September 24, 2015 by

Dreaming About Starting Your Own Business?

Starting Your Own BusinessAre you dreaming about starting your own business? Many people who have a job working for a company dream about starting their own business. The majority of these folks do not act on their dreams. The story about why we should follow up on our dreams is a story for another day! Really – promise to send that one out soon!

For the few people in the minority, who do in fact take action on their dream to start their own business, the reality of starting and running your own business is a serious and potentially overwhelming endeavor.

For anyone currently in a job who is ready to take action on their dream to start their own business here are three main areas to focus on as you move along the timeline of your journey.

STAGE ONE – PLANNING

While you are still employed – which means you are bringing home the bacon – plan! The first part of the plan is a review of self. This would be begin with your mindset and personality. Do you have what it takes to be an entrepreneur?

The second part is what is the business – the actual way to earn money? Is this a product or a service? What is the competition? What makes you different? Will people pay you for what you are going to deliver or sell?

There are numerous other initial aspects to planning. Many of these may be uncovered by taking a few assessments such as to uncover your leadership skills and abilities. These assessment results should be reviewed with you and a certified coach. Other items range from creating a financial plan, securing professional support such as a Lawyer, an Accountant and an online expert for developing websites and more. A trusted advisor will be able to guide you through this process.

STAGE TWO – TAKE ACTION STEPS

In this stage you may still be employed for a period of time. Once you are ready to begin networking in person, advertising your new business and creating the legal entity it would be wise to double check your rules of employment. Often rules do exist which state you are not permitted to run your own business while being employed by your current employer. This would especially be the case if the industry is similar to the one you are currently working in. In either case, in a perfect world you would keep your current job until there is a predetermined amount of cash flow coming in from your new business. Therefore do not leave your job as long as you are able to keep working while you create your new business.

In this second stage you would begin to determine your niche, your ideal client profile, develop your brand, your website and your social media profile for your business. A trusted advisor will be able to guide you through this process.

STAGE THREE – PUSH START!

This is the stage when you are open for business. The initial part of this stage is to double and triple check everything you have done so far and make certain you are ready to start!

Typically items which were left to set up at this point are banking, online credit card processing, marketing consistently, your sales funnel and much more.

As you are able to see running your own business may be more work than having that job where your dreams first moved you to go in this direction. The best investment you will make if you plan to start your own business is to establish a relationship with a trusted advisor who will be able to work with you as you progress in this process. The last thing you want to do is try to go down this path all by yourself!

Mitch Tublin is an advanced certified executive coach and business consultant who resides in Stamford, CT.

If you are considering starting your own business or already running a business speak with Mitch and potentially there will be an opportunity for you to work with him as your trusted advisor. –>> Sign up here for a free twenty minute call <<–

Filed Under: Business Planning, Business Strategy, Business Structure Tagged With: , , , , ,
June 18, 2015 by

Have You Ever Considered An Advisory Board For Your Business?

advisory-boardDo you have an advisory board for your business? An entrepreneur or a small business owner should definitely have an advisory board. Let’s review a few reasons why it is so critical to set up and regularly meet with an advisory board.

To begin – “It is lonely at the top.”

The assumption and often the reality is the buck stops here, at the top, or if you are alone in your business. As the CEO or lone business owner you must undertake numerous activities which you may have absolutely zero experience or expertise in.

An advisory board might be made up of people who have many of the skill sets the lead entrepreneur or small business owner may not possess. Their advice and potentially their actual assistance diving in would be an amazing asset to have at your finger tips.

You might hang a mirror in your office and discuss everything with yourself. Alternatively with an advisory board there is a sounding board to engage with and discuss ideas, concepts and issues. Depending upon the level of expertise in the members of your advisory board you will be able to have discussions with them about business opportunities, challenges inside the business and with the competition, decisions of paths to take and company growing pains.

This might be the first step for you – assess where you have knowledge and experience gaps and recruit people who have this knowledge and experience to be on your advisory board.

One of the great fears entrepreneurs and small business owners have about creating an advisory board is their need to now share all of their business information with other people who are in many cases, initially at least, complete strangers. A way to keep everyone above board is to create and execute for each individual a non-disclosure agreement and some type of non-compete agreement.

