the autonomy to work from where they want, use the tools and technology they want, and work the hours they want.
  • Independent contractors often work remotely, so it may be difficult to know exactly how work is progressing.
  • Because they serve multiple clients, independent contractors may not be able to meet your deadlines as quickly as you would like.
  • Unless you have an agreement with an independent contractor that explicitly states it, you may not own the copyright for works that an independent contractor creates for you.

 

To make sure you make the right choice for your business, consider the type of work you need help with, the amount of work you need to delegate, whether the work is recurring or sporadic, how much control over the work process you’re comfortable with, and the legal and financial impact your choice will have on your business.

 

A SCORE mentor can serve as a valuable sounding board and source of insight as you begin working through all of that. Contact us today to schedule free counseling from our volunteer mentors who have knowledge and experience in all aspects of starting and running a small business.

Funding Your Business: Borrowing from Friends and Family

 

Many startups struggle with financing their small businesses. With the average cost of starting a business approximately $30,000, most entrepreneurs need to seek some source of funding beyond their own coffers. For some, borrowing money from friends and family may be their only option.

 

According to credit analyst and volunteer SCORE Portland mentor Matthew Buonopane, “The five Cs of credit are of primary concern to banks when lending to businesses. These C’s include: character, capacity, capital, collateral, and conditions. While character, capital, and conditions may be in place to the bank’s satisfaction, collateral and capacity, or a history of good operating performance, are often absent or difficult for small business owners to obtain.”

 

Using funds from relatives and friends comes with unique risks and benefits, so carefully consider the pros and cons before asking Aunt Jane to float you a loan.

Pros

  • Borrowing from friends and family may give you quicker access to cash. They probably won’t demand as much documentation about feasibility and your business plan before helping you financially.

 

  • You may have more flexibility in setting the payback arrangements so you’re not feeling strapped or overstressed as you start and grow your business.

 

  • When friends and family invest in your business, you may find they have an abundance of enthusiasm about your endeavors. Having their moral support and encouragement can keep you motivated and optimistic.

 

Cons

  • If your business fails or hits hard times, you risk hurting the financial security of those you love if they extended themselves to support you.

 

  • Borrowing from loved ones may cause your relationships to become strained if your near-and-dear lenders feel—since they loaned you money—they have a right to tell you how to run your business.

 

How Can You Borrow To Build Your Business Without Breaking Trust

First and foremost, be upfront about the risks and challenges involved in starting a business so your friends and family know what they’re getting into.

 

Also, consider these other tips before you accept funding from them:

 

  • Conduct research and do your due diligence before asking for money. Do you feel confident your business will succeed? Ask yourself, “Would I invest in this business if someone asked me to?”

 

  • Be realistic when considering what funds your business will require. Get a good handle on the costs your business will have to cover so you’re asking for an amount of money that’s in line with your needs.

 

  • Determine if the funding will take the form of a loan or a share in your business.

 

  • Craft a contract and lay out a payment plan. This will ensure you and your friend or family member are on the same page and have the same expectations.

 

Get Help In Considering All Options

Even though you may think borrowing from friends and family is your only option, there may be other viable funding resources that you’re not aware of. By contacting SCORE and setting up a time to meet with a mentor, you might learn about alternative financing opportunities. Reach out to us today. Mentoring is free of charge, and our mentors have experience in all aspects of starting and growing a small business.

Business Structure Basics: Which Legal Structure is Right for You?

 

Choosing the right legal structure for your business is one of the most important decisions you’ll make. It affects how your company is taxed  as well as the level of liability protection.

Let’s take a look at the common legal structures you might consider for your small business:

Sole Proprietorship

When you are the sole owner of your business and don’t elect a specific formal business structure, you will by default be a sole proprietor. Many home businesses operate this way. As a sole proprietor, you as an individual are your business. From an income tax standpoint, your business profits and losses flow through to your personal income tax return. One potential downside of a sole proprietorship is the lack of liability protection it provides. If someone sues your business and your company doesn’t have funds to pay the legal fees or creditors, your personal assets are at risk. The upside to operating as a sole proprietor? Simplicity and cost effectiveness. Aside from needing to file a DBA (Doing Business As) if you’re using a fictitious name for your business and securing a business license (if required for your type of business), you avoid the formation paperwork, costs, and ongoing compliance that come with other legal structures.

General Partnership

When your business has multiple owners and the owners don’t elect a specific formal business structure, the business will by default be classified as a general partnership. As with a sole proprietorship, a general partnership’s profits and losses flow through to the owners’ personal income tax returns. And as with sole proprietorship, owners’ personal assets are not protected from legal action brought against the business.

