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Melvin Feller MA Illustrates How You Can Buy Any Business

According to Melvin Feller MA, if you’re thinking about running your own business, especially in buying a company that’s already established may be a lot less work than starting from scratch. However, you will need to put time and effort into finding the business that’s right for you.

This article was written by Melvin Feller MA in order to take you through the steps of buying an existing business, including how to assess and value a business, your obligations to any existing staff and where you can get professional help.

Actually, there are advantages and disadvantages of buying an existing business and If you get it right, there can be many good reasons why buying an existing business could be the right move for you. Remember though, that you will be taking on the legacy of the business’ previous owner, and need to be aware of every aspect of the business you’re about to buy.

Advantages:

According to Melvin Feller MA, it may be easier for you to get finance as the business will have a proven track record. A market for the product or service will have already been demonstrated.

There may be established customers, a reliable income, a reputation to capitalize and build on, and a useful network of contacts.

A business plan and marketing method should already be in place.

Existing employees should have experience you can draw on.

Many of the problems will have been discovered and solved already.

You can always re-sell the business.

Disadvantages:

Melvin Feller Discusses Starting Your Business. Melvin Feller Talks Buying a Business.

You often need to invest a large amount up front, and will also have to budget for professional fees for solicitors, surveyors, accountants, etc. If the business has been neglected you may need to invest quite a bit more on top of the purchase price to give it the best chance of success. You will need to honor or renegotiate any outstanding contracts the previous owner has in place.

Deciding on the right type of business to buy: .Ideally your business needs to fit your own skills, lifestyle and aspirations. Before you start looking, think about what you can bring to a business and what you’d like to get back. List what is important to you. It is useful to consider: Your expectations in terms of earning — what level of profit do you need to be looking for to accommodate your needs?