This might sound a bit too formal for some people who want to keep everything casual. Do not fall into this trap with anything to do with your business. It is a business, not a hobby – correct? Act and behave in this manner – like a person who runs a business! 

There is great power in leverage. An advisory board provides one area of leverage.  More than one great mind trying to call every shot and meet and every deadline.

Another advantage of your own advisory board is the network of the members. This becomes another group of people who will become familiar with you and your business.

One of the best early decisions in setting up a new business, breathing life into an old business or operating more effectively in your business is to set up an advisory board that meets at least one time every three months or so. Reach out and begin now if you do not have one.

Mitch Tublin is a business consultant, certified coach and professional speaker based in Stamford, CT.

If you are ready to set up your advisory board and want Mitch to work with you on the process contact Mitch here.

Filed Under: Business Strategy, Business Structure, Uncategorized Tagged With: , , , ,
January 27, 2011 by

State Of The Union Should Remind Us To Check The State Of Our Business

President ObamaThis week in the world of government, politics and the media – the State of The Union delivered by President Obama is a big deal. The current environment dictates the strategy for the State of the Union to be filled with words of hope, promises and lots of selling. Selling the dreams, wants and needs of the audience-the big huge audience. Typically the State of the Union lacks substance, lacks details, and lacks the ‘how’ we do all these things type of facts.

It is a great reminder how critical it is for any business owner or entrepreneur to check the state of their business. This would be an in depth look at how you are doing? Are you heading toward your big goals and strategies? Are you getting off track on your projects or are you staying right on your timeline?

How are the funds? Are you being paid by your clients/customers in a timely manner? Do you have the amount of financing in place to carry out the plans you have for the year? All of these questions require you to take a reality check. There is no hiding. It is all substance. It is all about the details.

This process must take place at least one time a month. Do not skip around an area. Look deep and look hard.  Then adjust your course as necessary. This is why you conduct this activity. There are often slight adjustments which need to be taken. Remember the route to the goal is often not an exact straight line. Part of the way toward business success is creating these course corrections as you go along.

Do you find you require the assistance of an expert business strategy consultant to bring you through this process and create accountability to keep you on track?  Contact Mitch Tublin at www.thementorguy.com and book your initial session today.

Filed Under: Business Strategy Tagged With: , , , , , , , ,
September 15, 2010 by

Are You Working Hard, Hardly Working or Same Old, Same Old

Recently I was in a corporate setting for a few hours a day for a few days in a row consulting by conducting leadership training for a group of executives and managers. There were various moments where I passed people in the hallways, or were near people in the elevators or the coffee area or rest rooms. A common greeting for a number of people at the workplace I heard was
“How Are Things With You?”
“Okay, Working Hard, You?”
“Yes, more like hardly working” or
“You know Same Old, Same Old”
Now you recognize as I did these are not the C-Suite folks having these conversations. Corporate Level Executives have their own methods of greeting each other. A topic for another day.
Isn’t it great as an entrepreneur, a small business owner or a solo-preneur we are not even remotely thinking this way? Right?
Here is my question for you – do you feel you are working too hard? Do you actually view how you work as hard? Or are you working effectively and efficiently? Do you identify the areas which you should not be spending your time and effort on and seeking to find the right person to perform these tasks and activities for you? Are you creating systems to leverage your repeatable activities?
If you were in a corporate position before isn’t it great to never think about the clock moving or hardly working due to a slow down? You may have even felt you were just putting in your time to collect your check and your health insurance coverage. Is this what you were meant to do with your life? What is your purpose and meaningful contribution to society?
We as entrepreneurs, small business owners, solo-preneurs owe it to ourselves and our business to take action, to grow, to continue to learn, to work with mentors, coaches and people who will challenge us to excel. Keep us fresh. Participate in Mastermind Groups to be with peers and hear from them how they are working and conducting their business and solving tough issues that arise.
If you are in a rut and feeling the blues, find someone who works in a corporate office and have them give you a tour. This may be all it takes to help you snap out it!
Are you in a corporate role now and you identify with what is being said here? There is an entire universe you may want to become a part of now and you may want to get in touch with me.

