BBB Blog

Builder and Backers is looking for 5 people with creative and unexpected ideas in Oxford. This Pebble Grant Program is part of the Heartland Forward Community Growth Program and Toolkit in Oxford, MS. Do you have an idea for how to solve a challenge in Oxford? Applications are due May 19, 2021. For more information or to submit an application check out the Oxford Accelerator at buildersandbackers.com.

The Community Tool Box is a useful resource for nonprofits. “The Community Tool Box is a free, online resource for those working to build healthier communities and bring about social change. It offers thousands of pages of tips and tools for taking action in communities.” While this website is geared toward community building and nonprofits, it is a free online resource that also has applicable lessons for entrepreneurs.

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Sometimes you need a little help, or an app, to increase your productivity. Check out this list of 24 Small-Business Apps to simplify your life. Also, I have compiled a list below of apps that I have found personally beneficial in my personal and professional life. I hope you will find them useful as well.

Google Drive-A place for all of your files to live in the cloud. Google gives you 15GB of cloud storage. It is easy to collaborate with your team in real time using google drive. You have the ability to share files or keep them private. Google’s Docs, Sheets, and Slides works well with Microsoft Office files without conversion. It is a fairly seamless, easy way to share and collaborate with a team as long as you have an internet connection.

Slack-A desktop or mobile app to bring your team together through messaging and communication. You can use slack in its app or in your browser. Features include direct messaging, private chats, and drag and drop tools for file sharing. It’s more professional than text messaging and easier than email.

Dropbox-a platform for securely storing and sharing files. Dropbox basic is free for individual users with 2TB of storage. For business clients there is a tiered pricing for teams, individuals, and storage capacities.

Mailchimp-Create more than newsletters and email blasts with Mailchimp. You can build custom audience lists, create email marketing campaigns from their customizable templates, and track your email’s performance. You can utilize this “All-in-One Integrated Marketing” wonder on your desktop or in a mobile app.

Evernote-An app for note organization from anywhere on any device. Your notes, sketches, to do lists, plans, and scans are all stored on the cloud and synced to your devices and are easy to access online or off. 

LastPass- Eliminates the need for multiple passwords by having one master password. Securely store your passwords in one place and avoid the mess of post-it notes surrounding your computer and forgotten passwords. LastPass can generate strong passwords to prevent hacking, allow you to securely share your passwords with your team, and safely store digital records.

Adobe Apps-Adobe Scan turns your phone into a scanner, you can save files in JPEG or PDF format. You can open and edit documents in Adobe Acrobat app. Easily fill out pdfs and sign documents in Fill & Sign. Maximize your workflow on the go from your phone.

LEANSTACK-The Lean Canvas creates an entrepreneur focused one page, concise business plan. You can sign up for a free account and Leanstack gives you access to videos about business models and foundations, as well as tutorials about creating a Lean Canvas. Create a free account and get access to free templates and canvases to build your business and your team here: https://www.strategyzer.com/canvas. For iPhone/iPad users download the Lean Canvas app here to create one page business plans from your mobile device. Integrates with other apps so you can export your Canvases as PDFs to Google Drive, Evernote, Dropbox, etc.

There are so many options for small business software to improve your productivity and streamline your processes. Check out Best Small Business Software of 2021 and 18 Game-Changing Productivity Tools Smart Entrepreneurs Use. Hopefully you will find something you can use to increase your business’ productivity and (hopefully) free up time to focus on the important things!

Is there an app that makes your life easier? CLICK HERE to tell us about it!

Derek Stephens, from the Mississippi Small Business Development Center, offers tips to business owners regarding mentorship, writing a business plan, and market research. The MSSBDC is a great resource for small business owners, check it out: mssbdc.com. Join Derek and the Big Bad Business Series tomorrow, Tuesday, April 20th at 5:30 for a free business plan workshop. CLICK HERE TO REGISTER!

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A business plan is like a resume for your business.

