\n
\n![](\"https:\/\/blogger.googleusercontent.com\/img\/b\/R29vZ2xl\/AVvXsEi3uxZyXzM4pVl1G9GoraNqfZhafHfLCdocoyvVenpW-GQ0RYvZBxb42PUJ04q4ULDITqOjyGgvVvZ2MzVsH11QNaMQ7N7Py221PXxpWpocUFGhV6nj5hRxlSdrzaaw00zGizH6KznR3KY\/s640\/William+%25E2%2580%259CBill%25E2%2580%259D+Gates.jpg\")
<\/a><\/div>\n
![](\"https:\/\/blogger.googleusercontent.com\/img\/b\/R29vZ2xl\/AVvXsEi3uxZyXzM4pVl1G9GoraNqfZhafHfLCdocoyvVenpW-GQ0RYvZBxb42PUJ04q4ULDITqOjyGgvVvZ2MzVsH11QNaMQ7N7Py221PXxpWpocUFGhV6nj5hRxlSdrzaaw00zGizH6KznR3KY\/s1600\/William+%25E2%2580%259CBill%25E2%2580%259D+Gates.jpg\")
<\/a><\/div>\n\nWe all know William Bill Gates and his achievements. The “owner of Microsoft” and the richest man on the planet, one of the most recognized names in the world, as much a celebrity as the pop stars and movie stars due to his high public profile. Do you really want to know what methods he used to achieve this success?\u00a0 if yes I think you got the right place. onlineibusiness going to reveal his secrets of success stay tuned and read the article.<\/p>\n
\n![](\"https:\/\/blogger.googleusercontent.com\/img\/b\/R29vZ2xl\/AVvXsEhPbstI9s8TRi1o7nhjdz5ti6JlunaFFq3PY46BQ-A-bRm2tI5wPIoqByMGp_3A0k08l9FTQMPIeSVEPqwmtT1sIyQjkgnxFihvjUYA21GBP08r7cj-55G1jt9Dxz8jzs74Wk89NYP7nDg\/s640\/How+to+Start.jpg\")
<\/span><\/div>\n
<\/span><\/div>\n\nAre you thinking about starting a business,
\nbut don’t know how or even where to begin? This article outlines the biggest
\nobstacles to overcome, what you need to start your business, and what to do
\nafter year one!<\/span><\/div>\n
\nbut don’t know how or even where to begin? This article outlines the biggest
\nobstacles to overcome, what you need to start your business, and what to do
\nafter year one!<\/span><\/div>\n
\nTHE MYTHS OF STARTING A BUSINESS<\/span><\/b><\/div>\n
\nWhen thinking about starting a business you
\nwant to think about “Why are you starting the business?” Often times
\nsomeone decides to start a business with the mindset they will have more free
\ntime, work at home, and have a flexible schedule. Unfortunately, it is
\nimportant to avoid these myths. Majority of the time, starting a business isn’t
\nany of these things. Instead, it is long hours, working at home may be a
\ndistraction, less flexibility, and there are many hats to juggle. It’s
\ncompletely different then working for a company and it is important to keep all
\nof this in mind when deciding if starting a business is right for you. If it
\nis, then let’s dive into getting started with your business idea!<\/span><\/div>\n
\nwant to think about “Why are you starting the business?” Often times
\nsomeone decides to start a business with the mindset they will have more free
\ntime, work at home, and have a flexible schedule. Unfortunately, it is
\nimportant to avoid these myths. Majority of the time, starting a business isn’t
\nany of these things. Instead, it is long hours, working at home may be a
\ndistraction, less flexibility, and there are many hats to juggle. It’s
\ncompletely different then working for a company and it is important to keep all
\nof this in mind when deciding if starting a business is right for you. If it
\nis, then let’s dive into getting started with your business idea!<\/span><\/div>\n
\nAttitude is EVERYTHING. You need to always
\nkeep a cheery attitude. Many things are going to happen during the lifecycle of
\nthe company, both good and bad, and the most important thing is to keep a
\npositive attitude.<\/span><\/div>\n
\nkeep a cheery attitude. Many things are going to happen during the lifecycle of
\nthe company, both good and bad, and the most important thing is to keep a
\npositive attitude.<\/span><\/div>\n
\nBIGGEST OBSTACLES TO OVERCOME<\/span><\/b><\/div>\n
\nThe two biggest obstacles startups face
\nwhen starting a business is money and reputation. You need to make sure you are
\nable to stay afloat and have a means of financing when starting out. And
\nreputation is also an obstacle because you don’t have a reputation or
\ncustomers. Unless you start out with a group of customers, most of the time you
\nare starting out very alone.<\/span>
\n
<\/span><\/div>\n
\nwhen starting a business is money and reputation. You need to make sure you are
\nable to stay afloat and have a means of financing when starting out. And
\nreputation is also an obstacle because you don’t have a reputation or
\ncustomers. Unless you start out with a group of customers, most of the time you
\nare starting out very alone.<\/span>
\n
<\/span><\/div>\n
\n![](\"https:\/\/blogger.googleusercontent.com\/img\/b\/R29vZ2xl\/AVvXsEgLjyThnJ5FSMEgXVyaBMY8RWfHYZswycRtkw4PyJ2SjsqLROZimvUyAQmX43daX2Y4LYKpnlqVxREffWmFozUG_9PaIXU9mJU8onKv60LXf2qnrD_ZzToWmsKLcCJIy6RdkmcsDTRnVYA\/s640\/chairs-contemporary-designer-416320.jpg\")
