When I started this blog in 2007, it was because I had just written my first business book, ‘CEO Secrets – What They Know About Business That Every Every Entrepreneur Should’. The 200 pages were filled with articles I had written while coaching entrepreneurs on their business strategies. At the same time that I was doing this coaching, I was also being mentored by some of the most brilliant business minds in the world through a powerful organization called CEO Space.

In September 2008 I started running an informal networking luncheon for musicians and industry personnel in Nashville. The concept was to get people to connect with each other as well as to have them help each other by sharing contacts, resources, ideas and expertise. This simple luncheon caught on and  has eveolved into a national for-profit organization called Indie Connect.  I had launched other businesses in the past – some successful and some dismal failures. But this was totally diffeent because now I was ‘educated’ in how to build a big business, when previously I was completely flying by the seat of my pants. That has made all of the difference in the world, and this new venture is moving quickly towards uniting musicians worldwide!

So, the reason I wrote this update blog right now after 2 years away is to inform you that I have shifted my offorts to writing articles and books for the musicians and other members of Indie Connect. If you are interested in the music business, you can read a lot of my articles at www.indieconnect.com, and also in our free online magazine at www.indieconnectmagazine.com.

Thank you for your continued support!

Copyright 2010 Vinny Ribas

 I was speaking recently to a gentleman who was managing a keynote speaker. He told me his goal for this year is to raise the speaker’s fee by 50% this year. I asked myself “What could a speaker do that would warrant asking for one and a half times his or her current rate?” I used to book all kinds of talent. Here are dome of the things that made me willing to pay more for one act than another. These same principles apply to anyone who charges a fee for their services:

•  Deliver more value

If you increase the value that you are delivering, then it is natural to be able to ask for more compensation. This value can come in many different forms, such as increasing the company’s profits, lowering their expenses or increasing their effectiveness or productivity. Continually educating yourself and doing whatever it takes to improve your deliverables goes a long way toward this end.

Another way is to go the extra mile. When I was the Entertainment Director for the Nevada State Fair, there was one solo guitarist that I would pay more than any of the bands that I hired. Why? Because he not only performed during his scheduled times, but he also donated his time to sing for the senior citizens on Senior’s Day, and to sing the national anthem before our main arena shows. He offered to be a ticket taker when we expected a larger than normal crowd for a concert. He made it easy for us to choose him over other acts and to pay him more!

• Create a demand for your services

Anyone who is in demand can be expected to cost more. Obviously, the most common is to be SO GOOD that everyone wants you! However, there are other ways to create this demand. You can limit the times or number of engagements you are going to take in a certain time period or a certain geographical location. 

 Another way to create a demand is to increase your popularity. This can be done through publicity, marketing, TV appearances, radio appearances, writing a newspaper column, writing a magazine article. Enough exposure of these kinds will make you popular enough to demand a higher price.

• Become the expert

Experts can often demand more money than generalists. The reason is that they become so in tune with their industry of their particular area of skill or interest that their effectiveness is automatically increased. You can set yourself up by writing a book, doing TV and radio appearances, starting your own radio show or writing articles for industry newspapers, magazines and trade journals. Be sure to let your industry know that you are an expert!

• Develop a brand

Develop a range of products and services that compliment your speaking or training. These could be learning tools, books, a newsletter, seminars, workshops or any other product or service that carries your name. The goal is to get people to recognize the nature and caliber of everything that legally bears your name. What do you think of when you hear “Dale Carnegie” or “Tony Robbins”? By doing this, your credibility is increased, your popularity grows, and your fees can go up correspondingly.

• Leave a lasting impression

Any time you can continue to deliver value after you’re contract or engagement is finished, you become a “must have”! Stay in touch with your contractors. Check in to see if what you brought to them is still working or has had lasting value. Offer to do a free follow-up if needed. Be sure that they are on your mailing list, and that your mailings create more value for them. Send them free copies of your new book, your latest CD, your new training package. Invest in them long after your contract is over, and they will not only hire you back, but also recommend you highly to their colleagues.

•  Ask for the money!

Are you already under-priced? Don’t be afraid to raise your price slowly but steadily. The more you are working, the better you become at what you do. You may be surprised at how much people are willing to pay for you! Be sure to accurately assess the value that you deliver. Then ask for the money!

© 2008 Vinny Ribas

You’ve done everything that your coaches have told you. You’ve written a convincing business plan. Your financial projections outline a reasonable investment opportunity for someone. You have piles upon piles of legal documentation making you compliant with securities laws. You have letters of intent, letters of endorsement and some high-powered personal references. Your PowerPoint presentation is professional. You have your presentation down pat. You’re getting in front of people with money, but no one is writing checks.

 If this sounds like your frustrating situation, you’re definitely not alone! Raising capital is not an easy task. In the majority of cases, the first investors are by far the hardest to win. You may have all of the tangible requirements in place, and they may be in a first class presentation. But when you’re approaching friends, family and others to be angel investors, it often takes more than just numbers and a slick sales pitch to win them over.

