Create For Cash

Pros and Cons of a Business Plan

What are the pros and cons of a business plan? I asked a group of business owners and here are their answers:

Leisurehiking.com

I am a serial entrepreneur with both successes and failures under my belt. I have even lost 2 x million dollar companies, the last one due to Covid (travel industry). Entrepreneurship surely is a rollercoaster…

Here is my view on the pros and cons of a business plan:

As a serial entrepreneur, I can say that except for my first business, I have never done business plans. Despite the first and only business plan being both lacking and incomplete, I built the business from an investment of $3000 to almost $2 million over 6 years.

I identify with Mark Zuckerberg’s “Move fast and break things”. I believe that business plans are for the most part, a waste of time. Get going and take action, then course-correct. Having said that, I do believe that business plans have their place, especially in larger ventures. However, just because I don’t believe in business plans, does not mean that I am not analyzing before I start a new venture. Far from it. I research heavily! I simply do not spend time making elaborate business plans and use them as guiding documents for running my business.

Marketing plans, however, are a totally different story! I use Allen Dib’s 1-page marketing plan framework in my businesses.

Thomas Sorheim

Founder of Leisurehiking.com

Web: https://leisurehiking.com/

Mirrorcoop.com

I’m John Linden and I am an interior designer from Los Angeles(www.mirrorcoop.com). When I started my business 7 years ago, my partners and I developed a very detailed business plan. We projected revenue, expenses, cashflow. We looked at where we wanted to be in 3-5 years.

And we did it all on paper and used it as a road map for our progress.We hired an accountant to do projections and answer questions throughout the year. He was vital in making sure our projections were accurate – which helped us reach our goals or course-correct when we were off track.In the end, I’m glad I had a business plan!

It helped me make decisions and set goals all along the way – from finding investors to deciding whether each opportunity was worth pursuing or not. Today, I still refer back to it (even though things have changed so much since then). Now, I don’t know if a business plan is essential for every startup.

If you’re in the early stages of brainstorming an idea with a couple of friends/co-founders, maybe it’s not worth writing one up. But for those who are serious about getting your idea off the ground as a legitimate business – it might be worth giving it a shot.

Also, there are plenty of free templates online to help you get started. Don’t pay someone to write one for you – many times these plans will turn out very generic and non-specific! Write your own or ask people you know for feedback. You can also find templates at your local library.

I do remember one thing that helped me when writing my business plan: I wrote it from a customer’s perspective. Where do you see yourself in 3-5 years? What problem are you solving? How does your product/service make someone else’s life easier or better? If you can answer those questions, then the details about prices, revenue projections, etc.will fall into place.

John Linden – Designer

(424) 252-2359

www.mirrorcoop.com

Income.ca

“When I first started my company, one of the first things I did was create a business plan. Looking back, although making the business plan was time consuming and not always accurate, I believe the positive impact of the plan helped my business to become more successful. The business plan helped me to understand where to allocate my finances and which parts of the business would need more investment.

By knowing what I needed to achieve before I could begin making a profit, this made the high initial financial investment seem less painful, because I had a goal I was aiming for and a clear way to achieve this goal. The business plan also helped me to focus on my target audience more efficiently. I was able to shape the business and advertising in a way that made it more appealing to my core demographic. If I could go back in time, I would definitely still create a business plan. I believe it has played an integral role in the success of my company.”

Randy Charach

https://INCOME.ca

GreenPal – Uber for Lawn Care

Our business just surpassed $20 million a year and annual revenue.

I remember the first year we got started eight years ago my two cofounders and I spent three months writing our business plan.

Writing a business plan in futile yet indispensable exercise. The excise is a forcing function to cause you to really understand if you really want to proceed with the business endeavor.

However, no business plan survives first touch with actual customers.

Its important to organize your thoughts, and your plan of attack, however, much of what is assumed and forecasted in a business plan for a new start-up are just placeholders and hypothesis.

My advice to start up entrepreneurs is to spend less time planning, and more time building something to get into the market place to begin testing assumptions.

