A good time to try your own business

March 31, 2007

 
Fear of failure and subsequent unemployment is the main reason people don’t try to start their own business. But with the unemployment rate so low these days, it’s pretty easy for people to find jobs, so now might be a good time to take your shot.
I got an e-mail from a friend up North who was seeking advice from just about everyone he knows. Between jobs right now, he is trying to figure out a way to make a living out of the fact that health care costs are out of control, the education system leaves a lot to be desired, and everyone is living with too much stress in their lives.
I told him that I don’t see a revenue stream there. He has a lot of interest in those fields, but no real expertise. There are lots of people with PhD’s offering those consulting services, so why would anyone hire him?
A better course of action, I suggested, was to get a job. He is a super-salesman, and good salesmen are worth their weight in gold (even at age 60).
“I appreciate the advice,” he answered, “and everyone is telling me the same thing.” But, he pointed out, “the advice from those hundreds of PhD’s has failed to fix anything.” He believes that he can contribute to a solution because he sees the three problems as being interrelated, while the professional consultants concentrate only in their fields of expertise.
“If I can’t make this work, then back to sales it is!” he wrote, “and I am not uncomfortable with that prospect.” But he wants to try his dream. “I don’t want to think back and wish I had tried, and wonder what would have happened if I did!”
Live your dream, or make a living? Few people love their jobs. They work to earn money so they can afford to have fun. That’s why you “go to work.” You don’t get up in the morning and “go to fun.”
So in a way I’m happy that my friend is giving this a try. But I’m also pretty sure he’s going to be frustrated, because he doesn’t see a clear path to generate income, and you need that vision to be successful.
In going to the networking events of so many organizations, I am constantly delighted and amazed at how people create businesses to fill every little need. It demonstrates the strength of our entrepreneurial economic system. Find a niche and make a buck. It doesn’t have to be big or fancy or complicated.
Of course, you do need to be a good salesman to succeed in business. You have to be a people person. There are so many people at the networking groups who really could use a personality transplant. They don’t leave an impression, not even a bad one. It would be hard for those people to succeed on their own. But you’re not one of those, are you?
Many people already have a business of their dreams. “One of these days,” they say, but it never happens. Most networking groups have members who are business/life coaches, and maybe you should interview several and find someone with whom you are comfortable. Their business is to help you focus on your dream and find a way to live it. They help you get rid of the clutter and overcome the inertia of daily living so you have the time and energy to try something new.
If you don’t have that dream job in your head, if you’re just looking for a way to go out on your own, try asking this of everyone you know: “What product or service would you absolutely buy right now if it was available?” Business ideas will flow from that.
My answer is that I want a nav system for my cell phone that will help me find my car in a parking lot, or when I have to park at a meter in Coral Gables. I always forget where I park! Yes, I know they have nav systems for cell phones, but I think they are accurate only to a few hundred feet, and that’s not good enough.
Actually, what I REALLY want is a button on my keychain that would start my car and have it drive itself over to pick me up. But I doubt that will be available this year.
Next, I want someone to take all the junk in my house and sell it on E-Bay and take a commission, because I don’t have time or patience. I hear there are people who do this, but I haven’t met one.
I always wanted to start a business where I would write your obituary. Just fill out a form, and I will draw on my many years of experience as a reporter to make it sound professional.
Many obits are inaccurate because the family is asked to provide information at the worst possible time, while they are under great stress. For many people, the obit is the only time in their life their name appears in a newspaper, and what a shame to have it inaccurate!
So I would let you look at your obit to make sure it’s correct. Then I’d put it on a CD along with your favorite photo, and you can keep in the safe deposit box. When you die, your family just gives this to the newspaper. You can die happy, knowing your obituary will be accurate!
You laugh. But newspapers actually do have obits on file for well-known people, pre-written and ready to go, missing only the subject’s age and the place and cause of death. That was one of my early jobs as a young reporter, to interview people for their obituaries. I was horrified at the assignment, but the editor assured me that people love it when a newspaper thinks they are important enough to provide this service. He was right! But it was weird, calling secretaries and leaving messages: “Hi. Please have Mr. Smith return my call. I am writing his obituary.”
Another business idea is to do a professional interview with couples on their 25th anniversary (or another milestone) and videotape it, and give copies to their children. How did they meet, what was the first date like, what was their first impression of each other, etc. About great vacations, and interesting mishaps, and the birth of the children. What’s the true story about Aunt Martha? Would you buy this service as an anniversary present for your parents? Sure you would.
But I will never get to either of these, so feel free to steal the ideas.
Use your imagination. Talk to your friends. Maybe you can find a business that you love! It seems like this is a great time to give it a try.

