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Who is your target market? Your ideal client? Orbuyer persona?
Understanding who your ideal customer really is, or what many refer to as your buyer persona is critical. It doesn’t mean you dismiss potential clients, but you need to know who is already seeking or predisposed to patronize you, don’t need much in the way of education regarding your value proposition, and can easily afford your services. Your branding, marketing and prospecting techniques, and how you execute your client services should all be geared to attract and retain your ideal client.
Besides, not being willing to do the work. This unarguably kills a small business faster than anything else. There is a famous axiom out there about money not being everything. Well, it is, if you don't have it. Capital is the lifeblood of your business. The following questions are designed to help you put together a process to help you consistently enjoy cash flow.
In order to curate processes that work, you must identify the habits that work. This lays the groundwork for you, the self employed entrepreneur, to grow from a team of ME to a team of WE. In other words, transition from being a practitioner or creative that is owned by their business, to becoming a business owner, building an asset (organism that breathes, produces, and re-produces) that generates revenues independently of you having to do everything.
Let's begin!!
CREATE A LIST The list is your starting block. In the previous questionnaire you were asked to identify your niche and the 3 unique characteristics that set you apart from the rest of the field. Now it's time to identify those individuals or business entities that will be most receptive to both. At some point you are going to establish adatabase/CRM of all your prospects and clients, so you can track your progress and quickly identify where your process may be failing you, or serving your interests.
How big should the list be? Big list. Big checks. Small list. Small checks. No list. No checks. I encourage you to start a Project 100: build a list of prospects until you reach 100 names on your list. For those working in the B2C market (to a lesser extent the B2B market), the followingmemory jogger may be helpful.
WRITE DOWN YOUR PROCESS Your process is the track you run on. Every professional, entrepreneur, and business has a process. If you don't have a process, that is your process. Processes allow you to inventory your RGAs (revenue generating activities) systemically, and the predictability of your business is found in your RGAs. It is where the fodder is found to begin to make projections about your profitability in the future.
Not having a proven process is tantamount to waking up, jumping in your car, and attempting to drive to an overseas destination you've never visited before without a map or a compass. For the purposes of this exercise, I'm going to provide a simplified process that applies to most business models generally.
How do I ensure that new people are learning about my business on a daily basis?
Social Media Campaigns,
Inboxing Prospects Online,
Cold Calling,
Referrals,
Email Campaigns,
Door Knocking,
Networking Events,
Open Houses,
etc.
How many new people do I need to introduce to my business on a daily basis for it to be viable?
What kind of tools or marketing artifacts am I going to use to introduce my business offerings?
Once a new prospect is aware of my services or products, how do I help them make an educated buying decision?
Landing Pages & Sales Funnels
Invitation to a Zoom Presentation or Webcast
Schedule a One on One Appointment
Social Media Tutorial or Presentation: YouTube, Instagram, SoundCloud, etc.
Website
Invite to a Demonstration
Seminars
etc.
How many guests (people who have seen a presentation of some kind) must learn about my presentation in order to onboard a new client?
Here is a simplified formula I still employ to this day, when I’m attempting to assess the amount of work and resources I will need to employ to reach my target.
Simplified Formula for Sales Success
Your income goal per month:
Average compensation / NOI (net operating income) per sale:
What is your closing percentage?
Days per week (52 weeks/12 months) = 4.33
Number of days per week you will work building your dream:
Example:
Income Goal $8,333.33 divided by,
Average Compensation $300 divided by,
Closing Ration 30% divided by
Days per Week 4.33 divided by
Chosen Number of Work Days 5 =4.5 presentations daily
Once I’ve taken on a new client, what steps am I going to take to make sure they are a happy client?
What is the System for Following Up to Confirm Their Satisfaction?
How Do I Confirm or Deliver the Guarantee?
How Do I Ensure Services/Products are Meeting Expectations?
How Do I Continually Engage My Client After Their Purchase?
What process do I have in place to obtain referrals on a consistent basis?
Email Campaigns
Phone Calls
Text Messages
CRM - Automated Messages
Do I have a Script/s?
Social Media Group, Membership Club, Subscription
etc.
Over the course of time you want to be very intentional about documenting your scripts and inventorying what tools you are using. WHY? When it’s time to grow from a team of ME to a team of WE, this process will reduce your hiring, training, and supervisory expenses. Plan with the end in mind.
Give your process or approach a name. In one of my organizations, I refer to it as Our Uplifting Service Agreement. Once you’ve named (branded) your process, at some point you’ll want to create some type of marketing artifact, logo, symbol, or image that people can identify with your process (prospects, clients, and employees alike).
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Disclaimer: This content has been made available for informational and educational purposes only and is not meant to be a substitute for legal, accounting, or other professional advice. If you have specific questions about any legal matter, you should consult with an attorney or other professional services provider.
If you’re in the process of turning your business idea into a legal business entity, forming an LLC is an attractive option. Most business professionals cite that the primary reason to establish a limited liability company (LLC) business entity is for protection from personal liability should anything happen to your business. Or protect assets owned by an LLC (real estate for example) from liens, personal creditors, or some other type of legal harm.
It's a great idea. Remember, the rich don't own things in their personal name. Their businesses own assets, and they enjoy the benefits of those assets while mitigating liability.
However, there are some misconceptions about the extent to which establishing an LLC can protect you.
#1. I have an LLC and liability insurance coverage, so I don't need to keep an attorney on retainer.
Ok. What happens to your insurance coverage and or premiums when you use that policy?
The insurance carrier may drop you at the anniversary date, meaning you're unable to conduct business depending on the industry you're in, or after 6 months raise the rates.
Ask business owners who have endured a lawsuit and had to file an insurance claim, and they will inform you through gritted teeth how the premium increase was tantamount to the expense of retaining legal services on a monthly basis.
#2. Establishing an LLC is not a tax plan. Most tax and accounting professionals will encourage entrepreneurs to set up their LLCs as disregarded entities. However, that literally means the business entity is disregarded, meaning your business is an extension of you. For the purposes of tax planning purposes, all tax liabilities pass on to you.
There are two tax filing seasons. There is a tax filing season, and there is a tax planning season. Consulting with financial professionals and legal professionals that actually understand business financing and tax planning is critical. Professionals specialize. I’m assuming you wouldn’t hire a podiatrist (a foot doctor) to operate on your brain.
Professionals specialize. There is nothing smart or profitable about disregarding this important point. It’s not what you know that kills you in business, but rather what you don’t know. The average business planning tax and accounting professional reports that entrepreneurs miss out on tens of thousands of dollars in tax deductions and relief on a yearly basis because of this error in judgment.
Additionally, if you own multiple LLCs, you’re submitting multiple K-1 filings. Creating a bureaucratic nightmare for new entrepreneurs, greater expenses, and a host of other unintended consequences. Consider setting up a management company to manage your LLCs.
Another article is forthcoming about the advantages of management companies, however consulting a business planning professionals who specialize in this area of the law.
#3. Establishing an LLC doesn’t automatically mean you or your assets are automatically protected. Gasp!
To reiterate an earlier point, most LLCs are set up as single-owner, disregarded entities. Meaning legal liabilities also pass straight through to you. The first clue is in the word “limited” liability company. When the LLC is structured this way, it is more or less operating as an extension of you, offering limited protection.
There are rules that must be followed and suggested guidelines to ensure that the corporate veil isn’t pierced.
Avoid commingling personal monies and business revenues. Business revenues should be deposited into a business deposit account, and you should pay yourself (deposit monies) into a personal account. If you want to buy groceries do so from your personal account.
Many states require annual filing fees, and other bureaucratic steps to ensure compliance.
It is strongly recommended that you acquire an operating agreement. The operating agreement for an LLC delineates each member's ownership percentage, rights, and responsibilities. While an operating agreement is not legally required, having one can be helpful in settling disputes. In other words, it’s kinda like you don’t have to tie your shoestrings in the morning, but you should else at some point you might trip and slam your face.
Learn about and develop the habit of recording corporate/company minutes on a monthly basis. Why corporate minutes are not legally required, doing so once again can be helpful in settling disputes (particularly tax issues). Kinda like shoestrings.
Your operations are set up in such a way that it can be argued that the LLC was set up simply to hold assets (very relevant to real estate investors) and for no other business purposes.
Establish a management company to overcome the aforementioned argument. Consult with both a finance and legal professional that specializes in these issues.
Think about it like this. Lawsuits are business decisions. The math for the opponent boils down to how much can I expect to extract from you, subtract the costs of an attorney, and other expenses to prevail in court. Think of your LLC as a financial deterrent. If the opponent has a war chest, and the amount they can extract from you is large enough you may be headed for a doomsday scenario.
#4. Setting up an LLC in different states isn’t an airtight approach either, especially if it’s for real estate purposes. If you're holding real estate, you must abide by the laws in that state, regardless of where the LLC is set up.
#5. Another disadvantage is that LLCs don’t have shares like corporations do. This might make transferring ownership more difficult. For example, if an LLC has multiple members, every member must agree on any ownership changes.
If you need help with deciding whether an LLC or an alternative business entity is the right structure for your business schedule an appointment at 👉🏾 https://bit.ly/SmallBizArchitectureMeetUp.
JuJuan Buford is a CEO, Co-Founder serial entrepreneur, writer, and public speaker. JuJuan started his career in the banking and investment advisory industry, transitioned into business ownership, and is enjoying entrepreneurial success in multiple industries: business coaching, real estate, direct selling, business technical assistance provider, ghostwriting, and publishing.
THIS IS AN EXCERPT FROM A BOOK I'M CURRENTLY WORKING ON TO HELP ENTREPRENEURS MAKE THE SHIFT FROM A TEAM OF ME TO A TEAM OF WE.
“Successful people do what unsuccessful people are not willing to do. Don't wish it were easier; wish you were better.” — Jim Rohn.
70% of entrepreneurs fail.
Roughly 5% of the American population makes 6 figures
6% of all entrepreneurs achieve 6 figure business success, only 2% ever achieve 7 figure success, and more than 50% of all business owners never exceed $25,000 each year.
In other words, achieving the financial outcomes that many entrepreneurs take aim at is an extraordinary achievement... emphasis on the "extra". Because the truth of the matter is it will require more than the super-majority of people are giving at their jobs. It will require more of you behaviorally, psychologically, mentally, and personally, especially at the beginning. And require that you become more, different than you are at present. It's going to require extra.
This article wasn’t curated to dissuade future entrepreneurs or defecate in the cornflakes of dreamers. Rather, it was written to prepare you for the journey ahead, and part of being prepared is understanding that entrepreneurship is difficult. Your primary enemies - boredom, impatience, frustration, failure, and a culture that thirsts for immediate gratification - are relentless and ever-present.
And that is why being able to answer the following questions are is so important.
Why does your business exist, beyond simply making a profit?
What do you want your impact or legacy to be in the world?
Who do you want to serve? Describe them from head to toe.
What is your WHY?
Being able to answer these questions is important because it's hard to expend your life's energies on a compromise, and success is an inside job. There is not enough motivation in the world (books, podcasts, videos, seminars, etc.) to feed you and push you to achieve your best life. At some point, you have to identify the values, beliefs, and ideas that give you energy. You need to have a well to pull from that will propel you forward before the recognition comes; create accountability when people are not looking; and push you to be excellent before the rewards become apparent.
Answering these questions will also help you frame your value proposition to the rest of the world. They will help you determine how you show up at an initial meet-up, at networking events, when you give an elevator pitch, and how you communicate your value to the world via social media and elsewhere. They are essential to helping you attract your tribe: the business partners you will eventually work with; your staff or employees; your ideal clients; and those who are willing to support and advocate for you when you're not in the room.
And just as important, answering these questions will help you stay focused on your focus. I've read that a light bulb and a laser use and produce the same amount of energy. However, while the light bulb’s energy illuminates and dissipates into a space, a laser's energy is focused allowing it to cut through, chisel, and curate the environment around it.
When you're flying from project to project, and you lack focus you'll find that while the calendar moves, you haven't progressed any further toward your goals. Additionally, you are unable to resonate with your tribe, because people don’t know who or what you are from day to day, and therefore you fail repeatedly to gain the traction (trust) and momentum (social evidence) required to push your business endeavors forward.