<\/a><\/div>\n
<\/a><\/div>\n\n1.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\n<\/span><\/span><\/b>VIABLE PRODUCT<\/span><\/b><\/div>\n
\n<\/span><\/span><\/b>VIABLE PRODUCT<\/span><\/b><\/div>\n
\nYou need to provide a product\/service that
\npeople want to buy. Researching similar products\/services is important to see
\nwhat else is out there that is similar to your idea and then determine how your
\nproduct will be better than the competition. It is also important to be able to
\nbring experience to the table. It is the experience you have that will make the
\ncompany. Typically, you want to have a niche so you can take a focused approach
\nand decide what type of company you want it to be. Lastly, you need to consider
\nif you can sell enough of your product or service to make a living. Will you be
\nable to cover all of the expenses and salaries that come with a business?<\/span><\/div>\n
\npeople want to buy. Researching similar products\/services is important to see
\nwhat else is out there that is similar to your idea and then determine how your
\nproduct will be better than the competition. It is also important to be able to
\nbring experience to the table. It is the experience you have that will make the
\ncompany. Typically, you want to have a niche so you can take a focused approach
\nand decide what type of company you want it to be. Lastly, you need to consider
\nif you can sell enough of your product or service to make a living. Will you be
\nable to cover all of the expenses and salaries that come with a business?<\/span><\/div>\n
\n2.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\n<\/span><\/span><\/b>BUSINESS PLAN<\/span><\/b><\/div>\n
\n<\/span><\/span><\/b>BUSINESS PLAN<\/span><\/b><\/div>\n
\n![](\"https:\/\/blogger.googleusercontent.com\/img\/b\/R29vZ2xl\/AVvXsEit0Zc1BgxuKZWUDD2mBNOxipwaXyD-_hXKxAkD9ke80DKLWy7rq8Luu5J7CdvcnPXzQ0qJE6PfQCuqNNvgkS-8-9vp6sdwF48pssRzqVbjHlRT3W7FGKHz9Ps_UiRXH-yvrVgc3H7xEhY\/s640\/adult-chart-close-up-1043514.jpg\")
<\/a><\/div>\n
<\/a><\/div>\n\nA business plan is absolutely essential.
\nWhat is a business plan?<\/span><\/b><\/div>\n
\nWhat is a business plan?<\/span><\/b><\/div>\n
\nStart with an executive summary, which is a
\nhigh-level description of what the business is going to do. Next, you need a
\nbusiness description that lays out the business in detail. Then, comes the
\nmarket analysis, who is going to be your customer and who is your competition?
\nNext, is organization management. Who is going to manage the business? Are you
\ngoing to manage it yourself or are you going to hire someone from the outside
\nto handle your business? Most of the time you are starting off managing the
\nbusiness yourself. Next, you need a sales strategy, what type of sales strategy
\nare you going to encompass? And lastly, you need to include funding
\nrequirements and financial projections. What kind of funding do you need to
\nstart the business and how much do you project to make?<\/span><\/div>\n
\nhigh-level description of what the business is going to do. Next, you need a
\nbusiness description that lays out the business in detail. Then, comes the
\nmarket analysis, who is going to be your customer and who is your competition?
\nNext, is organization management. Who is going to manage the business? Are you
\ngoing to manage it yourself or are you going to hire someone from the outside
\nto handle your business? Most of the time you are starting off managing the
\nbusiness yourself. Next, you need a sales strategy, what type of sales strategy
\nare you going to encompass? And lastly, you need to include funding
\nrequirements and financial projections. What kind of funding do you need to
\nstart the business and how much do you project to make?<\/span><\/div>\n
\nA written plan is critical. It is
\nabsolutely essential you write down the above information on paper.<\/span><\/div>\n
\nabsolutely essential you write down the above information on paper.<\/span><\/div>\n
\nThere are many business plans templates
\navailable to help. Even if you are an established business, you don’t need
\nanything complicated. An additional resource is a simple roadmap. This breaks
\nout month by month projections for 2 years. What trade shows will you attend?
\nHow many people will you hire? What type of marketing campaigns will you run?<\/span><\/div>\n
\navailable to help. Even if you are an established business, you don’t need
\nanything complicated. An additional resource is a simple roadmap. This breaks
\nout month by month projections for 2 years. What trade shows will you attend?
