You’ve heard us say it a thousand times: You need a business plan!  Part of the IFEL mission is to help entrepreneurs and small business owners get their ideas about their business out of their heads and down on paper into an actionable, written business plan. The folks at www.bizplancompetitions.com have some advice to keep in mind as you draft this important document.  Read on and then register to enter your plan in the IFEL 5th Annual Business Plan Competition!

A well-crafted business plan is crucial to success in business plan competitions. Not just any well-crafted business plan, but one that stands out from the crowd. For students in business schools, especially those in entrepreneurial tracks, creating such a plan is part and parcel of their education. For everyone else, it’s a learned art that combines your passion for a business with the down-to-earth details involved in getting that business off the ground.

If you’re a wanna-be entrepreneur or student who has a great idea for a business and either wants to enter a business plan competition or find funding, here are some factors to consider as you craft a business plan:

Click here to read more…

A good marketing strategy is the key to connecting with your target audience, getting their attention, and turning them into customers.  Every good marketing strategy should include each of these THREE THINGS:

1. Reach out across multiple outlets. You’ll want to reach your potential customers wherever they live, work, and/or play.  To do that you’ll need to use more than outreach method to get your message across.  Choose from print media, social media, broadcast media, your web site, e-mail distribution, community events, and more!  The more opportunities your customers have to see your marketing, the more likely they are to hear your message.

2. Make sure your methods match your market. Who is your audience?  What is the best way to reach them?  If you are trying to reach children under the age of 10 or senior citizens, you are not likely to get them to buy your product via the Internet, no matter how cool your website is.  On the other hand, if your trying to attract adults ages 18 – 35, you probably don’t need to check newspaper advertising rates.  Similarly, if you have a business like a dry cleaner, hair salon, or diner, and the vast majority of your customers are from the local community, you won’t want to put an ad in USA Today, but an ad with a coupon in the local paper or online community website will likely get their attention.

3. Consider the cost. Social media is low-cost or no-cost, but not right for every audience.  A well produced television commercial can be very exciting, but will likely take a big bite out of your advertising budget.  You’ll want to consider what methods give you the most bang for your marketing bucks.

No matter what your business is, you need to identify your target market and tell them about your product or service!  A marketing plan is a key part of a strong business plan.  Update your marketing plan now as a first step to getting your business plan ready to enter in the IFEL 5th Annual Business Plan Competition!

“To support the recovery of New Jersey’s businesses and protect the overall economic interests of our state in the aftermath of Hurricane Irene, Governor Chris Christie and Lt. Governor Kim Guadagno have announced a series of business assistance services for those affected by the storm. Among these vital services are those related to financial support, information on temporary space, and technical assistance for impacted businesses. Information for all services may be easily accessed through New Jersey’s Business Action Center (BAC), by calling 1-866-534-7789 or through the state’s business portal at www. NJ.gov/njbusiness/, the “one-stop” shop for business resources.”

If your business suffered extensive damage, we encourage you to avail yourself of these resources.

To read the entire announcement, click here.

We are finally entering the blog world. Very exciting for us. Through our blog we will offer more content, share more thoughts and engage in more conversation. In addition to talking about how to get to the next level, we will discuss trends, issues and resources. Just like with everything, we expect there to be a learning curve, so please be patient while we figure this all out. Stay tuned.

Jill