There's a hidden inertia that exists in business, akin to pushing a 5000 lb vehicle. In the beginning, it's tough, but once the wheels get rolling you and those observing you may marvel about how easily you're able to achieve progress. You begin building skill stacks, belief, the confidence of those around you, and wisdom. The inertia allows you to accomplish more, attract more, and invest more in your endeavors as opposed to being bogged down with the psychological strain of surviving day to day.
A disturbing news report was released recently regarding the (double-digit) decline in the wealth of African American communities over the last decade, juxtaposed against the increase in wealth of U.S. households.
What does it mean for cities like Detroit? How can the entrepreneurial community offset this decline? Special guests Jeffrey Edwards and Godwin Inhentuge join JuJuan Buford at NextOppSocial to discuss! Learn more about NextOppSocial at www.nextoppsocial.com Join the Aftershow Discussion at www.facebook.com/groups/nextoppsocial.
Join us every week at NextOppSocialA place where you can listen, learn, and consume actionable content to launch, build, grow, and scale your businesses. We explore new topics each week and interview entrepreneurs throughout the Detroit Metropolitan Area, sharing insights regarding various subjects, important business strategies, success mindsets, and tools you can use to level up in your business endeavors.
At the NextOppSocial - The Aftershowwe strive to provide a respectful and stimulating environment for entrepreneurs to engage in lively discussions, explore business topics, share and beta-test ideas, create substantive relationships, and sharpen the saw. We invite you to discuss, comment, ask questions, seek advice, or offer suggestions to the NextOppSocial community. Participate & Enjoy!!!
JuJuan Buford is a CEO, Co-Founder serial entrepreneur, writer, and public speaker. JuJuan started his career in the banking and investment advisory industry, transitioned into business ownership, and is enjoying entrepreneurial success in multiple industries: business coaching, real estate, direct selling, business technical assistance provider, ghostwriting, and publishing.
WHAT ARE THE 3 UNIQUE CHARACTERISTICS THAT SET YOU APART?
In other words, what is your signature worth? What are your guarantees?
Jimmy John’s became notorious for their “freaky fast” promotion, claiming the establishment could put a sandwich in your hand in less than four minutes. Dominoes guarantees if you are not completely satisfied with your Domino's Pizza experience, your monies will be refunded.
In my over two decades of being a very frequent flyer at Starbucks, I've grown to anticipate after frequenting a specific location a handful of times, that the baristas will either know my name and, or be able to anticipate my order.
The capital acquisition space in the Detroit Metropolitan area is inundated with businesses, organizations, professionals, and various other entities promising to provide funding for small business owners. If you do a deep dive into their resumes, the extent of their wisdom and know-how can be attributed to having read one book and a handful of hours of YouTube. Or have simply hopped from one organization to another padding their resumes with titles, but haven't been able to successfully build solvent business enterprises themselves.
QT Business Solutions is led by Tina Williams, who is highly experienced and a proven commodity after over a decade of finding and securing monies for aspiring and established business owners alike. In other words, she has receipts. However, the success of her enterprise and her effectiveness weren't enough to distinguish her from the pack.
With the introduction of a guarantee, Tina’s continual maturation as a business leader, and some consistent promotion her business has become a prominent fixture in the business planning and capital acquisition space, and her brand is quickly becoming a household name in the entrepreneurial ecosystem. QT Business Solutions guarantees that as long a business owner meets a simple criteria uniformly applied by most financial institutions, a client of hers is guaranteed to obtain funding, else their monies are refunded.
Your guarantees can be robust and boisterous. I remember when guaranteed delivery times were didn't exist, and for an establishment to do so was a big deal. Or your guarantees can be something simple, and nuanced in accordance with the tastes and sensibilities of your clients. It’s the consistency of the experience that matters. It’s your patrons feeling like they’re receiving more than what they’re paying and the predictability of it that creates stickiness. This is what builds your brand.
Choose 1-3 phrases to describe your guarantees. For example:
We are an organization of entrepreneurs, serving entrepreneurs
We guarantee funding or a 100% refund
We provide uplifting service and exceed our clients' expectations
We invest in our business partners
We get what you do, and guarantee a 50% increase in your online traffic
Your priorities are our priorities, and we guarantee 100% satisfaction or we’ll refund your money.
We guarantee delivery in 2 days or a 50% refund
Is there more! But of course! Subscribe to learn additional resources, tools, workshops, and opportunities to promote your business. Learn more 👉🏾 https://bit.ly/JSBWorryLessBuildMoreProject10000
JuJuan Buford is a CEO, Co Founder serial entrepreneur, writer, and public speaker. JuJuan started his career in the banking and investment advisory industry, and transitioned into business ownership and is enjoying entrepreneurial success in multiple industries: business coaching, real estate wholesaling, direct selling, business technical assistance provider, ghostwriting, and publishing.
A common challenge shared by most entrepreneurs who are attempting to scale from a team of me to a team of we is an unwillingness to disconnect themselves from every process in their businesses. If this is you, it means you're feeling tired, frustrated, stressed, and feeling like there is never enough time. It's like a feeling of dread coloring everything you do, all the time, in the face of success and failures alike. You are literally working yourself to the brink of what will be an inevitable breakdown.
When an athlete injures a leg, ankle, knee, an eye socket, or tears their achilles tendon there is typically swelling followed by the immediate inability to execute. Because the injury is apparent, the natural reaction is to seek immediate medical attention, followed by days, weeks, and months of rehab. Afterward, great care is taken to make sure the athlete doesn't aggravate or resume activities that may cause even the smallest tear or setback during their recovery.
Well, how do you know when you've aggravated a mental injury? How do you know if you're suffering from an injury to the mind due to overexertion, or some type of trauma? The mind is the one body part that everyone has an opinion about but lack the ability to literally eyeball a brain injury (which would require you to crack open the skull) or damage done to the mind at the onset of an issue. A person can be operating normally without symptoms associated with an injury being apparent.
Implementing an operating system. Learning how to attract and retain the right talent around you. Relying on processes as opposed to you being the system is how you build a thriving, healthy business. Taking these steps is also necessary to maintain a thriving, healthy you.
What does daily medication or rehab look like? I don't know. I haven't earned a doctoral degree in medicine, and therefore if you feel like your mentally broken or exhausted beyond recovery I encourage you to seek professional, medical attention. However, I believe curating a life that includes the following activities may help:
Quiet moments to review your personal affirmations,
Take walks around the park,
Plant things,
Celebrate your wins and take inventory of your victories,
Reflect on your values, focus, and goals, and find alignment,
Set aside thirty minutes with an inspiring book or vlog daily,
Dedicated a morning or evening with family or yourself to simply laugh, live, and enjoy life.
Performing breathing exercises can make all the difference in the world.
If you're like most entrepreneurs you'll need to be intentional about scheduling time for these activities. What time of the day, how much time, and how often will you set aside time for your personal recuperation regimen? Choose three or create three of your own. Just do it.
JuJuan Buford is a CEO, Co Founder serial entrepreneur, writer, and public speaker. JuJuan started his career in the banking and investment advisory industry, and transitioned into business ownership and is enjoying entrepreneurial success in multiple industries: business coaching, real estate wholesaling, direct selling, business technical assistance provider, ghostwriting, and publishing.
How do you get better clients and effectively reach out to individuals who have better connections, are more successful, or occupy a higher socio-economic stratum?
In other words, do business with people who are more successful than you, and they know it.
JuJuan Buford is a CEO, Co Founder serial entrepreneur, writer, and public speaker. JuJuan started his career in the banking and investment advisory industry, and transitioned into business ownership and is enjoying entrepreneurial success in multiple industries: business coaching, real estate wholesaling, direct selling, business technical assistance provider, ghost writing, and publishing.
As a B2B entrepreneur, I understand that the super-majority of people who seek my assistance are looking for answers to how to achieve a specific goal or set of objectives. Or they’re seeking technical advice or assistance with the drafting of a document, implementing a specific sales strategy, or incorporating an onboarding process to improve their client services or employee retention.
The expectations are akin to walking into an investment advisor's office with the expectation that he or she will curate an investment strategy or recommend a product or series of stock picks that will result in prosperity and exemplary financial returns. And in both cases, the end game isn’t unrealistic or whimsical, it’s just the intended outcomes are often less a reflection of a business consultant’s or advisor’s business or financial acumen, but rather their ability to help people become the person that can achieve their goals.
The alchemy is predicated upon a base understanding that when you meet people, they are achieving to the extent of their ability and knowledge base already because their thinking and habits are key performance indicators of their current circumstances. Readers read and thus become more knowledgeable. Speakers speak and thus become more ready. Thinkers think resulting in better decisions. Doers do and become more able.
The key is to change the person's self-concept (the story one tells themselves, about themselves) of who and what they are, impacting how they think and what they think about, leading to the habits that result in favorable rewards. If a person is committed to being someone who crushes candy bars multiple times of day, it doesn’t matter how spectacular, creative, or thoughtful the diet plan you suggest to them is. It won’t be effective.
Likewise, if a person cannot see and envision themselves gratefully and enthusiastically executing the business plan, or implementing the savings and winning investment habits it doesn’t matter how sterling the reputation or brilliant the plan of action recommended. People’s self-concept and habits behave much like water, in that they will always find their natural level.
We are human beings, not human doings. We be who we believe ourselves to be. That is the input. When we achieve, that is the output of the being.
JuJuan Buford is a CEO, Co Founder serial entrepreneur, writer, and public speaker. JuJuan started his career in the banking and investment advisory industry, and transitioned into business ownership and is enjoying entrepreneurial success in multiple industries: business coaching, real estate wholesaling, direct selling, business technical assistance provider, ghost writing, and publishing.
Let's pretend that a very good friend of yours asked you to drop off a very important package somewhere, and you agreed to do so. Soon after you receive a phone call indicating the package needs to be dropped off in Oklahoma City on a specified date, absent any additional information. Two questions that should immediate come to mind is:
#1. How big and heavy is the package? What is it?
#2. Where specifically in Oklahoma City?
You need this information, so you can decide how much you may need to invest in transporting the package. Additionally, you need the exact location so you can plan the most time efficient, cost effective route. You will need to account for construction, weather, rush hour traffic, fees, the expense of a vehicle, the expense of staff or a driver if you need to delegate the commitment, etc., etc., etc., If you just jump into your vehicle without accounting for these potential challenges, the journey could turn out to be a nightmare.
The same applies to your entrepreneurial journey. It's not what you know in business that can kill you, it's what you don't know. Here are a couple questions and exercises I often pose and share with entrepreneurs to get them to think more critically about their businesses. Remember, the goal is to expend as little capital and time as possible, and earn as much as possible.
#1. WHO IS YOUR BUYER AVATAR? YOUR IDEAL CLIENT, OR BUYER PERSONA?
Identifying who your ideal client is doesn’t mean you dismiss potential clients, but you need to know who is already seeking or predisposed to patronize you, don’t need to be convinced regarding your value proposition, and can easily afford your services. Your branding, marketing and prospecting techniques, and how you execute your client services should all be geared to attract and retain your ideal client.
Besides, not being willing to do the work. Not taking the time to think critically about this question inarguably kills a small business faster than anything else. Because it kills your desire. You're expending energy and feels like things aren't getting easier because you're getting traction with your most profitable clients and you're not serving people who you really, really want to serve.
#2. WHAT'S WORKING?
There is a famous axiom out there about money not being everything. Well, it is, if you don't have it. Capital is the lifeblood of your business. The only way you're going to create predictable income is to create predictable outcomes. In order to curate processes that work, you must identify the habits that work.
This lays the groundwork for you, the self-employed entrepreneur, to grow from a team of ME to a team of WE. In other words, transition from being a practitioner or creative that is owned by their business, to becoming a business owner, building an asset (organism that breathes, produces, and re-produces) that generates revenues independently of you having to do everything.
Be meticulous about writing down your habits and your process. These notations will eventually serve as the track that your organization runs on.
#3. WHAT ARE MY 3 UNIQUE CHARACTERISTICS THAT SET ME OR US APART?
What is your signature worth? What are your guarantees?
Jimmy John’s became notorious for their “freaky fast” promotion, claiming the establishment could put a sandwich in your hand in less than four minutes. Dominoes guarantees if you are not completely satisfied with your Domino's Pizza experience, your monies will be refunded.
Your guarantees can, but don't have to be robust and boisterous. I remember when guaranteed delivery times were not existent, and for an establishment to do so was a big deal. Or your guarantees can be something simple, and nuanced in accordance with the tastes and sensibilities of your clients. It’s the consistency of the experience that matters. It’s your patrons feeling like they’re receiving more than what they’re paying for that creates the stickiness. This is what builds your brand.