Corporation (C Corp)

C Corporations operate as separate legal entities from their owners and offer limited liability protection to their shareholders, directors, officers, and employees. C Corps are subject to two levels of taxation: one at the corporate level and another at the shareholder level. The C Corp structure offers the advantage of raising funds through sale of stock (either privately or through the public markets) to an unlimited number of shareholders. Delaware C Corps are the preferred entity of venture capitalists and other sophisticated investors. The startup costs are higher with a corporation and you can expect more compliance formality and less tax flexibility than with LLCs and S Corporations.

S Corporation (S Corp)

S Corp is not a type of corporation but a type of tax status available for eligible C Corps. S Corps are identical to all other corporations except for their tax status. S Corp taxation is popular for many small business owners because it offers one level of tax at the shareholder level and some relief from the self-employment tax burden of owners of LLCs that have not elected to be taxed as S Corps, sole proprietorships and partnerships. Only an owner’s reasonable wages/salaries are subject to self-employment (FICA) tax while profits distributions to the shareholders are not. Shareholders’ distributions are assessed tax at the shareholders’ individual income tax rates. Like C Corps, S Corps may raise capital though sale of stock to shareholders, although limitations apply.

Single-Member Limited Liability Company

This structure, which is available to businesses with one owner, provides the limited liability advantages of a corporation and the flexibility of a sole proprietorship. It reduces owner liability without the formation complexities and compliance requirements that come with corporate structures. Typically, taxes are handled as for sole proprietorships (pass-through taxation to personal income tax returns) or you can opt for C Corporation or S Corporation tax treatment. With “LLC” at the end of a business name, customers might perceive a company as more credible than a sole proprietorship.

Multi-Member Limited Liability Company

When a limited liability company has multiple owners, it’s classified as a multi-member LLC. By default, a multi-member LLC is taxed as a partnership, but owners can instead elect for their business to receive S or C Corporation tax treatment.

Which Legal Structure Is Right For Your Small Business?

According to attorney and SCORE mentor Chris Dargie, entrepreneurs should begin the process of determining the best legal structure by considering three core questions:

  • What is the company’s purpose and business plan?
  • Who are the owners and what is their level of involvement in the business?
  • Will the company require outside capital, and if so, what type? (For example, to obtain venture capital, you would likely need to form, or convert to, a Delaware C Corporation before venture capitalists would consider investing in your business.)

Pitfalls To Avoid

While it is possible to change a business’s entity type at any time, doing so midstream can involve expensive tax consequences. Therefore, tax is a crucial consideration when selecting an entity.

The most common mistake Dargie sees with small businesses is the failure of sole proprietorships to convert to at least LLCs for liability protection. “There is rarely a reason for a single-owner business to operate as a sole proprietorship,” said Dargie. “Single-member LLCs are simple and cheap to form and maintain, and they offer liability protection for the owner at a cost that is much cheaper than commercial insurance. They’re really a no-brainer.”

Another common mistake Dargie sees is multi-member LLCs that lack basic operating agreements. “Most entrepreneurs understand that an entity offering limited liability protection to the owners is desirable, and the default entity type these days is the LLC,” explained Dargie. “However, LLCs with multiple owners present serious traps for the unwary. Anyone starting a business with others and intending to form an LLC should get some basic legal advice about the risks.”

Something else that Dargie has seen adversely affect business owners is when they’ve unknowingly created a general partnership. As an example, let’s say you’ve started a cleaning company and asked a friend to help you clean a few homes. Rather than putting your friend on payroll and compensating via an hourly wage, you instead agree to share a portion of the profits you make on the jobs he helps you with. By doing so, you’ve potentially made him a partner, and you’re potentially legally obligated to follow the legal and accounting requirements of a partnership.

Other common mistakes Dargie sees include commingling personal funds with business funds and the failure of companies to maintain adequate company records. “Owners should always treat their business entities as separate from themselves. Failure to do that can result in loss of liability protection and serious tax headaches,” shared Dargie.

Final Notes

With so much affected by the legal structure you choose, you need to do your homework and be as informed as possible. Be sure to consult with both legal and accounting professionals so you’re fully aware of how each structure will impact your taxes, liability risks, and ongoing compliance obligations. As you’re working through the process, remember that our SCORE mentors are here as a resource to direct you to trusted and reputable professionals in your area who can guide you in making this important decision.

 

Chris Dargie is a full-time attorney / director / shareholder at Perkins Thompson in Portland, Maine. He started volunteering with SCORE in January of 2014.

Please note that this article is for informational purposes only and should not be considered a substitute for professional legal or accounting advice.

Time for Your Business End-of-Summer Checkup

 

With the end of summer closing in and fall just around the corner, now is a perfect time to pause for a moment and assess what’s working and what isn’t for your business. Although most of the year is behind you, you still have time to make adjustments that could save costs, drive more revenue, and improve profitability for 2016.

