Workshop explores options for starting a business

Published in the May 10, 2015 

Q: I want to get started in a small business, but I can't decide among buying an existing business, operating a franchise or starting from scratch. Can you suggest anything? 
A: There are a number of ways of getting into business, each with its pros and cons. Fortunately, there's a free workshop coming up that can help you sort through the alternatives. SCORE and Capital One Bank have partnered to present the "Business Alternatives for the Entrepreneur" workshop scheduled for 9 a.m. to noon Thursday at the Kingdom Builders' Center, 6011 W. Orem Drive. This is one of a series of workshops designed to help small businesses survive and thrive.

The workshop has three parts.

1. Diana Trondsen, FranNet Franchise Consultant, will show you how to search for and evaluate franchise alternatives. Trondsen has more than 15 years of experience in single- and multi-unit franchises.Trondsen will help you explore the franchise opportunities and options that can meet your budget for entry while maximizing your earnings. She will take you through the process of choosing a business that will fit you well and give you control over your finances and plans for retirement. Learn why it is so important to make the right choice upfront and how to go about finding the right fit for you.
   
2. Mike Fadden, SCORE mentor, will help you explore whether you should start a new business or buy an existing one. Fadden has been involved in the startup of three companies and has business acquisition experience. He will review the 10 most important factors you need to consider in evaluating acquisition options. Sample topics include: What management experience is required? Is funding one alternative easier than funding another? Will you control your own destiny? What are the business valuation metrics?
   
3. Neil Polansky, of the city of Houston's Business Solutions Center, will discuss specific business operating requirements including "doing business as" designations, state sales tax permits, federal taxpayer ID numbers, appraisal of business personal property (rendition), financing options, deed restrictions, the Texas Deceptive Trade Practices Act, city contracting basics, and the Hire Houston First and Liftoff Houston programs.

At the workshop you also will have the opportunity to meet one-on-one with a SCORE mentor to discuss your situation and network with other small-business operators who are facing similar challenges.

Women Entrepreneurs Radio™ with Chris-Tia Donaldson

Chris-Tia Donaldson

Chris-Tia Donaldson is a Harvard graduate with a true passion for hair. By day, Chris-Tia is a successful lawyer for a software company. By night, she is a freelance writer and entrepreneur looking to launch her own natural lifestyle and wellness brand featuring an array of products from cosmetics to personal care items and household essentials.

Chris-Tia graduated cum laude with a bachelor’s degree in Economics from Harvard College and earned her juris doctorate from Harvard Law School. At this juncture, she is balancing the full time demands of her job as a corporate lawyer at the world’s largest global software/database company with the daily rigors of running a start up in one of the toughest economies since the Great Depression. Chris-Tia is also the author of the highly acclaimed and best selling publication, Thank God I’m Natural: The Ultimate Guide to Caring for and Maintaining Natural Hair, which chronicles her experiences working in corporate America with a kinky mane. Thank God I’m Natural has reached the status as #1 hair book on Amazon.com and is changing black women’s lives from Chicago, Illinois to Pretoria, South Africa.

Chris-Tia is an expert in a number of topics related to launching a start up, including but not limited to financing your business, creating and marketing your brand, leveraging social media to grow your customer base, gaining media coverage for your product/business, among many other topics. She can also address the operational aspects of being an entrepreneur (e.g. legal issues that can sink your start up, outperforming you competitors, keeping pace with technology, beta testing/1.0/2.0, goal-setting, prioritizing, dealing with limited resources, etc.) As the founder and President of the Harvard Black Alumni Society (2002 – 2010), she is also an expert in issues related to starting and running a not for profit organization. Finally, Chris-Tia can speak to the challenges and benefits of self-publishing, an ever growing industry due to the increasing availability of print on demand technology.

Ms. Donaldson has been featured in USA Today, Essence Magazine, the Chicago Tribune, the Chicago Sun Times, the Detroit News, the Boston Bay State Banner, as well as many other national publications for her views on black women, beauty standards in the workplace, health and self-esteem. She has also been featured as a commentator on ABCNews Chicago, WGN-9 Chicago News and Fox Chicago News. A link to the segments can be found at http://thankgodimnatural.wordpress.com/2006/10/.

http://thankgodimnatural.com/

8:00 pm EDT
Listen to the live or archived show at:
http://www.blogtalkradio.com/CoachDeb

How to Pick the Best Funding for Your Start Up

by Brad Campbell

Getting your startup off of the ground is not always easy to do. Not only do you have to face the rigors of simply being in business, you also have to find all of the money you will need in order to accomplish tasks which will make growth possible. You need to buy equipment and supplies for your office as well, including copier machines and other office equipment.


