I know what it's like --- going a hundred miles an hour pulling in resources as you go, putting deals together, meeting with vendors, investors, and of course taking care of customers. All of these activities are great AND they all require an agreement of sorts. How many decisions do you make each day that will have a long term impact on you or your business? How many of those decisions do you take the time to check in with your attorney or your team? Probably not enough I would imagine. For many up-and-coming companies, it may seem cost prohibitive to constantly be checking in with legal counsel. But you know you probably should. You may also think that some of your decisions are rather simple but since you're not working with a crystal ball, you really have no idea of the full, long term, impact of those decisions.
So here's my list of "must do's" to protect yourself and those you work with. One simple oversight can be devastating to a business but you can easily minimize risks by putting the following safeguards in place
1. Create a list of safeguards that require you to check in with your team before making certain decisions.
I talk about team all the time--- ideally an Advisory Team, business mentor/coach, Board of Directors or Mastermind Group. At the very least, you want to have 1-2 people around you that you trust and have experience in business. Make an agreement with yourself that you'll check in with your team every time you're faced with an expense that is over a certain dollar amount (you choose), a situation where you might be awarding stock, or a decision that requires a large investment of time. This forces you to slow down and get perspective. I have clients that check in all the time (as part of our working together) because we've established their own safeguards. I walk them through their decision to make sure it's in their best interest and they appreciate the feedback.
2. Have Agreements available and ready to execute for every scenario.
One of the best and most cost effective program investments I've ever made was in Jian's Agreement Builder at http://www.manifestsuccessplanning.com . This program contains over 160+ legal contract templates for every scenario including your Company's Operating Agreement. It has not only saved me thousands of dollars, it has also made me thousands because the templates prompt you to address issues you may not have thought about until it's too late. Scroll to the middle of the website, left side under Business Contracts to order. I use them with team, strategic partners, vendors, etc.
3. Enroll in PrePaid Legal to have ready access to an attorney 24/7.
I've had PrePaid Legal (www.prepaidlegal.com/go/dreamscoutllc ) for many years and pay approximately $25/month to be able to contact an attorney anytime I want. In the past, I may have hesitated seeking legal advice so readily even though I really needed the support but I was thinking of the expense--- but not anymore. For example, I'll complete a contract from Agreement Builder and then fax it over for an attorney review to make sure I've covered all the bases. Or perhaps I have a business question or an issue with someone I've hired. They'll write letters for you too. Nothing like having an attorney send a cease and desist letter on your behalf for peace of mind. It's all included! It's silly not to take advantage of this cost effective support if you're a small business owner. I have attorneys in my family and I still find this a more effective option.
4. Establish a relationship with an attorney and other key resources to have as back up .
Develop relationships with some key people so you'll have ready access to certain resources and not scrambling at the last minute during an emergency. This could include an attorney, a notary, backup technology support in case you need to quickly replace your webmaster, an insurance agent, and banker, etc. Having pre-existing relationships will insure smooth sailing for you in the event of a problem or when you need immediate and personal assistance.
5. Maintain access to all important codes, documents and IP in a central location.
As you expand your operations and outsource some of your activities, you'll have different people managing your technology and various accounts. Make sure that you are given access to every account code, especially as it relates to merchant accounts, customer files and your website hosting account. Also be sure to have control over all your intellectual property such as domain names, trademarks, copyrights, and patents. Have a plan for regular computer backups and maintain your files in a safe place.
Maria Simone is a Conscious Business Development Expert who will show you "NEXT STEPS" for transforming ideas into products, effortlessly attracting investors and sponsors, and manifesting customers with ease. http://www.passion2prosperity.com
Tuesday, November 18, 2008
Friday, October 31, 2008
Is this a GOOD time to start a business?
I'm not getting into the doom and gloom about any "crisis" the media is portraying but it does seem that what's happening now is a natural cause and effect and like anything else, it corrects itself. So I'm just BREATHING and continue to focus on the abundance that I'd like to create in my life.
We don't freak out when the leaves start turning colors each fall, do we? When there is a hurricane, we focus on keeping ourselves safe in the present moment but also know it will pass. If there are others that choose not to get themselves to safety, I'll have compassion for them but I do not need to obsess about how their actions will impact my life.
With that said, I think NOW is still a great time to start a business!
Now more than ever it's wise to start thinking of creating income streams in your life that are not controlled by someone else. There are also more resources available now as larger businesses may cut back on marketing, PR, branding, research, etc. You can scoop these people up at very discounted rates or perhaps work out some collaborative trade.
Need funding? There is still a lot of money in circulation, of course, and investors are now considering new opportunities outside of the stock market or real estate. If you have a good deal put together, don't hesitate to start raising capital.
People are coming together to weather the "storm" so that means you have the opportunity to create unique partnerships and receive mentoring from experts.
So there are an abundance of resources out there for you and, yes, it's a great time to start something new. Make sure you tap into doing what you love so your passion will take you through any rough times --- that will be the true measure of how successful you'll be.
