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HI EVERYONE.WELCOME TO THE SMALL BUSINESS SUCCESS VIRTUAL CONFERENCE BEING BROUGHT TO YOU BY SCORE.AND WELCOME TO THE FIRST WEBINAR IN A SERIES OF EDUCATIONAL SESSIONS THAT WILL BE HELD OVER THE COURSE OF TODAY.MY NAME IS ALEXA ELLIOTT WITH SCORE.I WILL BE THE MODERATOR FOR THIS WEBINAR SESSION.JULIE BRANDER IS OUR KEYNOTE PRESENTER TODAY, WHO IS A CERTIFIED BUSINESSMEN TORE IN THE LAS VEGAS SCORE CHAPTER.SHE HAS OVER 20 YEARS OF STARTING AND OWNING HER OWN BUSINESSES AND HAS HELPED THOUSANDS OF ENTREPRENEURS REALIZE THAT OWNING A BUSINESS IS FEASIBLE.JULIE WILL KICK OFF THE EVENT WITH PRACTICAL STRATEGIES FOR STARTING A SUCCESSFUL BUSINESS.BEFORE TURNING THE SESSION ON OVER TO JULIE, I'D LIKE TO MAKE MENTION OF JUST A FEW HOUSEKEEPING ITEMS.THE WEBINAR WILL LAST ONE HOUR AND IT'S BEING RECORDED.A LINK TO THE RECORDING AND SLIDE DECK IS GOING TO BE E-MAILED TO ALL PARTICIPANTS.WE HAVE SET ASIDE TIME FOR Q AND A AT THE END OF THE PRESENTATIONS.IF YOU HAVE ANY QUESTIONS, PLEASE SUBMIT THOSE USING THE Q AND A BOX ON THE LEFT-HAND SIDE OF YOUR SCREEN.IF YOU EXPERIENCE ANY TECHNICAL DIFFICULTIES AND NEED ASSISTANCE.WE'LL NOW BEGIN.PRACTICAL STRATEGIES FOR STARTING A SUCCESSFUL BUSINESS.I'D LIKE TO BRING JULIE ON THE LINE NOW TO BEGIN HER PRESENTATION.>> EVERYONE WANTS TO BE FINANCIALLY SECURE AND MOST OF US SHARE THE SAME FRUSTRATION WHEN WE'RE WORKING FOR SOMEONE.WE HAVE IDEAS THAT WE WANT TO SHARE WITH THE OWNERS OF THE COMPANY AND MANY TIMES WHEN WE SHARE THOSE IDEAS, THEY'RE NOT VALUED, THEY'RE NOT TAKEN INTO CONSIDERATION.AND SO TODAY THE OBJECTIVE OF THIS WORKSHOP IS TO GIVE YOU PRACTICAL KNOWLEDGE THAT YOU CAN USE NOW ON THE BASICS OF HOW TO START A BUSINESS WITH SIMPLE EASY STEPS THAT I'LL EXPLAIN TO YOU.AS WE ALL KNOW IN THESE TOUGH ECONOMIC TIMES, OWNING A BUSINESS IS REALLY YOUR ONLY JOB SECURITY.SO LET'S LOOK AT IF YOU'RE AN ENTREPRENEUR, WHAT DOES IT ACTUALLY TAKE TO BE AN ENTREPRENEUR.SOME OF THE TRAITS THAT ENTREPRENEURS SHARE.ARE YOU A SELF-CONFIDENT, ARE YOU A LEADER AND SELF-CONFIDENT.ARE YOU A GOOD COMMUNICATOR?ARE YOU PERSISTENT?ARE YOU A RISK TAKER?DO YOU HAVE DIFFERENT IDEAS?DO YOU REBEL AGAINST AUTHORITY AND HAVE A STRONG DRIVE TO ACHIEVE?DO YOU LIKE TO BE IN CONTROL?ARE YOU WILLING TO MAKE SHORT-TERM SACRIFICES FOR LONG-TERM SUCCESS?IF YOU SAID YES TO THESE QUESTIONS, THEN YOU HAVE WHAT IT TAKES TO BE AN ENTREPRENEUR.THE PRIMARY REASONS WHY YOU WOULD WANT TO OWN A BUSINESS AND MAY THINK IS, BE YOUR OWN BOSS.TO PURSUE YOUR OWN IDEAS.TO HAVE FLEXIBLE WORKING HOURS AND DAYS.AND YOU RECOGNIZE A PROBLEM AND YOU CREATE THE SOLUTION WITH YOUR BUSINESS PRODUCT OR IDEA.AND TO REALIZE FINANCIAL REWARDS.THE PRIMARY MOTIVATION FOR MOST PEOPLE WHO START BUSINESSES IS NOT THE MONEY, BUT THE THRILL OF BUILDING A BUSINESS AND ACHIEVING SUCCESS.SUCCESSFUL BUSINESS OWNERS COME FROM ALL WALKS OF LIFE.ALL EDUCATIONAL BACKGROUNDS AND ALL PARTS OF THE WORLD.AND YOU HAVE TO UNDERSTAND THAT BEING SELF-EMPLOYED MEANS YOU'RE GOING TO BE MAKING ALL THE DECISIONS.EVERY RESPONSIBILITY IS GOING TO FALL ON YOU.SO YOU HAVE TO BE ORGANIZED AND KNOW WHAT HAS TO BE DONE.YOU HAVE TO BE RELIABLE, ON TIME AND ENTHUSIASTIC, AND YOU HAVE TO THINK ABOUT CREATIVE WAYS TO GET WHAT YOU NEED, NEGOTIATE, BARTER, TRADE, BUY CLOSE-OUTS AND EXPECT TO WORK LONG HOURS, WEEKENDS, HOLIDAYS.BUT THE SATISFACTION YOU FEEL WHEN GROWING AND NURTURING YOUR BUSINESS IS GOING TO BE WELL WORTH THE TIME AND EFFORT.SO THE FIRST STEPS ARE TO REALLY IDENTIFY YOUR STRENGTHS AND WEAKNESSES.KNOW WHAT YOUR SKILLS AND INTERESTS ARE.KNOW THAT THERE ARE MANY WAYS TO START A BUSINESS.ONE WAY IS TO BUY AN EXISTING BUSINESS WHICH COULD MAYBE BE YOU'RE WORKING IN A COMPANY, THE OWNER WANTS TO RETIRE AND YOU MAY HAVE AN OPPORTUNITY TO BUY THAT BUSINESS FROM THE OWNER.YOU CAN ALSO BUY A FRANCHISE.A FRANCHISE IS A PROVEN BUSINESS MODEL THAT WILL TRAIN YOU IN THAT PARTICULAR BUSINESS FOR A FEE.SO YOU DON'T NEED ANY BUSINESS EXPERIENCE.87% OF ALL FRANCHISES ACTUALLY ARE SUCCESSFUL.OR YOU CAN START FROM SCRATCH.IN MY CASE, I STARTED WITH A THOUSAND DOLLARS, BOUGHT SOME USED EQUIPMENT AND I WAS IN BUSINESS.THAT'S AN EASY WAY TO START A BUSINESS AS WELL, IF YOU HAVE A GOOD IDEA.AND AS YOU ALL KNOW, MOST BUSINESSES START FROM HOME.SO AS A HOME-BASED BUSINESS, THERE'S A LOW OVERHEAD COST AND YOU CAN START UNTIL YOU SEE SUCCESS IN YOUR BUSINESS AND THEN YOU CAN RENT SOME SPACE.SO YOU NEED TO OBSERVE TRENDS AND STUDY WHAT PEOPLE WANT.YOU HAVE TO OBSERVE OTHER BUSINESSES WHEN YOU WALK INTO A BUSINESS, OBSERVE THE THINGS THAT YOU LIKE ABOUT THAT BUSINESS.ALSO OBSERVE THE THINGS YOU DON'T LIKE ABOUT IT.IN SOME CASES, I'VE WALKED INTO BUSINESSES AND FOUND A WHOLE STORE IS CLUTTERED AND I WALK OUT BECAUSE IT'S NOT ORGANIZED, AND I LIKE AN ORGANIZED STORE.SOMETIMES YOU CAN WALK INTO A STORE AND YOU SEE ALL THE HELP, ALL THE EMPLOYEES HUDDLED TALKING ABOUT WHAT THEY DID LAST NIGHT.THEY DON'T GREET YOU OR WELCOME YOU INTO THEIR BUSINESS AND YOU FEEL LIKE YOU'RE BOTHERING THEM.SO YOU HAVE TO LOOK AT BUSINESSES AND REALLY UNDERSTAND WHAT IT IS THAT YOU LIKE AND DON'T LIKE.AND CONSIDER WHAT IS GOING TO MAKE YOUR BUSINESS BETTER OR MORE UNIQUE.MARKET RESEARCH IS VERY IMPORTANT BECAUSE THAT HELPS YOU UNDERSTAND THE CUSTOMER AND YOU'LL BEGIN TO SEE WHAT THEY NEED AND WANT.SO YOU WANT TO THINK ABOUT THINGS THAT MAKE OUR LIVES EASIER.YOU WANT TO OBSERVE THE DAY-TO-DAY AND HAVE A GOAL OF IDENTIFYING A PROBLEM AND CONSIDER THE DIFFERENT SOLUTIONS.THERE WAS A TIME WHEN IT WAS VERY HARD TO?