Small Business Center 1/9/2013
Staying profitable in a struggling economy, clever solution to common problem and surviving the shark tank effect
- Duration 25:48
- Date Jan 9, 2013
Staying profitable in a struggling economy, clever solution to common problem and surviving the shark tank effect
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Everybody happy small business Wednesday.
During the next half hour we're gonna talk to some small businesses with big ideas and some of them making pretty big profit some -- and in -- thank you for joining us but it is CES week and we have a very answer Bonnie just.
Joshi in the middle of that nearly two million square -- Flow are playing with cameras I think it is in front of the Samsung -- worries funny.
Hi an airline yeah I am in the sand send this -- there's so much to play with here lots of gadgets send.
Gizmos here -- techno file like myself and like a lot of our viewers are there's so much Avis is on the hottest this is CES they've got.
They sat four K ultra HD television sat there wrapped up frank 85 inches they've got laptops they got it got an answer about everything.
I wanted to show you a couple really -- just staying out products that I don't think you may have seen before.
Like digital cameras you know ever -- thinks that maybe your iPhone is sufficient to get you to picture -- and that things that you love taking.
Photos and videos out.
But digital cameras are not -- they're just becoming more like Smartphones and this is what does Samsung -- south of focusing on this is a Samsung galaxy camera you had a -- the galaxy note -- you -- the galaxy -- Smartphone and now you have -- camera and -- this is a first generation of forgy connected android.
Camera so in the end it very much the same way you interact with your Smartphone you can interact with -- camera it's got an amazing touch screen you can take.
Photos and then load them opting instead granting them with -- click.
The interface android as I mentioned and it feels very much like a Smart phone but you've got amazing camera capabilities here -- -- -- -- low video you can that zoomed 21 that time super along zoom.
You kind of get the best of both worlds here and I think this is something that we'll see a lot more avenues and -- a big photo taker on your on your phone.
I just got and I thought I had enough you know that's tonight at late breaking news -- didn't breaking news yet I know little minds but nonetheless yes I'm taking a lot of pictures lately.
-- -- -- and it but but that thing is it doesn't work like I -- -- so what.
Instead of trying to compete against the Smartphones as Samsung is trying to make their cameras are a lot -- -- -- like Smartphones which I think is Smart for lack of that and that no pun intended here.
I'm talking about Catholics because tablets continue to be really hot category Smartphones.
-- -- HD television -- This is a galaxy note ten now this is -- ten and a half inch tablet.
Pretty sleek looking in pretty sort of immediate few well it doesn't feel like it's got a nice silvery sort of coating around it and and nice sleek interface.
Really great -- -- now multitasking you can use that ten.
I stylist I'll -- you what you need to do a lot of people want that aspect that's something that.
Us that -- and -- brings to the table that a lot of other competitors don't have -- this -- It also is available on Verizon Wireless soon.
You can do two things at the same time and I think that's probably the biggest selling point here for a lot of people who are like.
I wanna check my email Allen and maybe anecdote and loads of music -- look at my photos are I -- -- surf the web.
You can do a lot of things at once and I think that's a really big appealed -- -- we don't on the price sagged.
But it is coming out on Verizon soon and this is one of the products that that Samsung is is generating some buzz around this here at CES two -- yep both those products seem really interesting to me and I'm so in.
-- I have a price on that's happened and I think it.
Yeah yeah any answer that financing that's LaSalle in the sand sun does really well is that high you don't have to be super techie and and super like want need it has a really nice easy easy -- -- user interface.
Happening gives you really grades.
Design and really -- -- interactivity it's easy and that's a whole point I think that's -- makes -- really good consumer product.
It's easy to use -- -- it.
Brilliance in the way that it's it's made -- -- that tablet -- this silence are you able to write and email using the ten.
You can you hit the keys I know I think should be able CEO yeah should be able to you guys I I in I don't know for certain night I am I and then bargains you're playing with hundreds PS products like completely dad have a accent that's sort of like basic -- that's that's what the stylus usually does but -- it's far.
