The M Companies » startup

11 Businesses You Can Start In Your Pajamas

Ivan — Tue, 10 Feb 2009 13:19:03 +0000

For the above entrepreneurs, wearing pajamas for a day at the office isn’t far from reality. From pet care to virtual assistants and even online dating, we found entrepreneurs who are not just enjoying work from their living rooms and bedrooms, but they are also making a good living at it. In one case, a business owner grossed $10 million in a year, and cleared half that amount. Here’s a look at the hottest industries for home-based entrepreneurs — illustrated with some fun CEO self-portraits.

Pet Care — Paul Mann, Fetch! Pet Care

Approximately two-thirds of American households own pets, making the pet industry the sixth-fastest-growing industry in the nation — with $43.4 billion projected to be spent on pets in this year alone. It’s no wonder then that Fetch! Pet Care, a Berkeley, Calif.-based company that provides a wide range of pet-sitting and dog-walking services is thriving. The 2008 Inc. 5000 company brought in revenue of $3.5 million last year and operates on a franchise model that includes 200 locations nationwide with a network of more than 3,800 pet sitters. “Pets don’t know that we are in an economic downturn, and it’s been proven that pets are therapeutic for people,” says founder and CEO Paul Mann. “You don’t stop feeding your pet in bad times.”

Virtual Assistant — Tawnya Sutherland, VAnetworking.com

As business owners have become more comfortable working virtually, and work/life balance has increasingly become a necessity, the demand for virtual assistants has grown significantly. Tawnya Sutherland would know — five years ago she started VAnetworking.com, the largest online social network for virtual assistants, which has seen membership triple in the past year to over 10,000 and revenue exceed $150,000. She created the site as a space for fellow virtual assistants to share information, exchange ideas, and discuss industry best practices. Sutherland maintains that “VAs are a really diversified group that can do just about anything.” And, in addition to saving business owners the cost of having an in-office employee, “it relieves you as a business owner to work on the thing that you’re most interested in doing.”

Bargain Hunting Website — Karen Hoxmeier, MyBargainBuddy.com

With just a computer and an Internet connection, virtually anyone these days can start their own website and market their products and services from home without spending a lot of money. But despite the low barrier to entry in this industry, not all businesses have worked out the model for success quite like Karen Hoxmeier. The stay-at-home mom founded MyBargainBuddy.com, which publishes hundreds of daily deals and coupon codes for shopping sites all over the Web. “My business happens to be a hobby that pays me,” she says. “I love shopping and I love bargain hunting. And if what you do helps someone else, that makes it even better.”

Accounting Services — Melissa Nash Andrews, Accounts Receivables

In a tight economy, one of the primary goals for a business owner is staying on top of cash flow. But let’s face it — nobody likes having to ask for the check. That’s where Melissa Nash Andrews and her company, Accounts Receivables, come in. A full-service collection agency, Nash Andrews stays on top of her clients’ accounts receivables and provides a range of bookkeeping services for business owners looking to outsource accounting. “If I can help another small business person to stay in business and to keep their business, then I’ve met my goal,” she says.

Technical Staffing — Bill Foster and Ruben Santana, XRoads Consulting

As more companies contract out specialty services like recruiting, staffing companies like Atlanta-based XRoads Consulting are seeing an upturn in business. Founded in 2006 by neighbors Ruben Santana and Bill Foster, XRoads specializes in placing people for technical positions at companies located primarily in the southeastern United States. They also help companies select and implement information technology solutions that will best meet their needs. Both Santana and Foster have leveraged their prior experience in the industry to grow their revenues to $5.58 million in the first two years of business. “There are definite financial rewards to being home-based and not having the upfront overhead needed to start a business,” Santana says.

Home Improvement and Organization — Allan Young, ShelfGenie

Those who are making money in the beleaguered housing industry these days are people like Allan Young, founder and CEO of ShelfGenie, a company that designs and installs custom-shelving units for the home. “A high percentage of our clients are people who are staying put in their homes but want to do an affordable upgrade,” says Young, who recently began franchising the sales model in April. Because the shelving systems are customized for the client, there is no inventory for the franchisee, and appointments are handled through a call center, making it very feasible for the franchisees to get their business up-and-running and achieve positive cash flow quite quickly.

