The Mindful Business

Is Social Media Marketing necessary to promote a business?

2016-08-27T06:54:00.004-07:00

Before the advent of Facebook, Twitter, Instagram, Google +,etc...there were businesses that sprouted everywhere - from online to brick and mortar - and all it took was getting the merchandise, setting up your sales - be it a gateway sales portal or cash register - and off you went! Can't say that's the case anymore.

In order to get noticed, you need to cast a wider net. Old school was buying advertising space in a trade magazine or a billboard. That still works for some ventures and more secluded areas, but to truly capture an audience, you do need to utilize the power of Social Media.

From my own experience with my business, and with those of my clients, I have seen almost immediate results. I have been able to sell a product in a matter of days! Furthermore I've seen exponential growth as I kept up with analyzed Social Media tactics.

For instance, I sold a car, a very particular car - 1973 Black Hawk Stutz that was manufactured for Sammy Davis Jr. (yes THAT Sammy Davis Jr , a member of the famous rat pack whose members included Frank Sinatra and Dean Martin) in less than a week.

The car was sold for approximately $40,000.00 in total with fees. The buyer was a notable collector of all things "Rat Pack", Never knew of him. Never even knew he existed.
Never met him in person. He found the car based on extreme Social Media Marketing. Of notice: this car was paid for within the week!

To make my point, I am no expert in all things "Rat Pack". I honestly didn't know who to target. I didn't do any due diligence at all on Rat Pack Collectors.

I barely had time to prepare for it since it was an expensive Collector's Item that was bought at an expensive price tag and needed to get off the floor quickly to make a decent profit. I just know one thing well - how to harness the power of Social Media and SELL and then sit back and watch the fireworks happen!

I had to weed out the several dozen offers for the Stutz Black Hawk.....some seriously low balled the price tag. I then sent out an email blast to all potential buyers that the price was firm. I got the serious non-negotiated offer that evening and the money was wired the next day. The process took 3 whole days!

I also worked for a national brand name perfume distributor. The company had been around for approximately a decade. Revenues were at a steady $500,00.00 a month. They needed change and an increase in revenue to ensure their expansion. Again using the power of Social Media Marketing in 4 months their revenues increased 8 times over to $4,000,000.00 + a month!

In essence, is Social Media a necessary element in today's business environment? I have to say it is. Especially with the exponential growth I have personally witnessed. If you want to have incredible revenue growth and recognition for your business, invest in Social Media. Better yet, don't experiment. Invest in an expert like DME Consulting!

Is Social Media Marketing necessary to promote a business?

2016-08-27T06:54:00.000-07:00

Summer's almost here...Is your Business READY?

2015-04-20T08:00:00.000-07:00

Summer is always a time when the world is in full throttle to do anything but work! Nature is alive and green, the beaches are warm, the sun is inviting - and your customers and employees are not thinking about your business....so what do you do to bring their minds back to your company?

Here's a few ideas that I have implemented in my clients' businesses to bring back their top customers and remind their work force how truly important their company is in their lives:

Host a Summer Business Barbecue
There's nothing like Food to bring people together! A daytime outdoor casual get-together is an ideal setting to bring your customers and employees together.

Schedule the event during the week - not the weekend. Why? Because you are respecting their summer weekend schedules to be with their family and friends. This is good because you want their focus to be on your business - not how quickly they need to leave you to get on with their lives.

Cater your business barbecue with help from Dickey's!

The encounters don't have to be long and drawn out...just enough to schmooze with your clients, have them put a "face" or "faces" to your business and create a feeling of friendship and openness.

Want to create the perfect barbecue? Get advice from the Experts at the Food Network!

You also want a good turnout. By having the barbecue during the week, and preferably noon to 3:00 PM - you are focusing on a period of time when the human mind is at it's prime "focus and attention span" - LUNCH. Your clients are not too sleepy eyed to speak to you. They are hungry and getting a free meal. It's not prime rush hour traffic, so it's easier to arrive at your destination.

Change to Summer Business Hours
Changing your business's hours in the summer doesn't necessarily mean cutting back on the hours your business will be open. It simply means you are accommodating your business to suit your customers and employee's needs. Think about this seriously...how may customers do you actually bring in on a balmy Friday summer afternoon? And just how productive is your staff on said Friday afternoon? The answer is probably one to zero customers for most businesses and hardly any employee productivity. If that is the case, then why on earth would you spend the extra money to keep the air conditioning going, lights on and doors open?

How Summer Business Hours make Employees more Productive!

If your business doesn't need to be open on a Summer Friday afternoon - then don't keep it open...your clients will still reach you via email or phone should they need to. If that's the case, then assign that duty to someone who will work virtually (from their smart phone for instance) in exchange for leaving early on Friday.

Increase the business hours from Monday through Thursday to make up for the time your business's doors are closed from Friday afternoon through the weekend. This will make your products and services available during the hours your customers are truly focused on buying during the summer months. Again, remind yourself that their focus will not be your business when they are laying on the sandy beaches or barbecuing with their family.

Why Summer Hours are Good for Business.

Cross Market your Products/Services with other Businesses
Most businesses lose revenue during the summer months. However, it is a great time to barter with another business owner and provide at least one of your products or services on their showroom floor or business offerings in exchange for you doing the same for them. You can negotiate a commission for each of you and you increase your product/service portfolio.

Make sure that the business you are partnering with is complementary to yours - not a competitor...in other words: if you're selling furniture work with an accessories manufacturer. If you do interior design, compliment your services with a furniture store/manufacturer. If you sell baskets, work with a gourmet delicatessen. If you provide pet services, work with a boutique hotel. Get the idea?

10 ideas for Cross Promoting your Products/Services,

Bartering with a competitor for cross marketing services is never a good idea. Let's consider this carefully, if a customer came in to purchase products from your showroom floor - whose would you peddle first - yours or the competitor who is cross marketing on your floor? You know you'll make more of a profit margin with your products. However, if you are cross marketing with a complimentary product or service and a customer came in because of the other company's product..you can bundle the sale with one of your products.

Create One Social Evening Event
Have you ever been invited to a Summer White Party? It can be a truly magical evening. In fact any evening get-together during the summer is a fantastic way to incorporate your clientele back into your business. The best customers come from "word of mouth" references. From the moment they receive your invitation, you will be forefront in their minds because they'll have to plan everything from their outfit to everything it takes to fit this event into their schedule. Depending on how good a party planner you are, you could possibly be hosting the "must attend" event of the summer.

Of course, the summer evening event doesn't have to be a huge effort. It can be as simple as a barbecue, tapas party, or outdoor evening dinner party. The point is to create a social environment to draw in your best clientele. In my experience, most of my business clients have developed a lot of new business from these events.

New England Fine Living defines the perfect elegant "White" Summer Party!

Why do I suggest one evening and one daytime summer event and not more than that? Because summer is a time when people in general are focused on their vacations, beaches, barbecues and outdoors in general. You don't want to overwhelm your clients, you just want them to be in tune with your business. You should show appreciation for the efforts your employees do for your business by inviting them to (at the very least) the daytime company barbecue. At the very least invite your key staff to the evening summer event to have them help host your event and converse with your clients.

