Business Planning

Every homebrewer who has sipped his or her own creations and tasted the satisfaction of a job well done has likely at least contemplated what it would be like to share their recipes with the world, or to make a living from their passion for handcrafted beers. And many Vermont brewers have taken steps to make that dream a reality. But there’s a lot more to a successful brewery than making great beer.

Vermont breweries like Hill Farmstead Brewery in Greensboro and The Alchemist in Waterbury are garnering national attention and an almost cult-like following for their products. It’s easy to see why new breweries are popping up throughout the state and beyond. While rockstar brews like the Alchemist’s Heady Topper may make going into the beer business seem like a no-brainer, opening a brewery is a serious and often expensive undertaking that should not be delved into on a whim.  (more…)

As Independence Day quickly approaches, I’ve been giving thought to how this special day celebrates the American spirit to break free, and not only in the political sense. We are a nation built on “start-ups” and entrepreneurship. Our forefathers, and in many cases our grandfathers, grandmothers, parents or great grandparents, came to America to break free and pursue what was, and still is, considered “The American Dream.”

For them and for us, the word freedom represents many things. It can mean that you decide how hard to work and how far you will take your success. It can mean your own schedule. It can mean life… on your terms. It all needs to start somewhere though with a fearless leap, whether big or small, towards independence.

Here are some steps in declaring your independence:

1. Figure out what you are interested in as well as your unique skill set. If you are really interested in a certain area, you will, and may have already, authentically tapped into a targeted community of like-minded individuals. They are your customers/clients. Give them what they want and need.

2. Do your research. Is there a market for what you offer? Are you filling a need? Who are your competitors and how are you differentiating yourself? There are many sources for market research. The ASBDC provides clients free research packets that can serve as a portion of your overall due diligence.  (more…)

Combining forces to create a joint venture (JV) is nothing new, but the real trick is to do so in such a way that protects each venturer so that both parties are free to put their best creative foot forward. I’m talking “Captain Planet” levels of teamwork that can only come when all parties feel that they’re in a safe space to build an empire.

Just three little words are required to make your wildest joint venture dreams come true: joint venture agreement. Sounds dry. Sounds complicated. But they are absolutely necessary. By outlining each partner’s expectations, not only are both of your businesses protected, but the relationship between the people teaming up is protected, too. No passive aggressive emails or fighting over customer lists and trademarks — or worse.

Every agreement varies depending on the specifics, but when I joined forces with Ashley Ambirge of The TMFProject to create a comprehensive legal resource for entrepreneurs called Small Business Bodyguard, we made sure to cover the absolute must-haves. Here are some of the key items we included that you can use as a jumping-off point to craft your own agreement: (more…)

Another holiday season has come and gone and hopefully all of your best wishes came true.  Most of us are now focused on the New Year with high expectations and new commitments for success.  And in many cases that includes those high minded New Year’s resolutions that probably include losing a few pounds or maybe just striving to get in shape.

Committing to better health is a great way to start the year whether that includes a better diet, a daily walk or short jog, or maybe even just one less dessert each week. The key is to just pick something and then stick to it long enough to build a habit that leads to the result you want.

The same process should apply to your business.  The New Year is a great time to stop and evaluate your business activity… to get your business in shape.

Take the time to actually write this stuff down.  What are you doing this week to get one more customer?  Set up a call program or a networking event that fits with your industry to contact potential new relationships. Set a goal that matches your time availability and then stick to it.  Make a habit of keeping that schedule.

Don’t stop with just new customers.  Take some time to review your banking relationships, your key vendors, and even your process for ordering office supplies.  How much are you paying for rent, for internet access, for bank charges and even overnight deliveries?  Take some time to review your overall business procedures and processes.  Consider new technologies for efficiency and cost savings. (more…)