Bryan Clayton / CEO
bryan@yourgreenpal.com / 6154974175 (M)

GreenPal
1-866-798-4485 (O)
1312 5th Avenue N Nashville, TN 37208
http://www.yourgreenpal.com

Resinartsupply.com

I bootstrapped my e-commerce business in early 2019 without a business plan growing 100% year over year to $1 million in revenue. Not having a business plan or investors allowed us to adapt and bring products to market faster than our competitors. WhileI don’t think a formal business plan is necessary when capital isn’t being raised it is still vital for entrepreneurs to understand their value proposition, potential market share, and margins to ensure there are sufficient demand and profit for their product or service.

Amazon listing: https://www.amazon.com/dp/B0826KNT8W

Website: ResinArtSupply.com

Founder, ResinArt

Levi Parker

660-265-9803

Digital Harvest

I have a successful digital marketing company today and made a comfortable living with my previous two ventures.

I have never used a business plan and believe they are a waste of time. Several business plans were written in both my undergrad and graduate programs, and most of what goes into them is completely made up. The only real important part of a business plan is the marketing plan which details how you will bring your product/service to market, position it, price it, etc.

Companies live and die on sales, and marketing is responsible for bringing in the prospects to sell. It doesn’t matter what your projections are for revenue, or what the SWOT analysis says about your company/industry unless you’re able to generate sales.

Once you start generating sales, all the other plans go out the window because nothing teaches you what you need to know to operate your business like real-world experience.

Avram Gonzales
Chief Strategist, Digital Harvest

P (505) 365-1545

E avram@digitalharvest.io

W https://DigitalHarvest.io/

Viva Flavor

I run an online food and drink business that I launched in 2019. I’m very much in favor of producing a business plan, even if you’re bootstrapping the entire operation and aren’t seeking outside funding.

When you launch your first startup in particular, the post-launch excitement can quickly give way to self-doubt. The benefit of a business plan is that it gives you a personal contract of sorts that you can refer back to. You know what the business objectives for success are, and you’ve assigned hard numbers to your output goals.

Having this sort of “emotionally neutral” reference point is a powerful tool when the early days enthusiasm runs out. If you haven’t met those targets, you haven’t earned the justification to doubt the viability of the business.

Bio: John Bedford is the founder of Viva Flavor, a site dedicated to helping amateur cooks explore the world of food and drink.

Name: John Bedford
Title: Founder
Company: Viva Flavor
URL: https://vivaflavor.com

SportzPoint

Being a startup, my business needs lots of business plans. However, here are the pros and cons of a business plan.

The Pros of a business plans –

It provides us with a overview of what my business should or might look like in near future.
Business plans outlines the work we need to do make something happen.
It also provides us with a list of things that we should cut out from our business.
A long term business plan also gives us a roadmap to future of our business plans.

The Cons of a business plans-

Time consuming. Sometime while planning for the future we tend to lose our focus on the present.
Having static business plans gives us no options to overcome they failure, if there is any.
Sometimes, business plans makes us stay within a roadmap, which hinders our will to think out of the box.

The Conclusion: With all the cons, I still think having a plan is important. Though, being flexible with the plan is the most important thing. Going with the need of the hour is what a startup needs. Moreover, if we waste too much of time planning something, it might be an issue for a small business to flourish. It can also cause some financial criticalities too.

So, I rather think about small plans and small goals. I try to tick them off, then move on with another target or goal. This gives me more time to focus on current things. Also I only try to achieve the goals which will have a long term impact on my business.

Koushik Biswas,

Founder,

SportzPoint.com

Certain Pay

My mentors have both said this about the pros and cons of a business plan:

Pros:

Allows you to think creatively
Allows you to create a plan
Forces you to map out your attack
Gives validity to your cause
Helps you and investors see the big picture

Cons:

No one will read it

Lol, that’s the long and short of it. Most investors don’t care about a business plan. They care about the team they’re investing in and want to know they have a plan. The ProForma is more important, and if it’s formula-based and the entrepreneur/team can think “big picture” in unison, it allows them to pivot faster given unpredictable variables.

adamniec.phonesites.com

Adam Niec

Co-Founder

Certain Pay

My Digital Business Card

When it comes to the pros and cons of a business plan, entrepreneurs have different ideas about whether they work or not. What do you think?

How a Fulfillment Company Can Increase Your Sales

Any small business owner who sells products and has bootstrapped their business probably started out shipping their products themselves. If you’ve done this you know that means buying shipping products like boxes and envelopes, packing items yourself, driving to the post office, and then standing in a long line to ship them. You also have to fill out paperwork for customs if you’re shipping to other countries, and sometimes other paperwork is involved. A fulfillment company can do all that for you and more. A fulfillment company can increase your sales.

