Menu

Category Archives for "Starting a business"

Aug 13

Forgetting Your Profits

By ted sikkink | Entrepreneurship , Starting a business

This Is Why You Are Leaving Most Of Your Profits On The Table.  Forgetting Your Profits.  This video is going to explain why you are leaving most of your profits on the table.

Yes, I said it.

You are probably working hard to get leads, clients and sales then dropping the ball. Most of your profits are left untouched.

Watch this video to see what I’m talking about.

Aug 13

Success doesn’t come from the tools; it comes from your mindset.

By ted sikkink | Entrepreneurship , Starting a business

Tool Problems

The secret to an online business is not what you have been told.  Success doesn’t come from the tools; it comes from your mindset.  But nobody wants to tell you that because it makes it harder to sell you their newest latest and greatest product.

Now that you have solved your first problem let’s take a look at the 2nd problem.  Stop thinking like a marketer and start thinking like an entrepreneur. Watch this video to see exactly what I’m talking about.

 

May 22

SharkTank Idea Problems

By ted sikkink | Podcast , Starting a business

Hey, this is Charles Kirkland. Welcome to episode number seven of Inside the Mind of an Entrepreneur. You’re busy. We don’t have time for an intro. So, let’s go ahead and jump into the meat and potatoes of it.

Sharktank. I love the show. I think every entrepreneur needs to watch that show from start to beginning. It would be a huge education. But this is the problem we have. Quite often, we see that. It’s like, “Oh my gosh I’ve got an idea and it’s going to be worth millions.” Recently I had a friend come to me and he goes, “Hey Charles, I’ve got an idea and it’s going to just, you know, nobody else has thought of it. It’s going to be great. I just need you to sign this NDA before I talk to you.”

And I was like, “You want me to sign a non-disclosure agreement for you to talk to me about your idea?” He’s like, “Yes.” I go, “I’m not going to do it.” He’s like, “You’re my friend. You have to sign it.” I’m like, “No. I don’t.” And this is what happened. I told him I had me, you know, an idea, probably worth a few billion. And he’s like, “Well, what is it?” I said, “Well, I’m going to create a soft drink. Add a lot caffeine and a lot of sugar. We’re going to put it on the shelves of grocery stores all across America.”

He’s like, “You’re an idiot Charles. That’s Coca-Cola.” I said, “That’s the same thing with your idea.” He’s like, “No. It’s different.” What I’m trying to get to is, an idea is not anything that’s- you see on Sharktank, they go, “Hey, I’ve got an idea and this is going to be worth…” And they go, “Hey, we’ll give you 10 percent of the business for $100,000 cash infusion.”

So, they’re saying their business is worth $1M, for an idea, a logo you got off of 99 Designs, a WordPress blog, which is free, and a premium theme. You have no sales; have no revenue; have no customers; have no clue or idea how to market. But you’ve got an idea –

Guys, ideas are worthless. There are millions and millions of great ideas. The only thing that counts is execution – going back to the soft drink example. That’s a great idea. Coca-Cola, Pepsi – they executed on it. Red Bull – they executed on it. How many guys have had ideas for energy drinks well before Gatorade; well before Red Bull?

And the reality of it is, ideas really aren’t worth anything. I can tell you all the ideas that I’ve had, but unless you execute on your ideas, you’re not really going to have anything. So, keep that in mind.

Next time you watch Sharktank, watch out. These guys have tone of ideas, but watch as the sharks as they’re talking to them. The sharks are like, “Do you have a plan? Do you have a patent? Do you have something tangible? Do you have something that’s worth things?” Because quite often, everybody’s imaginary number is $1M.

So, keep that in mind. Sharktank’s a great show. You should watch it. Give you a huge amount of ideas. Anyway, this is Charles Kirkland. Hope you enjoyed it. By the way, if you’re over at iTunes, I’d love to have a five-star review, or whatever you know – how many stars you think it’s worth.

And make sure you visit CharlesKirklandBlog.com. We’ve got some of the biggest mistakes that entrepreneurs make. Nice little free guide there. So, anyway this is Charles. Hope you enjoyed it. Talk to you later.

May 22

The Most Valuable Asset in Your Business

By ted sikkink | Podcast , Starting a business

Hey, this is Charles Kirkland. Welcome to episode number six of Inside the Mind of an Entrepreneur. You’re busy. We don’t have the time for an intro. So, let’s go ahead and jump into the meat and potatoes of this.

