The 10 Minute Marketer

What’s Behind the Open Door

“When one door closes, another door opens.” We’ve all heard this saying so many times that it’s practically a cliche. Still, the concept remains true in all aspects of life.

Most of the time, when someone tells us to take advantage of an opportunity, they’re talking about a potential relationship, applying for university enrollment, and things like that. Many people don’t realize that the same principle applies to starting a business.

Business owners are no different from any other person who took a risk: they recognized an opportunity and capitalized on it. A lot of us haven’t taken business opportunities because we didn’t realize that the benefits outweighed the risk. It’s all about learning to identify a strong business opportunity and seizing it when the time is right.

How to Spot a Good Business Opportunity

Special guest Michael Farca, businessman, and entrepreneur shares with us his personal experiences with learning how to determine useful business opportunities. In his own words, you don’t even have to be a “go-getter” to build this skill. Knowing how to identify a profitable business venture only requires you to know what to look for. Michael will give us a few pointers on how we’ll be able to know if we’ve stumbled upon a good business opportunity.

Follow Michael on Twitter @mfarca for more tips on how to get your business started.

Summary:

When starting a business, it’s important to understand the legal framework you’re working within because not every industry has the same rules. Our guest and owner of three businesses, Michael Farca, has a couple tips for up-and-coming entrepreneurs about how different businesses are structured.

What Are the Types of Business Structures?

Before you can officially set up a business, you’re required to send some information about your new business with the IRS for tax purposes. One of the things you have to establish with the IRS is what type of business you own.

The IRS recognizes five types of businesses:

Corporations: Has several shareholders accumulating and trading money and property for capital stock. Corporations are legally viewed as an entity separate from its shareholders.

S Corporations: A corporation that passes corporate tax responsibility on to its shareholders for tax purposes.

Partnerships: Owned by two or more people who share the profits and expenses.

Sole proprietorships: Unincorporated and owned by only one person.

Limited Liability Company (LLC): A business with tax liability protection. Depending on state law, the business may be owned by any number of people. Not every type of business is allowed to be an LLC.

Liability Protection & Tax Laws

It’s essential to know what type of business you’re interested in running because it will affect how the business is run. Most importantly, the business structure you choose dictates how much you’ll be paying in taxes and how liable you are as a business owner. Each structure has its own set of pros and cons.

Sole proprietorships and partnerships tend to have high liability risks, but both of them may be eligible to be reclassified as LLCs. Both C and S Corporations have built-in liability protection but will usually require extensive tax services as compared to a partnership or sole proprietorship.  

Starting your own business can seem like a colossal task, but it doesn’t have to be. Follow Michael Farca on Twitter @mfarca to stay updated on how to manage your business.

Happiness is something we all strive for – at work and in our personal lives; however, a recent Gallup Poll said that about a third of us just aren’t happy and we spend about a third of our lives doing something that we hate. Our guest is a career life coach – Jody B. Miller – and she is known as the Work Happiness Expert she also has a new book – From Drift to Shift.

Why are so many people unhappy and unfulfilled?

The reasons are many, but most of the time it’s because people don’t take the opportunity to follow their heart – they just go along with expectations which may have started as early as childhood.  A lot of times people have deep desires but they don’t follow their hearts and they end up doing something they don’t like - which makes them unhappy.  This generation of millennials is starting to break that mold – they don’t care much about money, they are following their hearts.  

When do you know what you want to do?

If we all really think about it – it is deep within us and we already know what we want to do.  As one motivational speaker once said “you’re exactly where you want to be” – you have to get up and change your life.  We’re all afraid, but we have to embrace change, go with the flow, work at it and embrace every new opportunity; happiness is the end goal. You also need to know that you matter.

Stay in touch...

Visit Jody’s website at www.jodybmiller.com and also buy her new book “From Drift to Shift.

We all have a fear of speaking in front of groups of people or making a presentation – Dr. Joyce Knudsen, Impression Management Counselor is back to give some tips on how to keep an audience’s attention when speaking – no matter what the topic is.  

Simple things to help hold someone’s attention

The key thing is to talk about something the other person is interested in – especially those in the new generation; millennials and baby boomers have two different listening styles so it’s important to know your audience and speak on topics of their interest.  

Make your audience is actively listening by asking them to provide feedback.

At the beginning, tell them what you’re going to tell them – let them know why you’re you to tell them whatever it is; tell them and at the end tell them what you’ve told them.  

Humor, short stories, short videos are also good but make sure you know your audience and that they can relate or connect to it.  

How to make a speech or give a presentation?  

Everyone in the audience is there to learn something – they’re not there to judge or attack you. Studies show that everyone – even celebrities- get nervous before getting in front of an audience but using humor or short stories to break the ice can make yourself and your audiences feel more comfortable.  It’s also great to break the presentation up so it’s not long and boring; it also helps to put your audience in groups to solve a problem.

We all at some point have to present a speech, take part in an event and it’s great to be able to hold your audience’s attention and win them over.

Stay in touch with Dr. Joyce by following the link to her website.  http://drjoyceknudsen.com/

We’re always trying to make good first impressions as we try to grow our businesses by gaining new clients and meeting new people all the time. Today’s guest is a regular on the show - Dr. Joyce Knudsen – an Impression Management Counselor; she helps people with creating lasting impressions not only in social media but also in one on one.  

Key things to making a great impression

Whether you’re an entrepreneur or a you’re in the corporate world, these days it’s really hard to make a great impression because people are so caught with doing so many things but the key thing is to be present in the moment, you have to give all of your attention – good eye contact, standing up straight, being ready to listen – and know the accepted personal space in the culture in which you are operating.   It also helps to exercise proper etiquette – that helps to make other people comfortable – it’s not about you but rather it’s about the other person and making them feel comfortable to talk to or deal with you.     Although it’s hard to be present in the moment – that’s hard, but it’s very important for the person you’re meeting to feel that you are giving undivided attention – so put away your phone.  

Make a lasting impression and be successful...

Another important thing is to be on time because wasting people’s time is disrespectful and will not create a great lasting impression.  Once an impression is formed, it’s very difficult change that.  You have to engage the person so that they will be willing to give you another opportunity to deal with them again.  There are those persons who know how to be successful and those who don’t; successful persons will display proper etiquette – respect people’s time, be present in the moment.

Simple rules to live by...to make a great impression.

Be present in the moment – turn that cell phone off.

Be on time.

Be careful of your body language – do not cross your arms, make eye contact and make other people comfortable.

Recognize the person you’re with and make them the center of attention.