In honor of the new decade that is upon us, I wanted to share some key suggestions for those of you who have recently decided that 2010 is the year that you are going to bring your business dream to life. (My phone has been ringing off the hook this week with just these people.) Fantastic! This outline was produced by Kelly O’Neil, a fellow ‘coachsultant’ of UpLevel Strategies based in Silicon Valley. A few suggestions to help you get started:
1) Decide What Type Of Business Owner You Want To Be?
a) A Service Business: You want to be paid well for what you do well. You don’t envision needing to hire a team.
b) An Entrepreneurial Business: You have a big vision and you want to make a big impact. You do see a need for a team to help you reach your goals.
c) An Empire Business (Company): You will need to align with other leaders to create it. It will require highly leveraged teams and high ticket services.
2) Treat Your Business As An Asset:
a) Get Incorporated: Enlist as a LLC, S-Corp or C-Corp for tax advantages and protection against lawsuits.
b) Get Insured: Check with a qualified agent about errors & omission, personal liability, SDI (disability insurance) and property insurance.
c) Set Up An Accounting System: Hire a bookkeeper, get set up on Quickbooks, run monthly reports on cash flow, income statement and balance sheet. Track your ROI.
d) Set Up Your Technology System: Use Grasshopper.com (a virtual phone system designed for entrepreneurs), take credit cards with Nova Information Systems, do not use AOL, MSN or Hotmail.
e) Build Your Success Team: Coach/Advisory Board; Legal/Accounting/Insurance; Marketing; Technology; Administrative Assistant, (Web Designer, Marketer, Manufacturer, Product Designer, Branding Expert).
3) Create A Cash Flow Infusion: What is easy to offer? Create a package with a low barrier to entry and decide how many you will sell.
4) Creative Funding: Produce more sales, lenders, SBA loans, 401K.(next blog will be on funding strategies)
What else was essential for you getting your venture off the ground? Some other key issues to establish:
5) Creating Your Brand: DIY and test it with your target market, or hire a branding expert
6) Web Design/Presence: Hire a web developer.
7) Sales & Marketing: How will clients find out about you? Hire a marketing/PR professional.
8) Distribution: Product-Service Delivery
9) Manufacturing Sources