HI EVERYONE.

WELCOME TO THE SMALL BUSINESS

SUCCESS VIRTUAL CONFERENCE BEING

BROUGHT TO YOU BY SCORE.

AND WELCOME TO THE FIRST WEBINAR

IN A SERIES OF EDUCATIONAL

SESSIONS THAT WILL BE HELD OVER

THE COURSE OF TODAY.

MY NAME IS ALEXA ELLIOTT WITH

SCORE.

I WILL BE THE MODERATOR FOR THIS

WEBINAR SESSION.

JULIE BRANDER IS OUR KEYNOTE

PRESENTER TODAY, WHO IS A

CERTIFIED BUSINESSMEN TORE IN

THE LAS VEGAS SCORE CHAPTER.

SHE HAS OVER 20 YEARS OF

STARTING AND OWNING HER OWN

BUSINESSES AND HAS HELPED

THOUSANDS OF ENTREPRENEURS

REALIZE THAT OWNING A BUSINESS

IS FEASIBLE.

JULIE WILL KICK OFF THE EVENT

WITH PRACTICAL STRATEGIES FOR

STARTING A SUCCESSFUL BUSINESS.

BEFORE TURNING THE SESSION ON

OVER TO JULIE, I'D LIKE TO MAKE

MENTION OF JUST A FEW

HOUSEKEEPING ITEMS.

THE WEBINAR WILL LAST ONE HOUR

AND IT'S BEING RECORDED.

A LINK TO THE RECORDING AND

SLIDE DECK IS GOING TO BE

E-MAILED TO ALL PARTICIPANTS.

WE HAVE SET ASIDE TIME FOR Q AND

A AT THE END OF THE

PRESENTATIONS.

IF YOU HAVE ANY QUESTIONS,

PLEASE SUBMIT THOSE USING THE Q

AND A BOX ON THE LEFT-HAND SIDE

OF YOUR SCREEN.

IF YOU EXPERIENCE ANY TECHNICAL

DIFFICULTIES AND NEED

ASSISTANCE.

WE'LL NOW BEGIN.

PRACTICAL STRATEGIES FOR

STARTING A SUCCESSFUL BUSINESS.

I'D LIKE TO BRING JULIE ON THE

LINE NOW TO BEGIN HER

PRESENTATION.

>> EVERYONE WANTS TO BE

FINANCIALLY SECURE AND MOST OF

US SHARE THE SAME FRUSTRATION

WHEN WE'RE WORKING FOR SOMEONE.

WE HAVE IDEAS THAT WE WANT TO

SHARE WITH THE OWNERS OF THE

COMPANY AND MANY TIMES WHEN WE

SHARE THOSE IDEAS, THEY'RE NOT

VALUED, THEY'RE NOT TAKEN INTO

CONSIDERATION.

AND SO TODAY THE OBJECTIVE OF

THIS WORKSHOP IS TO GIVE YOU

PRACTICAL KNOWLEDGE THAT YOU CAN

USE NOW ON THE BASICS OF HOW TO

START A BUSINESS WITH SIMPLE

EASY STEPS THAT I'LL EXPLAIN TO

YOU.

AS WE ALL KNOW IN THESE TOUGH

ECONOMIC TIMES, OWNING A

BUSINESS IS REALLY YOUR ONLY JOB

SECURITY.

SO LET'S LOOK AT IF YOU'RE AN

ENTREPRENEUR, WHAT DOES IT

ACTUALLY TAKE TO BE AN

ENTREPRENEUR.

SOME OF THE TRAITS THAT

ENTREPRENEURS SHARE.

ARE YOU A SELF-CONFIDENT, ARE

YOU A LEADER AND SELF-CONFIDENT.

ARE YOU A GOOD COMMUNICATOR?

ARE YOU PERSISTENT?

ARE YOU A RISK TAKER?

DO YOU HAVE DIFFERENT IDEAS?

DO YOU REBEL AGAINST AUTHORITY

AND HAVE A STRONG DRIVE TO

ACHIEVE?

DO YOU LIKE TO BE IN CONTROL?

ARE YOU WILLING TO MAKE

SHORT-TERM SACRIFICES FOR

LONG-TERM SUCCESS?

IF YOU SAID YES TO THESE

QUESTIONS, THEN YOU HAVE WHAT IT

TAKES TO BE AN ENTREPRENEUR.

THE PRIMARY REASONS WHY YOU

WOULD WANT TO OWN A BUSINESS AND

MAY THINK IS, BE YOUR OWN BOSS.

TO PURSUE YOUR OWN IDEAS.

TO HAVE FLEXIBLE WORKING HOURS

AND DAYS.

AND YOU RECOGNIZE A PROBLEM AND

YOU CREATE THE SOLUTION WITH

YOUR BUSINESS PRODUCT OR IDEA.

AND TO REALIZE FINANCIAL

REWARDS.

THE PRIMARY MOTIVATION FOR MOST

PEOPLE WHO START BUSINESSES IS

NOT THE MONEY, BUT THE THRILL OF

BUILDING A BUSINESS AND

ACHIEVING SUCCESS.

SUCCESSFUL BUSINESS OWNERS COME

FROM ALL WALKS OF LIFE.

ALL EDUCATIONAL BACKGROUNDS AND

ALL PARTS OF THE WORLD.

AND YOU HAVE TO UNDERSTAND THAT

BEING SELF-EMPLOYED MEANS YOU'RE

GOING TO BE MAKING ALL THE

DECISIONS.

EVERY RESPONSIBILITY IS GOING TO

FALL ON YOU.

SO YOU HAVE TO BE ORGANIZED AND

KNOW WHAT HAS TO BE DONE.

YOU HAVE TO BE RELIABLE, ON TIME

AND ENTHUSIASTIC, AND YOU HAVE

TO THINK ABOUT CREATIVE WAYS TO

GET WHAT YOU NEED, NEGOTIATE,

BARTER, TRADE, BUY CLOSE-OUTS

AND EXPECT TO WORK LONG HOURS,

WEEKENDS, HOLIDAYS.

BUT THE SATISFACTION YOU FEEL

WHEN GROWING AND NURTURING YOUR

BUSINESS IS GOING TO BE WELL

WORTH THE TIME AND EFFORT.

SO THE FIRST STEPS ARE TO REALLY

IDENTIFY YOUR STRENGTHS AND

WEAKNESSES.

KNOW WHAT YOUR SKILLS AND

INTERESTS ARE.

KNOW THAT THERE ARE MANY WAYS TO

START A BUSINESS.

ONE WAY IS TO BUY AN EXISTING

BUSINESS WHICH COULD MAYBE BE

YOU'RE WORKING IN A COMPANY, THE

OWNER WANTS TO RETIRE AND YOU

MAY HAVE AN OPPORTUNITY TO BUY

THAT BUSINESS FROM THE OWNER.

YOU CAN ALSO BUY A FRANCHISE.

A FRANCHISE IS A PROVEN BUSINESS

MODEL THAT WILL TRAIN YOU IN

THAT PARTICULAR BUSINESS FOR A

FEE.

SO YOU DON'T NEED ANY BUSINESS

EXPERIENCE.

87% OF ALL FRANCHISES ACTUALLY

ARE SUCCESSFUL.

OR YOU CAN START FROM SCRATCH.

IN MY CASE, I STARTED WITH A

THOUSAND DOLLARS, BOUGHT SOME

USED EQUIPMENT AND I WAS IN

BUSINESS.

THAT'S AN EASY WAY TO START A

BUSINESS AS WELL, IF YOU HAVE A

GOOD IDEA.

AND AS YOU ALL KNOW, MOST

BUSINESSES START FROM HOME.

SO AS A HOME-BASED BUSINESS,

THERE'S A LOW OVERHEAD COST AND

YOU CAN START UNTIL YOU SEE

SUCCESS IN YOUR BUSINESS AND

THEN YOU CAN RENT SOME SPACE.

SO YOU NEED TO OBSERVE TRENDS

AND STUDY WHAT PEOPLE WANT.

YOU HAVE TO OBSERVE OTHER

BUSINESSES WHEN YOU WALK INTO A

BUSINESS, OBSERVE THE THINGS

THAT YOU LIKE ABOUT THAT

BUSINESS.

ALSO OBSERVE THE THINGS YOU

DON'T LIKE ABOUT IT.

IN SOME CASES, I'VE WALKED INTO

BUSINESSES AND FOUND A WHOLE

STORE IS CLUTTERED AND I WALK

OUT BECAUSE IT'S NOT ORGANIZED,

AND I LIKE AN ORGANIZED STORE.

SOMETIMES YOU CAN WALK INTO A

STORE AND YOU SEE ALL THE HELP,

ALL THE EMPLOYEES HUDDLED

TALKING ABOUT WHAT THEY DID LAST

NIGHT.

THEY DON'T GREET YOU OR WELCOME

YOU INTO THEIR BUSINESS AND YOU

FEEL LIKE YOU'RE BOTHERING THEM.

SO YOU HAVE TO LOOK AT

BUSINESSES AND REALLY UNDERSTAND

WHAT IT IS THAT YOU LIKE AND

DON'T LIKE.

AND CONSIDER WHAT IS GOING TO

MAKE YOUR BUSINESS BETTER OR

MORE UNIQUE.

MARKET RESEARCH IS VERY

IMPORTANT BECAUSE THAT HELPS YOU

UNDERSTAND THE CUSTOMER AND

YOU'LL BEGIN TO SEE WHAT THEY

NEED AND WANT.

SO YOU WANT TO THINK ABOUT

THINGS THAT MAKE OUR LIVES

EASIER.

YOU WANT TO OBSERVE THE

DAY-TO-DAY AND HAVE A GOAL OF

IDENTIFYING A PROBLEM AND

CONSIDER THE DIFFERENT

SOLUTIONS.

