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The minute anything that's foxnews.com live.
Business our -- -- focusing on small business today as we usually do on Wednesday giving a quick check on the market right now the -- down about sixteen point still no deal.
On the fiscal -- investors are starting to get a little bit nervous.
-- -- always talk about money a little bit though because they say money can't buy happiness but sometimes it really does help so our next guest has some tips.
And or maybe some warnings against some rookie mistakes that people often make with money -- bring Marla to -- and now she's a small business advisor.
Honest with and Skype.
From Naperville on -- Marla -- thanks so much for being -- Talk to me a little bit about what you do and and how you develop these tips.
Absolutely and her and it's a pleasure being here what music content entrepreneurs who are in the growth stage of their business and I yet have been doing it since 2004.
Though I've seen a lot of mistakes a lot of our business that's because of we're planning the end there are types of planning that we -- to be aware -- but financial planning money.
My name is certainly the core to me you know this instance -- at all so I give up.
Arlington when I heard pretty eighties he had and when I hope my clients through the experience when it seemed we have too many instances that it felt -- prevent it.
And -- probably at a very.
But I know you narrow them down to -- top five -- -- go through these little bit and I think there helpful.
-- let's start with number one you say underestimating your needs go through that in detail for us.
-- -- Entrepreneurs knew what Ernst and -- Only trying.
But money CD.
Go in thinking that they'll be able to do this job in eight hours -- -- and with the limited funds that they saved.
But there are always those things to come up that we can't -- prepared for -- we always seem to go in prepare for every possible scenario.
But -- just impossible thing again.
So we always want to make sure that we have the time.
In the money a lot of people -- -- Into their business working another job in the -- real expectations they think that they can work two or three hours a week and launch this phenomenal business.
And it's not always realistic.
Receiving a lot KM in people who are what we call technicians for instance the house cleaner.
Who is making nine dollars an hour and he -- she thinks well if I do this myself.
I -- my own business then I can make a full twenty you're 22 dollars an hour.
And they don't take into account -- the costs of getting that customer and then knowledge base that it takes to get that customer.
And and too many of these distances they need to entrepreneurship going to technicians failed because they don't have enough money saved.
They don't have enough in the bank you're not thinking about eating and how they're going to put food on the table for the next six months or a year or whatever it takes to build this business.
And they don't realize that they need the time they need to trying to market and to clean build confidence and marketing really is going to take more time.
Then for violating the service.
That that you're going to provide -- and customer.
So I understand your needs don't win understating.
It costs out of the clock and the time -- you're going to have to put in his cockpit that.
And that MRI and -- -- their number two also has to do with expectations.
Two large having goals being to -- in and may be unrealistic how do you.
Pretty temper that -- especially when you're starting a business are opposed to dream big that's what they tell us to do.
You are supposed to dream big.
But you're not necessarily supposed to act Beck certainly we want to take risk I mean actually that's -- they're right we're risk takers we believe in ourselves we go after these dreams.
But we also see the bright shiny object.
Should add that we are such facial out of those bright shiny objects and so we might think oh my goodness you know I want it.
She married I have to have the -- computer and I can't they have.
Often stage that people will -- really impressed with.
And that's not true if your sole practitioner for instance like a coach or therapist or even -- chiropractor or dentist.
You don't have to have everything you don't have to have all your equipment needs and all your speech needs.
Right up front.
You can grow into -- -- hitting it really is not so difficult to pull back if you -- your financial planning Diane if you do -- profit loss statement.
And those projections.
And you work with a professional right from the beginning always suggested people -- Didn't -- Hole is a small business specialist he.
Because they'll be able to warn you they'll be able to help -- system where -- spending needs to be current and helped you with that temptation to go out by a lot.
Of the very very very balanced -- -- ahead.
Now we have a comment in from one of our viewers and this is regarding your first point about.
-- underestimating your needs ended his viewers making the point that it's called the rainy day fund it's you know nothing new it's.
The same thing you've heard referred -- many times but most people think.
It will not rain but sometimes it does have the same way we're told that we should -- personally.
You should save with your business as well in case -- don't.
Yeah always always had enough put away two to account for to help with the things that are going to occur that you can't possibly.
-- are going to attract.
How do you balance that with -- investing in your business that's another thing people always tell you to do you reinvest in the business because.
That's how you make it grow so I mean it and -- balance that out.
He can reinvest in the business but.
You need to have a budget -- for -- -- And if you find yourself confusing too much money into your business and it's kind of stepped back Dana take a look at that big picture again.
Take a look at maybe how you could.
-- some of the activities pulled back kind of product launches.
Pull back on some of this service offerings at the end.
