Miami Businessman Lee Rosen Shares Golden Startup Tips For New Entrepreneurs

Miami businessman Lee S. Rosen has been helping many small business owners get a better handle of their ideas so they can translate these into profitable realities. With decades of experience on his back, both in the real and online realms, this South Florida entrepreneur certainly knows what it takes for startups to succeed. After all, Lee Rosen has helped form several companies from ground zero, including Healthy Bees LLC, DDS Technologies, and New Generation Biofuels. On top of that, this Boca Raton businessman is also an avid golfer, thus laying truth to the idea that true entrepreneurs stay grounded through sports.

Primary in his advice for startup entrepreneurs is to not count the chickens before the eggs hatch. As one moves into a new industry or tries to establish a name in a new niche, the goal is to just lay the foundation first and work to meet goals before listing down what you want to buy out of the projected profit. Lee S. Rosen shares his five golden nuggets of wisdom for small business owners.

1. Absorb everything.

Because you’re starting a new product or service, you will need all the feedback you can get from everyone. Good or bad, these pieces of advice are what will help you improve on your weaknesses. “Successful entrepreneurs are so because they know how to listen and act like a sponge when it comes to new information,” notes Lee Rosen.

Encourage people to be honest with you so you can find better ways to do things. Remember, without your customer, you won’t have any profits to speak of. By listening to what they have to say, no matter how “painful,” you learn. And it is only by accepting your weakness that you can move closer towards success.

2. No room for excuses.

“Business is not for those who constantly make excuses,” says Lee S. Rosen. Listing reasons why you cannot do a certain task will not make that job any easier nor will it get done. Worrying about the risks that your startup might face is normal, but it serves you better to find a solution or to be proactive about addressing potential problems before they arise. See every setback as a chance to improve and learn — don’t let it keep you from moving forward.

3. Present solutions or be one.

Think about what your product or service will solve. Successful startups are so because they addressed a problem and provided a fix. Don’t just think about what you want to sell; consider who it will help and anchor your strategy on that. For example, don’t open a coffee shop just because you love coffee. Set it up because there’s a market in your neighborhood that wants to enjoy fresh coffee anytime of the day but with an ambience.

4. Take note of your expenses.

Your idea sounds stellar and looks like it does have the potential to have you earn big bucks. But, first, what does it cost to get there? You will need to list down every expense related to launching and operating your new business. “These costs include rent, office supplies, marketing, even that coffee you bought for the first staff meeting, all those should be factored in,” says Rosen.

As your new business sets up, you have to be prepared to welcome costs from every angle. That includes your personal budget. Review all your funding options (like savings, loans, or borrowing money from a family member) before operating your startup.

5. Speak up.

Many startups fail to move past the launch phase because they are too shy to tell the world what they are about and what they can offer to the world. Remember that your goal is sell and make a profit. If you’re not over that shyness (or fear), it will be very difficult for you to make money.

“In my early days as a businessman, I feared having to speak to people to offer my services. I didn’t have any public speaking training, so I wasn’t open to the idea,” recounts Lee Rosen. “But experience teaches you a lot of things — one of those is that you need to speak confidently about your business, because nobody else will.”



Financial Tips For New Business Owners In South Florida

From Miami to Fort Lauderdale, South Florida is one of the most popular tourist destinations in the U.S. The continuous influx of people gives business owners something to look forward to that could help boost their sales. Even during the winter, the beautiful Floridian weather is as enjoyable as in the summer, so businesses really don’t have a problem with clientele.

As a new business owner, however, you can’t help but worry about the financial aspect of your business. What if people don’t come in? What if my steady stream of work suddenly dries up? Questions like these may pop up once in a while, but it’s a natural feeling. Instead of binge-worrying, look into the tips below to manage your finances.

1. Automate Your Business Accounting

Automated accounting isn’t only for huge businesses. Small- and medium-sized businesses can also benefit from it. If your business is fairly new and you haven’t hired an accountant yet, look into some systems that are user-friendly that even non-accountants can understand and use. This will put your business in a better position because reports are generated faster by software programs. By the time you get an accountant, he/she won’t have a hard time coping.

2. Educate Yourself with Applicable Laws

As a business owner, it’s important you know about laws that you’ll be required to follow. This may include employment laws, unemployment insurance, workers compensation laws, Occupational Safety and Health (OSHA) regulations, etc.

