Busivisor

By Will Palmer

Do you feel overworked and underpaid? Have you thought about starting a business, but don't know where to start, what to sell, who can help, or what's next? This guide answers all of these questions, and more.

 

Imagine standing proudly as your passion-driven business thrives. Customers rave over your products that stemmed from personal hobbies and interests. Your life's purpose aligns powerfully with work you find meaningful. Pursuing your business idea can lead to greater fulfillment, financial security, flexibility, pride, and joy in your life.

 

Palmer's Principles, by Busivisor, offers 8 easy to learn principles for both current and aspiring enprepreneurs, to create a recession-proof business on any budget. These carefully organized principles are represented by the acronym B-U-S-I-N-E-S-S, with each letter standing for a specific step in the process. It is highly recommended that you follow them in order.

Palmer's Principles:

• Belief- Be confident that you have the necessary resoures.
• Undertaking- Develop effective, efficient, and productive habits.
• Service- Focus on offering valuable products and services.
• Individuals- Build relationships with the right people.
• Networks- Create processes for continuous improvement.
• Evaluation- always assess and improve your buisness.
• Setup- Establish a legitimate business with outstanding credit.
• Shout- Effectively promote your brand to your target market.

These principles are motivational, inspirational, and educational. You will gain the knowledge and confidence to pick a product, write a business plan, build a brand, create an online presence, establish business credit, and nurture a business that truly ignites your passion.

• Language: English
• Publisher: Palmer House I T LLC
• Release date: Nov 14, 2023
• ISBN: 9798989254118

Book preview

Busivisor

Palmer’s Principles:

build a business

on any budget

Palmer

Copyright © 2023 by Will Palmer

All rights reserved. No part of this book may be reproduced in any form or by any electronic or mechanical means, including information storage and retrieval systems, without permission in writing from the author, except by a reviewer who may quote brief passages in a review.

Published by Palmer House I T LLC

First Edition

ISBN: 979-8-9892541-1-8

Library of Congress Cataloging-in-Publication Data Palmer, Will, 1968- author.

Busivisor / Will Palmer.—First edition. pages cm

Includes index.

ISBN 979-8-9892541-3-2 (paperback) –

ISBN 979-8-9892541-1-8 (e-book) ~

ISBN 979-8-9892541-2-5 (audio file)

1. Entrepreneurship. 2. Business and Economics.

For my parents, 

Thank you for everything. 

My father taught me the craft of creating a narrative and the art of controlling it. 

My mother encouraged me to participate, persevere, and prosper when I set a goal.

Contents

About the Author

Preface

Introduction

Navigating the Entrepreneurial Journey

Your Roadmap

It's Elementary

Understanding Cashflow

Yes, You Can

Evolve

Fight Fear

Visualize and Attack

Get to Business

Palmer’s Principles

Belief # 1

Introduction

Add Personality

Brainstorm

Purpose

PERSONAL ASPECTS

Passions

Hobbies

Talents

Personal Experience

Work Experience

Training and Education

Business Skills

EXTERNAL FACTORS

Technology

The Government

Relationships

Bootstrapping

Outside Capital

Call-to-Action

Undertaking # 2

Introduction

Productive Behavior

TIME MANAGEMENT

Precious Time

The Great Equalizer

Maximize Time and Minimize Effort

Maintain Focus

Monotask

Be Punctual

PRODUCTIVITY TECHNIQUES

Pomodoro Technique

Maximize Waiting Time

The 5-Minute Rule

Communicate Effectively

Become a Problem-Solver

Research

Eisenhower Matrix

80/20 Rule

Have Fun

Record Everything

Remember People

Do a To-Do List

Schedule Everything

Preview

Review

PERSONAL DEVELOPMENT

Abundance vs Scarcity

Set Goals

Apply Pressure

Expect Setbacks

Be Efficient

Be Effective

Effective vs Efficient

Be Proactive

Strive to Improve

UTILIZING TOOLS

Use the Right Tools

Leverage Technology

Use a Smartphone

Use Apps

Automate

Delegate

AI

HEALTH & WELL-BEING

Take Vacations

Go to Sleep

Eat Healthy

Meditate

See Your Doctor

Get a New Habit

Stop Everything

Just Say NO

Call-to-Action

Service # 3

Introduction

KISS

Niche

BUSINESS OPPORTUNITIES

Business Opportunity

Value Proposition

Value & Growth Hypothesis

Understanding Growth

The Three Engines of Growth

Proof of Concept

Minimum Viable Product (MVP)

