Small Biz Ahead | Small Business | Starting a Business

Does the idea of speaking in front of a large crowd terrify you? You’re not alone. In fact, for many small business owners who suffer from performance anxiety, the fear of public speaking can be absolutely paralyzing. But as difficult as it might seem, there are several steps you can take to help diminish your […]

Does the idea of speaking in front of a large crowd terrify you? You're not alone. In fact, for many small business owners who suffer from performance anxiety, the fear of public speaking can be absolutely paralyzing. But as difficult as it might seem, there are several steps you can take to help diminish your stage fright. In episode #126, Gene Marks and Elizabeth Larkin discuss how small business owners can ease the stress of public speaking through proper rehearsal and preparation.

Executive Summary

0:29—Today's Topic: How Do You Prepare Yourself for a Public Speaking Engagement?

2:18—When you give a new speech for the first time, accept that it's not going to be perfect.

3:13—The first step in preparing for your new speech is to create an outline; this will guide all of your initial research.

5:09—Once you put the finishing touches on your PowerPoint slides, rehearse your presentation until you feel comfortable with it. While memorization isn't necessary, you should have a clear understanding of your speech's progression.

5:57—The most effective speeches are those that sound conversational, so keep your tone as natural and relaxed as possible. Resist any temptation to read directly off of your slides.

7:25—When the time comes to actually give your speech, take a deep breath before you begin. Take your time with the pacing and just focus on your audience.

8:13—If you need extra practice, volunteer to speak at your local Rotary clubs and Lion's clubs. Toastmasters is another organization that can teach you the fundamentals of public speaking. Once you're ready, you can apply to the National Speakers Association.

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Links

Lions Club International

Rotary International

Toastmasters

National Speakers Association

Transcript

Elizabeth: Okay, this episode is How Do You Prepare to Speak Publicly. Gene, this episode is going to be all about you-

Gene: Uh-oh.

Elizabeth: ... and your process. And we're going to be talking about how you prepare to speak in public. Not how do you prepare to do this podcast-

Gene: Right.

Elizabeth: ... but how do you prepare to actually get up on stage, walk people through a presentation, how do you calm your nerves, and how do you actually figure out, "Okay, this is what people want to hear about. This is how I'm going to present the information."

Gene: Right.

Elizabeth: And we'll be right back with Gene's process after we hear from our sponsor.

Our Sponsor

This podcast is brought to you by The Hartford. When the unexpected strikes, The Hartford strikes back for over 1 million small business customers with property, liability and worker’s compensation insurance, check out The Hartford’s 

There are few things in life more nerve-wracking than a job interview and in many instances, this process is more challenging for the person conducting the interview than the person applying for the job. With such a short time to get acquainted with your applicant, how do you ensure that he or she is truly […]

There are few things in life more nerve-wracking than a job interview and in many instances, this process is more challenging for the person conducting the interview than the person applying for the job. With such a short time to get acquainted with your applicant, how do you ensure that he or she is truly qualified for the position? In episode #125, Gene Marks and Elizabeth Larkin discuss several interview strategies that will help you find the best candidate for your small business.

Executive Summary

0:23—Today's Topic: What are the Best Interview Strategies for Small Business Owners?

2:23—Remember that you are looking for an employee, not a new friend. Keep your questions job specific; focus more on how the applicant can contribute to your business rather than his or her personality.

2:59—Let the job applicant do most of the talking so that you get a clearer sense of what they have to offer.

3:50—To fully understand how your potential candidate thinks, try to ask behavior-type questions instead of yes-no questions.

5:33—Check to see whether your candidate is being genuine or merely telling you what you want to hear.

5:44—In order to make your applicants more comfortable, conduct the interview in a casual setting such as a park or a coffee shop. You can also conduct your interview virtually, using an app.

9:01—Avoid any questions that might come across as discriminatory because these are illegal.

17:21—Be sure to end on each interview courteously and professionally because if things don't work out with your selected candidate, you can always go back to your original applicant pool.

19:05—To help alleviate stage fright, Gene suggests focusing on the intention of your speech rather than its entertainment value.

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Hirevue

Checkr

8 Illegal Interview Questions (They're Not All Obvious) and Other Interview Practices to Avoid

Transcript

Elizabeth: On this week's episode of the Small Biz Ahead podcast, we're going to be talking about a topic that most small business owners are going to have to do this at some point, and it's called interviewing people.

So this is probably, I'm gonna guess, Gene, this is one of your least favorite things to do.

