tv Your Business MSNBC November 8, 2014 2:30am-3:01am PST
. >> hi there, welcome to "your business." small business saturday is fast approaching. the yearly effort to get people to shop the saturday after thanksgiving has blossomed into a year effort to get customers to support independent businesses. here is a great example of how one person's successful start-up started eaterys all over her small town. this is exactly the win-win business story that other communities can learn from too. >> i'm shari. i will be your guide today. i was born and raised if
california. >> reporter: she has lived in the carlsbad, california area for more than 30 years and she loves showing tourists and locals the things that make her neighborhood so special. >> we're going to do a three-hour walk and tour around town and stops at seven different restaurants and wine tasteings. anybody like wine and food? yeah, let's go. earlier this year, she started carlsbad food tours. she did it as a way to prepare for her retirement. >> i have been a nurse 32 years now. i still am actually nursing. this is kind of my retirement plan job. >> what she did in real life was her one little company would have a ripple effect that would help other small businesses and the local community thrive. >> i think the tour has been a great promotional opportunity for us. many people that go to the tour
didn't know we were here at the corner. >> reporter: the owner of the chocolate bar gets people to come down the viet, in a direction too many people miss. >> they don't know we exist, even though we are a block-and-a-half away from the main strip. >> the owner of cafe topes needed help getting people to check out her store. there is no question, people who try her sin upon rolls love them. >> wow! >> what's the no. 1 breakfast spot if carlsbad? >>. >> but she says when people go out to eat, they often hop on the freeway and head to the phish malls, completely ignoreing local places like hers. >> just a couple feet away we have a major chain that. >> reporter: with an ad campaign of zero, it's hard to compete, but charice introduces many people. that's what the small businesses
like her need. >> we know if you just get them in here, to try it. you'd have them, tad be hooked. but it's expensive. >> reporter: steve brady recently opened an innovative ice cream shop subzero. he uses lick witd nitrogen to fast freeze the portions. despite his great location, right in the center of town, he's selling something new that people don't totally understand and it's hard to get people to try it. which is, once again, where charice is so helpful. >> that's probably what we think about 90% of the time. you have to bring them in. >> these downtown businesses say her tours help boost customers, they've also helped the businesses take notice of each other. >> the food tour has helped the businesses work together because now we recommend our customers to go to each other's spot. >> the owner and publisher of carlsbad meteorologist.
he says even knot non-food business versus benefits, too. >> you have to meander through, even though are you on a food tour, you certainly are noticing the window displays. you might say, oh, yeah,ly come down here tomorrow and get a few pair of shoes, whatever it is. >> her business is still in its infancy, but as she grows, so do the number of people visiting these off the food establishments. that's gotten everyone excited. >> what she does with the food tour is different. it's an opportunity she presented to us, as to how she could cross promote together. how it was a when-win. in that aspect, she's doing a great job. >> american goes to the polls this weekend. what is shaping up to be a potentially historic mid-term election that will determine the political makeup of congress. small business owners are optimistic about the economy, they showed deep skepticism
about whether walling will fix problems directly related to them. as they head to the ballot box, jim newman from finance and the ceo of five businesses, jay is a small business bloger. >> we will go through a listing of things small businesses should be thinking about as they go to the polls. let's start with anyone you want. >> immigration reform. it is a real problem. we interview people all the time. we like them. we put them threw e-verify. it doesn't go through. which had people saying my father told me this was straightened out. i have been in this country 32 years. it's a problem. it's bad for the xhichl it's bad
for the work force. it's a problem. they keep saying they will fix it they haven't. >> the crystal ball, anything moving forward? >> let's assume we have a divided government just as we had several years now. so i don't think we will see any big breakthroughs at all. one big thing is the absence of self-destructive antics like shutting down the government. if republicans control both sides of congress, they can run things and they have to do that going into the 2016 election that removes a lot of what they complain about. immigration reform is very hard, very complicated. we could see a few other small things happen you know fiddleing on the margins if you will. >> let's talk about things that could happen that small businesses care about that could