-- -- -- -- -- -- -- -- -- That last year they had a really agree display of artists that word they like doing -- Kind of like paintings digital paintings using the -- to show you how how precise it is it it can be -- tool in the same way.
You know use your keyboard and you and use other your finger at me it's a tool and that's same way and what do you have coming up on the Fox Business Network later today -- -- -- -- -- sixties we're -- me where are going to be interviewing and that -- -- packing -- ahead out of the Samsung mobile -- to be talking about the company's focus on.
You know it's a huge player -- really into race horse in the mobile field it's apple and -- Samsung.
And we're going to be talking to the guy who runs that division I -- about twenty minutes on the this is our.
All right thank you so much to -- are -- very day there at CES.
Am -- -- -- -- right now on we have isn't anyone listening writing and Samsung this is using apple technology.
At a cheaper price but we don't know the price points just yet.
But Sampson is definitely.
A big competitor in the Smartphone and Smart TV and everything else technology space these days is also reports swirling today.
That apple to try to gain market share and Samsung might actually launch -- cheaper.
I found very interesting big -- 323 years saying how blind you have to be to get a sixty.
In its TV.
-- some people might think TV's -- You don't have any.
Irate and I if you want more information from CES all the gadgets and -- trying sent updates.
Head to our CES page it's foxnews.com.
Slash C he acts.
-- come back -- lines in -- -- -- some businesses small businesses especially have learned to make money even in the struggling economy and we're talking to one of those small business women now Pam Washington.
The founder of -- one janitorial services but a slew of other companies during your career as well which we will get into.
Joining us via Skype from Las Vegas Cape -- good morning.
We're eager to -- so it's clinically years of experience being an entrepreneur -- or as you like to say -- solo for nor a new word.
Six different start -- that where you begin.
Well I'll mental.
I you know you we're talking about he -- that I hear a lot Vegas and I guess I -- -- wanna talk about.
Anyone down -- total circuit -- because we're actually see up today oh while American Express has opened a new lounge there for the American expect.
And so they have allowed there until -- -- -- -- services.
So anyone janitorial services is actually celebrating twenty years this year so.
That's kind of might start baby.
And because that didn't -- successful.
About a year and a half ago I started an additional company.
-- -- cleaning business which is the coaching and consulting.
Business where I help people who have how are actually already started.
Seeing differences but maybe aren't having the kind of success that they like and I'm sharing similar things that I learned over the last forty years it's been a lot of.
Yes sounds like it and where you are in Las Vegas you obviously have hotels and casinos as some -- -- key clients I would imagine.
-- -- so much anymore.
A lot of beleaguered outreach.
As far as small business group women owned businesses -- minority owned business there.
I find my -- she is more a mid range kind of a business I can do better -- people who are really looking.
For the super high quality.
Sometimes publicly traded companies have a little bit more pressure.
You know with regard to earnings per share so sometimes they're a little bit more price sensitive I attempted to have -- finance.
-- people who want the absolutely highest quality.
And also we noticed over the years that we have to be sort of flexible.
People need to change as the market change.
Like for a while I think it was -- on me it.
Now people -- actually they like green as part of sustainability.
Mom so as the market sort of changes you have to be willing and able to change.
With it -- that's a good point green was everywhere still is but it really got Adolor while it got so you basically telling -- they are expensive senior services are not.
I would we're we are generally not the lowest -- -- in counsel for people who are looking for the low bit.
And try to reason for that is because my company is really more -- We have combination.
That clear that we're trying to accomplish and I and I can't always do that if I'm just going for the lowest bid.
So for example in 2013.
Just this year we introduce for the first time.
A charitable component that -- -- Abul.
All of our profit so we have identified several different.
Charitable organizations -- -- my biggest and a couple that are international.
That we donate money to and so it's important that we're profitable at the end of the day at the end of to make a profit we do a lot of -- it.
Staff development -- with regard -- Teaching people how to enhance their skills.
We have retirement plans for.
You know speaking about profits.
You have to talk about your location -- in Las Vegas one of the areas.
A deeply and severely hit by the housing crisis and and the struggling economy how does not affecting you and how did -- name -- -- maintain.