\nHow many people will you hire? What type of marketing campaigns will you run?<\/span><\/div>\n
\nLast, goals are extremely important. You
\nneed to set specific goals in your business plan so you know where you are
\nheading.<\/span><\/div>\n
\nneed to set specific goals in your business plan so you know where you are
\nheading.<\/span><\/div>\n
\n1.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\n<\/span><\/span><\/b>MEANS OF FINANCING<\/span><\/b><\/div>\n
\n<\/span><\/span><\/b>MEANS OF FINANCING<\/span><\/b><\/div>\n
\nHow will you finance your business? Some of
\nthe key questions to ask are how much money will you need to stay afloat? Will
\nyou be taking a salary? What will your non-salary expenses be? How many people
\ndo you plan on hiring the first year? What about company benefits? Even if you
\nare by yourself, you will need benefits and insurance. These are all questions
\nyou need to think about.<\/span><\/div>\n
\nthe key questions to ask are how much money will you need to stay afloat? Will
\nyou be taking a salary? What will your non-salary expenses be? How many people
\ndo you plan on hiring the first year? What about company benefits? Even if you
\nare by yourself, you will need benefits and insurance. These are all questions
\nyou need to think about.<\/span><\/div>\n
\nShould your self-finance or take out a
\nloan? Self-financing is often recommended if you have enough money in the bank
\nto float the business and your salary for a year or two. This option reduces
\nthe pressure. The last thing you want is pressure from creditors. Loans are
\ngoing to be difficult to procure. If you manage to get a loan, you will have to
\npersonal guarantee and you will need collateral.<\/span><\/div>\n
\nloan? Self-financing is often recommended if you have enough money in the bank
\nto float the business and your salary for a year or two. This option reduces
\nthe pressure. The last thing you want is pressure from creditors. Loans are
\ngoing to be difficult to procure. If you manage to get a loan, you will have to
\npersonal guarantee and you will need collateral.<\/span><\/div>\n
\nThere is also the possibility for a
\nfinancial business partner, however, a financial business partner can often
\nlead to meddling and pressure. It also may cause you to run the business
\ndifferently then you envisioned. Remember, you are starting the business to put
\nyour own spin on it!<\/span><\/div>\n
\nfinancial business partner, however, a financial business partner can often
\nlead to meddling and pressure. It also may cause you to run the business
\ndifferently then you envisioned. Remember, you are starting the business to put
\nyour own spin on it!<\/span><\/div>\n
\nA fourth option is a funding company. This
\nis a viable option because they will often do your payroll and invoicing for
\nyou. Sometimes the funding company will provide a basic ATS system as well that
\ncould help you start off. The downside to a funding company is often it is hard
\nto break away. You need to pay off loans with interest and sometimes it isn’t
\nfinancially feasible to breakaway. If you use a funding company, you want to
\nmake sure you understand the agreement and know what it takes to step away from
\nthe funding company.<\/span><\/div>\n
\nis a viable option because they will often do your payroll and invoicing for
\nyou. Sometimes the funding company will provide a basic ATS system as well that
\ncould help you start off. The downside to a funding company is often it is hard
\nto break away. You need to pay off loans with interest and sometimes it isn’t
\nfinancially feasible to breakaway. If you use a funding company, you want to
\nmake sure you understand the agreement and know what it takes to step away from
\nthe funding company.<\/span><\/div>\n
\nSome additional funding options are
\nfamily, small business grants, and crowdfunding\/internet. It is really up to
\nyour discretion though if this is a good option for you. Small business grants
\ntend to be hard to secure and a lengthy process. Crowdfunding gives you small
\namounts of money from a large number of people. It is an unusual option but
\ncould work.<\/span><\/div>\n
\nfamily, small business grants, and crowdfunding\/internet. It is really up to
\nyour discretion though if this is a good option for you. Small business grants
\ntend to be hard to secure and a lengthy process. Crowdfunding gives you small
\namounts of money from a large number of people. It is an unusual option but
\ncould work.<\/span><\/div>\n
\nHow much should you pay yourself? It
\ndepends on the industry, but typically your first year’s salary is $34K to
\n$75K. You also have to be prepared to possibly make nothing for a couple of
\nyears! It is important to prepare for that. You don’t want to get yourself into
\na debt situation.<\/span><\/div>\n
\ndepends on the industry, but typically your first year’s salary is $34K to
\n$75K. You also have to be prepared to possibly make nothing for a couple of
\nyears! It is important to prepare for that. You don’t want to get yourself into
\na debt situation.<\/span><\/div>\n
\nFirst Year Profits. Very few businesses
\nmake a profit their first year. It is incredibly important to not get
\ndiscouraged if this is the case and continue to soldier on. Generally, it takes
\ntwo to three years for profits to kick in.<\/span><\/div>\n
\nmake a profit their first year. It is incredibly important to not get
\ndiscouraged if this is the case and continue to soldier on. Generally, it takes
\ntwo to three years for profits to kick in.<\/span><\/div>\n
\n2.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\n<\/span><\/span><\/b>COMPANY NAME<\/span><\/b><\/div>\n
\n<\/span><\/span><\/b>COMPANY NAME<\/span><\/b><\/div>\n
\nMake sure you create a company name that
\nyou like and represents the “look & feel” of the business. Avoid
\nusing your name, leave that to the law and accounting firms! Sometimes it makes
\nyou look small. You always want to make yourself look larger than you are.
\nLastly, consider a name that begins with an “A” to appear high on
\nlists.<\/span><\/div>\n
\nyou like and represents the “look & feel” of the business. Avoid
\nusing your name, leave that to the law and accounting firms! Sometimes it makes
\nyou look small. You always want to make yourself look larger than you are.
\nLastly, consider a name that begins with an “A” to appear high on
\nlists.<\/span><\/div>\n
\nNext, you will need to form a corporation.
\nYou can’t just start selling stuff! A good best practice is to get a book and
\nread about the different kinds of corporations. You really need to understand
\nhow this works if you are running a business.<\/span><\/div>\n
\nYou can’t just start selling stuff! A good best practice is to get a book and
\nread about the different kinds of corporations. You really need to understand
\nhow this works if you are running a business.<\/span><\/div>\n
\nYou will need an EIN (Employer
\nIdentification Number). Then you will need to decide what kind of corporation
\nyou want to form. There are ‘C’ corporations, which is an Inc. company. You may
\nhave heard the term “Cannot pierce the company veil.” That means if
\nyou start a ‘C’ corporation, no one can sue you personally. They have to sue the
\ncorporation. Additionally, you file taxes separate from your personal taxes.
\nThis is a great option because it allows you to keep your personal and business
\naffairs separate. For ‘S’ corporations, this is not the case. Your personal and
\nbusiness tax returns are the same. One advantage to keep in mind, if you want to
\nsell the company there are often tax advantages. If you form a C corporation,
\nit is very difficult and expensive to form an ‘S’ corporation afterward. If you
\ndon’t plan on keeping the business for a long period of time, forming an ‘S’ corporation may be a viable option. Additionally, there are corporations called
\nLimited Liability Company (LLC). You can also form a not for profit, but you
\nmust be careful with that and make sure you qualify.<\/span><\/div>\n
\nIdentification Number). Then you will need to decide what kind of corporation
\nyou want to form. There are ‘C’ corporations, which is an Inc. company. You may
\nhave heard the term “Cannot pierce the company veil.” That means if
\nyou start a ‘C’ corporation, no one can sue you personally. They have to sue the
\ncorporation. Additionally, you file taxes separate from your personal taxes.
