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Mercer Island
Chamber of Commerce

Building a stronger Mercer Island through business advocacy, support and development.

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MERCER ISLAND
CHAMBER OF COMMERCE

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Promote the economic vitality of Mercer Island through advocacy, leadership and community building events ♦ Provide referral and networking opportunities which facilitate development of strategic partnerships between businesses ♦ Publish a newsletter of Chamber and community news ♦ Produce community events that bring people and businesses to the island ♦ Serve as information center, offering maps and demographic information ♦ Recognize achievements of the business community ♦ Provide advertising and sponsorship opportunities ♦ Introduce new businesses to the community


Front Door to Mercer Island

Founded in 1946, the Mercer Island Chamber of Commerce has a long history of providing member advocacy and promotion, education resources and networking opportunities.


For Mercer Island Businesses

Representing a diverse collection of businesses, we work in partnership with our community and local government to help our members advance, grow and thrive. Through business education, networking, community events, advocacy and representation, the Mercer Island Chamber is committed to helping each member grow and prosper.

"Working with us opens an enormouse opportunity of growth"

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Latest Business Blog Post


04 Mar, 2024
Whether it’s part of a work/life balance personal initiative, an idea to follow your bliss, or you simply want to change things in your life, if you have a hobby you want to turn into a business, we have some advice for you. It can be a huge leap of faith moving from a steady paycheck to relying on others to buy from you. But it can be done successfully if you do your homework first. Going into business for yourself has the potential for personal and financial fulfillment. But it comes at great risk. For risk-averse people, this is the first challenge in going from hobby to business. As writer, speaker, and consultant Tim Ferriss wrote in his book The 4-hour Workweek, “People will choose unhappiness over uncertainty.” If you want to turn your hobby into a business, you’ll want to minimize the uncertainty. And that comes through planning. Know the Facts About Opening a Business There are many ways to go from hobby to business. You might sell items or perform services part-time while you continue to work for someone else. Some entrepreneurs put together a business plan and seek funding. But one of the most common ways to fund a new business is to use personal savings. Before you burn bridges with your current employer or risk your savings, create a plan to turn your hobby into a full-time business. Step 1: Assess Your Hobby's Business Potential Evaluate the market demand for your hobby-related products or services. Sure, what you make is really cool but is there a demand for it? If there isn’t, and you still want to proceed, you will need to educate your audience on the importance of your product or service. Ideally, you will begin selling in your spare time at makers’ markets, festivals, events, and online. This should give you some insights into what works and what doesn’t before you officially launch as an “all or nothing” business. A trial like this helps with research and development for your business, marketing, and sales plans, which we’ll address in a little bit. Consider the competition and identify your unique selling proposition (USP). What makes you different—and don’t say good customer service. That’s an expectation for your customers, not a USP. Consider the time commitment, skills, and resources required to turn your hobby into a business and discuss them with the people who would be impacted such as your spouse. Coordinate things like childcare before it’s needed. Working for yourself is not a “cocktails at the pool” lifestyle. At least not initially. Working for someone else is a lot easier. As novelist and comic artist Oliver Marcus Malloy wrote, “Being self-employed means you work 12 hours a day for yourself, so you don’t have to work 8 hours a day for someone else.” Step 2: Develop a Business Plan Define your business goals and target audience. Who are you selling to? Who is your ideal audience? And don’t say -- everyone. Some people need your offering more than others. Find those people and get in front of them. Choose a suitable business structure (sole proprietorship, LLC, etc.). While you don’t have to incorporate before your first sale, you will want to do so in the first year. Consult a tax specialist to understand what form of business will work best for you. Depending on your industry and offerings, you may want to consider business insurance and liability. Outline your marketing and sales strategy. Now that you’ve decided who you’re going to sell to, figure out how you will do it and how you will get eyes on your product or service. Will you sell at public events like festivals or online running products out of your garage? There are many cost-effective solutions out there but having a strategy will help you from feeling like you need to chase every shiny object or opportunity that presents itself. Establishing business goals and a strategic plan will also give you a road map to direct you. A plan helps you decide what is worth your time and what isn’t in that crucial first year. In line with your strategic plan/goals, create financial projections, including costs, pricing, and potential profit margins. Hobby businesses are often a labor of love, but if you enjoy eating and shelter, you need to understand if you’re succeeding or not. Plans give you that objective measure. There are many businesses that while they bring in money, still fail. That’s often because they don’t have a solid plan and end up growing too quickly where outlay overcomes earnings. Step 3: Legitimize Your Business Register your business with the appropriate government agencies. Obtain necessary