happen. >> the top three concerns, they want more revenue. they want lower taxes. we are going to see a lot, hear a lot of talk about corporate tax reform. i don't think it will get a tax code too complicated. it's possible there could be some type of tax reform. president obama said he would want it lower than that. there is room to me in the middle if there is a willingness to compromise. one could be the minimum wage, the cost of businesses, there is no chance we will see a minimum wage there. it's now just above $7. we could see it settle out around $9 president obama asked for $so.fine sents cents. we could see action on that. >> you have faith that things move forward? >> i would never say i have
faith a lot depend, does each party see they have something to gain? positive and proactive. >> how about loans, people looking for money? >> i am doing sba loans. the program is great. there are some tweaks there though, if you hit a 504 loan, they are allowing you to take money out of the bidding. it's out there in congress bringing it back to where you could get money out of it. >> that would be helpful to businesses because there is the 504 loan program and the 7 loan program. it's difficult to take money out. it would be helpful if they bring that back to where it was two years ago. >> i find for small businesses so steeped if getting things, often you don't know something is a problem until you know it's a problem. so jay few had never gone out to
get anza ba loan, you would not even know what those numbers would mean, right? so you wouldn't think about how your congress person would vote or how they care. so is there anything else small business people wouldn't have an their radar that they should be very aware of right now in their voting? >> i say the section, depreciation was a great ting. you could deduct a big piece of equipment quicker. that they retirement starred it for this year. >> you are absolutely right, i wouldn't know about the issues, so there are things out there that aren't going to cause money, it's pushing forward the deduction. they will get their money on the back end. it's very, very helpful to small business. it's just straighting that every year you don't know what they will be doing.
>> one thing i would add, we are having elections at the state and federal level, too. practically every business owner will tell you, i got the same pile of paper from the state and the feds. a lot are state or local regulations. we're so fixated on national politics, a lot of time you forget maybe you can make a little more difference at the state and certainly at the local level some it's very worthwhile to get involved there and see who is running policies. >> that's such a great point. the regulations on the local level are the ones that bog them down and oftentimes they may make sense for big difference. >> you can get involved at the local level. >> well, rick, jay, thank you so much for having this discussion
with us. we look forward to seeing what happens election day. >> his spanic ent (fewers are like all small business owners. as we found out, this year's u.s. hispanic chamber of commerce national convention, we simply want an environment that sets the straij stage for their country's success. they want to help power the economy. >> small business owners gathered if salt lake city to attend ceremonies held by the u.s. chamber of commerce. >> the '96 chamber of commerce represents 3 million hispanic owned firms in this country that collectively contribute over $468 billion to the american economy. traditionally, they're growing at a rate of 3-to-1 when compared to the market. >> from network events the focus was on helping hispanic entrepreneurs gain information about retirement sources, make
connections and grow their businesses. >> what we do is help to insure we are closing the gap when it comes to knowledge on running the business, the standard information and skill sets that sometimes are missing in the hispanic community. >> the head they say the sba is working hard to help latino small business owners flourish and get access to market opportunities. >> one of the reasons i'm here is that women are starting up businesses at much different, they're over indecked. for example, latinos have a start rate of six times over the national average. that's remarkable when you figure women in many instance don't have a choice. they're the sole bred winner.
when women come in to secure contracts from the government, the u.s. government is the largest procurers in the world. >> most of all, it's making sure no hispanic small business owners are left behind, helping them grow and survive just good busine business. >> i think there is a lot to be gained. right now this is the largest gathering of hispanic business leaders in the history of the united states . >> thinking of offering a few product or release agnew upgrade to your service, here are five ways to get your launch off to a good start, courtesy of "business week.com." . >> ask your customers to test. incorporating tear opinions makes your knowledge better and
shows you have expertise. two, get publicity. make sure your potential examiners know about it. you can give bloggers and the press a heads-up that you are releasing something new. three, develop a plan. physical out the best way to market and advertise in order to reach your target aude audience, four, stole your existing clients first considering upgradeing from old to new as a appreciation of their loyalty. five, ask early users for review. possible buyers will pay attention when somebody they recognize or is similar to them directly and clearly explains how your product benefitted them. still to come, how to get customers to be as engaged with your ecommerce site as they are with your brick and mortar locate and our viewers share their favorite online tools and aps. also, we stretch out, for our panel to get next with our exercise product.
