TONIGHT! Want to start your own business or already run one? Join webchat with panel of experts including Mumsnet CEO JUSTINE ROBERTS, Thursday 17 October 8-9pm.

[RachelMumsnet]

For the next two weeks Barclays are running an Online Business Fortnight. It's a collection of the tools, tips and know-how you need to take your business to the next level online, gathered together and brought to you by experts, from networking wizards to social media gurus.
 
At 8pm on Thursday 17 October, we'll be joined by Dan Posner who is Head of Innovation Optimisation & Performance at Barclays Business, Justine Roberts, co-founder and CEO of Mumsnet and Chris Spurr, Web design and User Experience expert at Redwood, the leading content and marketing agency. 
 
They'll be on hand to answer any business related questions you might have. So add your questions below and be sure to check back on the 17th.

Here's a reminder of our webchat guidelines

[Whistleforit]

Thanks Justine... Good advice. Will do!

[angelart]

Hello, having set up a small business as a face painter, in April this year, my work is predominantly bookings on a weekend but not every weekend. I would like to have an account to keep income separate from personal account and enable clients to pay into it or use a credit card or cheque with it for purchases. Does this have to be a business account? could you advise what would be the best and least costly way of doing this please? Thank you :)

[ChrisSpurr]

@johnworf

Do you think that paying to promote posts on Facebook works and if so, what is the average ROI?

Also, I'm interested in any tips to be a better (business) blogger. What would you say are the key elements to engaging your customers? (this could also apply to Pinterest content)

Facebook can be a great place to start with paid-for marketing, as you can tailor your ads really specifically so they only show up in certain relevant people's timelines or appear on their pages (say, only men in Wales who support Arsenal). This means you can test out what works for your audience right from the beginning. And you can set a budget cap, so you won't overspend. In terms of ROI, Facebook marketing reportedly outperforms a lot of other online advertising, but I'd need to get back to you with exact data.

When it comes to business blogging. Make sure you're up to speed on developments in your industry. Post regularly and confidently. Pitch it at the right level for your audience (no jargon or overly technical language). And remember to take note and respond to comments, good and bad. Mixing up the style of posts can help keep people engaged too.

When you've posted, make sure you post about it on your social media too!

[JustineMumsnet]

@Yiska

Hi,
I'm in the process of putting together a business plan to try to secure investment but it feels like a bit of a Catch 22 situation. No one wants to invest before I've got a product that has a track record and I can't launch the product without any investment!
Have you any advice on getting over that first hurdle and convincing someone to invest in what I think will be a fantastically brilliant product
TIA

Hi Yiska,
As someone who singularly failed to raise any investment, I'm probably the wrong person to advise... but I do think I had a very poor business plan based on pretty much thin air (and then the market collapsed) so I would advise putting a lot of effort into a 3-5 year plan and making very realistic assumptions based on solid research. Find similar businesses and look at how they've grown revenues and profits. Basically make sure you can justify every number in your plan. You might end up being wrong but you'll sound convincing. Good luck!

[DanPosner]

@WinterBabyof89

My questions are related to the finance of starting up a business, specifically that In the bridal sector.
My husband is already a business owner so I have plenty of experience to tap into (albeit in a different area), and my mum has a diploma in marketing. However, my sister and I do not have a great deal of start up funds.

How much would a bank be able to lend to start us of, what interest rate would this be at, and as 70-80% of the money will be spent on stock that will remain unsold could this be used as a guarantee of some form? I appreciate that you won't be able to give specifics but just an idea of some sort would be helpful.

Thought I would ask on here first, before we get our ass handed to us in a bank ha!

Appreciate any advice.

Hi WinterBabyof89 This is a great question. Most banks offering start up accounts, will do everything they can to support new businesses in terms of making education, business planning, networking events and support available. It's in their interest to make sure that new businesses succeed. However, they often wait 12 months or so before starting to offer loans, to make sure that the business is making money and are managing their account ok. Most new businesses start out with savings or have borrowed from family and friends initially and there are often schemes which are available locally. It is worth going in to speak to a Business Manager in a branch to discuss what options might be available in your area.

[ChrisSpurr]

@thethighshaveit

I have a website, lots of people visit but they don't buy things. What am I doing wrong??

Look at your analytics and find out where you're losing people. Are they bouncing from your homepage? If so, check where they are coming from. They might not really be target market. Or they might just be put off by your homepage (sorry!) Do some user testing and see if people are responding to it, and that they can find their way around. Nothing turns off users like difficult to navigate sites.

Are they falling off at basket/checkout stage? Or anywhere else? You have to track down where along the "customer journey" you're losing them and then start to do some multivariate testing to see how you can fix the problem. Bigger product images? Better descriptions? A simpler checkout process? Could you accept other payment options, such as Paypal?

[JustineMumsnet]

@farrowandbawl

Thank you

Right, try again.

