Latest / The SmallBizChat with Melinda Emerson / The Business Mindset with Dr. Lorneth Peters

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The Business Mindset with Dr. Lorneth Peters · The SmallBizChat with Melinda Emerson

0:00
I tell people all the time.
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It's always a great time to start a business, but it depends on what business you decide to
0:07
start.
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Hi.
0:10
This is Melinda Emerson, the small biz lady host of the small Bizchett podcast.
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I want to serve you.
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This pandemic has been so hard on America's small businesses and on just America in
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general.
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If you're ready to start your dream business, boy, do I have a great offer for you?
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I am giving away 1000 copies of my best selling book, become your own boss in 12 months.
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Over a hundred thousand people have this book has been printed in multiple languages around
0:36
the world, and I wanted to find a way to serve America's small businesses in this pandemic.
0:42
And so I am giving away a 1000 copies of my book.
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All you have to do to get your copy is head over to beginmybiz.com/ free offer to, you
0:52
know, sign up for your copy.
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All you have to do is pay shipping, and we will mail one out to you.
0:57
I am so excited about this.
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I wanna serve you, grab your copy today.
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I left off.
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Ending small business failure.
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Welcome to the Small Biz Chat podcast with a number 1 small business expert, Melinda
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Emerson.
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Melinda's goal is to and small business failure, and she'll give you the information
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you need to succeed and live the life you dream of.
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Now, here's the small biz lady herself.
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Melinda Emerson.
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Hi, everybody.
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This is Melinda Emerson, the small bus lane.
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I wanna welcome you to the small biz chat podcast This podcast is all about my mission to
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end small business failure.
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I have an amazing guest with us today.
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Doctor Lawrence Peters and she is the current director of the Tennessee small business
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development center in Clarksville, Tennessee.
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And as the center director, she connects entrepreneurs and business owners with
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information and opportunities to help them start and grow their businesses.
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Under Lorna's leadership, the center has experienced notable success over 500
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entrepreneurs and small businesses have been assisted just in the last gear.
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So I want you guys to know folks who's coming up into small business development centers
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getting help, and you might want to as well.
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With Martin at the helm, the capital infusion for business development has exceeded 7,000,000
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in the last 2 years with opportunities to create jobs, and more importantly, job
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retention.
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So I'm so excited to have Doctor Peters with us today.
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And welcome to the Small Bishop podcast.
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Thank you so much for having me.
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I'm excited to be here with you today.
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Alright.
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So tell me, how did you end up I gotta hear your background.
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How did you end up running a small business development center?
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Oh, man.
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I must tell you from the time I was around 9 or 10, I've always had that spirit of
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entrepreneurship.
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I can still remember my father owned his own handyman business He worked a full time job,
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but on the weekends, at night, he would have a hand again business, and he would come home and
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complain over and over to my mom, about the customers and them not paying him.
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And I've always been a nosy child.
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I've always been a busy child.
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Let's put it that way.
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And I said, dad, what are you doing to onboard?
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And not that I didn't go to work onboard, but what are you telling your customers, what are
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your expectations for them and their expectations for you?
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And you looked at me, like, what are you talking about, child?
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Stuff that, I want you to try something different.
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Why don't you, on your first meeting with them, tell them what you will do.
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Most people knew my dad was really good at what he did.
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So they already knew what their product.
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They knew what they were getting.
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I said, and make sure you set some boundaries with them.
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They need to pay upfront certain percentage.
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And then at the end, they can pay you a rest.
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And he said, okay.
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I'll try it.
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I was the last child and and the only girl I saw 4 daddy's girl.
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He listened to whatever.
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I told him.
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So after meeting with the client and going through the whole process, he came home, and he
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said, guess what?
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I got paid on time.
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They were receptive to everything I had to say.
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So every time I meet with a client, I have a challenge and you come up with a solution, I
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give you 15%.
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You will give me 50%.
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Every single time I was able to help him with his client, and From that point, I said, man, I
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get paid to solve problems.
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I love that.
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So that's, 1st of all, where I started thinking about entrepreneurship But I went on to
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college.
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I got my
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bachelor's, masters, and then started working in higher education.
