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Thank you this week it's Wednesday hump day does it end today in a small business -- I think you so much for joining us our first guest on set Marley major.
With party got -- major party planning company your clients include -- university whole foods sees candies.
And any super small businesses is they ought to be out of it and make money -- -- hatred and he needs to find the right price point.
For you're good right friends started -- business -- -- -- teacher for six and then argued stick them.
-- anything good.
It right she says reduced costs by half yet how do you find everything went well there.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- But in reality -- so many other costs that go into figuring out what it really cost to produce that I am where some of those other costs well and most importantly I found it's time we don't take into consideration how much time goes into whether it's selling that garment or servicing -- customer.
So -- a service provider like for example in my core business and it event planning.
I can take my lighting -- my food my beverages all that but I don't often take into consideration how much time -- email client and go to do walk -- and go to really get all the and if you're not tracking your time and then somehow charging your client for it.
That's three start losing your shirt.
What happens -- you add this all up and it seems like a price that.
Clients might -- be willing to act while that's okay because then you go back to the drying board the good news is you can do that before you launch your product or before you hang your shingle on the Internet so it's -- to retool things.
Before you said -- listen I'm gonna charge a thousand dollars only to realize that your gonna lose your shirt.
So by figuring out the real cost of doing business -- you can course correct you can lower your expenses you can become more fish sent.
And you can what I -- raise your prices without raising them and not something that they airlines did when they realized oh well we need to make more money and what -- they did is they started charging baggage fees.
And every other -- and every other -- imagine and a super lucrative it is helper lucrative let's turn it around.
Yes -- getting no wait absolutely -- -- start paying higher ticket prices based there so we can.
-- cracked but the point of the matter is they realize -- -- needed to take in more revenue in order to cover their costs and the biggest mistake that small business -- I -- make is they just don't realize from the beginning how much it's really gonna cost to produce that.
-- get into business.
They're flooded with orders for their service provider they're so busy which is wonderful to -- waiting list but.
Often I find something is wrong -- give a waiting list that's too long your prices probably aren't high enough.
And how do you really know how much it's costing you to do that this.
And how many businesses do you -- don't you know -- -- cost and expenses.
Based on my experiences here -- that's due out unfortunately and and I'm constantly surprised that when I when I talk to small business owners and I think.
-- and how much does it cost free to produce this item.
And they can't say it off the top of their -- and not their core business and it doesn't matter here you know -- juice company or anything else you have to know off the top of your head this cost me 52 cents to produce.
And I -- selling it for a dollar forty because.
Yeah and -- you can because you can't fix it if you don't know exactly how much it costs.
You know when you think of the business that's.
A little more straightforwardly let's just it shows a wholesale price for that -- chair and -- retail price right here in the store your Barney get a deal but they know that they have to get at least 600 dollars because that's how much they paid for it but from many small -- -- kind of quirky products -- Finding that it's not listed for you have to find and you have to know how much you can against correct and then you've got and know your walk away price.
They see so many small business owners are so interested in getting the client and if so where they're never gonna have another customer.
But they'll bargain so far down and they bargain below their cost and what they don't realize is that's the fast -- to putting them out of business.
So instead -- a little bit more worked up front figuring out what the true costs are.
And then say OK in your head no this is my -- writes I cannot -- on this project for any less than.
This amount of money.
Is -- -- figure out or leave me even if you're not in -- here in a business where you're from Baxter C you have -- hourly rate but Asia.
Is there way -- up -- company doesn't.
Work on that system to figure out there -- Italy constantly absolutely you can you can find -- your daily costs by adding up comics staff time it takes to produce -- number of handbags or by figuring out how many hours you work on a particular.
Project if you're charging a flat your your charging -- percent engineers and listen.
-- K I I just -- the planet thousand dollars work on -- project but when you really don't get down to the nitty gritty and start adding up how much time spent on emails and tax and all these things and you go oh my gosh.
I just spent in a hundred hours that back client in -- making ten dollars an hour before you take your taxes and everything else out.
And what I find is it's just such a simple thing kept track your time and these days there's no excuse you can -- it -- the phone -- -- -- -- free apps it's just it's a no brainer.
But he's got to have the discipline to do to help people at that I don't particularly I loved one if I can say the nano that I I'm obsessed with came out -- -- I think -- that is -- -- is that what we use our office and I let it begin you can record your hours on the computer you can also do it on your iPhone and you literally just -- click start stop and you can get by client or by project.