THERE WAS A TIME WHEN IT WAS

VERY HARD TO -- YOU HAD ONLINE

DATING.

IT MADE IT EASIER FOR PEOPLE TO

MEET EACH OTHER.

WE ALSO HAD A TIME WHEN PEOPLE

WERE CARPOOLING OR NEEDED RIDES

AND IN BUSY CITIES, THEY DIDN'T

HAVE AUTOMOBILES, SO WHAT CAME

ABOUT?

UBER CAME ABOUT.

SO THAT WAS AN ISSUE, A PROBLEM

THAT THERE'S A BIG SOLUTION THAT

CAME ABOUT.

NOW, WHEN YOU HAVE YOUR BUSINESS

IDEAS, YOU SHOULD DO SOME

BRAINSTORMING WITH PEOPLE THAT

YOU KNOW AND GET THEIR IDEAS AND

FEEDBACK ON WHAT YOU'RE DOING.

YOU CAN ALSO CREATE A FOCUS

GROUP TO CONFIRM THE IDEAS WITH

PROFESSIONALS, WITH WHO YOU

THINK YOUR TARGET MARKET IS.

YOU ALSO SHOULD CONSIDER AND

THINK ABOUT THE APPS THAT WE USE

EVERY SINGLE DAY AND HOW WOULD

YOUR BUSINESS FIT INTO THAT

MODEL.

YOU WANT TO LOOK AT INVENTIONS

AND YOU WANT TO DETERMINE WHAT

MADE THEM GREAT.

EVERY PROBLEM WE FACE IN LIFE

TODAY HAS MANY SOLUTIONS AND

THAT'S WHAT BUSINESS IS.

SOLUTIONS TO PROBLEMS.

SO YOU WANT TO WRITE IT DOWN.

YOU WANT TO CREATE YOUR VISION.

AND YOU WANT TO REALLY FIGURE

OUT HOW YOUR BUSINESS IS GOING

TO BE STRUCTURED.

TESTING YOUR IDEA WOULD BE

CONDUCTSING MARKET RESEARCH.

SO IF YOU KNOW IN COSTCO, YOU'LL

SEE THAT THEY DO A LOT OF

SAMPLES.

THEY'RE BASICALLY TESTING OUT

PRODUCT TO SEE IF PEOPLE ARE

WILLING TO BUY IT.

SO YOU WANT TO TEST YOUR

PRODUCTS WITH POTENTIAL

CUSTOMERS.

GET THEIR FEEDBACK THROUGH

SAMPLING.

YOU CAN ALSO USE SURVEYS TO GET

PEOPLE'S FEEDBACK.

YOU WANT TO STUDY AND EVALUATE

THE COMPETITION AND UNDERSTAND

WHAT THEIR COMPETITIVE ADVANTAGE

IS.

FOR EXAMPLE, IF YOU'RE IN A

SERVICE-TYPE BUSINESS AND YOU

CALL THAT BUSINESS FOR EXAMPLE A

WORKMAN AND THEY DON'T RETURN

YOUR CALL OR THEY DON'T SHOW UP,

YOUR COMPETITIVE ADVANTAGE WOULD

BE, YOU DO CALL WITHIN 20

MINUTES AND WHEN YOU GET THAT

CALL, YOU ANSWER THE PHONE.

THERE IS NO ANSWERING MACHINE.

AND YOU SHOW UP.

YOU'RE GOING TO HAVE BETTER

CUSTOMER SERVICE THAN YOUR

COMPETITION.

SO IDENTIFY AND EVALUATE WHAT

THEY DO WELL AND WHAT THEY DON'T

DO WELL.

AND ALWAYS KNOW THAT YOU'RE

GOING TO HAVE TO PRICE YOUR

PRODUCTS TO MAKE A PROFIT.

COMPARE YOUR PRODUCTS WITH

OTHERS.

DO YOUR RESEARCH.

FIND OUT HOW MUCH YOU HAVE TO

PAY BY COMPARING PRICES AND

GETTING VENDORS AND

MANUFACTURERS WHERE YOU CAN GET

THE BEST POSSIBLE PRICE SO THAT

YOU CAN COMPETE AND MAKE A

PROFIT.

YOU WANT TO UNDERSTAND YOUR

CUSTOMER.

NOTICE TRENDS AND STUDY WHAT

PEOPLE NEED.

TODAY IT SEEMS THAT PEOPLE WANT

CONVENIENCE.

WHO IS YOUR TARGET MARKET?

WHAT IS THEIR AGE, THEIR INCOME.

THEIR EDUCATION.

SOCIAL FORCES AND THE POPULATION

ARE GOING TO INFLUENCE THE TYPE

OF BUSINESS.

AS YOU KNOW TODAY, PEOPLE ARE

LIVING LONGER.

SO THERE'S A LOT OF BUSINESSES

IN THE HEALTH CARE INDUSTRY.

PEOPLE ALSO ARE MORE INVOLVED IN

FITNESS.

SO YOU'RE GOING TO SEE THAT

THERE ARE 24-HOUR FITNESS

CENTERS AND DIFFERENT WAYS THAT

PEOPLE CAN GET FIT ONLINE APPS

AND GOING PLACES TO GET IT.

AND ALSO, THINK ABOUT HOW FAR

PEOPLE WILL TRAVEL.

IN THE NEVADA AREA, PEOPLE DON'T

LIKE TO TRAVEL VERY FAR.

TRAVEL 15 MINUTES, MAYBE.

BUT IN OTHER PARTS OF THE

COUNTRY, YOU COULD TRAVEL 45

MINUTES OR AN HOUR TO GET TO A

STORE THAT YOU LIKE TO DO

BUSINESS WITH.

THINK ABOUT IF PEOPLE BUY

ONLINE, YOU NEED AN ONLINE

PRESENCE.

THE CENSUS BUREAU SAYS THAT

E-COMMERCE SALES FOR THE SECOND

QUARTER OF 2018 IS $127 BILLION

AND GROWING.

SO YOU MAY WANT TO CONSIDER

GETTING YOUR PRODUCT ONLINE, IF

POSSIBLE.

ALSO, HOW DO YOU MOTIVATE YOUR

CUSTOMERS TO BUY FROM YOU.

YOU NEED TO PUT YOURSELF IN THE

POSITION OF YOUR CUSTOMER.

WHAT IMPRESSES YOU ABOUT THE

BUSINESSES THAT YOU LOVE TO DO

BUSINESS WITH?

WHY DO YOU BUY FROM THEM AND YOU

NEED TO THINK ABOUT HOW YOU CAN

STRUCTURE YOUR BUSINESS SO THAT

CUSTOMERS WILL BE HAPPY

CUSTOMERS AND SEND PEOPLE TO BUY

FROM YOU AS WELL.

SO WE ALL KNOW THAT WITHOUT

CUSTOMERS, THERE'S NO BUSINESS.

SO YOU HAVE TO IDENTIFY WHO

THESE CUSTOMERS ARE.

YOU NEED TO NURTURE REELS SHIPS

WITH THEM.

YOU NEED TO KNOW THEIR NAMES,

YOU NEED TO KNOW ABOUT THEIR

FAMILY AND WHAT THEY DO.

GET PERSONAL.

PEOPLE LIKE TO DO BUSINESS WITH

PEOPLE THAT THEY LIKE.

AND YOU HAVE TO UNDERSTAND WHEN

THEY'RE MOST LIKELY TO BUY.

THE BUSINESS I WAS IN WAS A

SEASONAL BUSINESS.

SO I KNEW DURING CHRISTMASTIME I

WAS MAKING THE VERY MOST SALES

AND THEN WHEN IT CAME JANUARY,

THERE WERE NO SALES.

SO WHAT DID I DO TO ENCOURAGE

BUYERS DURING THE SLOW TIMES?

SOCIAL FORCES ALSO INFLUENCE

CUSTOMERS AND WORK PATTERNS.

WE HAVE FAMILIES WITH BOTH

HUSBAND AND WIFE WORKING AND SO

YOU KNOW THAT YOU NEED

BUSINESSES THAT ARE MORE

CONVENIENT OR BUSINESS THAT IS

ARE OPEN 24 HOURS A DAY OR

DELIVERY BUSINESSES SO THAT YOU

CAN GET THINGS THAT YOU NEED

BECAUSE YOU DON'T HAVE TIME TO

GO OUT AND SHOP.

AND THEN HOW WILL YOU REACH THEM

AND HOW ARE THEY GOING TO FIND

YOU.

YOU ARE ALWAYS GOING TO

REPRESENT YOUR COMPANY BETTER

THAN ANYONE ELSE.

FACE TO FACE MARKETING IS THE

BEST WAY.

WORD-OF-MOUTH ALSO BECAUSE YOU

KNOW THAT WHEN YOU HAVE A HAPPY

CUSTOMER, THEY'RE GOING TO

TELL-ALL YOUR FRIENDS.

AND THINK ABOUT HOW YOU'RE GOING

TO COMPETE.

YOU NEED TO UNDERSTAND IF YOUR

BUSINESS IS MORE CONVENIENCE

ORIENTED OR PRICE ORIENTED AR

QUALITY.

THERE'S A LOT OF BRAND LOYALTY.

FOR EXAMPLE, TIFFANY'S CAN

CHARGE MUCH MORE MONEY BECAUSE

OF THEIR BRAND AND THE WAY THEY

PACKAGE THEIR ITEMS IN THAT

LITTLE BLUE BOX.

AND THE WHOLE STATUS OF

TIFFANY'S, SO THEY CAN PRICE

PRODUCTS A LOT HIGHER BECAUSE OF

THE BRAND RECOGNITION.

THERE'S A HIGHER PERCEIVED VALUE

WHEN SOMETHING COMES FROM

TIFFANY'S.

