HR Business Weekly – “Best of Business Startup Segments”
Watch the entire show here.
*Joe Witt from Old Point National Bank discusses the smart way to start a business.
Start with a solid business plan.
“If you don’t understand what you’re trying to do with your business, if you don’t have a good plan for success, you’re going to struggle from day one.”
“It’s about having a good plan to bring [your product or service] to market, but even more important than that, it’s making sure you have the right capital, the right funding, to finance your business before you get going.”
“You can’t start a business strictly on leverage, strictly on loans. You need to have some investment into it, and where do you get that investment from? When you’re an entrepreneur, you generally reach out to family and friends, or a venture capitalist who shares the idea that you have.”
Be prepared to take losses the first year.
“If you can’t be prepared to take losses the first year, you’ll find yourself struggling, probably from day one.”
“Traditional banks, like Old Point National Bank, generally do not lend to startup businesses.”
“Once you’re in business for a number of years, generally 2 to 3 years, and you begin to turn a profit, the bank is now the right place to come.”
Start a relationship with a bank on day one
To learn more about Old Point’s services, click here.
*Zack’s Hacks: Creating relationships on Facebook.
If people are tagged on one of your Facebook posts by someone else, reach out to that person and create a relationship. These could potentially be warm leads.
*The One Thing with Jeremy Domozick with the law firm of Carrell Blanton Ferriss in Virginia Beach.
Meet with an advisor to discuss the structure of your business right away.
“An LLC is a great way to register your business officially with the state and also protect yourself personally from any kind of liability you might have on behalf of the business.” Connect with Jeremy here.
*Stephanie Sanker with Nusbaum Realty talks about the process a business should go through when finding new office space.
Some tips for businesses looking for new space:
*Create a relationship with a broker
*Landlords typically cover the broker fee (so the relationship doesn’t cost the business money)
*Ask existing tenants about the relationship with their landlord
*Know if your lease is full service (where all utilizes are included) or triple net (where charges are separated)
*Millennial Minute with Mike Doherty and Rene Carling
Make sure it is easily navigable – your content is found easily and make sure visitors can find the navigation bar easily. Make sure links go to real links.
At the top, your website needs a logo, name, and contact info.
Use “click-to-call” for contact numbers on your website.
*Mary Jo Burchard, PhD, organizational consultant and Regent University alum, talks about raising company morale by embracing failure.
“The biggest thing people have to do is get over their own fear of failure – or at least reframe it for themselves.”
“Fear will keep you from taking the risks that can only be taken if there is a big risk.”
“The more risk-averse that we become, the less likely we are to become ingenuitive. The more we’re willing to settle for things.”
“Failure is not your enemy.”
How do you foster a failure mindset?
Listen to stories of great things birthed out of failure.
Open up the conversation in the workplace, and ask people, “Tell me what you’re afraid of.”
Talk about the benefits of taking a risk.
You can connect with Mary Jo here.