if i can impart one lesson to a new business owner, it would be one thing i've learned is my philosophy is real simple american express open forum is an on-line community, that helps our members connect and share ideas to make smart business decisions. if you mess up, fess up. be your partners best partner. we built it for our members, but it's open for everyone. there's not one way to do something. no details too small. american express open forum. this is what membership is. this is what membership does. . >> i tried to grow too quickly and the company got very over extendened and if you don't think about what could go wrong
and prepare for what if it doesn't work out, can you leave yourself very exposed. now as i look towards the future and i think about the business, i'm always trying to weigh the pros and the cons and make sure i have a safety net for whatever decisions we make. >> are you looking for a new workout that will help you take off pounds and build muscle? today the ideal product to keep you in shape. angel investor ceo of pantegria capital and yummy by heather and one of the fork house wives of fork city. >> i'm the ceo and 2014 women of the year with napw benefit hart by trainer. we are assesstive 60 a. tech following based resistive band training system. from the home to the gym and the teeld and if your suitcase, four levels of resistance bands give
you functional training. safe and prevents injuries. the science and tech following behind the bands is they warrant circumference around the body, give you even distribution of weight. they are made of material poly and rubber. not latex. not tubular. they give you mobile flexibility, complete movement linear and lateral. for the athlete the pull, the push the jive. you are working inner and outer leg for true resistance. unbelievable product. 2002 results. we are currently selling on our website, amazon, sports authority is coming soon. we are starting classes in boutique jims. we're $99 retail. we have approximately $75,000 in sales. we are seeking $225,000 for product and placement. >> okay. you got the elevator ding. it was a great. congratulations. i will give each of you one of
these, i can trade you. here's a pen. >> there you go. >> so one to ten, not how much you like the product but how much you like the pitch? it sounds like you have a real ground swell going him it seems like a good time to pip people you have something there to tell people it's working. >> i gave you an 8. i thought you dade good job. you told us great information about the product. are you clearly energetic. financials, how many you were raising. you told us a little about your marketing efforts. i might like to hear more about how large the market was. but overall, i thought you did a really great job. congratulations. >> be i the way, there is your target. >> heather. >> i give you a 6, because i loved hearing about the product, but i don't know what you need the money for. so that i missed. i didn't find that in the pitch. what are you looking to invest for? are you already in stores? you got this technology down? you know, it's a great product.
i like in the bag. i think it would be a great video idea for you. you know, hotel idea. where you can brand it with a hotel. so there is inroom training with it. i want to know more. so the product you sold me on but i don't know awe feed me for. >> okay. great. thanks so much for your advice you guys on this. thank you for being our fitness model. appreciate it. good luck with everything. >> thank you so much. >> if any of you have a product or a service, you want feedback all you have to do is send us an e-mail to firstname.lastname@example.org. don't forget to include a short summary of what your company does, how much money you are trying to raise and what you intend to do with that money him we look forward to reading your pitches and seeing some of you here on the show. it's time now to answer some of your questions. the first one is about customer
interaction him. >> my business encourage people to come into my shop and play. engage their senses, really have a connection and realtime fun experience. how then am i supposed to encourage online shopping when my store, itself, is the antithesis of looking and shopping online in. >> it's a good question. i have been there to her store before. it is bouchl it is an amazing experience, which you cannot replicate online. >> what she can do is take out the online viewer, rhetoric what she is writing is really important and reviews. she can tell the story online without being able to go in there. don't forget people go online and shop for it. so she's got to grab who she's got in the store and through
online promotions, she can get to them as well. >> if she thinks about this. >> yeah, i think it should be an extension of her brand. if she is prideing herself, then what are those aspects she can portray online. it's not like having a website. here's the product, here's the site, click to boy. how do you make pleadsing visuals on the website? are there reward can you do? are there promotions? fun ways to engage the audience? are they giving information? uploading pictures. making that website an extension of the brand. then it's a little more seamless, it makes more sense. >> video, it's really great on websites. she's the perfect candidate for it. >> a question about engaging with the all important members of your staff. >> what else could we be doing
to insure that we retain those individuals that essentially make a professional service corporation viable and successful? >> it's a great question. particularly for people running small businesses, you are so busy. assuming you are doing a good job. your employees are often your biggest customers. >> absolutely. >> so retention is incredibly important. there are a lot of formal ways you can address it, how do you include your equity in the company? it's much tougher to walk away when you feel like you are part of it again it's hard to leave when you forfeit unvested equican i. is a 401k generous?