This will ensure that your business is safe and you won’t have problems regarding tax filings, safety regulations, overtime, working hours, hiring and firing, among many others. “It’s better to acquaint yourself with these laws in the early stages of your business,” long-time Miami businessman Lee Rosen says. If you’re unsure of something, get the help of a business attorney.

3. Your Business and Personal Banking Accounts Should be Different

While this advice may seem mandatory or given, you’d be surprised at how many business owners started out using their personal bank accounts. This is perfectly understandable when one is merely starting out, but as you see your business getting bigger, make sure to open a business banking account. Don’t ever mix your personal account with your business so you can keep track of your finances better.

4. Get In Touch with the State Government

Once you’ve decided to open a business in South Florida, set an appointment with the Office of the Secretary of State to know what forms need to be filed. According to Lee Rosen, you’ll need to register to withhold and submit income taxes if you have employees, as well as licenses from your city or town or the state. If your business involves selling products, make sure to get a vendor’s license.

5. Know Your Strengths

Business owners often do the mistake of trying to exceed at everything. Growth and expansion are fulfilling, but both need to be sustainable. You should find out what areas your business excels in and what your limitations are.

You should prioritize building your core strengths instead of wasting time and money on activities that don’t help your business at all. You should also work to develop a good relationship with your employees and the people who help your business to be profitable.

On a final note, Lee S. Rosen says that identifying business trends is also crucial. Find

out which months you’re likely to have slow revenue so you can prepare for it. A backup plan is necessary to help keep your business survive despite the slow growth that it’s temporarily experiencing. With hard work and a bit of luck, you can overcome challenges and take steps toward future growth.

South Florida Businessman Lee S. Rosen: 5 Profitable Businesses To Start In Boca Raton

Boca Raton isn’t called “City for All Seasons” for no reason. Commonly known to locals by its first name “Boca,” the Southeastern Florida city truly has it all. From dining, events, shopping, and attractions, Boca Raton will keep you coming back for more. And, yet, there’s more to Boca than plain fun and enjoyment. The city is one of the most profitable places to start a business, especially for those with a healthy supply of determination and common sense.

“Due to its population and location, there are vast low-cost business opportunities one can undertake in Boca,” says long-time Miami businessman Lee S. Rosen. With its strong local economy and an overwhelming amount of tourists visiting yearly, any business can survive in Boca.

That said, here are five of the most profitable business to start in Boca Raton, FL.

1. Food Truck Business

Along with the growth of the foodie movement is the palpitating increase in rent, making it more difficult to finance a brick-and-mortar location in cities. But, a few innovative and creative people have come up a solution to this dilemma by way of food trucks.

With a food truck business, there is increased geographic versatility and low overhead. Anyone with a unique recipe can take advantage of that and start hitting the road. You can park anywhere as long as there are people, but make sure to secure the necessary permits and other requirements so you can operate without issues.

2. Errand Service

“In a busy city like Boca Raton, running errands for senior citizens and busy professionals is viable, and the market is not congested yet,” Rosen notes. The best thing about this type of business is that there are no specific skills required. You only need be efficient, quick, and of course, able-bodied. Plus, start-up capital isn’t needed for this type of business. If you need to spend on something, however, it won’t cost you too much.

What you do need is to stand out from your competition by being flexible, organized, and using effective marketing techniques. With these in mind, you can definitely provide excellent service.

3. Transportation Services

Thriving cities like Boca Raton, where visitors most likely flock, are the best areas to start a transport service. Aside from local and foreign tourists, you’ll also benefit from busy professionals that prefer not to drive to work.

What you’ll need is a good working car, your driver’s license, and be knowledgeable of Boca’s road network. Your mobile should also be with you at all times to accept client calls even when on the road.

4. Fashion Boutique

For men and women who want to start their own business, a fashion store in a commercial area in Boca can be lucrative. Requiring a small capital and the drive to sell, selling clothes and fashion accessories can provide you with a reasonable profit. To be unique, you must establish a particular niche. For example, you could start selling women’s cocktail dresses and accessories. Apart from selling new items, you can also promote your own line of handcrafted or homemade fashion accessories.

5. Mobile Electronics Repair

People these days are obsessed with mobile devices that it’s not a piece of luxury anymore. Smart phones have become a necessity. While there are a lot of repairers inside the malls of Boca, you can stand out by going mobile. An electronics repair shop may require some overhead in the form of supplies, but you can still save from not having a physical location.

“Restaurants aren’t the only businesses thriving in Boca,” quips Rosen. “Several other industries are starting to prosper because of the pro-business environment and low tax rates. It’s the perfect place for a hip, new startup.”