And perhaps create a different plan.
And that's all and now -- understanding what the consumer what you're and if you enter your customer wants.
And -- -- -- things they tell my clients stand it is to fail fast.
And fail often people have a tendency to -- I'll be entrepreneurs we want to do everything really big show.
And and that's not always a great plant.
He might want to roll out one small part of your offering at a time.
Can give you a quick example and I went with -- woman who was manufactured -- wanted to manufacture a line of facial.
Claims being created such.
-- -- not -- -- would almost half of the trademarks and the packaging and they do getting to market with clients.
And so we didn't -- hope that -- -- political -- want want want have you products.
One of the -- which you won't find out.
And she went to customers want and see how it goes over and what we need to change and that's what she did and it's hard.
Because it takes a lot longer and we don't want we're chasing vehicle.
We don't wanna waited for the glory but it was worth it in the end.
And then another thing you talk about is packing in the -- obviously the ultimate goal for most companies is not only to make money.
For the founder but for other people that they hope one day we'll work under themselves.
How do you strike a bounce between not taking on too much which is a common mistake with small businesses people think they can do it all themselves.
And they end up costing more money than they saved by -- -- by extending themselves too far.
But then on the other hand you know give -- more employees you have the more important you feel and -- can maybe.
-- -- you get carried away now.
-- right Dianne and as business coach I am always telling entrepreneur you don't like doing that you're not good at doing that you're wasting your time you need someone else to help you do this.
Because getting -- -- -- those those medial tasks to administrative toward the bookkeeping situation not a good a -- or an entrepreneur.
But any conscious thing and we do have to take those things aren't.
And again that goes into that rainy day fund let's save some money to have a formula that it -- -- to help people understand.
We -- first employee needs to be what error -- their job responsibilities.
Need to be at what it's going to cost.
And you calculate got -- three month outweighed put what data amount of salary -- wage and it becomes very very disciplined and about spending the time that they had employee is taking off your plate spending the time.
Marketing in growing your business.
So there has been toward the tough one because it's it's it's a real -- the balancing act.
But it's important not to over higher -- and again work -- -- all this this accountant to do the projections.
Did -- -- you can hire and with your coach -- mentor to see if we if you need to -- next and it -- respond to believe they'll be taking from you know.
All right we'll marlin for -- atomic cannon and a time to go through the -- been edited for.
I know is buying -- a number five is failing to mark the exits but luckily.
Everybody can find out more at Marla to bop A dot com that's much about -- -- small business advisor and -- thanks so much for taking the time of the -- on.
Never -- take a quick break we come back we'll have some more small business stories and after the small business for use small business stories Gloria.
Right after the break and I'm in -- to talk wildly kidnapped.
I every when I'm Diana -- a welcome back to foxnews.com lives business hour I'm in for Lawrence in an -- and it's Wednesday.
-- focusing on small business today the Dow is currently down.
About five points but my next guest found a pretty cheery substance to focus personal business son that was her love for champagne were bringing in.
With friends hit a founder of Henry reserve dot com.
And -- set.
How did you develop this focus and then turn it into a small business -- I had been a spirits business and I have the luck to spend a lot of time in Champaign.
And I discovered there were good millions of small -- -- champagne houses.
And I then saw them on all these great line rules and knowing can get him so I said now's the chance to -- -- -- So -- especially to because you know beer wine -- the kind of thing we're after bad days sometimes you trinket.
Champagne is almost exclusively for celebrating it really reminds you of being -- -- instead of a good mood.
But how did you get into sort of -- -- -- you know how are they different.
From the brands that we know and then how do you go about finding them collecting them in the distributing them to comment that's for sure well the -- this.
This has been built basically on about five -- -- 90% of the market but if you elect to get a champagne you'll discover there thousands of small champagne -- -- So I found them through travels.
And what and the way they're different is really a three way it's their small so if -- have makes a million cases a year they make 5000 maybe 101000.
And -- really reflect what they called a terror why don't the land in this state their ground on suggested that you went to Napa I knew it is small little.
Al the way vineyard can't land this would be our small little way out of a little -- champagne houses.
And you know they have families behind them they have wine makers have been doing it for years they're willing to.
Invest in the -- -- all sorts of stuff so it's like just like an -- -- -- bread and -- -- little -- right.
It's fabulous and small and special so what kind of price points and he'd get from brands like this that are -- -- -- usually that translates to more expensive yeah well actually we start as some of our champagne served -- slowest 45 dollars.
And then I can spend as much as you watch.
That we can do -- -- and -- what what -- some of the challenges that you face and you're trying to get this off the ground in the and they still face that man I'm.