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I fell in love with higher education.
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And then I realized, still have more to do.
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I want to work outside of the box, think outside of the box, I started my own business
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along with my husband in 2006.
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2 2005, we actually started it, but in 2006, we actually filed.
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Okay.
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For So it was called number 7 management.
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And that business focused on promoting artists, whether it was musicians, our speakers and we
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provided media kits, we made sure everyone knew them in the areas they live.
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So we were more PR.
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So we did that for about 2 years was a huge success.
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And then we found we wanted to diversify what we were doing.
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So we then added nonprofits working on their fundraising, their programming because, as you
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know, sometimes nonprofits just kinda struggle as it pertains to planning events And we did
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that.
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And then in 2008, things changed because, you know, the economic downturn.
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And what they now call an essential business, what we know in COVID as essential business.
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Back then, we were not an essential business.
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We saw everything we work for just dissipate.
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So we held on for the long long.
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We're hoping things would get better.
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It never did.
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So I went back to my 9 to 5 working in higher education.
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And then a few years later, the opportunity to be the director of a small business development
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center came about.
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And I said, oh my god.
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That gives me an opportunity to help businesses or entrepreneurs who are going to navigate
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these waters I've been through before.
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So I was excited to accept the position.
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And as you stated at the beginning, it helps so many entrepreneurs and businesses.
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That's great.
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I mean, I think given how everybody's gone through this pandemic, you were especially
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empathetic and can under stand intimately what people were going through and how they were
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feeling.
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Because I think a lot of this is it's one thing for your business to be struggling.
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It's a whole another thing for you to manage emotionally how you feel about your business
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struggling because so many of us equate our self worth with what's in our pocket or what's
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going on with our business.
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So if my business fails, does that mean I'm a failure?
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And so That's something that I wanna talk to you about as well because I think we've gotta
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get people out of this concept of falling in love with their business.
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Like, we want you to love your customers, but that's a business.
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You're a person.
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And so we want kinda to teach people to detach a little bit so that you don't feel like
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because your business failed, your failure.
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That's not true.
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Your business failing has nothing to do with your destination and where god and to you.
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So you have to really be clear about that, but I think particularly when we're younger,
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because I can certainly remember when revenue was how I equated success.
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Right.
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And so I think that now 22 years in the game, I there there's a different perspective.
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I mean, certainly profit is how we keep score.
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That's never not true, but I think there's some other things you win and sacrifice to be an
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entrepreneur.
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We can talk about that.
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As you speak on that, It always brings me back to one of the first things I talked to business
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owners about mindset.
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There has to be a shifting, a shift in your mindset as it pertains to your person and being
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a business owner, business owners must think different.
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Well, you have to because your old friends don't even understand what your your
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undertaking is.
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So you've gotta figure out how you're gonna figure out what you don't know about running a
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business.
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Right?
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And that wonderfully dovetails into my next question because I wanted to ask you about sort
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of like the personal side of working with entrepreneurs.
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How do you enjoy it?
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Why do you enjoy working with entrepreneurs as it relates to mindset work?
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Because I think There's so many resources out here.
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How to write a business plan?
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How to set yourself up for funding?
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How to do a pitch deck?
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But there's not enough people talking about the personal aspects, or even the personal toll
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that it takes on people when they're starting out in business.
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And how do you handle that?
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The best part of my job is working with seeing a business flourish.
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Someone who comes into me, they have a business idea.
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There are a lot of negative thinking that's still involved in their process.
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Well, I don't know.
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I can do this.
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I think this can be done and then watch them blossom into someone having a sustainable
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business But a lot of times when I'm meeting with them, the best part of meeting with them
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for me is seeing the spark in their eye.
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A lot of times, these business owners, if they've been in business for a long time, that
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spark is gone.
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It's like a new baby with a new idea, and I just love listening to all their ideas It's
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limitless as they continue to process.
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Of course, they start doubting themselves more, but initially, I love that process.
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So we we can talk about anything.
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Nothing.
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There's no boundary.
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There's no limit to just having those conversations.
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So I love talking to entrepreneurs, 1st kind of business owners, and that's that's the fun part
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of the job.
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But how do you help people find their spark again?