 Here are some less obvious observations that may be causing you to have a challenge:

• You’re not passionate about your business. People can tell when you’re just going through the motions. It doesn’t matter if the numbers show a huge financial windfall for potential investors. Many people want to see the fire in your eyes before they open their checkbooks.
• You’re passionate about your business, but it is not being conveyed strongly enough. This could happen for several reasons. Maybe you’ve rehearsed your pitch so much that it sounds canned. Maybe you are so anxious to get the money that you come across as desperate. It may be as simple as trying so hard to be professional that you hide your excitement about what you’re doing. Let loose, have fun, and let your excitement become contagious!
• Your team is not as strong as it needs to be. Do you or someone else on your team have extensive experience in your industry? Do you have a Chief Financial Officer that knows how to protect your investor’s money? Are your legal documents drawn up by experts in their respective fields of law? Be sure that you have covered all of your bases and left nothing to chance.
• Are you presenting your opportunity to the right people? For example, people in your industry are not always the best people to approach. This may be because they know the real risk involved in what you’re planning, or perhaps because they are constantly presented with safer, more secure investments. If there is a “mission” driving your company, such as saving the environment, it might be best to look for people who buy into that mission, regardless of whatever industry they are in. On the other hand, depending on your industry, people in it might be your most willing investors. This is especially true if they have contacts or resources that can help you be successful, or if your success will somehow improve their bottom line.
• Friends and family are often hard to sell. This might be because they know all of the ‘dirt’ on you from years past. They might be familiar with other risks you’ve taken that failed for one reason or another. They may have trouble seeing you as the CEO of a multi-million-dollar company. Don’t take it personally. It is just human nature. Seek out people who will respect you for what you are doing now!
• You’re not convincing. This may be your lack of confidence in your ability to take the company to great heights, or just your nervousness in making the presentation. You not only have to convince prospective investors that the company and the plan are solid, but that you are also the right person to lead it. If you are not the right person to fill the CEO position, find someone else who is. Just remember that no one is going to have the same kind of ownership mentality that you do.
• You’re not focused. Maybe you have too many things going on in your life, or you are trying to be everything to everybody. Perhaps you are ultra-creative and have trouble getting down to business without going off in tangents. Maybe it is obvious that you have ‘B.A.D.D.™’, or ‘Business Attention Deficit Disorder’™, and can’t stay on one task long enough to see it to fruition. No matter the reason, remember that investors want you working full time to grow their investments. That means being single-minded in your purpose and in your actions. They expect you to put yourself on a reasonable salary from their capital, and don’t want you spending the time they have paid for to work on non-related interests.
• Something you are doing or have done is out of sequence. Building or growing a business requires adhering to a proven formula. Experienced businesspeople and investors know this. They know the formula as well. Changing some things in that formula is like frosting a cake before you bake it. The result can be a mess that is either difficult or impossible to clean up. Be sure that you are doing everything in the right order so that you maximize your chances for success.
• You haven’t taken enough of the risk out of the venture, or at least shown how you plan to do that. The primary job of an investor is to assess risk. If an investor sees that you’ve put safeguards in place to protect their investment, such as protecting your intellectual property or building a strong executive team, they will be more inclined to invest. At the very least, show how you plan on using their money to minimize risks and protect their investments as much as possible.
• Your timing is off. You may be trying to enter an industry that is about to undergo radical changes that will leave you in the dust. You may be approaching real estate investors just as that market is hitting rock bottom. You may come across as a fo0llower rather than an innovator because your plan is not revolutionary enough for the investor prospects you’re reaching. Do everything in your power to be sure that you are approaching the right people at the right time.
• You’re relying too much on your own knowledge, skills and talents, and not enough on those of your team. Your inexperience shows. Be sure to emphasize how teachable you are. Tout your desire and ability to surround yourself with people who are wiser, smarter or more experienced than you are.
• Your original ideas are either not protected, or not protectable. Many investors won’t put large amounts of money into an invention that is not already patented, though you can often get seed capital to pay for the patent application. There may be doubt as to whether or not that your idea is unique enough to be protected. Be sure to consult with an intellectual property (patent) attorney and get their opinion about protecting your idea in writing.
• You have not done enough market research. There may be questions about whether enough people will want your product or service, whether your price point will be too high to be accepted by consumers, whether your competition has the market locked up etc. Be sure that you have done a thorough market study, you have documented results, and you have developed a strong and feasible marketing plan.

The bottom line is that there are many intangibles that play vital roles in attracting capital. Be sure to do some practice presentations in front of people who can give you a true assessment of it. Remember that people have to buy into YOU before they will buy into your company. Master the delicate balance between confident businessperson, passionate owner, capable leader and masterful presenter, and you will greatly increase your odds of attracting capital.

© 2009 Vinny Ribas

I have made a lot of bad decisions in my business life. Most of them came as a result of not having or seeking out someone to counsel with before making them. For a long time I didn’t have a solid roster of people from all walks of life, with a diversity of skills or with solid business knowledge and experience with whom I had built relationships with. Much of this time it was just Connie and I. I counted on our own abilities to do everything, handle every challenge, fix every problem and be the end-all to every customer and vendor. Needless to say, this resulted in several devastating failures.

