Archive for September 2011
Successful Entrepreneurs Have Running Buddies
Who Do You Know Who Can Help Keep You Inspired?
A couple of years ago, I left a “secure” life as an employee to strike out on my own as an entrepreneur. I say “secure,” in quote-marks, because everyone knows these days there’s no such thing as secure employment. Entrepreneurship is risky; so is relying on any employer, especially during these tough economic times (and experts say things will get worse before they get better).
As an educated observer of our government and economy, I’ve concluded it’s riskier NOT to have an entrepreneurial venture in the family. If your spouse hasn’t made the move to start a business, even on the side, you should do it. There may well come a time when you can’t get a job of any kind… you’ll have to make your own. And it’ll be much tougher when the economy finally shrugs off the current dangerous slide toward socialism, and the government is forced to disgorge thousands of job holders who will be looking for a new way to make money.
If you are a leadership talent working to make your organization successful, there’s clearly nothing wrong with that. Unless you hear a distinct calling, don’t quit your job to become a full-time entrepreneur – it’s not for the faint of heart! Instead, start a business on the side and “keep it warm” as a fall-back plan. These days, there are amazing platforms and communities out there in cyberspace that can help you start a business for a fraction of the resource investment entrepreneurs used to need.
If, on the other hand, you do hear the siren call of entrepreneurship, take the advice of someone who’s a couple years down that road: be in business FOR yourself, but not BY yourself. Make sure you’re part of a community of like-minded business owners, and make sure you have at least one great “running buddy” with whom you can stay in frequent co-coaching contact. Inspire each other!
They say it’s lonely at the top, and Brother, they aren’t kidding. As a business owner, you don’t have the checks and balances you had as an employee; yes, that ogre you worked for actually did keep you from making dumb decisions from time to time. But when you’re the boss, you don’t have too many people with whom you can really talk about key business decisions. Vendors want to push their solutions… associations are often political… and employees tend to be meek thought partners, usually preferring to tell you what they think you want to hear.
A better idea is to get a coach. Either hire one (feel free to look me up), or find a running buddy (or both). I had a great conversation yesterday with my own running buddy, a talented coach who’s also out there on the skinny branches of the economic tree, and whose thinking and ideas have been of great value to me. I think he benefits from our talks, too. We certainly are always on the lookout for ways to help each other, to join forces, to offer ever-improving solutions to an ever-increasing client base.
When you make the decision to go it alone, don’t go it alone. Find trusted advisors with whom you can kick around ideas and exchange inspiration. When times get tough – when you’re at that spot on the jogging trail where you find yourself bent over, hands-on-knees, gasping for air and looking for the courage to take on the next length… it’s handy to have a running buddy who simply says, “Come on, let’s go, you can do it.”
by Michael D. Hume, M.S.
Michael Hume is a speaker, writer, and consultant specializing in helping people maximize their potential and enjoy inspiring lives. As part of his inspirational leadership mission, he coaches executives and leaders in growing their personal sense of well-being through wealth creation and management, along with personal vitality.
Michael and his wife, Kathryn, divide their time between homes in California and Colorado. They are very proud of their offspring, who grew up to include a homemaker, a rock star, a service talent, and a television expert. Two grandchildren also warm their hearts! Visit Michael’s web site at http://michaelhume.net
Consumer Benefits for Using Online Courier Services
With the advent of the internet along with increased usage of home and office computers, consumers have the ability to derive a multiple number of benefits by using online Courier Services. A fundamental environment is available to the consumer containing the ability to compare options to allow the user to make sound choices with very little effort. One stop delivery option shopping is at their fingertips.
The virtual environment allows conveniences to the viewer. The customer can access the internet site at any time of the day or night. This brings 24-hour convenience throughout the year to not only the individual, but also to the Parcel Delivery service. The benefits of saving time and money are of value to the seeker. A large amount of shipping information can be accessed online to ensure packaging is done correctly and help with the decision making process.
One way the viewer saves time and money is by using online price comparisons. They can be reviewed in the consumer’s desired timeframe and allow the individual to compute the information at their own pace. Additional benefits of browsing time include reviewing comments made by satisfied customers as well as reviewing time saving packaging and shipping tips. Most online services will provide answers to commonly asked questions concerning their business line.
Business consumers also derive benefits from shopping online. For example, a business may access shipping rates for Parcel Force on the internet. They will have the option to review shipping prices as well as access special offers. Online price lists as well as other valuable documents are available to print for future use. Having the ability to do business online brings much needed time saving techniques to a wide array of companies.
