3 reasons why you can’t succeed without a business plan.

Many start up entrepreneurs had the words 'business plan'; it means they have to stop the creative process to write down their ideas. Who would want to do that. Here are a few reasons why you want to:

IT'S NOT FOR YOU.

First, contrary to what most people think, your business plan isn't for you; it's for others. You know what you're going to do already. If anything your business plan with just reconfirm that. Other people need to see your vision even if they are not visionaries and a business plan helps that.

HOUSTON, YOU HAVE A PROBLEM.

Secondly, there's just something about writing down your plan, or strategy, that makes you think about your process from head to toe. You will be forced at that moment to work out any problematic areas your idea may have – be it financial or legal. You will want to have solutions to these problems before you walk in the meeting and get roasted. 😂

DO YOU EVEN LIFT, BRO?

We hear it all the time, people that say have a certain skill or trade and they really don't. When you slap your business plan down on the table fewer people will doubt you then. Imagine being a banker that is considering giving you a business loan, but you don't have a plan… it ain't gonna happen. People need to know that you really intent to do the things you speak about. You have to show that you are committed.

CONCLUSION

Get one. 😂

I gotta get back to work… Let me know if you have any questions, and drop a comment below.

What do you want me to write about next? Send me a message on IG or twitter.

– Quentin B. Smith

✌️

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How to create work/personal life as an entrepreneur.

All entrepreneurs go through phases from sole proprietor to chairman of the board where their life just gets hectic and they want to have a little time to themselves. Here's how to create work/personal life as an entrepreneur.

THE PROBLEM

Here's the thing, I don't believe in personal life/work life balance. If you want to make it in business, you have to be on at all times. I've found it more stressful to figure out if you are in business mode or personal mode all the time. It's incredibly draining…

THE SOLUTION

The best solution is to just become something in-between your two aliases – a more professional natural you.

Find a happy medium and stop trying to separate the two.

Here's the key, it takes practice. For example, even to this day I'm trying to curse less, but the natural me wants to say whatever needs to be said.

IN CONCLUSION

Find a happy medium and stop trying to separate your work/personal life. You need to be ready to work at all times. If you find yourself getting worn out, take a quick weekend trip and get back to it. There's no off button. Being a boss is not a position, it's a personality.

If this helped you, HIT THE SHARE BUTTON.

Follow me on IG @quentinbsmith
Twitter @ twitter.com/iqueglobal

What do you want me to write about next?

– Q ✌️

Should you quit your job to start your business?

Many budding entrepreneurs hear those amazing stories about people who got fed up and broke free of the 9-5 cycle by quitting their jobs and never looking back. As much as I'd like to tell you that this is how it will likely go for you, it isn't.

Have a plan and be strategic about it.

In entrepreneurship, it's all about minimizing your risk in order to survive. No matter if you have $100k or $100M you are always in survivor mode. It's more strategic to not take the chance of hopping out there. Your chances are higher if you keep your job, build your business, and then switch over.

The Main Reason

The main reason why I don't suggest quitting your job and hopping out there is because health insurance is f*cking expensive. Can you imagine paying $400 a month just to cover your health insurance while starting a business and having no income? Probably not.

I didn't want to take the chance and decided to join the Air Force to get free health insurance. This may not be an option for you, but consider your job as your benefits safety net.

In Conclusion

If I wasn't clear before, my answer to should I quit my job to start a business is no.

One little trick

Instead of actually quitting your job, just imagine that you've quit your job and that you have to go hard. It will create that pressure that you need to succeed.

Hope this helps,

– Q

3 Tell-tell signs that you may have the wrong business partner…

Signing on the dotted line
Quentin B. Smith signs on the dotted line for an investment.

1. Make sure they have Good credit.

Over 700. Find out if they have student loans. As a new business owner, you will eventually be applying for loans using your personal credit until your business has established its own credit that is good enough to be run on its own.

Business are usually able to secure larger loans than individuals, making the credit check a little more strengent than normal personal credit applications. You want to make sure you have minimized your debt and your partner has too. 

