© 2013 Revise The Dreamrevisethedream.com/wp-content/uploads/2013/02/RevisetheDream... · Lisa Nicole Bell Disclaimer: ... lifestyle goals. ... The plan should also exist as a living

© 2013 Revise The Dream.com


THE AMERICAN DREAM REVISED The ultimate guide for starting a small

business in the new economy

Compiled by

Lisa Nicole Bell Disclaimer: This guide is not intended to take the place of professional advice provided by an accountant, attorney, or business expert. We advise you to use the blueprint as a jumpstart to conduct your own research and work with licensed and trained professionals on your business. By downloading this guide, you release revise the dream and its associates and assigned from liability for outcomes associated with the interpretation or implementation of the assertions contained in this document.


OUTLINE Part 1: Your Life As An Entrepreneur Part 2: Finding the Right Idea Part 3: Setting Up Your Business The Right Way PART 4: Corporate Structure + Identity PART 5: Operations PART 6: Funding Your Business PART 7: Building Your Dream Team PART 8: Marketing + Media PART 9: Launch Plan: getting started PART 10: Recommended Reading


The American Dream Revised was created to give you the inside track to

making your business idea a reality. We created three useful components

designed to support your path to the New American Dream:

1. The American Dream Revised docuseries features real life stories from young

entrepreneurs. The stories provide inspiration and lessons from people who are

actively revising their American Dream.

2. The Revise the Dream Blueprint offers an easy-to-follow guide on starting your

own business.

3. The Launch Your Dream Think Tank Series answers your questions about

starting a business, running a business, and creating a business that fits into your

lifestyle goals.

Once you’ve experienced all 3 components, you will be ready to take the world

by storm with your business idea.

Let’s get started…


PART 1

Your Life As An Entrepreneur

The best reason to start an organization is to make meaning - to create a product or service to make

the world a better place - Guy Kawasaki, entrepreneur, investor, author

CHARTING THE COURSE

Creating a vision and setting goals are among the most important things you’ll ever

learn to do as an achiever and entrepreneur. The sooner you learn to properly set and

achieve goals, the easier it will be to realize your American Dream. Most people are

wandering aimlessly through life hoping something wonderful will happen.

Unfortunately, that’s not the reality of the new economy. It’s now necessary for you to

have a clear vision about what you want and a specific set of goals that align with your

values and what you want most out of life. The most interesting thing about goals is that

life has a tendency to give us what we demand. If you decide that you’re willing to set

your goals, learn how to achieve your goals, and work hard toward them, you can

have practically anything you want. The current climate in the new economy is

considered very difficult, but there are also more opportunities to build a remarkable

business than ever before.

The process of creating a vision for your life begins with choosing values that matter to

you. For more insight on determining your values and creating new values, download

the Values Assessment worksheet.

So, how do you set goals that will help you move forward?

The first thing to note about goals is that they only work if you do. Recent movies and

books on personal development and spirituality have led many people to believe that

all they have to do is meditate on their desires or want it badly enough and it will show

up. Not so. Creating a life that reflects what you want most require focus, persistence,

and a willingness to step out of your comfort zone.

Goal Setting Process

To set your goals, start by visualizing what your ideal life looks like. Think through the

various aspects of it – your personal life, your career, your finances, your relationships,

and your lifestyle. Think about where you want to live and how you want to experience

your life. Consider how all of these things will make you feel. As you feel positive

emotions, you’ll know that you’re on the right track in determining the types of things

you should work toward. Here’s the process for setting and achieving your goals:

http://revisethedream.com/wp-content/uploads/2013/01/ValuesAssessment.pdf


1. Decide what you want.

Nothing is more important than being clear about the life and business you want to

build. The more specific you are about what you want, the easier it will be to attain it.

2. Write your goals down.

No matter how smart you are, there’s a certain advantage that comes with writing your

goals and keeping them in a place where you can access them regularly. Make your

goals are specific, measured, time-bound, and attainable. If this is your first business,

you’ll want to be specific about the key goals you want to achieve for yourself and

your company. You’ll also want to create goals that can be measured like number of

visitors to your website or annual revenue. Then add timelines to your goals. Remain

flexible – things come up and starting a business can be unpredictable. The timelines

exist to give you a guideline for your action steps. Also, be sure you create realistic

goals that stretch you just outside of your comfort zone. While $1 million in revenue the

first year may not be realistic, $100,000 may be possible depending on your business

structure. The most important thing is to set goals and write them down – they can

always be changed as you evolve.

3. Create a plan.

Write down the baby steps you need to take in order to achieve each of your goals.

You may be tempted to skip this part and just work as hard as you can on your goals.

But remember that a bunch of activity with no plan can be financially and strategically

disastrous. Part of the value in writing a plan comes in gaining clarity about what it will

take to achieve your goal. The more specific your plan is, the more likely you’ll meet

with success. The best approach to mapping out a plan is to start with contemplating

with needs to happen over the year in order for you to achieve your goal. For example,

if your goal is to earn $100,000 in revenue in your first year of business, then your plan

should include a breakdown of how much you need to earn each quarter, each

month, and each week in order to achieve your goal. A specific plan helps create a

sense of accountability and keeps you on track when you become distracted. In

addition to knowing how your goal breaks down into increments, you also need a set of

daily, weekly, and monthly plans. If you have calculated that you need to bring in

$8,333 each month, what marketing and sales actions do you need to take to make

that happen? A goal is worthless without a solid plan and a lot of hard work.

4. Make things happen.

There’s no substitute for hard work. If you want to be successful, you’ll have to decide

that you’re willing to give up some things in order to get it. It may mean watching less

TV or getting up an hour early to work on your business plan. Successful people share a

willingness to do what’s required to create the outcomes they desire. The best plan is


worthless without action. Be a person who consistently invests time and energy in

creating positive outcomes for yourself personally and professionally.

Mindset

One of the most important aspects of starting a business is mindset. Many people

assume that they need a great business plan or the right mentor to guarantee success.

The most important place to begin is between your ears. Your mindset will make you or

break you as you revise your dream. After all, living a new life requires thinking

differently and making different choices.

Time Management

How do you think about your time? If you’ve worked a traditional job thus far, you have

likely traded dollars for hours. When you become an entrepreneur, your relationship to

time must change.

The first thing to understand is that time is your most valuable asset. Think about it – you

can get more money, more resources, and more opportunities. What can’t create

more of is time. Because of that, it’s important to use your time wisely.

Instead of thinking about how much money you can make each hour, think about how

much value you can create each hour. If you can create $300 worth of value and

charge $200 per hour, you are over-delivering for the client and earning more than you

would earn in an hour at a typical job. Your time, then, must be seen as the most

important asset you have in revising your American Dream. Think about it: we all have

the same 24 hours in each day. Consider your entrepreneurial heroes – maybe it’s

Oprah Winfrey or Richard Branson or Warren Buffet. These folks have managed to

achieve massive levels of success without having any more time in the day than you

do. How did they do it? They created leverage – they found ways to earn more money

in each hour by maximizing the return on their investment of energy and time. For

example, let’s say you wanted to start a fitness training company. You could charge

$80 to work with a client for an hour. You would be trading one hour of time for $80 in

compensation. If you hired 3 trainers to work with clients for $80 per hour and you paid

the trainers $30 per hour, you would earn $150 in revenue in an hour versus your $80 per

hour. (The Math: 1 trainer = $80-$30 = $50 revenue/hour. $50/hour times 3 trainers =

$150). Over time, the additional $70 per hour that you created for your business would

create a dramatic difference in your company’s financial success, not to mention you

would be able to serve more people after teaching your unique system to your trainers.

The goal here is to understand how leverage works and what an intentional approach

to your business can mean for you in the long term.


