Bookkeeping For Small Businesses

It is what will make you more successful; because it is an activity that can dramatically affect your bottom line and at the end of the day it has been, is, and always will be, about the money!

As an entrepreneur your time is limited as you work IN your business day in and day out. Hey, you have to make money, right? The one aspect of most small businesses that gets neglected is the bookkeeping piece of the business. The problem is that bookkeeping is vital to the ongoing health of any venture. Having accurate information available in a timely fashion is so important. Decisions have to be made and those decisions can only be made if the owner has the right information at his fingertips.

Entrepreneurs make mistakes when it comes to bookkeeping. It is usually one of the following:

  • Collecting all their receipts and storing them in a box for year-end when the accountant can figure it out
  • Buying a sophisticated accounting software program and……
  • Hiring someone else to do the work

Each one of those has its own set of problems; so let’s look at them one at a time.

If you leave your bookkeeping until the end of the year, it is going to cost you a lot more money than if you stay on top of it month in and month out. Accountants are expensive. They’ll have tons of questions and you’ll have to answer them.  Building financial statements from the contents of a shoe box is not the most practical or profitable way to go. You are going to be paying out a lot in fees.

Accounting software programs like QuickBooks and Simply Accounting are programs that take a long time to learn. Unless you are prepared to take more than a few night courses you’ll never really understand how to use them. When you make an entry in one of these programs all sorts of things happen as all different accounts are affected. Make a wrong entry and look out.  These programs and training for them is not cheap.

If you hire someone to be your bookkeeper you better hope that they know your business. They’ll make assumptions based on their limited knowledge of your business and your industry. If they make a mistake, who is going to catch it? You? Nope. You are paying them to make your life easy, remember. When there is an error, it is going to be your problem not theirs. And don’t forget, you are paying them.

Now you know what NOT to do, what is the answer? You have to be your own bookkeeper. Sorry. I know you didn’t want to hear that, but unfortunately I have learned by experience that it is the only way. Is it a bad thing? Absolutely not. It is great because by being your own bookkeeper you stay on top of your businesses’ financial health. You know what is coming in and what is going out. You know everything. And as I stated earlier having accurate information is what you need.

Where do you start? You need to:

  1. Set up a spreadsheet to track your revenues
  2. Set up a spreadsheet to track your expenses
  3. Set up your payroll whether you are a sole proprietor or if you have employees
  4. You have to keep on top of your bank account through online banking
  5. You need to set up a schedule for your government remittances

With these simple things in place you will be able to manage your business and at the end of the year email your financial summary to your accountant so he can generate tax returns for both you and your business and do so quickly and at a lower cost than expected.

Each business is different; but the principles are the same. You collect revenue from sales and pay out money to suppliers, staff and the government. If you do things properly, you’ll not only run a good business, you’ll make money. Why? Simple. For example, if you see that you are not charging enough for your product or service, you’ll change pricing immediately rather than waiting until the end of the year when it might be too late.

Bookkeeping is one piece of business that is most quickly either ignored by a business owner or given away to someone else to worry about. Now you know how wrong that is. Bookkeeping is just another task that you as a business owner have to be responsible for and be happy about it. It is what will make you more successful; because it is an activity that can dramatically affect your bottom line and at the end of the day it has been, is, and always will be, about the money!

 

Paul Morgan, Plan2Profit, 1-844-752-6776


Thinking Outside The Box

Today’s message was inspired by my interview with Dr. Richard Nongard. To hear my full interview with Richard, listen HERE.

 

Episode Sponsor- Plan2Profit


Why Crisis In Your Business Is Good For Business

If you are in crisis as a business, it forces you to become a creative thinker

When, as an owner, you run into a major crisis, it is sometimes exactly what you need. If your business is rolling along, the management can become complacent and stop thinking creatively as to how the business can be improved. A CEO of a $ billion company and a family friend who unfortunately passed away recently, was always wary when things were “goin’ too good”. He always wanted his team to be looking for new revenue streams and ways of better operating the business.

If you are in crisis as a business, it forces you become a creative thinker.  In my case, whenever one of my businesses starts to hit a bit of a lull, we turn up the creative juices and by doing so become a much better company. You can do this as well. Here is what I learned:

#1 Get Help!

Hire a business consultant or coach to help with things.  Having a fresh objective view at your side will make a huge difference. You want someone who will challenge you and your assumptions.

#2 Embrace Change

Stop trenching. Just because you had success doing things the “old” way, doesn’t mean that going forward that will work.  Change is paramount. You must embrace it every day. Change in policies. Change in procedures. Change in personnel. Change in technology. And most importantly, change in you. Your business can’t change until you change

#3 Listen

It is very important to shut out the noise and listen. Your people, the people who are in the trenches every day have a better feel for the marketplace than you ever will. Talk to them. Listen to them. They’ll tell you if you let them know that you really are interested and will act on their suggestions. Listen to your customers. How can you better serve them?

#4 New Ideas

There is no such thing as a “bad” idea. There are ideas that maybe are not pertinent to your situation today but may have relevance tomorrow. If you say “no” people will shut down and not share their true feelings. If you embrace new ideas, more and more will come.

#5 Take Responsibility

If you crawl into a corner and cower, you will fail. If you stand up and take responsibility for the state of your business today, you will more than likely be still in power when things turn around because of your undying efforts to change and improve the business.

