Flower DTIYS| #dtiys

Vaping. It's more than a Band Aid. It's an Industry, a Hobby, A Connoisseur's Passion.

 Tinker, Builder, Innovator...

Personality, Variety, All Walks of Life...

Beginner, Enthusiast, Zealot, Cloud Chaser

It's more than a slap and dab quick fix.  The Vaping Industry is a cauldron of controversy, an infusion of technology and innovation, a JUGGERNAUT of Manufacturing and Distribution, Multinational, Multi-Cultural,  Crosses ALL demographics of customer audience.

The market are Nicotine Addicts who are currently or formerly tobacco product smokers.  The marketing is something uniquely new.  Credibility and demand for products is created online via social media and Youtube, Local 'Vape' shops are popping up everywhere and carry the latest and greatest, and the old classics.  Products are purchased at local stores, online through discount retailers, even ordered directly from China!!!

Brands are cloned and knocked off, and it doesn't even matter.  The point is not on Patents and Trademarks, it is replacing unhealthy habits with less harmful alternatives, but doing so on budget, with style, and multitudes of options to combine for personal taste.

When I picked up my first cigarette in 1989 I didn't think about the future of my health, my lifestyle, or my future family.  I wrestled with smoking for 26 years, and until a few months ago was hopelessly hooked.   I'm still hooked on Nicotine, however that's decreased, and I now use less harmful smokeless alternative Nicotine in liquid form with many varieties of flavor, consistency and natural ingredients.

Switching to Vaporizing I quit smoking instantly, and have been delving into all aspects of the personal vaporizing industry, as a product user, hobbyist, collector, and entrepreneur.

I welcome all opportunities to fund new and existing vapor shops.

Borrowing money without a bank loan.

You're a business owner, chief cook and bottle washer.  Everything is on you.

Then comes the unexpected hurdle.  That broken piece of equipment, that surprise expense, that sales tax bill, new inventory items your business must have.  When your invoiced clients have more excuses than you do, and your vendors won't deliver any more supplies on credit.

Now what?  Your banker said no, and you're considering robbing your IRA.  

It's not time to throw in the towel yet!

What to do when you think you've run out of options.

1.  Calm Down.

2.  Remember to breathe.

3.  Get out your note pad and a pen.

4.  Grab your address book (cell phone).

5.  Write a plan.

6.  Swallow your pride.

7.  Make the calls.

Write down your plan for how much you need, and how you will repay it.  What are you going to change about your business and how are you going to make this work.  Give numbers and details, and don't sugar coat this.

Now call them.  Yeah, you know who.  People you know that have money.
But here's what NOT to do:  Don't ask them for the total amount you need.

Tell them how much you need, and ask them to contribute a small portion.  Even $1000 would help you get closer to your goal.

Easier to get $1000 from 50 people than $50K from one person.

Trust me, or don't but that rich relative, that successful past employer, that wealthy guy you played cards with a long time ago, that always liked your jokes....

They get solicited for big money every day.  And they hate it.

But you will be different.  You will ask for a small amount, and show them how many people you are willing to approach to accomplish your goal.  And the GUTS you have to approach them for a small amount, and your willingness to continue AS LONG AS IT TAKES and speak to AS MANY PEOPLE AS IT TAKES will warm them to your request.

Wealthy people know that the losers always want money, and the pikers always will take what they can get.  But they also crave a like minded up and comer....the fighter, the Jack Russell Terrier of business owner who will take their bone and gnaw it down to nothing.

I have borrowed money this way.  I have seen money borrowed this way.  It is a humbling experience to ask for small amounts of money from many people.

But what is the alternative?  If you cannot get it from the bank, and you MUST have it, money must be had from someplace.

Better to gear up for a long campaign of small victories, than try for world war III.

Or do the Fundraiser approach.  Ask for $50K and then when they say no, tell them how much $25K would help you reach your goal.  Then when they say no tell them that even $18K would be a great help toward your goal...and so on and so forth....

Who said that your money must all come from one place and at one set of borrowing terms.  Do you really care how many deals you must make to get the money you need?

Broaden your mindset and impossible now becomes possible.

Small Business Funding feels elusive and hard to obtain, but that's not the case.

Business owners feel like this:

In my experience working with business owners, lending institutions and other financial avenues, the truth is that most business owners have not made themselves students of finance.  Oh sure, they can handle banking, payroll, accounts payable and receivable, and the multitude of other financial matters that a business owner deals with; but this is usually done by need and to manage crisis, not with strategy and future needs in mind.

So when the time comes that business feels a cash crunch, or a positive opportunity to grow, expand, seize market share etc. they do what most every business owner does.  They walk down to their local bank, hat in hand, and say ” I need money for my business, can you help me”?

This leaves the business owner vulnerable to many unnecessary negatives:  quality of the business lending person they sit across from, quality of the bank they are asking, quality of the products and appetite of that lender to offer money to businesses, quality of personal credit, business credit, financial documentation and business plan.

