Cinventure - For the Cincinnati Entrepreneur » Resources http://www.cinventure.com Entrepreneurship and Small Business from a Cincinnati Perspective Mon, 07 Apr 2008 02:51:45 +0000 http://wordpress.org/?v=2.9.1 en hourly 1 Using Census Data to Decode Your Competition http://www.cinventure.com/using-census-data-to-decode-your-competition http://www.cinventure.com/using-census-data-to-decode-your-competition#comments Mon, 15 Oct 2007 04:16:32 +0000 Thomas Goodwin http://www.cinventure.com/using-census-data-to-decode-your-competition The US Census Bureau is a great resource that most entrepreneurs over look.  Aside from all of the excellent demographic information that you can find, the Census also handles industry classification codes, known as NAICS (pronounced nix), which stands for North American Industry Classification System.  While it is certainly important to understand the demographics of an area to better target your advertising and marketing, it is equally important to understand who your competitors are, and the Census Bureau can help us there, too.

The NAICS code for a given business will be six digits long.  For instance, I am engaged in the sale of real estate.  But if you type in Real Estate into the search box on the NAICS website, you get numerous results.  There is “Lessor of Nonresidential Buildings”, code 531120.  Since I am a Realtor, I am better classified under “Offices of Real Estate Agents and Brokers”, code 531210.  This is a good time to point out that any one business could fall into multiple class codes.  If I was a Realtor that also handled the leasing of non-residential buildings, both codes might apply.  You certainly wouldn’t be able to put General Electric into one classification code; rather, you would have to determine a number of codes that apply to its divisions. 

One more important thing to note: the classifications can be very broad or very narrow.  The more zeros there are at the end of a classification code, the broader the label.  For instance, code 445000 is Food & Beverage Stores.  Code 445100 is Grocery Stores.  Code 445120 is Convenience Stores.  This helps identify the industry and any particular niches within the industry.

So where am I going with all of this?  If you know the classification that applies to your own business, your products and services, and your industry in general, then you can identify a number of things.  You can identify who your greatest threats are with respect to competition.  Then there are potential new customers if you’re a Business-to-Business (B2B) entity.  You can even see whom your suppliers’ competitors are in your supply chain to help you find the best prices for the things you need to run your business. 

So you’re saying to yourself: so I have a few numbers scribbled on a sheet of paper.  What do I do with these things?!  Well, aside from scouring the Internet and researching individual companies, my best advice is to walk into any public library and head to the reference section.  Ask any librarian where you can look up companies by NAICS codes and they should have a directory to assist you.  You may have to specify the full name of the NAICS when asking for its directory. 

Also, as a brief side note, the NAICS replaced the US Standard Industrial Classification system (known as the SIC).  Since the NAICS is relatively newer, you will see references to both codes.  Just know they are essentially serving the same purpose, to identify industries and classes of businesses.

Thomas Goodwin is an Ohio licensed real estate agent (Realtor) and insurance agent.  He is the Founder and CEO of Northern Pine Properties, Inc., a real estate investment, development, and management company in Cincinnati, Ohio.

]]> http://www.cinventure.com/using-census-data-to-decode-your-competition/feed 0 Understanding the Web Development Process http://www.cinventure.com/understanding-the-web-development-process http://www.cinventure.com/understanding-the-web-development-process#comments Thu, 28 Jun 2007 15:34:04 +0000 aaron http://www.cinventure.com/understanding-the-web-development-process Solo Signal is a fresh new blog that just launched. The aim of the blog is to aid business-minded people in understanding the web development process and how it relates to their business. This is an invaluable resource for any entrepreneur who needs a website but is not knowledgeable on the process or the steps involved. From the Solo Signal website:

Solo Signal is a blog for anyone interested in learning more about the web development process as it relates to business through simple, easy-to-understand articles. We hope to provide business-minded individuals with the information, tools and understanding needed to successfully leverage the Web for their benefit.

Check out the website and make sure to subscribe so that you stay up to date with the information that is published.

]]> http://www.cinventure.com/understanding-the-web-development-process/feed 0 10 Steps to Grow Your Business http://www.cinventure.com/10-steps-to-grow-your-business http://www.cinventure.com/10-steps-to-grow-your-business#comments Tue, 19 Sep 2006 18:06:49 +0000 aaron http://www.cinventure.com/10-steps-to-grow-your-business You’ve recognized a great idea, poured hours into a well-written business plan, registered your company name and acquired your first few customers. Now you are home free – new customers will start beating a path to your door without any more effort on your part, right? You wish.

StartupNation has completed research focused on how to grow businesses and has compiled their findings into a great guide: 10 Steps to Grow Your Business. Once you have made it over the hump of starting-up, it is time to start growing your company. This guide provides detailed steps for accomplishing this task.

  1. Measure and Analyze Your Current Status
  2. Get Efficient through Technology
  3. Enhance Your Customer’s Experience
  4. Cozy Up with Vendors
  5. Maximize Your Niche, Expand to a New One
  6. Develop New Channels
  7. Acquire Growth Capital
  8. Create a Culture
  9. Ramp Up Awareness and Demand
  10. Improve Sales Techniques

A seed does not become a tree without some growing! Also make sure to check out StartupNation’s 10 Steps to Open for Business

]]> http://www.cinventure.com/10-steps-to-grow-your-business/feed 0 Free Business Building Teleseminar Series http://www.cinventure.com/free-business-building-teleseminar-series http://www.cinventure.com/free-business-building-teleseminar-series#comments Tue, 12 Sep 2006 12:08:57 +0000 aaron http://www.cinventure.com/free-business-building-teleseminar-series Last week we brought you a review of the top online invoicing services, including FreshBooks. The makers of FreshBooks have announced a Fall “Build Your Business” Teleseminar Series that brings together a group of industry experts to share their knowledge and experience with participants. Participants will also have the ability to email questions and have them answered during the sessions.