licenses and permits. Check to understand your state and local obligations as well as federal. Set up a dedicated business bank account. This will help keep your business expenses and earnings separate from other sources. Consider securing a business credit card or using a personal one for business-only expenses. Again, consult with a tax professional so you understand what you can write off for your business and so you keep accurate records and receipts. Step 4: Build Your Brand and Market Your Business Craft a compelling brand identity that resonates with your target audience. Utilize online platforms like social media and e-commerce websites to reach customers. You can begin doing these things for free (outside of the cost of your time). Explore offline marketing options like local events and networking opportunities. The chamber has a wealth of information and connections. As the Voice of Business, they can help make the right introductions for you and lend your business legitimacy. It’s sometimes difficult to get people to take a chance on you. Chamber membership tells them you are a legitimate business with a vested interest in the community, not a hobby that may close shop tomorrow. Step 5: Manage and Grow Your Business Most people assume that the first year of business is the most perilous. That isn’t the case. Data from the Bureau of Labor Statistics indicates that while nearly 20% of new businesses fail within the first two years of opening, the riskiest time comes later. 45% of businesses close during the first five years, and 65% during the first 10 years. Only 25% of new businesses make it to 15 years or more. While no business is a sure thing, if you implement efficient processes for production, inventory management, and customer service, you’re on your way to managing smart growth. Also, track your business performance through data analysis and adjust your strategies accordingly. Regardless of how you initially funded your venture, consider seeking funding and exploring expansion opportunities. Your local chamber is a great source to find out about these and educate yourself on what’s available. If you’re one of the estimated 42% of Americans who want to own a business, know that you’re in good company. Business ownership is one of the most fulfilling and challenging things you’ll do. It requires passion and perseverance and is anything but glamorous. However, if you’re like most of us, you’ll find that there’s nothing like it. It’s addictive. Just don’t be surprised if you realize you can never work for anyone else again.
27 Feb, 2024
Does your morning begin post coffee? If so, then you know the importance of that routine (and caffeine addiction). Your morning just isn’t the same without it. You can create the same addiction to your business. It just requires a more carefully created artifice or brand. Without the help of caffeine or other addictive substance, you’ll need to use marketing and a persona that draws people in and makes them want to be a part of your business. Whether you are a company of one or 100, there are ways to help customers feel a “need” for you. You just have to find the right combination of desires and attitudes. How to Become an Addictive Brand At the risk of pulling a bait and switch, I want to be clear that the idea is not to make EVERYONE addicted to you, but rather, your ideal customer. That said, tailor the suggestions below to appeal to your demographic. Let’s look at how others have done it successfully. Be a Role Model One of the reasons people love Taylor Swift is because she models good and generous behavior. For example, according to unnamed sources quoted in People Magazine, Swift gifted her Eras tour employees $55 million. It's this type of positive role modeling that makes parents and tweens love her. While no one expects the average business to give like Taylor, encouraging generosity and giving back is an admirable trait in any business. You might give employees time to volunteer for nonprofits, host a holiday toy drive, or support a local sports team. Whatever way you choose to give back, know that people will appreciate it. Plus, you’ll feel like a bigger part of the community. Listen and Love Them Back Don’t put up walls and send out cease-and-desist letters when people celebrate your brand. As long as their social shares aren’t inflammatory, give them some social media love back. For instance, a novice makeup artist posted pictures of her work online. She tagged the makeup manufacturers of the products she used. Only one of the three commented on her post. Then they shared it. She was so touched by the shout-out (after all, she’s not a big-time influencer. She had very few followers at that point), that they are now all she uses. And guess what? She gives them a tag every time. That’s more eyes on their product. Give Them More Than Products or Services To be an addictive brand, you want to become part of their life. This means doing more than just selling them something. Consider how you might fit into your ideal customer’s life. Can you give them an escape? Can you solve a problem? Can you become a source of advice, entertainment, or education? The answer lies in your audience but one of the most popular ways to become a part of their lives these days is by hosting events. Recently, I came across a florist who hosts events at a local brewery during the day. From flower arranging classes to bonsai shaping seminars, these classes draw a crowd. The florist and the brewery win. So do the attendees. What business might you pair with to create an enjoyable time for your ideal customer? Become a Lifestyle I know I promised I would tell you how to become an addictive brand without caffeine, but I would be remiss if I didn’t mention Starbucks. Let’s move past what they sell. Starbucks has crafted an addictive brand (for seven dollars a cup in some places, I’m calling it a luxury brand). People make jokes about how they can’t live without it. But it’s not the coffee they’re talking about, or we would’ve seen a decline in sales at the shop when they went into the grocery store. If you’re a Starbucks fan, you don’t talk