Small Business Information Guide 2015

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Traci BohdanBusiness Banker

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Small Business Information Guide • June 2015 • fwbusiness.com • ©KPC Media Group Inc. Page 1

GREATER FORT WAYNE

Business Weekly3306 Independence Drive

Fort Wayne, IN 46808(260) 426-2640

Fax: (260) 426-2503www.fwbusiness.com

Terry R. [email protected]

Publisher

Lucretia [email protected]

Editor

Linda [email protected]

Associate Editor/Reporter

Aimee [email protected]

Reporter

Doug [email protected]

Reporter

Claudia [email protected]

Marketing Manager

Mark [email protected]

Multi-media Sales Manager

Ann [email protected]

Creative Manager

Garrett Shaw & Tracey RobideauGraphic Designers

Gabe Duberge, Karl Lapan, Dennis Oberlin, Jeff Soldner

Contributors

ACCOUNT EXECUTIVES Nathan Hensley

Bobbi JenksWendy Krzyzanowski

Josh PatellNate Woenker

George O. WitwerPublisher Emeritus

Terry Housholder

President

Terry Ward

Chief Executive Officer

S. Rick MitchellChief Financial Officer

Andy EadsAdvertising Director

Greater Fort Wayne Business Weekly is a publication of KPC Media Group Inc.

©2015 All rights reserved

SMALL BUSINESS INFORMATION GUIDE

Small businesses are essential to region

Being a small business owner is difficult because you serve a variety of rolls within a single company.

But your passion and determination is what keeps our region moving forward and residents employed.

More than 80 percent of the companies in Indiana are classi-fied as small businesses, according to U.S. Census data. These are businesses with 20 employees or less.

These businesses accounted for an $18.8 billion payroll in 2007, averaging close to $30,000 per employee.

The businesses with fewer than 500 employees make up 97.4 percent of Hoosier businesses, according to the Small Business Association Office of Advocacy.

This number doesn’t even account for the nonemployer establishments, which represent more than three-quarters of the businesses in Indiana.

Knowing the importance of small businesses to our region, we annually compile this special publication to provide a few tips and guidance.

While impossible to be conclusive, as the business climate is constantly changing, we reach out to industry experts to provide insight into ways local owners can do better business.

We cover subjects such as avoiding classic startup mistakes and how to secure startup cash. In addition, we have articles looking at new trends and how they can benefit a local business, such as deciding on what type of mobile technology will best benefit a business’ marketing efforts and how telecom-muting can save a company money if handled correctly.

We hope you find the information enclosed useful and practical.

We wish all the small businesses in the region a successful 2015.

n

Lucretia

Cardenas

TABLE OF CONTENTS

Telecommuting in the modern workforce ...................2

Getting the cash .......................................................4

Common mistakes small businesses make ................5

Branding your business ............................................7

SMALL BUSINESS

INFORMATION GUIDE 2015

Page 2 Small Business Information Guide • June 2015 • fwbusiness.com • ©KPC Media Group Inc.

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Telecommuting in the modern workforce

According to a 2015 study from the Society for Human Resource Management, 38 percent of U.S. employers allow their workers to work from home on a regular basis — an increase of 15 percent from 2008. Clearly, telecommuting is on the rise. While the benefits are obvious, including improved employee retention and efficiency, developing a clear and effective telecommuting policy is critical to success.

BenefitsThe employer statistics

group Global Workplace Analysis identifies some key benefits of telecommuting:

• Improved employee satisfaction: Two-thirds of workers want to telecommute and 36 percent would choose it over a pay raise.

• Reduced attrition: Forty-six percent of companies that allow telecommuting report losing

fewer employees.• Reduced unscheduled

absences: Telecommuting programs report a 63 percent reduction in unsched-uled absences.

• Increased produc-tivity: More than two-thirds of companies report that telecommuting increased productivity for workers.

• Improved employer savings: Companies like IBM, Nortel and Dow Chemical Co. saved millions on real estate costs by allowing widespread telecommuting.

Investment professionals are spending an increasing number of working hours away from the office.

