don t spend too much money on it yet. send it to your friends and see if they send it on. great. this was great advice. thank you so much for everything today. really appreciate it. and if any of you out there have a question for our experts, all you have to do is go to our our website. openforum.com/yourbusiness. there just hit the ask the show link to submit a question to our panel. again, the website is openforum.com/yourbusiness or if you d like e-mail us your questions or comments. the address is yourbusiness@msn yourbusiness@msnbc.com. now that we ve heard from colleen and mike, small business owners just like you. my greatest advice to entrepreneurs right now is that right now is a really good time to build a smarter and stronger business that will help you grow in the future. so it s actually a really good time to grow. business owners try to do it
thanks so much you guys. thank you so much for coming on and pitching your product. great to meet you. thank you for that great demonstration. appreciate it. any of you out there have a product or service and you want feedback from our panel on your chances of getting interested investors, send us e-mail. the address is yourbusiness@msnbc.com. include a short summary. you never know, somebody out there watching may be interested in helping you. it s time to answer some of your business questions. colleen and mike are with us again. the first one comes from thomas and he writes, i run an llc and am trying to figure out if i should take all of the profits out of my business at the end of the year or keep some in the company in case of an emergency. if you think i should keep some in, how much? i think this is something to understand their finances, company finances, unfortunately a lot don t.
heard? current sales and what the market looks like right now. okay. what about you? i m not familiar with golf so i m not sure who the person who endorsed the product is which i m sure a lot of people do know who he is but i don t. jim mclean, is ranked among the top five golf instructors in the world. you had good energy, i can tell you that in the pitch. from what he gave you and assuming he had a little more about sales would you take another meeting? i would. my feeling is these are fly or die products. either it s going to be the next sham wow or it burns out so i would want to know do instrument the capacity to ramp it up quickly. colleen. i love it. i think it s very niche. i think that you ll do well with it. and i would be interested to know more about whether you go to golf expos and things like this. i imagine this is a product that almost sells itself. i would like to hear more about that. do you play golf? i do. badly. very badly. this is the product
better than if we were fighting against each other as competitors looking at blog this is way they clearly moved beyond their soap box for loud mouth image. what they are a publishing system. it s really a simple content management system that novice web user can use. if you can send an e-mail you can blog. for these four entrepreneurs, blogging for profit allows them to fund their passion and fuel their dreams. one of the great things about with it is that it s very scaled. if you hit it big you hit it big and it doesn t take more work. you don t have to hire a team of people to make this happen. we hear these success stories about people who make money from blogs. how can you do it? let s turn to this week s board of directors. colleen is the small business editor at the wall street journal and author of the
wall street journal business guide book. and mike is with a group that helps first time entrepreneurs and author of the toilet paper entrepreneur. great to see both of you guys. i m starting with colleen. you just started a blog. i did. cracking curry.com. you intend to make money off of this? who knows. i m not quitting my day job, that s for sure. it s easy. amazing. i couldn t believe it. i know nothing about technology. in like 15 minutes i had registered the due main name, uploaded my photo, done my first post. it was incredible. the starting is not a barrier. how do you turn that into a business, into a way to live? i think you need to be opinionated, you have to have something you drive home over and over. there are so many blogs you can get lost in the wash. you have a strong opinion, especially if it s unexpected like the small houses, that s different. if they speak regularly about it, it becomes an attraction