Decide
which business format is right for you. Today should focus on
research into the different types of business registrations. S and C
corporations, Limited Liability Company (LLC), and Limited Company
(Ltd) are just a few examples of the different types of business
formats that help protect you and your assets if something ever
happens with the company. There are also differences in how the
business and you are taxed throughout the year depending on which
format you chose.
If
you don’t already have a unique name for your business, today would
be a good day to work on that. Don’t forget your elevator pitch!
This pitch would be a 10-30 second ad for your product or service
that you could give to someone on an elevator ride. Let your mind do
most of the work today. Remember: Rome wasn’t built in a day and
your business won’t be either!
You’ll want to protect your ideas for the future. Look into
trademarking, copyrighting, patenting, and so forth concerning your
intellectual property and don’t forget to look into intellectual
property insurance. It may sound silly or like something you don’t
need but, if you don’t have that insurance and someone walks off
with your idea and puts their name on it, it becomes theirs solely in
the eyes of the law, and you may lose your shirt.
If you have the skills to build your website, do that today. If you don’t have those skills, use today to check out some competitors’ sites and find a couple of things you like. Then find someone who has the skills you need and show them your examples. They will build you a straightforward site and then you will be able to go through it with them to tweak and change.
You will want your site to be top ranked on Google search. Consider using an SEO tool to optimize your profits.
First thing’s
first! You don’t want to waste time trying to build something
someone has already tried (or succeeded) to create! Take this first
day and look through the filed patents. You may need some help with
combing through everything. There are U.S. Patent libraries in many
states, but you can also search online. Once you pass your
preliminary search, you can hire a professional to look more
in-depth, depending on what you find.
There
must be a better way to earn a living where you don’t have to deal
with the daily
commute,
listen to your co-workers and their problems or put in long hours
that could be spent with your family and friends.
You’ve
always dreamed of being your own boss. Setting your own hours,
having the financial freedom to buy your dream car or house and
taking control of your life.
How
do those entrepreneurs come up with such great ideas? You know you
have the makings of an entrepreneur, but perhaps you’re not sure
how to put it into action. What ways can you come up with the
perfect startup idea that will make you the next Mark Zuckerberg, or
Elon Musk?
Like
these highly successful entrepreneurs, it won’t happen overnight,
but if you take the 7-day challenge, processing just one method per
day, you’ll come up with a startup idea that will make you wonder
why you haven’t thought of it sooner!
Day
One – Tweak It
Put your Sherlock Holmes hat on and start to look at the world through the eyes of a detective. What inefficiencies, frustrations, and problems do you notice with current products, systems or services. You don’t necessarily need to reinvent the wheel, here. Perhaps there’s something you’ve seen in your daily life upon which you think you could improve. What wastes your time? What costs you more money than it should?
Day
Two – What’s Missing?
Have
you noticed a gap in a particular industry or niche? A product you
can’t buy or a service you would like to see but doesn’t exist?
In Sydney, Australia, boating sun-lovers spending time on the water
have the luxury of being served coffee, snacks, sandwiches, and
alcohol from the comfort of their boat. How? Some bright spark came
up with the idea to provide and deliver directly to other crafts from
his own. Genius!
Day
Three – Think Like a Cheapskate
People
love a bargain. We hate to spend more money than we need to, right?
If you can work out a way to save people money – whether it’s an
entirely new idea or a cheaper version on an existing one – there’s
a good chance you’ll have a successful business idea right there.
Day
Four – Get out and Mingle
Try
networking events, conferences, exhibitions. Go out and meet people
who think differently than you, and pick their brains. What about
your customers? Co-workers? How could their life be improved or
made more time efficient? The best way to find out what people need
is by asking them.
Day
Five – Do What You Love
About
what are you passionate.? If money was no object, how would you love
to spend your days? Okay, stop thinking about spending it on a beach
in the Maldives. How do you spend your free time? Is it spending
time on Social Media? Gardening? Building model cars?
Brainstorm
how you could turn your hobby into a business. How could you improve
on it? What could you do better than anyone else?
Day
Six – Get with the Trends
Do
a little research into trending products or arenas. Branding and
social media are one of the hottest trends in 2019. Find a hot trend
and piggyback off it, find a way to tweak it enough, so you stand out
in the crowd.
Day
Seven – Channel Your Inner Know-It-All
Is
there an area of your life that your friends and family continuously
come to you asking for advice? Giving advice is how many influencers
on Social Media have cracked success. They’ve brainstormed what
they’re good at and created blogs, how-to videos, and online
courses.
