A few weeks ago we discussed using a loan from your 401k plan to fund your startup. With a 401k plan, the employer often provides a match to the employee’s contribution. Both IRAs and 401k plans are consider defined contribution plans, meaning the contributions are fixed, but the returns are based on the returns from […]
Get Your Private Employer to Pay Your Start-up Costs Read More »
What you drive says a lot about who you are and what you value. I often find it very useful to meet a new person at a location that requires them to drive there, such as a Starbucks. I try to arrive early and get a seat where I can observe the person drive up.
Have You Seen Your Customer’s Ride? Read More »
In the old days, every town needed a stable to feed, water, and house the vehicle of the day, the horse. Over time, automobiles supplanted horses as the principal mode of travel, and stables gave way to gas stations. When people think about going into business, they still think in terms of inventing a new
The Business Landscape is Changing Read More »
My wife frequents a bakery that uses punch cards as a loyalty reward for its customers. After you accumulate five punches you get a ten percent discount on your order when you redeem a completed card. Recently she was at the bakery. When she was ready to check out with a larger order than usual,
How to Win a Customer for Life Read More »
Customer acquisition costs often account for a large portion of your product or service costs. Smart entrepreneurs look for ways to get paid more than once by the customer to make the most of their customer acquisition costs. I used to sell a video series to educate investors only on DVD. Once the sale was
Get Paid More Than Once Read More »
Ever notice that on the trunk of most vehicles is a decal or emblem identifying the dealership where the vehicle was originally purchased? For the life of the vehicle, the dealership’s brand is viewed by thousands and thousands of drivers as they wait at stop lights and stop signs or walk through parking lots. Some
Promote My Business For A Reward Read More »
Fred Bear is known as one of the pioneers of the modern archery industry but did you know that he was also a remarkable businessman. Fred is best known for being an avid bow hunter and popular writer for various outdoor and hunting magazines, as well as a film producer. As a kid growing up
Fred Bear: Remarkable Businessman and Archery Great Read More »
There is a bit of an injustice in the way entrepreneurs are told about the business planning process. First, new entrepreneurs are told that to get money from a bank they need a business plan. While there is some truth to this, a major missing piece is that they will likely not get any funds
Increases in the cost of living affect low-income households much more than higher-income households. Therefore, the effects of our government’s monetary policies to control the cost of living are most visible at locations where low-income households shop, such as McDonald’s. If low-income households have less discretionary income to buy a burger, it is an indicator
McDonald’s Economic Bellwether Read More »
In Dale Carnegie’s book “How to Win Friends and Influence People” I first heard that God gave us two ears and only one mouth to remind us to listen twice as much as we speak. New salespeople like to jump right in and tell the prospective customer all about a product or service. However, a
Two Ears and One Mouth Read More »