The series has nine seminars scheduled between September 14th and December 7th:

  • Generate Referrals for Your Business
    John Jantsch, Duct Tape Marketing
  • Introduction to Pay-Per-Click Advertising
    Andrew Goodman, Founder & Principal, Page Zero Media
  • Advanced Pay-Per-Click Advertising
    Andrew Goodman, Founder & Principal, Page Zero Media
  • Introduction to Web Analytics
    John Marshall, CEO, ClickTracks
  • Advanced Web Analytics
    John Marshall, CEO, ClickTracks
  • Introduction to Building Traffic to Your Website
    Jennifer Laycock, Search Engine Guide
  • Advanced Traffic Building Techniques for Your Website
    Jennifer Laycock, Search Engine Guide
  • How to Successfully Manage Projects
    Craign Fitzpatrick, CEO, Devshop
  • Persuade More People to Do Business on Your Website
    Jeffrey Eisenberg, Co-founder & CEO, Future Now Inc.

Visit the FreshBooks Fall Teleseminar Series website to sign up for free.

]]> http://www.cinventure.com/free-business-building-teleseminar-series/feed 0 The Next Queen Isabella: Venture Capital for Women Entrepreneurs http://www.cinventure.com/the-next-queen-isabella-venture-capital-for-women-entrepreneurs http://www.cinventure.com/the-next-queen-isabella-venture-capital-for-women-entrepreneurs#comments Fri, 08 Sep 2006 12:43:48 +0000 aaron http://www.cinventure.com/the-next-queen-isabella-venture-capital-for-women-entrepreneurs Cincinnati-based Isabella Capital, LLC. is an investment firm inspired by Queen Isabella of Castile, who was the patron of Christopher Columbus‘ venture to the Americas.

Fund Isabella is the firm’s flagship offering, which is targeted towards early stage, women-led companies or those operating in the women’s market. Isabella believes that female-led entrepreneurial ventures are an untapped market in the venture capital industry, and hopes to find and fund start-ups that help promote minority leadership and entrepreneurship.

Here are some of the criteria for the fund:

  • Industries targeted: Information technology, health care, retail/consumer products, communications
  • Company size: $500,000 or more in annualized revenues
  • Investment size: $250,000 to $1 million per company dispersed in multiple rounds
  • Investment type: Equity or equity-linked investments, typically in the form of convertible preferred stock

Isabella’s current porfolio:

]]> http://www.cinventure.com/the-next-queen-isabella-venture-capital-for-women-entrepreneurs/feed 0 New Resource for Young Entrepreneurs http://www.cinventure.com/new-resource-for-young-entrepreneurs http://www.cinventure.com/new-resource-for-young-entrepreneurs#comments Tue, 05 Sep 2006 18:09:31 +0000 aaron http://www.cinventure.com/new-resource-for-young-entrepreneurs The U.S. Small Business Administration recently announced the launch of Mind Your Own Business, an online resource to help young entrepreneurs succeed in the world of business.

The SBA and Junior Achievement Worldwide introduced the Mind Your Own Business teen Web site to provide support to the growing interest in entrepreneurship among teens, and to serve as a small business portal for youth entrepreneurs.
The Mind Your Own Business Web site introduces five easy-to-navigate steps on business ownership for the entrepreneurial-minded teen, each with helpful information for young entrepreneurs who want to start, run or grow their own businesses.

Mind Your Own Business

]]> http://www.cinventure.com/new-resource-for-young-entrepreneurs/feed 0 Invoicing Made Easy http://www.cinventure.com/invoicing-made-easy http://www.cinventure.com/invoicing-made-easy#comments Tue, 05 Sep 2006 14:07:34 +0000 aaron http://www.cinventure.com/invoicing-made-easy If you are just starting your business and don’t want to deal with the hassles of invoicing, online invoice management services can save you a lot of precious time. These services help you create professional-looking invoices that are easy to manage and distribute. PostBubble provides a nice overview of three major players in the online invoicing market:

There are plenty of small businesses that need invoices that look professional, are easy to manage, and easy to send out. Blinksale, Freshbooks, and Simplybill caught on to this market and have developed websites that offer small business owners an easy way to deal with invoicing (amongst a few other things). On the outside it looks like they are all doing the same thing, but if you dig a little deeper there are some key differences that may help determine which ones are going to sink or float.

  • SimplyBill “Nothing really stood out as unique, different, strong, or with much impact.“
  • BlinkSale “They picked their battle and stuck to it with outstanding execution.“
  • FreshBooks “They target their solution well and have enough options to keep people happy, but not so many that it loses its simplicity.“

Read the full review of these three services: Online invoicing, the contenders

]]> http://www.cinventure.com/invoicing-made-easy/feed 1 What Everybody Ought to Know About Entrepreneurship http://www.cinventure.com/what-everybody-ought-to-know-about-entrepreneurship http://www.cinventure.com/what-everybody-ought-to-know-about-entrepreneurship#comments Tue, 08 Aug 2006 17:00:26 +0000 aaron http://www.cinventure.com/what-everybody-ought-to-know-about-entrepreneurship Entrepreneurship is quickly becoming one of the most desired and sought after career paths. I have created a list of Entrepreneurship Websites and Blogs on Listible. This list is a compilation of the best web resources for aspiring entrepreneurs and small business owners. Help the community by adding your own resources to the list!

]]> http://www.cinventure.com/what-everybody-ought-to-know-about-entrepreneurship/feed 0