Productivity

No matter how successful you become or how much money you make, you’ll

need to properly manage your time if you’re going to maintain your success.

Check out this advice from Sarah Bradbury on keeping your calendar in check:

Many Millennial entrepreneurs are creating their own businesses and brands

amidst a daily life that includes full-time jobs, school, relationships, financial

struggles, and more. With all of this juggling, you may feel like you’ll never have

enough time to focus on your dreams. How do you make time for your projects

when you have so many other demands? Time management will help you

complete better quality projects faster. Whether you already manage your time

well or you need a little help organizing your schedule, these tips will help you

achieve your goals.

Get the right tools.

Abraham Lincoln once said, “If I had eight hours to chop down a tree, I'd spend

six hours sharpening my ax.” Managing your time effectively requires a strong

set of tools. Whether you choose old school paper or new school smartphone

apps, you’ll need a way to manage your:

Calendar: schedule your commitments

Contacts & Communication: keep in touch with people who can help you with

your business

Ideas & Inspiration: track ideas whenever they hit you

Documents: organize the pieces of your project

Spending extra time upfront to organize yourself will prevent you from wasting

time looking for vital information later. One tool I especially recommend using is

Evernote. You can log in to Evernote from any computer or on a smartphone

app. Evernote allows you to make notes of your ideas, take photos with your

phone, or save websites for later viewing. The best part is that all of your notes

are accessible from any device, and the text is searchable! I also recommend

using Google tools such as Google Calendar, Gmail, and Google Docs. Easily

accessible and searchable from all of your devices, you’ll be able to search for

information or work on your project whenever you have a free moment.

http://www.evernote.com/


Break it down.

Every big project can be broken down into smaller, more manageable steps.

Create small steps for your project that can be accomplished in 30 minutes, 15

minutes, or 5 minutes. Arrange your to-do lists according to the amount of time it

will take you to complete a step. When you have a few minutes to spare, you’ll

already know which tasks you might be able to fit in. You’ll also feel more

accomplished each week if you can check off multiple tasks, even if they each

took a short amount of time.

Make your business a priority.

Daily life can easily get in the way of your budding business. Ideally, you should

work on your business every day. (That’s what your 5 minute task list is for.)

Ultimately, to be successful, you’ll have to carve out a specific time to work and

stick to it. Use your calendar and find a block of time you can focus and work.

Even if you can only spare an hour, be sure you commit the uninterrupted time.

If you share your calendar with others, mark your time as busy so no one else

schedules over your chosen time. You may have to decide on sacrifices, like

declining time out with friends, to stick to your schedule at first.

Don’t multitask.

As Millennials, we like to think we’re good at multitasking. Unfortunately, it’s a

proven fact that multitasking actually makes some tasks take longer, and it can

affect the quality of your work. While it’s tempting to do your laundry, check

your email, or catch up on your DVR while you work, resist the temptation. Try to

work for at least an hour at a time on your business. Get rid of distractions by

turning off notifications on your phone. Finish up a household chore or return a

phone call before you start so you won’t feel pressured to multitask. Reward

yourself with a Twitter break or get up and stretch for a few minutes after each

hour of work.

Enlist a friend.

Tasks may take longer to complete if you have to do it all by yourself. Ask a

trusted friend if he or she can help you. Friends and colleagues may also be

able to teach you a new skill or contribute one of their talents. Need a logo

designed? Your friend who knows Photoshop can probably teach you faster

than that online tutorial you’re trying to watch. For the price of a few beers, your

friend who’s a copyeditor might be willing to look over your latest proposal.

http://psychcentral.com/news/2009/08/27/excess-multi-tasking-has-downside/8013.html

http://psychcentral.com/news/2009/08/27/excess-multi-tasking-has-downside/8013.html


No matter how well you manage your time, you may occasionally run into the

biggest enemy of time management: procrastination. Procrastination can stop

even the most organized time manager. Procrastination happens when we lose

motivation or run into an obstacle. To beat procrastination, try these tips:

Go for a walk.

It sounds counterintuitive to walk away from your current task, but sometimes,

we procrastinate because we’re bored, tired, or stressed out. Taking your dog

for a quick walk, calling a friend, or reading a few chapters of a funny book

might reenergize you. Try to do something that inspires you or helps to clear your

head. When you come back to your work, you’ll be focused and ready to work.

Rearrange your furniture.

Maybe you don’t want to go all out and rearrange your furniture, but

procrastination happens when we get stuck in our routines. Having structure for

your work is important, but when procrastination strikes, sometimes the key is to

change your routine. Instead of working at home, head to your favorite coffee

shop to work. Switch from your iPad to a pen and paper. Change your desktop

background to a photo that inspires you. Changing something small can help

you look at your task from another angle.

Get inspired.

When you started working on your business idea, you probably had a whole list

of reasons for branching out and trying something new. Make a list of those

reasons. How will this business make you feel when it’s successful? What will you

be most proud of? What do you love about doing your work? Who else will

benefit from your business? Add every reason, no matter how small. When

you’re done, choose one of the reasons to focus on each time you start to

procrastinate. Remind yourself of all the great reasons to keep going and finish

each task.

Time management is a vital skill for any Millennial who wants to turn their hobby

into a full time job. Good time managers know how to beat procrastination and

make success a priority. Whether you’re managing your own business, writing a

book, starting a nonprofit, or working on another project outside of your regular

9 to 5, time management helps you stay focused under pressure.


Self Care

Proper self-care isn’t usually the first phrase that comes up when you think of a high-

powered entrepreneur. One of the many ways top entrepreneurs maintain their ability

to lead their fields is through proper self-care. Self-care has many aspects and can

include things like exercising, eating right, and nurturing personal relationships. Stay on

top of your health; it’s your first wealth and a cornerstone to becoming a successful

entrepreneur.

Personal Finance

Without proper management of your personal finances, you’ll never enjoy the benefits

of a financially successful business. Even if you’re doing well for yourself, what you do

with the money you earn is always more important than how much you earn. The basics

of personal finance should be a strong consideration when starting a company of your

own. Many investors will want to see a track record of responsible money management

prior to giving you access to their cash.

Check out these 5 money management tips from personal finance expert and founder

of PocketChanged.com Caleb Wojcik:

1. Start Tracking Your Spending

The first step you should take to get a handle on your money is to start keeping track of

how you are spending your money. You can either track it throughout the month or go

through all of your expenses at the end of the month.

How you track the ins and outs doesn’t need to be fancy. You could use a spreadsheet

or you could just use a simple piece of paper.

One of the best options is to use a website that will automatically track all of your

accounts like Adaptu.com or Mint.com.

When you look at your spending habits, think about what has influenced them in your

life. Do you treat your money like your parents did? Do your friends persuade you to

spend more money than you’d like to? Do you and your significant other have different

views towards money? All of these influences can be either positive or negative. Just be

aware of them so you can change them if you want to.

You should decide for yourself how you want to handle your money. Pick a category

that you think you overspend in and focus solely on that category for a month. It may

take a full year to tackle all of the spending areas in your life that are out of control, but

fixing them one month at a time is the easiest route.

http://www.getrichslowly.org/blog/2011/02/28/back-to-the-stone-age-low-tech-expense-tracking/

http://www.adaptu.com/

http://www.mint.com/


Additional Resources:

7 Ways to Save Money Immediately After College

How to Curb Your Biggest Spending Weakness in Just 15 Minutes

7 Tips & Tricks to Stop Impulse Spending

8 Ways to Hack Your Wallet to Reduce Spending

2. Build a Monthly Budget

Budget might as well be a four-letter word. A lot people despise budgeting, but it really

is the best way to get control of your finances. Here are some tips to start budgeting

and not get burned out from doing it.