BLOOMBERG NEWS

n

Gabe Duverge

n See TELECOMMUTING on PAGE 3



DrawbacksWhile there are many benefits

to telecommuting, there are some potential pitfalls, as well. Some companies, famously including tech giant Yahoo, prefer not to allow workers to telecommute because of potential drawbacks, including:

• Collaboration: Distance can make collaborating with others difficult.

• Security issues: Digital methods of file sharing and communication can leave companies vulnerable to a security breach.

• Software and hardware: New systems may be needed to allow for efficient telecommuting.

• Social aspects: Some workers may be less productive without social contact with coworkers.

Recent growth of telecommutingDespite the potential downsides,

the SHRM study reports that for 2014, more companies began offering telecommuting than any other benefit. And from 2005 to 2012, telecom-muting grew 79.2 percent, with the highest year-over-year growth coming between 2007 to 2008, at 14.1 percent.

While the recession slowed the growth of telecommuting, it is now increasing. The most recent figures indicate that it is rebounding to new heights.

Using telecommuting effectivelyIBM and Cisco have found success

with telecommuting. IBM started in 1995, and is quick to note that it was “one of the first global companies to pioneer programs to reduce employee commuting.” IBM has saved at least $100 million annually in real estate costs.

Telecommuting benefits IBM in other ways, as well. By consuming less real estate and eliminating emissions from employee commutes, the environmental footprint of the company is reduced. IBM also reports that employees are happier and have a greater work-life balance.

Cisco echoes these results. The company completed an in-depth study of telecommuting in 2009 and found that work-life flexibility, productivity and overall job satisfaction was signif-icantly increased with this benefit. An estimated savings of $277 million

annually was also reported.Best practicesAccording to Courtney Bailey,

who manages a team of 20 in the Philippines and is vice president of operations at market research firm Measure Consumer Perspectives, being flexible and active in communication is key.

“You have to be aware of communi-cation style,” she said. “IM is the fastest, followed by email, but it can be hard to read tone. So sometimes, when I can see a conversation is derailing or key messages are being missed, I’ll suggest we pick up the phone.”

These strategies can help managers oversee telecommuters and ensure they are working efficiently. Other best practices include:

• Using a project manage-ment system such as Basecamp or Teamwork to maintain structure and help with assigning tasks to specific workers.

• Screen sharing to improve training, allowing the worker to see

what the other person is doing on the screen in real time.

• A regular review system to prevent mistakes and encourage communica-tion between team members.

• Tracking hours and work output to ensure that workers are completing tasks and staying on target.

The future of telecommutingThe benefits of telecommuting are

clear, and the number of employees taking advantage of this flexibility is expected to grow. As more companies embrace it, workers can enjoy the benefits of less travel time, a better work-life balance and more produc-tivity, while companies can improve morale, retention and the bottom line. As with any policy, however, the right tools and techniques are needed to ensure that telecommuting is effective in any given environment.

— The full report on the benefits of telecommuting and managing remote employees was written by Grace College Online.

Continued from PAGE 2

n TELECOMMUTING: Being aware of communication style is key

Retirement Plan Choices for Employers

Establishing a retirement plan for your company can yield

positive results for you and your employees. With Ascensus Consulting, it’s your choice.

Financial advisor you prefer

Investment product you and financial advisor select

Plan type and design that fit your specific business goals

and budget:

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Ed DavisRelationship & DesignStrategist

phone: 260-969-2661mobile: 260-633-0555email: [email protected]

Bob CongdonRelationship & DesignStrategist

phone: 260-969-2646mobile: 260-267-4951email: [email protected]

Ascensus and the Ascensus logo are registered trademarks of Ascensus, Inc. All other product names and marks are the property of their respective owners. Copyright© 2015 Ascensus. All Rights Reserved. ACON-ADV-00030Ad (2/15)



There is a lot of talk in the startup world about getting the cash.

When startups talk about “the cash,” most of the time they’re talking about early stage capital in the form of angel or early stage institu-tional investment. However, remember, 2014 total yields on angel investments were just slightly over 19 percent per year (UNH Venture Research Center defines yield as the percentage of investment opportu-nities brought to the attention of investors that result in an investment.)

While this is higher than the historical yield of 15 percent, it still leaves a lot of promising early stage companies without funding. The same is true for institutional early stage venture capital firms who invest in less than 1 percent of all promising, high potential, early stage ventures. Today’s angel investors or syndicates are no “angels.” They look for seven to 10 times their invested capital over seven years or less.