Green Construction — Nic Darling, Chad Ludeman, and Courtney Ludeman, Postgreen

When it comes to purchasing products and services, consumers are increasingly making their decisions with the environment in mind. One company that has capitalized on this growing consumer awareness is Postgreen, a Philadelphia-based real-estate development company whose mission is to build green homes that are affordable for the average family. Founders Chad and Courtney Ludeman, and marketing director, Nic Darling, are working on a line of LEED-certified homes that will sell for $100 a square foot — a cost equal to a regular home without green efficiencies. “We are making consumers look at houses differently,” says Darling. “Instead of just a monthly payment, they are starting to look at all the costs that go into owning a home, and we have a distinct advantage in being much less expensive [to maintain] than a normal house.”

Graphic Design Services — Sam Feuer, Mindsmack.com

The way a company represents itself on the Web is becoming increasingly important, and no one understands this mission better than Sam Feuer, founder of Mindsmack.com, a full-service Web-design firm whose projects include everything from iPhone application design to commercial animation. From his home based in North Brunswick, N.J., Feuer manages a staff of 44 along with a network of freelancers, some of whom work globally. “The real key is doing the work at an elite level,” Feuer says. “It doesn’t matter where my employees are — I don’t care if they work from the moon — as long as they get the job done and they are two steps ahead of what the client is looking for.”

Resume Writing — Kathy Sweeney, The Write Resume

Given the dismal job opportunities at many companies right now, job-seekers are looking for any and every way to distinguish themselves from the competition. Kathy Sweeney, founder and CEO of resume writing service The Write Resume, is busy like never before, with revenue growth of 21 percent in the past year alone. Sweeney, who is recognized as one of the foremost experts in the industry, has written resumes for people all over the world, most of the time just from information that she has gleaned from phone conversations with the client. “It’s really about relationship building and I believe you can do that without meeting someone. If I can develop a bond with people then I know I’ll be successful in helping them.”

Corporate Educational Services — Joseph Pickett, Experts Briefings

Complying with federal regulations is a tricky business, especially for companies in the pharmaceutical and medical-device industries, where many will spend hundreds of thousands of dollars a year to send their employees to required educational conferences. Joseph Pickett of Experts Briefings has found a way around this big expense by offering companies the same experts and packaged information through his teleconferencing business. Pickett lines up the speakers for the teleconference and then hosts it from his home computer, charging companies $400 a head. Pickett purchased the company in early 2008 and has increased revenue from $25,000 to $300,000 in less than a year. “My price for customers and for most pharma companies is chump change, but for me working out of my house, it’s a lot of money.”

Online Dating Site — Markus Frind, PlentyofFish

A new ecosystem of free software and low-cost Web services have made it possible for Web start-ups with a little bit of traffic to bootstrap their growth without raising tens of millions in venture capital. No one has done this as effectively as Markus Frind, the founder of PlentyofFish, an online dating site based in Vancouver, British Columbia. Frind launched his company in 2003 by himself and with no idea how to run a Web business. Five years later, PlentofFish is the largest dating site in the United States, according to Hitwise, and the company pulls in $10 million a year. You can read more about Frind, who still works only a few hours a week, in Inc.’s January/February cover story, The Money Comes Rolling In.

[via Inc Magazine]

65 Indispensable Websites for Business Owners

Ivan — Wed, 04 Feb 2009 21:56:08 +0000

Get your business going, keep it going strong or take it in a new direction with this compilation of web sites for entrepreneurs.

At last count there were approximately 10 gazillion websites out there. Where’s a business owner to start when looking for valuable information? If you’re reading this, it means you’re on Entrepreneur.com, which is a good start. Read on for 64 more vital online spots you should know about.

Accounting Terminology Guide
http://nysscpa.org/prof_library/guide.htm
If you need to know what a specific accounting term means, no matter how obscure, this is the site for you. Hosted and maintained by the New York State Society of CPAs, nearly 500 accounting terms are defined on this site, all sorted in an easy-to-use alphabetical list.

