For one thing, Internet usage continues to soar. Going online is now a reflex action rather than a conscious decision. Some people spend most of their day online, switching between their PC, mobile device, tablet and TV. Connection speeds have increased sharply and businesses as well as consumers are doing more and more things online.

Online Retail & Services Soar

According to a new study by the research firm IBIS World, the biggest money making opportunities are in the retail and service sectors. And here’s more good news: Many of the things once done only by the most tech savvy big businesses are now within range of small operators with little or no tech expertise. Basically, you can tap into whatever tech or expertise you need by using third-party vendors to develop websites, provide e-commerce capabilities and much more.

And the cost of Internet storage has never been cheaper. These factors and others have combined to make starting an online business easier, quicker and less costly than ever.

Here are eight types of high-potential businesses that are easy to get into and are experiencing major changes of the kind that spell big opportunities.

1. TV and Home Theater Installation

Few industries are as fragmented as this, or as easy to enter with little capital. Some 94% of U.S. households have a TV; 84% have a DVD player and about 25% now have a home theater. It’s now a $12 billion industry, although you’ll definitely need to keep up with fast changing technology.

2. Virtual Data Rooms

The VDR industry is growing quickly at about 16% annually since 2008, with revenue expected to reach $728 million in 2013. The proliferation of online document sharing services has helped the industry flourish. With low barriers to entry, IBIS World expects this industry to expand at an annualized rate of 17% over the next five years.

3. IT Security Consulting

This industry has benefited from increasing adoption of e-commerce, growth in mobile Internet access and some high-profile data breaches. Over the last five years, revenue increased at an annual rate of 9.8% to $5.3 billion. As businesses buy more and more computers and software, the need for IT security advice grows.

4. Travel Agencies

Outdated storefront travel agencies are giving way to online services, which offer a relatively high-profit, low-cost way to handle transactions. This segment of the industry has grown significantly and will likely continue to display strong growth during the next five years.

5. Online Shoe Sales

Consumers love buying things online – especially shoes, accessories and the like. Industry revenue has been growing at a robust 16% annual rate. Every year, more than 100 million Americans purchase goods online, one of the fastest-growing industries in the U.S.  Traditional brick-and-mortar retailers have an opportunity to enter the online realm and recapture sales taken by retailers that operate exclusively online.

6. Digital Forensic Services

This industry has also benefited from growth in mobile web connections and a rise in the percentage of households with at least one computer. The amount of information stored electronically is skyrocketing. Digital forensics helps find and analyze digital information for various legal purposes. While there are few prohibitive licensing or regulatory barriers, this business does require more capital than others.

7. Translation Services

Globalization and an increasing number of non-native English speakers in the U.S. have helped fuel growth here. The Internet has also fostered demand for translators because businesses expanding into new countries must adapt websites and marketing materials to the new region. Technology has helped automate some of the process, improving the speed and accuracy of translators.

8. Social Network Game Development

This industry has grown an astounding 184% per year during the past five years, driven by surging Internet and social network use. As smartphones and tablets proliferate, people can now access social networks anywhere, any time. Indeed, according to a report from research firm Nielsen, consumers spend 20% of their total time online using social networks on personal computers and 30% of their time online visiting social networks on mobile devices.

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After some exhaustive research, the answer was clear: “None of the above.”

As it turns out, the real economic spark plugs in the U.S. are not big public companies. They are small, privately-held, fast-growing firms that already exist. These “high-impact” businesses are defined as firms whose sales and employee count have at least doubled over a four-year period.

Surprise! High Impact Includes All Industries

That’s about 350,000 businesses and the research shows they tend to be a bit younger (but still average 17 years old) and a whole lot more productive than others.  And they’re not just a bunch of high tech firms, either. They exist in relatively equal shares across all industries – and get this – even declining and stagnant ones! No single industry dominates.

That alone is both positive news and a huge lesson for startup entrepreneurs and other business owners who fear they can’t hit it big in more traditional businesses or industries. In short, you can.

Here’s another stunning finding of the U.S. Small Business Administration study: This relatively small group (less than 10% of all U.S. companies) of privately-held small firms accounts for all (not most, but ALL) net job growth in the U.S. economy. And get this: These high-impact businesses are also largely immune to ups and downs of the business cycle. Sound good?

Small Firms Dominate

But surely these must be the “bigger” small business, right? Wrong again. The vast majority (94%) of high-impact businesses have just one to 19 employees. Another 5.5% come in at between 20 and 499 employees, and a scant 0.5% have more.

In other words, a few hundred thousand businesses with just a handful of employees are having a bigger collective impact on job growth in the U.S. than all the corporate giants combined. Now ain’t that somethin’!

By now, you should be saying to yourself you’re either one of these firms – or you want to be. But how? For answers, let’s check in with Edward Hess, professor and Executive-in-Residence at the University of Virginia’s graduate business school. Hess has studied high-impact businesses for years and has an insightful new book called Grow to Greatness: Smart Growth for Entrepreneurial Businesses (Stanford University Press, 2012). He offers these six lessons on being a high-growth firm:

1)    Don’t grow yourself into trouble

Many small businesses flame out when they try to grow too quickly, as growth outstrips people, processes and controls. Cash flow is critical. Growth requires investment ahead of cash receipts. “Entrepreneurs must understand they might not be able to afford all available growth,” says Darden. Avoid the “grow or die” myth. A better approach is “improve or die.”

2)    Upgrade continuously

Remember this: What got you here, won’t necessarily get you there. In other words, solutions that work at one size business generally won’t work as you get bigger. Growth means continuous change. Hess has found that common tipping points that require adjustments occur at 10, 25, 50 and 100 employees. Top entrepreneurs and their teams know how to experiment, learn and adapt.

3)    Know when to back off

All private businesses face the same growth challenges. The most successful ones know how to pace their growth. Hess calls it the “gas pedal” approach. They know when to let up on the growth gas pedal to give their people, processes and controls time to catch up.

4)    Manage your risks

Growth creates stress on finances, quality controls, people and processes. It can dilute your business’s culture and customer value proposition. And it can even thrust you into a different competitive space. Understanding these risks is crucial to managing your growth pace and preventing your business from being overwhelmed.

5)    Get better at delegating

In order for your business to grow, YOU must grow, too. There’s only so much you can do yourself. That means you have to evolve from being strictly a doer, to also being an effective manager, delegator and leader.  Sometimes that’s hard to do or swallow, but it’s a must.

6)    Keep strategic focus

Having and keeping strategic focus is also critical to growing “safely.” The most successful high-impact firms focus on doing one thing that lots of customers need, and doing it better than the competition.

