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Dr Doug Hirschhorn Answers Your Email Questions!

Question:

Hello Mr. Hirschhorn,

I've had many great ideas over the past decade, but can never get them to come full circle. I'am completely in the dark when it comes to taking the next step. One idea I have needs a design patent and a trademark name. I'am reading a patent book, but it just makes more questions for me.

My other idea is a food service type business that could be frachisable, if not, it definately could turn a good profit. I found a great location that is for sale, but out of my price range. I'm working on a business plan, but feel so lost in trying put it together. I went to the Small Business Administration for help with the business plan, but I'am having trouble getting the info I need to submit it to the SBA. Your help is greatly appreciated. Thank You in advance.


- Jeffrey B. from New Hartford, N.Y.

Dr. Doug's Answer:

Hi Jeffrey,

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Fear no more - your concerns are common.

First of all, stop thinking in terms of "never" if you keep thinking "never" then "never" will become your reality.

Now, the next thing you need to do is find a professional business plan writer who you can hire for the job.

Make sure you do your due diligence on that person to make sure they are qualified and have a track record of delivering the product for you.

Please don't make the common mistake many hungry, energized and motivated entrepreneurs make in thinking that they have to reinvent the wheel and do it all on their own.

Your product (business) is really not about you...it is about the product (business). Go slow but go in the right direction.

Keep pushing it to the next level...and find that professional business plan writer.

Dr. Doug

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Question:

I am currently in my 5th year as a financial advisor/insurance agent. I live half way between Los Angeles and Orange County. I've survived this far, learned alot about the business, and now looking to take it to the next level! I've always had a vision of building my own financial services company that's different from the rest and leaving a legacy for my family. My main focus is to get help in administrative & marketing, increase sales to new prospects & servicing existing clients, and eventually, opening up an office and hiring other people. What are the advantages of doing this, and becoming incorporated? What kind of person would be a good administrative assistant? Based upon your experience and perspective, do you think this is a good industry to opening up a new company? What advice would you give me?

- Andrew P. from Buena Park, CA


Dr. Doug's Answer:

Hi Andrew,

Thank you for emailing me.

First and foremost, i do believe that there will always be room for excellent financial services companies. The most important thing is to clearly identify your mission statement and how you feel your firm will be uniquely different from other existing firms.

In other words, what will your "competitive edge" be.

Once you have identified that, then you will be able to attract clients and scale your business.

As far as staffing...this is critical to growth.
but hiring the right person is much more important than just hiring any person.

My suggestion would be to list out the specific skills you will need from the person. that will help you narrow the field in candidates.

Then do an analysis if your areas of strength and weaknesses so you able to bring in a person who will compliment you rather than overlap.

Finally, you need to make sure the candidate's personality is good match for your communication style and work ethic.
to help you determine this, i would suggest you have someone objectively assess your personality type and then do the same for the potential hire...that will keep things objective and without personal bias.

Too many business just focus on resumes and skill sets...but successful employee hiring is much more....

If you don't get along, then you will not get the effort or results, you will need.
thanks again for contacting me.

Find your edge, create your mission statement, hire smart and then go for it!

- Dr. Doug



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