Latest / The Steve Harvey Morning Show / Small Business Administration's Tim Jeffcoat Comes To The Rescue

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Small Business Administration's Tim Jeffcoat Comes To The Rescue · The Steve Harvey Morning Show

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Speaker 1: me to introduce my next guest is the District Director
1:11
Speaker 1: of the U. S Small Business Administration off Houston District Office.
1:15
Speaker 1: Please walk up to Money Making Conversations Team Jeff co.
1:19
Speaker 1: Thank you, thank you, thanks for having me. I would
1:22
Speaker 1: appreciate you, uh because I know what today was an
1:24
Speaker 1: ugly day in the state of Houston today. Why, I'm
1:27
Speaker 1: really blessed that you guys have way over the comment
1:29
Speaker 1: here because it was storming early this morning. But it's
1:31
Speaker 1: beautiful now. It's beautiful now as we can look at
1:34
Speaker 1: my back view. Now they got the many glinds. I thought,
1:37
Speaker 1: what is the Small Business Administration. Let's start off right there,
1:40
Speaker 1: small Business Administration. So we're part of the federal government.
1:44
Speaker 1: My boss, Linda McDonald, works for the President. So we're
1:48
Speaker 1: a federal agency and our job is to help Americans
1:51
Speaker 1: start and grow your small businesses whatever that takes. Is
1:55
Speaker 1: there a fee for that? Nope. If you're come in
1:57
Speaker 1: the office, you don't for your services. And what is
1:59
Speaker 1: your service? Yeah? So I like to joke and say,
2:03
Speaker 1: as long as you paid your taxes, everything is paid for.
2:05
Speaker 1: But we are completely paid for by the federal government
2:08
Speaker 1: by by taxpayer dollars um. We do fundamentally four things
2:12
Speaker 1: at a really high level. We help you find the
2:14
Speaker 1: money that you need to start or grow your small business.
2:18
Speaker 1: We help you find the counselors and mentors that you
2:21
Speaker 1: need to help you start and grow your small business.
2:25
Speaker 1: We can help you grow directly my You can work
2:28
Speaker 1: directly with my team over a nine year period and
2:31
Speaker 1: they'll help you grow via special access to doing business
2:34
Speaker 1: with the federal government. Federal government buys more of everything
2:37
Speaker 1: than anyone. And then the last thing we don't really
2:41
Speaker 1: like to talk about, but if there's a disaster and
2:43
Speaker 1: it affects your business, then the SPA has special programs
2:46
Speaker 1: to help you get back on your feet. So we
2:48
Speaker 1: call those are four seas, capital, counseling, contracting, and crisis.
2:58
Speaker 1: Now let me say in my business, I was a
3:02
Speaker 1: funny guy open I went to Ramada Inn it was
3:06
Speaker 1: a stand up comedy club with the Ramada and told
3:09
Speaker 1: the owner of the hotel, the manager hotel, you take
3:13
Speaker 1: the bar, I take the door. He said, that's a deal.
3:15
Speaker 1: That's that's what I did, told my told all the relatives,
3:19
Speaker 1: I give you twenty dollars each, work the door and
3:22
Speaker 1: take the much That's how I started my business just
3:25
Speaker 1: on the weekend Friday, sayday. It was packed. Then I
3:27
Speaker 1: moved to another location on Main Street. The rules kind
3:31
Speaker 1: of changed, but I still didn't go anywhere. And so
3:33
Speaker 1: I went down to on the Software Streeway to the
3:36
Speaker 1: Small Business Administrator of Administration office. And this is what
3:40
Speaker 1: I discovered. One went down there, friendly people. But also
3:43
Speaker 1: I discovered that if I wanted to open a nightclub
3:46
Speaker 1: and say it was three thousand square feet, they could
3:48
Speaker 1: tell me exactly what my potential insurance costs would be,
3:52
Speaker 1: what my chairs would cause, my glass glasses with CAUs
3:56
Speaker 1: They can give you an estimate of what my my
3:59
Speaker 1: expenses would be. Also my profit level would be. That's
4:03
Speaker 1: what I got for free. And I want to make
4:06
Speaker 1: sure you guys understand that that's important that you understand
4:09
Speaker 1: you get that service and make sure it happens for you,
4:12
Speaker 1: because if I didn't go down there, then I'll be
4:15
Speaker 1: opening up club. And and here's the sad part about
4:19
Speaker 1: I still didn't you lize because I didn't I didn't
4:22
Speaker 1: shut up. I didn't set up my ard my taxes,
4:26
Speaker 1: so I can pay for the TAXI. I was told
4:28
Speaker 1: you guys earlier that I didn't know you had when
4:30
Speaker 1: you when you sold a ticket, there's a tax on
4:32
Speaker 1: that ticket that I had to pay. Yep, I didn't
4:35
Speaker 1: know that, you know, when I when when I did liquor,
4:39
Speaker 1: say they were liquor. There's a tax on liquor. There's
4:41
Speaker 1: a tax on food, you know. So all these taxes
4:45
Speaker 1: I wasn't aware about because I only partially used the services.