Finding the right investors for your company is a very important part of the startup process. Doing so will enable you to work with people who know about the things you need. Funding will also help you to buy all of the digital copiers and office equipment you will need to get your business running.

There are a few things to keep in mind when looking for the right investor for your business. You want to find an investor with experience working with companies in your field. It is important the investor is used to investing the kind of money you will need for your startup. It is also important that the investor has a proven track record for working with businesses which are successful.


Working in your field

When you dreamed up what your startup would be, there was a certain niche which you were looking to fill. A good investor for your company will understand what it is you do. It is important they understand what you do so you will not have to explain every step of the process as you grow. Additionally, investors who are used to working with companies in your industry might have some input for you as to what will help your company be more successful. Simply look at the past investments the investor has made to see how often they invest in your industry. Many will invest exclusively in one kind of industry.

Investing on your level

There are many different kinds of investors these days. The different kinds of investors are indicative of the different amounts of money in which they are used to investing. From the lowest investment amounts to the most are angels, super-angels, micro-VCs, VC, growth investors and equity groups. The difference is while angels might invest only a few thousand, VCs invest a few million and equity groups invest tens of millions. By using the right investor you will have a better chance the investor will not be scared about investing the amount you are looking to receive.

Track record for success

Hedging bets is very normal in the investing world. While it is important to work with those who are used to investing in your industry, if the investor has a bad history of investing in bad businesses there is a chance they can lead to the downfall of your company. While the failures are likely on the part of the company itself, it can often be due to the manner in which the investor interacts with them.

Resource Nation provides free tools, tips, and purchasing advice for business owners and entrepreneurs in over 100 business categories ranging from phone systems to credit card processing. Whether it's connecting businesses with local and national pre-screened vendors, or offering easy service comparisons on a VoIP service, Resource Nation empowers business decision makers by providing the information they need to make smart choices.

Business Event: "Raise Capital for Your Start-Up"

The capital raising process can be confusing and technical, but it can be critical for the development of fast growth ventures. Join the Executive Entrepreneurs Society as they ask poignant questions to industry experts including Gordon Rogers, the Atlanta Technology Angels Director, Sterling Wharton, GA's Centers of Innovation Director, and Steve Mitcham, Libreum Capital Management CEO.

Date: Tuesday,  October 5th
Time: 6:00PM - 7:30PM
Location: Georgia Tech College of Management
Suite 200, 800 W. Peachtree St., Atlanta, Ga. 30308

Attire: Business Casual
Cost: $0.00 
Register here:  http://esociety.org/event/2010-10-05-raise-capital-your-startup


Sponsored By: Woodcock Washburn, GT Alumni Assocation, Libreum Capital Management, Georgia Tech

The Executive Entrepreneurs Society is a 501(c)3 non-profit dedicated to providing global support to fast growth ventures ranging from $50M in revenue to startup. http://esociety.org/

Webinar: Your Type, Defined for Success!

Presented by: Michele DeKinder-Smith
Date:  Wednesday, July 28
Time: 3:00 pm Eastern time

If you’re serious about taking a good look at yourself and how you affect your business, then it’s time to reserve your spot in the free webinar my friend Michele DeKinder-Smith is offering.

Michele, Founder and CEO of Jane Out of the Box, an online resource for female entrepreneurs, is completely passionate about helping women business owners to succeed, on their own terms.

Reserve your spot here: http://janeoutofthebox.com/2010event/

That’s why she’s offering, “Which Jane Are You? Defining Your Entrepreneurial Type So You Can Recognize and Utilize Your Strengths and Overcome Your Challenges.”

Having researched and interviewed more than 3,500 female entrepreneurs, Michele is at the cutting edge of what it takes to succeed – no matter where you are now.

Her powerful webinar will cover:

*An overview of the 5 different types of female entrepreneurs, so that you can determine your type and learn to work to your strengths and overcome your challenges.
*The Number One challenge facing each type.
*Advice for each type for overcoming her Number One Challenge.
*Why it’s crucial to understand your type – and all the others, too.
*How knowing your type can help you build a massively successful business that works for you, specifically.
*More information about upcoming Jane Out of the Box events that will give you even more customized action steps to find increased income, greater success, and more enjoyment in your unique business.