Even if you have a promising and attrac-tive venture, it is like finding a needle in a haystack to initially “bank” your dream on these investment channels. I am not saying you will not need access to these money sources. I am saying that, in the initial stages, you may be better off self-funding or crowdfunding your efforts before you tap into these other investment sources.

So, how are young, promising, high-per-formance companies funding their future without large scale outside investors like angels and early stage institutional investors? Well, let me share with you some new thinking about how to raise capital in today’s marketplace.

First, real startups are bootstrapping.Bootstrapping is self-funding your startup

on the back of your business model and, in particular, your customers. Typically, self-funding is using your own money from home equity access, retirement savings, credit cards, savings, severance and family, friends and other fools — since all in this plan are fools given the high rate of business startup failure in the first five years.

In his recently released book, “The Customer-Funded Business,” John Mullins

outlines five novel models — subscrip-tion, matchmaker, service-to-product, pay-in-advance and scarcity — to leverage your customers for the cash you need to grow without selling your soul at the most vulnerable period of the startup, the launch of the company. Today, angel and institutional investors take deep discounts when negotiating their cash for your equity. Some “haircuts” include hefty discounts for marketability, lack of control and major risks that are not fully de-risked through the commercialization process.

Bootstrapping can reverse the capital access process. Equity may still be needed for growth and scaling the venture, but many startups seek out capital after they have proven there is a pain/problem in the marketplace and after the customer or market segment determines it wants what the company is selling. At this stage of investment, the startup company has proven there is a pain or problem, and has discov-ered a validated customer segment wanting the product or service being offered and, thus, may be perceived by investors as less risky.

The discounts for de-risking the major risks of the venture may result in more favorable access to growth and scaling funding. However, don’t ever forget when you take outside equity, regardless of how much and regardless of whether it involves a board seat or not, you are getting one or more bosses. Getting a new boss may be counter to why you started the business in the first place.

In my experience, with early stage ventures, often they initially consume too much capital. Bootstrapping is a great way

to size the startup’s budget to cash realities and to focus on finding customers as quickly and cost-effectively as possible.

Second, more start-ups are turning to online investment platforms to fund initial growth requirements.

I was excited when the Jobs Act incorpo-rated novel uses of capital access platforms for startup and emerging growth companies. However, the time frame for implementing guidance was akin to a “slow boat to China.” While the Act was signed into law in April 2012, it was 2015 before initial guidance on easing the regulatory require-ments for equity crowdfunding came from the United States Securities and Exchange Commission.

Recognizing how important this new law was to jump-starting the start-up environ-ment, many states — including Indiana – didn’t wait for the SEC’s guidance. In mid-2014, the states offered their own regulatory guidances for intrastate equity crowdfunding.

Equity crowdfunding raises capital through an intermediary or an online portal. Localstake and EquityNet are two examples. In Indiana, investors can direct their equity investments to homegrown Hoosier entrepreneurs through the Internet. Indiana entrepreneurs can raise up to $2 million, and Indiana investors can invest up to $5,000 per opportunity (far lower than a typical angel investor that might invest $25,000 or more in an opportunity.) A big advantage to this approach is bringing small investors into the game.

Consider the recently successful Localstake campaign for Scotty’s

Getting the cash for your startupSMALL BUSINESS INFORMATION GUIDE

n See CASH on PAGE 5

n

Karl LapanThe Kickstarter crowdfunding logo is displayed on the screen of an Apple Inc. iPhone 6.

BLOOMBERG NEWS


BY JEFF SOLDNER AND DENNIS OBERLINThrough mentoring entrepreneurs and small

business start-ups, volunteers with the Fort Wayne Service Core of Retired Executives chapter see some common mistakes.

The more than 40 local SCORE mentors are mostly retirees with diverse background and skill sets. SCORE’s free, 19 one-hour long appointments offered each week provide clients with advice to help each one achieve success in their enterprises.

A selection of the main pitfalls we see at SCORE sessions and how to avoid them are as follows:

1. Going it alone.At the core of American enterprise is the

individual entrepreneur – someone with an idea that he or she strongly believes can lead to a business that is successful. Entrepreneurs believe their own ingenuity and hard work will enable them to create and operate a business that is both profitable and sustainable.