What is the most valuable asset in your business? I can ask that and people will tell me, “Charles, it’s the building. It’s the machinery. It’s this, or that, and the other.” The truth of the matter is, the most valuable asset you’ve got in your business is your customers, and your customer list, and your relationship with those customers.

It’s not the machinery. It’s not the building. There are plenty of people going out of business who do the exact same thing you do right now, and it’s not because they don’t have the right machinery, the right equipment, the right whatever. It’s because they don’t have your customer list. And they don’t have your customer relationships.
So, keep that in mind. Now what I’m trying to talk about, if you’re an online business, your relationship typically is your email list. That most valuable asset is your CRM, your email list, have whatever you use basically to communicate with your customers. You know, that is what you need to look at as your most valuable asset.

If you’re trying to sell an online business, which I’ve done a few times, I can tell you, that email list is worth the money. It is that relationship with the email list. That is it. Now it’s not necessary- Hey, you know, the spammers have the biggest email list in the world. So obviously, they should be filthy rich. Not necessarily. And this is where it goes into that relationship with the email.

Your emails are going out to customers. And I hate to tell you. You’re not the only vendor; the only product owner; the only entrepreneur they’re dealing with. They’re dealing with multiple entrepreneurs every day, multiple different scenarios. And unfortunately, a lot of us will end up sending these very dry, boring emails.

You know, basically, “Hey, Bob. We’ve got a brand new shipment of x, y, z. We’ve got a special 50 percent off sale. Buy now.” While that’s great, we really like to buy from people we know, like and trust. So, inject some personality in these emails. That’s one of those big assets. You know, the more personality you can inject, the more they feel like they know you personally.

Typically, the more they will buy from you. And sometimes you’ll have hiccups in business. And people that know you, like you, and trust you can over look those until you get them fixed. If you have no relationship, it’s just purely a transactional relationship, the minute something goes wrong, they’re looking for somebody else to take your place.

So, definitely keep that in mind. Your biggest asset in your business is your customer list and your relationship with it. Hope you enjoyed it. By the way, make sure you give me some five- if you believe I deserve it. Give me a five-star review over here at iTunes. We try to put out the best content in these short little sound bites.

And head over to CharlesKirklandBlog.com. We’ve got the biggest mistakes entrepreneurs make special report we’re putting together. So anyway, this is Charles Kirkland. Hope you enjoyed it. Give me some feedback. Talk to you later.

May 22

Should You Take Outside Funding?

By ted sikkink | Podcast , Starting a business

Hey, this is Charles Kirkland. Welcome to episode number four of Inside the Mind of an Entrepreneur. You’re busy, so let’s go ahead and skip the intro, and get into the meat and potatoes. We’ve got a question today. Should I take outside funding to grow my business?

Well, it totally depends. First of all, do you really need it? A lot of businesses can basically finance themselves through cash flow. And that may be a case of where you’re producing a product. You’ve got enough. Maybe of you get a big order, yes, then definitely get some outside capital to fuse that – to get it going. But, if you’re just getting started and you really don’t have a whole lot of proof of concept, I would not take outside funding. I wouldn’t even seek it.

You may want to get a microloan, may want to get a small business loan, may want to get a credit card – that’s an extremely high interest rate to begin with, but you may want to get one of those and start working on getting a proof of concept where people buy it. If you can get that, and-

Unfortunately, a lot of entrepreneurs I talk to they go, “Charles, we showed the product to x, y, and z, and they loved it. Then they wanted to get some-“ Let’s just say hey, they wanted to order 1,000 units of whatever you’ve got. My question is, talk is cheap. Talk is so cheap it’s incredible.

Problem is, a lot of people talk, but when it comes down to putting money down to order their product, to give you a P.O., to sign a contract with you – all the people that said, “Hey, we want it. We like it.” Most of them will hem and haw, and basically kind of back out on you. So, I want you to understand, because people say they want to buy it, doesn’t necessarily mean they’re going to buy.

So, before you take outside funding to get something made, make sure you’ve got at least a contract, maybe you’ve got some negotiations – get some signed paperwork ahead of time because I’ve seen plenty of entrepreneurs who’ve invested money in something and all of a sudden, you know, the buyer backed out and things went wrong. There was no contract, just a handshake.

Don’t be that guy. Make sure you at least have that. So, if you need outside funding, fine. Go for it. But please understand use it wisely, because unfortunately you have to pay it back most of the time.

Anyway, this is Charles. Hope you enjoyed it. Talk to you later.