Individuals can review various shipping services provided by the online provider. Information can be received concerning which companies can deliver to the desired address. Packages can also carry various amounts of compensation or insurance coverage. Using professional online services reduces time and hassle for the individual as well as the business.
International shipping is available from online carriers as well. Businesses can access international shipping information online as well as individual members who desire to ship items abroad. This information includes packing guidelines such as listings of items that are unsafe to ship due to regulations as well as items with restrictions.
Online tracking options are available to individuals as well as business partners. This allows the individual to track where their package is at any given interval of the day. They can check online day or night to collect needed information. Instant tracking services online are available at myparceldelivery.com for a variety of carriers. Tracking details can also be conveniently downloaded. This brings even more added value to the services offered via the internet.
Courier services which are available online include answers to commonly asked shipping questions, important shipping guidelines to follow, tracking options as well as a host of other selections. Personal online accounts can be created on site creating personalized options for the individual or business.
Techniques for Raising Capital
The techniques are often very complex as it pertains to raising capital from angel investors, private equity groups, or venture capital firms. There many benefits to working with private equity firms as these firms employ a number of top notch individuals that can ultimately assist you with aggressively expanding your business. Most venture capital firms operate on much larger scale than angel investor networks, and if you need a very large amount of capital then it may be in your best interest to look to work with this type of investment firm. However, if you need less than $5 million then it may be in your best interest to work with an angel investor network. These networks typically syndicate larger deals so that individual investors can take a lesser risk. As such, many entrepreneurs turn to these financing channels in order to receive the money they needed were to launch their business operations. Anytime that you are seeking to raise capital then you should work closely with your financial adviser to determine which methodology of raising capital works best for your business.
Angel investors are always going to want to see how the economy is doing as it relates to your business operations, and as such you will need to have a well developed business plan to showcase to these private funding sources. There are many books about angel investors, and how to properly raise capital and deal with individual financiers. An alternative to angel investors to seek SBA loans for your company if you have enough collateral to support the loan. There are also a number of hard money mortgage lenders out there that can assist you in securing tangible assets if required.
Given the current economy, most angel investors are seeking to find low risk investments, and your capital raising techniques should focus on mitigating the risks associated with operating your business. Most angel investors high net worth individuals, and as such you should be aware that you may need to wine and dine potential funding sources when you are raising capital. Networking with these private investors and private funding sources is a must when you are seeking an equity injection into your business.
Finally, you are going to need to have a well developed presentation coupled with a business plan when you are raising capital. Your business plan should be approximately 30 pages to 40 pages in length depending on the complexity of your business. If you do not know how to properly develop this type of document then you can always hire a business plan consultant or certified public accountant to assist you in this matter.
Angel Investor List Download. No registration required! Includes Free Business Plan Template.
Looking For Angel Investors is a website dedicated to people finding private investment.
Matthew Deutsch is a prominent business plan writer. His work has been included in nine books pertaining to this subject. Additionally, Mr. Deutsch has written extensively on subjects regarding entrepreneurship, small business lending, angel investing, and other related topics.
Five Secret Steps To Find A Great Job
Getting things you have always wanted makes you feel on cloud nine and sets you aback. Just like you might have felt when you were graduating, isn’t it? But the real tough time is when you actually have to step out into the real world and accept the challenges that are thrown your way. The first most challenge would possibly be your job search. Searching for a job usually is time-consuming and frustrating. Finding a job may even take ample amount of time and effort and yet not yield the desired result. Internet job search often throws up results that are totally irrelevant to what you are exactly looking for.
So, wondering what should you do for optimizing your results? You need to plan and prepare to succeed in a job search. Be positive while searching for your job. This will turn your hard work into a great job. Here are top five secret steps for a job search that will make you win your chance of getting hired. What you are about to learn here are some skills that will stay with you forever. As you will soon see, skills you learn here will be applicable to many situations throughout your life.
Step 1: The most basic thing which will fetch you the right job (or should I say a Great Job) is Mind Preparation. What you need to do is – start with the right frame of mind and attitude, else whatever you do will show fear and lack of confidence. The employer will believe in you only if you believe in yourself. To be able to convince the employer, you yourself need to be convinced.
Step 2: The next step is to write a good and effective resume. Make use of the ready templates that are relevant to your profile. Sometimes you will need to make customized resumes, depending on the types of positions you are looking for. If you are a first timer, make sure to do a thorough research about how to write good resume. Don’t underestimate the importance of a good resume. Being careless while writing your resumes may cost you a job. Always remember that you must keep your resume edited and updated.