Networking in the First Class cabin
March 15, 2007

At a recent Trustee Council luncheon at the Coral Gables Chamber of Commerce, from left, George Feliciano of Bay Plumbing, Julian Campolo of Alhambra Investment Management and John Knowles of Photo Offset

If you can join the Coral Gables Chamber of Commerce for $450, why would you pay five times that much to be a trustee?
In some organizations, there does not seem much difference in being a trustee, except, perhaps, extra recognition. In the Coral Gables Chamber, though, there are special events for trustee members, and it very has the feel of networking in the first-class cabin.
Successful networking is not just about meeting new people. It’s about meeting people in decision-making jobs who can give you business. So if you assume that people who pay $2,490 for membership are more likely than people who pay $450 to be in those kind of jobs, the Trustee Council at the Coral Gables chamber appears to provide a more targeted audience for your networking efforts.
A large percentage of Coral Gables Chamber members believe that — 175 of the 850 member companies have chosen the $2,490 annual trustee dues over the $450 business membership or $950 corporate membership. Since each trustee company can appoint up to five representatives to participate in trustee events, there are 850 trustee members, which actually is more than half of the chamber’s total membership of 1,600.
John Knowles, president of Photo Offset, is presently the chairman of the Council of Trustees and is a great salesman for the program. Knowles upgraded to the trustee level three years ago, and says it has so improved his business that the extra dues he pays are insignificant.
Knowles and his wife, Anne, live in Coral Gables and their commercial printing and graphics company has been in business for 53 years.
“We have been involved in many community and charitable organizations over the years and we know the importance of being engaged in civic and charitable activities,” he said. “We also know the importance to our business of building long-term relationships with business leaders in our community. We chose to get involved in our home town community by joining the Coral Gables Chamber of Commerce.”
Photo Offset originally joined as a corporate member, Knowles says, and “although I was meeting many very nice people, I was not converting these relationships into business.” He said a friend suggested he elevate to the trustee level.
“I made the investment, and the first month I was a trustee I received an $8,000 print order. The list of trustee members is like the Who’s Who of Coral Gables business, and my membership provides me with the opportunity to interrelate with the leaders of these companies on a regular basis.”
Knowles says, “I enjoy reflecting from time to time with friends as to how insignificant that upgrade to trustee was in comparison to the substantial growth in my business directly related to my trustee membership. The doors have been opened to many opportunities that I feel would not have been there without the association with my fellow trustees.”
Investment advisor Julian Campolo of Alhambra Investment Management upgraded to the trustee level a few months ago, but has yet to find a new customer. However, he has great expectations.
Campolo joined the Chamber last October at the business level, and was invited to attend a few trustee events.
“They dangled the carrot,” he said, “and I was completely hooked.” More than anything else, he said, “the intimacy and warmth that radiated from the group sold me, as was their commitment to getting to know new members. Every time I bumped into someone, they asked me who I was, what I did, what kind of clients I was looking for, my personal background, the works.”
While Campolo has not gotten new business from his trustee membership as yet, he says this is expected because “in the investment advisory business, the sales cycle is 12-15 months.” Based on his feeling about the Trustee Council, he thinks the extra expense “will arguably be some of the best marketing dollars I’ve ever spent.”
Knowles says that the Trustee Council has two exclusive events each month, a luncheon with a speaker ($40) and a reception (free) hosted by a trustee member. “The host invites all trustee and board members to visit their place of business. This is a wonderful opportunity for members to show off their facilities and staff while enjoying quality networking in a cocktail party atmosphere.”
Knowles said that trustees also receive special website recognition, “which includes having their picture or logo displayed, a direct link to their website, a direct link to their e-mail, a 75-word company biography, the names and titles of their five representatives, and a direct link to the trustee directory.” Trustees are also offered the use of the Chamber membership mailing list, along with special sponsorship opportunities.
“In addition,” said Knowles, “trustee members have the advantage of an elite group of Trustee Ambassadors, who are volunteers whose goal is to help provide total satisfaction in their trustee memberships.”
Knowles says that he and his wife have found a new social life in their trustee membership, as well: “The most important benefit of trustee membership is our ability to socialize and network with the leaders of our community,” he says. “The Chamber has become a part of our lives and our trustee membership provides us the ideal opportunity to be active in our community and, at the same time, develop strong business and social relationships.”
You can reach Knowles at john@photooffset.com, and Campolo at jcampolo@alhambrapartners.com.
For more information about trustee membership, go to the Chamber website at www.coralgableschamber.org or call the sales director, Georgina Exposito, at 305-446-1657 or email at gexposito@coralgableschamber.org.