#4. CREATE A LIST
The list is your starting block. Identify those individuals or business entities that will be most receptive to your value proposition. And identify individuals and relationships that could lead you to your ideal clients. At some point you are going to need to establish a database/CRM of all your prospects and clients, so you can track your progress and quickly identify where your process may be failing you, or serving your interests.
Creating a list provides a track for you and your sales team to run on. How big should the list be? Big list. Big checks. Small list. Small checks. No list. No checks. I encourage you to start a Project 100: build a list of prospects until you reach 100 names on your list.
JuJuan Buford is a CEO, Co Founder serial entrepreneur, writer, and public speaker. JuJuan started his career in the banking and investment advisory industry, and transitioned into business ownership and is enjoying entrepreneurial success in multiple industries: business coaching, real estate wholesaling, direct selling, business technical assistance provider, ghost writing, and publishing.
Attention is like the sun. What you focus it on tends to grow and develop, becoming part of the ecosystem. And depending on the extent to which it's cultivated, it may even come to dominate the ecosystem.
I think the great part about what I do is that there's a scoreboard. At the end of every week, you know how you did. You know how well you prepared. You know whether you executed your game plan. There's a tangible score. - Tom Brady
Ok. Great. But how do you take inventory of your activities to determine what's working or not? How do you determine the score? And why is it so absolutely important that you do so?
If you can't measure it, you can't evaluate it. If you can't evaluate it, you can't identify whether you're on pace to achieve a desired outcome or not. Nor can you train to it, preventing you from being able to duplicate it. Which means you will be perpetually re-creating a job, rather than an organism that grows, regenerates, becoming stronger and more able with each passing day.
In other words, you'll never really scale beyond yourself. Imagine being the hamster in the wheel every day for the rest of your life. And that's no fun.
Scoreboards create focus and accountability as well. Accountability engenders responsibility, leading to a sense of ownership, followed by investment. Do you want an organization of individuals who clock into work solely for a check? Or do you want to build an organization of teammates that are invested in its continual development and growth? Begin and build with the end in mind.
WHAT RGAs (Revenue Generating Activities) SHOULD YOUR SCOREBOARD TRACK?
At the end of the day the scoreboard is determined by specific metrics that determine the integrity and predictability of your outcomes. Your outcomes are lagging indicators of these metrics or your revenue generating activities.
Ever end the day feeling accomplished after expending a lot of energy and accomplishing a grocery list of things, only to experience feelings of resignation and dissatisfaction later. There is a a feeling of emptiness and frustration that comes with knowing that despite your best efforts, you’re not any closer to your goals then when you opened your eyes in the morning.
This is why RGAs are important. These are the activities that determine the profitability of your business. Absent profits you’re unable to pay the bills or the talent. Meaning you cannot sustain much less scale your impact.
An example of what I'm getting at here is the record of team stats you can find following NBA games. Typically, there is a stat line where you can account for rebounds, assists, steals, blocks, turnovers, shooting percentage, etc., etc., These stats tell the story of the game, and any real student of the game can look at these metrics alone and determine with great accuracy what the outcome was without looking at the scoreboard.
What are the most important stats or RGAs that determine the health of your business? Every organization is different, however here are a couple of examples:
Weekly sales calls
Weekly social media impressions
Weekly appointments or sales presentations given
Weekly referrals acquired
Weekly clients onboarded
Weekly happy clients reported
Weekly customer complaints
Weekly client issues resolved
Weekly interviews
Monthly retention rates
Weekly balance sheet (P&L statement)
Weekly revenues
Weekly accounts receivable
Weekly accounts payable
The last four items on the list of suggestions are a function of all the previous RGAs. Profits are a result of the aforementioned RGAs. Remember, profits are a lagging indicators of whether your business is growing or receding. No RGAs, no profits.
Remember, to choose 3 -5 items that will make the biggest difference in the development of your enterprise. If everything is important, nothing is.
JuJuan Buford is a CEO, Co Founder serial entrepreneur, writer, and public speaker. JuJuan started his career in the banking and investment advisory industry, and transitioned into business ownership and is enjoying entrepreneurial success in multiple industries: business coaching, real estate wholesaling, direct selling, business technical assistance provider, ghost writing, and publishing.
There is a race taking place everyday to find, onboard, and retain talented people with a work ethic. Just like in sports, the business owners with the most talented people who've bought in win.
JuJuan Buford is a CEO, Co Founder serial entrepreneur, writer, and public speaker. JuJuan started his career in the banking and investment advisory industry, and transitioned into business ownership and is enjoying entrepreneurial success in multiple industries: business coaching, real estate wholesaling, direct selling, business technical assistance provider, ghost writing, and publishing.
JuJuan Buford is a CEO, Co Founder serial entrepreneur, writer, and public speaker. JuJuan started his career in the banking and investment advisory industry, and transitioned into business ownership and is enjoying entrepreneurial success in multiple industries: business coaching, real estate wholesaling, direct selling, business technical assistance provider, ghost writing, and publishing.
The Content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.
Here is a cheat sheet or abbreviated checklist I provide frequently to entrepreneurs to make the process easier to follow. As always, eat the fruit and spit out the seed.
Establish Your LLC, S-Corp, Etc. (no DBAs)
Make sure you have a business line (phone#) aside from your cell phone. G-Suite offers free business lines for example.
Have a website. Or it can be simple as a landing page. It doesn't need to be a big deal. Acquire a domain name and professional email address.
Have a professional or business address. Avoid using your home address if you can. Not a PO BOX.
Open a free Dun & Bradstreet Account
Open a Business DDA checking account.
Start a trade line (Staples, a Gas Card, Walmart, Office Depot, etc.,). Refer to the business credit interview for more details.
Acquire a business secured credit card.
Establish 9 months of good business credit. The goal is a Paydex score of 80
Approach your banker (after establishing 9 months of good business credit history), and ask about different credit lines and loan options.
A couple things that add credibility and communicates that you have a solid foundation when dealing with banks, micro-lenders, and private investors.
Have an Operating Agreement
Keep Corporate Minutes
Study & Your P&L (Profit & Loss) Statement like the back of your hand.
And of course, establish, operate, and build a business with positive cash flow. For a deeper dive regarding additional information entrepreneurs should be aware of (especially when launching a new business) visit 👇 👇
JuJuan Buford is a CEO, Co Founder serial entrepreneur, writer, and public speaker. JuJuan started his career in the banking and investment advisory industry, and transitioned into business ownership and is enjoying entrepreneurial success in multiple industries: business coaching, real estate wholesaling, direct selling, business technical assistance provider, ghost writing, and publishing.
The complaint is tried and true.The job market. The candidates. Nobody wants to work, and everybody sucks. And some of the aforementioned may be true, however, none of the complaints are going to solve your problems. So, what will?
Clarity of purpose, accountability systems, and priority management.
I spoke with a handful of business owners in quick succession this past week - home health care, massage business owner, and a network marketing entrepreneur - who all shared with me that they ultimately don’t have enough time, and there are not enough good people out there, and this is preventing them from scaling their businesses And after listening, I asked each one of them the following questions…..
#1. Why does your business exist beyond generating a profit, and who do you want to serve?
All of them had great origination stories, which was fantastic because most people are so busy trying to get the bag, they never stop to ask the question, why should anyone have any type of long term emotional or financial attachment to my business? In other words, how are you changing or enhancing your patrons’ lives?
Why is this question important? People who are passionate about or believe in the benefits of life insurance, make the best insurance agents. People who love and appreciate the Mercedes Benz brand make the best Mercedes sales professionals. People who have had their lives enhanced by professional development or have had their lives changed by seeking psychological therapy tend to be the strongest marketers and advocates of these services.
If your staff isn’t aware or never had the opportunity to buy into your compelling vision for your business, why are they showing up beyond a direct deposit? Mercenaries are not going to show up early, or stay late to fulfill the imperatives of your business. On the other hand, history of chock full of examples of soldiers, athletes, and professionals who perform extraordinary feats for a cause or a mission that inspires passion.
When I ask most business owners who do you want to serve, most respond with some general response amounting to any and everyone who likes my stuff, and can afford to pay for it. But that doesn’t really answer the question. Almost every successful business owner I know was trying to solve a problem or serve a need - theirs or someone else’s - when they launched. There was a specific person, persons, or character that they were focused on serving. There was a problem that needed solving.
For example, I just interviewed an aspiring cannabis micro-business owner who was inspired to begin her entrepreneurial journey, because of her mother and people like her mother who had been suffering from stomach nausea and acute joint pain. She introduced edibles to her mother in desperation because the narcotics weren’t working. And a month later, the nausea was practically gone, and the joint pain became much more bearable. Before then her mother and many of the other elders she knew were pretty much sequestered to their living and bed rooms because of the severity of their ailments. The story of her mother’s recovery spread like wildfire, and now people are lining up at her door seeking relief.
Solving the chronic pains of the elderly and liberating them from the limitations imposed upon them because of illnesses is the reason why her business exists. And her target market or ideal client is crystal clear. As she prepares to launch and scale her business, how beneficial (cost effective and efficient) will it be for her staff -specifically the marketing and sales professionals - to be able to identify and focus the lion's share of their marketing, advertising, and engagement upon an audience that is looking for her solutions; don’t need need to be convinced or sold; can afford her products; and are willing to patronize her without delay?
Can you imagine how much more efficient, empathetic, inviting, and aware her staff will be? This is huge. Your partners, staff, and vendors need to know what your expectations are, and be able to immediately zoom in on your target market in order for you to maximize your investment in them. Everyone needs to understand the correlations between the health of your business, how happy your clients are, and their paychecks.
#2. What are your Key Performance Indicators (KPIs)?
I’d estimate that 90% of new entrepreneurs and the super-majority of business owners who are struggling with scaling are not aware of their KPIs. If you’re not aware of them you can’t teach them, duplicate them, nor hold people accountable to them.
Knowing your KPIs is where the predictability is found in your business. It is where your time freedom is found. It allows you to focus on being a CEO (creating environments of opportunity), allowing you the space to lead, grow, and work on your business as opposed to in it 24/7. You can’t build a high performing sports team without accountability. You can’t raise a child without accountability. You can’t accomplish anything worthwhile involving people absent accountability.
When you’re starting out initially you’re developing habits, insights, and an understanding of what specific tasks, procedures, and metrics are required in order for you to secure, serve, and attract new clients. It becomes your modus operandi or part of your DNA, and you begin to operate on autopilot. Everything becomes common sense. But it’s not.
At some point - ideally from the start - you must document every step that is involved in the attraction, onboarding, serving, and duplication of your ideal buyer persona. You have to give your new employees a track to run on, and your cataloging of these steps must be meticulous. Afterwards, identify the steps or metrics that are the most predictive of successful outcomes. Once you’ve identified the key performance indicators things become very simple. If you’re not getting the results you desire, your team isn’t doing something right, or they’re not doing something enough.
The more attention you pay to this element of your business, the more efficiently you’ll be able to identify whether people get what your expectations are. Do they understand the purpose? Have they bought in? And who is willing to execute and be accountable? Remember speed kills. It can be a tool, creating synergy, coupled with swift, profitable decision making. Or it can torpedo your business, resulting in finger pointing, people checking out, giving half a#$%! efforts, and repelling any high performing employees you have left.
Your biggest expense is onboarding a new employee, and conversely firing one. If you aren’t intentional about this process, you will always be complaining about not having enough time. Audit your time and tasks. What are you really, really good at? What requires only your creativity, deductive reasoning, and experience. Document and delegate to people who have the ability to do the rest reasonably well until you can recruit the people who can do these things exceptionally well.
#3. Which leads to my last question? How much time are you spending interviewing and recruiting new talent?
Starbucks is always interviewing. I cannot recall not observing a manager interviewing a prospective employee at any one location I’ve visited with some frequency. One location may need a staff of five to eight individuals, but they are constantly interviewing. Why is this necessary? People quit. People get fired. People get married, divorced, or suddenly need to relocate.
Also, know your business partners may or will fall out of love with you, and or the business.
Always be interviewing. We are all in a constant competition for the most hardworking, ethical, talented people available. In sports the most successful teams tend to field the most talented players who’ve bought into a system. Business is not much different.
