5 Tips to Master Pinterest for Business

Online scrapbooking platform Pinterest isn’t just for DIYers. With more than 70 million users according to consumer insight firm Semiocast, Pinterest has become a valuable tool for many small businesses looking to drive sales or connect with potential clients.
The social media company closed a $225 million round in funding in late October, valuing Pinterest at $3.8 billion.



While Pinterest has a reputation as being heavy on female-friendly content, like women’s apparel or home decorating tips, experts say the platform has a lot to offer businesses of all kinds, from retailers to service providers.
“Most small businesses are not doing a lot of ecommerce, but there’s still an SEO (or search engine optimization) value,” says Marketing Land and Search Engine Land editor Greg Sterling. By being active on the platform, Sterling says small businesses can improve their rankings on search engines like Google or Bing.
At the Altimeter Group, which provides advice for businesses faced with business disruptions, expert Susan Etlinger says businesses can also use Pinterest to share presentations, white papers, articles and videos.
“Anything that tells a story of the business works,” says Etlinger.
The experts share their top five tips on how to use Pinterest effectively:
No. 1: Make your website Pin-friendly.
Users can “pin” items to their personal boards by using a downloadable “Pin It” widget. To encourage consumers to engage with your company’s content, Etlinger suggests having a “Pin It” button on all content on your site, similar to the buttons that enable users to share content on Facebook or tweet it on Twitter.
“Having the pinning symbol is a fantastic intelligence tool,” says Etlinger, because it can show business owners what content is resonating with viewers online.
No. 2: Organize your content.
Pinterest enables all users to create themed boards. Alexis Krisay, a partner at Serendipit Consulting, says businesses should organize content by theme, making it easier for other users to find and browse content.
“If you’re a home décor shop, organize boards so you have a home accessories board, a couches and chairs board and a pillows board,” says Krisay.
No. 3: Brand your pins.
While it takes more time, the experts agree that branding the photos that are uploaded to Pinterest is worth the added effort.
“By including your logo on photos, when users share that photo, they’re sharing your logo,” says Krisay.
Etlinger agrees that businesses should use branding as much as makes sense. A logo in a corner is a subtle touch, while a huge watermark over the image may turn off some Pinners.
No. 4: Include shopper-friendly information.
Compared to other social sites like Facebook or Twitter, Sterling says Pinterest users approach the platform with a shopping mindset. To take advantage of that, he and the other experts suggest including as much “shopper-friendly” information as possible, describing the product or service featured.
“Put as much detailed product information as you can without it looking hard or difficult,” advises Etlinger.
Drawing from real-life client experiences, Krisay says she has a realtor client who started including information about the homes he was showing (price, number of bedrooms and bathrooms, etc.) and doubled the number of direct leads on his website.
No. 5: Engage the community.
Krisay advises her clients to spend approximately an hour each day on social media, dividing the time between various platforms like Pinterest, Twitter and Facebook. Aside from uploading new photos of inventory, the experts say business owners should seek to become active in the online community.
“Don’t follow people to get follows,” says Sterling, “but be actively involved in a sincere way.”
This might include repinning content that is relevant to your boards, answering users’ questions on your items or commenting on other users’ content.
“Think of this as a way to create broader and richer relationship with current and potential customers and friends,” says Etlinger.

Can You Afford to Quit Your Day Job?

When Katie Finnegan and Erica Bell quit their day jobs at a New York-based consulting firm in May 2012 to work on their online fashion startup, Hukkster, they hadn't raised a single cent of funding. The company wasn't even earning any revenue when the twentysomethings decided to jettison their steady paychecks for the promise of startup stardom.
"We were bootstrapping with our own savings to build out the first version of the website," Finnegan says. "It was not the safest leap of faith."
Ballsy? Yes. Impetuous? Perhaps. Recommended? Not always. Dumping a paying job to launch an unproven business concept with no profits is a big risk. But some founders do it anyway, and for entrepreneurs who are looking to secure investors, it may be a must. "Investors are going to want you in there full-time," says Chris Carey of Brooklyn's Chris Carey Advisors. "They want to know that you're working 100 hours a week on your idea."
For entrepreneurs who plan to bootstrap their way to profitability, keeping cash flowing in from a day job when their companies aren't earning much is a matter of necessity. If you take a realistic look beforehand at what you'll need to do to get your startup going, you should have a better idea of when--or if--it'll be safe to quit your day job. What you uncover by following the four steps below may be the spark you need to stay committed to your dream--or it may be an indicator that you should go back to square one.
1. Gather financial statements.
You'll need to create at least three financial documents for your business: a profit-and-loss statement, a balance sheet and a statement of cash flow. "The [profit-and-loss statement] shows you whether you're making or losing money. The balance sheet shows you how much money you have, and cash flow shows you the sources of cash," Carey says. Together, the three will provide you with an accurate snapshot of your business.
2. Forecast business performance.
With the documents above, piece together a realistic forecast of how your business will perform each month. You'll need to know how much cash you can expect to generate today and down the road.
As you build the business, you'll need to factor in sales growth along with added expenses, according to Carey. Steer clear of rosy estimates; be brutally conservative. "Typically, entrepreneurs will be overly optimistic about revenue and over-optimistic about containing costs," he says.
3. Factor in your personal costs.
When you quit your day job, you'll want to keep your business afloat, but don't forget about personal expenses like rent or mortgage. List business costs such as salaries, travel fees, benefits and auto expenses for you and any employees. Leave out costs associated with certain niceties you'd like in the future, such as healthcare benefits or new equipment--they're irrelevant to your goal: quitting your day job. As for assigning yourself a salary, "Just make it whatever you need to get by, nothing more," Carey says.
4. Get a second opinion.
Even the most level-headed entrepreneurs should ask for a second opinion before moving forward, says Kevin Spain, a general partner with Emergence Capital Partners, a venture firm in San Mateo, Calif. While an accountant is likely worth his or her weight in gold during this process, you might also tap a trusted colleague or friend for an opinion. Says Spain, "Have someone who you trust take a look at your financial projections to ensure you're not being overly optimistic."