Chuck Groot
We have all heard to same old sage advice; “go to school and get a good education, acquire a respectable job, work hard, earn a steady paycheck, put in your time and receive a nice pension.” Well, that worked once a long time ago, but not so much now.
The best way to show bankers, venture capitalists, and angel investors that you are worthy of financial support is to show them a great business plan. Make sure that your plan is clear, focused and realistic. Then show them that you have the tools, talent and team to make it happen. Your business plan is like your calling card, it will get you in the door where you'll have to convince investors and loan officers that you can put your plan into action.
There's no one-size-fits-all formula for picking a great business name. The best name depends on a host of considerations -- some as obvious as the kind of business you do, others as unique as your own tastes and style. There are, however, a few guidelines that will steer you in the right direction.
Pricing How do you Value Your Product, Service or Idea
So far, you have put everything into getting the prospective client into a meeting with you.
Now what?
They are all excited about what you can do, but here is the BIG question – “What Do You Charge or How much does it cost?”
By Chuck Groot
I was working with a new client the other day and we started out with the financial picture of the business. This person started their business around three years ago and it truly was a labour of love. The product they had was an important product, a must needed niche in the market, and beneficial to the community. Unfortunately, they were doing their own accounting and really did not have a strong enough grasp on accounting to paint a proper picture. The interesting thing was that this person did have a semi-silent partner who did have an understanding, but accounting wasn’t part of their input to the business. Interesting! Everyone should work to their strengths and have those qualified do the tasks that fits their expertise.
So far, you have put everything into getting the prospective client into a meeting with you, now what?
They are all excited about what you can do, but here is the BIG question – “What Do You Charge or How much does it cost?”
This is probably one of the most difficult aspects for any business, how you price your art. Yes I said ART. You are not selling just a piece of paper or your time. Anyone can give you time and a piece of paper, but not everyone can create a fabulous photographic piece of art.
Visibility ZERO! Yup, there I was on top of Sunshine Mountain in Banff Alberta and visibility was zero. I had a friend with me from Massachusetts who had never been there before and was not a particularly good skier. What now?
This could be a dangerous situation, there is a disease called Hausler’s Disease, where movement combined with lack of visual data causes total disorientation in your mind. So, what do you do? What did I do? First and foremost, I made sure that we always stayed together. The last thing you want to happen is that you lose somebody. This is so very important in business – YOUR business. Make sure that everyone involved with you is crystal clear on where you want to go and how you are going to get there. Read more here ...
Have you ever wondered what made a good manager or a lousy one. I’m sure you are like me and have had both. Now you are getting promoted, starting your own company, or already have a company and are THAT manager. What successful management skills do you need to lead, motivate, and inspire?
One area that is sadly overlooked when starting a business is start-up capital. Start-up capital is the amount that you need to have before you open your doors. This is the money set aside in the bank that will carry you through the lean months so that you can pay your fixed expenses, variable costs, and your salary.
It doesn’t matter whether you are starting a brand-new business or have been in business for 20 years you still need a solid “Business Plan”. Come to think of it, chances are that if you have been in business for 20 years you probably need to revise your business plan and make it so that the business works for you rather than you working for it.