-- YOU HAD ONLINE DATING.IT MADE IT EASIER FOR PEOPLE TO MEET EACH OTHER.WE ALSO HAD A TIME WHEN PEOPLE WERE CARPOOLING OR NEEDED RIDES AND IN BUSY CITIES, THEY DIDN'T HAVE AUTOMOBILES, SO WHAT CAME ABOUT?UBER CAME ABOUT.SO THAT WAS AN ISSUE, A PROBLEM THAT THERE'S A BIG SOLUTION THAT CAME ABOUT.NOW, WHEN YOU HAVE YOUR BUSINESS IDEAS, YOU SHOULD DO SOME BRAINSTORMING WITH PEOPLE THAT YOU KNOW AND GET THEIR IDEAS AND FEEDBACK ON WHAT YOU'RE DOING.YOU CAN ALSO CREATE A FOCUS GROUP TO CONFIRM THE IDEAS WITH PROFESSIONALS, WITH WHO YOU THINK YOUR TARGET MARKET IS.YOU ALSO SHOULD CONSIDER AND THINK ABOUT THE APPS THAT WE USE EVERY SINGLE DAY AND HOW WOULD YOUR BUSINESS FIT INTO THAT MODEL.YOU WANT TO LOOK AT INVENTIONS AND YOU WANT TO DETERMINE WHAT MADE THEM GREAT.EVERY PROBLEM WE FACE IN LIFE TODAY HAS MANY SOLUTIONS AND THAT'S WHAT BUSINESS IS.SOLUTIONS TO PROBLEMS.SO YOU WANT TO WRITE IT DOWN.YOU WANT TO CREATE YOUR VISION.AND YOU WANT TO REALLY FIGURE OUT HOW YOUR BUSINESS IS GOING TO BE STRUCTURED.TESTING YOUR IDEA WOULD BE CONDUCTSING MARKET RESEARCH.SO IF YOU KNOW IN COSTCO, YOU'LL SEE THAT THEY DO A LOT OF SAMPLES.THEY'RE BASICALLY TESTING OUT PRODUCT TO SEE IF PEOPLE ARE WILLING TO BUY IT.SO YOU WANT TO TEST YOUR PRODUCTS WITH POTENTIAL CUSTOMERS.GET THEIR FEEDBACK THROUGH SAMPLING.YOU CAN ALSO USE SURVEYS TO GET PEOPLE'S FEEDBACK.YOU WANT TO STUDY AND EVALUATE THE COMPETITION AND UNDERSTAND WHAT THEIR COMPETITIVE ADVANTAGE IS.FOR EXAMPLE, IF YOU'RE IN A SERVICE-TYPE BUSINESS AND YOU CALL THAT BUSINESS FOR EXAMPLE A WORKMAN AND THEY DON'T RETURN YOUR CALL OR THEY DON'T SHOW UP, YOUR COMPETITIVE ADVANTAGE WOULD BE, YOU DO CALL WITHIN 20 MINUTES AND WHEN YOU GET THAT CALL, YOU ANSWER THE PHONE.THERE IS NO ANSWERING MACHINE.AND YOU SHOW UP.YOU'RE GOING TO HAVE BETTER CUSTOMER SERVICE THAN YOUR COMPETITION.SO IDENTIFY AND EVALUATE WHAT THEY DO WELL AND WHAT THEY DON'T DO WELL.AND ALWAYS KNOW THAT YOU'RE GOING TO HAVE TO PRICE YOUR PRODUCTS TO MAKE A PARE YOUR PRODUCTS WITH OTHERS.DO YOUR RESEARCH.FIND OUT HOW MUCH YOU HAVE TO PAY BY COMPARING PRICES AND GETTING VENDORS AND MANUFACTURERS WHERE YOU CAN GET THE BEST POSSIBLE PRICE SO THAT YOU CAN COMPETE AND MAKE A PROFIT.YOU WANT TO UNDERSTAND YOUR CUSTOMER.NOTICE TRENDS AND STUDY WHAT PEOPLE NEED.TODAY IT SEEMS THAT PEOPLE WANT CONVENIENCE.WHO IS YOUR TARGET MARKET?WHAT IS THEIR AGE, THEIR INCOME.THEIR EDUCATION.SOCIAL FORCES AND THE POPULATION ARE GOING TO INFLUENCE THE TYPE OF BUSINESS.AS YOU KNOW TODAY, PEOPLE ARE LIVING LONGER.SO THERE'S A LOT OF BUSINESSES IN THE HEALTH CARE INDUSTRY.PEOPLE ALSO ARE MORE INVOLVED IN FITNESS.SO YOU'RE GOING TO SEE THAT THERE ARE 24-HOUR FITNESS CENTERS AND DIFFERENT WAYS THAT PEOPLE CAN GET FIT ONLINE APPS AND GOING PLACES TO GET IT.AND ALSO, THINK ABOUT HOW FAR PEOPLE WILL TRAVEL.IN THE NEVADA AREA, PEOPLE DON'T LIKE TO TRAVEL VERY FAR.TRAVEL 15 MINUTES, MAYBE.BUT IN OTHER PARTS OF THE COUNTRY, YOU COULD TRAVEL 45 MINUTES OR AN HOUR TO GET TO A STORE THAT YOU LIKE TO DO BUSINESS WITH.THINK ABOUT IF PEOPLE BUY ONLINE, YOU NEED AN ONLINE PRESENCE.THE CENSUS BUREAU SAYS THAT E-COMMERCE SALES FOR THE SECOND QUARTER OF 2018 IS $127 BILLION AND GROWING.SO YOU MAY WANT TO CONSIDER GETTING YOUR PRODUCT ONLINE, IF POSSIBLE.ALSO, HOW DO YOU MOTIVATE YOUR CUSTOMERS TO BUY FROM YOU.YOU NEED TO PUT YOURSELF IN THE POSITION OF YOUR CUSTOMER.WHAT IMPRESSES YOU ABOUT THE BUSINESSES THAT YOU LOVE TO DO BUSINESS WITH?WHY DO YOU BUY FROM THEM AND YOU NEED TO THINK ABOUT HOW YOU CAN STRUCTURE YOUR BUSINESS SO THAT CUSTOMERS WILL BE HAPPY CUSTOMERS AND SEND PEOPLE TO BUY FROM YOU AS WELL.SO WE ALL KNOW THAT WITHOUT CUSTOMERS, THERE'S NO BUSINESS.SO YOU HAVE TO IDENTIFY WHO THESE CUSTOMERS ARE.YOU NEED TO NURTURE REELS SHIPS WITH THEM.YOU NEED TO KNOW THEIR NAMES, YOU NEED TO KNOW ABOUT THEIR FAMILY AND WHAT THEY DO.GET PERSONAL.PEOPLE LIKE TO DO BUSINESS WITH PEOPLE THAT THEY LIKE.AND YOU HAVE TO UNDERSTAND WHEN THEY'RE MOST LIKELY TO BUY.THE BUSINESS I WAS IN WAS A SEASONAL BUSINESS.SO I KNEW DURING CHRISTMASTIME I WAS MAKING THE VERY MOST SALES AND THEN WHEN IT CAME JANUARY, THERE WERE NO SALES.SO WHAT DID I DO TO ENCOURAGE BUYERS DURING THE SLOW TIMES?SOCIAL FORCES ALSO INFLUENCE CUSTOMERS AND WORK PATTERNS.WE HAVE FAMILIES WITH BOTH HUSBAND AND WIFE WORKING AND SO YOU KNOW THAT YOU NEED BUSINESSES THAT ARE MORE CONVENIENT OR BUSINESS THAT IS ARE OPEN 24 HOURS A DAY OR DELIVERY BUSINESSES SO THAT YOU CAN GET THINGS THAT YOU NEED BECAUSE YOU DON'T HAVE TIME TO GO OUT AND SHOP.AND THEN HOW WILL YOU REACH THEM AND HOW ARE THEY GOING TO FIND YOU.YOU ARE ALWAYS GOING TO REPRESENT YOUR COMPANY BETTER THAN ANYONE ELSE.FACE TO FACE MARKETING IS THE BEST WAY.WORD-OF-MOUTH ALSO BECAUSE YOU KNOW THAT WHEN YOU HAVE A HAPPY CUSTOMER, THEY'RE GOING TO TELL-ALL YOUR FRIENDS.AND THINK ABOUT HOW YOU'RE GOING TO COMPETE.YOU NEED TO UNDERSTAND IF YOUR BUSINESS IS MORE CONVENIENCE ORIENTED OR PRICE ORIENTED AR QUALITY.THERE'S A LOT OF BRAND LOYALTY.FOR EXAMPLE, TIFFANY'S CAN CHARGE MUCH MORE MONEY BECAUSE OF THEIR BRAND AND THE WAY THEY PACKAGE THEIR ITEMS IN THAT LITTLE BLUE BOX.AND THE WHOLE STATUS OF TIFFANY'S, SO THEY CAN PRICE PRODUCTS A LOT HIGHER BECAUSE OF THE BRAND RECOGNITION.THERE'S A HIGHER PERCEIVED VALUE WHEN SOMETHING COMES FROM TIFFANY'S.YOU ALSO NEED TO BUILD YOUR BUSINESS AROUND WHAT CUSTOMERS NEED.AND CUSTOMERS WILL COME IN AND TELL YOU, IF YOU DON'T HAVE SOMETHING THEY NEED, THEN YOU'LL KNOW HOW YOU CAN MODIFY WHAT YOU'RE SELLING OR BRING IN WHAT THEY NEED.AND ALWAYS INSPIRE CUSTOMER LOYALTY.I HAD A RETAIL BUSINESS, AND IT WAS A JEWELRY BUSINESS.FOR EVERY HUNDRED DOLLARS THAT OUR CUSTOMERS SPENT, THEY GOT A $10 CLUB BUCK.BUT YOU KNOW, THERE WAS NOTHING IN MY STORE THAT WAS $10.BUT IT BROUGHT THEM IN TO BUY SOMETHING AND THAT'S A REPEAT CUSTOMER.IT WAS AN INCENTIVE.WE OFFERED, YOU KNOW, THIS FOR EVERY PURCHASE THAT YOU MADE.YOU GOT AN INCENTIVE TO COME BACK AGAIN.STARBUCKS OFFERS STARS.THERE ARE MANY COMPANIES NOW THAT ARE SAYING BUY ONE?