Time for a Small Business Checkup

By performing this end-of-summer checkup, you’ll assess where you might have fallen behind, so you can take action and get your business back on track this fall and winter.

 

  1. Evaluate your sales efforts. If you’re behind on revenue, it might be because you aren’t reaching out to as many prospects as you need to, or you might not fully understand the needs of your potential customers. No one ever said selling is easy. It’s hard work and it demands a willingness to recognize, accept, and fix weaknesses in the sales process.

 

  1. Review marketing tactics and initiatives. Look carefully at the collateral you’re presenting to customers, the marketing channels you’re using, and the brand message you’re communicating. Is your brand image consistent across all fronts? Are you seeing results in the way of brand awareness and revenue generation from your tactics and strategies? Review and assess how your website, social media, and print marketing materials are performing, so you can identify where you need to make changes.

 

  1. Improve customer relationship nurturing. Customers who feel they’re appreciated and wanted will always be more likely to stay for the long term. By making customers understand that they truly matter, you increase loyalty and satisfaction. A stellar customer experience drives existing clients to buy more—and it prompts them to happily refer others to your business. If you haven’t been making an effort to nurture your customer relationships through post-order phone calls or emails, periodic check-ins to ensure they’re happy with your services, updates about what’s new and exciting, and other efforts—it’s time to start.

 

  1. Find ways to streamline operational and administrative processes. Wasted time prevents businesses from growing to their potential. When excessive paperwork, duplicated work, and inefficient systems slow processes down rather than improve productivity, you need to find a better way. Carefully look at the various systems and processes (such as accounting software, project management apps, customer data management, lead generation, etc.) you use in your business and look for ways to streamline activities and save time.

 

  1. Evaluate expense habits. Your business’s spending habits directly affect your bottom line. While it’s important to stay on top of your expenses year-round, it’s especially critical as the year is winding down. If your profit and loss statement doesn’t look as favorable as you had hoped it would by now, dig into what you’re spending money on and identify what you might cut back on.

 

With the kids back to school and summer vacations now just memories, now is the time to get back to business and back on track to reaching your goals. By doing an end-of-summer checkup, you’ll have a head start in finishing strong when the year is at its end.

If you need guidance to help you keep your business on the path to success, contact SCORE about our free mentoring. Our mentors have knowledge of every aspect involved in starting and running a small business. 

 

Does Your Small Business Need Licenses or Permits to Operate?

 

Before your business starts selling its products and services, you may need to have certain licenses or permits to legally operate. Licenses and permits are often for the protection of customers. Some are to identify you and your business for the collection of sales, local, income and other taxes. Federal, state, or local licensing and/or permit requirements might apply, depending on the type of business and where you’re located.

You definitely don’t want to find yourself not in compliance with the regulations. If you fail to maintain the required licenses or permits, you could face some hefty fines and penalties, or you might be forced to stopped doing business.

 

Where do you start your research to figure out if your business needs to have licenses or permits?

You can start by visiting the Small Business Administration’s website. On the site, you’ll find information about the federal licenses and permits required of businesses operating in certain industries, including transportation, agriculture and alcoholic beverages.

The SBA website also provides an online list of links to where you can find specific information about business licenses required in your state. On that list, you’ll find Maine.gov’s website, which walks you through how to get a business license in the state of Maine.

Individual towns, cities, townships and counties have their own requirements. Generally, the best way to find what applies to you is to contact the offices directly or review the information on their websites (be sure to confirm with them that the information is up to date). Throughout Maine, general licenses to operate businesses are handled at the local town or city level. For information for the city of Portland, click here.

As you research and complete the paperwork to obtain the licenses and permits you need, make sure you give yourself some time—and expect to exercise some patience. The registration process could take days or months or longer, depending on the nature of what you’ll need. For example, to gain zoning clearances, it might take up to a year if you meet resistance and hearings are required.

Although figuring out what requirements will apply to your business may seem daunting, remember professionals and resources are available to help. Consider consulting with an attorney to make sure you know what you need to do to be compliant. SCORE mentors are here to help you cut through the confusion. Contact us today to schedule an appointment with a mentor who is knowledgeable about your industry and can help you move your business forward.

Five Tips to Improve Local Business Search Results

For businesses serving their local communities, ranking near the top of Google search results provides a key marketing edge. According to Google research into local search behavior, 4 in 5 consumers use search engines via mobile devices and computers to find local information such as store addresses, business hours, product availability, and directions. People choose from the first few search results rather than dig deeper in the search engine results page (SERP), so it is vital to get your business near the top of  the searches.

