Open for Business – 5 Tips for Starting Your Own Business

Posted on February 4, 2015 by MarleneMB

Have you ever dreamed that you would do something that made a difference? So did I. One of my aspirations was to start and operate my own business. I had a stable 9-5 job but lacked fulfillment and wanted to pursue my DREAM! How about you, do you desire to have your own BUSINESS? If yes, the following are some tips to help you on your way!

The Internet has lots of information about starting your own business. Perhaps too much. As you search you find that the rules vary from state to state, province to province, country to country. It can all be overwhelming.

Here are some basic steps that I find work for me after starting a few businesses or helping others to start theirs:

1) Choose the Right Name: Creating the right name for your business is one of the basic steps for creating a successful Brand Name that others can easily associate your business for its expertise, products and services. If your business is part of an established industry, I suggest that you include something about your offering in the name of your business.

For example, if your target market is small businesses, you may want to include something about small business or some word associated with small business in your company name.

In an episode of the CNBC series “Profit,” one of the companies featured was called “Green Tea.” Most people polled thought the company was selling tea. It was actually an ice cream company. This didn’t cause the business to fail, but it may have slowed the growth because of the lack of name association to the product it was offering.

2) Corporate Structure: Structuring your corporation requires a little more thought and homework; if you are not familiar with setting up a company. Deciding whether your company will be a sole proprietorship, S-Corp, C-Corp, Limited Liability Corp, etc. is very important for not only decision making process, but taxation purposes, liabilities and any future sale of the company.

The rules surrounding these various types of corporate structures are different based upon where the company is established. In Florida, the definition of the Managing Member of a Limited Liability Corporation has been modified with huge implication on who has the authority to make decision in such entities. Do your homework and/or consult with a corporate attorney to help you understand the rules.

3) Virtual Presence: Today, if you are do not have a virtual presence (website, social media page, etc.), most folks, at least in the USA, would question your business validity. If you are reading this article, I presume that you are in an area where people have access to the Internet.

Having a virtual presence will help you reach an audience outside of your local area, if this is one of your goals as an entrepreneur. It gives you the appearance of being an established company just like the larger corporation. It gives you access to a wider marketplace with more buying power.

4) Brand It: When you think about your company name also think about things such as:

What should the company Logo be?
What are the color schemes for the Logo?
How about the company other marketing materials and virtual sites?
What should your tag line be?
What do you want your company to be known as or for?

Create marketing materials that support these aspects of your business. Include them on your business cards, virtual cards, brochures, letterheads, videos, podcasts, etc. You don’t have to do all of these, but even if it is only your business card, make it count. Brand your business to standout from the crowd.

5) Give It A Heart: In your Vision, Mission and Values statements, give your company a heart. I call these three your companies Heart Statements. Put the things that you envision your clients would experience from purchasing your products, services and ultimately you and your employees! Then live this heart. Don’t just state it. Live it.

I find that I am willing to purchase from companies that live their Heart Statements. There are arguments abounding whether a corporation is a person or a thing. I won’t get into them. My views about it is that someone creates a product or offers a service for another person to purchase and use. When a company makes it all about the money and nothing else, I’m not willing to share my hard-earned dollars with this type of business. Many of my friends and colleagues feel the same way. Again, give it a Heart by offering products and services that benefit others.

I hope these tips help to guide you in your steps towards becoming an entrepreneur. There are more to these as you may expect. Take it one step at a time and before you know it, you can hang the “Open for Business” sign literally, figuratively and virtually!

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Entrepreneurs Create Their Own Circumstances

Posted on January 24, 2015 by MarleneMB

Many people dream about starting their own businesses, but they haven’t started planning for theses dreams to become a reality. Others are stuck in the planning stage. They keep waiting for the right situation or hoping for the right person(s) to come along and help them. My son, Tarik, and his friend, Daniel decided not to wait on others or for the perfect situation.

Instead they started from where they are with what they have. Tarik and Daniel met at the University at Miami during freshmen year. They bonded right away. Tarik attended school for acting, but he also loves writing and directing. Daniel went to school for film production and editing. They are now living in LA working hard to get into the entertainment business.

As most of us know, it is a very difficult industry to break into. The competition is very strong. Here is the interesting thing. Daniel and Tarik isn’t waiting to be discovered. They are not sitting around hoping that someone will give them an opportunity to act or to produce movies. They started their own business on a shoestring budget. They enlist the assistance of their friends who are fellow budding actors.

