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Logo of AdAgrA 2020: A Living Parable

How to Run a Small Business

Jonathan Dysinger

Description

Our first goal will be to understand what a parable is. This class will look at the structure of how parables work and will allow us to unlock many hidden treasures that are found in the Bible and in the garden.

Presenter

Jonathan Dysinger

Owns Farmer's Friend, LLC

Recorded

  • January 16, 2020
    9:15 AM
Logo of Creative Commons BY-NC-ND 3.0 (US)

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Why you should not start a business potentially So the statistics are and you can get a lot of different statistics but I think the it's pretty universal that like about 70 percent of new businesses fail within 10 years so a large percentage fail within the 1st year but by the 10 year mark 70 percent of businesses fail. You often have to work long hours it's not a $9.00 to $5.00 you don't typically get the luxury of 40 hour weeks at least not at the beginning and then entrepreneurship is not for everybody there's just no doubt about that certain people just don't have the stamina for it don't have the you know they just are better off just working a job for somebody else and that there's nothing wrong with that we need great employees trust me I need more of them so there's nothing wrong with that and then it's often hard on family and marriage and there's just it's because of the fact that it's so demanding oftentimes entrepreneurs are just so committed and dedicated to what they're doing that everything else sort of falls by the wayside and so. That's one reason why it's good to start when you're young I personally started the business that are run now when I was 19 and so that gave me 6 years before I got married to get all the kinks worked out and work those long hours so that does that mean that you can't do it if you're already married but you do have to definitely balance that family and marriage and and business and it can be difficult yet the other while on the note of why it's not for everybody this was something that I found in researching for this that was interesting that. Entrepreneurs have a 23 percent higher rate of depression which I thought was interesting it's stressful and so you know if things aren't going great you know the average depression rate is like 7 percent but in entrepreneurs it's 30 percent so. It's interesting but it is important to not let the business consume your life you have to definitely. I have those boundaries. All right so why you should start a business and we're focused more on this because I think you should. First of all you can set your own schedule and I have been accused of being fiercely independent and it's probably true I don't like to be told what to do and when to do it and how to do it so if you have your own business you run the show you don't have to you're not necessarily reporting to anybody and then the 2nd thing is there's no cap on your income potential really I mean it can potentially be depending on what kind of a business you decide to start but in general if you run your own business you set the cap it's all depends on how hard you want to work for instance if you're just if you're working say as a nurse for a hospital there's only a certain amount that nurses get paid whereas if you are running your own business doing you know in home nursing or something like Gazza say you know you can hire more nurses you can expand the business you can grow it you can grow into other states around you can do whatever you want and and there's just no cap on it working for a Often there's wonderful ministry opportunities you know if you have a chance and also what kind of business you're doing but if you have a service business you're working retail or something you're working with directly with customers you have basically opportunity whatever you want now you have to be careful because you can still get in trouble with you know speaking your mind unfortunately. It's challenging but it's so rewarding when when you start to see success it is very rewarding extremely awarding rewarding. So one thing I wanted to mention too on that no cap on income potential This is something that I feel like especially Adventists we start to get a little bit uncomfortable talking about money and like you know making lots of money and this sort of stuff so the you know people think Well money is the root of evil it's not the love of money is the root of evil and that is something I have to be very clear on. And the other thing is like you are in business to make money like if you're not in business to make money. It's a nonprofit ministry. At best so. This is a really cool quote. The desire to accumulate wealth is an original affection of our nature and planted there by our Heavenly Father for noble ends so the desire to to achieve success financially is a desire that was implanted in our beings by our Heavenly Father for noble ends now that does not mean that there aren't a lot of unknowable ends that means can be used for but. That's why we have you know spirit of prophecy in the Bible to guide us. Another quote No man is excusable for being without financial ability of many a man it may be said he is kind a me a bull generous a good man a Christian but he is not qualified to manage his own business as far as the outlay of means is concerned he is a mere child he has not been brought up by his parents to understand and to practice the principles of self-support so I'll also mention that this some of you may recognize this is an Adventist home in the section on what woman should be looking for in a future husband so guys you've got to pay special attention to this it doesn't it's not good enough just to be a good guy that's a Christian and you know generous and nice and whatever it's important to have financial ability and that does not necessarily mean to be rich that just means to be a good steward you have to be you have to understand how to use money how to practice economy how to not spend more than you're making these types of things super important and to a certain extent as a business owner you're sort of forced to learn these lessons if you don't learn these lessons early on you will fail most likely just live miserably and you'll be in that 30 percent of business owners that are depressed and stressed their whole life you don't want to be stressed it's no fun. So the next quote is really a great one also the Bible is our guide can be our guide and I just want to encourage everybody use the Bible as a guide there is no branch of legitimate business for which the Bible does not afford an essential preparation its principles of diligence on a city thrift temperance and purity are the secret of true success these principles are set forth in the Book of Proverbs. Constitute sorry these principles as set forth in the Book of Proverbs constitute a treasury of practical wisdom where can where can the merchant the artisan the director of man and any department of business find better Maxims for himself or for his employees than are found in these words of the wise man and she goes on and I included them in here to sort of list some of these proverbs that are so so powerful c.s. that one man diligent in his business he shall stand before kings he shall not stand before me are men. I mean men correct but there is also I for some reason have this one sort of memorized as mere men I think in multiple different it's kind of the same word but. In all labor there is profit but the talk of it sorry but the talk of the lips tend to only to. So I meant to look up that word I mean basically. If you're just chit chatting which you know and you're not really working then you know you're not going to succeed. The soul of the sluggard desire earth and hath nothing but the soul of the diligent shall be made fat Proverbs $134.00. Ok and then. The drunkard and the glutton shall come to poverty and drowsiness shall clothe man with rags. She says How many a man might have escaped financial failure and ruin by heeding the warnings so often repeated and emphasized in the scriptures so here's some of those financial warnings he that make it haste to be rich shall not be innocent and there's so many people that just want to get rich quick and there is no such thing as. I mean there it's not that there is no such thing but it typically is not a good way to obtain wealth. Well forgotten in haste shall be diminished but he that gather if by labor shall have increase as this thing I mean for instance if you just look at people who win the lottery I don't know the statistics but it's insane how fast that money just disappears nobody who wins the lottery actually uses that money wisely. The getting of treasures by a lying tongue is a vanity tossed to and fro of them that seek death. And then these are ones that talk about debt and. And being a collateral or whatever for for other for a friend or for you know the borrower is servant to the lender. He that is surety for a stranger shall smart for it and he that hadith shirt ship is sure so you know I'm not going to stand here and say debt is evil or a sin by any means but you have to be very wise in the way that you use study what the Bible has to stay study what Spirit of Prophecy has to say there's a lot of counsel but I think. It's not clear that says you should not ever be and debt but you for sure want to put yourself in a situation where you're not unwisely and where your were in a situation you can pay it off relatively easily our 1st duty toward toward God and to our fellow beings is that of self development let me preface this little bit this was a quote that Scott writes My use last night believe most of you guys probably saw it but this I think is is super important the reason why you know I guess a big reason why you can beat the odds of succeeding in business I think those statistics of of small businesses that fail within the 1st you know few years are largely warped because of the fact that so many people get into business. Like you know lightly they don't take it seriously they don't maybe have a serious business plan. It's sort of just a hobby and they want to turn it into something that makes money or they're just lazy and they think that running your own business is going to be an easier way to make a living than working for somebody else not. So this I thought was really cool our 1st duty toward God and to our fellow beings is that of self development every faculty with which the Creator has endowed us should be cultivated to the highest degree of perfection that we may be able to do the greatest amount of good of which we are capable so I mean this is a really important point if you're not taking self development seriously there's going to be plenty of things as you start running a business they're going to be like Man I really need to work on this area or I mean it's been simple things for me like I've realized I never really learned typing well in school and the more you get into business and the more emails you have to write you start realizing man if I could type faster than 25 words a minute I could really get a lot more work done so these are kind of things were rather than just settling and I didn't learn it so I'm just going to do my little 2 finger peg. Thing. Gone figure you know it's not too late to learn take some time get a little type of thing that's something that I'm actually one of my goals for this year is is to improve in my typing and just being honest and vulnerable but if you're not willing to to commit your life to self-improvement and improving every area of weakness in your life you might not succeed as well as I mean you definitely will not succeed to the level that you could if you take this counsel seriously. All right so I think that's sort of what I'm what I have as far as the why and a little bit into the the how as far as this the council that we have from the Bible and spirit of prophecy. And then we'll move a little bit into the. The how side of it and what I was going to focus on in this slide show was a few a few things that I've been working on recently that I think if I had worked on at the beginning of my business things would have gone a lot smoother. Yeah I was so no man is excusable for being without financial means that this quote I was going to share the story that I thought was really important on the topic of debt and also just learning how to manage your money so this is when I started the current business that I run is called farmer's friend and we manufacture tools and sell a lot of supplies for the small farm industry and I started the business and in 2012 and. I did not have money to start the business and so I went out and sort of put together a business plan went to a few different people that I knew had some money and pitched it I wasn't looking for investors because I didn't want to let go equity in the company I was looking for people who had money and are willing to just loan it to me so the world really led I mean there's no doubt about that and some people came that had money and loaned it to me. With interest and I was off to the races a lot of hard hits along the way but the biggest lesson here is that I was not properly managing the money as it came in and so what happened is I was supposed to have that money it was about $50000.00 paid back within 2 years that was the sort of the goal and it just didn't go like I was expecting but again a lot of it had to do with just not managing that money wisely and so what happened is that the 2 year mark I still had yet to pay a dime off and you know they were really gracious and but at the same time the interest was accruing annually so it's like they're Ok where they didn't need the money it's just more interest but at that point I was like you know this is crazy I got to figure this out so I talked with some mentors and they put they looked at what was happening and they said you know you've got a manage the money because it's coming it's go now and you're not really keep track of where it's going what's happening that sort of thing so what I did is I at that point it was a simple business all we were doing was selling just the Greens Harvester which we still sell and I knew exactly how much our cost of goods sold was for that item how much all the materials was and. So what we did is like Ok everyone that we sell we're getting x. amount of money let's Ninus the cost of goods sold out of that say it's $300.00. It cost us $150.00 We have $150.00 profit. It's gross profit it's considered but and then you have to take out operating expenses so it's like Ok we need $2000.00 a month to pay rent this sort of stuff and then the rest of it unless you're buying other things that's profit and so what I started doing is every time we would sell a unit I'd set aside what we had calculate you know say I don't remember exactly but maybe $25.00 of that gross profit goes to operating expenses the rest and I just opened up a separate account bank account and just started putting that money aside for every unit that we sold and at the end of the 3 years. With interest I owed like $75000.00. And so after putting in that process of managing the the income. That $75000.00 was paid off in one year so that's kind of a dramatic example of what the difference that tracking money and managing it wisely can make when you compare it to not managing it wisely. All right so going back to where we ended. We're going to move into some of the really important things when you're starting a business so 1st of all you have to really focus on having a world class product or service. If you're doing a physical product you know say your I mean for a lot of the younger kids we also I started out baking bread or making some you know simple stuff like that are if you're going to do that make sure you have a really high quality bread Don't just settle with oh this is the recipe we've always made it taste good let's just sell it you know try a bunch of different things this world is full of products and full of different things nowadays and so if yours doesn't stand apart if you don't have something a little bit better a little bit more unique you don't have a better brand or you're representing your product in a better way it just gets lost in a cluster of his Illian different products and services that are out there and so you really have to focus on making sure that your products stands apart. Yeah. That you know the kind of the fundamental What is a business is a business creates a product or some kind of service and sells it to customers for more than it costs to create it that's the basis of a business you you have to figure out what you're selling how much it costs you. Include your profit and there that's what you're that's what a business is. So this is what I wanted to focus on a little bit here core values are something that are super important in a business and when you're just starting out that's the time to to focus on this and I am not even going to use our own company core values and our own company mission statement we're going to get into that in a 2nd as the example here because we are still working on this still trying to fine tune it but core values is really what is the backbone of the business I've heard people say things like running a business without core values is kind of like hiking without a compass going like trekking across country you don't really you just go and you don't know exactly where you're going you don't know where you're trying to go you're trying to reach you don't have any compass just it just doesn't make any sense and so. Core values are just really important but before you create a company core values what's also important to do is create personal core values try to identify the things that you personally hold as sacred in your life. You know what takes well so principles the core values are the principles like a framework of your company and so if if you don't base build your company core values off of your personal core values it's just a constant conflict. So what you believe directly reflects you know what your business believes and so they have to be aligned. Ok so when you're looking at trying to develop your own core values the things that you would want to be considering are are like what's most important to you to yourself personally. What are the guiding principles that you identify with what are the core values I practice each day what values would I like to live what I like to live but I'm actually an a but I'm not actually achieving what does success look like to me these are kind of questions that you want to ask yourself in just write down a list of what are my personal core values and then when you do that you can start to formulate your business core values. Going to skate here for a 2nd just because I had a document pulled up that. I was going to just mention sort of quickly what some core values can look like. And also I have a lot of information that I can e-mail to people like this p.d.f. which is sort of a how to create core values and what they look like and so I pull up a document on a my computer and afterwards anybody who wants to come in and put your e-mail can definitely do that and then I'll just shoot all this stuff over to you but so this is a company that I am actually doing so they're part of a coaching thing with them but they have some really incredible core values and mission as a company so. Some of their core values are like a self-employed mentality they want all of their employees to have that mentality of like I own this job this is this is not just something that I'm just doing whatever I'm told is like really having that that mentality of this is this is I have ownership in this. Not really because I'm just sort of cherry picking but. You know core values should be things like righteous living we believe that character matters all the time. No gossip that's a really important one if you're you know I'm not going to allow people to talk negatively about other people you're not going to allow people to talk negatively of their coworkers that sort of thing you know team or a team member or not employees stuff like this that be kind of examples of what core values would look like for a business. All right back to the slides and the next they were in talk about his mission statement so the core values are kind of for yourself personally that's like the backbone of your business it's not necessarily something that you put out there for your customers just to see this is what your business operates on as as core values the mission statement on the other hand is who we are as a company this is what you want your it's what you base your decisions on as a company what you base your your goals on but it's also something that you can share with your your customers so they can understand what you're about and try to resonate with you so. You want you want your mission statement to basically say who the company is. Who you're not is almost just as important as who you are. And why you're in business what are we here for so what you what the company is what you're not. And why you're in business these are the 3 most important things about coming up with a mission statement so again this company that I'm mentioning. Some of you may know Dave Ramsey drams Ian entre leadership this is this is what I'm referencing here so this is their mission statement as a company we provide biblically based commonsense education and empowerment that gives hope to everyone in every walk of life so that's their mission statement they're saying who they are who they are not just sort of by default they're saying this is our focus we're not doing other things and. And what they do they give hope. So this is really important because if you don't have a mission statement if you don't have defined goals like this is what we're what we're trying to achieve then. An opportunity can come up that that may seem like oh that opportunity makes money or and trust me I have gone down this rabbit hole you know our business we are focused on providing quality tools and supplies for small farm industry we got in a situation where we started having some larger companies contact us or like hey can you develop some harvesting tools for for doing this large scale my careens production it was like all indoor hydroponic stuff and it was like well maybe I guess we could you know and they start like it doesn't matter how much it costs you know it's just we need a solution so we went down this for like 2 or 3 years developing these things and we had people flying in from overseas and all this kind of stuff to look you know and we sold some but at a certain point we realized you know what we're off track it doesn't matter how much this potentially could earn. And how much interest we have this is not what we're about and so when we eventually just said you know what we're just shelf in the whole project we we just totally abandoned it at the time but it was a good decision because we allowed us to go back to our focus which was small scale agriculture and not getting tangled up in something else that has the potential of making a bunch of money but is not what our focus is and so you have to have that focus something that you can basically filter any opportunities that come your way through this and also if you're looking at expanding into new product lines or whatever you want to make sure that everything the company does is aligning with with your mission statement. Right so I think we'll jump over since there was literally only 2 people here that. Were a part of our. Last years I'm going to jump over to some of those slides. So we kind of mentioned touched on this a little bit what is a business a business creates product or service and sells it to a customer for more than a cost to create it really simple. Another really important thing is to have a value proposition what product or service are you going to offer this is you know sort of the fundamental building blocks the starting point you have to know what you're going to do. And then what sets you apart from other companies going back to like what I mentioned before it has to be something that has that you're doing better than somebody else or you have a better brand that relates to the customer better something like that how does the product benefit the customer this is these are all things you have to think about because there's a lot of products out there that it's a great idea but it's not really bringing value to people. So then we will touch on things like business name those are kind of a couple things and again if I get your email address I can just e-mail both these slide shows over to you so that you guys can use these sort of. Foundation for working on your business but. Business name should be short catchy descriptive futureproof And that's something that a lot of people don't think about you know you don't want to name your business something that limits the future potential of it. Never use your name in your business I mean I guess it's it's one thing if you're doing like you know if you're 8 years old and you're just doing Gurnall law or something and you know maybe that's Ok but at the same time what happens if you decide you know 10 years down the road that you want to really make this kernel the best business a big thing and you're the next you know one degree bakery or something. You know one Abigail's you know. I don't know a crunch or whatever. With. Yeah well I mean maybe your last name Ok. Yeah 4 syllable under 4 syllables is best for a business and that's something to keep in mind you don't want something really long that that's hard to say. And then really get a lot of feedback when you're thinking about a business name talk to a lot of people get get feedback because other people may other people may see things that you don't see so then developing your product this is even smaller fun. Yeah this is this was a Speaking of Ford Henry Ford quote time spent getting a thing right is not time wasted it's time saved in the end so don't rush to market with a product that you haven't fully perfected and fine tune getting it right. It's really important valuate all the options one thing that I am trying to. Trying to do at this point is it was advice I got from somebody else but we do a lot of design and when we're designing something it's easy to just jump into your you know your computer design software and just pop something out and be like this is great let's go with it but what's important is to look at it from different angles and so I had somebody tell me you know every time I design something I design it 3 different ways and then when you do that 3 different times you then have some information look at I like the way I did that better on this one and you know this one didn't work and you can take that information and really come up with a better product in the end. So evaluate all the options have a test group a value a. Again if it's something simple like you know you're doing bread or going over some sort of pastries or whatever just happy people try it is a good and you know talk to people who you feel like would actually tell you no you know you don't want to just go talk to people and you know your grandma and grandpa and your mom and dad every is going to be like oh yeah that's great but you want to keep an eye on them if they spit out behind your back then you know you've got something wrong. Develop a quality control process quality superimportant. Again I mean I made mistakes when in the bread business when I was doing that you know if you have one batch of bread that you forget to put. Sultan or something. And you don't catch it that's a that's a big problem so you have to put processes in place to make sure that you don't make those mistakes. And then packaging and presentation that's really important make sure it's catchy. So and then this is honestly like going back to the financial things knowing how to manage your money pricing your product is almost the most important thing and you have to price it. You know write down all the product costs. And then calculate little things like literally on our products we calculate the packaging costs all the way down to the tape for the top of the box even if it's $0.02 you got to know much it costs so everything literally everything the box the bubble wrap the the label that goes on top of everything. Then then factor in your labor say how much you feel like this this is worth you know and don't underestimate this this is one thing that you can do you know you're buying only 15 or I'm only 1920 whatever I. Know if you're doing something that has value look at what what other people would get paid to do this you know because at some point you may have to hire somebody to do it so you can say oh I'm just welding up this little thing and if I get $25.00 labor I'm fine well what happens if somebody comes along and you got to pay them $15.00 to do that well then you're not going to $25.00 anymore you're only getting 15 and so are 10 and so you have to go out that with this mentality of making sure that you have labor built in and then profit on top of labor because at some point you're going to have to pay other people to do the labor and you need to be having that profit margin that keeps the business afloat and pays you. And then add a little extra to cover surprise costs we still do this on our products even though you cover every little thing you know we have steel tariffs that. That come up and prices go up and you can't just raise your price on a customer all of a sudden. At least not super frequently so we've had to raise our prices on a lot of things because of steel prices going up but we held off a long time because we had that buffer in there. And so you definitely want to include in there you know I mean at least 10 percent above your cost and your labor before you calculate your profit that you want to put on top just to cover those little unforseen things it can be I mean for instance things like you run out of immature and you have to have it overnighted you got to you don't want to have to eat that necessarily. All right and then moving on to market and self so again present ation of the product make sure it's catchy if you have a website you need to have a website retail business is the fastest declining it's just heard recently somebody said retail is the worst business to be in right now more stores are closing it's not because the economy is not great is because everything is going online and so and that's one thing I would I would encourage everybody focus on something that that can be sold online not something that's just. You know has to be sold locally. So labeling packaging. Look at market locations advertising ability to take credit cards is super important nobody uses cash anymore so even if you're just. You know starting off really small you know get your mom and dad to let you use their i Pad or i Phone with a square card reader you have to be able to take cards. Right and then back to the. Financial money tracking all of your expenses income outgo. And then one thing that also really made a big difference in my businesses is that we started setting aside that cogs again in a sense for cost of goods sold we started setting aside that money every time we sold products so it's really simple just think about it this way. I'll use our business as an example we sell a lot of things like rolls of plastic with that it's all it is is how much we paid for it and so if if we pay $100.00 for a roll of plastic we might sell it for you know $200.00 but that's our cost and so every time we sell $1.00. And I say every time it's not it's not literally we're making a big transfer every sale that comes through but at the end of the week what we do is we have a report we go to an answer and all the things that we sold and then automatically calculates because we have the cost of goods sold Internet and all of the multiplies it calculates that column and so will transfer that amount of money into our purchasing account so that every time you sell something you're replenishing that money so that when you need to restock you've got the money so this is this is major like you said it made a really big difference for us and it's super important what you don't want to do is look at your bank you got me like I got money I'm going to buy this new piece of equipment and then next week you realize oh we're out of stock on this product I got to go buy more but you just went and spent that money on something else because you weren't keeping track of stuff so that's that's a really important aspect again of just tracking your money. All right. And then wrapping this up and then we'll have a bit of time here for. For questions so God needs business people it requires much more grace and stern discipline of character to work for God in the capacity of a mechanic merchant lawyer or farmer carrying the precepts of Christianity into the ordinary business of life than to labor as an acknowledged missionary in the open field where one's position is understood and half its depict difficulties obviated by the very by that very fact it requires strong spiritual nerve and muscle to carry religion into the workshop and business office sanctifying the details of everyday life and order ordering every worldly transaction to the standard of bible of a Bible Christian so. This is it's I mean it says right here it's more difficult to bring your Christianity into your business transactions than it is to be a missionary in in the field. And then lastly whatever your hand finds to do do it with all your might this is going back to that quote you know you have to focus on self-improvement making sure that you're improving yourself doing everything with your might and then everything that bears any relation to the work of God should be as nearly perfect as human brains and hands can make it a love that quote I tend to focus maybe too much on I'm a perfectionist a little bit but the point is. I think as Christians we have a duty to do everything to the best of our abilities and to the highest standard that we can and so you know this this backs that up so wanting to do something perfectly wanted to get it right wanting to not settle for status quo or well most business people are stressful are stressed out and so I just naturally I'm going to be stressed out obviously don't stress out. Sometimes but rarely am I stressed and that's because I've focused a lot of energy on making sure that the business. Has systems that are in place that that handle that for me and so you know that's all part of for me of just making sure that I'm doing to the best of my abilities what God has given me to do. I so at this point I think will transition into questions I often again don't really know what people are here to learn and to gain and so I have more than happy to answer any questions. That anybody has so the question was What do we use for accounting software. We are using Quick Books desktop the reason for Quick Books desktop is because we do not have high speed Internet we have satellite internet and I tried to use desks the online version of Quick Books which is where they're focusing most of their development energy and everything but it just didn't work for us if you got to sit there and wait for every you know for the page to load every time you have to do a new invoice or something it's just not efficient so we use Quick quick books. In some ways it's nice to just purchase the software the desktop software because it's a one time thing the online it's a monthly or annual subscription but Quick Books is definitely. I'm not going to say it's the best but for larger businesses it's really good there are other software is out there that I have done a little bit of research that can integrate better with some of the. For instance like Shopify if you're doing an online thing there are some some softwares that will integrate better with those e-commerce platforms. Where you don't have to manually enter all your transactions in order to balance everything out and that's really valuable so I'm not going to stand here and say go do Quick Books but I could also give if somebody had specific questions. I could I mean I'm going to put my contact information up on the screen. And feel free to. Reach out and ask any questions that way as well what what do we pay for credit card transaction fees. So a typical is going to be in that. Probably for most people like 2.8 to 3.2 but because of the volume of transactions that we're doing I think right now we're paying about 2.4 So you can get better but but if you work with just like Pay Pal which Pay Pal is actually one of the most expensive from my experience but if you work with like square or I don't know the you're going to probably be in that just under 2 to 3 percent. Favorite books. One that I really a lot of is called the Personal m.b.a.. This it's. Josh Kaufman wrote the book and what it is is basically he's just saying look you can go and go to some school and pay $200000.00 and get an m.b.a. but a lot of what they'll teach you is outdated information. That you know I mean everything is just evolving so fast these days so you get older and structures that are instructors that are teaching you how to date stuff and so his point is just read you know read books like if you read like 100 books on entrepreneurship finances sales and marketing this sort of thing you literally can if you have the desire to learn in the drive you can give yourself even a more advanced education than what you would get getting an m.b.a. degree All right so the question was as a parent I'm not a parent so I don't know I mean make that bigger because you're going to see that if you're if you have young children that are. You know that have all kinds of ideas passion about coming up with some sort of a business endeavor how do you guide them into making the right decisions and not getting distracted on multiple different ventures. I definitely I do think it is. Important to focus you know you can't just allow yourself to to jump on every different little idea that comes up and so focus is important I would just list all the things and just start checking them off based on you know I mean running through some criteria what's the potential to expand this business what's the market you know but the biggest thing is honestly what you're most passionate about because there's been studies done that prove that. If you have say you have 2 different opportunities in front of you one of them there's like a lot of competition but you really want to go that route like it's what you're passionate about say something like. Web development or something there's tons of web developers but if that's like what your passion is go for that rez you could have maybe a secondary idea that there's no competition you think it's a good idea there's probably a lot of potential make money but it's not something that you really feel passionate about even though the 2nd opportunity could be better on paper you'll succeed at a higher level in what you're passionate about so so I mean and I had to say that because it sounds like the world nowadays is just like Follow your heart you know go with your passion whatever but it is really true in this case like I mean as long as what you're passionate about aligns with you know what the Bible says is good business and all these different things counsel was part of prophecy go for what your passion about what really makes you excited what keeps you up at night what makes you want to jump out of bed in the morning that is what you will really succeed. Ok an l.l.c. is stands for limited limited liability company. It's important it becomes important when you have a business that but has the potential of getting sued so which is kind of any business these days so. Basically it gives you protection to give it puts your business and a shot under an umbrella basically that protects your personal assets but there's lots of caviar that so you have to study it like if you if you have an l.l.c. and you have business accounts but you go and use your business accounts for personal things that totally totally can basically destroy that sharks or if you get sued and they come in and audit your business and they see Oh you bought you know why are you paying for your kids you know music lessons from your business right now you just sort of basically destroyed your structure there so but yeah it is to protect your personal assets so for instance this farmer's friend get sued. You know we obviously have insurance that covers that sort of stuff but they could never get my personal dwelling my personal vehicle stuff like that because it's not tied with the business if you're a sole proprietor it's all you know it's all up for grabs Elysees are good Elsie's are more expensive you can do like a d.b.a. sole proprietorship for just a few dollars a month I don't know or if you dollars a year really it's like I think where we are it's at $15.00 a year to have your business license or whatever for an l.l.c. in Tennessee it's $300.00 a year I don't know if that's different other places but it doesn't complicate your taxes an l.l.c. is not a federally recognized entity so from the i.r.s. perspective you're still a sole proprietor running you're just self employed so your business profits and lost still go on your your personal tax return at what point do you need and yeah number. I would do it at the very beginning it doesn't cost anything well I don't think it cost anything yeah it's been a while since I did it but it does I don't think it cost anything and basically the reason for a number stands for employee identification number which you don't have to have employees I don't know why they call it that but. It just allows you to it's basically. I don't know but basically it's you use any ion instead of your Social Security number so any anything that calls for Social Security numbers as as a business you can use your number so definitely I would do that yeah so the question again was how do you transition from just being a small business that maybe is just yourself or you in a couple family members to started at employees and expanding that business into something bigger. Yeah go take it slowly really do a lot of research employees can make or break a business. No doubt about it so make sure you get people who want to work for you. Who are passionate about what you're doing and you know people while the business that I'm doing a you know you can't be passionate about making flame leaders you know you can you just have to like metal and you know serving customers and making high quality stuff but yeah finding the right people is as important. I don't know if I really answered that I mean I'm trying to think of other For me I feel like the biggest thing Ok The other thing is systems you have to have systems in place because if. If you're just the sole proprietor you're doing everything you know where your tools are you know where you know exactly how to do this process whatever it's great well as soon as you start hiring somebody and tell him or show him how to do stuff you might show him once and then you expect they've got it well next time you turn around they're doing it wrong and you're like what's going on forgotten you know what are these happens all the time so you have to have systems in place that are documented that this is how you do this and and that makes a world difference is scalable systems or are scalable you can if you have that system written down you have it a new computer document whatever you can hire anybody to come in and. And just show a mess and they can follow the steps I mean for instance we did this with. Assembling our greens harvesters it's kind of a complicated process from start to finish there's a lot of little things that go together and it all has to line up and everything so we have one girl that does all the assembly on on our harvesters but you don't want to you don't want your business to to depend on this one person to extensively I mean she's got marriage going on a 2 week honeymoon you know what happens if she gets pregnant and has to take maternity leave or quits the job completely you know you can't depend on one person and so we went in there and documented the whole process videoed it and went step by step multiple times and laid that all out in a binder and then and then you have to test that to see if it works so then you have somebody who has no clue how to do it come in and follow the steps and if see if they do it right so these are kind of things that that it takes a lot of time to get it set up I mean a lot of time you really have to focus on this because it takes so much time especially the bigger your business gets but if you start doing this at us. When you're small it's a lot easier to expand Ok so the question is so in my business we're manufacturing So the question was at what point do you. Decide when you should be outsourcing stuff or doing it yourself this sort of thing so we actually did a little bit differently we started out trying to do it all in-house and then realized we couldn't do it so we outsourced it for quite a few years and then just in the last 3 years we've brought all of our manufacturing back in-house so I would say at 1st I mean especially in this business there's a large upfront cost for equipment find a good machine shop that you can work with or something and just outsource stuff you're doing the stuff that only you can do well which is design and product marketing it selling it you know there's a lot of people who know how to make parts so we got to the point where when our machine shop told me we're buying a new machine just to run your stuff it's like Ok well if that's the case then we could be buying our own machine as. Well so the question is what's better not for profit or for profit so I mean it depends on what you're doing if you're trying to get donations you want to be a nonprofit because you're going to have a hard time getting people to give you money if you're not a nonprofit but I'm not about asking for money and. So I would I would definitely say go for profit I mean yeah taxes I mean I don't know I honestly haven't researched all about non-profits I just know that I'm not doing a nonprofit. So yeah I think really the only advantage of non-profits is if you're trying to get donations and then you can give people tax deductible receipts and your taxes are definitely different I don't know how they're different but probably not as much so. Ok witnessing 3 How do you witness to your business again we're online and primarily dealing with customers over the phone and 3 email so there's a few different ways we do that since we're actually selling physical product every package that goes out the door we send glow tracks with it so and that's a you know that's a big thing we do we try to focus on I don't know if I kind of neutral stuff like we're not sounding like you know. Just really deep mark of the beast stuff and whatever like the end of the world is coming this sort of stuff will well send things like. You know we do quite a few health things and then just really basic stuff but we're also what planning on writing our own so working with Glo to develop one specifically geared toward agriculture because that's what we're doing so like agriculture and the Bible the benefits of that so if you want to write it try to get my dad to do it and he's that they can go ahead way so. Oh you want to when it's done Ok Me too. But yeah if you have a great because then it's something that's that people are we know that the people that are buying for us from us are interested in gardening and interested in nature and there's so many people I mean most of our customers are definitely not Christian pretty much agnostic or whatever there's all these different terms for it but they don't believe in any kind of a god but they're working in the garden and they believe that this is an amazing world that they're working and they're seeing the power of just working in the soil and so I think if we can have something that that connects all that and makes them think well actually maybe it is kind of hard to think that this is all just a volved you know that hopefully that will be even more powerful this media was brought to you by audio of who's a website dedicated to spreading God's word through free sermon audio and much more if you would like to know more about how do you force or if you would like to listen to more sermons lead to visit w w w dot. 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