Review Category : Entrepreneur Series

Four Moves Every Business Owners Needs To Make With A Business Will

Most people are familiar with the term ‘will’, but those that own a business often can’t make a distinction between having a personal will and a business will.   Far too often, a business owner has an unforeseen situation which could be a divorce, disability, or death. This leads to massive complications about the succession plan on what will happen with the business.  Does your partner want to work with your wife?  Are your children ready, willing, and able to take over the day to day operations of the business?  Will your family get the value of your business should you pass away?   Here are four moves every business owner needs to make when you put together a business will. Have a valuation method or a business valuation done within the business will. One of the questions that comes about if an owner passes away is determining the actual value of the business.  As a business owner, you never want someone ...

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Five Jobs You Can Outsource Today

Growing up in a small town, we used to handle all our own chores.  There were no cleaning services that came to the house, no extra special coaches for lessons (the high school coach did it all), and nobody brought groceries to the house.  People banter about the impact of technology and how that has affected our society, but not often have people talked about the changing dynamics of outsourcing.  If you really don’t want to do something, there is a person waiting in the wings to get paid to do it for you.   Here is my list of five things you can outsource today. Waiting In Line – taskrabbit.com – Task rabbit will allow you to outsource a ton of different tasks, but if you want to pay someone to wait in line for the next Star Wars move that comes out, no problem they can find you your man (or woman) for the job. Walking Your Dog – ...

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5 Ways Pokémon Go Can Help Your Business

In the 70’s we had the Pet Rock, in the 80’s it was Cabbage Patch Kids, the 90’s was Beanie Babies and today we have the latest craze, PokemonGO.  The difference with this fad is that it is attracting the attention of adults.  Some are the young adults that might have played with the original Pokémon games and cards from 20 years ago.  But it is even attracting the 40 somethings, and if Grandma hears enough about it, we might be seeing our senior citizens playing as they go on their daily walks. So for those that are still messing with their Pet Rocks and have not heard about PokemonGO, here is a simple explanation.  Using a phone App, the player wanders the real world hunting for animated Pokémon monsters.  Gathering Pokémon, builds your collection and makes you more powerful to battle other players in game Gyms. The game is causing people to walk in areas where they might not ...

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5 Things NOT To Do When Starting Your Own Business Or Setting Up An LLC

– Ted Jenkin | Atlanta Money Guy Topic: Five Things NOT To Do When Starting Your Own Business Or Setting Up An LLC Taped 7/07/16 Listen every Tuesday morning at 8:00 a.m. on ROCK 100.5 | Atlanta’s Rock Station to “Your Smart Money Moves” with The Rock 100.5 Morning Show and oXYGen Financial. Ted Jenkin, CFP® and Kile Lewis, CRPC® are the founders of oXYGen Financial, and our chief financial officers. All your money questions answered Breathe easier at http://oXYGenFinancial.net ...

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How The New Overtime Rules May Affect Your Business

The Department Of Labor is at it again, now changing the game for businesses as it pertains to overtime rules.   Since, that is what we really need . . . some more rules.  If it wasn’t challenging enough for small businesses dealing with making payroll and figuring out to maintain the costs of health insurance, now you’ll have to pay double attention to these new overtime rules which will become effective December 1st. Here’s a bet I’m willing to make on the record.  The cost for businesses across the country to manage and track all of these changes will far supersede the benefits that will actually be paid for people working overtime.  The administration believes by making these changes that many hard working Americans will earn overtime, but let me clue everyone in on four your smart money moves secrets. Right now, if you are a salaried worker who makes in between $23,660 and $47,476 and you have a reasonable ...

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Six Important Lessons For Every Entrepreneur

Most people daydream about the idea of running their own business.  The freedom to have no boss, set your work hours, and control your own financial destiny.  However, running your own business doesn’t come without taking on some bumps and bruises.   Here are ten important lessons that every entrepreneur should keep in the back pocket. Entrepreneurs Are Always Overly Optimistic-  I often use this phrase with the works; irrational exuberance.  Be very careful of letting your own rose colored lenses cloud the quality decision making your company needs based upon the facts. Measure Twice And Then Measure Again- No matter how many pro forma sheets you run and how many classes you sit through, nothing can prepare you for the certainty of uncertainty.  Make sure to margin for error in the beginning. If It Doesn’t Smell Right, Don’t Do It- You’ll have lots of salespeople wanting to sell you different solutions or products for your business.  If they don’t pass ...