The good news is that I learned my lesson. Starting my own company in the shaky music industry last year was not something that was done on a whim. Been there, done that, bought the tee shirt. It was a strategically thought out venture. I asked for a lot of input from my potential customers regarding their interest in what I was proposing to do. I received, and continue to receive coaching from financial, strategic planning, operational and industry experts. Much of the guesswork has been taken out of the equation. Everything is calculated now for maximum efficiency and ultimate profitability.

There are 5 important reasons why I was able to pull this kind of support team together, and have potential customers to survey in a very short amount of time:

• I have built a sizeable and diverse network of business contacts and industry contacts in the 6 years that I have been in Nashville.
• I also belong to an international CEO-to-CEO training and networking organization that expands my network around the globe.
• I don’t just collect business cards. I try to get to know people and explore how I can help them.
• I have learned how to successfully tap into the address books of the people in my personal network, extending my reach to hundreds of thousands of contacts.
• I keep in touch with much of my network on a regular basis via my email newsletter.

What happens when you have this kind of a personal network? In a nutshell, you have access to just about anyone (and anything) that you need! In my case, if I have a marketing question, I know marketing specialists ranging from local experts to the Director of Marketing for 3M who I can call. If I have a legal question I know several local attorneys as well as senior partners in some of the largest law firms in the country. I think you get the idea. A large network and solid relationships are the key!

Have you built and kept up with your own network? Do you follow up with people that you meet so that you begin to cultivate relationships with them? If not, it’s never too late to start. Plus, thanks to online social networks like LinkedIn, Facebook, Classmates.com etc., it is possible to not only find lost contacts, but also to generate, develop and manage many new ones very quickly.

Start today to organize those business cards that you have in boxes in the corner of your office. Send a quick email reintroducing yourself to the ones who you had longer conversations with, and ask if there is any way that you can help them. Use a software program like FreeCRM.com (yes, it’s free) to create a searchable database of your contacts. You’ll be amazed at how many people you know, and how many resources you suddenly have access to!

Preparing for today’s Indie Connect meetings. It’s going to be amazing!

Indie Connect: Change in evening venue beginning April 6. We’ll be at The Closing Bell on Demonbeun! Please spread the word! Thanks!

Psyched because I know we’ll have a great turnout for the Indie Connect meetings tomorrow!

Just wrapping up my last weekly newsletter!

Setting up Ping.FM – Now everyone will know how crazy I am!

© 2009 Vinny Ribas

 

For as many years as I can remember, I have chosen to play the role of supporting actor in many people’s lives. For example, I was the assistant director of a nonprofit for 4 years, and was greatly instrumental in moving that company from literally having no income at all to having a $1M annual budget. There, my job was to make the executive director look great! I have played drums and keyboards and been the bandleader for many amazingly talented singers. Of course, my job was to make them look and sound like superstars. I have been an advisor to numerous CEOs. My job has always been to help each one of them be successful in their own right. I took great pride in every one of these roles because I love making other people shine, and I’ve been pretty good at it!

 

Some people live their entire lives playing those support roles, and are very content in doing so. However, there comes a time for some people when they feel that they’ve proven themselves enough times to believe that they too can play the lead, with other people playing the supporting roles. That is exactly where I find myself right now. I am running as hard as I can with an idea that I believe I have the ability, the passion and the work ethic to grow into a transformational organization that will benefit musicians and music fans worldwide (see www.indieconnect.net)!

 

I know that to many, that sounds egotistical. Others also might think it’s an unattainable pipedream rather than a realistic vision. But not to me. And the reason I know that it is achievable is not because of my own self-confidence. It is because of all of the amazing ‘supporting actors’ who have seen and believe in my vision. It seems like every time I realize that I need to fill a specific role, someone with the exact qualifications, skills, talent or connections that I need shows up! I could never accomplish something of this magnitude alone. But together, I know we will be more successful than even I can imagine at this point.

 

I don’t know how to express my unending gratitude to everyone who is supporting me in so many ways right now. It is truly quite overwhelming. I know, and I believe that they know, that I will do everything in my power to bring them each a hundred-fold return on the time, mentorship, encouragement and resources that they have and continue to invest in me.

 

Every one of us has people around us whose job it is to make us shine. For them to do their work willingly and to the best of their ability, they simply need to feel appreciated. We also have people who voluntarily go out of their way to help us be successful. It is not their job or responsibility, but they do it anyway because they believe in us, care about us and want to see us reach the top. They don’t ask for anything – they just give. But one thing that I am certain of is that they will disappear into thin air the second they feel that they are just being taken for granted. It is OUR responsibility to make sure that they get their share of our spotlight. 

 

Look around. Who has been there holding you up when you fall? Who encourages you when life throws you curves? Who willingly works overtime to insure that you have everything you need to achieve your dreams? Who goes the extra mile to make you shine? Let them know that you know how much they have helped you. Acknowledge how big a role they’ve played in any success you’ve achieved or will achieve. And just as importantly, recognize that they too may someday feel the need to step into their own leading role. Let them know that you would be there to support them 110% should they ever make that decision, just as they have been there for you. None of us are self-made. It takes a large and dedicated team to make even just one person a star!