Incorporating these methods for the summer will help your business thrive and in fact increase your revenues in the long run by creating customer loyalty, employee loyalty, a brand recognition for your products/services and show how truly fun it is to do business and work for you! Not to mention, you also want to take advantage of the summer season to be with your friends and family all the while increasing your business revenues.

For more information and tips on business services and consulting, call us at 646.450.7933 or email us at info@dmeconsultingco.com. DME Consulting provides valuable insight on business, based on real life experience.

Joan Rivers: A Portrait in Self Reinvention

2014-09-07T18:39:00.001-07:00

As we all mourn Joan Rivers' passing this week, we should take heart in the lessons of her life. She will always be remembered as the Queen of Comedy, but more so, because she reinvented herself continuously to fit the current wave of media as needed. This is why she continued to be vital to all of us.

Joan Rivers

Age didn't stop her, her husband's sudden demise by suicide in August 1987 didn't stop her, motherhood didn't stop her. She did not believe in excuses. She believed in action. She believed in self-reinvention and like a chameleon she meshed into our hearts and minds.

Joan Rivers and her husband Edgar Rosenberg

Why is this an important lesson to all - especially entrepreneurs? Because we should not be so accommodating. Life shakes us. Life wakes us. There will always be hurdles we have to overcome. Some harder than others. We're all not so lucky to inherit wealth or win the lottery. Therefore, we must make our own "lottery winnings". Complacency gets us no where.

Joan Rivers and her Melissa Rivers

I had the gracious luck of meeting her once in New York City's Madison Square Garden. We were both headed up to the Private booths that were above the seating and surrounding the stage. There was a private elevator to go up to that section. She had a small entourage with her. I was with a couple of people. We all had made our way to the footsteps of where the elevator was. As it opened, I said "hello" to her. She graciously answered "Hello" back.

As a courtesy, I relinquished the ride on the elevator to her. She laughingly said we could all probably squeeze together in there (the elevator had little room) because none of us were fat. We all laughed and insisted she and her entourage use it first. It was a moment that showed us all how real a person she was - how down to earth, no matter how high her "star" had risen. She wasn't full of herself like other stars I had encountered. When the event ended, on the way out, we all ran into each other. She insisted that this time, our group should go first (and added just in case it falls). We all laughed.

Joan Rivers started out as a stand-up comedian in the 1960s. She appeared on "The Tonight Show Starring Johnny Carson" in 1965 at a time when there weren't many female comedians. She later became a regular guest-host and then was given her own show on NBC. She had guest-starring roles in a number of TV shows and films. Joan won an Emmy Award for Outstanding Talk Show Host in 1990 for her work on "The Joan Rivers Show." She was outstanding on the E Channels "Fashion Police" with her wry humor and defacing quality.

Joan on the red carpet

Many Friends, family, fans, and fellow comedians have been praising her on the Internet through social media. Most are posting their condolences and memories using the hashtag #RIPJoanRivers on Twitter, while some post images and video on Facebook and Instagram. Rivers left a vast digital footprint that fans can continue to enjoy, with her Web series "In Bed With Joan" and her Twitter account still active. With more than 2 million followers, Rivers was known to comment on nearly everything from current affairs and fashion to celebrity fodder - no one was safe. The subjects of her tweets have included celebrities such as Lindsay Lohan, Celine Dion, Jay Z, and Beyoncé. Her tweets will be missed. She will be missed. Joan, thank you for leading by example. #RIPJoan

For the Guys: 5 Top Richest and Single Female Billionaires

2014-09-03T16:38:00.003-07:00

So far it's been a record-breaking year for women on the FORBES list of the World Billionaires. Approximately 10% make up the world's billionaires or 172 women (that's up from 2013 where 138 women were billionaires). Still a minority, but an impressive climb.

There are some single beauties out there that may like the company of a nice companion. Topping the list is John Walton's (Walmart) widow, Christy Walton. She's a refreshing mature natural beauty with her flowing blond curls and sparkling eyes. She's worth a whopping $36.7 billion. Furthermore, she's had that title for four out of the last five years. Through her ownership of First Solar stock she boosted her fortune above the rest of the Walton family members. First Solar rose nearly 50% in the past year.

Christy Walton

Second place is in the hands of France's richest person. Liliane Bettencourt is worth $34.5 billion. The L’Oreal heiress's fortune increased this year thanks to the company’s stock surging. At a stately 91 years old, it's been years since she ran the company...because she doesn't need to :)

Liliane Bettencourt

Number Three is another Walton family member –Alice Walton, who's fortune is estimated at $34.3 Billion, The daughter of retailer Sam and Helen Walton is Christy’s sister-in-law. Featuring art work from her personal collection, she opened her Crystal Bridges Museum of American Art in Bentonville, Arkansas in 2011.

Alice Walton

Spot Number Four belongs to Jaqueline Mars, daughter of Forrest Edward Mars, Sr. She belongs to one of the richest families in the World - the Mars Family. In terms of wealth, her family is next to the Walton Family and the Koch Family. Her business is the Mars Candy Company, candy manufacturers. She's a top business investor. Warren Buffet holds an undisclosed amount of shares in her company. Her worth is $20 Billion.

Jaqueline Mars

The Fifth Richest Woman in the world is Gina Rinehart from Australia. Her late father, a mining tycoon, was Lang Hancock. When she inherited Hancock Prospecting from her father, she took it to new heights, increasing her net worth to $20 Billion. Gina is also considered one of the most powerful women in the world.

Gina Rinehart

.There are other notable ladies that have become billionaires in the past year, however, the top five all inherited their wealth either by marriage or Daddy...it pays to be "Daddy's Little Girl" and learn all you can from your father. After all, ladies, you too could be taking the family business to new heights!

As for the men that dare to love these women - none of these women are pushovers. They are resilient and hard workers. To command their attention, you should be too!

5 Career Paths that offer lucrative and stable Independent Consulting Careers

2014-08-27T14:15:00.001-07:00

The road to Career Independence can have its bumps and bruises. As a Business Consultant working in an era of murky economic times, I strongly advocate the need for career independence. Unfortunately, employment in the United States and Worldwide has vastly changed. As you attain career growth, keep in mind that the only thing that lasts forever are your skills as a valuable asset to a specialized industry. With that in mind, if you're looking for a source of livelihood that pays well and has ample opportunity for growth, here's compiled a list of jobs that meet both criteria.

Consultant Position #1 Market Research Analyst

MEDIAN ANNUAL INCOME: $70,500

TOP 10% OF EARNERS: >$165,000

BOTTOM 10% OF EARNERS: <$36,500

According to the U.S. Department of Labor, these positions have median annual income above the national median for all occupations, which is $35,080. Plus, they have faster growth than the average rate of 11 percent.

With consumerism being essential to our economy, market research analysts are becoming more important every day. In this career, you would monitor and forecast sales trends and gather and analyze data about consumers, competitors, and market conditions, says the U.S. Department of Labor.

And because marketing is such a vital part of modern-day business, it's no surprise that this position could offer more opportunities in the future. The Department of Labor predicts that the field will grow by 32 percent from 2012 to 2022.

Why It's Hot: "Companies today are collecting massive amounts of data in order to analyze it so they can make better business decisions," says John Challenger, CEO of Challenger, Gray & Christmas, Inc., a global outplacement firm.

The information that analysts gather is called big data, and it's a really big deal. Analyzing it correctly spells large profits, so paying market research analysts well is seen as good investment, says Challenger.