We don't freak out when the leaves start turning colors each fall, do we? When there is a hurricane, we focus on keeping ourselves safe in the present moment but also know it will pass. If there are others that choose not to get themselves to safety, I'll have compassion for them but I do not need to obsess about how their actions will impact my life.
With that said, I think NOW is still a great time to start a business!
Now more than ever it's wise to start thinking of creating income streams in your life that are not controlled by someone else. There are also more resources available now as larger businesses may cut back on marketing, PR, branding, research, etc. You can scoop these people up at very discounted rates or perhaps work out some collaborative trade.
Need funding? There is still a lot of money in circulation, of course, and investors are now considering new opportunities outside of the stock market or real estate. If you have a good deal put together, don't hesitate to start raising capital.
People are coming together to weather the "storm" so that means you have the opportunity to create unique partnerships and receive mentoring from experts.
So there are an abundance of resources out there for you and, yes, it's a great time to start something new. Make sure you tap into doing what you love so your passion will take you through any rough times --- that will be the true measure of how successful you'll be.
Thursday, October 23, 2008
How To Follow Up With Customers Investors And Supporters
The phrase “out of sight, out of mind” sounds rather benign but in a growing business, that could spell disaster! If customers forget you’re out there, they won’t buy as often and referrals will be non-existent. It could feel like you’re constantly starting over rather than building on the goodwill you’ve created with existing customers. What about investors and supporters? People need to hear what’s happening on a regular basis ---even if it’s not all great. The fact that you’re reaching out is sometimes assurance enough, even during tough times. I have found that maintaining a regularly scheduled email communication program produces dramatic results in sales, referrals, and investor interest! In my Passion To Prosperity Protégé Program, I demonstrate how to create highly profitable email campaigns. For now, here are some basic strategies to help you stay in touch on a regular basis:
1. Strategize about what information you’d like to convey.
I recommend ONE communication going to your prospects and customers that’s educational and a SECOND campaign that’s more about the business---for investors, potential investors, team, and close supporters.
Customers should receive “how to’s”, “Q&A”, or some other educational content they will value, positive highlights about what the company is up to, a request for referrals, and any offer (sale/discount) you’d like to share. Your internal communication to investors and team should include a company status report, what your next steps are, and specific action items you’d like support with. Keep it short and sweet so it gets read!
2. Use a professional email service ---they’re affordable and reliable.
Avoid sending emails directly from your own email address like AOL or Yahoo. Not only will your mailing list get too large and cumbersome to manage this way, but mass emails often get pinged as SPAM and may never make it to the end user. You also run the risk of having your email address blacklisted.
I recommend an affordable service such as Aweber which is capable of safely sending email to thousands of people at a time. Your emails can contain colors and graphics, load quickly and can be preprogrammed. The system can be automated so that when someone signs in, they receive an “autoresponse” without you having to take any action. I’ve taken it up a notch and use a complete shopping cart system with built in autoresponder (a private label version of 1ShoppingCart).
3. Create a system and schedule for regular follow-up.
I recommend a communication at least monthly and stick with that day! Develop a template of your email layout so that it’s ready for you once each month and all you need to do is insert updated content. In my ezine Fast Forward, my topic headers stay the same but the content is what changes every 2 weeks. If writing is not your forte, let others help you with content for each topic. Make sure all your contact info is intact and links point back to you.
4. Make back issues available to show your progress.
Nothing sells you more to potential investors, vendors and partners then progress and momentum. Rather than you having to explain your status over and over, post archives of all your communications on your website or blog and direct people to that for updates.
Establishing a regularly scheduled email campaign has been one of the most cost effective and profitable marketing tools I’ve ever used in my business. When implemented correctly, it will dramatically increase your productivity and will help to effortlessly convert prospects into active customers, investors and strategic alliance partners.
Maria Simone is a Conscious Business Development Expert who will show you "NEXT STEPS" for transforming ideas into products, effortlessly attracting investors and sponsors, and manifesting customers with ease. http://www.passion2prosperity.com
1. Strategize about what information you’d like to convey.
I recommend ONE communication going to your prospects and customers that’s educational and a SECOND campaign that’s more about the business---for investors, potential investors, team, and close supporters.
Customers should receive “how to’s”, “Q&A”, or some other educational content they will value, positive highlights about what the company is up to, a request for referrals, and any offer (sale/discount) you’d like to share. Your internal communication to investors and team should include a company status report, what your next steps are, and specific action items you’d like support with. Keep it short and sweet so it gets read!
2. Use a professional email service ---they’re affordable and reliable.
Avoid sending emails directly from your own email address like AOL or Yahoo. Not only will your mailing list get too large and cumbersome to manage this way, but mass emails often get pinged as SPAM and may never make it to the end user. You also run the risk of having your email address blacklisted.
I recommend an affordable service such as Aweber which is capable of safely sending email to thousands of people at a time. Your emails can contain colors and graphics, load quickly and can be preprogrammed. The system can be automated so that when someone signs in, they receive an “autoresponse” without you having to take any action. I’ve taken it up a notch and use a complete shopping cart system with built in autoresponder (a private label version of 1ShoppingCart).
