What is it that makes a team member feel a sense of ownership? Is it autonomy? Money? Advancement? What really engages people to rise up, to act like owners, to take your business personally?

I was pondering this with my friend Adam recently, and we came up with 8 vital keys to ownership. I’m sure we missed a few aspects, but consider how you’re engaging your team members with the first four ingredients of ownership.  I’ll post the rest of the list on Tuesday – so definitely schedule five minutes to read the rest of the list then.

Reminder: Your comments and feedback are always welcome.

If you want more accountability, more initiative, more caring and concern for your business, you’ll want to crank up the aspects of ownership that a team member feels.

Title/prestige (e.g. a title that conveys you are a shareholder, partner, principal, member, etc.   There is some legal risk here that if you call someone a shareholder but they aren’t, they will later claim they are.  Therefore this should be accompanied with an employment agreement or signed side letter that says that title is X but regardless of title they are not a shareholder (if they are not) and have no ownership interest in the company). Now, that said, I am all for incenting team members with shares of company stock once certain objectives have been achieved. The point is to state these clearly.

Money. Someone can have their compensation tied to the performance of the company without being a shareholder.  This is “profit sharing” and can be complex because expenses, and thus profit, can vary widely, and although you want your team to be frugal, you also don’t want to have to step through your books with them. Again there are legal implications of promising a share of profits so you want to be careful to expressly limit rights.  Also it is important in explaining to a non-entrepreneur with experience only as an employee that one of the wonderful things about tying your compensation to profits is that it can go way up AND WAY DOWN.  If you want to be an owner, you go to the end of the line after everyone else is paid.  If things turn south and we have to cut outflows, you and I are the first ones to be cut, and the last ones to be restored.  Still loving the idea of being an owner?  Great!

Upside. This is benefiting from the value increase of the company from today through exit, but it is ONLY relevant upon exit.  If no exit is contemplated or occurs, upside is not real. This is why I like all entrepreneurs to have a clear End Game, of Freedom Finish Line. If you know when you want to sell your company, for ideally how much, to whom, and what assets will be most compelling, then fine—it is fair to set the Upside Expectation with your team members. If exit is contemplated, there can still be a “trust me” approach. Now if the End Game is a certain ideal annual revenue level for a lifestyle business, the Upside for team members could be bonuses tied to revenue or some other incentive.

Job Security. An owner can’t be fired unless you have a board of directors that can vote you out (this is one of the many reasons why you need to learn to manage your board, and of course have the right blend of people you trust on it, outnumbering any challenging personalities. You’ll also want a founder agreement to state appropriate protections for termination (e.g. severance).

Remember, there’s a lot more to be said about team BUILDING and ownership, and I go into tons more detail about this at my 7 Figure Business Summit on 4/30-5/2.  The event is only TWO weeks away now, and there are less than 30 spots left.  You can still come for the early-bird price of $997 AND bring a friend for half price. (That’s MY PERSONAL business acceleration recession buster — 7 Figure Business Summit.)

To your amazing and IMMEDIATE 7 Figure Success,

Christine Comaford, 7 Figure Business Builder

CEO of Mighty Ventures, Inc.

NY Times Best Selling Author of Rules for Renegades

PS: IF you cannot attend my Summit for any reason, then by all means, grab my Results Now Webinar and get started – but I think you should ALL be at that Summit and give me a chance to see you and hear the extraordinary life that YOU want to build.

I received a blog comment from an amazing woman recently. She was all about supporting a friend who had fallen short of funds necessary to take the next step in her life. The note was as beautiful an example of loyalty as one could imagine. In fact, when the comment didn’t make its way to me fast enough, the author was indignant in the way that only a best friend can be.

I’ve been that best friend more than once in my early life, watching those I loved struggle to move forward (or pay bills… or afford medication… etc.). It’s not a good feeling to be powerless to help those you love. So I want to do two things today. One, I want to offer a few solutions for small loans – because I know that a lot of you are NOT near that 7 Figure Business mark yet. (But you could be IF you make the right decisions and follow the FORMULA to get there.)

And two, I want to talk to you about the formula. Because let’s face it. Success is not a new idea. It’s not “eureka” I’ve got it. (Okay, it CAN be, but hey, why not follow the path instead of beating your own through the jungle.)

* Okay, one last note. I am going to list two specific places to find small loans. I do not endorse either. Do your homework on these AND search the internet for “micro loans” and other avenues, such as angel investors and small business loans. Don’t forget that your own bank is often a great source for funding – don’t discount that idea. AND finally, if you can find a zero interest credit card, and you only need a short-term loan, that is another option. But have a GREAT repayment plan and a rock solid formula in place for success.