How to Get Started: You'll usually need a bachelor's degree in market research or a related field, says the Department. Many analysts have degrees in statistics, math, and computer science, or backgrounds in business administration, social sciences, or communications. You should also have at least 5 to 10 years work experience behind you.

Consultant Position #2 Registered Nurse

MEDIAN ANNUAL INCOME: $66,220

TOP 10% OF EARNERS: >$96,320

BOTTOM 10% OF EARNERS: <$45,630

Here's a profession with a very healthy prognosis. According to the U.S. Department of Labor, employment for registered nurses is projected to grow by 20 percent from 2012 to 2022.

As a registered nurse, you'd spend your days giving medicines and treatments to patients, educating them on how to get or stay healthy, and performing diagnostic test results, says the Department of Labor.

Why It's Hot: This is one job that you can't outsource, so nursing is here to stay, says Challenger.

With the big changes in health care, including expanded coverage, and the aging of our population creating more need for medical procedures, he says that it's no wonder that nursing is a growing and well-paying profession that is needed nationwide.

as per Bureau of Labor Statistics

How to Get Started: There are three typical paths you can take to pursue a nursing career, says the Department of Labor: A bachelor's or associate's degree in nursing or a diploma from an approved nursing program. You would also need to be licensed.

Consultant Position #3 Professional Freelance Dental Hygienist

MEDIAN ANNUAL INCOME: $72,000

TOP 10% OF EARNERS: >$100,000

BOTTOM 10% OF EARNERS: <$50,000

So far, there's no app that cleans your teeth. It's one thing we have to do up close and personal with a dental hygienist. And according to the U.S. Department of Labor, there will be more of them in the future: the occupation is expected to grow by a whopping 33 percent from 2012 to 2022.

Of course, dental hygienists do more than clean patients' teeth. In this role, you would check for gum disease, take x-rays, and educate patients on oral hygiene, says the U.S. Department of Labor.

Why It's Hot: "Dentists are hiring more and more dental hygienists to do some of the routine work that they would normally do. This allows them to see more patients and build their practice," says Susan Heathfield, a management consultant and writer of About.com's Guide to Human Resources.

as per Bureau of Labor Statistics

"In addition, people are realizing that dental health is a good indicator of overall health, so that will keep demand high for this profession in the future," she says.

How to Get Started: You typically need an associate's degree in dental hygiene to pursue this career, according to the Department. And while state requirements vary, all states require dental hygienists to be licensed.

Consultant Position #4 Computer Systems Analyst

MEDIAN ANNUAL INCOME: $90,000

TOP 10% OF EARNERS: >$150,000

BOTTOM 10% OF EARNERS: <$55,000

Try to name a business that doesn't rely on a computer system in some way. If you're stumped, that's the point. Maybe that's why the U.S. Department of Labor says this profession will grow by 25 percent from 2012 to 2022.

In this profession, you would design computer systems to help an organization operate more efficiently, says the Department of Labor. You would also be responsible for consulting with managers, researching emerging technologies, and conducting tests.

Why It's Hot: With the amount of data collected by companies on everything from buying trends to social media habits, computer systems analysts are at an all-time high in demand. Employment of computer systems analysts is projected to grow 25 percent from 2012 to 2022, much faster than the average for all occupations. Growth in cloud computing, cybersecurity, and mobile networks will increase demand for these workers.

The information that's collected by companies, known as "big data," is incredibly valuable to their businesses, and computer systems analysts play an important role in that. They make sure businesses have the proper computers and databases to gather, store, and retrieve big data efficiently.

(as per Bureau of Labor Statistics http://www.bls.gov/ooh/computer-and-information-technology/computer-systems-analysts.htm#tab-6)

How to Get Started: Usually you would need a bachelor's degree in computer or information science for this profession, but it's not always a requirement. Some employers hire analysts with liberal arts or business degrees along with skills in information technology or computer programming.

Consultant Position #5 Personal Financial Advisor

MEDIAN ANNUAL INCOME: $75,320

TOP 10% OF EARNERS: >$187,199

BOTTOM 10% OF EARNERS: <$33,190

When you think about a good future, money is probably a top concern. Perhaps that's why the U.S. Department of Labor reports that the employment of these professionals is expected to increase by 27 percent from 2012 to 2022.

As a personal financial advisor, you would research investments such as stocks, bonds, and other financial instruments in order to recommend the right ones for clients, says the Department of Labor. You'd also help clients plan for big life events like education expenses and retirement.

Why It's Hot: A major driving force behind this job's growth is the baby boomer population, says Nicole Williams, LinkedIn's career expert. Pensions are becoming a thing of the past, leaving people responsible for their own retirement.

as per Bureau of Labor Statistics

The Baby Boomer Generation alone increases demand for personal financial advisors.

How to Get Started: You need a bachelor's degree to pursue this job, says the Department of Labor Statistics. While there is no required major, a degree in finance, economics, accounting, business, mathematics, or law is good preparation for this career.

Marry a Billionaire or even better yet, divorce one.

2014-08-20T22:00:00.001-07:00

As my mother would tell me, it is just as easy to marry a rich man as it is to marry a poor man. To find out who is rich, check out Forbes’ Billionaires list of top 10 of the most eligible bachelors including several who, at least for now, do seem to be taken.

Among Forbes' top 10 picks are three new, youngish billionaires, Drew Houston of Dropbox, Jan Koum of WhatsApp, and Jonathan Oringer of Shutterstock SSTK -2.68%, who still rents an apartment in the West Village and flies his own helicopter. While Koum has recently been snapped with an unnamed beauty tabloids say is his girlfriend and Houston has previously been linked to Dorm Room Fund’s CeCe Cheng, these self-made men have yet to wed.

Also on Forbes' list is a castle-dwelling, race car-driving royal, Albert von Thurn und Taxis, Twitter and Square’s tattooed co-founder, Jack Dorsey, who is reportedly dating yoga instructor Kate Greer, and dashing beer baron Alejandro Santo Domingo Davila, who has historically been linked to publishing heiress Amanda Hearst and Sports Illustrated model Julie Henderson.

They don’t include eligible divorcees like Elon Musk, whose fortune has more than tripled in the past twelve months. Worth $8.2 billion this year thanks to the rising stock of Tesla Motors, the electric carmaker he founded, Musk told FORBES in 2012 that he still believes in love: “Yeah, absolutely.”

Potential pursuants take heart – billionaires have fallen in love with women who aren’t models or heiresses. Natasha Bacigalupo was once a young Forbes reporter who met publishing billionaire Dirk Ziff while on assignment in the 1990s; she is now his wife. Today Mrs. Ziff is a billionaire’s wife, splitting time between Manhattan, Palm Beach and Martha’s Vineyard. Mark Zuckerberg met his spouse, Priscilla Chan, as a first-year at Harvard. Could you be next?

Read Forbes' list of the world’s 10 most eligible billionaire bachelors, in order of age.