Warehousing inventory

Another thing a bootstrapping entrepreneur with a product knows about is warehousing inventory. Ask anyone who’s done it and you’ll hear stories about boxes being stacking in living rooms, offices, basements, and closets. I can tell you from experience that it takes up a lot of space. There was one room that I couldn’t even walk in for months. This is one of the things product entrepreneurs complain about, even ones with lots of space in the basement.

Fulfillment company can increase your sales

But at some point your time will be worth more and it will make sense to start using a fulfillment company to do your shipping and warehousing. If you find the right fulfillment company it will actually reduce your warehousing and processing costs and free up your time to do other things, like marketing and sales. They understand shipping and can use the best, most efficient ways to ship. They also get discounts from shipping companies because they ship in large volume. This is less expensive than having to get your employees to do the shipping for you.

A good fulfillment company will provide you with references and won’t have any hidden charges when they give you a quote. Give them as many details as you can about your shipping habits and how you expect your business to grow. They should be able to grow with your company and be flexible. They will be able to make suggestions about the best ways to ship and expand your business. It’s a lot like being a partner with your business, so you want to make sure you choose the right one.

Another important thing to think about when deciding on a fulfillment company is their location. You want to find one that is centrally located to make shipping more efficient. If you will be shipping to Canada it’s important to find a fulfillment company that’s located closer to the border.

Here is an entrepreneur who has improved their business by using a fulfillment company:

My name is Calloway Cook and I’m the President of Illuminate Labs. Here’s our experience with our fulfillment company Shipmonk:

We’ve Gotten Great Service From Shipmonk

We signed up with Shipmonk when we first launched our products about a year ago. Initially, we decided to partner with them because their price points were very reasonable. We’ve been pleasantly surprised with how great their customer service is. I can always get someone on live chat or the phone to resolve any order or wholesale issues.

I’d recommend Shipmonk to any other eCommerce entrepreneurs. I’m not financially incentivized to refer companies to them; we’ve just gotten great service at a great price point.

Calloway Cook

President

Illuminate Labs

No matter who you choose, do your homework before making a decision. But once you are set up with a good fulfillment partner, you’ll see that it will make your life easier in the long run.

When Natural Disaster Disrupts Your Business

When natural disaster disrupts business

Business owners prepare for all kinds of problems. A natural disaster that disrupts your business is one you don’t always think of. But they do happen. And when they do they can be quite devastating. Natural disasters include wildfires, floods, tornados, earthquakes, hurricanes, tsunamis, blizzards or volcanoes.

It happens quickly

Natural disasters can disrupt a business and leave a business owner in a state of shock because they happen so quickly.

Many businesses hit by natural disaster never reopen

A large business may have the cash to weather a storm (no pun intended), but small businesses are usually crushed when their livelihood is suddenly pulled out from under them. The Dept. of Labor estimates that around 40% of businesses hit by a natural disaster will never reopen.

Capital becomes a problem when there’s no income coming in, but things have to be fixed. Limited capital means less money for daily operating expenses.

Disrupted supply chains

Disrupted supply chains affect a business. Bridges can collapse, roads become impassable, and airports can close down. Cell towers and power stations can also be down, which affects communication. Damaged equipment and buildings also cause problems.

Natural disaster business stories

On May 22, 2011 disaster struck Joplin, MO. Nate Stokes, Visiting Angels franchise owner could never have imagined how much his business and livelihood would be disrupted. The tornado destroyed his cars and office. Several of his employees either had to quit or weren’t able to work. And many of his clients lost their homes.

Between his local church and Visiting Angels he was able to have an office to work out of and a car to drive. But the disruption took quite a while to turn itself around. Within about a year he was back to his pre-disaster business.

Hurricane Sandy

It was Hurricane Sandy that wreaked havoc on Madelaine Chocolates, a Rockaway Beach favorite. It took CEO Jorge Farber over five weeks just to be able to get in and access the damage. All of his equipment was four feet under water. The disaster happened right before their peak season and destroyed their seasonal inventory. A little over a year later he was able to get almost half of his employees back, but the recovery was painfully slow.

