The One Thing To Know Before Starting A Business

Here is the secret to becoming successful before even opening your business.. Pay talent in equity if you can’t afford to pay them right away. It’s very hard to attract talent w to help you grow your business when you’re strapped for cash. I learned, early on that is, that if you pay individuals with a percentage of ownership of the company then they will be actually invested in your company and not simply invested in a paycheck – plus you’re saving money.

Some people like to hire interns. This action could be a win-win for both parties but it also comes with a risk. At some point the intern is going to leave for a paying job or -worst yet- will start his or her own company. You have to be aware that if this happens that the intern can take anything you may have taught him or her… including clients… can move forward with a bigger, better plan and possibly more money than you have. If you are considering getting an intern, understand that you should also have an NDA and other legal documents in place to protect you and your ideas.

Paying talent in equity is one of the best and most affordable options for people seeking to start-up any type of business. They get to buy into a business without coming up with cash and you gain someone who truly cares about the growth of your company without having to pay cash. Sure, you’re giving away a percentage of equity, but isn’t this a good thing if they can make your company grow?

That’s my food for thought tonight!

Twyla Garrett

Ways to Fail at Networking

I recently watched a friend of mine fail at a public cocktail event that had a lot of prospect business in attendance. I couldn't believe what I was seeing. It was then that I realized, my friend wasn't trying to be bad at networking. She just wasn't a naturally social person and no one had ever taught her how to mix business in a social setting. So, if you can related to my friend- then keep reading. These 5 networking sins are noted to help you learn, grow, and then become a master at networking.

1. It’s all about you….. Well, it’s not. People love to talk about themselves,so let them. I’ve learned to go to these types of events and ask anyone I wanted to meet a simple question… “So, what do you do?” And they’re off. Listening to someone else talk… and I mean really being engaged… will make them like you. They will say they had a great conversation with you— even if it is one-sided. So, instead of pitching yourself, let others pitch you.

2. No follow up. If you leave the event with business cards and wait for the phone to ring, you’re committing a “sin.” Go through the cards and enter them into your mailing list. Then call- yes use the phone, don’t send an email- the contacts you believe can bump up your business and invite the person out for coffee on your tab. Don’t pitch at the coffee meeting either. Instead talk to the person about what they do some more and learn where they can use help.

3. Not offering value. Once you have that coffee meeting and you discover how your potential referral contact can use help, find a way to provide it. Solve their problem for them- no charge- and without pitching yourself. Pretend that you have it all handled and clients are coming through the door. The contact won’t forget this move and YOU will be their number 1 priority when it comes to referring business.

4. Don’t think you’ve failed if none of this works. There are selfish and bad people out there. The system noted above works 95% of the time. Your first time out (maybe first 3 times out) may fall within the other 5%. Keep trying…

5. Stop going to every networking event. You should be selecting your networking events carefully and not by open bar status or what’s on the menu either! If you know a networking event is going to be filled with pediatricians… pass. They may not help your market. If you know an event is going to be filled with people within your industry… go and practice steps 1-4. If you know an event is going to be a mix of professionals you may, one day, sell your services to then go and practice steps 1-4. You may get referral or direct business off of it. Protect your time by picking events that (long-term) can provide you with real ROI. Don’t just network for the sake of meeting people. After all, the goal is to establish your brand and bring in money.

Twyla N. Garrett of IME

Money Mistakes

As a business owner, are you making money mistakes? If you have answered 'no', I would like to know why you are so sure of this. Money mistakes are common when starting a company. It is a proven fact that most business owners have to endure 10 years (on average) of money mistakes before being able to avoid common pitfalls. This said, I want to talk about the pitfalls of asking for money from investors and the common mistakes associated with the query.

Most business owners would love to have a silent investor backing them. This, however, isn't possible for many companies because not all business ideas are scalable. If you watch the show Shark Tank on ABC, you know that there are plenty of great companies and ideas floating around- but that doesn't mean an investor is ready to jump on board. So, to avoid making a major money mistake when it comes to obtaining an investor, make sure you are presenting a scalable company.