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How Much Money Did My S Corporation Make

When business owners set up an S Corporation and creates a business entity, it is usually an accountant or bookkeeper (or both) that crank out the profit and loss statements for an S Corporation owner.   What can be confusing at the end of the year, because an S Corporation owner has multiple methods to receive cash through the business, is to actually figure out what you made in the business.   Taxes in many cases can be even more confusing to the S Corporation business owner.   Here’s a ‘your smart money moves’ breakdown to figure out just how much you made in your business. Salary- When you own an S Corporation, the IRS has salary guidelines on how much you should be paying yourself.  The IRS has created an outline of what’s called “reasonable compensation” that should be paid to the owner.    There are a myriad number of factors including industry averages, number of hours worked, and what is being paid ...

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Five Business Lessons From Donald Trump

Which person in the White House will Donald Trump fire first if he is elected President of The United States?    A few weeks ago, I was able to watch a piece of Donald Trump’s coming out party announcing his candidacy for President.  Whether you like Donald Trump or you don’t like Donald Trump, you have to admire his uncanny ability to be savvy about using all outlets possible to build the riches of his empire.  Trump golf course.  Trump hotels. Trump water.   It never ends.   Here are five business lessons that all business owners can learn from Donald Trump. Use The Media To Expand Your Reach I read this excerpt from www.commondreams.org about Trump’s initial speech. Already the commentators have derided his massive egotitis – he said “I” 195 times in his announcement speech, not counting the 28 times he said “my” or “mine” or the 22 mentions of “me.” But Trump revels in self-promotion and, as one commentator wrote, ...

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I’m Going To Sell My Tech Firm For Millions. Now What?

It’s no secret that Atlanta’s technology start-up scene is booming.  I’ve had several young and very successful tech leaders ask me what they should do when they sell their company for millions – thus, this posting. I have to preface this blog by clearly stating I have never sold a company for millions.  However, in seeking feedback from numerous sources and speaking to different entrepreneurs, I’ve come up with this simple list to help you manage your new fortune the right way: Set Up Your Team – CPA, Attorney, Financial Planner and Most Importantly, Good Family Around You We’ve all heard the stories of people going broke after they hit it big and win the lottery.  Take the time before you ink the deal to get these important relationships in place with people you trust, as they are crucial for your future success.  And, it may be easier to identify the trustworthy partners before rather than after. Keep Your Circle of Friends Small ...

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Does Jim Cramer Run Your Portfolio?

About a week ago, Marketwatch (www.marketwatch.com) ran story called, “The Most Dangerous Stock Market Since 2008.”   In the past six years of bringing you my Your Smart Money Moves Column, I have shared with you how media can influence what happens in the markets in a very significant way.  Without even reading a lick of this column, would it be any stretch of the imagination to say that if the market hits all time highs that the potential danger gets higher and higher for some type of market pullback? If you really want to see something funny, spend eight minutes today watching this 2009 video of Jon Stewart’s The Daily Show.  This particular program poked fun almost five years ago at Jim Cramer, Rick Santelli, and other financial pundits for telling people to continue to buy stocks in a raging bull market before the bottom fell out (http://bit.ly/1aZk5rZ).  The video is particularly amusing with one of Stewart’s great quotes “I ...

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Think Wisely About Your Trustee

It’s never fun to think about gloom and doom. However, if you have been successful in building up an asset base or you carry a lot of life insurance, you may be considering setting up a trust fund for your children if something happens to you. There are many potholes that a family can stumble into when establishing a trust, but here are three mistakes parents often make. First, parents don’t often think through who they want as the trustee of trust for their kids. As complicated as it is to select a custodian, parents should consider whether they want a single trustee or a co-trustee to have some check and balance system for the trust. It is crucial to make sure you’ll have the right people in charge of the funds when you are no longer in the picture. Second, parents need to be clear about the goals of the trust. Specifically, most parents don’t think through when and ...

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5 Ways For Women To Build Confidence

So I know what you are about to say.  What does a 44 year old guy know about women building confidence.  I’m not about to tell you that I know the secret of women, but I thought I would attempt to list some things women can do to build confidence.  After reading  from the book The Confidence Code by Katty Kay and Claire Shipman, I picked up these 5 ways woman can build confidence: You don’t have to make things perfect, so stop tinkering You have to keep moving forward and tinkering takes time.  Even if you are wrong, failing fast can reduce the time going down blind alleys. Leave your comfort zone Try something you thought you’d never be good at.  The old saying  “What doesn’t kill you will make you stronger” is so true. Take credit for your successes Don’t just brush off a compliment, accept it.  Use it to give your next step confidence. Give rid of ...