#6 Keep Moving

Standing still will kill you and your business. I tell all my customers to “Hurry up and slow down”, but I never tell them to stop.


This Business Plan Landed Our Client $87 Million

Having a good Business Plan, a solid pitch deck and being well prepared landed a client of ours $87 million USD. Yes, that is a lot of money and he secured that funding with a Plan2Profit 20-page Strategic Business Document. Again, 20 pages got him 87 million dollars.

In general, when you present your business plan to an investor or lender, there is no guarantee how much money you will receive – if any at all. Raising money for your new business or for your existing business is a complex process and it is very time consuming; but if you do it the right way, you will be in a better position than most others.

The number one thing you must always remember is that your business plan is for the reader.

Background of this client

Our client was in the oil and gas business in the Midwest and he had leased a large tract of land in Indiana that had massive reserves of untapped methane gas.  Using new horizontal drilling technology he had an ambitious plan to extract the methane and either sell it as compressed gas, convert it to fuel for sale or convert it to methanol to power an electricity plant. He also had plans to build a self-sustaining micro-grid facility that could deliver both clean electrical power and year-round organic produce from a large greenhouse operation.

Before he employed our firm to help him with his business plan, he had retained the services of two other Business Plan Writing firms to help him with the project. They both produced massive documents for a large fee that no reader would ever start reading let alone finish or could understand. The writers didn’t understand the business themselves, so just crammed their plans with lots of useless information that no reader could ever fight his or her way through.

We were then contracted by the business owner for the same purpose as the other two. We look at what we do differently. We clearly understood what the client wanted. He didn’t want a business plan, he wanted to get funded. The business plan was a means to an end and not the end in itself.

After working together with the owner, we produced a Business Plan that secured his business a first round of funding of $87 million from investors in China. They said that when they read the plan they understood what he was trying to do and how he was trying to do it and the financial projections were easily understood.

So how did we do it!

Let’s walk you through the process we followed in dealing with this particular client.

#1 – The Discovery Call

The process with this client started with a simple “discovery call” to help us to understand his business, where he was at and where he wanted to be. I challenged his assumptions, and didn’t stop talking to him until I understood the business clearly. Heck if I didn’t “get” it, how was the reader of the plan ever going to “get” it.

#2 – The Financial Forecast

I asked him a series of questions designed to identify his revenue streams, projected sales, and costs of production, labor costs, and all other associated expenses. That then enabled us to develop the first draft of his financial projections.  Our goal was to develop a financial projection that was representative of his unique business idea and one that someone who didn’t “know” the business could understand.

By building a quality financial projection for the business, we proved to the reader – and the business owner – that the project was viable and sustainable.  It also proved that his business had the ability to pay down the debt it would be carrying.

Building the Financial piece with our client was a collaborative effort. In the end, our client understood where each and every number came from. This was important because he would have to defend his numbers in front of a potential investor.

#3 – Identifying the Start-Up Costs

We then identified the money he would require to start his business and identified those costs down to the penny. If you are asking someone for money you can be sure they want to know how it will be spent. Please read this blog to understand what start-up costs are. Identifying your Start-Up Costs before opening your business.

#4 – The Written Part of the Plan

Given the amount of information we were given about methanol, combined heat and power and biogenetic gas, we could have easily written a 35-50 page document; but that is not what an investor is looking for. Instead, we wrote a clear and concise document that allowed the reader to know exactly, who they were, what they did, what they were looking for and it explained things to the reader in layman’s terms with no jargon and no silly graphs or pie charts.

We included 5 main sections in the written part of his business plan.

  1. An Introduction that summarized their business concept and model.
  2. The Purpose of the Strategic Document which was for funding, and what size of investment they were looking for and under what terms.
  3. A Description of the founder and his team and what skills they offered to the project
  4. A Comprehensive two-year financial forecast and a summary five-year projection
  5. A Clearly presented elevator pitch.

Conclusion

It was that simple. Remember, as a business owner pitching your idea to an investor or looking for a loan from a bank, you are not trying to win a business plan writing award; instead, you are trying to secure funding. If you keep that in mind as you build your plan you will keep on point, precise and concise.


Identifying your Start-Up Costs Before Opening your Business

It is essential that you itemize each and every expense to the penny.

The devil, they say, is in the details.

Before you start a new business, it is imperative that you clearly identify all your start-up costs. You need to know “before” you open exactly what it will cost you to do so. This is important, because once you have identified your start-up costs, you will see what money you have and what money you need to secure from an outside source.

  • If your start-up costs are $250,000 and you have $50,000 then the balance or $200,000 is what you are looking for from a lender or investor.

So, what qualifies as a start-up cost?

Let’s start with the basics, and this means understanding how start-up costs are categorized. All start-up costs – the period before you start generating income – include two kinds of spending: assets and expenses.

  1. Assets are one-time costs and include such things as Capital Improvements, Furniture and Fixtures, Equipment, Inventory and the like.
  2. Expenses are the costs for operations that occur during the start-up phase, although they will continue throughout the life of the business and include things such as rent, utilities, marketing, training, payroll etc.