AccountingWEB
www.accountingweb.com
Updated daily, this site offers accounting industry news, information, tips, tools, resources and insight–everything you need to prosper and interact with other accounting professionals.

Adweek Online
www.adweek.com
This is the online edition of Adweek, a popular print magazine focusing on all things advertising and marketing. This site features the inside scoop on what’s going on in the marketing departments of high-profile companies and corporations.

American Association of Franchisees and Dealers
www.aafd.org
This organization represents the rights of both franchisees and dealers. Here you can learn about upcoming events, read some free publications online, order other publications from the bookstore, and become a member.

Backpack
www.backpackit.com
Backpack is a web-based service that makes organizing your company’s information easy. Backpack lets you make pages that can contain any combination of notes, to-dos, images, files and so on.

Better Business Bureau
http://us.bbb.org
Browse or search for a business or charity’s reputation. Included are instructions for how to file a consumer or B2B complaint.

BizBuySell
www.bizbuysell.com
Looking to buy a franchise? There’s a good chance you’ll find one here. From restaurants in California to auto shops in Florida, you can search more than 25,000 businesses currently for sale, many of which are franchised.

Bizwomen
www.bizwomen.com
Bizwomen is an online community for women business executives and entrepreneurs to connect, support one another, learn and grow. You can share and explore ideas with women across the United States or in your neighborhood to help grow your business.

Business Owner’s Tool Kit
www.toolkit.com
With an emphasis on problem solving, this site features more than 5,000 pages of free cost-cutting tips, step-by-step checklists, real-life case studies, startup advice, and business templates to small-business owners and entrepreneurs.

Business Owners Idea Cafe
www.businessownersideacafe.com
Managed by successful entrepreneurs and the authors of several guides on forming and running a business, this site includes numerous award-winning resources, along with practical advice, business news and humor.

BrandChannel.com
www.brandchannel.com
Run by internationally acclaimed brand consultancy Interbrand, BrandChannel.com provides a global perspective on brands and the art of branding. Site features include in-depth feature articles, conference announcements, career resources and access to white papers.

Brandweek
www.brandweek.com
A leading source of news and information for the branding industry, it’s also the only online trade magazine to offer saturation coverage at all levels of the brand-activation process.

Catalyst
www.catalystwomen.org
Catalyst is a leading corporate research and advisory organization that works with businesses to build inclusive environments and expand professional opportunities for women.

Chief Marketer
www.chiefmarketer.com
A content-rich website, Chief Marketer provides marketing executives with insights into key marketing issues, innovations and practical solutions.

CPAdirectory
www.cpadirectory.com
When April rolls around and you find yourself scrambling to find a CPA, this site will help. Billed as “the largest online database of Certified Public Accountants,” here you can search for CPAs by ZIP code, name, industry or area of specialty.

Customer Service Group
www.customerservicegroup.com
New Jersey-based Alexander Communications Group (ACG) uses this site to provide practical information free of charge to customer service professionals. If you work in the customer service industry, be sure to sign up for Service Starters, ACG’s free customer service industry eNewsletter.

Customer Service Manager
www.customerservicemanager.com
If you work in customer service, this website is for you. Here you will find an active community of customer service professionals, along with daily news, reviews, articles and resources aimed at improving customer service.

Customer Service Zone
www.customerservicezone.com
Customer service expert Robert Bacal’s website for customer service professionals, The Zone offers information to help businesses of all sizes and their employees provide efficient and effective customer service.

Direct Marketing Association
www.the-dma.org
The Direct Marketing Association is the largest trade association for businesses that are interested and involved in direct, database and interactive global marketing. Here you can learn more about the DMA, become a member and access its services.

Electronic Frontier Foundation: Intellectual Property
www.eff.org/issues/intellectual-property
EFF works to preserve balance and ensure that the internet and digital technologies empower consumers, creators, innovators, scholars, and average citizens. This section of the EFF website spotlights current challenges and solutions facing the intellectual property rights of everyone.