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Those folks that the light the light is dimmer when they come in the world and beat them down
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a little bit, how do you help them evaluate whether they should continue or whether perhaps
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it's time to think about maybe going back into corporate.
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Such a good question.
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The I've asked a few questions usually.
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The first thing I ask, why did you start your business in the first place?
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And a lot of times, it's a great story.
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And as as they're recounting that story and why they started, you see the smile coming, you see
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a tear coming down.
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So a lot of times that does help them but also we also have the honest conversation.
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You started a business.
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Is it a nonprofit?
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Is it, or is it a for profit?
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What was the last time you were able to make a profit from the business?
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Maybe it's time to transition out.
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Try something you are diversified, but depending, of course, like, you know, depending
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on the person I approach it differently.
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I can completely understand that.
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One of the things that I like to do is not only ask them why they started the business, but I
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ask them, why should you keep running it?
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Is it time for you to transition it to someone else, or is it time for you to reinvent this
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business?
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Right?
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Because a lot of times, what I find is reinventing a business starts with them
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reinventing themselves.
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And retooling themselves and deciding that they're gonna get immersed in something new to
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fix it.
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And a lot of times, it's hard, but afterwards, they always feel like, I'm so glad I did that.
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Like, I'm so glad I signed up for the Goldman Sachs Program.
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I'm so glad I signed up for this or that.
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You know, but it's hard, especially if you've been on school 25, 35 years, you're like,
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Winston.
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There's people who really internalize that whole.
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You can't teach an old dog new tricks kind of thing.
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And he's like, old dogs better be learning new tricks.
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They're like, look.
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Because because somebody else will find those young pups.
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So you need to make sure that you are here still learning new tricks.
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Right?
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You talk about it, I always think about what someone once told me.
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They said so many people spend time working in their business and not on their business.
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It's like raising a child.
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Right?
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Throughout COVID, I realized the importance of just loving my kids.
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I was so busy raising them.
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But I didn't enjoy it.
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And a lot of times with business owners, they do the work, but they stop enjoying it because
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they're so ingrained in the everyday of running the business.
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Yeah.
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It's the overwhelm of the other 10 jobs they gotta do.
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The problem is that one job they love doing, making their widget or providing their great
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service, but then they gotta do billing.
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Then they gotta do the taxes.
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Then they gotta talk to, you know, the lawyer about this.
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Then they gotta negotiate the next contract.
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Then, yeah, you know, or deal with the customer service issue from somebody that bought someone
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a lot and now they're trying to turn it.
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You know what I mean?
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It's all this other stuff.
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And I tell people all the time when you put your shingle out, and you say you're open for
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business, you are immediately taking on 10 to 12 jobs, any of which any of which can close
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line you on any given day.
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Right?
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You know, so you have to be prepared.
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You have to be organized.
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You have to do your homework.
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And you have to ask for help if you need it.
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Like, there is no pride.
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You should be able to say, I don't know.
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I gotta, I I get some help, and And I guess that's why small business development centers
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are so great, right, because for the most part, they're are they free or really low cost?
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There's no cost at all for using the small business development centers.
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Yeah.
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Some of the programs, for instance, if you register for a webinar, now we're doing
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webinars, but I'm in person class.
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Sometimes there's a small fee associated with it, but in general, it's a no coster.
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Right.
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So this is just a free resource.
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And guess what?
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Every state in the nation has small business development centers most of them are connected
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to a university.
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So you probably wanna just check online.
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Sba.gov will give you a listing of all of the small business development centers of the
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country.
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There's, like, over a 1000.
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I know I live in Pennsylvania.
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I know you're in Tennessee.
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There's, like, 14 of them in Tennessee.
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So you don't have any excuse anymore, folks.
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If you're looking for help, there is free help out here for you, especially training help,
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which is great.
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So I definitely wanna put in a plug for small business development centers.
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I have benefited from them.
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I have trained and coached for them.
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So I am I am a a huge, huge, huge, big fan.
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So I wanna go back to what we're just talking about, though, and then I wanna ask you What do
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successful entrepreneurs do?
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Like, what what are the traits you think that are common and people who figure out how to win
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in business.