Another investor pitch mistake is putting to much value on your company and not presenting actual numbers and verifiable growth sources. Saying a company is worth a million dollars is very different than showing that it is worth a million dollars. Asking for too much money based on the amount of equity you are willing to give up is a red flag to investors. After all, they have the cash and can open up a competing company and maintain all equity and profits. You have to prove your value, not guest-esitmate it!

I hope these two tips have been helpful. Remember, the next time you ask for money don't make the two most common mistakes mentioned above.

Until tomorrow,

Twyla N. Garrett

The 2014 WILDE Leadership and Service Awards Gala

I love to meet my fans! If you want to support a great group of women, please consider buying tickets to the following event. Oh, and I am the keynote speaker!

he WILDE Leadership and Service Awards Fundraising Gala is an annual event held in the city of Atlanta that seeks to highlight and recognize proven leaders in the community who have shown a commitment to improving individual and community standards. Honorees exude excellence and integrity in their area of expertise, and stand as role models in society.

The event is known to motivate, inspire, educate and entertain while building networks in two incorporated folds:

WILDE The Runway- A Charity Fashion Show: is an extraordinary platform for designers in the fashion industry to showcase their creativity and artistic skills while creating awareness of different cultures through the display of artwork and dynamic designs. It also serves as a platform for highly talented fashion designers seeking more visibility. We have added an interesting twist to the 2014 WILDE The Runway by bringing to you an exclusive kids fashion show. You do not want to miss!

Awards Gala: is an evening of cocktails, entertainment and fine dining during which honorees will be presented with the 2014 WILDE Leadership & Service Awards. Among other amazing activities, there will be an engaging panel discussion involving extraordinary speakers from all over the nation speaking on “Women Embracing Life and Leadership.”

BENEFICIARIES

The 2014 WILDE Leadership and Service Awards Fundraising Gala will benefit WILDE Charities and Beauty4Ashes Foundation.

When: October 11, 2014
( 7:00 pm to 11:00 pm)
Future Vision
1212 Fowler St. NW,
Atlanta, Georgia

Tickets start at $45. You can buy them here: http://wildeawardsgala.org/purchase-tickets/

Attention Getting Slogans....The "How-To" Edition

Every great brand needs a great slogan. So, what happens when you're stuck and can't come up with one? First, don't panic. Second, don't over think. If you are struggling to come up with a great slogan then step away from the task for three days. When you do come back to addressing the issue, follow my advice listed below.

A great slogan should be between three and five words. Anything longer will be hard to remember and won't stick with customers. Nike's 'Just Do It' campaign is the perfect slogan. It explains everything, it has stuck for years, and it is short. Remember, if you have a slogan over five words- revisit it and figure out how to make it shorter.

Don't be soulless. A great slogan has to provoke emotion within people. It should reference something other than "buy me." Marketing people forget customers are people, not numbers. Try viewing your slogan from a personal point of view.

You also want to have an element of shock value- but in a good way. Don't use anything too controversial, but a slogan that is clever enough to turn heads and be remembered.

Branding a business is hard work. You might have to revisit the drawing board several times- but it will be worth it in the end.

Until next time, Twyla Garrett

Twyla Garrett, CBM, CHS III is an extraordinary serial entrepreneur, corporate speaker, and compelling author who has been personally invited to speak at The White House about creating jobs, economic growth, and the controversial fiscal cliff of 2012. ​

Garrett is known for her notable (sometimes 100% self-funded) business deals and for providing excellent opportunities to individuals facing immense challenges. She developed a home-based small event planning and catering business from 1995-1998. She opened her first of three clubs, Club Escape, in 2003. Club Escape is a summer nightclub and restaurant, located in Richmond, that provides at-risk teens an opportunity to learn the restaurant business. Within the next few years, she opened Mocha Fusion Coffee Lounge in 2008, and 2020 Martini Café in 2008; both restaurants in Cleveland, Ohio. She sold those ventures and moved the 2020 Martini Café and Lounge to Richmond, Virginia.