The Cost of Being The Boss Lisa S. Sims, President/CEO The IT Mechanic www.theitmechanic.com September 24, 2007

Personal Assessment Why do you want to be in business for yourself? What are you passionate about? What marketable skills do you have? Will you enjoy doing it for a living? Are you willing to make the commitment to make it a success? How many competitors are currently in this market?

Why do you want to be in business for yourself?

What are you passionate about?

What marketable skills do you have?

Will you enjoy doing it for a living?

Are you willing to make the commitment to make it a success?

How many competitors are currently in this market?

Your Business 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)

SWOT Analysis Threats Is there new or increased competition? Is our industry in the maturing or declining phase? Are there changes coming in government regulations or changing technologies that could have negative impact? Opportunities Changes in technologies that would enable us to increase productivity or market share. Changing trends in consumer buying habits that would favor our product or service Weaknesses What are the causes of the current complaints we receive? What could we do better? What are we currently doing that is hurting our business? Strengths What is our competitive advantage? What is our specialty? What is the biggest benefit that people receive from buying our product or service?

Threats

Is there new or increased competition?

Is our industry in the maturing or declining phase?

Are there changes coming in government regulations or changing technologies that could have negative impact?

Opportunities

Changes in technologies that would enable us to increase productivity or market share.

Changing trends in consumer buying habits that would favor our product or service

Weaknesses

What are the causes of the current complaints we receive?

What could we do better?

What are we currently doing that is hurting our business?

Strengths

What is our competitive advantage?

What is our specialty?

What is the biggest benefit that people receive from buying our product or service?

“ I can’t give you a surefire formula for success, but I can give you a formula for failure: try to please everybody all the time” Herbert Swope First recipient of the Pulitzer Prize

Unique Selling Position (USP) What is your niche? What is it that sets your business apart from your competition? Products? Services? Quality of products or service? Why would you do business with you?

What is your niche?

What is it that sets your business apart from your competition?

Products?

Services?

Quality of products or service?

Why would you do business with you?

Invoicing Establish your invoicing terms upfront in your contract Determine a late fee policy for late invoices and state it in your contract Create a systematic invoicing method Do not be afraid to collect on outstanding invoices When you are a small business, every dollar counts!

Establish your invoicing terms upfront in your contract

Determine a late fee policy for late invoices and state it in your contract

Create a systematic invoicing method

Do not be afraid to collect on outstanding invoices

When you are a small business, every dollar counts!

Contracts GET EVERYTHING IN WRITING! Have an attorney to review all contracts created and received before signing www.lawyers.com can help you find a lawyer Sample contracts and other legal forms available from www.nolo.com

GET EVERYTHING IN WRITING!

Have an attorney to review all contracts created and received before signing

www.lawyers.com can help you find a lawyer

Sample contracts and other legal forms available from

www.nolo.com

Multiple Streams of Income

Keys To Succeed Faith and confidence in yourself and your business NETWORK! NETWORK! NETWORK! Positive Attitude Enthusiasm Business plan Marketing plan Time management Professionalism Motivation Honesty and integrity Support system of family, friends, and peers KISS principle

Faith and confidence in yourself and your business

NETWORK! NETWORK! NETWORK!

Positive Attitude

Enthusiasm

Business plan

Marketing plan

Time management

Professionalism

Motivation

Honesty and integrity

Support system of family, friends, and peers

KISS principle

Recommended Reading Your Best Life Now – Joel Osteen Small Business Survival Guide – Cliff Ennico The 4-Hour Workweek – Timothy Ferriss The EMyth Revisited - Why Most Small Businesses Don’t Work and What to Do About It – Michael Gerber

Your Best Life Now – Joel Osteen

Small Business Survival Guide – Cliff Ennico

The 4-Hour Workweek – Timothy Ferriss

The EMyth Revisited - Why Most Small Businesses Don’t Work and What to Do About It – Michael Gerber

“ In order to succeed, your desire for success should be greater than your fear of failure.” Bill Cosby

Lisa’s e-Book $29.99 + tax Expires within 48 hours Only available online at www.bpronetwork.com OPEN Program students can email Lisa Sims for discount code

$29.99 + tax

Expires within 48 hours

Only available online at www.bpronetwork.com

OPEN Program students can email Lisa Sims for discount code