Your commitment— are you prepared for all the hard work and money that you will need to put into the business to get it to succeed? Your strengths — what kind of business opportunity will give you the chance to put your skills and experience to good use? The type of business —limited company, partnership etc. — that you’re interested in buying. The business sector you’re interested in — learn as much as you can about your chosen industry so you can compare different businesses. It’s important to take the time to talk to people already in similar businesses. Location — but don’t restrict your search to your local area. Some businesses can be easily relocated. Where to look for a business to buy: Many national and local newspapers carry advertisements for businesses and business locations or lots. Depending on what sector you’re interested in, you could look in trade journals. Or put in your own advertisement, saying what you are looking for. You can get contact details for most newspapers, magazines and trade journals from press directories available on the internet. Melvin Feller Recommends Being Your Own Boss. Some magazines, many of them with their own websites, specialize in buying and selling property and businesses. Of course, do not forget Realtors who use their publications and websites like loopnet.com, Crexi.com, Showcase.com, as well as Marcusmillichap.com and get familiar with their websites, including Craigslist and eBay. How to value a business: Understandably, how to value a business is often the most worrying part of buying a new business. Remember, though, that what a business is worth to you will not be the same as it is to someone else with a different set of priorities and objectives. To get a general idea of how healthy the business is, look at: the history of the business its current performance (sales, turnover, profit) its financial situation (cash flow, debts, expenses, assets) and why the business is being sold The following list of questions will help you discover possible areas where you could financially get hurt. How healthy is the business? Stock: How much is there? What condition is it in? Assets: Does the asking price take into account depreciation? Is anything leased or currently being purchased? Intangible assets: How much goodwill comes with the business? Melvin Feller Talks Valuing Your Business. Are any trademarks registered? Products: What are the profit margins on each product or service? Which products or services account for the majority of sales? Licenses: Which ones are required to conduct business? Are there any outstanding issues with the licenses? Debts: How old are the debts? Which debtors owe the most? Creditors: What does the business owe? What is the credit history like? Suppliers: What are their prices? What’s their credit policy? Employees: Is the business adequately staffed? Is it over-staffed? Do all employees have the necessary skills? Do all of the employees have the necessary equipment to do their job safely? Premises: Do they need refurbishing? Are they leased or company owned? Competition What percentage of the market do the competitors have? Valuation methods: Your accountant can advise on how to put a specific value on the business and do the actual calculations. You can then decide how much you want to offer, or if you want to buy it at all. If you do decide to make an offer, the research you do now will be completely verifiable once you’ve agreed a purchase price and terms with the seller. Make sure the business is worth buying by doing your due diligence: Having done your research, it is important to verify the information you now have. A period of time is allowed for you to access the business’ books and records in order to verify that all of the information that you have discovered up to now is accurate, and this is known as due diligence period. It should give you a realistic picture of how the business is performing now and how it is likely to perform in the future. When to begin due diligence. Don’t start due diligence until you’ve agreed to a price and terms with the seller. For a down payment they may agree to take the business off the market during your investigation. The investigation period is negotiable — but most small businesses need at least three to six weeks. Where to get help You should get accountants and attorneys to help you identify various risk areas but you can also get information about companies directly from the internet. Remember, due diligence is much more than the finances of a business. You need to come out of this period knowing exactly what you are getting yourself into, what needs to be fixed, what the costs are to fix them and if you are the right person to take over this business. Key areas to cover are: Melvin Feller MA Discusses Valuation Methods. employment terms and conditions outstanding litigation major contracts and orders IT systems and other technology environmental issues commercial management including customer service, research and development, and marketing Information sources Dig as deeply as you can and use whatever documents are available. For instance, if you’re looking at employee records, you could check out: payroll records staff files copy of retirement and profit-sharing plans plus financial statements, if relevant employment contracts the staff manual union contracts, if relevant you may also need information from external sources such as the landlord, tax office or bank. A step-by-step process on how to buy a business Get professional advice Professional help is invaluable as you go through the negotiation, valuation and purchase process. You may find it useful to contact the professional organizations to get advice and help on finding a lawyer or an accountant. Research Research the business sector you’re interested in, including the best time to buy. Shortlist two or three businesses. Make sure a business is worth buying: conduct due diligence and verify any information you have been given. As well as checks on the business, your attorney will conduct searches in order to verify relevant licenses etc. If you’re planning to arrange a loan, the lender will insist on carrying out their own survey and valuation at your expense, but you may want to pay for an additional independent survey and valuation. Initial viewing and valuation Be discreet — the owner may not want staff to know they are selling, but be thorough and record key findings. Arrange finance Lenders generally require: details of the business/sales particulars accounts for the last three years financial projections even if no accounts are available details of your personal assets and liabilities Make a formal offer If you make your initial offer by phone, follow this up in writing. Head your letter subject to contract and include this phrase in all written communication. Negotiation Before completing the sale, try to negotiate an overlap period so you have time to become familiar with the business before taking over. Record all the main point agreed. Completion Even after you reach an agreement on the price and terms of sale, the deal could still fall through. You have to meet certain conditions of sale to complete, including: verification of financial statements transfer of leases transfer of contracts/licenses transfer of finance Looking after existing employees: There are regulations that govern what happens to employees when someone new takes over a business. These apply to all employees when a business is transferred as a going concern, meaning employees automatically start working for the new owner under the same terms and conditions. For more information, check on your responsibilities to employees if you buy or sell a business. Inform and consult employees If you do want to discuss reducing numbers of employees or reorganizing the staff it’s a good idea to do this once you’ve completed the due diligence period, but before you take over the business. As the new employer you should inform and consult all employees — including employee representatives — who may be affected. Employee Retirement Plans As their new employer, you do not have to take over rights and obligations relating to employees’ retirement plans put in place by the previous employer. However, if you don’t provide comparable retirement plan arrangements, you could theoretically face a claim for unfair dismissal. Related guides on www.USA.gov: Buy an existing business or franchise www.sba.gov/business-guide/plan-your-business/buy-existing-business-or-franchise Franchising or buying an existing business can simplify the initial planning process. Starting a business from scratch can be challenging. Franchising ... Help Buying a New Home | USAGov - Official Guide to ... www.usa.gov/buying-home Your qualifications to buy a HUD home depend on your credit score, ability to get a mortgage, and the amount of your cash down payment. You can also ... Buying a Business - Small Business Administration Melvin Feller Believes that Employees add to the Bottom Line. www.sba.gov/course/buying-business The process of buying a business and resources to help decide if buying a business is right for you. The process of buying a business and resources to ... Choose your business name www.sba.gov/business-guide/launch-your-business/choose-your-business-name You can find the right business name with creativity and market research. Once you’ve picked your name, you should protect it by registering it with ... Professional and occupational licenses - Wisconsin DNR dnr.wi.gov/Permits/professionalicenses.html Professional and occupational licenses. First time applicants must submit their applications directly to DNR. Renewal licenses can be obtained from ... Start A Small Business - San Antonio www.sanantonio.gov/SBO/Start-A-Small-Business FROM START-UP TO BIG SUCCESS. The City of San Antonio's Small Business Office makes it easy for your start-up to grow into a big success. Take ... Oregon Secretary of State: Starting a Business sos.oregon.gov/business/Pages/starting-business.aspx The How to Start a Business in Oregon guide (PDF) provides a checklist to guide you through the process of registering your business. 2. Create a ... Women-owned businesses - Small Business Administration www.sba.gov/business-guide/grow-your-business/women-owned-businesses The SBA helps women entrepreneurs launch new businesses and compete in the marketplace. Connect with the training and funding opportunities ... Veteran-owned businesses www.sba.gov/business-guide/grow-your-business/veteran-owned-businesses The SBA offers support for veterans as they enter the world of business ownership. Look for funding programs, training, and federal contracting ... Market research and competitive analysis www.sba.gov/business-guide/plan-your-business/market-research-competitive-analysis Market research helps you find customers for your business. Competitive analysis helps you make your business unique. Combine them to find a ... [PDF] How to Grow Your BUSINESS - Small Business Administration www.sba.gov/sites/default/files/files/resourceguide_3158.pdf Welcome to the 2019-2020 edition of the U.S. Small Business Administration’s Wisconsin Small Business Resource Guide. The SBA helps make the American ... Finance Your Business | USAGov - Official Guide to ... www.usa.gov/funding-options Finance Your Business. Explore the variety of government-backed loans and funding programs for your business. Small Business Loans. Government loan ... [PDF] Home Buyer’s Guide - Ohio Department of Commerce www.com.ohio.gov/documents/real_HomeBuyersGuide.pdf Home Buyer’s Guide How to Make the Most of Your Home Buying Experience. ... ensure that they conduct their business in a legal and ethical manner. The ... [PDF] CENTERS FOR MEDICARE & MEDICAID SERVICES 2020 www.medicare.gov/Pubs/pdf/02110-medicare-medigap-guide.pdf Who should read this guide? This guide can help if you’re thinking about buying a Medicare Supplement Insurance (Medigap) policy or already have one ... State and Territory Business Resources | USAGov www.usa.gov/state-business/puerto-rico Open a Business. Learn what it takes to start a business in Puerto Rico. Start a Business in Puerto Rico. Expand or Relocate a Business in Puerto Rico ... Checklist for Starting a Business | Internal Revenue Service www.irs.gov/businesses/small-businesses-self-employed/checklist-for-starting-a-business Each state has additional requirements for starting and operating a business. For information regarding state-level requirements for starting a ... Small Business Administration www.sba.gov/business-guide The SBA connects entrepreneurs with lenders and funding to help them plan, start and grow their business. We support America's small businesses. The ... A Consumer’s Guide to Buying a Franchise | Federal Trade ... www.ftc.gov/tips-advice/business-center/guidance/consumers-guide-buying-franchise Will you need the franchisor’s ongoing training, advertising or other help to remain in business? Will you have access to the same suppliers? Could ... Buy assets and equipment - Small Business Administration www.sba.gov/business-guide/manage-your-business/buy-assets-equipment Your business will need special assets and equipment to succeed. Figure out which assets you need, how to pay for them, and whether you should buy ... Starting a Business Checklist | California Secretary of State www.sos.ca.gov/business-programs/business-entities/starting-business-checklist/ The “Starting a New Business in California” brochure should be used as a general tool to help you broadly assess how to start a business in ...

[melvinfeller]

Do You Understand Who Your Ideal Client Is and Their Purchasing Decisions?

