Start a Small Business in Your Local Community

Have you come across a great opportunity to purchase an existing business? Before you buy it, make sure you dive into those business numbers. An existing business has tons of good information to help you determine if it is a good idea or not. Remember, you want a profitable business. Sometimes, people only tell you the money they take home. But are you buying a job or a business? Make sure you know what you will make with both hats...

Having a family business can be both a blessing and a curse. On many occasions, family members blur the line between business and personal. There are so many things that need to be discussed prior to going into business together or even hiring family. You need to make sure you are all on the same page. Especially if you have the most passion for the business.

👉 Don’t forget to grab your FREE Start-Up Guide for Starting a Business

...

Do you have your eye on a franchise that you want to buy? Buying a franchise has a whole set of things that you need to explore. We will discuss the pros and cons of buying a franchise. Many franchises would not do it again, so it is important that you do your homework and look at the pros and cons that we are going to be discussing.

👉 Don’t forget to grab your FREE Start-Up Guide for Starting a Business

________________________...

Once you decide to hire employees, there are some key things you need to know and do. It all starts with hiring the right people. Then you need to onboard them and train them properly. By doing so, you will help reduce the revolving door that many small business owners experience. The better the employee you end up with, the more sales and profits they can help create.

👉 Don’t forget to grab your FREE Start-Up Guide for Starting...

There will be times in your business when you will need help. You might need to bring someone on a temporary basis. Do you make them part-time or full-time? Do you hire them at all? Let’s talk about the difference between independent contractors and employees you actually hire. Plus we will discuss the financial impact of that decision.

👉 Don’t forget to grab your FREE Start-Up Guide for Starting a Business

_____________________...

New business owners are always obsessed with needing business cards or other chotsky’s to get their business going. You do not need these. However, there are things that you can do along the way that can be helpful. Let’s discuss some of them.

👉 Don’t forget to grab your FREE Start-Up Guide for Starting a Business

_______________________________

SOME RESOURCES TO HELP: (some are affiliate links but no charge to you)

👉 Affordabl...

Contrary to what you have heard, you do not need to be on social media. However, if you do it right, it can help. Please do not get on all the different social media. Pick 1 or 2 and see what you can do. Lots of before and after pictures. But more importantly, just be part of your community. Not the local salesperson. By the way, Facebook is full of homeowners so make sure you look into this one. Let’s discuss the pros and cons of ...

In today’s internet world, you need to make sure that you can be found. When someone is looking for a business, they no longer whip out the yellow pages, they now grab their smartphone and start to search for a business that can solve their pain point. They are not looking for an expensive, fancy website. They want a website that answers their core questions. A Google Business Page just adds even more opportunities to be found. Let...

Now that you are getting ready to open your new business, how will you advertise and let others know you are now in business?  Marketing your new business shouldn’t cost you a ton of money as there are many ways to advertise your new business for free or low costs. Keep in mind, word of mouth is the #1 way you will let folks know you are open for business. The other key thing in your advertising is knowing who that ideal customer i...

During your competition research, you started to learn about the brand of your competition. Time for you to start thinking about what your new business’s brand will be. Keep in mind, your brand is what others tell you it is. So what do you want to be known for in your community?

👉 Don’t forget to grab your FREE Start-Up Guide for Starting a Business

_______________________________

SOME RESOURCES TO HELP: (some are affiliate link...

Want a trick to help you grow your business? A sales log or sales journal is easy to create items that you can use to track the good, the bad, and the ugly. Track things that you want to recall in the next year or two. Track weather impacts, advertising, ordering, you name it. Anything that can give you an edge in the future.

👉 Don’t forget to grab your FREE Start-Up Guide for Starting a Business

_______________________________

...

One of the biggest reasons small businesses fail is they fail to properly pay their taxes. You must set aside money for your taxes each month. We will go over some tricks that might help. Also, make sure you remember that if you collect state or local taxes, you need to pay them! It isn’t your money!

👉 Don’t forget to grab your FREE Start-Up Guide for Starting a Business

_______________________________

SOME RESOURCES TO HELP: (s...

Just because you are the new guy (or gal) in town, it doesn’t mean you need to be the cheapest out there. You need to match your prices to the value you provide. One of the reasons we have you do your competitor research is so that you can position your pricing to make sure that you can pay your costs of goods, and expenses and still ensure that you make a great profit.   PRICING VIDEO 👉 HOW TO PRICE YOUR PRODUCTS CORRECTLY

👉 D...

Your profit and loss income statement is the best report you have for your small business. It is full of great information to help you know where your money is going and to find both opportunities as well as problem areas. Your P&L is the business’s report card and it is critical that you know how to read it.  VIDEO TO PROFIT AND LOSS INCOME STATEMENT for BEGINNERS  & the LINK TO THE KNOW YOUR BUSINESS NUMBERS COURSE

👉 Don’t for...

Money flows in and out of your business via sales and costs. To help you track the flow of money through your business I’ll show you the #1 calculation you will need Sales – Cost of Goods – Expenses = Profits. Let’s discuss why this calculation is so important for you to know.    LINK TO THE KNOW YOUR BUSINESS NUMBERS COURSE

👉 Don’t forget to grab your FREE Start-Up Guide for Starting a Business

_______________________________

SOM...

Knowing your business numbers is a key component of those that have thriving profitable businesses vs those that have mediocre businesses. Your business numbers tell the story of your business. They track the flow of money in and out of your business. Your number one tool will be your profit and loss. It is your business’s report card. Remember, this is a profit game, not a sales game. Knowing your business numbers will help you wi...

Once you start to collect money in your business, you will need to have a good solid bookkeeping system in place. It is important to know what money is coming in and where your money is going. The bookkeeping system does this for you. I highly recommend Quickbooks online and/or hire a bookkeeper. Later we discuss knowing your business numbers and how critical this is to your business success.

👉 Don’t forget to grab your FREE Start...

Should you start your business debt free, or should you take out loans? For your best success, debt free is the best way to go. This means you will grow your business through bootstrapping. Basically reinvesting money back into the business to grow the business. Way too many businesses fail due to being in debt, so let's discuss how to get your business going, debt free.

👉 Don’t forget to grab your FREE Start-Up Guide for Starti...

Should you create an LLC (limited liability company) for your business or just do a DBA (doing business as). There are reasons for both. The main one has to do with liability. But for many small businesses, you can start off as a DBA and convert later. The key is to look at your local and state laws.  Let’s discuss both options in this episode

👉 Don’t forget to grab your FREE Start-Up Guide for Starting a Business

________________...