This cuts down on the need to spend large sums of money for actors. This gives the others opportunities to showcase their skills in these mini-videos that Daniel and Tarik create. Working with their small budget, Tarik and Daniel also learned to film in areas such as their apartment, public places, etc. I’m happy to see that these young entrepreneurs are creating their own opportunities. They are not waiting for the right circumstance, they are creating their own.

Do you dream of starting your own business? Learn from my son and his friend. Don’t get stuck on dreaming or planning. Create your own circumstances. Give it a try. Here are some suggestions to get started:

1) Create a Business Plan – Yes. Although it is not a most, it is recommended that you put together a business plan. It doesn’t have to be complicated. The business plan should help you

figure out what it is you will be offering
what are your costs
what will you charge for your product or service
how you want to market your product or service
who is your target audience
who are your competitors

2) Create a name for you business. Purchase the URL for the business name. The fee is low of this. You don’t have to establish a website right away. Yet there are lots of free sights such as WordPress that you can utilize to establish a website.

3) Marketing Materials – You can have someone create marketing materials for you on websites such as fiverr.com or elance.com for relatively low cost.

4) Network with Complementary Businesses – In my speaking business I reach out to event planners or organizers as a part of my networking circles. They are a great lead source for my speaking business. I also provide them with names of speakers for their events. Always work to have it become a win-win relationship. If you are constantly taking and not giving you will lose your contacts.

5) Tell everyone (not necessarily your boss; if you are still working a full-time job) what you are doing. Word of mouth is still one of the greatest way to get the news out about your new endeavor. My friends and family are my biggest advocates. I get referrals from them. They also send me leads and give me great suggestions for making improvements in my business.

Starting a business can be scary and exciting at the same time. Yet as I observe my son and his friend in their pursuit of building their business, I’m proud of their efforts. Although they are both working jobs to fund their business, they continue to work at making their dream a success. My son called me the other day to tell me he is working three jobs. I said: “Great! Now you are a true Jamaican! Your grandmother will be proud of you.”

Both he and Daniel wants to succeed and they are doing the things that will bring them closer to achieving this. Here is the latest video they made. I hope you enjoy it.

The Girl:

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Entrepreneurs: A Major Lesson Learned from the Academy Awards Committee Faux Pax – Diversity

Posted on January 16, 2015 by MarleneMB

OSCARS DIVERSITY.001 — Image from cloudfront.net

The envelops were opened to announce the nominations for the coveted 2015 Academy Awards. Generally, this is a highly visible occasion to help build the excitement leading up to the televised Academy Awards event.

But something seemed amiss. None of the nominees were people of color. Also, a majority of the behind the scenes categories excluded women. The “Twitterverse” exploded with tweets of condemnation. YouTube lit up with videos of people ranting in disbelief. Not has something like this (exclusion of people of color) happened since 1998!

You may think: “What does this have to do with my business? I don’t care about the Academy Awards.” It does have a great lesson to offer you in your business decision making: Make Room for Diversity.

The Academy Awards Committee members are estimated to be close to 6000 people. According to an article in the LA Times 94% of these members are Caucasians and 77% of male. Only 2% are Blacks and 2% Latinos. This does not reflect the audience that view movies in the United States, let alone across the globe. Hence, the greater probability a situation like this will occur.

Here is some of the things you can do to avoid making the same mistake:

attracting-a-diverse-audience — Image from Soapboxsample.com

1) As an entrepreneur, it is critical that you think of the demographics of your target audience. Include folks on your staff (if you have employees) or in your circle of advisers (especially if you are the sole-proprietor) that reflects your target audience. We are told that one should diversify one’s financial portfolio to maximize the gains in the marketplace. The saying is true if you want to maximize your probability of the success of your business.

older-worker-handshake — Image from medreps.com

2) Oftentimes I have witnessed older workers being pushed out of corporations or not hired due to their age. This is not a great practice in my opinion. Some of my best advisers have been older workers, or as I liked to call them “seasoned workers.” They have years of work and world experiences that I can harvest to help me solve problems that I encounter.

Technology changes. Usually, people’s emotions and some behaviors remain the same for generations. Some of my seasoned advisers have helped me avoid bad business decisions that have saved me money. They have also given me great advices that caused me to earn more money.

3) In the same breath, don’t excluded younger workers because you perceive them to have less experience. I would rather take a chance on someone with less experience that have the willingness and the ability to learn quickly; than someone that has the experience but has no enthusiasm for the job.

