The Business of Podcasting – Small Business Show Episode 129

Are you making a living with your Podcast? We need to talk. Join us today on the Small Business Show and learn about the business of podcasting. Specifically, what’s happening in the world of Podcast advertising, what are sponsors looking for and how is success being measured.

Dave shares his expertise about how a typical Podcast audience is made up of Intentional Listeners that have made the effort to seek out your content, subscribe and in many cases, download it to their device for future listening. These people are valuable and they have put their trust in your hands. How do you educate advertisers (and ad agencies) about that value and protect that trust at the same time? Listen in to hear some tips!

We round out the show by revisiting the 1000 true fan concept and how it might apply to Podcasting and what additional value your Podcast can bring to you, beyond revenue.

Join us today on the Small Business Show for all this and more. Then, visit the Small Business Support Group on Facebook to join the discussion.

Chapters/Timestamps:

  • 00:00:00 Small Business Show #129 July 26, 2017
  • 00:01:00 Being intentional with your time
  • 00:02:35 Deadlines are awesome motivators
  • 00:04:32 Recognizing the value of obsessing over the future
    • “Did I achieve something today that moved things forward?”
  • 00:05:34 Podcast sponsorship is changing
  • 00:06:19 Intentional listeners – no accidental subscribers – leveraging that value to sponsors
  • 00:08:03 The value of podcast sponsorships
    • Cost per thousand subscribers: $15-50 for advertising
  • 00:11:50 Tailoring the sponsor message to your listeners
  • 00:13:44 QA to “test” the effectiveness of the advertisement
  • 00:18:20 …and again!
  • 00:23:14 You can’t quantify trust
  • 00:24:00 You can’t leverage a relationship if you micro-manage it
  • 00:25:36 Beware of the low-hanging fruit.
  • 00:27:29 What’s your value?
  • 00:30:30 1,000 true followers at $10/month is a living
  • 00:34:57 SBS Outtro

Selling Your Small Business – Interview with Abbi Vakil of U-Socket– Small Business Show 128

What is the most important thing to remember when selling your business? Today on the Small Business Show, we continue our discussion about selling your business with advice from Abbi Vakil, inventor of the U-Socket USB wall plug.

Listen in to hear us discuss cash-flow vs. profits and which is most important and what do to when you’re business is not succeeding OR failing. We touch on one of the tips from ReWork about ignoring your competition, since you don’t know what’s going on inside their business or if their profitable. Continuing on the tip from episode 127 of the Small Business Show, finding the right buyer and making it “easy” for them to buy your company is brought up with some tips on how to make this happen.

Finally, we discuss how to keep growing your “Revenue Stack” after you sell your business with some creative ways to handle investing in startup companies.

If you think (dream?) about selling your business now or someday, you’ll want to join us for this episode! After, click over the the Small Business Support Group on Facebook and share your thoughts and comments with Abbi, Shannon and Dave!

Chapters/Timestamps

  • 00:00:00 Small Business Show #128 July 19, 2017
  • 00:01:12 Abbi Vakil from AllMac
  • 00:02:18 Abbi sold U-Socket
  • 00:05:00 The hamster wheel of fame & cash flow, but no profit
  • 00:06:18 Not succeeding or failing… what to do?
  • 00:08:13 When should you give up?
  • 00:10:31 Finding the right buyer
  • 00:13:26 The relief of selling mixed with losing your baby
  • 00:15:18 The Todd Rundgren $1 Royalty
  • 00:16:28 Never sell to your staff and finance that same staff
  • 00:19:11 Valuation of U-Socket
  • 00:22:06 Make it easy for this person to buy your company
  • 00:22:30 What happens to the revenue stack after you sell
  • 00:25:00 Startup Investing in what you know
    • Asset investing
  • 00:28:37 feedback@businessshow.co or our Small Business Support Group
  • 00:29:00 Keep good books … and have pride!
    • Don’t drop your shorts!
  • 00:32:12 SBS Outtro

Thinking of selling your Small Business? Don’t miss this episode of the Small Business Show – SBS 127

What happens when you realize that you’re NOT the best owner for your Small Business? Join us today for episode 127 of the Small Business Show to hear the story from one of your co-hosts that made just such a discovery after 13-years of being at the helm of TechRestore.