Your
skill or knowledge might seem obvious or irrelevant to you, but to
someone else, it’s gold. Take some time to think about what people
ask you for advice on and ways you could monetize it.
Are
you still worried you can’t come up with a business idea?
Stop stressing.
Don’t worry about how to come up with a business
idea.
Look
for problems
in
your or others’ everyday life. Keep a journal and write your ideas
down before you brainstorm them with others and work out the gaps in
the world, that you can potentially fill.
Once
you find the perfect business idea for you, you can begin researching
how to implement your business plan and be on your way to being your
own boss.
Just
keep those thoughts of the vacation home in Hawaii, telling the boss
what he can do with his job, or just waking up whenever you darn well
feel like it.
First thing’s
first! You don’t want to waste time trying to build something
someone has already tried (or succeeded) to create! Take this first
day and look through the filed patents. You may need some help with
combing through everything. There are U.S. Patent libraries in many
states, but you can also search online. Once you pass your
preliminary search, you can hire a professional to look more
in-depth, depending on what you find.
Day
2:
Do you have a business plan? If not, start doing some research and
write up a rough draft for one today. We’ll come back to it in a
few days to refine it.
Day
3:
You’ll want to protect your ideas for the future. Look into
trademarking, copyrighting, patenting, and so forth concerning your
intellectual property and don’t forget to look into intellectual
property insurance. It may sound silly or like something you don’t
need but, if you don’t have that insurance and someone walks off
with your idea and puts their name on it, it becomes theirs solely in
the eyes of the law, and you may lose your shirt.
Day
4:
Decide
which business format is right for you. Today should focus on
research into the different types of business registrations. S and C
corporations, Limited Liability Company (LLC), and Limited Company
(Ltd) are just a few examples of the different types of business
formats that help protect you and your assets if something ever
happens with the company. There are also differences in how the
business and you are taxed throughout the year depending on which
format you chose.
If
you don’t already have a unique name for your business, today would
be a good day to work on that. Don’t forget your elevator pitch!
This pitch would be a 10-30 second ad for your product or service
that you could give to someone on an elevator ride. Let your mind do
most of the work today. Remember: Rome wasn’t built in a day and
your business won’t be either!
Day
5:
Now that you’ve looked into your intellectual property being
insured, and what kind of business will work best for you, it
wouldn’t be a bad idea to get some insurance for your actual
company. This insurance can include but is not limited to, inventory,
any physical space you do your work, vehicles used, even self and
employee coverage.
Day
6:
Today you can start setting up the face of your business. Do you have
a logo? If not and you have the skills, try creating a few today.
Choose a color pallet and a mascot if one is appropriate. Try writing
the name of your business in different handwriting, block letters or
script, and working the logo into the handwritten signature. If you
are not artistically inclined, do a quick search for graphic
designers in your area to help you out.
Day
7:
If
you need some help getting your product from concept to tangible,
today you should find a local prototype designer such as Beyond
Design Inc. in Chicago or Kaleidoscope Innovation Product Design &
Development in Cincinnati. Once you have a physical prototype, come
back to the challenge and pick up here.
If
you already have a prototype or are providing a service, set up some
beta testing today. Get a few folks to try it out and give you their
feedback. Start to identify your weak points and figure out possible
solutions.
Day
8:
Today
you should make sure your product or service is complete. It’s
better to have something that is finished that something perfect;
changes will come along the way. Take your product through its
functions. Make sure that, when you get to the end, you’re where
you want to be.
If you’re providing a service, run through the entire process start
to finish and make sure you have everything you need for every step.
Touch everything you will need. If you make a mental note to get
something, you may not have its opening day.
Day
9:
While you’re looking into the legal side of things, make sure you
don’t need any permits or licensure. Even online businesses can be
subject to specific licensing and regulatory practices. It’s also
not a bad idea to check and see if your business might qualify for a
tax exemption.
Day
10:
Come back to your business plan. Read through it. Do you still agree
with everything? If not, make changes to it today and begin to
implement those changes. If everything still measures up, go through
it with a fine-toothed comb and make sure you’re set up to meet all
of your goals.
Day
11:
If you don’t
already have the funds to start your new venture, look into getting a
business loan and credit card. Make a list of potential investors and
look into crowdsourcing. Go ahead and set up any online sources you
can.
Day
12:
If you’ve never worked in sales, take today to watch a few videos
online and read a few articles about selling yourself and your
product or service. Practice in front of a mirror, film yourself and
watch it back. Have a friend help advise you. They may see something
that you miss. Pitch to them, practice, practice, practice! Soon it
will become second nature.