Consistently interviewing new talent sends a message to current staff members that someone who will gladly accept their hours or salary is always walking through the door. If you slack off. You don’t want to learn or develop new skills. There’s a pool of individuals that are one phone call away, or literally sitting in the office.
In closing, remember that you need to clearly define the why, and what your staff is expected to buy into to capture the best in them. If you haven’t done this first, you have no right to complain about why you’re having a difficult time attracting and retaining the talent you need to effectively grow and scale your business.
Systems of accountability are required to effectively coach and groom the talent you already have, and you need to be constantly recruiting for the skills and talents that you don’t have. Your biggest ROI is replacing yourself. Your biggest expense and conversely your greatest investment is creating fertile ground, and attracting, recruiting, and systemically putting the right people in place.
You may be tempted to respond with the tried and true, reasonable excuse of not having time or bandwidth to implement the aforementioned suggestions. It’s OK. If nothing changes, nothing changes.
JuJuan Buford is a CEO, Co Founder serial entrepreneur, writer, and public speaker. JuJuan started his career in the banking and investment advisory industry, and transitioned into business ownership and is enjoying entrepreneurial success in multiple industries: business coaching, real estate wholesaling, direct selling, business technical assistance provider, ghost writing, and publishing.
There is a race taking place everyday to find, onboard, and retain talented people with a work ethic. Just like in sports, the business owners with the most talented people who've bought in win.
How do you handle problem employees, especially when you're just starting out? How do you avoid bad employees or partners.
Join us every week at NextOppSocial A place where you can listen, learn, and consume actionable content to launch, build, grow, and scale your businesses. We explore new topics each week and interview entrepreneurs throughout the Detroit Metropolitan Area, sharing insights regarding various subjects, important business strategies, success mindsets, and tools you can use to level up in your business endeavors.
Disclaimer: This content has been made available for informational and educational purposes only and is not meant to be a substitute for legal, accounting, or other professional advice. If you have specific questions about any legal matter, you should consult with an attorney or other professional services provider.
One of the most commonly asked questions among new business owners, is how important is it that I seek guidance regarding properly structuring my business? Not fully understanding what structuring a business really entails:
Understanding what is the difference between a DBA, LLC, S-Corp, C-Corp, or L3C?
What are my intellectual property rights, and how do I protect them?
What is an operating agreement, and what other documents do I need? (Here's a side bar. When I learn of an entrepreneur not being able to secure monies from a bank, micro-lender, or a private investor doesn't return their phone call, 90% of the time it's because they were able to produce an operating agreement, balance sheet, income statement, and or cash flow statement)
Am I going to compensate myself as 1099 or W-2?
Not knowing the answers to these questions, is the equivalent of building a house without investing in or inspecting its foundations. Sooner or later, very expensive troubles are going to find you.
Additionally, one of the most significant challenges fledgling and established business owners face alike today, is finding and retaining good, talented employees and business partners. Unwittingly, many business owners actually sabotage their efforts to attract and retain talent by not having the following documents in place: an operating agreement, a confidentiality agreement, contracting agreement, and a non-compete or non-circumvent agreement.
Many will argue that because they are still just a small operation (the attitude comes before the altitude), they are not generating significant revenues, or they are a sole-prop there is not a pressing need for these documents. However, what many entrepreneurs frequently fail to realize is that these documents are very important not simply because of their utility, but because of what they broadcast to the world about your business.
Having these documents at your disposal or not having them signals to prospective business partners, affiliates, employees, contract workers, and prospective investors whether you’re a swashbuckling pirate attempting to collect some quick bounty, or whether your running a serious operation with a solid foundation that should be respected.
Plainly speaking an operating agreement is an arrangement between members or shareholders of a business entity regarding they conduct business affairs. It spells out the rights of members or shareholders, obligations, and procedures regarding how the business is to be managed. It provides clarity, and helps parties stay in their lane, and play nice.
As a business owner/s your value proposition can be phenomenal and you can be surrounded by all the talent in the world, but if individuals aren’t clear about what is expected of each other, things can go south very quickly. People don’t rehearse accidents resulting in disabilities, car accidents and untimely deaths, divorces, or simply losing personal interest in a business. And regardless of how fine of character you believe someone to be, we all have been surprised at one time in our lives by wolves hiding in sheep's clothing. Operating agreements resolve these issues and more.
Voting rights,
Issues related to parties leaving and possibly becoming competition,
How a buyout may need to be handled,
How profits are distributed,
Expectations regarding how monies invested will be handled,
Buyout provisions,
What happens in the event of disability or death, and
How the company will be taxed.
As an aside, having an operating agreement also helps to demarcate the lines between personal affairs and business affairs, offering greater protection from legal challenges arising from tax issues as well.
A Confidentiality Agreement / Non-Disclosure Agreeement
You have this incredible idea, and you throw 100% of your will, intellect, and finances into birthing it into a living, breathing, profit creating reality. You’ve included your best buds and trusted confidants in the process, and sought out talent that you don’t possess to help you scale your blossoming business. Only to find out someone has “stolen” your idea, your recipe, insight into your marketing strategy or business plan, or information about your customers.
Confidentiality agreements dissuade parties from committing the aforementioned offenses and protects your business interests.
These documents place restrictions upon employees, contract workers, shareholders, and even passive investors from directly or indirectly competing against your business. Depending on how these documents are drawn up, they can address issues relating to an employee or contractor joining another competitor while employed by you, after the end of working relationship, or a period following termination. They can also be effective at preventing parties from investing in or lending monetary assistance to a competitor.
They are especially effective at preventing or limiting activities such as disclosing confidential information, information regarding clients, sharing information for the purposes of disparagement, or usurping activities involving suppliers or providers of technical assistance.
Contracting agreements outline expectations regarding services to be provided or products to be delivered, accompanied with agreed upon compensation for products and services. This document provides the basis for recompense if a client, vendor, or other parties you’re engaged in business activities with. This isn’t your granddaddy’s economy or society anymore. Unfortunately, a handshake or verbal commitment isn’t worth what it used to be.
You’re interviewing ideal candidates for work in your business, and they continually opt to work elsewhere? You’ve been taken advantage of, having experienced material theft or property right infringement? Your employees or contract workers arrive late and unprepared, destroy or lose equipment or supplies, or disparage you openly or covertly? You're finding that potential investors listen to you politely, and disappear shortly thereafter?
Remember, the way you introduce your business and onboard someone - the presence of the aforementioned documents being a critical part of the process - for the purposes of seeking their labor or currency informs them how seriously to take you, and dissuades the bad behavior that occurs all too often in business.
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Desire to Learn More? Visit my calendar at https://calendly.com/jsb_business_solutions; whereas you can see my schedule in real time, and select a time that works best for you. I look forward to connecting with you soon.
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It's easy to get caught up in the weeds. You're just doing the work. You're evolving, growing, and increasing your capacity. And then you start getting the questions. "So, are you a business consultant, or coach."
I'm more comfortable with being thought of as an entrepreneur that enjoys building businesses, and doesn't mind helping other entrepreneurs level up as well. I firmly believe that if the ecosystem is healthy for me, it is healthy for you, and the next person. And vice versa. It's about creating fertile ground.
I believe that people who appreciate NextOppSocial feel the same way. We invite you to join us as we cover a variety of subjects related to entrepreneurship, and interview the fledgling to the prominent and everyone in between.
We do things. We learn things. We evaluate things. And we share what we learn. How does that sound? Check out the links to learn more. 👇 👇 👇
Join us every week at NextOppSocial! A place where you can listen, learn, and consume actionable content to launch, build, grow, and scale your businesses. We explore new topics each week and interview entrepreneurs throughout the Detroit Metropolitan Area, sharing insights regarding various subjects, important business strategies, success mindsets, and tools you can use to level up in your business endeavors.
We bring you content for entrepreneurs, by entrepreneurs sharing their invaluable experiences and wisdom. We feature fledgling and established entrepreneurs alike; everyone from multi-millionaires, subject matter experts, CEOs, best selling authors, and some of the brightest minds in business.
About This Episode:
What if your idea of success as an entrepreneur wasn't guaranteed for another 3 years? Would you still be willing to give it your all? Join us for a powerful interview with Real Estate Professional Nicole A. Carter, who serves up Real Service in Real Style! Nicole gave us an unapologetic interview that is bound to leave you motivated and determined to grab hold of your focus, trust your passion, and fuel yourself towards a lifetime of success.
If you're smart, industrious, committed to personal development, and building financial independence hit the subscribe button. We believe entrepreneurship is empowerment, and we look forward to helping you achieve a life of satisfaction and success.
At the NextOppSocial - The Aftershow we strive to provide a safe, respectful, and stimulating environment for entrepreneurs to engage in lively discussions, explore business topics, share and beta test ideas, create substantive relationships, and sharpen the saw.We invite you discuss, comment, ask questions, seek advice, or offer suggestions to the NextOppSocial community. Participate & Enjoy!!!
We do things. We learn things. We evaluate things. And we share what we learn. How does that sound? Check out the links to learn more. 👇 👇 👇
Why does your business exist, beyond simply making a profit? What do you want your impact or legacy to be in the world? What is your WHY?
Being able to answer these questions is important because it's hard to expend your life's energies on a compromise, and success is an inside job. There is not enough motivation in the world (books, podcasts, videos, seminars, etc.) to feed you and push you to achieve your best life. At some point you have to identify the values, beliefs, and ideas that give you energy. You need to have a well to pull from that will propel you forward before the recognition; create accountability when people are not looking; and push you to be excellent before the rewards become apparent.
Answering these questions will also help you frame your value proposition to the rest of the world. They will help you determine how you show up at an initial meet up, at networking events, when you give an elevator pitch, and how you accentuate your value to the world via social media and elsewhere. They are essential to helping you attract your tribe: the business partners you will eventually work with; your ideal clients; and those who are willing to support and advocate for you when you're not in the room.
And just as important, answering these questions will help you stay focused on your focus. I've read that a light bulb and a laser use and produce the same amount of energy. However, the light bulb’s energy illuminates, but dissipates into a space. Whereas, a laser's energy is focused, and can cut through, chisel, and curate the environment around it. When you're flying from project to project, and you lack focus, you'll find very often that while the calendar moves, you haven't moved or progressed any further toward your goals.
Additionally, you are unable to resonate with your tribe, because people don’t know WHO or WHAT you are from day to day, and therefore you fail repeatedly to gain the traction (trust) and momentum (social evidence) required to push your business endeavors forward. There's a hidden inertia that exists in business, akin to pushing a 5000 lb vehicle. In the beginning it's tough, but once the wheels get rolling you and those observing you may begin to marvel about how easily you're able to achieve progress. Inertia allows you to accomplish more, attract more, and invest more in your endeavors as opposed to being bogged down with the psychological strain of surviving day to day.
So, how do you begin? This is an abbreviated version of a questionnaire I typically distribute to clients who are in the start up phase of their businesses, or entrepreneurs who need a hard reset. The questions are designed to help you identify and answer the following questions?
And by the way, if you like the appetizer, and desire a deeper dive, reach out to me using the contact information at the end of this article to schedule an appointment.
Why does my business exist?
What are my core services?
What are my competitive advantages?
WHAT ARE MY CORE VALUES?One way to answer this question is to ask yourself, what are your key principles? What are the issues or matters that matter the most to you? What are the things you'd draw the line in the sand for? Fight for? Sacrifice for?
