Sunday, October 18, 2009
Monday, October 12, 2009
Monday, September 28, 2009
Summary of Interview with Jackie McAlister
On my weekly radio show, The Dark Side of the Moon, which airs on Thursdays, 3PM ET and can be heard by logging onto www.blogtalkradio.com/michael-ferreira, I had the privilege of interviewing Jackie McAlister, co-founder of the Cup and Saucer Cookie Company.
Jackie's mother, also named Jackie, a retired schoolteacher had seen her retirement savings dwindle due to the drop in the stock market in 2008. Determined not to let her mother spend countless hours on her feet, making minimal wage, Jackie and her mom identified one thing they both enjoyed and could do together. Bake cookies!!
What was interesting and fascinating at the same time was the preparatory work work Jackie did BEFORE she purchased a single ingredient. First, she researched the laws in her home state. She discovered that she could not sell her baked goods commercially unless they were made in a commercial kitchen. She researched the type of legal entity she and her mother should incorporate. She investigated how to build a website and begin to display her products for sale.
Jackie will be the first to admit she has a lot of learning yet to go. Her marketing plan needs a boost and she is toying with the idea of social media marketing.
Yet the key take-away is the straight-forward approach she has taken. She identified key major risks and then set forth plans to overcome them.
I plan to have Jackie return to the show in about 6 months so we can compare and contrast the additional lessons she has learned. No one can doubt her persistence and energy.
Jackie admits to learning several valuable lessons which this writer believes will influence her role as a mother an educator.
You can view and purchase these delicious cookies on www.cupandsaucercookieco.com
Jackie's mother, also named Jackie, a retired schoolteacher had seen her retirement savings dwindle due to the drop in the stock market in 2008. Determined not to let her mother spend countless hours on her feet, making minimal wage, Jackie and her mom identified one thing they both enjoyed and could do together. Bake cookies!!
What was interesting and fascinating at the same time was the preparatory work work Jackie did BEFORE she purchased a single ingredient. First, she researched the laws in her home state. She discovered that she could not sell her baked goods commercially unless they were made in a commercial kitchen. She researched the type of legal entity she and her mother should incorporate. She investigated how to build a website and begin to display her products for sale.
Jackie will be the first to admit she has a lot of learning yet to go. Her marketing plan needs a boost and she is toying with the idea of social media marketing.
Yet the key take-away is the straight-forward approach she has taken. She identified key major risks and then set forth plans to overcome them.
I plan to have Jackie return to the show in about 6 months so we can compare and contrast the additional lessons she has learned. No one can doubt her persistence and energy.
Jackie admits to learning several valuable lessons which this writer believes will influence her role as a mother an educator.
You can view and purchase these delicious cookies on www.cupandsaucercookieco.com
Tuesday, September 22, 2009
H1N1-7 Simple Things You Can Do
No matter what size your business, this potentially catastrophic pandemic can affect you, your business, customers, vendors, suppliers, banks, etc.
Understand the risk, take precautions and have continuity plans, at least in your head, so you can keep your business going.
Understand the risk, take precautions and have continuity plans, at least in your head, so you can keep your business going.
Monday, September 21, 2009
NEW BUSINESS OWNERS
As of July 2009, 14.5 million Americans were unemployed. Also at the end of July 2009, only 2.4 million jobs were open.
There are many more job-seekers chasing too few number of openings.
As a result, many Americans are turning to being self-employed. Given the fairly easily overcome, barriers to entry, many people find starting their own business to be fairly easy and fairly inexpensive.
Recently, I met a woman who explained to me that she started her Internet business because it was fairly easy, low-cost to join and she was promoting products that she had been taking for awhile and was improving her quality of life.
She had begun this business offering the products retail, then recruited other distributors allowing her to earn income from her direct sales and sales from her recruits.
When I asked her what protection did the company offer her in the event a person who ingested on these supplements, claimed illness. Her response shocked me. She told me that the manufacturer had a stellar reputation and she felt comfortable that the company would stand behind its product. However, after I read the distributors agreement, I asked her why the company was NOT extending indemnity to her if a claim should arise.
Or, the mother/daughter team making cookies for commercial sale. They intentionally avoided purchasing product liability insurance. Instead they are relying on the protection of the corporate veil, taking the position that should a claim arise, they will simply allow the company to file bankruptcy.
