QUESTION.
I am interested in starting a business funding small business for start up capital, leasing equipment, and expanding their current business. I would also like to montior there growth after funding. I do not have a finanical background. I would like to know how would I put a lien on their business etc, while they are repaying the loan. Also what would be the interest rate to charge for my services. I found a franchise similar to my idea (liquid capital of America) but I am not sure if I want to go with a franchise. Other than my questions above, I know I need a business plan, what else would you recommend?
ANSWER.
All your questions will be answered when you do the research to write your business plan. See PICK A BUSINESS, CREATE A BUSINESS PLAN, AND START IT SOON and
FIGURE OUT HOW TO WRITE A BUSINESS PLAN.
In many ways buying into a franchise is very similar to buying a business plan. A good business plan will take you a bit of time and effort to put together. Just like a good franchise situation will probably cost you a pretty penny.
I hope my comments are helpful to you. Good luck! Regards, -Jeff
Jeff Lippincott
SCORE.org Counselor
Princeton, NJ
scoreprinceton @ aol.com
www.scoreprinceton.org
www.jlippin.com
Saturday, June 30, 2007
So what is certification anyway? You may want to offer some sort of certication along with your seminar or course.
QUESTION.
I certainly do not expect you to remember this but you have helped me before. My question is in regards to certifying my students. Currently I certify them when they attend class and are tested. I very recently launched a home study course in interior redesign and home staging which I give a Certificate of Completion.
If I test these students and they pass, could I offer them actual certification. Nobody seems to know, so I am really hoping you will be able to help me once again.
ANSWER.
What is actual certification? Usually it means that a person has passed a minimum set of standards an institution or association has said must be accomplished. And it is usually the institution or association that issues the certification. They issue the certification because they have the credibility and respect in the community or whatever to be able to issue a certification that will warrant respect.
You can certainly certify that your students have passed your test. And if your seminar has gained credibility and respect in your community, then that certification will mean something. If it hasn't, then it won't be worth much. It's kind of like degrees from colleges. Some mail order school can award its students a degree. And Princeton and Yale can award their students a degree. Does the degree from a mail order school have much credibility? Probably not. But it is a degree, though.
That's about the best I can do for you in trying to answer your question. Good luck! Regards, -Jeff
Jeff Lippincott
SCORE.org Counselor
Princeton, NJ
scoreprinceton @ aol.com
www.scoreprinceton.org
www.jlippin.com
I certainly do not expect you to remember this but you have helped me before. My question is in regards to certifying my students. Currently I certify them when they attend class and are tested. I very recently launched a home study course in interior redesign and home staging which I give a Certificate of Completion.
If I test these students and they pass, could I offer them actual certification. Nobody seems to know, so I am really hoping you will be able to help me once again.
ANSWER.
What is actual certification? Usually it means that a person has passed a minimum set of standards an institution or association has said must be accomplished. And it is usually the institution or association that issues the certification. They issue the certification because they have the credibility and respect in the community or whatever to be able to issue a certification that will warrant respect.
You can certainly certify that your students have passed your test. And if your seminar has gained credibility and respect in your community, then that certification will mean something. If it hasn't, then it won't be worth much. It's kind of like degrees from colleges. Some mail order school can award its students a degree. And Princeton and Yale can award their students a degree. Does the degree from a mail order school have much credibility? Probably not. But it is a degree, though.
That's about the best I can do for you in trying to answer your question. Good luck! Regards, -Jeff
Jeff Lippincott
SCORE.org Counselor
Princeton, NJ
scoreprinceton @ aol.com
www.scoreprinceton.org
www.jlippin.com
Seminar producer wants some help on how to price his seminars. It's probably a good idea to start with reading a few books on the subject.
QUESTION.
I came across your lists on Amazon while searching for books on developing seminars and workshops and read that you were a Score counselor. I have a professional organizing and productivity consulting business. I am writing a proposal for the Director of Practice Technology/eDiscovery at a large law firm to provide a two-hour workshop for her direct reports at their annual planning retreat. The workshop will focus on organizing skills such as setting priorities, time management, managing incoming items (paper, email, voice mail) and project management tips. My goal is that, following the workshop, my client will hire me to provide one-on-one coaching for her staff as well. I offer 4-hour and 8-hour hands-on help to get the client's work area or office organized.
My question for you is how to price the workshop. I want to charge for the development of the custom design (PowerPoint presentation, exercises, handouts) and for the facilitation on-site. I will have travel expenses as well since the workshop is in Los Angeles. Do you recommend breaking down the fee or showing it as a bundled price? I've done some research on workshops that target the legal profession. It looks like the hourly rate per person ranges from $80 to $150 per hour for the actual workshop. I'm unclear how to price the development/design portion.
ANSWER.
You did not dig deep enough into my site. You missed the booklist on pricing your product or services. See BOOKS ON PRICING.