According to Melvin Feller, CEO of Melvin Feller Business Group and online and educational educator, regardless of the marketing program you use (newspaper ads, phone book, flyers, coupons, website, Facebook, Instagram or others, these vehicles succeed or fail on the strength and clarity of your marketing message.

Melvin Feller goes on to point out and explain why is your message so important? It tells people why you do what you do and why you are different than their other choices. It also focuses on the customer’s benefits by conveying the true value of what they want.

Melvin Feller has followed the same process for over 30 years in his various business pursuits. This is his recommendation for you to follow. He goes on to recommend a test that you can do on your own. Think of something you really want as opposed to something you need. So, how do you decide who to buy from?

Customer Value is the level of satisfaction of your customer towards your business. The word “Value” can have a number of definitions or meanings. It’s often related to price for those in business, as well as for many consumers — like if I were to ask you the value of your home when you purchased it. It could also be interpreted as the worth of something, not necessarily tangible products either. Both products and services have value.

This is where you hear customers talking about getting the value for money, used typically when talking about price-sensitive customers. On the flip side, there’s money for value, which means people are willing to pay for the things they see as valuable benefits.

What does the dictionary say about value?

 The regard that something is held to deserve; the     importance, worth, or usefulness of something.

A person’s principles or standards of behavior

Estimating the monetary worth of something

Considering something to be important or beneficial, or     have a high opinion of it because it is beneficial.

While there are different means and the word can be used interchangeably, it becomes more of a technical term when you talk in terms of customer value.

Chances are you will make your decision on some other factor important to you; retailer location, waiting time, reputation of the store, other support from the business, or maybe something creative that I haven’t mentioned. Whatever it is, was this benefit clearly featured in the ad or website page you looked at? If so, this business has clearly honed in on what they know their ideal clients want.

Businesses who know what their customers want and market their product or services with this key benefit in mind are able to convey real value which shields them, to some degree, from price shoppers. So, how do you figure out what your best clients really want so you can create a compelling marketing message that attracts sales and a continuous flow of loyal customers?

First, determine who your ideal client is. Here’s a hint. Their name is not ‘Everyone’ or ‘Anyone’. You not only need to understand their demographics; age, occupation, income level, family structure, etc. but also their ‘psycho-graphics’ as well. Psycho-graphics deal with what they value, what they worry about, what is most important to them and what they want.

Go through your current customer list and identify your best clients. Call them and ask them a few questions. The answers hold the keys to the thoughts, feelings and desires of others like them.

Next, determine what you do differently or better than anyone else who offers a similar product or service. If you ask the right questions of your best clients and listen really carefully, you will learn the reason they chose you to do business with. This is your Unique Selling Proposition- the thing you do or offer than allows people to select you over your competition.

Now, take a look at your current marketing copy. I will bet it’s filled with features about your product or service and very little that conveys real value directed at the people you most want to attract. Fixing this problem is not difficult but many times can be greatly enhanced with the help of a small business coach or marketing consultant.

Customer value is the perception of what a product or service is worth to a customer versus the possible alternatives. Worth means whether the customer feels that he or she received benefits and services over what was paid.

That can be broken down to a simple equation: Customer Value = Benefits — Cost (CV=B-C)

It can’t be so linear as to focus only on price because customers spend a lot more than just their cash when investing in products or services. You have to consider what they pay in time, effort, convenience, energy and so forth.

To the customer, the benefits can also vary which can shift the value. Value for one customer may not be the same as another. What’s important to one may not be important to another segment of your audience. Benefits could include:

Quality of the product

Advantages of ownership

Image

Company brand and affiliation

Access to a solution

Experience

Success from use of the product or service

Long term takeaways (including knowledge)

Prying money from the hands of a generally skeptical, wary consumer base takes more than fancy ads or a barrage of media commercials. If you want people to gravitate to you first, your marketing message must be compelling and loaded with value that the customer will immediately recognize.

When people see value on things they really want, they will spend the money and spend it with businesses that clearly convey this value. Hopefully, consumers are spending some of it with you!

You can’t spread your resources, service teams, and sales force evenly among your entire customer base and expect a good return. You need to focus on the customers provide the greatest value in return. This is another reason why audience segmentation is so important.

Likewise, push a lot of resources towards building relationships with existing customers over acquisition. It costs less to keep a customer than to acquire a new one, and great service will boost the lifetime customer value so each customer is worth more in the long run.

Make the value/price ratio seem bigger than it is. Go the extra mile, give them a free gift, an extra service. Make them feel that they’re appreciated

Make your services or products easy to buy. Offering different ways to pay for it, delivery, etc.

Create a real Unique Value Proposition. This holds especially true if you’re dealing with B2B. Communicate with your customer why they should buy your product over the competition

Work on your brand. Your company’s name itself should be synonymous with value. Develop a unique method to treat your customers, handle complaints with care, etc.

Provide stellar customer service. At the end of the day, both your employees and customers are people. Treating them as such can be extremely rewarding for both parties.

Take the time to research and understand your market well enough that you can break it down into segments, looking deep into each audience segment to understand their most pressing needs and what they find valuable. Use the unifying characteristics of each segment to build a strong value proposition.

Always be on the lookout for new opportunities in current and new market segments for pushing value. Your competitors aren’t resting, so you shouldn’t be either.

[melvinfeller]

Melvin Feller Business Group a Business Consultants Company Based in Texas and Why They Recommend Working with Consultants, Any Good Business Consultant.

Melvin Feller almost never uses the word “problem”; instead, he and his company talk about opportunities in order, Feller points out, to enhance value. Ask any consultant what they do, and they’ll likely say “I’m in the solutions business.” Despite criticism that’s sometimes leveled at business consultants, they truly can add value to company, but you need to know when and why to use them. In order to fully get value, you need to know the problems that need to be solved. There is a massive range of business issues that consultants can deliver solutions for, and different types of consultants bring different philosophies and concepts to the table.

It is interesting to note that, consultants come in many forms and skill sets. Here are just a few:

Types of Consultants

Business consultants can generally add value in five major areas of your business:

Management and strategy. Qualified consultants should have a deep understanding of your particular market and bring the best practices from your industry (or even other industries) to your company. If you’re looking to expand your markets geographically, extend your product portfolio, reorganize your middle market company to promote efficiency and cost-effectiveness, buy out a smaller competitor, or increase your overall capabilities, then hiring an experienced management/strategy consultant can make perfect sense.