Step 3: Don’t mass-mail your resume. Blasting a generic resume to a bunch of people can be a huge waste of time and energy. In many cases, the company may not even be hiring for your applied position. Always put some thought into where you are applying, and figure out what the employer is looking for.
Step 4: Keeping your profile up-to-date and staying connected with people who can assist you in your job search will help you strengthen your professional networking. A potential employer should be able to find you anytime by searching for the skills you have listed or by reference. Make use of better keywords in your resumes skills section as well as in the professional profile section.
Step 5: It might be an assumption to say that employers prefer candidates who follow-up after interview and so on. But a follow-up is required to ensure that your efforts bear the best results possible. Following up doesn’t require you to call up the employer day in and day out. Just sending a thank you letter after the interview might give you a good start.
Martinez Betheliza – Ph.D. – Organizational Psychology. Provides you with a deep level of insight into your career direction and career development.
Why Do So Many New Restaurants Fail?
Number one cause of new restaurants failing is of course lack of money! Refer back to any past episode of Dragons Den if you will and what is the one thing that always trips even the most inventive and charismatic presenters up? It’s the figures, I even noticed new ‘dragon’ Hilary Devey threatening well perhaps not threatening but gently yet firmly persuading one of her latest business partners to create and maintain a set of management accounts to keep a close eye on what the finances were doing on a frequent basis.
Even when I was at university doing my degree in traditional marketing in first year we all had to complete a module called management finance which did not teach us how to balance books or create accounts but to be able to read, interpret and plan from the accounts that we were given and that has proved invaluable into my professional career.
Number two reason for fifty percent of new restaurants failing within the first year of opening is trying to fill a gap in the market that is just not there. When people lets say, entrepreneurs reason their business proposition with they a filling a gap in the market or meeting needs that were not previously being met by existing providers that’s fine – when the gap was actually there in the first place.
If on the other hand you come up with a concept that is outlandish to say the least for instance a restaurant where people have to all wear purple and only eat with their left hand for fear of retribution, this is where the problems begin. If you want to be very and I mean very literal then yes there was a gap in the market, more like a gaping crevice because no one would ever want such a service or restaurant to be in operation in the first place.
My advice when coming up with a restaurant is to carry out in depth research into your target market and in most cases of new restaurants this will be done within quite a close geographical area as you do not want to for instance over or under price your restaurant as both can end up being as deadly to business as the other.
The third reason that I feel contributes towards the relatively high failure rate of new restaurants is the – it’s a piece of cake attitude. (Note the foody reference). By this I mean the attitude that an enthusiastic and no doubt well meaning future restaurateur thinks… well I’ve eaten in a lot of restaurants. I can/know someone that can cook, I like food, I have a bit of money saved away so I think in fact I know I can open my own restaurant, ‘I mean how hard is it’? Classic error, four walls, some dining tables and a larder full of food do not a restaurant make. There has to be some initial talent there in the first place by that I mean, a talented chef as the back bone or enough money to hire in and create the very best of everything from staff and venue to only the finest ingredients and the most decadent dining experience. Neither come easily.
To recap I would recommend as either three things to avoid at all costs when opening a new restaurant or three reasons as to why new restaurants fail are: money, concept and attitude.
best Edinburgh restaurant.
How Much Is Gold Worth and Oil?
The basic relationship between how much gold is worth and the US Dollar is well known and understood and like any economic indicator, there are periods when the relationship is weak and periods when it is strong.
But what about oil? Is there a relationship between these two real and tangible commodities as opposed to the dollar which is a fiat based paper currency?
Gold / Oil Ratio
The oil price is closely integrated with the political situation in the Middle East whereas movements in how much gold is worth is affected by global central banks and other factors. Nevertheless, a study of these two critical resources makes for interesting reading.
If a graph were to be plotted that measured movements in the gold and oil price, a straightforward relationship between the two would result in a line of constant value. Even if the price movements were not proportionate to each other, the line would still be linear but may rise or fall.
Gold-Oil Ratio = Price of Gold (per oz.) / Price of Crude Oil (per barrel)
When the graph is plotted given the equation above, a long term trend is indicated that shows the ratio oscillating between a high value of 30 and a low of 10 with most of the time being spent somewhere in between.
This does not suggest a strong relationship between the price of gold and oil but it does suggest that in general the two do rise and fall together over the long term. It is interesting to note that post 9/ 11, the two have been rising together and the divergence in the ratio has been less volatile.