#1. Small Loans: An unsecured loan requires no collateral (a home or other asset) to secure it. So if you’re in the market for a loan under $25,000, check out http://www.prosper.com. If you demonstrate good will with prompt payments, you’ll be eligible for another, often larger, loan in time.  You can also check out http://www.microloan.com/. Remember, do your HOMEWORK. You don’t want to give away your soul OR YOUR BUSINESS. You want a good loan with good terms.

#2. MOVING YOUR OWN BUSINESS and FINANCES FORWARD. Okay, here’s what I want to say to ALL of you. I personally hit a place where I never, NEVER wanted to have to say no to the people I loved again. I decided that I was going to amass a bank account big enough to support my loved ones (and the charities I adore) in any way I could. Now let’s face it, as I’ve written before, support is NOT all about money, but dang, it sure helps.

SO I WANT EVERY ONE OF YOU who has that same drive to succeed to stop standing on the fence and grab one of the 36 seats left at my 7 Figure Business Summit. If you’re not sure why you need to be there, you can come to a totally free preview call – where you’ll also get a TON of amazing business building info from me.

What I want for ALL of you is FREEDOM – and having a 7 Figure Business creates big choices and BIG freedom, believe me. THIS event is happening in only 3 WEEKS. 4/30-5/2. So get  your seats RIGHT NOW. You can still come for the early-bird price of $997 AND bring a friend for half price. (That’s MY PERSONAL business acceleration recession buster – 7 Figure Business Summit.)

To your amazing and IMMEDIATE 7 Figure Success,

Christine Comaford, 7 Figure Business Builder
CEO of Mighty Ventures, Inc.
NY Times Best Selling Author of Rules for Renegades

PS: IF you cannot attend my Summit for any reason, then by all means, grab my Results Now Webinar and get started – but I think you should ALL be at that Summit and give me a chance to see you and hear the extraordinary life that YOU want to build.

Christine Comaford believes every entrepreneur has at least one multi-million dollar business inside of them. Her 7 Figure Business Formula has created over 153 multi-million dollar businesses. Learn the 6 proven steps to YOUR 7 Figure Business here: http://bit.ly/ComafordWebinar

Budding entrepreneurs and intrapreneurs ask me more questions about pricing than anything else. When do you charge full price? When should you low-ball against a competitor? How do you determine the right price point? How should you position yourself relative to price?

So this week, I’m going to touch on a few of these frequently asked questions… Be sure to stay tuned to my blog to get all of my business acceleration tips and million-dollar advice.

–FAQ #1: When Should You Low-Ball? Let me make this very simple…if you have a tangible differentiator, then NEVER!  When I was selling services head-to-head against the Big 6 accounting firms, we were competing to provide expertise in converting corporate information systems to Microsoft Windows. I had four years of Windows engineering expertise, and I was even on the Windows team at Microsoft. My team was equally as strong as the Big 6, if not more so. On the other hand, we were only bringing 6 months of Windows experience to the table. Know what? I never low-balled. There was no need to – we had the expertise advantage.

However, when you’re equal to the competition, but have a perceived disadvantage in the commodity business, then low-balling may be the best choice. When I was competing with a large job shop to hire highly skilled freelance programmers, I did low-ball. The programmers were the decision makers. They didn’t care who paid their paychecks — they just wanted to keep working at Microsoft. So I paid the contractors a piece of my profit (more than the large job shop would) because I had no differentiator. And it worked out great.

Of course, there’s a lot more to be said about pricing strategies, and I go into more detail about each one of these questions, as well as a host of others, at my 7 Figure Business Summit.  Worried that you don’t qualify because you’re NOT a 7 Figure Business yet?  Well, that’s the point, of course!  If YOU are ready to work with me, I still have a few seats left!

THIS event is happening in only FOUR WEEKS.  4/30-5/2.  So hurry! Get your seats RIGHT NOW.  You can still come for the early-bird price of $997 AND bring a friend for half price. (That’s MY PERSONAL business acceleration recession buster – 7 Figure Business Summit.)

To your amazing and IMMEDIATE 7 Figure Success,

Christine Comaford, 7 Figure Business Builder
CEO of Mighty Ventures, Inc.
NY Times Best Selling Author of Rules for Renegades

PS: IF you cannot attend my Summit for any reason, then by all means, grab my Results Now Webinar and get started – but I think you should ALL be at that Summit and give me a chance to see you and hear the extraordinary life that YOU want to build.