Woolsey fire

Rhonda Rees tells her story of the Woolsey fire:

“Late in the evening of November 8, 2018 I received a recorded call that changed my life — and the lives of my neighbors over at the Seminole Springs mobile home park in Agoura Hills, CA. Authorities asked us to evacuate, and get to safety. The Woolsey fire was making its way toward our area.

Since my car was in the shop, I phoned a neighbor and took what I could. This amounted to a week’s worth of clothes, toiletries, and a few important papers. That’s all. I honestly expected to return to my home within days.

Unfortunately, it wasn’t meant to be. Instead my house/office along with 110 others burned to the ground. I lost everything. This included my office equipment and supplies, precious family heirlooms, photos, dishes, collectibles and other things. The good news is all the residents, elderly, children, families and pets made it out of the mobile home park safely.

Half of the homes in our park are okay, although some have suffered fire damage, and our lake is wrecked with dying fish. The place was also contaminated for awhile.

Lessons learned

Since then I have learned so many important lessons. I saw that both the community and business groups reached out to us in our “time of need”. A Woman’s organization the Women’s Economic Ventures WEV paid my business a small grant, and I attended one of their seminars to help us get back on our feet.

I have been in charge of my firm for many years, so naturally when this disaster struck — and I lost everything, I’ve had to be really creative. I resumed working, and had been doing so from 20 (hotels and people’s homes) before I finally moved into my new office/home.

Now I have a very thriving business. More work than I know what to do with.

Rhonda Rees – Award-winning public relations expert, author, speaker and advocate

www.rhondareespr.com.

If you live in a disaster-prone area you should already have a disaster plan in place. But natural disasters could happen anywhere. Even if you don’t live in CA, which is often hit with earthquakes and wildfires, or in Tornado Alley, or in hurricane zones, you still need to prepare for floods, fires, draughts, or anything else Mother Nature may throw at you.

Tips on Running Multiple Businesses

According to a study by the Small Business Administration, multiple business owners are more likely to be classified as high income and high wealth. If you play the stock market you have a diversified portfolio of different types of stocks. So why not have a portfolio of multiple, diversified businesses?

I used to have one business. During a booming economy, that was great! Sales were through the roof and I was flying back and forth to the factory manufacturing orders and traveling ‘cross country on a PR tour. But then the Great Recession hit. This was on top of the fact that I now had counterfeiters stealing my product. It all came to a screeching halt.

Running Multiple Businesses

This is when I learned the value of running multiple businesses. It sounds crazy, I know. It’s hard enough to run one business. Why would anyone take on the herculean task of running multiple businesses? Well, for the same reason you diversify your stock portfolio.

I started reaching out to other business owners and found that the idea isn’t as crazy as I thought.

Hiring for Multiple Businesses

My name is Dave Chesson and I definitely enjoy running multiple businesses. I’m the:

-Creator of Publisher Rocket, a book marketing software

-Founder of Kindlepreneur.com, an advanced book marketing website.

-Part owner of GunUniversity.com a source for learning about guns, reviews, and courses.

-Part owner of a software development company

The biggest leap that helped me to run multiple businesses more effectively and efficiently was when I started hiring people for responsibilities. This was instead of task based work. I used to bring people one with a set of tasks that needed to be managed. However, when I started giving people an area of responsibility, this required less micromanaging on my part. This freed me to take an overall strategic position in my organizations.

Hire Your Kids to Run Multiple Businesses

I’m the director of our Neighborhood Creative Arts Center, Children’s Voices of Southern Maryland, The Thinking Kid. I also run an Airbnb and a backyard breeding business. Why? Because I have a large family with never-ending expenses. With 14 children and a desire to serve my community, it has been a creative experience to create these businesses and programs from scratch.

However, I have enlisted my older children to assist with our social media, web design, marketing, and other services needed to lead us to success. This has proved to help them forward in their own lives. Realizing that their actions can make or break a marketing plan. They are important and essential for success, and provide grounding for them so they have a more tangible plan for their own careers. And helps them develop essential soft skills.

Find Quiet Time to Work When Running Multiple Businesses

Personally, I have found that finding quiet hours to work and organize each businesses’ daily tasks and long-term needs is essential. This is better in the morning or late at night before I go to bed. Once the day starts with a normal stream of interruptions and commitments, smaller tasks can still be completed. But deep thinking is impossible. Organization is key. I am a die-hard organizer. I keep the paperwork for each business in its’ own binder (for longer-term) and folder (for shorter-term).