You know paychecks at the end of the day at the end of the week.
It didn't it then a challenging.
In 2008 we took a pretty big hit steadily -- I think our clients.
And people became really really more focused -- on how they can do -- get away that was super efficient and topic hate my.
You know technology has actually helped us to.
Stay on the forefront of some of those things we've developed ways where.
-- -- -- -- -- -- We can mop airport without -- filtration system that filters the water in the -- market so enables them to save money.
On the -- also want their chemical usage -- you know out AG hand strip and a lack of floor without using chemical.
No they can save money and chemical.
We've gotten away from using hate her because we're we're doing a lot of things electronically.
So if it's required that you become even more creative -- -- how many people do employ.
How we kind of buried right now with between about 5060.
A -- on the and then -- that -- would -- about cannot that they are so I thought lots of employees.
And how are you responding to all of the changes in congress.
I'm I'm actually really looking forward to being able to implement the affordable health care act RAI I I feel strongly that I.
Want to be able to offer health benefits for my employees so I'm looking forward to that.
Hopefully we're over the fiscal -- and I can't imagine they're gonna do anything crazy that the debt ceiling so hopefully -- will be okay okay.
Encouraging thank you we -- -- -- that we maintain some of the viewers -- questions and Minas viewers isn't anyone listening is the name.
Wants to know if you have any full time or thirty hours per week employees and how many of those.
I do you have I don't know that I could just come up with a -- off the top of my head I don't actually work with it employees so let -- more.
A -- well -- a lot of the smaller business owners at come on the show they say that they're concerned with hiring workers because heck they would have to.
You know give them health care and some would rather pay a fine men spend money on health.
Carol -- yeah I think what's going to happen and may -- night -- radical.
I I have sort of the same feeling about.
People hiring undocumented workers.
As people say they want to you know hire people that are that are inexpensive because they need to do that in order to stay competitive in the market.
My feeling is that it everybody is operating health care for their part time employees here do.
Everybody's prices are going to go up and consumers are going to.
Either pay more for service or heard or that market is going to have to change -- some way.
I think -- that the level playing field that everybody is doing yes I think will be fine I don't think the -- Because ultimately we are all paying for people who don't have health insurance we're paying when they go to the American hospital.
Yes very good gain currency around NASDAQ and doctor's -- and final question before we let you go -- and this is also coming from our viewers -- any union employees and a manner yes OK and why is that is the second part of the question.
On moved you know I'm I'm pretty progressive -- -- -- my politics but have a business owner I'm not -- favorably inclined towards unions.
I feel like actually I'm played really well added.
I just I wouldn't.
As a business owner I've worked so hard to develop and build my goodness I don't think I'd want to it be in a position where other organizations.
Here are had a controlling what I can't get he was my belief in tells us that Larry -- and -- that I that just.
You know for me I think unions -- I really valuable role the eight years ago in this country.
You know back we have Robert Barrett and and even recently -- In developing the middle class.
I don't know that it's appropriate.
Just my personal view but at this you know nowadays and certainly not -- and -- meet.
I appreciate your your personal views and -- very well put thank you for your time cannot content founder of awan janitorial service -- -- put your website on the screen now.
Building up my cleaning up business dot net thank you so much.
Iraq thank you -- -- I.
-- and let's just move a little further lasts a Los Angeles where we have our next guest -- Mason is CEO of leg up joining us out week hello good morning.
Hi good morning how are you I'm very good thank you so much for coming night so you a clever idea out there Smith called -- -- -- -- to get holes in their anti isn't so tell about.
The titans -- inspired it where you go from here.
-- Oh sure sir Walter V the actual a -- tide is an actual -- that is attached to -- performance high.
So that you're more comfortable in your fruits because often land women Wear their tights with their -- there -- current therapy will -- -- -- snags and runs and it's uncomfortable at their feet get cold and so that's kind of that's put -- -- hiatus and it's that basically a solution sell -- to worry about.
After a layer -- -- your tights when you -- your bits and I was just tired of dealing with it.