Drew Houston
Net worth: $1.2 billion
Age: 30
DROPBOX

Albert von Thurn und Taxis
Net worth: $1.6 billion
Age: 30
INHERITANCE

Eduardo Saverin
Net worth: $4.1 billion
Age: 31
FACEBOOK

Robert Pera
Net worth: $2.7 billion
Age: 35
UBIQUITI

Yoshikazu Tanaka
Net worth: $1.6 billion
Age: 37
SOCIAL NETWORKING

Jack Dorsey
Net worth: $2.2 billion
Age: 37
TWITTER, SQUARE

Jan Koum
Net worth: $6.8 billion
Age: 38
WHATSAPP

Jonathan Oringer
Net worth: $1.35 billion
Age: 39
SHUTTERSTOCK

Alejandro Santo Domingo Davila
Net worth: $11.1 billion
Age: 37
BEER

Nicolas Berggruen
Net worth: $2 billion
Age: 52
INVESTMENTS

Did you know your wandering neighborhood cat could be a Wifi Hacker?

2014-08-12T11:13:00.000-07:00

Late last month, a Siamese cat named Coco went wandering in his suburban Washington, D.C. neighborhood. He spent three hours exploring nearby backyards. He killed a mouse, whose carcass he thoughtfully brought home to his octogenarian owner, Nancy. And while he was out, Coco mapped dozens of his neighbors’ WiFi networks, identifying four routers that used an old, easily broken form of encryption and another four that were left entirely unprotected.

Coco the Cat randomly roaming wearing the collar

Unbeknownst to Coco, he’d been fitted with a collar created by Nancy’s granddaughter’s husband, security researcher Gene Bransfield. And Bransfield had built into that collar a Spark Core chip loaded with his custom-coded firmware, a WiFi card, a tiny GPS module and a battery — everything necessary to map all the networks in the neighborhood that would be vulnerable to any intruder or WiFi mooch with, at most, some simple crypto-cracking tools.

Skitzy the Cat wearing the collar

In the 1980s, hackers used a technique called “wardialing,” cycling through numbers with their modems to find unprotected computers far across the Internet. The advent of WiFi brought “wardriving,” putting an antenna in a car and cruising a city to suss out weak and unprotected WiFi networks. This weekend at the DEF CON hacker conference in Las Vegas, Bransfield will debut the next logical step: The “WarKitteh” collar, a device he built for less than $100 that turns any outdoor cat into a WiFi-sniffing hacker accomplice.

Despite the title of his DEF CON talk — “How To Weaponize Your Pets” — Bransfield admits WarKitteh doesn’t represent a substantial security threat. Rather, it’s the sort of goofy hack designed to entertain the con’s hacker audience. Still, he was surprised by just how many networks tracked by his data-collecting cat used WEP, a form of wireless encryption known for more than 10 years to be easily broken. “My intent was not to show people where to get free WiFi. I put some technology on a cat and let it roam around because the idea amused me,” says Bransfield, who works for the security consultancy Tenacity. “But the result of this cat research was that there were a lot more open and WEP-encrypted hotspots out there than there should be in 2014.”

In his DEF CON talk, Bransfield plans to explain how anyone can replicate the WarKitten collar to create his own WiFi-spying cat, a feat that’s only become easier in the past months as the collar’s Spark Core chip has become easier to program. Bransfield came up with the idea of feline-powered WiFi reconnaissance when someone attending one of his security briefings showed him a GPS collar designed to let people locate their pets by sending a text message. “All it needed was a WiFi sniffer,” he says. “I thought the idea was hilarious, and I decided to make it.”

His first experiment involved hiding an HTC Wildfire smartphone in the pocket of a dog jacket worn by his co-worker’s tabby, Skitzy. Skitzy quickly managed to worm out of the jacket, however, losing Bransfield’s gear. “It was a disaster,” he says. “That cat still owes me a phone.”

Bransfield spent the next months painstakingly creating the WarKitteh, using Spark’s Arduino-compatible open source hardware and enlisting Nancy to sew it into a strip of cloth. When he finally tested it on Skitzy, however, he was disappointed to find that the cat spent the device’s entire battery life sitting on his co-worker’s front porch.

Could my innocent looking twosome be next?

Coco turned out to be a better spy. Over three hours, he revealed 23 WiFi hotspots, more than a third of which were open to snoops or used crackable WEP instead of the more modern WPA encryption. Bransfield mapped those networks in a program created by an Internet collaborator, using Google Earth’s API. The number of vulnerable access points surprised Bransfield; he says that several of the WEP connections were Verizon FiOS routers left with their default settings unchanged.

Though he admits his cat stunt was mostly intended to entertain himself, he hopes it might make more users aware of privacy lessons those in the security community have long taken for granted. “Cats are more interesting to people than information security,” Bransfield says. “If people realize that a cat can pick up on their open WiFi hotspot, maybe that’s a good thing.”

Everyone falls down; it's how quickly YOU get up that MATTERS

2013-10-26T07:29:00.000-07:00

When I think of a truly successful businessperson, I think of Jeff Bezos, the founder of Amazon.com. Jeff didn't become successful and a multi-millionaire on his first try. He fell once (A9), and fell twice (Auctions), and thrived on the third run (Amazon.com).

“You need a culture that high-fives small and innovative ideas and senior executives [that] encourage ideas,” he said. In order for innovative ideas to bear fruit, companies need to be willing to “wait for 5-7 years, and most companies don’t take that time horizon.”

“Focusing on the customer makes a company more resilient,” he added. “We had to tell employees that they shouldn’t feel smarter because the stock went up 35 percent, because then they would feel 35 percent dumber if the stock price went down.” His tip on managing during tough times such as those faced by Amazon during the bust was to communicate more with its employees. With too many external inputs, Bezos thinks it’s important for companies to be talking with its people more often, easing their concerns.

The difference between founders and professional managers is that founders are stubborn about the vision of the business, and keep working the details. Professional managers, when things don’t work, want to change the vision. The trick to being an entrepreneur is to know when to be stubborn and when to be flexible: Be stubborn about the vision, but flexible about tactics, Bezos said. For instance, you can be f
Bezos listed a few prerequisites for innovation and inventing, but the biggest one is willingness to fail. You need to think for the long term and be misunderstood for a long period of time. “If you can’t do those things, then you need to limit yourself to sustainable innovation.” In other words, seek incremental change to grow your business.
In talking about the need for thinking long term, Bezos said you need conviction. I totally agree — if you take a short-term approach, then you are constantly stuck with trying to deal with minutiae. He noted how much hated the idea of “sticking to one’s knitting” and not taking chances. That said, Bezos was clear in pointing out that his company looks at everything from a customer’s standpoint. “We do make business decisions in a very deliberate way,” he said. “We work backwards from customer needs.”
lexible about reducing costs, but you don’t change your vision to reduce costs. Great point, because more often than not, founders get caught up in the tactics and change their direction as a result.

People overemphasize their failures when trying something new. Actually failure is not that expensive and it’s part of work. If something fails, then you’re going to shut it down and cut your losses, Bezos said. The focus, he said, should be on errors of omission. These are the chances not taken. He is not ashamed of his failures — A9 search and Auctions are two examples he cites often. Both markets were big enough for Amazon to take a flyer.

How does the Marketplace Fairness Act affect your online business?

2013-10-25T16:55:00.001-07:00

The Marketplace Fairness Act grants states the authority to make online and catalog retailers ("remote sellers"), no matter where they are located, to collect sales tax at the time of a transaction. Local retailers are already required to do. However, there is a caveat: States are only granted this authority after they have simplified their sales tax laws.