Each week, I go through the folders and move long-term paperwork to the binder. No one touches my desk or notepads. I keep a post-it notepad and pencil by my bed, my bathroom sink, in my purse, and in my van. At the end of the day, I collect them and add the notes to my daily plan for the next day.

I do sleep, however, I think about my programs, businesses, and family all the time. Raising a large family and running marathons has provided excellent training. One never stops because stopping means falling behind. With so many layers of responsibility, catching up is almost impossible.

Georgia Bonney, Executive Director of The Thinking Kid thethinkingkid.org

Running Multiple Businesses Takes Proper Planning

Tips for running multiple businesses:

1) JW Document Services, a full service paralegal firm located in Deland Florida.

2) J’s cakes a retail bakery located in a busy mall in Sanford Florida.

3)I am also a licensed practicing Florida realtor, and co-owner of a real estate investment firm IAM Holdings.

4) Lastly, I am a published author of The 60 Day Start Up and currently working on another book.

I believe the key to successfully running multiple businesses is proper planning and intense focus. What I do is plan my goal for each business at the beginning of the month. Every night I create my schedule and list of activities that need to be completed the next day. From there whatever business I am currently working on receives my full and undivided attention. For example, when it is time for me to work on Bakery tasks I completely remove myself from the office. I’m not available for phone calls, appointments, or checking emails. I am completely dedicated to my bakery task at that time. It’s called time blocking.

Employees are Essential

Employees, whether they are full-time employees or VA are essential. I believe as business owners you cannot spend your precious time working on tasks that can be delegated to others. Instead our time is best used to oversee the process and put the right people in charge of things. It’s kind of like looking over a chess board instead of being one of the ponds. If you’re a Pawn on the board you can’t see what’s happening or the direction everything is going.

But when you are looking overhead at the pieces you can see everything clearly and know exactly where they need to be. I use a combination of traditional employees and virtual assistants. I have an answering service that handles all my calls at the office and sets my appointments. I have employees who assist with preparation of documents. At the bakery a virtual assistant would not be beneficial and I primarily use traditional employees to fulfill customer orders. You have to find out what works for you and your business needs.

Running Multiple Businesses and Sleep

In the developmental stages of the businesses you will lose sleep. You should be prepared to lose sleep. But you don’t look at it as losing sleep. When you are in that moment you are so focused on completing your goal it doesn’t feel as if you are losing sleep. You would actually prefer to be up working on your plans, your website and your systems that you almost feel guilty for sleeping. But once you have set the system in place and everything is operating you will see that you get to some sort of normal. I have actually gone 72 hours with no sleep!

Janelle Woods

Keeping it in the Same Industry

I run multiple businesses and I do many things. They say if you want something to get done, ask a busy person. I have a DOER mindset and I’m a Capricorn. I started my first company Whitegate PR INC, a PR firm that specializes in the pet industry in 2007. After that I launched “The Pet Lady” a brand that is focused on teaching pet parents tips and tricks about pet care. This is a trademarked brand, www.thepetlady.net.

Eight years ago I started a pet trade show with a business partner, my co-founder Nancy Hassel, for the NYC Retails and Sales Pet Expo. This year, May 2020 was to be our 8th annual business to business trade show, which is now postponed until November 10th 2020. http://www.retailsandsalespetexpo.com/

I started a women’s choir called the Rockaway Resistance Revival Chorus in the Fall. Also teach, I used to teach at FIT (Fashion Institute of Technology). More recently have been teaching at Baruch College. I am now launching a Life Coaching business.

Dana Humphrey

www.whitegatepr.com

Create a System for Everything

I’m Rachel Williams. I work full time in corporate marketing. Our family owns Amity Harbor Sports. My husband and I took over The Rinx Pro Shop from the former owners in 2005, and we just launched Long Island Hockey Co.

If popular hobbies were a category on Family Feud, you may hear answers like running, hiking, reading, etc. If you asked me my hobbies, I’d say,
building businesses and supporting our local community. It took me a while to learn how to put my passion into practice, and accept that this
truly was a hobby. But now I’m happier than ever. I love watching people grow, thrive, and support one another. I don’t sleep as much as I
should. But I wouldn’t have it any other way. After all, you only have one life to live. Why not consciously create the life you’ve always dreamed of?

