Michael on Linked

Showing posts with label Business Plans. Show all posts
Showing posts with label Business Plans. Show all posts

Monday, November 6, 2017


  1. Do one thing perfectly, not 10 things poorly. 
  2. Businesses built around your strengths and talents will have a greater chance of success.
  3. Always be ready to pitch your business. State your mission, service and goals in a clear and concise manner. Fit the pitch to the person. Less is always more.
  4. Surround yourself with advisors and mentors who will nurture you to become a better leader and businessman. 
  5. Your wallet is your company's life-blood. Practice and perfect the art of being frugal.
  6. Never jump right into a new business without any thought or planning, but don't spend months or years waiting to execute.
  7. Find ways to prove your business model on a shoestring budget.
  8. Entrepreneurship is a lifestyle, not a 9-to-5 profession.
  9. Know when it's time to walk away. If your idea doesn't pan out, reflect on what went wrong and the mistakes that were made.
  10. Failure is not inevitable. A true entrepreneur will prevail over adversity.

Sunday, November 5, 2017


Own your name. Make sure the company name you choose is one with an available trademark and Internet domain name. To see if a trademark is available, you can do a trademark search online through the United States Patent and Trademark Office's website. Failure to properly obtain a trademark could put your fledgling business at risk -- not to mention that the time and money you have invested in establishing your business name could go to waste if someone else owns the trademark. Don't assume your new business name is not trademarked because you were unsuccessful finding such name on the Internet, either. Someone could have used the name for a business that closed, or filed a trademark and never used it.

Get in with the law. Understand what regulations, licenses and taxes you will need to follow, obtain and pay for your new business. After doing some initial research on your own, consult with a lawyer and accountant to confirm your understanding and to help structure your business to be in compliance with the law. Generally speaking, you will need to need to (i) ensure you are charging the correct amount of tax your service or product that your business is promoting, if applicable and (ii) obtain all of the proper licenses needed to run your new business, at a minimum. Establishing a successful business is hard enough. The last thing you need is some technical legality or administrative detail to stand in the way of your success.

How much do you need to live? When working on your business plan, do not forget about the most important factor: YOU. You need to take into account your living costs. Rent, mortgages, and health insurance -- these are all things that don’t pay for themselves. You will most likely need to cut out all the unnecessary extras you can live without. Make sure you account for unforeseen or unexpected expenses by factoring a little flexibility into your budget for those “just-in-case” moments. You might even consider taking a part-time job until things pick up with your new venture and speak to a financial planner to help you budget yourself properly.

Where are you in your life? Starting a new business takes brains, bravery, and what will seem to be endless hours of hard work. When you own your own company, there is always something that has to get done. You will most likely find yourself working at least 60-80 hours a week for the first two years. With that said, I’ll ask you one very important question: Are you ready to give up your personal life for the next three years?

Don’t over -- or under -- spend. Starting a business can be incredibly financially taxing on you and your family. You will need to learn where and when to spend. It’s important not to waste those precious seed dollars but it’s equally important to spend where necessary. In any business, you often have to spend money to make money.  Don’t skimp out on things your company needs. For example, it may be worth it to put $1500 in an online vendor listing, but it may not be necessary to give every new customer a $15 mug. Be sure to keep up with technology too -- there are many time-saving programs and apps (including free or inexpensive ones) that can help you keep track of it all, and as we all know, “time is money."

Monday, February 2, 2015

50 Ways NOT to Start and Run a Business

Plan to fail if you;

  1. Don't research the market you wish to enter
  2. Don't develop a business plan
  3. Don't create a business model
  4. Don't adjust your goals and plans as you move forward
  5. Don't create  3 year revenue and expense projections
  6. Don't understand the meaning of Cash Flow
  7. Don't create a budget and stick to it
  8. Don't keep receipts for every purchase no matter how small
  9. Don't keep good records
  10. Don't set money aside for tax payments. GST, PST, Income Tax
  11. Don't learn what is deductible and what is not. Accountants are not babysitters
  12. Don't set up a good bookkeeping system with the help of a good accountant
  13. Don't avail yourself of a good insurance agent
  14. Don't have insurance covering yourself and your key employees.
  15. Don't have business interruption insurance 
  16. Don't treat people as you would like to be treated
  17. Don't listen to good advice from peers
  18. Don't listen to your customers and clients
  19. Aren't prepared to go all out to satisfy an unhappy client or customer
  20. Don't consistently check your revenues against your expenses
  21. Don't pay your suppliers on time
  22. Don't contact your suppliers if your cash flow has slowed down and you need an extension
  23. Don't keep a journal and jot down ideas as they come to you
  24. Provide a product or a service no one wants
  25. Let your ego take over and ignore good advice
  26. Get married to your idea and don't listen to people offering ways to improve upon your idea
  27. Are arrogant and unbending
  28. Stop learning because you know it all
  29. Hire relatives and friends to save money instead of qualified personnel 
  30. Aren't  prepared to work long hours
  31. Aren't prepared to learn how to work smarter
  32. Don't take courses to improve your knowledge
  33. Don't join groups who can provide referrals
  34. Aren't prepared to network
  35. Chose cheaper materials for your products to save money
  36. Cut back on advertising and marketing during busy times. 
  37. Don't take your accountants advice
  38. Don't do your research on what is the best bank for your business. Not all banks are alike
  39. Don't keep money aside for a rainy day.
  40. Are not prepared to negotiate deals. Therefore give up something to get something
  41. Don't learn to bargain
  42. Don't become web savvy. 
  43. Don't take the time to learn more about marketing in the 21st century
  44. Don't use your family in the business to create additional tax benefits.
  45. Don't become tax smarter
  46. Don't read, read and read more about your industry and your clients industries
  47. Don't subscribe to influential trade magazines in your business
  48. Don't manage your time efficiently
  49. Are late for appointments, particularly with clients
  50. Don'r recognize good employees for their handwork and diligence
These are listed in no particular order of importance but do cover many of the reasons businesses fail. The old saying; "if you fail to plan, you are planning to fail" is as true today as when it was first stated by Benjamin Franklin.