Know your business

In business, getting your name out there is one of the most important things you can do to promote success. Laura White, project manager of the Alaska Manufactures Assoc., spoke to a group of 20 or so Valley small business owners at last Tuesday's Made In Alaska workshop about using the power of the Internet to enhance your business.

"Everybody is visiting the Internet," said White. "Google knows everything, google is our best friend."

But simply creating and uploading a Web site does not ensure success. White says that before a business can find its potential customers, both on and off line, the owner must really study what their business stands for, and then who their potential customer is.

"You have to ask yourself 'what is it that makes me valuable to my customers?'" White said. "By answering this question, you give your company personality, which in turn gives your customer personal service, even on the Web."

White advises that both beginning and long-time business owners take a good look at their company before building or upgrading a Web site. Imagining your company as a person and then describing that person, right down to their shoe size, what car they drive and where they went to school, can help an owner make decisions on how they promote their business. White also advises using this technique to describe their typical customer. Many businesses may find that the two descriptions are not exactly the same. White says this is where the real challenge to making a business work comes in.

"You have to find out how the relationship works, how it blends," White said. "Once you figure that out and have that 'a-ha' moment, everything starts falling into place."

Anya Peterson-Frey, director of the Mat-Su Small Business Development Center, agrees. Peterson-Frey spoke at the Made in Alaska workshop about where to get funding to start or expand a business. She says that in order to successfully approach a loan officer, you must know your business inside and out, and have a well thought-out business plan.

"The most wonderful things in the world were at one time never done before," Peterson-Frey said. "Take the time to make a plan, and then sell it. Don't just set it down on [the loan officer's] desk, take the time to talk to them in person."

Peterson-Frey says that knowing your business and your customers is only one step in receiving financial help to jump-start your business.

"[Banks] want to know if you have the motivation to scrap together money for this venture. If they are willing to be at risk, they want you to be at risk, too," Peterson-Frey said. "They need to know that you are willing to put down your own money toward your business."

Peterson-Frey suggests that the first thing you do to save toward your business is to put away the dividend check. She also suggests taking the time to do a financial projection for your business. If there is a downward trend, she suggests having a detailed plan on how you are going to buck the trend before speaking to someone about getting a loan.

"If you're not comfortable selling yourself, bring someone else who is," Peterson-Frey said.

Peterson-Frey says that even if you are turned down for a bank loan, there are plenty of other options to get the start-up money you need for your business. She suggests visiting the Mat-Su Small Business Development Center on the Parks Highway for more information on how to plan and finance a business.

The Made in Alaska program is a government-funded program that certifies Alaska-made products in order to promote growth in Alaska's businesses. The program sponsors educational workshops throughout the state. For more information on certification and upcoming workshops, contact Bill Webb, program manager, at (907) 272-5634.