Trust me when I say that you definitely don’t want to miss this webinar, if you have bigger and better dreams for yourself, entrepreneurially.

Learn more about the webinar and reserve your spot at http://janeoutofthebox.com/2010event/

How to Take Charge of Your Professional and Personal Life

Join me on Monday, July 19th at 1:00 pm eastern time when I'll be a guest on Entrepreneurs Talk Radio, hosted by Donna Price.

Topic: "How to Take Charge of Your Professional and Personal Life by Making the Move into Entrepreneurship"

Time: 1:00 pm EDT

Where: http://www.blogtalkradio.com/entrepreneurs-talk (listen to the live or recorded show 24/7)

Entrepreneur's are facing new challenges each day. Donna Price, Business Success Coach, host brings tools and strategies for entrepreneurs from experts in the field. Entrepreneur's Talk Radio is designed to provide YOU, the entrepreneur, with real world solutions that will help you to grow your business.

We will have guests that share expertise in the areas of strategic planning, multiple streams of income, personal growth, sales, writing good copy and more.... Join me for the conversation!

Business Planning and Funding for the Start Up

by Shannon Suetos

When starting a business there are a few initial steps you need to take, such as writing a business plan, how to get financial backing and so on. If you didn’t take many business classes, or marketing courses you may not know exactly how to get started with everything.

Business Plan

Writing a business plan can help you organize your business early on, not to mention help you get capital. If you aren’t sure how to write your business plan, there are many services you can take advantage of. You can find templates starting at around $10 and you could spend up to $5000, depending on what you need done.

Even with the initial sticker shock, investing in your business plan can yield a positive ROI. Your business plan is what investors are going to want to read, and it needs to be laid out well, and have specific information.

The most important thing to keep in mind is to answer this question, “how will you make your investor money?” Once you answer that question, the rest should fall into place. “I will be able to make money because of A, B and C—I will do this by XYZ.” Avoid using a lot of buzz words—instead be straight forward, and get to the point.

Location

According to CNN Small Business, the top ten best cities to start a business are:

1. Oklahoma City, OK
2. Pittsburgh, PA
3. Raleigh, NC
4. Houston, TX
5. Hartford, CT
6. Washington, DC
7. Charlotte, NC
8. Austin, TX
9. New York City, NY
10. Baltimore, MD

CNN goes on to report, the best cities to get capital from banks are:

1. Salt Lake City, UT
2. Minneapolis, MN
3. Milwaukee, WI
4. Los Angeles, CA
5. Chicago, IL
6. Dallas, TX
7. Detroit, MI
8. Columbus, OH
9. Boston, Ma
10. Newark, NJ

If you aren’t fortunate enough to live in one of these cities, there are still plenty of viable options to choose from other than bank lending. Such as angle investors and VC loans.

Gaining Capital

Angle investors are a great place to start for the new entrepreneur. There are now social networking sites that help you connect directly with angle investors.
FundingUniverse

This site helps connect entrepreneurs to the right lending source based on their future company’s needs.
Gaebler

This site has a state by state run down of angle investors.
Go4Funding

Similar to FundingUniverse, this site connects people to the right kind of investors.
These are just three of many sites you can find by doing a quick search on Google. The SBA is also a great resource for new entrepreneurs for business plan writing, all legal documents you may need, and how to find investors.

Shannon Suetos is an expert on lead generation writer based in San Diego, California. She writes extensively for an online resource that provides expert advice on purchasing and outsourcing decisions for small business owners and entrepreneurs such as telephone answering systems at Resource Nation.

You Haven’t Heard of My Business – But I Have a Website!

by Julie Barnes

What is marketing? According to the website Wikipedia, marketing is used to create a customer, to keep a customer and to satisfy a customer. Since you will be focusing your marketing activities on your customers, it can be concluded that marketing is one of the premier components of business management. Some new entrepreneurs think just having a website is all the marketing that they have to do. They seem surprised when someone has never heard of their business or never been to their website. Even if all you have is a website, you still have to promote it, or it's just an online brochure.

Before designing your marketing plan, you will need to narrow down your target market. Who is your target market? Let's do some brainstorming by doing a mind map of your target market.

Identifying your target market will allow you to efficiently plan your marketing strategies which will give you a greater return on investment. So you have narrowed down your target market, now it’s time to brainstorm marketing strategies for your business by doing a marketing mind map. You should also research the cost of each marketing activity and the time that will need to be invested. Most small business owners keep an eye on the budget, but fail to plan for the time involved in a marketing activity.