Proof of Concept vs Minimum Viable Product

TYPES of BUSINESSES

Business-to-Consumer (B2C)

Business-to-Business (B2B)

Service-Based Business

Product-Based Business

Retail Business

Dropshipping

Affiliate Marketing

Manufacturing

Wholesalers vs Distributors

Product Supply Chain

Intellectual Property (IP)

COST, PRICING & ANALYSIS

Economics of a Unit

Pricing

Strengths, Weaknesses, Opportunities, and Threats (SWOT)

Competitive Analysis

Competitive Advantage

Pivot

Diversify

Complementary Products

Supplementary Products

Complementary vs Supplementary

Call-to-Action

Individuals # 4

Introduction

Check Your Circle

BUSINESS SUPPORT ROLES

Mentor

Dream Team

Coach

Advisor

Business Coach vs Business Advisor

Partners

Outsourcing Services

Target Market

Employees

MARKET RESEARCH & STRATEGY

Identify Your Customers

Segmentation

Segmentation vs Target Market

Avatar

Marketing Mix

Market Research Analysis

Call-to-Action

Networks # 5

Introduction

CORE BUSINESS PROCESSES

Process

Common Processes

Customer Service Process

Supply Chain Management Process

Service Delivery Process

CONTINUOUS IMPROVEMENT

Innovate

Process This

The Lean Startup

Iteration

Create a Process

Validated Learning

Build-Measure-Learn

Experiment

A-B Testing

5 Whys

Call-to-Action

Evaluation # 6

Introduction

Know Your Numbers

BASIC FINANCIAL CONCEPTS

Profit

MICRO-LEVEL FINANCIAL ANALYSIS

Economics of a Unit

Cost of Goods Sold (COGS)

Economics of a Unit vs Cost of Goods Sold

Gross Margin

Customer Lifetime Value (LTV)

Customer Acquisition Cost (CAC)

Break-Even Amount

TYPES OF EXPENSES

Expenses

Fixed Expenses

Variable Expenses

FINANCIAL METRICS & REPORTS

Income Statement

Return on Sales (ROS)

Return on Investment (ROI)

Run Rate

Tax Liability

Business Tax Credits

Financial Plan

Call-to-Action

Setup # 7

Introduction

LEGITIMATE SETUP

Select a Business Name

Get a Business Address

Select the Appropriate Entity

Types of Business Entities

Popular States

Get an EIN

Acquire a Business Phone Number

Open a Business Bank Account

Obtain a Business License

Obtain a DUNS Number

Create Your Website

Understand Business Credit

BRANDING & IDENTITY:

Branding

Logo

Business Cards

Clarify your Identity

Core Values

Mission Statement

Vision

Tagline

Call-to-Action

Shout # 8

Introduction

Publicity

Straight Line Selling

Sales Strategy

ONLINE PRESENCE & MARKETING

Online Presence

Build Your Website

Search Engine Optimization (SEO)

Google My Business

Email Marketing

Social Media Presence

Digital Advertising

PROMOTION

Advertisement

Elevator Pitch

Business Plan

Call-to-Action

Conclusion

Reference

Glossary

Afterword

About the Author

Will Palmer, MFA 

I am a single dad who raised two beautiful and intelligent daughters on my own. With a master's degree in creative writing and a focus on advocating for social justice, I am also an author. My entrepreneurial journey began in my childhood and has continued throughout my adult life. -

For 30 years, I co-owned and operated one of the largest livery cab services in the third-largest city in the United States. We helped thousands of drivers feed their families. We took seniors to their doctor’s appointments and to the grocery store. Kids got to school and their parents got to work during a time when the taxicab companies would not come to underserved areas. We were Uber, before Uber was Uber. -

Over 25 years of experience in business coaching has enabled me to assist entrepreneurs in starting and growing their businesses. I have also coached youth basketball, where I taught not only basketball skills but valuable life lessons, repeatedly leading our team to championship games. Inspiring, motivating, and educating others gives me a profound sense of purpose. —

busi-vis-or

/Bizz’ visor/ 

noun 

- a prosperity guide. 

