Business Book Recommendation

I want to start recommending books that I have read and have found helpful in my continuing journey as an entrepreneur. Success doesn’t happen overnight and it doesn’t come easy. While everyone may have advice for you, the best thing I can say is to create your own path. You should learn from others but apply it to your own situation. Don’t copy others because then you’re simply repacking an existing idea.

All this said, my first Monday Book recommendation is called ‘The $100 Startup: Reinvent the Way You Make a Living, Do What You Love, and Create a New Future’. I am in NO way affiliated with this book. I don’t know who wrote it nor do I have a relationship with anyone who worked on it. I simply love the content and feel that it can help so many of you, too. Here’s the link to buy it on Amazon: http://www.amazon.com/100-Startup-Reinvent-Living-Create/dp/0307951529/ref=sr_1_13?ie=UTF8&qid=1438646501&sr=8-13&keywords=business

It’s over 300 pages and there is a video trailer on the Amazon site for the book. I love this book because it doesn’t present a roadmap as to how you can get rich. Instead, it presents options to really look at yourself, what you want, and how to get yourself in the right mindset to get there… even if it is with only $100!

When you’re doing reading this book, please share your thoughts with me. I am eager to read what you liked and hated about this book.

Until next time,

Twyla N. Garrett

Goodbye W. Africa... For Now

The headline out of Detroit today reads as follows; "Congresswoman Candice Miller: Temporarily suspend visas to west African countries impacted by Ebola." Is this move too little, too late? Should this order come from the Department of Homeland Security (DHS)? Well, yes on both!

I fudged the truth with Congresswoman Miller's statement. You see, she has formally noted a filing with the U.S. Department of Homeland Security, Secretary Jeh Johnson, and Secretary of State John Kerry to make a temporary suspension come to life. Right now, there are 13,500 visas out there from the three impacted countries plagued with Ebola right now. So, yes- with Ebola now in the USA- it is a little too late and the DHS should have jumped on this sooner rather than assuming we had everything under control.

Either way, do you know what the symptoms of Ebola are? I've listed them below. Keep coming back, however, as I cover this subject more on the day-to-day blog. I'm sure once Congresswoman Miller obtains the suspension, we will have a lot to discuss!

Nausea and vomiting.
Diarrhea (may be bloody)
Red eyes.
Raised rash.
Chest pain and cough.
Stomach pain.
Severe weight loss.
Bleeding, usually from the eyes, and bruising (people near death may bleed from other orifices, such as ears, nose and rectum)

Ebola is usually transmitted from animal meat to the host. From there, infected people typically don't become contagious until they develop symptoms. Family members are often infected as they care for sick relatives or prepare the dead for burial.

Until tomorrow,

Twyla N. Garrett

Secret Service Reform?

Photo: Julia Pierson

A proposal came to the table this week seeking to remove Secret Service from the realm of Homeland Security(DHS). This action was proposed after a terrible week for the Secret Service, which included Secret Service Director Julia Pierson resigning amid multiple reports of breaches in White House security. So, what are my thoughts on this proposition?

Well, the Secret Service has 6,500 employees to it- all of which have suffered since it was synced up with the DHS back in 2001. Right now, under the DHS umbrella, these 6,500 employees work as a team to combat counterfeiting and to protect current and former presidents, vice presidents and visiting heads of state. My issue isn't so much with the mission statement or the team work, but the being spread too thin part. For example, why isn't the treasury department handling counterfeiting? Well, because their staff isn't trained to spot certain terrorist patterns, where the DHS is and the secret service can be helpful within this type of associated task. Basically, without one- the other can't work as efficiently.

I do think the secret service should only be focused on protecting the president, but still should remain under the umbrella of the DHS because threats to the terrorist could involve terrorists. They should work hand-in-hand on these types of concerns, but independent ff one another when applicable. To put it in everyday terms, think about a clerk at an office. His or her job is to enter data into a computer system.The data is payroll. So, she enters it in and that is all she is responsible for, right? But what if she spots an error? Should she still enter it in? Or, should she call the supervising manager who turned in the data and point out the error? The two have to work together to solve the problem. If the clerk were to only stick to her job and enter in the error, the billing would be off and someone would be over or under paid. The supervising manager obviously made a mistake. For the benefit of the company- and basically all involved- working together , but in different capacities, was beneficial in the example.

I don't understand why we have to make things so complicated when it comes to common sense security issues. I also don't understand how forcing someone to resign rectifies any errors. Now, a new person can come in and the learning curve to start the security process can be that much more behind... right? Working together without overstepping one another only makes sense.