Entrepreneur.com / WomenEntrepreneur.com
www.entrepreneur.com/ womenentrepreneur.com
Published by the same people who bring you Entrepreneur magazine, this is an excellent site for entrepreneurs, featuring a solid collection of articles and tips from experts, plus hundreds of links to other entrepreneurial resources on the web. WomenEntrepreneur.com offers additional articles, blogs and resources specific to women for starting and growing their businesses.

Entrepreneur Connect
econnect.entrepreneur.com
Entrepreneur‘s social networking site is a gathering place for thousands of business owners. Take part in discussions, join like-minded business owners in groups, and give and receive valuable advice from the trenches.

Entrepreneur.com’s Trade Publication Directory
www.entrepreneur.com/tradepublication/category/index.html
Don’t miss one of the internet’s largest searchable databases of trade publications. From agriculture and biotech to purchasing and procurement, Entrepreneur.com has your industry’s trade publication listed here.

Fambiz.com
www.fambiz.com
Fambiz.com is the internet’s leading website for owners and employees of family controlled companies. Managed by Northeastern University’s Center for Family Business, here you will find insight on every family run business topic imaginable.

Federal Trade Commission: Franchise and Business Opportunities
www.ftc.gov/bcp/franchise/netfran.htm
This site has lots of information, including an FAQ section, Guide to the FTC Franchise Rule, consumer alerts, Before You Buy pamphlets, and state disclosure requirements.

Franchise.com
www.franchise.com
Learn more about available franchise opportunities or advertise your franchise to potential buyers at this site, which aims to connect franchise buyers and sellers, as well as anyone thinking of starting one.

Franchise Expo
www.franchiseexpo.com
If you’re thinking about buying a franchise, do your research here; you’ll find detailed information on nearly every franchising opportunity known to man.

Franchise Zone by Entrepreneur.com
http://www.entrepreneur.com/franchises
Dedicated to linking enthusiastic entrepreneurs with the top franchises, this site provides all the information you need to find the best franchises and become a successful franchisee. How-to articles, advice from experts and lists of the top franchises in various categories make this the first site to turn to for those considering the purchase of a franchise.

FreshBooks
www.freshbooks.com
FreshBooks is an online invoicing and time-tracking service that helps businesses of all sizes save time, get paid faster and look professional.

Fundability
www.fundability.com
Fundability is a marketplace where entrepreneurs and investors can find funding success. Founded by entrepreneurs and investors, Fundability’s Company SnapShot, Deal Search Engine, and DiligenceRoom provide intelligent online tools for the savvy entrepreneur.

Glide
www.glidedigital.com
Glide is a complete mobile desktop providing a secure and scalable platform for personal and collaborative computing.

Google Checkout
www.googlecheckout.com
This online payment system works alone or as an alternative to systems already in place. Customers don’t have to share credit card information with merchants that use the system, and identity protection is increased.

Google Docs
www.google.com/docs
The folks at Google deliver a free web-based word processor and spreadsheet, which allow you to share and collaborate online. Google Docs accepts most popular file formats, including DOC, XLS, ODT, ODS, RTF, CSV, PPT, and more.

Hoover’s
www.hoovers.com

Hoover’s gives you access to up-to-date information about industries, companies and key decision makers. Great for professionals working in sales, marketing, business development, and others who need intelligence on U.S. and global companies, industries, and the people who lead them.

Idea Locker
www.bkfk.com
One of the best invention/patent sites on the Web for novice innovators of all ages, this site is specifically designed for kids. It provides information on how to invent, famous inventors and discoveries.

Internal Revenue Service
www.irs.gov
Business owners can get all of their federal and business tax information–not to mention forms–directly from the source. It’s also a good place to stay current on tax laws that affect business owners.

Jobfox
www.jobfox.com
Started by the former CEO of CareerBuilder.com, Jobfox walks you through creating a skills inventory and then tells you which employers are looking for people with those exact skills. The Jobfox site also provides a free trackable resume and career web page to showcase your skills, experience and work samples.

Kauffman Foundation
www.kauffman.org
The Kauffman Foundation delivers an up-to-date and relevant website dedicated to furthering our understanding of the phenomenon of entrepreneurship and to advancing entrepreneurship education and training. Check out the Resource Center for getting started information on business operations, sales and marketing, human resources, finance and accounting, and the like.