4:50
Speaker 1: When they told me that, I ran out, I thought
4:52
Speaker 1: I knew it all. You know, you look at it
4:53
Speaker 1: a different way, SPA. We don't charge for services. Thinking
4:57
Speaker 1: it a different way. You've already paid for So come
5:02
Speaker 1: see us. Why why not use our services? We can
5:05
Speaker 1: help you. So what's the number one mistake? If you
5:07
Speaker 1: say that you entrepreneur with me? Um, you know there's
5:10
Speaker 1: probably a few that at the top of the list.
5:12
Speaker 1: One of those um big six barbecue, he said, where
5:17
Speaker 1: are you? He's here. Okay, you're gonna serving food for
5:20
Speaker 1: the masses, all right, Well, he said, plan your work,
5:26
Speaker 1: then work your plan. Absolutely, you've got to have a plan. First,
5:30
Speaker 1: you were successful, and I'm glad you were. But if
5:34
Speaker 1: you have that great idea of something you want to do,
5:36
Speaker 1: or if you have a business and you have some
5:37
Speaker 1: great ideas on how to grow it, it is well
5:40
Speaker 1: worth your time to just stop for a second and
5:43
Speaker 1: connect with one of our roughly two hundred and fifty
5:48
Speaker 1: people in the Houston district that's Houston in the surround
5:51
Speaker 1: thirty two countries that are available to sit down with
5:54
Speaker 1: you one on one and help you with whatever your
5:57
Speaker 1: idea is. So just last for day, I was helping
6:01
Speaker 1: teach you what's called a crowdfunding workshop if you're familiar
6:04
Speaker 1: with that, a way to get money and uh okay crowdfunding.
6:09
Speaker 1: This was what's called donation crowdfunding. And the idea here
6:12
Speaker 1: is that if you can get through social media, get
6:15
Speaker 1: people on the internet ten bucks at a time to
6:18
Speaker 1: donate money to you to help out your business, then
6:20
Speaker 1: there's no particular limit to how much money you can get.
6:23
Speaker 1: It's not just free money. You've got an obligation for that.
6:26
Speaker 1: But and then even I was teaching that crowdfunding workshop
6:30
Speaker 1: and one of the gentlemen there was really really ready
6:34
Speaker 1: to start his business. It was very ready, very excited.
6:37
Speaker 1: I told him the same thing, just give it thirty days,
6:41
Speaker 1: connect with one of the counselors. There were some right
6:43
Speaker 1: there that we're just super, super, very experienced people. These
6:47
Speaker 1: tend to be the ones I was with last Friday,
6:48
Speaker 1: where folks that have started a business, sold that, bought
6:51
Speaker 1: it back, grew it again, sold it, started another one,
6:54
Speaker 1: and now they're retired and they're using that experience to
6:58
Speaker 1: help you and it's complete Lee free. Um. So he
7:02
Speaker 1: didn't really like the answer that I really think you
7:04
Speaker 1: should wait thirty days and let somebody else look at
7:06
Speaker 1: what you're doing and give your feedback. But he agreed
7:08
Speaker 1: that it was a wise course because you've got to
7:11
Speaker 1: plan your work and then work your plan. So I
7:15
Speaker 1: also wanted to because we have to do this show
7:17
Speaker 1: is broadcast throughout the country, please let people know that
7:20
Speaker 1: small business Administration this administrative offices though everywhere. Yeah, we
7:24
Speaker 1: got sixty eight of them. Texas is so big. We've
7:27
Speaker 1: got six in Texas. But generally you have one in
7:30
Speaker 1: every state, generally whatever the largest city is. Uh, some
7:34
Speaker 1: states like Texas have more than one. Florida has to
7:37
Speaker 1: think California has six or seven, but they're very large states. Uh,
7:41
Speaker 1: and we have a few that aren't technically in the
7:44
Speaker 1: United States or in US territory. So there's one in
7:46
Speaker 1: Puerto Rico, there's one in Guam. So pretty much everywhere
7:49
