Entrepreneurs! OK So You Want To Go For It!! The Big Payday!#entrepreneurs#businessadvice#growingmybusiness#goingforit#bigidea

So You Want To Be a Rock n Roll Star?

In my last post, I gave you my reasons for not going for the Big Payday! I mean everything is relative for sure, but I am talking about really going for it. Well this post is for those out there that have "The Big Idea", and want to go for the huge payday that accompanies substantially growing your business.

How do you get there? Well it really isn't rocket science to tell you the truth. It just means you have to embrace change, which is easier said than done, especially if you are the founder/sole owner/visionary, like so many entrepreneurs are. Here is how you get to say!! Show me The Money!!

Here are some of the steps you must go through to get you to that next level.

- Due Diligence

So you might be at a plateau, but you know in your heart that this could be or should be a mass market product or service. You must take the business and compartmentalize every aspect. What you're doing. How you're doing it. Where is your "real break even" point. What is your expected sales goal. What is your projected gross margin. Where is there going to be measurable increases in your overhead. I could go on and on, but you get the idea.  If you don't here is a hint. GO BACK TO MY LAST POST!!

Not to self promote here but when you're going to do this. You really should hire an outside consultant or firm. You are going to need another set of eyeballs trust me.

- Set Up An Advisory Board/or A Board of Director's 

This is crucial! If you don't have one already(which you should have), search for Entrepreneurs & CEO's with relevant business experience. It doesn't have to be in your field, they should be in businesses that are where you want to go, financially I mean. The Board is an essential piece of this puzzle and you will see why as this article goes along. They are your backbone. Also, I am going to give you a great golden nugget here. When seeking out professionals to join your board, one of the best resources is Retired Entrepreneurs or CEO's, or even semi-retired. Why? Well number 1, they have more time to focus on your business and #2, they've most likely seen it all! Now I am not saying the whole board should be made up of these people, but 1 or 2 would be a huge bonus! Believe me, if you take 1 thing out of this, that is the thing you should definitely remember.

- Write Your Business Plan/Format A Detailed Power Point Presentation

This is another essential piece of the puzzle. You must have a very detailed plan, along with a little introduction and background of how you got to where you are now. Make it as moving and strong as possible. You must show or present you and your business as Innovator's, Motivator's and positioned perfectly to make the leap! Make sure you detail that you have the capacity to grow, or a plan in place that will ensure there are no bumps in the road with regard to your increased demand and supply chain. You must answer the How & the Why. You must have in your presentation, when do the investor's or firm get their money and how. The plan should be based on your previous due diligence, along with some finer points. Make it as detailed as humanly possible. Be very specific about your goal and how much money you will need to attain it. Never short change yourself, most businesses do not really know how much money this is really going to take. Don't be one of them, investor's want to see exactly what you need. The last thing you want is to fall short and six months from now, you'll be trying to raise more capital! Raising money takes you away from what you're really supposed to be focused on, and that is growing your business. Show that you are a first mover, but be very candid and open with all of your information. Do not leave anything out! You must be extremely thorough. The last thing investor's want is to be surprised! That will spell death.

- Have A Top Flight Management Team In Place

Make sure you have a detailed description of all of your upper management teams qualifications. If you have just one weak link in there, you are going to fail. Now is the time to step back and review, who is doing what and, if they are weak in any area they are responsible for, now is the time to replace them. This is extremely hard sometimes, because it could be a person who has been with you from the very beginning. You can't let that cloud your decision making. They all better have the right skill sets to ensure you get to the next level. 

- Become A One Trick Pony!

That's right. Now this will be hard, because most entrepreneurs, as I wrote in my last post, are multi-tasker's. Now is not the time to be everything to everybody. Show that you are focused on the one thing YOU do best! If you don't you will fail. That's why a strong management team is essential! Investor's will look at you and want to assess this. If you're the guy that does everything, that means there investment is only predicated on you and not your business! The business is what you want them to invest in, not you! Obviously they have to believe in what you are doing, but don't come across as the be all and end all. You want to come across as the leader, that has learned to delegate.

This will make you and your management team look even better.

- Be Prepared To Give Up More Than You Think

The number 1 problem I have seen over and over again is this. Entrepreneurs almost always want their cake and eat it too! Well you are in the real world now buster, you must give up something in order to achieve your ultimate goal. Be flexible. Dilution of stock is a major struggling point when trying to raise capital for explosive growth, why? Wouldn't you rather own 20% of a $150 million company than 100% of a $12 million company? If you answer no, then go to my last post.

The point is, you are looking to supersize. In order to do that you may have to give up a little more than you think. Don't be afraid to do this, there are ways to relinquish stock and still maintain a decent level of control. That's for another day, but if you want to play with the big boys, you must act and think like them. Now I'm not saying be foolish, just be prepared to be somewhat flexible. In the end you will have realized your dreams.  Its a BIG dream, but it is very attainable if you are willing to do what I have detailed above.

- So in closing, JUST GO FOR IT! 

 

I wish you the best of luck in your future plans!

Thanks for reading, I hope you found this article informative, helpful and enjoyable.

One more thing;

On the right hand column there are a few new things I strongly suggest you take a look at. The 2 books are fantastic reads for everyone that's in business.

Me being a coffee lover, the Coffee k-cups are absolutely the best I have had. Now I am a french press guy, but you can't deny the convenience and variety that the Keurig machine and k-cups gives you. So please check those out as well. You won't be disappointed!

Thanks again for following, I really do appreciate it, and as always; if you need business advice, consulting or marketing services, social media, website optimization feel free to contact me!

Look me up on Linkedin, or contact me directly at jleary60@hotmail.com or jleary8184@gmail.com

Just make sure the Description reads Consulting Services! Have a great 2015!!

-