Finding honest vendors is a networking benefit
February 7, 2007
We always talk about the value of business networking groups in terms of getting new business, but there are other benefits as well. One benefit not often discussed is that you find vendors who are reliable, who offer exceptional service and may even give you a discount.
This is a two-edged sword. On the one hand, we all want people standing up at meetings and saying: “I did business with Ed, and he did a great job for me!” That leads to more business, so we try hard to do well for others in the group.
On the other hand, we don’t want people standing up and saying (or even whispering): “Ed, over there, really messed up the job he did for me,” or, worse, “I did business with Ed, and he cheated me!” Once that happens, you might as well just quit going to the meetings, because your chances of getting business drop close to zero. So we all try hard to take good care of our networking friends, and build a great reputation.
So here are two stories for you.

Sergio Pinto saved the day!

We do on-line banking with BankAtlantic. Something new for us, after a lifetime of writing checks.
My wife had a telephone discussion with a bank customer service representative over how to stop payment on a check if necessary. That turned into a misunderstanding where the bank mistakenly actually stopped payment on a check.
This was not just any check – it was the premium to renew the homeowner’s insurance. By the time Barbara discovered the error, the premium was a week overdue, and she was sure the insurance company would cancel the policy.
She spent an hour on the phone, trying to get BankAtlantic to reverse the error. There was one comic exchange where someone told her she had to fax a signed document to reverse the mistake. “But you managed to stop payment without a signed document!” she said.
I was at a meeting while all this was going on. I got an earful when I walked through the door at 10 p.m.
“Relax,” I said. “I’ll take care of it!”
I sent an e-mail to Sergio Pinto, manager of the BankAtlantic branch in Palmetto Bay. “Help!!” And another e-mail to Phil Lyons of InSource, Inc., my insurance agent and chairman this year of Chamber South: “Don’t let them cancel the policy!”
First thing the next morning, Sergio cut a new check and hand-delivered it to Phil. Problem solved, all because of relationships developed through networking. Thanks, guys! I’m a hero! (Well, Sergio is the hero…)

This is Jo Carpio, left, and Jigo Cuison of Miami Airport Fast Park. If you see them at a meeting, ask them “Why did you cheat Ed?” Ask loudly, so everybody hears, then tell me what they say.

The second story involves Miami Airport Fast Park. They retained me to do some public relations work for them. We had a written agreement. I did the work, and they tried to get out of paying. They offered 25% of the agreed-on price, which I turned down. They expected a further service that I did not agree to provide, which was not in the written agreement.
This is a very rare occurrence within the networking groups, for the reasons that I stated above.
As small business people, most of the deals we make are relatively small in terms of dollars, and it’s not worth the cost of hiring a lawyer and the time and emotional involvement to sue. All we have to protect ourselves is the word-of-mouth within the networking organizations.
So you do not see the Miami Airport Fast Park people at the networking meetings anymore. They know, if I see them, I will walk over to their table and say: “Hello, everybody. These people cheated me, and if you are thinking of doing business with them, get cash up front. Don’t trust a handshake, and even a written agreement isn’t enough. Have a nice day.”
If you happen to see them at a meeting, say: “I hear Ed is coming,” and they probably will slither away.
That’s the penalty for cheating someone within a networking group. All of you have that power, and it’s a weapon you should not be afraid to use. Don’t be shy about speaking up. It’s in everyone’s best interest if we are honest about our dealings with others.