Despite Recession, U.S. Entrepreneurial Activity Rises in 2009 to Highest Rate in 14 Years, Kauffman Study Shows

Hey Friends: Take a look at this new study by the Kauffman Foundation for entrepreneurial studies. The study shows that business start-ups among African Americans are significantly on the rise. There is some thought out there that the gains are, in part, "involuntary" because it's a reaction to the Great Recession experienced by our nation and not borne out of proactive choices. There may be some truth to that, but I believe that taking control of your destiny by starting a business is one of most positive steps you can take and it is a proven avenue of wealth creation - something desperately needed in the African American community. Thus, I applaud the rise of start up businesses in the Black community and will continue to educate, inform and mentor as many as possible so that together, we can build prosperity for generations to come. Click on the link below to access the report:

Despite Recession, U.S. Entrepreneurial Activity Rises in 2009 to Highest Rate in 14 Years, Kauffman Study Shows

Greater Miami NIGP Conference

Hey Friends: Below please find some information on an upcoming National Institute of Government Purchasing ("NIGP") Conference for the Miami area. This will be of interest to you if you are interested in doing business with the public sector.

GREATER MIAMI CHAPTER OF NIGP
REVERSE TRADE SHOW AND GOLF TOURNAMENT

The Agencies who will be attending the Greater Miami Chapter of NIGP’s 2nd Annual Reverse Trade Show and Golf Tournament are the decision makers for over $13 Billion worth of annual procurements. Do you really want to miss the opportunity to network with these procurement professionals?

This is the perfect opportunity to enhance your market position with representatives from governmental purchasing agencies throughout South Florida. Some of the agencies attending represent Miami-Dade County, City of Miami, City of Miami Beach, Miami-Dade Public Schools, Miami-Dade College, City of Coral Gables, Broward County Sheriff’s Office, Broward County Aviation, and the City of Ft. Lauderdale AND over $13 Billion in purchasing power.

REVERSE TRADE SHOW:

DATE: Friday, June 25, 2010
WHERE: City of North Miami Beach, 17011 NE 19 Avenue, NMB FL, 33162
TIME: Morning Session 9 am - 11:30 am

(or)

Afternoon Session 1:30 pm – 4 pm
NOTE: Attendance is limited to only one session.
COST: $125.00/participant (After June 1, 2010 - $150.00)

SPECIAL CLASSES FOR VENDORS ONLY:

"How to Quote, Bid and Win Contracts - A VIEW FROM THE INSIDE"
This class is presented by the Florida Atlantic University, Public Procurement Research Center and will show you how to do business with governmental agencies and successfully navigate through the bid process. The class is available during both morning and afternoon sessions, so if you're planning to attend the Reverse Trade Show in the morning, stay for the afternoon class, and vice-versa.

COST: Special ½ price for Reverse Trade Show Participants – Only $125.00/participant

GOLF TOURNAMENT:

DATE: Saturday, June 26, 2010
WHERE: Normandy Shores Golf Club, 2401 Biarritz Drive, Miami Beach, FL.
TIME: Registration: 7:00am
Shotgun Start: 8:00am
Awards and Luncheon: 1:00pm

COST: Please go to www.nigpmiami.org for golf fees and sponsorship opportunities

A portion of the proceeds from the golf tournament will go to the City of North Miami Beach “Camp for Kids” program. Camp No-Mi-Be is a full-day summer camp experience in which each camper participates in a variety of activities including arts and crafts, music, drama, sports, games, field trips, swimming and special events. Donated funds will send many children in need to an eight week program and pay for activities of many others.

Register today!

Image by livingstonefg.com

Mistake Number 3 - Failure to Set Realistic Expectations

Hey team: Please enjoy this outtake from "The Top Five Minority Business Mistakes and How to Avoid Them" which I've been offering as a FREE resource when you join my mailing list on my Minority Business Coach Fan Page on Facebook. Just sign up and I'll send you the full report. Knowledge is learning from your mistakes. Wisdom is learning from other people's mistakes. So be wise and grab your copy today on Facebook - Minority Business Coach. Now read on:

One of the biggest mistakes made by small and minority businesses is failing to set realistic expectations about attracting large corporations as clients. I have been in minority business development circles for many years. There is a consistent complaint from some minority businesses that the system is broke and that it's virtually impossible to get business from large corporations.