Copyright © 2000-2012 BizBest® Media Corp.  All Rights Reserved.  Follow @140Main

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Back then, I said, “Any business owner or entrepreneur – from startup (newly created), to ramp-up (initial growth stage), to speedup (going like gang busters) – should be ready to tap this free resource when the help starts flowing.”

Well, the help is flowing freely and my original advice holds:  If you are in or around the startup space, getting involved with Startup America in your area will be well worth your while. (To join the network, go here and select your state or region.)

Startup America has quickly evolved from a kind of resources clearinghouse into a fast-growing national network of local and regional startup communities. Its leaders quickly recognized that to be effective at serving entrepreneurs who exist everywhere in different industries with wildly different needs, it had to do it region by region, state by state, city by city. Too many entrepreneurs are disconnected from each other; from their communities; from their towns, cities and states; from potential customers, funders and talent; and from the resources that could help them.

Building a National Network

Startup America aims to help by developing a national network of startup communities that include mentors, role models and fellow entrepreneurs who can sustain and validate each other. It is creating visible networks so that a startup in one city can be connected to other startups and leaders in that city, as well as to those in adjacent cities and to the entire country.

So far, Startup America has grown to nearly 12,000 members (you can view the member directory here).  Here’s an interesting breakdown of Startup America membership by state. Also check out dozens of helpful webinars available on the website.

California, which (as you might expect) has the largest member count of any state, is home to one of the most advanced regional initiatives and has a super-helpful website chock full of startup resources. These include places to find capital, mentors and crowd funding, among others.

(Note: BizBest’s Silicon Beach shortLIST has details on the startup community in Southern California, considered one of the fastest growing and most dynamic worldwide.)

State Experiences

Here’s what some of the regional Startup America leaders had to say recently about their unique startup environment, goals and challenges:

• Florida is awash in high net worth capital, but the rich are not used to investing in startups. The state’s most talented entrepreneurs often leave for startup hubs in Boston, North Carolina, Austin, and Silicon Valley. There are 430,000 micro-businesses, with one to nine employees, which need help scaling.
• Iowa said it had a good community of startups in IT, software, biosciences, and materials. The challenge was finding them all and getting them to venture out of their silos. There is enough venture capital money for rounds of $250,000 and up, but little for seed rounds of much less.
•  Nebraska’s challenge was “to be identified by more people on a map.” It finds it hard to attract and retain talent, from developers to marketing and sales. It works closely with Iowa to create an easily identifiable Silicon Prairie region.
• Texas has a lot of venture-ready money, but struggles to get it into the hands of entrepreneurs. The startup communities are based around cities—Austin, Dallas/Fort Worth, Houston, San Antonio, and El Paso—rather than statewide. Collaborating between these city-based communities is difficult.
• Connecticut has money but no sense of a startup community. Everyone working to support startups is working separately. The state is attempting to create what it calls a “greased-skid system” of innovation clusters.
• Massachusetts’ problem was “having too much” and getting the different organizations and people to collaborate. It wanted to expand the startup community beyond Boston to less-dynamic parts of the state and keep students in the state after graduating from Massachusetts’ many colleges.
• Colorado’s plan was to use the success of its startup community in Boulder as a model for Fort Collins, Denver, and Colorado Springs, and to build deeper links between different industries.
• Virginia said that it had very strong technology pockets, as well as some of the wealthiest and poorest parts of the country. The Defense Advanced Research Projects Agency (DARPA) spends a lot of its money in northern Virginia, but other parts of the state struggle economically. Many organizations claim to help entrepreneurs, but they are highly fragmented with no central authority. The main challenge was pulling together the various parts of Virginia into one startup community.
• Maryland boasted of plenty of government support and interest in startups from the governor’s office down. The challenge was in catalyzing the state’s entrepreneurial spirit. A startup bus has driven around the state, inviting people to come aboard and pitch, garnering significant media attention.
• Indiana called its startup community an “uprising.” In Indianapolis, there’s Developertown, raw office space where developers can build and park their own structures. What entrepreneurs needed was to be “less aw-shucks and modest.”

Copyright © 2000-2012 BizBest® Media Corp.  All Rights Reserved.  Follow @140Main

BizBest

Keep in mind, this is a subjective list, not an all-inclusive directory. We welcome suggestions and shortLIST nominations (via Comments, tweets to @140Main or email: editor at BizBest dot com). Tweet, like and share BizBest’s Silicon Beach shortLIST on LinkedIn, Facebook and other social media. Here’s an easy, sharing-friendly URL: shortLIST.la

ShortLIST members are listed by category, often alphabetically (but not necessarily):

