Start-Up Guide

Free book and Interesting link

You can now read a free copy of Go It Alone! online here.  I am about halfway through the book and so far it is pretty good, reinforces a lot of my thoughts and provides some other interesting viewpoints.

Also, check out The Franchise Registry (found via Franchise Pundit ).  It is a list of franchises that now have streamlined applications with the SBA so it is easier than ever for entrepreneurs to get SBA financing or loan guarantees for many franchises.  Worth taking a glance over.

What should I charge for an hourly rate?

I just found this great post via a link on problogger.  The article shows how to use some simple math and estimates to figure out what you need to charge if you operate a service business where your revenue model is an hourly time based one (i.e. consultant, graphic designer, web designer).  It not only tells you how much to charge, but also makes it clear how many hours of business you need per month and per year in order to reach your goals.  Very cool post! There is also a link to a useful excel file. 

Ten Reasons Young People Are Afraid to Start Their Own Business

Interesting article here

I may not completely agree with his responses or viewpoint but the fears are real.

Back from VON

I recently returned from the VON show in San Jose, it was a great time!  I learned a lot, met some great people, had a fun time, refined our Invenio Capital mission, and recharged our batteries. 

Some interesting insights:

• Conferences are amazing places to network, close deals, gain insight, and find opportunities
  • If you can not afford for your start up to be an exhibitor at a relevant conference, at least attend as a visitor/potential customer

• Net Neutrality is a big issue
  • On that note, the CEO of Qwest seems like a problematic character for the future of the net, but he is a master of metaphor
  • If the telecom companies win, entrepreneurship and innovation on the net will be stifled significantly

• Video on the net is the next big thing, opportunity is knocking for entrepreneurs
  • I know I will be pushing for some brainstorming on this area within Invenio

• West coast VCs have a different perspective and attitude

• I received a free Slingbox!!! Very cool device to watch your TV from anywhere, paying attention in class is now officially harder than ever.

• Jason Calacanis is the man

• There is a picture of Jason and I on the Jeff Pulver Blog, not sure where Matt was at the time

Now it is time to jump back on the saddle and start getting things done.  There could be some very exciting news in the next few days on a variety of fronts...I'll be sure to update frequently this week.

Off to VON!

I leave tomorrow for San Jose, I will be attending Jeff Pulver's VON conference.  It should be very interesting and I am incredibly excited to attend.  It should provide some great networking opportunities and I will get the opportunity to learn what is going on at the cutting edge of VOIP technologies. 

I also will be hanging out and having some meetings at Stanford, Sand Hill Road, and the NFTE west coast HQ.

Not sure what my internet access and free time will be like, but I will post later this week if I have the opportunity. 

Franchise Spotlight Criteria

I have written on various franchise opportunities in the past and looking at some of my traffic logs it looks like those are some of my most popular posts.  While I tend to focus on broader entrepreneurship topics I figure I should start a weekly Franchise Spotlight. 

I am working on the criteria and hopefully the first post will start next week.  Some things I am looking to include:

• # of Franchisees & growth rates
• Rankings in other franchise listings
• Evaluation of the business model/opportunity and Industry
• Evaluation of the management team
• Financial Requirements

If anyone has any other ideas for criteria to start with please leave a comment.  If there is a particular franchise someone wants evaluated feel free to leave a comment for that as well. 

First franchise on the list as of right now: FiltaFry

Inspiration of the Day: 3/10/06

Bringing it back....

"As I grow older, I pay less attention to what men say. I just watch what they do" -Andrew Carnegie

Lawyers...

So far I have been involved as some sort of customer for probably about five law firms at this point.  For the most part, the results haven't been too good (with probably two exceptions).  Lawyers seems to be one of those key collaborators that often times looks down on the age factor.  Yes I am 21 years old, yes I am launching this company, no I will not be treated like a kid/college student.  The part that is most frustrating is when a retainer is spent on a lawyer who seems excited and positive about your project and then the relationship quickly slides down hill.  I have had two relatively positive experiences in the last three years, but the other three have been pretty negative.

Finding the right lawyer/firm is key.  A great lawyer is an outside partner and well wisher in your venture.  They are excited about what you are doing and are willing to offer advice and connections outside of just the legal realm.  Do not settle on just any lawyer!  If the one who loves your venture and is passionate about working with you costs slightly more, pay the extra, it will be worth ten fold in the long run. 

My favorite entrepreneur savvy lawyers are from BrownRudnick.  They are big supportors of Babson and have always been very positive when working with them.

Read This!

Entrepreneurial Proverbs

Great post!!!

Landscaping

Lately I have been doing a lot of research using the methodology I have nicknamed “landscaping”.  I have been doing a lot of research that involves looking at a variety of comparable items and looking at their features, benefits, etc. 

Some examples include:

• Competitive Landscaping- Looking at what competitors offer and what their market share is
• Partner landscaping- identifying potential partners based on matching criteria
• Customer mining- finding potential customers and archiving information on them

The best method I have found so far to this is to use a simple excel file with each row as a different entry and using standardized criteria/categories for each landscape.  Make sure to have a big description box to put in miscellaneous items and bold things you want to make note of later.

If you do not have excel, go download openoffice.org, its free!