Personal Responsibility

I hate to bust your bubble, but . . .  your life, your income, your health care, your financial security should not be affected by whoever is in the White House. Despite what politicians proclaim, they have not and cannot create jobs, start businesses, or improve wages.

You have full control of your destiny. No one else. You!

The government can make the environment more business friendly by providing stability in the tax codes and certain areas of regulation, but they do not create jobs.  Businesses have succeeded since the beginning of history with all types of governmental structures, regulations, and tax rates.  Don't buy the lie that the government creates jobs and can help you earn more money. Don't wait on the government to improve your station in life.

Thoughtful people with strong ideas willing to take measured risks. That's what it takes. People with great ideas that help other people are the ones that creates jobs.

Turn off the TV. Get in a quiet place and dream a little. It's your life. Make something of it.

Discount dangers

Discounts are a good way to generate business and win new customers. However, business owners need to understand the impact to profitability and ability to deliver excellent customer service. Don't PRICE yourself out of business. If a discount is not going to lead to more profitable business or customers, it may not be worth doing.

A 10% discount costs more than you think. As an example, let's look at a simple comparison:

Sell Price         $15.00            $13.50      10% discount
Direct Cost      $10.00            $10.00
Margin             $  5.00            $  3.50       30% reduction in margin

In this case, a 10% discount on sales price [$15.00 - (10% X $15.00) = $13.50] produces a 30% reduction in margin [($5.00 - $3.50)/$5.00 = 30%] and margin is king. You need to have enough margin to support your overhead and pay yourself or stockholders a reasonable profit.

Understand your costs and value in the marketplace and PRICE your goods and services accordingly.

Pricing your offerings

I have seen many businesses struggling because they do not understand their value in the marketplace and they underestimate the full cost of operating a business. Pricing products and services too low or giving a DISCOUNT without thoughtful consideration or a solid plan can be a recipe for disaster.

It's a natural response to use low prices to gain new customers or try to keep existing customers. However, you may be setting expectations that don't leave enough profit (margin) to provide excellent customer service or solid profits, so you won't be able to keep a satisfied customer for the long run.

If you are truly providing value, customers will pay for it. Don't sell yourself short.

What are you waiting for?

Do you have a desire for more independence? I mean financial  independence and flexibility in your schedule. Let's face it, working for someone else can be likened to bondage. You are at your employer's mercy regarding when and where you work, how much money you make, and whether or not your services are  still needed.

Take steps today to turn your ideas into a business of your own. You don't need a lot of money. You need a coach that can encourage you, mentors that can advise you, and discipline to make a plan to pursue your dreams.

Spend some time and build a successful plan to bring value to others. Start small and build your business one customer at a time. This is the best way to build your business, brand, and reputation.

Don't quit your day job until you have proven your concept and made some money, don't fall for get rich quick schemes, and don't go into debt which will add to your bondage.

Put your ideas on paper, engage an adviser, and start your journey one step at a time.

Business advisers & coaches

Even the best and brightest need a team of advisers and at least one mentor or coach. You may not like what they say, but you will be challenged to perform at a higher level. Whether it is your business plan, a hiring decision, or help with day to day operations, develop a network of knowledgeable advisers that are willing to give sound advice. They must be willing to tell you what you need to hear, not what you want to hear.

Advisers and coaches can help you experience fresh perspectives, enhance your decision making skills, and give you increased confidence in moving your business forward.

Seek wise counsel and prosper.

Creating a plan, a necessary pain

Business Plans are critical for starting and/or operating a business of any size. This is the #1 area I encounter when working with business owners that can improve a business or increase the probability of a successful business launch. Entrepreneurs always agree it is important, but rarely get around to implementing or updating a written plan.

The plan doesn't have to be lengthy, but it needs to be relevant and capture certain aspects of your business.

Make a plan, share the plan, work the plan. Repeat often.

Small Business Ownership

Everyone needs to have their own business. Even if you work for a large corporation or the government, the freedom and security of successfully running your own business is rewarding. It can be as simple as pet sitting or making and delivering natural cleaning products in your own neighborhood. Turn off the television and begin to brainstorm things you enjoy doing and how you can make money doing it. Write it down, make a plan, and execute it.