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Attention All 1099’s… There is a BIG October 1st Deadline!!

Since there are so many people who are getting 1099’s and setting up individual LLC’s or home-based side businesses, you need to keep a close eye out this time of year for setting up one kind of retirement plan, a SIMPLE IRA.   The deadlines are just around the corner in the next few weeks, so could this be the right type of retirement plan for you? A SIMPLE IRA (Savings Incentive Match Plan For Employees) was first available to small business owners in 2001. A SIMPLE IRA plan is an IRA-based plan that gives small employers a simplified method to make contributions toward their employees’ retirement and their own retirement. Under a SIMPLE IRA plan, employees may choose to make salary reduction contributions and the employer makes matching or nonelective contributions. All contributions are made directly to an Individual Retirement Account or Individual Retirement Annuity (IRA) set up for each employee (a SIMPLE IRA). SIMPLE IRA plans are maintained on ...

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The Lost Art Of The Hand Written Thank You Note

I’m really not sure why any of us get excited about going to get our mail every day.   Even though we know that ultimately the mail will deliver us three pieces of mail that are bills, five different types of non-sensical catalogues we didn’t order, and one incredible bulky Val-Pak stuffed with coupons, we still never get tired of the intrigue of opening up mail.   Even the halfhearted effort of companies that send us birthday cards unsigned still doesn’t seem to be able to break our spirit around the excitement of getting the mail.     Every once in a while when the sun shines bright and the weather is oh so perfect, it comes to our amazement that somebody today actually sends us a hand-written note and there it is; our day is made. For more than twenty years now, I have never stopped sending hand written thank you notes. Notes that have a personalized message so ...

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Use The KISS Principle

Today it is more complicated than ever for the average investor to really understand how to pick a mutual fund.   Most novices may choose a fund if it has a 4-star or 5-star ranking.   Or they decide to pick a fund because they did a Google search for best returns and then select one from the top of list.  The truth is, most investors today would be lucky if they could name one or two actual positions that their mutual fund owns if they were asked.  In my opinion fund companies could become more friendly if they used the Keep It Simple Stupid principle. First, mutual fund companies should provide consumers some sort of simple x-ray software so when they choose to buy multiple funds from a fund company, an investor can at least have some idea about how much the different funds overlap.  Far too often, I see consumers who own three or four different mutual funds only to ...

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Your Earnings Power Is All About Supply And Demand

Really? Doesn’t my formal college education matter?  Or whether or not I have an MBA?   Could the simple economic principle of supply and demand really dictate how income is earned in America?   Let’s take a look inside at what you desperately need to know if you want to earn more money in your career. I’ve been practicing financial advising for over 23 years and the people who truly build up extremely high level of incomes typically fall into three categories: Business Owners Sales People who rise in companies for staying in the same place more than 10 years What does this have to do with earning income? Well, there are certain skills in business that are trainable and certain skills in business that are learnable.  Gaining a keen understanding about which ones can make you money and why will dictate whether you too are successful in making lots of money. THOSE EARNING UNDER $100,000 The lowest general form of earners ...

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I will be getting my first 1099 . . . Now What?

You recently lost your job or your job lost youJ and now you have decided to take some freelance consulting job to pick up some spare cash.   You fill out a W-9 in order to get paid, and a few weeks later a check comes in the mail made out to you.  You are really excited because no taxes have been taken out and you feel flush with cash.   At some point next year, you’ll get your first 1099, but what should you be doing here in 2014 to make sure your ducks are in a row come tax filing time? The reality is that most of you who earned your first 1099 will likely file Schedule C (sole proprietor) with your first year of income.   Some of you may set up an LLC, but are still uncertain what you can deduct or how exactly incomes taxes will be paid.  Here are some your smart money moves tips for you. ...

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Nothing But Net Is All That Matters

Analyzing fund returns can be one of the more treacherous tasks for the average investor. There is so much information on the internet, but it doesn’t necessarily make the regular Joe more knowledgeable when it comes to picking a fund. In addition, the prospectuses have such technical legal and financial jargon that you practically need an engineering degree to get through it cover to cover. In my mind, the most important thing you do not want to overlook is making sure you are comparing funds net vs. net when making a decision about where to put your money. The first piece of the ‘nothing but net’ conversation is to line up all the costs of the fund. Beware that some costs will take you more time and research to find out versus others. Review shareholders fees such as sales loads, exchange fees, and purchase fees. Closely examine fund operating expenses including management fees, 12b-1 fees, and a line item called ...