-- BUY TEN, GET ONE FREE.THERE'S INCENTIVES FOR PEOPLE TO KEEP DOING BUSINESS WITH YOU.AND THAT'S WHAT YOU REALLY NEED TO THINK ABOUT.THE OTHER THING IS, YOU NEED TO CONSIDER DISTRIBUTING YOUR FRO DUCT AT LEAST FIVE DIFFERENT WAYS.WHICH MEANS ONLINE, PRIVATE SALES, WHOLESALE, RETAIL.CONSIGNMENT.CODE BRANDING WITH OTHER COMPANIES AND HAVING YOUR HAPPY CUSTOMERS RECOMMEND, WORD-OF-MOUTH IS ALWAYS THE BEST WAY.NOW THE COMPETITION.YOU NEED TO UNDERSTAND YOUR COMPETITION BECAUSE YOU WILL LEARN FROM YOUR COMPETITION.THERE ARE DIRECT AND INDIRECT COMPETITORS.SO FOR AN EXAMPLE, A DEPARTMENT STORE CARRIES A SPECIFIC LINE, A DESIGNER LINE OF CLOTHING.BUT YOU KNOW THOSE LINES ARE ALSO AVAILABLE ONLINE, WHICH IS AN INDIRECT COMPETITION OR A DISCOUNT STORE IS AN INDIRECT COMPETITION TO THE MAIN DEPARTMENT STORE.A BAKERY SELLS CAKES AND COOKIES.BUT YOU DO KNOW THAT YOU COULD GO DOWN THE STREET TO A SUPERMARKET AND ALSO GET CAKES AND COOKIES.THAT'S INDIRECT COMPETITION.SO YOU WANT TO LOOK AT THE STRENGTH AND WEAKNESSES OF YOUR COMPETITION.YOU WANT TO ALSO UNDERSTAND HOW LONG THEY'VE BEEN IN BUSINESS AND THEIR REPUTATION AND ALWAYS KNOW THAT YOUR REPUTATION IS EVERYTHING.YOU WANT TO KNOW WHAT THEY SELL, THEIR PRICE CAN YOU COMPETE?IF YOU WORK FOR THE COMPETITION, YOU WILL LEARN EVERYTHING ABOUT WHAT THEY'RE DOING WELL AND WHAT THEY'RE DOING NOT SO WELL, WHICH WILL GIVE YOU A I LOT OF INFORMATION ON HOW YOU MAY WANT TO START YOUR BUSINESS.YOU ALSO WANT TO DO BUSINESS WITH THE COMPETITION AND UNDERSTAND HOW THEY DO BUSINESS AND CAN YOU BE BETTER THAN THEM, IS THERE A GAP IN THEIR PRODUCT LINE THAT YOU CAN FILL?AND ALWAYS KNOW THAT YOU'RE IN BUSINESS TO MAKE A PROFIT.SO MAKE SURE THAT THE COMPETITION MIGHT HAVE A LOWER PRICE AND IF YOU CAN'T COMPETE, YOU MAY NOT BE ABLE TO SELL THAT PRODUCT.YOU MAY SELL A DIFFERENT TYPE OF A PRODUCT.SO, AGAIN, YOU NEED TO LEARN EVERYTHING YOU CAN ABOUT THE INDUSTRY.IT'S ALWAYS BEST TO WORK IN THAT INDUSTRY AND MOST PEOPLE DO START BUSINESSES IN AN INDUSTRY THAT THEY'VE WORKED IN.YOU UNDERSTAND THE INDUSTRY AND THE TRENDS.IS IT GROWING?IS IT DECLINING?ONE THING I CAN TELL YOU, YOU PROBABLY WOULDN'T WANT TO BUY A BLOCKBUSTER VIDEO.AS YOU ALL KNOW, BLOCKBUSTER IS OUT OF BUSINESS.BECAUSE TODAY EVERYONE IS STREAMING AND BUYING NETFLIX.YOU WANT TO MAKE SURE THE INDUSTRY IS A GROWING INDUSTRY.YOU MUST READ THE TRADE MAGAZINES AND ATTEND TRADE SHOWS TO SEE WHAT'S NEW IN THE INDUSTRY AND OBSERVE BUSINESS PRACTICES AND INDUSTRY PRICING.DO YOU KNOW WHO THE LARGEST SUPPLIERS ARE?THE MANUFACTURERS?THEY'RE ACTUALLY DECLINING IN THIS COUNTRY.WHAT YOU MAY NEED TO DO IS FIND A SUPPLIER THAT IS BUYING FROM A MANUFACTURER IN CHINA SO THAT YOU DON'T HAVE TO BUY DIRECTLY FROM CHINA BY IMPORTING.BECAUSE THE SUPPLIERS TODAY AND THE MANUFACTURERS TODAY ARE NOT REALLY HERE THE WAY THEY USED TO BE.SO FIND OUT WHO THE INDUSTRY LEADERS ARE AND DO BUSINESS WITH THEM.MARKETING AND NETWORKING.HAVE YOU EVER THOUGHT ABOUT A BUSINESS NAME?HOW ARE YOU GOING TO COME UP WITH YOUR BUSINESS NAME.I CAN TELL YOU WHEN I STARTED MY BUSINESS, I WROTE DOWN EVERY SINGLE WORD THAT DESCRIBED WHAT OUR BUSINESS WAS.WE HAD A PAGE OF 50 DIFFERENT NAMES AND CAME UP WITH A BUSINESS NAME.A BUSINESS NAME SHOULD BE EASY TO SAY, EASY TO SPELL, EASY TO REMEMBER THAT CONVEYS THE BENEFITS YOU OFFER.YOU CAN ALSO HAVE A MEMORABLE TAG LINE OR A LOGO THAT REFLECTS THE BUSINESS.SO IF YOU THINK ABOUT SOME NAMES, JIFFY LUBE TELLS WHAT IT GOLF.THE SCOOTER STORE.INSURANCE FOR LESS.VISION WORKS.THINK ABOUT NAMES THAT ARE EASY TO REMEMBER AND EASY TO SAY.YOU MAY CONSIDER A MEMORABLE TAG LINE OR SLOGAN.HAVE IT YOUR WAY.THAT'S BURGER KING.JUST DO IT.THAT'S NIKE.DON'T LEAVE HOME WITHOUT IT.THAT'S YOUR AMERICAN EXPRESS CARD.LET YOUR FINGERS DO THE WALKING.DO YOU REMEMBER THAT?THAT'S THE YELLOW PAGES.WE'RE NOT SEEING YELLOW PAGES ANYMORE AS WE DID IN THE PAST.AFTER WE HAVE OUR BUSINESS NAME, WE HAVE TO THINK ABOUT OUR BUSINESS CARD.THE BUSINESS CARD IS IMPORTANT AND YOU CAN LOOK AT EVERYONE ELSE'S BUSINESS CARDS AND DECIDE WHAT YOU LIKE AND WHAT YOU DON'T LIKE.THE FORMAT SHOULD BE EASY TO READ.IT SHOULD BE EYE-CATCHING AND MEMORABLE AND PRINTED ON HIGH QUALITY CARD STOCK.YOUR BUSINESS CARD IS GOING TO REFLECT YOUR BUSINESS IMAGE.AND INSTA IS A GOOD PLACE TO GET INITIAL BUSINESS CARDS.EVERY TIME I REPRINTED A CARD, I CHANGED THE CARD.YOU CAN ALWAYS CHANGE YOUR BUSINESS CARD AND IT'S INEXPENSIVE.THERE'S OTHER ONLINE BUSINESS CARD COMPANIES AS WELL THAT YOU CAN LOOK INTO.SO NOW YOU HAVE YOUR BUSINESS CARD AND YOUR BUSINESS NAME.THE NEXT STEP IS YOUR ELEVATOR PITCH, WHICH IS A CLEAR, CONCISE, POWERFUL AND MEMORABLE INTRODUCTION.YOU WANT TO INTRODUCE