And the challenges were were sort of pulling the right team together -- I have an MBA so I knew how to do the business plan.
But it was having the right team to tell me you know three months and the business plans to lay off.
Like any new business and -- business plan is good for about three months and -- is having -- right people there to advise me.
Give me expertise where I didn't have it.
And the biggest challenge is just knowing what's right answer where to spend your money.
And sometimes some of the tips that you offered to other people who are now trying to get their own business is off the ground and sort of are where you started yeah.
I think there're couple things one you have to have a good product.
Our product is great because it's unique it's different it's -- we offer.
Everything from fabulous gifts to experiences of -- has ever seen half -- -- something the consumer can't get elsewhere.
And you know that could be an industrial product whenever it is you have to have in each.
And then I would say you have to have the right advisors.
You can't have all the answers and you have to be willing to -- I don't know the answer.
And you have to be -- then take other people's advice so and then -- -- -- So another thing I'd say it's keep it -- I I think the comments earlier spot I mean you know start small be willing to be scrappy.
Don't go big fast and validate your -- -- -- and we're -- it works and what wasn't -- district realize as you're going like you said your business plan you choose.
Only good for about three months is that sort of process that.
You start off with a plan -- any kind of have to adjust the whole way through what what was that like in India any tips to offer in sort of that realm.
Yeah I think the biggest -- -- CV analysts say okay.
This isn't working.
Because sometimes you just think I'll keep trying to keep trying -- -- -- I think you really have to call a -- a -- When it's that time I think.
The other thing is you have to be willing to save my initial idea needs some tweaking from.
We learned a lot about that and that our consumer needed help in picking and so we've developed services to help them -- -- that -- tasting kits.
He really have to get into your buyer and what they need and insights in that will evolve with time.
And when it comes to champagne I'm with the -- there's such a huge variety out there and it's in can be really intimidating to people who.
Don't know a lot about -- aren't big wine drinkers just heard and getting in there and get involved particularly when you go to wine -- class neighborhoods are.
This is like leather that ended in Africa.
-- don't like how do you sort of coax people into the champagne world and get them adding things to get them to feel comfortable.
Giving -- yet what we do it in a very approachable way many and the wind sites that you see -- basically catalogs and they focus on as you said.
Peter what ever noted had I mean you know I -- -- -- However -- -- inside out and no idea what I was -- yes the first thing to do is we -- tasting kit that enabled you tried three different -- styles.
And we've selected them for you and the other thing we do this week.
Give people we don't overwhelm them with information we give them a few -- to say this is good.
This is how you parent is like you know it's sold at the French laundry on their why must you know it's game.
It you know it goes great with salmon.
You know it gives you -- little few tips to get in there we also have a concierge service where people can call -- and guide them to the right solution.
So our site is all about approachable education.
And helping people and her through.
Through our products beautiful thing when it comes -- champagne so it's.
-- reserve that eight that's HE NR IS and reserve and dot com and -- thanks so much for being here over eight Q cheers and it develops.
I told the business that's great we -- All the best to you thanks so much thank you.
We're gonna take another quick break when we get back we'll be talking to -- New founder of a -- hotel -- -- well.
Hi everyone welcome back to foxnews.com live I'm Diane -- and I'm so excited to welcome our next guest is an -- to work with us here.
-- -- well and Victor Abby well you.
And now they're not just on because they miss them in because I.
I congratulate Dina and her pregnancy but -- -- you left box and started a donkey resort and -- actually do fantastic except we want to bring it here and in my.
You know you share -- is there's so many people that we keep saying yeah.
How does that happen in addition to celebrate the lead with a comfortable lead to -- and do something like that so you know I started to survive to the process of that how you -- From here to there has not yet it was a huge risk it was.
Kind of been seen leaving a place like this Fox News it's -- great it was my home -- -- Seven years almost -- But my husband had this dream since -- is like thirteen years old -- going to actual logistics of getting to the opening that was.
A three year process on its own but yet he he.
We love animals we love our dogs so much we want it's make a place that we would send our own -- you.
We do boarding your -- daycare.
And we just have a little -- -- also training so.
-- -- once once the process got really rolling and I saw how much work it was Canadian ice here at fox sitting at my desk was sworn in that my husband's.
-- when these long days trying to get everything going.
We just made that crazy decision for me to leave my salary and my benefits that wouldn't do this together so.
Here we are through it for -- yes that's a month later.
And -- did this go from just being you know this sort of idea only so many people have to actually making it a concrete business like you did.
-- we I had like -- and I had the existence as a kid but.
Mean -- no way we got engaged -- -- got this little puppy called Madison and talk a little dog in.