So I like to see even things like it's not a particular client.
Where I'm spending my time in terms -- social media how much time in my actually spending on FaceBook and Twitter so I'm spending two hours today.
-- a pretty great return on investment for that.
Yeah understood -- feel like businesses are overly optimistic.
-- -- -- -- -- Big it won't take me that long is every business -- until I say OK great I don't want to get -- I want hits -- tied for me for a week and they turn it -- like a diet journal nights like this keep busy to see everything.
You know the neat freak out they -- oh my gosh it should be working at McDonald's.
Everything wrong with working at McDonald's though when you think you're making -- and 25 dollars an hour and you're making three.
And make the big eye opener and my point is you have to rip the band -- profits -- -- Yes just rip it off figure it out and bound never to do it again that's my attorneys -- stated there you know.
There under minimum wage when you.
Day out that salary among all the many out I'm not sure brilliant academic turned back if you say it's true we'll go like that per day day so much for coming on -- -- -- your website.
-- now and of course you are an author of the book but are unique in any month.
Yes I love to take questions via Twitter to sent they have any business questions that always love the eyes have been on my putter is at the party got -- -- classes so.
At the party -- thank you somewhat thanks so much for having me.
And we haven't faced a question of the day obviously they agree that it's -- product -- but it's now.
It is should inmates get unemployment benefits.
It goes -- saying that inmates typically do not have a job across the country is they've been exploiting the situation everything I'm planning benefits.
In Philadelphia more than 1000.
Collected benefits worth millions of dollars about 500 felons got more than.
One million in Arizona so officials nap times but stopped.
To practice what you think weigh in on -- page.
We'll have a story out -- on foxnews.com later today.
But already many viewers saying it's just completely wrong Stanford back the proposal is the stupidest thing I've ever heard of Darlene DO really break the -- -- -- go to jail no benefits for you.
And the list goes on us -- TV how is this even up for discussion.
-- -- -- -- -- -- Welcome everybody thanks for joining us small business Wednesday our next guest now -- -- joining me and said is the founder of count me in a nonprofit for women owned businesses out there.
And you know we're really seeing a huge entrepreneur boom as it relates to women and absolutely starting all these businesses yes.
Why you think the reason it is for that I.
I think there are so many reasons but one of the principal reasons is a lot of women need or want to create their own work environments and we're doing new work with women in military families and if you're with someone who's moving around the country around the world that you need to bring more money in your household.
You've got to figure out a way to do that we you're not dependent on employers see you need to start.
You know or grow a business so excellent time to plug this initiative for you let your help for it yeah -- do anything like that women's veterans on -- core and we have we -- -- Capital One and we're going to be doing that in McLean Virginia April 20 ninth and thirtieth -- but there are just millions of women who after the have a couple kids or you know they're traveling around with the with the with the day on military spouse.
They have got to find different ways to make money because often the corporate structure doesn't allow you to take care of your family -- that you need to and make money so we see that a lot.
The Internet is no doubt fueling this -- -- mentally -- absolutely -- working kitchen magic cooking.
Yeah I -- it's a great woman -- in who's she makes.
Biodegradable beach toys and she has two children and she came up -- that she was really worried about the environment.
But she's been able to do a lot of that work from home.
And she travels around in the summer selling the products at the beach.
So she gets against view -- their kids it's called -- the organic it's a very cool kinda but I think a good example.
It's all made in America issues a factor in Wisconsin to make this stuff so and that's a very cool.
I think -- for also for women to do with a -- I think that's the other reason you see more and more women going to business they have something they want to make or service that they wanna deliver and they feel -- be the best you know company or person to do it.
Every Wednesday we -- three segments.
Focused on small business in and some on Tuesday Monday Thursday Friday as well.
And over and over again we keep hearing these great ideas from all sorts of people confidence starting an Internet -- and you gotta say there's a saturation point.
Right people are gonna stop being created the Internet I don't see how -- it's not being unpopular but we'll see -- -- you know a lot of women found there.
In fashion that's how they started her business her more women aren't things.
And it's just like now -- branching off people consumers are willing.
To pay for an experience.
Or for something -- -- it seems to -- those -- the two areas that are booming right now.
Absolutely thoughts on the I I think it's a great way for people I think for people want -- spend time with the family.
You know a unique experience with your family rather than the same old movie or something like that -- are are just fabulous.