YOU ALSO NEED TO BUILD YOUR

BUSINESS AROUND WHAT CUSTOMERS

NEED.

AND CUSTOMERS WILL COME IN AND

TELL YOU, IF YOU DON'T HAVE

SOMETHING THEY NEED, THEN YOU'LL

KNOW HOW YOU CAN MODIFY WHAT

YOU'RE SELLING OR BRING IN WHAT

THEY NEED.

AND ALWAYS INSPIRE CUSTOMER

LOYALTY.

I HAD A RETAIL BUSINESS, AND IT

WAS A JEWELRY BUSINESS.

FOR EVERY HUNDRED DOLLARS THAT

OUR CUSTOMERS SPENT, THEY GOT A

$10 CLUB BUCK.

BUT YOU KNOW, THERE WAS NOTHING

IN MY STORE THAT WAS $10.

BUT IT BROUGHT THEM IN TO BUY

SOMETHING AND THAT'S A REPEAT

CUSTOMER.

IT WAS AN INCENTIVE.

WE OFFERED, YOU KNOW, THIS FOR

EVERY PURCHASE THAT YOU MADE.

YOU GOT AN INCENTIVE TO COME

BACK AGAIN.

STARBUCKS OFFERS STARS.

THERE ARE MANY COMPANIES NOW

THAT ARE SAYING BUY ONE -- BUY

TEN, GET ONE FREE.

THERE'S INCENTIVES FOR PEOPLE TO

KEEP DOING BUSINESS WITH YOU.

AND THAT'S WHAT YOU REALLY NEED

TO THINK ABOUT.

THE OTHER THING IS, YOU NEED TO

CONSIDER DISTRIBUTING YOUR FRO

DUCT AT LEAST FIVE DIFFERENT

WAYS.

WHICH MEANS ONLINE, PRIVATE

SALES, WHOLESALE, RETAIL.

CONSIGNMENT.

CODE BRANDING WITH OTHER

COMPANIES AND HAVING YOUR HAPPY

CUSTOMERS RECOMMEND,

WORD-OF-MOUTH IS ALWAYS THE BEST

WAY.

NOW THE COMPETITION.

YOU NEED TO UNDERSTAND YOUR

COMPETITION BECAUSE YOU WILL

LEARN FROM YOUR COMPETITION.

THERE ARE DIRECT AND INDIRECT

COMPETITORS.

SO FOR AN EXAMPLE, A DEPARTMENT

STORE CARRIES A SPECIFIC LINE, A

DESIGNER LINE OF CLOTHING.

BUT YOU KNOW THOSE LINES ARE

ALSO AVAILABLE ONLINE, WHICH IS

AN INDIRECT COMPETITION OR A

DISCOUNT STORE IS AN INDIRECT

COMPETITION TO THE MAIN

DEPARTMENT STORE.

A BAKERY SELLS CAKES AND

COOKIES.

BUT YOU DO KNOW THAT YOU COULD

GO DOWN THE STREET TO A

SUPERMARKET AND ALSO GET CAKES

AND COOKIES.

THAT'S INDIRECT COMPETITION.

SO YOU WANT TO LOOK AT THE

STRENGTH AND WEAKNESSES OF YOUR

COMPETITION.

YOU WANT TO ALSO UNDERSTAND HOW

LONG THEY'VE BEEN IN BUSINESS

AND THEIR REPUTATION AND ALWAYS

KNOW THAT YOUR REPUTATION IS

EVERYTHING.

YOU WANT TO KNOW WHAT THEY SELL,

THEIR PRICE CAN YOU COMPETE?

IF YOU WORK FOR THE COMPETITION,

YOU WILL LEARN EVERYTHING ABOUT

WHAT THEY'RE DOING WELL AND WHAT

THEY'RE DOING NOT SO WELL, WHICH

WILL GIVE YOU A I LOT OF

INFORMATION ON HOW YOU MAY WANT

TO START YOUR BUSINESS.

YOU ALSO WANT TO DO BUSINESS

WITH THE COMPETITION AND

UNDERSTAND HOW THEY DO BUSINESS

AND CAN YOU BE BETTER THAN THEM,

IS THERE A GAP IN THEIR PRODUCT

LINE THAT YOU CAN FILL?

AND ALWAYS KNOW THAT YOU'RE IN

BUSINESS TO MAKE A PROFIT.

SO MAKE SURE THAT THE

COMPETITION MIGHT HAVE A LOWER

PRICE AND IF YOU CAN'T COMPETE,

YOU MAY NOT BE ABLE TO SELL THAT

PRODUCT.

YOU MAY SELL A DIFFERENT TYPE OF

A PRODUCT.

SO, AGAIN, YOU NEED TO LEARN

EVERYTHING YOU CAN ABOUT THE

INDUSTRY.

IT'S ALWAYS BEST TO WORK IN THAT

INDUSTRY AND MOST PEOPLE DO

START BUSINESSES IN AN INDUSTRY

THAT THEY'VE WORKED IN.

YOU UNDERSTAND THE INDUSTRY AND

THE TRENDS.

IS IT GROWING?

IS IT DECLINING?

ONE THING I CAN TELL YOU, YOU

PROBABLY WOULDN'T WANT TO BUY A

BLOCKBUSTER VIDEO.

AS YOU ALL KNOW, BLOCKBUSTER IS

OUT OF BUSINESS.

BECAUSE TODAY EVERYONE IS

STREAMING AND BUYING NETFLIX.

YOU WANT TO MAKE SURE THE

INDUSTRY IS A GROWING INDUSTRY.

YOU MUST READ THE TRADE

MAGAZINES AND ATTEND TRADE SHOWS

TO SEE WHAT'S NEW IN THE

INDUSTRY AND OBSERVE BUSINESS

PRACTICES AND INDUSTRY PRICING.

DO YOU KNOW WHO THE LARGEST

SUPPLIERS ARE?

THE MANUFACTURERS?

THEY'RE ACTUALLY DECLINING IN

THIS COUNTRY.

WHAT YOU MAY NEED TO DO IS FIND

A SUPPLIER THAT IS BUYING FROM A

MANUFACTURER IN CHINA SO THAT

YOU DON'T HAVE TO BUY DIRECTLY

FROM CHINA BY IMPORTING.

BECAUSE THE SUPPLIERS TODAY AND

THE MANUFACTURERS TODAY ARE NOT

REALLY HERE THE WAY THEY USED TO

BE.

SO FIND OUT WHO THE INDUSTRY

LEADERS ARE AND DO BUSINESS WITH

THEM.

MARKETING AND NETWORKING.

HAVE YOU EVER THOUGHT ABOUT A

BUSINESS NAME?

HOW ARE YOU GOING TO COME UP

WITH YOUR BUSINESS NAME.

I CAN TELL YOU WHEN I STARTED MY

BUSINESS, I WROTE DOWN EVERY

SINGLE WORD THAT DESCRIBED WHAT

OUR BUSINESS WAS.

WE HAD A PAGE OF 50 DIFFERENT

NAMES AND CAME UP WITH A

BUSINESS NAME.

A BUSINESS NAME SHOULD BE EASY

TO SAY, EASY TO SPELL, EASY TO

REMEMBER THAT CONVEYS THE

BENEFITS YOU OFFER.

YOU CAN ALSO HAVE A MEMORABLE

TAG LINE OR A LOGO THAT REFLECTS

THE BUSINESS.

SO IF YOU THINK ABOUT SOME

NAMES, JIFFY LUBE TELLS WHAT IT

DOES.

TOP GOLF.

THE SCOOTER STORE.

INSURANCE FOR LESS.

VISION WORKS.

THINK ABOUT NAMES THAT ARE EASY

TO REMEMBER AND EASY TO SAY.

YOU MAY CONSIDER A MEMORABLE TAG

LINE OR SLOGAN.

HAVE IT YOUR WAY.

THAT'S BURGER KING.

JUST DO IT.

THAT'S NIKE.

DON'T LEAVE HOME WITHOUT IT.

THAT'S YOUR AMERICAN EXPRESS

CARD.

LET YOUR FINGERS DO THE WALKING.

DO YOU REMEMBER THAT?

THAT'S THE YELLOW PAGES.

WE'RE NOT SEEING YELLOW PAGES

ANYMORE AS WE DID IN THE PAST.

AFTER WE HAVE OUR BUSINESS NAME,

WE HAVE TO THINK ABOUT OUR

BUSINESS CARD.

THE BUSINESS CARD IS IMPORTANT

AND YOU CAN LOOK AT EVERYONE

ELSE'S BUSINESS CARDS AND DECIDE

WHAT YOU LIKE AND WHAT YOU DON'T

LIKE.

THE FORMAT SHOULD BE EASY TO

READ.

IT SHOULD BE EYE-CATCHING AND

MEMORABLE AND PRINTED ON HIGH

QUALITY CARD STOCK.

YOUR BUSINESS CARD IS GOING TO

REFLECT YOUR BUSINESS IMAGE.

AND INSTA PRINT.COM IS A GOOD

PLACE TO GET INITIAL BUSINESS

CARDS.

EVERY TIME I REPRINTED A CARD, I

CHANGED THE CARD.

YOU CAN ALWAYS CHANGE YOUR

BUSINESS CARD AND IT'S

INEXPENSIVE.

THERE'S OTHER ONLINE BUSINESS

CARD COMPANIES AS WELL THAT YOU

CAN LOOK INTO.

SO NOW YOU HAVE YOUR BUSINESS

CARD AND YOUR BUSINESS NAME.

THE NEXT STEP IS YOUR ELEVATOR

PITCH, WHICH IS A CLEAR,

CONCISE, POWERFUL AND MEMORABLE

INTRODUCTION.

