Maximizing Your Relationship With Your Bank

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The Rise To The Top: Entertaining, Energizing and Empowering Entrepreneurs

You remember your dear old friend the bank don’t you? Yes, as an entrepreneur we do use a bank as opposed to shoving precious pennies under the bed (you do use a bank…right?). But did you know that there is MUCH more a bank can do for you and your business besides just opening a checking account?

Especially in these tough economic times, every penny counts and at a recent The Rise To The Top event, Patrick Bowen (Senior Vice President at BancorpSouth) led a discussion along with Eric Griffith and Rebecca Edwards (also from BancorpSouth) about maximizing your relationship with your bank and here is some great insight from the bank’s mouth:

Tips on Forming a Relationship with Your Bank

Contrary to media gloom and doom, some banks are still lending money… we’re one of them!

The most important thing to tell your bank when making a pitch for a loan is how you will pay them back. Hint: the only thing that can repay a loan is cash.

The five C’s of credit: Capacity (to generate cash), Capital (equity), Collateral, Conditions (economic, market and even the purpose of the loan) and Character.

In regards to character, research yourself. If you haven’t done so recently, obtain a copy of your credit report, Google yourself and check public records. A smart banker will do all of these things when you apply for a loan.

Communicate, communicate, communicate. Good or bad, share it all, and share it now.

Save yourself time; put together a credit application file: three years of financial statements and/or tax returns for your business, three years of personal tax returns and a personal financial statement.

Accounts For Entrepreneurs: Quick and Easy

Sole Proprietor accounts are styled “Doing Business As” or “DBA”
Example: John Smith “Doing Business As” Entrepreneurial St. Louis

What you should bring to open your account:
♣    Personal state issued identification such as a driver’s license
♣    Personal social security number
♣    Name of your business
♣    Business license if available

Adding authorized signers to your account requires:
♣    Physical presence of authorized signer
♣    Personal state issued identification of authorized signer
♣    Personal social security number of authorized signer

It’s all about Getting Paid!
Payment Processing is vital for a successful business.

How is your business currently accepting payments from clients?

In 2006, for the first time, consumers paid for more purchases with debit and credit cards combined than with checks. Debit card use is growing especially fast; debit cards have surpassed credit cards as the most popular electronic payment, according to the Federal Reserve.

MasterCard and Visa reported debit card transactions increased 17.5 percent, and 7.45 percent for credit card purchases in 2007, according to The Nilson Report, a payment card industry trade journal.

Credit and debit card usage is increasing every year. By 2010 it is estimated that 47% of all transactions will be by credit or debit cards. Are you prepared?

Having a comprehensive payment processing plan in place allows you to concentrate on building your business instead of worrying about how you are going to get paid.

A few of the benefits:

1. Expand distribution channels

2. Increase sales

3. Enhance security

4. Provide superior customer service

5. Speed & efficiency

When comparing merchant services, the speed of the deposit can be just as important as the costs involved. For example, our client’s credit card deposits made to a BancorpSouth checking account are available within 24 hours.

Have you ever worried about receiving a “bad check” from a customer? You can sleep soundly if you have a check verification program in place. Electronic check processing is the fastest, most efficient alternative currently available.

Live Passionately! – David Siteman Garland – The Creative Opportunities Specialist and Entrepreneurial Chameleon - http://www.therisetothetop.com

PS: Make sure to take a great look at BancorpSouth if you have any questions about anything listed above and here are some other things they can do for you…the entrepreneur.

bxs-right-where-you-arecymk4

BancorpSouth FREE Small Business Checking Account

⎫    Only $50.00 initial deposit to open account
⎫    No minimum balance required
⎫    No monthly maintenance fee
⎫    First 175 transactions Free per month
⎫    Free BusinessSite Internet Banking
⎫    10 Bill Pay transactions Free per month
⎫    Free Bank Zip bag
⎫    Itemized monthly statement with check images
⎫    Free BusinessCard Debit Card
⎫    *No annual fee BusinessCard Credit Card
*Subject to approval

BancorpSouth Merchant services provides credit and debit card processing, electronic benefits transfer, check verification, check guarantee and electronic check acceptance. Through a customized analysis, they can help you decide what services and products are best for you and your business.