3. Create a system and schedule for regular follow-up.
I recommend a communication at least monthly and stick with that day! Develop a template of your email layout so that it’s ready for you once each month and all you need to do is insert updated content. In my ezine Fast Forward, my topic headers stay the same but the content is what changes every 2 weeks. If writing is not your forte, let others help you with content for each topic. Make sure all your contact info is intact and links point back to you.
4. Make back issues available to show your progress.
Nothing sells you more to potential investors, vendors and partners then progress and momentum. Rather than you having to explain your status over and over, post archives of all your communications on your website or blog and direct people to that for updates.
Establishing a regularly scheduled email campaign has been one of the most cost effective and profitable marketing tools I’ve ever used in my business. When implemented correctly, it will dramatically increase your productivity and will help to effortlessly convert prospects into active customers, investors and strategic alliance partners.
Maria Simone is a Conscious Business Development Expert who will show you "NEXT STEPS" for transforming ideas into products, effortlessly attracting investors and sponsors, and manifesting customers with ease. http://www.passion2prosperity.com
How To Manifest More Abundance In Business
I used to think that I had to make a choice between having a successful business and living an “enlightened” life—following spiritual and universal wisdom. For a long time, I thought it was either or. It didn’t dawn on me that I could have both until some years ago, I found that I was working VERY hard for all the success I had yet there were others around me who seemed to attract what they wanted with ease. The operative word being ATTRACT. I finally realized that these people were tapped into a higher consciousness and used this knowing to create the life of their dreams. Over the years I’ve sought to create that same ease of success and in doing so have completely transformed my life. Here are some things that I’ve learned that have been particularly helpful to me in creating a conscious business:
1. Attract Others To You: Take responsibility for everything that happens to you.
Once you REALLY understand that you’ve consciously or subconsciously created every situation that is happening to you, your perception of the world starts changing. You stop living by default and become much more thoughtful with your actions and your interactions with others. You stop playing the innocent bystander or victim, as the case may be, and start visualizing and expect more productive relationships and different outcomes in your business dealings. You may not have all the answers but this higher level of responsibility is more appealing to others rather than the blame game which has a repelling effect.
2. Allow Abundance to Flow: Create a new relationship with money
The thought of money as a reward is a very strong driving force for many people. It’s also a benchmark of success and status. However, the more emphasis you put on it, the more you may actually be repelling it. Money is just energy and has no value except what we give it. When you think of creating wealth, think in turns of what you will do with the money rather than the money itself. Think of clients as people with problems you have the solution to. The more people you serve, the more prosperous you’ll be…and so forth. This is especially true during the times when you think you really NEED money --- trying to pay bills, raising capital to launch your company, etc. Take the “charge” away from it and everything will start shifting around you.
3. Attract More Respect: Show up equally with everyone around you
We are all spiritual beings created perfectly equal yet we may subconsciously feel less than equal around those who are paying us to perform a service, people who may have more financial wealth or perceived success, and those who seem to be in more of a superior position. You can still respect and admire what they’ve created but you shouldn’t feel less than equal. That behavior will subconsciously cause others to treat you with less respect which may show up as payments being delayed, missed appointments, lack of recognition, broken promises and so on. If that’s happening to you, start showing up more powerfully with this other person and remind them that it’s not OK for these things to be happening and you’d like to turn that around starting today. Be equal and supportive, not subservient.
4. Manifest Quickly: Commit to having what you want first
Do you decide to allow yourself to have something once you know how it’s going to happen? Especially if it’s something you’ll have to pay for? Something like “I can’t have that because it’s too expensive and I don’t have the money for it”. True abundance will flow if you commit to having something first, even before you know HOW it’s going to happen. This works great with money and resources for your business. Without any attachment to how it will occur, continually commit to having whatever you want--- really commit to it without any judgment about the expense, the complexity of it, the logic, etc.--- and see how fast the solutions start lining up before you. What seems to be an issue or roadblock today could disappear tomorrow.
5. Choose what would make you happy, not what is always most logical
Your head may tell you that in order to achieve your goals in business you need to do certain things even though it’s a struggle, go down certain paths that may overwhelm you, or have relationships with people you don’t particular care for…and so you do. I lived like this for years letting my head rule. However, no matter how illogical it may seem at times, when I let my heart make the decisions based on what is giving me the most joy at the time, I seem to create a new unexpected solution. So keep checking in with your heart to make sure you’re enjoying your tasks. If you’re not, then expect a more abundant solution to appear (and allow it) rather than you being miserable doing things you don’t enjoy.
6. Help to create for others what you’d like for yourself
This is “give to receive” from a business perspective. Businesses rely on connections, customers, promotions, etc, to succeed. To easily create that for myself, I continuously do that for others by making introductions to resources THEY need, referrals to customers, investing in others, and creating cause marketing opportunities that support the community. It’s a continuous flow of energy that is constantly looping back to me in a way that’s more magnified from how I originally sent it out.
