Finding Financial Resources

You have come up with a business plan for that burning desire to become your own boss and to release that creative drive that is within you.  You have spent several years working and reading books and going to school to gain expertise and experience.  You are now finally ready to start that business and look for funding.  You have gone to the bank and they have rejected you.  What do you do now?  Where do you turn?  How can you get help?  Your young, low-income, low wealth without good credit rating and you want to start your business in the community where you’ve grown up.

Well don’t give up.  You’ve come too far.  Did you know there are programs out there to help you in your situation?  In this article I will describe two such programs that will help you get the funds and support you need to make your dreams of being economically self sufficient become a reality.

The first program I will describe is called is the Opportunity Finance Network, www.opportunityfinance.net.  It is a national network of community development financial institutions (CDFIs) whose main purpose is to help low-income, low wealth, disadvantaged individuals who want to start businesses.  These private financial investors have given out more than 30 billion dollars to urban, rural, and native communities through 2011.

The second organization, Community Development Financial Institutions (CDFI) Coalition, www.cdfi.org, is the unified voice of CDFIs.  This organization does all they can to ensure the underserved get equal opportunity to resources.  CDFIs have helped thousands of businesses by providing:

·      Credit Unions

·      Community development loans funds

·      Training

·      Technical assistance

·      Retail banking services

·      Community development venture capital funds

These are just two resources that ensure that ambitious underserved entrepreneurs get equal assess to finances and support so they can fulfill their dreams of becoming economically self-sufficient.

Retrieved from http://www.opportunityfinance.net

Retrieved from http://www.cdfi.org

http://www.opportunityfinance.net

Mobile Marketing- Getting It Right

Mobile marketing is an area that is exploding on the scene.  Everyone has a mobile device and the implications for digital marketers coming out of school now can mean that you can be in great demand if you master this new technology. Some of the ways that mobile marketing can be used are still in the infancy stage. It is a new territory just waiting to be explored.  As a business entertainment student coming out with skills and knowledge on how to incorporate this into the marketing campaigns, you have no competition.

The mobile marketing association has teamed up with comscore to help identify the trends and habits of those who use these mobile devices so that marketers can take advantage of the opportunity to reach these customers,http://www.mmaglobal.com/mobile-barometer(MMA/Comscore, 2013).  They looked at five European nations to get demographic information on mobile users and here is what they found in the United Kingdom:

·      49.5 million of people have a mobile device.

·      33.9 million have internet access

·      45.4 million are sending text messages

So if you want to meet your target audience, you should be sending text messages to them on your mobile device.

In an article called, SMS Marketing: Guide To Get It Right by Michael R,  http://www.mobilemarketingwatch.com/sms-marketing-guidelines-to-get-it-right-35313/#more-3531/, he states 91% of Americans have their cell phone near them all day long.  What is going to be important is how to use this technology.  Just imagine students coming out of school now that have been taught the basics of the new technology.  You will be in demand like computer scientist were thirty years ago and still are today.

Now what do you have to do to get it right?  According to Michael R, :

·      Send customers promotions, coupons, or information that has value to them

·      Pay attention to “buying periods” for instance if you’re a nightclub, send a text about a special during happy hour or late night

·      Use sweepstakes to build your database

There are so many ways to incorporate SMS into your marketing campaign and graduates trained in digital marketing will have their choice of  jobs if they do!


MMA/Comscore Mobile Barometer(2013).  Retrieved From http://www.mmaglobal.com
M. R,( 2013, Aug 15).  Marketing Guidelines To Get It Right.  Retrieved from www.Mobile Marketing Watch.com

JoyFest 2013- Gospel Music Festival

JoyFest 2013- Gospel Music Festival

“We wanted our youth to know that there is other type of music that can work for them.  They can come here and enjoy the event and have a clean time”, said the Youth Director, Johnnie M. Grimsley of the St. Paul Baptist Church where Rev. Rufus Baker is the Pastor.  He was referring to the JoyFest 2013 at Six Flags over Georgia.  Joyfest is one of the largest Gospel music festivals in the country.  Some of the greatest gospel artists show up and perform to crowds of thousands.  Some of this year’s artists included Gospel music Hip Hop Artist, Humble Tip from Liberty University, Isaac Curree, Le’Andrea Johnson, Marvin Sapp, and Kirk Franklin.

What Humble Tip, Isaac Curree, and Kirk Franklin have in common is that they mix that Hip Hop flavor, R&B and Gospel music that will keep you on your toes and dancing in your seat and chanting along just like the secular youth at their concerts.  The lyrics tell of the life struggles of these artists and reflect the challenges Christians go through on their walk through this life trying to stay saved in an unsaved world.   According to Candace Walker, Bella Online’s Gospel and Music Editor,http://www.bellaonline.com/articles/art181073.asp ,while Isaac Curree was singing his hit song, ‘In the Middle”, he let the crowd know that no matter what, you can trust God when you are going through the middle of a storm. I know that had to be soothing to anyone that was in that crowd that night, especially for the youth of today who are faced with so many temptations as they learn and grow up into being a responsible saved adult.  Le’Andrea Johnson not only sung her hit song “Jesus” but preached also.  Candace said that she testified about how she had to deal with the criticism in the Christian community about how she was pregnant out-of-wedlock while singing the Gospel. Le’Andrea responded to this controversy by telling the crowd that, “ Jesus could forgive your sins and at the end of the day he has the final say”.  She called Marvin Sapp to pray over the crowd and he sung his famous hit, “Never Would Have Made It’, and several others.  Then to wind up the program, Kirk Frankiln came to the stage and sung his hit “Give Me That” which has a Hip Hop, Reggae/Mali sound.  He is so dynamic and smooth!!  