\nThis is a great option because it allows you to keep your personal and business
\naffairs separate. For ‘S’ corporations, this is not the case. Your personal and
\nbusiness tax returns are the same. One advantage to keep in mind, if you want to
\nsell the company there are often tax advantages. If you form a C corporation,
\nit is very difficult and expensive to form an ‘S’ corporation afterward. If you
\ndon’t plan on keeping the business for a long period of time, forming an ‘S’ corporation may be a viable option. Additionally, there are corporations called
\nLimited Liability Company (LLC). You can also form a not for profit, but you
\nmust be careful with that and make sure you qualify.<\/span><\/div>\n
\nThe best thing to do is to consult with your
\nattorney and accountant to find out which corporation is the best for you. Once
\nyou form your corporation, you will need to get a business license, register
\nwith the state, and get a bank account.<\/span><\/div>\n
\nattorney and accountant to find out which corporation is the best for you. Once
\nyou form your corporation, you will need to get a business license, register
\nwith the state, and get a bank account.<\/span><\/div>\n
\n![](\"https:\/\/blogger.googleusercontent.com\/img\/b\/R29vZ2xl\/AVvXsEgiReZG2xV3vKrOT0xDYNsIUypxhZEq8LVa_nTg0B6rmv-UOMPtXCC6WnqALOQDLbKYMqqbMJzx7WYb-y80DE10wVKzlK_Y6DREXIqLWoPtOXcwVgRVYVbkKnb3LwqhPIT011S70e_yUbc\/s640\/adult-audience-back-view-1493371.jpg\")
<\/a><\/div>\n
<\/a><\/div>\n\n1.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\n<\/span><\/span><\/b>MARKETING YOUR
\nHEADQUARTERS<\/span><\/b><\/div>\n
\n<\/span><\/span><\/b>MARKETING YOUR
\nHEADQUARTERS<\/span><\/b><\/div>\n
\nMarketing your headquarters is just as
\nimportant as everything else. An outside office is a good route to go because
\nit projects professionalism. The first year you will be spending a lot of time
\nPROVING you are a real business. One of the best ways to prove this is to have
\nan office. This avoids the dog barking in the background while on the phone.
\nAdditionally, it helps you focus. There is no temptation to throw a load of
\nlaundry in! An office is also a great place to meet people. You don’t want to
\nconstantly have to meet at a coffee shop. Especially today when you are trying
\nto recruit people, you want to convey professionalism.<\/span><\/div>\n
\nimportant as everything else. An outside office is a good route to go because
\nit projects professionalism. The first year you will be spending a lot of time
\nPROVING you are a real business. One of the best ways to prove this is to have
\nan office. This avoids the dog barking in the background while on the phone.
\nAdditionally, it helps you focus. There is no temptation to throw a load of
\nlaundry in! An office is also a great place to meet people. You don’t want to
\nconstantly have to meet at a coffee shop. Especially today when you are trying
\nto recruit people, you want to convey professionalism.<\/span><\/div>\n
\nYou don’t need to start off in a fancy
\noffice. Some cities offer temporary space. In Chicago, you can get an office
\nfor $350-$700 a month that includes 1-3 private offices, a corporate mailing
\naddress, a receptionist\/company phone #, WIFI, meeting rooms, and a furnished
\nspace\/kitchen. If a temporary space is not an option in your city, you can also
\nrent a small office. Get inexpensive yet trendy furniture! You can also get a
\nstarter internet phone system.<\/span><\/div>\n
\noffice. Some cities offer temporary space. In Chicago, you can get an office
\nfor $350-$700 a month that includes 1-3 private offices, a corporate mailing
\naddress, a receptionist\/company phone #, WIFI, meeting rooms, and a furnished
\nspace\/kitchen. If a temporary space is not an option in your city, you can also
\nrent a small office. Get inexpensive yet trendy furniture! You can also get a
\nstarter internet phone system.<\/span><\/div>\n
\nIf physical space is absolutely not in
\nthe budget, you can get a “Virtual Office.” You can purchase a
\nvirtual office as low as $99\/month and it provides you with a corporate
\naddress, receptionist, meeting rooms, and calls going out to appear to come from
\nyour company name.<\/span><\/div>\n
\nthe budget, you can get a “Virtual Office.” You can purchase a
\nvirtual office as low as $99\/month and it provides you with a corporate
\naddress, receptionist, meeting rooms, and calls going out to appear to come from
\nyour company name.<\/span><\/div>\n
\n2.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\n<\/span><\/span><\/b>MARKETING COLLATERAL<\/span><\/b><\/div>\n
\n<\/span><\/span><\/b>MARKETING COLLATERAL<\/span><\/b><\/div>\n
\nYou NEED professional marketing materials
\nand business cards. It is essential to find a good designer, but it doesn’t
\nhave to be expensive as long as the materials look good. You only need the
\nbasics to start out. Most of the time you are producing an e-brochure, e-mail
\ntemplate, and a one-page handout to distribute at trade shows and when visiting
\nclients. Do not make these yourself. Even if you are graphically oriented, you
\nshouldn’t spend time doing this. You need to be on the phone making business
\ncalls.<\/span><\/div>\n
\nand business cards. It is essential to find a good designer, but it doesn’t
\nhave to be expensive as long as the materials look good. You only need the
\nbasics to start out. Most of the time you are producing an e-brochure, e-mail
\ntemplate, and a one-page handout to distribute at trade shows and when visiting
\nclients. Do not make these yourself. Even if you are graphically oriented, you
\nshouldn’t spend time doing this. You need to be on the phone making business
\ncalls.<\/span><\/div>\n
\nEverything you send needs to make a