When I was on the road -- gal on the go and so I finally decided to do something about it and create the bit -- And he did so that's three years about to have that timeline cracked.
Yeah that's all right about three years ago.
And you know I was inspired ice.
A story about and is backed plan Oprah about Sarah Blakely and -- and I figured I had already have that idea wild back and I just never seen only aware of you know.
And -- No no she didn't I didn't actually hers was to take the sock off and have.
Just the pantyhose with no but.
And mine was actually -- to have a sock on so similar idea but if I figured if she could do it then you know -- cannot.
So the so give any a sense of what the the three years were like getting the business up and running.
-- A challenge -- hum -- that and it really inspiring and exciting Natalia I I was.
I we're gonna major media company and I was vice president there where I was traveling all -- all over the place so I was doing both kind of coming up with this idea.
Figuring out how to make it happen and -- out how that how it distributed manufacture at the whole thing at the same time as having a full time job and didn't really know where -- was gonna go but.
It's it's -- started terror really take off women really loved it and the response was incredible and then.
Oprah and they were on -- -- and that kind of started the whole saying and I quit my day job then.
Decided to -- that tights and that then we got into Dillard's and summit majored department -- south.
So that it it it didn't happen that easily into that's kind of that -- very short version of it -- now a lot of struggle along the way I had spent time mansion and and what are your decisions was manufacture right here in the USA what does that mean why did you decide to be made in the USA.
I love the idea have been able to be made in the USA and we have incredible -- down in North Carolina -- that's where my mills are.
Number one and I love that I love the idea keep any the business in the US I like to be allowed to grow the economy but at the same time.
Working with these people to help -- it develop my product.
I don't I don't think I'd be able to do overseas.
That I worked.
Hand in hand with these mills they've become like family to me.
And they they understood my needs and worked with me very closely and I don't think -- -- the get that kind.
Need that kind of relationship.
Overseas and so that's been there really a wonderful thing so how many employees do you.
Employed full time here in the us.
We're we're still small so I'll say two and they consist of a hit but that's how we're getting married getting an -- that we.
We do have a lot of independent rats that have our line that's selling across that country and and in Canada and so.
So as -- hour we're looking tire.
-- and -- even with just two employees you can guarantee that you're going to be awfully busy and wearing many hats.
Tell you -- points and -- we can find some of the appetites.
Sure that basically they start at thirty dollars and go all the way up to authority depending on the version of the style the at -- -- locks version either that -- -- tight.
They're available at Nordstrom's and Bloomingdale's Neiman Marcus -- -- dot com and of course that tight stock comic you wanna find the retailer near you but.
We're rallying where we're excited about you know some of the things that we're doing -- being able to provide a solution to.
Women are busy and on the go and don't wanna have to mess with it and -- -- quality products that.
Will allow them to be able -- get up in the morning put on merit their tight senate pantyhose and not to worry about snags and runs and so that's kind of what we're trying -- out so the bottom wouldn't -- -- -- because it's has a heavy immaterial right like Microsoft what would have happened if you know he's in thirty macaroni dollars on a parent.
The top -- cents.
Yeah I mean you know it's textiles that will happen but that we have and really high quality premium tighten.
It's there -- they're basically every course net which is kind of technical jargon for.
The for a heavier type that's higher quality excel at the snags and runs are are really limited.
And you know most of the -- in the -- -- -- -- happen and it's hello and they healed yet anyway yet.
You know and I -- that rent your eyes and against their breadth it.
-- -- exactly.
So the durability factor is -- really really high and so being able to spend thirty dollars on.
Something that's gonna last you all season long or two seasons is we -- that is not -- to spend.
It's a good investment absolutely.
Saudi Mason thank you for sharing your story with us -- clear what set on the screen thank you and -- out OK great.
Thank you have.
-- and now we will head over to -- asked foxbusiness.com.
We're talking about the ABC show at 9 o'clock eastern time on Friday is shark tank I've watched it.
You're there and essentially you'd see some celebrity -- -- hours businessman and -- then.
They give money to that contestants but the ideas.