Best Accelerators & Incubators

• Amplify.la is a hands-on startup accelerator and multi-faceted entrepreneurial campus in Los Angeles.  Amplify helps startups grow in several ways, including seed funding of up to $50K, mentorship from a killer roster of specialists and connections to additional funding.  The Amplify program is four intensive months of collaborative curriculum designed to build a business from the ground up, and includes free workspace. Members also get free or discounted services such as legal, banking and web hosting. Download their one-sheet (PDF) here. Located on Main Street in Venice, the Amplify community is super passionate about learning, growing and inspiring. Follow this link to see a complete list of the accelerator’s partners, portfolio, staff, mentors and investors.
• Cal-X Stars Business Accelerator, based in Santa Monica, was formed in 2012 by Howard Leonhardt, an inventor and serial entrepreneur who holds some 20 patents for treating heart disease. Leonhardt Ventures www.leonhardtventures.com is the main backer of Cal-X Stars portfolio companies, the Cal-X Stars Business Accelerator, and its partnered company The California Stock Xchange www.calstockexchange.com of smaller firms in early SEC registration process. BizBest note: Cal-X Stars has a unique model with both a 12-month accelerator (invests $18K min.) and a 5-year plan.
• Founder Institute is an early-stage startup accelerator and global launch network, with a new LA chapter. Through a part-time four month program, existing and prospective founders can launch their dream company with expert training, feedback, and support from experienced startup CEOs – while not being required to quit their day job. A unique Graduate Liquidity Pool also lets graduates and mentors  share in the equity upside of each class.
• Hub LA is a collaborative space for startups in downtown LA and caters to a more eclectic and artistic group than those on the Westside. The member mix at Hub LA includes social entrepreneurs, freelancers, artists, funders, students, mentors and community leaders. It offers members access to 4,000 square feet of creative industrial space to work, meet, learn, collaborate, and play. Offers ability to participate in social and cultural programming alongside business acceleration services, member-run events and workshops.
• IdeaLab, based in Pasadena, is a bit of a hike from The Beach, but it’s one of LA’s entrepreneurial pioneers (founded in 1996) and continues to explore tech startup frontiers. Several IdeaLab startups are exploring new models for improving search and IdeaLab has also spawned companies with breakthrough technologies in robotics, renewable energy and automotive design. In addition to capital, IdeaLab provides a range of resources to help startups quickly introduce innovative products and services, including office space, technology, product and graphic design, marketing, financial advice, human resources, competitive research, legal, accounting and business development services.
• k5 is a SoCal-based, tech-focused startup accelerator that was formed in 2011 by a group of successful investors and entrepreneurs with a passion for building startups. K5′s goal is to provide local entrepreneurs with a chance to work with SB investors, mentors and other  professionals. Offers up to $25K in pre-seed funding, along with work space, mentors, legal services, web design/hosting, investor access and other goodies. Works with ~20-30 teams yearly.
• Launchpad.LA — a startup accelerator in Santa Monica — was founded as a mentorship organization in ’09 by Mark Suster with the goal of helping local entrepreneurs build relationships, get funded, and grow while remaining in Southern Cal. Launchpad LA offers each accepted company a $50K investment, four months of free office space and (probably most important) access to awesome mentors and investors. Hint: Deal terms may be flexible for startups that have already raised some capital.
• Los Angeles Small Business Development Centers — which tend to fly under the typical startup’s radar — are a great Silicon Beach resource for entrepreneurs who plan to self-fund/bootstrap their own businesses and aren’t seeking angel or VC money.  One of the best parts about SBA-backed SBDCs is that they offer mostly FREE help for startups, available from 8 LA-area locations, often at a local community college campus (such as Santa Monica College).
• MuckerLab, based in Santa Monica, calls itself a “mentorship-driven” accelerator focused on serving Internet software, services and media entrepreneurs in L.A. at the earliest stages of startup.  It offers a 3- to 6-month program that includes up to $21k in funding office space, access to top mentors, plus hands-on product, marketing, legal and fundraising support. Check out their portfolio companies and press coverage.
• Science, Inc., based in Santa Monica and founded by former MySpace CEO Mike Jones, is an incubator that creates, scales and/or acquires digital businesses by bringing together talent, resources and financing through a centralized platform with A-list VC connections. BizBest tip: A key difference of the Science model is that there’s no set timeline for exists or releases. Science launched with about $10M of VC cash from the likes of Rustic Canyon, White Star Capital, Tomorrow Ventures, and others.
• StartEngineLA is a Westwood-based “rapid accelerator” (not that the others take the slow path) with a $15M investment fund focused on helping LA-based tech startups build a solid foundation for success in 90 days flat.  Created by Howard Marks, co-founder of Activision, and Paul Kessler, a prolific investor, Start Engine offers local startups the essential resources and counsel they need to stand on their own, including up to $20K in seed money, introductions to top VCs and angels, along with office space, administrative and legal support. Here’s the process.
• upStart.LA — which has joined forces with Santa Monica-based CrossCampus (see Best Co-Working/Startup Spaces, below) — is a mentorship-based startup accelerator for SoCal entrepreneurs (Dan Dato and Ronen Olshansky are co-founders of both entities).

Best Co-Working and other Startup Spaces

• BlankSpaces, located in Mid-Wilshire, is a community of entrepreneurs, freelancers and startups, offering flexible office plans by the hour, day or month. Prides itself on being a place that fosters collaboration and camaraderie among members.  Their short videos/commercials get our nod for humor (we especially like the one titled “Screwed!”.
  
• Coloft is a member-based community and work space in Santa Monica for startups, entrepreneurs, freelancers and other independents. Has meeting rooms and spaces available by the hour.
• CoWorks, on 2^nd Street in Santa Monica, offers open desks and private work spaces and is built around a concept of discovering inspiring companies and talented people with bright ideas. CoWorks welcome all industries and promotes networking via onsite events. Prices include access to all amenities such as meeting rooms, WiFi, network printer and events.
• Cross Campus offers a variety of membership and startup space options at its 11,000 square foot facility in Santa Monica.  Its self-described goal is “to inspire creative collisions through space design, learning platforms, and extraordinary events, fostering member-driven collaboration that ultimately leads to game changing ideas and enterprises.” Works in tandem with upStartLA (see Best Accelerators, above).
• io/LA is a place where startup entrepreneurs can work, collaborate, and socialize.  Offers entrepreneur-friendly month-to-month memberships and 24/7 entry to an expansive full-service work space. Based in Hollywood and heavily entertainment industry focused. There’s also a unique incubator program. Every three months, five startup companies are chosen by the founders via an online application process. These fledgling businesses move into the io/LA  incubator for an intensive 90-day program culminating in a “demo day” presentation to VCs, studio execs and/or producers.
• Culver City-based NextSpace (from Liquidspace), offers both physical spaces and virtual services to freelancers, startup entrepreneurs and what they call “creative class professionals.”  BizBest note: The real-time calendar on their website is a nice feature for viewing available workspaces.
• Real Office Centers (ROC), which snapped up the former Google space at 6th and Arizona in Santa Monica, has a killer location.  ROC is looking to duplicate its success with startup spaces in San Diego, Newport Beach and La Jolla with a new, ummm, “beachhead” in the heart of SB. The first floor is open — and looks great — but second and third floors are under renovation (those Google guys sure left a mess; and enough with the primary color thing!). Great space; but prepare for sticker shock on rates.
• WeWork cut its startup teeth in New York City with some eight locations before heading to Silicon Beach (well, Hollywood anyway) after hearing where the real action is. WeWork members include everything from startups to established businesses in social media, tech, gaming, mobile apps, art, design, leadership, consulting, staffing, legal, fashion, health, beauty and music. BizBest Note: WeWork also offers access to health Insurance, discounted credit card processing rates and in-house food services.
• Working Village, in Santa Monica, caters to micro businesses, freelancers, home office workers, entrepreneurs, startups, tech workers, writers, designers and other professionals. The twist here is an emphasis on services that emulate boutique hotel hospitality.
• Satellite Santa Monica (Satellite Telework Centers’ 4th California location), on Main Street, is specifically tailored to the flexible workspace needs of the Silicon Beach film, TV and digital media community.  Has private offices, bungalows, meeting rooms, a screening room with 1080P HD projector, and editing bays with fiber connectivity.

Best Organizations, Support Groups, Events & Workshops

• Angel Launch is a new brand created by iHollywood Forum which produces programs in Los Angeles and at trade shows such as NAB, CES, GDC, E3 EXPO, NATPE and CTIA.  Sessions address key topics facing startup entrepreneurs and include a panel discussion and networking dinner.  Startup Venture Summit is their newest conference, designed to connect entrepreneurs and investors across all sectors.
• Caltech/MIT Enterprise Forum sponsors ongoing events intended to encourage the growth and success of tech-based entrepreneurial ventures in SoCal. Through its monthly programs, the Forum provides advice, support, education and networking opportunities for Silicon Beach tech startups. Programs address  financing, marketing, business plans, executive leadership and staffing. Popular case studies feature companies in emerging technology  reviewing their business plans.
  
