The How of Business Podcast Update.

The How of Business podcast update and summary, including highlights on how to start, run and grow a small business. Henry also summarizes some of his favorite episodes and resources to help you achieve your business ownership dreams.

The How of Business Show Statistics:

• Launched April 2016
• 400 episodes (as of December 5, 2021) and counting!
• Episodes released weekly (except Thanksgiving and Christmas week).
• Over 2,000,000 lifetime downloads!
• Over 70,000 average downloads per month.
• Listener from around the world, including USA, Canada, Ghana, Great Britain, Australia, China, Ireland, South Africa, Kenya and many more!

Favorite episodes and content:

• If you are planning to start your first small business:

http://www.thehowofbusiness.com/all-episodes/are-you-ready-episodes/

• AYR Online Self-Paced Course: An online self-paced course Henry Lopez created, to help you determine if you are ready, willing and able to start your first small business. And if you are not ready now, what do you need to get ready and launch your business? After completing this course, you will have a clear understanding of what you need to do next to get started on your path to business ownership. Including completing your Business Ownership Readiness Scorecard.
• If you are already a small business owner:

On the topic of Business Systems & Teams:

• Work ON your business not IN your business. Build it as if it’s a franchise, even if you only ever plan to have one location.
• Recommended Book: The E-Myth by Michael Gerber
• Build you small business as if you are going to sell it.
  • Episode 349: Built to Sell with John Warrillow
  • Recommended Book: Built to Sell: Creating a Business That Can Thrive Without You by John Warrillow
• Episode: 242: Business Systems
• Building a strong team is another key growing a successful small business. And learning how to delegate is essential to team building and development. Learn more about delegating on  episode 355: 4 Reasons to Delegate

Other advice and tips for small business owners and entrepreneurs:

• For aspiring entrepreneurs:
  • Always start with Why. What is your vision or purpose for launching your small business?
  • Be sure to Plan for success. Recommended business planning episodes include:
    • Episode 382: Small Business Plans
    • Episode 395: Financial Projections for Small Business Startup
• For existing small business owners:
  • • Work ON not IN your business – evolve into Entrepreneurship.
    • Systems – run it like a franchise.
    • Implement and execute Financial Systems & Controls.
    • Develop your Team.
    • Be sure to have enough Working Capital.
    • Prepare for a small business “exit” – even if you currently have no plans to exit.

Top Questions about Small Business & Entrepreneurship:

• Is this a good business idea? (Whether planning to start or already started your small business…)
  • Separate the Idea from the Business Model.
  • Nobody can tell you if you have a good or bad idea with certainty.
  • But you do have to plan for a profitable business model:
    • How will you make a profit?
    • How will you make a profit over time?
    • Can you make back your investment?
    • Is it worth your time (opportunity cost)? Or is it just a lower paying harder job?
    • Can you scale the business?
    • Favorite Episodes on Ideation:
      • 394: Business Ideas with Entrepreneur Norman Crowley
        • “Just begin! The customer will fix your idea very quickly. It’s much more about execution than the idea.” – Norman Crowley”
      • R4: Ideation
      • 131: Ideation with Mike Stemple

• How do I grow my small business?
  • Your goal should include developing an owner-independent business. A business that continues to produce revenues and profits even in your absence.
  • How long can you be gone from your business before it begins to falter or fail?
  • Validate and adjust, pivot, or abandon your business model.
    • Evaluate your marketing, pricing, delivery, manufacturing, sourcing – where is the opportunity for sustained profits?
  • When do I exit?
    • Either by selling or shutting it down.
    • If the business model can’t be fixed, then it’s best to end the business and start something else!
    • If your business is successful, is it time to sell?
    • Suggested episode of The How of Business podcast about selling your small business:
      • 172: David Barnett – Selling Your Business
      • 278: Mike Finger – Selling Your Small Business

Other Resources:

• Free Downloads
• Service Partners: Featured and preferred partners include:
  • Oostas – Websites and Online Marketing
  • The Franchise Guide – Giuseppe Grammatico – small business franchises
  • The Simplest Biz – John Wilker – Online-Course: Shipping Products Brokerage Business.
  • How to Start a Podcast
  • Handyman Startup – Daniel Perry – how to start your own Handyman Business

Schedule Free Coaching Consultation with Henry Lopez: He welcomes the opportunity to chat with you about your business plans, and offer the guidance and accountability that we all need to achieve success. As an experienced small business owner, Henry understands the challenges you are experiencing, and often it’s about helping you ask the right questions to help you make progress towards achieving your goals. Whether it’s getting started with your first business, or growing and exiting your existing small business, Henry Lopez can help you get there. Take that next step today, towards finally realizing your business ownership dreams!