I don't know about you, but I am preparing myself for a Luke 6:38 blessing. For those that DONT know, lemme show you... ..."A good measure, pressed down, shaken together and running over, will be poured into your lap. For with the measure you use, it will be measured to you."
In the words of Diddy, "Lets Work"!
My friend Janelle, founder and owner of Suite PR NYC recently invited me to attend a 2 hour workshop put on by the Daymond John Academy. Daymond is one of the original founders of FUBU, and aside from being a serial entrepreneur he is also one of the sharks on Shark Tank. The seminar was great, I left with a lot of business tips and insights and am going to make it my business to join his academy by the end of this year. So without further ado I present MY NOTES! I hope that it will give you insights and ideas, and possibly confirm some things about your own product/services.
Branding - separates your business/product from everyone else's
- your product has got to sell a lifestyle
- you've got to get to a point where your business not your product is investible
5 Types of Business Stages
- Dream/Seed stage
- Start Up/Chaos - this stage separates the entrepreneur from the wannabees
- Stability/Survival - this stage is the most dangerous because its the widest
- Exit Strategy
TIP 1 - Build Your Business FAST
- get your idea/product/service out there be it 6, 9, or 12 months - by out there we mean getting it exchanged for money
TIP 2 - Make Sure a Patent is Worth It
- in the case of clothing its usually not. design changes can be so small that you waste money by paying for a patent
TIP 3 - KNOCK YOURSELF OFF 1ST!
Every Business Needs 4 Things
- Market Demand
- Marketing - in some cases marketing can create Market Demand
- Operations - can your infrastructure handle a regional order?
- Finance = sustainable profitable revenue growth
Taking Your Business to the Next Level
- Follow a solid business plan with a Executive Summary, Marketing Plan, Operations/Management Plan and Financial Plan - *you dont need a business plan if crowd-funding or friends and family are your financial resources
- Marketing Plan should answer 2 questions : What Need Will I Fill? & What Is My Target Market?
Whats in a PROVEN marketing plan?
- Value proposition - whats makes you different
- Simple sales process
- Marketing strategies that work
- Branding your product/service
- Fundamentals in place
Types of Marketing
automated, social media, ex. FaceBook ads, lifestyle marketing, content marketing, online selling, direct mail
Types of Capital
operational, marketing, prototype, angel investor or VC
* You need to know what type you need and whats right for your business. Do you need cash, contacts or both?
- remember your business can survive without profit, it cannot survive without cash flow
About Celeb Endorsements
*The RIGHT celeb endorsement can build your company 10x faster than marketing alone
When choosing celeb endorsements
- Find the BEST fit for your company
- Figure out how much to pay - some celebs might be undergoing their own re-branding so the affiliation with your product and demographic might be payment enough!
- Choose the correct product to place with the celeb
Questions to consider:
- Why do you start a service oriented business? Answer - to sell it
- Why do you start a product oriented business? Answer - to license it
- What is the scalability of your product/service?
Other Ways to Build Wealth
- Solid tax strategies/asset protection - why pay uncle Sam a penny more than you have to?
- Buy > Build > Sell other businesses
- Do business with the government
- Leverage commercial real estate within your business i.e.: Build > Own Real Estate > Sell Biz > Lease Real Estate back
- Flip Businesses
I hope this post assist you as you make better business decisions for yourself in 2014. If you have tips to share and/or found this post useful please comment and share!