Friday, August 28, 2015

Ode to the Self Employed Entrepreneur






As of February, 2015 about 13% of Americans are starting or running their own companies.


Entrepreneurs are a different and special breed – most have a diverse skill set and a broader portfolio of work experiences than those who have always been “employees”. Many would refer to an entrepreneur that they may know as a “jack of all trades” or as someone who “cannot make up their mind” about “what” they want to “do” for a living.
A study done in Germany in 2000, which was build on more than a decade worth of research, showed that college students who had qualities that “predicted AGAINST entrepreneurship” included “a desire for job or income security, as well as having worked in internship or apprenticeship (since those lead to specialization)”. Students who took a broad range of classes, had many interests and who enjoyed working on several projects at a time were more likely to have a disposition toward entrepreneurship. “
Steve Jobs used to say that creative people have a more diverse “bag of experiences” than everybody else. He believed that if one was to be innovative, they HAD to not have the same bag of experiences as their peers.
I personally have over 30 years of entrepreneurship under my belt, I have had “jobs” yes, have actually been “employed” but have NEVER NOT had some money making projects or companies working or developing at the same time as that employment.
I have found that one who enjoys entrepreneurship more than being an employee is one who takes self responsibility, who doesn’t mind the fact that when things go wrong, there will be no one to blame except them, and who thrives in some higher level of stress. For me, the stress drives me to work harder, to work smarter and to get more creative!

I enjoyed the following from the blog of Tammy Bleck – “Witty Woman Writing”  

Let me set the record straight for all those who are self-employed and all those who are not.
We do have "real jobs" and they don't come with a cushion of a 401(k), paid vacation, sick days and a boss to take the fall if we don't do it right. We have to pay our own expenses, not the least of which are health insurance, retirement account, licenses, taxes, organization fees, advertising, web site maintenance, computers and office equipment, travel expenses, vehicle maintenance, and we don't get to call in sick when we have the sniffles.
I think that those of us, who take a chance on ourselves, put our confidence in our skills and go out there and actually build something from nothing, are warriors in the truest sense of the word.
We take the chance every single day that we will make enough money to keep the lights on, the mortgage paid, the kids in school, gas in the tank, food on the table and clothes on our backs. If you think that's slacking, I'd like to see you try it.
People who act on their passion are a gift of light, hope and possibilities to our world. It takes a tremendous amount of courage and fortitude to tackle the unknown every day, to take the bad days with a grain of salt and not let the good days go to our heads. It takes balance, audacity, drive, vision and great deal of smarts.
I can only speak for myself in saying that even with the days that my income surpasses my wildest expectations, I always feel like I'm just one step away from living under a bridge. The fear level that comes with being self-employed is palatable. We feel it in our gut and we can literally taste the fright in our mouths. But here's the deal: we go out and achieve our goals in spite of it.

Those of us in business for ourselves don't always get it right. We are often wrestling with self doubt, second guessing and re-grouping. The best of us never give up. We may take a moment to lick the wounds of defeat should our venture not succeed, but the true entrepreneur will be back, and always with a vengeance.
But on the chance you have any doubt, know that this country was not built by corporations but rather on the backs of the entrepreneur; the dreamer who had an idea and the courage to follow it, the inventor who was ridiculed but still persisted, the architect, artist, writer, musician, and philosopher who despite opposition and mockery stayed the course.
link to full article written in 2013 for Huffington Post:

We are all different and all have different comfort levels. This country is sustained by both the entrepreneurs and small business as well as the large corporations. It takes all kinds to keep things moving in our economy and there are upsides and downsides, depending upon the day J to being an employee or being self-employed. We should all remember to be tolerant of our differences and give respect both ways when it is well deserved!

Thanks for reading and remember, if you need help achieving your goals, or that work/life balance, our coaches can help! Contact us on our website at:  www.TheMaxProfit.com for a FREE phone consultation!

Renee Johnston
CEO and Executive Coach
The Max Profit





Friday, August 21, 2015

6 MUST DO's before turning that great idea into a business!



At the Max Profit, your success is our success! We want to help.. read on for the 6 MUST DO's before you write a business plan or spend any money on that SUPER idea you have for making money in business!