First, it is a spiritual principle that you will have what you say – or what you expect. Thus, if you say getting business is impossible then it is – you will receive according to your belief. But that is a topic for another publication. On a business level, I would like to set a few things straight. It is true that our nation has a long way to go for minority businesses to get their fair share of the national business opportunity pie. There is no doubt that it is becoming increasingly harder for small and minority businesses to compete. The frustration felt by many small businesses is real.

Nevertheless, there are strategies that have worked for the minority businesses that are winning this battle and they will work for your business as well. As difficult as the road to obtaining that large contract may seem, there is a pathway and you can learn how to access it. However, as suggested above, much of this begins in your mind. Armed with the correct outlook, you will position yourself for success and it will eventually come to you.

First, I would encourage small and minority businesses to take the long view on obtaining corporate business. Small businesses often overlook medium sized companies and even fellow small and minority businesses in order to camp out at the corporate tent. In my experience, it is much easier to attract several small or medium-sized clients than one corporate giant.

Minority businesses should continue to knock at the corporate door, but simultaneously, they should act as if they will never receive a corporate contract and focus their energies on more accessible targets. This is a matter of placing a positive spin on the theory of cognitive dissonance – keeping two seemingly different ideas in mind. On the one hand, you continue to work for that corporate contract. But on the other, you work as if you will never receive one and develop your business, in spite of, corporate contracts.

This serves many purposes. When the time arrives for you to receive that large corporate contract, you would have been well-prepared to handle the business having taken the time to build out your infrastructure and services with smaller clients. Second, big corporations want to do business with companies with a track record. The long view will allow you to develop experience, references and capacity. You will also develop self-confidence and grit along the way.

This was true of my business. It took me about one year to develop my first large, corporate client and that was miraculously quick! But before I developed that client, I built a sustainable business on several small and mid-sized companies. Having a well-run business in place, I could then play the waiting game of developing the larger clients. Once I obtained the first corporate client, their credibility and endorsement of my services enabled me to win many more. Today my firm services many world-class corporations.

Note however, that the first client and the first endorsement came because of outstanding service delivery and results. Assuming that you can deliver on that in your area of business, then you can have those corporate clients in due time. Along the way, develop your business, expertise and testimonials and be ready for the big break. Your realistic expectations will make you a better business person. It will keep you hungry, yet never despairing - not having obtained, but always learning; always sharpening your saw.

In truth, the worst thing that could happen is obtaining a corporate contract but not being ready for it. If you blow that opportunity it could be a long time in getting another – word travels somehow. I’ve seen very tiny minority companies attempting to do business with gigantic, global conglomerates. Not that this is impossible. Remember how I began this article – anything is possible. Also, by following the advice given in the full-blown Special Report from which this piece is excerpted, it is quite likely that even a micro firm can do business with a giant. I did it when my business was small and so can you.

The point is that in some instances, small business owners are unrealistic about the needs of the conglomerate that it can really solve and its own capacity to meet that company’s global demands. These are obstacles that minority businesses have to realistically face with real solutions, like filling a niche market or by teaming up with another small company to build capacity. The problem is that some minority businesses fail to adopt these strategies and in so doing, they fail to meet their goals and repeat a cycle of frustration.

Thus, my advice to minority businesses is: (1) Build your business in spite of large companies (2) Prepare while you wait for the large contract (3) Adopt the long view on your hopes of doing business with large corporations (4) Be ready to ACT when opportunity comes knocking (which it will, eventually) and finally (5) Keep a positive outlook! Your break is around the bend. Never give up. In the words of Sir Winston Churchill, "Never, never, never, never."

Your friend, The Coach



Photo from trybna.com.

Cash For Your Business

Is a Business Advance a good idea for your company?

If you own a small business, then you have probably run into a very common situation. If you were to ask all sorts of small business owners around the country, they would probably tell you that being saddled with a cash flow problem is a part of doing business in this way. Simply put, you are not a huge corporation and you aren't going to have tens or hundreds of thousands of dollars sitting around for use in business. That is alright, though, because a cash flow problem doesn't have to completely shut your business down. In fact, if you are smart, you can get a business advance and keep right on moving.

