Interview: Launching a New Business, with SCORE's Carl Woodard


The Principles and Mindset of Launching a Successful New Business - with a senior ambassador from SCORE - the government-funded non-profit helping entrepreneurs with business startup.


In this interview with SCORE's Carl Woodard, we cover the principles of launching a new business from scratch, including:

  • How to discover a potentially profitable market, and what criteria should be considered before running with any idea you may have for a business
  • What one thing you should do prior to writing a business plan
  • How to greatly increase your odds of startup success
  • What financeers and banks expect from a business plan, and which ones they actually fund!
  • Are you going to be a good entrepreneur? Learn the skills and traits that most successful entrepreneurs possess.
  • The 3 most important areas of knowledge you must have to run a business.
  • How bank finance managers choose what business to fund, and which ones to ditch. (HINT: It is NOT necessarily the one with the 100 page business plan...)
  • How much money you should raise prior to beginning serious operation.
  • How to get help writing your business plan, funding your company, researching your market, and more.
  • How to hire your team - an important lesson that every entrepreneur who wants success needs to learn.

Carl Woodard is a wealth of small business knowledge. This interview is worth hundreds of dollars of value - yours for free today.

Business Victory Club members receive valuable interviews like this on a regular basis, along with a weekly business building lesson. Learn more about the business victory club here.

You can listen to this interview right from here, or download it to your computer.



Launching a Successful Business with SCORE's Carl Woodard (1 hour 18 minutes)

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Members of my Business Victory Club get a 52-week, step-by-step business startup lesson series, and learn how to beat the odds when starting their business.

Includes a step-by-step process to research your market and write a business plan.

To learn more about Business Victory Club, click here.




Principles of Market Research: The most important part of starting a business

This interview is with Dr. Glenn Livingston, market research extraordinaire, and my mentor.

Market Research is, perhaps, the MOST IMPORTANT thing you can do when starting a new business. In my humble opinion, this is the most important interview I have ever conducted and published.

The simple fact of the matter is, most entrepreneurs make their biggest mistake before they ever start their business.

They choose the wrong market.

That is, they choose a market with no people in it. Or, the people don't want to spend money. Or, it's already saturated. Or, they have no difference from the main competitors.

Really, there are a LOT OF WAYS TO SABOTAGE YOUR BUSINESS BEFORE YOU EVER START YOUR BUSINESS!

In this 1 hour, 7 minute MP3 interview, you'll learn:

  • THREE (3) things you must know about your market (and how to find the answers):
    • Is there enough people who want what you're planning to sell?
    • Is there enough money changing hands already in this market?
    • What are the frustrations, language, and concerns, of the people who are actively searching for answers to their problems?
  • Find out the ONE (1) solitary thing that is more important than doing market research and understanding the market
  • The #1 distinction between people who make things happen, and those who don't
  • Market Research can be a methodical, systematic process: Human behavior can be coded and predicted by a computer
  • Lust, greed, paranoia: Some purchasing decisions are based on unattractive emotions...
  • How to attract the most hyper-responsive prospects within your market
  • Did you know: there is so much free market research information... for just a little time well-spent?
  • Marketing narcissism: The only REAL marketing mistake you can make?
  • What many entrepreneurs are guilty of: "I just want the market to want what I want them to want!"
  • How to find out IF there is a MARKET, WHAT the MARKET wants, WHAT they will BUY, and HOW MUCh will it cost you?!!
  • Specific ways you can gain market intelligence BEFORE you build your products, services, and infrastructure. Get the answers BEFORE you invest! (and avoid dramatic pitfalls down the road)
  • Market research methodology, even for pursuits that have nothing to do with the Internet...
  • How to discover where the real financial opportunities are in your market...
  • How to find the people who are actively searching for your products/services, when they are "in heat", motivated, and looking for a solution to their problem.
  • Convert prospects so well that your competitors... can't compete!
You can listen to this interview right from here, or download it to your computer.


 

This interview has been disabled for public download. It is now accessible only to Startup Victory members. Click here to learn more about Startup Victory.