We have vilified the financial services sector for taking huge risks in the reckless pursuits of profits. Entrepreneurs should take care to identify and assess the exposures to risk their business poses and plan accordingly.
There are many more job-seekers chasing too few number of openings.
As a result, many Americans are turning to being self-employed. Given the fairly easily overcome, barriers to entry, many people find starting their own business to be fairly easy and fairly inexpensive.
Recently, I met a woman who explained to me that she started her Internet business because it was fairly easy, low-cost to join and she was promoting products that she had been taking for awhile and was improving her quality of life.
She had begun this business offering the products retail, then recruited other distributors allowing her to earn income from her direct sales and sales from her recruits.
When I asked her what protection did the company offer her in the event a person who ingested on these supplements, claimed illness. Her response shocked me. She told me that the manufacturer had a stellar reputation and she felt comfortable that the company would stand behind its product. However, after I read the distributors agreement, I asked her why the company was NOT extending indemnity to her if a claim should arise.
Or, the mother/daughter team making cookies for commercial sale. They intentionally avoided purchasing product liability insurance. Instead they are relying on the protection of the corporate veil, taking the position that should a claim arise, they will simply allow the company to file bankruptcy.
We have vilified the financial services sector for taking huge risks in the reckless pursuits of profits. Entrepreneurs should take care to identify and assess the exposures to risk their business poses and plan accordingly.
Monday, September 7, 2009
Thursday, August 27, 2009
Monday, August 24, 2009
ADVERTISING-WHAT'S THE RISK?
You should be aware that most Comprehensive General Liability forms include coverage for Personal Injury and Advertising Injury liability. Below is a definition and sample claim scenario related to Advertising. In my next post, I will address "Personal Injury".
ADVERTISING INJURY LIABILITY
"Advertising Injury" means injury rising out of an offense committed in the course of your advertising activities, if such injury rises out of libel, slander, defamation, violation of right of privacy, piracy, unfair competition or infringement of copyright, title or slogan.
COULD THIS BE YOU??
Willie Widget and several of his colleagues began a start-up company, Willie Widgets, Inc.(WW). WW makes widgets in a market sector populated by a handful of competitors. Willie and his engineers who design the widgets all worked together at a competing firm.
WW later implements a broad campaign to launch its new product, the Wonder Widget. A WW competitor is impressed with the Wizard advertising and notes that some of the functions of the product closely resembles theirs. The competing firm sues WW for piracy, copyright, and trademark infringement.
QUESTIONS
What if this scenario happened to your business? Have you secured the correct coverage?
If you are in the Advertising business, you should have a professional liability policy in-force. Professional media firms will not find coverage for their business activities under the commercial general liability form.
What if you only provide advice? Consultants who advertise their expertise and knowledge are subject to the same exposures as a firm that sells tangible products.
Make sure your business risk assessment is broad and comprehensive.
Discover the "not-so-obvious"!!!!
ADVERTISING INJURY LIABILITY
"Advertising Injury" means injury rising out of an offense committed in the course of your advertising activities, if such injury rises out of libel, slander, defamation, violation of right of privacy, piracy, unfair competition or infringement of copyright, title or slogan.
COULD THIS BE YOU??
Willie Widget and several of his colleagues began a start-up company, Willie Widgets, Inc.(WW). WW makes widgets in a market sector populated by a handful of competitors. Willie and his engineers who design the widgets all worked together at a competing firm.
WW later implements a broad campaign to launch its new product, the Wonder Widget. A WW competitor is impressed with the Wizard advertising and notes that some of the functions of the product closely resembles theirs. The competing firm sues WW for piracy, copyright, and trademark infringement.
QUESTIONS
What if this scenario happened to your business? Have you secured the correct coverage?
If you are in the Advertising business, you should have a professional liability policy in-force. Professional media firms will not find coverage for their business activities under the commercial general liability form.
What if you only provide advice? Consultants who advertise their expertise and knowledge are subject to the same exposures as a firm that sells tangible products.
Make sure your business risk assessment is broad and comprehensive.
Discover the "not-so-obvious"!!!!
Sunday, August 23, 2009
THE RELUCTANT ENTREPRENEUR
From interviews and discussions I have enjoyed with people across this nation, my intuition told me that many out of work Americans were becoming entrepreneurs, albeit reluctantly.