Part of your start-up costs should include investing in professional fees for such things as:

  • Setting up your accounting system,
  • Registering your company as a sole proprietorship, partnership or corporation
  • Paying for a business plan.
  • Paying for a business advisor

Other potential start-up costs include:

  • Pre-opening advertising and promotional activities
  • Fees for setting up your commercial bank account and debit machine
  • Capital Improvements
  • The first and last month’s rent
  • Equipment purchases
  • Supplies of paper, soap etc.
  • Fees for setting up your telecommunications
  • Deposits for gas, water, and hydro
  • A POS system
  • Licenses
  • A security system
  • Designing your Website and Social Media pages
  • Signs inside and outside your business

It is essential that you itemize each and every expense to the penny.  You are going to have to go to a lender and/or investor and it is important that you ask for the exact money you need. It is almost impossible to go back at a later date and ask for more. A lender is only going to forward money upon presentation of an invoice; so, make sure you project what they will be.

If you are short in cash before you open because you didn’t ask for enough money, then, you are going to have to ask your new business to fund the overages and that isn’t fair. Your forecast will show that even if you are an excellent operator, being profitable in the early going is tough.  Therefore, expecting the business to pay off start-up costs that you didn’t expect is not reasonable; as it will be struggling to establish itself as a business.

So, understanding the facts, here are the steps:

  1. Itemize ALL your start-up costs
  2. Single out your contribution
  3. Summarize what money you require from your lender/investor

Paul Morgan, Plan2Profit, 1-844-752-6776


Preparing to Apply for a Cannabis Retail Business

With the legalization of cannabis in Canada and certain jurisdictions in the United States, there are real opportunities for entrepreneurs to jump in and capitalize on a business opportunity. Although governments will control supply and pricing, the sale of products will in some jurisdictions be left to private enterprise.  This is different from what we all thought was going to happen – especially in Canada – where the initial proposal was for government to act as retailers in much the same way as they do with government-run liquor and beer stores.

The private sector is now in a position to capitalize on the business of selling recreational cannabis and cannabis related products – oils and edibles as an example. Medicinal cannabis will still be controlled by the government.

Here are the steps you must follow:

Licensing

In Ontario, Canada as an example:

  1. You must apply for an Operator’s license.
  2. You must apply for a Sales’ license for a specific location
  3. You must have your store management licensed – in other words all your management staff must be licensed.
  4. Your staff must undergo training and be certified in the same way that liquor servers must have their “smart serve”

To receive these licenses, you must meet a stringent set of standards and each individual must be “squeaky” clean. There is a fee related to each application. The Alcohol and Gaming Commission of Ontario, AGCO, regulates the licensing process so go to their Website for these applications and keep yourself informed about the ongoing changes.

Location

Once you have secured the various licenses, you then can move on to securing a location. Most landlords are going to want to see your business plan. There is a lot of misinformation about the issue of legalization of marijuana and landlords are nervous about renting space for cannabis retail outlets. The government has set out regulations for distances from schools, the need for a separate outside entrance etc. and therefore the licensee must select a location that will meet or exceed regulations.

Note: You can make an “offer to lease” with a condition that you secure the requisite licensing.

Financing

If you have secured the licensing and signed a lease, you may also need to apply for a loan. Again, you will need a Business Plan. This plan will outline the process you will undertake to go from where you are now to where you want to be. The plan must be heavily weighted toward the financial piece as this will demonstrate to the lender that you understand the economics of the business.

Your plan needs the following:

  • Overview
  • Financial Forecast
  • Start-Up Expenses
  • Security
  • Management

Note:    Your Business Plan serves two purposes:

  1. It demonstrates to the lender/landlord that you have a “handle” on your business.
  2. It shows you that your business is viable and sustainable.

Systems and Controls

After securing a licence, a space and financing it may be time to open for business. Being a business licensed by the government, you can expect to be monitored regularly and consistently. While there are hundreds of thousands of liquor licenses issued, there are a virtual handful of cannabis retail licenses expected to be issued. And since there will be a small number of licensees approved, those cannabis retail owner/operators can expect to be visited regularly.

You will need to keep an impeccable set of books. Having policies and procedures in place is also very important. Hiring help in these areas is imperative and will save you any hassles going forward.

Securing a retail license for the sale of recreational marijuana is a potential windfall for the operator.  Do it right! If you do it right, you will not only win today; but also win tomorrow.  You might get more outlets.

Paul Morgan, Plan2Profit, 1-844-752-6776


The Reason The Right Business Plan Will Help You Get Funding!

Nothing kills a new business idea faster than wishy-washy numbers.

The primary function of any business plan is to test if your idea is viable and sustainable. It’s an exercise in “proving” your idea to yourself and others. But it also has another key dimension. It can provide you with a way to acquire funding.

Most business plans written today are based on templates, typically downloaded from the Internet. Lenders are familiar with these all too predictable packages – too wordy, badly structured, generic and inexact in their treatment of financial forecasting – and reject them as amateurish, which most of them are.

The result? An often-promising new business idea self-destructs because it lacks credibility when presented to those who can potentially provide the very financing the entrepreneur needs for his or her business to take off. That’s called shooting yourself in the foot.

 

There are several reasons why Plan2Profit has raised multi hundreds of millions of dollars in funding for its clients over the past 15 years.

Seasoned professionals with business experience write your plan. Our plans are clear, concise, relevant, and modern. They appeal directly to lenders, who are people we know and therefore know what they’re looking for. We’ll also coach you about how to present your plan to them.

Let me tell you what lenders are looking for today in a business plan.