Day
13:
Use today to research pitch decks. These, in brief, are typically
PowerPoints with 10-12 slides that you might send digitally or
present in person to new potential investors. There are several
references on do’s and don’ts out there. With a brief online
search, you will find one you can utilize. Once you find one you
like, go ahead and work on this presentation.
Day
14:
Have a friend over to work on your pitch deck today. Again, film
yourself and watch it replayed. If you have a large screen or a blank
wall to project onto, set your camera up at an investor and pitch to
it. Have your partner help you find and correct the weak points.
Day
15:
If you plan on having investors in your business that are not
business partners, do some research today on the different kinds of
investors and which type might be best for you. If you find something
that looks promising, do a few web searches. Many investors
specialize in a field, and you may find someone who would be just the
right fit. Check out the “pitch decks” on day Piktochart
before reaching out.
Day16:
Before you launch, it is crucial to have your finances straight! Make
today about getting your tax ID and checking on bookkeeping and
accounting. If you have employees, they will need to be paid
promptly. If you have suppliers or shipping costs, those bills can
pile up quickly and sneakily. Moreover, everyone knows Uncle Sam will
come after you if you don’t pay the piper!
Day
17:
Write up some contracts today or hire someone to do that for you. You
will need an agreement between you and your employees if you have
any, you may need a contract between you and your clients depending
on what your services are, you might want to consider an agreement
between you and a long term supplier, and, if you have any investors,
you’ll want one for them, too.
Day
18:
If you have business partners, take today to sit down with them and
work out how you will split up the assets and what will be fair for
everyone. Have a blank contract where you can write in the agreement
or be prepared to create one today and have everyone sign it.
Day
19:
Do some research on your competition today. Who are they? Are they in
the same industry as you or is it a similar product? What do you like
about the way they do things and is there any way to put a positive
spin on that to benefit you? What weaknesses do you see? Do you have
any of the same flaws and can you correct them?
Day
20:
INVENTORY! You need to have THINGS! If you are selling a product,
stock up now! Make as many as you can hold; make at least two of
everything. If people want something and you don’t have it as soon
as you open, they may not come back again to check for it despite
e-mails, text reminders, and the like. If you are selling a service,
print off some coupons today. Have them on hand to either give your
customers directly when performing the service or sent in an e-mail
after. If you have a physical storefront, get a display stand and
place your coupons somewhere folks can see it. They may try you out
if they “get a good deal” the first time.
Day
21:
One of the most sorely overlooked and misused marketing tools in our
society today is social media. It is essential that you can connect
with your public on these platforms. Depending on your product you
may need to utilize the top three. These are Facebook, Twitter, and
Instagram. Instagram is more photo heavy so if you don’t have a
very visual product, Twitter and Facebook are probably your best bet.
Take today to set up the accounts for your business with them. There
are business tools on both that you can familiarize yourself with as
you go.
Day
22:
Picture day! You will need visual aids for your pitch desk, business
cards and advertising, website, storefront, and social media
accounts. If you enjoy taking pictures, go out and take some around
town. Local flavor, recognizable landmarks, and unique images from
around town always resonate with residents and will encourage a warm
beginning to your relationship with them. If you don’t take your
own pictures, consider searching for a local photographer who may
already have some images you could buy or search for images in the
public domain online. Be sure you have the right to use them. If they
are copyrighted and the proper permission/citations aren’t given,
you could wind up in some hot water legally.
Day
23:
If you have the skills to build your website, do that today. If you don’t have those skills, use today to check out some competitors’ sites and find a couple of things you like. Then find someone who has the skills you need and show them your examples. They will build you a straightforward site and then you will be able to go through it with them to tweak and change.
You will want your site to be top ranked on Google search. Consider using an SEO tool to optimize your profits
Day
24:
Content
Creation Day! Creating content can be “leg day” for your brain
but don’t let it overwhelm you. Today you will need to focus on
what you want to present to your customers. If you have a physical
store, what is your style? Do you have a theme? Can you incorporate
your logo, color pallet, or business name into your décor? If your
store is strictly online or, if you have a website where you will
sell also, you need to consider the same things while additionally
creating written content for your site.
Again,
don’t let this overwhelm you. You likely don’t need much. Write
the essential information in a bulleted list and then turn your list
into a short paragraph. If it gets to be too much, consider hiring a
freelancer. They do that kind of thing for fun.