The problem for many business owners is quite simple. They have opportunities that arise at the wrong time. It is a simple matter of timing and it's something that they can't control. When you are in small business, you often have to balance out your books and you have to send money out in order to bring in a profit. This might mean that you need to buy merchandise or you have to pay for marketing. Whatever your cost happens to be, it is a very real cost in many instances. If you don't have money at one point in the month to do it, then you can miss out on a chance to make very real money for your business.

A business advance loan will help you hit on those opportunities. A lack of cash flow is a very small problem in the long run. When you take a hard look at the big picture, you will find that your business is on solid ground and that your ability to pay off one of these loans is evident. Any lender would be smart to help you in this situation, because they stand to gain a great deal from fostering that relationship. What does this mean for smart business owners? It means that you should absolutely never let a chance go to waste because you didn't have the cash flow to do it. With a business advance loan, you can make the purchases and keep your business going forward.

The costs associated with a business advance loan are relatively low. When you compare those costs with the money that you can bring in from these loans, you will find that it's a no brainer situation most of the time. In most instances, the money you will bring in from getting the advance is much greater than what the lender will charge you. This means that business advance loans make sense for most small business owners.

What is a Business Advance?

Have you ever needed money to help support your business but have been denied in the past? What if we told you that continuing your own business with a business advance loan was as easy as paying back your loan with future credit card transactions on your business sales, purchases, or payments. What if I told you there is a place that will say yes when others have said no? Would you believe me? What if I told you that with all of this the chance to be approved can be possible?

What is a business advance? A business advance, also known as merchant cash advance is a contract between a lender and a current business which has been running for at least a year and a half, where the business holder takes out a loan on boosting a business in return agreeing to pay the loan holder a percentage of every credit card transaction sale traditionally ending after one year’s time. The payments are not paid directly from the business owner but actually automatically transacted from the company which approves and processes each transaction.

What is the benefit of using a cash advance for a business advance in comparison to a traditional loan company?

• The first benefit of business advance in comparison to a traditional lender is that after the actual statement of approvable the cash is available to be given within 24 hours.

• Through a traditional lender you have only a specific amount of time to slowly typically monthly to pay back your owed loan, while risking late fees, transaction fees, hidden fees, and much more. While with a cash advance you do not simply pay monthly which means you are not paying out of pocket if your business does not jump into action right away.

• With a traditional loan you risk second mortgages, loss of assets, risk homelessness if business fails, along with possible bankruptcy if no collateral was taken. With a merchant cash advance your assets are safer, your home stability is safe, and you are not risking bad credit or bankruptcy.

• With a traditional lender a large percentage of loan takers are actually denied before they get a chance to save a business, with business advance those who were told no, are told yes.

What is the catch with a business advance?

The catch is there is no catch; you get a high chance of successfully continuing your business, where only a fraction of your sales income is taken for a short period of time, enabling you to make more money than with a normal monthly charged loan. This will enable you to keep more of your money in your business.

RESTRICTED INDUSTRIES

• Adult Entertainment / Materials
• Accountants & Attorneys
• Auto / Truck Dealerships
• Adult & Kid Gyms / Family Activity Centers
• Construction Related Industries
• Gambling Establishments
• Home-based businesses (Excluding Internet Retailers)
• Manufacturing (Except Light Manufacturing that accept credit cards)
• Marinas / Boat dealers
• Mortgage Brokers / Real Estate
• State & Government Agencies

For more information on obtaining a business advance loan please contact:

Yolanda English
YVE & Associates, Inc.
3921 SW 186th Ave
Miramar, FL 33029
O. 954.442.2919
F. 954.905.4316
C. 954.673.7729
info@YolandaEnglish.com
www.YolandaEnglish.com
www.YourFinancialFitnessCoach.com
http://www.linkedin.com/in/yolandaenglish
http://twitter.com/YolandaEnglish

GROWING the money you have, LOCATING the money you need!