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Does “Flow” Really Matter To The Average Investor?

To be successful as an investor, it is important to grasp certain basic economic principles including the law of supply and demand. As inflows and outflows are reported within the mutual fund and exchange traded fund industry, the average investor should start to pay closer attention to these numbers when it comes to making their portfolio decisions. Evidence strongly suggests that watching inflows and outflows can quickly demonstrate that the average investor chases performance. How many people have bought at the top of the market and tend to sell at the bottom of the market? Or they end up being a day late and dollar short when it comes to making the right investment decisions. Examining these inflows and outflows can help you spot raw trends of where the mass money is moving and may also present you with opportunities in certain asset classes that may become undervalued. What is decidedly more important than watching the macro trends of money ...

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How Rich Do You Think You Are?

Wealth can be defined in many different ways, but classically it is measured through one’s net worth.  Your net worth is simply everything you own versus everything you owe.  The own part of the equation includes real estate, cash, stocks, bonds, 401(k)’s, IRA’s, businesses, and much more.   The owe part of the equation includes mortgage debt, student loan debt, car loans, credit cards, and more.  Once you subtract the liabilities from the assets, you can begin to determine just how rich you really are in today’s day and age. WHERE DO YOU RANK IN WEALTH (source: wsj.com) (If you have a household net worth of X … you rank in the Y percentile): $50,000 … 60th percentile $93,000 … 50th percentile $100,000 … 48th percentile $200,000 … 34th percentile $500,000 … 18th percentile $750,000 … 12th percentile $827,000 … 10th percentile $1 million … 8th percentile $1.4 million … 5th percentile $6 million … 1st percentile There is a really ...

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How Marketers Manipulate Us To Buy More Stuff!!

Did you know that the highest paying job in America is and will always be marketing?  That’s right.  No matter how good your product is, it all doesn’t matter if you can’t get people to line up and make a purchase.   Marketers are smart.  Marketers are cunning.  Marketers (well some of them anyway) have learned the secret sauce that makes us want to buy more stuff even though we don’t really need it or even want it!   If you pay attention, you can learn the tricks of the trade but here are three ways that marketers learn how to separate you from your money: We Don’t Buy In Absolute Terms–   In one of my favorite books, Predictably Irrational by Dan Ariely, he discussed the theory of relative pricing vs. absolute pricing.   Don’t confuse this with the idea of presenting you with three choices knowing that you’ll likely pick the one in the middle.  In the case below of the Economist ...

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How Much Should I Pay for a Custom Suit?

$399 for a custom suit? You may be surprised to hear that the price tag can be well beneath 4 digits. Many tailors in this space start their pricing around $1,000, but most of us in the X&Y generation don’t want to foot that kind of a bill to look sharp.  I’ve been fortunate to watch two Atlanta entrepreneurs start a custom suit business more “tailored” to our needs. Trio Tailoring https://www.triocustoms.com/ realized there was a big need for moderate to low priced custom suits in the market, and the concept has been well received locally and is gaining traction nationally.   Check out the tips below from the owners at Trio – Benjamin McMillan and Mike Hu: Fit matters more than brand. The cardinal rule of the Office Style Guide is that the fit of the suit trumps everything else. A three-piece from the Ferragamo Fall Collection isn’t doing you any favors when the jacket is falling off your shoulders. ...

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Retirement Assumptions: What’s Your Legacy Goal?

When you are building out your long term retirement plan, a financial advisor will often have to make many different types of assumptions. I have authored numerous articles around this topic. You need to consider market downside risk, interest rate risk, inflation risk, liquidity risk, tax risk, sequencing risk, and several others. Often, one major mistake made around the discussion regarding building a quality retirement plan is actually having the end in mind. What do you want your legacy to be when you pass on? This is a crucial conversation to have at the onset of your overall comprehensive financial plan. Consider this for a moment. If you tell your financial advisor nothing, he or she will likely build out your retirement plan analysis by using a ‘death age’. From the conversations you have with your planner or from some default number in the financial planning software, you will arrive a set age usually in the 85 to 90 range. ...

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Entrepreneur Series Lesson 10 – Passion, Persistence, and Perseverance

Lessons one through nine of my entrepreneur series were lessons extracted from my own business and other business owners across the country over the past twenty years.   Undoubtedly in your first year of business, you will make your fair share of mistakes like anyone starting a new venture.   There are so many valuable pieces of wisdom to learn as an entrepreneur, but here are my big three traits you must have to truly succeed in your business. Passion – Many business ventures people conjure up in their heads often revolve around the dreams of making a lot of money.  While building your wealth can be an outcome of a successful entrepreneurial pursuit, passion around your dreams is what will get you through the good times and the bad times.   When you get out of bed every day with emotions that are so compelling around what you are doing, it becomes easy to motivate others to get excited around that dream.    ...