If you could describe the culture of your organization you’re building in 3 to 5 words what would they be? Take a moment and think about the professionals or individuals you respect most, and ask yourself what characteristics do they embody? For example:
financial independence
legacy
professionalism
uplifting service
providers for their family and community
unabashed accountability
absolute commitment
passionate about having fun
constant learning & growing
entrepreneurship is empowerment
longevity and forever relevant
WHAT IS MY CORE FOCUS? One way of answering this question is to ask why does my business exist? What is the purpose, cause, or passion? Once again, choose only 3 - 5 (less is more). For example:
to help people live, lives of satisfaction through entrepreneurship
to help women overcome financial, relationship, & emotional distress
to help men adopt & sustain healthy mindsets
to be a highly effective change agent
help people achieve agency & control of the lives
to serve the best, most smacking waffles ever known
to use my art to make people smile and forget their worries
WHAT IS MY NICHE? Or who do I want to serve? Be specific. What is the one thing you believe you can do better than anyone else? For example:
make complex ideas easy to understand
provide actionable content for entrepreneurs
write compelling marketing content
provide start ups with the most comprehensive, affordable tools to grow their businesses
help single african american men navigate (step by step) fatherhood
provide healthy catering alternatives for diabetics
coach people to become their best selves
help people improve the performance in quantifiable steps
WHERE DO I WANT MY BUSINESS OR WHAT DO I WANT MY BUSINESS TO BE 5 YEARS FROM NOW? Be specific. For example:
to have 3000 clients who regularly refer at least 10 clients yearly
to own 20,000 family units & 500 multiplexes
to generate $10,000,000 in insurance premium yearly
to help 520 families achieve financial independence annually
WHAT ARE MY 3 UNIQUE CHARACTERISTICS THAT SET ME OR US APART? What are your guarantees?
we are an organization of entrepreneurs, serving entrepreneurs
we guarantee funding or a 100% refund
we provide uplifting service and exceed our clients expectations
we invest in our people
we get what you do
your priorities are our priorities
we guarantee delivery in 2 days or a 50% refund
This condensed version of my business questionnaire should be a great start. And as always, I look forward to learning what is most important to you at whatever stage of your business you may be in, what you're taking aim at, and sharing additional information.
JuJuan Buford is a Detroit native, entrepreneur, business development professional, and writer dedicated to helping families, entrepreneurs, and business owners establish thriving enterprises, achieve financial independence, and build lives of satisfaction.
Join us this week at NextOppSocial! A place where you can listen, learn, and consume actionable content to launch, build, grow, and scale your businesses. We explore new topics each week and interview entrepreneurs throughout the Detroit Metropolitan Area, sharing insights regarding various subjects, important business strategies, success mindsets, and tools you can use to level up in your business endeavors.
We bring you content for entrepreneurs, by entrepreneurs sharing their invaluable experiences and wisdom. We feature fledgling and established entrepreneurs alike; everyone from multi-millionaires, subject matter experts, CEOs, best selling authors, and some of the brightest minds in business.
This week we are excited to introduce Inglish Reed-Jones, a proud millennial on the move, determined to unite fellow like-minded peers to be change agents in our communities and world. She is the CEO and Founder of Millennials VS. Everybody, sites on the Advisory Board for Brilliant Detroit, and spends a large portion of her time as a Vanguard Fellow and Crypto Trader.
Click the image below to view this episode!
If you're smart, industrious, committed to personal development, and building financial independence hit the subscribe button. We believe entrepreneurship is empowerment, and we look forward to you achieve a life of satisfaction and success.
JuJuan Buford is a Detroit native, entrepreneur, business development professional, and writer dedicated to helping families, entrepreneurs, and business owners establish thriving enterprises, achieve financial independence, and build lives of satisfaction.
In this live chat Rachele Wilson, Digital Marketing Strategy & JuJuan Buford discuss Entrepreneurship & Depression. Not exactly the subject matters we like to talk about in tandem. It makes many of us uncomfortable. It's not considered positive or progressive to air out in public or even among friends. In fact, in some social media circles, exhibiting what many would refer to as emotional fragility is a sign of weakness or simply being spoiled.
The bottom line is it's real. Part of the entrepreneurship experience for the majority of us involves navigating bouts of depression. It's normal. It doesn't really matter if you are new in business, been in a business a long time, are doing financially well, or aren't doing financially well - depression can sneak up at any time.
And while this year has certainly heightened our awareness and willingness to be more vocal about talking about topics such as anxiety and depression, it's not talked about enough. Join us for this live discussion and please share with anyone you would feel could benefit from it!
CLICK THE IMAGE TO TUNE INTO THIS IMPORTANT EPISODE
NextOppSocial is a weekly show that highlights the achievements of entrepreneurs and small business owners throughout the Detroit Metropolitan; providing an avenue for entrepreneurs to promote their businesses, and providing viewers with an opportunity to learn and draw wisdom from others who are achieving in entrepreneurship. A variety of topics are discussed on a weekly basis for the purposes of providing insights and actionable content to help entrepreneurs and small business owners level up in their respective endeavors.
Join us as we celebrate entrepreneurship; inventory life's lessons, #businessstrategies, #tactics, and #mindsets; and bring you sustenance for the entrepreneurial soul.
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JuJuan Buford is a Detroit native, entrepreneur, Founder & CEO of JSB Business Solutions Group, business development professional, and writer dedicated to helping families, entrepreneurs, and business owners establish thriving enterprises, achieve financial independence, and build lives of satisfaction.
Take time to understand what your end user or ideal client is interested in; what they're searching for; and reflect on the type of content that would attract their attention. Understanding that people's favorite station is WIIFM (What In It For Me) is a reoccurring theme throughout this training. Inevitably sharing what you want your audience to know about you will waste a lot of time, energy, and currency, if you don't understand what they want to learn.
If you own a hair distribution company, and your products are high end. Ask yourself, where are my high end clients? What type of occupations do they have? Where are they spending their time online, whether it be for the purposes of networking or sifting for opportunities to level up? What are their habits?
For example. Womenpreneurs and women who are higher achievers in corporate america have both the disposable income, and are motivated to brand themselves as successful, well off, sophisticated, etc., etc., They are more inclined to invest in the veneer. I'd find a way to curate content that directly takes aim at this desire. Rather than posting a million hair product pics on Instagram competing with everyone else doing the same thing, especially if you don't have the capital to spend or access to influencers in the beginning stages of your business.
I posted an article that is a good precursor to the remainder of the content that follows regarding how to show up for prospective clients. It is a brief recap of advice shared with a creative entrepreneur looking to gain traction on LinkedIn.
Who is Your LinkedIn Title or Profile Description Serving? Jettison the Idea that LinkedIn is Your Resume. LinkedIn is a Landing Page.
Is your LinkedIn title a vanity project to show off how credentialed you are, or is it worded to let the world know how you may be of service to them. Remember to view your content through the eyes of your ideal customer. Jettison the idea that LinkedIn is your resume. LinkedIn is one of your landing pages.
Remember, you're not interviewing for a job. You're not a W-2. You're looking to attract a buying client, who is motivated to secure your services or products.
Ask yourself, which set of profile descriptions are going to attract the attention of a person who is primed to acquire a service or product from you?
OR
Which Set of LinkedIn Summaries Informs Your Audience About How You Can Be of Service to Them?
OR
What is Your Body of Work? Third Party Credibility Wins on LinkedIn
Content is King. Be the Subject Matter Expert (SME) on LinkedIn.
Start With a Salutation As Opposed to a Presentation
Be a human being that is interested in the people you are marketing to. Be more than an instant sales bot. I've read some really good first approaches, and no doubt some of them work on a macro-level, especially if you have the budget to pay for mass advertising techniques.
It's like paying for 10,000 pieces of mail, knowing only 100 people will lay their eye balls on the contents, to land 1-5 good clients. If you have it in the budget to pay $10,000 to $20,000 to to execute this technique, and your average client results in compensation of approximately $10,000 it can work.
Remember, people ultimately conduct business with those they like, know, and trust. People don't like being spammed. People, don't know you yet, so you better get them to like you right out the gate. And depending if you've curated your title and summary correctly, and outfitted your LinkedIn page with plenty of third party credibility, they may not trust in your ability.
Don't show up like this during an initial connection request.
Try showing up like this instead.
How Do You Lean In, & Ask People to Do Business with You on LinkedIn
Well, first off don't be weird or behave like a bull in a china shop. What do I mean by weird or obnoxious behavior? Read the following article, and peruse the section titled, "A MORE EFFECTIVE PROSPECTING METHOD."
Are you interested in additional insight regarding..........
What verbiage to use when showing up in people's inbox to lean in and ask for the business?
What is the thought process or philosophical mechanization behind these tactics?
Still trying to figure out what success looks like on LinkedIn for you?
Have questions about how many posts, how many connection requests... basically how much time and activity is required?
You want my sales scripts, language, or samples of my wording to set appointments that stick?
What does it look like & how does it sound like when onboarding new clients?
Want more direct assistance or coaching on how to build on LinkedIn absent time consuming, money gulping strategies?
JuJuan Buford is a Detroit native, entrepreneur, Founder & CEO of JSB Business Solutions Group, business development professional, and writer dedicated to helping families, entrepreneurs, and business owners establish thriving enterprises, achieve financial independence, and build lives of satisfaction.
Disclaimer: This content has been made available for informational and educational purposes only and is not meant to be a substitute for legal, accounting, or other professional advice. If you have specific questions about any legal matter, you should consult with an attorney or other professional services provider.
You’ve started a business with a dynastic vision serving as your inspiration. You scheduled the family gathering, corralled all the interested parties, inventoried everyone’s commitments, and stepped boldly into the incredible future that awaits you. Very soon the capital starts pouring in, and smiling faces and good feelings abound. You’ve won.
However, just as there was a beginning to the honeymoon, there will be an end. The open house was a hit, and the winds of support and enthusiasm are very much still at your back. However, there’s been some attrition. A key employee has recently become engaged, and is planning to move to another state. Another found a better job, allowing for more time with the children. A couple family members have begun to behave nonchalantly, arriving late and leaving early.
You’ve exhausted your warm market collectively, and entrepreneurship is skilled trade. Unfortunately, you’re discovering that much of your staff doesn’t have the skills to pay the bills. This new phase of your business requires that you upgrade your current roster of employees, and invest in marketing your business more effectively. Additionally, after a couple months of managing your accounts payables and receivables, you’ve realized you need to tighten up your operating expenditures. In other words, you turn off the spigot on unnecessary spending and immediately put a halt to family members using cash deposits, and the business account like their personal piggy bank.
In business - especially in the beginning - you often have to do things you’re not being compensated for, so later on down the line you can be compensated for things you longer have to do. Your people are still investing time and energy, but some are feeling entitled to receive more income because of the increased profitability, ignoring the fact that reinvestments need to be made.
Does any of this sound familiar? If so, you know what is about to happen next.
Very soon people’s feelings begin to creep into discussions and impact expectations; accountability begins to fade; and smoldering animosities begin to surface. Finally, one of the siblings, aunts, or cousins decide they’ve had enough and want their initial investment back. Another, decides to start up a competing venture, and siphon your business resources to launch it without telling you. And depending on how much time you can dedicate to bandaging egos and wounds, accusations of theft and betrayal begin to inundate relationships, and the rest becomes bad history.
Unfortunately, some version of this narrative transpires everyday in business, and often with devastating consequences. The owner or owners believe these people are my friends, my family, and lacking the business acumen and professionals who have the life experience to help owners prepare and anticipate these challenges their misguided beliefs often become their own undoing. Call it willful ignorance, pomposity, or a combination thereof. The bottom line is these types of conflicts can be more easily managed and avoided by taking a couple simple steps.
Implement An Operating Agreement / Partnership Agreement
Plainly speaking an operating agreement is an arrangement between members or shareholders of a business entity regarding how they conduct business affairs. It spells out the rights of members or shareholders, obligations, and procedures regarding how the business is to be managed. It provides clarity, and helps parties stay in their lane, and play nice.
As a business owner/s your value proposition can be phenomenal and you can be surrounded by all the talent in the world, but if individuals aren’t clear about what is expected of each other, things can go south very quickly. People don’t rehearse accidents resulting in disabilities, untimely deaths, divorces, or simply losing personal interest in a business. And regardless of how fine of character you believe someone to be, we all have been surprised at one time in our lives by wolves hiding in sheep's clothing. Operating agreements resolve these issues and more.
Voting rights,
Issues related to parties leaving and possibly becoming competition,
How a buyout may need to be handled,
How & When profits are distributed,
Expectations regarding how monies invested will be handled,
Buyout provisions,
Clarification regarding roles and responsibilities,
What happens in the event of disability or death,
How the business will manage its tax obligations and debts,
And how personal infusions of cash will be handled.
As an aside, having an operating agreement also helps to demarcate the lines between personal affairs and business affairs, offering greater protection from legal challenges arising from tax issues as well.
Non-Compete, Non-Solicitation, Non-Circumvents
These documents place restrictions upon employees, contract workers, shareholders, and even passive investors from directly or indirectly competing against your business. Depending on how these documents are drawn up, they can address issues relating to an employee or contractor joining another competitor while employed by you, after the end of a working relationship, or a period following termination. They can also be effective at preventing parties from investing in or lending monetary assistance to a competitor.
They are especially effective at preventing or limiting activities such as disclosing confidential information, information regarding clients, sharing information for the purposes of disparagement, or usurping activities involving suppliers or providers of technical assistance.
