What fails 70% of the time, yet people continue to do?

Posted on March 21, 2018March 21, 2018 by Plemmons

What fails 70% of the time, yet people continue to do?

Start-ups.

7/10 Do not last five years.

An Economy Built on Failing Forward

While we do not need 70% to fail, we do need the constant creation of start-ups who strive to be the next Amazon.

Businesses created to chase that exponentially small chance employ the majority of Americans.

We already have monoliths like Amazon, Microsoft, or Apple. We do not need a copycat but, the process that created them is essential to the American economy.

Windows for Microsoft, online retail for Amazon, and the Macintosh for Apple. One right decision began the path leading to now.

Based on the definition of start-ups being a company less than five years old, the majority of Americans work for a start-up business. Some likely work for the next multi-billion dollar company but do not realize it.

"In Business, to be a success, you only have to be right once."

- Mark Cuban

Some Will Hit it Big

Toss a dice enough; you will roll double 6's a dozen times in a row. In 2017, America saw an additional 150,000 people reported being self-employed by new start-ups. That is 150,000 new businesses in America every single year. Even taking the worst failure projection with 70% of those companies folding, that is still 45,000 companies sticking around.

With 45,000 new opportunities, the odds of the next Amazon or Apple being founded are quite likely better than your odds of winning the Powerball. Amazon crossed the 100 billion dollar value marker in 2011. We are inclined to believe that in the last six years, one of those 250,000 businesses created that will make it past their start-up phase and hit it big.

The Law of Probability states that if you play out a scenario enough times, even marginal outcomes are realized.

The start-up process boils down to:

Constant regrowth is vital. It is what fuels the constant cycle of:

Start-Up, Growth & Hiring, and Stabilization or Folding

Three out of ten businesses end up stabilizing and continuing the growth pattern. To this day, new companies have continued to rise to take the placed of folded ones. Those new start-ups replacing the previous generation are the key to a healthy economy.

We Need Businesses That Want to be Amazon

The success a start-up achieves compared to Amazon is not relevant to the reason we need them.

We need people to chase that dream. Entrepreneurs who want to be the next Jeff Bezos are fueling the American economic engine.

The process that creates the next Amazon is far more essential to the economy than the company itself. A rising ride raises all ships. We can live without Alexa. We cannot live without start-ups, they are the future.

4 Must-Have Gadgets for an Efficient Office in 2018

Posted on January 19, 2018March 19, 2018 by Plemmons

Every January, the titans Tech get together and announce the new 2018 gadgets. Here are some that are useful for your Office Suite.

New technology in your office can lead to new efficient ways to do business, optimize tasks, and save money.

Here are some of our favorites from CES 2017:

Canary View – Indoor Security Camera:

Quality security cameras for an office are often prohibitively expensive. Especially once storage is factored in.

With the View, $100 Camera. $100 a year for cloud storage. Buy it, set it up on your wifi, and you are live.

It even has machine learning to filter out daily movement so you receive less false alarms.

Check out the Canary View Here

Multiple Companies – Wireless Charging Mouse Pads & Mice:

Few feelings are worse than getting through an important email or document, going to hit send, and your mouse isn’t moving.

With new mice and wireless charging pads from Razer and Corsair, these moments will be a thing of the past. The mouse pad is plugged into a USB port and the mouse charges simply by resting on the pad.

This will really be the most helpful tool to those who spend countless hours on their computers. The expense can start at $250 but when the computer is your business, this is a necessary expense.

RavPower – File Hub Plus:

The File Hub Plus is a problem solver that happens to be smaller than a new iPhone.

Here’s what the File Hub Plus can do:

Backup pictures, videos, and files from iOS and Android devices
Transfer Files between connected storage devices
Function as a wireless travel router
Stream media from connected smartphones, tablets, and laptops to other streaming devices
SD card reader
Charge any device that support USB power with a 6000mAH battery

Thing little black box solves so many potential office issues.

Router giving you fits? Plug this into the modem to bypass it.

Client not able to stream from their laptop to your TV? Plug this into their laptop and you are in business.

Conference room too far away from your network hub to get a good signal? Plug this in at the halfway point and set it to bridge mode.

The only thing it cannot do it charge a laptop. Except, they have a different model that will do that too!

Pick one up here!

Ecobee: Ecobee3 Lite:

Finding ways to be financially savvy is something we pride ourselves on here at Plemmons Industries.

Which is why we love the Ecobee line of smart thermostats. They hardware onto your existing office heating and cooling panel and allow you to control the temperature from anywhere with their phone app!

Forget to turn the heat off before leaving the office for a few days? The thermostat will detect that and notify you if the heat or AC are on during unexpected hours.

Plus, if you’re one of the many who already have or received a smart speaker like an Amazon Echo over the holidays, you can control your temperature with your voice.

Check out the Ecobee 3 Lite here!

Varidesk – Adjustable Desk:

While on your gadget spree, consider doing something for your personal health.

Varidesk produces an array of workstations with adjustable heights and configurations. Everything from standing laptop desks to dual monitor editing stations can easily be achieved.

Standing desks allow you to burn 10% more calories compared to a traditional seated desk.

If you decide to try an adjustable standing desk make sure to give yourself some ramp up time. Don’t go from sitting an entire day to standing an entire day the first day.

Save Money on Commercial Space with These 10 Helpful Tips

Posted on January 9, 2018January 12, 2018 by Plemmons

For every successful business, there comes a point where you outgrow the kitchen table or garage.

Getting a bigger space becomes essential for growth.

The question is, how do you find a perfect space for your business to thrive?

Know your budget. Do not go over your budget.
- Get a space that will allow you to continue growing. Be economically minded when space shopping.
Know your businesses needs.
- Different businesses will prioritize different factors. Trucking and distribution will have a different priority set compared to an IT company.
Leave wiggle room in your operating budget.
- Know the issues that may arise for your unique business.
- Keep a rainy day fund for vital equipment replacement.
Know your personal AND business credit score.
- Especially vital for newer businesses.
- In lieu of business history, a personal guarantee can sometimes gain lease approval.
Do NOT sign a lease that does not make sense for your business.
- Consider the needs of your business a timeline. Why sign a 54 month lease when you may need more space in 36 on your current growth rate?
Read. Your. Lease.
- This contract is going to be a vital piece of your business going forward. Know it inside and out.
- Ask questions! Never leave anything to an implicit meaning, ask for explicit clarification.
- Negotiate! Until you sign, many things are up for negotiation or discussion. The worst the leasing firm can do is say no.
Calculate your moving and logistics costs.
- Moving trucks, personnel, tech installation, etc. all come into play here.
- Consider moving mid-month to minimize downtime once paying rent.
Secure all items of value.
- Don’t leave tools, electronics, and other valuable items visible from the outside. Especially do not leave them in any company vehicles.
Know your subletting rules.
- Subletting from another business is a great way to get the space you need without paying the full market rate.
- It can also make you some good money if you have space to spare.
- Check with your leasing company to make sure you are permitted to do so in your lease.
Have questions? Ask them!
- The last thing a property manager wants is an unsure or uninformed tenant.