Woman Around Town’s Editor Charlene Giannetti and writers for the website talk with the women and men making news in New York, Washington, D.C., and other cities around the world. Thanks to Ian Herman for his wonderful piano introduction.
The New American Dreamer: How to Land That Dream Job in a Nightmare Economy
Many questions people frequently ask about starting a business are rooted in some aspect of incorporating.
There isn’t a formula or an algorithm for it (yet), so I think it’s wise for everyone to look into it. Incorporating can be expensive, but it can also protect you. Know what it is, and what it does, before making a decision.
The creative process aside, the decision to incorporate becomes a factor when selecting a name for your business. The name you choose must be available. Do your own research by simply Googling it. Then check with one of the online domain registries to see if the .com version of it is available. If not, it may be best to keep looking.
For those of you that have already trademarked a name for a product you’re planning on selling, something such as “Carla’s Cookies”, know that trademark laws vary from state to state, even from federal to state, so this usually means multiple filings to register the business. The trademark is not the business.
Don’t assume.
Assumptions can be expensive.
One of my overall recommendations is that every business’ first-hire to be a licensed accountant. Please don’t be among the many that seem to think you need to be making a ton of money to need an accountant. You need one as soon as you can pay one. Generally speaking, it may be the best investment you make.
How do I find an accountant?
The best way to find one is through referrals. Ask around on some of your social networks and always double-check all referrals. Don’t have any income yet to pay an accountant? Get creative, consider offering to barter with whatever you’re offering.
Good business is your business.
It doesn’t matter if you’re trying to open a creative design studio or sell chocolate chip cookies, plan on spending 2X more time on your financial books than you now think it’s going to take. If you’re a better accountant than anyone you could hire, than you probably should be opening an accounting firm. Don’t mess with your money; get everything lined up from the start.
For those of you that didn’t get everything lined up know that it’s not too late to get some accounting support.
Don’t be intimidated by the language of it all ? it’s there to be as specific as possible when discussing an action.
What 2-3 things should I know if I’ve never run a business before?
What the difference is between a “P & L” and a balance sheet
A profit and loss statement, or P&L, is a summary of the revenues, costs and expenses of your venture for a specific amount of time ? let’s say the first quarter of the year, or “Q1.” A balance sheet is a statement of assets, liabilities and capital, or equity, at a specific point in time. Assets must equal liabilities (plus equity) to ‘balance out.’
How to file your taxes correctly.
Did someone a while back recommend an accountant? That’s right, this one’s screaming at you people. How else can I say it, don’t go it alone. If you have nobody, try SCORE, a non-profit that provides mentoring to entrepreneurs.
Keep records of everything.
I know, you save all your receipts already. Now you need to take it to a new level. You need to take document filing seriously even if it’s something you’re doing digitally. Save everything until your newly hired accountant says you can toss it.
Overall I recommend proper preparation over speed when it comes to establishing the foundation of your enterprise. If you didn’t read it clearly before, let me say it again, get a professional to help you, and don’t rely on the Internet (ahem).
Next time, let’s speed thing up and discuss “marketing-in-a-hurry.”
Part 6 – How Do You Know If Your Business Idea Stinks?
Jason Veduccio, author of The New American Dreamer: How to Land That Ideal Job in a Nightmare Economy is a hard-working entrepreneur following his dreams, and he wants you to dream, too. Drawing on his experiences working with companies on marketing, technology, hiring, and workplace issues, his regular column will demystify the job search process and identify strategies for moving up the corporate ladder. Founder of In1Concepts, Jason also knows the ins and outs of launching a new business. He welcomes your questions and can be reached at jason@in1concepts.com.
Chapter 6 – How Do You Know If Your Business Idea Stinks?
Let’s look at your business idea again.
Let’s suppose you regularly bake chocolate chip cookies, and everyone at the bake sale loves them. You’re seeing people pay for them at the sale, and now wonder how you could sell even more of them for profit. You come up with a catchy name and an idea for a logo.
Is this a good business idea?
The real answer is: who knows? There are too many variables to know. But I have noticed strong business ideas seem to have a few things in common.
Look at your idea and ask yourself these questions:
Is your idea adaptable? See change as constant.Even if your idea happens exactly how you see it, the markets will change and you need to adjust. They may love chocolate chip, but prefer oatmeal cookies in winter. That one-page business plan? Think of it as a living document, meaning you update it every day if you have to.
Is your idea scalable? Being scalable (which is your idea’s ability to grow and still handle the work) is great but not always possible in the beginning, especially for those that go it alone. But have some idea of how to handle more business than anticipated.
Is your idea meaningful? Many things motivate people to start their own business but the greatest motivator is a passion for some aspect of it.If the idea is fun or better yet, meaningful to you, it’s likely a strong idea. But you know this.
