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Posts tagged ‘business’

Small Business Checklist-How to Establish Your New Business

If you are thinking of starting a business, and not sure were to start.  Below is a  quick “Small Business Start-up Checklist” you may be useful.

1     Research the viability of your idea

 

2      Secure any needed operating funds.  This could be from your savings or loans.

 

3     Chose the location of your office.  If working from home, I suggest dedicating a specific area.

 

4     Determine the legal structure of your business.  Will you operate as a Sole Proprietor, Partnership, Corporation or LLC

 

5     Register your business name.  Usually with your local county business license office.

 

6     Get you Tax Identification Number (EIN)  from the IRS & determine if you are required to register for state & local tax        collection.   Your  State Department of Revenue & Sale Tax Office.

 

7     Obtain any needed Permits & Business Licenses.  Usually from the county business license office.

 

8     Hire any needed employees and experts- lawyer, accountant, bookkeeper, for example.

 

9      Begin operating your business!

 

Do you have any other suggestions for establishing a new business?  Please share.

Keeping Track of Your Business

The quickest way to go broke is to lose track of your bottom line.  To help insure your success, you must implement a good bookkeeping/accounting system.  Your system does not have to be elaborate but it must be effective.  It can be as simple as having a file box with an alphabetical file of your customers and their transactions.  There are many bookkeeping systems for sale, choose one.  You can visit any stationary or office supply store to investigate the various systems available.  Whatever system you use, your system should be easy enough for anyone to understand and most of all accurate.

 

It is a good idea that at least once a month you total your books to see how your business is doing.  Look at your total income and total expenses up till and including that period provides you with a picture of how you are doing.   Collect from those who owe you and at the very least, stop extending credit to them.  Pay your debts as promptly as possible.  Your good name is your best asset.  NEVER EVER LOSE TRACK OF YOUR BOTTOM LINE!

 

Your bottom line is affected by many variables and you must monitor them closely.  From time to time re-evaluate your product/service to determine if any improvements can or should be made.  Also evaluate your marketing strategy for its effectiveness.  No matter how great a product you have, if no one knows about it, you will go broke.  Make sure your overall marketing strategy is sending the message you want your customers to receive.

 

Talk to your employees if you have any to get their input.  A happy employee is a productive employee.  If you are experiencing a high turnover rate, re-examine your personnel policies and your source of workers.  You need reliable and responsible employees.  Customers love to develop relationships with their vendors.  They become nervous when they deal with a new person every time they deal with you.  Stability and reliability are what your customers want and deserve from you.  Give it to them.

Do you think it is important to know how your business is doing on a regular basis?  How do you keep track of your business?  Please share.

 

Is Someone Waiting On You?

Purpose

Have you every stopped and imagined what your life would be like without, Amazon, Google, Facebook, YouTube, Microsoft, Apple, & WordPress just to name a few?  Think about it for a moment.   How would the lack of any one of them affect  your life, your business?  What if those who started these businesses allowed fear to stop or delay them and they were not available today?  What would that mean for you , your life, and your business?

I can say for me, it would have a profound effect.  I would not be able to do what I do, without many of them and other modern technologies.  Each Company represents a gift someone shared with the world.  What gift are you not sharing?  Someone may be waiting on you, to share your gift, so they can express their gift.

You may say what I have to share is already out there.  Maybe so, but not done as only you can!  When people give me the excuse that someone has already done it, I like to remind them that “Famous Amos did not invent the chocolate chip cookie”.  He put his spin on it and made his own version.  The same applies to your gift.  Only you can give the world your spin on it.

Please share your thoughts.

Start With A PLAN!!

bus plan kindle cover-for wp postA well thought out and prepared business plan is the most valuable tool a business owner can have, especially a new one.  The business plan also called a feasibility plan for a new business (because new business is researching the potential product to determine if it would be viable) is your road map.

Your business plan  will keep you on track as you implement the strategies you developed and evaluate the results to determine if any changes are needed.

Success is not guaranteed to anyone but it is attainable to anyone willing to do the needed work.  As you plan your business, ask yourself the following question, “What will happen to my small business if I an unable to participate in it due to illness or some other event & I am the only employee?” At this point, I’d like to relate a story.

While on a vacation, I was walking in a shopping area and came upon a book store and I wanted to go inside and look around.  When I got to the door, I was meet by the following sign “Sorry, closed due to illness”.  Unfortunately, this owner did not have a plan in place for this and as a result, who knows how much revenue was lost.  To compound the situation, the fixed costs of rent and utilities were still being incurred.  What if the sign read instead “Sorry, closed due to illness, but please visit our website.  Planning Makes A Difference!!

The best time to plan for your business  is at the beginning, but if you didn’t  don’t lose heart, it is never too late to develop and implement a good business plan.   Developing the plan after you have started has benefits because  now you have real world experience and numbers to use.

Planning, starting and running a business is not easy but with the right information and tools it can be successful.

Visit our “Business Tools/Products” for products to assist you on your entrepreneurial journey. Like “Writing a business plan” “Small Business Tips” & more.

Tips for Working from Home Successfully

Working from home has its benefits and its draw backs.  No one can argue that the commute time is great when you work from home but the down side is, if you are not careful, people around you will tend to think you have lots of free time.

Working from home is not a new idea but in recent years there has been a rise in the number of individuals who do.  This can be attributed to a rise in entrepreneurs, the current increase in the cost of gas, the frustration of sitting in traffic and the tools now available which make working from home feasible & practical.

To successfully understand how to work from home, you must train yourself and those around you to realize that there are times in the day when you are obligated to work.  You must provide the same caliber of work that you would have done, had you gone into an office.

When I first started working from home, I found that those I knew thought I was their shopping and running around buddy.  I had a problem saying no, which I quickly lost as my work got backlogged and I was up late at night trying to complete it.

Time management is a critical skill needed when you are learning how to work from home.  It is so easy to spend time doing other things and procrastinating because you feel you have lots of time because you are no longer commuting.  Treat your work time with respect and so will others.

A tool which really helped me manage my time better was a day planner.  Unlike most people, I prefer the non-digital method.  The reason for this is a tried a digital organizer and could not retrieve what I needed, when I needed it because the battery was dead.  It was my fault the battery was not changed but I need a tool which I can count on at all times, even if I forget to change the battery.  For me an old fashion day planner is a great planning tool.  Which ever you chose, digital or non-digital, a day planner is a very useful tool.

Another important tool is an e-fax.  It allows me to get faxes no matter where I am as long as I have access to my e-mail.  This tool makes it possible for you to go on vacation and still monitor your business.

Setting your work schedule & letting everyone know it is a must.  Post the hours somewhere in your office and make sure they are honored.

Lastly, being able work at home in your pajamas is great, but doing so will not help you project the idea that you are a professional at work.  May I suggest that you at least change into comfortable clothes, and groom yourself before entering your home office?  If you respect the place and your time, so will others.

Don’t forget to check out the “Products” page for other business tools.

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