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1. Location and equipment
2. Inventory
3. Salaries and benefits
4. Marketing
5. Professional fees
Source: WSJ.com
Rachel Taylor is an enthusiastic entrepreneur and inventor, but she wasn't getting the kind of sales or exposure with her product, the Clever Clip, that she wanted. Enter AJ Khubani, CEO of Telebrands, the company behind those infamous "As Seen on TV" products like the Ped Egg and the Jupiter Jack. Khubani saw potential in Rachel's Clever Clip and signed her, which means turning over the rights of her Clever Clip to Telebrands to take over sales and marketing, the main component being an "As Seen on TV" commercial and a test marketing campaign. If the commercial test goes well in a few local markets, Telebrands then launches the commercial nationwide and gets the products into stores like Walmart and Target. If the product does well, the inventor gets a small percentage of the sales but sales are frequently in the millions. It may seem like a lopsided agreement, but Khubani takes all of the risk and spends the money upfront and the inventor sits back and cashes the check. We'll follow Rachel through the process of partnering with Telebrands and find out if the commercial test goes well
Panelists
--Divya Gugnani, CEO of Behind the Burner and a former venture capitalist
--Allan Grafman, CEO of All Media Ventures, a consulting and advisory firm for media companies and private equity investors
The Credit Crunch
As the credit crisis wears on, many small business owners are having a hard time finding traditional funding. George Cloutier, CEO of American Management Services, and Todd McCracken, President of The National Small Business Association discuss how the credit crisis is impacting different sources of funding.
Elevator Pitch
Russell Smith pitches the Glare Zapper to the panel. The Glare Zapper is a strip that protects uncomfortable and unsafe glare from distracting drivers while they are driving. Russell is looking to raise capital to expand marketing.
1. Focus on convenience
2. Manage inventory
3. Creative promotions
4. Added value
5. Strategic partnerships
Source: FastUpFront.com
Outright.com provides free web-based bookkeeping services. Registered users can track expenditures, create profit and loss statements, and even prepare their taxes.
Small Biz Makeover
After running a successful design studio in Haiti, Catherine Charlot moved to the United States and started a business creating eco-friendly clothing and accessories out of old clothing, leftover fabric, and even broken umbrellas. While her products have received positive reviews, Catherine is struggling to keep her business afloat in this tough economy. Charlot freelances for other designers to supplement her income, but she would like to figure out how to focus on her own venture. Catherine will sit down with our panel of experts and discuss some helpful strategies to help her boost her business.
Panelists
--Jerry Silberman, founder and CEO Corporate Turnaround, a company that helps small business get out of debt and avoid bankruptcy
--Phil Town, investment advisor and author of "Rule #1: The Simple Strategy for Successful Investing in Only 15 Minutes a Week!"
Dollars & Sense: Securing Government Contracts
Each year the federal government offers billions of dollars in contracts for small businesses. Joseph Jordan, Associate Administrator of Government Contracting and Business Development, provides advice on how small business owners can secure valuable government contracts.
Elevator Pitch
Bill Scott, founder of VisiLift, pitches his VisiLift Elevator to the panel. The VisiLift Elevator is a standardized, integrated elevator built for use in homes. Bill is looking for capital to expand his manufacturing and marketing efforts.
Build a Stronger America is a new initiative launched by the Kauffman Foundation. The site aims to provide a unified voice for small business owners. Registered members have access to the latest entrepreneurial news and can find out about upcoming events that may be of interest.
In this special edition of "Your Business," we travel to The Inc. 500 Conference, a gathering of the most successful entrepreneurs and brightest thinkers in the small business community, to find out what's on their minds. We'll also speak with Commerce Secretary Gary Locke and find out what the Obama Administration is doing to help small business owners.
Small Biz Newsmakers: Gary Locke, Secretary of the Department of Commerce
Commerce Secretary Gary Locke discusses the initiatives the Obama Administration is taking to help small business owners in these difficult economic times. Secretary Locke delivered a speech at the Inc. 500 Conference announcing the formation of the Office of Innovation and Entrepreneurship, a new office that will focus solely on the needs of small business owners.
Open Book Mangement
The owners of the Bethesda, Maryland based Anthony Wilder Design/Build Company employ a unique managerial style referred to as open book management. Every employee can view the company's most sensitive financial information, and the owners of the business have found that this has made the staff more responsive to the needs of the business. Find out if open book management can work for your business.
Panelists
--Norm Brodsky, columnist at Inc. Magazine and co-author of "The Knack: How Street-Smart Entrepreneurs Learn to Handle Whatever Comes Up"
--Jack Stack, founder and CEO of SRC Holdings Corporation, contributing editor at Inc. Magazine, and the "father" of open book management
--Rod Kurtz, senior editor at Inc. Magazine
--Ari Weinzweig, co-founder of The Zingerman's Community of Businesses, a community of small businesses in Ann Arbor, Michigan
Learning From the Pros: Colin Angle, CEO of iRobot
Innovation is a big topic at the Inc. 500 Conference, and one of the most innovative companies around is iRobot, makers of intelligent robots that can do everything from vacuum your floor to assist soldiers in military operations. Colin Angle is the co-founder and CEO of iRobot. Find out how he has built the company from a start-up to a $300 million business.
1. Crossloop - Tech support marketplace
2. DimDim - Web conferencing
3. Dommi - To do list application
4. Zoho Writer - Collaborative word-processing software
5. Quickbooks Simple Start - Basic acconting funcionality
Source: Inc.com
Etsy.com is a marketplace that connects buyers and sellers of handmade items. You simply create a profile, post pictures and information about the items you are selling, and then millions of people will have access to your goods. The site charges fees for posting items and monitoring transactions.