YOURSELF AND YOUR COMPANY, WHAT YOU OFFER AND THE BENEFITS TO THE CUSTOMER.INSPIRE THE PERSON TO DO BUSINESS WITH YOU OR HAVE IT SO MEMORABLE THAT THEY'LL REFER CUSTOMERS TO YOU AND YOU WANT TO KEEP IT SHORT, CLEVER, CLEAR AND THINK ABOUT WHY THE CUSTOMER NEEDS YOUR SERVICES.THIS IS MY ELEVATOR PITCH HI.I'M A SCORE VOLUNTEER MENTOR WITH 20 YEARS OF EXPERIENCE IN STARTING AND OWNING A BUSINESS.I HAVE MY MBA AND REAL ESTATE LICENSE.I HELP PEOPLE START AND EXPAND THEIR BUSINESSES.I HAVE HELPED CLIENTS WITH THEIR BUSINESS PLANS TO GET FINANCING WHO HAVE BEEN TURNED DOWN, I'VE HELPED WITH MARKETING PLANS IN WHICH CLIENTS INCREASED THEIR BUSINESS AND I'M AVAILABLE TO HELP YOU WITH ALL ASPECTS OF YOUR BUSINESS NEEDS.CONTACT US AS OFTEN AS YOU LIKE AND KNOW THERE IS NEVER A CHARGE FOR ANY OF OUR SERVICES.CONTACT ME AT JULIE.BRANDER@SCORE OR ONE OF OUR MENTORS.OVER 10,000 SCORE MENTORS FOR THE EXPERTISE THAT YOU NEED.AND NOW NETWORKING.YOU HAVE YOUR NAME.YOU HAVE YOUR BUSINESS CARD AND YOU HAVE YOUR ELEVATOR PITCH.SO NOW YOU ARE READY TO MEET THAT PROSPECTIVE CUSTOMER, INVESTOR, PARTNER OR FRIEND.SO YOU NEED TO INTRODUCE YOURSELF.EXCHANGE BUSINESS CARDS.WRITE NOTES ON THE CARD TO REMEMBER THIS PERSON.WHEN AND WHERE YOU MET THEM.AND THE ONE THING THAT I HAVE TO TELL YOU IS MY WEAKNESS WHEN I HAD MY BUSINESS WAS REMEMBERING NAMES.PEOPLE KNEW MY NAME AND OFTENTIMES I COULD NOT REMEMBER THEIR NAMES.SO WHEN YOU INTRODUCE YOURSELF, YOU WANT TO SHAKE THEIR HAND, REPEAT THEIR NAME AND SAY NICE TO MEET YOU AND THEN REPEAT THEIR NAME IN CONVERSATION AT LEAST FIVE TIMES.ALWAYS PRESENT YOURSELF IN A PROFESSIONAL WAY, LEAVE A LASTING IMPRESSION BECAUSE YOU ARE A REFLECTION OF YOUR BUSINESS.THE GOAL IS ALWAYS TO CARRY AT LEAST TEN BUSINESS CARDS AND THINK ABOUT MEETING FIVE TO TEN PEOPLE AT EVERY SINGLE NETWORKING EVENT.NO MATTER WHERE YOU ARE, YOU SHOULD HAVE YOUR BUSINESS CARDS READY SO PEOPLE KNOW WHO YOU ARE AND WHAT BUSINESS YOU'RE IN.NOW THAT WE HAVE THE FOUNDATION WE WANT TO PUT YOUR IDEA IN WRITING.YOU WANT TO BE CLEAR AND SPECIFIC WHAT PRODUCT OR SERVICE DO YOU PROVIDE.WHO ARE YOUR CUSTOMERS.WHO IS GOING TO BUY IT?HOW MUCH WILL THEY PAY?ARE YOU A SERVICE BUSINESS?NOW, A SERVICE BUSINESS IS BASICALLY LABOR, SUPPLY, OVERHEAD.IT'S BILLABLE HOURS.SO YOU KNOW THAT WHEN YOU'RE IN A SERVICE BUSINESS, THERE'S ONLY SO MANY HOURS IN A DAY THAT YOU CAN PROVIDE THAT SERVICE.SO THINK ABOUT THAT AND BEING VERY EFFICIENT AND HOW YOU'RE GOING TO PROVIDE SERVICE.WHEN YOU START, IT MAY JUST BE YOU AND YOU KNOW YOU'RE GOING TO WORK EIGHT OR TEN HOURS A DAY AT $100 LET'S SAY.YOU CAN ONLY MAKE $800 TO $1,000.THAT'S IF YOU'RE WORKING EVERY HOUR IN THAT 8 TO 10 HOURS.IF YOU MANUFACTURE OR PURCHASE PRODUCT, YOU SHOULD ALWAYS NEGOTIATE EVERY SINGLE THING THAT YOU BUY.YOU MAY WANT TO GET AT LEAST THREE VENDORS TO MAKE SURE THAT YOU CAN GET DELIVERY.YOU WANT TO ASK FOR CREDIT TERMS.YOU MAY GET ITEMS OR PRODUCTS ON CONSIGNMENT.YOU WANT TO PURCHASE ONLY ITEMS THAT YOU THINK YOU CAN SELL.IF YOU BUY SOMETHING THAT DOESN'T SELL, KNOW THAT YOU CAN EITHER RETURN THAT PRODUCT BACK TO THE VENDOR OR CLOSE IT OUT SO THAT YOU CAN BUY A PRODUCT THAT'S MORE SALEABLE.BE RESOURCEFUL.NEGOTIATE EVERY SINGLE THING THAT YOU PURCHASE.AND THEN CONSIDER WHERE YOU'RE GOING TO GET THE FINANCIAL RESOURCES.NOW YOU NEED TO CONFIRM WHETHER OR NOT YOUR BUSINESS WILL SUCCEED.THIS EXERCISE HELPS YOU FORMULATE YOUR IDEA.YOU WANT TO WRITE IT DOWN.YOU WANT TO START WITH YOUR MISSION STATEMENT.DESCRIBE WHAT YOU OFFER THAT WILL BENEFIT AND ADD VALUE TO THE CUSTOMER.IT'S USUALLY THREE OR FOUR SENTENCES THAT CONVEYS A STRONG MENTAL IMAGE THAT CUSTOMERS WILL REMEMBER AND RELATE TO.SO YOUR BUSINESS PLAN IS A FORMAL, PROFESSIONAL DOCUMENT, IT'S EASY TO READ, CLEAR, EASY TO PERSUADE INVESTORS TO LOAN YOU MONEY.YOU WANT IT TO BE A PROFESSIONAL BOUND DOCUMENT WITH TABS.THE FIRST PAGE, THE COVER PAGE HAS TO HAVE YOUR BUSINESS NAME AND ADDRESS.IF YOU DON'T HAVE A LOCATION YET, JUST PUT THE CITY AND NAME OF THE OWNERS WITH THE TELEPHONE NUMBER, E-MAIL AND WEBSITE.I SAW A BUSINESS PLAN THE OTHER DAY AND IT HAD THE NAME AND AN ADDRESS AND A PHONE NUMBER AND A WEBSITE.BUT I DIDN'T HAVE THE PERSON'S NAME THAT WAS RUNNING THE BUSINESS.SO MAKE SURE YOUR NAME IS THERE.ONCE YOU HAVE THE COVER PAGE, YOUR NEXT PAGE IS THE TABLE OF CONTENTS.WHICH SHOULD HAVE THE SECTIONS WITH PAGE NUMBERS.MOST LENDERS ARE BANKERS.THEY WANT TO LOOK AT THE EXECUTIVE SUMMARY FIRST, WHICH IS A CLEAR, COMPELLING STORY THAT DESCRIBES WHAT MOTIVATED YOU TO START THIS BUSINESS WHICH IS THE VISION OF YOUR BUSINESS AND WHY IT WILL SUCCEED AND IT USUALLY IS A COMPELLING STORY THAT'S ONE OR TWO PAGES.ONCE THE BANKER OR LENDER SEES THAT PAGE.WHAT DO YOU THINK THE NEXT PAGE IS GOING TO BE?MOST THEM WANT TO LOOK AT YOUR FINANCIALS AND SEE IF YOU CAN MAKE MONEY.BUT YOU STILL NEED ALL THE OTHER SUPPORTING DOCUMENTS IN YOUR BUSINESS PLAN.SO YOU'RE GOING TO WANT TO DESCRIBE YOUR PRODUCTS AND SERVICES.WA ARE THE FEATURED BENEFITS AND VALUE.YOU WANT TO INCLUDE THE DIRECT AND INDIRECT COMPETITION AND HOW YOUR PRODUCT OR SERVICE IS UNIQUE.REALLY, YOU HAVE TO SHOW THAT YOU'RE GOING TO BE ABLE TO COMPETE IN THE MARKETPLACE.CONTINUING WITH THE BUSINESS PLAN, YOU WANT TO LIST THE MARKET.WHO ARE YOUR CUSTOMERS?WHAT ARE THEIR AGE, INCOME, OCCUPATION?WHAT'S THE SIZE OF THE MARKET?WRITE DOWN WHO YOUR IDEAL CUSTOMER IS AND THE PROMOTION.DESCRIBE HOW YOU WILL