From The Mind of Daymond John - Entrepreneur, Keynote Speaker, Branding and Corporate Strategist, TV Personality and Author » Ask Daymond

EBITDA

Daymond — Fri, 16 Oct 2009 15:37:07 +0000

I think that at the end of the day, you want to try to aim for 20% after all costs, wages, advertising, etc. on your EBITDA because in the “lean years” this will range anywhere from 8% to 20% and in “good years” it will fluctuate up to 30% after all fees and operation costs are paid up.
Daymond

Boosting Business

Daymond — Fri, 16 Oct 2009 15:32:22 +0000

Several different questions are asked; In regards to gaining exposure, social networking is probably the best way. You get the purest response from people who do not know you. Putting product into stores so that actual consumers, that do not have any interest just you, go in and pick up your product, solely. After this point, you then move towards making small sales, and when you get up to a sales point where you can show growth and steady revenue income on a small level, you then go after investors, depending on your needs. Most times, investors are not the most important thing, it’s the strategic investor. The person who can not only give u capitol, but someone who understands all aspects of the business.
Good luck
Daymond John

Patent Your Product!

Daymond — Mon, 28 Sep 2009 17:03:33 +0000

What we look for on Shark Tank, to invest in businesses, is somebody who is generating revenue, and can track and show growth in that revenue. Or somebody who has a brand or identity that can be patent. This does not mean trademarked! This means patent with a proprietary concept that nobody else can do. In regards to production and printing, you should always start off small. There are always local printers and producers in the garment district of your area; I would start there first!

Regards,
Daymond

Gaining Capitol & Investors

Daymond — Mon, 28 Sep 2009 16:56:55 +0000

Good luck
Daymond John

Work vs. Fun

Daymond — Fri, 25 Sep 2009 20:50:20 +0000

Warren Buffet and Donald Trump work, I’m sure, because they want to work. A lot of times the reward of working is the love of doing it and feeling accomplished, everyday. If you believe what you want to do is plant seeds so you can live on an island, watch your money grow, and do nothing, then that is the person you are. As for me, I don’t think that I’ll stop working. Even if I were on an island, i’d be building something on that island, whether it’s sandcastles, selling coconuts or giving surfing lessons. Some people may consider it work, but i still consider it fun. Whatever the case, it is solely up to each individual.
Daymond John

Brand Yourself

Daymond — Fri, 25 Sep 2009 20:40:47 +0000

At this point, the best way to brand yourself is the social networking space. This is a space that you can easily get access to; people can see you and your product. They have no obligation to love you or follow you. So you get a true acid test of how good your brand or product is. In regards to public speaking, you can build that, obviously, by speaking with people who need to hear your message. A lot of the time, that will be churches, woman’s shelters, the YMCA, and schools. Anyplace, really, that will allow a someone to come in and inspire more people.

Daymond

The Perfect Pitch

Daymond — Thu, 10 Sep 2009 18:47:43 +0000

Very interesting question because a pitch is like a piece of art. That’s why its “Art of the Deal” or “Art of the Pitch”. It can be anything from your hand movements and eye contact to the information you’re providing. To the way your voice fluctuates during key moments or the silence and the way you reply to the questions that have been asked. It is for YOU to maximize all the attributes you have as a person when communicating and to try to stay away from your weakest points to provide the best pitch possible. Of course, it’s always best to have as much information that you can provide, but they say 70% of communication is body language, 20% is how you say it, and 10% is what you’re saying.

Good Luck!

Daymond John

Be Prepared!

Daymond — Thu, 10 Sep 2009 18:47:06 +0000

The contestants are screened to see if they have criminal records, AND, if they own the actual business or domain that they are pitching. The reality is that a lot of people do not know market share, the cost of prototypes or have great business plans. Shark Tank allows people to come onto the show and pitch in that exact format! Naturally, that is apart of the entertainment, as well as the education. If you don’t know your own business, you will sink.

Good Luck & hope to see you soon on the show!

Daymond

Zig when most people zag…

Daymond — Fri, 21 Aug 2009 22:36:17 +0000

I respect your honesty! First, look at businesses other than the ones you’ve mentioned, everybody is trying for those careers! It’s overcrowded! You want to start a business you like, get paid and then create your fame! Being only talent, you are at the mercy of others. Look at the Perdue chicken guy, Trump, Gates, Wynn, Tony Robbins, Orvel Redenbacher and the late Dave Thomas of Wendy’s. All these people are household names, faces and filthy rich. They all chose different paths of fortune and fame. TRUE POWER is to “ZIG WHEN PEOPLE ZAG,” think outside the box homie. You will have little competition, get paid and they wont see you coming!!!
Regards,
Daymond John

Your failures will only fuel your successes

Daymond — Fri, 21 Aug 2009 22:34:28 +0000

Easy answer! YOU QUIT WHEN YOU DIE!! You call 3 times failing, a glass ceiling? How about this? Nelson Mandela was incarcerated for 3 decades only to rise and be the President of the same government that jailed him! Irv Gotti and Diddy both faced trials of their lives to come back and reinvent themselves as stars of TV and music! LL has spanned a red-hot music career for 20yrs when most artists can’t last 3! Tyra Banks and Kimora Lee Simmons both flipped modeling careers into being powerful CEO’s! I can go on and on of those who will not quit, no matter the setbacks. When you were a baby and tried to walk, after you fell down 10 times, did you decide to quit and crawl for life? No, so why stop now? TRUE POWER is to know that “YOUR FAILURES WILL ONLY FUEL YOUR SUCCESSES.” See you at the top or sliding down a pole. The choice is up to you.
Daymond