Melanie Cunningham - 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

mvslegacyadvisors@gmail.com

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

Misconceptions

Why Is It Important to Understand These Concepts?

The Boss Blueprint: Fundamentals

How Will You Get There?

Recordkeeping

Start Your Blueprint: Business Plan

Purpose

Vision Statement

Mission Statement

Unique Selling Proposition (USP)

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

The Market

Competition

SWOT Analysis

Defining Your Products & Services

Distribution & Pricing

Pricing Strategy

Create Your Pricing List

Payment Policies

Marketing Strategy- Questions to Consider

Why Small Businesses Fail

Financial Checklist

Start Up Budget

Build Your Advisory Council

Special Interest Business Groups

Goal Setting

The Right Mindset

Action Plan- Questions to Consider

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

Dont get Caught Out There

Overview

The Building Blocks

Key Contracts

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 Doesnt

o Employees & Independent Contractors

o Top Issues for Small Businesses

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

Overview

Industry- Specific Compliance

Professional and Trades Compliance

Government Compliance

The Difference Between a Supplier & Vendor

How to Shop Around- Key Criteria in the Selection Process

Logistics- Questions to Consider

Risks & Calculations Questions to Consider

Introduction

Why We Wrote this Book

L ets 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; its just overwhelming.

Well, the good news is that we have been in your positionthe overwhelmed business owner and entrepreneur. Transitioning from our known and comfortable lives into the unknown, riskier, uncomfortable zone is nothing to laugh at. We have had our ups and downs, tears, and victories. Being a business owner can be a roller-coaster ride. But once you make the decision there is no turning back. We have learned the hard way, but in the process of creating our own businesses, we realized that the ups and downs will always come no matter what stage of business we are in. As a business owner, you must be willing to take the risk to step into the new you and be resilient with all that is to come.

This book does not serve as a one-time read but a blueprint and reference that can be shared with others or remain a staple in your office as you move forward with your business. In each of our respective professions, we have learned and teach our clients the importance of a strong foundation. You will need it to withstand what you will confront as a business owner. Making sales and profit will be the bonus, but without a strong foundation, you can lose all your money in a split section.

We started our businesses after decades in diverse roles in corporate America. But education, solid work experience, and leadership roles, while valuable, can never prepare you for the challenges that come with entrepreneurship. Besides being good at what you offer to your ideal clients, it takes courage, flexibility, agility, and a willingness to learn. One of the biggest challenges for a start-up is digesting the helpful information out there for individuals on an entrepreneurial journeyinformation that is generally not easy to find. Reflecting on our own experiences and the experiences of our clients, we realized it would have been invaluable to have this resourcea straightforward, easy-to-read reference bookfor new entrepreneurs and business owners that combines much of the practical business foundational information you need in one place. We know it would have been much easier if we had a blueprint to follow to serve as building blocks and a starting point. Our goal is to have you focus on the foundation to build for success, whatever that means to you.