7. Managing too many tasks promotes scarcity
Thinking that you’re not getting it all done, there’s not enough time, and you need to take on everything at once sends out a message of JUST THAT. The Universe will agree, of course, so you’re never really able to catch up until you exhaust yourself. Learn to manage fewer priority tasks and know that everything will get done in the right time. Non-priority items seem to disappear or become non-urgent all of a sudden or you’ll find that others are showing up more frequently to help you.
8. There’s no real separation between your business and personal life
Don’t think you can have your two lives tucked away in nice separate boxes. They really are connected and as you acknowledge and embrace that, your business will take off. So maintaining a balanced, healthy lifestyle with plenty of playtime and an orderly home will spill over into how your business operates. If you allow your relationships at home to remain somewhat dysfunctional or disconnected, you are probably recreating those same relationships at the office or with clients.
9. Manifest success by eliminating self-judgement
Ever make a decision that in hindsight could have been handled differently and you carry the thought of “stupid, what were you thinking” around for days, months or even years? Did you ever stop to think exactly how many of those thoughts you continuously carry around with you? It’s mind boggling when you really think how hard we are on ourselves. Those thoughts only add fuel to the “I’m not good enough and I don’t deserve success” fire. When you replace that with more loving “I’m a magnificent human being and I’m doing the best that I can”, you’ll find that success seems to flow more easily towards you and it’s not fleeting.
As a conscious business development expert, I find that developing and implementing the proper business strategies is just as important as removing any limiting beliefs that hold you back. Learn to replace limiting beliefs with new thoughts that will actually help accelerate success at http://www.passion2prosperity.com
1. Attract Others To You: Take responsibility for everything that happens to you.
Once you REALLY understand that you’ve consciously or subconsciously created every situation that is happening to you, your perception of the world starts changing. You stop living by default and become much more thoughtful with your actions and your interactions with others. You stop playing the innocent bystander or victim, as the case may be, and start visualizing and expect more productive relationships and different outcomes in your business dealings. You may not have all the answers but this higher level of responsibility is more appealing to others rather than the blame game which has a repelling effect.
2. Allow Abundance to Flow: Create a new relationship with money
The thought of money as a reward is a very strong driving force for many people. It’s also a benchmark of success and status. However, the more emphasis you put on it, the more you may actually be repelling it. Money is just energy and has no value except what we give it. When you think of creating wealth, think in turns of what you will do with the money rather than the money itself. Think of clients as people with problems you have the solution to. The more people you serve, the more prosperous you’ll be…and so forth. This is especially true during the times when you think you really NEED money --- trying to pay bills, raising capital to launch your company, etc. Take the “charge” away from it and everything will start shifting around you.
3. Attract More Respect: Show up equally with everyone around you
We are all spiritual beings created perfectly equal yet we may subconsciously feel less than equal around those who are paying us to perform a service, people who may have more financial wealth or perceived success, and those who seem to be in more of a superior position. You can still respect and admire what they’ve created but you shouldn’t feel less than equal. That behavior will subconsciously cause others to treat you with less respect which may show up as payments being delayed, missed appointments, lack of recognition, broken promises and so on. If that’s happening to you, start showing up more powerfully with this other person and remind them that it’s not OK for these things to be happening and you’d like to turn that around starting today. Be equal and supportive, not subservient.
4. Manifest Quickly: Commit to having what you want first
Do you decide to allow yourself to have something once you know how it’s going to happen? Especially if it’s something you’ll have to pay for? Something like “I can’t have that because it’s too expensive and I don’t have the money for it”. True abundance will flow if you commit to having something first, even before you know HOW it’s going to happen. This works great with money and resources for your business. Without any attachment to how it will occur, continually commit to having whatever you want--- really commit to it without any judgment about the expense, the complexity of it, the logic, etc.--- and see how fast the solutions start lining up before you. What seems to be an issue or roadblock today could disappear tomorrow.
5. Choose what would make you happy, not what is always most logical
Your head may tell you that in order to achieve your goals in business you need to do certain things even though it’s a struggle, go down certain paths that may overwhelm you, or have relationships with people you don’t particular care for…and so you do. I lived like this for years letting my head rule. However, no matter how illogical it may seem at times, when I let my heart make the decisions based on what is giving me the most joy at the time, I seem to create a new unexpected solution. So keep checking in with your heart to make sure you’re enjoying your tasks. If you’re not, then expect a more abundant solution to appear (and allow it) rather than you being miserable doing things you don’t enjoy.
6. Help to create for others what you’d like for yourself
This is “give to receive” from a business perspective. Businesses rely on connections, customers, promotions, etc, to succeed. To easily create that for myself, I continuously do that for others by making introductions to resources THEY need, referrals to customers, investing in others, and creating cause marketing opportunities that support the community. It’s a continuous flow of energy that is constantly looping back to me in a way that’s more magnified from how I originally sent it out.
