3 Important Things Every Business Needs to Survive and Thrive
Every Business Needs Three Things to Survive and Thrive: Access to Capital, Business Acumen, And Energy.
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Successful Business – Buy Four Green Houses Before You Buy a Red Hotel
Robert Kiyosaki, the author of “Rich Dad Poor Dad”, discussed the value the game Monopoly had in his education when he wrote that “You buy four green houses and trade them in for a red hotel.” The message here is that to have a successful business you don’t buy the red hotel right out of the gate. You build up your tacit business knowledge so that when you can afford the red hotel you are more likely to be successful.
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Beware of Advice About Your Startup Idea from Your Friends
Business Leaders Should Avoid Getting Feedback on Their Startup Idea from Friends and Family That Are Likely to Not Be Very Honest in Their Assessment of Your Business Idea.
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How To Use Prospect Theory to Improve Marketing
Using Prospect Theory, Small Businesses Can Frame Their Marketing Content Around Potential Gains and Losses, Leveraging the Customer’s Cognitive Bias to Improve Sales Conversions.
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The Truth About the Dunning Kruger Effect and Startups
The Dunning-Kruger Effect Is a Cognitive Bias of Founder Overconfidence That Alone Is Responsible for Most Startups Failures.
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You Need to Understand Horizontal vs. Vertical Progress
Horizontal progress is about creating a better mousetrap while vertical progress is about making a better way to trap a mouse.
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What You Need to Know About the Emergence of Cryptography and Digital Currency
Just as The Internet, Social Media, and Smartphones Have Changed The Way Companies Conduct Business, So Too Will Digital Currency And Cryptography.
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How To Use The Friendship Formula To Improve Sales
The friendship formula consists of four basic building blocks. It was developed by the FBI to convince spies to flip their allegiance and to make suspect confess to their crimes. In the hands of a salesperson, it can create fierce loyalty from prospects and customers.
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How Good Design Creates a Great Customer Experience (CX)
Good Design Creates a Great Customer Experience (CX). A Great CX Leads to Satisfied Customers, Driving Word of Mouth Referrals, and, Ultimately, Greater Business Success.
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Corporate Management Structure – How to Be Compliant
A Corporate Management Structure Represents the Way That a Company with Shareholders Needs to Be Organized. A Corporate Structure Represents A 3-Level Hierarchy Composed of Shareholders, A Board of Directors, And Corporate Officers.
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What Color Is Your Time? How To Improve Office Productivity
Small Business Owners Deal with Critical Projects and Deadlines Yet Have to Deal with A Constant Stream of Interruptions Causing Stress and Feelings of Being Out of Control. Sharing What Color Is Your Time Will Define to Others How Open You Are to Interruptions and Improve Your Office Productivity.
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How To Compute the Value of a Company – Everything You Need to Know About Business Valuation
As A Business Owner, You Will Need to Know How to Compute the Value of a Company Be It Your Own Business or One That You Hope to Acquire. Discover The 5 Reason to Conduct a Business Valuation, Things That Affect a Valuations Outcome, How to Value a Lifestyle or Micro-Business and 6 Other Methods to Establish the Value of a Company.
How To Use Per Diem Employees to Solve Staffing Needs
That Employ Labor in Industries Such as Hospitality, Construction, Healthcare, Or Education May Benefit from Having a Pool of Per Diem Employees That They Can Call at A Moment’s Notice to Help with Staffing Related Issues.
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How to License Your New Product Idea
For most inventors with a new product idea, they are far better to license their idea to a manufacturer than to raise the capital to manufacture and distribute the product themselves.
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How To Reveal A Candidate’s True Value During A Job Interview
Traditional interviews that explore a candidate’s experience, character, and goals are close to useless. Elon Musk and Thomas Edison employed tactics to discover the true value of a candidate during a job interview.
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How To Compute and Reduce Your Customer Acquisition Cost
Customer Acquisition Cost Is the Amount of Money A Business Has to Spend to Get a New Customer. Knowing Your Customer Acquisition Cost Helps a Business Measure the Return on Investment of Efforts to Grow Their Client Base.
