Creative Loafing (Atlanta) featured our SIR client, Home Grown Ga, in one of their restaurant reviews! The owners, Kevin Clark and Lisa Spooner, have recently joined the Start It Right! program, and their newly opened restaurant is already creating a buzz…

“It looks like a scene from a movie, or perhaps one of those family TV shows: a diner, filled with sunlight. Bright yellow flowers sit on the counter, which is occupied by a diverse collection of regulars sipping coffee and chatting with waiters. Children’s drawings adorn the walls, along with perfectly shabby and appropriately arty prints — just the right mix of quirky personality and enviable taste. “Good morning!” one of the owners chirps as a group of customers walks in. “Sit wherever you’d like!” …

Home Grown takes its name seriously. Most of what’s served is grown by local farmers. The menu is short and changes daily, depending on what’s available. Owner Lisa Spooner says farmers stop by the restaurant with their produce, and the menu is created around whatever they bring.” …

Visit Home Grown Ga’s website for restaurant hours and menu!

Click here to read this rest of this article from Creative Loafing Atlanta!

 (Presented by Paige Arden Stanley – Attorney at Law)

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Bill Smith began the Roundtable discussion as usual by asking everyone to introduce themselves and their business. Paige then began her PowerPoint presentation on the “Do’s and Don’ts of Owning a Small Business.”

• Statistics: Georgia ranks #1 in the United States for entrepreneurship and #7 for the best state for businesses.

• Top DO’s for owning a small business:

1. Do limit your liability to your investment in your company by incorporating your business or organizing it as a limited liability company.
2. Do disclose everything to your attorney about your proposed business venture and past business experiences, both positive and negative.
3. Do discuss with your attorney the advantages and disadvantages of the various forms of business entities.
4. Do discuss with your attorney the “corporate formalities” to which you must adhere in order to preserve the limited liability afforded to you by virtue of having incorporated your business.
5. Do discuss with your attorney the need for a detailed written buy-sell agreement with your business partners.
6. Do discuss with your attorney the need for a written employee handbook and written employment agreements containing confidentiality and noncompetition obligations if necessary.
7. Do apply for a federal tax identification number for your business (necessary for almost all businesses).
8. Do talk to a tax professional and budget for taxes.
9. Do invest in technology.
10. Do prepare a detailed written business plan.
11. Do join your local chamber of commerce, local civic organizations, trade groups, and entrepreneurs’ organizations.
12. Do get to know your customers and suppliers.
13. Do network.

• Top DON’Ts for owning a small business:

1. Don’t make expensive office space and furnishings a high priority unless you are in an “image” business.
2. Don’t print your stationary, business cards, and promotional materials until you have had a trademark attorney conduct a search of existing state and federal trademarks and pending trademark applications.
3. Don’t ask or permit your employees to breach confidentiality or noncompetition agreements with their previous employers.
4. Don’t spend money required to be set aside for employee and other withholding taxes.
5. Don’t sign company contracts in your individual capacity. Rather, sign them on behalf of the company as an officer of the company.
6. Don’t put off buying insurance.
7. Don’t give up 50 percent of your company to investors in your first fundraising effort.
8. Don’t pass up opportunities for free publicity.
9. Don’t try to do everything yourself. Setting up a business is complicated, and a business law attorney can assist you in making and implementing the right decisions.

Paige went on to present, “5 Key Mistakes Business Owners Make and How to Avoid Them.”

1. Failing to Maintain or File Proper Organizational Documents.
2. Failing to Check an Employee’s Non-Compete Agreement.
3. Weak or Non-Existent Employment and/or Independent Contractor Agreements.
4. Litigation!
5. Failing To Get Legal Advice When Appropriate.

For a more detailed description of these “Key Mistakes,” please visit Paige’s website at www.stanleylawoffice.com. Sign up for Paige’s email list to receive more helpful articles and advice!

Next Roundtable Meeting: Wednesday, September 8th, 2010

Topic: TBA

Facilitator: Bill Smith

“So You Want to Be Your Own Boss…                

8 Tips to get you going, even if you don’t know where to start…”

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Inc.com highlights the top traits of a successful small business owner:

“The Guardian Life Small Business Research Institute report hopes to explain why only 1 in 2 small businesses will survive more than five years…”

“Being self fufilled. Good small business owners put a high price on the fulfilment their companies provide them, relish being their own boss, and enjoy being in control of their personal income…”

 ”Future-focused. Small business owners who thrive are good at both short and long-term planning…”

 ”Curious. Good entrepreneurs are always reading and asking questions…”

 ”Tech-savvy. Perhaps not surprisingly, the best small business owners invest time and money on their company’s website and are likely to “‘rely a great deal on technology to help make our business more effective and efficient.’”