YOU WANT TO INTRODUCE YOURSELF

AND YOUR COMPANY, WHAT YOU OFFER

AND THE BENEFITS TO THE

CUSTOMER.

INSPIRE THE PERSON TO DO

BUSINESS WITH YOU OR HAVE IT SO

MEMORABLE THAT THEY'LL REFER

CUSTOMERS TO YOU AND YOU WANT TO

KEEP IT SHORT, CLEVER, CLEAR AND

THINK ABOUT WHY THE CUSTOMER

NEEDS YOUR SERVICES.

THIS IS MY ELEVATOR PITCH HI.

I'M A SCORE VOLUNTEER MENTOR

WITH 20 YEARS OF EXPERIENCE IN

STARTING AND OWNING A BUSINESS.

I HAVE MY MBA AND REAL ESTATE

LICENSE.

I HELP PEOPLE START AND EXPAND

THEIR BUSINESSES.

I HAVE HELPED CLIENTS WITH THEIR

BUSINESS PLANS TO GET FINANCING

WHO HAVE BEEN TURNED DOWN, I'VE

HELPED WITH MARKETING PLANS IN

WHICH CLIENTS INCREASED THEIR

BUSINESS AND I'M AVAILABLE TO

HELP YOU WITH ALL ASPECTS OF

YOUR BUSINESS NEEDS.

CONTACT US AS OFTEN AS YOU LIKE

AND KNOW THERE IS NEVER A CHARGE

FOR ANY OF OUR SERVICES.

CONTACT ME AT

JULIE.BRANDER@SCORE

VOLUNTEER.ORG OR ONE OF OUR

MENTORS.

OVER 10,000 SCORE MENTORS FOR

THE EXPERTISE THAT YOU NEED.

AND NOW NETWORKING.

YOU HAVE YOUR NAME.

YOU HAVE YOUR BUSINESS CARD AND

YOU HAVE YOUR ELEVATOR PITCH.

SO NOW YOU ARE READY TO MEET

THAT PROSPECTIVE CUSTOMER,

INVESTOR, PARTNER OR FRIEND.

SO YOU NEED TO INTRODUCE

YOURSELF.

EXCHANGE BUSINESS CARDS.

WRITE NOTES ON THE CARD TO

REMEMBER THIS PERSON.

WHEN AND WHERE YOU MET THEM.

AND THE ONE THING THAT I HAVE TO

TELL YOU IS MY WEAKNESS WHEN I

HAD MY BUSINESS WAS REMEMBERING

NAMES.

PEOPLE KNEW MY NAME AND

OFTENTIMES I COULD NOT REMEMBER

THEIR NAMES.

SO WHEN YOU INTRODUCE YOURSELF,

YOU WANT TO SHAKE THEIR HAND,

REPEAT THEIR NAME AND SAY NICE

TO MEET YOU AND THEN REPEAT

THEIR NAME IN CONVERSATION AT

LEAST FIVE TIMES.

ALWAYS PRESENT YOURSELF IN A

PROFESSIONAL WAY, LEAVE A

LASTING IMPRESSION BECAUSE YOU

ARE A REFLECTION OF YOUR

BUSINESS.

THE GOAL IS ALWAYS TO CARRY AT

LEAST TEN BUSINESS CARDS AND

THINK ABOUT MEETING FIVE TO TEN

PEOPLE AT EVERY SINGLE

NETWORKING EVENT.

NO MATTER WHERE YOU ARE, YOU

SHOULD HAVE YOUR BUSINESS CARDS

READY SO PEOPLE KNOW WHO YOU ARE

AND WHAT BUSINESS YOU'RE IN.

NOW THAT WE HAVE THE FOUNDATION

WE WANT TO PUT YOUR IDEA IN

WRITING.

YOU WANT TO BE CLEAR AND

SPECIFIC WHAT PRODUCT OR SERVICE

DO YOU PROVIDE.

WHO ARE YOUR CUSTOMERS.

WHO IS GOING TO BUY IT?

HOW MUCH WILL THEY PAY?

ARE YOU A SERVICE BUSINESS?

NOW, A SERVICE BUSINESS IS

BASICALLY LABOR, SUPPLY,

OVERHEAD.

IT'S BILLABLE HOURS.

SO YOU KNOW THAT WHEN YOU'RE IN

A SERVICE BUSINESS, THERE'S ONLY

SO MANY HOURS IN A DAY THAT YOU

CAN PROVIDE THAT SERVICE.

SO THINK ABOUT THAT AND BEING

VERY EFFICIENT AND HOW YOU'RE

GOING TO PROVIDE SERVICE.

WHEN YOU START, IT MAY JUST BE

YOU AND YOU KNOW YOU'RE GOING TO

WORK EIGHT OR TEN HOURS A DAY AT

$100 LET'S SAY.

YOU CAN ONLY MAKE $800 TO

$1,000.

THAT'S IF YOU'RE WORKING EVERY

HOUR IN THAT 8 TO 10 HOURS.

IF YOU MANUFACTURE OR PURCHASE

PRODUCT, YOU SHOULD ALWAYS

NEGOTIATE EVERY SINGLE THING

THAT YOU BUY.

YOU MAY WANT TO GET AT LEAST

THREE VENDORS TO MAKE SURE THAT

YOU CAN GET DELIVERY.

YOU WANT TO ASK FOR CREDIT

TERMS.

YOU MAY GET ITEMS OR PRODUCTS ON

CONSIGNMENT.

YOU WANT TO PURCHASE ONLY ITEMS

THAT YOU THINK YOU CAN SELL.

IF YOU BUY SOMETHING THAT

DOESN'T SELL, KNOW THAT YOU CAN

EITHER RETURN THAT PRODUCT BACK

TO THE VENDOR OR CLOSE IT OUT SO

THAT YOU CAN BUY A PRODUCT

THAT'S MORE SALEABLE.

BE RESOURCEFUL.

NEGOTIATE EVERY SINGLE THING

THAT YOU PURCHASE.

AND THEN CONSIDER WHERE YOU'RE

GOING TO GET THE FINANCIAL

RESOURCES.

NOW YOU NEED TO CONFIRM WHETHER

OR NOT YOUR BUSINESS WILL

SUCCEED.

THIS EXERCISE HELPS YOU

FORMULATE YOUR IDEA.

YOU WANT TO WRITE IT DOWN.

YOU WANT TO START WITH YOUR

MISSION STATEMENT.

DESCRIBE WHAT YOU OFFER THAT

WILL BENEFIT AND ADD VALUE TO

THE CUSTOMER.

IT'S USUALLY THREE OR FOUR

SENTENCES THAT CONVEYS A STRONG

MENTAL IMAGE THAT CUSTOMERS WILL

REMEMBER AND RELATE TO.

SO YOUR BUSINESS PLAN IS A

FORMAL, PROFESSIONAL DOCUMENT,

IT'S EASY TO READ, CLEAR, EASY

TO PERSUADE INVESTORS TO LOAN

YOU MONEY.

YOU WANT IT TO BE A PROFESSIONAL

BOUND DOCUMENT WITH TABS.

THE FIRST PAGE, THE COVER PAGE

HAS TO HAVE YOUR BUSINESS NAME

AND ADDRESS.

IF YOU DON'T HAVE A LOCATION

YET, JUST PUT THE CITY AND NAME

OF THE OWNERS WITH THE TELEPHONE

NUMBER, E-MAIL AND WEBSITE.

I SAW A BUSINESS PLAN THE OTHER

DAY AND IT HAD THE NAME AND AN

ADDRESS AND A PHONE NUMBER AND A

WEBSITE.

BUT I DIDN'T HAVE THE PERSON'S

NAME THAT WAS RUNNING THE

BUSINESS.

SO MAKE SURE YOUR NAME IS THERE.

ONCE YOU HAVE THE COVER PAGE,

YOUR NEXT PAGE IS THE TABLE OF

CONTENTS.

WHICH SHOULD HAVE THE SECTIONS

WITH PAGE NUMBERS.

MOST LENDERS ARE BANKERS.

THEY WANT TO LOOK AT THE

EXECUTIVE SUMMARY FIRST, WHICH

IS A CLEAR, COMPELLING STORY

THAT DESCRIBES WHAT MOTIVATED

YOU TO START THIS BUSINESS WHICH

IS THE VISION OF YOUR BUSINESS

AND WHY IT WILL SUCCEED AND IT

USUALLY IS A COMPELLING STORY

THAT'S ONE OR TWO PAGES.

ONCE THE BANKER OR LENDER SEES

THAT PAGE.

WHAT DO YOU THINK THE NEXT PAGE

IS GOING TO BE?

MOST THEM WANT TO LOOK AT YOUR

FINANCIALS AND SEE IF YOU CAN

MAKE MONEY.

BUT YOU STILL NEED ALL THE OTHER

SUPPORTING DOCUMENTS IN YOUR

BUSINESS PLAN.

SO YOU'RE GOING TO WANT TO

DESCRIBE YOUR PRODUCTS AND

SERVICES.

WA ARE THE FEATURED BENEFITS AND

VALUE.

YOU WANT TO INCLUDE THE DIRECT

AND INDIRECT COMPETITION AND HOW

YOUR PRODUCT OR SERVICE IS

UNIQUE.

REALLY, YOU HAVE TO SHOW THAT

YOU'RE GOING TO BE ABLE TO

COMPETE IN THE MARKETPLACE.

CONTINUING WITH THE BUSINESS

PLAN, YOU WANT TO LIST THE

MARKET.

WHO ARE YOUR CUSTOMERS?

WHAT ARE THEIR AGE, INCOME,

OCCUPATION?

WHAT'S THE SIZE OF THE MARKET?

WRITE DOWN WHO YOUR IDEAL

CUSTOMER IS AND THE PROMOTION.

DESCRIBE HOW YOU WILL MARKET AND

SELL YOUR PRODUCT.

HOW WILL YOU GET CUSTOMER

LOYALTY AND REPEAT BUSINESS?

TYPES OF PROMOTION, YOU WANT TO

MEASURE THE MARKETING

EFFECTIVENESS AND YOU WANT TO

TRAP ALL OF YOUR ADVERTISING.

THE MANAGEMENT, WHO IS RUNNING

THE COMPANY.

WHAT IS THEIR EXPERIENCE?

WHAT ARE THEIR CREDENTIALS,

THEIR EXPERTISE AND THEIR

ABILITY TO MANAGE FINANCES AND

EMPLOYEES.

AND THE FINANCIAL INFORMATION IS

HOW MUCH MONEY DO YOU NEED?

YOU NEED TO WRITE DOWN EVERY

SINGLE NUMBER.

BECAUSE WHEN I ASK BUSINESS WHO

IS WANT TO GET STARTED HOW MUCH

THEY NEED, MOST OF THE TIME THEY

WILL SAY $100,000.

I CAN TELL YOU WHEN THEY WRITE

DOWN EVERY SINGLE ITEM, IT'S

MUCH LESS THAN $100,000.

SO YOU NEED TO WRITE DOWN EVERY

SINGLE ITEM.

HOW MUCH ARE YOU GOING TO PAY

FOR THE PRODUCT?

HOW MUCH INVENTORY WILL YOU

NEED?

WHAT IS YOUR PROFIT MARGIN GOING

TO BE?

HOW MUCH IS THE OVERHEAD GOING

TO COST?

HOW MUCH INCOME DO YOU NEED?

AFTER ALL YOUR EXPENSES TO BREAK

EACH.

BUSINESS FINANCES AND YOUR

PERSONAL BUDGET.

YOU NEED TO IDENTIFY ALL OF YOUR

PERSONAL EXPENSES.

HOUSEHOLD EXPENSES, YOUR RENT,

INSURANCE, TAXES, ELECTRIC,

WATER, SEWER, GARBAGE, CABLE,

PHONE, LAWN MAINTENANCE REPAIRS,

FIXED AND VARIABLE EXPENSES AND

OTHER PERSONAL EXPENSES LIKE

GROCERIES, EATING OUT,

ENTERTAINMENT, HAIR, GROOMING,

CLOTHES.

AND YOU HAVE TO SEE HOW MUCH YOU

NEED TO COVER ALL OF YOUR

PERSONAL EXPENSES WITHOUT ANY

BUSINESS INCOME AT ALL.

MONEY.

WHAT ARE YOUR OPTIONS?

70% OF ALL BUSINESSES ARE

STARTED WITH PERSONAL SAVINGS.

FRIEND AND FAMILY.

CREDIT CARDS OR CASH ADVANCES

CAN BE USED, BUT WITH CAUTION.

YOU CAN GET THE ZERO PERCENT

CREDIT CARDS FOR A YEAR AND HOPE

THAT YOU HAVE ENOUGH MONEY

COMING IN TO PAY THAT BACK.

YOU CAN USE A LINE OF CREDIT

WITH -- IF YOU HAVE A HOME

EQUITY OR ANY KIND OF ASSET THAT

YOU CAN BORROW AGAINST.

THERE'S ALSO PEER TO PEER

LENDING.

ONLINE BUSINESS LOANS COME FROM

U.S. AXIOM.ORG, PROSPER.COM OR

ON DECK WHO WILL BE TALKING

LATER ON.

THE LOCAL CHAMBER OF COMMERCE

CAN GIVE YOU THE FUNDING

SOURCES.

SOME LENDERS REQUIRE BEING IN

BUSINESS AT LEAST TWO YEARS.

IN THOSE TWO YEARS, YOU HAVE TO

SHOW THAT YOU'RE A VIABLE

BUSINESS AND CAN PAY BACK THE

LOAN.

REMEMBER, WHEN YOU GET A LOAN,

YOU'RE GOING TO HAVE TO SHOW

PROFIT SO THAT YOU CAN PAY IT

BACK.

PLAN HOW YOU'RE GOING TO SPEND

YOUR MONEY.

ANALYZE EVERY EXPENSE.

IS IT NECESSARY?

TRACK YOUR SPENDING HABITS.

HOW MANY OF YOU ACTUALLY KNOW

HOW MUCH YOU SPEND EACH MONTH?

I HAD AN IDEA.

OF HOW MUCH I WAS SPENDING BUT I

DIDN'T KNOW UNTIL I WROTE IT ALL

DOWN AND WHAT I THOUGHT WAS

SPENDING WASN'T EVEN CLOSE TO

WHAT I WAS ACTUALLY SPENDING.

SO IF YOU USE CASH RATHER THAN

CREDIT TO MONITOR YOUR SPENDING,

FOR EXAMPLE, IF YOU HAVE A

HUNDRED DOLLARS A WEEK TO SPEND,

BUT $100 IN YOUR PURSE OR WALLET

THAT WEEK AND WHEN YOU'RE

FINISHED SPENDING THAT 100, YOU

KNOW THAT'S T YOU DON'T HAVE ANY

MORE MONEY UNTIL NEXT WEEK.

YOU WANT TO ALSO THINK ABOUT

GETTING CREDIT TERMS.

BUYING ON SALE.

CLOSE-OUTS AND CONSIGNMENT.

WHEN YOU'RE IN BUSINESS YOU ONLY

WANT TO PURCHASE INVENTORY AND

SUPPLIES THAT WILL BE SOLD

QUICKLY.

YOU WANT TO CONSIDER LEASING

EQUIPMENT OR BUYING USED

EQUIPMENT.

SUBCONTRACT OUT LABOR BECAUSE

THEN YOU KNOW THAT WHEN YOU'RE

BUYING SOMETHING YOU'RE GETTING

IT BACK.

SO FOR EXAMPLE, WE WERE A

MANUFACTURER.

THERE WAS A PERCENTAGE OF OUR

MANUFACTURING THAT THE PIECES

WEREN'T ALWAYS 100%.

THERE WAS SOME DAMAGE.

SO WHEN WE SUBCONTRACTED OUT

THAT LABOR FOR THOSE PIECES, WE

KNEW EVERY SINGLE PIECE THAT WE

GOT BACK WAS PERFECT.

SO THERE WAS NO LOSS AT ALL.

ALSO, USE A TEMPLE AGENCY FOR

PROJECTS THAT YOU NEED.

THERE ARE MANY TIMES THAT YOU

DON'T NEED A FULL-TIME PERSON.

YOU CAN HAVE A TEMPLE AGENCY

COME IN AND DO A PROJECT UNTIL

YOU GROW AND CAN HIRE A

FULL-TIME PERSON.

YOU ALSO MIGHT CONSIDER SHARING

SPACE WITH ANOTHER COMPANY OR

WORKING FROM HOME OR CREATING AN

ONLINE BUSINESS TO CUT DOWN ON

YOUR OVERHEAD COSTS.

CONSIDER BARTERING GOODS BUT

WITH CAUTION.

BECAUSE WHEN YOU BARTER GOODS OR

SERVICES, YOU DON'T HAVE ANY

CASH FLOW.

ONLY BARTER THE SMALL

PERCENTAGE.

A 20% BARTER COULD BE OKAY.

BUT BE VERY CAUTIOUS.

WHEN YOU'RE FIRST STARTING YOUR

BUSINESS, THERE'S NOT A LOT OF

EXTRA CASH THAT YOU CAN SPEND.

SO THINK ABOUT, YOU'RE PROBABLY

GOING TO BE THE ONLY ONE IN THE

BUSINESS AND MAYBE A COUPLE

OTHERS.

YOU WANT TO NEVER PAY OTHERS FOR

SERVICES THAT YOU CAN DO

YOURSELF.

YOU WANT TO CONSIDER RECYCLING,

REUSING, REFINISHING ITEMS AND

EVEN FINDING FREE ITEMS THAT YOU

CAN USE IN YOUR BUSINESS.

YOU WANT TO SELL ITEMS THAT YOU

NO LONGER NEED OR GET THINGS ON

CONSIGNMENT, BUY THINGS FROM

CONSIGNMENT STORES.

WHEN YOU BUY FROM A CONSIGNMENT

SHOP, YOU CAN ALWAYS NEGOTIATE.

ALWAYS COMPARE ITEMS FOR THE

LOWEST PRICE.

ARE THEY ON SALE?

BUY CLOSE-OUTS.

WHEN SHOPPING, MAKE A LIST AND

STICK TO IT.

NEVER BUY IMPULSE ITEMS BECAUSE

WHO KNOWS HOW MUCH EXTRA THAT'S

GOING TO BE.

IF YOU THINK ABOUT COOKING AT

HOME OR BRINGING YOUR LUNCH TO

WORK, YOU WILL SAVE SO MUCH

MONEY OR THINK ABOUT GOING AND

EATING AT A HAPPY HOUR, WHICH IS

USUALLY HALF PRICE.

AGAIN, USING THERE'S SO MANY

APPS NOW AND CREDIT CARDS WHERE

YOU CAN GET CASH BACK.

AGAIN, I CAN'T STRESS ENOUGH TO

NEGOTIATE EVERY SINGLE THING

THAT YOU BUY.

WE HAVE A LOT OF DIGITAL

MARKETING AND APPS.

WHEN YOU'RE IN BUSINESS, YOU

WANT TO MAKE SURE THAT YOU ARE

LISTED ON ANGIE'S LIST, GOOGLE

MY BUSINESS.

GROUPON IS A GOOD WAY TO GET

CUSTOMERS IN THE BEGINNING BUT

BE VERY CAUTIOUS BECAUSE I'LL

GIVE YOU AN EXAMPLE.

