MCD Gebiedsontwikkeling anno 2013 en…. Nicole Maarsen 3 september 2013.
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© 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.
© 2013 Revise The Dream.com
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
© 2013 Revise The Dream.com
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…
© 2013 Revise The Dream.com
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:
© 2013 Revise The Dream.com
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
© 2013 Revise The Dream.com
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.
© 2013 Revise The Dream.com
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.
© 2013 Revise The Dream.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.
© 2013 Revise The Dream.com
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.
© 2013 Revise The Dream.com
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.
© 2013 Revise The Dream.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.
Additional Resources:
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.
Additional Resources:
Student Loan Interest Explained
© 2013 Revise The Dream.com
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
Additional Resources:
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:
© 2013 Revise The Dream.com
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?
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2. What are your lifestyle goals? How would you like to spend most of your days?
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© 2013 Revise The Dream.com
3. What impact do you want to have on the world? What do you want your legacy to
be?
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4. Which aspects of self-care are most important to you? How do you spend your time
when you want to relax?
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How much money would you like to take home from your business?
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What is your current net worth? What steps can you take to increase this number?
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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:
© 2013 Revise The Dream.com
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.
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© 2013 Revise The Dream.com
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.
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3. Think of 4-6 words that you can use regularly in conversation to further
communicate your brand message. Examples: power, simplicity, fun,
connection.
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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,
© 2013 Revise The Dream.com
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
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© 2013 Revise The Dream.com
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Now think about who you want to know:
INDUSTRY/SKILL SETS NAME (IF APPLICABLE)
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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.
© 2013 Revise The Dream.com
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:
© 2013 Revise The Dream.com
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
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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?
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2. What are you good at?
______________________________________________________________________________
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3. What skills do you have that would be helpful as you build your business?
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4. What problems could you solve with your passion and skills?
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5. What type of support will you need in order to build your business?
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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
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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.
© 2013 Revise The Dream.com
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?
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2. Is your business local? Can it be taken to the national or international level?
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3. Is your business scalable? Can many people partake in your product and
service without you incurring massive costs to produce it?
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4. Does your product or service solve a problem that many people have?
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5. How do you see yourself spending your time once your company is
successful?
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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
© 2013 Revise The Dream.com
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.
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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.
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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.
© 2013 Revise The Dream.com
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.
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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
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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.
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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.
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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.
© 2013 Revise The Dream.com
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.
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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
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enjoy the benefits of retaining full ownership of your business and being able to
make important decisions without consulting anyone outside of your company.
© 2013 Revise The Dream.com
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
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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
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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.”
© 2013 Revise The Dream.com
-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.
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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.
© 2013 Revise The Dream.com
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
© 2013 Revise The Dream.com
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?
© 2013 Revise The Dream.com
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.
© 2013 Revise The Dream.com
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.
© 2013 Revise The Dream.com
-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.
© 2013 Revise The Dream.com
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
© 2013 Revise The Dream.com
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
© 2013 Revise The Dream.com
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