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How To Find More Time And Save Money With Upstream Thinking
Upstream Thinking Is a Metaphor for Problem Prevention. There Are Three Problems That Prevent Upstream Efforts and Seven Critical Questions Leaders Must Ask to Fix Upstream Systems.
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Video: What You Need to Know About Registering an Entity
Did You Know You Register Entities with The SOS To Associate the Business Name with The Registered Agent and Not to Get Liability Protection?
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How To Integrate Content Marketing Goals and Types into Effective Strategies
There Are 3 Content Marketing Goals; Attracting New Customers, Retaining Existing Customers, And Building Brand Authority. There Are Also 3 Content Marketing Types; Inbound, Addictive, And Tentpole.
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The 5 Stages of a Funding Plan
Most Businesses Require Some Form of Funding to Get Started. However, Based on What Business Stage the Business Is At, The Sources of Funding Will Be Different. This Is Where Your Funding Plan Comes in To Identify How the Business Will Secure Financing for Each Stage.
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How To Design a Go-To-Market Strategy That Works!
A Go-To-Market Strategy Is an Action Plan for How a Business Will Launch a New Product or Service So That It Can Concentrate Its Marketing and Sales Resources on The Functions That Will Generate the Greatest Return.
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How to Know If You Need a Business License
Business licensing is one of the most confusing aspects when starting a new small business since it varies so much from state to state and from industry to industry.
How to Know If You Need a Business License Read More »
How To Achieve Strategic Objectives With 14 Pricing Strategies
Pricing Strategies – How to Price Your Product or Service to Achieve Strategic Objectives Such as Building Customer Loyalty, Ensuring More Consistent Business Cash Flow, Or Encouraging Customers to Buy in Larger Quantities?
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The Ultimate Checklist for On-Page SEO Content
A Complete Checklist of On-Page SEO Tips So You Can Use to Ensure That the Content on Your Website Is 100% Optimized for Search
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What Ever Happened to The Pitchman and Direct Selling?
Within the Discipline of Sales Is the Element of The Pitch or Direct Selling Where You Sell Products Directly to Consumers in Non-Traditional Settings.
What Ever Happened to The Pitchman and Direct Selling? Read More »
What You Need To Know About The Role Of The SBA
The Small Business Administration (SBA) does not lend money, it simply acts as insurance for lenders, such as banks, with 3 loan programs
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How to Correctly Target Web Traffic to Drive Growth
Many Naive Entrepreneurs Think That All Web Traffic Is Created Equal and Fail to Correctly Target Traffic. Traffic Can Be Divided into Traffic You Attract, Rent, Or Own. The Goal of Every Business Is to Get a Prospect into Its Communication Funnel to Build Trust.
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Raising Money? Increase the Odds of Getting Your Startup Funded
There are a lot of reasons why startups have trouble raising money but most of those problems are self-inflicted and can be avoided. Discover the 4 times startups try to raise money too early, and how waiting will increase their odds of getting the funding they actually need.
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You Need to Prepare for A Digital Marketing Meltdown
There is a very disturbing historical correlation between the causes that contributed to the 2007-2008 Financial Crisis and the current state of digital advertising. If your business is monetized by ad revenue, or your business uses digital ads to drive traffic to it, you should take into account the unstable nature of advertising and not get blindsided when the bubble bursts.
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27 Free/Inexpensive Proven Ideas to Create Brand Awareness
Brand Awareness has two goals. The first is moving the knowledge of your product or service from the unknown or unconscious mind to the conscious mind. The second is making a positive association with the brand.
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VIDEO: Know Your Hiring Options – Contractor Vs. Employee – What Is Better
Enjoy the following excerpt from my FREE What You Need to Know About Starting a Business course where I talk about the difference between a 1099 subcontractor and an employee. Video Transcript (Lightly edited for clearity) If you have independent contractors and if you tell them when to show up, you provide tools for them, and you
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How Ikigai Is Driving Personal Fulfillment and Changing Small Businesses
The Great Resignation Is About Achieving Greater Personal Fulfillment from One’s Work. Ikigai Is a Concept That Allows a Person to Find What Makes Them Fulfilled.