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From what I've seen, and what I've experienced with a lot of the business owners, they, first
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of all, they have a mentor.
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Most people think they can do it on their own.
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They have a mentor.
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You don't do it on your own.
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There's no reason to do it on your own, and I tell them if you're if you don't have a lot of
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money, start with a small business development center.
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Consider us a mentor, you know, take advantage of that.
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They have mentors They also do some research before they go into a certain business.
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If you have a business idea, it's great, but even better take the time to do the research.
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And that's what a lot of successful business owners I've seen do.
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They make sure to have certain individuals around them.
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If you're the smartest person in your group and we've heard this over and over again, there's a
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problem.
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Right?
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You're you're in the wrong group.
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Get another group.
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And I get the opportunity to be around millionaires all the time.
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And I'm telling you the people around them are sharper than them, and they're sharper.
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Wow.
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So understanding your team and who you have around you and also the stomp and I don't know
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if you've heard this acronym before.
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Avoid negative thoughts.
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When you speak to someone who's successful in business, they're just positive.
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I mean, robot, the world around them is breaking a moose, and there's some positivity
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in there because I'm like, okay, today, understand things are challenging, but it's
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gonna get better tomorrow.
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We have to go beyond.
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So the way they think is so different from many others who are not as successful in business.
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Okay.
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So I like so much of what you had to say.
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I talked about that a little bit too.
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In my book, become your own boss in 12 months, I talk about how every small business owner
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needs a kitchen cabinet of advisors.
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So they need someone who is an existing entrepreneur or somebody who's been there, done
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that.
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They can help them, you know, kind of side step some of those potholes out here.
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They need a customer or potential customer, somebody that could be sort of like that
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internal advocate.
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And I like for people to get a mentor in industry and one outside that has nothing to do
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with their, maybe, just a really smart business person in their life that they met on their job
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or through church, whatever, like just some other kind of mentor because I think people
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need personal mentoring.
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Like, I think sometimes you need help handling a business situation, so you might call your
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business mentor.
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But sometimes you just need somebody to
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talk you off the lid.
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You know?
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And that's why I think you need sort of like a mentor that maybe knows business but doesn't
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know your business but can give you an our real outsider's perspective.
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And then you certainly, you need a lawyer and you need an accountant.
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And if you went to college, prayerfully, hopefully, you know a lawyer and you know an
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accountant.
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I'm fortunate because I got 2 accountants and a lawyer in my immediate family.
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Although, don't tell them, but they are the last people in the earth I wanna ask for advice
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because they They know everything.
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And I have to be like, I'm America's number one small business expert.
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I just need this question answered.
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I don't need my whole business analyzed.
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Thank you very much.
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You know?
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So but, you know, when it's your mom and your brother and your other brother, it's like,
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okay, guys.
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You know?
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But my point is is that that's kinda what I tell people baseline they need to have around
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them.
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So I think if I combine your list and my list, I think we got it.
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I would also have to add knowing business terminology.
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I get calls all the time I received a call last week.
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Someone was in business for 2 years.
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I said, have you met with a CPA?
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What's a CPA?
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And I was Wow.
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I was in shock.
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And then but Over the years, I've had those questions.
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What's a CPA?
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What's a bookkeeper?
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What's a cash flow statement?
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What are projections?
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Wow.
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What are KPIs?
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Key performance indicators.
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Right.
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I always I provide a mini list of, hey, you're going into business.
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These are key things you need to know.
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If you're speaking with a banker, they wanna even have that dialogue knowing, you know, some
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of those key terms.
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Terms too.
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I completely agree with you.
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And and and it's funny that you say that a few years ago, I actually wrote a blog post like,
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the 10 or 15 financial terms, every small business owner needs to know because I was I
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was hearing some of those same kinds of things when I would go out and do speaking engagements
18:51
and stuff.
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And and people didn't know what cost of goods sold was and stuff like that.
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And I was like, okay.
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Wait a minute.
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We gotta make sure that people understand this stuff.
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And actually even a glossary at the end of my first book, become your own boss in 12 months,
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that breaks some of those terms down too, because I wanted to make sure I wasn't up here,
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you know, talking over people's head.