Speaker 1: the US is there is an SPA district office there
7:52
Speaker 1: to help you out. So backstage we was talking and
7:57
Speaker 1: you're talking about the business development plant, Sir, I never
8:00
Speaker 1: heard of my life, and when you started talking about it,
8:03
Speaker 1: was like, wow, this is something that everybody needs to
8:05
Speaker 1: know about. It all right, in a nutshell, this is
8:09
Speaker 1: available in any that's correct everywhere. If you are a
8:15
Speaker 1: business that's been around for a couple of years and
8:18
Speaker 1: you have had some success and you're ready to grow,
8:23
Speaker 1: then if you meet basically to high level criteria, you
8:29
Speaker 1: need to be someone that doesn't have the same advantage
8:31
Speaker 1: as everyone else. So that's frequently what you would class
8:35
Speaker 1: as a minority, or could be someone that is just
8:39
Speaker 1: outside of the mainstream of of US business life. So
8:43
Speaker 1: not too long ago there was a business a proof
8:44
Speaker 1: of this program that is owned by a lesbian, so
8:48
Speaker 1: outside of the mainstream of normal business. And then the
8:51
Speaker 1: second is you have to be what we call economically disadvantaged,
8:54
Speaker 1: which means you have to have a net worth of
8:57
Speaker 1: less than twitor and fifty tho dollars when you leave
8:59
Speaker 1: out the value of your home and your business. So
9:02
Speaker 1: set another way, that's almost like you have to have
9:03
Speaker 1: two or fifty dollars laying around. So I know I
9:06
Speaker 1: would qualify. I worked with federal governments. So if you
9:12
Speaker 1: meet that criteria, then you could be admitted to this program.
9:15
Speaker 1: It's by admission, it's by application. When you get into
9:18
Speaker 1: the program, you connect with somebody on my staff and
9:21
Speaker 1: they work with you directly over nine years. As I said,
9:24
Speaker 1: the federal government is more of everything than anyone. Last
9:27
Speaker 1: year it was about a half a trillion dollars worth
9:29
Speaker 1: of stuff, from cupcakes to jet fighters, to scalpels to
9:35
Speaker 1: janitorial services. UM, we have some firms here in Houston
9:39
Speaker 1: that have done extraordinarily well. A firm is actually on
9:42
Speaker 1: this radio station last Friday. She did over a hundred
9:45
Speaker 1: and fifty million dollars in contracts over her nine years,
9:48
Speaker 1: went from just a handful of employees to about two
9:50
Speaker 1: hundred and fifty and she's in five locations now. She
9:54
Speaker 1: also never sleeps. She's highly motivated. UM, it's just a
9:59
Speaker 1: very bright lady. But if you have that kind of
10:01
Speaker 1: work ethic, then we can help you with the tools
10:05
Speaker 1: to let you earn a hundred and fifty million dollars
10:07
Speaker 1: in contracts in those nine years. It's called the eight
10:10
Speaker 1: A number eight. The letter A is like you see,
10:14
Speaker 1: you heard about Big six barbecues, and you heard about
10:17
Speaker 1: hair n one one. Yes they qualified. Um, I don't
10:20
Speaker 1: remember how long hair and nine one has been in
10:22
Speaker 1: business years? Okay, probably, and so does the Big six
10:27
Speaker 1: and the Government Vice barbecue. I know that, I'm not
10:33
Speaker 1: sure how much, but I can tell you how to
10:34
Speaker 1: find that out. But so so I reason I wanted
10:36
Speaker 1: to bring that up because we're not talking about businesses
10:39
Speaker 1: just just just just s thought. Now, we talked about
10:42
Speaker 1: business that already established out there trying to learn their trade,
10:46
Speaker 1: come in, How did they come into euro How did
10:49
Speaker 1: they coming into the SBA office? And they what do
10:52
Speaker 1: they bring? What what do they talk to? Well, you know,
10:54
Speaker 1: the first thing that you want to do is if
10:56
Speaker 1: you just google SBA Houston, you'll see our web site.