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Is an SBA Loan right for my business?

Small business owners who are looking to grow their business through the purchase of a building, the purchase of equipment, the opening of an additional location or the acquisition of another business, are all faced with several questions; one of the first being, “Where will I get the capital for this project?”  Depending on the how long a business has been operating, how successful the business has been and the financial strength of the business owners there may be an overwhelming amount of options or an extremely  short list.  One of the options that is on most small business owners lists for financing no matter how long or short the list is SBA. The U.S. Small Business Administration is a federal agency committed to helping small businesses grow. One of the ways it does this is by guaranteeing loans to small businesses made through lending partners across the country.   The SBA does not make loans directly to small businesses. Instead, ...

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Entrepreneur Series – Lesson 9 – Execution

I remember growing my career in management with a large Fortune 500 company when my Executive Vice President told me something one day.   He said, “Ted, execution is the one thing that separates the good from the great.  Let me put it to you this way.   If you don’t execute, you’ll be executed.”   I guess it’s hard to forget that, but it still rings true in my mind today.   Some of the best leaders and managers in business don’t achieve peak results because they simply don’t execute the plan. If you like to read, I highly recommend that you pick up a book written by Larry Bossidy and Ram Charan called Execution.  There is a wealth of knowledge in this book about execution, and how to be very successful at getting things done.    Here are three mistakes new entrepreneurs make when it comes to execution. Changing the plan too often– One of the sayings I love is that focus beats ...

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Entrepreneur Series – Lesson 8 – The Marketing Plan

Marketing your products and services is the lifeblood of a new business.   While you can ultimately have all kinds of long term business strategies, without having a steady stream of new revenue your new business venture can close up in a short period of time.   In my opinion, if you look at the three big areas of business: marketing, the actual product or service you are offering, and client service, marketing is the one driver that can help sustain a business even if the other two areas are slightly subpar.    There are really two parts to the marketing plan.   One section involves dealing with implementing strategies that will specifically drive new client acquisition.   The other arena is building the brand of your new company. Many new entrepreneurs substantially underestimate the time and money it will take do marketing in the first year of their business.    From a time perspective, your networking functions, community involvement, and meeting face to face with ...

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Entrepreneur Series – Lesson 6 – Poor Staffing Decisions

One of the first things I heard when I got into management in my career is the phrase “you have to put the right talent on the bus”. While I understood its meaning, it took many years to realize how important hiring decisions are to grow an organization the right way. I also felt the pain of making poor hiring decisions, and how much time and productivity you can lose from just one bad hire. No entrepreneur lives in the panacea of having zero turnover as sometimes they might like to make it seem, but certainly making the right staffing decisions by putting people in the right roles can allow your start up venture to get off on the right foot. One of the critical questions to ask yourself early in your venture is what role do you (the CEO/owner) play in your firm. If I was to use a baseball analogy, what jobs are you going to be a ...

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Entrepreneur Series – Lesson 5 – You Must Hire Professional Consultants

Since many new entrepreneurial ventures are often started on a shoestring budget, where you spend your financial resources can be a prickly situation. Far too often, I see new business owners who in some sense are really penny wise but pound foolish as the old adage goes. When is the right time to get yourself legal help? Do you really need an outside person to do your books or can you do it yourself? Does it merit having a financial person talk to about entity planning and business structure? Can’t you just figure this stuff out yourself? Even with many years of corporate experience, I faced these same questions when I opened my business. The costs for some of these professional feels like a waste of money when you need those precious resources for things like marketing, staffing, and technology. However, I will tell you that a big mistake in any of the areas below can be a brutal blow ...

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Entrepreneur Series – Lesson 4 – Avoid Rookie Mistakes

I am not a professional athlete.  However, I would imagine that the rookie year on any of the professional sports circuits has to be daunting in nature.   Not only are you in front of some type of large crowd, it takes some time getting used  to all of the decisions you have to make to be the best of the best in what you do for a living.   Far too often, new entrepreneurs can make first year decisions which can put a major dent in the first year of your new entrepreneurial venture.  Even someone who has a lot of corporate experience cannot understand the firefight of being a business owner until you have to meet your first payroll.One great idea my business partner and I have put into place in our business is the 48 hour rule.   We’ve set criteria around what a ‘key’ decision is for our business and once we have made a decision on the direction ...