If you would like more information, please give them a ring at 314-290-3100

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Rise at Nite Episode #4: Integrity in design and elements of a well-designed website with Elizabeth Erickson

Rise Undergound: The Rise To The Top Entrepreneur Blog
The Rise To The Top: Entertaining, Energizing and Empowering Entrepreneurs
Entrepreneur Resources. Entrepreneur Education. Everything Entrepreneurship.

President of Creative Entourage Elizabeth Erickson stops in to discuss design, websites, and a cold day in St. Louis. Rise at Nite is the exclusive after hours show of The Rise To The Top featuring uncensored interviews and other goodies.

In this episode:

1. Integrity in the design industry.

2. Keeping up with design technology.

3. What makes a well-designed website.

And Elizabeth’s question to you: “What is your favorite designed website and why?”

Click below to leave your comments!

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We Are Here To Help Entrepreneurs: Lessons From This Week

Rise Undergound: The Rise To The Top Entrepreneur Blog
The Rise To The Top: Entertaining, Energizing and Empowering Entrepreneurs
Entrepreneur Resources. Entrepreneur Education. Everything Entrepreneurship.

Whew, what a week. A fun-filled, ridiculously tiring, and rewarding week.

Here is the thing, I designed The Rise To The Top because I felt there was a HUGE need for programming, events, and resources for both young entrepreneurs and the young-at-heart. And of course this doesn’t just apply for entrepreneurs but those that are entrepreneurial (love forward-thinking ideas or would like to one day start their own company) or those that simply support entrepreneurship.

I’m extremely touched by the amazing, passionate, excited and genuinely fantastic people that have caught on to the concept of The Rise To The Top. Events have been selling out. Viewership has eclipsed 500,000. And the future is bright and I thank all of you for that.

This week was full of lessons for the entrepreneurial lessons. One of the coolest things about being an entrepreneurial company talking about entrepreneurship is we get to learn along the way and I hope you will find the lessons below something that can help you and your business.

Lesson #1: Non-sleazy selling/A "crazy" way to make money online

Forget the used car salesmen, we bring in sales expert Gill Wagner. I had a blast learning from Gill about some great ways to improve your selling ability and get less doors slammed in your face. You can check out the full interview right here.

Also in “Bringing Selling Back” we have a fun feature on a VERY unique character Justine Ezarik affectionately known as “Ijustine”. Want to talk about a crazy way to earn a living (we love it). Check it out.

Lesson #2: Your bed called, it wants you back.

I used to love sleeping in. But to be a successful entrepreneur, it should come at no surprise that your sleep will be going down the drain. And guess what, you won’t be happier if you truly love your business.

I was up at 4 AM Monday morning to head down to NBC here in St. Louis (KSDK Channel 5) to participate in a live business chat giving advice to entrepreneurs. It was an absolute blast.
Here is a clip also from my appearance on “Today in St. Louis” KSDK giving a tiny bit of website advice: “The internet can be a powerful tool for new businesses”

Lesson #2: Give First

To really form relationships in life or in business, I believe the most success comes from the give first mentality. The more you can give, the more you will get.

I had the amazing privilege to speak to GO! Network on Tuesday. GO! Network is doing a great job getting professionals looking for new jobs skills, education, and networking opportunities. The subject of my talk was “Maximizing Social Media” which got me thinking more and more giving. The more you can give on any social media site, the more you will get back. Same in real life.

Lesson #4: Get out there: Learn, network, and have fun

Only so much can be done from your couch. Go to networking events, meet new people, and enrich relationships with those you have already met. Remember, networking isn’t sales! Form relationships and cut loose and a have some fun.

We had our most successful “Dinner and Discussions” yet on Wednesday. The sold out dinner featured movers and shakers, entrepreneurs, and those that support entrepreneurs in St. Louis. It was great seeing familiar faces and of course lots of new faces. Photos will be up soon and feedback has been tremendous!