A compelling and defensible financial forecast. Nothing kills a new business idea faster than wishy-washy numbers. Business plan financials have to be realistic and robust. Have you ever heard of the 2 by 1 rule? Most new businesses are twice as costly to launch and half as profitable as even the best financial forecasting predicts. If your idea can meet that test, you might have a winner on your hands.

Of course, we’re only scratching the surface with this issue. There’s a lot more to it than that. This is how and why Plan2Profit can help. With thousands of plans written and at a 95%+ funding success rate, we’re completely confident that we can help you. One final point. We tell the truth. So if your idea just isn’t going to fly, you’ll be the first to know about it. We’re not in the business of helping entrepreneurs throw their money down the drain. And you can take that promise to the bank.

Paul Morgan, Plan2Profit, 1-844-752-6776


The Entrepreneur Start-Up Series Week 27

These successful entrepreneurs value the simple things in life!

Ep #137:  Jesse Cole, Find Your Yellow Tux

Ep #138:  Jason Stone, Millionaire Mentor>

Ep #139:  Gregg Clunis, Tiny Leaps Big Changes

Ep #140:  Sharon Salzberg, Meditation and Mindfulness

Ep #141:  Joe Hawley, Man Van Dog Blog

The Daily Grind Business Podcast interviews successful business owners and people in hopes to inspire the next great entrepreneur.

Welcome to Week 27 of The Daily Grind Business Podcast Weekly Summaries. Each week the interviewees impart their wisdom by sharing their experiences. Learn from them. To connect with them and to receive some free information please click on the links below.

There is a common thread with all successful entrepreneurs and that is the importance of investing in both your business and personal growth. So each week we also share with you titles of books that either these entrepreneurs have written or suggested that you read.

The people who Colin interviews didn’t just make a million dollars. They persevered. A lot of them failed; but they got back up, dusted themselves off and got back in the race. They had an undying belief that what they were doing was the right thing and would eventually take off – it just needed time and more hard work. In the process, they reached out to mentors, read books, listened to podcasts and audiobooks and attended seminars. They got rid of their egos and they learned from people who were doing exactly what they wanted to do.

We are passionate about helping entrepreneurs get started in their businesses so this is why we have compiled weekly notes from our weekly podcasts. The entrepreneurs who so graciously offered their time to be interviewed are passionate about giving back and helping others as we do.

You are not alone!

Week 27

1. Jesse Cole is the Owner of Fans First Entertainment, who owns and operates the Savannah Bananas and the Gastonia Grizzlies. Cole and his teams have been featured on MSNBC, CNN, and multiple times on ESPN. Cole is an in-demand speaker and author of “Find Your Yellow Tux- How to Be Successful by Standing Out” being released in January 2018.

The Savannah Bananas have sold out 32 straight games, broke the league attendance record, Savannah attendance record and have a waiting list in the thousands for tickets for the 2018 season. The Bananas have won Organization of the Year back to back years, Entrepreneur of the Year and were CPL Champions in their first year.

Cole believes to be successful you need to Stand Out and Be Different. He writes a blog, hosts a podcast and releases daily videos on FindYourYellowTux.com. He is passionate about creating attention, loving your customers more than your product and loving your employees more than your customers. Cole’s mantra is “Whatever’s normal, do the exact opposite.”


2. Jason Stone is widely known by celebrities and almost 2 million people around the world as @Millionaire_Mentor on Instagram. Stone has successfully launched multiple 6 and 7 figure Instagram and Internet platforms and is becoming a well known social media influencer and marketer. Known for his e-commerce success in the automotive industry in his early years with Treadstone Performance Engineering, Inc.

Jason is a mechanical engineer, real estate investor, car enthusiast, and startup investor. Jason has Co-founded the Impact Billions Movement and also created Gentlemen’s Mafia Instagram network which culminates relationships and success among the thousands of its members worldwide and utilizes his experience and passion as a motivator, mentor, teacher, and social media influencer to help others create success.


3. Gregg Clunis’ passion in life is to build solutions to problems. He loves the process of taking an idea and organizing resources around it in a way that allows for something new, unique, and interesting to be created. This passion presents itself in his various interests and experiences such as art, media production, software engineering, design, sales, and marketing.

Gregg is the host of the widely popular podcast, Tiny Leaps Big Changes, where he instills in his audience the importance of developing solid winning behaviors in your life.

Gregg focuses on the small changes, that lead to BIG results.


4. Sharon Salzberg is a central figure in the field of meditation, a world-renowned teacher and NY Times bestselling author. She has played a crucial role in bringing meditation and mindfulness practices to the West and into mainstream culture since 1974, when she first began teaching.

She is the co-founder of the Insight Meditation Society in Barre, MA and the author of ten books including NY Times bestseller, Real Happiness, her seminal work, Lovingkindness and, Real Love, her latest release by Flatiron Books. Acclaimed for her humorous, down-to-earth teaching style, Sharon offers a secular, modern approach to Buddhist teachings, making them instantly accessible. She is a regular columnist for On Being, a contributor to Huffington Post, and the host of her own podcast: The Metta Hour.

Sharon has been featured on The Tim Ferris Show and Under The Skin with Russel Brand.


5. Joe Hawley spent his entire adult life playing football in the NFL. He just retired from the NFL after 8 seasons and decided it was time for a change. So he gave everything he owned away to charity and bought a van to travel the country. He doesn’t know where the road will take him but he knows that this is the start of something special and he is so excited to have the opportunity to share it with you. He believes that success with a swath of broken relationships means you’ve failed.


