Question from Winnipeg, M.B.  From the ASK ROGER menu.

First and Foremost is having a product or service that your customers want and will keep coming back for.

Second is the profit margin you charge over the cost of sales.  For instance, the restaurant industry has to consistently contribute 65 per cent or more of their sales to their gross profit before operating expenses in order to meet industry standard. Do you know your industry standard? What is your acceptable margin over cost? If your costs erode too much of your revenues, then three things might be happening:

1.    You are not buying your inputs cheaply enough; and/or
2.    You are not charging enough for your product or service; and/or
3.    You are not doing enough to draw attention to your business and what it offers

Your challenge is to do your research and not be afraid to charge what your product or service is worth.  If you indeed treat your customers with the respect and courtesy they deserve they will come back because you ADD VALUE to what you deliver.

Question from Kamloops, B.C.  From the ASK ROGER menu.

Follow these eight KEY disciplines.

1. You have to be extremely passionate about your idea and concept, “The Project”;
2. You have to have done enough research to convince yourself  The Project will be a successful venture;
3. You have to articulate The Project into a full written Business Plan;
4. Your Business plan MUST leverage all that you bring to the table; who you are & why you? Financial background – your skin in the game;
5. Your Business Plan MUST explain The Project in sufficient detail to be understood;
6. Your Business Plan MUST include the context in which you will operate; industry, environment, regulatory controls, non-controllable factors; nothing can be all positive what will you do to battle the negatives?
7. Most importantly you MUST convey the Reward; what will your return on investment be? Add forecasts with conservative assumptions;
8. If someone else were asking you for money to fund this project would you buy-in?

Besides the foregoing, those who are invited to participate in The Project,  friends, family investors and banks will be testing your ability to properly execute the plan. Can you deliver the Rewards?