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Welcome to the My Own Business, Inc. (MOBI) newsletter! My Own Business, Inc. is a 501(c)(3) nonprofit organization providing free educational coursework on myownbusiness.org to foster successful entrepreneurs.
Each issue will give you information and ideas to help achieve your entrepreneurial goals. Highlights of this issue include:
- Feature Article "Ready to be your own boss?" by Robert L. Dilenschneider, founder and principal of The Dilenschneider Group.
- My Own Business launches its certified course for serious entrepreneurs.
- My Own Business partners with the IRS to create The Small Business Tax Center.
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 Ready to be your own boss?
By Robert L. Dilenschneider
Founder and Principal of The Dilenschneider Group
There comes a point in one's life when it may be time to go out on your own. If this solo adventure involves buying a business or starting one, I will give you one essential piece of advice: go into it with your eyes wide open.
If you're set on buying a business, a few questions you might pose before embarking on this sometimes perilous journey are:
Why is the business for sale and what is it really worth? Understanding the motives of your seller is key. Because almost every business comes with surprises, make sure you know what they are. A valuable client roster may be the critical ingredient of the business you're purchasing. If so, understand what keeps them there.
Internal issues can also make or break a business. Accordingly, get to know in advance something about the staff you are acquiring. And listen carefully to what they have to say. You may be moving into no-mans land and will need all the help you can get.
Wise business owners always have a vision of where they want to take a business going forward. If you focus on one aspect of the enterprise, particularly, let that be at the core of your business plan. It will soon prove to be your most vital tool. Remember, too, that it's never too early to start thinking about an exit plan since things may not always proceed as planned or scheduled. And, if they do, think about who will take over the day you move on.
Finally, do you really want to make this move and are you prepared to give what it takes to make it succeed? Being your own boss is not always what it appears to be. You may have found the freedom you always longed for, but responsibility comes hand-in-hand with ownership. Take my advice, get acquainted as quickly as you can with the daily activities, obligations and responsibilities that your "new" business demands. Remember that owning a business is not always as straightforward as it seems; there are usually many unanticipated pitfalls down the road.
You might also consider buying a franchise operation. If you're looking for independence and creativity, this is not the route to take. Personally, I would not do it. I personally would opt for a third option-starting my own business.
Looking back, I might compare launching one's own business with jumping off a cliff without a parachute. Nonetheless, I made sure I got one thing straight: I knew what made my business unique among all the rest I was competing against. Eighty percent of new businesses fail. I did not intend to become one of them.
Here are a few additional points to keep in mind: Make sure you have, and aggressively promote, your unique selling point; know what you have to offer and what distinguishes you from the rest. Also, be sure there is a market out there for what you are selling and know how to reach it. If you have competitors, you had better know who they are. Doing research diligently about competitors and the marketplace will save you a great deal of time, effort, and money. Marketing remains the key to business success. Be it advertising or networking, never stop promoting yourself. A new business requires a heavy personal commitment and is an ongoing challenge-take nothing for granted.
I commend and encourage anyone who wishes to go out on their own. There is nothing worse than regrets about what might have been. Aim High! You may not get there, but you certainly will get somewhere.
I repeat: There is nothing like being your own boss!
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Introducing the My Own Business (MOBI) Certificated Course
The Certificated Course is intended for serious individuals who are, or will be, risking financial loss as a result of a business venture. It applies equally for people starting a new business, already in business, or individuals who will be successors to a business. A business plan will be developed as you go through the sessions which will be the core to your success. You will be forced to analyze every aspect of what it takes to open and operate a successful business. The certificated Course includes graded examinations in each session a graded final examination. A Certificate of Completion requires successful completion of all session examinations and 80% or better score on a final examination. This Certificate will assure that you have a greater understanding of how to start and operate your own business. For more information visit our certified course info page.
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Small Business Tax Center
Taxes are an essential aspect to any business. As a business owner you may find it challenging to keep up with the ever changing regulations and deadlines. Fortunately the IRS has partnered with My Own Business to create the Small Business Tax Center. The center contains valuable links to information, forms, new regulations, and links to a variety of free resources from the IRS. Take a minute to view our new Small Business Tax Center.
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About the Authors and Advisors of the Course
This quarter we spotlight our feature story contributor, Robert L. Dilenschneider. Mr. Dilenschneider is a distinguished authority on communications disciplines and a member of the My Own Business, Inc. Board of Advisors (our Hall of Wisdom). Prior to forming his own firm, he served as president and chief executive officer of Hill and Knowlton, Inc. from 1986 to 1991, tripling that firm's revenues to nearly $200 million.
Bob has counseled major corporations, professional groups, trade associations and educational institutions. He has assisted clients in dealing with regulatory agencies, labor unions, consumer groups, among others. He has lectured before scores of professional organizations and colleges including the University of Notre Dame, Ohio State University, New York University and the Harvard Business School. Mr. Dilenschneider is widely published having authored nine books including his current best selling book "50 PLUS! Critical Career Decisions for the Rest of Your Life".