Once you have a business plan created, consider it an internal tool you use on an ongoing basis in your business, updating it as necessary so it remains current. Remember that the most effective small business plans are those that are used as a living document in the business to help guide decisions and keep your business on track, as an entrepreneurial instruction manual. 

Your business plan can be as simple or as detailed as you need it to be. Traditional business plans are 15-20 pages and take time and research to complete. Not every business needs a traditional business plan. That brings us to the simple business plan format — the one-page business plan

A one-page business plan is a streamlined and brief business plan that you can use as-is or as a starting point for a traditional business plan. While this is a leaner version of the traditional business plan, you will still need to gather the information that is specific to your business to create a plan that is truly useful for you. Be prepared to answer the following questions as you create your simplified business plan:

• Vision: What are you creating? What will your business look like in one year, three years, and five years?
• Mission: What is your mission? Why are you starting this business, and what is the purpose? What are you selling and how will you sell it? What service are you providing to your customers? 
• Objectives: Are your business goals considered SMART goals? How will you measure success in achieving your goals? How will you track your goals? What are your sales objectives? 
• Strategies: How are you going to build your business? What will you sell? What is your unique selling proposition (i.e., what makes your business different from the competition)?
• Start-up Capital: What is the total amount of start-up capital you will need to launch your business?
• Anticipated Expenses: What do you estimate your business's ongoing monthly expenses will be immediately after launch, in three months, in six months, and one year?
• Desired Income: What do you anticipate your business's ongoing monthly income will be immediately after launch, in three months, in six months, and one year?
• Pricing Strategy: How will your business be profitable? How much will you charge for your product or services? 
• Marketing Strategy: How will you advertise and promote your products or services? Through your website, social media, and/or traditional advertising means?
• Action Plan: What are the specific action items and tasks you need to complete now? What are your future milestones? What will need to be accomplished by those milestones to meet your objectives?
• Once you have answered each of these questions, you will have a working business plan that you can use immediately to start taking action in your business.

Thank you for following along with The Big Bad Business Blog. Do you want more information about writing business plans? REGISTER for our free business plan workshop Tuesday, April 20th and CLICK HERE to sign up for The Big Bad Business Newsletter!

A business budget is a plan for managing your money. Budgeting can help you see past the next week, or even the next month, into the future of your business. You don’t need a crystal ball, just a little bit of intuition and educated guesswork based on facts and numbers. The longer you’ve been in business, the easier budgeting will be. When you create your initial budget it should cover a year and include monthly income and expense projections.

Before you start on your budget write down any financial goals for your business. Now that you know your goals, gather your financial information and get to budgeting!

1. Your Revenue Streams

First things first. How much money is your business bringing in every month? Look at all your income sources. When you are creating your tally remember, this is the money you are bringing in, your revenue, your gross income---not your profits or your net income. If you can tally up a year's worth of information you will be able to examine seasonal patterns and income changes.

2. Fixed Costs

Now that you know how much money you’re bringing in on a month-to-month basis, look at where you’re spending your money. Start with fixed costs. Fixed costs are expenses that stay the same every month, week, or year. They are consistent and do not change. This includes rent, taxes, insurance, loan payments, and certain utilities such as the internet.

3. Variable Expenses

These are costs that fluctuate from month to month. These expenses include utilities such as electricity. Variable expenses can also include things such as office supplies, advertising and marketing costs, costs of goods sold, and professional development top name a few. Shipping costs, travel, and utilities such as electricity are usually in this category. 

4. Unexpected Costs

Set up a contingency fund to plan for one-time costs. You know, the big-ticket items that your business cannot function without. They are larger, one-time purchases that fall outside of your normal day-to-day business budget. To help offset the unexpected, budget for your business by including a contingency plan within your budget. Set aside some of your surpluses to cover big, one-time, emergency costs. If you’ve planned for it, can you call it an emergency?

