Michael on Linked

Showing posts with label consulting. Show all posts
Showing posts with label consulting. Show all posts

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. 


Tuesday, November 11, 2014


Some of these quotes are well known. Most are very good and worth reviewing. 

Whether you’re in the early stages of your start-up or looking for some inspiration to keep going, here is the first of 100 kickass quotes for entrepreneurs. Remember when starting your own company, it’s not a sprint, it’s a marathon.
  1. “Your reputation is more important than your paycheck, and your integrity is worth more than your career.” — Ryan Freitas, About.me co-founder Click to Tweet
  2. “Every time we launch a feature, people yell at us.” —Angelo Sotira, deviantART co-founder Click to Tweet
  3. “Be undeniably good. No marketing effort or social media buzzword can be a substitute for that.” —Anthony Volodkin, Hype Machine founder Click to Tweet
  4. “Money is like gasoline during a road trip. You don’t want to run out of gas on your trip, but you’re not doing a tour of gas stations.” —Tim O’Reilly, O’Reilly Media founder and CEO Click to Tweet
  5. “If you can’t feed a team with two pizzas, it’s too large.” —Jeff Bezos, Amazon founder and CEO Click to Tweet
  6. “Don’t worry about people stealing your design work. Worry about the day they stop.” —Jeffrey Zeldman, A List Apart Publisher Click to Tweet
  7. “Chase the vision, not the money, the money will end up following you.” —Tony Hsieh, Zappos CEO Click to Tweet
  8. “The value of an idea lies in the using of it.” —Thomas Edison, General Electric Co-founder Click to Tweet
  9. “Make every detail perfect and limit the number of details to perfect.” —Jack Dorsey, Twitter co-founder Click to Tweet
  10. “Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do.” —Steve Jobs, Apple Inc. co-founder, chairman and CEO Click to Tweet
  11. “The most dangerous poison is the feeling of achievement. The antidote is to every evening think what can be done better tomorrow.” —Ingvar Kamprad, IKEA founder Click to Tweet
  12. “Always look for the fool in the deal. If you don’t find one, it’s you.” —Mark Cuban, AXS TV chairman and entrepreneur Click to Tweet
  13. “It’s not about ideas. It’s about making ideas happen.” —Scott Belsky, Behance co-founder Click to Tweet
  14. “There’s nothing wrong with staying small. You can do big things with a small team.” —Jason Fried, 37signals founder Click to Tweet
  15. “Don’t worry about failure; you only have to be right once.” —Drew Houston, Dropbox founder and CEO Click to Tweet
  16. “Get five or six of your smartest friends in a room and ask them to rate your idea.” —Mark Pincus, Zynga CEO Click to Tweet
  17. “If there’s something you want to build, but the tech isn’t there yet, just find the closest possible way to make it happen.” —Dennis Crowley, Foursquare co-founder Click to Tweet
  18. “Fail often so you can succeed sooner.” —Tom Kelley, Ideo partner Click to Tweet
  19. “Nothing works better than just improving your product.” —Joel Spolsky, Stack Overflow co-founder Click to Tweet
  20. “It’s not that we need new ideas, but we need to stop having old ideas.” —Edwin Land, Polaroid co-founder Click to Tweet
  21. “We are currently not planning on conquering the world.” —Sergey Brin, Google co-founder Click to Tweet
  22. “Get big quietly, so you don’t tip off potential competitors.” —Chris Dixon, Andreesen Horowitz investor Click to Tweet
  23. “Don’t try to be original, just try to be good.” —Paul Rand, Graphic Designer Click to Tweet
  24. “It’s hard to do a really good job on anything you don’t think about in the shower.” —Paul Graham, YCombinator co-founder Click to Tweet
  25. “If you’re interested in the living heart of what you do, focus on building things rather than talking about them.” —Ryan Freitas, About.me co-founder Click to Tweet
  26. “Entrepreneur is someone who has a vision for something and a want to create.” —David Karp, Tumblr founder and CEO Click to Tweet
  27. “Best startups generally come from somebody needing to scratch an itch.” —Michael Arrington, TechCrunch founder and co-editor Click to Tweet
  28. “I don’t think an economic slump will hurt good ideas.” —Rob Kalin, Etsy founder Click to Tweet
  29. “The last 10% it takes to launch something takes as much energy as the first 90%.” —Rob Kalin, Etsy founder Click to Tweet
  30. “Don’t play games that you don’t understand, even if you see lots of other people making money from them.” —Tony Hsieh,  Zappos CEO Click to Tweet

Read more: http://onboardly.com/content-marketing/101-kickass-startup-quotes/#.UitGbrx56yU#ixzz3Lc92FIeL