Striking Business Gold: Real Strategies, Practical Advice & Inspiration for the Aspiring Entrepreneur

All scripture quotations, unless otherwise indicated, are taken from The Holy Bible, Common English Bible®, CEB® Copyright © 2010, 2011 by Common English BibleTM; New Living Translation, Copyright © 1996,2004,2015 by Tyndale House Publishers, Carol Stream, Illinois 60188; English Standard Version® (ESV®), Copyright © 2001 by Crossway, a publishing ministry of Good News Publishers. ESV Text Edition:2016. Used by Permission. All Rights Reserved worldwide.

Also used: KING JAMES VERSION, KJV, which is in the public domain.

Disclaimer: This book is presented solely for educational and entertainment purposes. The authors and publisher are not offering it as legal, accounting, or other professional services advice. While best efforts have been used in preparing this book, the authors and publisher make no representations or warranties of any kind and assume no liabilities of any kind with respect to the accuracy or completeness of the contents and specifically disclaim any implied warranties of merchantability or fitness of use for a particular purpose. Neither the authors nor the publisher shall be held liable or responsible to any person or entity with respect to any loss or incidental or consequential damages caused, or alleged to have been caused, directly or indirectly, by the information contained herein. No warranty may be created or extended by sales representatives or written sales materials. Every company is different. The advice and strategies contained in this book may not be suitable for your situation. You should seek the services of a competent professional. This book contains stories in which the authors have not included company names or details of situations in order to protect their privacy.

STRIKING BUSINESS GOLD

MVS Legacy Advisors

All rights reserved

First Edition, 2021

Copyright © 2021 MVS Legacy Advisors

www.mvslegacyadvisors.com

[email protected]

Library of Congress Cataloging-in-Publication Data pending

Published by MVS Legacy Advisors, Authors

Cunningham, Melanie

Lalite, Sasha

ISBN 978-0-5789-9799-5 (pbk)

ISBN 978-0-5789-9800-8 (eBook)

Subjects: Business | Entrepreneurship | Small Business | Startup Freelance | Leadership

Women in Business | Management | Success in Business | Legal | Operations | Marketing

All Rights Reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by means electronic, mechanical, photocopying, digital, recording, or otherwise, without prior written permission of the Authors. Requests for permission should be addressed to MVS Legacy Advisors.

Printed in the United States of America

Acknowledgments

First and foremost, we would like to thank God, the source of all of our blessings.

This book is dedicated to our ancestors on whose shoulders we stand.

Special thanks to our families, all those who supported, prayed for us and guided us during our life and entrepreneurial journey.

Table of Contents

Acknowledgements

Inspiring Scriptures

Introduction

SECTION 1: Brick by Brick - Setting the Foundation

Chapter 1: Eliminating Myths- Fast Money Is Best. Don’t Believe the Hype

■ Misconceptions

■ Why Is It Important to Understand These Concepts?

■ The Boss Blueprint: Fundamentals

■ How Will You Get There?

■ Recordkeeping

Chapter 2: Business Planning Basics: Fail to Plan and Plan to Fail

■ Start Your Blueprint: Business Plan

■ Purpose

■ Vision Statement

■ Mission Statement

■ Unique Selling Proposition (USP)

Chapter 3: Legal Planning: Building on a Strong Legal Foundation

■ Launching Legally

■ So Why Bother Making Your Business Official and What Does That Mean Anyway?

■ Your Options

o Sole Proprietorship

o Partnership

o Limited Liability Company (LLC)

o Corporations

■ Paperwork/Documentation/Recordkeeping

■ Collaborations

■ Wrap-Up

Chapter 4: Market & Competition: Do Your Homework

■ The Market

■ Competition

■ SWOT Analysis

Chapter 5: Products & Services: Give the People What They Want & Need

■ Defining Your Products & Services

■ Distribution & Pricing

■ Pricing Strategy

■ Create Your Pricing List

■ Payment Policies

Chapter 6: Marketing Strategy: Stand Out in the Crowd

■ Marketing Strategy- Questions to Consider

Chapter 7: Financial Planning: Get your Ducks in a Row

■ Why Small Businesses Fail

■ Financial Checklist

■ Start Up Budget

Chapter 8: Building a Support Network: My Business Advisory Council

■ Build Your Advisory Council

■ Special Interest Business Groups

Chapter 9: Action Plan: Strategic Planning for Success

■ Goal Setting

■ The Right Mindset

■ Action Plan- Questions to Consider

SECTION II: The Bricks - Legal & Operations

Chapter 10: Intellectual Property: Protect & Maximize73

■ Overview

■ Types of IP

o Patents

o Trademarks

o Commercial Break – Branding Beyond Colors

o Copyrights

■ Trade Secrets

■ Benefits of Protecting Your Intellectual Property/ AKA Consequences of Doing Nothing

■ Copying Is Lucrative

■ Leaving Money on the Table

■ Don’t get Caught Out There

Chapter 11: Contracts & Agreements: Always Put it in Writing

■ Overview

■ The Building Blocks

■ Key Contracts

Chapter 12: Human Resources: Your People, Your Team

■ Human Resources

■ Talent Acquisition- Design Your Ideal Team

■ Talent Assessment

■ Job Description

■ Salary

■ HR Recruitment

■ Organizational Structures in Practice

■ Legal Aspects of HR: Teamwork Makes the Dream Work . . . Until it Doesn’t

o Employees & Independent Contractors

o Top Issues for Small Businesses

Chapter 13: Policies & Procedures: Communicating Expectations & Operations

■ Overview

■ Policies & Procedures Manual

■ Standard Operating Procedures (SOPS)

■ Examples of Policies & Procedures

o Employee Handbook

o Business Continuity Plan- Emergency Disaster Relief

o Customer Service Policies

Chapter 14: Regulatory & Compliance: Playing By the Rules

■ Overview

■ Industry- Specific Compliance

■ Professional and Trades Compliance

■ Government Compliance

Chapter 15: Suppliers & Vendors: Shop Around

■ The Difference Between a Supplier & Vendor

■ How to Shop Around- Key Criteria in the Selection Process

Chapter 16: Logistics: People, Places & Things

■ Logistics- Questions to Consider

Chapter 17: Final Thoughts /Risk and Calculation: Calculated Risks Are a Part of The Journey

■ Risks & Calculations – Questions to Consider

About the Authors

Helpful Resources

Glossary

Introduction

Why We Wrote this Book

Let’s face it. You have probably read several business books, magazines, blogs, and articles by now while dancing around the idea of building or fixing your business. Why would you want to read another book? No one wants another book to read; it’s just overwhelming.

Well, the good