Operations. Want to improve the quality and efficiency of your production processes? An operations consultant can help you create and implement a new way of doing just that. Many consultants specialize in business process re-engineering, meaning that they come in and map out your existing processes, analyze opportunities for reducing the number of steps in that process while maintaining quality, and re-engineer your processes in a way that reduces steps and costs. Other consultants are experts in quality control systems and can help you make changes that will reduce defects.

HR. If you’re a company needs to improve the overall satisfaction of your employees, recruit top talent, and retain your top performers? Many of these consultants specialize in developing compensation strategies that align with your overall business goals, training, and developing your people in areas such as business communication and leadership. They can help you improve performance-related feedback and evaluation to your team, making your employees work smarter.

Marketing. Whether you need a new logo for your company, a new market position for one of your brands, or a new social media strategy to interact with your customers, marketing consultants can help. Consultants can offer you a creative spark when your employees have run out of ideas, letting you see what other companies have done to attract more customers.

Reasons for Hiring a Consultant such as Melvin Feller Business Group

Now that you know the major types of consultants, why would you need to hire one? Here are five common reasons:

Rent a brain. You don’t have the human resources you need because some internal person has quit or your head count has been slashed, so hiring a consultant for a project or on a temporary basis can fill the gap until a full-time internal person is found. You won’t have to make a consultant a full-time employee, so breaking off the relationship is relatively easy and cost-effective.

Change Management. Many business consultants are experts at fostering change in organizations, so if your midsized company is extensive with internal squabbling concerning imminent changes, bringing in a consultant can break that logjam. The majority of consultants know that they’re often brought in for political cover and will often shoulder the blame for unpopular changes such as reducing head count and other cost-cutting measures. This is normal process.

Teach and Implement best practices. Often consultants are the leading experts in the fields they work in. They not only have academic and theoretical expertise, but they’ve also worked directly with leading companies to implement change. If you want best practices in areas such as IT and management, then consultants are the best source available. Why try to invent a best practice when consultants have already implemented with multiple clients?

Permeate Creativity. Consultants have a fresh perspective on your business, so having an outsider come in and offer ideas can be tremendously helpful. Sometimes your in-house people are too close to your company and don’t have the perspective to examine the bigger picture within your market, but consultants can share valuable insights that boost your internal creative thinking.

Training Deliver. You can hire a consultant to share knowledge about almost anything. Consultants are born trainers, so they’re a natural choice to do a training course or day-long presentation for your company in almost any area. A good consultant blends theory and practice, and this can deliver high value to your mid-market company.

Melvin Feller Business Consultants is also proud to offer this step by step checklist for becoming a business consultant.

Here is a list of things to consider when you are starting or growing your consulting business practice:

Start with your skills. You cannot be an effective consultant if you don’t bring value to the small business owner. Be relentless in your ongoing education. You become more in-demand and can charge higher fees based on the your wider the extent of knowledge and expertise.

Create and Maintain an experience level. It’s rare that a business owner will entrust their business to a business consultant who has never owned a business before, or to a consultant who doesn’t have a high level of expertise in a specific topic area. An expert is defined as having 10,000 plus hours of experience with the topic they claim as their expertise. If you use a traditional 40-hour workweek as your ruler, that means you need at least 5 years’ full-time experience with your business subject matter in order to call yourself an expert.

Always Know Your Why. Before you get down to the nitty-gritty of designing your business and getting clients, figure out why you want to be a business consultant, and why you want to help these owners. Why this specific target audience? What is your motivation? Knowing this will keep you going when you hit the inevitable speed bumps along the way to building your business and serving your clients.

Determine Your own Definition of Success. Keep your eye on the target. The definition of success differs from person to person. Take some time to visualize all the ways that a successful consulting practice will manifest in your personal and professional life.

Develop and Create a Business Plan. Go through all the same steps you would go through with a client, and work on your own business model design. Things to consider: what legal format you’ll use, what are your mission and vision statements, what are your offerings, your pricing and profit models. Include the resources you will need to succeed, like money, time, skills/knowledge, equipment, and people resources. Set goals and milestones for the next 1 year, 3 years and 5 years.

Develop and Create a Marketing Plan. There are countless consultants out there. How will you be remarkable and stand out from the crowd? How will you connect with your audience and build rapport and trust? Will you use traditional marketing techniques only, or combine traditional and internet marketing? Which of the 100+ available techniques will bring the best results? How much will you invest in marketing (in both time and money)? What are the goals of your marketing?

Study Coaching and Mentoring Skills. You will be working with human beings who have their own set of strengths and weaknesses. Learn deep listening skills and how to ask meaningful questions to get clarity and provide focus. Learn how to hold clients accountable for implementing their action plans, and how to deal with difficult client situations. You’ll find that you work as much with the business owner’s mindset as you do with the practical logistics of running a business.

Choose Your Niche. Determine if your specialty requires you to have a license or certification such as financial and tax advisors, legal advisors, insurance advisors. Will you focus on a niche area, like email marketing strategies, or will you be an expert who can help clients with a wide range of challenges and projects? Will you work with a particular size business based on number of employees or revenue? Will you work only with local clients, or will your consulting business be national/international?

Decide if you are going to advise them, or do the work for them. Some consultants are more like mentors and advisors, who work with the small business owner to do planning and strategy work. Other small business consultants provide a specific service as a sub-contractor, to augment the client’s staff such as part-time CFOs, website designers, and copywriters.

Learn the problems that most small business owners have and formulate a strategy to define and solve those problems. Use readily available strategies, tools and assessments to help solve these problems, or create strategies of your own. Consider putting together your own consultant’s toolkit.

Deeply understand the seven areas of a business model to help your clients in the areas that are causing the most damage or have the best return on investment if they make a change.

Systemize your own business so that you have maximum efficiency. Use templates, automation and sales scripts. Take time early in the setup of your business to create these systems to free up your time and attention for more important tasks. Hint: you’ll then teach these efficiencies to your clients.

Get help with the administrative and marketing work. Outsource the tasks that you do not want to do, that you are not an expert in, or that take away from your revenue-generating time.