• DigitalLA is a must-know Beach player. Founder Kevin Winston has built what’s arguably the largest and certainly most dynamic networking organization in LA’s digital entertainment community.  In June 2012, DigitalLA launched the first Silicon Beach Fest (SBF) — a highly-successful festival and hackathon celebrating L.A.’s burgeoning Silicon Beach startup community. Winston followed up with an equally-successful Hollywood edition in November. The website is a goldmine of links and info — and lots of cool Silicon Beach Fest photos. Be sure to join the LinkedIn group!
• General Assembly | Los Angeles — The new Santa Monica-based L.A. branch of General Assembly offer classes and events at the intersection of entrepreneurship, tech & design, including an introduction to Silicon Beach.
• LA CEOs conducts regular meetings that bring together CEOs, founders, entrepreneurs, and mentors to help startups and growth companies accelerate their success. The group is hosted by Mark Landay, managing director of Dynamic Synergy Executive Recruitment (see below). BizBest note: Check the schedule on the site and sign up for the mailing list.
• Lean Startup Machine | Lean LA is a three-day workshop where attendees use customer development and “lean startup” principles — basically the process Eric Ries defined as rapid, iterative prototyping and assumption testing to develop products and services that customers actually want. BizBest note: LSM conducts workshops worldwide; including Silicon Beach. Here’s a good description of how it works.
• LAMCII (Los Angeles Mayor’s Council on Innovation and Industry) is backed by a broad range of Silicon Beach business leaders and was formed in 2012 to focus national and worldwide attention on LA’s thriving Silicon Beach “innovation economy” and to help facilitate community and government actions to drive entrepreneurship in LA.
• Silicon Beach @ USC: USC’s vaunted Marshall School of Business held its first Silicon Beach @ USC event in September 2012, billed as “two days highlighting innovation, new ventures, partnerships and investment at the intersection of technology and digital content.” More to come.
• SoCalBio Investor Conference is an annual event that showcases emerging LA-area biosciences firms and technologies looking for capital and seeking partnerships. Sponsored by the Southern California Biomedical Council.
• Southern California Venture Network positions itself as an exclusive high-end business networking group that aims to increase the networking opportunities of startups and emerging growth companies by plugging them into SCVN’s professional and high-level business contacts. This is more of a “venture development” organization, helping companies between $1M and $25M with funding already in place to reach their next milestones through monthly events.
• Startup Grind is a global group of “Grinders” with a 30-city event series that aims to educate, inspire and connect local startup entrepreneurs. While they’re rooted in that “other” Valley up north, there’s an LA chapter that holds monthly meet-ups (paid: $12-$22) where founders and investors tell their stories and hold chats.
• Startups Uncensored — brainchild of entrepreneur-extraordinaire Jason Nazar — lays claim to being the longest running (since ’08) and most widely-attended SoCal tech gathering, regularly bringing together thousands of entrepreneurs, techies, investors and high-powered speakers. Topics have included online subscription businesses, startup success strategies, affiliate marketing, building great internet companies and working with investors. Get on their email list.
• TCVN is tech business networking group, bringing together entrepreneurs, investors and other resources via forums, pitch sessions, workshops and other networking events. Tech Coast Venture Network has been around since 1984. Check out their upcoming events.
• Technology Council of Southern California is a forum for Silicon Beach tech leaders, offering events, connections, information and resources to help tech companies succeed. Tech Council programs encourage interactive discussions between presenters and attendees, including two flagship events — VentureNet™ and the annual Industry Awards.
• UCLA 48hr Start-up is an event that brings together people with technical, design and business backgrounds to share ideas, form teams, build products and launch startups (all this in less time than it takes to renew a license at the DMV!).

Top Angels, VCs & Other Investors

• AngelVision Investors was launched in 2010 by a group of current and former LA-area entrepreneurs who’ve successfully created, owned, led, managed, built and sold companies in the entertainment, marketing and new media industries.
  
• DFJ Frontier invests in seed and early-stage tech companies in Silicon Beach (and other parts of the West Coast).
• Digital Coast Ventures is an affiliated investment vehicle of Santa Monica-based Montgomery & Co.
• Greycroft Partners, with offices in both Santa Monica and New York, was formed in 2006 and is focused primarily on digital media companies. Portfolio companies benefit from active, hands-on assistance in all phases of expansion, including marketing, finance, and management development.
• Harvard Business School Angels of Southern California is a young but growing group formed in 2011 and made up of Harvard alumni (not just b-school) interested in investing in early stage Silicon Beach companies.
• Invent.vc makes claim to being the only publicly traded venture firm (stock symbol IDEA) focused exclusively on building startup web and mobile tech companies. Bryce Knight, CEO, aims to be a leading conduit between Silicon Beach startups and retail investors.  The Santa Monica-based firm was founded in 2010 as the Los Angeles Syndicate of Technology by a team with decades of experience managing startups, and the company employs its proprietary “Cofoundry” process to building web and mobile tech companies. INVENT acts as an institutional cofounder and plays a key role in creating/developing each startup.
  
• LAVA: The Los Angeles Venture Association, a paid membership organization, has cred (or is that Kred?) as L.A.’s premier forum for entrepreneurs, venture capitalists, angel investors and professional startup advisors.
• Maverick Angels, an angel investor group based in Agoura Hills, takes a decidedly hands-on approach to its investments, offering a range of coaching, training and relationship-building support to early-stage startups in its portfolio. Here’s where entrepreneurs can apply to present.
• NALA Investments is an early stage media and technology fund based in Santa Monica founded by Emilio Diez Barroso to identify and manage investments for the Diez Barroso Azcarraga family. The Azcarraga family founded Televisa (NYSE: TV) and Univision, the two largest Spanish language media companies in the world. In addition to its media and entertainment ventures in Latin America, NALA invests in consumer internet companies at the seed and series A stage in Los Angeles and the Bay Area.
• Originate is a software development firm that also invests in startups, albeit under a different kind of model.  For early stage startups, Originate invests capital as well as talent from its elite team of software engineers, designers and strategists. Its goals, however, are not unusual: It invests in solid teams, high-potential markets, unique ideas and interesting IP.
• Rustic Canyon, one of the largest VC firms in L.A., actively invests in early-stage Silicon Beach startups.  RC likes themes that have a transformative impact across industries and sectors in digital media, ecommerce, consumer online services, SaaS and energy efficiency. Check out RC’s list of companies.
• Siemer Ventures, based in Santa Monica, invests in both early-stage tech companies and consumer-facing businesses positioned for rapid growth. BizBest note:  Siemer shies away from pre-launch businesses. Initial investment size is typically $150K-$350K.
• Tech Coast Angels: This active angel group has been around for years, and was one of the pioneers in putting Silicon Beach on the map.  With over 300 members and five regional networks across Southern California, TCA is also the largest angel investment group in the US. TCA typically gets about 600 funding applicants yearly, and invests in about 15-20 of them. In addition to money, TCA also supplies connections, knowledge, mentoring and help with operations. Check out TCA’s screening process.
• The Brandt Organization, Inc. of California is a private investment vehicle that funds Silicon Beach startups.
• Tomorrow Ventures has invested in several Silicon Beach startups and accelerators, including both Amplify.la and Science.
• VioVoda (LA office in Glendale) is a tech acceleration fund focused on B2B startup companies.  VioVoda has a worldwide focus, not just Silicon Beach. The firm works with five angel networks in California to help syndicate rounds between $250k to $1.5 million. Has another US office in San Francisco, and a European office in Sofia.