Pick the same day each month to do it. The ideal time would be sometime around the

1st to 5th of the month. This way you can compare the full previous month and make

plans for the upcoming month.

When you go through your budget, each month, compare it to the spending tracker

you made in step one. This way, you are creating a realistic budget that you have the

chance of sticking to instead of a pie in the sky number.

Just making a budget to say you have one is pointless, you must stick to it. Make your

goals visible where you live, have an accountability partner, and reward yourself (by

not spending too much money…) if you reach your goal.


Automating your Personal Finances by Ramit Sethi of

IWillTeachYouToBeRich.com

The 50/30/20 Budget Fix by Liz Weston of MSN Money

The Best Financial Tip There Is: Do Less

3. Pay Off Debt

If you find yourself swimming in debt, it’ll be difficult to bootstrap your business or make

active investments in your success. Consult with a financial advisor to determine how

you should approach paying off your debt. New policies around credit card accounts

may mean paying off an account and leaving it open for a period of time. Again, talk

with an expert who can help you determine which course of action is best.


Student Loan Interest Explained

http://www.pocketchanged.com/2011/01/25/7-ways-to-save-money-immediately-after-college/

http://www.pocketchanged.com/2011/05/13/how-to-curb-your-biggest-spending-weakness-in-just-15-minutes/

http://www.pocketchanged.com/2011/01/11/7-ways-to-stop-impulse-spending/

http://www.pocketchanged.com/2011/01/04/8-ways-to-hack-your-wallet-to-reduce-spending/

http://www.iwillteachyoutoberich.com/automate-your-personal-finances/

http://money.msn.com/how-to-budget/how-much-should-you-spend-on-weston.aspx

http://www.pocketchanged.com/2011/06/13/the-best-financial-tip-there-is-do-less/

http://www.pocketchanged.com/2011/02/09/explained-college-student-loan-interest/


4. Start Saving for Retirement & Major Life Goals

When should you start saving for retirement or other major life goals?

As soon as you possibly can. Some financial goals take a long time to save up for, and

retirement is the ultimate savings goal. The key is to just get started saving as early as

possible and then increase your contributions later. Get the habit started ASAP.

Where should you put your retirement savings?

1. If you currently have a traditional job, invest in your company’s retirement

plan to get the match

a. i.e. if they match 50% of your 8%, save 8% to max that.

2. Then save money into a Roth IRA

a. Post-Tax contributions of up to $5,000 per year

b. Earnings are not taxed upon withdrawal at retirement

3. Continue to save into a company 401(k) or 403(b) or into a regular IRA.

What other life goals should you be saving for?

How to save for the down payment on a house

How to save for a wedding

How to save for your children’s college


The Extraordinary Power of Compound Interest

401k’s and Retirement Investments Explained

Roth IRA’s Explained

5. Calculate and Track Your Net Worth

Your net worth is your total amount of assets (possessions such as money or property)

minus your total liabilities (debts owed such as loans and credit cards).

Calculating your net worth can be done in just ten minutes. For step-by-step instructions

on how to do so, go here.

You should track your net worth on the same day each month that you look over your

spending and budget. Make sure to continually track your progress month to month to

see if you are making positive or negative progress.

Resources that make tracking your Net Worth easy:

http://www.getrichslowly.org/blog/2007/06/11/ask-the-readers-whats-the-best-way-to-save-for-a-down-payment/

http://www.pocketchanged.com/2011/06/23/the-frugal-couples-guide-on-what-to-do-financially-before-a-wedding-and-marriage/

http://www.savingforcollege.com/

http://www.getrichslowly.org/blog/2008/04/02/the-extraordinary-power-of-compound-interest/

http://www.pocketchanged.com/2011/01/19/explained-401k-retirement-investments/

http://www.pocketchanged.com/2011/01/12/explained-roth-ira/

http://www.pocketchanged.com/2011/04/25/how-to-calculate-your-net-worth-in-ten-minutes/


Adaptu.com

Mint.com

NetWorthIQ.com

Important Takeaways

Money doesn’t have to be scary. By spending just a little bit of time each month

following the steps above, the stress caused by money can be virtually eliminated and

you can instead live a happier, stress-free life.

Live Within Your Means (Spend Less than You Earn)

Pay Yourself First (Save for Short & Long Term Goals)

Get Out & Stay Out of Debt (The Faster You Pay it Off, the Less it Costs)

Track & Measure Your Progress (Spending, Budgeting, Net Worth)

11 More Great Personal Finance Resources

Now that you have a primer on the basics of your lifestyle as an entrepreneur, take a

moment to reflect on what you’ve learned and how it applies to your life.

LIFESTYLE WORKSHEET

1. What are your primary values? What ideas are most important to you?

_____________________________________________________________________________________________

_____________________________________________________________________________________________

_____________________________________________________________________________________________

_____________________________________________________________________________________________

2. What are your lifestyle goals? How would you like to spend most of your days?

_____________________________________________________________________________________________

_____________________________________________________________________________________________

_____________________________________________________________________________________________

_____________________________________________________________________________________________

http://www.adaptu.com/

http://www.mint.com/

http://www.networthiq.com/

http://www.pocketchanged.com/2011/03/21/11-influential-personal-finance-writers-that-motivated-me-to-pay-off-28000-in-debt/


3. What impact do you want to have on the world? What do you want your legacy to

be?

_____________________________________________________________________________________________

_____________________________________________________________________________________________

_____________________________________________________________________________________________

4. Which aspects of self-care are most important to you? How do you spend your time

when you want to relax?

_____________________________________________________________________________________________

_____________________________________________________________________________________________

_____________________________________________________________________________________________

_____________________________________________________________________________________________

How much money would you like to take home from your business?

____________________________________________________________________________________________

____________________________________________________________________________________________

What is your current net worth? What steps can you take to increase this number?

____________________________________________________________________________________________

_____________________________________________________________________________________________

Personal Branding + Networking

When you begin to see yourself as a CEO, it’s time to start thinking about your

personal brand. As your profile rises, you may be invited to speak to the press,

speak at events, and offer your expertise on topics related to your business. The

most important thing to remember is that you will serve as a representative of

your company whether you want to or not.

A personal brand is similar to a corporate brand. A personal brand is an

extension of your company’s brand – it lets people know what they can expect

from you. Your personal brand can be comprised of a wide range of things

including but not limited to:


The way you dress The phrases you use in conversation

The design of your business cards The expertise you become known for

Thinking about the idea(s) you want people to take away when they interact

with you. If someone you met was going to describe you to someone else, how

would you want them to describe you, your company, and your role in your

company. When you think about your personal brand through the eyes of

someone who knows nothing about you, it becomes easier to craft an image

that aligns with the impression you want to create.

Check out this Personal Brand checklist:

-A clear idea that you want to communicate

-An aesthetic (colors, fonts, etc) that shows up across your website, email, and

other communications

-Business cards that reflect your personal brand and share a nugget of

meaningful information about you

-A personal website or web page (try About.me) that offers a bio, photo, and

contact information

-An email signature with your name, phone number, company name, and

social media handles

-A well-crafted bio that tells your story and offers critical information about your

path including education, past positions, inspiration for your business, and your

broader vision as an entrepreneur

Complete this worksheet to work through the key aspects of your personal

brand:

PERSONAL BRANDING WORKSHEET

1. What do you want people to say about your personal brand? Do you want to be

considered fun and spunky? Serious and direct? Adventurous? Create 3-5 adjectives

that describe your personal brand.

______________________________________________________________________________

______________________________________________________________________________


2. How can you refine your personal style to more closely reflect your brand? Think

about your wardrobe, your hair and makeup, and the colors you wear.