Get your ego out of the way. While your work can and should be meaningful to you, you are not a consultant to pump up your own ego. You are a consultant to serve your clients. You are going to advise them, help them to determine the pros and cons of each course of action, and then allow them to make their own decisions. You cannot stop them from making unwise decisions or from not following through on an implementation plan. Equally, if your client has a big win, it may be partly due to your advice, but much of the praise needs to go to your client for making it happen. Decide in advance what a “successful client engagement” means to you.

Be honest about your own areas of personal development. No one is perfect. Sometimes we procrastinate. Sometimes we get distracted. Sometimes we let anger or fear get the better of us. Sometimes we don’t communicate as well as we could. Discover your weaknesses and either learn how to overcome them, or hire staff to help deflect them.

Choose marketing techniques that bring qualified leads to the sales conversation. Track your marketing relentlessly. If your marketing isn’t bringing the desired results, revamp it. Do not choose marketing techniques because they are a hot trend if they don’t bring in leads or help build your brand recognition.

Learn problem solving, decision making, project management, and time management skills. These four skills will provide the backbone of the assistance you will offer clients and help you run your own business successfully.

Learn from the masters. Why re-invent the wheel? You can discover savvy shortcuts by paying attention to the leading consultants in your industry. In any small business consulting niche there are always several people who have risen to the top of their profession. Study their offerings, their marketing methods, the way they run their businesses, and the way they work with clients. Determine if those methods would serve you and your clients, too.

The right background for the consultant you select depends on your industry and your needs. The U.S. Bureau of Labor Statistics notes that consultants can be management (business), scientific or technical. If you want someone to help your company develop new proprietary software or computer-based workflow, you may want to engage a technical consultant. But outside of specific needs, companies usually work with management consultants when they want to improve their bottom line, customer satisfaction or employee morale.

Regardless of the type of consultant you work with, their background is critical. It helps you understand how likely they are to improve your business. Here’s what to consider when reviewing potential consultants:

Do they have hands-on experience? This can be especially important in the business world. If someone came directly out of college labeling themselves as a consultant, do they really know anything more than you do? Consider looking for consultants who have successfully owned or run small businesses, enterprise organizations or specific departments.

Is their experience applicable? A former bank CEO may seem impressive, but do they have the knowledge and experience to turn your cupcakery into a profitable small business? They might, but if you’re also considering a former restaurant owner who now makes a living successfully helping small eateries grow, this consultant may be a better match for your business. Look for consultants who have worked in your industry and with businesses that match yours in style, size, needs and goals.

What’s their track record with consulting? You don’t just want a consultant who has the right experience; you want a consultant who has demonstrated success with companies like yours. Ask for a portfolio or list of brands the consultant has worked for, and request references. Look for a consultant who has helped businesses overcome the types of challenges you’re facing or who has grown businesses very similar to yours, and reach out to those companies to find out if they were satisfied with the services.

The bottom line is that you cannot depend on your consultant for ever, and, once they leave, your team members will need to take responsibility for the project. Your team members will be the ones fixing problems or making adjustments in the future, so they must understand the consultant’s work, and develop the skills that they will need to continue it.

Include developing a knowledge management plan in your consultant’s tasks, and involve members of your team to ensure that this plan is a success. Make sure that the consultant cross-trains the members of your team on their techniques and their approach.

Build a knowledge transfer process into the project, to ensure that you are not caught out when your consultant finishes. The earlier this process begins, the more questions your team members can ask, and the more skills and knowledge they will gain.

It is essential to remember that consultants are professionals who provide short-term expert help and advice in a particular fields or industries. They have high levels of expertise and they can work differently to the rest of your team.

The key to working successfully with them is to be clear about expectations and deliverables. This includes monitoring the scope of the project: be aware that projects and budgets can grow, and that consultants may encourage this!

Any time you find yourself working with consultants, you must give detailed instructions, clear feedback, and the resources they need to work efficiently. Always, work to maintain positive relationships between them and their permanent co-workers.

By following these guidelines, you and your company will continue to maximize every opportunity and employee to the maxim thereby increasing your brand awareness and your bottom line.

[melvinfeller]

Melvin Feller MA Discusses How to Start Your Own Business in Texas

Melvin Feller MA knows that there’s a lot to love about Texas. The abundance of Tex-Mex, Texas people, and the Texas Life-style. But one of the most important is the state’s staunch support of its business community. Melvin Feller MA points out that starting a business in Texas has the advantage of the nation’s second-largest population and a number of fast-growing metropolitan areas.

Melvin Feller MA asks “If you are new to business and wanting to start your own business in Texas. Do you know what you want to do?” Therefore, if you’re thinking of starting a business in a Texas location and a field of business that’s new to you. Melvin Feller MA believes that you will always be successful in a business that you have a passion for especially in a Texas friendly environment.

Texas’ support for small business is evident in its low business licensing fees, its lack of red tape, and a profusion of relatively low-priced real estate. Few states can boast a similar lack of regulation that lets businesses be born almost as soon as they are thought of.  Best of all is that starting a business in Texas can be done with a small investment.

Best of all you don’t have to go it alone in Texas. A number of state and federal resources, such as the U.S. Small Business Administration, offer business advice, low-interest loans, and grants. Their programs are geared toward helping veteran-owned businesses, minority-owned businesses, and women-owned businesses, and they’re worth exploring if you qualify.

Melvin Feller MA, Educator, and CEO, states that during stressful times and times of distress and economic hardships, more businesses are created and more people are actually successful in rendering products and services that are vital to our economy.

In order to have a successful enterprise, you should address a number of topics. Many of these items will be incorporated into your business plan, so consider the use of this list as a preparation for business and market planning. In each of these topic areas, determine which apply to your enterprise and then address those issues. However, there are basic steps in starting a business that can make a positive impact. It is best to start by asking and answering critical questions pertaining to you, the business owner and your business concept. Melvin Feller MA goes on to state that these are the must have and hard questions to really ask yourself:

Have you determined what products and services you are going to offer?

Have you determined that a market exists for your offerings and is accessible to your selected location?

Have you determined if there are any names, logos, or other intellectual property that must be covered through patent or trademark registration?

