Wednesday, March 31st, 2010
Dave Weatherholt introduces the topic of “business risk.” He explains there are many aspects to risk, and not all of it is bad (he gives the example of Fire Island Rustic Bakeshop not having enough bread to sell to its many customers). Dave gives small businesses tools and concepts to help them deal with and minimize business risk. Todd Clark, founder and president of DenaliTEK, started his new IT update segment in this “Getting Down to Business” podcast.
Listen or download below:
Minimizing Business Risk
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Wednesday, March 17th, 2010
There are 10 concepts that describe the “Paradox of Leadership.” These paradoxes help make sense of the sometimes hectic world of entrepreneurship. As a serial entrepreneur, I understand this all too well. The entrepreneurial vision sometimes feels like a curse, and at those times these ten concepts will encourage you to keeping going.
Get inspired and read the full article here: Paradox of Leadership
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Monday, December 21st, 2009
Dave Weatherholt interviews Kim and Blain Roberts, owners of Westport Winery in Aberdeen, WA. They are passionate about what they do and have built a successful small business. Listen for their advice for other aspiring entrepreneurs.
Accountant Paul Foutz joins the conversation and makes projections for the Alaskan economy. He predicts what businesses can expect in the coming year. This episode of “Getting Down to Business” will be valuable to any small business owner.
Listen or download below:
The Winery
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Tuesday, December 1st, 2009
Entrepreneurs Sydney Mitchell Dawn Walsh talk with David Weatherholt about their venture: a shoe store for women who love shoes beyond reason. Their store, Shoefly + Hudsons, is in Juneau, AK and appeals to shoe lovers in many creative ways– including hosting private parties.
David also talks economic news, using his experience dealing with recessions to encourage businesses. Paul Foutz joins David later in the show to discuss the Alaskan economy and what’s ahead in the coming year.
Listen or download below:
Discovering Latent Revenue
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Wednesday, November 18th, 2009
In the November 2009 issue of Business/News & Views®, David Weatherholt brings us good news about the economy in a thorough analysis of the quarter’s economic indicators. In his editorial, Dave writes on entrepreneurs, heroes and the power of necessity.
Amanda Cullen writes about relationship marketing and how developing relationships with your customers encourages them to buy more and refer more.
Read Now: Business/News & Views® – November 2009
Posted in Economy, Getting Down to Business® eNewsletter, Marketing, Recession | No Comments »
Tuesday, November 17th, 2009
David Weatherholt brings on the top franchisors in the state of Alaska: Jerry Kinn, owner of the Carl’s Jr. franchise and Michael Davidson, owner of 18 McDonald’s franchises to talk about the business of franchise.
These friendly competitors discuss the top ten franchise businesses, the benefits of franchising and the changing face of the franchisor.
Is franchising a good fit for your entrepreneurial spirit? How do you get started in franchising? Listen to find out!
Listen or download below:
Franchises are Businesses, Too
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Tuesday, November 3rd, 2009
Many of you know that starting a business takes hard work, long hours, low pay, and a lot of sacrifice. In fact, only five of every ten businesses will survive their first five years. It’s easy to look around and see examples of dying businesses and even ones that are thriving. However, these are extremes and easy to notice. What the public (and new business owners) don’t get a chance to see are the business owners who are plodding along, making small inroads, and making their dreams happen because they had a fantastic business plan.
Most successful entrepreneurs are highly motivated, focused and full of intention. Having a thoughtful and professionally written business plan will tip the odds in your favor. There are fifteen “must haves” for a good business plan. Each one takes time and thoughtful reflection to be done well. The first is a qualified business-planning consultant. When you hire a fully qualified business-planning consultant much of the stress of wondering whether you are fully informed about your market, product and future earnings will be alleviated as you turn over that task to a professional.
The second “must have” for a business plan is an executive summary and business concept. The executive summary is a statement of purpose and general overview of your plan: concept, product/service, market, operations, management, your company and the industry. Your business concept includes your mission statement, your background, current status, and future plans.
When describing the industry your business calls home, it is important for you to look for the characteristics, the participants and the trends that make your business unique.
The product or service you provide is often the focal point of any business. What is needed is a simple
explanation of the product features, the customer benefits, the stages of development, and future products and/or services.
Next describe the facilities in where your business will be located. You will describe the business location, any special transportation routes or vehicles needed, what the labor pool or employees consists of, and the availabilities of utilities to meet your needs.
Marketing is a key component to business success. Analysis of target markets will bring many important insights. When you profile target customers to understand the total person and their motivation for wanting a product or service like yours, you begin to understand how you can best serve that customer’s needs. Looking at market share, trends, and growth potential is an important part of the process.
A large portion of a thorough marketing summary includes the competition analysis for your business. What is your competitor’s profile? How does your product or service compare with that of your competition? Do you occupy a particular market niche? Is it possible that you share a segment of the market with another company or business? Finally, what are your strengths and weaknesses in relation to those of your competition? When working on the marketing piece of your business plan, a good one will have market penetration goals. It will cover pricing and packaging of your product or service. In addition it will include advertising, public relations, and promotions.
When planning the business structure and organization of your business, the management and ownership of the business are crucial. What type of business structure will you work from? Will you be an LLC, S-Corp, C-Corp, partnership, or sole proprietorship? The list goes on and is worthy of some investigation. Who will manage your company? Is there a board of directors? Who owns the business? Are you or your business a member of any supporting professional assistance programs? Answering these questions will give you a clear picture of how your business will run.