MARKET AND SELL YOUR PRODUCT.HOW WILL YOU GET CUSTOMER LOYALTY AND REPEAT BUSINESS?TYPES OF PROMOTION, YOU WANT TO MEASURE THE MARKETING EFFECTIVENESS AND YOU WANT TO TRAP ALL OF YOUR ADVERTISING.THE MANAGEMENT, WHO IS RUNNING THE COMPANY.WHAT IS THEIR EXPERIENCE?WHAT ARE THEIR CREDENTIALS, THEIR EXPERTISE AND THEIR ABILITY TO MANAGE FINANCES AND EMPLOYEES.AND THE FINANCIAL INFORMATION IS HOW MUCH MONEY DO YOU NEED?YOU NEED TO WRITE DOWN EVERY SINGLE NUMBER.BECAUSE WHEN I ASK BUSINESS WHO IS WANT TO GET STARTED HOW MUCH THEY NEED, MOST OF THE TIME THEY WILL SAY $100,000.I CAN TELL YOU WHEN THEY WRITE DOWN EVERY SINGLE ITEM, IT'S MUCH LESS THAN $100,000.SO YOU NEED TO WRITE DOWN EVERY SINGLE ITEM.HOW MUCH ARE YOU GOING TO PAY FOR THE PRODUCT?HOW MUCH INVENTORY WILL YOU NEED?WHAT IS YOUR PROFIT MARGIN GOING TO BE?HOW MUCH IS THE OVERHEAD GOING TO COST?HOW MUCH INCOME DO YOU NEED?AFTER ALL YOUR EXPENSES TO BREAK EACH.BUSINESS FINANCES AND YOUR PERSONAL BUDGET.YOU NEED TO IDENTIFY ALL OF YOUR PERSONAL EXPENSES.HOUSEHOLD EXPENSES, YOUR RENT, INSURANCE, TAXES, ELECTRIC, WATER, SEWER, GARBAGE, CABLE, PHONE, LAWN MAINTENANCE REPAIRS, FIXED AND VARIABLE EXPENSES AND OTHER PERSONAL EXPENSES LIKE GROCERIES, EATING OUT, ENTERTAINMENT, HAIR, GROOMING, CLOTHES.AND YOU HAVE TO SEE HOW MUCH YOU NEED TO COVER ALL OF YOUR PERSONAL EXPENSES WITHOUT ANY BUSINESS INCOME AT ALL.MONEY.WHAT ARE YOUR OPTIONS?70% OF ALL BUSINESSES ARE STARTED WITH PERSONAL SAVINGS.FRIEND AND FAMILY.CREDIT CARDS OR CASH ADVANCES CAN BE USED, BUT WITH CAUTION.YOU CAN GET THE ZERO PERCENT CREDIT CARDS FOR A YEAR AND HOPE THAT YOU HAVE ENOUGH MONEY COMING IN TO PAY THAT BACK.YOU CAN USE A LINE OF CREDIT WITH?-- IF YOU HAVE A HOME EQUITY OR ANY KIND OF ASSET THAT YOU CAN BORROW AGAINST.THERE'S ALSO PEER TO PEER LENDING.ONLINE BUSINESS LOANS COME FROM U.S. , OR ON DECK WHO WILL BE TALKING LATER ON.THE LOCAL CHAMBER OF COMMERCE CAN GIVE YOU THE FUNDING SOURCES.SOME LENDERS REQUIRE BEING IN BUSINESS AT LEAST TWO YEARS.IN THOSE TWO YEARS, YOU HAVE TO SHOW THAT YOU'RE A VIABLE BUSINESS AND CAN PAY BACK THE LOAN.REMEMBER, WHEN YOU GET A LOAN, YOU'RE GOING TO HAVE TO SHOW PROFIT SO THAT YOU CAN PAY IT BACK.PLAN HOW YOU'RE GOING TO SPEND YOUR MONEY.ANALYZE EVERY EXPENSE.IS IT NECESSARY?TRACK YOUR SPENDING HABITS.HOW MANY OF YOU ACTUALLY KNOW HOW MUCH YOU SPEND EACH MONTH?I HAD AN IDEA.OF HOW MUCH I WAS SPENDING BUT I DIDN'T KNOW UNTIL I WROTE IT ALL DOWN AND WHAT I THOUGHT WAS SPENDING WASN'T EVEN CLOSE TO WHAT I WAS ACTUALLY SPENDING.SO IF YOU USE CASH RATHER THAN CREDIT TO MONITOR YOUR SPENDING, FOR EXAMPLE, IF YOU HAVE A HUNDRED DOLLARS A WEEK TO SPEND, BUT $100 IN YOUR PURSE OR WALLET THAT WEEK AND WHEN YOU'RE FINISHED SPENDING THAT 100, YOU KNOW THAT'S T YOU DON'T HAVE ANY MORE MONEY UNTIL NEXT WEEK.YOU WANT TO ALSO THINK ABOUT GETTING CREDIT TERMS.BUYING ON SALE.CLOSE-OUTS AND CONSIGNMENT.WHEN YOU'RE IN BUSINESS YOU ONLY WANT TO PURCHASE INVENTORY AND SUPPLIES THAT WILL BE SOLD QUICKLY.YOU WANT TO CONSIDER LEASING EQUIPMENT OR BUYING USED EQUIPMENT.SUBCONTRACT OUT LABOR BECAUSE THEN YOU KNOW THAT WHEN YOU'RE BUYING SOMETHING YOU'RE GETTING IT BACK.SO FOR EXAMPLE, WE WERE A MANUFACTURER.THERE WAS A PERCENTAGE OF OUR MANUFACTURING THAT THE PIECES WEREN'T ALWAYS 100%.THERE WAS SOME DAMAGE.SO WHEN WE SUBCONTRACTED OUT THAT LABOR FOR THOSE PIECES, WE KNEW EVERY SINGLE PIECE THAT WE GOT BACK WAS PERFECT.SO THERE WAS NO LOSS AT ALL.ALSO, USE A TEMPLE AGENCY FOR PROJECTS THAT YOU NEED.THERE ARE MANY TIMES THAT YOU DON'T NEED A FULL-TIME PERSON.YOU CAN HAVE A TEMPLE AGENCY COME IN AND DO A PROJECT UNTIL YOU GROW AND CAN HIRE A FULL-TIME PERSON.YOU ALSO MIGHT CONSIDER SHARING SPACE WITH ANOTHER COMPANY OR WORKING FROM HOME OR CREATING AN ONLINE BUSINESS TO CUT DOWN ON YOUR OVERHEAD COSTS.CONSIDER BARTERING GOODS BUT WITH CAUTION.BECAUSE WHEN YOU BARTER GOODS OR SERVICES, YOU DON'T HAVE ANY CASH FLOW.ONLY BARTER THE SMALL PERCENTAGE.A 20% BARTER COULD BE OKAY.BUT BE VERY CAUTIOUS.WHEN YOU'RE FIRST STARTING YOUR BUSINESS, THERE'S NOT A LOT OF EXTRA CASH THAT YOU CAN SPEND.SO THINK ABOUT, YOU'RE PROBABLY GOING TO BE THE ONLY ONE IN THE BUSINESS AND MAYBE A COUPLE OTHERS.YOU WANT TO NEVER PAY OTHERS FOR SERVICES THAT YOU CAN DO YOURSELF.YOU WANT TO CONSIDER RECYCLING, REUSING, REFINISHING ITEMS AND EVEN FINDING FREE ITEMS THAT YOU CAN USE IN YOUR BUSINESS.YOU WANT TO SELL ITEMS THAT YOU NO LONGER NEED OR GET THINGS ON CONSIGNMENT, BUY THINGS FROM CONSIGNMENT STORES.WHEN YOU BUY FROM A CONSIGNMENT SHOP, YOU CAN ALWAYS NEGOTIATE.ALWAYS COMPARE ITEMS FOR THE LOWEST PRICE.ARE THEY ON SALE?BUY CLOSE-OUTS.WHEN SHOPPING, MAKE A LIST AND STICK TO IT.NEVER BUY IMPULSE ITEMS BECAUSE WHO KNOWS HOW MUCH EXTRA THAT'S GOING TO BE.IF YOU THINK ABOUT COOKING AT HOME OR BRINGING YOUR LUNCH TO WORK, YOU WILL SAVE SO MUCH MONEY OR THINK ABOUT GOING AND EATING AT A HAPPY HOUR, WHICH IS USUALLY HALF PRICE.AGAIN, USING THERE'S SO MANY APPS NOW AND CREDIT CARDS WHERE YOU CAN GET CASH BACK.AGAIN, I CAN'T STRESS ENOUGH TO NEGOTIATE EVERY SINGLE THING THAT YOU BUY.WE HAVE A LOT OF DIGITAL MARKETING AND APPS.WHEN YOU'RE IN BUSINESS, YOU WANT TO MAKE SURE THAT YOU ARE LISTED ON ANGIE'S LIST, GOOGLE MY BUSINESS.GROUPON IS A GOOD WAY TO GET CUSTOMERS IN THE BEGINNING BUT BE VERY CAUTIOUS BECAUSE I'LL GIVE YOU AN EXAMPLE.IF YOU HAVE $100 PRODUCT OR SERVICE, YOU MIGHT NEED TO?