Here are the key overarching takeaways from Colin’s interviews.

If anything resonates with you, click on the link and listen to the full one-half hour podcast or if you have any questions these entrepreneurs supplied you with their links so you can personally reach out to them.

“I think every business owner should put themselves in their customer’s shoes. Ask yourself these two questions: “What frustrates you about the industry”? What frustrates you about the business from the customer’s perspective? by Jesse Cole

“Every business has a mirror moment. If you want to be innovative and create your own path you have to have this mirror moment. I had my moment in the fall of 2007. I was the new General Manager of a brand new baseball team outside Charlotte, North Carolina. I inherited a mess. For a period of 7 years there were only 200 fans that would show up to each game. The team had lost over $100,000 the previous year and there was only $268 in their bank account. They had 3 full-time employees and we had to make payroll on Friday.

There was a problem and the problem was with baseball. The game was too long and it was too slow. And it was too boring.” by Jesse Cole

“So I decided to turn it into a circus. We started having grandma beauty pageants in the ball park. We held various events and crazy promotions like: a salute to underwear night and a flatulence fun night. We trained our baseball players how to dance in the middle of the game and how to deliver roses to little girls in the crowd. People were going home and saying “Honey you won’t believe what we saw at the baseball game tonight.

Everyone starting talking and it started with this mirror moment. We now make baseball fun. When you make things fun the business will take care of itself.” by Jesse Cole

 

“The first thing any business should do is to build an audience. You need to get their attention before you start selling them something. Give them free value and give them free content. This is how I set up Millionaire Mentor. I gave my audience so much value.” by Jason Stone

“I promote a lot of business opportunities on my Instagram account.” by Jason Stone

“If you start a business just to make money then you will probably not make it in your business. In one of my failed businesses I did not do my market research and my market analysis. I did not factor in all of my costs so I did not sell my end product for a profit.  I failed to analyze my competitors who were already selling the same product and who were established in the business. I also failed because I wasn’t willing to put 100% of my effort into this business for it to make a profit.” by Jason Stone

 

“Everything in life that includes everything that you get, everything that you miss, every opportunity that you take and that you don’t take comes from the small things you do every day. So paying attention to your day to day behaviours is the most valuable thing you can do - based on what is it you want your future to look like.” by Gregg Clunis

“The best advice I can give entrepreneurs is to be patient. Recognize that passion is not the most important piece. Read Cal Newport’s book “So Good They Can't Ignore You: Why Skills Trump Passion in the Quest for Work You Love and then model your career after that.”  by Gregg Clunis

 

“What happens is not so important. How you are with what happens is important. How much balance, how much presence, and how much kindness you are bringing forth towards this experience matters.” by Sharon Salzberg

“People have to make a reasonable commitment to meditation. It is unfair to yourself if you tried it once and it didn’t work that you now think that you were a failure at it. If you can do 3 to 10 minutes a day for a month you are making a reasonable commitment. Then evaluate after this period.” by Sharon Salzberg

“We may not find delight in our job description every day. Having some sense of meaning about our work as well as having some sort of connection with other people at work affects our happiness at work.” by Sharon Salzberg

 

“I am trying out the minimalism lifestyle. This is an opportunity for me to take a step back and do what I want to do – to see the country - before I start my own company. I want to start something from scratch.” by Joe Hawley

“I want to inspire other people to live a happier life without more stuff. I have a one year plan.” by Joe Hawley

I always start my day with a smoothie. I started meditating 2 years ago and today I meditate for 10 minutes per day. This practice has completely changed my life as well. It allows you to respond to the world in a calmer way. You have more control of your emotions and your thoughts rather than responding and reacting to situations that you have no control over.” by Joe Hawley

 

FREE RESOURCES:

To connect with Jesse Cole: Jesse’s Email: jesse@findyouryellowtux.com

Jesse’s Website: findyouryellowtux.com

LinkedIn: jessecolebaseball

Twitter: YellowTuxJesse

Facebook: YellowTuxJesse

Jesse’s Podcast:  Business Done Differently with Jesse Cole

To connect with Jason Stone: Instagram: @millionaire_mentor and visit his Website: millmentor.com

To Connect With Gregg Clunis: Gregg’s Podcast: Tiny Leaps Big Changes

Twitter: Gregg Clunis

Instagram: Gregg Clunis

To connect with Sharon Salzberg visit her Website: sharonsalzberg.com

To connect with Joe Hawley visit: Youtube: https://www.youtube.com/channel/UCH-fGbXb-BCZ2d7c1LIXjdg

Joe’s Website: http://www.manvandogblog.com/

Twitter: https://twitter.com/JHawley61

Instagram: https://www.instagram.com/manvandogblog/

Facebook: https://www.facebook.com/ManVanDogBlog/

If you need a Business Plan visit: Plan2Profit

If you want to talk to Colin Morgan book a call HERE

Free Resources from Week 26

Free Resources from Week 25

Free Resources from Week 24

Free Resources from Week 23

Free Resources in Week 1

Free Resources in Week 2

Free Resources in Week 3

Free Resources in Week 4

Free Resources in Week 5

Free Resources in Week 6

Free Resources in Week 7

Free Resources in Week 8

Free Resources in Week 9

Free Resources in Week 10

Free Resources in Week 11

Free Resources in Week 12

Suggested Readings:

The Carpenter: Love Serve, Care – The Three Principles of an Exceptional Success Strategy by Jon Gordon