IF YOU HAVE $100 PRODUCT OR

SERVICE, YOU MIGHT NEED TO --

GROUPON IS GOING TO SELL IT FOR

$50.

GROUPON TAKES 50% AND SO YOU'RE

ONLY GOING TO END UP WITH $25.

IF YOUR SERVICE OR YOUR PRODUCT

COSTS MORE THAN $25, GROUPON

COULD PUT YOU OUT OF BUSINESS.

SO YOU HAVE TO BE VERY CAUTIOUS

AND LIMIT THE GROUPON SALES AND

MAKE SURE THAT YOUR COSTS ARE

COVERED.

IT'S A GREAT WAY TO GET FREE

ADVERTISING AND MANY OF THESE

APPS AND DIGITAL MARKETING

IDEAS.

SOCIAL MEDIA ARE GREAT WAYS TO

ADVERTISE YOUR BUSINESS.

FACEBOOK HAS FACEBOOK FOR

BUSINESS.

INSTAGRAM, TWITTER, LINKEDIN,

YOUTUBE.

SELLING ONLINE IS THE WAVE OF

THE FUTURE.

YOU NEED TO HAVE PRESENCE

ONLINE, EITHER ON AMAZON, ETSY,

SHOPIFY.

THERE'S SO MANY ONLINE SITES TO

PUT PRODUCTS ON.

E-MAIL MARKETING.

CONSTANT CONTACT WITH A GREAT

WAY TO KEEP IN TOUCH WITH YOUR

CUSTOMERS.

BUILDING THAT E-MAIL CUSTOMER

BASE.

THE BEST THING ABOUT CONSTANT

CONTACT IS WHEN YOU'RE E-MAILING

TO YOUR CUSTOMERS, THEY CAN OPT

OUT IF THEY DON'T WANT TO GET

FUTURE MAILINGS FROM YOU.

THAT GIVES YOU A LEGAL WAY TO

ADVERTISE.

THERE'S SO MANY OTHER WAYS THAT

YOU CAN MARKET YOUR NEW

BUSINESS.

NOW THE TENNESSEE KRETS TO

BUSINESS SUCCESS.

ALWAYS BE POSITIVE AND AVOID

NEGATIVITY.

WHEN YOU HAVE THIS GREAT IDEA,

THERE ARE PEOPLE AROUND YOU THAT

SAY, THAT'S NEVER GOING TO WORK.

DON'T LISTEN TO THOSE PEOPLE.

THINK SUCCESS.

ALWAYS WRITE DOWN YOUR GOALS.

GOALS ARE NOTHING WITHOUT

ACTION.

YOU WANT TO GATHER ALL YOUR

IDEAS, WRITE THEM DOWN.

COLLECT THINGS YOU LIKE THAT

YOU'D LIKE TO SEE YOUR BUSINESS

MODELED AFTER.

CONTINUE TO LEARN, GET TRAINING.

LEARN THE INDUSTRY TO IMPROVE

WHAT'S CURRENTLY BEING DONE SO

YOU CAN DO IT BETTER.

HAVE A PLAN.

MODIFY IT TO REFLECT MARKET

CHANGES.

MANAGE YOUR TIME AND DON'T BE

AFRAID TO SAY NO.

WHEN SOMEONE CALLS TO INTERRUPT

YOU, YOU WANT TO MAKE SURE THAT

YOU'RE ABLE TO SAY, LET ME CALL

YOU BACK LATER.

BE UNDERSTANDING, EMPATHETIC AND

HAVE THE ABILITY TO MOTIVATE.

BECAUSE YOU'RE GOING TO NEED A

LOT OF PEOPLE AROUND YOU TO HELP

YOU GET THIS BUSINESS OFF THE

GROUND.

ALSO, BE MEMORABLE.

LEAVE A LASTING IMPRESSION TO

SET YOURSELF APART.

YOU WANT PEOPLE TO REMEMBER YOU

AND KNOW WHAT IT IS THAT YOU DO.

SUCCESS COMES FROM PASSION,

ENTHUSIASM AND PERSISTENCE.

NEVER GIVE UP.

ALWAYS REMEMBER YOU'RE IN

BUSINESS TO MAKE A PROFIT.

THERE ARE A LOT OF DISTRACTIONS

AND A LOT OF THINGS THAT COME

ABOUT THAT WILL PREVENT YOU FROM

DOING AND GROWING THE BUSINESS

AS YOU SHOULD.

YOUR BUSINESS SHOULD ALWAYS BE

ENJOYABLE.

WHEN IT STOPS BEING FUN, IT'S

TIME TO GET OUT OF BUSINESS.

SO NOW WE ARE GOING TO BE TAKING

SOME QUESTIONS FROM YOU.

I HOPE YOU'VE ENJOYED THIS

LITTLE WEBINAR.

GOOD LUCK IN YOUR BUSINESS.

>> OKAY.

THANK YOU, JULIE.

WE WILL NOW GO AHEAD AND START

THE Q AND A PORTION OF YOUR CALL

WHERE I WILL BE READING THE CHAT

QUESTIONS OUR PARTICIPANTS HAVE

BEEN SENDING IN AND ARE

CONTINUING TO SEND IN.

AND IN THIS TIME REMAINING, WE

WILL ADDRESS JUST AS MANY AS WE

CAN.

IF WE DON'T HAVE TIME TO ADDRESS

YOUR QUESTION DURING THE

SEGMENT, I ENCOURAGE YOU TO

CONNECT WITH A SCORE MENTOR IF

YOU'RE NOT WORKING WITH ONE.

MENTORS ARE AVAILABLE AFTER THE

WEBINAR IN THE TRAINING HALL.

LET'S GO AHEAD AND JUMP INTO

THESE QUESTIONS.

JULIE, OUR FIRST QUESTION, THIS

COMES TO US FROM AMANDA.

WHO WOULD LIKE TO KNOW HOW WOULD

SHE KNOW IF HER BUSINESS STARTUP

NAME IS INFRINGING ANY COPYRIGHT

LAWS?

>> SO THE FIRST THING TO DO IS

TO GO TO THE DEPARTMENT OF

REVENUE SERVICES BECAUSE WHEN

YOU GET YOUR TAX I.D. NUMBER,

THEY WILL TELL YOU IF THAT

BUSINESS NAME IS BEING USED.

ALSO, YOU WANT TO LOOK FOR A

WEBSITE ADDRESS.

A WEBSITE ADDRESS, IF IT'S NOT

BEING USED, THEN YOU KNOW THAT

THAT NAME IS AVAILABLE.

SO EVERY STATE HAS PROTECTION

FOR YOUR NAME UNLESS YOU'RE A

NATIONAL COMPANY, THEN YOU MIGHT

WANT TO GET THE -- GO THE USPTO

AND GET AN ACTUAL COPYRIGHT FOR

THE NAME.

BUT IF YOU'RE A SMALL BUSINESS

IN A STATE, THE DEPARTMENT OF

REVENUE SERVICES WILL LET YOU

KNOW WHETHER OR NOT THAT NAME IS

BEING USED.

>> ALEXIS, NEXT QUESTION?

>> ALL RIGHT.

OUR NEXT QUESTION COMES FROM

PAULA WHO ASKS, HOW DO YOU GET

BUSINESS FINANCING WHEN THE

BUSINESS HAS NO HISTORY?

>> SO I WANT EVERYBODY TO KNOW

THAT MOST MONEY COMES FROM --

71% OF ALL BUSINESSES THAT START

USE SAVINGS AND 21% ARE LOANS

FROM FRIENDS AND FAMILY.

SO USUALLY YOU START WITH YOUR

OWN MONEY.

SO FOR MY PARTICULAR BUSINESS,

WE REALLY DIDN'T GET BANK

FINANCING UNTIL WE HAD A HUGE

ORDER THAT WE NEEDED TO FINANCE

AND THEN WE COULD GO TO THE BANK

AND SHOW THE BANK, LOOK, I HAVE

THIS ORDER AND I NEED FINANCING.

THEN THEY CAN TALK ABOUT

DIFFERENT OPTIONS.

LINES OF CREDIT, I KNOW SOME

PEOPLE HAVE USED CREDIT CARDS TO

START THEIR BUSINESS.

THE PROBLEM WITH THAT IS, YOU

NEED TO PAY IT BACK.

IF YOU CAN'T PAY IT BACK, YOU

RISK GOING OUT OF BUSINESS OR

RUINING YOUR CREDIT.

IT'S NOT A GOOD OPTION.

IT'S ALWAYS BEST, MAYBE YOU WORK

FOR A FEW EXTRA MONTHS, SAVE

SOME MONEY SO THAT YOU HAVE

MONEY TO START YOUR BUSINESS.

BUT JUST KNOW THAT MOST

BUSINESSES START WITH LESS THAN

$10,000.

61% OF ALL BUSINESSES START WITH

LESS THAN $10,000.

SO IF AT ALL POSSIBLE, TRY TO

START WITH YOUR OWN MONEY OR AS

LITTLE MONEY AS POSSIBLE.

>> ALEXIS?

>> OKAY.

OUR NEXT QUESTION.

THIS COMES FROM SB WHO WANTS TO

KNOW WHAT CRITERIA MAKES A HOBBY

A BUSINESS THAT REQUIRES FILING

FEDERAL TAXES AS A BUSINESS?

>> SO TRADITIONALLY, MANY

BUSINESSES START FROM A HOBBY

INTO A BUSINESS.

THAT IS A QUESTION THAT YOU

SHOULD ASK AN ACCOUNTANT.

IF YOU WANT TO GET YOUR BUSINESS

STARTED, GO THROUGH THE PROCESS

OF FILING YOUR TAX I.D., GET

YOUR BUSINESS NAME REGISTERED.