Day
25:
If you are a confident public speaker, take today to write some brain
teasers to help you with your pitch deck. If you struggle with public
speaking, get some friends together in a comfortable but public
place, such as a coffee shop or college commons, and give them your
pitch. Then, do it again. And again. The best way to become a
confident public speaker, which you will have to do at some point
during your growth, is to practice speaking to a familiar group in
public.
Day
26:
Up to this point, we have focused a lot on the internal workings of,
and start-up aspect for, your business. Now let’s look outward.
What about your customers? Make a list of demographics today. Who is
your target audience? Where are they located? How do they get a hold
of you? Do you have/want/need a business phone/phone number? How
about e-mail address or physical address? Throughout the day, think
about how you have contacted businesses similar to your own and what
you like the best.
Day
27:
You’re getting close to your launch, now! Start thinking about
marketing. Where will your services be most helpful? Where would your
product be most used? Would a flier be an appropriate method of
marketing? How about a poster or a billboard? Do you have any online
ads and whom would you like to show these? Do you have business
cards? There are hundreds of different methods of advertising. Take
today to look at your demographic and potential client base and think
about the best way to reach them.
Day
28:
Research places that will help you create advertisements and get them
where you need them. If you can do this yourself, take today and
print off your fliers or call in your billboard. Hit the bricks on
this one and start getting your word out there! A handwritten launch
date on your cards and leaflets can add a warm, personal touch.
Day
29:
Before you open, make sure you are ready for your customers. Have a
pre-opening test run with a few friends or partners and have them try
to find weaknesses. If you can, correct these. If they are simply the
way things are, create an action plan for how to deal with the issue
when it arises, as it almost certainly will.
Day
30:
GRAND
OPENING!
Congratulations!
You’ve completed the challenge and are ready to open your doors!
Good luck!
This week had the pleasure of visiting the Spring Break capital of the world Cancun, MX! This was my first time in Mexico ,Cancun certainly exceeded my expectations. As always, my goal while traveling was to enjoy a luxury vacation, without spending the money typically needed to do so. Here is how I did it!
I have racked up so many airline points through my Chase Southwest Credit Card that essentially anywhere I travel, is free. The round trip flight from Chicago, IL to Cancun, MX cost me 7,732 Southwest rewards points and $80.11! By far one the best flight deals in have gotten. Also, I have a companion pass for Southwest. I had a lady friend fly with me (round trip) for $80.11. That’s 2 people round trip for $160.22! Don’t forget on Southwest 2 bags fly free! I bought her and myself a drink which came out to about $15, I have $200 in airline credit through my AMEX Platinum so that was covered!
Once we arrived in Cancun, we were greeted by turquoise waters and an awesome beach breeze. We booked a private shuttle service, Happy Shuttle, $53 round trip from the Airport to the Resort! Another great deal.
I arrived at The Westin Cancun Resort and Spa. This vacation was a special invite! 5 days 4 nights for $299 no tax! We stayed in one of the best suites in the hotel. Come to find out I was special invited because they wanted me to sit through a presentation for The Westin Club, which was awesome, but I declined. We had more than enough room in the suite and the view was astonishing. The resort was not all inclusive, however, they did have a complimentary breakfast buffet, happy hour with drinks and food from 4pm-6pm, and they gave me a $175 resort credit! It was pretty much all inclusive if you ask me.
I didn’t need a rental car in Cancun as the public bus will take you anywhere you want to go for 12 pesos or $1.
I had some other expenses here and there which I will list below. But other than that, this was a more than affordable trip for me! I paid almost nothing for this trip. Definitely Ball’d on a budget.
This weekend (2 nights) I had the pleasure of visiting the City that never sleeps New York, New York. I visited just because I found a super cheap flight and hotel, it was also NY fashion week so I was bound to get into something. As always, my goal while traveling was to enjoy a luxury vacation, without spending the money typically needed to do so. Here is how I did it!
I have racked up so many airline points through my Chase Southwest Credit Card that essentially anywhere I travel, is free. The round trip flight from Chicago, IL to New York, NY cost me 3,454 Southwest rewards points and $11.20. Also, I have a companion pass for Southwest. One of my guys flew with me (round trip) for $11.20. That’s 2 people round trip for $22.40! Don’t forget on Southwest 2 bags fly free!
Once I arrived in New York, I was greeted by a great weather considering it was the middle winter. 40 degrees the entire time! I was brave enough to take the subway from LaGuardia Airport to Grand Central Station for about $4. If you’re not that brave or accustomed to the subway, an Uber would run you about $40. It reminded me so much of the CTA here in Chicago. Once at Grand Central I was able to do a bit of sight-seeing on the walk to my Hotel.