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I wanted to make sure they knew what these terms are because my gosh.
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How are you gonna know if you're making money or not, if you don't understand some of these
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terms.
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Now one of the things that I want to have you break down for us is the difference between
19:23
score and the small business development center.
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Cause I think people between the SBA small business development centers at score I don't
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think people understand what the distinct difference is between those 3 organizations.
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And I was wondering if you could quickly bring it down so that people could understand.
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This is how I break it down.
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I consider SBA the parent, and they have 3 children.
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They have the small business development centers, 4, and PTAC.
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So, of course, we talked a little about the small business development center, what we do.
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I said we do three things.
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Well, we listen, we educate, and we connect you to resources.
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So that's what the small business development center does.
20:00
As it pertains to score, I see them coming into play when you have a specialization.
20:05
If you're interested in the robotics industry or they're all volunteers in the school
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organization, and they have been in C time level positions for many years.
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So they have specific specialization.
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If I would put it that way.
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As it pertains to people business owners interested in something that's specific.
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I always refer them to score scored us similar to what we do, one on one counseling and all of
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that.
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But another thing that separates us, we know exactly what's going on in the community.
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Depending on the person I know exactly what bank they need to speak with.
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I know what bank will tell them, no, because I'm in the community.
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I'm in green in the community.
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And score is more you come to them, they don't go to you.
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Got it.
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Just a different it's not really a community feel.
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It's more a mentor at a higher level feel.
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Hopefully.
20:57
And PTAC, is there any organization who works with you if you're interested in government
21:01
contracting or state and local contracting?
21:04
Yes.
21:04
They'll actually help you with research on specific contracts.
21:07
Right?
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That's what PTech Centers do.
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I'm glad
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I did.
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I'm glad you brought up PTech Centers because I wasn't even thinking like that when I asked you
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that question, so I really appreciate that.
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Because one of the things that always confuses people is I think they think the SBA is a
21:23
lending organization.
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And I'm like, no.
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The SBA is a guarantor of loans.
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Although since all this PPP and EIDL and all this other stuff is going on, they aren't
21:34
giving out money.
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So it's so it's like and we see how good they are at doing that.
21:38
Right?
21:39
So so they probably need to leave it to someone else, but I think that I wanted to just make
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sure that you have the opportunity to share that because I want to make sure everyone knows
21:51
all the resources out here that are free that you can get help and certainly that what the
21:56
SBA is and what it and what it isn't.
21:59
So if someone is thinking about starting a business right now.
22:03
Is that a good idea?
22:05
Is it a good idea to put a business right now?
22:07
I tell people all the time.
22:09
It's always a great time to start a business.
22:11
But it depends on what business you decide to start.
22:16
Timing is everything, researches everything, Knowing how much is needed to start that
22:21
business and the overhead is everything.
22:23
So it's a great time to start a business, but make sure you do some more research.
22:28
Make sure it's an essential business if everything changes once again because something
22:34
else will happen.
22:35
2008 happened.
22:37
2019 happened.
22:38
Something will happen again.
22:40
So make sure your business can maneuver as times change, if I would put it that way, but
22:46
it's a great time to start a business.
22:47
I love it, and I completely agree with you.
22:49
Alright.
22:50
So let's say I wanna start my business.
22:52
What what should I do first?
22:54
Like, what what are the steps I should take if I if I decide that now is a good time for me to
22:59
start a business.
23:00
Great time to start a business.
23:02
We got that.
23:02
Always a great time.
23:03
But if you're interested in starting a business, first, figure out what's the start
23:08
up.
23:08
Okay.
23:09
How much will we need to get the business started?
23:11
Alright.
23:12
Once you know that, great.
23:13
You have the great idea.
23:14
Well, let me reverse a little bit.
23:16
You have a great idea.
23:17
Meet with your small business development center first.
23:19
Let's have a conversation with you.
23:22
More than likely we may give you a business plan to complete or strategic plan to complete.
23:27
And then you'll come back to us.
23:29
We'll have a conversation.
23:30
These are all great things.
23:32
Have you done your market research?
23:34
Have you figured out the statistics are you focused on women, men, a, between the ages of
23:41
19 25?