LinkedIn Jobs
www.linkedin.com/jobs
Whether you’re looking for a new job or trying to help someone else find the perfect job, LinkedIn can help you find and get in touch with the people you need to contact. Create a profile and click the Jobs tab to get started.

Microsoft Small Business Center
www.microsoft.com/smallbusiness
A vehicle for selling various Microsoft small-business products, this site also provides plenty of excellent information and advice entirely for free. If you’re starting or running your own small business, Microsoft’s Small Business Center is an excellent place to learn from the experts.

Mint
www.mint.com
Entrepreneurs can get help with the personal finances, money management and budget planning. In addition, Mint offers free financial planning software.

National Association for the Self-Employed
www.nase.org
The NASE provides its self-employed members with support, education and training. The organization conducts surveys relevant to the needs of the self-employed and posts articles business owners can use.

National Association of Women Business Owners
www.nawbo.org
NAWBO is a fierce advocate for women business owners, providing resources and support. It can help women get access to government contracts that most business owners don’t know about.

PayPal
www.paypal.com
Perhaps the best-known payment system, PayPal allows web sites to receive and send money electronically. Business owners and customers find PayPal easy to use–and secure.

Salesforce.com
www.salesforce.com
Easy-to-use web-based customer relation management tools for your entire company, including online solutions for sales, service, marketing, and call center operations.

Small Business Administration
www.sba.gov
Here you can learn how to start your own business and finance it. The site also provides information on business opportunities, local SBA offices, laws and regulations, and much more.

Survey of Current Business
www.bea.gov/scb
The monthly Survey of Current Business is the definitive source of information by the U.S. Bureau of Economic Analysis about its economic accounts. Monthly updates present the latest national, international, regional, and industry estimates, and keep business leaders up to date on relevant BEA issues and initiatives.

Survey Monkey
www.surveymonkey.com
Put your finger on the pulse of your customers with this free basic service. Create and publish custom online surveys to gather data you can use.

TradePub.com
www.tradepub.com
If you’re looking for a trade publication, you’re likely to find it here. This site features an extensive list of free business, computer, and engineering trade newsletters and magazines, all of which you can subscribe to for free.

U.S. Chamber of Commerce
www.uschamber.com
Find your local branch, figure out how to start, learn about new taxes and much more at the national Chamber of Commerce site.

U.S. Copyright Office
www.copyright.gov
Find all of the forms, publications and information you need to copyright your original work.

U.S. Department of Labor: Office of Small Business Programs
www.dol.gov/osbp
The OSBP promotes opportunities for small businesses, especially disadvantaged businesses, women-owned businesses, HUBZone businesses and businesses owned by disabled veterans.

U.S. Patent and Trademark Office
www.uspto.gov
Official site for searching the U.S. patent database. Includes international treaties, statutes and patent news.

VentureDeal
www.venturedeal.com
Easy-to-use database with the latest information on U.S.-based venture-backed technology companies, senior management, company financings, and M&A transactions. Updated daily, this site offers a convenient way of accessing critical information related to business development, funding searches and venture capital investment goals.

VisualCV
www.visualcv.com
VisualCV reinvents your resume using technologies that transform the way in which resume data is presented, accessed and shared. VisualCV allows you to easily build and manage online career portfolios that come alive with informational keyword pop-ups, video, pictures and professional networking.

Wesabe
www.wesabe.com
The site offers financial advice, analysis and planning for business owners.

Word of Mouth Marketing Association
www.womma.org
Official website of WOMMA, where you can find the latest thinking on a variety of Web 2.0 marketing strategies, including word of mouth marketing.

Work.com
www.work.com
The small-business owner’s manual on where to go, what to know, and how to get the most value from the ever-growing array of web resources for business. The site features more than 2,000 how-to guides written by business experts and organized by common business tasks and challenges.

Women’s Work
www.wwork.com
Women’s Work is dedicated to helping women move from standard 9-to-5 jobs to flex careers–telecommuting, small business and other options. This site is packed with articles, advice, how-to guides, flexible career choices, and success stories to inspire and motivate.