____________________________________________________________________________

____________________________________________________________________________

3. Think of 4-6 words that you can use regularly in conversation to further

communicate your brand message. Examples: power, simplicity, fun,

connection.

___________________________________________________________________________

___________________________________________________________________________

Personal Brand Building Blocks

Your personal brand is amplified by the people in your network. Ariana Proehl,

the creator and host of Know This TV and a master networker herself, offered to

share her insider tips on creating a strong network that serves your business

goals.

Rethinking Your Network

Networking can get a bad rap. It sounds so stiff and transactional. But

networking can be fun and really meaningful as well. It’s all about your mindset

and your approach.

Before diving into the step-by-step…

Get Your Mind Right

Networking isn’t how many business cards you get or how many friends you

have on Facebook. It’s about building your relationship currency or social

capital.

Social Capital means that your social networks and relationships have value that

can be translated into various things: a job, investors, pro bono services,


mentorship and advice, access to special events, meetings and other networks,

recommendations & endorsements, etc.

Building Social Capital means putting yourself out there and meeting new

people, discovering common interests and connections, and building mutually

beneficial relationships.

Even with social media allowing us to access information and people from all

around the world, the age-old saying “it’s not just what you know, but who you

know” still applies. Now it’s just gotten easier to know who knows who!

Look Out for Connectors

Malcolm Gladwell’s best-selling book, The Tipping Point, introduces you to

“Connectors”—the people who know tons of people, are plugged in to “the

scene,” and love connecting the dots between interested people and all the

information they have in their cell phones and mental rolodexes.

If you are not a self-identified Connector, these kinds of people are key to your

network! One meeting with a friendly and reliable connector can have you

walking away with a solid list of contacts or interesting websites to investigate

that move you closer to your goals.

CAUTION: Make sure your interests and requests are focused! Connectors will

have a contact for almost any direction you want to go in, so to make the most

of their time with you, give them a clear lane to drive in with their

recommendations so you’re not just getting a brain dump and wasting your, the

connector and their contacts’ time.

Before we move on, take a minute to reflect on some key individuals and

connectors who are in your current network:

NAME INDUSTRY/SKILL SETS

_______________________________ ______________________________

_______________________________ ______________________________

_______________________________ ______________________________


_______________________________ ______________________________

_______________________________ ______________________________

_______________________________ _____________________________

Now think about who you want to know:

INDUSTRY/SKILL SETS NAME (IF APPLICABLE)

_______________________________ ______________________________

_______________________________ ______________________________

_______________________________ ______________________________

_______________________________ ______________________________

_______________________________ ______________________________

_______________________________ ______________________________

Of the “Want to Know’s,” who in your network now may have a connection or

help start you on a lead? Start out on the path to getting connected.


PART 2

FINDING THE RIGHT IDEA

I never perfected an invention that I did not think about in terms of the service it might give others... I

find out what the world needs, then I proceed to invent - Thomas Edison, inventor and scientist

Before we begin discussing your great idea, let’s define a business. Fancy

business cards and websites do not make a business. A business is defined as:

An entity that creates and delivers something of value that other people want

at a price they’re willing to pay in a way that meets the customer’s expectations

and provides the entrepreneur with enough profit to justify continuing the

business.

Given this definition, we can quickly identify several key areas:

Value

Price

Expectation

Profit

Each of these elements is essential to the creation and growth of a successful

business.

The Idea

Many would-be entrepreneurs get tripped up on the idea. The quality of your

team and the execution of your idea will be much more important than your

idea itself. When we look around at some of the most successful companies, we

see ideas that, in many cases, aren’t all that impressive on their own. However,

with the right execution and branding, those ideas become multimillion dollar

companies.

No matter how much potential you have and how much money you have, you

must have a good idea that’s properly executed. There are twelve different

types of businesses you can start:


Service: Service-based businesses are generally thought to be the easiest to

start. They usually require less capital than other kinds of businesses. Example:

Massages, tax preparation, lawn care

Product: A product that is created and sold for a cost higher than what it costs

to make it. Example: Apple’s iPhone

Subscription: A product or service delivered on a recurring basis for a fee.

Example: Proactiv skin care products automatically delivered every 30 days for

$19.99.

Shared Resource: A durable asset that can earn revenue from use by many

people.

Example: Enterprise Rent-A-Car

Resale: Purchase a product from a wholesaler and sell the asset to a retail buyer

at a price higher than what you paid.

Example: Tee shirts sold in department stores

Lease: Purchase an asset then allow third parties to use the asset for a

predefined amount of time in exchange for a one time or ongoing investment.

Example: Renting an apartment

Agency: Provide marketing and/or sales services for a product or service you

don’t own on behalf of the owner. Collect a percentage of the transaction

price as a fee.

Example: Talent agents for actors

Audience Aggregation: Create content or programming designed to attract a

certain audience. Then sell access to the audience in the form of advertising to

another business interested in reaching that audience.

Example: Fast Company magazine

Option: Extend the ability to take a predefined action for a fixed period of time

in exchange for a fee.

Example: Home buying opportunities


Loan: Provide a requested amount of money to a borrower in exchange for

payments in the sum of the original loan in addition to a predefined interest rate.

Example: A local bank or credit union

Capital: Invest in a business and collect a percentage of the profit as a lump

sum or ongoing dividend.

Example: The investors on Shark Tank

Insurance: Provide a guarantee against unforeseen negative events such as car

accidents in exchange for periodic payments from the policy holder.

Example: State Farm

Market Considerations

When considering a market, there are 10 important considerations that will

determine how successful your business will become. Run your business idea

through each of these filters before you move forward:

Urgency: How much do people want or need your offer right now?

Market Size: How many people are buying similar products or services or

acceptable alternatives? How many people could you realistically serve?

Pricing Potential: How much would the average customer be willing to pay for

your product or service?

Cost of Customer Acquisition: How much effort, time, and money will it take to

get customers?

Now apply these concepts to your business.

IDEATION WORKSHEET

1. What issues and topics are you most passionate about?

______________________________________________________________________________

______________________________________________________________________________


2. What are you good at?

______________________________________________________________________________

______________________________________________________________________________

______________________________________________________________________________

3. What skills do you have that would be helpful as you build your business?

______________________________________________________________________________

______________________________________________________________________________

______________________________________________________________________________

4. What problems could you solve with your passion and skills?

______________________________________________________________________________

______________________________________________________________________________

______________________________________________________________________________

5. What type of support will you need in order to build your business?

______________________________________________________________________________

______________________________________________________________________________

Does your business idea pass the test for one that could be sustainable?

Creates and delivers something of value

People want the product or service

People are willing to pay for the product or service

You can meet the customer’s expectations


The combination of activities creates enough profit to justify continuing the

business

If your idea passes each of these tests, you have the beginnings of a good

business.


PART 3

SETTING UP YOUR BUSINESS THE RIGHT WAY

In preparing for battle I have always found that plans are useless, but planning is indispensable - Dwight

D. Eisenhower, U.S. President

If you’re like most entrepreneurs, you have a lot of ideas. You may find yourself

challenged in sorting out which idea to pursue or how to approach the idea

you’ve chosen. When you contemplate starting your business, consider whether

you are starting it for lifestyle or liquidity. A lifestyle business is one that allows the

founder or owner to live a certain way of his or her choosing. Some people start

businesses because they want to earn more than the average employee and

have time and freedom to do as they please. Perhaps they want to travel the

world or maybe they’re interested in staying home with their children. Whatever

the case may be, their priority in starting their business is to support a lifestyle.

