Episode 468: Should Business Owners Pay Themselves From the Start?

September 7, 2016

Today on the Minute –  Should Business Owners Pay Themselves From the Start?

I got a question from Ben who was starting a business and he wanted to know if it was okay not to pay himself until the business was standing on its own feet. Well, Ben I’m a big fan of always paying yourself.

Read podcast notes

Episode 420: Word of the Week: Competitor

July 1, 2016

It’s Friday and time for the Word of the Week! Our word this week is Competitor.

I chose competitor because it really has a double meaning and I wanted to explore them from both a business and individual basis.

First, from a business standpoint, a competitor is someone who gets the business when you don’t. We have been talking about the three money keys to business success and this is number 3 – know how your leading and most successful competitors make their money. To succeed in business, you don’t need to be the most original, most creative and the first to market. In fact, you can become successful simply by following the direction your competitors take and then taking it up a notch. You can improve on your competitors pricing strategy, add more value to your products and services, offer better customer service and support and even provide a better experience for customers on and offline.

One prime example of this is McDonalds’s. They were not the first – they observed and copied what others did and went a step further. And you can do the same with your business. There is often no real need to re-invent the wheel.

From a personal perspective, I define a competitor as something or someone who competes with your time and your mind and distracts you from your goals. And there are lots of possibilities. For example, there’s the old nemesis procrastination. Then there are friends and family who may knowingly or unknowingly take you off track and there is no doubt that things are more complicated today so there is just more to do and time keeps shrinking. But once you realize there is a problem, you have to find a way to get over, around or through it to get back to your goals.

Our word of the week competitors. There are competitors both in business or in your personal life. In your business – study and learn from your competitors and in your personal life, find a way to overcome them so you can get to where you want to go – your future will thank you for it.

And, that’s the minute for today. I love helping people with all aspects of their financial lives. If you have a question, send it to me at info@mindingyourmoneyminute.com.

Thanks for listening and as always remember that minding your money really is the path to a richer life!

Episode 419: 3 Money Keys to Business Success, P2

June 30, 2016

Starting a business is a bit of a gamble. So, if you’re thinking about starting a business, you should do your internal and external homework first. Yesterday we started a discussion about 3 money keys to keep in mind. The first key was to have a desire to make money and if you missed it, you might want to go back and listen to Episode 418.

#2: Know what makes your customers tick.

In other words, what’s it going to take to get their money out of their pockets and into yours? To accomplish this, you must first choose a target market to start with because no matter how great your product or service is, not everyone is likely to buy it. Then once you choose that market you have to do an in-depth study of them so you understand at a minimum – who they are, how big the market is, how to reach them, what makes them respond or what do they find so valuable that they are willing to pay for. Plus a lot of other stuff so you get to know their hot buttons and what appeals to them.

Then study your business based on your market. Why will they buy your products or services versus your competitors? What sets you apart? And, the best places to get these answers might be from your customers – then you can use this information to increase your sales marketing savvy.

Business money key #2: Know what makes your customers tick.

And, that’s the minute for today. I love helping people with all aspects of their financial lives. If you have a question, send it to me at info@mindingyourmoneyminute.com.

Thanks for listening and as always remember that minding your money really is the path to a richer life!

Episode 418: 3 Money Keys to Business Success, P1

June 29, 2016

Starting a business is a bit of a gamble. So, if you’re thinking about starting a business, you should do your internal and external homework first. Here are 3 money keys to keep in mind:

#1 Have a desire to make money.

So many people I talk to have a desire to fulfill a passion of theirs. But that doesn’t always lead to money. It only leads to money when it has value for others or it’s just a hobby.

A major part of this is to understand the costs of doing business. Your profitability literally hinges on how well you understand the true costs of your business. By knowing what it actually takes to run your business, you will be able to identify the right pricing strategy to cover your costs and earn a profit.

Another part is hiring the right people to do the job. One of the top reasons businesses fail is poor management. If you’re not equipped or you don’t want to take on the heavy duty management tasks, hire someone who is – it’s that important.

Finally, put advertising where it will help you most. The success of your business will depend on how well you are able to reach your customers. This in turn will depend on the effectiveness of your marketing and advertising strategies. And, don’t forget to factor in the costs so you don’t go overboard and eat up too much of your profits.

Money key #1 – have a desire to make money. Tune in tomorrow for money key #2 to build a successful business.

And, that’s the minute for today. I love helping people with all aspects of their financial lives. If you have a question, send it to me at info@mindingyourmoneyminute.com.

Thanks for listening and as always remember that minding your money really is the path to a richer life!

 

Episode 415: Word of the Week: Franchise

June 24, 2016

Our word this week is Franchise.

I chose franchise because I often talk about starting a business and a franchise is sometimes a good way to get started. Imagine starting a business and having customers lined up to get in on the day you open. It can happen, especially if you choose one of the more popular although pricey franchises like McDonald’s or Dunkin Donuts.

However, franchises are not for everyone. Franchises offer tried and true models and everything is often spelled out and you are expected to follow their instructions to the letter. So it’s probably not the best fit for creative types who like to cook without a recipe or recolor or redesign the logo to fit their favorite colors. So one of the first steps before buying a franchise is to give yourself a personality test. Can you follow instructions not just once but all of the time. Not surprising some of the best franchisees are military folk who are used to following orders regularly.

Oh and that whole thing about franchises failing on 5% of the time – that’s a myth. Studies show that franchises fail about as often as regular businesses – so if you’re thinking about a franchise because you want to limit your risk of failing – think again.

Our word of the week: franchise – do your homework before you buy, starting with your own personality.

And, that’s the minute for today. I love helping people with all aspects of their financial lives. If you have a question, send it to me at info@mindingyourmoneyminute.com.

Thanks for listening and as always remember that minding your money really is the path to a richer life!

 

Title

June 20, 2016

This is a news story.