11:00
Speaker 1: You want to go there in the bottom right corner
11:03
Speaker 1: as a little link you want to hit to sign
11:05
Speaker 1: up for our information. We send out a lot of
11:08
Speaker 1: information because we do a lot of things. UM. Two
11:11
Speaker 1: weeks ago, I know, we had sixteen events in one
11:13
Speaker 1: week UM, and all of those are for you as
11:16
Speaker 1: small business people, to help you learn more, to help
11:19
Speaker 1: you grow, to help you find the resources you need
11:21
Speaker 1: to be successful. UM. You'll know about them by signing
11:24
Speaker 1: up at that link. When you do that, you'll also
11:27
Speaker 1: learn about what we call our resource partners. If you
11:30
Speaker 1: ever haven't heard of them, The University of Houston Small
11:33
Speaker 1: Business Development Centers. Okay, so we grant money to help
11:36
Speaker 1: them exist. They're kind of an extension of the s
11:39
Speaker 1: p A UM. You can google them, you can connect
11:43
Speaker 1: right on their website, click a button and become a client.
11:45
Speaker 1: There's no charge. This is entirely free. The same with
11:48
Speaker 1: an organization called SCORE Service Corps of Retired Executives. They
11:53
Speaker 1: got about a hundred and fifty people here in Houston
11:55
Speaker 1: to volunteer their time specifically to work with small businesses
11:59
Speaker 1: and help you grow. Same thing, Google Score Houston. They
12:02
Speaker 1: should be the first hit. When you go there. You
12:04
Speaker 1: can either phone them or click the link to become
12:07
Speaker 1: a client. It's very very simple. If you know how
12:09
Speaker 1: to use Google, then you know how to find us.
12:11
Speaker 1: So now the next question with people say this sounds
12:14
Speaker 1: so good to be true. Does the government take a
12:16
Speaker 1: percentage of your business or profit sharing when they invest
12:20
Speaker 1: in your business? How does this work? You know, I
12:22
Speaker 1: wish I could take a share. No, I'm kidding. No,
12:26
Speaker 1: there is no charge. The counselors from SCORE and from SBDC,
12:30
Speaker 1: and I neglected to add from the Women's Business Center.
12:33
Speaker 1: We have a Women's Business Center here in Houston as well.
12:36
Speaker 1: They also take mail clients, but something like their clients
12:39
Speaker 1: or women, um, they are completely free. Now. They do
12:44
Speaker 1: also offer training classes. So the SBDC, for instance, might
12:47
Speaker 1: offer a class in uh, leveraging social media to grow
12:50
Speaker 1: your sales. That's something that they do frequently. Now there
12:53
Speaker 1: is a fee for those. It's generally bucks to pay
12:57
Speaker 1: for materials and for lunch. But when you go there,
13:00
Speaker 1: you've got lunch, you've got refreshments, etcetera. UM, So that's
13:04
Speaker 1: to reimburse them for that. But we grant money to
13:06
Speaker 1: them so that they can have the people and the
13:08
Speaker 1: facilities to offer those things for free. And they've got
13:11
Speaker 1: fifteen or sixteen locations. Do you guys assist people in
13:15
Speaker 1: in understanding the value of social media and marketing absolutely
13:20
Speaker 1: and how does they work well? S b A. My staff,
13:23
Speaker 1: I've only got fourteen people to cover almost eight million
13:26
Speaker 1: people in thirty two counties. So my fourteen people focus
13:30
Speaker 1: on making sure that the SPDC and SCORE and the
13:33
Speaker 1: Women's Business Center have the resources they need. They do
13:36
Speaker 1: a lot of the direct work with the clients, with
13:39
Speaker 1: the small businesses, and they have those classes. They know
13:42
Speaker 1: experts in the field. They either through their own staff
13:46
Speaker 1: that are experts in those area or through other entities
13:49
Speaker 1: that they know. They'll put together classes as well as counseling,
13:52
Speaker 1: including those folks. Um. They told me, I got to
13:54
Speaker 1: go to break ladies and gentlemen. When we come back,
13:57
Speaker 1: we do a Q and A from the audience. Some
13:59
Speaker 1: fall calls from outside as well. I'm gonna ask him
14:02
Speaker 1: a question. He just told me something that was to me, Wow,
14:06
Speaker 1: if you're in business, he can still help. And I
14:08
Speaker 1: think that that's important for you to hear. You're not
14:11
Speaker 1: there about yourself. Stop struggling by yourself. Pick up the
14:14
Speaker 1: phone going out and you know it's right down the career.