Everybody Matters: The Extraordinary Power of Caring for Your People Like Family by Bob Chapman

The Five-Hour Workday: Live Differently, Unlock Productivity, and Find Happiness by Stephan Aarstol

The Night Circus by Erin Morgenstern

So Good They Can’t Ignore You: Why Skills Trump Passion in the Quest for Work You Love by Cal Newport

Real Happiness: The Power of Meditation: A 28-Day Program by Sharon Salzberg

 Lovingkindness: The Revolutionary Art of Happiness by Sharon Salzberg

Real Love: The Art of Mindful Connection by Sharon Salzberg

Into the Wild by Jon Krakauer

Wild: From Lost to Found on the Pacific Crest Trail by Cheryl Strayed

Need a Business Plan? Visit Plan2Profit

Suggested Readings from Week 23 and Week 24 and Week 25 and Week 26

There are also suggested readings from: Week 1, Week 2, Week 3, and Week 4 , Week 5 and Week 6, Week 7 , Week 8 , Week 9 and Week 10 , Week 11. and Week 12


The Entrepreneur Start-Up Series Week 26

Be ready to plan the long game. Albert Einstein said “It’s not that I am so smart it’s just that I stay with problems longer. This is the secret when becoming an entrepreneur.”  

Ep #132:  Abigail Hopkins, The Clean Life

Ep #133:  Ulyses Osuna, The Power of Positioning

Ep #134:  Brad Owens, The Robin Hood of Hiring

Ep #135:  Tony Moze, The Rhyming Book Reviewer

Ep #136:  Curtis McHale, Good Business, Great Father and Husband

The Daily Grind Business Podcast interviews successful business owners and people in hopes to inspire the next great entrepreneur.

Welcome to Week 26 of The Daily Grind Business Podcast Weekly Summaries. Each week the interviewees impart their wisdom by sharing their experiences. Learn from them. To connect with them and to receive some free information please click on the links below.

There is a common thread with all successful entrepreneurs and that is the importance of investing in both your business and personal growth. So each week we also share with you titles of books that either these entrepreneurs have written or suggested that you read.

The people who Colin interviews didn’t just make a million dollars. They persevered. A lot of them failed; but they got back up, dusted themselves off and got back in the race. They had an undying belief that what they were doing was the right thing and would eventually take off – it just needed time and more hard work. In the process, they reached out to mentors, read books, listened to podcasts and audiobooks and attended seminars. They got rid of their egos and they learned from people who were doing exactly what they wanted to do.

We are passionate about helping entrepreneurs get started in their businesses so this is why we have compiled weekly notes from our weekly podcasts. The entrepreneurs who so graciously offered their time to be interviewed are passionate about giving back and helping others as we do.

You are not alone!

Week 26

1. Abigail Hopkins is the co-founder of That Clean Life, an online platform that helps leaders in the health and wellness industry easily create personalized and professional nutrition programs for their clients, without spending hours on it, so that they can make the world a healthier, happier place. She’s a Registered Nurse, a Culinary Nutrition Expert, a big fan of hip-hop and playing the long game.


2. Ulyses Osuna is a 21-year-old PR strategist and founder of Influencer Press, a PR firm that works manages publicity for Influencers & a few clients worth over $100m.

Some people he has worked with include: Kevin Harrington, Gerard Adams, Tai Lopez, Jason Stone, Ed Mylett, Jack Vale, Ben Lee, and Think and Grow Rich (The Movie).

Ulyses can show you how through positioning, and branding, how you can make yourself an expert and thought the leader in your industry.


3. The Robin Hood of hiring, Brad Owens, spent a decade helping Fortune 500 companies find talent. Now he helps small businesses attract, hire, and retain their teams.

He’s the host of the Small Business Hiring podcast where he interviews companies that have been voted one of the best places to work and finds out how they did it. He also hosts a weekly live Q&A at www.hiringlivestream.com where he answers questions from leaders that are growing their teams.


4. A US Army veteran, Tony Moze is an educator, entertainer and entrepreneur whose love for books and passion for music has led him to become the RHYMING book reviewer.

To Learn More about Tony Moze, Go HERE


5. Curtis McHale is a husband and father of three. He spends his work time reading, writing and producing content to help business owners run a more profitable business while still getting to see their family. He believes that success with a swath of broken relationships means you’ve failed.


 Here are the key overarching takeaways from Colin’s interviews.

If anything resonates with you, click on the link and listen to the full one-half hour podcast or if you have any questions these entrepreneurs supplied you with their links so you can personally reach out to them.

Whether you are just starting this entrepreneurial journey or you’ve been at it for a while, the biggest hurdle you are likely to face is getting you and your business noticed.

There are people out there who need what you offer; you just need to ask yourself “Why you are doing what you are doing and why would people like to work for you”?

