Don’t be fooled by #fakemath

Listen to the podcast here:

https://dylangallagher.podbean.com/mf/play/efm696/episode_02232017_final.mp3?_=1

I was listening to a podcast by Gary Vaynerchuk this morning as he was giving a keynote speech and he mentioned the term “fake math” to define a concept related to marketing and advertising but it stuck me as being completely appropriate for entrepreneurs and business owners. #fakemath tends to be a real problem for businesses that generate less than $25,000,000 in gross revenue. What I mean by #fakemath is the difference between what a business expects to make or achieve and what they are actually making and achieving. Continue reading “Don’t be fooled by #fakemath”

But I have a great business plan

I spent some time on the phone yesterday with an individual that has put together a transaction involving a parcel of land that he thinks would be a good spot for a mini storage. The town he lives in is currently experiencing growth and he sees an under served market – storage. He has managed to find the land, get some drawings done and has arranged for the contractors required to do the work. He has about 10% of the total cost in cash and is looking for financing for the balance. He called several banks and was not able to get a loan for many different reasons the least of which include loan size (too small) and lack of interest from a banker. Continue reading “But I have a great business plan”