14:17
Speaker 1: You know if you're another city, stop struggling by yourself.
14:19
Speaker 1: And that's what this programming to let you know that
14:21
Speaker 1: there's help all over this country if you're trying to
14:25
Speaker 1: be successful in the in the entrepreneur space. And so
14:28
Speaker 1: we'll be right back. We'll be taking T and A
14:30
Speaker 1: and go pushing and ask so a girl je Lee
14:33
Speaker 1: mcabehind on the mic money make say get right back.
14:38
Speaker 1: I'll be home for Sean mcdown Thank you guys, Contunity
14:42
Speaker 1: and on Facebook as well as listening on k Y
14:44
Speaker 1: and D fifteen pointed, this is the show. Pressure Library
14:47
Speaker 1: is about small entrepreneurship big word. It's about giving you
14:51
Speaker 1: the opportunity to information to be successful in the field
14:55
Speaker 1: that you're maybe curious in, curious about getting in or
14:59
Speaker 1: already in, and also let you know that there's a
15:02
Speaker 1: lot of help out that way. And I've been today,
15:04
Speaker 1: I've been trying to give you examples of people who
15:07
Speaker 1: who have stepped out. So I'm stepped out on Faith,
15:09
Speaker 1: made mistakes, came back, stepped out again on faith Mason misdates.
15:13
Speaker 1: Finally they did what they needed to do. And my
15:15
Speaker 1: first question before we go into the cure and A
15:18
Speaker 1: is to ask Tim what is a business plan and
15:21
Speaker 1: why it's the impotant that people need to have a
15:24
Speaker 1: business plan. Okay, well, just like you heard from Big
15:26
Speaker 1: six Barbecue, you have to have a plan and then
15:29
Speaker 1: work the plan. So that's what the business plan is.
15:32
Speaker 1: And some people when they think of a business plan
15:34
Speaker 1: to think of this big thing, two fifty pages long
15:36
Speaker 1: on a binder with a bunch of tabs. And that's
15:38
Speaker 1: not necessarily the case. Um. A business plan is a
15:42
Speaker 1: living document. You change it from time to time that
15:45
Speaker 1: says what you're gonna sell, why it matters, who's gonna
15:49
Speaker 1: buy it, what you're gonna charge for it, and what
15:52
Speaker 1: revenues you think you're gonna earn from it, as well
15:55
Speaker 1: as what kind of people and procedures do you need
15:58
Speaker 1: to deliver that product of the market, what does it cost.
16:01
Speaker 1: I talked about SCORE, and I talked about SBDC, and
16:03
Speaker 1: I talked about Women's Business Center. Give them a call.
16:06
Speaker 1: They will sit down with you and coach you through
16:08
Speaker 1: writing a business plan for your business. Right down there.
16:12
Speaker 1: They certainly will. They certainly went in fact with the
16:15
Speaker 1: SCORE folks. Um. Frequently it's at a location, but if
16:19
Speaker 1: where you live they don't have an office near there,
16:21
Speaker 1: they probably have a SCORE mentor in your area and
16:24
Speaker 1: they meet the coffee shops and Starbucks and Cafe Express
16:28
Speaker 1: and Panera bread in places like that. And the thing
16:31
Speaker 1: that you said earlier, like when you throw that gentleman
16:33
Speaker 1: to hold off for thirty days. Yes, people don't want
16:36
Speaker 1: to hear the word hold off or do it right.
16:38
Speaker 1: They just want to do it sometimes. And that's that's
16:42
Speaker 1: the major sometimes, you know. UM. One of the things
16:46
Speaker 1: when I first started working with the s b A,
16:48
Speaker 1: I was shocked to find out that our folks at
16:51
Speaker 1: SCORE and SBDC and WBC, when they're counseling people, sometimes
16:54
Speaker 1: the counseling is you shouldn't start a business. You should not.