Wufoo
www.wufoo.com
Wufoo is a web-based application that removes inefficiency and tediousness from the form-building process. Wufoo reduces what used to take trained professionals days (if not weeks) into something that can be done by anyone in minutes.

Yelp
www.yelp.com
Yelp provides a fun and engaging website for “passionate and opinionated influencers to share the experiences they’ve had with local businesses and services.” Watch out because “yelping” can be quite addictive.

Zimdesk
www.zimdesk.com
Zimdesk provides all the features and functionality you would expect from a standard desktop PC. The difference is that Zimdesk runs from an internet browser, allowing you to access all your applications, files, games and accessories from any computer.

Zoho
www.zoho.com
Zoho offers a suite of office productivity tools online, including a word processor, spreadsheet program, invoicing tool, presentation creator, web-conferencing functions and calendar organizers.

This list was compiled by the Entrepreneur.com staff, with a major assist from Mikal E. Belicove, author of the 2009 Internet Directory: Web 2.0 Edition.

[via Entrepreneur]

Planning a Start-Up? Help and Advice Abound

Ivan — Fri, 23 Jan 2009 14:50:37 +0000

Laid off in the recession and thinking of starting a business? Or just tired of working for someone else?

It’s hard to start a business alone. Aspiring entrepreneurs must tackle an onslaught of questions like what and where to sell, how to effectively market their product or service, how to structure their business — even whether going solo is the best option for them.

There’s no shortage of advice and resources for fledgling entrepreneurs. In fact, the biggest problem is figuring out whom to trust and what resources will be most useful. That involves scouting out what’s available and judging what is worth pursuing. Yes, it’s time-consuming. But one good piece of advice or personal connection can make or break your chance at success.

Here’s a look at some possible places for new entrepreneurs to turn.

Development Centers

Partially funded by the federal government, Small Business Development Centers provide free counseling and help on a full range of issues such as business planning, financing and site location. There are about 900 SBDCs, spread across all 50 states.

The centers employ full-time business counselors, typically former entrepreneurs or M.B.A. graduates, who are well-networked and meet one-on-one with entrepreneurs or direct them to other services and professionals that can help, says Don Wilson of the Association of Small Business Development Centers in Burke, Va.

“Sometimes the most valuable service we offer is telling someone their idea isn’t going to work,” he says.

Many SBDCs host courses, such as FastTrac, an entrepreneurship exploration and planning program developed by the Kauffman Foundation, an entrepreneurship research and advocacy organization. Some SBDCs partner with local business incubators that offer free and low-cost office space and resources.

To find the nearest SBDC, go to asbdc-us.org on the Web.

Score

Need a business mentor with very specific experience or expertise? You might try Score, a nonprofit group of volunteer business executives who counsel entrepreneurs; it’s loosely affiliated with the Small Business Administration.

There are about 11,000 Score volunteers nationwide and 389 offices. The volunteers mentor entrepreneurs long-term or just help with a specific question or need. People who don’t live near a Score chapter can pose questions to a counselor via email at Score.org.

A search tool on the homepage lets users find counselors in their geographic area or with a specific area of expertise. You can read detailed descriptions of the counselors’ professional backgrounds to pick one that suits your needs.

Campus Help

Universities are eager to give students real-world experience in a host of entrepreneurial exercises, including feasibility analysis, business planning and market research. They do so by providing free and low-cost help to local entrepreneurs.

For instance, law students at the University of San Diego advise local businesses pro bono on legal matters such as business incorporation and getting licenses and permits. For $500 to $1,500, student teams at St. Louis University will conduct a feasibility analysis or help write a business plan. Local entrepreneurs also can get their product or service ideas evaluated in the school’s Idea to Product Competition.

Call your local universities’ entrepreneurship programs or business schools, or check their Web sites, to see what services they offer local businesses.

Other Entrepreneurs

An often-overlooked resource for new entrepreneurs is other successful business owners in their fields. Someone looking to start a business should compile a list of the five “smartest” minds in the industry and try to meet with those people face-to-face, says Bo Fishback, vice president of entrepreneurship for the Kauffman Foundation.