23:42
So do more of that research first.
23:44
And then, okay, we check that box off.
23:46
You've done your research.
23:47
It sounds like a great idea.
23:49
Let's move forward.
23:50
Let's start doing some soft promoting of your business.
23:53
Social media is great, of course, but there's some other ways you need to promote your
23:57
business to attend networking events.
24:00
A lot of individuals wait to promote their business after it opens.
24:03
I think that's a little too late, good before, but just follow the steps made with the small
24:09
business development.
24:09
It's gonna firm We do the business plan.
24:12
We find out what things we need to revise or change before you move forward.
24:16
And then once you're ready to open, we figure how much money is needed along the way.
24:21
And then network do a soft opening, and your business is ready.
24:25
Sorry.
24:26
Alright.
24:27
To it, but, yeah, as you know, because I don't really have so much time, but that's why it's
24:33
I definitely I definitely know.
24:35
Now one of the things I read that you like to teach people about is what you call everyone
24:41
needs a bales team.
24:42
And I was I know Bail's is an acronym, and so I wanted to know if you could break down for us.
24:47
What is the Bail's team?
24:49
What is that?
24:50
Yeah.
24:50
So Bail's, b as banker, a as accountant, I as insurance agent, l as lawyer, and I actually
24:58
added the s.
24:59
Which is for the small business development center.
25:02
As I was speaking to a lot of individuals, I said, hey.
25:05
We need to add the s to it, the small business development center.
25:09
But Everyone has been saying this for years before COVID happened.
25:14
You need to have a relationship with your banker.
25:17
It makes a big difference in your life.
25:19
You need to have a relationship.
25:20
Make sure the small business tender at your bank knows who you are, have an understanding
25:27
of what you're planning to do as you continue to grow your business.
25:31
So I always say make sure you have some type of relationship with your banker.
25:35
Accountant.
25:36
That's self explanatory.
25:37
We all need an accountant.
25:39
And if you're starting out, feel free to start with a bookkeeper.
25:43
First, sometimes they feel a lot less expensive, start there, and continue growing.
25:48
You don't have to have everything at its full capacity as you start your business, continue
25:53
to grow it.
25:54
And, of course, the insurance, you need insurance for your business, a lawyer, Some
25:59
have it on retainer.
25:59
There are a lot of different companies out there that are inexpensive.
26:04
They offer the support, the lawyer, support that you need.
26:06
So I always tell individuals focus on the bills team, and you should have a great support team
26:12
as you continue to grow your business.
26:13
Now I have a question for you about the lawyer.
26:15
Now is rocket lawyer or legal Zoom okay for, like, some basic stuff, or do you really feel
26:21
like they need a lawyer?
26:22
They can actually pick up the phone and call that is, like, their lawyer.
26:25
I feel like they need a lawyer that can actually call.
26:28
This is a thing with legal Zoom and all the other, the element that you mentioned.
26:33
It is not as detailed as individuals think.
26:36
It's a great resource.
26:38
Go get me wrong, but I would always have another lawyer, a community lawyer, someone in
26:43
your area review want rocket.
26:46
I forgot what you said.
26:47
Rocket lawyer.
26:47
Right?
26:47
That's what they were.
26:48
Yeah.
26:48
Rocket lawyer.
26:49
Would have to review it, but it's a great resource, but I would I prefer we speak with a
26:55
lawyer in your community because things are different depending on the state There's some
26:59
things that are missed.
27:01
Rocket lawyer had a client who had a challenge.
27:03
They did use I think it was rocket lawyer they used.
27:07
And then Something happened within the business.
27:09
They got sued, and there was something missing, a clause missing in there, and they lost the
27:15
loss So I always say make sure you have a local lawyer also review it if you can.
27:20
And one of the things I wanted to also ask you about too is that so many people are home based
27:25
visas, even if they are, like, ecommerce businesses, whatever.
27:29
And they think their homeowners insurance policy is gonna cover them if something
27:33
happens.
27:34
You talk about that a little bit?
27:35
Yes.
27:37
Yes.
27:37
The homeowners insurance policy does not cover everything.