17:00
Speaker 1: Everybody is well suited to run your own business and
17:04
Speaker 1: their experts at being able to understand whether you have
17:07
Speaker 1: that spirit like Denise Navarro that I mentioned earlier that
17:10
Speaker 1: did the hundred fifty million dollars in contracts. Um, she
17:13
Speaker 1: has that spirit. Other people need a different kind of environment,
17:17
Speaker 1: and they're pretty good at fund fund. I just want
17:19
Speaker 1: to do a business, but they don't have the planning
17:22
Speaker 1: other mentality right to pursue that. The grinds a grind,
17:26
Speaker 1: and that's that's that's right. And so all days you're
17:28
Speaker 1: not gonna sell Bob or sell hair, And now how
17:33
Speaker 1: do you mostly come back from that day? And that's why,
17:36
Speaker 1: that's that's what these stories are all about, because of
17:38
Speaker 1: the fact that I sell some days in my journey
17:41
Speaker 1: to be here. Um, when I was doing stand up comedy,
17:44
Speaker 1: I was in cities and around this country where I
17:47
Speaker 1: was in the motels with no names, and I didn't
17:51
Speaker 1: know if it was the future. I didn't see the
17:53
Speaker 1: light of the end of the time. All I was
17:54
Speaker 1: driven by was a passion that I was going to
17:57
Speaker 1: be successful. And I couldn't go back because you know,
18:00
Speaker 1: look look at my story of a degree in mathematics.
18:03
Speaker 1: I work for IBM. IBM didn't fire me. I resigned
18:06
Speaker 1: for my BM. I resigned as one of the best employees.
18:10
Speaker 1: So I could always have their mindset, well, if this
18:13
Speaker 1: comedy don't work out, and I got always go back
18:15
Speaker 1: to IBM. You can't do that. If you put together
18:18
Speaker 1: in motion the action that this is what you want
18:20
Speaker 1: to do for your life, then you do it. But
18:23
Speaker 1: see a lot of people they put it in motion,
18:25
Speaker 1: but then they wanted to happen like that, or they
18:27
Speaker 1: want to happen with you know, okay, I've been praying
18:30
Speaker 1: for ten years. God owed me. I tied at the church.
18:41
Speaker 1: I'm the deacon. My daughters got married at that church.
18:46
Speaker 1: They owed me. It don't work like that. It's a business.
18:51
Speaker 1: Then everybody who bout your food, don't go to church
18:54
Speaker 1: with you about your hair or shop at your location.
18:58
Speaker 1: It's about under stand in your dream and when you
19:01
Speaker 1: get out there. I would tell you something when I
19:03
Speaker 1: got out there to tell people. When I was leaving IBM,
19:06
Speaker 1: everybody told me I was a fool. You're gonna go Okay.
19:09
Speaker 1: My mama looked at my mama said, okay, okay, son,
19:13
Speaker 1: you're gonna leave IBM, and you're gonna tell a jokes.
19:15
Speaker 1: She went to who you know? I couldn't answer that question.
19:23
Speaker 1: It was because, you know, because it's that like you know,
19:25
Speaker 1: you know, comedy clubs aren't like mc donalds. You just
19:28
Speaker 1: going there and get you a big map. You know,
19:30
Speaker 1: you gotta go in there and sell yourself, convince yourself
19:32
Speaker 1: that you're finding and maybe they're book you. And so
19:36
Speaker 1: when I was based in Houston, Texas, there wasn't a
19:38
Speaker 1: hub of stand up comedy. So my first gig was
19:41
Speaker 1: Virginia Beach, Virginia. I just drive from Houston, Texas to
19:44
Speaker 1: Virginia Beach, Virginia. Was my very first gig, and I
19:47
Speaker 1: just hit the road to hit the road. And I'm
19:49
Speaker 1: gonna tell you sometimes I went from one road, one
19:51
Speaker 1: gig to the next gig just to put gas and
19:54
Speaker 1: food in my stomach. Well guess what. That wasn't fun.
19:58
Speaker 1: But those stories of what makes me sit up in
20:01
Speaker 1: front of your day and say it can happen. Don't
20:03
Speaker 1: let those bad times. And I joke about people who
20:07
Speaker 1: who who? I want to just pray all attack because
20:11
Speaker 1: I pray all the time, but I also know that
20:13
Speaker 1: I had to get up. I'll tell you something. It's
20:17
Speaker 1: sometimes I've gotten up and I've had tears in my eyes.
20:21
Speaker 1: I landed a five thres this morning, y'all. I've been
20:24
Speaker 1: up all night. My flight was canceled in Portland, Oregon.
20:29
Speaker 1: I had to get on the Alaska Airlines, then get
20:32
Speaker 1: on the Red Eye in Los Angeles to get here
20:35
Speaker 1: and landed five third in a range storm in Houston, Texas.