 



To learn more about Dr. Glenn Livingston's market research methods:

http://www.ResearchVictory.com

Dr. Livingston helped launch my business with his market research methodology. It was invaluable in my business, and it will be in yours as well. Go to http://www.ResearchVictory.com to learn more.



What is wrong with some people?

 
I may offend some people with this post, but I really need to get something off my chest...
 
Last week I asked you to fill out a survey and let me know about your biggest challenges when getting your company off the ground.

I also said that I would only accept 35 surveys... but I got 35 within the first minute - and the responses were so helpful that I just "let it ride". I ultimately got more than 300 responses.

(If you are still interested in getting the 6 hours of audio interviews, you can complete the 3 minute survey here: http://survey.smallbusinessvictory.com/q.aspx?c=6&seg=list)

And if you were one of the people who filled out a survey - I thank you so much!

But a bunch of them really torqued me off. And I feel the need to make my position well known, which is something I should have done long ago...

Many people who completed the survey said that their biggest problem when starting a company was deciding on what kind of entity to form. 

Should I be an LLC?
 
Should I be an Incorporation?
 
Should I be an LLC taxed as an S-Corp?

Should I form my entity in Wyoming?
 
Should I have an Incorporation that owns LLC's or the other way around?

Come on people!

If you struggle with questions like this, let me help you out.

Quit worrying so much and do something to move your business forward!

Look, if you spend your time trying to figure out what state to form in, and what tax structure to use, and the licenses you need and all the blah blah blah, you'll never get anything done.

Choose an entity type - LLC, in your home state, works fine for the majority, call your local Chamber of Commerce to get the obvious licenses --> and get off your ass and get something done.

It is guaranteed, if you're missing a license or permit, somebody will tell you. Believe it or not, the government and the lawyers want you to succeed. When you succeed you pay more taxes, you have more complex business dealings (which require more lawyers). So if you're missing a permit, they'll tell you...

If you pay too much in taxes one year because you didn't "elect to tax your LLC as an S-Corp" --> then do this: JUMP UP AND DOWN AND REJOICE YOUR GOOD FORTUNE and business skills because you made a PROFIT to be taxed --> and then resolve to fix the issue for the next year.

Right now, in this economy you have an opportunity to start something solid and valuable and if you drop the ball you might regret it for the rest of your life.

For God's sake, quit catering to the government, the lawyers, the scam-artists. Get a solid base and get your ass moving.

All of this may sound contrary, since I'm ultimately trying to sell you on my products and services --> but... don't buy anything from me today. Just do something to move your business forward.

Thanks,

Travis

PS. If you really agree or disagree with this message, please leave a comment below.

PPS. If you still want to get the 6 hours of expert interviews and my PR Stream report for free, go here to complete the 3 minute survey:




Hidden Marketing Assets

Which of these hidden marketing assets could you put to better use?

 

  • Past clients - it is far easier to get business from people you have already worked with than it is to get a new customer. You should be in contact with your past clients on a regular basis - let them know what you're up to, what you're doing, and the awesome results you're providing to other clients!
  • People you know - including past associates and friends, family, and community members are your number one source of new business and new referrals. But if they don't know what you do, and the stellar results you provide... they'll never refer new clients or customers your way! 
  • Monthly ezine - send that email! If you have a list of people that signed up to hear from you... then send them information about your business! Send them case studies, send them testimonials, send them breaking developments in your industry. Properly utilized... this may be the most valuable asset you own.
  • Past article content - your old articles and ezines are extremely valuable content to syndicate and get your name out on the Internet. By publishing yourself on the Internet, you can draw more people to your website, improve your search rankings, and look very impressive to potentials customers who are researching you. Click here to learn more about the benefits of becoming a published author on the Internet.
  • What other assets do you have
Here is a mind map to show how your assets can sit around and collect dust, or be put to good use --> an active source of effective marketing! (click the image to open a much larger version)
 
 
One of the most powerful things you can do for your business
 
Learn more about getting published on the Internet. Put your publicity on autopilot, and drive your search ranking through the roof! Get on the pre-notification list for my upcoming report:
 
 
 
Looking forward!
 
