The Cost of Being Your Own Boss

929 views

Published on

Lisa Sims, President of The IT Mechanic (www.theitmechanic.com) and founder of The Business Professionals Network (www.bpronetwork.com) shares her insights on what it takes for entrepreneurs to be their own boss and valuable tips to be successful.

Published in: Business, News & Politics
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total views
929
On SlideShare
0
From Embeds
0
Number of Embeds
31
Actions
Shares
0
Downloads
54
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide
  • The Cost of Being Your Own Boss

    1. 1. The Cost of Being The Boss Lisa S. Sims, President/CEO The IT Mechanic www.theitmechanic.com September 24, 2007
    2. 2. Personal Assessment <ul><li>Why do you want to be in business for yourself? </li></ul><ul><li>What are you passionate about? </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><ul><li>How many competitors are currently in this market? </li></ul>
    3. 3. 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)
    4. 4. 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>
    5. 5. “ 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
    6. 6. Unique Selling Position (USP) <ul><li>What is your niche? </li></ul><ul><li>What is it that sets your business apart from your competition? </li></ul><ul><ul><li>Products? </li></ul></ul><ul><ul><li>Services? </li></ul></ul><ul><ul><li>Quality of products or service? </li></ul></ul><ul><li>Why would you do business with you? </li></ul>
    7. 7. Invoicing <ul><li>Establish your invoicing terms upfront in your contract </li></ul><ul><ul><li>Determine a late fee policy for late invoices and state it in your contract </li></ul></ul><ul><li>Create a systematic invoicing method </li></ul><ul><li>Do not be afraid to collect on outstanding invoices </li></ul><ul><ul><li>When you are a small business, every dollar counts! </li></ul></ul>
    8. 8. Contracts <ul><li>GET EVERYTHING IN WRITING! </li></ul><ul><li>Have an attorney to review all contracts created and received before signing </li></ul><ul><ul><li>www.lawyers.com can help you find a lawyer </li></ul></ul><ul><li>Sample contracts and other legal forms available from </li></ul><ul><ul><li>www.nolo.com </li></ul></ul>
    9. 9. Multiple Streams of Income
    10. 10. Keys To Succeed <ul><li>Faith and confidence in yourself and your business </li></ul><ul><li>NETWORK! NETWORK! NETWORK! </li></ul><ul><li>Positive Attitude </li></ul><ul><li>Enthusiasm </li></ul><ul><li>Business plan </li></ul><ul><li>Marketing plan </li></ul><ul><li>Time management </li></ul><ul><li>Professionalism </li></ul><ul><li>Motivation </li></ul><ul><li>Honesty and integrity </li></ul><ul><li>Support system of family, friends, and peers </li></ul><ul><li>KISS principle </li></ul>
    11. 11. Recommended Reading <ul><li>Your Best Life Now – Joel Osteen </li></ul><ul><li>Small Business Survival Guide – Cliff Ennico </li></ul><ul><li>The 4-Hour Workweek – Timothy Ferriss </li></ul><ul><li>The EMyth Revisited - Why Most Small Businesses Don’t Work and What to Do About It – Michael Gerber </li></ul>
    12. 12. “ In order to succeed, your desire for success should be greater than your fear of failure.” Bill Cosby
    13. 13. Lisa’s e-Book <ul><li>$29.99 + tax </li></ul><ul><li>Expires within 48 hours </li></ul><ul><li>Only available online at www.bpronetwork.com </li></ul><ul><li>OPEN Program students can email Lisa Sims for discount code </li></ul>

    ×