Inside Small Business | Small Business & Home Business Marketing

Using Social Networking to Grow your Business

Dr. Mike Okouchi

By now you’ve probably heard of sites such as MySpace, Facebook or YouTube, but are you using these tools to grow your small business? In this article I’ll give you some tips on how you can position yourself as an expert within your business niche using social networking tools.

You know that what you offer is spectacular, but if other people don’t know that, you’re going to have a really difficult time growing your business. Social networking platforms such as Facebook.com and Twitter.com allow you to form relationships with people instantaneously. In social networking your connection with people is permission based and you establish your global presence. What other form of advertising can do that and for free? The advantage you have with social media marketing over traditional marketing is that your potential customer gets to know who you are and you begin to build trust. People buy from those they trust.

Here are some basic tips to help you get started using this type of new media:

1. Set up a Facebook profile. Go to Facebook to set up your free profile. A good tip to get you started is to make sure you upload a picture of yourself. Fill in all the basic information about yourself and try to make it as personal as you can. Let others get to know the real you. As you get used to using your account we’ll go over the different applications you add to spice up your profile.

2. Set up a Twitter Account. Go to Twitter.com and set up your free profile. Twitter is a micro-blogging platform where you can send out short messages (140 characters max) to your followers. When you first set up you’ll want to start following as many people as you can to jump into the community. You’ll also want to put out meaningful posts every now and then.

3. Set up a blog. Go to wordpress.com or blogger.com (both are free) to set up your blog. This is where your expertise will really shine. A blog allows you to write short articles on topics pertinent to your customer base. Remember to write articles that have useful content, which make you look like the expert in your industry.

In my next article, I’ll show you how to integrate these tools and begin to use it to your advantage. Till next time, start setting up your accounts and make your presence known in the social networking realm.

Dr. Mike Okouchi is a Doctor of Chiropractic who took his practice from a start up to a well established business in less than 2 years with zero paid advertisements. His office is located in Irvine, CA. At only 28 years of age, Dr. Okouchi has become an avid student of entrepreneurship and strives to help other people build their businesses. Dr. Okouchi states “I love to see good people win especially when they’ve put it all on the line by starting their own business.” You can email him at mike@akdocmike.com. Visit his health blog at www.akdocmike.com or his clinic’s website www.velocitywellnesscenter.com.

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The Investor’s Lawyer: Common Stockbrocker Fraud

Joel Beck, The Beck Law Firm, LLC

In my last column, I detailed ways to check out the background and disciplinary history of your prospective or current stockbroker and brokerage firm. Today, we’ll begin a series on the 3 primary types of stockbroker fraud, starting with unsuitable recommendations.

A broker has an obligation to recommend that his or her client invest in only appropriate, or suitable, investments, given the client’s financial condition and the investment objectives for the account. In making a recommendation to a client, a broker should usually consider the client’s age, net worth, investment objective, risk tolerance, tax situation and other holdings to determine whether any particular investment is suitable for that client.

An example: A broker makes an unsuitable recommendation when he advises an unsophisticated, elderly client of limited means who wants to preserve his or her assets, to invest in a speculative investment.

So what do you do as an investor to guard against unsuitable recommendations? First, understand the product that your broker is recommending, and investigate it yourself. Ask your broker why the product is appropriate for you, and ask specific questions about the product. Find out what the risks are, what the fees and charges are, how long your money may be subject to withdrawal penalties and what those penalties are. Also ask how this product compares to other investments in your portfolio, and how purchasing this investment meets your investment objectives. And, be sure to keep your broker informed about changes in your financial situation so that he or she can make the most appropriate recommendations for you.

Joel Beck, a former Enforcement Department lawyer for NASD (now FINRA), is now in private practice in the Atlanta, Georgia area. He opened The Beck Law Firm, LLC in July 2007. Joel’s practice focuses on legal matters relating to the financial markets. He represents investors in securities arbitrations, among other things. Learn more at his investor’s law blog at www.theinvestorslawyer.com and at www.thebeckfirm.com.

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