Simplification is required because of two Supreme Court rulings (Bellas Hess and Quill, described below) cite concern that collecting sales tax for multiple states would be too difficult.

The Marketplace Fairness Act requires that states must simplify their sales tax laws in order to ease those concerns and make multistate sales tax collection easy. Specifically, states seeking collection authority have two options for simplifying their sales tax laws.

Option 1: A state can join the twenty-four states that have already voluntarily adopted the simplification measures of the Streamlined Sales and Use Tax Agreement (SSUTA), which has been developed over the last eleven years by forty-four states and more than eighty-five businesses with the goal of making sales tax collection easy. Any state which is in compliance with the SSUTA and has achieved Full Member status as a SSUTA implementing state will have collection authority on the first day of the calendar quarter that is at least 90 days after enactment.

Option 2: Alternatively, states can meet essentially five simplification mandates listed in the bill. States that choose this option must agree to:

Notify retailers in advance of any rate changes within the state
Designate a single state organization to handle sales tax registrations, filings, and audits
Establish a uniform sales tax base for use throughout the state
Use destination sourcing to determine sales tax rates for out-of-state purchases (a purchase made by a consumer in California from a retailer in Ohio is taxed at the California rate, and the sales tax collected is remitted to California to fund projects and services there)
Provide free software for managing sales tax compliance, and hold retailers harmless for any errors that result from relying on state-provided systems and data

With states adhering to these provisions or the similar measures in SSUTA, retailers across the country will find collecting sales tax for multiple states much easier than it has ever been in the past.

How did we get here?

The 1967 Supreme Court case National Bellas Hess v. Illinois Department of Revenue set the stage for the debate on taxing internet sales when, in its majority (5 to 4) opinion, the court ruled that: “the many variations in rates of tax, in allowable exemptions, and in administrative and record-keeping requirements could entangle [the company]'s interstate business in a virtual welter of complicated obligations to local jurisdictions” (emphasis added).
This quote demonstrates the ruling’s basis in complexity and burden, which has rippled forward to create today a tidal wave of unanticipated consequences. Since Bellas Hess, out-of-state retailers have been shielded from the obligation to collect sales tax, based purely on the notion that it would place too much of a burden on their businesses. To provide a sense of perspective, keep in mind that the year this ruling was issued was the same year the floppy disk was invented at IBM. It was also one year before the first plans were developed at MIT to create ARPANET, which laid the foundation for the internet we know today.
In 1992, the matter of sales tax on remote sales came before the high court again in Quill v. North Dakota. This time, the court reaffirmed the earlier Bellas Hess decision (8 to 1), primarily on the basis of stare decisis (“to stand by decision,” a doctrine that requires the court to respect the precedent set by prior rulings). The ruling went on to state,
“[O]ur decision is made easier by the fact that the underlying issue is not only one that Congress may be better qualified to resolve, but also one that Congress has the ultimate power to resolve. No matter how we evaluate the burdens that use taxes impose on interstate commerce, Congress remains free to disagree with our conclusions” (emphasis added).

ConclusionThe retail world is a very different place today, forty-six years after Bellas Hess, and twenty-one years after Quill. Today, keeping track of a few thousand local tax rates is no longer an insurmountable technical, administrative, or financial burden - certainly no more difficult than calculating real-time-shipping, a common feature on most web sites and online sales marketplaces. Thus, the basis for the Bellas Hess ruling no longer applies and the Marketplace Fairness Act will help the many states now facing significant budget shortfalls. Although some suggest these States have a "spending problem" rather than a "revenue problem," it is important to recognize that these States have already been reducing their spending levels year-over-year and increasing collection and enforcement efforts based upon their existing sales and use tax laws. However, a State can only enforce these laws within its own borders unless (or until) Congress recognizes the significant advances made by "man and his ingenuity with machines" over the last 46 years. Simply put, without the Marketplace Fairness Act, our States are unable to require remote retailers to collect the existing sales or use tax already approved by that state's residents.

(Excerpt from http://www.marketplacefairness.org/what-is-the-marketplace-fairness-act )

Want to make money?? DIVERSIFY!!

2012-10-07T15:55:00.002-07:00

I was reading the Urban Dictionary the other day, and looked up the definition of Insanity. According to that dictionary, it stated that Insanity is doing the same thing over and over and expecting a different result. The Urban Dictionary gave this example: Working a job and expecting to get rich is insanity. Now doesn't that tell most of the populous a truth?

If you're in business and have been running a company for a while, the economy has certainly not been very cooperative in providing decent revenues. While you may be an expert in a certain field and in the past saw decent business profits, if you really want stability and want to jump start 2013 revenues then you have to diversify. By this I mean, do something not related to your field but within one of your personal strengths to foster growth and sales.

Get out of your element! Especially if you've seen slow growth, delayed profits, or non payment by your customers! If you're good at selling - get a completely different product to sell. If you are a creative person, consider painting, web design, writing - anything that brings you into a different field than what you're currently doing.

If you have a certain expertise and find a fellow entreprenuer that requires what you do (and vice versa) - consider forming a limited liability company to unite both services. You do not have to share your personal companies to accomplish this. You can each keep your personal and primary companies separate. You don't even have to form an LLC, you can form a partnership by writing up an agreement between both parties. It's that simple!

As a business consultant for over 15 years, I can tell you that the companies that are weathering this economic storm have diversified and therefore grown. For instance Nabisco, recognized maker of cookies in the United States. Nabisco doesn't just make one type of cookie. It is the maker of Chips Ahoy, Fig Newtons, Mallomars, Oreos, Ritz Crackers, Teddy Grahams, Triscuit, Wheat Thins, Social Tea, Nutter Butter, Peak Freans, Chicken in a Biskit all used for the United States, United Kingdom, Mexico and Venezuela as well as other parts of South America. Nabisco merged with Post Cereals because both companies had certain strengths they could provide each other to foster growth.

Another example, albeit when it started it was on a small business level, is City Fuel of New Hampshire's acquisition of Dave's Septic (also in New Hampshire). It doesn't take much imagination to understand that Dave's Septic is all about septic tank cleaning and portable toilets white City Fuel provided fuel via 10 trucks and 10 service vans to neighboring New Hampshire towns.

Both businesses were completely different, but flourished because of their differences!

The businesses are managed by George Winslow. In the Summer, Dave's Septic is extremely busy providing septic tank cleaning and portable toilets at weddings, construction sites, outdoor events, etc. In the winter, City Fuel keeps employees busy providing fuel to homes and businesses to keep warmth on the premises.

It's this type of merger/acquisition that benefits entreprenuers. Even if you are successful, by diversifying in a completely different direction, you are ensuring that your business will continue to profit in good and bad economic times!

Create your Business's own Credit profile

2011-12-22T14:30:00.000-08:00

Are you aware that 92% of all businesses DO NOT qualify for traditional financing? Wouldn't you want your business to easily qualify for business credit without a lot of underwriting needed? If you have a business credit profile with Dunn & Bradstreet, Experian or other business credit reporting agencies, business lines of credit become a very easy thing to obtain. It's a matter of HOW to establish a CREDIT WORTHY business profile regardless of your personal credit history that counts.

You - the business owner - need to establish basic trade lines to begin creating your business's separate credit profile and identity. Businesses need a plan to establish business credit. Those are the types of businesses that banks fund.