How Ikigai Is Driving Personal Fulfillment and Changing Small Businesses Read More »
8 Simple Ways Entrepreneurs Think Differently Than Most People
Different in That Regard. Here Are 8 Ways Entrepreneurs Think Differently from Most People
8 Simple Ways Entrepreneurs Think Differently Than Most People Read More »
Video: How Your Entity Choice Affects Your Taxes
The Taxes That You Have to Pay Is Related to Your Entity Choice. Learn How Entities Are Taxed and How to Pitch Investing to Investors.
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The Complete Guide to Permission Marketing
Most Businesses Still Rely on Old Fashion Interruption Marketing Techniques. Stand Out by Not Going Wide but Deep by Employing Permission Marketing Techniques Instead.
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3 Proven Ways to Upsell a Customer
Many People Associate Upselling with A Sleazy Sales Practice. However, When Done Properly, The Upsell Can Enhance the Customer’s Overall Perception and Enjoyment of The Product or Service, Build A Deeper Long-Lasting Relationship with The Company, While Improving the Company’s Profit Margins, And Customer Lifetime Value
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How To Make Your Marketing Message Stick
Making your marketing message stick in a consumer’s mind is not about being charismatic pitchman, having lots of resources behind you, or even being a creative genius. To communicate a marketing message successfully the message must have a simple and relatable core message (Simple). It must make people stop and pay attention (Unexpected). It must make people understand and remember it (Concrete). They also need to agree or believe it (Credible), care about it (Emotional), and be able to visualize it (Story).
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How do Search Engines Work: Crawling, Indexing, and Ranking
Search Engines Work by Crawling Websites, Gathering Info, Indexing It, And Then Ranking Based on Factors Like Content Quality, Load Speed, Mobile-Friendliness, And Keywords. Understanding These Steps Is Vital for Effective Digital Marketing and Higher Search Rankings.
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How to Apply the Gartner Hype Cycle to Small Business
The Gartner Hype Cycle Is a Graphical Depiction of The Expectations of The Market’s Perceived Value of a New Technology or Innovation Over Time and Is Closely Linked to The Five Categories of Adopters.
How to Apply the Gartner Hype Cycle to Small Business Read More »
Video: Important And Unknown Facts About Some Common Sources Of Funding
Discover Some Important but Often Unknown Facts About the Role of the SBA, Using Retirement Funds, And Private Investors as Sources of Funding
Video: Important And Unknown Facts About Some Common Sources Of Funding Read More »
How To Make People Stop And Pay Attention With Emotional Appeals
There is really only one way to break a person’s preoccupation (without physical contact) and that is to appeal to their emotions. Emotional appeals come in four irresistible flavors: money, self-protection, recognition, and romance.
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How To Go Viral with The Network Effect?
Building a product or service that leverages the network effect is the secret sauce that adds the potential to make it go viral. A network effect is when the more people use it, the more valuable it becomes.
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Why You Need to Focus on A Niche Market
Most Nascent Entrepreneurs Follow the Crowds and Target Products or Services with Mass Appeal. This Is Often a Horrible Strategy. Most Business Owners Are Far Better Off Focusing on The Smallest Viable Market Segment, Known as A Niche Market.
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Video: What You Need To Know About Your Funding Options
Enjoy the following excerpt from my FREE What You Need to Know About Starting a Business course where I talk about two common small business funding options for small businesses. We will discuss what I call the debt continuum, how lenders control risk and reward, and the value proposition for equity financing investors you can use to convince investors to fund your business.
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16 Powerful Principles to Influence a Sale
Have you ever wanted something so badly that you would do anything to get it? That feeling does not happen overnight; a sales process created that yearning inside you.
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How To Improve Sales With The 3 Ts – Teach Tailor Take Control
The Three Ts Stand for Teach, Tailor, And Take Control and Come from The Book the Challenger Sale and Act as A Reminder to Salespersons of The Three Steps Necessary to Conduct More Successful Sales Presentations.
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Recognizing A Prospect’s DISC Profile for Better Sales Success
Understanding A Prospect’s Or Customer’s DISC Profile Is One Of Those Concepts That Small Business Owners Should Really Grasp If They Want Sales Success.
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VIDEO: Why You Need to Conduct a Breakeven Analysis
A break-even analysis is a technique used by business owners to assess how many units and at what price they need to sell them at to make a profit.