Here’s a checklist of simple steps to help ensure your company doesn’t get lost in the local search shuffle:

    1. Make sure your business information is accurate and complete—everywhere that it appears online. If you haven’t already, make a list of all the places your company is listed online and verify you’ve provided up-to-date and consistent information across all channels. Google My Business, industry directories, social media channels, Yellowpages.com, etc.—your name, address, phone number, website URL, and other information should be uniform and relevant.
    2. Focus on delivering ease-of-use to your website visitors—and avoid applications like Flash media. Usability of your website can play a role in how long website visitors stay on your site, which in turn plays a role in the online authority Google attributes to your company. Flash media may create some fancy visuals, but it can slow the load time of your pages and detract from the user experience.
    3. Optimize your website for search. Aside from consulting an SEO (search engine optimization) specialist to help you with this, you can take some measures on your own. Pay attention to the page title tags on your site so they provide not only your company name, but also give a brief description of your business (just be sure to stay within 50–60 characters so your title isn’t cut off in the results). Your meta descriptions, the 150–160-character long snippet that displays with your title in search results, should provide searchers with information that captures their attention. And on your website, make sure you include contact info on every page.
    4. Blog consistently, so you’re regularly adding fresh content to your website. A website that updates its content often will stand a far better chance of ranking higher in local search than one that is stagnant. Your blog posts will enable you to provide fresh content targeting local keywords and search terms related to your business. Not only does blogging provide SEO benefits, but it also gives you an opportunity to demonstrate your expertise and build trust with your audience. And don’t forget to share your blog posts via your social media channels to generate more traffic to your website. Engagement on social media in combination with blogging works well in boosting your local search mojo.
    5. Make sure your website is mobile friendly. Google’s research revealed that 88 percent of local searches are done via smartphones. And those local searchers tend to take action quickly when they find what they’re looking for. According to their study, 50 percent of consumers who performed a local search on their smartphone proceeded to visit a store within one day. Those statistics say it all for stressing the importance of having a mobile-friendly website!

When you sell your products and services to a customer base that’s primarily local, these small efforts can make a big difference in your success in securing business through online searches. If you need guidance in getting on the right path with your online and other marketing efforts, remember that our SCORE mentors bring a broad spectrum of expertise and experience to small business owners in all industries. Contact us about our free mentoring services.

 

Blog Brainstorming Tips

 

Ask nearly any small business owner and you’ll find that most struggle with keeping their company blog up to date. Although it may be tempting to forgo maintaining your blog in the midst of all else you need to do in running your business, research shows blogs boost business. Companies that blog regularly experience 97% more inbound links to their websites, and, according to HubSpot, marketers who have made blogging a priority are 13 times more likely to enjoy a positive return on investment.

 

While writing and publishing posts requires time, half the battle of blogging consistently is finding ideas for what to write about.

 

Here are some quick tips to help you land winning blog topic ideas:

 

Tap into FAQs

What types of questions do you often field from prospects and customers? Frequently Asked Questions (FAQs) can be a virtual goldmine of potential topics because they’re undeniably centered on services, products, and processes your audience has interest in.

Check out what’s trending on Twitter

Even if you don’t have a Twitter account or actively engage with customers on the social network, you can still use it as a resource for discovering what’s hot in your industry. Search various hashtags related to the products and services you provide to see what others are writing about. Of course, you never want to steal anyone else’s content, but you can get inspiration and ideas for what you might give a fresh perspective on.

Think about how industry-related news affects you and your customers

Whether your industry is undergoing regulatory changes, supplier difficulties, or other developments that affect your company, you have a prime opportunity to share your insight to inform, educate, and sometimes put customers’ minds at ease if they’re worried about how the changes might affect them.

Talk up technological advances

Readers love to know what’s new and cutting edge. As with other industry-related news, improvements in technology that make your products, services, or processes better serve as worthy blog post topics.

Go behind the scenes

Prospects and customers love to get the inside scoop. Consider sharing an insider view about how you create your product or deliver your services.

Get personal

Brands that connect with prospects on a personal level are generally more likely to gain customers when all things otherwise are equal with competitors. To create stronger customer relationships, allow readers an opportunity to get to know the people in your business. Consider sharing about their unique interests or hobbies (with their permission, of course!), their volunteerism efforts, or distinctive aspects of their professional credentials.

 

There’s plenty to draw from as you brainstorm topics for your blog. The key is to become more attuned to recognizing ideas when they present themselves—and taking the initiative to write them down before they escape your memory.

If you struggle with thinking of creative and relevant blog topics, we have SCORE mentors with marketing know-how and a broad range of industry experience who can help. Contact us to schedule a free mentoring appointment today.