This article is about the reluctant entrepreneur. The person who has worked in the corporate world and now finds themselves out of work and little hope of returning to the corporate world anytime soon.
The statistics are impressive. Lots of people entering self-employment and lots of failures. Amongst the number are the success stories.
I urge you to read this article and hope you receive the same adrenaline rush as I did.
This article is about the reluctant entrepreneur. The person who has worked in the corporate world and now finds themselves out of work and little hope of returning to the corporate world anytime soon.
The statistics are impressive. Lots of people entering self-employment and lots of failures. Amongst the number are the success stories.
I urge you to read this article and hope you receive the same adrenaline rush as I did.
Friday, August 14, 2009
NAME CHANGE ALERT AND WHY?
I have changed the name of my blog to:
ON THE DARK SIDE OF THE MOON - ENTREPRENEURS AND START-UPS
Why?
I have met many skilled and experienced people who offer consultation, coaching and encouragement all aimed at the entrepreneur and small business owner to channel their energy and thoughts to achieve positive results.
More sales! Lead generation! New customers!
Thanks goodness for these folks, I respect and cherish all they do.
In my mind, they live on the "light" side of the moon. With light (or enlightened) you can see your way to accomplish great things.
Along the road to success, traps, barriers, and other impediments await. That's where I come in. I help you navigate the path to foresee where the explosive devices are planted and plot a course to avoid them or mitigate the damage should one be set off.
Truth is, both sides are necessary to operate a successful enterprise. True, talking about sales or new clients is much more fun and exciting. I want to increase your excitement level and have you enjoy additional fun focused on all those things that will help you succeed by allowing me to worry about all the "less-than-positive" things that might happen to ruin the fun.
Henceforth, my blog posts will be stories, most of them taken from actual events.
Build Your business - Protect What You Have - Equals Success!!
ON THE DARK SIDE OF THE MOON - ENTREPRENEURS AND START-UPS
Why?
I have met many skilled and experienced people who offer consultation, coaching and encouragement all aimed at the entrepreneur and small business owner to channel their energy and thoughts to achieve positive results.
More sales! Lead generation! New customers!
Thanks goodness for these folks, I respect and cherish all they do.
In my mind, they live on the "light" side of the moon. With light (or enlightened) you can see your way to accomplish great things.
Along the road to success, traps, barriers, and other impediments await. That's where I come in. I help you navigate the path to foresee where the explosive devices are planted and plot a course to avoid them or mitigate the damage should one be set off.
Truth is, both sides are necessary to operate a successful enterprise. True, talking about sales or new clients is much more fun and exciting. I want to increase your excitement level and have you enjoy additional fun focused on all those things that will help you succeed by allowing me to worry about all the "less-than-positive" things that might happen to ruin the fun.
Henceforth, my blog posts will be stories, most of them taken from actual events.
Build Your business - Protect What You Have - Equals Success!!
Thursday, August 6, 2009
What If?? - Unable to Work
Jennifer and Ellen are partners, operating a physical therapy business, specializing in the care of children. Their practice enjoys a great location and is looked upon favorably by the local school board who makes continuous referrals.
The business is growing and the partners are beginning to realize their dreams.
Without warning, Jennifer is stricken ill. After several consultations, her physician advises her that she will not be able to continue to fulfill her occupation until she has undergone treatment. Her physician estimates that the treatment and recovery will last at least 18 months.
Issues
Will the business survive?
Will the local school board continue to refer children to the practice?
How will Jennifer earn income if she is unable to work?
How will the business generate enough funds to pay for normal monthly expenses such as, rent, utilities, etc.?
There is a happy ending to this story. The partners had discussed and planned for such an event. Realizing that this risk could devastate their business, they had their business purchase BUSINESS OVERHEAD EXPENSE COVERAGE.
As a small business owner, the continuation of your business is dependent on your ability to fulfill your occupational duties. Visit my website: for your FREE initial consultation today!!
The business is growing and the partners are beginning to realize their dreams.
Without warning, Jennifer is stricken ill. After several consultations, her physician advises her that she will not be able to continue to fulfill her occupation until she has undergone treatment. Her physician estimates that the treatment and recovery will last at least 18 months.
