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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Beat the P.I.P.

Posted on December 2, 2014 by MarleneMB

There is a reality show on CNBC called “The Profit” that I occasionally watch. Marcus Lemonis, the star of the show, helps struggling small businesses to improve the profit of the businesses. Marcus invests his own money into the rejuvenation of them. In the last episode I watched, Marcus is trying to help a floral business get back its footing.

One of the issues Marcus identify was that the general manager (GM) was not performing the role of the GM to the level that was expected of her. He recommended that the GM be demoted. Marcus told her what her new role was and what was expected of her. She was placed on a Performance Improvement Plan (P.I.P.). She was obviously hurt by the demotion as evident by her tears.

But what really impressed me was that she didn’t toss in the towel and quit. She stayed on and actually earned Marcus’ respect. She showed up each time with a positive attitude and did what was asked of her. In the end Marcus told her that he believed she should be the person in charge of the business at all times…even more so than the owner should be. The owner on the other hand was mostly negative throughout the episode.

As a manager, it was not pleasant for me to put an employee on a Performance Improvement Plan (P.I.P.). At this point of the decision, I found that the employee was performing his or her job way below expectation. In this case, I would work with the Human Resources representative to create a 30-60-90 day plan with measurable goals. Goals that were fair to the employee and the company.

Are you on a Performance Improvement Plan? Here is what you can do to Beat the P.I.P.

Understand what is required of you:

Review the Performance Improvement Plan with your manager to ensure you understand each goal and what is expected of you.
If there is something that is not clear to you, ask questions.
If the Human Resources representative is not present (in person, on video or on the phone) ask if you can have that person involved in the discussion.

Take it seriously:

Don’t take a P.I.P. lightly. If you want to keep the job, then seriously take stock of what you need to do to meet the goals. Create your own plan and start implementing the activities that would get you there.
Your feelings may be hurt, but this is an opportunity to show that you can rise above this low point. Put some sweat equity in. Action is what gets the job done…not sitting around and wishing things will work out.
Like the general manager in the opening story, don’t quit. Reach out to those that may be able to help you meet your goals…whether it is an existing client, a co-worker or a mentor. Be open and willing to do some of the things that they advice you to do.

Maintain Positive Attitude:

Be positive. I’ve seen so many people get put on a P.I.P. and immediately their attitudes become negative. This is not going to improve your manager’s opinion of you. It will validate that he or she is right about putting you on the P.I.P. in the first place.
Start your day off with something that inspires you to push through. I sometimes like to watch an inspirational video on YouTube or read a quick affirmation statement to get me in a great frame of mind.
Encourage others around you. The demoted general manager did not take her demotion as a defeat. Instead she maintained a positive attitude and started to encourage her peers and her direct reports. She provided positive feedback to them.

Being on a Performance Improvement Plan doesn’t mean that you cannot do the job. It simply means that you may need to make some adjustments that would move you to a higher level of performance. Just remember: understand what is required of you, take it seriously and maintain a positive attitude.

Many of my mentors have helped me and continue to help me attain my goals. Learn how they helped me in my book Live a Diamond Life, A Life of Purpose: Diamond Cutters.

I leave you with a short video that inspired me today:

GET INSPIRED – Never Give Up On Your Goals!

Remember the Diamond is within you on Timeless Tuesday!

Thank you for reading my post. Please hit the “follow” button at the top of the page. This will allow me continue to write and share with you on a variety of topics.

Wisdom Wednesday – Consistency

Posted on October 15, 2014 by MarleneMB

“It’s not what we do once in a while that shapes our lives. It’s what we do consistently.” ~ Anthony Robbins

Good or bad what you consistently do or think plays a big part in where you are today. Recognizing that I have to consistently eat the right food and perform the right exercises will would lead to a healthier life, moved me to be consistent about developing these habits.

Knowing that if I wanted to increase my income, I had to make more phone calls, knock on more doors as a sales representative in Corporate America. This resulted in my earning a 6-figure paycheck and awards for my efforts. Anthony Robbins statement above rings true in many situations.

Consistency helps to form our habits. Here is what I recommend:

1. Assess what you are doing that works well for you, keep doing it.

2. Recognize what isn’t working and drop that habit and/or thought.

3. Learn what the successful folks in your field are consistently doing to help them achieve their successes.

4. Determine whether this will work for you also. If it does go for it.

Sometimes you may break being consistent, don’t beat yourself up…just start again.

While developing consistency remember to stay true to yourself and your purpose. Use consistency to take you to the top of Living your Diamond Life…Your life of Purpose.

Get your copy of Live a Diamond Life, Live a Life of Purpose: Diamond Cutters, today. Find out how my mentors and coaches helped me to be a better person, and how to apply these principles to your life.

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Invincible Monday – Forget the Clouds

Posted on October 13, 2014 by MarleneMB

Looking out the window this morning, I saw large black clouds hovering over the landscape. They seemed pregnant with water waiting to burst raindrops upon us. At first, I was discouraged because I had my heart set on an early morning bike ride. This is part of my exercise regime to get my Diamond week off to a great start on Invincible Monday.

Then, I thought: “I’m not going to let some clouds ruin the pleasure of riding my bike and keeping healthy!” I grabbed my helmet and wheeled the bike outside. As I peddled the miles away, I felt the breeze mixed in with a few sprinkles. It was exhilarating. After a forty-minute ride, I headed home with a sense of accomplishment. The clouds didn’t pour out their content on me during the ride.

If I had allowed the first sight of the clouds to deter me from achieving one of my goals this morning, I wouldn’t experience that winning feeling I had from my ride. The lesson for today is to not let perceived obstacles keep you from reaching your goals. Forget the Clouds. Ride through, around or over them! Be determine to come out on the winning side!

Start your week off with an Inspirational Invincible Monday!

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Wisdom Wednesday – Save the Salmon

Posted on October 8, 2014 by MarleneMB

My mom told me to “Start conserving at the top. Don’t wait until youI get to the bottom to start saving.” This is a lesson she learned from someone with whom she worked. He told her that many people start trying to save something when it is near the bottom: i.e. dish detergent, toothpaste, etc. I would also add time to this list.

These words of wisdom made a big impression on me at a young age. Whenever, I heed them, I am able to save money and time. Whenever I didn’t, I wasted both. Recently, I purchased a piece of wild-caught salmon. It was a nice cut. I didn’t immediately cook or freeze the salmon. I left it in the fridge, too busy (so I thought) to do so. A few days later it was bad. I had to throw it out. Thus, losing a great piece of salmon, money and the time I spent earning the income to purchase it.

This makes me think about the many times we maybe trying to do something right when it is too late or near the bottom. In a recent interview with CNNMoney, Carlos Slim, Forbes Magazine second richest man in the world, said that people should not wait until they are 65 years and older to start living their lives. Start living that life you always wanted today. Why wait until you get to the bottom? Save the Salmon and Save Yourself! Let’s all Start at the TOP!!!

Wise words on Wisdom Wednesday – Live a Diamond Life. Live a Life of Purpose!

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