Best News & Information Sources

• BizBest Media (hey, that’s us!) lays claims to being an early Silicon Beach startup itself –  before the SB moniker existed. Nationally-recognized thought leaders in the startup, entrepreneurship and small business space. Published, syndicated and cited in major media nationwide, including The New York Times, MSNBC, Amex OPEN, MyVenturePad and many others.
• Caypen Media publishes Caypen Magazine, a SoCal B2B publication that profiles startups, entrepreneurs and other innovators and carries articles by industry experts. Caypen’s monthly SoCal Business TIEs meetups bring together trendsetters, innovators, entrepreneurs and startups.
• socalTECH.com is a news and information site covering high-tech companies in Southern Cal.  It has a great calendar of local events and a database of tech firms in the region. BizBest Note: Read ‘em, or weep.
• StartupDigest – recently acquired by StartupWeekend – publishes top-notch enewsletters (which to us means useful, actionable info) and event calenders for startup communities in multiple cities, including Los Angeles.  BizBest note: Signup, sign in and get the Los Angeles edition!
• TechZulu is an independent, LA-based news group that specializes in showcasing tech industry people. A pioneer in live Web TV, TechZulu engages millions of viewers via real time reporting at conferences and its weekly news show, TechZulu Live. These hip folks also offer production services for conferences and events. Their excellent Spotlight Series highlighting promising new technologies is must viewing.
• Ryan Born’s blog Entrepreneurial Ramblings offers insightful, well-written pieces on tech and entrepreneurship in general, as well as some great “insider” commentary on the Silicon Beach scene. In addition to being CEO at AudioMicro, Inc., Born is an angel investor and LAVA board member.
• UCLA INVENTS is a monthly news bulletin highlighting innovation, entrepreneurship, and technology commercialization developments and opportunities at UCLA.

Best Startup Services

• Dynamic Synergy Executive Recruitment, with outposts in both Santa Monica and Palo Alto, has long been a leader in sourcing talent for tech firms in LA, and has serious cred with the top VCs. Dynamic Synergy limits the number of searches it takes on so it can focus on delivering quality results. Here’s a partial client list.
• Fetch Recruiting specializes in filing tech positions in a wide range of industries, and loves Silicon Beach startups (dogs, too, they say…hence the name).
• Jim Jonassen & Associates / Venture Search (JJA Venture Search) is an A-list executive search and placement firm that cultivates a premier talent roster of leaders for West Coast tech and media companies, including many Silicon Beach firms. Based in the heart of Silicon Beach itself, JJA has more than 35 years in the industry and a track record of 98% successful completions for retained searches since 2001. Be sure to sign up for their “KillerOpps” e-mails with periodic updates on job searches, market intelligence and events.
  
• talkTECH Communications is a technology-focused, marketing communications firm. They really know digital and social.

Best Backers of ‘Work-Hard/Play-Hard’ Thinking

• Silicon Beach Fun is a brand-new and super-cool (not to mention free) app that helps you find places to play while working hard in and around Silicon Beach. We downloaded Silicon Beach Fun and were happy to see a robust and wide-ranging set of recommendations, including FUN bars, FUN hangouts, hotels, restaurants, places with Internet access, Silicon Beach Favorites and a Silicon Beach Index. Also has info on half-price tickets, Silicon Beach news and event listings.

Corporate Titans

• Google Los Angeles: Sitting smack in the center of Silicon Beach (Venice) in its high-concept building and mini-campus, the company of primary colors hasn’t yet shown Beachers much green so far as we know, but says it aims to sponsor local events and perhaps strike partnerships with some SB tech startups.

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But for many people, Silicon Beach is still somewhat mysterious. Yet it’s a smashingly vibrant scene — and growing more so by the day — punctuated with a dizzying array of cash-totting VCs and angels, along with assorted start-up accelerators, incubators, shared spaces and more, all fueling an organic, entrepreneurial energy.

This Insider Guide, from BizBest Media offers a quick overview of Silicon Beach and describes key players, events, venues, links and resources that are fueling its rapid growth.  Consider this version 1.0. We’ll be updating frequently, so please respond in Comments with ideas, suggestions and resources to help improve and expand our Guide.  (Also coming soon: SiliconBeacher.com and SiliconBeachBuzz.com, our new blogs covering the LA start-up scene.)

Beach ‘Boundaries’

While the epicenter of activity is Santa Monica and Venice, the Silicon Beach community casts a wider net, including neighboring beach towns such as Marina Del Rey and El Segundo, along with inland locations encompassing West LA, Culver City, downtown and other parts of LA proper. In other words, there’s no “official” boundary, although officials in Santa Monica and Venice have claimed it as their own.

To get an idea of how this looks geographically, check out Represent.LA, a really-cool site created by Tara Tiger Brown and Alex Benzer that maps the Silicon Beach community.  It pinpoints Tech Start-ups (631 listed), Incubators (28), Accelerators (15), Investors (50), Co-working spaces (28), Start-up Services (75) and Hackerspaces (3). Silicon Beachers can add others to the site; just fill out the submission form. This effort aims to (literally) put Los Angeles start-ups on the map!

Top Universities Meet at ‘The Beach’

Top L.A. universities are joining in the beach party as well. In September, for example, USC’s much vaunted Marshall School of Business held its first Silicon Beach @ USC event billed as “two days highlighting innovation, new ventures, partnerships and investment at the intersection of technology and digital content.”