Using The Gold / Oil Ratio
This gold/ oil ratio can be useful in technical analysis to identify when the ratio is at its limits and anticipate a trending price movement. For example, it the indicator hits 30, you know that gold is overvalued or that oil is undervalued and the markets are about to spring into action.
To wrap up, it can be noted that both oil and gold are commodities that are of great concern in the global economy and are always going to react to events with worldwide repercussions. This is not to say therefore that oil precedes gold movements or that how much gold is worth is dependent on oil. Both are just reacting in their own way to common geo-political and market conditions.
The Money Conversation – When They Ask “What Do You Charge?”
So many of my clients stress over what we call the “money conversation” where clients call to ask them about their services. And, naturally, one of the first things they want to know is “what do you charge?”
How many times have you answered that question and had the person say, “Oh, I can’t afford that”? And, this leads to another “lost” client!
So, often what happens is you start to think you need to lower your prices so people will book a session with you!
But this is backwards!
Do you want to be known as the bargain basement health practitioner? Do you want your name synonymous with ‘cheap’?
I doubt it!
I’ve talked about this conversation before, but I don’t think it can be addressed often enough. So let’s look at just a few steps to turn this conversation around.
Step 1: Even before you can tell someone what you have to offer, you have to be clear what value you provide them with! And one of the ways to do this is be clear what services you have to offer. Make sure you sit down and create several levels of services. For example, you might have an intro level, which includes just one initial visit and one follow up. The next might be several follow-ups, perhaps for 3 months. And the last level might be a more comprehensive, high-end service that lasts for either 6,9 or 12 months. And there may be other services here and there as sort of an ‘a la cart’ menu.
Step 2: Determine what the over-reaching value is in working with you and taking advantage of your services. As a health professional, you are not in the business of providing nutrition information, giving out meal plans or fitness plans. You are in the business of changing lives! Think in terms of what HAPPENS to that person as a result of working with you. What are the cool things they get; how does their life change? What will they be able to do that they haven’t done in a long time?
Now you’re ready for Step 3, which is to craft your conversation. When someone calls you, because you now have several levels of programs, when they ask what you charge, you can’t tell them, because you don’t know what they need! So you need information from them, first.
What is going on with them right now? What is their health and life like right now? Why have they called you?
What would they LIKE to see their life look like? What would their wish list look like? Have them describe that to you in detail. With practice, you’ll get better at this.
What could get in their way of them achieving what it is they want? What will life look like if they do NOT achieve their goals? Help them really dig a hole of that doom if they don’t resolve their problem.
Set yourself up as the solution to their problems by talking about the benefits and results of working with you. Check in with them while doing so.
You are now ready to answer their question, and they are now in a place where instead of ‘shopping’, based on price, now they can make a decision, based on benefits!
Give it a try, and let me know how it goes for you! And here’s to your success!
Marjorie Geiser is a registered dietitian, certified personal trainer, life coach, and MBA graduate. Marjorie has been the owner of a successful nutrition and fitness business since 1996, and now helps other professionals start or grow their own business through MEG Enterprises. Her book, “Just Jump: The No-Fear Start-up Guide for Health and Fitness Professionals” is available from www.californiabasedpublishing.com. Receive Marjorie’s free report ” The 7 Steps to Creating your Marketing Conversation that will turn “NO” into “When can We Get Started?” by visiting her website MEG Enterprises.
Tips for Travellers
Travel is a significant part of lots of working lives. Some people love it, but for some it’s stressful, tedious or an unwelcome drain on time. As more of us use technology to communicate with colleagues on different continents, the time we actually spend face-to-face is reducing and the need to make it count is greater. If you’re worn out by the travel, you’re unlikely to be at your best to do business. Here are some of my top tips for enjoyable international business travel:
Planning
If it’s possible, and especially if I’m travelling out of office hours, I plan NOT to work while I’m travelling. I indulge in a good book and regard it as a treat.
When I plan a trip, I don’t automatically go for the cheapest option. If I can reduce the stress or discomfort by spending a bit extra, then I go for it. (One of the perks of being my own boss!)
I make realistic plans about what I can get done whilst travelling. Assuming that I can make phone calls or answer emails at specific times just creates more stress.
I tell people well beforehand that I’m going to be away, so that they are not frustrated by having to wait for a response from me.
If I’m going to need to call people who are in a different time zone (like home) I plan when I’ll do that and write it in my diary.
Packing
If I’m leaving home before midday, I always pack the day before I travel. That gives me overnight to remember any last-minute items.
When I used to travel all the time, I had a toilet bag permanently packed with travel sizes of everything and an extra toothbrush, hairbrush and other essentials. It’s lighter to carry and saves time when packing.