Filed Under: Business Environment Tagged With: , , , , , , , ,
July 16, 2010 by

George Steinbrenner once stood before me and said…

How many people are able to start their story with that line:  “George Steinbrenner once stood before me and said…”     He was called ‘The Boss’.
From a Great Lakes Shipping owner family and in the shipping business primarily before sports. Many have said George Steinbrenner was an entrepreneur. Here is one quote about him all entrepreneurs should take to heart: “He was very business-oriented, very direct, and very definite in what he wanted.” Think about that one for a moment – “…very definite in what he wanted…” You are able to read more about George Steinbrenner here: http://www.nytimes.com/2010/07/16/sports/baseball/16partners.html

Another thought about the passing of ‘The Boss’ is maybe he represents the old way of conducting business. In the environment today and the shift in priorities and the way we think about work would a boss such as George Steinbrenner have the ability to run a business the way he ran his businesses?
Even a sports team like the New York Yankees?

The other day a client spoke with me about an incident witnessed at a retail establishment. An upscale salon where she was having her hair cut had an incident with a woman nearby who was having her hair cut by an always fully booked expert. The patron was apparently a little bit abusive and it was continuous.  All of a sudden the expert cutting her hair stopped cutting and loudly stated “I will not be able to continue to cut your hair, I apologize”. And then walked away with scissors and comb in hand.
In the next few minutes there was shuffling, some rearranging and apologizes and another person completed the haircut for the patron. Think about the various aspects – these appointments are booked four weeks or more in advance, other customers witnessed the activity, the hair expert is one of the most sought after experts and other patrons had to wait a bit while this incident was handled. I know George Steinbrenner never owned an exclusive salon but I think I know how he would have handled it. What do you think?

In many ways the passing of George Steinbrenner represents the passing of an old way of conducting business.  Is this true?

Filed Under: Business Environment, Managing People Tagged With: , , , , , , , ,
June 16, 2010 by

World Cup 2010 Not A Sports Story Here

The World Cup 2010 in South Africa is, for the majority of the world, the sports event of their lives, until the next one.
You have to listen in for at least a few minutes of one of the broadcasts. Take a minute right now if you have not listened to a game or part of a game yet.       http://www.fifa.com/worldcup/video/index.html Do you hear that humming? It almost sounds like you are in the hive.
These are the vuvuzela being blown into to make this noise. The games go on and on for at least 90 minutes plus injury time. All the time the vuvuzela are blowing.
Sports story ends onto the analogy – this humming noise is similar to buzz going on in the inner mind of the entrepreneur. When you are starting out on your new business venture you have so many ideas spinning around in your head. Which is the right one?  If you are established in your business, how do you grow it?
Next you are thinking about the marketing and the sales.  Look at these products or methods of marketing maybe I should buy some of these?
Did you even set up your business properly you wonder as you fall asleep at 2 AM? Maybe your business needs to be online? Isn’t that where everyone is taking their business now. How do I do that? You start to call a webmaster.
You don’t even know what you want in a web site and you are considering plunking down $5 grand for a webmaster.

If you are established in your online business already possibly you are considering hiring an online business manager.

Mmmm? What exactly is that person going to cost me?  You spend more time thinking about what restaurant for going out to dinner and yet you might make these decisions without considering how they fit into your plan and strategy for your business.   Humming and buzzing sounds going on in the inner mind of the entrepreneur.
The point here is this – do yourself a favor. Quiet the noise in your head and work with a coach, a mentor someone who knows the options and will guide you through the process. Someone who will ask you questions, get you to think and plan a strategy first before you start to hire people and spend money without a clear plan and a strategy. A great indication if your coach or mentor is the right person is who do they work with? Who are their coaches and mentors? You will benefit greatly from the knowledge they gain from their continued growth.
Let me ask you my fellow entrepreneurs – what questions are buzzing around in your head?

Filed Under: Coach Mentor Tagged With: , , , , , , ,
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