\nstatement and spell “success” with your materials. You need to look
\nlike an established company.<\/span><\/div>\n
\nstatement and spell “success” with your materials. You need to look
\nlike an established company.<\/span><\/div>\n
\nYou will also need a logo. You may want to
\nget a professional to design your logo that costs a little more. This will make
\na statement about your company and you will have it for a while. Letterhead is
\noptional. Mostly, you probably aren’t sending a lot of letters, but if you plan
\nto send letters you will need letterhead. You will need a proposal template
\nsince you will be sending many proposals to clients. Lastly, you absolutely
\nneed a website. If you don’t have a website, you aren’t a legitimate business
\nthese days. People want to look you up and if they can’t find you on the
\ninternet then it is a red flag. Again, do not make the website yourself. You
\ncan always tell if it is a self-made website. Two essential items for your
\nwebsite is an inquiry form and mobile optimization. Your website must be
\nmobile optimized because everyone is searching on their phone.<\/span><\/div>\n
\nget a professional to design your logo that costs a little more. This will make
\na statement about your company and you will have it for a while. Letterhead is
\noptional. Mostly, you probably aren’t sending a lot of letters, but if you plan
\nto send letters you will need letterhead. You will need a proposal template
\nsince you will be sending many proposals to clients. Lastly, you absolutely
\nneed a website. If you don’t have a website, you aren’t a legitimate business
\nthese days. People want to look you up and if they can’t find you on the
\ninternet then it is a red flag. Again, do not make the website yourself. You
\ncan always tell if it is a self-made website. Two essential items for your
\nwebsite is an inquiry form and mobile optimization. Your website must be
\nmobile optimized because everyone is searching on their phone.<\/span><\/div>\n
\n3.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\n<\/span><\/span><\/b>MARKETING TACTICS<\/span><\/b><\/div>\n
\n<\/span><\/span><\/b>MARKETING TACTICS<\/span><\/b><\/div>\n
\nSimple questions to ask yourself is who are
\nyou selling to? Who else is selling to them? What is your focus? Why should a
\ncustomer choose you? These are basic questions, but you would be surprised how
\nmany small business owners can’t give a good answer to these questions.<\/span><\/div>\n
\nyou selling to? Who else is selling to them? What is your focus? Why should a
\ncustomer choose you? These are basic questions, but you would be surprised how
\nmany small business owners can’t give a good answer to these questions.<\/span><\/div>\n
\nE-mail marketing is important; however, it
\nshouldn’t be your main focus. A very low percentage of e-mails actually get
\nopened due to the mass amounts of e-mails everyone receives daily. Cold calling
\nis a favorite of many. It is essential so you must like to cold call. Always
\nleave a message. Many times, people prefer to call back later, however, leaving
\na message begins to build that relationship. If they are looking for the
\nsolution you offer, who will they call? Mailings are also good to add into your
\nmarketing mix to send out a couple of times a year. Jumbo postcards mailings
\nare always a good option. There are many professional postcard companies online
\nthat will design the postcard and handle distributing it to your mailing
\naddresses. You always want to follow-up with a phone call to get better
\nresults. Trade shows are great to attend but can get expensive. This is a good
\nway though to get your name out there. Social Media is very important these
\ndays. If you don’t know anything about social media, take an online course.
\nMany people are on social media so it is a great way to reach those that are on
\nit. Lastly, referrals\/networking is extremely important. Once you start to get
\ncustomers, you will be able to get referrals. And networking is a great way to
\nmeet new people. Always attend events that potential clients may be at.<\/span><\/div>\n
\nshouldn’t be your main focus. A very low percentage of e-mails actually get
\nopened due to the mass amounts of e-mails everyone receives daily. Cold calling
\nis a favorite of many. It is essential so you must like to cold call. Always
\nleave a message. Many times, people prefer to call back later, however, leaving
\na message begins to build that relationship. If they are looking for the
\nsolution you offer, who will they call? Mailings are also good to add into your
\nmarketing mix to send out a couple of times a year. Jumbo postcards mailings
\nare always a good option. There are many professional postcard companies online
\nthat will design the postcard and handle distributing it to your mailing
\naddresses. You always want to follow-up with a phone call to get better
\nresults. Trade shows are great to attend but can get expensive. This is a good
\nway though to get your name out there. Social Media is very important these
\ndays. If you don’t know anything about social media, take an online course.
\nMany people are on social media so it is a great way to reach those that are on
\nit. Lastly, referrals\/networking is extremely important. Once you start to get
\ncustomers, you will be able to get referrals. And networking is a great way to
\nmeet new people. Always attend events that potential clients may be at.<\/span><\/div>\n
\n![](\"https:\/\/blogger.googleusercontent.com\/img\/b\/R29vZ2xl\/AVvXsEijHi4eMmWnQyWPoKCWO806yht96G-UOjxVsIw-2uliWzIg-vESAHFndldGvnFLD6Y0zGEWGLLt1fwoMlkA0c0mSpPsV-ZUzAxiR-PRcaZ2lBG-xufH0sn4PkdPfaKcehgqvulGBJ5DBEE\/s640\/chips-close-up-cubes-1591055.jpg\")
<\/a><\/div>\n
<\/a><\/div>\n\nBusiness owners should know how to sell.