Issues
Will the business survive?
Will the local school board continue to refer children to the practice?
How will Jennifer earn income if she is unable to work?
How will the business generate enough funds to pay for normal monthly expenses such as, rent, utilities, etc.?
There is a happy ending to this story. The partners had discussed and planned for such an event. Realizing that this risk could devastate their business, they had their business purchase BUSINESS OVERHEAD EXPENSE COVERAGE.
As a small business owner, the continuation of your business is dependent on your ability to fulfill your occupational duties. Visit my website: for your FREE initial consultation today!!
What If-Life On the Dark Side of the Moon
17.5 million Americans out of work. The nationwide unemployment rate hovers around 10%. Businesses have cut payrolls and inventories to match the decline in revenue as a result of lower demand for product and services. Individuals and families are working diligently to strengthen their balance sheets by reducing debt, increasing savings and consuming less.
As each day goes by, the unemployed begin to realize that the likelihood of their re-joining the corporate workforce is unlikely. Unemployment benefits will begin to run out. The responsibility for providing and procuring benefits such as health, life insurance, disability protection and retirement savings is shifted from the employer to the unemployed.
As a result, many of the unemployed are becoming entrepreneurs. Clearly, they do not want to nor have they planned for such a dramatic event. To fund their business, they draw upon retirement funds, savings, borrow against cash-values of life insurance policies, sell assets, or borrow money from lenders, credit cards or friends and family. Success of the business becomes critical.
The Internet has lowered the barrier to entry to starting a business. However, entrepreneurs quickly learn that their skill or knowledge will not sell itself. Most have to learn how to sell or market or procure services to help them run their business. That is why I am building relationships with business coaches, mentors and consultants. These highly trained professionals provide the necessary tools to help any start-up believe they can be successful.
This blog is dedicated to my fellow entrepreneurs who are in the midst of or seriously considering the transition from being a corporate employee to self-employment. Henceforth, each posting will be a story (most are true). The story will illustrate a risk that is probably relevant to your business.
As your awareness of risk increases, you will realize that you have the power to implement risk management strategies to address these risks. I will work with you and guide you through the various solutions, building a customized product or service to meet your needs and budget.
After all, you may be risking everything you own or have. Shouldn't you take advantage of the opportunity to protect your business so you have a reasonable chance of growing it??
As each day goes by, the unemployed begin to realize that the likelihood of their re-joining the corporate workforce is unlikely. Unemployment benefits will begin to run out. The responsibility for providing and procuring benefits such as health, life insurance, disability protection and retirement savings is shifted from the employer to the unemployed.
As a result, many of the unemployed are becoming entrepreneurs. Clearly, they do not want to nor have they planned for such a dramatic event. To fund their business, they draw upon retirement funds, savings, borrow against cash-values of life insurance policies, sell assets, or borrow money from lenders, credit cards or friends and family. Success of the business becomes critical.
The Internet has lowered the barrier to entry to starting a business. However, entrepreneurs quickly learn that their skill or knowledge will not sell itself. Most have to learn how to sell or market or procure services to help them run their business. That is why I am building relationships with business coaches, mentors and consultants. These highly trained professionals provide the necessary tools to help any start-up believe they can be successful.
This blog is dedicated to my fellow entrepreneurs who are in the midst of or seriously considering the transition from being a corporate employee to self-employment. Henceforth, each posting will be a story (most are true). The story will illustrate a risk that is probably relevant to your business.
As your awareness of risk increases, you will realize that you have the power to implement risk management strategies to address these risks. I will work with you and guide you through the various solutions, building a customized product or service to meet your needs and budget.
After all, you may be risking everything you own or have. Shouldn't you take advantage of the opportunity to protect your business so you have a reasonable chance of growing it??
Saturday, July 25, 2009
START-UPS-LET'S TALK RISK
95% of start-ups fail within 4 years. Why?
Join us on July 28th-FREE Registration
Join us on July 28th-FREE Registration
Wednesday, July 8, 2009
Tuesday, July 7, 2009
Monday, June 29, 2009
IS IT COVERED???
After many years of working for Corporate America, Tom finally was realizing his dream of owning and running his own business. His decision was reached with a bit of help from the current downturn in the economy.
Tom signed a lease for a store, had invested most of his life savings to build inventory, advertise, promotions, etc.