20:40
Speaker 1: But I'm here, not complaining. Just let you know my story,
20:45
Speaker 1: not trying to make it like I'm I'm special I'm
20:47
Speaker 1: just letting you know. That's the grid you gotta do.
20:49
Speaker 1: I couldn't call y'all go I'm tired, we're gonna jump
20:55
Speaker 1: next week, next week. My more that Monday. I'll be
20:57
Speaker 1: here next week. You can't do that because they may
21:00
Speaker 1: not be here next week. It's about being consistent. So
21:02
Speaker 1: if you're tired about opening your business on that Monday,
21:05
Speaker 1: because you know you had a fight with your boyfriend,
21:08
Speaker 1: or your kids been bad all day, or guess what
21:11
Speaker 1: you every Monday, you know you get mad because the
21:13
Speaker 1: business ain't right on Monday. We'll get your business man
21:16
Speaker 1: to collect. Maybe you shouldn't be open on Monday. Maybe
21:19
Speaker 1: that's your planning day so you can be successful on Tuesday.
21:22
Speaker 1: Not all business open. Looking look at chick fill Up.
21:25
Speaker 1: They evel opened on Sundays. Be pat They do okay,
21:30
Speaker 1: but people say, man, they ain't gonna make it. Maybe
21:33
Speaker 1: at the airport closed, can take me walk about til
21:39
Speaker 1: it ain't open. I mean saying crazy Apples said, come
21:47
Speaker 1: on in here. We know how y'all do business. That's
21:49
Speaker 1: how y'all do business. You're not gonna be open on Sunday,
21:51
Speaker 1: but guess what we want your business? So we're gonna
21:54
Speaker 1: let you close on Sunday. Guess what those other six
21:56
Speaker 1: days that you open, people standing in line to get
21:58
Speaker 1: your food. And that's what to do when you brandon market.
22:01
Speaker 1: So we have some people here with some questions that
22:03
Speaker 1: I want to get answered before we are let Mr
22:05
Speaker 1: Tim go because we already talked about it. He's so
22:09
Speaker 1: he's gonna be a regular part not here, but his
22:11
Speaker 1: spa is gonna be a regular part of the show.
22:13
Speaker 1: And I'm excited that he's seeing the value because you
22:16
Speaker 1: guys are show up absolutely and we're pleased to be here.
22:20
Speaker 1: A lot of great information is being shared in our
22:22
Speaker 1: audience is very excited to get some questions answer. Our
22:24
Speaker 1: first question comes from Miss Kim Green. Hello McDonald um.
22:30
Speaker 1: I wanted to know what would be your first bit
22:32
Speaker 1: of advice for a nonprofit because I know when people
22:36
Speaker 1: here nonprofit they think there's no profit to be made.
22:39
Speaker 1: But what your first My first question usually is why
22:42
Speaker 1: is it a nonprofit? Because many times people, through the
22:46
Speaker 1: goodness of their heart, want to start a business to
22:48
Speaker 1: help others, and they think that means it should be
22:51
Speaker 1: a nonprofit. Doesn't Those don't those don't directly correlate. So
22:55
Speaker 1: it's entirely possible that can be a for profit business. Um,
23:00
Speaker 1: somebody has to pay you. You have to have a
23:02
Speaker 1: revenue stream for that entity to survive and to prosper.
23:06
Speaker 1: So um, make a very long story, make a very
23:09
Speaker 1: short leading lady named Anitarotic. She started a company called
23:12
Speaker 1: body Shop and they're all over the world. She wanted
23:16
Speaker 1: to make sure that laboratories didn't test products on animals.
23:21
Speaker 1: Rather than start a nonprofit for that, she started the
23:24
Speaker 1: company that has products that are not tested on animals.
23:27
Speaker 1: She's become a multimillionaire and in the process perfected techniques
23:31
Speaker 1: for testing products without using animals to make sure they're
23:35
Speaker 1: safe on humans. So she achieved multiple things by having
23:39
Speaker 1: a for profit business, not the least of what she's
23:41
Speaker 1: left an incredible legacy for her family, a multimillion dollar enterprise.