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Entrepreneur Series – Lesson 3 – Know Your Role As The Owner

As an entrepreneur starting a new business, you often have to wear the hat of cook, dishwasher, accountant, and general manager.   However, one of the biggest mistakes a young owner will make is not quickly clarify their role within the organization.   Far too often, new entrepreneurs will try to control every aspect of a new business which inevitably slows the growth of the organization.  In some cases, it can make hiring and training new people so difficult it can be destructive to the success of a company. One of things I recommend to new business owners is to draw a T chart with one axis being things you like to do and one access being tasks that you are good at.    What you should quickly try to figure out in the early stage of a new company is to list all of the items that you are good at and those tasks that you like to do.    After figuring out ...

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Entrepreneur Series | Lesson 2: Incorrectly Pricing Your Product Or Service

In the first year of a start up operation, there is a great focus of energy from the new business owner on client acquisition. Gaining new customers opens the floodgates for the generations of revenue to pay the bills of the business. However, one of the tough lessons learned by young owners is not thinking clearly though pricing out the services of your business correctly. Most new business owners tend to undervalue what they charge for their work and services in order to compensate for not being as established as their competitors. As long as you have a top notch customer service experience and offer a product or service that’s similar or better than a competitor, you shouldn’t devalue yourself. If you set this pattern up early with clients, it can be very difficult down the road to raise your prices with your initial customers. Here a few tips to determining if the price is right on your new product or ...

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Entrepreneur Series Lesson 1: Being Undercapitalized

It’s always exciting to think about the idea of having your own new start up. You hear about stories where entrepreneurs started with just $300 and a cardboard box and then turned their business into millions. In reality, having worked with many types of business owners, the first mistake made by most is simply not having enough capital or access to capital while growing your business. Undercapitalization really involves the language used when a person cannot sufficiently fund their business venture. An idea alone will not lead to business success. This lack of capitalization not only includes the initial outlay to get the business up and going, but really miscalculating the operating expenses in the business—especially in the first year of operation. Here are three smart things to be thinking about so your new entrepreneurial venture doesn’t fall short financially. Lines Of Credit. Whether it is a true banking relationship or you have set up an arrangement with family and friends, ...

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Entrepreneur Series Lesson 10 – Passion, Persistence, and Perseverance

Lessons one through nine of my entrepreneur series were lessons extracted from my own business and other business owners across the country over the past twenty years.   Undoubtedly in your first year of business, you will make your fair share of mistakes like anyone starting a new venture.   There are so many valuable pieces of wisdom to learn as an entrepreneur, but here are my big three traits you must have to truly succeed in your business. Passion – Many business ventures people conjure up in their heads often revolve around the dreams of making a lot of money.  While building your wealth can be an outcome of a successful entrepreneurial pursuit, passion around your dreams is what will get you through the good times and the bad times.   When you get out of bed every day with emotions that are so compelling around what you are doing, it becomes easy to motivate others to get excited around that dream.    ...

Read More →

Entrepreneur Series – Lesson 8 – The Marketing Plan

Marketing your products and services is the lifeblood of a new business.   While you can ultimately have all kinds of long term business strategies, without having a steady stream of new revenue your new business venture can close up in a short period of time.   In my opinion, if you look at the three big areas of business including marketing, the actual product or service you are offering, and client service, marketing is the one driver that can help sustain a business even if the other two areas are slightly sub par.    There are really two parts to the marketing plan.   One section involves dealing with implementing strategies that will specifically drive new client acquisition.   The other arena is building the brand of your new company. Many new entrepreneurs substantially underestimate the time and money it will take do marketing in the first year of their business.    From a time perspective, your networking functions, community involvement, and meeting face to ...

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Entrepreneur Series – Lesson 2 – Incorrectly Pricing Your Product Or Service

In the first year of a start up operation, there is a great focus of energy from the new business owner on client acquisition.   Gaining new customers opens the floodgates for the generation of revenue to pay the bills of the business.   However, one of the tough lessons learned by young owners is not thinking clearly though pricing out the services of your business correctly. Most new business owners tend to undervalue what they charge for their work and services in order to compensate for not being as established as their competitors. As long as you have a top notch customer service experience and offer a product or service that’s similar or better than a competitor, you shouldn’t devalue yourself.   If you set this pattern up early with clients, it can be very difficult down the road to raise your prices with your initial customers. Here a few tips to determining if the price is right on your new product ...

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