Friday, April 29, 2005

Are You Ready to Own and Operate a Business?

Are You Ready to Own and Operate a Business?
By Kathleen Gage

How often has someone thought of starting a business based solely on
the fact they think it will be easier than working for someone else.
Fact is, owning and operating a business can be one of the most
grueling experiences you will have. Granted, there are many
advantages, but unless someone has actually run a business there is
much to consider before you make that decision.

The following information will help you operate a business more
professionally. With today's technology there is no reason you
cannot
have the look of a large company even if you are working off your
kitchen table. If you have a home based business it is suggested you
have a room dedicated to your business. This helps you to stay
focused and there are some major tax benefits in doing this.

PROFESSIONALISM
-Choose voicemail rather than an answering machine. There is a major
difference in the perception to the caller.
-Toll free number. Check with your local telephone company to find
out if this is available to you if you will have a lot of
clients/customers from outside your calling area.
-Have a separate business phone line. You do not appear very
professional if your children answer the phone.
-Email. Avoid using free services due to limitations and perceptions.
-Dedicated fax line. A small business will appear as such if the fax
number and phone number are the same.

RUNNING AN OFFICE
-Stay organized. The more you can keep yourself organized the easier
it will be to respond to customer's requests in a timely fashion.
-Color file folders. A great way to organize your file system. Each
color indicates a category.
-Dedicated file cabinets. Separate personal papers from business.
-Form letters. Don't reinvent the wheel with every letter you
write.
Keep form letters on a disc or your hard drive.

FINANCIAL END of running the business. There will be many costs to
running a business. The following are some of the investments you
will need to consider.
-Medical insurance
-Separate phone lines
-Taxes
-Marketing material
-Office supplies
-Products
-Service fees
-Accountant
-Financial Planner
-Bookkeeper
-Keep excellent records
-Keep all receipts

-Advertising

THINGS YOU WILL NEED IF YOU WANT TO STAY COMPETATIVE
-Business license
-Incorporate
-Bookkeeper
-Financial planner
-Marketing material
-Business cards
-Letterhead
-Envelopes
-Folders
-Letters of referral
-Bio sheet
-Product or service sheet
-Web site


PROFESSIONAL ORGANIZATIONS
-Which ones are most beneficial for you to join? To get the biggest
benefit from any organizations you need to get involved. Use the
monthly meetings to network.
-Dues and fees. How much are the annual dues and cost for monthly
meetings?. Figure that in your budget.
-Conventions. Are there any conventions you need to go to? What is
the time and cost investment? Talk to others who have gone to find
out if it will be worth the investment.
-Network. Most of your business will come from referrals.

QUALIFYING THE BUYER
-Who is my customer?
-Do they have a budget for my product or service their budget?
-Do I want to work with them?

PAPERWORK
-Invoices
-Contracts
-Service agreements
-Letters

MANAGE PROFESSIONAL IMAGE
-Responding to requests by providing what the customer needs. If you
are not the person for the job, who can you refer (that's why
networking is so important)
-Follow-up. Do your follow-up in a timely fashion
-Develop a good relationship with the client
-Return calls as soon as possible
-Send information in a timely fashion
-Priority mail is often less expensive than first class. And it can
be more impressive to your client.
-Keep in touch after the fact. A mistake a lot of people make in
doing business is they do a job for a client and then seem to forget
the client. It is easier to get repeat business than it is to find
new business, and yet, so often business owners and salespeople
(which is what you are if you own a business) will look for the new
customer and forget about their existing clientele

Kathleen Gage is a keynote speaker, author and business advisor
specializing in marketing and promotions. Access Gage's's
FREE eBook
Street Smarts Marketing On the Internet at
http://www.streetsmartsmarketing.com/free-ebook.htm

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