Can You Sell Yourself / Your Business?

Business owners need to know how to sell their products / services. If they can't sell a product / service then how can they convince others to buy or invest?

The ability to sell is directly related to how successful an entrepreneur really is. In business you need to know how to negotiate (from buying paper in bulk to obtaining clients), to deal with "no," to build industry confidence, and to communicate effectively with a wide range of people. Relying on sales people may be needed to streamline business but YOU also need to know how to sell!

Sell and work! Selling is what makes you successful but you also have to put the time in. An eight hour sales day isn't going to cut it. True entrepreneurs work long hours and don't mind doing so.

Want to know more about selling and putting in the time to make that dime? Contact me! I am available for speaking engagements.

Until tomorrow,

Twyla N. Garrett

Common Business Myths

I've been receiving a lot of business legal questions as of late and via Twitter. If you have a question about a legal issue, ask an attorney or send in the topic. I would be happy to provide you with a generic answer and you can take that information further with a legal review of your specific circumstances.

#1. An LLC will always protect your assets. Forming a corporation or an LLC does provide some protection, but it’s far more limited than you realize. In most cases, if someone really wants to go after your personal assets, not only can they pierce your business entity, they will.

#2. You’re liable for damages due to injuries on your property. This couldn't be further from the truth! You’re not responsible for the negligence, clumsiness, stupidity, or criminal acts of others- period! I don't care if this happens on your property, you're not responsible for it.

#3. A contract has to be complicated. A great contract is to simply communicate the terms and intent the parties agree to. That’s what minimizes disputes and litigation after the fact. You don’t even need an attorney to negotiate and draft a legal agreement. If you note all the facts, costs and a cancellation policy- you should be good. When contracts build in loopholes, you should be concerned.

Business is complex enough. Knowing what is a myth and what is fact will help you navigate your way to success!

Until tomorrow,

Twyla Garrett

Hey DC, I Need YOU!

Working with Uncle Sam!

Ever wonder how hard it is (or easy) to get a government contract? Let me provide you with the tips to obtain (and maintain) the government's business!

First off, visit https://www.fbo.gov/ because there are usually (on average) 25,000+ contracts available at any given time. Know what is available and what you (or your company) or truly qualified to bid on.

Next, don't dismiss the 25,000+ contracts as reserved for major players. The government sets aside contracts for small businesses, women owned businesses, minor owned businesses, etc. Basically, you are set up to fairly compete with the big boys!

Consider subcontracted work. A good way to get your foot in the door is to perform subcontracted work through a provider that already has a government contract. Who has the current contracts you ask? Click here! https://www.supplier-connection.net/SupplierConnection/index.html

Lastly, understand that paperwork is the major part of the process. And, there is a lot of paperwork! Start with the Central Contractor Registration (CCR) http://www.osdbu.dot.gov/related/ccr.cfm . In order to do business with the govermennt (and start the paperwork for consideration) you must be registered with the CCR. Bonus: The CCT lets you review what companies are retaining contracts and how. It can help you become more competitive with your bids!

Twyla N. Garrett

Are You Shy? How to Network.

If you are shy, don’t fret. People who are introverts tend to hate networking events and not because they don’t like people- they just are not comfortable with communicating in-person. Well, I’ve decided to put together a few networking tips to help shy people network.

The first thing you need to know is how to plan. Don’t show up to a networking even ill-prepared. Have an idea of how you are going to introduce yourself and be armed with a politically correct joke to help fill up any awkward silences.

Go to the event with a time limit. If the event is an hour, plan on only staying twenty minutes. You can use the time limit as an excuse to merge slowly into networking events. For example, state “I have to leave in a few. I’m meeting a client, but it was nice meeting you and I will email you later.”

Finally, bring goodies. Nothing serves as a better ice-breaker if you show up with gifts. I use to buy a hundred dollars worth of Starbucks gift cards in five dollar increments. I would go up to someone I would like to meet, hand them the gift card and introduce myself. Trust me, you can not talk at all and still make a great impression with this trick. The downside is this tactic can get expensive.