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MOBI Goes International
Thanks to our partnership agreement with the World Bank's International Finance Corporation, our course is contributing to the success of a toolkit of entrepreneurial training products offered in emerging markets across five continents. At the same time, My Own Business, Inc. and our viewers are receiving the benefit of translations made by the International Finance Corporation. The MOBI website is now multi-lingual in English, Spanish, French and Mongolian. We express our appreciation and thanks for the opportunity to participate in this positive collaboration.
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Valuable Products and Services
We are proud to present our latest products and services.
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Meet the My Own Business, Inc. (MOBI) Roster of Authors
The wisdom you find in the twelve sessions of the free MOBI Internet course comes from an expanding group of entrepreneurs and professionals who have been-there-done-that. The course combines wisdom from the school of hard knocks (pointing out the most common pitfalls to entrepreneurs) along with professionals whose advice is focused on helping small businesses. On behalf of the thousands who are gaining valuable insights from this source, we extend our warmest thanks to these authors. They are helping make the world a better place by fostering successful entrepreneurs.
Our esteemed authors:
B. J. Adelson Attorney-at-law, Harvard Law Review
Russell Bauman Inventor, President R.H. Bauman & Co.
Kenneth Blake C.P.A.
Jorge Bueno President, Latimar Advertising Agency
Kelly Davis Insurance Agent
Dan Dickerson Web Developer/Designer
Jack Edwards Commercial Real Estate Broker
Peggy Holland Retired School Administrator and Principal
Phil Holland Founder, My Own Business, Inc.
Daina Johnson Owner, Tudor Cottage Gift Shop
Brian Kerns Web Developer/Designer
David Lohr Senior Web Designer, WeddingChannel.com
John Marder Vice President, Washington Mutual Bank
Thomas Mix Executive Director, My Own Business, Inc.
Gwyn Myers, Ph.D. Managing Partner, Transition Partners
Ezequiel Padilla Owner, Jugos Tropacales Mexican Food
Lisa Rathfelder Owner, HorseDuds.com
Erick Steinberg President, PWS The Laundry Company
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Congratulations to the MOBI management team.
We are pleased and proud to announce two new management assignments in the MOBI headquarters.
Thomas Mix has been appointed Executive Director of My Own Business, Inc. He will be responsible for overall executive management of the organization’s growth program. Thomas has been active with MOBI since 2002 starting as a pro bono internet marketing consultant followed by membership on the Board of Directors. His consulting credentials include assignments with Lexus Motor Corp and WeddingChannel.com. Thomas has been the driving force behind the MOBI web presence and is responsible for a 500% plus increase in the number visitors to the MOBI website.
Angela Smith has been appointed Director of Communications and Development. In her new position, she'll be responsible for media relations and fundraising activities. Angela is a former reporter for the Associated Press. She is executive director emeritus of the Writers' League of Texas, the second largest regional association of writers in the nation. Angela has won several awards in the communications field and has done extensive consulting in this area. She looks forward to the opportunity to promote MOBI in the national media and to continue to build the base of donor support.
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Share Your Success Story
Your sharing your Success Story in the FYI Newsletter offers a double benefit: You can gain widespread recognition by and promoting your business to the more than 70,000 visitors who view the My Own Business site almost 500,000 times each month. Also, your success story will provide lessons and inspiration to the many other who are striving to achieve success. We really want to hear from you.
Visit our Success Stories page and share your good news!
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Dear MOBI Column
We welcome your questions to be answered in this Newsletter feature! Here is our Q and A for this edition:
Question:
Can anybody give me the "pros and cons" about the mobile food concession (trailer) business? I got laid off a year ago and I'm researching to go into my own food concession business. I know just about everything about permits, zoning, and health codes. I'm thinking about a trailer that I can set-up at Fairs, Carnivals and/or in front of Home Depot/Lowe's etc to sell hot dogs, brat's and hot links.
Answer:
You never know where your mobile food concession might lead. Carl Karcher started with a single hot dog cart in south central Los Angeles and the Carl's Jr. chain now has over 1,000 stores. Here are some suggestions:
- I'd go into Google or Yahoo search engines and see what you can find, using key words such as "mobile food concessions". There may even be a trade journal on this specialty.
- I'd hunt up people operating in the business and seek out advice and hints. Talk to lots of them.
- Take the My Own Business course in it entirety including all the quizzes and put together a business plan.
- Look up vendors who sell equipment and fixtures for this business and ask for their insights.
- There is nothing like actually starting -- and even on a very small and humble basis. Actually getting started will be the biggest hill to climb.
- Don't compromise on quality. Follow the principal behind the See's Candy registered motto: Quality Without Compromise.
Best of luck,
Phil Holland
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