7. Managing too many tasks promotes scarcity
Thinking that you’re not getting it all done, there’s not enough time, and you need to take on everything at once sends out a message of JUST THAT. The Universe will agree, of course, so you’re never really able to catch up until you exhaust yourself. Learn to manage fewer priority tasks and know that everything will get done in the right time. Non-priority items seem to disappear or become non-urgent all of a sudden or you’ll find that others are showing up more frequently to help you.
8. There’s no real separation between your business and personal life
Don’t think you can have your two lives tucked away in nice separate boxes. They really are connected and as you acknowledge and embrace that, your business will take off. So maintaining a balanced, healthy lifestyle with plenty of playtime and an orderly home will spill over into how your business operates. If you allow your relationships at home to remain somewhat dysfunctional or disconnected, you are probably recreating those same relationships at the office or with clients.
9. Manifest success by eliminating self-judgement
Ever make a decision that in hindsight could have been handled differently and you carry the thought of “stupid, what were you thinking” around for days, months or even years? Did you ever stop to think exactly how many of those thoughts you continuously carry around with you? It’s mind boggling when you really think how hard we are on ourselves. Those thoughts only add fuel to the “I’m not good enough and I don’t deserve success” fire. When you replace that with more loving “I’m a magnificent human being and I’m doing the best that I can”, you’ll find that success seems to flow more easily towards you and it’s not fleeting.
As a conscious business development expert, I find that developing and implementing the proper business strategies is just as important as removing any limiting beliefs that hold you back. Learn to replace limiting beliefs with new thoughts that will actually help accelerate success at http://www.passion2prosperity.com
Monday, August 25, 2008
When you don't know what to do next...
During the course of building your business, there may be times when you're not actually sure of what next steps to take or even what questions to ask. I help entrepreneurs with business development, marketing, and funding support and these are the very questions I hear from clients, usually during our first meeting. I'd like to shed some light on these issues and especially to let you know that you're not alone. When you have clarity in all of these areas, you will naturally become more attractive to potential clients, partners and investors.
1. You have several options of what direction to take your business but just can't decide? If you ever find yourself faced with a decision you can't quite seem to make or take action on, the best thing to do is NOTHING. This is the time to slow down and: a) observe how you are feeling about the choices you think you need to make--- your heart could be slowing you down for a reason and all the signs should be there if you pay attention; b) you should absolutely seek out the advice of qualified people who have had specific experience with your situation. You don't want to make decisions without qualified information and neither should you ever feel pressured about making just any decision. Time is irrelevant here--- making a decision that doesn't support you could "cost" you more time in the long run .
2. Having trouble making sense of or communicating all your ideas? Start the business planning process as soon as possible to help keep you on track. Moving forward in your business with just a bunch of ideas swirling around in your head is not the same as having them committed to paper. Organizing your thoughts in a structured fashion gives you instant clarity, your ideas start coming to life, people now have a better understanding of how to support you, and the resources you'll need can start showing up. Just starting the process can sometimes help you get unstuck. I use my own business blueprint tool with clients or you can check out Jian's tools at http://www.manifestsuccess planning.com .
3. You may have limited operating capital initially and you feel pressured to invest in resources and services that should help you grow your business. So what resources should you invest your money in? That all depends on exactly what stage you're at in the "sequencing" of your business. If you buy or commit to resources before you're ready for them, it may just take you down a dead end if you're really not prepared to work with them: a) If you are working on your business plan, you should be GATHERING information about sales, marketing, PR, etc. You should not necessarily be investing in these services at this stage; b) If you are just starting out and about to raise investor money, only invest in those resources that will absolutely bring you more capital; c) don't invest or get committed to product manufac turing before you've developed your infrastructure or understand your markets; d) don't engage in activities that will create a demand for products and services you haven't developed yet unless you are just about ready to launch.
4. You have a great idea but not really sure what it looks like as a business. Very often, people have great ideas and start focusing on one way they think it should be launched. This could be in the form of a retail store, an online experience, a book, a game, a service, etc. If you find that you're focusing on one "expression" that could take much longer or cost more than it seems worth it, start opening yourself up to other ways your idea can get out there. Look for the lowest hanging fruit --- what is the fastest, most cost effective way you can get your idea out to the most people and bring you the most revenue in the shortest period of time (if that's your goal). For instance a retail chain of stores is a huge undertaking. Perhaps it would work best to launch as an online business?
5. How far should you go to prove out your concept? This could be something brand new for you and you haven't fully allocated resources to the project but want to make sure you have a market for your goods and services. Initially do things that do not require a big investment or ongoing maintenance (such as storage issues, insurance, license fees, etc). For instance take surveys, conduct market research, acquire trend reports, "dry test" and then "beta test" with a prototype, and get validation from experts. I would also start building a mailing list of people who would be interested in your product down the road.
6. Are you having resistance to moving forward with your business? Wondering if it will ever get done or if you're the person to do it? Do feelings of fear, isolation, and overwhelm seem to permeate your thoughts? Stop for a bit and be still as this isn't a cue for you to work harder. It means you need to do some internal work on YOU, not your business. There are plenty of great programs and people I frequently recommend that can support you here. It's time to eliminate those old "I'm not good enough" tapes! Issues around money, success, or receiving support shouldn't rule your life. On the other hand, if you're doing anything business related you're not passionate about which will require a huge investment of time, it's not worth doing. This is all about YOU not about business.