His store was open for several months and business was slow but steady.e had decided to open his store at the same time his town was hosting a week long celebration of heroes of the town. He was counting on the extra "foot traffic" to get boost sales.
The night before the first day of the celebration, a warehouse about a mile away exploded. Fire and smoke from the resulting blaze could be seen for miles. chemicals and other hazardous materials had been stored in the warehouse.
Emergency officials decided to close an area of a mile radius of the warehouse.
Tom arrived early to open his store only to find police cruisers blocking the road. He explained that he own the store about 100 yards inside the "closed" perimeter.
Police officials explained that the area was closed to all traffic, auto and pedestrian for the foreseeable future. Tom would not be allowed to open his store.
QUESTION: DOES TOM HAVE COVERAGE FOR THE LOSS OF EARNINGS AS A RESULT OF THE WAREHOUSE EXPLOSION?
Not sure? Then visit my website: www.mfrisksolutions.com for the answer.
Tom signed a lease for a store, had invested most of his life savings to build inventory, advertise, promotions, etc.
His store was open for several months and business was slow but steady.e had decided to open his store at the same time his town was hosting a week long celebration of heroes of the town. He was counting on the extra "foot traffic" to get boost sales.
The night before the first day of the celebration, a warehouse about a mile away exploded. Fire and smoke from the resulting blaze could be seen for miles. chemicals and other hazardous materials had been stored in the warehouse.
Emergency officials decided to close an area of a mile radius of the warehouse.
Tom arrived early to open his store only to find police cruisers blocking the road. He explained that he own the store about 100 yards inside the "closed" perimeter.
Police officials explained that the area was closed to all traffic, auto and pedestrian for the foreseeable future. Tom would not be allowed to open his store.
QUESTION: DOES TOM HAVE COVERAGE FOR THE LOSS OF EARNINGS AS A RESULT OF THE WAREHOUSE EXPLOSION?
Not sure? Then visit my website: www.mfrisksolutions.com for the answer.
IS IT COVERED??--ENTREPRENEURS-READ THIS
Recently, one of my readers commented that "risk" (or understanding it) was not in their field of expertise. I replied that every business owner or person whoever considered starting a business, consciously or not conducts a risk assessment.
To make my point, I encourage you to read the article, "Entrepreneurs Pack Up and Go Home" by Raymund Flandez, published in the Wall Street Journal June 2, 2009 edition.
The story identifies decisions made by several business owners to reduce costs and the failure to identify and assess the new risks that had to be faced as a result of those decisions.
To make my point, I encourage you to read the article, "Entrepreneurs Pack Up and Go Home" by Raymund Flandez, published in the Wall Street Journal June 2, 2009 edition.
The story identifies decisions made by several business owners to reduce costs and the failure to identify and assess the new risks that had to be faced as a result of those decisions.
Friday, June 26, 2009
Is It Covered?????
Ron and Dee had each worked for a large company for 10 years conducting and organizing events. Late last year, each lost their job due to a company downsizing.
The prospects for finding new jobs were unfavorable and bills had to be paid and lives lead. So Ron and Dee decided to begin their own company and offer event planning and organizing services to clients.
With some savings and borrowed cash from family members, they launched their business. They built a website and several blogs. They worked hard to update the content, to keep it fresh and current. They published articles, participated on webinars and used every communication channel they could find to spread the word about their new company.
Slowly and steadily, interest grew and orders for their service developed.
On their website, they established a link to allow payment by credit card. Ron and Dee were relieved that the credit card vendor took in all the information and processed the payments. Each month, they began to receive their remittance.
Several months later, Ron and Dee received a certified letter containing a notice of suit. The suit claimed that the plaintiffs were the victims of identity theft, having their credit card information stolen while using Ron and Dee's website. The suit stated that as a result of Ron and Dee's negligence, their clients were seeking unspecified damages as compensation.
Rona and Dee are in a panic!!! They ask each other, "Do we have insurance for this?" "Will the insurance cover our legal costs?"
IS IT COVERED????
To find out the answer, visit: www.mfrisksolutions.com
The prospects for finding new jobs were unfavorable and bills had to be paid and lives lead. So Ron and Dee decided to begin their own company and offer event planning and organizing services to clients.