Dave and Shannon discuss how finding the “right” buyer is critical to any sale, tips to find that person (or company) and what requirements will you have after the sale is completed. Shannon talks about separating assets to streamline the sale, how to quantify “soft” assets like goodwill and reputation as well as working with your accountant to be sure to limit your tax exposure based on how you allocate assets in your purchase agreement.

We spend time discussing how to be sure the sale keeps moving forward to completion and how history shows (in both your co-hosts cases), how things can go sideways at the last minute. Along the way, you’ll hear about making the sale more of a partnership with the buyer and seller – working in everyone’s best interest towards success can help accelerate your sale and keep everyone working closely together in a positive manner.

Shannon gives his usual “watch out for bankers and lawyers” speech that can kill a sale quickly, even though you’ll need to have both involved to close your deal and we spend some significant time discussing how to actually figure out what your business is worth, before you start the sale process.

Join us today and then visit the Small Business Support Group on Facebook to comment and ask questions about selling YOUR business!

Chapters/Timestamps

  • 00:00:00 Small Business Show #127 July 12, 2017
  • 00:01:13 We need your iTunes reviews <http://businessshow.co/itunes/>
  • 00:01:50 Shannon sold TechRestore!
  • 00:02:54 It only takes one buyer
  • 00:03:41 The slow realization that the best owner … is not you.
  • 00:05:31 How to find a buyer
  • 00:08:09 Sticking around after you sell
  • 00:09:58 What’s the asset for YOUR buyer?
    • Not just physical. Goodwill counts!
  • 00:15:11 How to tax-leverage the sale
  • 00:17:38 Get to know your buyer so they can get to know your business
  • 00:18:39 Make sure you have a plan B for your funding structure
    • Time Kills All Deals!
  • 00:20:36 Dave and Shannon almost sold a company once!
  • 00:21:42 Watch out for bankers
    • …and lawyers!
  • 00:23:23 Make the sale feel like a partnership
  • 00:26:14 The emotional struggle of the sale: The Story of TechRestore
  • 00:28:50 How to value your business
    • The charmed life doesn’t necessarily look good on paper
  • 00:33:33 The post-sale intensity
  • 00:37:13 SBS Outtro

 

How to keep your Small Business from joining the 50% of companies that fail within 5-years. Small Business Show episode 126

Longtime listeners of the Small Business Show know that we embrace optimism with a passion. However, today we’re talking about failure. Specifically, why Small Businesses fail and how to avoid it.

Dave and Shannon jump right into today’s Small Business Show with a discussion of your ROE, or Return on Energy for projects within your business, or new ideas that may not make you a profit, but can make you a better person and help to increase your energy levels throughout your Revenue Stack. Then, it’s on to a detailed discussion of a report published by Small Business Trends that focuses on why businesses fail.

The great news is that there’s never been a better time to start a new business, however, studies show that about half of all Small Businesses will fail within the first 5-years. Half! We think that number is much too high, so we’re digging into this report to help you avoid the pitfalls of the “other” 50% of Small Business owners that won’t make it to their 6th anniversary.

Listen in to episode 126 of the Small Business Show to learn how to adapt, how to change, when it’s time to trust your gut and how to build a culture of change within your company.

Join us, then click over to the Small Business Show Support Group to share your comments!

Chapters/Timestamps

  • 00:00:00 Small Business Show #126 July 5, 2017
  • 00:00:54 Small Business Support Group
  • 00:01:10 “Return on Energy” – ROE
  • 00:03:16 Always chasing $100 bills
  • 00:04:05 Half of all Small Businesses Fail Within 5 Years
  • 00:05:00 Restaurants do not fail more than other businesses
  • 00:05:47 Don’t make assumptions that customers aren’t going to like your product
  • 00:06:30 If you’re not adapting, you’re failing
  • 00:08:03 You’re making a choice not to change, too.
  • 00:08:47 Trusting your gut
  • 00:11:36 Building a culture of change
  • 00:13:30 A Players hire A Players… B Players hire C Players
    • But if an employee can’t adapt, you need to leave them behind
  • 00:17:21 Transparency with your employees
  • 00:19:17 99.7% of all businesses in the US are “small”
  • 00:20:50 Only 19% are outcompeted
    • Rework
    • Make your customer experience unbelievable!
    • Cash is King
  • 00:24:33 P&Ls are living documents
  • 00:25:10 Don’t ignore your customers
  • 00:26:40 Listen to your customers
  • 00:36:53 SBS Outtro