Hello Mr. McDonald, I am a baking entrepreneur, and would love to open my own bakery one day. However, I can’t quit my day job right now because I have many financial responsibilities. This can be very frustrating and sometimes discouraging. Working full time leaves me little or no time to bake, and it’s hard not to do what I love, as much as I would like to. Any suggestions for what I should do in the meantime? -Lynette
Lynette,
You need to learn manage your time better. Whenever someone tells me that they are very busy, I have to review their schedule and their wake schedule. I get up at 4AM every day. You can get a lot done if you get up at 4AM every day. I am also committed to sleeping four hours a day when my schedule demands it. So again, you have to review your time management schedule. You can do what you want in life, but you have to make sacrifices. Right time is your sacrifice.
I am launching my own non-profit. My goal is to come off my day job in the next two years. I need to tap into private donor’s to fund my training center. How can I do this? -Latangela from TX
Latangela,
You tap into them by creating a sponsor deck. This deck shows your plan and your budget. The plan also has to be a benefit to the sponsorship corporation. Your passion may not be their passion, so don’t be frustrated. So list at least ten companies you can contact.
Hello. What is the best way to license my business? I have a name for my company with businesses under it. Do I need a business license for each? The main name? I am ready to move forward but I want to do it right. Thank you for your input. -Clarissa from NY
Clarissa,
You need to apply for a DBA in your state and when you visit the office they will assist you with your other questions because you can have one primary corporation and keep all of the money flowing into one bank account.
Good morning. I am a mortgage professional looking to increase my fan base on Facebook and my Youtube channel. Are there any techniques that you are aware of that I can use in order to increase my friends to 5k, 25k, or 100k organically? There are a lot of companies selling likes but I am most interested in finding people who are truly interested in obtaining and sustaining a mortgage loan. My goal is to help educate as many people of color as possible on how to matriculate through homeownership and mortgage lending successfully. Any advice that you can provide would be greatly appreciated. #grateful -Brandy
Brandy,
Buying likes is not always a good investment, because it does not guarantee engagement with this new found database. But you can use this money to boost your post to specific age and ethnic demos. This can prove to be very helpful.
Hello Mr. McDonald. I want to open a bakery cafe in GA and was wondering what licenses will I need and can I obtain some of the licenses before I lease the property? -Melodie from GA
Melodie,
Please visit your Small Business Administration office and they will give you all of the information that you need to know. Then you have to start your business plan and they will help you with that too.
Hi Rushion McDonald. I hope all is well. I wanted to ask you if you could list 3-5 essential things every entrepreneur should know to always generate revenue. What would you say or highlight? As I am gearing up to do a music blast with parties of my new music material, I want to make sure that I reach as many people to my capacity while making sure there is revenue when I do the parties and make them social media events at the same time. #AskMMC -Moses from OH
Moses,
It’s been a long time. Here are some steps to entrepreneurial success. You get your best work done early in the day. Set a time to get up every day and stay consistent. Never show weakness to your employees or business partners. Prayer is good, but you need a business plan. Maintain positive relationships, because you will stumble and you will need help from relationships. Finally, never be the smartest person in the room, always keep a competitive balance of intelligence around you.
Mr. McDonald, I have started to turn my hobby of creating custom gifts and baked goods into a small business. I lost my job in 2015 and my income is no longer a steady flow. I need money to buy product. What can I do to put money into my business so I can make money? -Staci from IL
Staci,
How much money do you need? That is key, so that means you need to create a business plan. You can never gain success hoping for opportunities, you have to plan your success. When, you get that budget, you can secure a plan for your future.
Good Morning. Can you tell how can I apply for a small business loan without collateral? -Timeka from OH
Timeka,
You have to have a business plan and good credit.
Rushion!! Its Queen Diva! I would like to know how to get sponsors for my Phyllis Hyman tribute into a touring show to HBCU to do a Masterclass and performance? I am not sure if I should try to get a grant since I am going to colleges and universities or should I team with a corporate sponsor but how? -Sonja from NY
Sonj,
Your pitch seems very solid and a tribute is uplifting. I need to know if you have you created a production schedule, budget and business plan. These are very important when applying for a grant or corporate sponsorship.
I have a invention that can be patented but I have no money for it to be patented. What should I do? I have been in maintenance for 30 years and I invented a new way to do electrical. -William from GA
William,
You need to create a sweat equity partnership. You give away percentage of your product for funding.
Good morning, Mr. McDonald. I am a mompreneur. I’m an independent distributor for the Pure Remy hair brand and also a La Bella Baskets gift consultant. Question: How do I generate more buzz about my businesses & also more traffic to my websites? Thank you so much!-Kimberly from SC
Kimberly,
You need to develop your social media pages to reflect your business. You are a brand and you are not hyping it all the time. Start with the basics in marketing and expand with posts.