With some savings and borrowed cash from family members, they launched their business. They built a website and several blogs. They worked hard to update the content, to keep it fresh and current. They published articles, participated on webinars and used every communication channel they could find to spread the word about their new company.
Slowly and steadily, interest grew and orders for their service developed.
On their website, they established a link to allow payment by credit card. Ron and Dee were relieved that the credit card vendor took in all the information and processed the payments. Each month, they began to receive their remittance.
Several months later, Ron and Dee received a certified letter containing a notice of suit. The suit claimed that the plaintiffs were the victims of identity theft, having their credit card information stolen while using Ron and Dee's website. The suit stated that as a result of Ron and Dee's negligence, their clients were seeking unspecified damages as compensation.
Rona and Dee are in a panic!!! They ask each other, "Do we have insurance for this?" "Will the insurance cover our legal costs?"
IS IT COVERED????
To find out the answer, visit: www.mfrisksolutions.com
Wednesday, June 24, 2009
Is It Covered?????
You have devoted time, effort and capital to starting your business. Business plans have been developed, endless networking activities, career coaches have given you self-confidence. Credit lines have been drawn, bank accounts emptied and family and friends have made contributions. Competitors have been studied, you have a marketing plan complete with advertising using established and new media channels.
You draw upon your experience and knowledge and begin to write copy. You carefully edit your written words, making sure that the message is correct and there are no spelling or grammatical errors.
You publish your copy on your website, blog and any other media source you believe will drive business for you. The result: you generate leads which turn to sales and you are on your way!!!
Your business begins to grow, you write more copy to fuel this growth. Sales climb, visitors to your site grow and then it happens!!
You receive a letter in the mail from some law firm you do not recognize accusing you of inappropriate use of advertising ideas, demanding you immediately cease your efforts and demanding cash compensation.
Sounds absurd? Perhaps, but the reality is that this scenario is played out everyday. In future posts, we will review actual claims and circumstances which will lead you to ask: Is It Covered????
Visit my website: www.mfrisksolutions.com for the answer
You draw upon your experience and knowledge and begin to write copy. You carefully edit your written words, making sure that the message is correct and there are no spelling or grammatical errors.
You publish your copy on your website, blog and any other media source you believe will drive business for you. The result: you generate leads which turn to sales and you are on your way!!!
Your business begins to grow, you write more copy to fuel this growth. Sales climb, visitors to your site grow and then it happens!!
You receive a letter in the mail from some law firm you do not recognize accusing you of inappropriate use of advertising ideas, demanding you immediately cease your efforts and demanding cash compensation.
Sounds absurd? Perhaps, but the reality is that this scenario is played out everyday. In future posts, we will review actual claims and circumstances which will lead you to ask: Is It Covered????
Visit my website: www.mfrisksolutions.com for the answer
Thursday, June 18, 2009
IT'S ALL ABOUT RISK
After decades of service you find yourself unemployed. The demand for your expertise seems to have evaporated overnight. Job prospects in the near-term are dismal. You meet a lot of other people with a story similar to yours.
It is time to venture out on your own and capitalize on your knowledge and experience.
You develop a plan, conduct some market research and calculate start-up costs. Every ounce of energy goes into business development: how to find customers, marketing, advertising, networking, communications, etc. You think it is all about Growth.
The reality is-it is all about RISK. Risk is a four-letter word but once assessed and understood, it can mean the difference between success and failure.
In the posts to follow, we will visit the issue of risk and what it means to you, the innovator out to create a new business. Our economy needs you to succeed if we wish to see the daylight that robust times brings to us. The small-business owners are the engine that drives the American economy and we need you to take risks. My role is to be your guide along the journey.
It is time to venture out on your own and capitalize on your knowledge and experience.
You develop a plan, conduct some market research and calculate start-up costs. Every ounce of energy goes into business development: how to find customers, marketing, advertising, networking, communications, etc. You think it is all about Growth.
The reality is-it is all about RISK. Risk is a four-letter word but once assessed and understood, it can mean the difference between success and failure.
In the posts to follow, we will visit the issue of risk and what it means to you, the innovator out to create a new business. Our economy needs you to succeed if we wish to see the daylight that robust times brings to us. The small-business owners are the engine that drives the American economy and we need you to take risks. My role is to be your guide along the journey.
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