about going to “get coffee with friends.” You use the brand name—going to Starbucks. The company did this by becoming a lifestyle for its consumers. Customers bring work to the coffee house, meet friends, and go on first dates there. It’s a gathering place. It sells merchandise and even seems to have its own ordering language. Plus, it uses gamification in its app to encourage its week-day customers to also buy on the weekends. It awards double stars for streaks of purchases (Monday-Saturday for instance). You can begin creating a lifestyle brand by working with influencers and focusing on word-of-mouth marketing. Additionally if you want to be a lifestyle brand, make your business a hub of activity and encourage lingering. And when you become a brand everyone is addicted to… Remain Humble Keanu Reeves has worked in Hollywood for decades. With a net worth estimated north of $380 million, he still regularly credits others with his success (like the stunt doubles in John Wick). Hollywood insiders also tell the tale of how Reeves waited outside of his wrap party for hours because no one recognized him. (I wasn’t there so I can’t say if it happened but it sure is good PR for his humble personal brand). Reeves is loved and celebrated for these traits setting him apart from so many of his peers. When your business becomes the next big thing, practice the art of humility, how to make someone’s day on social media, and how to show gratitude. Your customers will notice.
13 Feb, 2024
Social media is a Hulk-size time suck, but it is also one of the most effective ways to connect with your audience. That’s also why it’s so dicey to freelance that kind of thing out. But there are a lot of really talented folks out there who can help you expand your reach and connect. You just have to find the right ones. And since everyone thinks they can post to social, there are a lot of ineffective people posing as social media superheroes. Here’s how you can separate the talent from the try-hards: Ways to Tell a Social Media Trixter from a Superhero It’s tempting to hand your social media over to an intern or the nearest teenager in your life. After all, they’re on the platforms all the time. But they’re connecting in a social way, amassing followers and likes and not concentrating on conversions. You need someone who understands how to nurture a relationship to end in a sale. That’s not to say a teen can’t do that. But you need to have a conversation with them to make sure you are on the same page about your ultimate goals behind social media. Additionally, you’ll want to talk about the following things: ● Stats and KPIs. If you’re working with someone to help you reach more people and increase your sales, you’ll want to know they have a track record of doing so already. If you’re their first client, make sure they can show you how they will gather the analytics and tell what’s working and what isn’t. Identify KPIs. If they tell you “Let’s try this and see.” That’s not enough. How will you “see”? If they guarantee 100 new followers before the end of the month, ensure you know what kind of followers they are. Speaking of… ● Know the target. Make sure your social media person understands audiences and the value of a like as it equates to your business goals. My TikTok is beginning to finally amass some likes. But guess what? They’re all from my teenage sons’ friends who enjoy making fun of my videos. They may “like” my stuff, but they will never buy from me. These are bogus numbers from a business perspective. Make sure your guru understands who you’re trying to target. ● Understand the offerings. Social media is not a science. What works for your ideal audience may not work for others. That’s why social media packages vary as much as restaurant food prices. Some people do retainers, some monthly and some hourly fees. Know what you’re paying for. After you’ve narrowed down your list of social media people who seem capable, dig deeper into understanding how you would work together. Ask them to draw up a proposal or editorial calendar. Pay them for their time. Examine their ideas on how they plan to reach a larger audience. You’re looking for creativity here as well as things you may have already tried that didn’t work. No reason to work with someone who’s doing exactly what you’ve already done. If They’re Going to Be You, They Must Know You Finally, communication is key when looking for someone who will be representing you on social media. While a good social media person should ask you the following things about your business, if they don’t, make sure you communicate these important details. Give specifics on your ideal audience. Share past triumphs and trials. Communicate the tone you want on your posts. Agree upon the posting review process. Will you see posts before they go out? Understand who oversees responses. If you do, will they call them to your attention, or will you need to monitor each day? How far out will they schedule? Communicate how you want holidays to be handled and if there are any topics you don’t want to mention. Will you supply content ideas and important dates to your business? This should be a partnership. If you’re running a sale, for instance, you should give your social media superhero notification of it and look for best ways to leverage this information. Be clear about how you feel about content curation versus creation. Your social guru should have a strong understanding of how to leverage curated content for a larger audience without getting into permission problems. The hardest part of handing your social media over to someone else is making sure their efforts fit your goals and remain authentically “you.” Don’t expect that putting someone else in charge means that they will take it off your hands in a “set it and forget it” kind of way. You want to remain a part of the social side of your business. After all, the success in that area is about building relationships and you don’t want to pay someone to do that for you. They can assist with the day-to-day posting, but the relationship should remain yours.
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