SB@SC included panels on topics such as “Entrepreneurship & the Young Professional,” “Hollywood Meets Silicon Valley,” “Silicon Beach: Powering the Digital Ecosystem” and my personal favorite, “13 Years in the Dumbest Business in the World, and Still Going.”  There were presenters and sponsors from the likes of: Disney, Accenture, Sony Pictures, YouTube, Qualcomm, Fox Broadcasting and many others.

Cash Prizes for Silicon Beach Awards

The USC event also included a Silicon Beach Awards competition with cash prizes of $25K, $15K and $10K. Finalists were: AuraGraphics, Code Wars, Flutterly, Game Nation, Music Prodigy, Hive Lighting, iconicAM, Kuapay, Mobuku, Panjia, and TosNos.

Clustering Creates a Space Squeeze

Silicon Beach has spawned a clustering effect.  the more start-ups that locate here, the more others want to be in the same area. As a result, demand for start-up and other office space is soaring, sending rents skyward and making many start-ups scramble to try and locate near the heartbeat of the Beach.  While this didn’t happen overnight —  L.A.’s West-side has been home to many Internet and high-tech start-ups for a decade or more — it’s pace has quickened greatly.  And the more active it gets, the more talent it attracts.

Key Silicon Beach Players, Organizations and Resources

Here — in no particular order — are some of the key places, players, organizations and resources helping fuel the Silicon Beach boom:

• DigitalLA:  In June 2012, DigitalLA launched the first Silicon Beach Fest, billed as a festival and hackathon to celebrate the burgeoning Silicon Beach community in Santa Monica, neighboring Venice and surrounding environs. Kevin Winston is founder. The website could use a makeover, but it’s a goldmine of links and info — along with lots of photos. Check out their frequent panels with advice for start-ups.
• Tech Coast Angels: This active angel group has been around for years, and was one of the pioneers in putting Silicon Beach on the map.
• LAVA: The Los Angeles Venture Association, a paid membership organization, defines itself as LA’s premier forum for entrepreneurs, venture capitalists, angel investors and professional advisors.
• io/LA is a place to work, collaborate, and socialize. An entrepreneur-friendly month-to-month membership provides 24/7 entry to an expansive full service work space.
• Cross Campus — no shrinking violet when it comes to hype — describes itself as “an engine of creativity and innovation, housed at our state of the art 11,000 square foot space at 820 Broadway in the heart of Santa Monica.  Our goal is to inspire creative collisions through space design, learning platforms, and extraordinary events, fostering member-driven collaboration that ultimately leads to game changing ideas and enterprises. As a member of Cross Campus, you are part of a select community of doers.  You enjoy a workspace that is designed to inspire and built to support the needs of entrepreneurs who aim high.”
• Coloft: Calls itself “LA’s start-up hub…a community and work space focused on empowering entrepreneurs, startups & freelancers. We love tech. We believe in awesomeness.”
• Real Office Centers (ROC), which took over the former Google space at 6th and Arizona in Santa Monica, is looking to duplicate its success with start-up spaces in San Diego, Newport Beach and La Jolla with a new space in the heart of Silicon Beach. The first floor is open — and looks great — but second and third floors are under renovation (those Google guys left it a mess).
• Hub LA is a collaborative space for start-ups in downtown LA. It offers members access to 4,000 square feet of creative industrial space to work, meet, learn, collaborate, and play.
• Amplify.la — to quote its own elevator pitch — is “a hands-on start-up accelerator and multi-faceted
  entrepreneurial campus in Los Angeles.” Located on Main Street in Venice.
• Launchpad.LA is a start-up accelerator in Santa Monica that was founded as a mentorship organization in 2009 by Mark Suster with the goal of helping local entrepreneurs build relationships, get funded, and grow while remaining in Southern Cal. The idea came from Suster’s frustration with seeing LA companies receive funding from Northern Cal VCs and then relocate their teams.
• MuckerLab, based in Santa Monica, is a mentorship-driven start-up accelerator focused on serving Internet software, services and media entrepreneurs in Los Angeles. It offers a 3 to 6 month program that includes up to $21k in funding, office space, access to world-class mentors, and hands-on product, marketing, legal and fundraising support.
• StartEngineLA is a rapid accelerator focused on helping LA-based tech startups build a solid foundation for success in 90 days.  Created by Howard Marks, co-founder of Activision, and Paul Kessler, one of the most prolific investors in Los Angeles, Start Engine will provide local startups with the essential resources and counsel they need to become successful, self-directed businesses.
• socalTECH.com is a news and information site covering high-tech companies in Southern Cal.  It has a great calendar of local events and a database of tech firms in the region.
• DFJ Frontier invests in seed and early-stage tech companies in Silicon Beach (and other parts of the West Coast).
• talkTECH Communications is a technology-focused, marketing communications firm
• Google Los Angeles: has consolidated it’s LA offices in a high-concept building and mini-campus in Venice and is offering Silicon Beach support as well, and aims to sponsor local events and perhaps strike partnerships with some of the tech start-ups.

Stay tuned. More to come.

It’s not an isolated phenomenon. These kinds of “bankable” businesses and entrepreneurs exist in almost every industry, says Andrew Sobel, co-author along with Jerold Panas of “Power Questions: Build Relationships, Win New Business and Influence Others” (Wiley, 2012).  But bankable business superstars aren’t born, they’re usually self-made.

Here are seven keys that can unlock the hidden superstar in any entrepreneur:

1. Deliver something great, over and over.

Not easy, sure. But you can’t expect superstardom to occur overnight. You have to build your reputation for delivering results consistently year after year. Entrepreneurs who keep on delivering gain trust and become more “bankable.”

2. Have a high-powered value proposition.

It’s vital that you clearly articulate why customers should come to you above everyone else. What unique value do you and your business offer?  Your public value proposition doesn’t have to define everything you do with clients or customers, but it should make clear what you’re best known for. Businesses that don’t have a unique value proposition are just a commodity.

3. Be the one asking the questions.

Here’s a good test of where you stand: When you talk to potential investors or clients, are they the ones asking questions; grilling you on your credentials?  Or do you also tactfully test them for suitability as one of your clients or backers?  Good news here is that you don’t have to wait until you’re famous to put yourself in this position.  You can do it at any point in the life of your business. When you’re the one asking the thought-provoking, idea-inducing questions in the conversation, people take notice. You quickly move up a notch and take control of the discussion.

4. Be an industry thought leader.

These days, you don’t have to write a bestselling book to be seen as a thought leader. It starts by having deep focus and an abiding curiosity to learn everything there is to know about your industry. Then start passing along that knowledge, by blogging, speaking, consulting, writing articles for industry publications and participating in social media. It’s not a one-and-done proposition. You need to be out their daily.

5. Create a powerful name or brand.

In short, you need to become well known. That doesn’t mean worldwide. It might just be in your community or other limited sphere of influence – in your particular niche, marketplace or geographic area. When you are a known name in your specialty, people think of you when they need something. Name recognition works like a magnet. It’s never too late to start. Heed this advice: No matter how known or unknown you are now, plan one activity monthly that will increase your name recognition in some way.

6. Evaluate your scale and select clients carefully.

Superstars are scarce and should command the higher fees or prices. Think about how your business model scales.  Can you afford to work for or sell to everyone? Sometimes trying to sell at larger scale only ends up diluting your personal or business brand and your ability to deliver quality goods or services. Business superstars know they can’t – and shouldn’t – spread themselves too thin.

7. Price like a superstar.

While you have to achieve at least a semblance of star status before you can charge premium rates, there’s actually more to it. “Research has demonstrated that high prices lead to high perceived value,” says Sobel. “Most people think it’s the other way around – that if you deliver high value, only then can you get high fees.”  Look at it this way. As you become more and more bankable, you enter a virtuous circle of ever-higher perceived value. Investors and customers know that backing or hiring you in particular lowers their risk, and that’s worth paying for.

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The fact is, most business owners and startup entrepreneurs never had a formal course in business finance. With that in mind, here’s a “cheat sheet” to help you understand the three basic financial statement flavors: 1) Balance sheets; 2) Income statements, and; 3) Cash flow statements.

Your balance sheet

This shows what your business owns and what it owes at a fixed point in time, and provides details about your assets, liabilities and owners’ equity. It does not show money that flows in and out of the accounts during that period (we’ll get to that shortly).

• Assets are things your business owns that have value and could be sold, including tangible assets such as vehicles, equipment, inventory and cash, plus intellectual assets such as trademarks and patents.
• Liabilities are amounts your business owes to others, including loans, rent, vendor accounts, payroll and taxes, as well as obligations to provide goods or services to customers in the future.
• Owners’ (or shareholders’) equity is your capital or net worth. It’s the amount that would be left if the business sold all assets and paid off all liabilities. This leftover money belongs to the owners.

Your income statement

This shows revenues over a specific time period – i.e. a month, quarter or year – and what you spent to generate that revenue. The literal “bottom line” of an income statement shows what the business earned or lost over that period.

Think of an income statement as a stairway. You start at the top with total sales, and then go down one step at a time. At each step, you make a deduction for costs or other operating expenses that were necessary to earn the revenue. At the bottom of the stairs, after deducting all of the expenses, you learn how much the business earned or lost.

Your Cash flow statement

This shows inflows and outflows of cash over a fixed period. It’s critical because any business needs cash to cover ongoing costs. While an income statement (above) shows profit or loss, a cash flow statement merely indicates if the business generated cash. You should also know that a cash flow statement shows changes over time, not absolute dollar amounts at a given point. The bottom line of the cash flow statement shows how much it went up or down for the period. Generally, cash flow statements review the cash flow from three key activities: operating, investing (back into the business) and financing.

Key Terms and Ratios to Know

Here’s a mini glossary of four key financial statement terms and ratios you’ll also want to know:

• TheDebt-to-equity ratio compares total debt to owners’ equity. Both numbers come from your balance sheet. To calculate a debt-to-equity ratio, divide total liabilities by owners’ equity. If a business has a debt-to-equity ratio of 2-to-1, for example, it means that it is taking on debt at twice the rate that its owners are investing in the company.
• Inventory turnover ratio compares a company’s cost of sales on its income statement with its average inventory balance for the period. To calculate this ratio, divide cost of sales by average inventory for the period. A 2-to-1 ratio means the company’s inventory turned over twice in the reporting period.
• Operating margin shows percentage of profit for each dollar of sales. It compares operating income to net revenues. Both numbers come from the income statement. To calculate operating margin, divide income from operations (before interest and income tax expenses) by net revenues. Operating margin is usually expressed as a percentage.
• Working capital is the money leftover if the business paid its current liabilities (debts due within one-year) out of its current assets.

Now that wasn’t so bad, was it?

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Here are 10 timeless traits that should be in any entrepreneur’s arsenal:

1)    A knack for knowing your industry

The most successful startup entrepreneurs take the time to study and become experts in their industry or profession. They attend industry events, read blogs and trade magazines, and their expertise gives them credibility and a huge leg up.  This knowledge helps them “connect the dots” and know what’s really important, and what’s not, says Vickie Milazzo, owner of an education company on Inc. magazine’s list of the 5000 fastest growing small companies in America.

2)    Ability to adapt ideas from others

As Milazzo notes, being creative is essential, but it’s not about reinventing the wheel. Successful business owners know how to adapt proven concepts and approaches from other industries and companies and make them their own.

3)    Problem solver

Entrepreneurs can’t afford to wait around for others to solve their problems. They have to figure out the solutions on their own. And that makes them better business owners for when the next problem arises.

4)    Willingness to think big

We all like to check the easy things off our “to-do” list and tend to put off the tough ones. But a willingness to dive into the big issues and go for the larger accomplishments is often a success separator. “More importantly,” says Milazzo, when you start thinking big “your creativity and productivity catch fire and the momentum keeps you pumped.”

5)    Real networking prowess

Connecting to a few people on Facebook or LinkedIn is not networking. The most successful startup entrepreneurs know that real networking only happens face-to-face, and most often with people who are not their peers.  To network successfully you have to connect with people who have more experience than you do.

6)    Penchant for partnering

Successful entrepreneurs also have a knack for sniffing out others who have skills and insights that can be leveraged in new or unexpected ways. Many people are treasure troves of untapped potential just waiting for the right person to recognize what they have to offer.

7)    Confident negotiator

Negotiating skills are difficult to develop, and successful entrepreneurs tend to approach negotiating with confidence.  Having confidence gives them an edge in bargaining power as the expectation from both sides is that they will deliver at a high level.

8)    Knowing when to get help

Even though startup entrepreneurs are creative thinkers and problem solvers, the best ones also know how to ask questions and seek help when they need it. Remember that there’s always someone out there who has faced the same challenge successfully.

9)    Aggressive goal setting

Great entrepreneurs continuously set goals and work toward them. When one goal is reached, they set another and repeat the process. Having clear goals – and also a specific strategy to reach them – helps everyone in a business stay focused and motivated.

10)  Adept at building personal credibility

Top entrepreneurs also recognize the importance of continuously building personal credibility.  They under-promise but over-deliver, meet deadlines no matter what and always do what they say they’ll do. They know their business will only be as good as they are, and if they have a reputation as someone who can be counted on, their business reputation will mirror that. When customers know they can count on your product or service to deliver what it promises, they won’t hesitate to recommend you to others.

See related articles in the BizBest Startup Smarts section:

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SBICs are high-powered but low-profile backers of small businesses, pumping over $4 billion into small, growing firms, as well as some early-stage startups in the past year alone. They’ve been around for 54 years (surprise!) but most capital-seeking small businesses and startup entrepreneurs have never heard of them. So what gives?

Flying Below the Radar

For one thing, SBICs deliberately fly below the radar to avoid being inundated with funding requests. But SBICs are still on the lookout for high potential small businesses to invest in, and the amount of money available to small companies via this channel has skyrocketed 85 percent in the last two years, setting all-time records.  Not only is this an increasingly important funding source, it’s also an innovative, time-tested structure that marries some of the best features of private equity money with government guarantees.

SBICs are a unique kind of funding source. They are privately-owned and managed investment firms that are like a combination of a bank, venture capital firm and angel investor. Unlike VCs, however, SBICs see themselves as longer-term investors, and often portray themselves as the “patient money” alternative to venture firms seeking a quick exit.

Licensed by the SBA

In part, that’s because of how they’re structured. For one thing, SBICs are licensed and regulated by the U.S. Small Business Administration (SBA).  And the money they invest in small businesses – through equity investments, loans or both – comes from purely private sources plus capital raised with the help of SBA guarantees. Today there are 301 operating SBICs, with a total of $18 billion in capital under management. That’s not chicken feed.

The SBA backing has helped entice record levels of private capital to SBICs, and into small businesses – about $1 billion in the past 12 months. SBICs invest in a wide range of small business types, including established firms with less than $1 million in revenues, as well as early-stage companies just underway. Because the SBA licenses them, SBICs must invest exclusively in small firms, with at least 25 percent of investments directed to businesses with under $2 million in after-tax income. Investments must be debt, equity or a combination of the two.

Some SBICs Specialize and Some Don’t

Some SBICs specialize in certain industries, while others invest more generally.  Keep in mind, however, that this isn’t typically seed capital for launching a business from scratch. Most SBICs look for small but growing firms that are at least mature enough to make current interest payments on any debt.

A few SBICs are also linked into the White House Startup America Partnership program (www.s.co) that’s been marshaling public and private resources to support startups for the past several years. (The author’s firm, BizBest (www.BizBest.com), is a Startup America member and featured startup resource.)

How to Find SBICs and Request Funding

There’s a state-by-state directory of licensed SBICs on the SBA website at this address: http://www.sba.gov/content/sbic-directory. Or visit the main SBIC page at www.SBA.gov/INV and look for the “Small Business Owners & Entrepreneurs” section for more information and resources. That’s where you’ll find step-by-step guidance on seeking SBIC financing for your small business.

Research and identify SBICs that might be a good fit for your business. Check the directory listed above, as well as the Small Business Investor Alliance (www.sbia.org) and National Association of Investment Companies (www.naicvc.com) websites.

The SBIC Directory offers a wealth of information on each SBIC, including its preferred investment size, type (i.e. loans, equity, debt with equity, etc.) and stage (early, expansion, later, etc.).  The directory also provides details on industry and geographic preferences of individual SBICs.

Once you’ve identified target firms, take steps to present them your business plan.  But don’t go in cold. Since they receive hundreds of plans yearly, you will benefit greatly from a personal reference or introduction to the particular SBIC fund manager being targeted. Check the firm’s website for names, or search LinkedIn to see if you have any mutual connections you might leverage. Or talk to accountants, attorneys, executives in your industry and other colleagues to try and arrange an introduction. Time spent will be well worth it.

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To Facebook’s credit, that’s starting to change as they provide more and better tools top help small firms, local businesses, professionals, start-ups and others leverage a platform that now claims over 1 billion users.  If you have a Facebook business page, you’ll be hearing more from Facebook as it roll’s out a variety of new ways for small companies to use paid advertising.

So far, however, the vast majority of local businesses are sticking with what they can get from Facebook for free – which is actually quite a lot.  Only about seven percent of small businesses surveyed recently by Merchant Circle are using paid promotional services on Facebook. That compares to 70 percent who are now using Facebook’s free features to promote their business.

The good news is that Facebook has upgraded the free tools and information it offers to help you succeed. The Facebook for Business section (www.Facebook.com/business) has helpful how-to tips and guidance on everything from building your page to best practices for engaging users. You’ll also find interesting stories on how other small businesses are using Facebook successfully, and a list of helpful resources.

Success always starts with building an engaging Business Page – the free foundation of your effort to grow with Facebook.  Here’s a quick 10-step cheat sheet on what to do:

1. Your Category

Choose a category and give your page a name that represents your business.

2. Your Photo

Pick a photo or logo to use as your “profile picture.” This is the smaller image associated with your page. In some cases, this might be your photo, a square version of your logo (beware: non-square logos can end up being chopped off), or some other graphic representation of your business.

3. Your Tag Line

Create a “tag line” or short sentence that captures briefly what your business is about – specifically what you do or sell, and the value you offer.

4. Your URL

Create a custom Facebook web address for your business that’s memorable and shareable.  The part you pick is what comes after Facebook.com. For example, Facebook.com/StateBicycle.

5. Your Cover Page

Select a “cover page” photo or other image – preferably something that people would associate with your business. Use a high quality image, as it will be featured prominently on your page. It’s the first thing people will see and should showcase your product, service or brand. Size restrictions are very specific. It’s best to use a horizontal image that’s 851 x 315 pixels. Avoid generic photos. It’s much better to use an image unique to your business, such as a popular menu item for a restaurant, or perhaps a customer using your product or service (with their permission). You might have to experiment with a few different images to see what looks best.  Avoid putting contact information or other business details in your image. Those should go in your “About” section.

6. Your News Feed

The “news feed” is the centerpiece of the Facebook experience. You can easily create different kinds of “news” or “posts” for your feed, including written text updates, photos, videos or questions. People who “like” your page will see your updates in their own news feeds (one reason you’ll want as many “likes” as possible). The news feed is where people spend 40 percent of their time on Facebook. This is where people engage and share ideas and information.

7. Your Posts

Short posts work best – no more than 250 characters (about 50 words). They’ll get 60 percent more likes, comments and shares than longer posts.

8. Your Sharing

The best things to share, however, are photos (including photo albums) and videos. People are twice as likely to engage with these as other types of posts.

9. Your Deails

To add details about your business, click on the Edit Page button in the admin panel. Then choose “Update Info” to change or add what you want.

10. Your Invitations

Invite people to like your page – including your community of friends, family, customers, employees and others who care about your business. The “Build Audience” button on your admin panel will show you some things to try.

Copyright © 2000-2012 BizBest® Media Corp.  All Rights Reserved.