\nThe most important thing is to believe in your company and be able to sell the
\nconcept. You have to know why your product\/service is the best and learn how to
\nsell why it’s the best. At the end of the day, customers are buying
\n“YOU.” In most cases, your product is not one of a kind. You need to
\nconvince the customer that “YOU” are the one.<\/span><\/div>\n
\nThe most important thing is to believe in your company and be able to sell the
\nconcept. You have to know why your product\/service is the best and learn how to
\nsell why it’s the best. At the end of the day, customers are buying
\n“YOU.” In most cases, your product is not one of a kind. You need to
\nconvince the customer that “YOU” are the one.<\/span><\/div>\n
\nIf you are new and a small company, buying
\nfrom you is a risk. You have to overcome this your first year. Someone will
\nhave to be your first customer. How will you prove that you are not a risk?
\nThis is something you need to think about and be ready to answer when you are
\nasked. One way to do this, is say if you work with me, I will be handling your
\naccount personally. You want to put together a list of benefits that you being
\na smaller company will be able to offer verse a large company.<\/span><\/div>\n
\nfrom you is a risk. You have to overcome this your first year. Someone will
\nhave to be your first customer. How will you prove that you are not a risk?
\nThis is something you need to think about and be ready to answer when you are
\nasked. One way to do this, is say if you work with me, I will be handling your
\naccount personally. You want to put together a list of benefits that you being
\na smaller company will be able to offer verse a large company.<\/span><\/div>\n
\n2.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\n<\/span><\/span><\/b>SALES CONTRACT<\/span><\/b><\/div>\n
\n<\/span><\/span><\/b>SALES CONTRACT<\/span><\/b><\/div>\n
\nOnce you get your first customer, you MUST
\nhave a contract. Don’t use your uncle’s attorney who specializes in drawing up
\nwills. You need an attorney who knows your business and specializes in it.
\nSteal a contract template from online that depicts your business and says
\neverything it needs to say. Using an attorney to write up a contract from
\nscratch is extremely expensive and most of the time you can get a better one
\nonline anyway. In the sales contract, DO NOT concede on important points. How
\ndo you know what the important points are? One way is to ask your attorney.
\nWhat is it on this contract that I should never modify? One item you will find
\non most standard contracts is if litigation occurs it goes to the seller’s state.
\nYou never want to change this in the contract because if something does come
\nup, you will need to hire an attorney in another state and that can get very
\nexpensive. Most people know that it goes to the seller’s state, however, some
\npeople will want to change this. You never want to mess with your contract
\nwithout consulting your attorney.<\/span><\/div>\n
\nhave a contract. Don’t use your uncle’s attorney who specializes in drawing up
\nwills. You need an attorney who knows your business and specializes in it.
\nSteal a contract template from online that depicts your business and says
\neverything it needs to say. Using an attorney to write up a contract from
\nscratch is extremely expensive and most of the time you can get a better one
\nonline anyway. In the sales contract, DO NOT concede on important points. How
\ndo you know what the important points are? One way is to ask your attorney.
\nWhat is it on this contract that I should never modify? One item you will find
\non most standard contracts is if litigation occurs it goes to the seller’s state.
\nYou never want to change this in the contract because if something does come
\nup, you will need to hire an attorney in another state and that can get very
\nexpensive. Most people know that it goes to the seller’s state, however, some
\npeople will want to change this. You never want to mess with your contract
\nwithout consulting your attorney.<\/span><\/div>\n
\nAlways remember, do not give away the
\nstore. You will always want the business, but it won’t be good if you concede
\non too many matters. You have to calculate in your business plan and your
\nfinancial projections what you are going to charge. If you get business that
\nyou aren’t going to charge what you need to charge, then you might as well not
\nget it. You need to spend your time on the business that will be profitable.<\/span><\/div>\n
\nstore. You will always want the business, but it won’t be good if you concede
\non too many matters. You have to calculate in your business plan and your
\nfinancial projections what you are going to charge. If you get business that
\nyou aren’t going to charge what you need to charge, then you might as well not
\nget it. You need to spend your time on the business that will be profitable.<\/span><\/div>\n
\n3.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\n<\/span><\/span><\/b>ORGANIZATIONS\/TRAINING<\/span><\/b><\/div>\n
\n<\/span><\/span><\/b>ORGANIZATIONS\/TRAINING<\/span><\/b><\/div>\n
\nYou need to be in both national and local
\norganizations because it gives you instant credibility. Anyone who is part of a
\nnational organization knows you get high-level training and gain industry
\nknowledge. Additionally, you learn about legislation. You need to know the
\nlaws. Local organizations accomplish the same, but you get local related
\nindustry knowledge and legislation. You can also attend local events verse
\nspending money flying somewhere. Joining both national and local organizations
\nare very important for instant credibility.<\/span><\/div>\n
\norganizations because it gives you instant credibility. Anyone who is part of a
\nnational organization knows you get high-level training and gain industry
\nknowledge. Additionally, you learn about legislation. You need to know the
\nlaws. Local organizations accomplish the same, but you get local related