Christine Comaford believes every entrepreneur has at least one multi-million dollar business inside of them. Her 7 Figure Business Formula has created over 153 multi-million dollar businesses. Learn the 6 proven steps to YOUR 7 Figure Business here: http://bit.ly/ComafordWebinar

Hi gang. We’re going to pick up where we left off last week regarding how to obtain financing for your own mighty venture. Rememeber though, if you’re REALLY serious about how to win in the financing process, being at my 7 Figure Business Summit is a MUST.

We talked about getting investors to put money into your business, but if your company  is on the smaller side with fewer (initial) lofty goals and a more organic growth curve, a loan can be a good financing method.  Loans come in three tasty flavors:

–Secured Small Business Administration (SBA)
–Secured Small business bank loans
–Unsecured loans over the net

SBA loans are easier to get if you have assets to secure the loan with, a solid pre-existing banking relationship, and a high tolerance for bureaucracy. The process can be excruciatingly slow, but if you make it through, you can get a six-digit loan on pretty favorable terms.

A small business bank loan also requires a pre-existing banking relationship and high tolerance for bureaucracy, but you’ll get okay-to-pricey terms based on your credit rating.

An unsecured loan requires no collateral (a home or other asset) to secure it. Check out www.prosper.com (their current max $25k). If you demonstrate good will with prompt payments, you’ll be eligible for another, often larger, loan in time.

Now, the first secret about succeeding in the financing process…

Raise money BEFORE you need it, because the financing process always takes longer than anticipated. For institutional investors a realistic expectation is three to six months from the first meeting to the wire-transferred funds. Financings sometimes occur in far less time, but you must be prepared for the long haul.

Start raising money six to nine months before you’re due to run out of cash. Have a strong banking relationship already established in the event that you need a bridge loan to tide you over during an extended financing process.

This week, think about whether a loan is best for your business or if finding investors would be more to your advantage. Begin to outline a business plan that centers around your choice. If you’re REALLY serious about how to win in the financing process, being at my 7 Figure Business Summit is a MUST.

You can also find much more information on this – and all of my business acceleration tips, including needle movers, business model, mentorship, board of advisors, etc., at http://www.ResultsNowWebinar.com – it’s a GREAT opportunity to MOVE your biz (and get my personal mentoring).

To your success and your winning relationships!

Christine Comaford, The 7 Figure Business Builder
CEO of Mighty Ventures, Inc.
NY Times Best Selling Author

PS:  This is the ONE event you must be at this year: http://www.7FigureBusinessSummit.com

The Number One Rule of Sales:  The Inner Game of Sales = Perseverance

Step Six:  Last but not least, HANG WITH THE WINNERS, people.  You will be MUCH more likely to find mentors, inspiring friends and yes, even clients when you’re with the BEST of the best.  If you’re seriously on the road to your 7 Figure Success and ready to FIND those winners (and learn from ME, in person), then you MUST be at my 7 Figure Business Summit is in April.  Seats are going fast http://www.bit.ly/5dHdCp and the early bird pricing ends in just a few DAYS.  AND, if you hurry, you can still bring a friend for half price.  (Yes, that’s two of you for $1,499.)

PS:  Here’s the link again to the 7 Figure Business Summit:  http://www.bit.ly/5dHdCp

Way too often, we’ll go rushing in to sell our product or service BEFORE we’ve done our three-step check.  BEFORE You Ask for the Deal:#1 Be SURE you have identified your prospect’s needs. If you’re NOT sure, ASK them. Sometimes the simple approach is the best approach.

#2 Be SURE you have presented a solution to your potential client’s needs.

#3 Feel confident!  You have earned the right to ask them to buy your recommended solution or service … So ASK for the deal! This is where a lot of companies and service providers blow it.  They wait for the prospect to ask THEM. People, we’re not in a bar waiting for an invite to dinner. You’re the one who does the asking here.

A PERFECT example of this three-step check is my 7 Figure Business System CD.

Number one, I identified the PAIN (um, can we say agony) that business builders go through (often, it’s systemization and almost ALWAYS it’s no mentor – or worse, the WRONG mentor).

Number two, I gathered up the 45 “must have” business documents, procedures, templates tutorials and worksheets that I insist my OWN mentees use AND I put them into a free CD for you guys (you pay only the shipping).  THEN, I put together a killer video mentoring project – and with the free CD, you get 2 weeks for FREE to try this mentoring program. Finally I made the program REALLY affordable – no kidding – solving the mentoring CRISIS that many of you go through. (After your two-week trial, unless you notify us, you will be automatically enrolled |in this $97 a month Exclusive Training Program.)

Number three, I put the offer out there!  (You can grab your copy now and ROCK the two-week trial. Supplies are limited and I have no plans to create more. http://bit.ly/97KnyV)  Be sure to get YOUR offers out there in a way that your clients see them.  Whether it be one-on-one in a killer sales meeting, or over the web to your friends, fans and followers.