7. You have limited financial resources and lots of deadlines you've imposed on yourself---should you just keep plodding along and do as much as you can on your own to get it done and make your deadlines?
First, when you're building a business, I recommend not using TIME as a milestone if possible because it puts too much undue pressure on yourself and oftentimes you won't be able to commit to the deadline because of all the other variables involved. "In six months I will have raised $1 million" or "in 3 months I will be signing a lease so I better have the resources in place by then". How do you know? You're better off using financial milestones if you're raising capital---like, for instance, "when I raise my first million, then I can do xyz"--- or something OTHER than time. Shifting your thinking like this will give you new perspective, alleviate stress and allow you to focus on getting the necessary resources to hire the people you need to get the jobs done. You can try to do it all yourself without the necessary resources just to meet your self-imposed deadline but it begs th e question, "why do that to yourself"?
8. You feel unable to proceed because you have no money. It's not always the money that you need next--- it's determination, passion and having the right people around you. If you ever get stuck here, check in to see which one it is. Having the RIGHT PEOPLE around you will always attract money, so take the time to build a support team and let them open doors for you to money. Your DETERMINATION will always lead you to the next step if you're paying attention--- it could be money or another resource that's even better. If you don't have PASSION for what you're doing, you may want to check in to see if this is what you really want. Always, and only, do what you love
1. You have several options of what direction to take your business but just can't decide? If you ever find yourself faced with a decision you can't quite seem to make or take action on, the best thing to do is NOTHING. This is the time to slow down and: a) observe how you are feeling about the choices you think you need to make--- your heart could be slowing you down for a reason and all the signs should be there if you pay attention; b) you should absolutely seek out the advice of qualified people who have had specific experience with your situation. You don't want to make decisions without qualified information and neither should you ever feel pressured about making just any decision. Time is irrelevant here--- making a decision that doesn't support you could "cost" you more time in the long run .
2. Having trouble making sense of or communicating all your ideas? Start the business planning process as soon as possible to help keep you on track. Moving forward in your business with just a bunch of ideas swirling around in your head is not the same as having them committed to paper. Organizing your thoughts in a structured fashion gives you instant clarity, your ideas start coming to life, people now have a better understanding of how to support you, and the resources you'll need can start showing up. Just starting the process can sometimes help you get unstuck. I use my own business blueprint tool with clients or you can check out Jian's tools at http://www.manifestsuccess planning.com .
3. You may have limited operating capital initially and you feel pressured to invest in resources and services that should help you grow your business. So what resources should you invest your money in? That all depends on exactly what stage you're at in the "sequencing" of your business. If you buy or commit to resources before you're ready for them, it may just take you down a dead end if you're really not prepared to work with them: a) If you are working on your business plan, you should be GATHERING information about sales, marketing, PR, etc. You should not necessarily be investing in these services at this stage; b) If you are just starting out and about to raise investor money, only invest in those resources that will absolutely bring you more capital; c) don't invest or get committed to product manufac turing before you've developed your infrastructure or understand your markets; d) don't engage in activities that will create a demand for products and services you haven't developed yet unless you are just about ready to launch.
4. You have a great idea but not really sure what it looks like as a business. Very often, people have great ideas and start focusing on one way they think it should be launched. This could be in the form of a retail store, an online experience, a book, a game, a service, etc. If you find that you're focusing on one "expression" that could take much longer or cost more than it seems worth it, start opening yourself up to other ways your idea can get out there. Look for the lowest hanging fruit --- what is the fastest, most cost effective way you can get your idea out to the most people and bring you the most revenue in the shortest period of time (if that's your goal). For instance a retail chain of stores is a huge undertaking. Perhaps it would work best to launch as an online business?
5. How far should you go to prove out your concept? This could be something brand new for you and you haven't fully allocated resources to the project but want to make sure you have a market for your goods and services. Initially do things that do not require a big investment or ongoing maintenance (such as storage issues, insurance, license fees, etc). For instance take surveys, conduct market research, acquire trend reports, "dry test" and then "beta test" with a prototype, and get validation from experts. I would also start building a mailing list of people who would be interested in your product down the road.
6. Are you having resistance to moving forward with your business? Wondering if it will ever get done or if you're the person to do it? Do feelings of fear, isolation, and overwhelm seem to permeate your thoughts? Stop for a bit and be still as this isn't a cue for you to work harder. It means you need to do some internal work on YOU, not your business. There are plenty of great programs and people I frequently recommend that can support you here. It's time to eliminate those old "I'm not good enough" tapes! Issues around money, success, or receiving support shouldn't rule your life. On the other hand, if you're doing anything business related you're not passionate about which will require a huge investment of time, it's not worth doing. This is all about YOU not about business.
7. You have limited financial resources and lots of deadlines you've imposed on yourself---should you just keep plodding along and do as much as you can on your own to get it done and make your deadlines?