What is the legal form of the business? (proprietorship, partnership, corporation, limited liability company)?

Have you registered your business name?

Have you determined a formation for your business (i.e. sole proprietorship, partnership, S-Corporation, C-Corporation, Limited Liability Company, etc.)?

If you have chosen your business to be a corporation, have you filed a Certificate of Incorporation?

Have you addressed, if necessary, a Partnership Agreement or Limited Liability Company Article of Organization?

Have you researched local, county, and state license and permit requirements?

Have you selected a physical site for your business?

Have you addressed local zoning regulations to see if your business conforms or if you will need to seek a variance?

Have you researched Federal, state and local regulatory agencies to determine what you need to address?

Have you determined your insurance requirements?

Once you have these questions answered and have a solid plan then it is time to think about your business location. There are many things that must be considered during this period. In fact, according to Melvin Feller MA, most of these things are never considered and could actually hinder a budding entrepreneur’s success.

Melvin Feller MA compiled this list of the key issues to keep in mind when you’re deciding whether a new city is right for you.

Workforce. In today’s labor-tight, knowledge-based economy, this is far and away the single most important factor to examine, according to relocation experts and several executives who have recently moved their companies. If the location doesn’t support your ability to recruit and retain a world-class workforce, everything else is secondary.

Will your company be able to offer employees’ salaries and benefits that are competitive in the region? If not, you may not be able to recruit the best talent. Remember that people often have families. Is the local economy deep enough and diverse enough to support careers for employees’ spouses? How is the quality of life in the area? How are the schools?

Sources of funding. “Venture capital is a contact sport,” according to Melvin Feller MA. “Be near sources of financing.” Is there a venture-capital or angel-investor community in the region? Is there a network of lawyers, accountants, or other professionals that can help you develop a business plan and market it to potential investors? Are there formal and informal networking opportunities in town? Are low-cost loans available from banks and other lending institutions?

 Economic-development incentives. Does the city or state you’re looking at have aggressive policies — including tax incentives and low-cost loans — to recruit and retain businesses in your industry or start-ups in general? Be on the lookout for places that have developed economic strategies for attracting the kind of business you’re in.

Transportation. Air service is particularly important in today’s economy. How many flights go into and out of the nearest airport? Is there a hub airport nearby, making it easy for customers and clients to get to you?

Manufacturers should check out trucking routes and other transportation needs that support their companies’ logistics. What will it cost to get the supplies you need to your new location and to ship your product to your customers? Will you be able to deliver your product at a competitive price?

Technology. How wired is the area you’re considering? Are broadband services available for Internet access? Such offerings are important both for web-based companies and for those that use the Web just to enhance their brick-and-mortar business.

Cost of living. This issue has major implications for both your employees and your company. Can your staff find affordable housing in the area? In terms of commercial real estate, Melvin Feller MA suggests that you look at both cost and flexibility. He recommends negotiating a short-term lease that gives you options to acquire more space as needed.

Universities. “All the hot zones have great universities,” says Feller, founder of Melvin Feller MA Business Group. Universities provide cheap but knowledgeable part-time labor (students), as well as readily available consultants (professors). When the students graduate, they help form a skilled talent pool from which to draw employees. Many universities also host small-business development centers and programs.

Character of the local economy. What sectors are strongest in the region? If you’re a manufacturer, for example, you probably don’t want to go to a tourist or service-oriented economy, since it might not have an appropriate workforce, essential suppliers, and other resources.

Personal preferences. Do you have friends, family, or professional contacts that keep you in one area or draw you to another? You want to be happy in the place where you do business. As your company grows, the personal aspects of running a business may have to give way to more practical considerations, so think about such factors now, while you are still in control.

Melvin Feller MA knows that opening up your own small business can bring a host of benefits — more freedom, flexible working hours, more career opportunities and many of your dreams realized.

 Statistics show small businesses started by women have a greater chance of success — experts think it’s because women plan more, and take things step by step. A recent study on factors influencing career success conducted by Accenture, a global management consulting company, found that women feel juggling family support, planning and ambition is important for them to advance in their careers.

 Melvin Feller MA also knows that planning is important? Because he knows and has proven that a great business starts with a great idea. But there’s so much more. Often, would be entrepreneurs get so excited about their idea that they forget to find out whether it’s viable or not.

Small businesses make up more than 99% of the businesses in Texas. Small businesses, in particular, rely upon funding and financing to get their new and current businesses off the ground.

The Governor’s Office of Small Business Assistance works closely with a variety of partners to highlight the various avenues for accessing capital. The Governor’s Office cannot recommend or suggest specific lenders but we invite you to visit the following nonprofit lenders and chartered banks. At this time, the Governor’s Office does not have a program for grants available to start-up businesses.

The partners included below have a state-wide presence, but there are many local options available depending on where you are located.

NONPROFIT LENDERS

ACCION ACCION is dedicated to providing the tools entrepreneurs need to operate, grow or start their business. They offer a community of support and are dedicated to increasing access to business credit, making loans and providing support.

BCL of Texas Established in 1990 as a statewide not-for-profit, BCL of Texas successfully promotes business and community development and provides business capital and commercial real estate loans throughout Texas. In addition to providing businesses with counseling and technical assistance, BCL of Texas originates, underwrites, processes, closes and services business loans for healthy, growing businesses.

LiftFund the mission of LiftFund is to provide credit and service to small businesses that do not have access to loans from commercial sources, and to provide leadership and service to the micro-lending field on a national level.

PeopleFund provides loans and technical assistance to people who are left out of the financial mainstream. PeopleFund provides flexible loans to small businesses, startups, and nonprofit organizations across Texas. They also provide business consulting, technical assistance, and a variety of other programs.

FINANCING RESOURCES

To find a Texas financial institution, visit the National Information Center’s website.

For international financial institutions in the state that enable international trade by issuing letters of credit, providing currency exchange, and making trade related loans, as well as financing projects in various countries, please visit Texas Bankers Association and the Independent Bankers Association of Texas.

Credit Unions: Cornerstone Credit Union League, a nonprofit that seeks to inform on the operating environment and strength of credit unions throughout the central southern U.S., provides information on the various chapters throughout Texas.