A liquidity business is one that is started with the intention of creating a liquidity

event at some point in the future. Liquidity businesses often seek startup capital

in the form of investments from angel investors or venture capitalists (or both). A

liquidity event can include the sale of the company or taking the company

public. These 2 events yield major returns for the founder(s), investor(s), and early

employees who have stock options. It’s important to consider whether your

business is a lifestyle business or liquidity business before you begin. This

distinction will inform your approach to starting and growing your business.

The following worksheet will help you determine the type of business that might

be right for you.

LIFESTYLE VS LIQUIDITY WORKSHEET

1. What is your primary reason for starting your business?

______________________________________________________________________________

______________________________________________________________________________


2. Is your business local? Can it be taken to the national or international level?

______________________________________________________________________________

______________________________________________________________________________

3. Is your business scalable? Can many people partake in your product and

service without you incurring massive costs to produce it?

______________________________________________________________________________

______________________________________________________________________________

______________________________________________________________________________

4. Does your product or service solve a problem that many people have?

______________________________________________________________________________

5. How do you see yourself spending your time once your company is

successful?

______________________________________________________________________________

______________________________________________________________________________

Intellectual Property + Trademarks

Copyrights indicate ownership of works that are usually written. It’s a legal

protection of authorship. By creating the written work, a copyright is

automatically created. Some people go a step further by federally registering

their work. This is common with scripts and other highly valuable written works.

A trademark covers a logo, designation, or short phrase. This can include service

marks and a variety of other insignia designed to signify your business. Before

starting your business, be sure that you’re not infringing on someone else’s


trademark. Check with the United States Patent and Trademark Office or check

Trademarkia.com to find out what’s already being used.

Patents cover inventions and generally require extensive paperwork and a well-

versed attorney. While a patent won’t guarantee success, it will sufficiently

protect your idea from replication by competitors.

Filing a Trademark

This process can be done independently or through a company like Legal

Zoom. However, in many cases, a business attorney can offer insight on whether

your trademark may create a conflict with an existing trademark. This

assessment can prevent many headaches and frustrations later in the event

that your trademark is too similar to someone else’s.

Business Plans

Business plans serve a variety of functions in startups. While most people assume

that they absolutely must have one to begin, this is false. The business plan

should serve your purposes. Business plans vary wildly in length and detail and

should be tailored for the intended audience such as investors or prospective

partners. The plan should also exist as a living document that changes and

evolves with your business and helps keep you stay focused and on track.

Here are the most important elements your business plan should include:

What does your company provide?

This question should be answered directly and simply. Avoid the temptation to

throw in jargon and dazzling adjectives. Describe your product or service in plain

language that an eighth grader could understand.

How large is the market opportunity for the business you want to start?

In total, how many dollars are spent in the market your business operates in?

Investors and prospective partners can better understand your business and the

opportunity by first understanding the size of the market.

How will you earn revenue?

A business without a specific plan to make money is just a hobby. Every business

needs a model that allows it to profit from the sale and distribution of its

products and/or services. Like your primary business activity, this information

should be clearly stated and explained.


How are you different from everyone else who does what you do?

It’s important to have a clear advantage over the competition. Spend time

evaluating why you’re necessary in the marketplace and what space you fill.

What is your business strategy?

What approach are you taking to achieving your company’s overarching

goals? What are the most important activities and milestones you’ll hit over the

next 12-18 months? This information creates some context for your business and

how you’ll exploit the business opportunity.

What is your distribution method?

How will you go about selling and marketing your projects? This is a critical

component of your business success. Without the proper plan for getting your

product or service in front of people who are able and willing to buy it, other

aspects of your business are irrelevant. Spend significant time thinking through

your means of distribution.

Do you need startup capital? If so, how much?

Some businesses require a certain amount of money to begin. Lifestyle

businesses usually require less capital than liquidity businesses, but every business

needs sufficient capital to begin and continue operation. If necessary, sit down

with a qualified finance professional who can walk you through the intricacies of

assessing how much capital you need and how to secure it. It’s critical to have

a clear understanding of what you will do with the money you raise since this will

help investors understand your priorities and prospects for success. In addition to

capital, you need a complete section on your financials in your business plan.

What is your projected revenue and how will it be used or invested? These

numbers are usually projected up to 3 years in advance and should present

both conservative and best case scenarios.

What are your key metrics?

What numbers are most important to your business success? Perhaps its foot

traffic in the mall or visitors to your website. It’s important to know exactly which

factors impact your marketing, sales, and business operations. An intelligent

outline of your key metrics lets investors and partners know that you’re thinking

through the contingencies as well as the operations of your company.


Use this information to shape your business plan and pitch decks. By thinking

through these critical details, your business will be better positioned to succeed.


PART 4

CORPORATE IDENTITY + STRUCTURE

Listen to your gut, no matter how good something sounds on paper. –Donald Trump

BUSINESS STRUCTURE

Every business has a specific corporate structure. Your business structure should

be chosen to support your business goals and protect you from possible

litigation. Use the guide below to determine which structure makes sense for

you. Then consult with an attorney who can confirm your thoughts.

Sole Proprietorship

Anytime you begin selling a product or service, you become an instant sole

proprietor. There’s no paperwork involved – this happens automatically. You do

need a business license, but other aspects such as a DBA (fictitious business

name) or a bank account are optional.

Benefits: You own everything free and clear. No paperwork.

Drawbacks: Your assets are at risk in the event that a legal dispute arises. Your

property (including your home, car, and other belongings) can be seized if you

lose a legal case.

General Partnership

A general partnership is a joint business where the profit and liability are shared

by the partners. A partnership of this sort can be formed with the same ease of

sole proprietorship. When two people decide to begin doing business together,

they can agree on terms such as investments, revenue sharing, and ownership

without filing formal paperwork. It’s advised to explore all of the details in

advance to avoid disagreements later.

Benefits: General partnerships offer a means of sharing the responsibility of

running a business. If your partner brings an ideal set of skills or talents to the

table, your collaboration could measurably improve the success of your

business.

Drawbacks: As with a sole proprietorship, the owners are liable in the event a

legal dispute arises.


Limited Liability Company

Many would-be sole proprietors and partners opt to form a limited liability

company as a means of protecting themselves from the legal issues that could

exist with a sole proprietorship. There are state and federal forms you must file in

order to form an LLC.

Benefits: Easy to create and inexpensive to form. Assets are protected. Tax write-

offs for business-related expenses. Profits are taxed at a personal rate versus a

business rate. (See C corp for further explanation)

C Corporation

A C corporation is a commonly-used structure for publicly traded companies

that have shareholders and directors. A C corporation is a business entity that is

taxed separately from its owners. The shareholders who own stock elect a board

of directors who are responsible for the business. The board of directors then

appoints key personnel to run the company and implement its plans. In spite of

many companies having dozens of people involved at each of these levels, it’s

also possible for you to serve in all of these roles. If you own 100% of the stock in

your C corporation, you could also serve as the sole board member and the

CEO. An important thing to note regarding C corporations is double taxation.

Your salary will be taxed at a personal rate while your business will be taxed at a

business rate.

Benefits: Opportunities to extend stock options and accept large investments.

Drawbacks: Double taxation. Maintenance is more complicated than LLC due

to paperwork and logistics.

S Corporation

A S corporation combines features of both a LLC and a C corporation. S

Corporations do not pay federal taxes. The profits and losses in an S corporation

are divided among the share holders, but there are a limited number of

shareholders permitted.

Benefits: Pass through taxation like a LLC.

Drawbacks: Limited number of shareholders allowed.

Limited Liability Partnership

Limited Liability Partnership is a business entity in which each partner has limited

liability and is not responsible for a partner’s misconduct. This structure is

commonly used for lawyers, accountants, and architects who want to form a


collaborative corporate entity without being personally responsible for their

partner’s performance. Like formal corporations, Limited Liability Partnerships

require paperwork and adherence to various rules and regulations.