-- GROUPON IS GOING TO SELL IT FOR $50.GROUPON TAKES 50% AND SO YOU'RE ONLY GOING TO END UP WITH $25.IF YOUR SERVICE OR YOUR PRODUCT COSTS MORE THAN $25, GROUPON COULD PUT YOU OUT OF BUSINESS.SO YOU HAVE TO BE VERY CAUTIOUS AND LIMIT THE GROUPON SALES AND MAKE SURE THAT YOUR COSTS ARE COVERED.IT'S A GREAT WAY TO GET FREE ADVERTISING AND MANY OF THESE APPS AND DIGITAL MARKETING IDEAS.SOCIAL MEDIA ARE GREAT WAYS TO ADVERTISE YOUR BUSINESS.FACEBOOK HAS FACEBOOK FOR BUSINESS.INSTAGRAM, TWITTER, LINKEDIN, YOUTUBE.SELLING ONLINE IS THE WAVE OF THE FUTURE.YOU NEED TO HAVE PRESENCE ONLINE, EITHER ON AMAZON, ETSY, SHOPIFY.THERE'S SO MANY ONLINE SITES TO PUT PRODUCTS ON.E-MAIL MARKETING.CONSTANT CONTACT WITH A GREAT WAY TO KEEP IN TOUCH WITH YOUR CUSTOMERS.BUILDING THAT E-MAIL CUSTOMER BASE.THE BEST THING ABOUT CONSTANT CONTACT IS WHEN YOU'RE E-MAILING TO YOUR CUSTOMERS, THEY CAN OPT OUT IF THEY DON'T WANT TO GET FUTURE MAILINGS FROM YOU.THAT GIVES YOU A LEGAL WAY TO ADVERTISE.THERE'S SO MANY OTHER WAYS THAT YOU CAN MARKET YOUR NEW BUSINESS.NOW THE TENNESSEE KRETS TO BUSINESS SUCCESS.ALWAYS BE POSITIVE AND AVOID NEGATIVITY.WHEN YOU HAVE THIS GREAT IDEA, THERE ARE PEOPLE AROUND YOU THAT SAY, THAT'S NEVER GOING TO WORK.DON'T LISTEN TO THOSE PEOPLE.THINK SUCCESS.ALWAYS WRITE DOWN YOUR GOALS.GOALS ARE NOTHING WITHOUT ACTION.YOU WANT TO GATHER ALL YOUR IDEAS, WRITE THEM DOWN.COLLECT THINGS YOU LIKE THAT YOU'D LIKE TO SEE YOUR BUSINESS MODELED AFTER.CONTINUE TO LEARN, GET TRAINING.LEARN THE INDUSTRY TO IMPROVE WHAT'S CURRENTLY BEING DONE SO YOU CAN DO IT BETTER.HAVE A PLAN.MODIFY IT TO REFLECT MARKET CHANGES.MANAGE YOUR TIME AND DON'T BE AFRAID TO SAY NO.WHEN SOMEONE CALLS TO INTERRUPT YOU, YOU WANT TO MAKE SURE THAT YOU'RE ABLE TO SAY, LET ME CALL YOU BACK LATER.BE UNDERSTANDING, EMPATHETIC AND HAVE THE ABILITY TO MOTIVATE.BECAUSE YOU'RE GOING TO NEED A LOT OF PEOPLE AROUND YOU TO HELP YOU GET THIS BUSINESS OFF THE GROUND.ALSO, BE MEMORABLE.LEAVE A LASTING IMPRESSION TO SET YOURSELF APART.YOU WANT PEOPLE TO REMEMBER YOU AND KNOW WHAT IT IS THAT YOU DO.SUCCESS COMES FROM PASSION, ENTHUSIASM AND PERSISTENCE.NEVER GIVE UP.ALWAYS REMEMBER YOU'RE IN BUSINESS TO MAKE A PROFIT.THERE ARE A LOT OF DISTRACTIONS AND A LOT OF THINGS THAT COME ABOUT THAT WILL PREVENT YOU FROM DOING AND GROWING THE BUSINESS AS YOU SHOULD.YOUR BUSINESS SHOULD ALWAYS BE ENJOYABLE.WHEN IT STOPS BEING FUN, IT'S TIME TO GET OUT OF BUSINESS.SO NOW WE ARE GOING TO BE TAKING SOME QUESTIONS FROM YOU.I HOPE YOU'VE ENJOYED THIS LITTLE WEBINAR.GOOD LUCK IN YOUR BUSINESS.>> OKAY.THANK YOU, JULIE.WE WILL NOW GO AHEAD AND START THE Q AND A PORTION OF YOUR CALL WHERE I WILL BE READING THE CHAT QUESTIONS OUR PARTICIPANTS HAVE BEEN SENDING IN AND ARE CONTINUING TO SEND IN.AND IN THIS TIME REMAINING, WE WILL ADDRESS JUST AS MANY AS WE CAN.IF WE DON'T HAVE TIME TO ADDRESS YOUR QUESTION DURING THE SEGMENT, I ENCOURAGE YOU TO CONNECT WITH A SCORE MENTOR IF YOU'RE NOT WORKING WITH ONE.MENTORS ARE AVAILABLE AFTER THE WEBINAR IN THE TRAINING HALL.LET'S GO AHEAD AND JUMP INTO THESE QUESTIONS.JULIE, OUR FIRST QUESTION, THIS COMES TO US FROM AMANDA.WHO WOULD LIKE TO KNOW HOW WOULD SHE KNOW IF HER BUSINESS STARTUP NAME IS INFRINGING ANY COPYRIGHT LAWS?>> SO THE FIRST THING TO DO IS TO GO TO THE DEPARTMENT OF REVENUE SERVICES BECAUSE WHEN YOU GET YOUR TAX I.D. NUMBER, THEY WILL TELL YOU IF THAT BUSINESS NAME IS BEING USED.ALSO, YOU WANT TO LOOK FOR A WEBSITE ADDRESS.A WEBSITE ADDRESS, IF IT'S NOT BEING USED, THEN YOU KNOW THAT THAT NAME IS AVAILABLE.SO EVERY STATE HAS PROTECTION FOR YOUR NAME UNLESS YOU'RE A NATIONAL COMPANY, THEN YOU MIGHT WANT TO GET THE?-- GO THE USPTO AND GET AN ACTUAL COPYRIGHT FOR THE NAME.BUT IF YOU'RE A SMALL BUSINESS IN A STATE, THE DEPARTMENT OF REVENUE SERVICES WILL LET YOU KNOW WHETHER OR NOT THAT NAME IS BEING USED.>> ALEXIS, NEXT QUESTION?>> ALL RIGHT.OUR NEXT QUESTION COMES FROM PAULA WHO ASKS, HOW DO YOU GET BUSINESS FINANCING WHEN THE BUSINESS HAS NO HISTORY?>> SO I WANT EVERYBODY TO KNOW THAT MOST MONEY COMES FROM?-- 71% OF ALL BUSINESSES THAT START USE SAVINGS AND 21% ARE LOANS FROM FRIENDS AND FAMILY.SO USUALLY YOU START WITH YOUR OWN MONEY.SO FOR MY PARTICULAR BUSINESS, WE REALLY DIDN'T GET BANK FINANCING UNTIL WE HAD A HUGE ORDER THAT WE NEEDED TO FINANCE AND THEN WE COULD GO TO THE BANK AND SHOW THE BANK, LOOK, I HAVE THIS ORDER AND I NEED FINANCING.THEN THEY CAN TALK ABOUT DIFFERENT OPTIONS.LINES OF CREDIT, I KNOW SOME PEOPLE HAVE USED CREDIT CARDS TO START THEIR BUSINESS.THE PROBLEM WITH THAT IS, YOU NEED TO PAY IT BACK.IF YOU CAN'T PAY IT BACK, YOU RISK GOING OUT OF BUSINESS OR RUINING YOUR CREDIT.IT'S NOT A GOOD OPTION.IT'S ALWAYS BEST, MAYBE YOU WORK FOR A FEW EXTRA MONTHS, SAVE SOME MONEY SO THAT YOU HAVE MONEY TO START YOUR BUSINESS.BUT JUST KNOW THAT MOST BUSINESSES START WITH LESS THAN $10,000.61% OF ALL BUSINESSES START WITH LESS THAN $10,000.SO IF AT ALL POSSIBLE, TRY TO START WITH YOUR OWN MONEY OR AS LITTLE MONEY AS POSSIBLE.>> ALEXIS?>> OKAY.OUR NEXT QUESTION.THIS COMES FROM SB WHO WANTS TO KNOW WHAT CRITERIA MAKES A HOBBY A BUSINESS THAT REQUIRES FILING FEDERAL TAXES AS A BUSINESS?