Need Equipment Financing? http://www.YolandaEnglish.com/files/23763/YVELeaseapp.pdf
Seeking a Commercial Loan? http://www.yolandaenglish.com/files/23763/YVECommercialLoanRequestForm.doc
Free E-seminars on Money and Investing. http://www.YolandaEnglish.com/learning_center.cfm

Securities offered by H. Beck Inc. Member FINRA & SIPC ~ H. Beck, Inc. and YVE and Associates, Inc are not affiliated.

The information presented here is for informational purposes only. This blog post is not an endorsement or an offer for sale of any security or financial product.

How To Work a Minority Business Trade Show (Part II) - An MBE Perspective

Trade shows can be massive and overwhelming to even the most ardent marketer. I’ve been to several trade shows which seem like a world without end. In such an environment, it is quite easy to lose your way. As I shared in the previous post, to be effective, you need to plan your objectives and goals for the show, including targeting your audience and using your time wisely. Below are three additional strategies that will make your trade show experience pay dividends.

Network, Network, Network

This piece of advice seems elementary. After all, isn’t networking is a huge part of why we attend trade shows in the first place? However, in a trade show environment, even your networking must be strategic. I’ve been in many situations where, if you are not careful, you can get weighed down with everyone else’s message at the risk of getting out your own.

You could find your pockets stuffed with business cards and brochures from plumbers, architects, accountants, etc – all wonderful people, but not your intended targets. Thus, you must vigilantly protect your time and stick with your plan to reach your intended targets. As you network, make a quick assessment of the contact and file them away accordingly. Later, after the show, you can further organize for follow up.

Also consider networking with the experts at the workshops that generally accompany the trade shows. These folks are experts for a reason. Many times they are connected within an organization or company that you are targeting and you can have one on one time or an entree into the company through this contact. Experts are usually willing to share their information and contacts. They are also typically used to being in such an environment and so they are open to shepherding someone who approaches them in a direct and professional way.

Reconnect With Existing Clients

Another great usage of trade shows is to reconnect with existing clients. If you have clients that are attending, make an appointment to meet with that client at the show or over lunch or dinner. This is a great time to have some relaxed time to catch up with your client, converse about the relationship, obtain feedback and to make any improvement or adjustments necessary.

It is also a time to gently up-sell that client for additional services or increased business without a sales routine. One of the greatest sources for business, either through expansion or referrals, is your existing clients. For numerous reasons, an existing client is far easier to work with than a prospect. Spend time with your existing client to seek ways to grow your business or at the very least, to say thanks. It is amazing how something as simple as a thank you will cause your client to go to bat for you.

Follow Up!

Without this last piece of the trade show puzzle, your efforts and expenditures are absolutely in vain! We know that the cost in time, money and opportunities is extremely high and so you must have a mechanism for following up after the show. I have used trade shows very productively in the past and continue to use them as a marketing strategy. However, it is only effective because I make sure that after the show, all of my contacts are organized, placed in a database or spreadsheet and scheduled for timely follow ups. Without following up, your contacts are meaningless and grow cold very quickly.

Because I usually display at trade shows, I am often approached by small business owners who are interested in providing services to my firm. I listen to the marketing pitch, receive the materials and then I always tell the person to follow up with a call or an email. We all know where most of those marketing brochures wind up after the show and so it’s just a lot more effective to receive an actual phone call or an email.

In dozens of shows I’ve attended over a career lasting almost two decades, I can count on my left hand the amount of people who actually called, emailed or followed up with any other form of correspondence. It is my experience that the amount of follow up that takes place after the trade show is very low. Perhaps the small business owners return to the “soup” so to speak and in a short time, the trade show is a distant memory - at least until next year when the cycle of spending time and money with little return on investment renews itself.

Approached in this manner, trade shows are a little more than a social event. That can be an enjoyable aspect of the show and need not be ignored. It is always a pleasure to get reconnected with colleagues at these events, but I always remind myself of my purpose in being there. This keeps my substantial efforts well-spent and ultimately monetized. I would encourage you to adopt these six steps for your next trade show and watch your client base grow.

Drop me a line about how this strategy is working for you:wayne@ironpillarmedia.com. Best regards!