The majority of new business owners I meet struggle with their idea or some aspect of it. Was making the one-page business plan more difficult than you suspected? Not to worry.
Go back to it as many times as you have to. The only idea that’s any good is the one you try.
Jason Veduccio, author of The New American Dreamer: How to Land That Ideal Job in a Nightmare Economy is a hard-working entrepreneur following his dreams, and he wants you to dream, too. Drawing on his experiences working with companies on marketing, technology, hiring, and workplace issues, his regular column will demystify the job search process and identify strategies for moving up the corporate ladder. Founder of In1Concepts, Jason also knows the ins and outs of launching a new business. He welcomes your questions and can be reached at jason@in1concepts.com.
If you’re like many Americans, you don’t think you can start your own business, simply because you don’t really know how. This series is for you – maybe sitting somewhere in a job you dislike, or sitting there squashing some dream you’ve had with the weight of a thousand uninformed excuses.
“If only I had someone to write a business plan for me.”
Not every situation is the same, but for those of you that get more charged up by the idea of “doing” and less so by “thinking”, making a business plan can keep you from moving ahead and starting your business.
I believe you can start your business with less than a business plan – maybe even without one.
Commonly held thought on the topic says that if you want to raise capital (capital being more than $10,000), generally you’ll need a business plan of some form. But, when starting a bootstrapped business from your home, for little or no money, you can get started with a business 1-pager.
Let me be clear: fundraising aside, business plans can be a great advantage. Ifyou have one, or want to make one, then go for it. But I’m all about being practical, actionable and attainable and there’s not enough research to convince me that business plans are all that for some entrepreneurs.
On business plans:
It’s about “making” the business plan. The most important part of making a business plan is the process of making a business plan. It forces you to think clearly, set goals, and in some ways, verbalizes your commitment to the project. The end results are going to change. Most mega-companies started out with business plans that don’t resemble their services today. You can and should come back to the “thinking” behind a business plan at some point.
The main principles of a good plan can be articulated in one page. For larger business plans, some owners may include sections on sales, marketing and financial projections. If done correctly, this one-pager will guide your business.
The sections of a 1-page business plan can be anything you choose, however there are four sections I suggest you include:
The “What I’m Gonna Do” Statement:
Write out exactly what you are going to do for the customer. Always keep the customer in mind when making this 1-pager. Think goals, short and long term, and be specific. How will you know you achieved them? By when?
The “Who I’m Gonna Do This For” Statement:
Who are the target customers? Be specific. Don’t say “everyone.” Only amateurs say that. The smaller your target to start, the better, as it allows you to carve out a niche.
The “Why People Will Pay for It” Statement:
Why are they going to buy or pay for this and how will things like time, competition and source materials affect this relationship?
The “How I’m Gonna Do This” Statement:
This is where you say what you will do to make or provide the product or service, get raw materials, do outreach, get customers and all that goes into your process.
That’s it. One page. Maybe 750 words tops. Can all this be more than 1-page you ask? Well, well, well, now look who wants to make a business plan!
Next time we’re coming back to that idea of yours – so if writing these statements is difficult, it may be your idea that needs tweaking.
Jason Veduccio, author of The New American Dreamer: How to Land That Ideal Job in a Nightmare Economy is a hard-working entrepreneur following his dreams, and he wants you to dream, too. Drawing on his experiences working with companies on marketing, technology, hiring, and workplace issues, his regular column will demystify the job search process and identify strategies for moving up the corporate ladder. Founder of In1Concepts, Jason also knows the ins and outs of launching a new business. He welcomes your questions and can be reached at jason@in1concepts.com.
With your customer-centric, value-adding idea in tow, you’re moving one step closer to starting your own business.
It’s time to start building it, and yet you don’t want anyone to steal your idea along the way.
No offense ? but I think it’s fair to say nobody will.
Here’s my take on NDAs, and let me be upfront about this: I’m not a lawyer.
The first thing I’ll say is if you have access, get a lawyer. A lawyer and a good accountant are two people you will need now, and always. If you have access to one, ask a lawyer about NDAs.
From my point of view, I think NDAs are mostly unnecessary and can actually hurt your business’ chances of getting off the ground.
Here’s why:
Most startups fall under two main categories when it comes to funding:
Bootstrapped – mostly self-funded, so you remain in full control of the venture.
Equity Funded – funded by outside people who are issued shares of stock in return.
Whether you’re self-funding or looking for investors, you need to be able to discuss your idea in full bloom. You need to be able to get feedback on it, or it won’t go anywhere.