ROCK your business people!  It’s TIME. 

Christine Comaford, The 7 Figure Business Builder
CEO of Mighty Ventures, Inc.
NY Times Best Selling Author

PS: Grab your copy now and ROCK the two-week trial. Supplies are limited and I have no plans to create more. http://bit.ly/97KnyV

This week, I’m all about financing.  Financing is a VITAL part of growing a real business.  This begins with a killer FINANCING PITCH.  Remember, value boosting makes your company more compelling. A compelling company gets financed. Here are the key things you need to convey in your financing pitch:

1) There is a tangible pain or huge untapped opportunity in the market: quantify the pain or opportunity in dollars and market segments and explain how you know who and where the people who need your product are. You know how to reach them.

2) You and your team are the ideal people to remove this pain or tap this opportunity: prove it! Make us believe that you, your team, your advisors, your circle of connections are positioned perfectly to pounce on this pain or opportunity. Remember—at least a dozen other people have the same idea as you and are likely executing on it. What makes your company special? What gives you an advantage over all the current and future competitors?

3) You have a well-thought out sales, marketing, product plan: You know how to build your product, people have already said they will pay for it, you know how and where to sell it and at what price, you know how to generate tons of interest that will build buzz and result in revenue.

That’s it. From there you’ll have them hooked enough to bring in the rest of the decision makers, or you’ll have to refine your pitch to hook the next prospect the next time. Refining and testing your pitch is essential—you generally get one shot to pitch your deal. Use your community, your coach, your mentor (me!) to help you refine your pitch.

Remember, you must build trust and respect with others. Making the two most common mistakes damage trust in you and also make the financier lose respect for you.  There are 2 common mistakes I see in almost every financing pitch:

1)   Asking for too much money: an entrepreneur says they need $1million in financing but their company is a pure startup with no product, a skeletal team, no real traction. They may only be worth $100k. How can they possibly raise $1 million? They should raise a super small angel round or get a loan, create some tangible business traction and achieve some specific milestones, then take that proven track record out and get the larger financing. There’s no rule as to how many rounds of financing you’ll raise. Just get somebody to take a risk on you. Then more will follow.

2)   Having unrealistic revenue projections. Don’t be like Dr. Evil in the Austin Powers movies. Understate the amount of revenue you expect to generate, then blow your financiers away with your massive results. Here’s a sample plan for fundraising:

Financiers like to see a decent revenue ramp, plus a controlled cost structure. Sloppy cost control will botch profitability pronto. Also, there are key inflection points that are expected in the growth of a business if it is to be considered compelling.

Christine Comaford, CEO Freedom Fighter
CEO of Mighty Ventures, Inc.

PS: In the spirit of great free gifts with TONS of value, if you haven’t gotten my FREE CD on the “6 SECRETS to Creating More Time, Money, Freedom & FUN In Your Business,” you’re simply leaving money on the table.  Click here and let me help you get serious about living a better life and building a bigger success story.  http://www.bit.ly/iBmuI

Well folks, 2009 is winding up. For many of you that means celebration DESPITE the economic downturn. Why? Because you managed to create opportunities in tough times and build a path to results NOW – because we’ve ALL learned that results later just won’t cut it any longer. Maybe your success came about by creating new product paths, by building relationships through JVs and affiliates, or maybe by obtaining financing through private investors.

If, instead, you’re one of the entrepreneurs who can’t wait to build a big bonfire and release 2009 to the ashes of yesterday and move forward to a new decade, stick with us and learn some new paths and new inroads. After all, this is YOUR life and your business. It is your right to work hard, build a great business and write a success story all around you. YOU get to create your own path to CEO freedom, and no one has the right to stop that. But remember, a mentor who has built a business or two (or ten) is vital to your success. I have a fantastic mentoring program for all levels of business – and one especially designed for NEW (or struggling) entrepreneurs. Visit http://www.bit.ly/iBmuI to sign up for my very affordable monthly mentoring program AND get my free CD on the “6 SECRETS to Creating More Time, Money, Freedom & FUN In Your Business.” If you don’t do AT LEAST this to move your business forward, quite honestly, you’re declaring your right to fail.

Christine Comaford, CEO Freedom Fighter
CEO of Mighty Ventures, Inc.
http://www.bit.ly/iBmuI

PS: In the spirit of great free gifts with TONS of value, if you haven’t gotten my FREE CD on the “6 SECRETS to Creating More Time, Money, Freedom & FUN In Your Business,” you’re simply leaving money on the table. Click here and let me help you get serious about living a better life and building a bigger success story. http://www.bit.ly/iBmuI