Benefits: Ideal for trained professionals who want to pool resources and

knowledge with other professionals in similar fields.

Drawbacks: Rules and paperwork involved for formation which vary from state

to state.

.

Licenses and Permits

A business license is a permit required by the city or county to legally conduct

business. Certain types of businesses also require special permits and licenses.

Run a Google search for your city + your industry + permits to see what comes

up or call your local courthouse. Your business fees will be contingent on the

type and location of your business.

Protections + Contracts + Paperwork

A non-disclosure agreement is a basic document that protects your information

and communications with the other party from exposure to unauthorized third

parties. The document is designed to encourage confidentiality. However, many

people – particularly investors and large corporate entities – will not sign NDAs. In

many cases, your idea may be similar to something they’re already working on,

and they want to avoid the drama and potential lawsuit that could come from

the impending outcomes.

Insurance

When possible, secure business insurance that will cover the variety of lawsuits

that could arrive. Even if you think there isn’t much of a possibility that it could

happen, it’s better to be safe than sorry against the complications of something

going wrong.

Banking

A business banking account is important in managing your company’s finances.

There are several important items needed to set up an account:

All Businesses:

EIN Number: This number is assigned for business tax purposes. The US

government provides the number at no cost. Click here to view more

information on the EIN number.

Optional – DBA: Fictitious business name filing information.

http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Apply-for-an-Employer-Identification-Number-%28EIN%29-Online


LLC:

Articles of Organization: A document outlining the initial statements

required to form the business.

Operating Agreement: A document outlining each member’s managerial

and financial rights and duties

C Corporation:

Articles of Incorporation: Similar to the articles of organization for an LLC.

By Laws: Governing details of the company.

Organizational Minutes: An overview of the agenda items and discussions

from the first board meeting.

Corporate Resolution: Authorization to open the account.

Optional – Partnership Agreement: Where applicable.


PART 5

OPERATIONS

Some people dream of great accomplishments, while others stay awake and do them - Anonymous

Operations are a key part of running a successful enterprise. No matter how

great your product and marketing may be, you must run an efficient operation if

you want to stay in business.

Location, Location, Location

Your business location can sometimes be more important than your business

idea. Think about the ice cream stand that’s located in a high traffic area or the

virtual product that’s listed at the top of a Google search. Location is essential to

being found by the right audience which can lead to sales.

If your business is not a retail firm, be sure to search for the best possible deal per

square foot and avoid signing long-term leases. Because your business isn’t

based on location, you should be selective and avoid putting large sums of

money into renting a fancy space that isn’t necessary.

Your location should be determined by several factors:

Who you want to reach

What you want your audience to do

Your long-term business objectives

Working With Professional Vendors

Every business has people and companies that supply the inputs for the product

or service they create. When contemplating which vendors you’ll employ, it’s

important to consider the financial terms of the agreement as well as the

relationship you’ll develop and maintain with the vendor. For key vendors such

as attorneys and accountants, it’s important that you clearly communicate

what you want to achieve, what you expect, and how much money you are

willing to spend. Referrals are best when identifying vendors, but always use your

best judgment before you begin any project or new relationship.


PART 6

FUNDING YOUR BUSINESS

The greatest reward in becoming a millionaire is not the amount of money that you earn. It is the kind of

person that you have to become to become a millionaire in the first place - Jim Rohn

Many small businesses don’t require a large amount of startup capital. Before

you begin your business, think through ways you can start small and test your

idea before sinking large amounts of time and energy into it. For instance, if you

want to start a fashion line, build a prototype or a few pieces and sell them.

Once you sell them, you’ll know what the market’s interest level is in your

product and you’ll also know what the market is willing to pay. In the event that

outside funding is absolutely necessary, there are several important things to

consider and several key strategies to employ.

Attracting Investors

When preparing to seek investment capital, here’s what you should know:

Business Model: The business model is intricately linked to the product or service

you intend to sell. It answers the question: How will you make money? This is the

most pressing question on every investor’s mind. Sometimes businesses have

great products but the wrong distribution methods. Other times, businesses have

a lucrative market but the wrong product. Make sure your product fits with the

market you’re pursuing. When you prepare to pitch an investor, be super clear

about what your business does and how it makes money.

People: Investors will invest in people first and foremost. Even if an investor isn’t

crazy about an idea, he or she will often decide to invest in the entrepreneur

because a good entrepreneur can run an average business. However, a

mediocre entrepreneur cannot run a fantastic business. At the core of every

business is people. This is why it’s so important that you spend time grooming

yourself as a leader, executive, and professional. Your business can only be as

good as you are. Make sure you understand your strengths and weaknesses and

identify ways to address those through your team. If you’re not great with

numbers, it may be necessary to have a CFO in place before you go after

capital. If marketing is your strength, you may consider having someone else

serve as CEO while you take the role of Chief Marketing Officer. Think through

the best way to complement your skills.


Momentum: Investors want to feel that they’re hopping aboard a moving train.

When you pitch an investor, be sure to share your key milestones and note any

progress you’ve made toward future goals. The more you can show the investor

that you’re actively working toward making your business a success, the more

likely he and she will be confident that you can continue down that path.

Where’s the Money?

Depending on the type of business you’re starting, there are several places you

can secure funding. Remember that raising money comes with tremendous

responsibility – you now owe investors a return on their money while lenders also

have expectations around repayment. Take only what you need and use every

dollar wisely. Be creative and resourceful!

SEED FUNDS: This round of funding is intended to support your business until it has

cash flow to sustain itself. This round is often raised from friends, family, and

associates and amounts vary depending on the type of business.

ANGEL INVESTORS: Angel investors are individuals who make small investments in

startups. Like the seed funds, the angel investment often supports the company

in its formative stage and provides leverage for achieving key milestones in the

early phases.

VENTURE CAPITALISTS: Venture capitalists raise money from a group of investors

and then manage those funds by making strategic investments. In many cases,

venture capital firms have specific industries or niches they prefer to invest in

while others enjoy the challenge of entering new markets. Most venture capital

firms invest in businesses that can scale to $100 million or more in 7 years and

could be sold for many millions or billions of dollars in the future.

BANK LOANS: Most banks require a long history of revenue and sterling credit to

be eligible for a loan. Bank loans are generally very difficult for new

entrepreneurs to secure for this reason. There are alternate methods of building

a relationship with a bank so that you can access that funding option once your

business is profitable and requires a loan.

BOOSTRAPPING: Boostrapping involves using your own funds to start your

business. While this may mean limited funds and possibly slower growth, you


enjoy the benefits of retaining full ownership of your business and being able to

make important decisions without consulting anyone outside of your company.


PART 7

BUILDING YOUR DREAM TEAM

Coming together is a beginning. Keeping together is progress. Working together is success. –Henry Ford

Every growing business needs a strong team in order to flourish. You may find

that you need to develop specific leadership capabilities, even if you have a

natural aptitude as a leader. This section will walk you through the key elements

of building a team that you enjoy working with and produces high quality

outputs for your company.

Remember that your dream team includes important people outside of your

business such as investors. As you build your team, think about your company’s

core values. These guiding principles should inform every aspect of your

business.

Example:

XYZ’s mission statement includes its values which are integrity, growth, and

innovation. If this is true, then every member of the XYZ’s team should embody

these traits.

It’s not enough to say you believe something or stand for something and not

behave in ways that align with that stance. These values should also be

reflected in your hiring principles: the guidelines and policies you enforce as you

interview and hire new people. This could include a range of factors from the

time each person starts work each day to the amount of time they receive for

vacation each year. This set of principles is entirely up to you. As the leader, it’s

important for you to balance your personal preferences, the company’s needs,

and the wants of your team.