You know she's our life is there a little for child -- set -- This area -- -- if she.
Literally was my inspiration she got me re thinking about everything in -- today we got right sort of looking for buildings doing the business plan.
Doing all -- he's behind the scenes and you know -- got me over that -- she was my little dog you've played colonial and that they gave me the push so you open it may have things.
Things have been great it's you know it's it's it's a fun business to be and you never have enough said today it he always leave the building smiling and you know it's it's crazy see all these dogs and they're playing impacts and this parents are so happy even as they get this really hyper dog and then we -- an -- doing it it's just say it's a great day today.
It cuts like an owner who works full time on the same schedule what their -- which is usually the -- home all day long as far as danger goes at least.
The owner's home all day long but the -- -- all -- -- excuse me and the owner got home from work and the dogs so excited to -- the -- and they want you know so much attention and in.
Now that they get home at the same time essentially and they do their dinner in their -- time together and the owners are thrilled because their like.
-- Oh yeah ten and I didn't yeah they're sort of like on the same like it had a busy day today -- so let's just on the counter.
It wasn't like you know changing careers drastically.
Yeah business -- pretty much nothing to do with the other you know what was that like and what were some of the other challenges that you guys -- here.
Well today's my first day back in this building since he left like a little overcome with the notion his.
This is such a huge part of my life and it was this was my dream job was to work here Fox News so.
The decision to leave was insane and it was so hard but I actually.
-- the adjustment of going from.
To business owner was fairly easy because of these animals they just make you so happy and it is something that you.
Yes I mean yeah it's it's funny it's like you know over targeted dogs -- all day long we don't talk to really people anymore besides -- have a but it did it ever be go figures the person that likes being a president.
But they didn't need so much care and it's it's it's a huge responsibility having 3040 dogs in your care we have great.
Didn't the main goal is for all these jobs to leave our -- see if not harmed and happy so I'm so focused on that every single day that I kind of forgot that it gave -- the great career.
I didn't that I that I'm thrilled that I had -- -- I think everyone -- -- talking with our guest earlier about when you look at staffing and payroll issues.
Trying to find that balance between having enough staff so that you're not -- many users.
You know spreading yourself too thin but also not having so many people that.
You're overpaying so how did you guys figure that had a -- that's.
I'd say you know let's the ongoing battle with with the new business -- -- in the what's coming in going out but being it.
A facility that takes care of animals we can't be understaffed -- You know if if my payrolls a little heavy that month that is what it is because those dogs -- being taken care became only the dog and intended.
It just doesn't work like that so you know for me.
I always have one extra person just in case just in case of -- S -- go to the bathroom or so I have to cut overstaffed so.
That question here is a great question but ditches for my business I always have them your neck out there.
-- just -- -- -- you have argue well you know we're talking about it financially you know you have to have sort of a rainy day fund in case it rains and it sounds like you're getting that.
That's a funny thing -- that -- you have to.
The plan for emergencies.
What do they say that rainy days are probably one of our busiest days.
You guys put on attended dog down the main animal letting them come inside Atlantic out so that.
And I did -- -- -- yeah.
Engine to find someone who wants to go.
In the middle of the rain locked it down to me how do you find great people that not only want to do this job they -- -- to do we've gone through our -- and you we've gone through.
A few people that.
Don't realize that it's just.
When we're gonna hit -- exactly like that it is hard work here monitoring.
Animals that are unpredictable.
And that when they're home alone in their environment they could be a completely different -- them when they're in a pack setting to show that they -- with.
Not protecting their -- for yeah.
-- so we've we've gone through some people that.
Realized oh wait we're not just playing with -- keep your -- all day long where we've got you know people ask me if they got it exactly.
So we've sort of been -- those people out fairly early on and we've we've.
Gotten it down to a course staff of true animal lovers and that tax that is there -- -- as the.
Yeah he's out there we we say that the requirements.
-- must be certified to attack.
Or somebody that volunteered.
An animal shelter not somebody that just had a dog growing up somebody.
Everybody specifically money that's -- innocent people realize I was isn't just.
I indicated that we that we learned that in the beginning that we needed to narrow things certify that tax dog trainers who are somebody that takes it the initiative to go to.
And more yeah yeah just I think dogs -- -- The we got a chat that I think as we tend to -- you guys in -- at this and says I respect people.
The pain creeps out for themselves like -- have done a lot of things doing other than.
The resort is the Madison dot resource the web site is the Madison dot resort dot com -- and -- so don't -- -- -- you.
And it's and it's the best and so I think here that I hit it big.
-- -- next week for any day now.
All for joining us today that's all we have for -- at the -- he's dot com live business hour.
At a heavy winds and.
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