So should you make everyone who hears about it, sees a deck on it, or listens to your pitch, sign an NDA? Absolutely not and here’s why:
Most professional investors won’t sign it.
Think about it, if every investor signed an NDA for every pitch or idea they heard, then they would need to track each one, year after year, and protect themselves against legal actions taken against any one of them, no matter how ridiculous. How could they perform their work? Most venture capitalists or VCs won’t even talk to someone who asks them to sign one.
Not to mention that many people who are serious about business, and who knows how things really work, these people know that ideas are meaningless without execution, so stealing one is useless.
Most good people won’t need it.
Still not convinced? How about this, if you’re asking someone to sign an NDA, then you are admitting you have some doubt about this person’s character. So tell me, even WITH an NDA, do you really want to share your million dollar idea with them? Thought so.
There’s one other reason you shouldn’t be doling out NDAs to potential investors, or anyone – you need to push your business out there and any hint of secrecy about it is not only a turnoff, but is counterintuitive to how the world works today with connections and sharing viewed as ways to propel your brand.
Instead of all this, why not just talk to people you trust, and then when you feel like you must gain their trust, shoot the person an email saying something like:
Hello,
Thanks for hearing my pitch.
Please don’t share anything about project XYZ with anyone for now.
Thanks,
Your Name Here
See, wasn’t that easier? There are exceptions to all of this, especially when potential patents are concerned, and if there’s existing revenues at stake then consult a lawyer. But as far as holding on too tight to your idea in the early stages, I say let it go and see how far it flies.
Jason Veduccio, author of The New American Dreamer: How to Land That Ideal Job in a Nightmare Economy is a hard-working entrepreneur following his dreams, and he wants you to dream, too. Drawing on his experiences working with companies on marketing, technology, hiring, and workplace issues, his regular column will demystify the job search process and identify strategies for moving up the corporate ladder. Founder of In1Concepts, Jason also knows the ins and outs of launching a new business. He welcomes your questions and can be reached at jason@in1concepts.com.
We all have to work, and that’s not a bad thing. So why does the word itself bring up so much stress? Is it really that much of a bummer? And if it is, can we change it? What can we change?
The fact is the American workplace is changing. Businesses are measuring and rewarding value now more than ever. This is why you need to understand what makes you most productive, if you want to have any real chance at achieving it.
Businesses small and large are measuring your performance against specific goals and this brings opportunities for those with the right mindset. You must know how you are being measured and what others expect from you to be successful.
If you don’t already know what is expected of you then ask. This is always a good way to show you ‘get it’ and once you have that info, you can start to reshape your world.
If it’s sales figures they want, figure out what you need to do to achieve them. Would working different hours help? Could you use more training? Do you need to rearrange your work load?
Notice how all of these questions could be seen as opportunities if you keep your mind on achieving those sales goals.
The American workplace is evolving with industry leaders offering nutritious meals and day care as perks for high performance. The effect that has on smaller businesses means smaller changes but important nonetheless.
Here are some of the ways experts see the workplace changing over the next few years:
Flexible job titles and unique positions. Ever thought you’d make a great VP of Green Initiatives? Suggest it or a scaled-down version to a superior as something you’re passionate about. In the future unique job titles may be the norm.
Flexible hours. Need time to pick the kids up from school and willing to stay late to do so? Suggest it. If you produce many bosses won’t care and might even prefer you being happy about the time you do spend working.
Flexible workspaces. Have you thought to yourself that if you didn’t have to sit next to Larry you could get more done? Suggest a more creative office setup. Office design is changing fast and businesses are looking for more creative spaces to get the most from employees.
Everyone knows deep down what they would do if they were allowed to do their job any way they wanted. Take that idea and see which parts of it would make you more productive. Then use that to create a plan that serves the company first, as well as their own interests. This is called win-win-win and just what may be the new American workplace.
Jason Veduccio is the author of The New American Dreamer: How to Land That Ideal Job in a Nightmare Economy. Click to buy.
You’ve heard that thinking like an entrepreneur can make the difference between success and failure for some people in today’s workplace. Entrepreneurial employees are becoming more valuable to employers not because of the way entrepreneurs work, but because of how they think. (Read my previous piece on the importance of knowing your value.)
Not everyone is going to be an entrepreneur but anyone can to start to think like one. And once you start it has a way of gaining momentum.
Thinking like an entrepreneur starts with an attitude.
Your instincts tell you that to be more productive, to be a better leader or to get that new job you need to do something. Work harder, longer hours maybe, or do more networking and learning. The truth is that yes all of those things will help. But here’s the secret to thinking like an entrepreneur: it starts with an attitude.