AND I KNOW THAT WHEN I WAS FIRST

STARTING OUT AND I DIDN'T HAVE

SALES, I WAS A REGISTERED

BUSINESS, BUT IF YOU DON'T HAVE

SALES, YOU'RE NOT FILING SALES

TAX.

YOU CAN BE IN BUSINESS UNTIL YOU

GENERATE INCOME AND YOU'LL BE

ABLE TO FILE YOUR TAXES.

YOU HAVE THAT SHELL FOR YOUR

BUSINESS.

ALEXA.

>> JULIE, OUR NEXT QUESTION

COMES FROM MARTIN ASKING HOW DO

YOU KNOW THE PRICE IF THERE IS

NO COMPETITION YET?

>> SO PRICE OF PRODUCTS OR --

PRICE FOR PRODUCTS, LET'S START

WITH.

IS THE COST OF GOODS PLUS THE

SHIPPING, PLUS ANY KIND OF

OVERHEAD EXPENSE.

SO WHEN YOU PURCHASE A PRODUCT,

YOU WANT TO MAKE SURE THAT

THERE'S A MARKUP.

TRADITIONALLY, YOU WANT TO

MINIMUM OF A 40% PROFIT MARGIN

ON ANY PRODUCT THAT YOU'RE

DISTRIBUTING.

IN A SERVICE BUSINESS, IT'S A

LITTLE DIFFERENT.

BECAUSE SERVICE BUSINESS IS

LABOR.

IT'S HOW MANY BILLABLE HOURS IN

THE DAY.

IF YOU'RE A SERVICE CONTRACTOR,

THERE MAY BE TRAVELING TIME THAT

YOU HAVE TO GO TO GET TO THE

JOB.

AND THEN YOUR WORK AT THE JOB.

SO YOU NEED TO KNOW HOW MANY

JOBS PER DAY YOU CAN ACTUALLY DO

AND DETERMINE HOW MUCH YOU CAN

MAKE.

NOW, ONE PERSON CAN ONLY MAKE SO

MUCH PER BILLABLE HOUR.

EVENTUALLY, YOU WANT TO ADD MORE

PEOPLE THAT CAN HELP YOU AND

YOU'LL MAKE MORE MONEY.

SO I HOPE THAT'S CLEAR.

ALEXA?

>> OUR NEXT QUESTION COMES FROM

MEG.

WHO SAYS THE BIGGEST PROBLEM

THAT SHE HAS IS THE PRICING OF

HER PRODUCT.

HOW CAN SHE STAY COMPETITIVE

WITHOUT COMPROMISING HER

PROFITS, ESPECIALLY COMPARED TO

BIGGER COMPETITORS?

>> SO WHEN YOU'RE BUYING

PRODUCTS, YOU HAVE TO MAKE SURE

YOU'RE GETTING THE ABSOLUTE

LOWEST PRICE.

I KNOW THAT WHEN I WAS BUYING

FROM MANUFACTURERS, LARGE

QUANTITIES, I WAS ABLE TO GET A

BETTER PRICE.

IF I WAS JUST BUYING FROM A

SMALLER COMPANY.

SOURCE OF YOUR PRODUCT AND

GETTING THE BEST PRICE IS GOING

TO BE YOUR KEY INGREDIENT.

SOMETIMES YOU MIGHT WANT TO SELL

A PRODUCT, BUT THERE'S NO WAY

YOU CAN BE COMPETITIVE.

SO YOU MIGHT WANT TO LOOK AT

ANOTHER PRODUCT OR BUNDLE OF

PRODUCTS SO IT'S DIFFERENT AND

PEOPLE CAN'T COMPARE WHAT OUR

SELLING TO WHAT'S OUT THERE --

IT SHOULD BE SOMETHING A LITTLE

DIFFERENT.

A HIGHER PERCEIVED VALUE.

YOU CAN CHARGE MORE MONEY FOR.

ALWAYS THINK ABOUT BEING ABLE TO

GET THE BEST PRICE, KNOWING

WHERE THAT IS.

THAT'S HOW YOU DO IT AGAIN.

A LOT OF RESEARCH IN DETERMINE

THE BEST PRICING AND IF YOU CAN

SELL ENOUGH AS WELL.

THIS COMES FROM CHRISTINA WHO

ASKS IF BUSINESSES -- SHOULD

THEY ALWAYS SOLVE A PROBLEM.

WHAT AN ICE CREAM SHOP OR COFFEE

SHOP THAT'S ALWAYS A SOLUTION

BUT NEVER REALLY A PROBLEM.

>>> THAT'S RIGHT.

IT COULD BE A PROBLEM TO OUR

WAISTLINE.

AGAIN, IT'S BEING COMPETITIVE.

IF YOU WANT TO OPEN UP AN ICE

CREAM SHOP, YOU HAVE TO LOOK AT

ALL THE ICE CREAM SHOPS IN THE

NEIGHBORHOOD AND DETERMINE HOW

YOUR ICE CREAM SHOP IS GOING TO

BE DIFFERENT FROM THE REST.

HOW WILL YOU SET YOURSELF APART.

BEING COMPETITIVE, STANDING OUT,

OFFERING SOMETHING, MAYBE AN

EXPERIENCE WITH THEY COME INTO

YOUR ICE CREAM SHOP DIFFERS FROM

ANOTHER ICE CREAM SHOP.

STARBUCKS IS A GOOD EXAMPLE, AS

I SAID.

YOU COME IN, YOU'RE SITTING ON A

COUCH.

IT'S LIKE YOU'RE WALKING INTO A

LIVING ROOM.

SO ANY BUSINESS THAT YOU CREATE,

YOU ALWAYS NEED TO BE DIFFERENT.

IN A SERVICE BUSINESS ALSO, WHAT

ARE YOU GOING TO DO THAT OTHER

SERVICE BUSINESSES DON'T DO.

ARE YOU GOING TO OFFER A

GUARANTEE, HAVE THE TECHNICAL

SUPPORT.

WHAT CAN YOU DO TO BE DIFFERENT

FROM THE COMPETITION.

THAT'S YOUR BASIC SUCCESS IN

BUSINESS.

HOW YOU CAN ACCOMMODATE YOUR

CUSTOMERS.

MAKE THEM FEEL WELCOME.

THAT'S THE KEY REALLY.

ALEXIS?

>> OKAY.

NEXT QUESTION IS FROM ESTHER.

SHE WOULD LIKE TO KNOW IF

BUSINESS CARDS ARE STILL

RELEVANT.

>> I CAN TELL YOU THAT ANYWHERE

YOU GO, YOU SHOULD HAVE YOUR

BUSINESS CARD AND AS I SAID, YOU

NEED TO MAKE SURE THAT IT IS

SOMETHING MEMORABLE THAT STANDS

OUT.

IT'S EASY TO READ ON A HARD CARD

STOCK.

I USE BUSINESS CARDS AND GO

THROUGH SO MANY OF THEM BECAUSE

EVERY SINGLE PERSON I MEET, I

HAND A CARD TO.

I GET THEIR BUSINESS CARDS SO I

CAN FOLLOW-UP.

ALL THE PEOPLE THAT YOU MEET TO

BE ABLE TO REACH OUT TO THEM

AGAIN AND THEY COULD BE A

CUSTOMER, THEY COULD BE YOUR

NEXT PARTNER, THEY COULD BE YOUR

BEST FRIEND.

BUSINESS CARDS ARE RELEVANT.

IF YOU DON'T HAVE YOUR BUSINESS,

AT LEAST HAVE A CALLING CARD

WITH YOUR CONTACT INFORMATION.

AND I ACTUALLY USED TO REPRINT

MY BUSINESS CARDS REGULARLY.

EVERY TIME I REPRINTED MY CARD,

I CHANGED IT.

SO YOU KNOW, JUST BECAUSE YOU

HAVE A BUSINESS CARD GO TO VISTA

PRINT, GET 100 CARDS OR 250

CARDS AND YOU CAN ALWAYS REDO

THEM.

BUT BUSINESS CARDS ARE ALWAYS

GOING TO BE RELEVANT.

THANK YOU.

>> OKAY.

NEXT QUESTION COMES FROM FRANK

WHO SAYS THAT HE UNDERSTANDS

THAT EVERY BUSINESS OR BUSINESS

IDEA CAN BE VERY PARTICULAR OR

SPECIFIC.

HOWEVER, ARE THERE ANY

RECOMMENDATIONS TO GET FROM

PLANNING AND RESEARCHING TO

ACTUALLY DOING?

>> SO THE BEST WAY IS JUST TO DO

IT.

YOU KNOW, PLANNING AND

RESEARCHING IS IMPORTANT BECAUSE

THEN YOU'RE DETERMINING WHETHER

OR NOT WHAT YOU HAVE SALEABLE.

BUT EACH IF YOU'RE NOT SURE IF

WHAT YOU HAVE IS SALEABLE.

YOU COULD DO A SMALL AMOUNT OF

TEST MARKET.

LET'S SAY YOUR PRODUCT

DISTRIBUTION -- OR PRODUCT

DISTRIBUTION, YOU BUY 100 OR 50

OF AN ITEM AND IF YOU SELL IT,

YOU KNOW YOU CAN BUY MORE.

IN THE SERVICE INDUSTRY, ALSO IF

YOU CAN SELL YOUR SERVICE ONE

TIME AND PEOPLE ARE HAPPY WITH

YOUR SERVICE, THE WORD-OF-MOUTH

MARKETING IS GOING TO BE YOUR

KEY AS FAR AS GETTING REPEAT

BUSINESS.

IT GROWS LIKE THAT.

THOSE PEOPLE WHO HAVE STARTED

BUSINESSES MAY NOT EVEN HAVE HAD

A FULL BUSINESS PLAN.