When I need help with my business, I go straight to Busivisor. 

Preface

Picture a 10-year-old boy standing at the center of an enormous candy warehouse, pondering his inaugural business venture, and actively initiating his plan to launch it. Within 7 days my first business venture turned a profit. 

I am not a mere bystander in the world of business; I am a participant, a coach, and an inheritor of an entrepreneurial legacy. From an early age, I was immersed in an environment where entrepreneurship was not just a choice, but a way of life. With parents who were entrepreneurs themselves, I learned firsthand the principles of taking an idea and turning it into a thriving business venture. 

Imagine a childhood filled with the hum of a home-based service operated by your mother and the entrepreneurial spirit of your father as he managed various enterprises. This upbringing laid the groundwork for a business education that surpassed the confines of any traditional classroom. My journey was not solely defined by formal education – it was shaped by real-world experience, mentorship, and a hunger to succeed. 

Welcome to Palmer’s Principles 

These principles are your guide to becoming an entrepreneur – someone who creates and manages businesses. I’m talking about building something from scratch, nurturing it, and watching it flourish. This roadmap lays out how to build a thriving business. 

Employment History 

While attending high school and curious about the joy of working, I landed my first job. It was a one-day-a-week thing, about four hours each day, where I worked as an usher at the Chicago Bears football games. As I write this guide, that year happened to be the only year they won the Super Bowl out of fifty-six attempts. 

My supervisor consistently assigned me to a prime location between the 40 and 50-yard line on the home team's side, right alongside a row of seating. My job was to check tickets to ensure that individuals belonged in that section. These seats were incredibly expensive and notoriously difficult to obtain. The Bears won every home game that season. As a football enthusiast, I had the privilege of enjoying fantastic views at every home game. 

Despite earning a modest wage of $3.35 per hour, I would have gladly done the job for free. This job set a high standard, and I came to expect nothing less from any future employment. 

The summer before heading off to college, I chose to earn some extra cash by working at a fast-food restaurant. They compensated me $4.05 per hour and provided complimentary meals during my shift to pacify me. As a cashier, I soon became frustrated when I noticed how much money I was ringing up at the cash register in just one hour compared to my hourly wage. Every time I went to cash my paychecks, I could not help but see my financially challenged paycheck as metaphorical shackles meant to hold me back. 

My next job was with a package delivery company. They offered slightly higher pay for the task of unloading the trailers attached to the back of a semi-trailer truck. Supervisors were assigned to the trucks to monitor my performance and would loudly reprimand me if I did not maintain an average of unloading 13 hundred packages per hour. 

After my first day on the job, I woke up the following morning feeling as if a linebacker had repeatedly tackled me. That was a stark wake-up call. 

My next job began positively. I joined the post office as a mail carrier, enjoying the absence of constant supervision and a sense of autonomy. However, I made the decision to resign at the end of the summer to prioritize my schoolwork. Although I contemplated returning, I am grateful I never did. 

Following a few more unsuccessful endeavors, I realized my initial job had been a fluke. If I aspired to have a similar job in the future, I acknowledged that I would have to create it myself. I became a full-time entrepreneur and have zero regrets. 

Coaching 

In my role as a youth basketball coach, I had the challenge of teaching kids who were completely new to the sport. To tackle this, I studied legendary coaches like John Wooden, a 10-time championship winner, and Phil Jackson, who won 11 championships. What struck me about their coaching methods was not only their focus on basketball skills but also their emphasis on imparting their philosophy to players through books. 

Phil Jackson assigned different books to players based on the messages he wanted to convey, while John Wooden authored his own book to help his players become better individuals. Both succeeded in guiding players on and off the court. 

I attempted Phil's approach but found that it did not work as effectively for me. Some became confused, while others did not read them at all. So, I decided to adopt Wooden's approach. 

Additionally, I used acronyms to help players remember my messages. Some I borrowed from experts, and others I created. I realized that