Trademark protections can be used for business names, logos and symbols, and some creative artifacts, assuming they are being used to distinguish, or identify goods and services being offered by a specific person or entity. In other words you trademark content that is being used to brand or draw a distinction between you and your competition.
You can register for trademarks on the state level or employ ghetto copyright tactics however taking these steps only offer limited protection, and if your intellectual property rights are abridged, there is a strong likelihood that you will not be able to pursue punitive damages. And complications can occur resulting in your rights being denied altogether.
In other words, don’t do it. Your intellectual property rights are evergreen. They have long term value, because they are assets. Invest in your assets casually, and your business will become a casualty. Go through the proper channels, and don’t cut corners when it comes to your IP rights. While filing a trademark registration yourself may be the least expensive method, you may encounter name conflicts or other registration issues that require legal or other trademark professional input.
Employ copyrights to protect written works, artistic expression, songs, paintings, and drawings, designs, symbols or logos even if the work is purely for decorative purposes. If you desire for your business to grow away from you, meaning become an income producing asset that generates revenue independently of your sweat equity, copyrighting your content is essential. While some protection exists without registration, such as a copyright, you need to register for protection of other intellectual properties and generally to defend your property rights in court, including copyrights.
To help assess whether you want to file trademark or copyright registrations yourself review the following sites for additional information::
As with anything, it is best to be proactive. Take the time to determine ownership rights of all intellectual property before launching and be sure to determine how intellectual property will be handled in the event that a business is dissolved.
While there are no foolproof methods to prevent conflicts from occurring when conducting business with family, especially if there isn’t an established culture (hierarchy) of business ownership and collaboration among relatives. These aforementioned considerations can both dissuade bad behavior and provide incentives for desired outcomes. And in the event that things do go south, there is an established blueprint and road map to resolve conflicts, rather than decisions being made in the heat of the moment or while passions are high.
Lastly, understand the moment you believe you know it all, your obituary is being written. No different than an athlete believing they no longer have to review film or prepare any more. Seek professional guidance and expertise regarding these matters. And remember nobody wins when the family feuds.
JuJuan Buford is a Detroit native, entrepreneur, Founder & CEO of JSB Business Solutions Group, business development professional, and writer dedicated to helping families, entrepreneurs, and business owners establish thriving enterprises, achieve financial independence, and build lives of satisfaction.
Join us as we celebrate entrepreneurship; inventory life's lessons, #businessstrategies, #tactics, and #mindsets; and bring you sustenance for the entrepreneurial soul.
This past week, we focused on BOOKs that can make difference in your life. We know reading is the least expensive, and one of the most invaluable investments you can make in life. In order to change your life, read to change your mind.
BUILD YOUR AUDIO / BOOK LIBRARY WITH SOME OF THE INCREDIBLE, STIMULATING GEMS DROPPED DURING THIS EPISODE..... (click the image below)
Tune into future episodes & join our mission! Learn more. Do more. Teach more. Collaborate more. Build more. Create success stories and help others build thriving businesses. Join us WEDNESDAYS @ 10:00am EST. at NEXTOPPSOCIAL ON YOUTUBE
JuJuan Buford is a Detroit native, entrepreneur, Founder & CEO of JSB Business Solutions Group, business development professional, and writer dedicated to helping families, entrepreneurs, and business owners establish thriving enterprises, achieve financial independence, and build lives of satisfaction.
In this interview with Mari G. Byrd - Founder of Facebook broadcast "Becoming the Best Version of You" and Detroit civic leader - we cover some of the biggest mistakes and potholes that sideline entrepreneurs frequently, and stops entrepreneurs can take to thrive during the pandemic.
We know that there are two, starkly differing tales to the pandemic induced recession that we are all experiencing, however while some are suffering, there are others that are growing, prospering, and significantly improving their circumstances in the marketplace.
Tune into this interview to learn how you can as well.
JuJuan Buford is a Detroit native, entrepreneur, Founder & CEO of JSB Business Solutions Group, business development professional, and writer dedicated to helping families, entrepreneurs, and business owners establish thriving enterprises, achieve financial independence, and build lives of satisfaction.
I was recently asked by a fellow entrepreneur, why I thought entrepreneurs fail. Admittedly, I was reluctant to address the topic initially, because it’s not the sexiest or fun conversation to have regarding entrepreneurship for obvious reasons. When most start a business for the first time (especially), they are at their highest level of enthusiasm, but also lowest level of competency at the same time. You don't want bruise them, or diminish this much needed excitement before things get underway.
Also, it's easier for so-called leaders simply to chalk it up to people being lazy, not willing or able to learn, or being beset with character defects when they come up short. Sometimes it's easy to forget the ugly duckling stage we mature out of as entrepreneurs and leaders. And if the quitting or failure rate continues to grow, this thinking is usually a sign that those charged with the responsibility of creating fertile ground for success, haven’t taken the time for introspection.
Once again, it’s always easier to blame than to take the time to contemplate, and as the tough questions like…..am I as a leader effectively creating environments of opportunity that truly empowers and brings out the best in people?
As in most cases when making generalizations, it's always important to take into account context. However, when taking inventory of yourself, as an aspiring entrepreneur, as a leader, or the owner of a business, there are a couple icebergs we all need to be aware of when starting or scaling a business.
ARE YOUR DREAMS AND GOALS BIG ENOUGH?
One of the first questions I encourage every entrepreneur to seriously think about is what inspired you to start your endeavor, or why did you choose entrepreneurship? The answer to this question is the most important determinant of whether or not someone is going to succeed in business. Please believe.
Not having a solid answer to this question is a sure sign that someone is either headed straight down mediocrity road or is about to experience an imminent, and fatal failure. Whenever, I hear some combination of the following words, you might as well start writing the eulogy:
I started this little thing. My little business. Can you participate in this little conference call? I got this little presentation I want to invite you to.
Starting a new business from scratch, especially if the goal is to immediately draw a significant income or one is required, takes a huge expenditure of energy and effort physically and psychologically. One of the biggest challenges for most is overcoming the sneers or negative perspectives others attempt to project upon you if your success isn't perceived as imminent, especially from those closest to you. For many the fear of judgment is crippling, and unfortunately many will allow other people's opinions to torpedo their endeavors before they even get started.
Also, there is going to be turbulence. One of my favorite quotes often attributed to Albert Einstein is, "We cannot solve our problems with the same thinking we used when we created them." Nor can you overcome your current circumstances with the same habits and itinerary that created them. The circle of people you spend the most time talking to will most likely need to change, if they're not coming along for the journey. Don't misunderstand this. This is not an invitation to diss your current circle, but you may have to distance yourself from many of them, to make space for people who can help you achieve your goals.
Your reading, sleeping, and eating habits will most likely need to change. You may be surprised to find the music, audio content, videos, or even your taste in movies and other cinematic tastes may change. As you begin to change the inputs being deposited into your mind and body, you're growing into a new you. No different than if a person switches from eating a couple 1 pound fast food burgers everyday to a vegan diet. You can rest assured some significant changes in energy, appearance, and mindset will accompany the switch.
Or just like elite swimmers, boxers, sprinters, and cyclists tend to have different muscular attributes and physiques that can be strikingly apparent, due to their workout routines and habits, so will entrepreneurship alter you as well. And it will require a level of humility and will power to embrace it all.
There is going to be stress any time you're forced to move outside your comfort zone, but remember those who exhibit courage aren't lacking in fear. They are simply willing to do what must be done anyway. Remember, you’ve already earned and already accomplished all you’re going to in your comfort zone.
If you're going to transform your life, then your goals must be big enough to incite, compel, and force you to make the necessary changes. They have to be ever present to prevent you from drifting, and be so LARGE that they literally dwarf the trials and tribulations that inevitably await you. So much so, that your family, friends, neighbors, or those who are close to you, look at you in sincere disbelief, but stick around anyway, not wanting to miss it if you achieve it.
Remember your goals act like filters, and also create resonance. They are the beats and notes that characterize your music. The words that flow from your mouth, and the way you respond to others, especially when under duress are tell tale signs of how deep of a dive you’ve taken regarding your objectives. And your music will either attract the right people and repel those who may be wrong for you, or the opposite.
LET'S TAKE A LOOK AT YOUR ITINERARY
People spend days, weeks, months planning for a vacation. A gratifying pursuit no doubt, but the super-majority of the time, that one vacation is not going to change the fabric of your family tree. Neither are birthday parties, prepping for the Super Bowl, or the New Years eve party.
However, if you were to challenge most people regarding how much time they spend planning, thinking critically about their habits, preparing, and learning about how to be an elite business owner, all of a sudden they don’t have time. When in reality you don't have time not too.
Just as athletes spend countless hours practicing the same shots repeatedly, musicians and dancers endure backbreaking rehearsals, and hours of prep occur before a surgeon performs his skilled trade, so must you be willing to craft an itinerary and prepare meticulously for your success as an entrepreneur. There are no overnight success stories.We just find out about them overnight.
Not taking the time to create a success itinerary doesn't prove fatal overnight. It shows up the same way knocking back three 2 liter sodas and a fast food burger on a daily basis shows up. It's like a slow moving train gathering momentum and before you know it you're headed to severe heart attack. If you don’t take the time to make success deposits into your business, the alternative reality is waiting and begging for your participation.
A question we should all ask ourselves on a regular basis, is what is your entrepreneurial workout routine? Or another way of thinking about it is, ask yourself what are the three to five things that you're going to commit to on a daily basis, whereas if applied daily over time would make the biggest difference in your life. Choose a work out routine that will slowly chisel you into the entrepreneur you desire to be. Perhaps it's committing to:
#1. Introducing your service to 20 new prospects a day.
#2. Reading 10 pages of a good book a day. That’s a book a month.
#3. Running 12 miles a week.
#4. Meditating and reviewing your affirmations when you awake and before you go to sleep.
#5. Working out for 30 minutes a day.
#6. Getting in an hour of practice or working on a skill.
#7. Writing 20 pages or for 30 minutes a day.
Ask yourself, how much clarity would you have regarding your day? How much more confident would you feel when an unexpected, yet important task is assigned to you (that’s called opportunity). How much more energy would you have? How much more informed, and valuable would your thoughts become to others if you adopted some of these practices?
It's these monotonous activities and habits that ultimately shape you, and win you the day. One day at a time, then two, three, seven, two weeks, two months, the year. In other words show me your itinerary and I'll show you your future.
WHAT DOES YOUR DIET CONSIST OF? BAD STUFF IN. BAD STUFF OUT.
According to the National Science Foundation, an average person has approximately 12,000 to 60,000 thoughts per day. Of those, 80% are negative and 95% are repetitive thoughts.
What are you consuming on a daily basis to offset the 80%? How often are you taking inventory of the 95% to ensure your thoughts are serving you? Gravity is waiting to greet you from the moment you open your eyes. The BS.com is coming for you 24/7. The 1000s of negative words, images, and moments have to be offset somehow. How often are you viewing your affirmations? Are you really being purposeful, and intentional about the conversations you're having? What of the things you read, and the ideas you allow to occupy space between your ears?
I encourage entrepreneurs to adopt a policy of being able to put their hands and lay their eyeballs on their affirmations, goals, positive meditations just as frequently as they pick up their phones. The screensaver and the home screen are pictures of my affirmations and goals.
Be careful of the counsel you keep. Small people talk about other people all day. Remember, critics don't win championships, performers do. Good, well intentioned minds talk about problems. And great minds are achievers who solve them, overcome them, and dust them off their shoulders.
Is your diet of conversations, readings, training audios, and everything else in between serving you? Is it strengthening you? Improving your endurance? Sharpening you? Or is it making you flabby. Turning you into an excuse making machine, and weakening your immunity to negativity?
Entrepreneurship is not Hollywood. people don't rise to the occasion, but rather their level of training, preparation, and commitment to curating a better self.
JuJuan Buford is a Detroit native, entrepreneur, Founder & CEO of JSB Business Solutions Group, business development professional, and writer dedicated to helping families, entrepreneurs, and business owners establish thriving enterprises, achieve financial independence, and build lives of satisfaction.
Take a moment to view last week's episode of NextOppSocial whereas Rachele Wilson & JuJuan Buford interviewed Tina Williams, CEO of QT Business Solutions, who shared invaluable tips regarding how to acquire, properly use, and build business credit. This was episode you don't want to miss!
