Cost Of Being Your Own Boss

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In this presentation, Lisa Sims, Chief Technology Consultant for The IT Mechanic, shares her entrepreneurial experiences with small business owners and aspiring entrepreneurs as they journey along the road to being their own boss.

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Cost Of Being Your Own Boss

  1. 1. Cost of Being Your Own Boss Lisa S. Sims, Chief Technology Consultant The IT Mechanic www.theitmechanic.com September 22, 2008
  2. 2. A Day In The Life
  3. 3. Personal Assessment <ul><li>Why do you want to be in business for yourself? </li></ul><ul><li>What marketable skills do you have? </li></ul><ul><li>Will you enjoy doing it for a living? </li></ul><ul><li>Are you willing to make the commitment to make it a success? </li></ul>
  4. 4. Small Business Org Chart CEO Marketing Director (Your Name) Operations Manager (Your Name) Finance Director (Your Name) Sales Manager (Your Name) Advertising/Research Manager (Your Name) Customer Service Manager (Your Name) Accounts Receivable Manager (Your Name) Accounts Payable Manager (Your Name)
  5. 5. SWOT Analysis <ul><li>Threats </li></ul><ul><li>Is there new or increased competition? </li></ul><ul><li>Is our industry in the maturing or declining phase? </li></ul><ul><li>Are there changes coming in government regulations or changing technologies that could have negative impact? </li></ul><ul><li>Opportunities </li></ul><ul><li>Changes in technologies that would enable us to increase productivity or market share. </li></ul><ul><li>Changing trends in consumer buying habits that would favor our product or service </li></ul><ul><li>Weaknesses </li></ul><ul><li>What are the causes of the current complaints we receive? </li></ul><ul><li>What could we do better? </li></ul><ul><li>What are we currently doing that is hurting our business? </li></ul><ul><li>Strengths </li></ul><ul><li>What is our competitive advantage? </li></ul><ul><li>What is our specialty? </li></ul><ul><li>What is the biggest benefit that people receive from buying our product or service? </li></ul>
  6. 6. Business Foundation Business Components Unique Selling Position Invoicing Contracts Customer Service
  7. 7. Can’t Please Everybody! <ul><li>“ I don't know the key to success, but the key to failure is trying to please everybody . ” </li></ul><ul><ul><ul><li>-Bill Cosby </li></ul></ul></ul>
  8. 8. Income <ul><li>Multiple Streams of Income </li></ul>
  9. 9. Circle of Success Resources -Podcasts -Books -Magazines Networks Capital Technology Plans -Business Plan -Marketing Plan You -Health -Attitude
  10. 10. Prepare For The Worse <ul><li>“ Expect the best. Prepare for the worst. Capitalize on what comes.” </li></ul><ul><li>--Zig Ziglar </li></ul>
  11. 11. Resources <ul><li>Websites </li></ul><ul><ul><li>www.entrepreneur.com </li></ul></ul><ul><ul><li>www.wsj.com </li></ul></ul><ul><ul><li>www.sba.gov </li></ul></ul><ul><ul><li>www.microsoft.com/smallbusiness </li></ul></ul><ul><ul><li>www.score.org </li></ul></ul><ul><ul><li>www.msnbc.msn.com </li></ul></ul><ul><ul><li>http://www.asbdc-us.org </li></ul></ul><ul><li>Books </li></ul><ul><ul><li>Your Best Life Now – Joel Osteen </li></ul></ul><ul><ul><li>Small Business Survival Guide – Cliff Ennico </li></ul></ul><ul><ul><li>The 4-Hour Workweek – Timothy Ferriss </li></ul></ul><ul><ul><li>The EMyth Revisited - Why Most Small Businesses Don’t Work and What to Do About It – Michael Gerber </li></ul></ul>
  12. 12. Lisa’s Upcoming Book <ul><li>Available late October early November 2008 on Amazon.com and Barnes and Noble.com </li></ul><ul><li>$12.99 </li></ul><ul><li>For more information,visit www.bpronetwork.com. </li></ul>
  13. 13. Questions?

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