Tags |
|
|
Links |
|
|
Member You - The Key Ingredient Most Start-ups Lack
Does it make sense to be employed by someone else during your entire career? Some say it does and there are many people who make quite a large salary and enjoy some super benefits indeed. But for others they want more in the way of challenge and they wish to call the shots and chart their own destiny even if when it is all said and done they make less money over all and end up working harder to do it.Of course the great thing about owning a business is you can get filthy rich with a little luck, strategic planning an
It’s all about who you know, not what you know.How many times have you heard this phrase?In other words, the rumor is that if you don’t know the right people, you can’t get anywhere.Don’t buy into this rumor.Sure, there might be instances where you have to know the right person to get your foot in the door and there are certainly times when knowing someone might be the only way you can get hired with a particular company.Certainly there are instances where a new manager gets rid of
I’m not talking about an emotional cheering section made up of friends and family members. Too much of that kind of blind faith has gotten more than one entrepreneur into trouble. What I strongly recommend, both to my coaching clients as well as my students, is a select group of professionals – hired before a business plan is finalized – so those pros can provided in advance whatever help the would-be owner and the start-up requires to move ahead problem-free.
What kinds of professionals? Let’s start first with what I refer to as the “permanent” members of that team. I’ll talk more about its ”transient” members a moment. But permanent team members should include at a minimum an attorney, accountant, banker and an insurance broker. I refer to them as “permanent” because the need for their skills typically exists on a regular basis throughout the life of the business.
Why an attorney? Among other things, to draft or review the various legal documents start-ups most often to require. Incorporation papers, partnership agreements, confidentiality agreements, leases, patents, copyrights, trademark registration. It’s much wiser to invest $300 to hire an attorney before getting in trouble than to spend $3,000 to get yourself out of a problem.
We have been studying the labor rates of Oil, Lube and Filter Quick Lube Facilities and we are finding that the pay is lower than you might expect. We also believe this is part of the problem with recruiting and retaining key employees. The average employee at a Quick Lube is a little under $7.00, which is lower than you would expect and certainly lower than the customer is thinking you are paying. This maybe why the average employee only stays employed about 1.8 years and then leaves for greener employment.A recent
I’m not talking about an emotional cheering section made up of friends and family members. Too much of that kind of blind faith has gotten more than one entrepreneur into trouble. What I strongly recommend, both to my coaching clients as well as my students, is a select group of professionals – hired before a business plan is finalized – so those pros can provided in advance whatever help the would-be owner and the start-up requires to move ahead problem-free.
What kinds of professionals? Let’s start first with what I refer to as the “permanent” members of that team. I’ll talk more about its ”transient” members a moment. But permanent team members should include at a minimum an attorney, accountant, banker and an insurance broker. I refer to them as “permanent” because the need for their skills typically exists on a regular basis throughout the life of the business.
Why an attorney? Among other things, to draft or review the various legal documents start-ups most often to require. Incorporation papers, partnership agreements, confidentiality agreements, leases, patents, copyrights, trademark registration. It’s much wiser to invest $300 to hire an attorney before getting in trouble than to spend $3,000 to get yourself out of a problem.
<A correspondent to AdBriefing, my monthly newsletter, has posed a very sticky question. How, she asks, can you tell whether a headline you have written is a good one…or not? What she means by this, I imagine, is whether the headline will actually help to make sales, rather than just act as a passing amusement to its readers.The latter precept, that a headline should actually try to sell something, is not as universally known as it might be. The vast proportion of headlines actually say nothing whatsoever about the pr
What kinds of professionals? Let’s start first with what I refer to as the “permanent” members of that team. I’ll talk more about its ”transient” members a moment. But permanent team members should include at a minimum an attorney, accountant, banker and an insurance broker. I refer to them as “permanent” because the need for their skills typically exists on a regular basis throughout the life of the business.
Why an attorney? Among other things, to draft or review the various legal documents start-ups most often to require. Incorporation papers, partnership agreements, confidentiality agreements, leases, patents, copyrights, trademark registration. It’s much wiser to invest $300 to hire an attorney before getting in trouble than to spend $3,000 to get yourself out of a problem.
<Most of us enter the world of work as employed and soon start to wish that we could change career or be our own boss.It is probably true that after a while a large percentage start dreaming they could work from home or start a home based business, few actually do something about it. They continue dreamingThese days this is in explicable because it is possible to change career no matter what your age or profession. There is now less continuity in employment so adaptability and being forced the make a career or
Why an attorney? Among other things, to draft or review the various legal documents start-ups most often to require. Incorporation papers, partnership agreements, confidentiality agreements, leases, patents, copyrights, trademark registration. It’s much wiser to invest $300 to hire an attorney before getting in trouble than to spend $3,000 to get yourself out of a problem.
<The feedback facilitator should provide a brief introduction about his background. This is to assure the group about his competence and professionalism in directing the session.The feedback facilitator should also have the detailed bio of all the participants.It is preferable to have another person to take down and later transcribe the minutes of the session.It is very important to set out the parameters and the background of the discussion.The duration of the feedback session has to be confirme
Typically, your attorney should be an expert on the needs of small businesses. In fact, so should your accountant. The latter should also have extensive knowledge of the latest tax laws, particularly as they relate to small businesses.
Ideally, you’ll want an accountant who also has the patience to explain the meaning of the numbers he or she will prepare for you each month. Yes, monthly financials. No start-up should wait ‘til year’s end for a financial report. By then the business may be dying without the owner ever realizing it.
Why include a banker? “Just in case,” as the saying goes. In case there’s a need to borrow money. Get to know the officers at your business bank on a first name basis, along with key staff members, even its tellers. And make sure they know you by name. If borrowing does become necessary, it’s often easier to borrow from someone with whom you’re on a first name basis than it is from a stranger.
And why the insurance broker? Chances are the insurance agent who provides your home, auto and family insurance won’t be able to provide the types of insurance coverage your business needs. Product liability insurance, for example. Perhaps an errors and omissions, business interruption or other necessary policies.
The types of insurance your business should carry will obviously depend on the type of business you’re starting. A
HTTP = HTML link (for blogs, profiles,phorums):
<a href="http://www.memberyou.net/article/17199/memberyou-The-Key-Ingredient-Most-Startups-Lack.html">The Key Ingredient Most Start-ups Lack</a>
BB link (for phorums):
[url=http://www.memberyou.net/article/17199/memberyou-The-Key-Ingredient-Most-Startups-Lack.html]The Key Ingredient Most Start-ups Lack[/url]
Related Articles:
Add Value to your Business with Computer Courseware
Bookmark it:
|