do you have a generous vacation policy? these are all things you can do that really differentiate your company and help us set apart. so it's really set apart so it's harder to leave that company when you feel a lot of those benefits are tailored. not easily rep politicable elsewhere and finally listen to your employees, sit down with them every few months. maybe they care about having one day a week to work at home and flex time. if you are providing them with what they care about, it's so much harder to leave. >> culture is the biggest. >> exactly. other than financial things, can you do team building. you know, i love this idea of stay interviews versus exit interviews. so you go to the women in your company and say what do you love here? then you grow your idea. you have to invest, everyone loves a good pat on the back, so
recognizing when people have done a good job and creating an entrepreneurial spirit. if they're not given a part of the business they feel like they are from start to finish. it's all about the team the reward, the financials, or not. but you have to spend time with the nucleus of youro, when you build it, your employees are the most important thing. >> i love this, i never heard of that before the r. can companies who i interviewed, that have the best culture, it is not haphazard, those founders thought very hard about what is our culture. they train people. they hired people so it is embedded in the whole company. >> i am sure you are investing on your own. it's really important to let your employees let you know what's cooking through outside actions sometimes. >> it is so fun to have two really strong beings women that
have been successful on the show this week. >> thanks for having us, you guys. >> if any of you have a question for experts. we answer them every single week. the address is open forum.com/your business. once you get there, get the act, submit your question. or drop us an e-mail. . your smartphone, tablet or computer can help you manage your crazy life. that's why we asked our viewers to share their go to web and app tools. >> i have been surprised how many tools we have through inst instagram but people often contact us, new customers and purchase because they've seen us
on instagram. >> one of my appss is visco. vsco. they provide filters to make our photos look professional it's a great community of people that want to follow us as we continue to share all of what we try to do. >> our team uses a new app called pocket. as an innovative company, we have a million ideas flying through our heads. we have this policy of creating an idea bank. so anybody who likes or thinks of a new idea we like to create and put it in the idea bank for a team meeting. >> my favorite app is stitchlabs, it connects to quickbooks. it helps manage orders, your expenses. it's a small business, too, so it really is cool to support each other. >> i love handshake, which is a
mobile application which allows you to take orders on your ipad or iphone. it's fantastic. we can take orders all day long, upload them at night and view all our orders in the day and analyze our numbers right away. >> a new app is waze. i find if i'm in new york, los angeles, there is unexpected traffic. waze makes sure i'm never late to a meeting or missing a flight. >> if you want to learn more about today's show, head over to our website. open forum.com/your business. you will find all of today's segments plus web enexclusive content. you can also follow us on twitter. please do not forgive to become fans on facebook and instagram, too. next week, continuing our small
saturday countdown, we look at a community in arizona encouraging shoppers to shift 10% of their spending to local businesses. >> the important thing about the 10% shift is it's small incremental shifts in their behavior can make a big difference. >> find out how this successful campaign is getting local residents and small businesss to change their spending habits to support their main stream. until then, remember, we make your business our business. if i can impart one lesson to a new business owner, it would be one thing i've learned is my philosophy is real simple american express open forum is an on-line community, that helps our members connect and share ideas to make smart business decisions. if you mess up, fess up. be your partners best partner. we built it for our members, but it's open for everyone.
there's not one way to do something. no details too small. american express open forum. this is what membership is. this is what membership does. apparently, because trfs a huge national election on tuesday, that doesn't mean we can't have a friday night news dump tonight. and, yes, we do a thing at the end of the show that we jokingly call the friday night news dump here. but that's not what i mean. tonight, there was an actual friday night news dump from washington that we didn't expect. and that is very, very big news. tonight, the white house put out their official announcement on a friday naming president obama's advice to succeed eric holder as attorney general of the united states. he was a historic choice for ag. heou