>> SO TRADITIONALLY, MANY BUSINESSES START FROM A HOBBY INTO A BUSINESS.THAT IS A QUESTION THAT YOU SHOULD ASK AN ACCOUNTANT.IF YOU WANT TO GET YOUR BUSINESS STARTED, GO THROUGH THE PROCESS OF FILING YOUR TAX I.D., GET YOUR BUSINESS NAME REGISTERED.AND I KNOW THAT WHEN I WAS FIRST STARTING OUT AND I DIDN'T HAVE SALES, I WAS A REGISTERED BUSINESS, BUT IF YOU DON'T HAVE SALES, YOU'RE NOT FILING SALES TAX.YOU CAN BE IN BUSINESS UNTIL YOU GENERATE INCOME AND YOU'LL BE ABLE TO FILE YOUR TAXES.YOU HAVE THAT SHELL FOR YOUR BUSINESS.ALEXA. >> JULIE, OUR NEXT QUESTION COMES FROM MARTIN ASKING HOW DO YOU KNOW THE PRICE IF THERE IS NO COMPETITION YET?>> SO PRICE OF PRODUCTS OR?-- PRICE FOR PRODUCTS, LET'S START WITH.IS THE COST OF GOODS PLUS THE SHIPPING, PLUS ANY KIND OF OVERHEAD EXPENSE.SO WHEN YOU PURCHASE A PRODUCT, YOU WANT TO MAKE SURE THAT THERE'S A MARKUP.TRADITIONALLY, YOU WANT TO MINIMUM OF A 40% PROFIT MARGIN ON ANY PRODUCT THAT YOU'RE DISTRIBUTING.IN A SERVICE BUSINESS, IT'S A LITTLE DIFFERENT.BECAUSE SERVICE BUSINESS IS LABOR.IT'S HOW MANY BILLABLE HOURS IN THE DAY.IF YOU'RE A SERVICE CONTRACTOR, THERE MAY BE TRAVELING TIME THAT YOU HAVE TO GO TO GET TO THE JOB.AND THEN YOUR WORK AT THE JOB.SO YOU NEED TO KNOW HOW MANY JOBS PER DAY YOU CAN ACTUALLY DO AND DETERMINE HOW MUCH YOU CAN MAKE.NOW, ONE PERSON CAN ONLY MAKE SO MUCH PER BILLABLE HOUR.EVENTUALLY, YOU WANT TO ADD MORE PEOPLE THAT CAN HELP YOU AND YOU'LL MAKE MORE MONEY.SO I HOPE THAT'S CLEAR.ALEXA?>> OUR NEXT QUESTION COMES FROM MEG.WHO SAYS THE BIGGEST PROBLEM THAT SHE HAS IS THE PRICING OF HER PRODUCT.HOW CAN SHE STAY COMPETITIVE WITHOUT COMPROMISING HER PROFITS, ESPECIALLY COMPARED TO BIGGER COMPETITORS?>> SO WHEN YOU'RE BUYING PRODUCTS, YOU HAVE TO MAKE SURE YOU'RE GETTING THE ABSOLUTE LOWEST PRICE.I KNOW THAT WHEN I WAS BUYING FROM MANUFACTURERS, LARGE QUANTITIES, I WAS ABLE TO GET A BETTER PRICE.IF I WAS JUST BUYING FROM A SMALLER COMPANY.SOURCE OF YOUR PRODUCT AND GETTING THE BEST PRICE IS GOING TO BE YOUR KEY INGREDIENT.SOMETIMES YOU MIGHT WANT TO SELL A PRODUCT, BUT THERE'S NO WAY YOU CAN BE COMPETITIVE.SO YOU MIGHT WANT TO LOOK AT ANOTHER PRODUCT OR BUNDLE OF PRODUCTS SO IT'S DIFFERENT AND PEOPLE CAN'T COMPARE WHAT OUR SELLING TO WHAT'S OUT THERE?-- IT SHOULD BE SOMETHING A LITTLE DIFFERENT.A HIGHER PERCEIVED VALUE.YOU CAN CHARGE MORE MONEY FOR.ALWAYS THINK ABOUT BEING ABLE TO GET THE BEST PRICE, KNOWING WHERE THAT IS.THAT'S HOW YOU DO IT AGAIN.A LOT OF RESEARCH IN DETERMINE THE BEST PRICING AND IF YOU CAN SELL ENOUGH AS WELL.THIS COMES FROM CHRISTINA WHO ASKS IF BUSINESSES?-- SHOULD THEY ALWAYS SOLVE A PROBLEM.WHAT AN ICE CREAM SHOP OR COFFEE SHOP THAT'S ALWAYS A SOLUTION BUT NEVER REALLY A PROBLEM. >>> THAT'S RIGHT.IT COULD BE A PROBLEM TO OUR WAISTLINE.AGAIN, IT'S BEING COMPETITIVE.IF YOU WANT TO OPEN UP AN ICE CREAM SHOP, YOU HAVE TO LOOK AT ALL THE ICE CREAM SHOPS IN THE NEIGHBORHOOD AND DETERMINE HOW YOUR ICE CREAM SHOP IS GOING TO BE DIFFERENT FROM THE REST.HOW WILL YOU SET YOURSELF APART.BEING COMPETITIVE, STANDING OUT, OFFERING SOMETHING, MAYBE AN EXPERIENCE WITH THEY COME INTO YOUR ICE CREAM SHOP DIFFERS FROM ANOTHER ICE CREAM SHOP.STARBUCKS IS A GOOD EXAMPLE, AS I SAID.YOU COME IN, YOU'RE SITTING ON A COUCH.IT'S LIKE YOU'RE WALKING INTO A LIVING ROOM.SO ANY BUSINESS THAT YOU CREATE, YOU ALWAYS NEED TO BE DIFFERENT.IN A SERVICE BUSINESS ALSO, WHAT ARE YOU GOING TO DO THAT OTHER SERVICE BUSINESSES DON'T DO.ARE YOU GOING TO OFFER A GUARANTEE, HAVE THE TECHNICAL SUPPORT.WHAT CAN YOU DO TO BE DIFFERENT FROM THE COMPETITION.THAT'S YOUR BASIC SUCCESS IN BUSINESS.HOW YOU CAN ACCOMMODATE YOUR CUSTOMERS.MAKE THEM FEEL WELCOME.THAT'S THE KEY REALLY.ALEXIS?>> OKAY.NEXT QUESTION IS FROM ESTHER.SHE WOULD LIKE TO KNOW IF BUSINESS CARDS ARE STILL RELEVANT. >> I CAN TELL YOU THAT ANYWHERE YOU GO, YOU SHOULD HAVE YOUR BUSINESS CARD AND AS I SAID, YOU NEED TO MAKE SURE THAT IT IS SOMETHING MEMORABLE THAT STANDS OUT.IT'S EASY TO READ ON A HARD CARD STOCK.I USE BUSINESS CARDS AND GO THROUGH SO MANY OF THEM BECAUSE EVERY SINGLE PERSON I MEET, I HAND A CARD TO.I GET THEIR BUSINESS CARDS SO I CAN FOLLOW-UP.ALL THE PEOPLE THAT YOU MEET TO BE ABLE TO REACH OUT TO THEM AGAIN AND THEY COULD BE A CUSTOMER, THEY COULD BE YOUR NEXT PARTNER, THEY COULD BE YOUR BEST FRIEND.BUSINESS CARDS ARE RELEVANT.IF YOU DON'T HAVE YOUR BUSINESS, AT LEAST HAVE A CALLING CARD WITH YOUR CONTACT INFORMATION.AND I ACTUALLY USED TO REPRINT MY BUSINESS CARDS REGULARLY.EVERY TIME I REPRINTED MY CARD, I CHANGED IT.SO YOU KNOW, JUST BECAUSE YOU HAVE A BUSINESS CARD GO TO VISTA PRINT, GET 100 CARDS OR 250 CARDS AND YOU CAN ALWAYS REDO THEM.BUT BUSINESS CARDS ARE ALWAYS GOING TO BE RELEVANT.THANK YOU.>> OKAY.NEXT QUESTION COMES FROM FRANK WHO SAYS THAT HE UNDERSTANDS THAT EVERY BUSINESS OR BUSINESS IDEA CAN BE VERY PARTICULAR OR SPECIFIC.HOWEVER, ARE THERE ANY RECOMMENDATIONS TO GET FROM PLANNING AND RESEARCHING TO ACTUALLY DOING?>> SO THE BEST WAY IS JUST TO DO IT.YOU KNOW, PLANNING AND RESEARCHING IS IMPORTANT BECAUSE THEN YOU'RE DETERMINING WHETHER OR NOT WHAT YOU HAVE SALEABLE.BUT EACH IF YOU'RE NOT SURE IF WHAT YOU HAVE IS SALEABLE.YOU COULD DO A SMALL AMOUNT OF TEST MARKET.LET'S SAY YOUR PRODUCT DISTRIBUTION?-- OR PRODUCT DISTRIBUTION, YOU BUY 100 OR 50 OF AN ITEM AND IF YOU SELL IT, YOU KNOW YOU CAN BUY MORE.IN THE SERVICE INDUSTRY, ALSO IF YOU CAN SELL YOUR SERVICE ONE TIME AND PEOPLE ARE HAPPY WITH YOUR SERVICE, THE WORD-OF-MOUTH MARKETING IS GOING TO BE YOUR KEY AS FAR AS GETTING REPEAT BUSINESS.IT GROWS LIKE THAT.THOSE PEOPLE WHO HAVE STARTED BUSINESSES MAY NOT EVEN HAVE HAD A FULL BUSINESS PLAN.BUT THE MARKETING PLAN AND THE PRODUCT AND THE COST OF THE PRODUCT AND BEING ABLE TO RESELL IT AT A PROFIT IS REALLY WHAT IT IS.IT'S SIMPLE IF YOU LOVE WHAT YOU DO.YOU'RE GOING TO BE ABLE TO SELL IT BETTER THAN ANYBODY.ALEXIS?