Jane Applegate - 201 great ideas for your small business

Eight years ago, when I last revised 201 Great Ideas, many business owners were still bruised from the crazy dot-com era. Remember when billions of dollars were wasted on silly or copy-cat online business concepts? Luckily, we've figured out how to use the Internet to make connections and money.

I collected most of the new, great ideas for this third edition during a national speaking tour cosponsored by Bloomberg TV and local cable companies. The events, hosted by chambers of commerce, provided a wonderful opportunity for me to meet one-on-one with hundreds of business owners.

In 2008 and 2009, everyone I met was feeling pummeled by the Great Recession. Even if you had great credit, it was nearly impossible to borrow money. Millions of people were out of work and millions of homes were in foreclosure or underwater. But, as the 2010 holiday season kicked off, the mood was definitely brighter in the small business community. We started spending money again and feeling more optimistic about the future.

Americans, especially small business owners, are extraordinarily resilient. We have the stamina, moxie, and plenty of great ideas to survive the worst of times. Despite massive national debt, two distant wars, and a trade deficit, America is still the best country to be a small business owner.

We have the biggest and strongest economy on the planet. Cash is flowing. Technology, equipment, and real estate are cheap. Amazing talent abounds. If you lost your business during the downturn, it's time to get back in the game.

This book is guaranteed to revive your entrepreneurial spirit. If this is your first venture, I promise 201 Great Ideas will help you avoid the biggest potholes on the highway to success.

If you read an earlier edition of this book, you'll notice plenty of new ideas. Although my contract called for revising about 60 ideas, so much has changed in recent years, I updated every idea and included scores of new ones. This new edition of 201Great Ideas features great ideas from novice and veteran business owners. There are no theories. Every idea has been tested in a real business.

You'll meet the amazing business owners I met while traveling coast to coast, ranging from Skagway, Alaska, to Portland, Maine. In Victoria, British Columbia, I visited Smoking Lily, a boutique claiming to be the smallest small business in North America. It occupies 44 square feet of space in a cool, downtown shopping district. T-shirts and scarves hang on the wall. The young woman who rang up my purchases was perched on a platform about four feet off the ground in a corner of the closet-sized store. Crazy!

You'll meet Kesang Tashi, a wonderful Tibetan entrepreneur who has devoted his life to reviving the art and craft of rug making back in his homeland. He employs scores of craftspeople in Tibet, who now make a living by selling their handmade rugs, scarves, jewelry, and religious banners.

I met entrepreneurs who work part-time jobs to fund their dreams and people who share retail space to save money and serve similar customers.

Every year, no matter how rocky the economy is, about 500,000 Americans start a new business. We are fortunate to live in a country where you can wake up in the morning and be in business by the end of the day.

Sitting in a caf with an Internet connection, you can buy a web site domain, order equipment, and open a bank account. Then, you can promote what you do or sell via LinkedIn, Facebook, and Twitter. Need help? Hire some virtual talent via Elance.com.

This book and new 201greatideas.com site is a distribution channel for great ideas. I try to practice what I preach. Unlike many financial journalists, I am a small business owner. I've founded three companies. I started The Applegate Group Inc. when I quit my job at the Los Angeles Times in 1991. Three years later, I started a financial services consulting firm, eventually turning that venture over to my partner.

In 2000, with marketing support from CNN.com, we launched SBTV.com (Small Business TV), the first online video site devoted exclusively to small business news and features. We attracted blue chip sponsors including Merrill Lynch, IBM, and ING, and produced hundreds of broadcast-quality videos. After predictions of widespread broadband service failed to materialize, we sold the company trademark and assetsin 2003.