Banks: The Texas Department of Banking provides a list of Texas state-chartered banks and holding companies.

CROWDFUNDING AND EQUITY CROWDFUNDING

In the past few years, crowdfunding and equity crowdfunding have become very popular methods of raising capital. Kickstarter and Indiegogo are two popular crowdfunding sites in which individuals are able to give small donations with the goal to partially fund a project. In exchange, the crowd receives different items depending on the size of their donation. Equity crowdfunding is when individuals invest in an early-stage company in exchange for shares in that company.

GRANTS.GOV:

A centralized location for grant seekers to find and apply for federal funding opportunities. The website houses information on over 1,000 grant programs and vets grant applications for 26 federal grant-making agencies.

SMALL BUSINESS INNOVATIVE RESEARCH/SMALL BUSINESS TECHNOLOGY TRANSFER FUNDING (SBIR/STTR):

The federal government allocates over $2 billion annually to SBIR and STTR. These programs encourage small businesses to capitalize on commercialization opportunities.

The SBIR program is a highly competitive program that encourages domestic small businesses to engage in Federal Research/Research and Development (R/R&D) that has the potential for commercialization. Through a competitive awards-based program, SBIR enables small businesses to explore their technological potential and provides the incentive to profit from its commercialization.

The STTR program expands funding opportunities in the federal innovation arena. Central to the program is the expansion of the public/private sector partnership to include joint venture opportunities between small business and nonprofit research institutions.

To find local resources familiar with SBIR/STTR and can support small business commercialize, please visit their website.

With over 2.6 million small businesses, small business is big business in Texas. The Texas economy has continually outpaced the national economy in overall growth, low unemployment rates, and high consumer confidence. Highly ranked healthcare, exemplary education, low living costs, a strong heritage, and hundreds of miles of rivers and coast make Texas the perfect spot.

Small businesses make up 99.8% of the Texas businesses. Texas is consistently ranked at the top of business climates in America and has been ranked highly for over a decade. Texas is recognized for its strong economy, skilled workforce, low taxes and fair legal system, extensive infrastructure, and high quality of life. In 2019 Business Facilities recognized Texas as the #1 state for business climate and infrastructure. Area Development ranked Texas as #1 for overall cost of doing business, competitive labor market and corporate tax environment.

Out of the 2.6 million small businesses in Texas, more than 866,000 are women-owned small businesses and 1.1 million are minority-owned small businesses. The Texas Historically Underutilized Business (HUB) Certification offers certification that increases the exposure of a business especially as it concerns supplier diversity programs in both public and private sectors. 4.6 million Texas residents, or almost half of the state’s private workforce, are employed by a small business. In fact, small businesses created 218,436 net new jobs in 2019.

All types of businesses flourish across Texas. Many regions in Texas boast large, existing concentrations of companies in a particular industry which creates a trained labor force from which other businesses can draw. As a result, regions with existing labor pools continue to spur new business expansions and relocations in those same sectors.

Cost of Doing Business

With no individual income tax, Texas has one of the lowest tax burdens in the country, ranking as a Top 15 Best State in the Tax Foundation’s 2019 State Business Tax Index.

Exports

Texas has been the #1 exporting state for 16 straight years. 93.1% of all Texas exporters are small firms and are responsible for 37.6% of all Texas export value.

Finally, Feller states, “Researching your idea or talking to a neutral business advisor keeps your goals on track”. However, Feller also says that when he first started, nothing happened so I got impatient. But Richard Branson’s book “Losing My Virginity” was inspiring, as he stuck it out and found opportunities where others said there were none.

It was through trial and error and lots of education, that he reached the pinnacle of success and was able to create a business which has gone on to help thousands of people to start the business of their dreams and fulfill their legacy.

[melvinfeller]

Marketing — Getting the biggest bang for Your Buck as Discussed by Melvin Feller MA, MBA

According to Melvin Feller, MBA and business owner as well as an online educator, marketing is an ever-changing, sometimes elusive activity. Even the marketing experts are continually tweaking their strategies in order to remain focused on attracting the customers they want. So, what should typical small business owners do, whose expertise is in delivering the product or service they started the business for?

First, understand that marketing is simply the message you send out to connect with people who want what you sell. Communicating this message is actually easier than creating the message itself. And herein lies the problem. Most business owners focus exclusively on the type of transmission vehicle that carries the message instead of crafting a compelling message that entices their customers to want to do business with them. When this happens, most marketing programs are equally as effective and tend to deliver the same poor results.

 Melvin Feller teaches and analysis marketing messages and believes that the fact is, that business have an identical marketing weakness as do most industries where there are tons of competitors with virtually no obvious differentiation.

Most competitors’ web sites or marketing messages make the same-sounding claims, describe the same-sounding services, and make same-sounding lead generation offers.

Some try to break from the pack by making either of the three big marketing mistakes:

Mistake 1: Boasting about leadership. “We’re the leader in…” Even if it’s true, unless you’re a household name it sounds fake, and no one cares except your CEO. It’s not a key differentiation point.

Mistake 2: Making up terminology to describe yourself. “We use the unique A.B.C. process to…” If prospects never heard of it, they don’t care. They are not here to learn about you — they just want to know if you can solve their particular problem.

Mistake 3: Broad customer description. “Everyone from the Fortune 500 to small businesses use our services.” Prospects don’t think of themselves as generic (even if they are), so they don’t want to buy generic services even if it would suit them.

Melvin Feller’s bottom line advice is to focus your positioning on the customer — not yourself!

Feller recommends that you start by reviewing what you have received for the money you have spent on marketing programs. While every business has unique qualities that may favor particular approaches, here are some of the more common forms of marketing and some tips on how to evaluate their effectiveness.

Local phone books- Most of these directories have been replaced by more robust on-line services. Still, a tremendous number of businesses continue to advertise in ‘yellow page’ style books. Look at the section of the book you occupy. Based on competition, the size you select and cost you agree to pay, the listing should be big enough to have one main message plus contact information. Anything more and the cost associated with it can be put to better use.

Newspaper ads- Unless you do a substantial volume business or rely on holidays for the majority of your business, forget them. The cost grossly outweighs the benefit.