How do you keep everything straight?

I’m very type A, so I create a system for everything, and continue to evolve it until it’s as efficient as possible. I studied Communication
and Education in college. Have a degree in both, which I attribute the majority of my success in this area.

We also try to surround ourselves with people who can push us, make us stronger, and help us grow. If you are the smartest person
in the room, you’re in the wrong room. We place a very big emphasis on feedback. Feedback from one another as partners, feedback from our employees, feedback from our customers, etc. We’re only as good as our weakest link. You constantly need to evolve to ensure success.

Do you have employees?

I pull from what I learned studying communication and education. Leveraging technology, innovation, and some good ‘ol customer service.
We’re able to set multiple companies up for success, as well as our employees. We’re so grateful for our wonderful staff who take immense pride in their work, and help to bring our dreams to life. Especially in the epicenter of COVID. We are thankful to be able to continue to employ our
community members, while unemployment is skyrocketing.

At the end of the day, we are all people, with complex feelings. We are here to support one another, and make sure everyone reaches their highest potential. It’s easy to work towards your dreams when you are surrounded by people working towards theirs. You’re all working to build each other up!

Rachel Williams

Long Island Hockey Co.

Have a Flexible Schedule

I’m Neal Taparia. I founded Imagine Easy Solutions, a software company I grew and sold. Also served as an executive at Chegg, an NYSE public company. I currently am incubating and running a few companies. Including my new, Solitaired, where we tie classic games to brain training, along with past companies.

There are two effective ways to run multiple businesses:

Properly schedule your time among your businesses with flexibility. Every week, I will mark dedicated days to each business where I can focus on them. From 3-6PM though, I will make that a flexible period where I will work on any business based on what the priority might be.

Delegate once processes have been established. I’m hands on during the early stages of the business, as we try to figure out product market fit and how to scale the business. Once that’s been established, I will put a senior person in charge of that business. I rely on that person to run the business. That person will give me daily email updates, and I’ll meet with them once a week, to make sure everything is running smoothly.

Neal Taparia

Solitaired – Bringing brain training and classic games together.

Be a Good Delegator

My name is Larissa Castelluber. I have a Marketing Company and I am in the middle of building a Wine Bar in South Florida.

How do you keep everything straight?

Meditation (good mental health) and staff. Delegation will be the key to your success here. One person can barely run one business. You need a team that agrees with your vision and trusts that you will help them grow along the way.

With your mind right, you can focus on what’s important. You need to prioritize your health to be able to work optimally.

Do you have employees?

I have a few employees, and some contractors to help with jobs not as frequent. Good people take time to hire but make sure you are honest with your expectations and your staff.

Do you ever sleep?

Sleep and meditation is actually recommended. But you will need to wake up earlier than you are used to be able to upkeep the demand and still have time to relax at night.

Larissa Castelluber

dmoves.com

rebelwinebar.com

Surround Yourself With the Best People

I’m Rachel Williams. I work full time in corporate marketing, our family owns Amity Harbor Sports, my husband and I took over The Rinx Pro Shop from the former owners in 2005, and we just launched Long Island Hockey Co.

If “popular hobbies” were a category on Family Feud, you may hear answers like running, hiking, reading, etc. If you asked me my hobbies, I’d say, “building businesses and supporting our local community.” It took me a while to learn how to put my passion into practice, and accept that this truly was a hobby. But now I’m happier than ever. I love watching people grow, thrive, and support one another. I don’t sleep as much as I should. But I wouldn’t have it any other way. After all, you only have one life to live. Why not consciously create the life you’ve always dreamed of.

How do you keep everything straight?
- I’m very type A, so I create a system for everything, and continue to evolve it until it’s as efficient as possible. I studied Communication and Education in college, and have a degree in both, which I attribute the majority of my success to in this area.
- We also try to surround ourselves with people who can push us, make us stronger, and help us grow. “If you are the smartest person in the room, you’re in the wrong room.” Place a very big emphasis on feedback. Feedback from one another as partners, feedback from our employees, feedback from our customers, etc. We’re only as good as our weakest link. We constantly need to evolve to ensure we are set up for success.
Do you have employees?
- I studied communication and education, and leveraged technology, innovation, and some good ‘ol customer service. We’re able to set multiple companies up for success, as well as our employees. We’re so grateful for our wonderful staff who take immense pride in their work. They help to bring our dreams to life. Especially in the epicenter of COVID. We are thankful to be able to continue to employ our community members, while unemployment is skyrocketing.
- “I’ve learned that people will forget what you said, people will forget what you did, but people will never forget how you made them feel.” Maya Angelou – At the end of the day, we are all people, with complex feelings. We are here to support one another, and make sure everyone reaches their highest potential. It’s easy to work towards your dreams when you are surrounded by people working towards theirs. You’re all working to build each other up.