Marketing Mind Map

By looking at the mind map you can get an idea of ways that you could market your business. You could use this example and map out further with your ideas. When deciding on your marketing – do what you feel is best for your business. Don’t always follow the “in” crowd. What they do for their business may not be right for yours.

Julie Barnes is a Freelance Writer focusing on her passions of entrepreneurship, women’s issues, and holistic health and wellness. Julie published “So You Want to Start a Business…Now What?” in December 2009. Julie lives and works in the Kansas City suburb of Overland Park, KS with her husband Ron and lovable dog Hank. You can visit her site at http://www.onewhowrites.com.
Copyright © 2010 Julie Barnes and One Who Writes

Julie Barnes is a regular contributor to the Secrets of Success blog.

Are You A Duck or An Eagle?

 

Are You A Duck or An Eagle?

 

Harvey Mackay is the author of two previous New York Times #1 bestsellers, “Swim With The Sharks Without Being Eaten Alive” and “Beware the Naked Man Who Offers You His Shirt”. In total, Harvey's books have sold 10 million copies worldwide, and have been translated into 37 languages.  He also is one of America's most popular and entertaining business speakers. Toastmasters International named him one of the top five speakers in the world.

 

In 1959, at the age of 26, Harvey purchased a small and failing company that produced envelopes.  Today that company has grown into a $100 million business employing over 600 people. It’s one of the nation's major envelope manufacturers, producing 25 million envelopes a day. As chairman, Harvey's philosophy is engrained in the company, beginning with its motto:

 

“Do what you love, love what you do and deliver more than you promise.”

 

Harvey Mackay tells a wonderful story about a cab driver that proves his point.  Allow me to paraphrase the story of Wally the cab driver.

McKay was waiting in line for a ride at the airport.   When a cab pulled up, the first thing Harvey noticed was that the taxi was polished to a bright shine.   Smartly dressed in a white shirt, black tie, and freshly pressed black slacks, the cab driver jumped out and rounded the car to open the back passenger door for Harvey.  The driver then handed him a laminated card and said:

'I'm Wally, your driver. While I'm loading your bags in the trunk I'd like you to read my mission statement.'

That was something totally unexpected from a cab driven, but something that immediately caught the attention of a business strategist like Harvey McKay.

 

Mission Statement:  To get my customers to their destination in the quickest, safest and cheapest way possible in a friendly environment.

 

This blew Harvey away. And, as he got into the cab, he noticed that the inside of the cab was as spotlessly clean as the outside.  As he slid behind the wheel, the driver asked, 'Would you like a cup of coffee? I have a thermos of regular and one of decaf.'

Jokingly, McKay said, 'No, I'd prefer a soft drink.'

Wally smiled and said, 'No problem. I have a cooler up front with regular and Diet Coke, water and orange juice. Which would you prefer?”

Almost stuttering, Harvey said, 'I'll take a Diet Coke.'

Handing him his drink, the driver continued, 'If you'd like something to read, I have The Wall Street Journal, Time, Sports Illustrated and USA Today.'  Then the driver handed him another laminated card, explaining,  'These are the stations I get on my satellite radio, in case you'd like to listen to some music. I have the air conditioning on.  Is the temperature comfortable for you?”

 

Still stunned, Harvey muttered, “Yeah, sure, that feels great. Tell me Wally, have you always served customers like this?'

Wally smiled into the rear view mirror. 'No, sir, not always. In fact, it's only been in the last couple of years. My first five years as a cabbie, I spent most of my time complaining like all the rest of the drivers do. Then one day I heard some personal growth guru on the radio.  He said that if you get up in the morning expecting to have a bad day, you will rarely disappoint yourself. He also said, 'Stop complaining!  Differentiate yourself from your competition. Don't be a duck.  Be an eagle’. I thought that was pretty funny.  But the man on the radio explained that ducks quack and complain.  Eagles soar above the crowd.''

'That hit me right between the eyes,' Wally said.  I realized that I was a duck, always quacking and complaining, so I decided to change my attitude and become an eagle. I looked around at the other cabs and their drivers. The cabs were dirty, the drivers were unfriendly, and their customers were unhappy. So I decided to make some changes. I put in a few at a time. When my customers responded well, I did more.'

 

 'I take it that has paid off for you,' Harvey said.