When you first started up, what was the thing that helped you the most? What is that you know now that you wish you knew then to make things easier for yourself?

A friend of mine has a great idea for a business and it's starting to take off already, but she's scared and I am too for her and we both know this can be big nad long lasting if we do it right.

Well, it's a wee bit cheesy this, but truly the Mumsnetters were really helpful from launch onwards. There weren't so many back then but as now they were very forthcoming with feedback, suggestions and genuine support (in the early days they sent us money to keep going!)

I also think what helped was having a clear vision of what it was I wanted to build. I really believe that by allowing folks to pool knowledge it could help make parents' lives easier and over the years everything we've done has been seen through that prism. Is it useful, will it make parents' lives easier. If not we don't do it. It's very helpful to know what your purpose is when you're deciding what to do, and just as importantly what not to do.

[JustineMumsnet]

@nobutreally

Hi :-)
I'm SE/running my own business for over 9 years (B2B/consultancy area) and currently looking to partner up with a couple of long term mate/partners to set up more of a real brand/identity

What would be your advice ito what business format to look at (we're thinking informal partnership - but people keep trying to push us towards Ltd Company); and what do you think are the advantages & disadvantages of going into business with people you like....

TIA

Working with friends is a great idea - you do after all spend a lot of time working - especially if it's your own business. Make sure to be very clear about structure and responsibilities and to keep communicating - build regular get it off your chest sessions in to your plans - as people's motivations and ambitions can change and you want to stay friends!

Am sure Dan will have some good advice about business format...

[DanPosner]

@HRHLadyG

Hi! Who/where is the best place to go for advice re initial investment/loan for a new business? In particular in terms of buying/renting a property and refurbishing to make fit for purpose? Thank you!

There are literally lots of places...the first place I would start is very close to home. Put a simple business plan together...(there are loads of templates and examples available online) and test it on family and friends and literally anyone else you can find. Find out what they think is a good idea - what will work and won't work. I would then contact, your local enterprise agency or business library. In London for example, the British Library has a whole unit where you can carry out research, get ideas and swap skills with other entrepreneurs - and the librarians are brilliant - they can provide lots of free advice direction for your business. There is something similar in most big cities - it's just a matter of hunting it out. They will probably be able to put you in touch with other people that can provide specific advice on the area you're interested in.

[thethighshaveit]

Thanks ChrisSpurr I will do as you suggest. Thanks for the advice.

[ChrisSpurr]

@ThePennineWay

We own a small hotel and so far have not used Facebook or Twitter to market ourselves.
How useful are social media to businesses like ours? Our average guest is probably 40+ - would you recommend we get involved and if so can you recommend any useful guides to help us get started?

Social media is great for recommendations, which as a hotel, is exactly what you need. And the 40+ market do tend to trust peer recommendations a lot. Sites like Trip advisor have a huge impact in the hotel industry, so it's definitely worth looking into promoting yourselves on there and other travel sites.

You can set up alerts for Twitter with tools like TweetDeck or HootSuite for posts about about your area, and you react more quickly. If you offer "added value" tweets about fun things to do during people's stay etc, you will set yourself up as a local expert and trusted source. A Facebook page could also be a great place to showcase your local knowledge and sell your lovely hotel in the process.

If you're looking to read up on the subject, Econsultancy and Mashable are great online resources for Social media. Econsultancy have whitepapers you can purchase, or you can access their blog which is full of great stuff for free.

[DanPosner]

@katelouc

I have a business idea but not sure how I can actually turn it into a profitable business. Are there any advisory services out there? I don't know where to start!
I need to feel confident about the idea and have a clear pathway to follow in order to succeed.

Hi Katelouc. Try the British Library IP Centre. If you're in London they are a great place to visit and if you're not in London they should be able to advise you about business centres which are closer to home. Hope that helps.

[ChippingInNeedsSleepAndCoffee]

Evening all :)

[DanPosner]

@angelart

Hello, having set up a small business as a face painter, in April this year, my work is predominantly bookings on a weekend but not every weekend. I would like to have an account to keep income separate from personal account and enable clients to pay into it or use a credit card or cheque with it for purchases. Does this have to be a business account? could you advise what would be the best and least costly way of doing this please? Thank you :)

It would definitely be worth opening a business account. It makes it much easier with the taxman at the end of day - particularly if your business starts to grow. Most banks also offer free banking for an initial period of 12 months or so. It also pays to think about how you want your customers to pay you...cheques can be a pain - you have to wait for them to clear and get down the bank to cash them. Have a look at payment methods such as Barclays Pingit which gets the money into your account instantly by someone tapping in your mobile number. Or some of the new card readers which plug into your smart phone. It means you can take cards and they are good value for money - you can use them wherever you have signal, and there are a few on the market. Good luck.

