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For some reason, those two words seem to put terror into the hearts of even the biggest, meanest hard-core business people…not to mention poor little red riding hood. So today, I want to reassure you that you are already 3/4 of the way there to putting together a killer business plan for your new venture. But first, let’s talk. Why do you need a business plan, anyway? Continue reading Business Plans Made Easy When clients come to my law clinic to start a business, the first question they usually ask is: “Should I be a partnership or a corporation?” Making your business “legal” is such an exciting step…most people just can’t wait to do it! But there are a few questions you need to ask yourself before you decide on a legal form or structure. You should think about these questions even if right now your business consists of only you working in a closet out of your home. If you’re thinking about building a business, eventually there will have to be other people involved, and potentially other people’s money as well. Continue reading How to Choose a Business Structure
Remember how we talked on Day 7 about Robert Kiyosaki’s “cash flow quadrant” model? Basically, the idea is that there are four ways to generate income: as an employee, by being self-employed, as a business owner, or as an investor. Each of these categories has its advantages and disadvantages, but Kiyosaki teaches that only business owners and investors are on the path to long-term financial freedom. Employees, even those who employ themselves, are caught in the trap of trading time for dollars. If they don’t work, they don’t get paid. They have no leverage to earn income from the efforts of others, and no sources of residual income. Would you be surprised to learn that many people who are thinking about making the shift from employee to entrepreneur are actually thinking about becoming self-employed? Continue reading Stop Trading Time for Dollars
Here is how it works. The family that needs the barn acquires all of the materials, often by barter or trading. Then everyone descends on the property and works as a team to build the barn from the ground up. No money changes hands…because everyone knows the community will be there for them when it is their turn to build a barn. You can see how it works in this clip from an old Harrison Ford movie.
Sometimes, when you’re thinking about starting a new business, the biggest challenge is how to get started. Today, we’re going to think of your business as a barn…and figure out how to have a barn-raising to get it built from the bottom up. Continue reading How to Barn-Raise Your Start-Up I just had to share this great video with you from BraveHeart TV. They are interviewing marketing legend Jay Abraham about how to recession-proof your business. Enjoy!
But first, I want to share with you a great Vision/Purpose/Mission statement I ran across yesterday on the flyleaf of a book by Michael Gerber, best-selling author of The E-Myth series. Michael’s Dream: to inspire people to dream by awakening the entrepreneur within them. Michael’s Vision: to be the authority for helping dreamers everywhere create the small businesses they once could only imagine. Michael’s Purpose: to transform the lives of ordinary people by providing them with the thrill of creation while creating the means to generate their own and others’ economic freedom. Michael’s Mission: to create a turnkey system for awakening the entrepreneur within every person who wishes to go into business for themselves, while providing them with the support for doing it. Now, that’s not the same old, tired, worn-out corporate mission statement. If yours doesn’t sing like Michael’s, keep working on it until it does! And you might want to read Michael’s book for inspiration. I’ve given you the link in the resources section below. Continue reading Bridging the Gap from Employee to Entrepreneur
Executive Coach Tony Jeary explains it this way.
So Tony recommends that you create a detailed blueprint for the next 12 months, and be prepared to change it as you go along! Continue reading Setting Your BHAG One-Year Goals
This week, we will focus on the “how” part of the equation…how to take your vision of an ideal business to reality. The first step…and one you can’t afford to miss…is to become very clear about where you are going. So today we are going to go back to the vision statement you drafted on Day 3, update it with any new information you have discovered, and then compress it into two key statements:
Do you know the biggest difference between people who are financially successful and those who are not? I’ll give you a hint, it is not talent, education, or family background. The biggest difference between the rich and the poor is how they earn income, and what they do with the money they make. Generally, the rich recognize the importance of creating multiple streams of income. They invest income from one enterprise into a new asset that will use the powers of leverage and duplication to create more income. We’ll talk more about what all this means later. By contrast, the poor generally get their income by working for someone else. They earn an hourly wage or salary, which they use to buy things that they need. Most (if not all) of the income they earn is converted into expenses. The middle class in this country are caught in a powerful squeeze. They may earn a good income, either as a corporate employee or in professional self-employment…as doctors, lawyers and the like. But most of the income that they receive goes out the door to liabilities: a home mortgage, car payments, tuition for private schools, credit card bills for trips and luxury goods. What does all of this mean for your new business vision? It means that you should aim to own an asset-building business, rather than being self-employed. Continue reading The Advantages of Owning a Business
The next step of the process is to find your ideal customers. You want to find a large enough potential market to be profitable, but not so large that you won’t be able to compete with the big guys. You may have heard of the concept of “niche marketing.” In these days of almost unlimited consumer choices, the only way to be profitable is to aim your business at a clearly defined sub-group of consumers who are willing…indeed hungry…for your products and services. There are four keys to finding a great niche:
Continue reading Define Your Target Market  |
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