I mean that beach Toy Story I just described -- was a great way for her to be able to go to the beach with her family trip to see it all over the country and so so I think there are many places where we see this happening.
I've -- more than anything women wanna take care their families and they want and need to make money and they have ideas and small business ownership is the way to go.
That's the 2 morning there are obvious concerns here when it comes to starting here on this mess and they don't mean this failure rate is for men dancing -- -- the last statistic record with 85%.
News small business now and so what would your advice be to women -- might think of starting there -- business out there.
The most important thing is to be.
Have a very clear vision and goals you've got to set goals with financial.
And where you want your product to be how you want things to be going -- six months or a quarter would -- -- -- set goals I think is number one right.
And that number two here on our lets us know your financials and sat it out and I don't know now he's got to hear.
Marjorie yes but you know understanding the real cost to you love having -- business coming -- our reporting and what that -- -- that's.
And I think they're that too because you can't do it on yourself because.
Keep particularly if you're making something and you you're the only person who made it to begin win.
You take orders based on multi how many hours in the day and can I make all these things opposed to trying to figure out.
How many people -- to hire who can I contract out with two to -- to to change that situation so that they can take all the orders.
So knowing your financials and what it -- -- you do business as well as understanding.
How many people you need to help you maximize.
About the amount of money coming.
At what point do you just Perry and that the parents say what's this if it works great doesn't work -- I think -- lot of businesses these days is this a low cost entry.
So I think it is if you do the things that we just describe that we just talked about.
It is well worth trying as long as you don't go -- to war I mean -- a lot of money into something.
Find out if people want to buy it first I think that is yet and beyond -- counter audience almost before you had to -- yes.
Think think about where you can sell -- you're selling a lot of women -- -- -- they start out selling to other moms and then they really see that this is something to this product.
Beyond the mothers in the school -- where their kids go.
So I I think it's really testing out what you got.
And if you start to make money -- it then I would say really think about you know expanding it.
But see if you've got a product that people want count me -- has a great new act yes we can't tell us about guessing it's cool it's it's a small business perfect pitch.
And it helps you figure out how to deliver you're concept in two minutes.
Whether you're talking to reporters you're talking to a customer you talk to potential employer investor.
But it is something we've been doing it count me in for years now it's one of the things that would love it's what they come to our competitions where -- come to this woman's veteran event.
Is because they get to practice -- and they get expert feedback from us -- and on it really works and the -- just help she could put it on your phone nearly two billion -- music.
I recommend that enough because like I said we do this show every week we have company.
Christine and I -- that -- what.
Is because they is -- flowery language to describe what they're doing and I have no idea what that means it's not clear I've.
Listen to thousands and thousands of women -- their businesses and a third of them.
After they finish I don't know what they do which is why -- made the -- And it's available on iPhone and android apps is absolutely.
Great good -- and just for some stats for our audience at the national association of women business owners and Web.Com.
Finds that more than 80% of the female business owners surveyed are optimistic.
About their performance this year so it's looking good -- right -- is -- you know.
Very positive okay we're gonna put your web site count me in dot or on the screen and of course you're not there now.
Your book is stepping out of line lessons for winning -- it their way in life in love.
And that work and I am also happy to take questions on Twitter on just no Merlino at nominally I guess since you and they human quickly -- -- which carried out for the that a break is anyone listening thank you once again writing in.
You asked what happens the money that is made over the cost of running the nonprofit organization on the issue with -- -- so.
-- Anderson not question what happened to the money that is made over the cost of running non profit organization.
I think call I don't know I I I.
I wish we made a lot of money I mean all the money that we raise and goes back into the program so that I -- that's one of the ways for getting to this -- veterans program as as we grow we are able attract new sponsors like Capital One and keep it more programs thank you think I'll help -- clearly.
-- right guys look the rent district.
You guys think ML -- having for lunch yet how about some Mac and she is a comfort food a favorite of mine favorite of many people and our small business spotlight those tests are -- a yes.
And your company's -- you've been in business for seven now yeah I have time does fly by the -- -- Mac and -- I you know what is the true test of our product -- I didn't quite frequently -- as frequently as every first -- yeah.
That's really enthusiastic.
And -- sure that you went around city sampling every Mac and cheese you could find it every restaurant to come up with -- -- to.
Will we we we can over the idea for the restaurant.
We my husband and I.