What if you can get a chance to go to a mini JoyFest in your community every weekend?  Well, that is  exactly what "Melodies" will provide when it opens in late 2013/ early 2014.  It will be a restaurant/ gospel music entertainment venue that provides excitement, deliverance, and a clean night life experience fit for heirs of God!  

Beasley Broadcast Group Station(2013, July13). JoyFest Six Flags Over Georgia!  WAEC LOVE860. Retrieved from http://love860.com/content/joyfest-six-flags-0

Franklin, K. (2011). Give Me(ft. Mali Music) [Video file]. Video posted to http://WWW.youtube.com/watch?v=rtXUDx6ZDgk

Walker, Candace(n.d) Six Flags Host Joy Fest 2013. Bella Online.  Retrieved from http://www.bellaonline.com/articles/art 181073asp

Utilizing Mobile Marketing to Increase Sales

A lot of people are using their mobile phones to access information on the Internet because it is more convenient.   My April post, Mobile Marketing Leads for Innovative Business and their Adventurous Leaders, sheds some light on the statistics that prove this point.  Although we have the statistics, it has been documented by Reach that less than 2% of U.S. marketing spending goes toward mobile advertising (Godinez, 2013)http://digitalbarandgrill.com/5-reasons-why-mobile-must-matter-in-2013/. The reason for this, according to Godinez, successful digital business strategist, practitioner and educator, is that it is still an uncharted territory.  Mobile advertising is one of the hottest web marketing innovations, but businesses must know how to strategically implement it as part of their business plan and marketing goals and learn which tactics to use to get ROI. In this article, I will describe what a mobile marketing strategy could be and discuss some tactics businesses’ in the bar and nightclub business can use.

According to Dave Sribnik, director of trends and technology at Marke Team, sales and promotion agencyhttp://mktminc.com/, 70% of mobile searches lead to one action within one hour (Ponchione, 2013). So if your strategy is to increase sales, this is definitely where you want to spend your marketing dollars.  You are going to get a 70% return on your investment.  According to Sribnik, mobile technology in business is especially convenient for customers who are looking for places to eat or drink on the go. So how do we take advantage of this trend and these statistics?

The first tactic that Sribnik suggest is for businesses to create mobile-compatible websites instead of apps (Ponchione, 2013)http://www.nightclub.com/nightclub-management/marketing/mobile-s-ubiquitous-appeal.  “With a mobile compatible website, a business can have links to all the important websites like Yelp, Foursquare, Facebook, Instagram and Pinterest”, say Sribnik.

Second, use mobile to photo share.  “One just has to look at the success of sites like Pinterest, and Instagram and even Facebook, it is the present and the future “, says Sribnik.  You know when people go out they like to take pictures of how happy they are and friends they haven’t seen in sometime and the clothes they wear.  It is like a momentum they keep to share their life stories.  This is a perfect way for any nightclub to become a part of their customer’s celebration of life.

Third, bars and nightclubs can utilize quick response codes. These codes came from Japan and are used to transfer information from a transitory media to a cell phone (Lyne, 2009). They can be put on your website and customers can get location of business, coupons, look at menu, etc., (Lyne, 2009).  “With a well thought out promotion or marketing plan, it can be extremely valuable, said Sribnik” (Ponchione, 2013).

Fourth, near field communication.  NFC is available on all android smartphones.  It allows phones to “talk” to each other through a tiny chip. This chip can be placed on menus, tabletops, waitresses and waiters clothing, etc.  Businesses can then send messages to the phone to send them to their menu or to Facebook or Twitter pages. (Ponchione, 2013). In this way, they can keep in constant communication with the patrons while they are in the venue.  A business can use this to announce the latest event or promotion, to advertise a special drink or food item, they can even have patrons view tweets, answer customer service questions, order drinks, conduct contests, etc.  “ The possibilities are endless”, says Sribnik”(Ponchione, 2013).