First, when you're building a business, I recommend not using TIME as a milestone if possible because it puts too much undue pressure on yourself and oftentimes you won't be able to commit to the deadline because of all the other variables involved. "In six months I will have raised $1 million" or "in 3 months I will be signing a lease so I better have the resources in place by then". How do you know? You're better off using financial milestones if you're raising capital---like, for instance, "when I raise my first million, then I can do xyz"--- or something OTHER than time. Shifting your thinking like this will give you new perspective, alleviate stress and allow you to focus on getting the necessary resources to hire the people you need to get the jobs done. You can try to do it all yourself without the necessary resources just to meet your self-imposed deadline but it begs th e question, "why do that to yourself"?
8. You feel unable to proceed because you have no money. It's not always the money that you need next--- it's determination, passion and having the right people around you. If you ever get stuck here, check in to see which one it is. Having the RIGHT PEOPLE around you will always attract money, so take the time to build a support team and let them open doors for you to money. Your DETERMINATION will always lead you to the next step if you're paying attention--- it could be money or another resource that's even better. If you don't have PASSION for what you're doing, you may want to check in to see if this is what you really want. Always, and only, do what you love
Sunday, July 6, 2008
Shortcuts To Get Your Products Into The Retail Markets
If you’re an entrepreneur with a consumer product, you probably find yourself from time to time keeping one eye “on the prize” --- seeing your products being sold on department store shelves. From personal experience I can tell you it has been quite rewarding to be in Macy’s, Bloomingdales, the Waldorf Astoria Gift Shop, the United Nations, etc. and to step back and watch people buy my products. I’ve done the same for ideas that I licensed out to other companies. I didn’t necessarily manufacture the product but I still loved to watch people enjoying something I had a hand in creating.
Now for a reality check: it’s important to have a healthy perspective at all times of the physical and financial responsibility involved in maintaining your place on store shelves. It shouldn’t be taken lightly but when you’re ready, I say go for it and enjoy the ride. That topic is for another day however. TODAY, I wanted to share some of the strategies I employed early on to secure my place in the retail sector so that my journey became almost effortless and I had the opportunity to test and impress the entire time.
1. Once you’ve identified the retail stores you’d like to have a presence in, it’s important to start developing alliances with people known in that space. It could be a current or former executive (ideal), a popular vendor who everyone knows, or a sales rep from another company that knows the ropes. You’ll have to network and do some research here. These people can run interference, open doors for you, help establish your credibility, etc.
2. Introduce yourself to your local buyers or department heads. Most of the retail chains have centralized buying offices these days but the department heads of the local stores still have a say. Find out who your local contact is and arrange for a non-selling visit. This is just an introduction and to get some quick feedback from them on how they think your product would sell in their store--- hypothetically. They can give you priceless information since they tend to really know their customers and what products move quickly and why. Stay in touch and let them know they’ve made a difference as you relay your progress.
3. Request a “trunk show” when you’re ready for some testing. This is a short period of time where you can come in and sell your own product in the designated department. You may need to become an approved vendor in the store’s system to sell nationally but the local stores can allow you to come directly into their store if they want ---without getting you into the system. They all make allowances for this activity but just don’t make it commonly known. Do your own local PR to drive consumers into the store that day---plan a special event, be there to monitor the activity and drive customers to your product. Evaluate afterwards. If your local contacts are pleased, they will endorse you to their national offices to approve you for vendor status.
4. Quickly leverage this experience with investors. Document this in your business plan--- your retail contacts, results of your in-store testing, and the advisors/mentors who’ve helped you. This will help you attract funding for a full product launch when you’re ready.
The retail playing field has changed significantly over the past few years and you may want to work with professionals who can navigate these waters when you’re ready for a full launch. In the meantime, I’ve used these strategies successfully to help me get my foot in the door and quickly build credibility with buyers. Always create a win-win with the people you’re working with and they’ll support your efforts. Relationship building and gratitude goes a long way in this area.
Now for a reality check: it’s important to have a healthy perspective at all times of the physical and financial responsibility involved in maintaining your place on store shelves. It shouldn’t be taken lightly but when you’re ready, I say go for it and enjoy the ride. That topic is for another day however. TODAY, I wanted to share some of the strategies I employed early on to secure my place in the retail sector so that my journey became almost effortless and I had the opportunity to test and impress the entire time.
1. Once you’ve identified the retail stores you’d like to have a presence in, it’s important to start developing alliances with people known in that space. It could be a current or former executive (ideal), a popular vendor who everyone knows, or a sales rep from another company that knows the ropes. You’ll have to network and do some research here. These people can run interference, open doors for you, help establish your credibility, etc.
2. Introduce yourself to your local buyers or department heads. Most of the retail chains have centralized buying offices these days but the department heads of the local stores still have a say. Find out who your local contact is and arrange for a non-selling visit. This is just an introduction and to get some quick feedback from them on how they think your product would sell in their store--- hypothetically. They can give you priceless information since they tend to really know their customers and what products move quickly and why. Stay in touch and let them know they’ve made a difference as you relay your progress.