Although admirable, the odds are stacked against individuals who think they can handle all the aspects of running a business without any special training or support. We always

recommend that before investing any of your hard earned money, you seek the advice of other business managers.

Free mentoring is available from organiza-tions such as SCORE. Other low cost or free counseling is sometimes available from local universities, government agencies and even local chambers of commerce.

A trusted banker can give solid advice for how to procure startup capital along with realistic projections on how big of a loan you might qualify for. An attorney can advise on which type of business structure – sole propri-etorship, corporation, or LLC – best suits your situation. Also, a certified public accountant or business accounting specialist can be of tremendous help with bookkeeping and tax issues. And, at the end of the day, it’s still family and friends — people who want to see

Common mistakes small business owners make and how to avoid them


n CASH: Success is about smart choices


n See MISTAKES on PAGE 6

Brewhouse and the renovations of one of its restaurants in Indianapolis. While Scotty’s wasn’t offering equity per se, it was offering a priority rate of return based on a revenue share loan with some loyalty benefits mixed into the deal depending on when you invested. This platform is different from Kickstarter and Indiegogo where companies commit to providing investors non-mon-etary incentives (t-shirts, books, a copy of the finished work or a private showing of a movie) in exchange for money or funding specific creative projects.

Kickstarter has posted impressive results to date. Since its launch in 2009, 8.7 million people have pledged more than $1.7 billion to fund 85,000 creative projects. Projects must reach their total funding goal to receive the money and 44 percent of projects have done so.

Final thoughts: Make intentional choices and execute.

The landscape is changing for startups and new ways of getting the cash — including bootstrapping and crowdfunding — remind me of the following lines from Robert Frost’s “The Road Not Taken”:

“Two roads diverged in a wood, and I —I took the one less traveled by,And that has made all the difference.”The traditional road will require you to

address outside investors’ concerns about valuation, time to market, management team and exit strategy. Remember, nationally, the five-year survival rate of new establishments is about 50 percent and the 10-year rate is about 33 percent, so selling within a reason-able time frame will be key to achieving investors’ financial returns.

Building an enduring and innovative early stage company is about making “market smart” choices and about execution — being and behaving differently. The traditional road of relying on outside investors early in your venture may lead you to believe you can be validated and legitimized as a startup. But, for many early stage growth ventures, success is all about remembering why you started the business in the first place: independence, personal freedom, to be your own boss, to control your own destiny and to create a locally owned and operated business.

That is the road less traveled by, and it often makes all the difference.

— Karl LaPan is the president and CEO of the Northeast Indiana Innovation Center Inc.



you succeed – who can sometimes offer the most candid advice.

2. Having an inadequate or incomplete business plan.

Startups that come to SCORE with a completed business plan or have begun the process of developing one tend to follow-through with actually starting the business and also tend to have a greater degree of success when they do.

The basic elements of a business plan are readily available from the SCORE website, fortwayne.score.org, in a template form that provides all the questions that need to be answered prior to deciding if the venture should be launched. If properly and candidly prepared, the business plan can answer the basic question of whether the business should expect to turn a profit and when.

In the rush to get a new business going, it’s easy to miss some hidden costs or unrealistic market assessments that could spell trouble for a startup. At SCORE we have extensive experience with business plans and can offer help to entrepreneurs who have enthusiasm but are perhaps discouraged by the scope of developing the plan.

The basic elements of a business plan should include the following:

• Executive summary;• General company description;• Products and services;• Marketing plan;• Operations plan;• Management and organization;• Personal financial statement;• Startup expenses and capitalization; and• Financial plan.3. Being under-funded.Probably the number one obstacle to

starting your own business is coming up with enough money for both startup capital and initial operational funds for the venture in the early stages. An individual with great ideas and tons of motivation may see the business fail due to a short-sighted view of how much money is required to get the business on its feet.

To obtain startup capital through conven-tional banking institutions, it’s imperative to have a well-developed business plan. Banks recognize the risks in startups but also the potential rewards in developing long-term relationships with successful entrepreneurs. Be forewarned, most banks will want to see a minimum of 20-25 percent of owner invest-ment. An individual unwilling to invest his or her own money in a startup is a red flag to most lenders and outside investors.