“Together my husband and I built an entire tech company from our kitchen table. Right here from the comfort in our own home. I am obsessed with making healthy eating simple. My husband is a software engineer so we combined our skills to leverage the power of technology in the nutrition space. We are presently building a tool that makes the process of meal planning super fun and easy.” by Abigail Hopkins

“I was personally struggling with health issues five years ago. I was working 12 hour shifts as a registered nurse. I just got worn down. I knew I had to make some big changes. During this time I was eating a lot of junk food. There were always donuts available. I started weening myself off this process food and introduced real food into my diet. Over time I was feeling so much better. I truly believe that changing the food I was eating changed my entire life.” by Abigail Hopkins

When I started this, I did have this fear of rejection. I was now getting into sales and I knew that rejection comes with that. But I found with each rejection, it became a little bit easier for me to take. I adopted this philosophy – The worse they can say is no. It is disappointing but not the end of the world.” by Abigail Hopkins

 

Get yourself out of obscurity and position yourself as an expert in your field.by Ulyses Osuna

“PR is one of the biggest growth hacks for building a brand. It achieves credibility, trust and authority without having to take years to building your personal brand.” by Ulyses Osuna

“You all have something that an influencer needs in his business. For example, if you do Facebook advertising go to the influencer who has a mass market to sell them your services.” by Ulyses Osuna

 

The recruiting landscape out there is filled with a lot of people who don’t know what they are doing. Big companies will hold recruiting events but fail to train their managers on how to interview people.” by Brad Owens

“Everyone is still trying to hire like it is the 1920’s. In the 1920’s, there were many people looking for work but there were very few jobs to employ them. They post the job and list the qualifications they need for that job. What all companies fail to do is list the reasons why people would want to work for them.” by Brad Owens

“The best companies do not hire. The next time you post an ad for a job opening in your company, say “here is why you want to work for us” instead of “this is the person we are looking for.” by Brad Owens

 

“When I read the book I am Here I discovered mindfulness. After reading that book I stopped and smelled the roses for the first time in my life.” by Tony Moze

“I then started reading more personal development books and business books. I then decided I wanted to make my own niche. When I was searching on YouTube for books to read I discovered a trend. A lot of people were reviewing books on YouTube so I decided to put my personal touch on it.” by Tony Moze

You should understand that “sales” is happening in every facet of your life so you shouldn’t shy away from sales and marketing.” by Tony Moze

“I joined a network marketing organization and it was here that I learned that “sales” was important. Due to the seminars and webinars and the books that I read I knew that being creative just wasn’t enough. If you want to make an impact you have to start seeing things on a bigger scale and see yourself as a business - It takes capital, effective strategies on social media and paid advertising from emailing to calling business to business and from business to consumer.” by Tony Moze

 

“I worked on my business for 6 months while I was working full time. I worked really hard to get the business off the ground. I then decided to quit my job and start working on my business full-time after this time period. I was going through our savings very quickly. I was spending more than I should have and I was not working as hard as I should have. This was going on for 1 year.” by Curtis McHale

“Now I am so productive. I released 5 book reviews on Amazon last week.  I have written two 10,000 word books and one 35,000 word book this year. I get up at 4:45 every morning. I read for one hour. I write for one hour. I take a break in the afternoon – 3 hours to go for a run or play with my kids. But this took a long time to get to this point.” by Curtis McHale

The best form of advertising for me is being interviewed on Podcasts.by Curtis McHale

 

FREE RESOURCES:

To connect with Abigail Hopkins visit her Website: thatcleanlife.com or connect with her on Instagram: @thatcleanlife

To connect with Ulyses Osuna visit him on Facebook: Ulyses Osuna or Instagram: Ulyses Osuna

To connect with Brad Owens visit his Website: bradowens.com and to receive his free guide for Interviewing click: yourinterviewguide.com

To connect with Tony Moze: Facebook: https://www.facebook.com/TonyMoze5/ or Instagram: https://www.instagram.com/tony_moze/?hl=en or Twitter: https://twitter.com/tony_moze and YouTube: https://www.youtube.com/channel/UCszi2D2DFypMURxlOENUg8A

To connect with Curtis McHale visit his Website: curtismchale.ca or contact him on Social Media @curtismchale

If you need a Business Plan visit: Plan2Profit

If you want to talk to Colin Morgan book a call HERE

Free Resources from Week 25

Free Resources from Week 24

Free Resources from Week 23

Free Resources in Week 1

Free Resources in Week 2

Free Resources in Week 3

Free Resources in Week 4

Free Resources in Week 5

Free Resources in Week 6

Free Resources in Week 7

Free Resources in Week 8

Free Resources in Week 9

Free Resources in Week 10

Free Resources in Week 11

Free Resources in Week 12

Suggested Readings:

To get your Free Book click An Introduction to Meal Planning by Abigail Hopkins

How to Stop Worrying and Start Living by Dale Carnegie

The 5 Second Rule: Transform your Life, Work, and Confidence with Everyday Courage by Mel Robbins

I Am Here Now: A Creative Mindfulness Guide and Journal by The Mindfulness Project

How to Read a Book by Mortimer J. Adler, Charles Van Doren

The One Thing: The Surprisingly Simple Truth Behind Extraordinary Results by Gary Keller, Jay Papasan

The 12 Week Year: Get More Done in 12 Weeks than Others Do in 12 Months by Brian Moran, Michael Lennington

Need a Business Plan? Visit Plan2Profit

Suggested Readings from Week 23 and Week 24 and Week 25

There are also suggested readings from: Week 1, Week 2, Week 3, and Week 4 , Week 5 and Week 6, Week 7 , Week 8 , Week 9 and Week 10 , Week 11. and Week 12


10 Mistakes to Avoid when Starting a New Business

The key for any person starting a retail business is to avoid the usual pitfalls. They think “how hard can this really be?”

