Every Monday I host a chat called Money Making Conversations on my Facebook page where I answer questions from 12 – 1 PM EST. Here is a recap of some of the best questions from this week!
I own an ad agency and am looking for Investors: What are some best practices to start strong? – Ken
The main thing that you need to attract investors is a business plan. People will want to see your profit margins from the last three years, as well as see your client lists and a competitive analysis of the market place. They will also want to see your projections for the next five years.
I am trying to start a business as a photographer. I plan to get a tax ID later this week. I’m trying to keep up with all my receipts and spending. Any suggestions? I’m in the beginning stages and I’ve taken pictures for years but never did it for a living. – Trisha
What level of photographer do you want to be? Freelance or studio? Have you created a website to post your work. You should also specialize, for instance weddings, children or family portraits.
I am a newly published author, with a book written to inspire women to live their most whole-hearted and authentic life. How would you recommend me going about approaching talk/radio shows to promote? – Pam
Getting on air will be very difficult. I would recommend starting with some people/groups to establish a base. Several common ones are churches/sororities. You can also use your friends on social media to help promote your brand.
I’ve written 13 publications about topics, such as: overcoming challenges, depression/suicide, workplace bullying, ethics, and more. I’m slowly building a following by doing paid and unpaid speaking engagements and giving back to the community via my educational non-profit, along with blogging on The Huffington Post and my website ( www.slyoung.com). Also, I’ve given many interviews on smaller radio shows, The Maggie Linton Show, and Fox 5 DC Morning News. However, it’s very difficult to get booked on the national morning news or talk shows, as I’m not an established name (yet). What advice do you offer to someone who’s hustling to build their brand and reach the next level? – Stacey
Keep doing what you are doing! You are doing nothing wrong, just be patient. Steve and I started doing business in 2000 and it has taken us 15 years to get where we are. We were initially just doing a local radio show in LA but did not get syndicated until 2005. It took another 4 years to launch the first book. We signed the Family Feud deal in 2010 and we are finally near the tops in viewership for all game shows.
Does location matter when opening a restaurant? – Crashena
Location, Parking, and menu all matter and are some of the most important things when starting a restaurant. What you put on the menu can affect your profit margin. Two of the cheapest restaurants to start are Chinese and Mexican restaurants – they use a lot of rice and flour.