“If you think you’ve figured out a place where you can leverage some great value, go to talk to people in the space,” he says. These entrepreneurs — assuming they’re willing to meet with you — can answer questions about the industry and what it’s like running such a business. “The best things that come out of this meeting are introductions to other people who might be interested in helping you,” Mr. Fishback adds. “It’s a very self-directed kind of school.”

Networking Groups

Starting a business can be a lonely experience — if you do it alone. Meeting other entrepreneurs who are in your town, or have similar experiences and problems, can be both therapeutic and educational.

Pretty much any city or small town in the U.S. has a Chamber of Commerce or other business group that hosts networking events, seminars and other resources for entrepreneurs. You also can find groups of business owners in your area on Web sites like MeetUp.com.

More and more business networking is actually taking place online. Though you might not form as close a relationship that way, you are more likely to find people in your industry to share experiences with.

Social-networking sites for start-ups include Sta.rtup.biz, StartupNation.com and Biznik.com. Other sites, such as MicroMentor.org, IdeaCrossing.org, PartnerUp.com and GoBigNetwork.com, can help match entrepreneurs with a business mentor, or even a potential investor.

[via WSJ Small Business] by Kelly Spors

Imeem Gobbles Up A Young Startup, Anywhere.FM

sdrakulich — Tue, 16 Dec 2008 22:00:22 +0000

After less than a year in operation, the team at Anywhere.FM reached an early payday today when veteran social music service Imeem gobbled them up for an undisclosed sum, most likely in a cash and stock mix. The iTunes-style web music player had raised under $100,000 in financing from Y Combinator and angels, making an early exit likely below $5 million possible. Anywhere.FM with its 60,000 users and over 9 million uploaded songs will continue to exist as is, but the founders will be joining Imeem to complete their earnout and continue work on their iTunes-style music player at Imeemâ€™s San Francisco office.

Both Imeem and Anywhere.FM saw a lot of synergy in the deal. Anywhere.FM has the best upload and player interfaces Iâ€™ve seen, but lacked a solid monetization method. Imeem will bring its music deals and sales team to bear on the service and hopes to leverage Anywhereâ€™s client side iTunes sync uploader, buddy radio, and recommendation technology in particular. Anywhereâ€™s uploader can upload your entire iTunes, WinAmp, or Windows Media Player libraries, including personal playlists, song ratings and play counts, with a single click. In an email correspondence, Imeemâ€™s CEO Dalton Caldwell hinted at the companyâ€™s future saying, â€œI think that an excellent and complete product that is fully licensed will win vs. the fragmented market we are seeing out there right now.â€ I couldnâ€™t agree more.

Although not currently announced, Anywhere.FM will likely have access to the same licensing deals Imeem struck with the major labels. The deals allow users to stream any of 5 million songs from their friends for free. Being included on the deals would mean Anywhere.FM could avoid web broadcasting rules that placed limits on how often and in what order songs could be played.

Inking deals with all the majors marked a major turn around in Imeemâ€™s history by ending the lawsuits that earlier dogged the site. But the deals came with at least Universal exacting a pound of flesh in form of some stock and a large upfront cash payment. The Financial Times said the payment was $20 million, although Imeem disagrees. Michael Robertson of MP3tunes.com, and earlier MP3.com, called it a death sentence.

While the ad supported model by their executives own admission has yet to be proven, Imeem has a major leg up over the competition. Theyâ€™re legal with a large library and currently have over 20 million monthly uniques and 65,000 new registered users each day according to their own stats. Comscore ranked them the top growing social site last September. If ad supported music is going to succeed, Imeem is the startup to watch.

[via TechCrunch] by Nick Gonzalez

Dormroom Start-ups

Ivan — Thu, 09 Oct 2008 16:25:19 +0000

Itâ€™s been a month since the academic year started, but for some college students, itâ€™s not just about homework and studying for mid-terms â€” itâ€™s also about running a successful business.

StartupNation.com recently completed its first [1] 20 best dorm-based business competition and found plenty of CEOs on campuses around the country.