Did you know that there are over 500,000 business vendors, but less than 5000 report to business credit bureaus? I can't stress how important it is to work with vendors who will report and to make sure they report accurately.

When you first open a business, all lines of credit need to be secured. In other words, everything has to be backed with money or collateral. I wouldn't suggest using your home as collateral (in case the business fails, you would lose your home), but many people have.

You can start with secured business credit cards and purchase the gas, computer systems, office supplies, etc. with the credit cards. Ideally you should have at least 2 secured business credit cards.

One example I like to use is Certificates of Deposits to fund your business. Let's say you have $50,000.00 to invest in your business. Instead of depositing the $50K directly into your business bank account, buy a CD worth $50K and use it to secure a business line of credit. This is how you would fund your business, get interest on the CD (albeit not much), and start establishing your business's credit.

DME Consulting can help you establish a business credit profile that will easily provide your business with credit (it also helps attract investors). We'll help you understand what business credit is all about. We will do an analysis of your business and provide you with a full report of the necessary steps you need to take and can guide you through the process. Contact us for further details at info@dmeconsultingco.com.

Bring back Capitalism to America and create JOBS!!

2011-11-14T11:03:00.000-08:00

Wall Street has certainly made a HUGE mistake in undermining Americans. We are a nation of do-ers, based on the principals of revolution. We do not go away quietly nor sit down and lie dead waiting for others to revive us. America is changing - all by ourselves....We've had enough of lies and manipulations and we're taking the bull by the horns.

"Taking our future into our hands" should be our national anthem. America has to exchange places with China and go back to manufacturing. We have to bring manufacturing back to the United States. We're the nation that created the Assembly Line (developed by the Ford Motor Company). We were the first nation to walk on the moon (Apollo 11 - July 20, 1969). Why is our credit rating as a nation downgrading? Really? We've been the best at everything because we put capitalism, innovation and business FIRST! We're a nation of free-thinkers!

Giving businesses the tax incentives to do so would be a great start. For instance, according to CNBC, the NUMBER 1 State in the United States to do business in is Virginia. Virginia is a business - friendly state. Texas is 2nd. These 2 states regularly battle for first and second place. Ever wonder why nationally Texans live better than the rest of us? The state has better business incentives and policies. Texans aren't suffering the recession like the rest of us. There's way less unemployment in Texas than the national average (8.4% in July '11 compared to 9.1% nationally). Texas Governor Rick Perry’s claim that “40 percent … of all the jobs in America were created in Texas” since June 2009 is accurate.

I've been investigating the best business friendly states for my clients quite a bit lately. The cost of doing business overseas and shipping goods to the United States has risen. I've been assigned the task of discovering new ways of bringing manufacturing plants back to the United States AND keep them cost effective!! I'll keep you all posted in my new discoveries....

Top State for Business: Virginia

2011-11-14T09:12:00.000-08:00

Top State for Business: Virginia

Lessons to learn from Charlie Harper (Charlie Sheen's Character on 2 1/2 Men)...

2011-11-11T14:57:00.000-08:00

When Charlie Harper emerged on the scenes of "Two and Half Men" - larger than Life, womanizing, wild, and a drunk - he seemed like he could be odious. Instead he turned out to be a likable, even lovable character. Did he change in any way? NO! However he "humanized" before our eyes..His demise was horrible...he got hit by a train when his "stalker" wife Rose pushes him in front of a Paris train track for (what else?) womanizing and cheating on her. Rose describes the result as a "meat explosion" during Charlie Harper's funeral.

Charlie Sheen caused his demise from 2 1/2 Men for openly mocking and disagreeing with Chuck Lorre, the show's creator and network executives. The self described "Warlock" never held his feelings back. He didn't go away quietly. Furthermore, he let his personal life's dilemmas interfere with his on-screen character and his attendance on set. The two meshed. As we all witnessed - it's not a good thing.

Keeping business and your personal life separate is key to success. Successful businessmen never ever let you in on what truly goes on in their personal lives. They let you see that everything is picture perfect. It's an image that needs to be projected - at all costs.

Let's face it, nobody will fix your personal problems - in fact they'll take advantage of you. Business is a lot like war. You constantly have to be ready for battle, therefore, you must project the image of a strong warrior. Faults are not to be laid out in the open or enemies will use it to their advantage.

Furthermore, if like Charlie Sheen, matters get out of hand, your strategy should be to remain cool and collective. As difficult as that sounds, imagine your ending being hit by a train and turned into a "meat explosion" of sorts. Even though we'd all love to jump at our opponent's throat and strangle them - this is not good business practice. Emotional judgments always backfire. Plan your next move as if you were in a battle for your life (which in fact, you are). Carefully plot your opponent's moves, and plan plan plan...unfortunately - yes - you're image is everything and by giving your opponent what he/she wants - an emotional response - you lose.

Read more: http://www.nypost.com/p/entertainment/tv/sheen_men_character_killed_in_subway_0gz9O895ZMherVTzjYtjxN#ixzz1dQtcqg3r

How to invest in Music Concerts & Festivals

2011-01-26T11:46:00.000-08:00

Artists are re-inventing themselves. CD sales are down. Music is being pirated left and right. So what's the logically BEST way for an Artist to make money? A Concert!! Fans have NO CHOICE but to pay to see and hear them perform.

David Vincent of Sankeys in Manchester, England, told Manchester Evening News “Artists are holding a lot more concerts now as they are not making much money from records anymore, so arenas are a growth area."

In the past few years, Mega Concerts and Mega Concert Promoters, like AEG and Live Nation, have shown sluggish sales and lack of profits. However, smaller venues and established concert promoters are seeing quite the opposite.

I spoke with Joe Fletcher, an established concert promoter who has promoted Motley Crue, Rascal Flatts, B.B. King, Hilary Duff, Kelly Clarkson, Korn, Lynyrd Skynyrd, 50 Cent, Eminem, Le Ann Rimes, Black Eyed Peas, Jimmy Cliff, Tori Amos, Snoop Dogg, Ludicris, Clay Aiken, Alison Krauss, Ani Di Franco just to name a few. Joe Fletcher has over two decades of experience promoting concerts. Joe stated that smaller concert venues have been filling up quite nicely. As he explained, in this economic recession,consumers still want to go out and enjoy themselves, but rather than paying a $150 ticket, they're willing to pay a $50 or $60 ticket to enjoy a nice evening out.

Horror stories abound regarding unscrupulous promoters taking investor's money and dissappearing. The key to concert investments is WHO you invest with. Joe Fletcher is an estabished persona in the concert promotion arena and he has an impeccable record. Artists respect him, business people respect him, and managers respect him.

"Pie in the Sky returns" aren't realistic. One story I read clearly stated that the promoter offered double the investor's money. When the promoter couldn't pay, investors cried fowl.

What is great about concert investing is that the investment is very short term, usually around 3 months. EVERYONE including the Investor(s) gets paid the night of the concert. Investments range from $25K through $100K, and promise returns of 10% to 15% (realistically). That would mean that in a year's time, should an investor continue to invest every quarter in a new concert, an investor can make a 40% return, conservatively speaking.