“ Action oriented. Successful founders are proactive and always “‘differentiating ourselves from our competitors…’”

Click here to read further about this article from Inc.com.

Bill began the Roundtable session by asking the table to come forward with any questions.   

• Terrance volunteered the first question: Would it be wise to incorporate your business when you first start out or when you have enough revenue? What are the pros and cons?
• Bill responded:
  •  As you start to make money, it’s a benefit when regarding taxes.
  •  You are facing liability issues if you are not incorporated. For example, if your company is sued for any reason, it will become a personal attack.
  • By incorporating your business, you create legitimacy for yourself and your company. 

• Annie Price mentioned that her new veterinary practice will be opening in the next month. Bill asked her how she plans to set herself apart from other veterinary offices.
  • Annie replied that she will take a more low key approach and appeal to the neighborhood surrounding her office rather than a broader market.
  • Her office will be decorated with a barn theme and create a warm environment for both pets and pet owners to enjoy. This will set her apart from the typical “hospital” feel of other veterinary practices.
  • Not to go without mentioning, Annie’s passion for helping animals and sincere approach to her work will be appealing qualities to potentials clients.  

• These two topics took up most of the discussion that evening and everyone was able to chime in with their thoughts and advice. Bill concluded with some important bullet points for operating your business:
  • Recognize your client’s needs and cater to these needs as this will sustain your client base.
  • Set yourself apart from your competitors. Whether you decorate your office differently, make site appointments instead of having clients come to you, or facilitate an interesting workshop – make it appealing!
  • Networking is an important tool. Attend networking events, join a local community board, or create your own event!

Next Roundtable Meeting: Wednesday, August 11th, 2010

Topic: TBD

Facilitator: Bill Smith

Start It Right! graduate, Quinn Hudson, celebrates the 5th Anniversary of his company, Hudson Group, Inc. “The Hudson Group is a full-service corporate communications agency that provides a range of services.” Congratulations on your success!

The Hudson Group, Inc.

Money is the number one reason why small businesses fail.

Lack of money is the main reason why most small businesses are not successful.

Small businesses are successful when they create efficiency in all aspects of their business. The efficient small business recognizes and constantly works towards not wasting 2 things:

TIME and MONEY.

Putting Your Business into Perspective

Ask yourself:

• What is it that I am selling? A service, a product, or both?
• Who are my customers?
• Who do I want my customers to be?
• How does my business operate?
• How can I create my marketing strategy?

Create a Chart

Make a chart with these 4 headings: 

1. What are you selling? List the benefits.
2. Who are your customers? List your target market(s).
3. How will you Operate? List your operation methods.
4. How to get the word out? List your marketing strategies.

Ginger Lyon: One Good Nurse, Inc. 

We used one of our Start It Right! graduates, Ginger Lyon, as an example to create this chart. Ginger is a certified foot and nail care nurse. www.onegoodnurse.com

1. What are you selling? Benefits: Nurse, Attention, Health, Convenience, Comfort, Pretty Feet, Empathy, a Good Listener
2. Who are your customers? Seniors, Family Members, Senior Facilities, Orthopedic Patients, the Disabled, Diabetics, Podiatrists, Athletes, Dancers, etc…
3. How will you Operate? Multiple Clients – One Location, Administrative Help
4. Marketing – Get the Word Out: Networking, Related Events, Advertising, Online Media, etc…

After compiling this list, we posted the questions and answers on the wall to create a chart. By doing this, it revealed how these components flowed together and are both interdependent and dependant on one another. For example, what you are selling will reveal your target customers, recognizing your target customers will determine your marketing strategy, and so on.

It’s important to understand how all aspects of your business affect one another and how you can make each component more efficient with regard to your time and money. Take the time to strategize and plan. This is will create your recipe for success! Your goal should be to create a more sustainable business, economically, to create PROFIT.

Next Roundtable Meeting: Wednesday, July 14th, 2010

Topic: TBD

Facilitator: Bill Smith

After introductions, Bill Smith began the session by defining the term “Branding.”