Tried so many different Mac and cheese I don't think we have every restaurant has its New York City and it and possible.
But we have a lot of the ones that they were chatting about talking about.
Okay and how many -- he's.
Entrees Easter on human right now we serve twelve recommendations.
And then we also build your -- menu and I think that -- is almost -- -- -- and must have got fifteen -- to choose from different meats and vegetables and the Wii version of special typically.
So without -- -- and had been successful could shift resource here in New York City we do we enact considering branching out.
That is the plan you know we want to do a controlled growth so we actually opens up in 2006 our first location at a loss to the cases are just in the past two years so.
-- you know we took it slow and now we'll see where we're gonna go next from here.
Are you concerned that Mac and cheese might -- -- fat.
Or trend or is your answer to that hey we've been in business for seven years officials -- abiding and do well be eating you've got most of that area you know it's it's funny because.
For us it was -- really believed to the idea but we had to prove that out and now seven years later you know sales have been increasing every year I think our.
You know our approach to it has been a little bit different it wasn't like look at where it's gonna open -- Mac and cheese restaurant.
We opened up we said.
We want anyone who wants -- Matthews who maybe typically can't eat Mac and cheese to come to our restaurants they and we offer -- -- -- gluten free so we've.
Really done this I don't even for now yeah it's over so many people who study now it's amazing I can't believe how many people in the past two years now and we're actually just showing some of these this on set this is from your restaurant -- and -- -- different types -- these are three different types of starts ago packaging OK I've got to for a cheese which is.
You know one of our most basic ones and have portrait of the cheese separates.
And I've got freezing in which is one of -- fancier ones that has read into talking mushrooms I'll -- seats old enough great.
And at that one that was it it's one of those are out there once so -- you love it or it's just not -- that I didn't love -- I do about life.
And then the last one -- the Alps climb which is very simple but.
-- my favorite it has career cheese and chunks of sloppy it was fun price points priceless so you know for this portion which is -- -- Typically will see anyone at you know I don't lunchtime meal and bring your ranging anywhere between 475 -- seven point five a very different yeah.
This this is certainly a trend it might stay but -- get -- -- track.
Have you done anything anything we have explored so many different options and our product and we have so many people asking us get a -- at a -- track.
For us it was you know because it's still -- -- as a team growing its business ourselves.
We have to take one or two things and focus on those and we still believe -- -- restaurant locations food truck making it may come but that's something.
After we girl warrants say how many employees.
Do you currently for all through -- -- were.
We're just at 65 now OK I hate to throw politics on your -- out.
The new health care a lot of NASDAQ small businesses that certain numbers of employees -- you.
Gonna comply with that so we actually since.
The that year and a half into opening one of our big things is offering benefits or place it upping the standard in the restaurant business -- we actually offer health benefits for employees since 2000.
Eight I believe was -- so this -- You know they health care reform act really doesn't affect us person because our reasons you already -- -- him yet it's great to hear.
Some -- -- in 2000 and sick at what are -- -- -- the challenges ten openings.
How long -- It's -- -- -- TI I was I was weren't brought up in the restaurant business I'm actually mechanical engineering are real thousands of software engineer.
So -- you know everything was very new to us it was just the idea that that puts us through do this.
And you know one of the biggest -- I think in New York City is that you have thoughts.
You know the fast -- here.
And so people are very particular and when they want -- -- how they want their -- So if you aren't gonna meet that criteria.
Then forget about you you know you're you're going to be here and shattering very soon so I think one of those -- -- understanding in understanding how good you have to be.
What was the ha moment that.
Brought to engineers together and essentially -- to engineer Mac and -- -- for us it was it was we had moved to New York City and -- -- that peanut butter company having -- do sandwiches and I came up with.
Well why don't we -- next needs trust and we check out it's going to be an act and she's nice and.
Let's go find it.
And your reasoning that that niece is working and that we can believe that it didn't exist already yes it was kind of a no brainer I know I would I would think -- adding this to tip it begins the new.
It's trend by now here is airing now I've got registered -- who eat bacon -- Chain except for -- can't exactly take you so much serie de -- Yet co owner it's not for coming on and -- might take that middle one -- my -- that there are kids on this carrying.
Once again we want to direct you to our FaceBook needs.
Our question of the day should inmates get unemployment benefits let us know your thoughts and we'll have a full story on that later to get a think -- online community see you back here tomorrow.
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