I am sure there are many of you who have seen various retail businesses come and go.  Obviously, you want to be successful in your business or you wouldn’t be reading this post. The reason people make mistakes in business is that they do not do what they should do. They make decisions based on assumptions.

Recently, we spoke to Guy Kawasaki on The Daily Grind Podcast. Guy Kawasaki is an American marketing specialist, author, and Silicon Valley venture capitalist. He has been an entrepreneur, worked for Fortune 100 companies and he has been an advisor to many start-ups.

He identified his top ten+ list of mistakes entrepreneurs make when starting a business.

Guy Kawasaki: Many entrepreneurs believe that they will secure a share of the total market and in doing so they arbitrarily take a number like 1%. There are two fundamental flaws with this:  Firstly garnering 100% of any market is not that easy and secondly, no investor wants to hear that you are only going to get 1%. (Contradicts #1.)

My Comment: You need to clearly understand the size of your market. If you are an online retailer, your market is far bigger than if you have a shop in a local mall.

Guy Kawasaki: Businesses scale too soon. They assume that they will not only attract the “magic” 1% of the total market; but also, they will continue to attract more and more customers going forward. Mr. Kawasaki has never seen a company die because it didn’t scale fast enough; instead, what he has seen are entrepreneurs running out of money because their expectations were not met in the initial stages and rather than scaling the growth back; they just kept on spending on expanding their market.

My Comment: Every new business has to have a comprehensive Financial Forecast with benchmarks in place to guide you through the initial periods and gauge future needs.

Guy Kawasaki: Focussing on processes and not on sales.

My Comment: Nothing happens in business until someone sells something to someone. You can have the best procedures in place; but if you don’t have sales it doesn’t matter.

Guy Kawasaki: An obsession with partnering. Partnering to Mr. Kawasaki means two organizations trying to compensate for their individual weaknesses by joining forces. Partnerships to him mean nothing. Again, there is only one thing that counts in a start-up and it is sales. Entrepreneurs should only focus on sales. Sales fix everything. If you want to be left alone by your investors then meet your numbers.

My Comment: If you think that finding a strategic partner is the key to your success, you are wrong. If you can’t do everything in the early stages of a business, then you are not qualified to start the business.  Only after you are established and really busy should you look outside for help.

Guy Kawasaki: Pitching instead of prototyping. Entrepreneurs usually focus on the pitch to raise money. The key is the prototype. I would be more interested in a working prototype than a well-designed PowerPoint pitch. I can help people fix their pitch; but I cannot help them fix their prototype. If you show up with a prototype then you are showing the investors that you have a product to sell.

My Comment: This is the difference between an idea and a fully developed concept. You must have a fully developed concept or a prototype rather than an idea. You have to show your potential investors what you are selling and what makes it different from what your competitors are selling. In retail, it is the “thing” you have invented or an article of clothing or….

Guy Kawasaki: The optimal number of slides in a PowerPoint presentation is 10. You should present those 10 slides in 20 minutes. The ideal font size is 30 points or larger.

My Comment: We have created several PowerPoint presentations for our clients and every single client always wanted to put too much material on a slide. I think this is a great rule to follow. 10-20-30!

Guy Kawasaki: Entrepreneurs believe that they should accomplish things one step at a time and not move on to the next step until the current one is complete. For example, first you raise money, then you build a team, then you write the software, then you ship, and then you collect. Mr. Kawasaki believes this “serial” mindset does not exist. Realistically, it is all the processes moving at one time. It is a parallel process.

My Comment: You must be working on everything simultaneously. Every part of your plan involved is not mutually exclusive, it is instead interdependent. Marketing is affected by your forecast, and your concept drives your forecast, and your opening costs identify the money that you need.

Guy Kawasaki: Many believe that 51% ownership in a company gives them control of that company. They believe in board meetings and ultimately everything results in a vote during those board meetings. If they own 51% then they will win the vote. Mr. Kawasaki says that he has never seen this happen. The truth is, the moment you take outside money, YOU HAVE LOST CONTROL OF THE COMPANY and, by the way, it never comes down to a vote.

My Comment: People who put in the money have the control. What is 51% today may not necessarily remain at 51% because as the company expands and requires more $ your share gets diluted. Also, no one is going to put money into an organization if he or she doesn’t have a say in “how” and “where” and “when” it is spent.

Guy Kawasaki: Entrepreneurs believe that patents are defensible and make you bullet-proof. The most compelling reason to file for patents for start-ups is that it will make your parents proud. It takes 5‑6 years to file a patent. Just say in your presentation that you filed patents and that is it. Patents realistically will not help you because they have to be defended and that is a costly process and time‑consuming. If you are acquired someday, then the acquiring company will love it if you have patents.

My Comment: If you have developed a process or a “thing” that is unique then get it to market – be first to the dance. You are going to always have competition, but if you have “Kleenex”, then everyone else’s product will always be referred to as your brand name.  Perfect!

Guy Kawasaki: Hire in your own image. If you are an engineering person then you should be hiring a salesperson - People who complement your skills.

My Comment: Re-read the above; as no truer words were written.

Guy Kawasaki: Befriending your Venture Capitalist. If you get funded by a VC, VCs are not your friends. It is a business and they are in the business of making money. Angel Investors - maybe - but not VCs. Just make your forecasted revenue as it is all what they care about.

My Comment: This is business.  Keep your eye on the ball and deliver what you promised so that when you need more money, they will be ready and willing to invest in you again.