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What You Need To Know About Business Evolution
Most business cultures follow a rather predictable business evolution as they progress and grow. There are four stages that a business must go through from birth to death.
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What is Your Work Style? Definition and Importance
Work style is the foundation on which businesses grow, operate, and thrive. It refers to the way we think, organize and structure our work. There are eight different work styles.
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How To Use Your Story Brand Framework to Refine Your Homepage
Consumers that visit your website don’t want to hear your life story. They will scan the page for key elements. The story brand framework will allow you to cut through the noise and clutter and deliver the concise message that will compel them to buy.
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Video: The 5 Things Every Small Business Needs To Be Successful
The following video excerpt comes from my FREE What You Need to Know About Starting a Business course where I talk about the five things every small business needs to be successful.
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How To Turn Your Story Brand Framework into A Roadmap to Grow Your Business
Your story brand framework can be used to create a roadmap to grow your business by creating a one-liner for your company, a lead generator to collect email addresses, an automated email drip campaign, collecting and telling stories of transformation, and a system that generates referrals.
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How To Develop A Story Brand Framework For Your Small Business
Stories are a great way to clarify and communicate your brand’s message to employees and to prospective customers to get them to buy from you. The story brand framework is a 7-step process to help craft that story.
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The Truth About Why Draws and Distributions Are Non-Taxable
Draws and distributions are simply a mechanism that allows owners to take out excess cash from the business. In pass-through entities, there are no tax consequences for doing either an owner draw, distribution, or a cash infusion in the normal course of business. This concept often creates a level of confusion for founders not versed in a few basic principles of accounting.
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How To Choose Between Wealth and Power, Understanding the Founder’s Dilemma
One of The Most Important Decisions A Founder Will Have to Face Early on In Their Journey Is to Retain Power and Control or Focus on Creating Wealth and Growing the Business Fast in What Is Known as The Founder’s Dilemma.
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Your Old School Management Practices Are Dooming You To Failure
There is a mismatch between what science knows about motivation and what the business does. Many businesses continue to use techniques designed for the industrial era workers that no longer work.
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Why You Need to Employ Education-Based Marketing
Education-based marketing involves sharing information and educational resources with potential buyers while setting the purchasing criteria they should use that favor your offering.
Why You Need to Employ Education-Based Marketing Read More »
Why You Need to Be Measuring the Right Things
Measuring the Right Things When It Comes to Business Is Critical. Too Many Businesses Measure Inputs and Not Outputs.
Why You Need to Be Measuring the Right Things Read More »
Why You Should Adopt the Maverick Principles for Social Media
The Maverick principles consist of eight steps and outline how small businesses need to define their social media strategy.
Why You Should Adopt the Maverick Principles for Social Media Read More »
4 Reasons the IRS Really Does Not Want You to Be Self-Employed
Being Self-Employed Is Not in The Economic Interest of the IRS. They Get Paid Less Frequently, Earn Less, And Expend More Effort to Process
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Why Branding Is So Important for You and Your Business
Simply put, branding is your reputation and is your most valuable asset. Branding builds trust between you and the consumer and takes time to build. A trusted brand is more profitable and creates gravity for customers, employees, and the media.
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Several Revealing Ways That Social Sector Organizations Are Unique
Social Sector Organizations Are Very Different from For-Profit Businesses. Their Economic Engine Is Replaced with A Resource Engine and The Leadership Required Focuses More Upon Legislative Leadership vs Executive Leadership Common in For-Profits.
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How to Extract More Revenue Using a Value Ladder
A Value Ladder Takes A Prospect From Free To Your Highest-Priced Product Or Service Through A Series Of Rungs On Your Value Ladder. Each Rung Provides Increased Value And Monetary Commitment From The Customer As Their Trust In The Business Increases.
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Mirror Leadership: The Window and The Mirror (Neurons)
“The Window and The Mirror” Is A Leadership Metaphor. The Window Is Looking at External Conditions and The Mirror Is About Self-Reflection.
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The Flywheel Concept – How To Become A Great Company
Business success is not the result of a single intervention or initiative. Rather it is the result of consistently pushing in one direction over an extended period of time or what is known as the Flywheel concept.