\nindustry knowledge and legislation. You can also attend local events verse
\nspending money flying somewhere. Joining both national and local organizations
\nare very important for instant credibility.<\/span><\/div>\n
\n![](\"https:\/\/blogger.googleusercontent.com\/img\/b\/R29vZ2xl\/AVvXsEhQke-sDWbnqs8eckTOhy5gvMNKacbvOS4Dza582481RInpIrKCfM3g6tLoLit3kFIPSo26S4BLrocq13TQEuXtX4_nNAqbyb8ADV7YeU4F16TUqlZS1nOaiRSwwLrYE2yTyZ3ImuHCCBo\/s640\/adult-brainstorming-colleagues-1181355.jpg\")
<\/a><\/div>\n
<\/a><\/div>\n\nEventually, you are going to need to hire
\nemployees. You must have an employee agreement. Again, you can grab a template
\nonline and run it by your attorney. When you hire someone, you will need to
\ngive them a written offer letter, benefits, and employee agreement.<\/span><\/div>\n
\nemployees. You must have an employee agreement. Again, you can grab a template
\nonline and run it by your attorney. When you hire someone, you will need to
\ngive them a written offer letter, benefits, and employee agreement.<\/span><\/div>\n
\nYou will need to figure out how much you
\nwill pay your employees and also what benefits you will give them. Being a
\nsmall business, you may want to give your employees better benefits they can’t
\nget anywhere else so there is an incentive to work for your business. You will
\nalso need to figure out working hours and supplies you are going to provide.<\/span><\/div>\n
\nwill pay your employees and also what benefits you will give them. Being a
\nsmall business, you may want to give your employees better benefits they can’t
\nget anywhere else so there is an incentive to work for your business. You will
\nalso need to figure out working hours and supplies you are going to provide.<\/span><\/div>\n
\nAdditionally, an employee handbook is
\nessential. You can purchase a corporate handbook template and customize it by
\nfilling in the blanks. You want to provide all of your employees a copy on
\ntheir first day and update it each year. The handbook should provide guidelines
\non all processes and policies, such as a mission statement, vacation\/PTO policies,
\netc. You never want to be unclear with anything.<\/span><\/div>\n
\nessential. You can purchase a corporate handbook template and customize it by
\nfilling in the blanks. You want to provide all of your employees a copy on
\ntheir first day and update it each year. The handbook should provide guidelines
\non all processes and policies, such as a mission statement, vacation\/PTO policies,
\netc. You never want to be unclear with anything.<\/span><\/div>\n
\nWhat does a good employee profile look
\nlike? You need team players and someone who has a passion for the job. You
\ndon’t want someone to drag them self every day. You also want your employees
\nto be determined and dedicated. If you provide your employees with incentives,
\nthey will most likely be dedicated.<\/span><\/div>\n
\nlike? You need team players and someone who has a passion for the job. You
\ndon’t want someone to drag them self every day. You also want your employees
\nto be determined and dedicated. If you provide your employees with incentives,
\nthey will most likely be dedicated.<\/span><\/div>\n
\nIt is up to YOU to keep your employees
\nmotivated. Engaging your employees is important. Talk to them and see what they
\nthink about different topics. You also need to align your metrics and have
\ngoals for your employees to reach for. Goals help increase employee
\nproductivity. It is important to identify and remove internal roadblocks that
\ncan harm an employee’s productivity. Training and professional development
\nopportunities are important for your employees. And lastly, you must always
\nremember to focus on your business strategy. You can’t please every market. If
\na client isn’t the right fit and will cause more stress for everyone at your
\ncompany, pass the business up.<\/span><\/div>\n
\nmotivated. Engaging your employees is important. Talk to them and see what they
\nthink about different topics. You also need to align your metrics and have
\ngoals for your employees to reach for. Goals help increase employee
\nproductivity. It is important to identify and remove internal roadblocks that
\ncan harm an employee’s productivity. Training and professional development
\nopportunities are important for your employees. And lastly, you must always
\nremember to focus on your business strategy. You can’t please every market. If
\na client isn’t the right fit and will cause more stress for everyone at your
\ncompany, pass the business up.<\/span><\/div>\n
\n2.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\n<\/span><\/span><\/b>ACCOUNTING<\/span><\/b><\/div>\n
\n<\/span><\/span><\/b>ACCOUNTING<\/span><\/b><\/div>\n
\nProbably the most boring thing about owning
\na business is accounting, payroll, taxes, etc. Unless you like these things of
\ncourse! Unfortunately, if you don’t, you have to think about these things when
\nowning a business.<\/span><\/div>\n
\na business is accounting, payroll, taxes, etc. Unless you like these things of
\ncourse! Unfortunately, if you don’t, you have to think about these things when
\nowning a business.<\/span><\/div>\n
\nFor payroll, you can hire an outside
\npayroll company, have your accounting firm do it, or do it yourself through a
\npayroll software. You must file your payroll taxes, otherwise, you can go to
\njail. You also want to make sure you avoid high late penalties. The government
\nwill charge you if you are late on anything.<\/span><\/div>\n
\npayroll company, have your accounting firm do it, or do it yourself through a
\npayroll software. You must file your payroll taxes, otherwise, you can go to
\njail. You also want to make sure you avoid high late penalties. The government
\nwill charge you if you are late on anything.<\/span><\/div>\n
\n![](\"https:\/\/blogger.googleusercontent.com\/img\/b\/R29vZ2xl\/AVvXsEjQUC0u5m3-RRFjBWXvzIJKcTsYkomYicT2IgX0xQmu7D150Hx6yQk7tEb_gxvzFlu1ZVjrkyNNzhlniIUz1Qqpw6FgVWibMsYixTTbl0-TWygpthDatEg5AJVE3QxI0P0PvPq1a6J0n9s\/s640\/accounting-close-up-computation-1418347.jpg\")