Thanks to BancorpSouth who put on a great presentation throughout the evening in forming a relationship with your bank and KSDK Channel 5 and reporter Mike Owens for coming out. Congratulations to Kevin Tibbs (Better Life) who won a FREE HOUR of concierge services (great for the busy entrepreneur) from Everett Pate’s We Make It Happen Concierge Services. And best of luck to Glenn Wolk (Video Assistance Company) who won a great “Champions Card” package courtesy of SWEAT which includes TEN free boxing lessons plus gloves and wraps. Great way to beat out a stressful day!

PSSSSS: We will be releasing information the final “Dinner and Discussions” for season #1 shortly and our brand new summer event series as well. Stay tuned.

Lesson #5: Don’t Forget Design

You could have the greatest product in the history of mankind; however, if it is designed poorly you could be in trouble. “Design” is one of the those mysterious topics that people have a hard time quantifying. You either like the design of something or you don’t.

Well, we are DEMYSTIFYING design and also talking about Generation Y entrepreneurship with the President of Creative Entourage Elizabeth Erickson this weekend on a brand new The Rise To The Top at 11 AM this Sunday on ABC-KDNL in St. Louis following “This Week with George Stephanopoulos”

As usual, we would love to hear your feedback!

Live Passionately! – David Siteman Garland – The Creative Opportunities Specialist and Entrepreneurial Chameleon – http://www.therisetothetop.com

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Help Us Reveal Social Media Myths

Rise Underground: The Rise To The Top Entrepreneur Blog
The Rise To The Top: Entertaining, Energizing and Empowering Entrepreneurs
Entrepreneur Resources. Entrepreneur Education. Everything Entrepreneurship.

Social media isn’t just for the youngsters in skinny jeans, right?

This Tuesday I will be giving a keynote speech to GO! St. Louis, a great organization that is helping educate out-of-work professionals looking to get back on their feet.

Normally when I’m approached for speeches, it is on a variety of topics involving entrepreneurship or connecting with Generation Y or media/marketing; however, in this special case they want me to speak about “Maximizing Social Media” which got me thinking about a few different things.

First of all, let me tell you I’m certainly not one of the 5,000,000 self-appointed social media gurus (guru…do not like that word) that are prancing around Twitter with their get-rich quick schemes, manuals on how to get more followers, or posts proclaiming that they are monetizing social media (You don’t get a $1 for every Twitter follower, my friends).

Now, for The Rise To The Top and myself, social media has been absolutely huge and I spend most of my time on Facebook (personal and fan page), Twitter, and a tiny splatter of LinkedIn. To promote The Rise To The Top, I’ve spent a total of $0. Instead, I spend my time online to build a fantastic, smart, and engaging audience as well as show sponsors (more about that in a future post).

I primarily use social media for:

1. Community: Interacting, having fun, hearing about events to attend, sharing articles, stories and events, helping others with questions/jobs/entrepreneurship, or just goofing around (I mentioned fun, right?)

2. Catching up with friends/relatives: A quick message there or wall post over there goes a long way. Personal first and business second is my philosophy. Also, a great way to set times to meet in the good ole real world.

3. Quick communication: Social media is faster than…really all forms of communication and is great for keeping in contact in an increasingly busy world (but of course does not REPLACE face-to-face, the phone, and giving someone a hug…awww…good moment right there).

4. Research: When you are helping people on social media, they will help you. For example, I posted this earlier this week on Facebook/Twitter/LinkedIn: “Quick Question: What are some misconceptions about social media for the 35+ NON techie crowd? (for a keynote speech for GO! Network this Tuesday) Thanks!!!”

Result was 100+ emails, posts, messages in about two hours and I’m SO grateful for that. If that isn’t social media at its finest, I don’t know what is.

Remember though, if you don’t have a “give first” attitude on social media, you won’t get any love.

5. Marketing My Business: Letting people know about The Rise To The Top and what we offer including our TV show, event series, and slews of exciting resources for budding entrepreneurs. Not shoving it in people’s face with message after message but instead adding value and connecting with new and old friends that would like what we are doing.

