Your Own Home Business

For those of you who are thinking of stating your own business or already have, I offer the following thoughts for your consideration.

1. When people start their own business they sometimes go a little bit crazy and skew their thinking. But it is so important that it gets its own category.

We are often asked by college students, other young people, and fledgling entrepreneurs how they can start their own businesses. There is an old saying, 'be nice to people on the way up, because you are bound to meet them on the way down.' You don't necessarily have to be on the way down to meet up with those people. LEARN - all that you can about your business and business in general. I am constantly amazed at the business people who have horrible corporate organization, estate planning, lousy and expensive benefit plans, terrible accounting and tax work, and are just plain bad managers. If you have something that you love to do, but you don't want to be bothered with sales, marketing, and the administrative work required to run a business - don't waste the time, effort and money.

One of the easiest ways to start your own racket and get up and running as soon as possible is to tie up with with someone who has earlier done a lot of the preliminary work for you. Network marketing is offering tremendous opportunities for many people who would otherwise waste time looking for a enterprise or be stuck in traditional jobs with all the limitations thereto.

For those of you who are thinking of stating your own loyalty or priorly have, I offer the following thoughts for your consideration.

1. Don't RE-INVENT THE WHEEL. Take seemliness of all of the resources that are fallow to you. There is very little that is new to the world anymore. Seek out those resources. Especially when you are organizing your company, use the before proven methods.

If you are a franchisee or something like that, your sponsoring schoolfellow has done this before, listen to them. They want you to succeed, study their success stories and see how you can organize and develop the skills necessary.

2. KEEP OVERHEAD LOW. Show fiscal responsibility. When people start their own proceedings they sometimes go a little bit crazy and skew their thinking. For example, I know of several individuals who began living off their gross income instead of their net income. This results in new cars, more staff, a bigger computer system, a fancier brochure., etc. We all realize how exciting some of those deals can sound, but remember, if you live off your gross, life in this slapstick will be very short. The Tax man cometh!

3. DON'T GET INTO DEBT. Get rid of the debt you have. This is part of fiscal responsibility as we just mentioned. But it is so important that it gets its own category.

We are often asked by grouping students, other young people, and fledgling entrepreneurs how they can start their own businesses. What we say is not exactly what they want to hear. First, we say they should NOT buy the fancy car, stereo system, take an exotic vacation, etc. but get their financial house in order. Many of the institute of technology students we talk with seem to think that graduation should be followed by a really exciting (and expensive ) vacation.

Guard your credit rating at all costs.

The reason is, most of us spend more than we make right now. If you are going to take a risk and go into your own business, you will need to have the equipment to financially cover the time when cash flow is short or non existent. If you live from pay fleck to pay squeeze you have no options. Incidentally, if you are not familiar with the term 'cash flow' you will know it real well as soon as you start your business.

4. PUT AWAY MONEY. Keep an lie fund. This comes longwise with #3. As your outfit begins to make money there is a very strong tendency to want to reward yourself. owing to all, you risked, you worried but 'gutted it out' until the sales started and now that you have some 'extra money' you deserve something nice. Besides, it is fun to let your friends know that you have finally made it!

This is the time to put away some 'attitude money' as one financial expert used to call it. This is the stuff that will let you sleep through a whole night. It is overwhelming how having $30,000.00 or $40,000.00 in a money market fund changes your perspective on the world. Incidentally, never touch your 'attitude money,' unless it is an emergency.

5. DON'T BURN BRIDGES - it's all in the relationships. There is an old saying, 'be nice to people on the way up, seeing you are encompass to meet them on the way down.' You don't necessarily have to be on the way down to meet up with those people. I think it is daily and hourly important to be courteous and honest with everyone with whom you associate, regardless of what they do. statically do

what is right! That means pay your suppliers when your are expected to pay, or sooner. Get a good reputation for integrity and guard it with your life. That way you never have to watch over your shoulder. It just makes your life a lot easier.

6. SELL CONSTATNLY - prevent peaks and valleys (and sleepless nights). Most people think that companies fail for lack of sufficient capital. It is my observation that they fail cause the person running the subject is not prospecting and selling on a regular basis. Incidentally, lack of sales leads directly to insufficient capital!!

7. LEARN - all that you can involving your acting and patter in general. I am constantly fascinated at the characterization people who have horrible corporate organization, estate planning, lousy and expensive work plans, terrible transactions and tax work, and are just plain bad managers. Yet they are regularly griping pertinent to how hard they have to work. Remember #1? Don't Re-invent the wheel, keep your house in order, people have been doing it right for years use your advisers wisely. I look at this just as really dumb management.

When I recommend meeting with and getting a good small concern second in command and/or financial officer too often I get the response 'we are too small' or 'I can't subsidize it.' This is just stupid. In every situation that I have pursued this with friends I have found that good professional advisers were no more expensive than lousy ones and are a lot cheaper than non at all. Add to this, the fact that they will get you headed in the right direction if you are off course and you can't manage not to have them. But get good ones, not friends simply as they will cut their fees!

8. LEARN FROM DOING!!! Don't be lily-livered to make mistakes. 'You can't make course corrections, if you aren't moving.' We hear this often, but few people understand what it means. My thoughts are that you have to be willing to try a multitude of new ways of doing things in order to find what is best for you in virtually everything. (Don't confuse this with Re-inventing the wheel, this refers to your specialized skills needs.) You did it in golf, tennis, bowling, or whatever, why not budgeting, work hours, marketing, prospecting, selling, etc.? Within reason nothing should be ruled out until you have tried it correctly and for the right length of time and then found that it didn't work.

9. SET GOALS - hieroglyphic your course. This is one of the oldest adages of recorded motivational wisdom. From doubloon Hill and Dale Carnegie to Denis Waitley we hear of the importance of Goal Setting. Yet, most people still do not have written goals, or indeed any real goals at all. This is one of the primary reasons people do not do the success they feel they 'deserve.'

SET and WRITE down: * your specific goals * when you plan to be received them * and how you plan to go upwards of achieving them.

This should be done early in the planning of your new business dealings venture. It will help you to focus on what you will really need to be doing every day in your new business. This is also a great way for you to see whether this is the lifework for you.

10. MAINTAIN FLEXIBILITY. I entitled this indenture 'The 10 Commandments...' Unlike the original 10 Commandments, you will probably need to add to these rules for the specific industry in which you will be venturing. Flexibility in these 10, however, will get you started on the road to success.

Remember, not everyone is meant to be an entrepreneur despite what you hear and read. If you have something that you love to do, but you don't want to be rattled with sales, marketing, and the political work required to run a must - don't waste the time, effort and money. Find a job that let's you do what you love to do and leave that other stuff to people who want to do it.

If these 10 Commandments are too much to swallow in one bite, here is one that is easy to remember, DO WHAT IS RIGHT and DO IT WITH INTEGRITY.

Sell Well and Often.

Bill Truax Bill@BlitzCall.com 800-253-1214

© Copyright 2006 WJ Truax

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