Starting A Business Workshops · 687 days ago
Last week I had the opportunity to host our monthly workshop on “Starting a Business Workshop” hosted at Cyprus Credit Union in West Jordan. For $49 it is the best deal on the planet! From 9am to 4pm students are taught foundational tools for starting and growing a small business. Classes include the following topics and are taught by local industry experts.
1. Business plans
2. Accounting principals
3. Marketing
4. Legal
5. Financing
6. Insurance
What makes this workshop particularly valuable is that the legal class is taught by a local attorney. The accounting class is taught by an accountant. There is no other program that I know of where students can get first hand information from industry experts. And did I mention the entire workshop is only $49?
Students are encouraged to ask questions, to formulate strategies and to network with our experts. SCORE organizes this workshop because it is the most powerful tool that we know of to turbo charge your business and get you the resources you need to succeed. Our next workshop will be on June 18th and we highly recommend that you attend. Reservations can be made through this website or by calling Michelle at 801.746-2269
— Admin
Negotiations And The Art Of Tipping Your Hand · 726 days ago
For the last month I have been working on a contract that is valued in the hundreds of thousands of dollars. While I have been involved contract negotiations before, this is the first time that the dollar amount has been this high. It has been an action packed emotional month to say the least.
My counterpoint is an expert in his industry but has only been at his new assignment for a few months. I too am in a similar situation. So in essence, we are two old card sharks sitting at new tables. Still, it’s a touchy situation for both of us because we both want to “prove” ourselves to our superiors and want to take away the best possible value from the table.
Sensing weakness in the other side, many of the people from my team wanted to push hard for conditions that were most favorable for us. The original terms we had proposed would have put my counterpoint in a very diificult barganing position.
Similarly, he too was jockeying for position for his team and their proposal would have put ME in a difficult barganing position. As time passed it appeared to me that our respective positions would not allow either of us to complete the transaction. This particular deal was a phone call away from getting killed. What made it very difficult for me was the fact that my counterpoint was an honest guy and would likely be a great future asset for me and my partners. So to get the best REASONABLE deal for my team I tipped my hand to him.
Businesses succeed or die on networking. Who is the best supplier, or has the best products, or who ALWAYS comes through in a pinch? If you are considering a career as a small business owner it is crucial to find out who you can trust and who you can not. For the people who come through for you, treat them like GOLD and keep them close.
I really liked this particular person and I know that he is someone I can trust. So, I tipped my hand a bit, and showed him the most that we could spend. He in turn, showed me the minimum he could accept and we meet somewhere in the middle.
It was a great lesson for me because our collective stubborness could have killed the deal for each side. But by tipping my hand, and seeing a little of his we were able to come to a suitable agreement for both sides. While our deal is an accomplishment in and of itself, I am most excited about this new relationship that I have forged with my counterpoint and am confident that it will lead to additional opportunities for both of us.
— Admin
Marketing Jui-Jitsu · 751 days ago
Several years ago I was channel surfing late at night when I came across a story about Royce Gracie a Brazillian Jui-Jitsu cage fighter. What caught my attention was the fact that Gracie was defeating opponents who were much taller, stronger and in some cases 40lbs heavier than he. As I watched this documentary, I became fascinated with how Gracie slowly gained control of a match by leveraging his strengths and exploiting his opponents weaknesses.
Jui-Jitsu literally means “the art of softness” which is ironic considering the violent arena in which it is used. The idea behind Jui-Jitsu is to use an opponents’ strengths against them. For example a large cage fighter may not be as quick as a smaller one. By moving quickly, a smaller opponent can create a tactical advantage over his larger adversary by playing to his own strengths and not his opponents. Despite physical disparity, Gracie became famous for playing to his strengths.
Because our American market system is performance based, I often encounter competing business owners who are reluctant to reach out and work with their competition. Certainly there are historic reasons to be skeptical about “working with the enemy.” But what if we could convince our enemies to put away their swords and find a platform that would allow each other to work together?
Such was the case of a client I worked with earlier this month. He had a wonderful automotive product that he felt he could manufacture and market. While the product was wonderful on its own merits, I wondered if it could be improved by automotive experts. I asked this young entrepreneur if he had taken his product to them to get their opinion and perhaps improve the design or the idea. Like many business owners, he was reluctant to do this. His legitimate fear was that these people could steal his idea and market it themselves.
It was at this point that I remembered Royce Gracie talking about “the art of softness.” Instead of viewing these experts as intimidating competitors, what if he could use their strengths to his own benefit? I suggested that he partner with some of these professionals in order to create a more superior product. As we discussed this idea we brainstormed several ideas that would allow for a “win-win” solution. He could benefit from their experience, and they would benefit by having a product that promoted their business. The young man excitedly left my office to try out these ideas.
A month later he returned, more excited than when we first met. It turns out that his marketing Jui-Jitsu had produced some thrilling results. By viewing his competitors strengths as his own, he managed to get several industry experts to look at his design, field test it and make recommendations. It became clear that the final product will be superior to the one he originally started with. In addition, his new team also suggested product modifications that would allow him to tap into related markets he hadn’t considered.
The next time you feel you are in a cage match with your competition, consider the principals of Jui-Jitsu. It may not work for every owner in every industry, but it can certainly provide you with a multitude of ideas and opportunities not available to you on your own.
— Admin
Welcome to our SCORE blog · 775 days ago
We are excited to roll out the SCORE Chapter 49 BLOG! Over the years we have found that many small business in the Salt Lake City area face the similar business challenges. This blog gives us an opportunity to share solutions and ideas that we believe will be beneficial to you.
As for our Chapter, I can tell you that everyone at SCORE has a passion for helping you become successful in your business venture. Think of us as cheerleaders who happen to offer the best advice in the State. Your success is our success. And your success is the lifeblood of our neighborhoods, our communities and ultimately our Country.
I was thumbing through a recent publication by the Small Business Administration and discovered some interesting facts. Did you know that small businesses are responsible for employing half of the private workforce? Did you know that between 60-80% of all new jobs in the last decade were created by small business? And did you know that small business creates more than half of nonfarm private gross domestic product (GDP)? Statisitically speaking, small businesses like the one you are considering are the fabric of our Nation.
We encourage you to follow the American Dream and start taking small steps to start your own business. Chapter 49 has tremendous resources who can help you with marketing, financing, legal issues, funding, financing plus many more. But in order to be successful we need YOU. Scratch down your ideas, meet with a counselor for an hour and lets see what adventurous path it takes you down. We are anxious to help you along the way and best of all we are FREE. Now THAT’s American!
— Admin
Welcome · 776 days ago
I want to welcome our visitors to BizBuzz and introduce our blooger-in-chief, Joel Nielsen. Overtime, we hope to host an ongoing conversation among SCORE counselors, clients, workshop presenters and other members of the Utah start-up community. Let the blogging begin !!!
— Admin