Gene: Yeah, I'm bad at it.

Elizabeth: Okay.

Gene: So whatever advice that I have, just do the opposite.

Elizabeth: Okay, we're gonna come back with some really bad advice from Gene after we hear from our sponsor.

Our Sponsor

This podcast is brought to you by The Hartford. When the unexpected strikes, The Hartford strikes back for over 1 million small business customers with property, liability and worker's compensation insurance, check out The Hartford's

Friends are undoubtedly one of life’s greatest gifts. They are the ones who know how to put a smile on your face and how to pick you up when you’re down. There isn’t anything you wouldn’t do for each other. So, going into business with them sounds like the perfect idea, right? Think again. In […]

Friends are undoubtedly one of life's greatest gifts. They are the ones who know how to put a smile on your face and how to pick you up when you're down. There isn't anything you wouldn't do for each other. So, going into business with them sounds like the perfect idea, right? Think again. In episode #124, Gene Marks and Elizabeth Larkin discuss the challenges of starting a small business with your close friends.

Executive Summary

1:14—Today's Topic: Should You Start a Small Business with Your Friends?

2:52—When you go into business with a friend, you are not only getting involved in their financial lives, but also the financial lives of everyone in their family. As a result, the dynamics of your friendship will change once you enter this professional setting.

3:50—It is easier to go into business with a friend who has a different skillset than yours because there will be a separation of duties.

6:25—You and your friend need to create a buy-sell agreement prior to opening your business so that both of you have a clear understanding of all the legal terms and conditions of this professional partnership.

8:20—A buy-sell agreement allows the two of you to check for any potential red flags in advance.

10:35—Gene advises small business owners to always invest in IT training whenever they upgrade their technology; this ensures that all their employees can operate the new system without any difficulty.

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Transcript

Elizabeth: Welcome back to the Small Biz Ahead podcast. This is Elizabeth Larkin. I'm here with Gene Marks. Today's topic is about friends, not the TV show. Did you watch the TV show, Friends?

Gene: Friends is one of those show that I never go out of my way to watch, but if I do stumble on it, I'll watch it. I'll be like this show is really funny, why don't I watch this more often? That's the kind of show. Do you know those guys are still making like millions, each cast member makes millions a year in residuals, still to this day?

Elizabeth: At the end of that show, they were each making a million dollars an episode.

Gene: Yes, something like that, and then they did the whole residual thing and they're all cashing in.

Elizabeth: It's funny, too, because people are always like, "Oh my god, that's outrageous. They're making so much money." But do you know how much the studio and the producers are making?

Gene: Sure, I agree. Do you know how much joy and pleasure it gives the viewing public when somebody says a funny joke?

Elizabeth: So much, so much. We're going to be right back and answer a question about is it a good idea to start a business with your friends? I'm going to say no, but we're going to hear from Gene after this.

Our Sponsor

This podcast is brought to you by The Hartford. When the unexpected strikes, The Hartford strikes back for over 1 million small business customers with property, liability and worker's compensation insurance, check out The Hartford's

When it comes to turning a profit, restaurants and other retail oriented businesses are at a slight disadvantage due to the extra costs associated with their merchandise. But, while these additional expenses can certainly put a dent in your profits, there are several strategies that you as a small business owner can utilize to recoup […]

When it comes to turning a profit, restaurants and other retail oriented businesses are at a slight disadvantage due to the extra costs associated with their merchandise. But, while these additional expenses can certainly put a dent in your profits, there are several strategies that you as a small business owner can utilize to recoup those losses. In episode #123, Gene Marks and Elizabeth Larkin advise restaurant and retail business owners how to calculate all their expenses, so that they can effectively price their products and generate the profit margins they desire.

Executive Summary

1:53—Today's Topic: How Do Merchants and Small Retail Businesses Calculate Profits?

2:28—Generally speaking, restaurant and retail store owners need to consider scaling or opening multiple establishments in order to make significant profits.

6:07—To find out whether you are budgeting your business efficiently, you need to have a clear sense of your direct costs and how much you spend on materials. Then, calculate the profit margin for all these expenditures. Typically, you should be making 30-40% gross profits off of your direct costs, so that you can afford your overhead.

9:18—You also need to be aware of labor, rent and utility expenses. Once you determine this information, you can calculate your daily overhead; this cost will serve as the minimum amount of money you need to earn in order to sustain your small business.

13:32—Upselling, or offering products and services at an additional cost, is one way for small business owners to increase their profit margins.