3. Request a “trunk show” when you’re ready for some testing. This is a short period of time where you can come in and sell your own product in the designated department. You may need to become an approved vendor in the store’s system to sell nationally but the local stores can allow you to come directly into their store if they want ---without getting you into the system. They all make allowances for this activity but just don’t make it commonly known. Do your own local PR to drive consumers into the store that day---plan a special event, be there to monitor the activity and drive customers to your product. Evaluate afterwards. If your local contacts are pleased, they will endorse you to their national offices to approve you for vendor status.
4. Quickly leverage this experience with investors. Document this in your business plan--- your retail contacts, results of your in-store testing, and the advisors/mentors who’ve helped you. This will help you attract funding for a full product launch when you’re ready.
The retail playing field has changed significantly over the past few years and you may want to work with professionals who can navigate these waters when you’re ready for a full launch. In the meantime, I’ve used these strategies successfully to help me get my foot in the door and quickly build credibility with buyers. Always create a win-win with the people you’re working with and they’ll support your efforts. Relationship building and gratitude goes a long way in this area.
Monday, May 19, 2008
Small Business Funding: Business Planning To Attract Investors
Investors will find YOU if your Business Plan is “magnetized”
The process of actively organizing your thoughts on paper in the form of a Business Plan is very important for a number of reasons including the fact that we have a tendency to manifest faster what we can see visually; you can test and validate on paper before investing a lot of time and money on a new project; you begin to develop a roadmap of how you’re going to launch your project; and perhaps one of the most important reasons is with a Business Plan, you can attract the funding and resources you need to fully launch your business. Here are just a few key elements that investors and strategic partners find most appealing:
1. Tell your story. You want to briefly explain how you came to be doing this project to show your connection and the level of passion you have for it. Investors want to see that you’ll be committed to carry it through.
2. Define the problem/solution. The bigger the problem that you are a definitive solution for, the more interest people will have and ultimately the bigger the checks.
3. Identify and quantify your market. The market you are serving has to be big enough to be financially worth the investment in developing it and defined enough to be plausible for investors. The “world” is not your market.
4. Have a great idea. Some ideas are good but not great enough to invest a lot of time and money on. Also, if you can’t properly protect your idea or see it as scalable, it may keep some people away.
5. Understand and state the risks involved. Avoiding this conversation will leave investors and strategic partners questioning the merits of your plan. It’s better to put all the market risks out there and show that you’re dealing with them systematically.
6. Define your business model. Don’t just tell us about your product. Show us how your business model will support the product to get out there in the marketplace.
7. Describe who’s on your team. The more experience you have around you the greater the chance you’ll have for success. Investors look at the people.
8. Define your marketing and sales strategies. The more specific you are about how you will reach your customers, the more attractive you will be to investors.
9. Know your competition. Be realistic here and know what you are up against. Being honest will allow you to work through strategies to create competitive advantages which could include collaborations.
10.Define your Exit Strategies. Investors want to know how and when they will their money back. Strategic partners want to know what the end result will be of working with you. The more you can clearly define the options available, the more attractive you will be.
The process of actively organizing your thoughts on paper in the form of a Business Plan is very important for a number of reasons including the fact that we have a tendency to manifest faster what we can see visually; you can test and validate on paper before investing a lot of time and money on a new project; you begin to develop a roadmap of how you’re going to launch your project; and perhaps one of the most important reasons is with a Business Plan, you can attract the funding and resources you need to fully launch your business. Here are just a few key elements that investors and strategic partners find most appealing:
1. Tell your story. You want to briefly explain how you came to be doing this project to show your connection and the level of passion you have for it. Investors want to see that you’ll be committed to carry it through.
2. Define the problem/solution. The bigger the problem that you are a definitive solution for, the more interest people will have and ultimately the bigger the checks.
3. Identify and quantify your market. The market you are serving has to be big enough to be financially worth the investment in developing it and defined enough to be plausible for investors. The “world” is not your market.
4. Have a great idea. Some ideas are good but not great enough to invest a lot of time and money on. Also, if you can’t properly protect your idea or see it as scalable, it may keep some people away.
5. Understand and state the risks involved. Avoiding this conversation will leave investors and strategic partners questioning the merits of your plan. It’s better to put all the market risks out there and show that you’re dealing with them systematically.
6. Define your business model. Don’t just tell us about your product. Show us how your business model will support the product to get out there in the marketplace.
7. Describe who’s on your team. The more experience you have around you the greater the chance you’ll have for success. Investors look at the people.
8. Define your marketing and sales strategies. The more specific you are about how you will reach your customers, the more attractive you will be to investors.
9. Know your competition. Be realistic here and know what you are up against. Being honest will allow you to work through strategies to create competitive advantages which could include collaborations.
10.Define your Exit Strategies. Investors want to know how and when they will their money back. Strategic partners want to know what the end result will be of working with you. The more you can clearly define the options available, the more attractive you will be.
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