2. Make sure they haven’t had any run ins with the law.

When looking for investments from outsiders, venture capital firms want to know if they can trust you with their money. How can they trust you if they find that you have two armed robberies on your record. 

If you and your partner are not ethical people, you won’t build an ethical business. Point. blank. period. 

3. Make sure they have kids. lol

I know this sounds counterintuitive, but I prefer to work with partner with a family than a partner without one. People with kids are not playing around. They have mouths to feed…

In conclusion

No matter how much you like a person’s personality, they have to be good on paper too. As you can see, It pays to stay clean and stay out of trouble. Hope this article helps. 

Wishing you success,

– Quentin B. Smith

Follow me on Instagram at: http://instagram.com/quentinbsmith

Why turning your hobby into a business is not such a good idea. 


I have a people that come up to me all the time with their business ideas and it’s so painful to hear so if the ideas they come up with. People always say do what you love and I couldn’t disagree more. 

What is your goal?

It’s painful to hear their ideas; not because they are bad ideas, but because they don’t make great businesses. When I got into business at 16, I loved design. So I became a graphic designer. 

That was my passion. But that wasn’t my goal. My goal was to get rich AF. So, as you can see, my passion and my goals did not align… When was the last time you met a ballin’ ass/wealthy graphic designer?? 🤔

Keep your hobby, a hobby, for your own sake. 

My second reason not to do what you love is because it takes away the only outlet you have to have fun in life. Imagine getting frustrated at work and wanting to get away from it all, but what used to be your get away is now you work… see what I mean?

I love cars, and own a franchise of car dealerships. Unfortunately, I dont enjoy them like I used to because every time I see a car I start thinking about my business. Don’t do it. Do this instead:

Make money, spend it on your hobby

My advice is always to start a business that is for profit, and use the profit to fund your hobby. I know people that love mountain bikes. They will spend $10,000 on a mountain bike… They use their goal of a $10,000 mountain bike as motivation to do well in business. Win, Win. 

When it comes to turning your hobby into a business, reconsider and start a business the fund your hobby.

Hope this helps,

Be great today,

— Q!

Why you need to get the American Express Gold Card:

IMG_1790

I just got approved for the American Express Gold card!!!! 💳 It has NO LIMIT… Which is dangerous AF lol 😂 But if used wisely, it can help you earn points on money you already spend, so you can fly for free. 💯 Now, I know what you’re thinking: this dude just wrote a book about being debt-free, and he gets a credit card. 🤔 But, here’s the thing, this is not a credit card, it’s a charge card. There’s a difference. Charge cards have to be paid off in-full every 30 days. So it is a great way to maintain your credit, while staying out of debt and has the available option to #stunt!!! 🤑😂😂

 

A week later, I was so impressed with the concept of being able to fly for free that I ordered our whole company Gold Cards. I was informed that American Express Business cards allow your team to earn points for the business overtime they swipe, just like the personal cards do. And we buy cars. I literally spent $4k that week and knew that our whole team would be doing the same thing over the summer so this decision would change everything! Now, whenever we buy cars, or gas, or do ads, or anything, we get points that we can spend as incentives for the sales team; like tickets to the Future concert, iPads, and Hawks tickets – without coming out of pocket. The AMEX cards will also allow us to rack up points to fly for free to our business destinations.
Here’s why you need to get the American Express Gold Card:

1. Earn Points – Every swipe is a point or more. When you sign up, you get a 50,000 pain bonus. To put this in perspective, you need 62,000 points to fly to Hawaii from Salt Lake City round trip for 5 days.

2. Safer than a debit – If anybody get this card info, you’re not responsible for any charges you didn’t make.

3. Builds credit – The concept of this card is essentially borrowing money for 30 days, and paying it down, so it builds your credit.

4. Keeps you out of debt – since you have to pay the card balance off in full every month, you never end up back in debt.

5. Has a higher spending limit than debit cards – Most banks will limit your spend to $7,000 a day. I buy cars, so that wasn’t enough for me. With American Express, there is no pre-set spending limit, so if you make large purchases for your business, and you don’t have to worry about them declining you or not having enough credit to execute.

Until next time, Q.