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Crowdfunding Primer – What You Need To Know For A Successful Campaign
There are 11 distinctly different steps required to conduct a successful crowdfunding campaign which can take upwards or 20 weeks to complete
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The Hedgehog Concept – How to Become a Great Company
There are many good companies but to make the leap from good to great, the company needs to discover the intersection of what they can be the best at, what drives their economic engine, and what drives their passion.
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How to Transform Your Marketing With The 4A’s
The traditional view of marketing captured by the 4P’s comes from the perspective of a business looking at its prospects. However, a fascinating new concept known as the 4A’s reverses the viewpoint to consider how the perspective view of the business.
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An Introduction To 7 Useful Funding Options Beyond Friends And Family
To Raise Private Equity from Acquaintances to Sophisticated Accredited Investors, Founders Will Need to Consider One Of Seven Funding Options.
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Why You Need To Understand Pricing Mechanism Types
Pricing mechanisms come in two principal forms: fixed and dynamic. Fixed pricing has predefined prices based on a static set of variables while dynamic pricing changes prices based on market conditions. Price mechanisms can affect both your revenue stream as well as your costs.
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Why Founders Must Acknowledge the Value Investor Mindset
A Value Investor Looks Beyond Just Financial Metrics When Investing in A Business. They Will Consider Both Quantitative Factors Such as The Amount of Return on Their Investment and Qualitative Factors Such as The Management Team and Commitment of The Founder(s).
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What You Need to Know About State Licensing Boards and Creating a PLLC
If your industry requires practitioners to be licensed by a state licensing board then you likely cannot organize as an LLC because you are considered a professional service company. You can however register as a Professional Limited Liability Company (PLLC) which is a bit different.
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The Truth About A Husband And Wife LLC
Is it a good idea to have your spouse as a member in your LLC to make it a multi-member LLC? While it is often better to have an unrelated 3rd party be a member in your LLC, having a spouse as a member can work if you follow 3 rules.
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39 Considerations When Choosing The Best Business Entity
Choosing the Right Business Entity Is Not to Be Taken Lightly. There are 39 Considerations You Should Explore Before Selecting the Best One for Your Business. Here Is A Side-By-Side Comparison of the 5 Types to Help You Decide
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What You Need To Know About Centralized Management In An LLC
Centralized management in an LLC is where a professional manager, who is not a member/owner makes most of the decisions in a company.
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How to Know If Your LLC Is Compliant with IRS Rules?
Paying Taxes at The Corporate Level Is Undesirable for Most Small Businesses, So the LLC Was Born. To Avoid Being Considered A Corporation by The IRS, You Can’t Look Like One. There Are Four Selectable Characteristics that Are Common to Corporations. As an LLC, You Can Only Pick Two Of The Four.
How to Know If Your LLC Is Compliant with IRS Rules? Read More »
15 Rules When Naming a Business
Research shows that what you name a business can powerfully influence the way your prospects see your product or service offering.
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Assumption vs. Belief – Why You Need To Know The Difference
An “Assumption” is where you believe something to be true, but it is yet unproven while a “belief” is something you are certain is true. As a small business owner, you should always challenge a belief and treat it as an assumption because your beliefs may not be facts.
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How to Make Cold Calls That Will Get a Meeting with Important Prospects
Trying to Get A Meeting with That Important Prospect That You Have No History with Can Be Difficult. However, Providing Something of Value to The Prospect Before You Try to Get A Meeting with Them Shows You Have Their Best Interest in Mind and Will More Often Than Not Get You That Face-To-Face Meeting You Want.
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What Is A Startup? Why You Need to Know the Different Types
The Word “Startup” Has Become Ubiquitous in The American Vocabulary. However, There Is Really No Common Understanding of The Definition. This Is Because There Are Actually Two Types of Startups
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13 Business Expansion Risks When Opening A Second Location
Many Businesses That Choose the Business Expansion Route by Opening A Second Location May Be Jeopardizing the Success They Already Achieved with The First Location Because They Underestimate What Is Required to Expand to Additional Locations.
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How to Allocate Equity in a Startup
An often misunderstood concept relates to how to allocate initial equity in a startup. Doling out equity in your business is a pivotal and often difficult task for many founders, but it does not have to be.
