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

Stop Being Positive. Start Working!

People ask my all the time about business. After all, it is what I do best. I've been invited to The White House to talk about it. I've self-funded a million dollar project. I've failed and succeeded many times over. So what is the key?

DON'T BE POSITIVE!

Did I not sugar coat the truth just then? Well, i'm not sorry. People in business tend to see failure and make excuses for it. Don't. Accept the failure and either make improvements or make an exit strategy. Don't be blind and go down with the ship. There is no honor in it. There is honor in moving on or moving up- well, they really can be the same thing.

Have a sales person who isn't pulling his/her weight? Don't feel bad, feel lucky. Catch the problem and find a better sales person. Don't make excuses and try to remain positive. If sales have been lagging then the sales person isn't the right person for that job. Being too positive can hurt you in business. Be a realist. Be productive. Be honest with yourself and your employees!

Now, go be successful!

Twyla Garrett

Productivity – How to Cheat

I don’t condone cheating under normal circumstances. However, if you find yourself getting overwhelmed with everyday tasks- don’t panic. Use my tips!

While these tips aren’t really “cheats” , they are shortcuts to help you become more productive. Please try them for a week and then write me back on this blog and let me know how they worked for you!

#1. Don’t answer the phone unless it is an emergency. Yes, don’t be customer orientated while you are working on major projects. In the long run, customers will appreciate this when they receive a product that is comprehensive and outstanding versus a product that is half-put together because you were busy taking phone calls.

#2. Mange anxiety, plan your scope of work for the day, and stay fit at the same time by making sure you walk for a half of an hour before going into work. This is crucial for staying productive.

#3. If you write proposals or any emails for work, write terrible first drafts. Yes, terrible first drafts lead to great final products. Make this a daily practice and your clients and bosses will love you! Just remember to revisit the draft before you turn it in!

Until tomorrow,

Twyla N. Garrett

The Transition of Employee to Entrepreneur

            Are you tired of working for someone else? Do you think that you would be happier as a boss of your own business? Before you take the plunge, consider looking into the business opportunities available to you at your current job. Your job could potentially help set up the foundation for you to be a successful solopreneur. In the off chance you decide to go your own way from your job and own your own business, here are some tips to help transition you from employee to entrepreneur.

            The first thing to consider is deciding between your professional and industry skills. You may be knowledgeable on certain topics, but passionate about others. Which one will make you happier? This is something to consider when making the transition. You want to take into account the most profitable business move, but also keep in mind that this is YOUR business and it should be interesting and fun for you as well.

            Secondly, you should find the trends that are driving your industry. Within every industry are strengths and weaknesses. It is important for you as the potential business owner to be educated in such topics. Being able to indentify the trends in the market will help your business in finding success.

            Third, you need to find your sweet spot. Once you figure out what the industry trends are, it is important to react and figure out what clients want. If a client needs something new and you are first to react upon it you have a really good shot at turning that into winning sales. You also need to keep in mind what YOU want. If you are merely leaving your job because you are fed up with it, that is not a long-term success factor. You will need to figure out what you would like to do and turn that into an ambition or goal.

            Lastly, work your network. When you are about to launch your business, use your connections that you have made to give it a jump-start. It is beneficial to talk with people already within the industry to get some pointers and success tips. Since they have previous experience and have started up their own business, they would be the most useful people to be in contact with.

Does Your Business Need A Mobile App?

            Technologically based companies have taken off significantly over the last few years. More and more businesses are adapting to the change by producing Internet sites as well as creating mobile applications in order to keep up with the shift towards technology. Although it may seem that businesses need to keep up with the curve and join the bandwagon of creating a personal application, this is not always necessary nor a guaranteed profit producer. There are few things to take into consideration before you decide to dedicate time and money towards this project.

            The first thing to consider is the goal of your business. Is your business trying to reach as many people as possible or are you looking to appeal to a specific niche? According to Pew Research only 35% of people own a smartphone. If your business’s goal is to appeal to everyone, there needs to be a way to reach to the other 65% of people. It is important to decide the audience you are trying to reach. If you feel that the customers your business is aiming toward own smartphones then an application may be something to consider.

            The second thing to consider is the necessity of having an application or mobile website. Do you have the budget to support it? If not, it is probably not a good idea to build one. If mobile advertising would work best for your business then it should be implemented. Not all businesses need to have an application or mobile site so do not feel like you have to have one as well.

            Third, do you have the time to manage an application or mobile site? These are not easily created nor can be managed sporadically. The main goal of applications or mobile sites is to bring people to the site as much as possible. Constantly keeping the layout and information up to date is essential. The more interesting the site is physically as well as informative, the more successful the business.

            The last thing to keep in mind are which types of phones your potential consumers are using. You may need to develop different applications for different phone platforms. When a company focuses on developing an application for every platform they may not be able to recognize where their customers are at or where their business fits in.

Business & Insurance Forms

Chances are if you run a business, you have seen a few insurance forms. But, what are these forms and why do you get them a week after signing up for a policy? Let me help.

All that legal print that you will not read but should, that’s the Insurance Policy Form. The insurance policy form, or policy language, outlines who is an insured, the insuring conditions, what type of loss(es) are covered, and what type of loss(es) are excluded. This is pretty important stuff for your business and employees, so why not read it?

The insurance policy form matters because it can save you some money or cost you tons of money! The types and amounts of coverage matters, but what matters more is what these forms DON'T cover! For example, an insurance policy may cover the exact same risks (or not to same extent) as a policy from another carrier- even if the name of policy the exactly the same!

So, time is valuable. I know this as I own many businesses. But your insurance coverage and knowing what you have covered and what the insurance isn't covering is more valuable. Read the forms. Ask questions. And, if you're not happy, switch insurance carriers. It will save you from worry in the event you need to file a claim.

Twyla