If  you are a business owner reading this, and my words resonate with you, please understand this is common.  So don’t feel bad or guilty or inadequate.  This just simply means you have not YET learned the steps which will help you to grow, nor taken those steps YET so you can grow now.

The good news is that you can AND WILL do these necessary things and continue to work at them, making them an essential part of your business growth over the years.  It’s called Leverage.  And for a Business, leverage is GOOD.  Cash when you need it is vital.   Like blood and oxygen for the body….cannot survive without it.

Would you drink water from a puddle in the street?  Absolutely not, right?  But if you were dying of thirst you would, you betcha.  Hopefully your business is not dying of thirst in the desert, and hopefully you have time and staying power, tenacity and desire to learn and grow your business  properly, so that you are not forced to ‘drink from dirty puddles’ of poor terms in borrowing.

I will be discussing many topics about this over time.  15 years in banking and lending and financial services, working for some of the largest financial institutions in the country and the globe, I share knowledge because I personally enjoy giving away for free what I have learned in my years of hard work, dedication to my own personal understanding of business and entrepreneurship.

To get started with some ideas for the every day business owner, please take a few moments to analyze your self and your business and answer these questions for yourself:

1.  How is your personal credit, and what are you doing to protect it, improve it, monitor it?  It all  starts with you.  Most business funding requires personal guarantee until the business has strong credit and financials.  Get a credit report for free www.annualcreditreport.com  and see what your credit report looks like.  This site offers free report which you are legally entitled to once a year from each of the 3 bureaus.  There is a process to challenge and dispute items.  This is free, no subscription required, and it doesn't count as an inquiry.

2.  How is your business credit?  Does the business have a DUNS number?  Have you set up a Dun & Bradstreet profile?  Do you have a Paydex score?  These are basic starting point for business credibility, which almost every lender will check before they lend you money.  Some do not require, and your business can borrow without, but more leverage (borrowing)  is available if the business DOES have these.  The good news:  it is a process, anybody business owner can do this, just need to be willing to learn and work at it patiently.

3.  What credit does your business already have?  Have  you recieved offers for more credit?  Sometimes it is good to accept offers even if you don’t need the money at the time, good to have handy for when you need it.  Also, lenders and institutions you already have credit with can be asked to increase the amount(s) / terms.  ie.  increase a line of credit, extend your repayment terms.

4.  Who do you bank with for your business?  Are they accomodating for business lending?  Have you asked them what is available?  Your deposits go into that institution, so make them earn your loyalty!  Get some mileage out of your relationship with them.  It is not a bad thing to open a relationship with 2 or 3 more banks on the deposit and transactional side.  Banks will seek more of your business and make  you offers over time to enhance their relationship with you (get more of your money sitting in their institution at pitiful if any interest paid to you).

5.  What do your financials look like?  Do you have a PFS (Personal Financial Statement) for yourself and your business and keep these updated?  if not, you must absolutely learn how to do one of these for yourself.  It’s like eating and breathing.  You will struggle until you know how to prepare and maintain this for yourself and your business.  So best get to learning that as soon as you can, and don’t shove this off on your book keeper, accountant etc.  They probably don’t know how to do it either and will procrastinate.  Plus, only YOU know YOUR business as the owner, so take ownership of how your financials look when you show them to others.  If this is non-existant or poorly prepared, then how could you expect an institution to lend significant money to you when you don’t exactly present yourself well

6.  Business plan.  Do you have one?  many free online templates exist, also something you want to do yourself, nobody has the investment in your business more than you do, so nobody will care about your business plan as much as you.  Some resources for this are SCORE society of retired executives and entrepreneurs.   A non profit organization that will match you up with a free business coach to help you.  HELP, not DO for you.  Also you should scout around your area at the local colleges and universities.  Most business schools will eagerly pair you up with MBA students to help local businesses prepare business plans.  Plus students are free, eager to work on fun projects and learn, and usually have some free time to devote to a project like yours.

Hope you enjoyed this and other items I write about,  and with best regards,

Changing things up for your business: Adapt, Change, or Die

Time to embrace new concepts in marketing, advertising, new customer acquisition and retention.  The 'old ways' don't seem to work as effectively as they used to.  If you feel like your business isn't the finely tuned machine it used to be, you're probably not keeping up on the changing times and culture we live in.  Ignore this and you might as well have stepped in a tar pit.  You stand still and your industry/market segment moves on, and you can wave goodbye.

Some thoughts and discussions, debates and a forum to brainstorm are welcome and encouraged.  Let's get some diverse minds burning some wood on this.

Some topics for discussion must be:

1.  Social Media and your business.  Is this necessary?  How does your business best connect to social media?  What ways can Social Media help your business to grow?

2.  Innovative technology and your business.  Have recent advancements or trends become a confusing set of choices?  What are these new things that must now be learned?

3.  Banking and Financial practices and methods, relationships and systems....is it time to re-evaluate the way your business handles its' money, it's borrowing?

More on these topics and more topic areas to follow.

Best Regards, Darrryl