Travis
 
 

 

Free SEO Critique for 2 Websites - Worth $150

Do you have a website? Do you want an avalanche of free traffic from Google and other search engines?

I need two websites who want a free critique from a Search Engine Optimization expert. Add a comment below to enter the drawing.

If your website is chosen, you'll discover simple strategies you can implement immediately to bring more free Google traffic to your website. To be considered, just leave a comment below with your name, email, url, about your business, and why you want to get more visitors to your website. At noon tomorrow (2/5/09) I will choose two winners for the free SEO critique. 

The SEO expert and myself will review the winning websites, and I will create a screen capture video of the interview. Then, I'll post the video on this blog for everybody on the list to see. That way, 2 people will have specific, actionable advice to improve their Google rankings, and the rest of us learn by example! 

If you are interested, please note the following:

 

  • Your name, website url and content WILL be made public (but not your private contact info - they can find that on your site). If you're in business... this shouldn't be a problem! But if you have some kind of privacy issue please don't apply.
  • You won't talk directly to this expert... His time is extremely valuable (he charges $150 for a 15 minute consultation) and this excercise is for the benefit of everybody who reads this blog. If you have specific questions after the video is posted, I will forward them on your behalf.

 

To enter the drawing, just scroll to the bottom of this page and enter a comment with your name, email, url, about your business, and why you want to get more visitors to your website. Enter by tomorrow at noon (2/5/09) to enter the drawing.

Here's more info: 

Tomorrow, I will be interviewing one of the Internet's foremost experts on SEO. Nearly every business these days has a website, and who doesn't need more traffic? So, I thought it would be a good idea to interview an SEO expert so we could all learn more about raising our website position in Google and other search engines. And then, as long as I've got this guy on the phone... I thought it would be cool to do a live SEO review for a couple of people on my list.

We will all benefit from the insight these reviews will reveal. This gentleman charges $150 just to take a 15 minute look at a website - and he could be looking at yours - and making recommendations for free.

Once I have a chance to edit the interview and create the screen capture video, I'll post everything up on this blog for you to see. If you're not on my notification list, just enter your name and email address into the form on the top right of this page.

Looking forward to helping a couple of you out!

Travis

 

 

How Writing Helps Build Authority and Respect

It was 11 years ago when I published my first Article on the Internet. It was a niche topic for a website catering to hard-core programmers.

It was the turning point of my professional career. It was the moment that others started taking me seriously. Whenever anyone looked my name up on the search engines, all of a sudden hundreds of results would come back from different outlets that had syndicated the article.

I landed a couple of jobs just because of that one article. I mean, I worked hard to become a good programmer, but around the turn of the century, there were many good programmers out of work… (And they had prestigious degrees, my only degree is from the school of hard knocks) that article was the competitive difference I needed to push me ahead of the others…

To this day, 11 years later, that article still comes up in the search results when you Google my name. It’s amazing for me to think that something I did so long ago would have continued to have such an impact on my life…. So many years later.

Then, in 2003, I paid $800 dollars to syndicate a Press Release when I started a company called RideOnTime. At the time, I remember thinking… “This is a hell of a lot of money just to tell a few folks on the Internet that I’m starting a new company with a few friends…” But the effects of that Press Release still benefit me today. I’ve had the craziest things happen since that Press Release went out…

Prior to syndicating the Release, I was “a decent programmer”. That Press Release was published on news, transportation and technology press sites all over the Internet. All of a sudden, I was “a businessman” – a Chief Technology Officer – a respected and senior ranking person, in the press for what I accomplished.

Weird things started to happen to me. One day a man called me out of the blue and remarked that I “was all over the Internet”, and asked if he could invest in any of my companies … I didn’t know what to say… so I said “no”. (I often wonder what would have happened had I said “yes” instead). Then, my daughter’s mother took me back to court for more child support because, now that I was a “Chief Technology Offer”, I must be making more money! Lol. I was still the same, broke dude that I was before!

That press release is also still in the search results for my name. If you Google ‘travis giggy rideontime’ you can see lots of stuff hanging around. That was 5 years ago…

I could relate more stories about publishing on the Internet, because I’ve found it to be one of the more important activities that I can do. But I think you get the point!