I prefer to check in as much as possible and not have a heavy ‘carry on’ bag to lug around the airport. And it means I don’t have to compete for space in the overhead lockers. Yes, it means waiting in the baggage hall. I can read some more of my book…
When I get to my hotel, I unpack everything. It saves rummaging around in my bags to find things and it’s easier for re-packing!
Jet-lag
There are both physical and psychological factors involved in jet-lag:
For the psychological:
I set my watch to destination time as soon as I get on the plane. That gives me the whole flight to get used to it.
I resist the temptation to calculate what time it is at home and focus on destination time. (This is why I plan calls in advance – I know that it’s a sensible time to call without having to calculate it.)
Wherever I am, I do the things that it’s normal to do at that time in that location.
For the physical:
Sometimes the reason you wake up at odd times after shifting time zone is because it’s a mealtime at home. Eat something for dinner that will take a while to digest and keep you satisfied until breakfast. (Pasta with cheese is my favourite.)
Drink lots of water. Air travel is dehydrating and it can leave you feeling disorientated and make it harder to concentrate.
If the urge to sleep comes at the ‘wrong’ time of day, take a nap, but only for 90 minutes.
General
Enjoy the experience! We live in a time when it’s possible for lots of us to travel the world at modest cost. Our grandparents didn’t have this opportunity and it seems unlikely that our grandchildren will.
Despite the hassle of parking, of airport security, of airline food and baggage halls, we are fortunate to be able to cover such great distances so easily. Consider the alternative!
Dianne Lowther – Master Trainer of NLP
Dianne Lowther is an award-winning Master Trainer of NLP and Principal of Brilliant Minds. She specialises in applications of NLP for leadership and business results and has 18 years of experience of working at senior level in organisations. She also runs public courses in NLP including her ground-breaking ‘Business Class NLP’ intensive programme for business leaders. To find out more about NLP, visit http://www.executivenlp.co.uk and get ‘The Introduction to NLP for Business Leaders’ free. To find out more about Dianne Lowther and Brilliant Minds visit http://www.brilliantminds.co.uk or find her on LinkedIn
Business Planning and Finding Investors
In your business plan, you should always provide a complete breakdown of the funds that you’d need and how it will be used as it relates to your business. Accounts Receivable financing is a very good alternative to angel investment you have a number of clients that owe you money on an ongoing basis to consider when drafting your business plan. A demographic analysis is extremely important when you are presenting to an investment group. From time to time, all businesses require equity capital. Their many benefits to working with venture capital firms, and this should be thought about as you progress through your business documentation process. The experience of angel investors and venture capital firm managers can be more valuable than their capital.
If you are already involved in the field that you’re working within, you may want to seek other professionals in your area that can become a potential investor in your business. Sometimes, it may be in your best interest to raise capital from a competitor that wants to enter your market and share in the profits. In your business plan, you should showcase how you intend to operate the business on a day-to-day basis via a number of different procedures and protocols. Friends and family, when you’re seeking funding, can create problems as it relates to your personal relationship with these people. For deals that involve less than $5 million, most investment banks do not want to be involved with this type of business dealing.
A CPA can help put together a ROI statement on your behalf as it relates to an equity capital injection. Prior to developing your business plan, you should have an extensive understanding of accounting. More and more angel investors are investing in hard money mortgages due to the fact that there is an immediate upfront fee paid to them for providing capital. Small business finance is complicated. Commonly, private placement memorandums have a subscription agreement that allows these individuals to place money with your business.
In many instances, entrepreneurs are seeking capital because they want to be able to expand their business. Venture capitalists demand competitive rates of return and exit opportunities. Private placement memorandum, although expensive, greatly simplifies the capital raising process. One of the things that you must determine early in the capital raising process are the terms that you are willing to live with as it pertains to receiving an equity injection. The next important step to analyze is the market in which you are entering or seeking to enter with your expanding business. If you are seeking to purchase real estate, you may want to work with a hard money lender that can provide the capital that you need if you do not qualify for traditional mortgage.
In closing, your well written business plan may be the make or break aspect of your ability to finding angel investors. As such, you should take a tremendous amount of time when putting together this documentation.
Angel Investor List Download. No registration required! Includes Free Business Plan Template.
Looking For Angel Investors is a website dedicated to people finding private investment.
Matthew Deutsch is a prominent business plan writer. His work has been included in nine books pertaining to this subject. Additionally, Mr. Deutsch has written extensively on subjects regarding entrepreneurship, small business lending, angel investing, and other related topics.