Until tomorrow,

Twyla N. Garrett

National Start a Business Month

March is National Start a Business Month. So, where do you start? Launching a business can be confusing and it will be stressful.

Things you need to ensure you are on the right path to starting a business;

1. A great concept. Don't start a business that someone else already has- that is unless you have a killer angle. If you have a Starbucks on the same corner you want to start a coffee shop- kill the idea. However, if you found a spot for your coffee shop that isn't within three miles of a Startbucks, consider moving forward. Know your competition and don't start out right under their noses.

2. Write your own business plan then have a professional rewrite it. Sure, you can hire someone like me to write your initial business plan. But why? Always write your plan first. This way you know your business inside and out. And you can fix any issues that come up while writing the plan. After you have composed the first draft, then you can hire a professional to make the business plan look pretty.

3. Know your resources. Where do you go once you have your idea and your business plan done? Below are links that you should start exploring to map out what steps you need to take locally and nationally to launch your business.

http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Starting-a-Business

http://www.sba.gov/sba-learning-center/search/training

http://www.sba.gov/content/determining-business-size

Have questions? Let me help you! Post your comment or question and I will respond.

Twyla

Business Plan Mistakes!

There are a lot of mistakes to be made when writing a business plan. So, what are they? As a professional who owns several businesses, allow me to share the top three business plan mistakes.

#1- Too much text. People are BUSY. Don't get too fancy with large words, extra research or over analyzing situations before they happen. Be concise and to the point. If an investor is interested he or she will ask you for the details.

#2- Lax in research. You don't want to include too much text but you don't want to skip on the research. Investors like numbers and data. It helps them predict their ROI. So, include the research and cite it, too. Don't say "according to studies"- note the studies!

#3- Don't focus on the products or services. I know this sounds strange, but it works. Focus on how your products or services solves a customers's problem. If you talk too much about your product is wonderful and you fail to explain why it is wonderful- your business plan will not be convincing.

Have questions on your business plan? Feel free to contact me on Twitter and ask!

Twyla

Are you creative?

A business has to be involving, it has to be fun, and it has to exercise your creative instincts. – Richard Branson

Are you being creative in your business efforts? Some of the best businesses in the world provide products / services that solve some of the world's most obvious challenges. But putting a price on creativity can be daunting.

How much should you charge? Do you charge a flat fee or hourly? Are there levels of your creative services and products that can be sold individually or bundled?

When you are structuring a business plan it is important to evaluate your time AND your creativity. Your "creative instincts" (Richard Branson) can make your business the next million dollar baby!

Need help with your business plan? I am available to consult and even write your business plan.

Twyla

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.

Four Things To Know When Starting A Business

So 2013 is the year you are going to do it! You're starting a business this year and you want to know what is in store for your new venture. First, congratulations. Second, say goodbye to your personal life!

I always tell people who want to start a business to ask themselves "why?" This question will help you understand what your goals are. If your answer is "to be wealthy" then head back to the drawing board. Chances are, especially in this economy, your business will not make money the first couple of years. That's right, you may be breaking even for a while. So, put off dreams of wealth until your business is able to survive for a couple of years without a profit.

Next, write a simple business plan. You don't have to write these forty to one hundred page plans anymore. Social media has shortened the attention span of many readers, and requires a lot more attention to other resources when it comes to investors. So, keep your business plans to the point and backed up by good research and financial projections.

Start collecting customers. Just because you open a business doesn't mean people will know about it. I suggest that you create a list of 50 potential prospects that you'll go after and begin making calls one by one. Start introducing yourself to potential clients. Let them know they have an alternative provider for the services/products that you offer.

Lastly, be brave. Owning and operating a business requires courage.

I'm available for business consultations. Find me on Twitter and send a DM for more info.

Until next time,
Twyla

Don't write a long business plan.... the format is outdated.

I help many people write business plans. The biggest mistake I find is that my clients think business plans need to follow a format that was popular in the 1970's- one that is long, detailed, and boring. Now, more than ever, easy to read is important in every single business plan. Why? So you can get your point across quickly and easily to whoever's reading it. People will skim your plan-they'll try to read it while talking on the phone or going through their e-mail. Everyone is busy. A quick, captivating plan will catch someone's eye and make them want to know more about your business and you. They will seek a meeting if you can quickly catch his/her attention. Bu what's quick? You can probably cover everything you need to convey in 20 to 30 pages of text plus another 10 pages of monthly projections. If you've got a plan that's more than 40 pages long, you're probably not summarizing very well. Want more tips? I can help! Contact me and let's discuss your business plan.