The bottom line is, that, my career has benefited by the small amount of writing that I have done. The simple fact that you are here, reading this letter, is proof enough of the power of writing. The benefits are many…

The Benefits of Being a Writer

Authority

The number one benefit of being a published writer is that, simply… once you publish a work of your own writing; now you are an author. What is the first thing that comes to your mind when you hear the word author?

For many people, the first thing is a single word thought – authority. A published author gains respect and authority for their subject matter. And what advantages does authority give you? How about this for a start:

 

  • Your reputation will precede you. The first impression a person has determines the lifetime of how you interact. When you walk into the room as a known authority, you have the upper hand, the power, the attention of your audience. You make a first impression within 3 seconds of your first meeting - if you walk in the door as a “known authority”, and then there is a much better chance that first impression will be a good one.
  • Increased competitiveness. If a potential client must opt between someone who is a published author, a well-known authority in the field, and somebody without those credentials… who do you think they are going to choose? It’s a no-brainer!
  • Increased credibility. Authority = credibility. Few people will differ on your viewpoint if you are an authority on the subject. Another person must respect your viewpoints, even if they don't agree.
  • Higher fees. If you provide a service (like a consultant, coach, graphic artist, doctor, therapist, financial advisor, accountant, or other service professional), a history of published materials gives you license to charge higher rates. It all comes because of credibility. Many people want to work with “the best of the best”, and are more than willing (it even makes them feel better) to pay top dollar for the peace-of-mind that an expert brings. If you are a published professional, your rates should be higher than everyone else.

That’s just a start. I’ll go over the benefits of being a published author in more detail in a future post, but I think you are starting to get my point!

Business Collateral

A large part of being in business for yourself is the interface with clients. Every business has clients. Every business must communicate with those clients in one form or another. If you’re like most businesses, you have to have a LOT of material to put in front of your clients. Here is a brief list of things you might need to write down before you can get your business started:

 

  • Web site
  • Ads
  • Flyers / brochures
  • Proposals and Quotes
  • Presentations
  • Position papers
  • Customer support emails
  • Autoresponder emails
  • Newsletter
  • Client follow-up
  • Repeat business
  • Referral requests
  • Internal communication, manuals, project planning, etc...

 

Once again, this is a brief list of items. By no means is it comprehensive.

The bottom line is – to be in business, you must be a writer. And if you are smart, you’ll become a published writer – an author. And Internet publishing means you get the SEO benefits…

Search Engines Optimization (SEO)

Publishing yourself on the Internet is a great idea. Just imagine the impression it makes when somebody Google's your name or business and sees thousands of websites have published your Articles and Press Releases…

Plus, every time you publish an article or press release on the Internet, it should include links back to your web site. Each link that points to your web site, in Google’s eyes, counts as a “vote” for your site. The more “votes” you have, compared to your online competitors, the more likely you are to appear at the top of the search results.

Being at the top of the search results means free traffic, more customers, and more money. It can get complicated, but the basics are easy– it’s not Rocket Science… and I will teach you more soon… (If you follow a few simple best practices, you’ll be ahead of 95% of the sites on the Net.)

I’ll go over the specifics of Search Engine Optimization in much more detail soon.

(Off topic: Next week, I will interview one of the foremost experts on the Internet when it comes to SEO. That recording will be available shortly thereafter…)

In Summary…

Becoming a writer is not for everyone. Some people find it tedious and boring. Some people never took the time to learn grammar (not really needed to become a writer, but it helps with confidence and readability). But, and I stress this BUT – if you’re an entrepreneur, and you want to be successful in business… you must be able to communicate in writing. And if you publish yourself, it’s like a catapult to the top ranks of respect, authority, credibility, and puts you on the fast track to success.

Writing opens doors that would never have presented themselves otherwise. I can attest to this fact personally. My next several posts are going to be on this topic, because it is very very important, and I want to drive it home.

I’ll be giving you some hints and tips on becoming a better writer – and then I’ll show you the most powerful method in the world to get published all over the Internet, just like I have had the luck and luxury of being.