18:43—If you ever consider opening multiple franchises, make sure to get a gross profit report from every location.

21:10—Business owners need to incorporate their own salary into the overhead.

21:34—While profit forecasting can help you budget accordingly, it is not always a reliable guide.

25:35—Gene advises small business owners to check with their accountants to find out whether they qualify for a Research and Development tax credit.

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How Do I Figure Out How Much a Job is Costing Me?

Transcript

Elizabeth: Welcome back to another episode of the Small Biz Ahead Podcast. I'm Elizabeth Larkin. I'm here with Gene Marks, our small business expert. Welcome, Gene.

Gene: Have you seen Fargo?

Elizabeth: The movie? Yeah.

Gene: No, the TV show.

Elizabeth: No, I've heard it's good though.

Gene: Yeah. You know I watch a lot of TV, right?

Elizabeth: Mm-hmm (affirmative).

Gene: Highly recommend it.

Elizabeth: While avoiding socializing with people.

Gene: Yes, that's correct. Highly recommend Fargo. It's on FX, but it's also on Amazon Prime actually. You don't actually have to buy it.

Elizabeth: Does this have something to do with today's topic?

Gene: Absolutely nothing at all. I was watching an episode on the way over here today and was thinking lik...

From their attention-seeking antics to their extravagant lifestyle, there’s no doubt that the Kardashians know how to steal the spotlight. However, while their status as socialites and fashion icons continues to land them in the tabloids, their entrepreneurship and savvy marketing skills continue to generate significant profits for their multiple businesses. So, what can small […]

From their attention-seeking antics to their extravagant lifestyle, there's no doubt that the Kardashians know how to steal the spotlight. However, while their status as socialites and fashion icons continues to land them in the tabloids, their entrepreneurship and savvy marketing skills continue to generate significant profits for their multiple businesses. So, what can small business owners do to yield the same level of success? In episode # 122, Gene Marks and Elizabeth Larkin discuss several important lessons that business owners can learn from the Kardashians.

Executive Summary

4:52—Today's Topic: What Lessons Can Small Business Owners Learn from the Kardashians?

6:43—Like Kim Kardashian, small business owners need to focus on selling and building their brand.

8:50— Another lesson that you as a business owners can learn from the Kardashians is not to get emotional about your businesses endeavors. If a particular business isn't working, close it and move on.

9:23—You cannot be afraid to put yourself out there. Continue to promote and grow your business regardless of what others think.

15:32— You can't be too precious about your brand; you need to be willing to take risks and grow your audience.

16:25—Ultimately, the ends justify the means and if a particular venture gives you the opportunity to make more money, you should take it. However, if you are juggling multiple niche markets, be sure to prioritize them and focus on the most lucrative one.

19:22—Develop a thick skin and don't be afraid of criticism because this will inhibit you as a business owner.

20:40—Gene advises business owners to carefully consider whether a dress code is actually necessary for their office.

Links

You Can't Wear That! Dealing With an Employee Who Dresses Inappropriately

Top 10 Employee Dress Code Violations

Do I Have to Institute a Dress Code at My Small Business?

Transcript

Elizabeth: Welcome back to the Small Biz Ahead podcast. This is Elizabeth Larkin. I'm here with Gene Marks.

Gene: Happy to be here.

Elizabeth: I just want to do a little reset because we have a ton of new listeners right now. I think July ... This is true. Gene is looking at me like I'm crazy, but July 2018 was like our highest download month.

Gene: Good to hear. It sounds like a lot of smart people are waking up to the benefits of a Small Biz Ahead podcast.

Elizabeth: Gene, can you just do a quick intro of yourself, who you are, what you do, why you're here?

Gene: Absolutely. Yeah. My name is Gene Marks and I run a company called The Marks Group. Besides The Hartford, which I write for weekly, I also write twice a week for The Guardian. I also wrote in the past for The New York Times and The Washington Post. I still write weekly for Forbes, Inc., Entrepreneur, and Fox Business. I run my own company. It's a 10-person company outside of Philadelphia. We're a technology services firm. The reason why I love doing this podcast, besides you Elizabeth, is that this is not like some kind of startup thing or, you know, great entrepreneurs, or ...

Elizabeth: Passive income.

Gene: Right. This podcast is devoted towards business owners, existing business owners, for the most part. I mean, there's a lot that applies to startups and others. You don't have to have employees. You can be a freelancer or an individual, but you can also be running a company with 10, 20, 200 people.