Entrepreneurs are people who see opportunity everywhere. Never mind the half-full, half-empty nonsense. Some I’ve met are optimistic types, believing they can change the world with their actions. But others I’ve met are not. They are cautious in their approach, taking calculated risks, always making contingency plans. What they have in common is an ability to see opportunity even in the face of tremendous obstacles.
You can see opportunity everywhere if you have the attitude that you can affect change. If you do not believe you can do anything to change your surroundings it is difficult to maintain that attitude.
I believe we all have this attitude to some degree but many lack the belief they can change their surroundings. So here’s a few small ways to jumpstart yourself in thinking like an entrepreneur.
Clean Your Workspace
If you have a messy desk with papers everywhere then strip it down to nothing, even if for one day. If that’s not possible, change some photos, put away the stapler, get a new pen holder if you have to, just do something that is noticeably different. If you already are neat and tidy, put up that photo of you from the Halloween party. Yes that one.
Get to Work Early
If you can get to work even 10 minutes earlier each day, what would happen? You might get started earlier, or you might stumble upon something new, maybe meet a coworker you never speak with. You don’t even have to work, just get there and sit. The point is you’re not running to make someone else’s deadline, now you’re getting there when you want.
Make a List of Ways to Improve Your Company or Organization
Don’t show it to anyone–yet. But make believe you’re the CEO and make a list of improvements. When you list something here, present the problem and then a full solution. If there’s a cost to it, then estimate it, and where you would get the money from to achieve it. Make a timeline and who would need to be involved. Don’t show this to anyone yet, but if you do this, there may come a time to express it. The important part is it is helping you to think.
These aren’t difficult things to start doing. Some of you may be able to do even more to affect your surroundings in a positive way. If so go for it. All of this is designed to give you some of the habits that can lead to the attitude you need to succeed.
Jason Veduccio is the author of The New American Dreamer: How to Land That Ideal Job in a Nightmare Economy. Click to buy.
As the economy shows signs of improvement with gains in employment numbers, more of us are interviewing for those jobs. Interviews are the single most important factor in getting hired. But are you ready?
There are many aspects to a great interview but today we look at 5 things you need to know before walking into your audition.
Recruiting is becoming more intense as HR departments develop more tools to separate the wheat from the chaff. If you think the interview is all about you, then think again–you need to know more about them than they know about you.
Know their website inside and out. Read their Mission Statement. Review the About Us section. Then go deeper, because most other candidates won’t.
Know their social media presence. Check out each platform and look at the number of people following or liking, know what types of postings they create and most importantly, follow or like them.
Know where the interview is and how long it takes to get there. Know what route you need to take, know where you plan on parking, and factor in any possible traffic issues. Plan enough time and then add 30 minutes. It’s always better to spend time sitting in your car rather than being late.
Know the job description. Understand each bullet point and know what they seek. Better yet, know what you will say if they ask you about your capabilities–these should sound like the ideal match for the posting.
Know the people you are meeting! Do I really have to say this? Yes! It’s surprising how many people don’t Google the person they are meeting, the CEO and other major players at the company, and even the HR department heads. Don’t tip them off to your looking them up, just have the info and use it to your advantage. (For example, say you find that you share an alma mater with someone. Conveniently mention your own schooling and let them bring it up!)
There’s a lot more that goes into a good interview but if you don’t know these 5 things, you are already behind before you even walk in the door.
Jason Veduccio is the author of The New American Dreamer: How to Land That Ideal Job in a Nightmare Economy. Click to buy.
The Bureau of Labor Statistics released the latest job numbers on Friday, October 3rd, and it tells two stories.
The first is that more people are finding work. The unemployment rate dropped from 6.1% to 5.9% in September. The second is that more people are stopping their job search. What does it all mean for you?
I always say stop watching the news if you’re looking for work. The reason is that we are likely to hear reports and expect to see the world change tomorrow and that’s not always the case. It can also simply take the air out of your sails if you hear any negativity.
However it is helpful to know what’s going on at a glance and to let the good news sneak in when it’s out there.
This jobs report is in many ways just that: good news. Yes wage growth (the aggregate or average amount salaries went up for a particular group) is stagnant and many of the long-term unemployed are dropping out of the work force, but there are new jobs out there being filled, 248,000 of them last month alone.
Segments that added jobs were employment services (34,000 added), management and technical consulting (12,000 added), architectural and engineering services (6,000 added).
This tells us the new jobs being created are in need of re-trained workers.
Technology has a huge impact on the economy and the addition of computers everywhere means fewer people are needed to work in the old way, and the people who are needed now must know how to work with computers. Think of how robots are being used on assembly lines in manufacturing plants for one example.
Want a job? Learn a computer skill. Almost any will make you a more attractive candidate and here’s some free or inexpensive places to learn:
