22
business & tech
WH! Deerfield
November 2012
IN BUSINESS
Invent Your Own Success
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Did you ever wish there was a product in the marketplace to solve a particular problem? How many times has a new product hit the marketplace and you say to yourself: “Why didn’t I think of that?” Maybe it’s time to think of yourself as an entrepreneur. At first, you don’t need a big budget to get started. Here is what you can do. Are you willing Vicki Gerson to try to solve a problem by trial and error? For instance, if it is a food product, all you need is a kitchen. Create a batch of what product you want to make. If it is tasty and seems to turn out well, then conduct a taste test. Get your neighbors and friends to come to your home and try the product. You can’t be thin-skinned. If someone tells you what they don’t like about the product, try and get that individual to be as specific as possible. For example, is the person saying: “It’s too sweet?” “It’s too salty?” “It’s hard to chew?” “I don’t like the texture of the product.” Get specific answers so you can try and correct the problem. On the other hand, if you have sampled your food product with 50 to 100 people and only have one or two negative comments, maybe you are on the right track and have a product that people will want to eat.
can produce in a specific amount of time. Then determine how you will package the product in order to sell it. It’s important to speak with a patent attorney about what you need to do so someone doesn’t steal your idea. Can you sell your product now or must you want till certain documents are filed? It is also the time to make a decision about whether you are going to start selling your product on a small scale, regionally or nationally. If it is still being made in your kitchen, will it be sold in small food shops or bakeries? Are you planning to sell it at a summer Farmer’s Market or introduce the product this winter at small house parties or religious events? You need to make up your mind.
What To Do Next Do your homework. Read articles about entrepreneurs, and how they did it. Read well-respected business books. Then move forward. Determine how much of this product you
Vicki Gerson is president of Vicki Gerson & Associates, Inc. a Northbrook-based web/ print writing and public relations firm. For more info, visit online at vickigerson.com, email writer@vickigerson.com or call 847-480-9087.
Financial Banking If you plan to be more than a local, small manufacturer, you need capital. You need to find a business banker who can provide you with information and indicate how large a loan you can receive. Be Prepared for Roadblocks Rarely does a new business run smoothly. Learn to be prepared for the unexpected. Regardless of the type of product you are creating, you will meet people who will say, “Your product will never be a success.” If you believe in your product, tune out these people because they will destroy your selfesteem and foster doubts. Surround yourself with positive people who believe you can accomplish what you set out to do. Almost everyday a new product enters the marketplace; yours can be one of them.
How to Start Your Own Charity Men and women start charities for a number of reasons. Many want to establish a charity or nonprofit organization because there is a particular cause that speaks to them on a personal level. Just about anyone can learn how to begin a charitable organization and then be successful running it, provided they start with a good foundation and the necessary legal requirements. In the United States, a not-for-profit charitable corporation is referred to as a 501 (c) corporation. This means it qualifies as a tax-exempt charity under Section 501 (c) of the Internal Revenue Code. This classification makes the nonprofit exempt from paying taxes and also ensures that any donations made to the foundation are also tax-deductible. The following are seven steps men and women can follow to start a charity or nonprofit organization. 1. To begin a charity, first you must come up with a purpose and a mission statement. Perhaps there is a cause that is near to your heart and you want to help fund research or initiate a group of like-minded individuals working toward the same purpose. 2. Establish an organizational structure for the charity. This means organizing staff members and volunteers into a distinct hierarchy. 3. Fill out and file the appropriate paperwork with the government in order to be able to operate with a nonprofit status. You may need to consult with an accountant to do this properly. 4. Open a bank account in the charity’s name when all identification numbers and paperwork have been confirmed in order to collect donations and pay any business
expenses. 5. Familiarize yourself with various fundraising efforts and then begin advertising your mission statement and getting the word out about your new charity. This can be done through hosting a charity launch event. 6. In lieu of monetary donations, solicit certain businesses – such as printers or marketing companies – to donate their time and services to help with the business building blocks necessary to solidify your charitable organization. 7. Maintain accurate record keeping and remember to thank and provide receipts to anyone who makes a donation. Starting a charity means laying some groundwork, but once established, it can be a successful foundation helping to raise money and awareness for a worthy cause that’s near and dear to your heart.