The Cost of Being Your Own Boss


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

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  • The Cost of Being Your Own Boss

    1. 1. The Cost of Being The Boss Lisa S. Sims, President/CEO The IT Mechanic 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> can help you find a lawyer </li></ul></ul><ul><li>Sample contracts and other legal forms available from </li></ul><ul><ul><li> </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 </li></ul><ul><li>OPEN Program students can email Lisa Sims for discount code </li></ul>