Here are a few things to consider:

-Working schedules -Sick leave -Family considerations

-Lifestyles -Leadership styles -Travel preferences

-Communication styles -Commute preferences -Stock options

-Dress code -Customer service -Pay scale

-Vacation time


Again, outside of legal matters, there are no right or wrong answers. You may try

out one set of policies and discover that they don’t work as well as you’d

hoped. It’s okay. You can change them as long as you treat everyone on your

team with respect and consideration in the process.

Finding Great Talent

There are a variety of ways to go about finding the right people for your

company. While it’s difficult to predict a prospective employee’s performance,

there are a few ways to reduce the likelihood of a bad fit.

Here are a few questions you can ponder and ask:

-What is your ideal position?

-Why are you interested in working for our company?

-What are your greatest challenges?

-What did you enjoy about your last position?

No matter what, you must trust your instincts and your gut. They won’t steer you

wrong. Remember, your job as a leader is not to just boss people around and

tell them what to do – it’s to hold on to the vision you have for the company,

communicate that vision with power, and motivate people to work toward

common goals and objectives.

How to Write a Great Job Description

When you’re looking for the perfect candidate, your success starts with a well-

written description. Here’s how to write a great description.

-Start with a brief description of your company.

-Describe the type of person you’re looking for.

-Outline the duties the role requires

-Note the education and experience required to do the job well

-Note any particular personality traits and tendencies that might be helpful

-Noting salary ranges is optional

Sample job ad:

A growing marketing company based in New York is hiring a smart and forward-

thinking designer to create sales materials for our clients. The job requires


knowledge of Photoshop and Illustrator. Designer should have at least 3 years of

experience working in an agency setting and a degree in design or a related

field. Graduate degree is a plus. Job works out of Brooklyn office. Employee may

telecommute 2 days each week. Benefits include paid time off, gym

membership, health and dental insurance, and free snacks in the break room.

When you’re ready to bring on the right person, you’ll want to extend a non-

binding offer letter – a simple document that outlines the terms of the

employment you’re extending. You’ll also want to have an employment

agreement prepared. This document should outline key things employees

should agree to such as confidentiality, non-compete clauses (agreeing to not

go to a competing firm for a specific period after leaving your company) and

other details.

Working with Contractors

As you start out, you may not need to hire employees right away. You can use

sites like oDesk.com, eLance.com, and Guru.com to hire affordable contractors

to perform a wide range of duties for your business. Remember that the more

specific you are about what you need, the easier it will be for a contractor to

meet your expectations.

Important things to do when working with contracts:

-Clearly state your contractor’s role and employment terms. Many states are

cracking down on the use of employees as contractors. Avoid drama by not

blurring the line between employee and contractor.

Entrepreneur.com describes it this way:

“There are a number of factors that determine which category a worker falls

into. The most important of these is called the right of control. Does the employer

have the right to exercise control over the worker? Basically, this means that the

employer has the right to hire and fire the worker. But it also means the employer

has the right to dictate both the means and the manner in which the worker

performs the job. If this is the case, then the relationship is that of an employer

and an employee. However, if the employer can control only the final results of

the work, then the parties have an employer-independent contractor

relationship.”


-Clearly outline the terms of payment. Note when and how the contractor will

be paid, and clearly state any conditions under which the contractor won’t be

paid (think non-performance or bailing on your project).

-Have the contractor sign an agreement outlining the terms of the arrangement.

-Explain exactly what you want done as specifically as possible. The more clearly

you communicate, the faster and more accurate the finished product will be.

-Create a manual as you go. When you teach your first contractor how to do

something essential to your business, write down the steps so you’ll have them

available to pass on to future team members.

Firing Employees

Sometimes things don’t work out and it’s necessary to let a team member go. In

the event that you need to release someone, be sure to do it legally and

gracefully. Even when the employee knows the job is not a good fit, being fired

still stings.

When letting someone go, consider these things:

-Know the laws in your state. At-will states allow you to release an employee at

will. However, this doesn’t mean that you can fire people left and right. You

don’t want to get caught up in lawsuit drama because of a poorly executed

termination. Keep everything documented in writing, and be sure to clearly

state why you’re letting the employee go.

-Conduct an exit interview if you believe it will be helpful to you or the

employee.

-When appropriate, use a release of claims document. This document asserts

that the exiting employee will not sue the company over the termination or

activities surrounding it. The valid release of claims requires consideration in the

form of severance pay or assistance finding a new position.

-If and when a prospective employer calls for a reference on the former

employee, avoid making statements that could be misinterpreted and used

against you legally. It’s best to stick to the facts such as attendance,

punctuality, and deadlines unless you have something positive to say.


Termination document

Be sure to tie up loose ends with a final email or termination document. Ensure

that all property has been returned and that the grounds and terms for

termination are clear.

CREATING PARTNERSHIPS AND JOINT VENTURES

As you start out, you may find that you can’t afford a full team (or don’t need

one). Joint ventures and strategic partnerships can help you build your business.

When identifying partners for your business, consider the following criteria:

-Does this individual or business have a brand that you want to align with?

-Are their business practices ethical and sound?

-Can you directly benefit from creating a partnership?

-Can you provide meaningful value to the partner?

As you begin reaching out to possible partners, there are several issues that will

come up often. Think through your answers to these issues and once you’re

ready to confirm your partnership, put everything in writing.

-What are the terms of the partnership?

-Will money change hands? If so, which direction, how and when?

-Who will serve as the point of contact?

-What are the expected outcomes of the partnership?

-What will happen if one partner defaults or the partnership goes sour?

-When will the partnership be evaluated for its effectiveness?

-Are there any activities or circumstances that could threaten the success of the

partnership?

-Are there any things you could do to sweeten the deal for your partner?

As you prepare your thoughts on the critical aspects of the partnership, you’ll be

in a position of power. Additionally, you’ll project an image of smart,

sophisticated entrepreneur.


PART 8

MARKETING + MEDIA

The aim of marketing is to know and understand the customer so well the product or service fits him and

sells itself. -Peter Drucker, business expert

No business survives without some form of marketing. Even if it’s word of mouth,

marketing is the lifeline of a profitable business.

Marketing is information given with context. It’s a way to tell your prospective

customer who you are, what you offer, and why they should choose you over

your competitors. There are a variety of forms marketing can take: advertising,

social media, personal selling, public relations, and more. The most important

thing for you to understand and consider is that your marketing must match your

audience. You can’t force feed a specific message to your audience because

you think it’s relevant or sexy. They have to receive information about your

business in the form they prefer.

Marketing is your opportunity to tell a compelling story about your business. Your

marketing materials should answer several Why questions – why should the

customer choose you? Why do you care about what you do? Why is what you

do important and urgent? The firms that tell the best story about their brand are

those that thrive. This is especially true online where advertising messages and

content are competing for your customer’s attention.

While marketing is your means of gaining attention and interest, sales is where

the money is made. For some firms, marketing directly leads to the sale. This is

frequently true of low cost products. For other firms, like those selling services or

big ticket items, the sales process is essential to turning a prospect into a

customer. When it comes to the sale, nothing is more important than value.

Selling has become known as a sleazy thing, but selling done right is mutually

beneficial. When we provide real value to the customer, they walk away

satisfied and happy while we walk away with the money and a new customer.

Think about how you’d go about selling to a friend: you wouldn’t attempt to get

over on them. You’d want them to get as much out of the transaction as

possible. The same can be true for your customers.

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There’s an art and science to selling, but there are some basic principles that

can help you succeed. Here’s an outline of the selling process:

1. Create buzz.

Before the sale can happen, the interest must be there. It’s important to

experiment with this part to get it right. What matters most to your customers?