Law firms are notorious for being cheap. The topic you propose to talk about seems very cookie-cutter to me. I would expect the director of practice technology and ediscovery to be interested in a lesson on the latest technology for litigation support. That is a very specialized field. Programs like Summation and Lextranet would be covered. However, that is not the question you have asked of me.
You seem to be fixated on competing for the work based on price. I suggest that is the wrong approach to take. You need to know your business and what you need to make a reasonable profit. Then quote that price. Don't try to make a rolls royce for a new client. Save the rolls royces for the regular clients you want to come back for more and more and can reasonably expect them to do so.
Another thing, don't explain your fee to the law firm. If you do, then you are openning up a can of worms so they can nickel and dime you down on your fee. I suggest you give them a flat fee and they can take it or leave it. You will have less headaches that way. If you get the job, then you will make a reasonable fee. If you don't get the job, then you won't lose money and you will have time for other profitable jobs.
I don't think you should base your fee on head counts or billing a rate per head. That has nothing to do with your costs and your expected profit margin. So don't worry about that. Make sure you set a price for the job and that the firm will have to pay your expenses for travel and motel extra.
Skim through the TOCs in the books in the above list. You may get some ideas that way, too.
I hope my comments are helpful to you. Good luck! Regards, -Jeff
Jeff Lippincott
SCORE.org Counselor
Princeton, NJ
scoreprinceton @ aol.com
www.scoreprinceton.org
www.jlippin.com
I came across your lists on Amazon while searching for books on developing seminars and workshops and read that you were a Score counselor. I have a professional organizing and productivity consulting business. I am writing a proposal for the Director of Practice Technology/eDiscovery at a large law firm to provide a two-hour workshop for her direct reports at their annual planning retreat. The workshop will focus on organizing skills such as setting priorities, time management, managing incoming items (paper, email, voice mail) and project management tips. My goal is that, following the workshop, my client will hire me to provide one-on-one coaching for her staff as well. I offer 4-hour and 8-hour hands-on help to get the client's work area or office organized.
My question for you is how to price the workshop. I want to charge for the development of the custom design (PowerPoint presentation, exercises, handouts) and for the facilitation on-site. I will have travel expenses as well since the workshop is in Los Angeles. Do you recommend breaking down the fee or showing it as a bundled price? I've done some research on workshops that target the legal profession. It looks like the hourly rate per person ranges from $80 to $150 per hour for the actual workshop. I'm unclear how to price the development/design portion.
ANSWER.
You did not dig deep enough into my site. You missed the booklist on pricing your product or services. See BOOKS ON PRICING.
Law firms are notorious for being cheap. The topic you propose to talk about seems very cookie-cutter to me. I would expect the director of practice technology and ediscovery to be interested in a lesson on the latest technology for litigation support. That is a very specialized field. Programs like Summation and Lextranet would be covered. However, that is not the question you have asked of me.
You seem to be fixated on competing for the work based on price. I suggest that is the wrong approach to take. You need to know your business and what you need to make a reasonable profit. Then quote that price. Don't try to make a rolls royce for a new client. Save the rolls royces for the regular clients you want to come back for more and more and can reasonably expect them to do so.
Another thing, don't explain your fee to the law firm. If you do, then you are openning up a can of worms so they can nickel and dime you down on your fee. I suggest you give them a flat fee and they can take it or leave it. You will have less headaches that way. If you get the job, then you will make a reasonable fee. If you don't get the job, then you won't lose money and you will have time for other profitable jobs.
I don't think you should base your fee on head counts or billing a rate per head. That has nothing to do with your costs and your expected profit margin. So don't worry about that. Make sure you set a price for the job and that the firm will have to pay your expenses for travel and motel extra.
Skim through the TOCs in the books in the above list. You may get some ideas that way, too.
I hope my comments are helpful to you. Good luck! Regards, -Jeff
Jeff Lippincott
SCORE.org Counselor
Princeton, NJ
scoreprinceton @ aol.com
www.scoreprinceton.org
www.jlippin.com
Mother of two with medical problems wants to start a business or nonprofit. That could get complicated.
QUESTION.
I will start by tell you a little back ground. I'm a 36-year-old single mother of two. About three years ago I was diagnosed with a seizer disorder and taken out of work. I have always been a very strong-willed and independent person. After losing my job, home, car and moving in with my mom having a pity party for about six month and going through all the tests and adjusting to the medicine, I borrowed some money to start my own company and rented a couple homes and sub-leased them to low income families . Needless to say I spent more money than I made so now here I am with $50 in my bank account.
My question is about fundraising. I want to raise money for my company and use it to buy homes or rehab homes for low income families. Where should I start? I do have a LLC with my current Company. Should I us it, or start a new business or nonprofit? How difficult is it to start a nonprofit? Is it legal to have a fundraiser if it's for-profit business? Please help. I really Just want to help others.
ANSWER.