27:41
Just like the homeowner's insurance policy doesn't cover if water comes from the outside.
27:45
It only covers if water comes from the inside.
27:47
I learned that personally.
27:49
But as it pertains to having a business at home, make sure you speak with your insurance
27:54
company to let them know I have a business that's out of my home.
27:57
This is what I do so that you can gain additional coverage for that.
28:01
Yeah.
28:01
You definitely need small business insurance, and it is not expensive.
28:05
So you really don't have an excuse.
28:08
But please don't think if your inventory burns up in a fire that your homeowner's insurance is
28:13
gonna cover that because they're not.
28:15
If they find out you have a business, they're gonna be like, where's the business policy?
28:19
Yeah.
28:20
So you definitely wanna make sure that you are covered in in all of those ways.
28:26
And I wanted to know if you had a story about a special client that had come into your small
28:33
business development center.
28:34
And maybe you weren't even sure if they were listening to you, but they turned out to be a
28:39
mega star of business.
28:41
Do you have anyone like that in sort of like your portfolio?
28:44
Yes.
28:45
I would actually like to talk about my rising star business of 2020.
28:50
They're, African American couple.
28:52
They've had a daycare for over 12 years.
28:56
So they came in to meet with me.
28:57
The daycare was doing pretty well, but their credit was suffering because of some medical
29:03
challenges the husband had a few years ago, no one wanted to give them money.
29:07
I shouldn't say give them money, but I'll allow them to borrow money.
29:11
So we sat We came up with a great business plan.
29:13
We came up with different scenarios.
29:16
If if one bank said, no, what we would say to the next bank and the next bank, we went to the
29:21
first thing, and I attended all these meetings with them.
29:23
That's another thing with the small business development center.
29:26
As I say, we, I consider my clients, my family.
29:30
I've been to weddings.
29:31
I've been to, unfortunately, funerals.
29:34
You are my family member.
29:35
And I just saw a light a spark and and in that family.
29:40
I just wanted to spend my time investing in them.
29:42
So I attended all the meetings with them.
29:44
The 1st meeting we went to They sat.
29:47
They smiled.
29:48
You know, the bankers smiled, and the bankers said, we can't help you.
29:51
We're sorry.
29:52
I said their revenue was great.
29:54
They've been around for 12 years.
29:56
No.
29:56
Your credit score is too low.
29:58
I said, okay.
29:58
So we went back to the drawing room for about 3 more months.
30:01
Said, these are things we need to do to make sure the credit score is improved.
30:05
Then we reached out to a different bank.
30:07
She said, I don't know.
30:09
Let me see what I can do.
30:11
Can you meet with me again?
30:12
So we met with her, sat down about a week later they were approved to open a second location
30:20
And now, they they open that second location.
30:23
It's out.
30:24
It's about, I would say, fifty miles from their current location.
30:29
And they're already filled up.
30:30
They're doing great.
30:31
I mean, they have hired 8 more employees.
30:36
Are booming.
30:37
And that's just from spending time with me and us finding some creative ways to reach out to
30:42
the different banks and to help with improving their credit score, and they're doing great.
30:47
I love it.
30:47
I love it.
30:48
I'm so glad I asked you to tell that story because I think a lot of times people get
30:52
discouraged and they don't know where to go to get help.
30:55
They think they're just stuck with what somebody's opinion is of them.
30:59
One of the things that I do wanna say though is that I'm a big proponent of eliminating credit
31:04
scoring in America because I believe that it is the way that institutional racism is being
31:10
reinforced because I don't understand why poor people should pay more than rich people for
31:16
anything.
31:17
And, unfortunately, that's the way the credit scoring system has been set up.
31:21
To penalize people who struggle and it doesn't make sense.
31:25
And, certainly, if you are a small business that self funded your business, A lot of times,
31:30
your credit isn't perfect because things happen.
31:33
You're waiting on payments from people, whatever.
31:35
So I think it's really important to talk about what you did for them and that that bank,
31:41
unfortunately, probably felt like they were taking a chance on a business with amazing
31:46
revenue.
31:47
And and I've seen it so I have seen that happen so many times, and it's very, very troubling
31:52
because these are worthy businesses.