WHAT DID WE COVER IN THIS EPISODE?
1. What is the difference between business and personal credit?
2. What can having business credit allow you to have access to?
3. How important is it that a business owner secure a Dun & Bradstreet?
4. Is it difficult, expensive, or time consuming to establish business credit?
5. Can a business owner benefit from good business credit, while having bad personal credit?
6. And so much more.......!
WATCH this episode here >
Remember to calendar and catch NextOppSocial Wednesdays @ 10:00am EST.
NextOppSocial is a weekly show that highlights the achievements of entrepreneurs and small business owners throughout the Detroit Metropolitan; providing an avenue for entrepreneurs to promote their businesses, and providing viewers with an opportunity to learn and draw wisdom from others who are achieving in entrepreneurship. A variety of topics are discussed on a weekly basis for the purposes of providing insights and actionable content to help entrepreneurs and small business owners level up in their respective endeavors.
JuJuan Buford is a Detroit native, entrepreneur, Founder & CEO of JSB Business Solutions Group, business development professional, and writer dedicated to helping families, entrepreneurs, and business owners establish thriving enterprises, achieve financial independence, and build lives of satisfaction.
At NextOppSocial, we are proud to introduce to some and reintroduce to others, Sharon Madison, Owner of Madison Madison International, M2 International.
Sharon Madison is a third generation entrepreneur and leader, continuing a legacy of success in the architectural, real estate development, construction, and engineering industries across the United States and internationally. Madison’s business interests involve the management of a portfolio of projects in excess of billions of dollars.
Madison has made an indelible mark in the business community, specifically downtown Detroit, operating the Julian Madison Building - named for her father - providing an invaluable space for business commerce, development, and entrepreneurial growth.
Madison serves as chair of the Detroit-Wayne Joint Building Authority, a representative on the Wayne County Board of Commissioners, and contributes her wealth of leadership to several other industry and civic organizations.
LESSON #1: ENTREPRENEURSHIP IS NOT SECURITY, BUT IT’S WORTH IT
Madison was transparent about the difficulties often associated with starting a business and committing to entrepreneurship. Unlike the YouTube & Instagram extravaganzas speaking to the grandeur of business ownership, Madison recalled vividly the shared family sacrifice that was required: the moving around frequently, the never being off, and having to be on 24/7. Vacations never quite being vacations. The real pressures of constantly having to evolve, grow, and develop. The challenge of repeatedly having to prove yourself, and the awareness that you’re only as good as your value proposition every single day was ever present.
Our exchange reminded me that entrepreneurs are problem solvers. There is a direct correlation between the value we bring to others, and the quality of the lives we live. There’s something pure about that. And while the accouterments of success in business can be spectacular, the cost of admission doesn't come at a discount. The Madison family was not born high on the hog. Someone had to stand in the gap, and pay the price.
LESSON #2: THEY SAY NECESSITY IS THE MOTHER OF ALL INVENTION & ENTREPRENEURS ARE BORN AND FORGED BY IT. BUT DEFINE LET'S NECESSITY.
Madison spoke proudly and solemnly about her grandfather’s struggle to find work. Robert James Madison was a brilliant, industrious man, and in today’s environment would have easily elevated himself and gained recognition as a renown engineer, architect, or mathematician. She believed he died of a broken heart, as he was never able to find anything above what was considered menial work (despite his advanced training and education), absent the opportunity to display or showcase his full potential.
(click photo to learn more)
As I've watched up close and from afar the brave, young African American men and women protesting in the streets, I recognize the anger and frustration they must feel. Some view them as aimless dissidents, and will inevitably attempt to brand them as brazen, volatile, irresponsible children; simply destroying property and spreading COVID19 recklessly.
Yet, nothing could be further from the truth.
They have taken up arms against a system and environment that is denying them the most basic of desires. I see young ebony men and women crying out, inflamed by a system that is denying them the opportunity to become their full selves. They are raging against a society that historically, and systemically denies African Americans the opportunity to achieve to the extent that their latent talents may take them; unfettered by white cupidity and racist savagery.
These same struggles led Madison’s grandfather, her parents, and Madison today to build successful business enterprises. To become more than pawns on the chessboard, but rather captains of their own destinies, and provide the subsistence, the means, the space, and the inspiration for ebony brothers and sisters to benefit from and aspire to. As has been historically and contemporarily the case, entrepreneurship for African Americans has never been about simply filling a niche or necessity in the marketplace, but an extension of the struggle to be human beings, rather than human happenings, and a labor of love to empower the community.
HOW THE ACQUISITION OF THE JULIAN MADISON BUILDING CAME TO BE. A WHOLE LOT OF NO’S. PLENTY OF STUBBORN FORTITUDE AND BELIEF.
Madison drew strength from her family. Watching her parents succeed, despite being denied loans. Being shut out of business opportunities they were overqualified for. Being denied jobs. Repeatedly being denied the capital to expand into highly appraised neighborhoods and hold commercial properties. And yet, succeed anyway, informed her of what was and is possible.
Madison shared a story about how one day, her father requested that she seek out a commercial property for the family to expand operations into. There were a number of buildings on the grocery list that were much nicer, more luxurious, with much higher price tags. However, she settled on what would become the Julian Madison building, believing that it would be more attainable, despite it needing significant renovations.
She began the process of seeking capital for the acquisition and was declined over and over again. Until one day she received a call, and was asked by a bank officer how much she wanted. Madison responded by asking for what was needed, bracing for the declination and fully prepared to let the person know she didn’t give a rip. Madison secured the needed financing.
There are no silver bullets. There are no guarantees or one magical approach to do anything. But the universe has a funny way of conspiring in favor of those who exercise an unbreakable will, work ethic, and tenacity. You have to believe you deserve and belong. And while many of us are not fortunate to be born into a household with such powerful examples, we can find them in books, audios, and various recorded artifacts of those who have achieved, lived on the fringes, and found success.
SURROUND YOURSELF WITH EXPERTISE & WISDOM. DON’T BE TOO PRIDEFUL TO ASK FOR HELP.
Entrepreneurship is not a game for chumps, and too much pride will certainly result in you getting your teeth knocked out. In fairness, the super-majority of us have been trained to adopt the mantra, “If I want it done right, I have to do it myself.” And due to much of the miseducation most of us receive, we buy into the adage that in order to succeed we have to know everything; be the expert; be more capable in every way, and in everything in.
You can't build a sprawling brand or enterprise by yourself. Or in other words, you can't manage 28,000+ Starbucks locations by yourself.
These commonly passed on beliefs will not serve you well if you’re goal is to scale a large business. You must get over yourself, and concerns about what other people think about you, and get the BIG questions answered. Seek answers from other entrepreneurs who have transversed the ground you’re negotiating. Seek the expertise of others who have demonstrated their value: meaning they earn money from actually building things; they have the receipts, the battle scars, and verifiable success stories. Seek tour guides, and avoid the travel agents out there.
The bottom line is you can’t pay your vendors, your service providers, your employees, feed your children, and keep a roof over your head with prideful ignorance. This is about results. Suck it up, know that you’re not perfect, nor anyone else. Lean in as ask for help.
KNOW YOUR BUSINESS & LET PEOPLE KNOW WHO YOU ARE
One of Warren Buffet’s many axioms for life and investing, is to invest in what you know. Past performance does not equal future results. At the end of the day, successful entrepreneurs are highly compensated problem solvers. And just as society, people’s appetites, the challenges facing households are constantly evolving; you must be constantly evolving, refining and redefining your knowledge base, and your craft as well. Whether you're a grizzled veteran in a specific industry, or you’re starting a new venture, inculcate a thirst for learning as if you know nothing.
“I met a gypsy and she hipped me to some life game
To stimulate then activate the left and right brain
Said baby boy you only funky as your last cut
You focus on the past your ass'll be a has what
that's one to live by or either that one to die to."
One of the most significant statements I recall from the interview with Sharon Madison was the words she uttered, “Let people know who you are.” Madison shared this advice she received from Ms. Irma Henderson at a time when she didn’t feel confident in herself. It was a timely reminder, that we all start out crying, crawling, helpless and hapless when we come into the world. No man nor woman is above you. Stand on your talent. Stand behind your work. Stand on the shoulders of those who have poured into you. And make them know your name.
HARD WORK, COMMITMENT, SACRIFICE, DEDICATION
You don’t like him. Good. It will make this most important takeaway more stark and hopefully more biting.
Floyd Mayweather is undefeated, and one of the wealthiest athletes in the world. Despite much of the rightfully deserved criticism thrown at him, he will inevitably be recognized as one of the most decorated and successful athletes of his era. And if you were to ask Mayweather, and more importantly his opponents what has been the key ingredient to his success, they will all attribute it to one trait above all else.
Hard work.
Mayweather willingly admits that he is not the fastest, the most athletic, or gifted boxers or athletes in the world. He simply works harder at perfecting his craft more than anyone else.
Facebook, Instagram, YouTube, infomercials, most media outlets, and the super-majority of influencers aren’t being 100% with you. Especially, if you are African American.
Yep, I said it, because it would be irresponsible not to. The rules are still different for ebony people.
Untimely deaths and heartaches don’t disappear because you choose entrepreneurship. Car accidents happen. Basic accounting principles and the consequences of not reinvesting in yourself, in assets, and in learning don’t disappear. Tiny slights and little affronts, are not going to stop, but rather grow cumulatively and can have deleterious psychological effects if not addressed.
The police pulling you over for no other reason than your ebony complexion isn’t going to stop. Amy Cooper situations will continue to dog you in the boardroom, at the park and grocery store, in the courtroom, and perhaps even your living room depending on your circumstances. Marriage disputes aren’t going to stop. Financial strains aren’t going to stop. Family conflicts aren’t going to stop. Your skinfolk will not behave like kinfolk. The questioning of your expertise or the veracity of your receipts doesn’t stop. You still will not be given the benefit of the doubt. When the bank tells you NO, you’ll have to learn how to eat rejection with the glee of a child popping skittles into their mouth. And proceed to the next without a loss of enthusiasm and belief.
And summon the will to go collect soda cans if you have to, until you cross paths with someone who recognizes your value. All of us who were not born on 3rd base have to do this. There are no overnight success stories, just stories we learn about overnight.
As entrepreneurs, we are ultimately compensated for what we are able to endure, ignore, and transcend; simply plowing ahead without loss of enthusiasm for the work.
"Work like there is someone working 24-hours a day to take it away from you." - Mark Cuban
PARTING THOUGHTS AND TOUGH LOVE.
THIS IS ABOUT RESULTS, NOT EXCUSES. NOT A DISCUSSION OF RIGHT OR WRONG, BUT CONSEQUENCES.
You have no choice but to invest (you get what you pay for) in an online social presence (with time or currency) or your business will die.
Get your documents in order. If you don’t have an operating agreement, contracting agreement, non-circumvent, and confidentiality agreement in your tool box, along with a host of business resources, stick a fork in your business….it’s over. What are these documents and why are they important? Read this article. And re-introduce yourself to your personal banker TODAY!
Excuses and complaining won’t save you. No one is coming to save you. You either make it your business to show up unannounced, learn what you need to learn, invest where you need to invest, or simply fail. This is entrepreneurship, not flag football. The market doesn't care about your tale of woe.
You are an entrepreneur building in a capitalist economy. Capitalism is competition. And it doesn’t care about your hunger pains, or cries for equity. What if Jesse Owens simply resigned because the cards were stacked against him?
The pandemic exposed the fact that ebony business owners have a fragility problem: fragile savings habits; fragile adherence to basic business principles; fragile employment accounting tools, CRMs, marketing tools, HR tools…..
Too many are too busy trying to siphon money out the cash register without employing basic accounting and tax principles. The result being when opportunities present themselves (Paycheck Protection Program - Small Business Administration), too many are ill equipped to seize the opportunity.
If ebony men and women do not make the decision to invest in African American businesses, nothing is going to change. Remember, Malcolm & Martin, were gunned down when their commentary began to focus on economics.
JuJuan Buford is a Detroit native, entrepreneur, Founder & CEO of JSB Business Solutions Group, business development professional, and writer dedicated to helping families, entrepreneurs, and business owners establish thriving enterprises, achieve financial independence, and build lives of satisfaction.
Take time to understand what your end user or ideal client is interested in; what they're searching for; and reflect on the type of content that would attract their attention. Understanding that people's favorite station is WIIFM (What In It For Me) is a reoccurring theme throughout this training. Inevitably sharing what you want your audience to know about you will waste a lot of time, energy, and currency, if you don't understand what they want to learn.