'It sure has,' Wally replied. 'My first year as an eagle, I doubled my income from the previous year.  This year I'll probably quadruple it. You were lucky to get me today. I had just delivered one of my regular customers to the airport.  I don't sit at cabstands anymore. My customers call me for appointments on my cell phone or leave a message on my answering machine. If I can't pick them up myself, I get a reliable cabbie friend to do it and I take a piece of the action.'

Wally the cab driver made a phenomenal discovery, and ended up running a limo service out of a Yellow Cab, doubling, then quadrupling his income.  He decided to stop quacking like a duck and start soaring like an eagle.

How about you?  How could your business profit from the same attitude change that Wally the cab driver made?  What changes would be necessary for you to differentiate yourself from the competition and begin to soar like an eagle?

 

Corporate refugees can make good small business owners

Q: I’ve been working in a large corporation for a long time and now have the opportunity to terminate with a severance package. I’m considering starting or buying a small business but how do I know if I can or should?


A: Many people in similar situations these days are wondering the same thing. Not only are the newly unemployed looking for business opportunities, others currently employed are seeing “the writing on the wall” or “just don’t like” what they observe going on in their workplace. They all need income replacement and seek investment opportunity. Going into business for themselves might just be what they need.

First, people coming out of corporate environments are usually better suited for small business ownership than they may think.

Many skills do travel from one environment to the next and experience working with big companies has some advantages. Training is an important one. Sales courses, budgeting classes, management seminars and other learning experiences are standard offerings at most large corporations.

Big-company employees may have industry-specific or technical experience that they can build a business around, if they can handle all of the other responsibilities of running a small business.

Corporate refugees normally have learned how to execute, plan and budget. If you’ve had management or supervisory background, then you’ve had the chance to develop organizational and time-management skills.

But refugees from big businesses could have some weaknesses. One is a desire or expectation to earn more than is realistic especially at the beginning. The monetary benefits of owning a privately-held business often arrive after the business is well established.

Some corporate employees are specialists--unable or unwilling to perform the kind of multitasking that is second nature to successful small business owners. Corporate executives sometimes are not ready to roll up their sleeves and do whatever is necessary to get the job done.

Most corporate employees don’t have experience managing cash. Someone else paid the bills and received the money. But in most cases small business cash management is much like managing your own personal bank account.

Risk taking is something some refugees can’t come to grips with. They’re used to a steady salary whatever the business conditions. Not having that guaranteed income can be uncomfortable.

So, if you’ve been “downsized for the last time” or are ready “to take control of your own destiny” speak to a SCORE counselor or attend a SCORE seminar for help in getting started.

Starting a business? Pick one that blooms in recession

March 28, 2009, 2:37AM

Q: I would like to start or buy a small business, but the economic news these days is so depressing that I’m wondering if there are any good opportunities in today’s environment. Do you know of any?

A: There are many small businesses in Houston that are doing quite well despite the economic slowdown we face. Some are types of businesses in markets that are weathering the storm better than most. Others have acted aggressively to stimulate sales, have adjusted their product or service mix in response to changing customer needs, or have increased their efficiency to improve their bottom line.

For example, when the conventional wisdom was to trim down and scrutinize costs, Veronica Millstid-Levine, the owner-manager of Bailey Connor Catering, hired a marketing consultant and additional salesperson to root out more customers.

It paid off with a 21 percent increase in sales in 2008, and the company is on course for a greater increase in 2009.

“Auto repair is an example of a sought-after business in these recessionary times,” said Rose Stabler, Managing Partner of Certified Business Brokers.

“With the car dealerships going out of business and their repair shops along with them, there will be more people looking for private auto repair shops. In addition, more people are keeping their cars instead of buying new ones. Therefore, more repairs!” Stabler said.

One of Stabler’s current listings for sale in Houston boosted its earnings last year by 65 percent by providing superior auto service to its local customers.

Debbie Beal, owner-manager of A2Z Educational Supplies in Humble, worked with SCORE business counselor Bob Galbreath.

She emphasizes quality service to her customers, who are mostly schools and teachers.

Her sales increased by 28 percent last year, despite Ike, and are showing about a 40 percent increase year-over-year in 2009.

Vic Bailey of One Voice, a business communication services company, has maintained his sales volume by “hitting the streets” and paying visits to current clients and potential clients.

Improved telecommunications is one way his clients can increase productivity.

So he proactively gets out there to advise them on those improvements.