We are always here to help - get your FREE phone consultation at TheMaxProfit.com

STARTING A BUSINESS - 6 Thing To Do BEFORE you spend $$ or write your PLAN!

EVERY business has a PLAN. These are not always in writing, sometimes they exist only in the entrepreneurs mind! Research and profit margins have clearly shown that a WRITTEN plan will at least DOUBLE your chance of success! A written business plan is critical to set the stage for not only your success but the ease of getting there!
BEFORE you sit down and write your business plan, or HIRE someone to write one, or PURCHASE a template or any tools for this job. Get through, and RECORD your decisions, notes and possibilities for the following 6 items!

1.     DETERMINE the Business PURPOSE and CORE VALUES!
Answer these questions:
·       WHY does this business exist
·       WHAT does the business “stand for” (its values..)
·       WHY would employees want to work there
·       WHY customers would purchase from your business instead of the competitors

2.     NAME the Business VISION! 
Answer these questions:
·       WHAT do you want to accomplish as a company?
·       WHERE do you see this business 5 years down the road?
** Come up with at least 3 key strategies HOW you will get there

3.     CLARIFY your business MODEL!
     Answer these questions:
·       WHAT will you sell?
·       WHO do you plan on selling to? (IDENTIFY your target client)
·       IDENTIFY your competition!
·       PLAN how you will be different and BETTER than your 2-3 main competitors!
·       HOW MUCH will you sell your product or service for?
·       HOW MUCH will it cost you to produce/buy/serve up your product or service?
·       WHAT equipment or facility do you need starting day one?
·       HOW MUCH will it cost for you to open your doors?
**these will be rough numbers for now, but do your research! Try some different scenarios out on paper and pick the most profitable products or services to start with, remember you can always expand your business later and add more products, services or targeted markets.

4.     WHAT will your business name and LEGAL STRUCTURE be?
Answer these questions:
·       DECIDE what your legal structure will be
·       DECIDE what your business name and any dba (doing business as) names will be
·       CHECK for any copyrights already existing with any or all of your business name

5.     DRY RUN your business idea BEFORE writing a plan or spending any money!
Answer these questions:
·       VISIT or speak with potential vendors for the products you want to sell
·       SPEAK with contractors or potential employees already providing the services you want to provide
·       VISIT potential customers/clients
·       TALK to as many industry “experts” as you can regarding the viability of your plan! Ask for advice and honest feedback!
**tell each of the above about your idea for your business model and “feel out” the market and possibilities that exist. Identify where others have gone wrong or are currently going wrong. Identify areas where you can FILL A GAP with your business. After doing this, you may want to change your model. Make changes and have a BACK UP plan!

6.     SWOT analysis
Conduct a SWOT analysis for your business:
·       Identify STRENGTHS
·       Identify WEAKNESSES
·       Identify OPPORTUNITIES and possible opportunities for later expansion
·       Identify any THREATS to your business (these include inside and outside threats)


Check out our website and contact us if you would like help with a roadmap for your business! We always offer a FREE phone consultation!
TheMaxProfit.com  or call us at (360) 462-6600.

Thank you for reading!

Renee Johnston
CEO
The Max Profit


"At The Max Profit, Your Success is Our Success!"




Sunday, August 9, 2015

The Purpose of a Business Plan - the short version!





PURPOSE of a BUSINESS PLAN!

Business plans are documents used for describing your business and planning out specific details about its goals and operations. They can range in size from a simple few sentences to more than 100 pages with formal sections, a table of contents and a title page. According to Entrepreneur Magazine, typical business plans average 15 to 20 pages. Comprehensive business plans have three sections--business concept, marketplace and financial--and these are broken down into seven components that include the overview or summary of the plan, a description of the business, market strategies, competition analysis, design and development, operations and management, and financial information.

There are 5 MAIN reasons every business should have a PLAN! A Roadmap if you will..  depending upon the business and the situation, there could be many more reasons why you SHOULD have a written plan. Make no mistake – there are thousands of businesses operating that started in past and present that have done so with no written plan whatsoever.. this can work, absolutely and HAS worked in fact. I challenge those business owners though, to think about this.. WHAT IF?  What if, having a written plan, (or simply the activity of CREATING the written plan) help it work BETTER!!??