And that's a different inventors interviewers who want to get started up.
Hitch their ideas before this panel of judges and that shows become so popular now legal experts are actually saying there's a shark tank.
Fact and tell us -- -- so what do you say is he is about and essentially Contra yours.
And inventors that are looking to quickly take their product of their company to market and there's eighteen pack had to -- so -- that -- really -- 100%.
Something that -- normally go for two rushed their products.
Into the mainstream market not good for consumers no definitely not good for consumers and definitely not what our country -- wanna be doing when they work so hard to get a product started her company -- up.
OK -- some tips to -- that yes they spoke with -- Patrick Flynn he's a legal expert who helped structure these kind of deals between.
Venture capitalists and country north me eat me some tips.
For companies that are looking T you get investment backing.
And what they can do to avoid the shark -- in -- -- -- the first thing is realize that you're dealing with an adversary when -- meeting up with a potential investor.
They're not your friend you -- to -- that you're going to have a long and fruitful business partnership with them but that's not always the case so definitely know that they have.
Potentially wanna find you because they -- in finance more more often than you do and also realize that.
-- want to reveal too much which brings me to my next point which is controlled information -- -- that -- Anything that's new or novel about your company a product.
That's not on the market don't wanna disclose too much that even though your potentially getting backing from teen may even wanna think about getting a legally binding non disclosure agreement that may bring into the meeting when your pitching.
Have been signing and essentially says that they cannot reveal senior information or take a similar product or company -- yeah.
Yes definitely really protects you make it only is an information for the purposes of evaluating the -- affect.
Third that's yeah that's definitely want to -- third.
If you're at the point where you're ready to strike a deal with them know kind of entrepreneurial.
One example is just get a royalty check from them on every -- they sell your product terms haven't manufactured -- get a lump sum payment.
-- you you can create a company together and running 5050 with the investors.
Three date is providing financing in backing and you pay act -- -- -- a bank loan.
Lindsay get more than you would Bernanke get more -- get more counseling if you're working with -- Mark -- in our Barbara Corcoran name might give you more tips any average you know.
JPMorgan guarantees would give you -- fair lending money or third.
On you you re you sell them your product and then name reseller market and pay back.
So that's another thing to think about and then finally come maintain control of any deal.
Don't yet you know those dollar signs -- horizon just signed the paperwork know your bull bringing something to the Taylor the other person wants and don't take anything not a 100% tax hike.
Yet no small business once -- -- every week room a year now and the common theme that.
Many advisors to small businesses and small businesses themselves say I'm hearing notice is that year.
Process to be really good but other people say.
Doesn't have to be perfect just getting out there you want to drive tanks like keep people guessing -- snacks.
Sometimes you can't wait for what's next exactly how isn't likely to wait yes.
So that's where it gets tricky in these tips are something at yeah definitely keep in mind who is -- -- it.
You know pop culture touting -- great if I know lots one thing.
Interesting I spoke with this young -- -- Ryan's own he started a social gaming -- company called mentioned mobile.
He went down on a -- reach out to Mark Cuban V now -- -- -- -- to invest in my company had a -- at -- today.
I have no idea he must have really good subject line that's what I was spending because you know if you think cover letter Alfred W -- get the job people get someone's attention but it's never -- guarantee yeah so humid invested twice 250000 dollar rounds of financing.
Even a third round for an undisclosed amount.
And ozone and says while he's happy with the deal that he hasn't -- he thinks the shark tank of facts absolutely does exist.
But he thinks that investor is.
I'm inventors in Sydney not -- to consider seeking deals with big name investors because.
The publicity that he gets from saying.
Mark Cuban and business partner it -- wonderful and it it's almost half the battle in -- -- comfortable getting that type of publicity getting your contact and market right it commands attention.
-- big 8323 would -- as -- -- Shanghai chat bottom line you know lawyer for everything.
Not a bad idea why exactly.
Think you guys -- chatting in.
Thank you can't writing you in your article up on outlet center right now is that foxbusiness.com.
Or sports and I think that's and thank you to everybody finance it would -- that -- -- there's thank.