• According to the AMA (American Marketing Association), a brand is the “name, term, sign, symbol or design, or combination of them intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of other sellers.”  
• In short, everything begins with branding: Advertising, Marketing and Public Relations.

Advertising, Branding, Marketing, Public Relations:

 What’s the difference?

• Advertising is a paid and controlled channel for communicating your message, while marketing is more systematic and active. Public Relations involves exposing your company through media sources with little control on the positive or negative outcome.
• What role does branding play? Branding is the foundation for these concepts. Your brand sets you apart, makes you memorable, and allows your customers to perceive the quality and nature of your business.
• Without your brand, all other concepts of communication are not as strong.
• Let your brand show that you are the expert in your field of business and confirm your credibility.
• Branding yourself can increase your notoriety and build a solid reputation in your industry.

Logos and Slogans

• A good logo generates successful brand recall in your potential customers.
• Logos may or may not represent the actual product you are selling. The key is to find a unique logo that will appeal to your target market. Play with the concepts of color, minimalism, humor, or the imaginative.
• While logos tend to be a permanent fixture for the representation of your company, slogans can change as new changes occur in your business.
• A catchy slogan needs to be memorable, and it needs to contain the key benefit or service that your business provides.
• Slogans can be very formal or humorous!

Questions to Ask Yourself

• What is the personality of my business?
• How am I going to attract my target market?
• What do they think of my brand?
• What would I like them to think?
• Who is my competition?
• Does the slogan match the logo?

Bill Smith provided a visual for differentiating the concepts of communicating your brand.

It was great to see some new faces at the Roundtable this month!

This month's Roundtable Hors d'oeuvres were provided by one of our Start It Right! participants, Chef Tonya Parkes-Burkett with A Quick Fix Personal Chef Service, LLC. The food was delicious! Thank you Tonya!

Next Roundtable Meeting: Wednesday, June 9, 2010

Topic: MONEY

Facilitator: Bill Smith

Start It Right! Success Series graduates, Matt and Abbie Lane with SMAZEN Enterprises LLC, formulated Supplement-IT. They partnered with chemists, scientists, and GA Tech to create this supplement specifically designed for IT professionals! Visit their website to learn more, http://www.supplement-it.com.

 This is a real supplement, made by two caring people, who aim to ease your work week pain.  Try some and you’ll feel the difference. Finally, there is a supplement with healthy ingredients, providing energy, focus, & calm, and that helps you survive your work week!  On top of it all, it’s non-caffeinated, vegan, and gluten-free!

This May, Supplement-IT is running a 50% off special until midnight (EST) Saturday May 8th, 2010.  Coupon code “suppfifty” will get you 50% off your online purchase!

Check out their May referral program:  

Customers who buy Supplement-IT this month, will get a customized coupon code in the mail.  This code can be shared with your friends, and for each friend who tries Supplement-IT, you get 25% off  your next bottle.  4 friends = a FREE bottle.  Simple.

Pricing Your Products & Services

After introductions, Bill Smith began the session by asking the table to introduce themselves from a business standpoint.

• Introducing yourself and your business in a succinct, professional, and informative way is an important facet to the representation and success of your products and services.
• In conjunction, pricing your products and services is one of the most important business decisions you will make.

How to price your products and services

• The first step is to determine your overall costs: business and office expenses, salary and personal taxes, benefits, etc…
• Next, calculate your sell-able time. How much time do you have to sell? It is typical to over-estimate your sell-able time. To be safe, you can start with calculating forty working weeks per year and six billable hours a day. This results in 1,200 sell-able hours a year.
• To calculate your basic hour rate, divide your annual costs by the number of sell-able hours.
• Keep in mind that as much as a quarter of your working time may not be reimbursed due to overhead time, marketing, seminars, meetings, etc…
• You might find that you need to charge more or less, but this is a good foundation to determine your pricing and understanding your value.

What is your competition charging?

• Start asking around. Find out what your fellow professionals charge.
• Remember that there will always be someone who can beat your price, but what you should really compete with is value!
• Clients are more willing to pay a fair price for a superior product or service than pay a cheap price for an unreliable product or service. 

 Correct pricing helps produce profit. 

  What is your biggest challenge when it comes to pricing?

Next Roundtable Meeting: Wednesday, May 12th, 2010 

Topic: TBD 

Facilitator: Bill Smith