5 of the reason every business should have a business plan:


1.      DIRECTION -   to clarify the purpose for your business, define the business and its operations and its direction… After all – what if you took off in your car and had no destination in mind? What if you just drove and drove wherever the road took you? This could be very, very expensive in more ways than one.. just saying…

2.      FUTURE VISION – Every business has a “life-cycle” .. a business will evolve over time and thinking through the possible future turns and direction, researching new trends and future possibilities, can help the business owner decide AHEAD of TIME – “what is my vision? Where do I want this to go?”  This makes it much easier to STEER your business where you want to go.

3.      FINANCING  – You may or may not need or want financing now, it is possible though that in the future, you may need a line of credit, may want to expand or may figure out that you predict that you will fall a little short of meeting a BIG deadline or being able to CREATE your dream.. do not limit yourself – set yourself up for success, remove barriers NOW to having many financial options by having a written plan.

4.      ATTRACTING TALENT OR INVESTORS – again, you may not think you want any outside investors now.. that could change and faster than you can imagine.. that is if things go RIGHT.. do not limit yourself by not planning ahead. Additionally, you will need good people to do good work! Having a written plan helps “sell” your company, your model, your ideas that include future growth to potential talent that can help you get where you want to go!

5.      OPERATIONS and MANAGEMENT – A written business plan lays out your business structure, your model for operations, outlines your sales and development programs, describes your workflow.. If you have a written plan for your team to follow, it is much easier to “captain the ship” making sure you are on target for meeting goals and milestones. Again, how can you arrive at your destination, if you have not decided WHERE you are going?


Check out our website and contact us if you would like help with a roadmap for your business! We always offer a FREE phone consultation!
www.TheMaxProfit.com  or call us at (360) 462-6600.

Thank you for reading!

Renee Johnston
CEO
The Max Profit

"At The Max Profit, Your Success is Our Success!"

 

Thursday, August 6, 2015

Small Business Facts and Challenges in America



There are many challenges faced by Small Business Owners and Managers in America every day. As time goes on, the challenges grow. Between additional regulation of small business in some states to the cost of labor/maintaining employees in our country, the face of small business is constantly changing.

Small Business owners are challenged with different WAYS to set up/start up, develop and maintain their business in a cost effective manner. Today more than ever it is important to have a PLAN for each of these stages. Check out the list of facts below regarding small business.

There are many sources to obtain a business plan for your venture. This not only applies to NEW businesses in start up, but EXISTING business that is not making a profit, OR that wants to GROW and make more profit!

Check out our website and contact us if you would like help with a roadmap for your business! We always offer a FREE phone consultation!
www.TheMaxProfit.com  or call us at (360) 462-6600.

"At The Max Profit, Your Success is Our Success!"




FACTS you may not know about SMALL Business in America:

1)The SBA defines a small business as an enterprise having fewer than 500 employees
2)   There are almost 28 million small businesses in the US and over 22 million are self employed with no additional payroll or employees (these are called nonemployers)
3)  Over 50% of the working population (120 million individuals) works in a small business
4)   Small businesses have generated over 65% of the net new jobs since 1995
5)   Approximately 543,000 new businesses get started each month (but more employer businesses shut down than start up each month)
6)   7 out of 10 new employer firms survive at least 2 years, half at least 5 years, a third at least 10 years and a quarter stay in business 15 years or more
 7)  52% of all small businesses are home-based
8)   There were nearly 23 million nonemployer firms in 2014.
9)   To classify as a “nonemployer” business you must have annual business receipts of $1,000 or more and be subject to federal income taxes
10)   Approximately 75% of all U.S. businesses are nonemployer businesses
11)   19.4 million nonemployer businesses are sole proprietorships, 1.6 million are partnerships and 1.4 million are corporations


SOURCES
United States Census Bureau. “2011 Nonemployer Statistics.” U.S. Department of Commerce: http://censtats.census.gov/cgi-bin/nonemployer/nonsect.pl
Small Business Administration Office of Advocacy:http://www.sba.gov/sites/default/files/FAQ_Sept_2012.pdf
United States Census Bureau: Statistics about Business Size (including Small Business)http://www.census.gov/econ/smallbus.html
United States Census Bureau: Statistics of U.S. Businesses:http://www.census.gov/econ/susb