Godinez, J (2013,Dec 6).  5 Reasons Why Mobile Must Matter in 2013.  Digital Bar and Grill.  Retrieved from http://digitalbarandgrill.com/5-reason-why-mobile-must-matter-in-2013/

Lyne, M (2009, Oct 15).  What is a QR Code and Why Do You Need One?  Search Engine Land. Retrieved from http://searchengineland.com/what-is-a-qr-code-and-why-do-you-need-one-27588

Ponchione, A (2013,April 2).  Mobile Ubiquitous Appeal.  Nightclub and Bar.  Retrieved from http://www.nightclub.com/nightclub-management/marketing/mobile-s-ubiquitous-appeal

Reflections on Business Planning

In my last post , I described several leading business planners and venture capitalist.  After viewing their article, I intend to incorporate their wisdom and suggestions into my business plan.  To begin with, Kleiner said that an entrepreneur should make sure that the target market wants the product or service.  I plan to do a lot of research to find out whether or not christians' want a night club where they can relax and enjoy Christian entertainment.  Tim Berry said that the entrepreneur must focus on the target market and meet their needs.  Doing the research will help to keep on top of what they want and need.  Fred Wilson said that it is important that the founder and the management team work well together.  I plan on working hard to find the right team to work the business.

In a business plan the most important part to me would be the management team. The management team can make or break the business. I will work hard to get people who are ambitious, trustworthy, and skilled at what they do.  First and foremost, the people on the team must have God as the head of their lives because this business is based on honoring God's people, to set the captive free , to heal the wounded.  We our in business to serve and let the world know that you can be saved and still have fun, and not be ashamed of being young and saved!  We want Christians to understand that as heirs of Christ, they are not missing out on anything.  In fact, "Melodies" will be the envy of the nightlife!

Top Business and Venture Capitalists

Top Business Planners and Venture Capitalist

 Eugene Kleiner was known as an engineer, entrepreneur, and venture capitalist that put the silicon in Silicon Valley.  Kleiner was born May 12, 1923 in Vienna, Austria. In 1938, at the age of 15, he escaped from Vienna, Austria before WWII (New York Times, 2003).   He graduated from Polytechnic University of New York with a B.S in Mechanical Engineering.  In 1948, he graduated with a M.S. in Industrial Engineering from New York University.

In 1956, he accepted an invitation form Nobel Prize winner, William Shockley to come to California to build computer transistors and help form what became known as the Shockley Semi-conductor Laboratory (NY Times, 2003).  Kleiner and seven others broke off and used 3,500 dollars of their own money produced multiple transistors on a single silicon wafer.  Later, they were able to get Fairchild to invest 1.5 million into their company and first Silicon Company was created, Fairchild electronics in 1957(USA Today, 2003).  This was not just the beginning of a new technology, but they had created a new business model where the founders kept the majority of ownership instead of the investors. After Fairchild, Kleiner invested in another venture, Intel.  This also changed the way business was conducted.  Usually, when people started companies and became successful, they would just go about their merry way spending their money on the American dream.  Not Kleiner, he invested his money in other start-up companies. In 1972, he and Tom Perkins started one of the world’s first investment company called Kleiner, Perkins, Caulfield, and Byers. To date this company has invested billions of dollars into startups like Amazon.com, Tandem Computers and Compaq Computers, just to name of few (New York Times, 2003).  Kleiner died on November 20, 2003 but not before he left his mark on the world in regards to venture investing.  His ingenuity and wisdom became known as Kleiner’s laws. Three of his laws that I liked are:

·      Make sure that the dog wants to eat the dog food. In other words, no matter how great the idea or promising the market, make sure the people want the product or service

·      Build one business at a time.  Kleiner said that most business plans are too ambitious.

·      It is easier to get a piece of an existing market than to create a new one.

The next person, Tim Berry, is the co-founder of Eugene Social, Apps37, founder and chairman of Palo Alto Software, founder of b-plans.com, author of books and software, teacher of entrepreneurship, and blogger.  He has a M.B.A. from Stanford and is an angel investor. He has a MA with honors from the University of Oregon, A BA magna cum laude from the university of Notre Dame.  Tim has been successfully delivering business plans in 13 countries since 1974. (Entrepreneur, 2013).

 According to Tim, a business plan should be lean, which means it should be efficient and effective.   He gives three suggestions on how to make your plan lean:

·      “The strategy should be to focus on the target market and the solutions.   Focus on the differences.

·      Review and revise the plan regularly.

·      Track progress and manage course corrections constantly. Use lists and tables in order to be able to clearly see what needs to be corrected.”

(Berry, 2013)

Lastly, we have Fred Wilson, a venture capitalist and managing partner of Union Square Ventures of NYC. He has a bachelors’ degree in mechanical engineering from MIT and a MBA from Wharton School of Business at the University of Pennsylvania.  Union Square Ventures manages $450,000,000 across three funds.

According to Fred, they look for three things in the entrepreneurs that they back:

·      “They look to see how the founder and the managers get along to drive the business forward

·      They look to back people who they will get along with

·      They look to back entrepreneurs that have been successful before and bring new ideas to the table (content.usv.com, 2013)”

Abrams, Rhonda. (2003, November 26). Kleiner. Retrieved from http://usatoday30.usatoday.com/money/small business/columnist/abrams/2003-11-26-Kleiner_x.htm.

Berry, T (2013, April 17). How to Build a Lean and Efficient Business Plan. Entrepreneur.com. Retrieved from http://www.entrepreneur.com/article/226417

Union Square Ventures [Web log post].  Retrieved from http//: content.usv.com/pages/fred-wilson