If you own a hair distribution company, and your products are high end. Ask yourself, where are my high end clients? What type of occupations do they have? Where are they spending their time online, whether it be for the purposes of networking or sifting for opportunities to level up? What are their habits?
For example. Womenpreneurs and women who are higher achievers in corporate america have both the disposable income, and are motivated to brand themselves as successful, well off, sophisticated, etc., etc., They are more inclined to invest in the veneer. I'd find a way to curate content that directly takes aim at this desire. Rather than posting a million hair product pics on Instagram competing with everyone else doing the same thing, especially if you don't have the capital to spend or access to influencers in the beginning stages of your business.
I posted an article that is a good precursor to the remainder of the content that follows regarding how to show up for prospective clients. It is a brief recap of advice shared with a creative entrepreneur looking to gain traction on LinkedIn.
Who is Your LinkedIn Title or Profile Description Serving? Jettison the Idea that LinkedIn is Your Resume. LinkedIn is a Landing Page.
Is your LinkedIn title a vanity project to show off how credentialed you are, or is it worded to let the world know how you may be of service to them. Remember to view your content through the eyes of your ideal customer. Jettison the idea that LinkedIn is your resume. LinkedIn is one of your landing pages.
Remember, you're not interviewing for a job. You're not a W-2. You're looking to attract a buying client, who is motivated to secure your services or products.
Ask yourself, which set of profile descriptions are going to attract the attention of a person who is primed to acquire a service or product from you?
OR
Which Set of LinkedIn Summaries Informs Your Audience About How You Can Be of Service to Them?
OR
What is Your Body of Work? Third Party Credibility Wins on LinkedIn
Content is King. Be the Subject Matter Expert (SME) on LinkedIn.
Start With a Salutation As Opposed to a Presentation
Be a human being that is interested in the people you are marketing to. Be more than an instant sales bot. I've read some really good first approaches, and no doubt some of them work on a macro-level, especially if you have the budget to pay for mass advertising techniques.
It's like paying for 10,000 pieces of mail, knowing only 100 people will lay their eye balls on the contents, to land 1-5 good clients. If you have it in the budget to pay $10,000 to $20,000 to to execute this technique, and your average client results in compensation of approximately $10,000 it can work.
Remember, people ultimately conduct business with those they like, know, and trust. People don't like being spammed. People, don't know you yet, so you better get them to like you right out the gate. And depending if you've curated your title and summary correctly, and outfitted your LinkedIn page with plenty of third party credibility, they may not trust in your ability.
Don't show up like this during an initial connection request.
Try showing up like this instead.
How Do You Lean In, & Ask People to Do Business with You on LinkedIn
Well, first off don't be weird or behave like a bull in a china shop. What do I mean by weird or obnoxious behavior? Read the following article, and peruse the section titled, "A MORE EFFECTIVE PROSPECTING METHOD."
Are you interested in additional insight regarding..........
What verbiage to use when showing up in people's inbox to lean in and ask for the business?
What is the thought process or philosophical mechanization behind these tactics?
Still trying to figure out what success looks like on LinkedIn for you?
Have questions about how many posts, how many connection requests... basically how much time and activity is required?
You want my sales scripts, language, or samples of my wording to set appointments that stick?
What does it look like & how does it sound like when onboarding new clients?
Want more direct assistance or coaching on how to build on LinkedIn absent time consuming, money gulping strategies?
JuJuan Buford is a Detroit native, entrepreneur, Founder & CEO of JSB Business Solutions Group, business development professional, and writer dedicated to helping families, entrepreneurs, and business owners establish thriving enterprises, achieve financial independence, and build lives of satisfaction.
We are excited to introduce you to Nina Payne of Foundation Management, LLC. Nina made the decision to liberate herself from the 60-70 hour work week in corporate america, and chose to climb a different ladder, strategically laying the building blocks from building a business part time, to transitioning to full time entrepreneurship in the highly competitive artist and international event management industry.
Nina shares tips, insights, and wisdom regarding how to build a successful event planning business, and how she's meeting the challenges of pivoting during the pandemic.
In this week's episode of Next Opportunity Social we invite Nina to share the triumphs and challenges, successes and failures, and the passionate commitments that have shaped her entrepreneurial journey. We’ll be uncovering what inspired her and where did she find the courage to launch her business. And given the circumstances associated with the pandemic, how she has pivoted to meet the challenge of entrepreneurship during this period, managing family life, and what advice she shares with fellow entrepreneurs to overcome the pandemic.
Next Opportunity Social is an online webcast that highlights the achievements of entrepreneurs and small business owners throughout the Detroit Metropolitan; providing an avenue for entrepreneurs to promote their businesses; while providing our audience with an opportunity to learn from others who are leveling up.
Top income earning DOers. > Check! Entrepreneurs who EARN A LIVING being entrepreneurs. > Check! Problem Solvers & Top Thinkers, Leveling Up. > Check! Who are Committed to Help Others Do the Same. > Check! Committed to Bringing You ACTIONABLE CONTENT. > Double Check!!!
YOU ARE THE BEST THING ABOUT WHAT WE DO!!
Do you know of other entrepreneurs or business owners you'd like us to interview? Would you like to learn how we can help you promote your business? Interested in resources to help you grow, scale, and protect your venture?
CONTACT US!
JuJuan Buford is a Detroit native, entrepreneur, Founder & CEO of JSB Business Solutions Group, business development professional, and writer dedicated to helping families, entrepreneurs, and business owners establish thriving enterprises, achieve financial independence, and build lives of satisfaction.
As COVID-19 continues to sweep across the United States, claiming lives and the financial solvency of households across the country, the growing comparisons to 2008 are more than appropriate. The combination of soaring unemployment, stock market volatility, the inevitable descent of the GDP, coupled with increasing sense of helplessness is enough to smother even the most ardent optimist.
Some would argue what makes 2020 fundamentally different is that the collapse of the U.S. economy is due to an external factor, as opposed to structural frailties; leading some to posit that when the virus recedes the economy should recover quickly. It's quite a whimsical narrative...if not for the disheartening state of affairs.
In many corners, this overlying narrative is being met with great cynicism. If you were to take a cursory look at those fomenting this thinking, they tend to be the same individuals waxing poetic about flipping the pandemic on its head as an opportunity for self care or a kind of pseudo-vacation allowing for some much needed pampering.
The reality is the pandemic may be more psychologically debilitating than the recession of 2008, because of the inability of those who had scant time or resources to even conceive of a vacation before COVID-19, aren’t able to hustle, acquire side gigs, or pivot as easily due to the physical distancing and the general quarantine being required of citizens. These conditions have served to shine a bright light on the extent that a supposedly robust economy wasn’t serving everyday citizens, but I digress.
Given the aforementioned, should entrepreneurs simply give up, put their heads in the sand, and ride the pandemic out? Reads insane as a type this… Staying put is not what entrepreneurs do, and during these trying times, the nation needs the vigor, restlessness, and fanatical problem solving idiosyncrasies of entrepreneurs more than ever. So what is the most appropriate response?
DOUBLE UP on promoting and marketing your business. The typical response of most small business owners is to pull back, cut all expenses, and hoard as much as their resources in their man and woman caves as possible. And that is what creates the opportunity. At the end of the day we are all competing for the attention and disposable incomes of the public. Turn up the volume while the competition is sleeping. So, how can you ramp up your marketing and business development efforts without coming off as offensive or exploitative? Begin with the end in mind (serving others) by taking the following steps.
1. Find ways to ask or survey your clients and prospects to uncover and understand what their most pressing needs are. And ask yourself, how can I either meet the need directly, or connect them with the resources they desire?
2. Cut your prices and find areas whereas you can add value for free or very, very inexpensively. In other words if you typically charge $200 an hour for your consulting services, you may need to dial it down to $100 an hour.
If you’re in the business of delivering cakes or chocolate covered, berry flowers and decorations, take orders at a steep discount with the promise to deliver once the virus containment measures are relaxed. Send people a picture of their anticipated delivery, or a short 30 second video recorded on your phone thanking them for continuing to patronize you.
Here’s the thing. You’re going to have to start cold calling again. Sending thoughtful, well timed email campaigns again, including individual emails. You’re going to have to spend late nights responding to every social media like, share, and comment again. In other words you’re going to have to take on a greater volume of clients to offset the losses of charging less.
Is it going to hurt? Yes, it’s going to hurt. Do it anyway. Now is the time to sprint!
3. Spend more time sifting for mutually beneficial relationships, specifically with those who are in your industry. This may not be an option for some, but lets take the real estate industry for example. There are some real estate professionals who are much more effective at bird dogging and prospecting than others. They just have a knack for engaging people and uncovering opportunities better than others.
There are some professionals who are better at qualifying, being empathetic and uncovering the needs, wants, and dreams of others. They are able to quickly and thoroughly tickle others’ heart strings, gain trust, and communicate in such a way whereas even the most difficult decisions and solutions feel right as rain.
And then there’s the bean counters. They can quantify the value prop in seconds, and quickly deduce whether a buying or selling decision is profitable or punitive. Oftentimes, these same individuals may be particularly adept at identifying creative or unconventional terms that serve the needs of buyers and sellers.
Very rarely do you find professionals with all three traits. In other words, be aware of where your peers are weak or disadvantaged, and find ways to serve them. Depressed economies tend to depress egos. In other words don't be surprised by the willingness of individuals to entertain affiliate relationships or partnerships, who may have previously blown you off. Remember the goal is to win.
4. Cut expenses, but remember you can’t cut yourself out of a financial hole. At some point you have to find, create, and manufacture new opportunities. You must continue to take on new clients. Or at the very least finds ways to engage and service your already existing clients. And yes again, continue to take on new clients.
Think about your dollars metaphorically like soldiers. Ideally, you want to send your soldiers into the field to secure resources, tools, skills, and return back to base after having captured additional soldiers.
You still have to make smart legal, financial, and marketing decisions. You still have to find ways to market your business even more so. Make cuts and reduce your overhead, but don’t be so draconian about it that you cripple yourself. In other words be willing to embrace the ugly duckling stage of your business (before you could afford the secretary, one thousand dollar suits, twenty dollar lattes, and the $2,000 to $5,000 per month office space), and be creative about finding services that still allow you to function intelligently.
I’m a huge fan and an affiliate of cost effective services like SmallBiz; which helps small business owners to conduct research, acquire clients, become loan ready, protect their intellectual property rights, navigate their estate planning needs, reduce operating expenses, and make better tax, financial, and legal decisions. Click the link to learn more.
5. Take this time to reflect on the things you need to learn or skills you need to acquire. I’m not a social media guru, and I don’t enjoy the best vanity statistics across any platform. However, I regularly take on clients and establish new business relationships on a weekly basis due to my social media presence. And I decided today to learn Pinterest. I'm sure my partner in grow giving and digital marketing strategist, Rachele Wilson, will be happy to hear this news.
If you’re a writer, perhaps it’s time for you to invest in the Well Fed Writer, the Writer's Market, or a grant writing book. Here’s a huge, huge clue. The moment this pandemic subsides there's going to be a significant outpouring of monies in the private and non profit sectors of the economy geared towards entrepreneurship and small business development. There will be no shortage of work for those who can write winning grants, business plans, and proposals.
Money doesn’t disappear. It just changes hands. Get on the right side of the fence, meaning you may have to make a hard, dramatic pivot. If you're business is reliant upon new home purchases, now is the time to focus your attention on residential and commercial refurbishment and cleaning services instead. Mortgages will need to be refinanced. The Cannabis industry. Grief and psychological clinics will thrive. Keep in mind, there are some industries and investment opportunities that are recession proof.
6. Focus squarely on the things you can control, mainly your attitude. The pandemic is going to end, and the goal should not be simply to simply survive, but find ways to thrive during this unfortunate period. And depressed, strained, and stressed minds don’t make good decisions.
Turn off the television and constant social media feeds clamoring about the end of the world. Find a podcast, a book, or social circle that is focusing on the things that can be done to emerge stronger or more fortified than before.
JuJuan Buford is a Detroit native, entrepreneur, Founder & CEO of JSB Business Solutions Group, business development professional, and writer dedicated to helping families, entrepreneurs, and business owners establish thriving enterprises, achieve financial independence, and build lives of satisfaction.