 Coupon mailers- These vehicles are acceptable for car washes, haircuts and pizza but not much else. Most people don’t even open the envelops and if they do, they usually don’t look through more than 4–5 on the top. In any case, the coupon redemption is less than 1% so figure out how much you will pay to get 2���3 people to call you.

Online local listings- Several companies sell services to place you in all local listings for an ongoing monthly fee of anywhere from $99 to $499. If you have the know-how, you can do 90% of this yourself and save some money.

Door flyers- Most of the cost of this promotional approach is in the cost of delivering the flyers. They can be very effective if combined with something free. Real estate agents do very well by advertising themselves on pads of paper. This way, your name stays in front of your prospect for some period of time.

Mobile Text Messaging- A relatively new advertising medium, this service sends text promotions and offers to people who sign up using a text message code. They can work very well for low cost purchases or time specific offers like free sodas with any sub during the lunch hour. Other than that, I predict this program will fade as people will tire of getting ads sent to their phones.

Radio- Broad reaching but can be expensive. Depending on the time slots, you may or may not even be talking to your potential customers. All times are not equal so ask lots of questions about the schedule you buy into.

Billboards- Predominantly dependent on your message and the location. Unless your business has a visual component, I would pass on this sort of advertising.

Networking events- An excellent way to build visibility and referrals but it can be time consuming. You may need to test a few different groups to see which ones attract the types of referral partners and customers you are looking for. For most quality networking groups, look at WWW.meetup.com

Websites- One of the single biggest marketing expenses for a small business, your content, appearance and functionality must all work together or your designer and hosting costs are going down the drain every month.

Be very critical of your returns with any of these marketing approaches. If you are spending $500 to $2,500 per month on a variety of programs, make sure you can message the business you get with the right message. If the return is poor, cancel the agreement.

[melvinfeller]

Melvin Feller Discusses How To Avoid Negative People Whenever You Can Because It Translates to Success!

Melvin Feller as both an educator and public speaker has made a point to avoid negative people whenever and however he can. There are times that it is virtually impossible but you can make point of choice even of that means not speaking to them or acknowledging them. Life is short and both life and business deserve the best you have to offer. Your family deserves it!

If you’re trying to make any sort of change in your life, to take yourself or your business to a higher level, there’s a certain kind of person that you should avoid like an epidemic.

They’re the pessimists, the negative people who see life through glasses colored with their own limiting beliefs and low self-esteem.

These are people who can never see the good side of things… who insist that someone or something is out to get them.

Who have so much self-loathing, that the only way they can feel good about themselves is by judging others. So little self-esteem that they end up pulling you down with them.

They don’t seem to understand that negativity and hate only breeds more of the same. And what you give out, you get back.

Some of them try to cover it up with arrogance, masquerading as over-confidence. I’ve met a few of these types, and I avoid them like the plague…

Why, you ask? Do I not want to help them?

Well, yes. I used to feel sorry for them, until I realized that you can only help someone who WANTS to be helped.

And the pessimists don’t want to be helped. Because there’s a payoff for their behavior.

And that payoff is — not having to take responsibility for their lives. Not having to take action to drag themselves out of the morass of their mind.

So they continue being negative, pulling others down and feeling sorry for themselves.

They justify their negativity as being realistic. And continue to attract more of the same.

Then they wonder why they’re in the miserable situation they’re in.

And if you have someone like this in your life. Someone who always makes you feel worse, I’ll give you some very good advice.

Cut them off from your life! Right now!

Because like a blood-sucking leech, they will drain you of all the positive feelings you have and drag you down into their miserable little world.

And if you happen to be a pessimist, here’s some advice for you.

Change your attitude!

You can choose to think negative thoughts or positive thoughts. Guess which ones will help you grow?

Melvin Feller has noted that in his readings and his teachings on Success Strategies that after researching the daily habits of successful and wealthy people for over ten years. He came across another author that had been studying for over years, author Thomas C. Corley who also found that these same people also avoided one type of person at all costs: pessimists.

“Self-made millionaires are very particular about who they associate with,” Corley writes in his book, “Change Your Habits, Change Your Life.” “You are only as successful as those you frequently associate with. The successful people in life are always on the lookout for individuals who are goal-oriented, optimistic, enthusiastic, and who have an overall positive mental outlook.”

Eighty-six percent of successful people in his study made a habit out of associating with other success-minded individuals. On the flip side, “they also make a point to limit their exposure to toxic, negative people,” he explains.

The importance of substituting negative friends and acquaintances for positive individuals stems from the fact that positivity was a hallmark of the rich people he studied — and we emulate the people we associate with.

Melvin Feller has determined that the bottom line is that “long-term success is only possible when you have a positive mental outlook and positive people in your life.”

You can choose to judge people or see the good in them. Guess which attitude will build better relationships?

You can choose to interpret life events in a way that dis-empowers you or one that empowers you. Guess which attitude will help you recover faster from tragedy?

You can choose to blame others or take responsibility for your life. Guess which attitude will help you take action and grow as a person?

If you still do not grasp the importance of the topic, then use an example from Melvin Fellers personal business presentations and check it out for yourself.

It has been noted by, journalist Napoleon Hill, nearly a century ago, after researching over 500 self-made millionaires. “Men take on the nature and the habits and the power of thought of those with who they associate,” he wrote in his 1937 bestseller, “Think and Grow Rich,” and “there is no hope of success for the person who repels people through a negative personality.”

The bottom line: Negativity will derail you from pursuing success, and like attracts like. Avoid the pessimists and start hanging out with the optimists.

It is imperative to note that he drew these similar conclusions after researching over 500 self-made millionaires. “Men take on the nature and the habits and the power of thought of those with who they associate,” he wrote in his 1937 bestseller, “Think and Grow Rich,” and “there is no hope of success for the person who repels people through a negative personality.”

The bottom line: Negativity will derail you from pursuing success, and like attracts like. Avoid the pessimists and start hanging out with the optimists.

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Published by Melvin Feller Business Group

Melvin Feller Business Group prides itself in creating actionable insight is which is a term in data analytics and big data for information that can be acted upon or information that gives enough insight into the future that the actions that should be taken become clear for decision makers of any business. View all posts by Melvin Feller Business Group