23:46
Speaker 1: So that would be my first question is doesn't have
23:49
Speaker 1: to be a nonprofit. Let let me respond to it,
23:52
Speaker 1: because I get a lot of questions about people started
23:54
Speaker 1: nonprofits because they want to know about sponsors and advertise,
23:59
Speaker 1: not all company to have your dream, you know, and
24:02
Speaker 1: so so you so know that first of all. And
24:05
Speaker 1: also when they're invest in you of cource, they return
24:08
Speaker 1: on the investment. And also who are you reaching? Like
24:11
Speaker 1: you can start a nonprofit and and if you just
24:14
Speaker 1: reaching twenty people, they're not gonna invest. You use two
24:16
Speaker 1: hunds of people, they may not invest. So so know
24:19
Speaker 1: that and I get that all the time. People get
24:21
Speaker 1: mad at confident. I want o this comfort. They don't
24:23
Speaker 1: want to who are you? You're in your thirty people
24:32
Speaker 1: usually going there just buy shelf out and leave. No,
24:35
Speaker 1: So you have to have a plan. You have to
24:37
Speaker 1: say who you're reaching, why are you reaching? Impacting? And
24:41
Speaker 1: also they want to help, but they also want to
24:43
Speaker 1: help their brand, and so their brand is important to them.
24:47
Speaker 1: So if you're reaching a thousand people at this gala,
24:50
Speaker 1: are reaching ten thousands of people? Or if your program
24:54
Speaker 1: is educating young people and you can track them so
24:57
Speaker 1: you know, you know us this weekend I had two
24:59
Speaker 1: young men that one graduate from Morehouse College and one
25:02
Speaker 1: graduate from Mens You this weekend who I've been mentoring
25:07
Speaker 1: over the years, four years of paying their education, paying
25:10
Speaker 1: they need a laptop and all that. That's a that's
25:12
Speaker 1: that's a track record. I'm not asking abody for any money,
25:15
Speaker 1: but I'm talking about that's how you have to do. Now,
25:17
Speaker 1: if I went to the sponsors, I got two people
25:19
Speaker 1: just graduate, they're gonna give me the money because that's
25:22
Speaker 1: not enough. I'm not reaching enough. So when you go
25:24
Speaker 1: out and you thought these nonprofits, it has to be
25:26
Speaker 1: on who are you trying to reach? And they also
25:29
Speaker 1: do research on the various companies because a lot of
25:31
Speaker 1: them already have their foundation, they already have their plan
25:34
Speaker 1: where they're gonna give your money, and so they're not
25:36
Speaker 1: gonna give you your money for whether it's a domestic
25:39
Speaker 1: violence or a single mom or any program that you
25:42
Speaker 1: have out there for for kids, adults are animals if
25:46
Speaker 1: that doesn't fit their footprint. Okay, next questions from miss
25:50
Speaker 1: Elinor Green. I'm sorry, Elinor Curry good, I'm good afternoon.
25:55
Speaker 1: I am a small business attorney and I often run
25:57
Speaker 1: into people starting a business and looking for funding sources.
26:01
Speaker 1: The SBA is a great source, but often they're ill
26:03
Speaker 1: prepared for the process because it is a process spa funding.
26:08
Speaker 1: So what advice would you give to those individuals? Absolute
26:11
Speaker 1: number one, become a client of score, SBDC or w
26:14
Speaker 1: BT that I've been talking about. They're really good at
26:17
Speaker 1: helping you organize your business plan and your financials so
26:21
Speaker 1: that you can communicate it to a lender, which may
26:25
Speaker 1: not be a bank um in the language they want
26:28
Speaker 1: to see it and with the information they want to learn.
26:31
Speaker 1: They're really good at it. And in many cases, let's say,
26:35
Speaker 1: for the sake of argument, you wanted to open a franchise.
26:37
Speaker 1: Not every bank, not every lender likes to do franchise lending.
26:41
Speaker 1: They'll know that and they may be able to say, hey,
26:44
Speaker 1: they here are these five companies that you should consider
26:46
Speaker 1: talking to because they like doing franchises, and they especially
26:49
Speaker 1: like daycare franchises, and that's what you want to do.
26:52
Speaker 1: I thought of daycare franchise because there number two lender
26:55
Speaker 1: here does an awful lot of daycare franchise loans. That
26:59
Speaker 1: would be my recommendation right there. Don't try to do
27:01
Speaker 1: it yourself. You've got folks that are good at it
27:03
Speaker 1: and to help it for free, Ladies and gentlemen from
27:06
Speaker 1: a small business Administration, this little history director, this took representatives,
27:13
Speaker 1: please give around the flaws with Tim jeff Co. You
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