Other means for obtaining required startup

capital are Small Business Administration guaranteed loans, Brightpoint loans (local agency that provides business loans to low income individuals) and friends, family or outside investors.

The bottom line is that no one will give you money unless you can demonstrate that you have researched your costs, market and revenue flow, exhibiting you have a reasonable projection on when you can pay them back.

4. Poor or non-existent marketing plan.Few people graduate from college with a

degree in marketing. Fewer still go on to start their own business – they generally go to work for someone else. So, it’s not surprising that many startups have given little or sometimes almost no thought to how they plan to market their product or service. They believe everyone will want what they can provide once they find out about it.

Often, startups can offer a product or service for a better cost due to lower overhead; however, building a sizable customer base takes time and there must be plan to obtain new customers. Marketing, for those entrepre-neurs with no background, is best left to the professionals. There are marketing and advertising agencies and consultants that can provide tried and true marketing techniques that will fit your budget if you have provided for this in your startup cost projections.

At a minimum, new startups must have a plan to market themselves via digital media. Webpages, blogs and social media are an effective and inexpensive way to market your business in a professional manner that can distinguish you from your competition.

5. Not understanding your market or not identifying your customer.

Businesses provide goods or services that the general population utilizes in different ways. It could be on a continuing basis, a frequent basis, infrequently or, perhaps, a once in a lifetime basis (funeral homes come to mind for that last one). It all depends on the product or service.

Other startups may provide a “niche” product or service that is only utilized by a small customer base but one willing to spend an increased amount based upon the quality of service or product delivered.

It is important that the new startup have an understanding of who potential customers will be; what type of demographics are represented by that customer base and how to reach them. A typical customer profile should be developed to determine the best and most cost effective means of marketing to that customer.

Marketing by word of mouth, although inexpensive, is usually left to existing companies with an established client base. You can’t count on word of mouth. Startups must

be prepared to do the due diligence to identify their target customer, develop a strategy to best market their product to those folks, and identify trends or changes to the market that could negatively affect their revenue.

6. Not understanding your competition.Suppose you just invented and obtained

patent rights to the neatest thing since sliced bread. No one else has it and you envision a lock on the market for the next 25 years, making you wealthy beyond your wildest dreams. If there is an existing market for the product, another existing business entity is currently serving that market in some manner. They are not going to roll over while you take their business. How will they respond to you taking their business?

Whether you have developed a unique niche product or service as just described, or intend to wade into an existing market, understanding your competition is paramount to your survival and profitability as an entity. The analogy to the military perhaps says it best. Military forces spend inordinate amounts of time, resources, and energy to determine an enemy’s capabilities, techniques and weaknesses.

Just providing the best goods and services for your customers will only last as long as it takes someone else to figure out how to do it better.

7. Putting your product or service first in your thought process.

At SCORE, we have observed that folks who want to start their own business generally fit a certain profile. Although not necessarily over-confident, they tend to be sure of their abilities and not afraid to take risks. Individ-uals who have developed a unique service or product tend to feel this alone will be the key to success.

At SCORE ,we believe that the bottom line – profitability – is determined by your customers. The customer must be first and foremost in everything you do to keep your business moving forward. The many aspects of running a business, from operations and marketing to accounting and finance are all important but, at the end of the day, your most valuable asset is your customers: treat them as such.

SCORE is a national organization of more than 320 local chapters set up by the Small Business Administration to offer free mentoring to entrepreneurs and small business start-ups. Jeff Soldner is the marketing chairman and Dennis Oberlin is the vice president of SCORE Chapter 50 in Fort Wayne. Call SCORE Chapter 50’s office, 110 W. Berry St., Suite LL101, at (260) 422-2601 for a free counseling session or visit www.score-fortwayne.org.


n MISTAKES: Businesses must have an understand competition


Branding you: How to maintain your business’ perceptionAs a small business owner, your

company’s reputation has everything to do with its success, which is why it must be carefully monitored and maintained.

Obviously, providing the very best products and services goes a long way, but a healthy reputation doesn’t guarantee that you will stand out from the rest. That’s where branding plays a key role – which means not only your company’s brand, but your own.