BUT THE MARKETING PLAN AND THE

PRODUCT AND THE COST OF THE

PRODUCT AND BEING ABLE TO RESELL

IT AT A PROFIT IS REALLY WHAT IT

IS.

IT'S SIMPLE IF YOU LOVE WHAT YOU

DO.

YOU'RE GOING TO BE ABLE TO SELL

IT BETTER THAN ANYBODY.

ALEXIS?

>> OKAY.

NEXT QUESTION.

THIS COMES FROM KAREN.

SHE WOULD LIKE TO KNOW IF A

BUSINESS PLAN DIFFERS FOR A

NONPROFIT ORGANIZATION AND IF

SO, HOW?

>> THAT'S A VERY GOOD QUESTION.

SO MOST NONPROFITS DO NOT HAVE A

BUSINESS PLAN.

WHAT THEY HAVE IS THEY HAVE A

MISSION STATEMENT.

AND THEY HAVE ARTICLES OF

INCORPORATION.

IT BASICALLY STATES YOU'RE

RAISING MONEY FOR A CAUSE.

AND YOU'RE DISTRIBUTING THAT

MONEY.

SO WHEN A NONPROFIT NEEDS TO

FOCUS ON IS FUNDRAISING AND

SPONSORSHIPS.

EVERY TIME THEY GET A DONATION,

THAT'S A TAX DEDUCTION FOR THE

PERSON WHO DONATES MONEY.

SO WITH MY NONPROFIT.

WE DID ANNUAL EVENTS.

WE WOULD FOCUS ON GETTING

SPONSORS.

THAT'S HOW WE RAISED MONEY.

WE DID SILENT AUCTIONS, PROGRAM

BOOKS.

WE DID A LOT OF THINGS THAT COST

US NOTHING.

WITH THE NONPROFIT ALSO, YOU CAN

GET A LOT OF IN-KIND DONATIONS.

YOU CAN GET PRINTERS TO DONATE

FOR FREE, YOU CAN GET ANYTHING

YOU CAN THINK OF.

PEOPLE ARE GOING TO DONATE TO

YOU BECAUSE YOU'RE A NONPROFIT

ORGANIZATION.

WHEN THEY DONATE, IT'S A TAX

DEDUCTION.

SO FOCUS ON YOUR FUNDRAISING AND

YOUR SPONSORSHIPS AND DONORS.

WHEN YOU HAVE A NONPROFIT.

ALEXIS?

>> OKAY.

JULIE, OUR NEXT QUESTION.

THIS COMES FROM YOLANDA.

SHE ASKS IF YOU COULD PLEASE

DESCRIBE THE OVERHEAD COSTS IN

FURTHER DETAIL.

>> SO WHEN YOU'RE FIRST STARTING

A BUSINESS, I REALLY DO

RECOMMEND STARTING FROM HOME.

THERE'S NOTHING WRONG WITH

STARTING A HOME-BASED BUSINESS

IF IT'S SOMETHING THAT MAYBE YOU

GO TO OTHER PEOPLE'S BUSINESSES

OR OTHER PEOPLE'S HOMES.

THAT'S OKAY.

THEY DON'T NEED TO KNOW.

THE OVERHEAD COST NEEDS TO BE

MINIMUM WHEN YOU START A

BUSINESS.

ALL COSTS HAVE TO BE REALLY AS

MINIMUM AS POSSIBLE.

ONCE YOUR BUSINESS HAS GROWN A

LITTLE BIT, YOU CAN AFFORD AN

OVERHEAD.

SOMETIMES YOU CAN SHARE AN

OFFICE WITHIN A BUSINESS SIMILAR

TO YOURS.

YOU CAN GET AN UPSTAIRS OFFICE,

WHICH IS LESS EXPENSIVE THAN A

STORE FRONT DEPENDING ON YOUR

TYPE OF BUSINESS.

LIGHT INDUSTRIAL SPACE IS LESS

EXPENSIVE THAN CLASS A OFFICE

BUILDING.

AGAIN, REALLY, THINK ABOUT YOUR

OVERHEAD COST AND MAKE SURE

THERE IS MINIMAL AS POSSIBLE

WITHIN THE FIRST YEAR OR TWO OF

BUSINESS BECAUSE THAT'S MONEY

YOU CAN PUT INTO YOUR BUSINESS,

YOUR PRODUCTS, YOUR ADVERTISING,

WHATEVER IT IS THAT YOU NEED.

ALEXIS?

>> OKAY.

ROBIN PROVIDES THE NEXT QUESTION

ASKING WHAT IS THE BEST WAY TO

OVERCOME A PREFER OWNER'S BAD

REPUTATION?

>> THAT'S A TOUGH ONE.

IF YOU BUY AN EXISTING BUSINESS

AND THAT OWNER HAS A BAD

REPUTATION, THAT'S VERY HARD TO

OVERCOME.

PEOPLE DO PUT SIGNS, UNDER NEW

MANAGEMENT.

BUT EVEN IN THAT CASE, IN A LOT

OF BUSINESSES PEOPLE ARE GOING

TO, ESPECIALLY RESTAURANTS, IF

YOU GO TO A RESTAURANT AND YOU

GET A BAD MEAL, IN MOST CASES,

YOU'RE NEVER GOING BACK.

SO YOU REALLY HAVE ONE TIME TO

PROVE YOURSELF AND TO MAKE

PEOPLE FEEL GOOD ABOUT DOING

BUSINESS WITH YOU.

SO SOMEONE ELSE'S BAD REPUTATION

IS GOING TO BE DIFFICULT TO

OVERCOME UNLESS YOU CHANGE YOUR

LOGO, YOU CHANGE THE NAME.

YOU HAVE TO DO SOMETHING THAT

DISCONNECTS YOU FROM THAT

PREVIOUS OWNER.

THERE'S A LOT OF DIFFERENT WAYS.

THAT'S WHAT YOU REALLY HAVE TO

THINK ABOUT TO OVERCOME THAT.

JUST BE BETTER THAN THEY WERE

BEFORE.

ALEXIS?

>> OKAY.

JULIE, WE HAVE TIME FOR ABOUT

ONE, MAYBE TWO LAST QUESTIONS

HERE.

THE NEXT QUESTION, THIS COMES

FROM ALVARO WHO WOULD LIKE YOU

TO TALK A LITTLE BIT ABOUT THE

REASONS TO BECOME AN S CORP. OR

C CORP. INSTEAD OF FULL

PROPRIETOR.

>> WELL, I USUALLY RECOMMEND, IF

YOU'RE A SOLE PROPRIETOR, THE

REASON TO BE AN S CORP., C CORP.

OR LLC IS REALLY TO CREATE A

SEPARATE BUSINESS ENTITY.

SO IF YOU'RE IN A BUSINESS WHERE

SOMEONE CAN GET HURT, THERE'S

ANY KIND OF ISSUES WITH LOSSES,

YOU WOULD WANT TO PROTECT YOUR

BUSINESS FROM YOUR PERSONAL

ASSETS.

BEING A SOLE PROPRIETOR IS

CHEAP.

IT'S $20 IN THE STATE OF NEVADA

TO REGISTER A BUSINESS.

AN LLC, I RECOMMEND, IF YOU OWN

A BUILDING AND YOU KNOW THAT IN

THE WINTER PEOPLE COULD SLIP AND

FALL AND GET HURT, YOU WANT TO

SEPARATE YOUR BUSINESS FROM YOUR

PERSONAL.

YOU KNOW, IF A PRODUCT CAN HURT

SOMEBODY, YOU WANT TO SEPARATE

YOUR BUSINESS FROM YOUR

PERSONAL.

BUT IN MOST CASES, A SERVICE

BUSINESS, YOU'RE GOING TO HAVE

INSURANCE TO COVER A LOT OF THE

ISSUES THAT YOU MAY BE FACED

WITH.

A CORPORATION HAS HIGHER COSTS

EACH YEAR.

IN NEVADA IT'S A $250 COST TO

FILE ANNUALLY IF YOU'RE AN LLC.

AND CORPORATIONS ALSO HAVE AN

ANNUAL FILE FEE.

THERE'S ALSO A SEPARATE TAX

RETURN.

SO THINK ABOUT IF IT'S NECESSARY

IN THE TYPE OF BUSINESS, IS IT A

HIGH RISK BUSINESS AND IF THAT'S

NECESSARY, GET AN ADVICE FROM A

LAWYER.

THEY'LL HELP YOU.

ALEXIS?

>> OKAY.

SO THOSE ARE ALL THE QUESTIONS

THAT WE HAVE TIME FOR IN THIS

SESSION.

WE HOPE THAT YOU ALL WILL ENJOY

THE REST OF THE VIRTUAL

CONFERENCE BY TALKING WITH A

MENTOR, THE MENTORING HALL.

THEth NETWORK WITH OTHER

BUSINESS OWNERS IN THE

NETWORKING LOUNGE, CHAT WITH

OTHER INDUSTRY EXPERTS AND PICK

UP FREE BUSINESS RESOURCES IN

THE EXHIBIT HALL.

WE HOPE YOU JOIN US BACK FOR ONE

OF THE NEXT WEBINARS TAKING

PLACE IN 30 MINUTES.

SMART CREDIT STRATEGIES FOR

SMALL BUSINESS OWNERS BEING

PRESENTED BY NAV AND MAKE YOUR

WEBSITE WORK FOR YOU BEING

PRESENTED BY GOOGLE.

LADIES AND GENTLEMEN, ON BEHALF

OF SCORE, I'D LIKE TO THANK YOU

ALL FOR ATTENDING THIS WEBINAR.

GIVE A VERY BIG THANK YOU TO

JULIE BRANDER FOR PRESENTING

WITH US TODAY.

JULIE, THANK YOU SO MUCH.

>> THANK YOU.