Concerts do have a lot of costs which include (first and foremost) the Talent (Artist) and the Venue. Then there's the ticket sales, seating arrangement, insurance, catering, staffing, etc. These arrangements are coordinated by the Concert Promoter. This is why the right promoter is the key to making sure the concert is a success.

Lesson for the Day: It's not how much you invest, but WHO you invest with.

What makes a company GREAT?

2011-01-20T13:48:00.000-08:00

Great companies come from great leadership. A great company's leadership NEVER forgets what it's like to be an employee. After all, in the circle of life, whether we're Company Presidents, CEO's, Owners, Secretaries, Managers, Clerks, etc (you get the picture)...we all WORK to please someone else.

A President/CEO of a company - big or small - works to gain the business of another. That could be as vast as providing a service for another business or consumer, obtaining funding from an investor or lender, or striving to attain or keep key employees to make the company function. All employees of a company work to keep the company viable, and feed their families and/or maintain their lifestyle.

The difference in a GREAT company is that its leadership is more altruistic and benevolent. I read an article in the Daily News on Russell Simmon's new book, "Super Rich: A Guide to Having it All"* Russell Simmons states: "The true self already knows it is a servant. Look inside for results and not out. Look inside for inspiration and not outside. Accept that happiness is up to you and every choice that you make has to come from inside you. You have to be comfortable with it. Don't let your teachers tell you what to do. Note for yourself. If you sit still, you — as one individual — have the power to change your world. Take stock in the self. Operate from abundance, the number of people's lives you inspire by being a good giver." Unfortunately for Russell - NONE of his companies made the "TOP 100 Companies to Work for" list. Russell should get back to the drawing board and spread some of his love and giving virtues to his employees.

Enterprenuers should emmulate the businesses from the 100 Best Companies to Work For -2010. The top 5 are:

SAS. One of the Best Companies for over 13 years, has a laundry list of benefits: high quality child care at $410 a month, 90% coverage of the health insurance premium, unlimited sick days, a ), a free 66,000 square foot fitness center and natatorium, a lending library, and a summer camp for children, medical center staffed by four physicians and 10 nurse practitioners (at no cost to employees

Jim Goodnight, SAS's Co-founder founded a culture based on "trust between our employees and the company" is the only CEO that SAS has had in its 34-year history. Although SAS gave away loads of perks, SAS is highly profitable and ranks as the world’s largest privately owned software company. Turnover is the industry’s lowest at 2%.
Edward Jones.The investment adviser weathered the recession without closing one of its 12,615 offices or laying off a single employee (the British division was sold in October). Salaries were frozen, but profit sharing continued.
Employee Perks: Telecommuting, 90% health coverage, Job Sharing program, Compressed work week, On site fitness center, subsidized gym membership, On site childcare, Paid Sabbaticals
Wegmans Food Markets. Rated one of the best groceries in the nation, and a former No. on the list, Wegmans has never had a layoff in its 94 year history. More than 4,000 employees, 11% of the workforce has been here for more than 15 years.
Employee Perks: Job Sharing Program, Compressed work week, Telecommuting
Google. The search engine king plans to add thousands of employees to its payroll in 2010. Though a few perks have been cut in recent years, Google last year increased 401(k) matching and added a stock-option exchange program to help employees with underwater options. Engineers still get to devote 20% of their time to projects of their choosing.
Employee Perks: On site Childcare, Job Sharing Program, Telecommuting, On site Gym
Nugget Market. The tough economy prompted the supermarket chain to help associates by giving them cards good for 10% discounts on $500 of groceries every month. At one employee-appreciation event, the executive team surprised everyone by washing the cars of all associates.
Employee Perks: 100% health care coverage

Being an Entrepreneur myself, I certainly plan to have my company encompass all the best traits of these companies - and even better surpass them!

*(http://www.nydailynews.com/lifestyle/2011/01/01/2011-01-01_russell_simmons_def_jam_records_cofounder_discusses_super_rich_a_guide_to_having.html)

The urgent need for Telecommuting

2010-12-27T13:00:00.000-08:00

Since this past week we've seen massive flooding caused by rains in California, which then turned into Winter Blizzards across the United States. Most of the New York City region has been paralized due to the blizzard that pulmeted the region with approximately 30 inches of snow, and winds gushing to 55 mph. Public Transit haulted, roads have been impassable, and airlines and railways closed. Everything came to dead stop. Everything but companies who are ahead of their peers and telecommute!

Why is it in times of evolution, the majority of companies INSIST that they see their employees faces in person every morning at 9:00 AM? Simply put, management is egotistical. There is NO REASON why most office workers (unless they deal face to face with the public from their desk) need to be commuting into work.

Most Management is aware of and utilizing contact management software that not only organizes an employee's contact database but also generates reports on the efficiency level of managing those contacts. Case in point is SalesForce. It's highly adaptable to a company's needs. It can integrate with a sales dialer, keep an individual employee's contact database, generate leads, templates, call reports which can be broken down into time spent on each call, breaks the employee took, etc.

Computer tracking software is currently being utilized by many companies. The software can review every website that is visited, and see what is done while on the website. It can capture and review all instant messages delivered by both sides. It can track every email sent and received, including web-based emails. It can capture every single keystroke typed, including usernames and passwords. It can get the exact time and date everything is typed. It will also see everything an employee does on MySpace and Facebook and see every picture posted, every file downloaded, and will quickly find what they are searching for on google, yahoo, aol, etc.

These different type of software provide the necessary flexibility for companies to not need as many managers for employees, while continuiing to have a tighter grasp on an employee's productivity and time management. Most employees are completely unaware of how much "Big Brother" is watching.

Despite these recent software advances that most companies have set in motion, few if any allow telecomuting. Most company management believe that if they are not visually seeing their employees work, employees will not value their employment or position. I equate it to the start-up funding scenario. Employers want to know how much "skin" an employee have "in the game". In other words, "as an employee, if you value my company, you'll come into my headquarters and spend your money commuting to me, and giving up 8 hours daily of your life to me, because I am worth that much. I have the beautiful corner office, you work on the floor with all the other busy beavers." Ego.

JetBlue is an United States airline company that continuously posts profits for it's investors. JetBlue is a low cost airline that offers its passengers nice amenities like DirectTV movies, and Satellite radio. One of JetBlue's cost cutting overhead features lies in its Customer Service department. JetBlue's Customer Services department is entirely telecommuted. Every Customer Service rep works from the comfort of their own home. This greatly reduces JetBlue's overhead costs. In this day and age when so many airlines are showing losses on their balance sheets, JetBlue is again producing profits! This example shows how innovative corporate minds work to produce more profits for their investors and why telecommuting works.

Telecommuting offers companies the ability to significantly lower their overhead costs, increase employee productivity, and raise profits. It is a complete win-win opportunity. It is not for every business. There are some retail establishments, personal care businesses, and some government operations must be handled in person. But the majority of businesses worldwide can take advantage of software capabilities that would enhance their bottom line.

How most businesses should start to avoid failure

2010-12-20T14:30:00.000-08:00

The art of entrepenuership requires real creativity. This is not just in whatever business venture you choose to start, but in every aspect, including how to live your life while you grow your business. In my last blog I spoke about using creative self funding solutions. This entails a few different methods. All these methods require that you at a minimum gather between $10,000.00 and $20,000.00 on your own. There's really no way around it, in this day and age, you can't sell a dream and expect everyone to jump on to your bandwagon. You have to gather funds. We're going to refer to this as the "initial deposit on your future business" or IDFB. There are costs that you need to foot - no one else. We'll go into depth on this in another blog topic, but you must be prepared to pay for business related costs.