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How To Apply The Step Dynamic To Business Growth
As A Business Grows, Its Capabilities and Sales Do Not Increase in A Linear Manner. This Is Known as The Step Dynamic. Business Growth Therefore Needs to Follow A Process.
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Why You Need To Know How to Benchmark Your Financial Ratios
Financial ratios measure the relative health of your business as it compares with other businesses in your industry.
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How to Define Your Social Media Goals
Social media has matured as a marketing channel over the years and is often paired with other channels like websites, blogs, videos and more to accomplish a specific business goal. I believe there are essentially six social media goals worth considering.
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Why Being Told You Need a Business Plan May Be Bad Advice
Entrepreneurship has changed in recent years and why you may no longer need to write the classic version of a business plan.
Why Being Told You Need a Business Plan May Be Bad Advice Read More »
Why You Need to Use A Performance Vs. Trust Matrix
Businesses Have Lots of Ways to Measure Employee Performance, But Performance Alone Is Not Good Enough to Maintain A Successful Organization.
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The Smartest Business Model Ever
If you want to scare a bunch of business-school students, show them what it really takes to be an entrepreneur.
The Smartest Business Model Ever Read More »
What You Need to Know About Economies of Scope
A Common Term Used in Business Is “Economies of Scale”. Unfortunately, It Is Often Used Incorrectly to Refer to Economies of Scope.
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7 Valuable Business Lessons from the International Financier JP Morgan
JP Morgan Was an International Financier and A Titan of Industry Whose History Contains Many Valuable Lessons for Small Business Owners.
7 Valuable Business Lessons from the International Financier JP Morgan Read More »
Entrepreneurial Journey – 11 Powerful Lessons I Have Learned from Bands
The Journey That A Band Goes Through Turns Out to Be Very Similar to A Business Founder’s Entrepreneurial Journey. Founders Can Expect to Encounter Many of The Same Issues and Challenges That A Typical Band Goes Through on Their Way to Stardom.
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11 Valuable Business Lessons from the Steel Baron Andrew Carnegie
Andrew Carnegie Was a Steel Baron and A Titan of Industry Whose History Contains Many Valuable Lessons for Small Business Owners.
11 Valuable Business Lessons from the Steel Baron Andrew Carnegie Read More »
Why You Need to Beware of The Planning Fallacy
The Planning Fallacy States That People Often Overestimate the Amount of Time They Have to Complete A Task and Underestimate the Amount of Time It Will Take to Do So.
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The Truth About How Motivated Blindness Affects Business Decisions
When We Have A Vested Self-Interest in A Situation or Outcome, Regardless of How Well-Calibrated We Think Our Moral Compass Is, We Unconsciously Disregard Evidence That Negatively Impacts Our Desired Outcome.
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13 Valuable Business Lessons from the Oil Magnate JD Rockefeller
JD Rockefeller Was an Oil Magnate and A Titan of Industry Whose History Contains Many Valuable Lessons for Small Business Owners
13 Valuable Business Lessons from the Oil Magnate JD Rockefeller Read More »
How to Leverage A Customer’s Anchoring Bias in Business?
Our Anchoring Bias Creates an Expectation That Can Be Used to Make A High Price or Time Frame Seem Reasonable Even When It Is Not. Simply by Initially Thinking of Higher Numbers, All Future Numbers Will Be Skewed Up and By the Anchoring Effect.
How to Leverage A Customer’s Anchoring Bias in Business? Read More »
8 Valuable Business Lessons From The Shipping Tycoon Cornelius Vanderbilt
Cornelius Vanderbilt Was A Shipping Tycoon and A Titan of Industry Whose History Contains Many Valuable Lessons for Small Business Owners.
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Why It Is Important That Businesses Develop an Infinite Mindset
The Five Things That A Business Needs to Have an Infinite Mindset Are: A Noble Purpose, A Culture of Trust, Rivals to Learn From, The Capability to Pivot Your Direction, And the Courage to Take Actions.
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How to Intrinsically Motivate Stakeholders with A Noble Purpose
Management Practices Defined in The Industrial Era Focused on Extrinsically Motivating People. Today, These Practices Need to Be Replaced to Intrinsically Motivate Stakeholders with A Noble Purpose.
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