There are just too many questions for me to answer via email counseling. Furthermore, you need quite a bit of explanation in the answers. I recommend you visit your local SCORE chapter and schedule a face-to-face meeting with two SCORE volunteers to discuss your options. CLICK HERE and type your home zip code to find the chapter nearest you. The meetings are free.
I hope my comments are helpful to you. Good luck! Regards, -Jeff
Jeff Lippincott
SCORE.org Counselor
Princeton, NJ
scoreprinceton @ aol.com
www.scoreprinceton.org
www.jlippin.com
I will start by tell you a little back ground. I'm a 36-year-old single mother of two. About three years ago I was diagnosed with a seizer disorder and taken out of work. I have always been a very strong-willed and independent person. After losing my job, home, car and moving in with my mom having a pity party for about six month and going through all the tests and adjusting to the medicine, I borrowed some money to start my own company and rented a couple homes and sub-leased them to low income families . Needless to say I spent more money than I made so now here I am with $50 in my bank account.
My question is about fundraising. I want to raise money for my company and use it to buy homes or rehab homes for low income families. Where should I start? I do have a LLC with my current Company. Should I us it, or start a new business or nonprofit? How difficult is it to start a nonprofit? Is it legal to have a fundraiser if it's for-profit business? Please help. I really Just want to help others.
ANSWER.
There are just too many questions for me to answer via email counseling. Furthermore, you need quite a bit of explanation in the answers. I recommend you visit your local SCORE chapter and schedule a face-to-face meeting with two SCORE volunteers to discuss your options. CLICK HERE and type your home zip code to find the chapter nearest you. The meetings are free.
I hope my comments are helpful to you. Good luck! Regards, -Jeff
Jeff Lippincott
SCORE.org Counselor
Princeton, NJ
scoreprinceton @ aol.com
www.scoreprinceton.org
www.jlippin.com
A DJ has been dabbling in business. Now he wants to get serious about it. Time to write a sound business plan.
QUESTION.
I'm starting up my own DJ company. Right now I have 2 DJs. Usually when we have a gig to do we all go and work together. I'm usually mixing the live sound, and they take turns DJing through the night. As I come closer to launching the company, I realize all the things I need to do and get together as far as paper work and the business side of things. I have to determine how much each person gets paid from each gig. I was wondering If you had any advice at determining this, and if this is not your specifics, could you direct me to someone who might be able to steer me in the right direction?
ANSWER.
You say you want to start a business. To do it correctly you must put together a written business plan. Just as with any writing there is a certain amount of research necessary. There are all kinds of things you have to consider in order to figure out what to pay your employees. That number will flush itself out when you put together the financial section of your business plan. I recommend you get a copy of the following book. See
HOW TO START A BUSINESS IN YOUR STATE ONE
HOW TO START A BUSINESS IN YOUR STATE TWO
Please read the book review I wrote for it.
Also, consider taking a look at the following links. See
PICK A BUSINESS, CREATE A BUSINESS PLAN, AND START IT SOON
FIGURE OUT HOW TO WRITE A BUSINESS PLAN
And contact your local SCORE to meet face-to-face for an hour with two SCORE volunteers. They can help you prepare your business plan. CLICK HERE and enter you home zip code to find the local SCORE office closest to you.
I hope my comments are helpful to you. Good luck! Regards, -Jeff
Jeff Lippincott
SCORE.org Counselor
Princeton, NJ
scoreprinceton @ aol.com
www.scoreprinceton.org
www.jlippin.com
I'm starting up my own DJ company. Right now I have 2 DJs. Usually when we have a gig to do we all go and work together. I'm usually mixing the live sound, and they take turns DJing through the night. As I come closer to launching the company, I realize all the things I need to do and get together as far as paper work and the business side of things. I have to determine how much each person gets paid from each gig. I was wondering If you had any advice at determining this, and if this is not your specifics, could you direct me to someone who might be able to steer me in the right direction?
ANSWER.
You say you want to start a business. To do it correctly you must put together a written business plan. Just as with any writing there is a certain amount of research necessary. There are all kinds of things you have to consider in order to figure out what to pay your employees. That number will flush itself out when you put together the financial section of your business plan. I recommend you get a copy of the following book. See
HOW TO START A BUSINESS IN YOUR STATE ONE
HOW TO START A BUSINESS IN YOUR STATE TWO
Please read the book review I wrote for it.
Also, consider taking a look at the following links. See
PICK A BUSINESS, CREATE A BUSINESS PLAN, AND START IT SOON
FIGURE OUT HOW TO WRITE A BUSINESS PLAN
And contact your local SCORE to meet face-to-face for an hour with two SCORE volunteers. They can help you prepare your business plan. CLICK HERE and enter you home zip code to find the local SCORE office closest to you.
I hope my comments are helpful to you. Good luck! Regards, -Jeff
Jeff Lippincott
SCORE.org Counselor
Princeton, NJ
scoreprinceton @ aol.com
www.scoreprinceton.org
www.jlippin.com
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