Financial data and projections of your company are critical for assessing the outcome of your business. What is the source of funding for a start-up? Does it come from an owner, partners, stockholders, loans, or venture capital?
What do you plan to do with the money that is allocated? What are your business’s needs for start-up costs? Does the money you plan to have from the beginning cover your plans for expansion of the business? Will there be new construction? It’s also important to think about what equipment you need to successfully begin running your business. Do you have a budget set aside for your needed marketing campaign? Do you have enough working capital to draw from for any of these scenarios? For projected or pro forma financial performance, do you have detailed assumptions, a pro forma balance sheet, a pro forma income statement, or measures of performance?
In the final section of your business plan you will include supporting documentation which will add support to your plan. There are four areas to this: company and product/service support material, legal support materials, market support materials, and business structure and organization. When providing the company and product/service support material, the product and equipment specifications sheets may be helpful. In addition, photos of product, equipment, or facilities can be included.
This article has provided a template for creating a great business plan. Now start evaluating your mission, purpose, values, and motivation for launching or expanding a business. Then begin writing. Once it is complete, your business will have a schedule and plan, strategy and road map to the future. This will enable the plan to grow and change with your business as it becomes more successful.
Posted in Business Planning, Entrepreneurs, Small Business | No Comments »
Monday, July 20th, 2009
Necessity, the Mother of Invention
This path followed, sometimes reluctantly, by brave or desperate individuals driven to make a difference can have a dramatic impact on not only themselves, but sometimes their community and even the world. True entrepreneurs, like heroes, often are simply trying to survive using their own instincts, which can lead to astounding feats while all along they are simply doing their jobs. Setbacks, recessions, down cycles, or just plain bad luck can either defeat or inspire the choice made at an individual level. The choice to move forward (choosing inspiration) requires taking that first step, then the next, and so on until you reach a different point from where you started. This, in a nutshell, is what entrepreneurship is all about, simply doing what it takes to survive. How many businesses do you know of that started this way?
Business innovation takes place all over the world. In Vietnam during the war, I found myself driving a large truck in a convoy that strained under heavy loads to climb the steep grade of An Khe Pass. The pace was so slow that you could literally walk to the next truck and borrow a cigarette. The trucks labored in the sweltering heat to reach the summit of the pass. The trip was long, hot, and treacherous, however, at the summit, in the middle of nowhere, was a vender selling cold drinks. In a war zone, on a road that snaked its way to the Cambodian border in the heart of North Vietnamese Army (NVA) controlled areas in sweltering heat and humidity with no electricity, stood a man and women next to an ice chest selling cold drinks to thirsty drivers. They didn’t do this just to see our smiling faces but were driven by necessity.
Their necessity sheds a different light on our current economic downturn. Many of us are experiencing real pain and anguish over our businesses. Waking in the middle of the night straining restlessly to figure out how we will make it through another day. This is the fertile valley of innovation and many of you are coming up with truly inspiring ideas.
The enterprising owners of a women’s shoe store located in Juneau, Alaska developed the idea of using their store for birthday parties. Their website claims; “You can schedule your own shoe party after-hours at Shoefly + Hudsons! It’s a great idea for celebrating birthdays, wedding parties, summer and more. You bring your own food and drink, and we provide shoenistas and shoes!” This idea created a whole new revenue source with very little in the way of costs.
The innovative owner of ESSpa and Organic SkinCare located in Pittsburg, Pennsylvania needed a quick cash infusion. In a single day she raised $30,000 by pre-selling spa services at a discount. A dentist who developed a “Dentspa” states on their website, “State-of-the art technology, a warm, inviting atmosphere, and an array of spa amenities combine to provide you the highest quality care in the ultimate relaxation setting.”
This is another example of a truly different and innovative spin on a routine business. Then there is the story of an entrepreneur who sold high-end designer t-shirts very successfully, but the economic downturn slowed business to a trickle. They spurred sales by using an innovative discount tied to the Dow Jones Industrial average combined with steep price reductions. Not all changes result in immediate success but taking action is the most important step. What can you do differently with your business?
Is there a new market for your products or services, or possibly a different business opportunity out there that you haven’t considered? Changing your business model is not always a bad idea. Every business that successfully makes it past their first five years usually has changed significantly from the business that it started as. In the beginning of a business, product or service knowledge was your advantage but now that you have demonstrated success operating a business, look for ways to replicate that success using your business experience to engage in and promote other business ideas and opportunities. Tell me, what ideas have you tried or have heard about?
Posted in Entrepreneurs, Innovation | No Comments »
Wednesday, July 15th, 2009
The July 2009 issue of Business/News & Views® is full of optimism and helpful tips for small businesses. David Weatherholt reminds us that necessity is the mother of invention and provides rich examples to inspire entrepreneurs and small businesses. Amanda Cullen has an article on the power of passion in marketing design– and reminds readers that passion is nothing without purpose. In Internet Tips & Tricks, you’ll read how to use MySpace to promote your business.
Read now: Business/News & Views® – July 2009
Posted in Entrepreneurs, Getting Down to Business® eNewsletter, Innovation, Marketing, Social Networking | No Comments »
Tuesday, May 26th, 2009
If you are out of work, rather than look for another job, maybe you should consider starting your own business. Look inside yourself for something you are passionate about– maybe a hobby. Now, go through the planning process and work toward your new goal. You may be pleasantly surprised about what happens. What do you think?
Posted in Entrepreneurs, Small Business | No Comments »