Until tomorrow,

Twyla N. Garrett

Self-Sabotage- How Ugly It Can Be!

Have you ever met someone who has all the opportunity in the world- who also self-sabotages? It happens often. I've know very smart people who are on the brink of making it big- and then a scandal happens or they find a way to crush the opportunity. Have you ever been the victim of self-sabotage? Yes, I said victim because there are people out there who make a decision to self-sabotage themselves without knowing it.

Mike Tyson's interview today on the Today Show show how someone can be so accomplished, yet still self-sabotage them self. I've posted it below in case you missed it. The interview truly is an amazing example of self-sabotage being identified.

Here is how to over come self-sabotaging behavior.

1. Ask yourself if you feel motivated. If no, ask yourself why. Write these answers down.

2. Identify why you're not accomplishing anything based on the answers you wrote.

3. Ask yourself if the reasons why you're not accomplishing anything are really true or just assumptions. Ask yourself if you've tried to overcome these feelings or beliefs in the past.

Stop believing your own lies. Your internal dialogue isn't always right. If you feel unmotivated or are not making enough money, it isn't because they money isn't there or the opportunities aren't coming your way. No, other people are making money right now and there are always opportunities. You have to identify what your self-sabotage thinking is. Address what is fact and separate what is fiction. After you make these distinctions, you can develop a step-by-step plan to get yourself back on track.

It's never easy overcoming self-esteem issues, which is really why people self-sabotage. I've had to do it. My mom was very abusive to me. In fact, she told me I wouldn't amount to shit. Learn from your past. Identify when you are setting yourself up for failure. Move forward.

Twyla

Don't Make the J.C. Penney Mistake!

Today I want to talk about the J.C. Penney mistake. Marketers will use the J.C. Penney brand for years to come when teaching students what NOT to do. So, what is the mistake and how do you avoid it?

Well, the first thing you need to learn NOT to do is apologize for change as a company. Yes, you should apologize if you provided a service that wasn't up to standards or made a mistake. But, you should never ever apologize for going in a different direction or rebranding as a company. J.C. Penney did this and it was a disaster. Shareholers were mad, the public didn't care about the change but more that they had to hear about it so many times (apology included), and so forth. Companies change, it happens. You shouldn't ever apologize for moving into a new direction or going with a new look or logo.

You should always keep the customer's perspective in mind. Another hole that J.C. Penney has to climb out of is ignoring what their customers wants and desires were. The company has spent the last two years focused on their needs and not the needs of the customers. This means the needs of the customers were not met- perhaps why their customer database has shrunk by such a large margin.

When you're in business there are going to be times when you need to change direction, rebrand and ask yourself if you're making decisions based on your needs or that of your customer. Try to spend today pondering these points and addressing on what side of the fence you currently stand.

Until next time,

Twyla

The Top 5 Worst Places to Own A Business.

Owning a business is challenging enough. But, if you own a business in one of these states- consider yourself at more of a disadvantage.

#1- Hawaii. This is one state that over-regulates and over-taxes all types of businesses. It is hard to make and keep a profit here.

#2-Oregon. The state is great when it comes to tax advantages. However, there is a huge disadvantage in pricing when it comes to healthcare for employees, which makes it harder to find and keep good employees.

#3- Pennsylvania. This state has excessive regulations and penalizes business owners who make a profit. A business owner will have to double his or her profit margin just to get by in this state.

#4- Massachusetts. The Family Leave law in this state isn't kind to business owners but great for employees.

#5- Michigan. One CEO went on record to state, " Michigan has ridiculous amount of red tape to start a business. Getting licensed as a builder. process, training, testing is so rigorous and time consuming its ridiculous. Plus the penalties for not following the rules are stricter than drug dealer conviction." In my research, I've also come across poor attitudes to entrepreneurs looking at Michigan.

The truth is a great idea will succeed no matter where the business exists. However, how much of the profit you get to keep (or even grow as a company) will depend on what state you operate that business in.

Let's talk. Follow me on Twitter!

Twyla