These entrepreneurs showed inventiveness and practicality. They hail from the University of Tulsa in Oklahoma ([2] picking-up-pet-poo business) to Grand Valley State University in Michigan ([3] selling a 3D dorm-room modeling service to college Web sites so students can start decorating their space before stepping foot on campus).

Here are some tips on how to launch your own dorm-based business based on these entrepreneursâ€™ experiences:

1. Embrace technology. Many designed their own Web sites and conducted their marketing campaigns online. You can see Jared Sherlockâ€™s YouTube act as a professional magician above.

According to the contest write-up: â€œThis command of technology is part of what enables these students to be entrepreneurs. No longer does it take a big investment to get a business running or to market it. All you need are an Internet connection, a great idea, some tech savvy and a healthy dose of passion.â€

2. Start early. Most of the students in the competition had business experience already â€“ from high school. Andy Tabar, for example, started making money building Web sites as a teen.

3. Say â€˜noâ€™ to corporate work. Headlines of layoffs from big companies have turned off these youngsters to being a corporate employee. Theyâ€™d rather make money their own way.

4. Be socially conscious. Contestantsâ€™ social responsibility is on the top of their business plans. Their mantra: You canâ€™t succeed unless you help other people. Idealistic, maybe, but theyâ€™re building Web sites that help developing countries, creating a green electronics-recycling company and hosting ocean-conservation events at the Cape Cod National Seashore during the summer.

[via WSJ Small Business] by Raymund Flandez

Business Lessons From Kindergarten

Ivan — Tue, 30 Sep 2008 20:39:36 +0000

Recently, a business associate came to my office for an important meeting. During the meeting, I had to take a phone call, and while on the phone, I watched as my guest wandered around my office looking at the various photos and framed memorabilia that I have hanging on my walls. When I was done with the phone call, he pointed to my one and only diploma and laughed.

Before you judge his behavior as rude or offensive, let me say that the diploma he was looking at wasn’t from one of our country’s many fine colleges or business schools. It was from a kindergarten. It was my actual kindergarten diploma. It’s the only diploma I’ve ever hung on any wall. It’s the one that I feel gave me the skills necessary to succeed in life — and in business.

I think much of what we learn in kindergarten can be applied directly to starting a business. Following are some tips based on what I feel were the most important lessons I learned in my critical, formative years.

Be open-minded. When we went to kindergarten, we didn’t go with a preconceived notion of what our day would be like. We knew why we were there, but we were open to an infinite number of possibilities. When starting a business, understand your mission, but stay open to different ways of defining and executing it.

Be creative. Teachers give students crayons and paper, and ask the children to draw, often without specifying what they should draw. In business, the canvas is yours, too. Be creative. Be different. Think out of the box.

Know when to talk — and when to listen. Teachers have always appreciated students who participate, yet many have an equal amount of disdain for those who don’t know when to be quiet. Managing a business today necessitates being a good listener. Listen to your employees, vendors, managers, and of course, your customers. The best listeners are often the most successful entrepreneurs.

Learn how to choose a team. When playing in the schoolyard, if you were picked as “captain,” you had to decide whom you’d pick for your team to ensure the highest chance of success. In business, assembling the right team is even more important than on the playground. Choose wisely so that the skills and talents of the group are maximized to ensure success.

Show respect. Respect for teachers, administrators, and other students was critical to a successful kindergarten experience. It is equally so in business, particularly at the beginning. Show respect at every level. It will bring reward beyond measure.

Give people some space. In kindergarten, if someone was building a castle in the sandbox or a tower out of blocks, it was important to back off and let him or her execute his or her vision. In business, this concept is equally important. Give associates in your organization the space they need to show you how they envision the building process.

Don’t be a crybaby. Last but not least, one of the most important lessons learned in kindergarten was learning not to get upset when things didn’t go your way. As your parents and teachers always preached, “life isn’t fair.” Neither is business. Maintaining your composure when things don’t go as planned is critical to the success of any business.

It’s been said that everything you need to know you learn in kindergarten, and in many respects, I’d have to say that I agree wholeheartedly. Think through the issues as a businessperson, and if that doesn’t work, you just might want to climb back into the sandbox and start thinking like a kindergartner.

[via Inc Magazine] by Warren Struhl