Branding is nothing more than communicating your values, purpose, strengths and vision. And guess what, your brand already exists whether you’ve done anything formally to craft it or not. It is reflected not only in your goods and services, but in your personal appearance and that of your employees, the technology you use, the business culture, office surroundings, how your customers are greeted, the design of your letterhead and receipts, community involvement, etc.

Everything reflects your brand, which is why it is imperative that you do everything in your power to influence perceptions positively.

The good news is that there has never been a better time to effectively communi-cate your brand to the masses. At the same time, due diligence is required to protect it. You likely already have a website that tells the story of your company, its products and services, how to become a customer with contact and location information. Hopefully, you are also on social media where you interact with your followers and friends.

Those key elements are a big undertaking and once set up, with the exception of updating the information and posting regularly, perhaps you thought you could cross branding off your list. The reality is the other half of the equation is you, and that may mean the difference between the status quo and truly growing your business.

Building trust is how you build your business. Why should potential customers trust your business? Because you are an expert. But how do they know that? You have to tell them.

You, as a business owner, must put as much into marketing yourself as you do in

your company. Your personal brand must be authentic and speak to the audience you wish to reach. You’ve heard of the elevator pitch and perhaps you’re pretty good at briefly telling people about your company, but your pitch must also establish your personal authority. That means you need to be self-aware of what differentiates you from all the rest and own it.

Answer these questions as they pertain to your target audience:

• Who are you?• What is your company and what does

it do?• Why are you involved with/did you

start your company?• What are your credentials?• What is your experience?• What are your strengths?• What makes you unique?• What are your core values?• Why are you valuable in your industry

and community?• What are your goals and dreams for

the company?• How can you solve your customers’

problems?

• Why should they trust you?This exercise will help you focus your

personal branding efforts. If you have trouble answering some of the questions, ask others who know you well for help. After you have a clear sense of yourself, you are ready to begin.

Your personal brand should position you in your industry and your community as an expert. Ideally, you would start by creating a personal website for yourself, but, at the very least, a prominent section of your company website should be dedicated to information about you. It should include your name, title, a professional head shot and contact information, but also your story, credentials and values all written in a tone that reflects your passion and the personality of your company.

You should also have a strong personal social media presence. Many prefer to keep separate their social media accounts for business and those aimed at family and friends.

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n

Claudia Johnson

n See MARKETING on PAGE 8



online, you need to nurture your brand. That means getting yourself out there. You’re busy, but this investment of time will build trust, create alliances and generate new business. Here are a few ways to begin:

1.) Start a blog (and/or podcast) in which you establish your authority by regularly covering company updates, new products, goals and trends in your industry, including your supported opinions. Brag about your employees. Educate readers. Make it clear by the information you provide that indeed you are an expert and can be trusted. Make it compelling, communicate your passion and showcase your personality.

2.) Position yourself as a credible industry expert to appropriate news media by sending them story tips, op-ed pieces and guest columns. Also comment on reporters’ stories online to provide additional insight.

3.) Offer yourself for speaking engage-ments and as a panelist.

4.) Be active in industry associations.5.) Be active in your community by

volunteering and serving on nonprofit boards, especially when your expertise can directly help that nonprofit with challenges.

When you effectively communicate your passion, it is a powerful way to promote your personal brand. That will follow you even as your business changes or you move

on to another. Showcasing your expertise and integrity is the most important thing you can do to grow your business.

— Claudia Johnson is the marketing manager for KPC Media Group Inc. She can be reached at [email protected].


n MARKETING: Effectively communicating your passion is the trick

Nick Woodman, founder and CEO of GoPro Inc., center, takes a “selfie” with wife Jill Woodman, center right, after ringing the opening bell for the release of the company’s IPO at the Nasdaq MarketSite in New York. Woodman is an example of a business owner whose personality helped promote and sell his company’s brand.

BLOOMBERG NEWS

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The Community Development Corporation of Northeast Indiana is a non-profit organization sponsored by the City of Fort Wayne. The CDC provides financial assistance through various loan programs to business owners for start up or existing business projects.

Misty RyanLoan Specialist427-2111

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200 E. Berry St., Suite 320, FW 46802(260) 427-1125 • www.cdcnein.org

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Small Business Information Guide 2015