Lorri Allison Craig is a Certified Financial Planner
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The BS of Bob Schmidt podcast featuring entrepreneurs, marketers and business people this week talking with Lorri Allison Craig is an entrepreneur and author and a certified financial planner wanted to talk with her about starting up your own business over your lunch hour and I think that a lot of us as entrepreneurs can have that is a dream in our work and are 95 and were thinking about the daily grind and the crap that were dealing with on a daily basis with again we can do it better. Lori, is it possible for us to do better and that you know can I start a business only during her lunch hour anybody come to people that are God only 75% higher than that is a lot of people just hate what they do on a daily the grind is just there, I developed the lunch bag in the UK learn on your lunch hour to start a business doing something that you have is is that the key right there is doing something that you love you again something that it's not worth the joy you don't care how many traits you spend doing what you know, I found that II mean I really enjoy podcasting. I'm just waiting for the dollars to start rolling in. So how do you do how do you monetize the thing you love to do and end up making a living out of it that not only did that learning to halt the difference that parents see that and for asking different ways that you can make money and lifting her that when you get a bad business plan part that is forecasting different ways that you can monetize that care mistakes with your business plan is not necessarily for somebody else it's for you to… More and think to go do some research is like, okay, let's look at some other podcast. How do they make money and find some no entrepreneurs that you can just follow their plan. Instead of reinventing the wheel. You think that a lot of entrepreneurs try to reinvent the wheel every time. Why can do better than that, and then realizing that there drowning in minute I spent all this time and I could just look at this or could I just googled that you know what had the answer right there rather than spending time doing a short story. My daughter grip on my lap running a business from my home and said she didn't think anything about it. Just as she graduated from college. He started business in her home and now she went to multimillion dollar corporation from her living room while while he lived saying to me, mom and found only now – or if I'd only known that and said okay well that's Lamb writing this so that people can just you know get it in a simplified version and a male only difference Glatz like one of them is building a team of professionals explain you have decided what you want to do that next year as when you want to go find the accountants in that attorney and that can help you in that particular area to want to get your team together absolutely need to get your team going that before you going to need to know what you can again like that great idea rightly admit you'd mentioned business plan a couple minutes ago and the importance of a business plan. What kind of detail should we put forth in her business plan to make sure that people don't get that. I don't know that there tell doing the business plan because it is so big and complicated and daunting and that scripting I think the first time that you do it you start with a simplified business plan. You go to the Internet and you find a sample kind of closely related to what you want to do because it's going to have a lot of things – that maybe you haven't thought at sea as a template and go through it and see if you're on the right thing. Not you I'd thrown out more ideas than I've ever actually started business with probably 5 to 1. So if you do the business plan and simplified version you can kind of see upfront whether it seems viable or not Outlook let me ask a little bit about that because I my mind is always with all this would be a great idea. All that domain names available. I buy the domain name might be annoyed. I start jot down things I start going hundred and 27 miles an hour. Then I hit a wall in my Idea than the scroll runs by to look at the squirrel for a while and I forget where I was guessing that a lot of entrepreneurs have that same squirrel mentality that I do this I owe next thing you know that you know, it sounds like you're definitely an entrepreneurial brain so I would start no. If you do you want Dick a great idea you analyze everything that you live, you know, what are the things you like to read what you like to look at when you're surfing on the web like you and your joys in life and write those down and shrink them into another top trading you like and then do values work like what's important to you is freedom important is your home environment important to know what things that I am pointing all those things and to get it values and what you live, and gives you the direction the fillet, like a flashlight that you just highlighting the area that your you're truly interested in and then you do what we call a slot that drinks, weaknesses, opportunities and threats and you just do a one pager and you evaluate whether your internal strength that taking anything that you're interested in and what are your weaknesses. Do you need to go get some more education or knowledge that led to make that opportunity stronger you want to do an inventory of external opportunities in that environment right, you know what the market economics that are going on right now and many the social and political landscape. Okay so minutes is is basically it's it's a big long list of things he could have to look at in order to jump in with both feet and be ready to be buoyant when you did when you know when you do jump into the water a lot cheaper than making mistakes on paper so you want to do them just like building a house. When you hire an architect to help you design your house and everything you make those mistakes on paper rather than getting in to actually framing the house and you like someone at the wall over there and not making changes. Happy is gotten started. It's much better to do it. What you'd mentioned also earlier about your about your daughter sitting on your lap as you are going through and doing some of the stuff earlier on in your career and how your daughter took that and move that into an opportunity for herself. I've been kind of a closet entrepreneur my whole life as a radio guy for 30 years and then when I got laid off from radio. I jumped in both feet to do podcast and it's funny because two of my boys started job or started their own businesses as last summer as well. I've got a summons got a food truck now and another son that makes fishing lures really jumped in the some of the things that they enjoy doing and are make money that way you know you were great you are a great role model that's important about being an entrepreneur and what can I get on your children model and it takes away the fear for them. Thank you not going to get you. I can get the same thing with my daughter and Frank was just totally normal to start a business in your home, so there was just like no fears it just never occurred to her Fear when you did mention that you will be kind of a leader. That way you'd mentioned earlier before we got a mirror that you're talking about, but you're also coach and a and a mentor and I I'm guessing that a lot of times that some of the started off a business wanting to get going and something called a somebody end up getting a culture finding the right mentor for what type of entrepreneurial adventure that they have lied business coaches that are out there. I would suggest getting a business college in the area of the business that you're interested in coaches. I got Chris for coaching. Five had business coaches and I would just suggest that you do like. A web search talk to people talking your team, your CPA or attorney can get referrals far outweigh our men. People in the financial industry. I feel really strongly about giving women opportunity so I went to my assistant into becoming certified financial planners and professionals on their own but that's how I I mentor people coming at pelican industry specific to think that most people are willing to help out under the underdog or the person just started up. I think a lot of people do. I think they had black tender patent that they want to help people starting out a while back, I interviewed an author, Ralph Heath. He wrote the book celebrating failure and I'm assuming that as an entrepreneur and as a person is starting up it'll businesses on her on a regular basis. You probably have lots of failures to to go with some of the success that's all yeah yeah you embrace those tanks and now that the teachable moment and make you stronger. I think about Olympic athletes that talk about how many holy things that they lost on the way to becoming an Olympic athlete, so you have to embrace give an example of an embracing of failure that perhaps would help somebody listening right now. I think one of the things that I get tonight would hope might help people who are thinking about becoming an entrepreneur and starting a business, whereas I was helping my financial advisor in his business. And honestly I just kind of sitting on my tension letting him run the business and I was just kind like he is answering the phone. Even though I had all my licenses and everything honestly is letting somebody else do it right, you can do that for me and then he was diagnosed with cancer and given 10 days to live, and gone. I just went into shock is like all my guys know he is going to make some money and when I can do and so can others allot to the story. He added also and into health and diet nutrition in that setting. And so I went to work on him and he ended up living another 15 years