>> OKAY.NEXT QUESTION.THIS COMES FROM KAREN.SHE WOULD LIKE TO KNOW IF A BUSINESS PLAN DIFFERS FOR A NONPROFIT ORGANIZATION AND IF SO, HOW?>> THAT'S A VERY GOOD QUESTION.SO MOST NONPROFITS DO NOT HAVE A BUSINESS PLAN.WHAT THEY HAVE IS THEY HAVE A MISSION STATEMENT.AND THEY HAVE ARTICLES OF INCORPORATION.IT BASICALLY STATES YOU'RE RAISING MONEY FOR A CAUSE.AND YOU'RE DISTRIBUTING THAT MONEY.SO WHEN A NONPROFIT NEEDS TO FOCUS ON IS FUNDRAISING AND SPONSORSHIPS.EVERY TIME THEY GET A DONATION, THAT'S A TAX DEDUCTION FOR THE PERSON WHO DONATES MONEY.SO WITH MY NONPROFIT.WE DID ANNUAL EVENTS.WE WOULD FOCUS ON GETTING SPONSORS.THAT'S HOW WE RAISED MONEY.WE DID SILENT AUCTIONS, PROGRAM BOOKS.WE DID A LOT OF THINGS THAT COST US NOTHING.WITH THE NONPROFIT ALSO, YOU CAN GET A LOT OF IN-KIND DONATIONS.YOU CAN GET PRINTERS TO DONATE FOR FREE, YOU CAN GET ANYTHING YOU CAN THINK OF.PEOPLE ARE GOING TO DONATE TO YOU BECAUSE YOU'RE A NONPROFIT ORGANIZATION.WHEN THEY DONATE, IT'S A TAX DEDUCTION.SO FOCUS ON YOUR FUNDRAISING AND YOUR SPONSORSHIPS AND DONORS.WHEN YOU HAVE A NONPROFIT.ALEXIS?>> OKAY.JULIE, OUR NEXT QUESTION.THIS COMES FROM YOLANDA.SHE ASKS IF YOU COULD PLEASE DESCRIBE THE OVERHEAD COSTS IN FURTHER DETAIL.>> SO WHEN YOU'RE FIRST STARTING A BUSINESS, I REALLY DO RECOMMEND STARTING FROM HOME.THERE'S NOTHING WRONG WITH STARTING A HOME-BASED BUSINESS IF IT'S SOMETHING THAT MAYBE YOU GO TO OTHER PEOPLE'S BUSINESSES OR OTHER PEOPLE'S HOMES.THAT'S OKAY.THEY DON'T NEED TO KNOW.THE OVERHEAD COST NEEDS TO BE MINIMUM WHEN YOU START A BUSINESS.ALL COSTS HAVE TO BE REALLY AS MINIMUM AS POSSIBLE.ONCE YOUR BUSINESS HAS GROWN A LITTLE BIT, YOU CAN AFFORD AN OVERHEAD.SOMETIMES YOU CAN SHARE AN OFFICE WITHIN A BUSINESS SIMILAR TO YOURS.YOU CAN GET AN UPSTAIRS OFFICE, WHICH IS LESS EXPENSIVE THAN A STORE FRONT DEPENDING ON YOUR TYPE OF BUSINESS.LIGHT INDUSTRIAL SPACE IS LESS EXPENSIVE THAN CLASS A OFFICE BUILDING.AGAIN, REALLY, THINK ABOUT YOUR OVERHEAD COST AND MAKE SURE THERE IS MINIMAL AS POSSIBLE WITHIN THE FIRST YEAR OR TWO OF BUSINESS BECAUSE THAT'S MONEY YOU CAN PUT INTO YOUR BUSINESS, YOUR PRODUCTS, YOUR ADVERTISING, WHATEVER IT IS THAT YOU NEED.ALEXIS?>> OKAY.ROBIN PROVIDES THE NEXT QUESTION ASKING WHAT IS THE BEST WAY TO OVERCOME A PREFER OWNER'S BAD REPUTATION?>> THAT'S A TOUGH ONE.IF YOU BUY AN EXISTING BUSINESS AND THAT OWNER HAS A BAD REPUTATION, THAT'S VERY HARD TO OVERCOME.PEOPLE DO PUT SIGNS, UNDER NEW MANAGEMENT.BUT EVEN IN THAT CASE, IN A LOT OF BUSINESSES PEOPLE ARE GOING TO, ESPECIALLY RESTAURANTS, IF YOU GO TO A RESTAURANT AND YOU GET A BAD MEAL, IN MOST CASES, YOU'RE NEVER GOING BACK.SO YOU REALLY HAVE ONE TIME TO PROVE YOURSELF AND TO MAKE PEOPLE FEEL GOOD ABOUT DOING BUSINESS WITH YOU.SO SOMEONE ELSE'S BAD REPUTATION IS GOING TO BE DIFFICULT TO OVERCOME UNLESS YOU CHANGE YOUR LOGO, YOU CHANGE THE NAME.YOU HAVE TO DO SOMETHING THAT DISCONNECTS YOU FROM THAT PREVIOUS OWNER.THERE'S A LOT OF DIFFERENT WAYS.THAT'S WHAT YOU REALLY HAVE TO THINK ABOUT TO OVERCOME THAT.JUST BE BETTER THAN THEY WERE BEFORE.ALEXIS?>> OKAY.JULIE, WE HAVE TIME FOR ABOUT ONE, MAYBE TWO LAST QUESTIONS HERE.THE NEXT QUESTION, THIS COMES FROM ALVARO WHO WOULD LIKE YOU TO TALK A LITTLE BIT ABOUT THE REASONS TO BECOME AN S CORP. OR C CORP. INSTEAD OF FULL PROPRIETOR.>> WELL, I USUALLY RECOMMEND, IF YOU'RE A SOLE PROPRIETOR, THE REASON TO BE AN S CORP., C CORP. OR LLC IS REALLY TO CREATE A SEPARATE BUSINESS ENTITY.SO IF YOU'RE IN A BUSINESS WHERE SOMEONE CAN GET HURT, THERE'S ANY KIND OF ISSUES WITH LOSSES, YOU WOULD WANT TO PROTECT YOUR BUSINESS FROM YOUR PERSONAL ASSETS.BEING A SOLE PROPRIETOR IS CHEAP.IT'S $20 IN THE STATE OF NEVADA TO REGISTER A BUSINESS.AN LLC, I RECOMMEND, IF YOU OWN A BUILDING AND YOU KNOW THAT IN THE WINTER PEOPLE COULD SLIP AND FALL AND GET HURT, YOU WANT TO SEPARATE YOUR BUSINESS FROM YOUR PERSONAL.YOU KNOW, IF A PRODUCT CAN HURT SOMEBODY, YOU WANT TO SEPARATE YOUR BUSINESS FROM YOUR PERSONAL.BUT IN MOST CASES, A SERVICE BUSINESS, YOU'RE GOING TO HAVE INSURANCE TO COVER A LOT OF THE ISSUES THAT YOU MAY BE FACED WITH.A CORPORATION HAS HIGHER COSTS EACH YEAR.IN NEVADA IT'S A $250 COST TO FILE ANNUALLY IF YOU'RE AN LLC.AND CORPORATIONS ALSO HAVE AN ANNUAL FILE FEE.THERE'S ALSO A SEPARATE TAX RETURN.SO THINK ABOUT IF IT'S NECESSARY IN THE TYPE OF BUSINESS, IS IT A HIGH RISK BUSINESS AND IF THAT'S NECESSARY, GET AN ADVICE FROM A LAWYER.THEY'LL HELP YOU.ALEXIS?>> OKAY.SO THOSE ARE ALL THE QUESTIONS THAT WE HAVE TIME FOR IN THIS SESSION.WE HOPE THAT YOU ALL WILL ENJOY THE REST OF THE VIRTUAL CONFERENCE BY TALKING WITH A MENTOR, THE MENTORING HALL.THEth NETWORK WITH OTHER BUSINESS OWNERS IN THE NETWORKING LOUNGE, CHAT WITH OTHER INDUSTRY EXPERTS AND PICK UP FREE BUSINESS RESOURCES IN THE EXHIBIT HALL.WE HOPE YOU JOIN US BACK FOR ONE OF THE NEXT WEBINARS TAKING PLACE IN 30 MINUTES.SMART CREDIT STRATEGIES FOR SMALL BUSINESS OWNERS BEING PRESENTED BY NAV AND MAKE YOUR WEBSITE WORK FOR YOU BEING PRESENTED BY GOOGLE.LADIES AND GENTLEMEN, ON BEHALF OF SCORE, I'D LIKE TO THANK YOU ALL FOR ATTENDING THIS WEBINAR.GIVE A VERY BIG THANK YOU TO JULIE BRANDER FOR PRESENTING WITH US TODAY.JULIE, THANK YOU SO MUCH. >> THANK YOU. ................
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