<\/a><\/div>\n
<\/a><\/div>\n\n1.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\n<\/span><\/span><\/b>ACCOUNTS RECEIVABLE<\/span><\/b><\/div>\n
\n<\/span><\/span><\/b>ACCOUNTS RECEIVABLE<\/span><\/b><\/div>\n
\nMake sure you send out invoices to
\ncustomers promptly because the sooner you send them out, the sooner the money
\ncomes in. Cashflow is extremely important. You have to stay on top of open
\ninvoices, even if your accounting firm is doing your invoices, more then likely
\nthey are not going to make collection calls. You will also need to send out a
\nstatement of account, which is a document that outlines everything the customer
\nowes. When you send this out, people tend to pay quicker because they see all
\nof the money they owe.<\/span><\/div>\n
\ncustomers promptly because the sooner you send them out, the sooner the money
\ncomes in. Cashflow is extremely important. You have to stay on top of open
\ninvoices, even if your accounting firm is doing your invoices, more then likely
\nthey are not going to make collection calls. You will also need to send out a
\nstatement of account, which is a document that outlines everything the customer
\nowes. When you send this out, people tend to pay quicker because they see all
\nof the money they owe.<\/span><\/div>\n
\n2.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\n<\/span><\/span><\/b>ACCOUNTS PAYABLE<\/span><\/b><\/div>\n
\n<\/span><\/span><\/b>ACCOUNTS PAYABLE<\/span><\/b><\/div>\n
\nYou must pay your bills promptly in order
\nto secure a good credit rating. You want to have a good credit rating because
\nprospects are going to run a D&B on your company. Get rid of credit cards
\nthat you do not use because this can also harm your credit score. Additionally,
\navoid running up credit card debt. Do not get into debt no matter what. It will
\nkill the business and stress you out.<\/span><\/div>\n
\nto secure a good credit rating. You want to have a good credit rating because
\nprospects are going to run a D&B on your company. Get rid of credit cards
\nthat you do not use because this can also harm your credit score. Additionally,
\navoid running up credit card debt. Do not get into debt no matter what. It will
\nkill the business and stress you out.<\/span><\/div>\n
\n3.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\n<\/span><\/span><\/b>FINANCIALS<\/span><\/b><\/div>\n
\n<\/span><\/span><\/b>FINANCIALS<\/span><\/b><\/div>\n
\nThere are two very important documents you
\nmust have. One is a balance sheet (assets & liabilities). Assets are cash
\nin the bank, the furniture you might have, etc. Liabilities are accounts payable,
\noutstanding loans, collecting 401K from an employee, etc. Second, is an income
\nstatement (revenue\/expenses\/profit.) This would include what your sales and
\nexpenses are. You take what you sold, minus expenses, and that is what your
\nprofit is. At the end of the year, that profit gets carried over to your
\nbalance sheet and becomes part of your owner equity for the next year.<\/span><\/div>\n
\nmust have. One is a balance sheet (assets & liabilities). Assets are cash
\nin the bank, the furniture you might have, etc. Liabilities are accounts payable,
\noutstanding loans, collecting 401K from an employee, etc. Second, is an income
\nstatement (revenue\/expenses\/profit.) This would include what your sales and
\nexpenses are. You take what you sold, minus expenses, and that is what your
\nprofit is. At the end of the year, that profit gets carried over to your
\nbalance sheet and becomes part of your owner equity for the next year.<\/span><\/div>\n
\nIt is very important to understand your
\nfinancials. If you don’t, get a book, attend a seminar, etc. You don’t want to
\nrely on your accountant. You have to be cautious of embezzlement when hiring an
\noutside company so it’s key to understand your financials and be able to notice
\nanything that doesn’t look right.<\/span><\/div>\n
\nfinancials. If you don’t, get a book, attend a seminar, etc. You don’t want to
\nrely on your accountant. You have to be cautious of embezzlement when hiring an
\noutside company so it’s key to understand your financials and be able to notice
\nanything that doesn’t look right.<\/span><\/div>\n
\n![](\"https:\/\/blogger.googleusercontent.com\/img\/b\/R29vZ2xl\/AVvXsEgXwgTAg-FByTOxM0SzVwaep2YEX0-hHYNo9k_r6dtkW_8WDpV2SXuyp-d0uPlQaMbkZPnOscq2BLuDkFWQ5nQzIUeDtvBmmor6zghA88LTBYz2mD8PDwHZx10CHQffryNlNYaaXS8zYfw\/s640\/career-corporate-job-776615.jpg\")
<\/a><\/div>\n
<\/a><\/div>\n\n1.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\n<\/span><\/span><\/b>CORPORATE TAX FILING<\/span><\/b><\/div>\n
\n<\/span><\/span><\/b>CORPORATE TAX FILING<\/span><\/b><\/div>\n
\nNever do your corporate tax filing
\nyourself. It is complicated and, more importantly, you will always want an
\naccounting firm to sign off on it.<\/span><\/div>\n
\nyourself. It is complicated and, more importantly, you will always want an
\naccounting firm to sign off on it.<\/span><\/div>\n
\nv
\n<\/span><\/span>IMPLEMENTATION & SOFTWARE TOOLS<\/span><\/b><\/div>\n
\n<\/span><\/span>IMPLEMENTATION & SOFTWARE TOOLS<\/span><\/b><\/div>\n
\n\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\n<\/span><\/span>IMPLEMENTATION<\/span><\/b><\/div>\n
\n<\/span><\/span>IMPLEMENTATION<\/span><\/b><\/div>\n
\nAt some point, you have to deliver the
\nproduct\/service. If you are a staffing firm and are placing candidates, you
\nhave to make sure they stick or you will not get paid. You also need to always
\nprovide high-quality service. High-quality service means repeat business and
\nreferrals. This is one way to help grow your company.<\/span><\/div>\n
\nproduct\/service. If you are a staffing firm and are placing candidates, you
\nhave to make sure they stick or you will not get paid. You also need to always
\nprovide high-quality service. High-quality service means repeat business and
\nreferrals. This is one way to help grow your company.<\/span><\/div>\n