Tools to Manage Time When Running Multiple Businesses

I run two businesses. Both are similar but also have several differences.

Running multiple businesses is a challenge but can be done. I know because I’m currently doing it.

The first business is an insurance wholesale business. I started AMP Strategies, LLC (www.ampstrategies.com) 10 years ago when I left corporate america. Insurance wholesalers work with the agent or financial advisor instead of the public. We help the advisor source the best insurance or annuity products for their clients. It is very consultative and involves a lot of back and forth.. I have two employees that help me manage the day to day and I normally get involved on the more complicated scenarios.

I started High Income Protection specifically to serve retail customers. We primarily focus on disability and life insurance and operate 100% online. Essentially, we are an independent (which means we represent multiple carriers) online insurance agency. I have a virtual assistant who works with me in this business.

While I split my time between the two, AMP is a much more mature business and since two people besides myself work for the company, it doesn’t require a ton of my time.

High Income Protection requires more work, but a lot of that is marketing focused.

We use Slack, Trello, Asana, and several other tools to manage time and communicate. It can be difficult to keep everything straight but we make it work. One thing that I’ve found helpful is to separate my day into “AMP” or “High Income Protection” time blocks. I will normally work on AMP three separate times per day, fulfilling quote requests, returning calls, and checking in with my team. The rest of the time I devote to marketing and serving the clients of my retail agency.

It’s not easy, but running multiple businesses insulates me when one isn’t performing up to expectations. I do work 10-12 hours a day and have to play catch-up on weekends but it can be very rewarding and I still find time for personal and family activities.

Raymer Malone

Do You Have a Bad Business Partner?

Bad Business Partners

A bad business partner can come in all forms. From the partner who wants you to do all of the work. To the partner who has an ulterior motive, to the partner who makes your life miserable. Running a business takes a lot of time, energy and commitment. It also takes a certain amount of financial investment. Going into business with someone is similar to a marriage.

The business world is littered with stories about bad business partners. I came very close to a couple of those myself. I had spent hundreds of thousands of dollars of my own money working 2 jobs to start a business. I was incredibly naive and felt like I needed some help. Running a manufacturing business is very hard for one person to handle on their own.

Don’t Sign a Contract on a Cocktail Napkin

So, when I ran into someone who claimed to be able to finally get my business off the ground in a big way, it sounded promising. I wasn’t an expert in signing contracts. So when we met at a bar over a couple of drinks, a simple partnership agreement written on a cocktail napkin didn’t sound unusual. But when my friend read it the next day, he quickly asked for the guy’s phone number. The contract was very one sided and my friend was none too happy over how he was trying to take advantage of me. Let’s just say my friend has a few connections. I don’t want to know. But that partnership was over before it began and I never heard from the guy again.

Really Bad Business Partner

You would think I would have learned a lesson about contracts, but a year later I was still plodding along with my business and struggling to get it off the ground. So, when a friend of mine mentioned a marketing “guru” she worked with, I really checked it out. He had worked with some very big celebrities on their product lines and it all seemed legit.

I met with the so called “marketing guru” and it looked good on paper. He gave me a 25 page contract which looked like a marketing agreement. I didn’t think he would be a partner as much as a marketing consultant. Hiring an attorney to read the contract was going to cost more than I had at the moment. So I signed it. You can probably guess that it was a deal with the devil.

Right after signing the contract he started demanding that I send all of my inventory to him. His demeanor changed completely and he made my life hell. It turns out that I wasn’t the first person to cross his path. He had defrauded numerous business owners across the country. I finally had to hire an attorney to get out of the contract and it kept my product off the market for months.

Serendipity

I have to say that as bad as this guy was, he turned out to be a serendipitous twist of good luck in the story of my product. I made contact with someone who turned out to be an incredibly ethical guy, and the best patent agent on the planet, who was also scammed by “dirtbag”, as we call him.