A friend of mine was being considered to speak before a particular group. The event planner told someone that she (the event planner) thought my friend wasn’t seasoned enough in that particular area. Yet my friend helped her clients take their income from 5-figures to 6-figures in a matter of months! Obviously to me and my friend’s clients, she was doing something that was working well and could offer great information to the event planner’s audience. But the event planner had blinders on that state one has to have certain experience over a length of time to be considered “seasoned.” How unfortunate for this event planner and her audience.

Large group of ethnicity — Image from Mitchcommongroup.com

4) Include women, men, and minorities on your staff and in your circle of advisers. We all have our individual experiences that may limit our views that also limit our marketing reaching. Having a well-rounded source of viewpoints from various backgrounds (regardless of race, creed or sexual orientation) may give your business the spark it needs to attract more clients on a local, national and global level.

I thought my target audience were immigrant women. The more I deliver my keynote speeches or sell by books, I find that my message resonates with a lot of men from various backgrounds. It was a wonderful surprise. Now I include more men on my lists of advisers. This gives me a greater opportunity to spread my message and to earn more income.

globe450 — Image from smallbiztrends.com

5) Include people of many nationalities as you can; if you want a global reach. As you know, the explosion of the internet has allowed entrepreneurs to have access to international markets. It seems wise to include people of different nationalities in your circles.

My circle of associates, advisers, and clients hail from many different countries with different cultural experiences and spoken languages. I revel in this diversity, because it has enriched and enlightened me in so many ways.

Did the Academy Awards committee miss a great opportunity to promote its brand in a golden light? Only time will tell. It seems that the uproar from the lack of diversity of the 2015 nominees has dulled the shine on this body of decision makers, and unfortunately taken some of the spotlight off its nominees.

Avoid the faux pax of the Academy Awards Committee. Include diversity in your staff and circles, professionally and personally. Let the tweets award your business with praises for its inclusions and successes.

Find out how I learned these tips and more from my Diamond Cutters, my mentors and coaches, pick up a copy of Live a Diamond Life, A Life of Purpose: Diamond Cutters today.

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Seven Ways to Focus as An Entrepreneur

Posted on December 8, 2014 by MarleneMB

A fellow Toastmaster called me for some advice. He is a business owner that mostly works from home. His business is successful, but he is struggling with keeping focused. He and his wife recently had a second child. He keeps the children with him during most of the day.

He asked me how I stay focused. First, I reminded him that I don’t have young ones at home anymore. Yet, I still have bouts of distractions. We all do. He shouldn’t beat himself up about it. Besides children are a blessing…a lot of work, but still a blessing.

Here is what I recommended to him:

Free up your time. Find a daycare that will watch the kids for a few hours or hire a babysitter for those hours. This will free him up to make phone calls or visit a client.
Get out – go to Starbucks, Panera, the Library or somewhere he can get WiFi connection. I like going to these places at times to get away from my home office. I especially like the library because I can’t answer my phone there.
Set your goals before leaving out. I make a point to set two or three goals I wish to accomplish outside.
Network with like minded people. Find a place like the University of Miami’s Launchpad. You can utilize the facilities, get WiFi connection, make phone calls and you can network with other entrepreneurs.
Say “no” to the things that do not align with achieving your goals. This was a hard one for me to learn. I love helping others, but I was taking a hit on getting things done for my business. Since I learning how to say “no” in a polite manner, I am getting more opportunities to speak and sell my books.
Set a day for telemarketing and marketing. Your products and services won’t sell themselves. You have to make the effort to connect with potential clients.
Outsource some of your tasks. Although I know how to create a website, it takes me hours or days to do so because I’m not an expert. I don’t have a passion for it. Find someone that knows how to create a website and understand your needs.

With all of that said, I reminded my peer that he must remember to rest and rejuvenate. We tend to neglect ourselves when we have the business owner’s hat on. If we are not careful, we run ourselves down and fall prey to illnesses. This is not good for us or for our family members.

Finally, I told him that I admire that he wants to be a great dad and doing all he could to become one. His children would appreciate more quality time versus quantity. A parent may be around physically, but absent mentally and emotionally.

Learning how to balance home life and work life is no longer a mother’s thing. More and more men are struggling with work and home life balance. I know he will be just fine as a parent and a business person.

If you find that you are struggling to focus, follow the seven tips above. Let me know how they workout for you. Happy Invincible Monday!

Find out how I learned these tips and more from my Diamond Cutters, My Mentors and Coaches, pick up a copy of Live a Diamond Life, A Life of Purpose: Diamond Cutters today.

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