These factors have to be adhered to:

The best way to gather your initial capital is to work for someone else - in other words - have that dreaded job. It's important. You need to self sustain your living costs while saving money for your business venture.
Important: You need to lower your cost of living expenses to save for your business. Think logically: Given current economic conditions - whose job is secure?? Primarily the President/CEO/Business Owner of the company you're working for - not yours.
Never give up your dream of owning your own business. Keep your eye on the ball. Whatever difficulties you are living in at the moment, remind yourself that they are short-term. Your goal is to make your business venture happen. Don't let nay-sayers dissuade you.

Let's work on getting your IDFB. There are various methods to raise your capital.

You can work and with your earnings save the money.
You can gather friends and/or family and make them your partners/investors. (show good faith by depositing their money in a bank account, and give them the bank and account number information)
Take the money from your 401K.
If you're eligible to get a refund on your tax return, take that refund and add it to your IDFB.

There's one thing that I will always advise NOT doing, and that's getting into debt initially to start your business. Saving is essential to proper entrepeneurial ethics. It looks great on your Business Plan. We'll address the need for a Business Plan in another topic. If you need to get more capital to fund your business - NO ONE, I repeat, NO ONE will give you money if they haven't seen that you've sacrificed your own money for your business.

Why is $10,000 to $20,000 the magic number you need to have? Because you have to save 10% of what you will need in total to start your business. Most small businesses need $100K to $200K to start. If you're business plan calls for more than that, you need to gather 10% to start.

Once you've attained your IDFB, then we can talk about how you can effectively make that money grow to self-fund your business. There are very reputible businesses in the United States that will allow you to invest in their growth and get excellent returns. We're going to explore in more detail, each one of those business opportunities you can profit from. Keep tuned for our next blog.

Creative Opportunities to self fund your business AND not lose your shirt

2010-12-13T14:25:00.000-08:00

We've all heard the old adage: It takes money to make money. Then there's the average rule of thumb that states that a business needs to be functioning for at least 3 years to fully support itself and grow. In the meantime, an entrepeneur needs to be able to either:
a) Have enough funds available to support the business for the first 3 years until the business starts producing
b) Get enough financing to get the business through the first 3 years before it produces

What if your business doesn't produce in the first 3 years? What if you need more years to produce? What if your estimates were wrong and you need more money than you originally thought? What if you lose all the money you've put into it? Worse yet - what if you obtained a loan to finance your business venture?

Going the traditional route to start a business doesn't suit every entrepeneur. The traditional route involves saving money, applying for a loan, and hoping that all of creation will be on your side as you grow your business. On the upside, if you have previous business experience, you are more likely to prevail. Newbie entrepeneurs have to tread very carefully to not mis-spend the loan funds. You must have extremely good credit, and cash reserves to hold you over for the first two to three years of business to help ensure your success.

This scenario does not apply to the majority of entrepeneurs these days. Creative procedures need to prevail here. As a budding entrepenuer, it is imperative that other routes of raising capital be found. Here's where thinking "outside the box" comes into place.

Music Concerts have always been a great form of entertainment. However, the larger concert producers have hit a snag in this economy. Bigger isn't always better. Live Nation is a huge conglomerate in the music business. With big arenas no longer filling up to a satisfactory capacity, LiveNation's profits have dropped for the 3rd quarter of 2010 (http://www.variety.com/article/VR1118026955). AEG Live owns and operates all of their facilities and swallows up contractually their artists. The average human being believes they cannot invest to profit from music concerts - or can they?

There are investment opportunities with smaller music concerts. There are legitimate smaller concert promoters that organize and promote musical acts and smaller venues. It is possible to invest with these promoters in their concert acts. The amount can be as small as $10K to 100K, depending on several factors which include the cost of the act, and the venue. The value is the short time you need to invest and the return on investment. You can invest for as short a time as 3 months to 6 months and get excellent returns.

Oil and Gas has ALWAYS been a lucrative investment. To get the most return on your investment you need to invest early on in the company - before the stock splits, and before they go public. Getting in on the ground floor is key. There are legitimate Oil and Gas ventures that during their nascent phase will offer what is referred to in the industry as "mailbox money" returns. This means that for your initial investment, which can be as low as $16K (depending on the company), you will receive monthly checks as long as the oil and gas wells produce - that could virtually be as long as 50 years.

Short term/high yield unconventional investing can work. Just as long term investment in a market that is sure to be around for decades. Doing your homework and knowing who the leaders are is an absolute must. Using these investments while you are raising the money to start your business operations can save you from having loads of financial headaches down the line. These are a few of the great ways you can self-fund your business venture and NOT lose your shirt.

Tune in next week while we further explore business start-up self funding.

The Importance of the business environment

2010-12-09T10:18:00.000-08:00

Entrepreneurship is no joke. It's akin to being a single parent with all the weight of the world on your shoulders. Hiring employees certainly helps. But we have to face it, our responsibility is not their responsibility. In the hierarchy of business you should think along the lines of family structure. You - the Owner/President/CEO - are the Parent. Your employee is your Child. Why use this strategy? Because it works.

Companies who do not relinquish the "I am your Master - You are my Slave" concept are doomed to fail. Yes this is a tough economy, and people will take on any job including from companies using this condescending structure. But in the short run, employees will leave. Not to mention that companies employing this tactic usually have a high employee turn-over rate. The savvy investor will look at this as a huge financial risk.

Companies who are ingrained in the old corporate whipping structure will not retain good employees nor create employee loyalty. Their management creates a fear-based environment. Every day an employee endures this hell denigrates their attitude towards their employer. This in turn will slow the pace of the work, primarily because of the fear of possibly doing their work wrong, and eliminates the idea of job security in their mindset.

What does this do for The Company? It slows progress. Uses up corporate dollars foolishly by training employees who will not stay long, and retards business operations because every time a trained employee leaves who has not been able to fulfill their duties to their full potential, a new employee who has to be trained must take their place.

Savvy investors should look carefully at a company's employee turnover rate. If a company has a high employee turnover rate, the company's bottom line is affected negatively. Corporate dollars are being mis-managed. Not to mention that there usually are corporate egos to blame. A high attrition rate is directly related to a monetary leak in the company. This makes The Company a bad investment.

There is no benefit to The Company.

So, to the Mindful Business Owner/President/CEO, it is imperative that you relate to your employees as you would to your family. Obviously not as intimately, but as considering of their value. Companies that have taken on the "family structure" and placed value on their employees flourish. Potential employees clamour to get an interview. Current employees value their position and are loyal. Employees view this type of company as "looking after their needs". A few such companies are Johnson & Johnson, and PaeTec Communications. Johnson & Johnson is an established public entity in the corporate world. PaeTec Communications is a privately held telecommunications provider. Both hold their employees and the family structure in high regard. Both flourish and provide outstanding quality to their customers. Both value their employees. See the pattern?

So to the egotistical, hard nosed, demanding, rigid management of the corporate whipping structure - change is inevitable or your certain corporate demise is looming in the very near future.