I am interested in hearing your thoughts about the subject. Also, if I could show you a way to get published on thousands of websites, all over the Internet, month after month, and reap the rewards of all that comes with it… would you be interested in learning? If you have thoughts on this topic, just leave a comment below.

Looking forward to next time,

Travis

 

 

 

About the SBA MicroLoan Program

Today, I’m going to tell you about a little known, federally funded loan program that could help you get the financial jump start that you need. And it may not be around for much longer, so I feel an urgent need to get this information out to you.

It’s called the SBA Microloan program.

We all know that the economy is in the dumps. The stock market has tanked. Layoffs are on the rise. Just last week, Ford reported 2,600 layoffs new layoffs. CNN says that the economy will shed 1.2 million jobs this year. At the same time, the credit crisis is leading to the tightening of credit for businesses of all sizes.

And, this information may discourage you. But don’t be discouraged! This may in fact be one of the best times to start a business. Some of the best businesses are started in down economies. Partially because there is less competition. There are fewer entrepreneurs willing to go out there and get what is available to them. And hopefully, this... can help you.

The Small Business Association’s Microloan program might be able to help. The Microloan program helps entrepreneurs who need small amounts of capital. So if you own or would like to start a business but are having trouble qualifying for a traditional bank loan, the Microloan Program might be right for you.

Here’s how it works: the SBA doesn’t lend you the money directly. Instead, it makes funds available to local non-profit intermediary organizations that, in turn, provide loans of $35,000 or less to existing small businesses. These intermediary organizations have their own lending criteria, set their own rates, and ensure that all credit decisions are made locally.

These loans are not grants. They must be paid back in six years or less. And the loans can’t be used for everything. You can’t use the money to pay off existing debts or to purchase real estate. But an SBA Microloan can help you obtain working capital or finance the purchase of equipment or inventory. More specific details will be determined by your intermediary lender. The lender sets the interest rate and determines how much money you can receive - most applicants will not receive the $35,000 maximum. The SBA reports that the average loan amount is around $13,000. But the paperwork is relatively simple, the loans can be approved quickly, which is helpful if you need capital in a hurry, and entrepreneurs who wouldn’t qualify for many traditional business loans do qualify under the Microloan program. An extra benefit of the program is that borrowers can receive business-based training and technical assistance. This guidance can be a helpful to you, as a new business owner.

If you want to receive a Microloan, the first thing you need to do is find a intermediary organization. You can do this by contacting your local SBA office. If you don’t know where your local office is, you can always look it up on the Small Business Association’s website. Go to www.sba.gov, and then look under the local resources section. You’ll see your local office listed there. And while you’re on the website, take a look at the free online courses that the SBA offers. You can get information on business topics such as e-commerce, marketing and preparing a business plan without ever leaving your desk.

After finding an intermediary organization, take a look at the loan application. You will have to provide some information on your company. If your company is new and you don’t know how to answer the questions, go back to the Small Business Association website and take another look at the free courses they’ll provide you with more information on the practicalities of starting your business.

You’ll also need collateral - an asset that you pledge toward repayment of the loan, should you not be able to repay the loan in cash. If you aren’t sure what you can use as collateral, make a list of the resources you already have for your business. Do you have office equipment? A company vehicle? These are items that can be used for collateral. If you are still not sure what to use as collateral, ask your intermediary lender. They might be able to help you find some creative solutions. You should also be ready to sign a personal guarantee promising to repay the money.

Because the Microloan program is funded with federal dollars, it is vulnerable to changes in the political landscape, and the last few have been tumultuous - with funding being cut further each year. In his 2008 budget, Bush proposed to cut funding to the program entirely, suggesting that other SBA loan programs, especially the 7(a) business loan program could pick up the slack. While investigating the 7(a) program is also worthwhile for small businesses, it does tend to give larger loans. The Microloan Program is still the easiest way for a small businesses that doesn’t qualify for a bank loan to obtain credit, so as the credit market tightens, more entrepreneurs will find themselves in this pool. What is going to happen to the program in the future? Only time will tell. But if you are an entrepreneur or small business that needs capital now, the SBA Microloan program currently remains a very viable option.