[ChrisSpurr]

@babytigerno1

hello, i am a mum who is trying to start an online childrenswear range, i studied fashion design in university, but i really dont know how to set the busniess up. I am at the stage of market research, but not many people get back to me with my survey, what should i really look at? and where can i get more advices as i dont have much fund?thank!

There a few options out there. You could pay an agency to do some research on your behalf, but this can end up being very expensive. Another more affordable option is to make a bit of an event of your market research. Hold a coffee morning for other mums in your area and bring along your questions – be upfront about why you're bringing everyone together though and make sure you provide good snacks! Otherwise, collar parents at pickup time for two minutes, just to get some quick answers (nothing as formal as a survey).

Don't give up though, market research is crucial before you start. If you need more general information about your chosen sector, you can buy online market research papers, from organisations, such as Mintel.

[JustineMumsnet]

@ReLIKEAbbe

Hello
Our two year old start-up business www.relike.co.uk is a website for parents to buy and offload their children's good condition outgrown clothes in bundles, in return for vouchers and a high feelgood factor (we give to charity when a bundle sells, they get credits and make another mum's day). It is social enterprise with the mission of encouraging reuse rather than recycling or worse. Our collaborative consumption model is unfamiliar and new in the UK, but it is scalable and solid.

My big question is: who do we talk to within large retailers (for cross promotion purposes) or logistics companies to discuss collaborations and forge new business relationships? So often it seems sales people are reticent or unsuitable, whilst getting hold of the CEO is unrealistic. Who in between - and what roles, department names, should we be seeking out?

Thank you very much for your time and insights!
Abbe

Fab idea! You might want to try the corporate responsibility or communications bods. Search for companies that talk about sustainability/reduction of waste as part of their mission statement or core values. They might see collaboration as a social responsibility and want to work with you accordingly.

[LovesBeingOnHoliday]

I want to start a business but just don't know what in, needs to be something I can fit around work and probay Internet based but how do I find something that's not already overdone.

[AbbeReLIKE]

Thank you Justine. Appreciate your thoughts on it. We'll keep trying :-)

[angelart]

Fab Dan, thank you :) x

[DanPosner]

@babytigerno1

hello, i am a mum who is trying to start an online childrenswear range, i studied fashion design in university, but i really dont know how to set the busniess up. I am at the stage of market research, but not many people get back to me with my survey, what should i really look at? and where can i get more advices as i dont have much fund?thank!

At the risk of sounding like I have an interest in promoting them (and I assure you I don't) the Business and IP Centre at the British Library is exactly what you are looking for. They give you access to all of the marketing survey reports and databases which can help you answer your questions. It's also a great place for inspiration - several of the entrepreneurs that started there have made it big and they are showcased. The Centre should be able to put you in touch with units around the country which offer something similar.

[farrowandbawl]

Thank you Justine, that's helped massively.

[GNICHOLLS]

Hi,

Quick question:
I run a website that is getting approx 3000 Unique hits a day, I have google adsense but was wondering how I go about getting private advertisers to advertise there brands on my website?

[JustineMumsnet]

@RubyRR

In the process of developing a hobby into a business as it has grown and is taking up more and more time. We have had several questions re advertising on the website, how do we price this?

I'd say the simplest thing initially is to go for a set price for a set format. Whether it's an advertorial or display advertising - take a look at Mumsnet local - the advertise your business here button on right hand side by way of example. Try to automate it as much as possible and vary the price according to supply and demand.
When you get bigger you will probably move to a more stats driven model - sites like Mumsnet will price ads according to page views (CPMs or cost per thousand views) - the going rate is anywhere from £5-50 per 1000 depending on ad format, targeting etc.

[Episode]

Hi

I hope I'm not too late here, but I have a question for Chris.

I understand your expertise are in Web design and user experience but I'm hoping you may be able to help.

We run a pretty successful online business from which 80% of our customers were coming in online - Google to be precise.

With the various Google updates we have seen hits of 300 a day go down to 40 on a good day! Now, I wont pretend there was no 'bad practice' SEO in the old days but for the last year at least we have been working hard to do things the correct way.

It is really hard to find comprehensive advice and online there is so much contradicting advice, but we suspect the largest problem we have is that our links (of which there are hundreds) are all associated with spammy sites which have also dropped in rankings.

We have had no email from Google to suggest we have been individually penalised, is it true we would have one if we were?

Is there a single easy way to remove the links already in place without contacting their webmasters? Most of which have now moved on as you can imagine....

We have just started to use PPC and we are not yet seeing an improvement in conversion but I have been told that to find the best keywords, phrases etc often takes time. The main reason we are doing this is with the hope that it improves our SEO one and secondly so that we can diversify our acquisition strategies. But with regards to improving our SEO is it worth doing any of this or any new SEO with our previous issues still in place?

And to summarise is there any single way to find out that our suspicions with what our issues actually are, are correct?

Sorry for the essay!!!

And thank you