6. Stalking: I see what you are doing! Just kidding…OK but seriously, I do…(insert evil laugh here)

So, back to the task at hand. I would like to ask all of you about what myths you have about social media that you think should be shared with the 35+ “not so tech-savvy” crowd?

Examples:
“Social media is just for kids!”
“Everyone is going to know what I’m doing at all times!”
“It is just a fad!”
“It takes too much time!”
“Social media has no purpose…”

What other myths are there? I would love to hear from you.

These folks are looking for jobs and become part of a community and I’m excited to get them involved in what I see as a great online world.

And what better example than to pose a question via social media and have the community help them with the answers? Thank you for being awesome and helping out.

Live Passionately! – David Siteman Garland – The Creative Opportunities Specialist and Entrepreneurial Chameleon - http://www.therisetothetop.com

PS: In St. Louis? Set your TIVO for Today in St. Louis on KSDK Channel 5 THIS Monday from 5-7 AM (I know…crazy time) as I will be on LIVE answering questions about entrepreneurship and small business along with Elizabeth Erickson from Creative Entourage (I’ll be going to bed about…now).

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5 Reasons Why Dan Aykroyd Rocks The Entrepreneurial World (and has a shout out for TRTTT)

5 Reasons Dan Aykroyd Rocks The Entrepreneurial World (and has a shout out for TRTTT)

Rise Undergound: The Rise To The Top Entrepreneur Blog
Entrepreneur Resources. Entrepreneur Education. Everything Entrepreneurship.

Dan Aykroyd is best known of course as an incredibly talented actor with works ranging from Ghostbusters to Saturday Night Live and one look into his accomplishments leads to an endless list of awards, movies, and television greatness. Entrepreneur is not a word you would necessarily associate with the Canadian-born actor….until now.

Dan stopped into St. Louis a bit this week and his agenda was quite different than what you might expect. He was here letting the Gateway City in on two of his new ventures: Crystal Head Vodka and Dan Aykroyd Wines. Now, the knee jerk reaction may be that it is another celebrity endorsing a random project; however, in reality Dan Aykroyd is a very savvy entrepreneur who is passionate about his new business ventures and here are a couple of things you can takeaway from the former Conehead.

1. Be Selective: One look at Dan’s website lets you know that he is REALLY behind his wines and other spirits. He has fallen in love with the process and business as well as the spotting of a tremendous business opportunity.

2. Get Your Hands Dirty: The sweat equity and promotion. Dan Aykroyd is out there getting his hands dirty, meeting people, and marketing his business…and he is a ridiculously famous movie star. What is your excuse for not getting out there and promoting?

3. Importance Of Design: Great design can sell a product. A great product then keeps customers coming back. Bad design or bad product = you in trouble. Take a look at Crystal Head vodka…and that my friends is amazing design (and some not so great photography skills of yours truly) Design Note: Elizabeth Erickson of Creative Entourage will be on our next episode of The Rise To The Top later this month.

4. A Little Entrepreneurial Conquering: Dan and a brilliant partner spotted a need in Canada that was not being fulfilled in the spirit world (tequila, vodka, etc.) and decided to import to the great white north. They earned market share and then expanded into wine and other spirits. Is there a product/service you see in another market that you could bring to yours?

5. Tap Into Your Talents: While Dan is the face of the products, he has a dream team of people who are masters of the liquor business. Remember, go with your talents. If you are a rocking promoter, spend your time promoting. If you are great at presentations, present. If you aren’t great, find someone who is and it will be worth it in the long run (of course dabbling in all areas of your business is often necessary for the bootstrappin’ entrepreneur, but that does NOT mean you shouldn’t be focusing your time on your talents).

And that sums it up. Dan Aykroyd is a stand up guy and everything he does turns to gold. I’m looking forward to keeping a close eye on his newest ventures.

Live Passionately! – David Siteman Garland – The Creative Opportunities Specialist and Entrepreneurial Chameleon - http://www.therisetothetop.com

PS: If you love this article, please take a moment to send it out to your favorite social networking site (Facebook, Twitter, etc.) or Social Bookmarking site (Digg, StumbleUpon, etc.).

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