To this day, if you hand me a contract, odds are that I won’t ever sign it. I’ve worked with distributors in 25 countries for years and have only signed one contract. That was with a distributor who sold about 100,000 units of my product in one month. And even then, we drew up a very simple one page contract in plain English. When I work as a motivational speaker I also have a very simple one page contract that has been signed by many Fortune 500 companies.

There are usually red flag signs that you shouldn’t go into business with someone. A perfect business partnership isn’t always easy and shouldn’t be rushed into. Here are some bad business partner stories from other business owners:

Business Partner Who Doesn’t Give 100%

I met my first business partner for a digital marketing business through a
Facebook Messenger chat. He was promoting his blog and I told him about my
blog, then we decided to grab lunch and we hit it off, initially. After
deciding we had unique talents that would compliment the other well, we
started the marketing business.

The major difference is when I commit to
something, I’m all in. You’re getting 100% of my energy, focus, and
attention. Whereas he had a 9-5 job and another commitment at night that
caused immediate problems. Not only that, he’d go out to dinners and
parties, plus the week-long vacation he took when he was already behind,
which infuriated me. I was bringing in significantly more business, doing
more fulfillment, and leading the strategy. But the profits were split
50/50. Talk about communism.

Eventually, we both felt the giant elephant in
the room of unfairness, but continued on. That is until one Monday morning
he sent me a 5,000 word email out of the blue explaining why he’s quitting.
He basically said he had some personal problems going on, too much on his
plate, and was tired of being constantly overwhelmed. It worked out for the
best as I bought him out and started my own digital marketing agency. We
now have served clients across the US, Europe, and Asia. It’s been the
biggest blessing!

Brian Robben

Robben Media

www.robbenmedia.com

Business Partner Spouse

This is one for the record book. My bad business partner was my husband. We had separate businesses. Then he thought it would be a good idea to merge them together. In retrospect I see that was a huge mistake. It started out simple enough with him taking small amounts from the business and then it started being larger amounts. Then he started lying to customers about their deliveries to buy time while he waited for the next sale to clear to cover the previous debt he racked up.

Eventually I put my foot down and guess what? He split. Locked me out of the website and bank accounts. We are awaiting our court date to settle the business and our marriage.

Krystal Phillips

Roll Ice Cream

www.rollicecream.com

Get a Business Partner With the Same Passion

I have been a business owner for over 10 years now and have met and made business with different people who have different attitudes and perceptions in life.

I’ve had multiple experiences with people I tried to collaborate with but ended up doing things alone. When I was starting with my business, I met a person through a common friend who was also interested in the business I was trying to establish. We met and had a business meeting and finally agreed on working together to bring our dreams to life. As months passed by, I realized that I was the only one who was actually doing everything. From following up with clients to doing all of the paperwork. I realized that he was not as passionate as I was.

It is important that you share the same values and passion with the person you are trying to build your business with. I gave it a couple of months before I finally decided to let go of the arrangement. I bought his share of the company and I am now working on it alone with the help of my employees, of course. Right now, I can say that my business is thriving. I work with people who are just as passionate as I am.

Matt Scott

Termite Survey

www.termitesurvey.com

Business Partner Mistakes

Like every entrepreneur, I had a couple of…let’s just say unfortunate business ventures before I was able to build my successful one. A friend I met in college and I wanted to go into business together (with an admittedly terrible idea) and as you do, we were going to go in 50-50. Equal partners, equal work, equal shares of the money, all that. A very idealistic arrangement that only two 20 year olds can put together.

To the surprise of no one, he let me put in my share of the money and all the work hours I was humanly able to dedicate, but his money was always “coming”. It was always “on its way”, he was always “closing the deal”. Never seemed too keen on actual work, either. He’d arrive late and leave at 5, and I’d be there until late at night.

Looking back, I should have gotten the heck out way sooner, but I was young and enthusiastic and we were friends. Of course, I ended up taking the loss and losing the money, the hours of work, and the friend. But that’s the kind of stupid mistake you make when you’re at that age. It’s not super obvious to me that he was not at all the entrepreneur “type”, because he wanted none of the work and all of the glory. So I consider it a learning opportunity. Never made that mistake again.

Nelson Sherwin

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