What will get their attention? What will make them stop scanning and start

listening?

2. Build rapport.

Getting to know your customer is the easiest way to understand what they really

want. Ask questions and take surveys. Be interested in forming genuine

connections with them. In doing so, you’ll find it easier to deliver the products

and services that are valuable to them.

3. Acknowledge desire.

Human beings have emotional reactions before we have rational reactions.

Because of this, it’s important that you appeal to your customer’s desires which

could be wants or needs. The goal is to create a desire that is strong enough to

convince them to buy your product or service and tell others about their great

experience. Let your prospects know you understand their deepest desires by

clearly stating their pain points and wants in your marketing and sales materials.

4. Provide a viable solution.

After you’ve listened to your customers to understand their wants and needs,

you’re in a position to deliver a product or service that incorporates their

preferences. Even as you provide your value, it’s important to always be

listening to the customer and refining what you offer.

5. Complete the transaction.

Make it easy for your customer to buy from you! This could refer to your online

sales system or the process of checking out in your store. Don’t create

unnecessary obstacles to being paid. Always think about the transaction

process through the eyes of the customer.

Digital Marketing

Every modern business needs a functional website that offers information about

the company and what it does. There are many ways to build an online


audience. In the digital age, a well-groomed online presence can separate you

from other companies in your industry and provide a steady of stream of

qualified leads.

Here are 7 sources to consider as you prepare to build an online following:

1. Search Engines

2. Social Media

3. Bloggers + Online Press

4. Fresh, engaging content

5. Building Community

6. Provide Value

7. Google Adwords

Remember, the brand that tells the best story wins the most customers! Whether

it’s online or offline, share your story in an authentic way and provide excellent

service.

Public Relations

PR is a great tool for growing the awareness and buzz around your brand. A

publicist can help you gain coverage, but in many cases, you can attract

coverage by developing relationships with journalists and editors. Most

importantly, you need a newsworthy “hook” to get people to pay attention.

Think about the types of news stories you pay attention to – they’re probably

timely, relevant, and meaningful. News about your company should also fit

these criteria.

Logo + Branding

When you think about how you present your company to the world, consider

the following factors:

-How will your logo look in black and white?

-Will your logo look good on other things like a shirt or a van?

-What does your logo say about your company?

-Do the colors you’ve chosen have meanings that you’re unaware of?

-Do your colors, logo, and messaging fit together seamlessly without any

explanation from you?


Remember that your brand is a mix of things that work together to achieve the

objective of communicating key information about your company. Be sure to

get second opinions on things from objective outsiders, advisors, and

prospective customers.


PART 9

LAUNCH PLAN

The winners in life think constantly in terms of I can, I will, and I am.– Dennis Waitley, author

You’ve got all the key pieces in place, and now you’re ready to launch.

This guide was created to help you navigate the very first steps of starting your

own business. Now that you’re on your way, we recommend keeping the

momentum going by making continuing education a priority and expanding on

the work you’ve already done.

Start by setting goals for the next 60 days. Think through the most important

milestones your business needs to accomplish in order to move forward. If we

had to make a few general recommendations, here’s what they’d be:

-Create a basic business plan.

Don’t spend a year tweaking a plan that might not work. Instead, draft a basic

business plan over a weekend that includes important items like a description of

your products and services, your sources of revenue, and your key success

factors.

-Test your idea.

Instead of launching on a massive scale, start by testing your idea. Talk with

prospective customers and see if you’re able to sell them your product and

service. It’s better to understand how to improve your product or service after

testing it on one or two people versus attempting to launch to millions and

failing.

-Know your market and your customer.

Whether you’re talking to an investor or building your business plan, you need to

know your market and your ideal customer inside and out. Take time to research

both extensively and use your findings to enhance your business and marketing

plans.


-Find a mentor.

A mentor can help you avoid many pitfalls and save headaches. Identify a

mentor who has been where you want to go. Create an arrangement where

you’re able to email them with questions or meet with them periodically. Always

respect your mentor’s time and expertise by being prompt and listening.

-Create a master to do list.

As you build your business, you’ll constantly think of things that need to be done.

Don’t let things fall through the cracks! Create a master to do list that you can

continually update. Periodically order the list by priority and urgency.

-Set goals.

You can’t hit a target unless you know where you’re aiming. Set goals for your

launch. Are you hoping for a certain number of users? Is it more important to

bring in a certain amount of money? Identify which goals are most important for

you and focus intently on making those things happen.

SMALL BUSINESS LAUNCH CHECKLIST

Conduct research and choose initial product and service offering.

Develop branding and marketing approach.

Select a name for your business.

Choose a structure for your business and file the appropriate paperwork.

Note any additional permits, forms, and fees that are relevant to your

business.

Set up your business bank account.

Create a plan for securing and servicing your clients.

Build a marketing plan.

Set up your website and social media accounts.

Create a sales document and fee schedule.

Check with an attorney and an account to be sure you’ve covered your

bases.

Tools + Services

We’ve compiled a list of products and services designed to help you start and

run your business. Visit the Resource page at RevisetheDream.com to get our

downloadable list. While we cannot endorse these companies, we do consider

this list a great place to begin as you prepare to launch or expand your

business.


PART 10

RECOMMENDED READING

Develop a passion for learning. If you do, you will never cease to grow. -Anthony J. D'Angelo, writer

Reading is an easy way to expand your knowledge and develop an awareness of the

strategies that may be useful for your business. The more you know, the easier it will be for

you to manage and grow your business.

Here are a few books that will be helpful as you prepare to launch a successful business:

Mindset

Psychocybernetics

The Answer

As a Man Thinketh

Think and Grow Rich

Awaken the Giant Within

Thinking Fast and Slow

Driven

General Business + Getting Started

The Personal MBA

The Answer

The Lean Startup

Ready, Fire, Aim

The E-Myth Revisited

Built to Last

Good to Great

Execution: The Discipline of Getting Things Done

How to Make Millions with Your Ideas

Business Strategy

Blue Ocean Strategy

Lean Startup

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Double, Double

The Innovator’s Dilemma

Marketing + Sales

Guerilla Marketing

Tribes

Delivering Happiness

Little Red Book of Selling

Secrets of Closing the Sale

Purple Cow

Influence

Permission Marketing

Likeable Social Media

The 22 Immutable Laws of Marketing

SPIN Selling

Team Building + Leadership

The 21 Irrefutable Laws of Leadership

The 21 Indispensable Qualities of a Leader

Extraordinary Groups: How Ordinary Teams Achieve Amazing Results

Hire with Your Head

Negotiating + Deal Making

Getting Past No

Pitch Like a Girl

Getting to Yes

Secrets of Power Negotiating

Bargaining for Advantage

Fundraising + Finance

Venture Deals

Finance for Non-Financial Managers

Financial Intelligence: A Manager’s Guide to Knowing What the Numbers Really Mean

Accounting Made Simple


FINAL THOUGHTS

The critical ingredient is getting off your butt and doing something. It’s as simple as that. A lot of people

have ideas, but there are few who decide to do something about them now. Not tomorrow. Not next

week. But today. The true entrepreneur is a doer, not a dreamer. – Nolan Bushnell, Creator of

Atari/Founder of Chuck E. Cheese

Here we are at the end of the Revise the Dream Blueprint. While this guide isn’t

intended to be exhaustive, it’s a great jumpstart to get you on the path to

starting and growing your business.

Because we’re committed to helping entrepreneurs like you, we want to hear

from you! Let us know whether this guide was helpful and what kind of

information you think we should add to enhance its function.

Here’s to your success!

Web: www.revisethedream.com

Twitter: @RevisetheDream

Facebook: /RevisetheDream