5. Profit & Loss Statement

Now that you’ve hashed out all of your profits and expenses, put it all together to create your profit and loss statement (or P&L). You can create a P&L for a month, quarter, year, or any length of time. If you use Quickbooks or another accounting software platform, the software will do the work for you. Essentially, a P&L is just addition and subtraction. It is your business’s cash flow, what’s coming in and what’s going out. You should monitor your cash flow on a monthly, if not weekly basis. Add up all of your income, then add up all of your expenses, then subtract your expenses from the income. If you get a positive number, congratulations, that’s called profit!

If you end up with a negative number, it’s a loss. But don’t fret if you see a negative number, especially when you’re just starting your entrepreneurial journey. It takes time to grow a business and turn a profit. Sometimes turning a profit can be as simple as cutting expenses, revisiting your profit margins to raise prices, or focusing on marketing and advertising to reach more customers.

I find I work better when I have reference materials. Here are links to sample budgets and budget templates that you may find helpful: https://www.thebalancesmb.com/sample-business-budget-template-393033
https://www.justbusiness.com/finance/small-business-budget-templates

Thank you for following along with The Big Bad Business Blog. Do you have accounting software or an app that you love for creating budgets? CLICK HERE to tell us about it and sign up for The Big Bad Business Newsletter!

Contacting Galleries, Pitching Artwork, and Proper Correspondence

DON’T use mass emails to reach out to galleries. These types of impersonal emails will be flagged as spam and end up in the virtual trash bin. Instead, write a personal email to the gallery owner or show curator.

DON’T use “To Whom it May Concern,” “Dear Gallery Director,” or any other generic introduction in your correspondence. The recipient will think that you do not care who they are or know you have no idea who they are. 

DO a little research, find out who the point of contact is for a particular gallery or show. That way you are able to contact them directly. When you contact them, make it personal. When you are presenting your art to a gallery, whether in person or online, tailor your pitch to the specific gallery or show criteria. 

DO include your contact information including name, website, email, and phone number in your correspondence. You want people to find you! If you have a “contact me” link on your website include your name and email at minimum. Don’t just have a submit button for potential clients and gallery reps to email you.

DON’T submit your exhibition application late or miss a deadline for a show application. Set up calendar events to remind you, paper your studio walls with post it notes, but be on time when submitting applications with a deadline.

DO respond to invitations for shows or gallery exhibits. Even if you don’t plan on participating, RSVP to the invite. If you are declining to participate let the gallery or show presenter know. Keep the lines of communication open for future shows.

The Exhibit: Preparation and Duration

DO prepare your piece. Make sure your artwork is properly framed, hangable, or ready to display according to the parameters of the gallery or event space. If the installers cannot hang or display your art there’s a good chance it will be left out of the show.

DON’T be late. Submit your work to the gallery during the agreed upon time. In general people are flexible, they will work with you for a suitable time. However, BE ON TIME!

DO track your artwork. You should be able to know where your work is now, how long it will be there, where it’s been, and how long it was there. Keep a database for the work you are releasing into the world. It is extremely helpful for good record keeping to have photographs of your work so that you can label and date everything. 

DO read the rules. Different facilitators and galleries have different rules regarding exhibits, commissions, and promotion. Make sure you read the rules, contracts, commission agreements, and any applicable documents.

DON’T sell art off of someone else’s walls. If you have a piece in a gallery or show it is the responsibility of that exhibit’s promoter to sell your artwork, hence the commission. It should not be available for sale on your website, social media, or anywhere else.

DO conduct yourself in a professional manner during the show. Don’t talk trash about other exhibiting artists. It’s all about networking. Maintain a professional relationship with the gallery, curator, or event planner after the show. 

For more information and resource materials regarding your art business check out these websites:
>>Artworkarchive.com has a helpful and easy to read blog with a range of topics for your art related business, links for residencies and calls for submissions, as well as an opportunity to apply for an art accelerator grant.
>>Artbusiness.com has links to articles about juried art shows, pricing artwork, contacting galleries, and more. 

Thank you for following along with The Big Bad Business Blog. Do you have a DO or a DON'T that you’d like to add to this list?  CLICK HERE to tell us about your experience with gallery etiquette and sign up for The Big Bad Business Newsletter, sending more in depth information directly to your inbox!