I arrived at the Double Tree Metropolitan which is located in Midtown, which is pretty much in the middle of everything. I must say I always enjoy staying at the Double Tree, free cookies! I actually found this deal on Groupon. Queen room for $260 for 2 nights. However, I also had a 10% coupon so it came out to $240. Upon Check-in, the front desk noticed I was a Hilton Honors Gold member because of my American Express Platinum Card. I was upgraded at no additional cost to a King Deluxe room!
I had some other expenses here and there(UBERS) which I will list below, some I will not. Definitely Ball’d on a budget.
This weekend (2 nights) I was scheduled to visit Houston,TX! I was headed there to visit a cousin of mine whom just graduated from Jackson State University. He decided to move to Houston as it has been described as a city on the rise for several years now. I did not make the trip because there was a Winter storm this weekend. If you read my Blog, you now I was just In a winter storm in Charleston, SC 2 weeks ago. I am NOT about that life again. With that said, I will show you guys the “planned” vacation. As always, my goal while traveling was to enjoy a luxury vacation, without spending the money typically needed to do so. Here is how I did it!
Once again, I have racked up so many airline points through my Chase Southwest Credit Card https://creditcards.chase.com/southwest that essentially anywhere I travel, is free. The round-trip flight from Chicago, IL to Houston, TX cost me only 3,756 Southwest rewards points and $11.20. Also, I have a companion pass for Southwest. One of my guys could have flown with me (round trip) for $11.20. That’s 2 people round trip for $22.40! Don’t forget on Southwest 2 bags fly free!
I was going to be doing a lot a driving and sightseeing in Houston so I had reserved car through Hertz. I have the Platinum AMEX so I have a complimentary Hertz Gold Plus membership. With this I get discounted rentals as well as a 4-hour grace period return window! I rented a Suburban for just $123 for the 2 days (and extra 4 hours).
I wasn’t able to find a great hotel deal through the Hilton App in order to use my rewards points from my AMEX Hilton Honors card. However, I did find a great express deal on priceline.com. I was able to get a 4-star hotel from in the Houston Galleria Area for $53 a night! Came out to $134 with taxes and other fees. Still a great deal! The room rate for this room is typically $199
I’m sure I would’ve had some other expenses here and there (Houston “Clubs”). But other than that, this would have been an affordable trip for me! And we would have definitely Ball’d on a budget.
This weekend (2 nights) I had the pleasure of visiting the Historic District of Charleston, South Carolina. I visited to participate in the wedding of one of my best friends I graduated with from Morehouse College ‘07. As always, my goal while traveling was to enjoy a luxury vacation, without spending the money typically needed to do so. Here is how I did it!
I have racked up so many airline points through my Chase Southwest Credit Card that essentially anywhere I travel, is free. The round trip flight from Chicago, IL to Charleston, SC cost me 17,212 Southwest rewards points and $11.20. Also, I have a companion pass for Southwest. One of my guys flew with me (round trip) for $11.20. That’s 2 people round trip for $22.40! Don’t forget on Southwest 2 bags fly free!
Once we arrived in Charleston, we were greeted by a snowy winter not seen since 1989. The snow on all the roof tops of the historic buildings made for great selfies and snapchat stories. The groom picked us up from the airport, so no money spent there! Although, I did treat him to Zaxby’s. Spent about $15 for the both of us.
I arrived at the Embassy Suites right in the heart of the Historic District. I must say I always enjoy staying at the Embassy Suites. This Hotel had a Happy Hour open bar with food from 5:30pm-7pm every night as well as a breakfast buffet 7am-10am every morning. Needless to say, we took advantage of both. We stayed in the best suite in the hotel. The 2-bedroom meeting suite on the top floor. We had more than enough room. The suite would have been perfect for some type of “pre game” because it held up to 15 guests for a meeting. Only 5 can stay overnight. The room rate was $599 a night for this suite. However, I booked super early so we got a deal for $299 a night. We split that cost in half. My guy paid his half in cash and I used my Hilton Honors rewards points that I received from my AMEX Hilton Honors card.The hotel cost me roughly 48,345 points total for the two nights. $0!
I didn’t need a rental car in Charleston, SC because I knew I wouldn’t be able to do a lot of exploring with the wedding going on. However, I did spend about $20 on Ubers while there. Although I do receive $15 a month in uber credits from AMEX. Roughly $6 a trip.
I had some other expenses here and there which I will list below, some I will not list (Bachelor Party). But other than that, this was an affordable trip for me! Definitely Ball’d on a budget.