31:55
Somebody's been in business 12 years.
31:57
If, you know, I could see if they had only been in business 2 years, but they had been in
32:00
business 12 years.
32:02
They had a track record.
32:03
They were cash for positive and growing.
32:05
And and somebody turned them down.
32:07
It's like, wait a minute.
32:08
What what more do you want?
32:10
You know?
32:10
And and what I usually say too, banks don't want to gamble on upcoming businesses, you
32:17
know, new businesses, but like you mentioned, they also don't wanna gamble on businesses,
32:23
business owners who've been around for a while, but they had a hiccup in their credit score.
32:27
They just don't want to.
32:28
And it's unfortunate.
32:30
It but they shouldn't have the choice.
32:32
They shouldn't have to.
32:32
I mean, because it's, to me, I almost feel like it's another form of discrimination to be very
32:37
honest with you.
32:37
So I think that those of us that are advocates for small business owners.
32:41
We need to push back.
32:42
And we say, wait a minute.
32:43
This is a good family.
32:44
This is a good business.
32:45
Look at the facts.
32:47
And so I'm really excited to hear that you've had that opportunity to have such an impact on
32:52
a local business in your area because people need to feel like they have options.
32:58
I always leave my podcast asking people a couple of quick questions.
33:02
So I'm gonna ask you now What is your favorite podcast?
33:07
Do you listen to podcasts?
33:09
Business made simple.
33:11
I don't know if you've heard of that one.
33:13
That is our really good one.
33:15
They talk about a lot about, of course, starting businesses and growing businesses, but
33:19
they have a lot of different special guests on there.
33:22
It just helps me with my mindset.
33:25
You know?
33:26
And every 30 days, I reset the way I think, and I just spend time within the podcast and
33:32
reading books.
33:33
I love it.
33:34
I love it.
33:35
Alright.
33:35
What is your favorite old school marketing tip?
33:38
My favorite old school marketing tip is to brand yourself.
33:42
Use yourself as a brand as you go out to promote your business.
33:45
And that's Sometimes people forget the way you go play.
33:49
People always say, girl with the big here.
33:51
The girl with the big here.
33:52
That's my brand.
33:53
And if I ever flat eye on my ear or have a straight wig on.
33:56
People don't feel like, who is that?
33:58
It loses it loses something.
34:01
So I understand that you are also branded.
34:03
That's old school way.
34:04
Determine what colors you use in your business, and wear most of those colors all the time.
34:09
You'll always see me navy blue, yellow, or black, sometimes red.
34:13
But you, you're your brand.
34:15
That's what's cool.
34:16
I love it.
34:17
I love it.
34:17
And what is the best business book you've ever read?
34:21
Have several.
34:22
I have several.
34:23
I I mean, I don't know where to start and where to end because I have several of them.
34:27
I wrote them down, but I would have to say Oh, let's say, rich dad, poor dad, if I had to
34:33
choose.
34:34
And it's because once again, in the book, it talks about the mindset of a rich dad and the
34:40
mindset of a poor dad.
34:41
And I referred to that.
34:42
I was reading part of it again yesterday.
34:45
Again, I'm always working on my mindset.
34:47
But that would have to be memorable.
34:48
I love it.
34:49
I love it.
34:50
Well, thank you so much, Doctor Lawrence Peters from the small business developments that are
34:54
in Clarksville, Tennessee.
34:57
You have been such a joy to talk to, and I really hope that my podcast listeners now know
35:03
what small business development centers can do for them and why they need to find the one in
35:08
their local community.
35:10
I'm Melinda Emerson, the small business lady.
35:12
You've been listening to the small biz chat podcast.
35:14
If you want more information about how to start and grow your business, hemming over to small
35:19
biz lady university.
35:20
I'm sure I got a course that can get you there a little faster.
35:24
With that, I will leave you with this.
35:26
You never lose in business, either you win or you learn.
35:29
God bless everybody.
35:32
Thank you for listening to the small biz chat podcast with Melinda Emerson.
35:38
For more resources and small business success strategies visit succeed as your own boss.com.
35:44
Subscribe to this podcast wherever you listen to podcasts and join us next Wednesday.