This past week was Detroit Entrepreneur Week and, as reported by Crain’s Detroit Business reporter Amy Haimerl, it was seven days filled with resources for recent and aspiring entrepreneurs, most notably through the Michigan Center for Empowerment and Economic Development. The week’s activities, in fact, included what was termed a “Small Business Legal Academy,” hosted Saturday at Wayne State University Law School, where a track advised attendees on marketing, branding and legal considerations. Amy moderated the panel and I participated.
The room was filled with talented and engaged individuals either on the verge of launching an endeavor or looking to take their enterprise to the next step and questions ran the gamut: How can I determine the best avenue to take – whether PR, advertising or marketing? How do I target my customers more effectively? I have had early media stories on my product, but what should I do next?
With panelists Dan Dalton of the law firm of Dalton Tomich and Trevor Pawl of the Michigan Economic Development Corporation, the importance of laying the initial groundwork – no matter the initiative or undertaking – was stressed as the best starting point. Has a business plan been developed? A handbook with legally-binding verbiage protecting the business owner from operational and intellectual concerns? From a branding standpoint, the discussion progressed, attendees were challenged to introspection: Do you know who you are? Who your audience is? What sets you apart from the competition? What is your value proposition?
A woman looking to start a non-profit. A successful snackmaker looking to create a like-minded entrepreneurial community. A bed and breakfast owner aspiring to open another. A tech provider seeking to gain greater awareness for his product. No matter the project, it was discussed, the key tips and takeaways of the nearly 2-hour session were the same: The exact road to success varies and potential tactics are many, including the ability, beyond stories in the newspaper or on TV, to tell your own stories via social media, video, e-communications and strategic networking; in short, a multi-platform approach based on the best means by which to reach your customers with as many touch points as possible.
Finally, while many in the room acknowledged they needed additional guidance from professionals they were far less sure of how best to go about it from a due diligence and cost-effectiveness standpoint. Our best advice: shop around. Seek recommendations from friends, fellow business owners and the media. That’s right, call a reporter or newsroom and see whom they most respect. From there, narrow the field and conduct one-on-one face-to-face interviews to talk-out not only how they work but also to ensure similar values and ethics and, as importantly, flexibility in billing to meet budgets and expectations.