Dear Dr. George:
I am thinking about starting my own business. I do not like my job and know I would be happier on my own. Do you have any thoughts for me?
Signed,
ASPIRING ENTREPRENEUR
This is part two of a previous article in which someone, ASPIRING ENTREPRENEUR, asked about the necessary components for success as a business owner. I suggested four advisable traits:
1. You should have an entrepreneurial mindset.
2. You should be an effective planner.
3. You should be in fairly good financial shape.
4. You must put ethics first over money.
This column covers trait two: you should be an excellent planner.
Are you a good time-manager? Can you discipline yourself if you are not in a typical office environment?
Do you return calls and emails promptly (within 12 hours)? Or have people told you they have called you, and you never got back to them?
Do you have a professional voice mail message or answering machine greeting that does not include music or some non-serious message? When a potential client calls, he or she can learn much about you before you even meet. On your call greeting, be sure you mention the name of your company at the outset. Smile when recording your message, make it friendly and brief and thank the potential client for calling. Speak slowly when you give your callback number, as people are irritated when a phone number is spoken in haste. Besides, leaving your number will expedite the prospect of getting called back, as he or she may have misplaced your number since their first unanswered call from you.
Can you plan a calendar which details who, what and when for the next month? Who will you be seeing? What is your objective in seeing them? And, when do you plan to follow-up on your first contact?
Are you good with a computer, or do you have someone who is? Can you create spreadsheets or formats for writing prospects their follow-up letters and commitment letters in the form of a basic contract of what you will provide to your client and what he/she will be paying?
Can you write proposals for your potential client that look professional? Can you create brochures or professional-looking leave-behinds that summarize your service with the client? Do you have a good marketing plan? Do you have a website?
Do you proofread well or have someone who can? No communications should be sent out from you unless they are thoroughly checked for errors.
Do you know how you will classify your business in terms of how you will report earnings and pay taxes? For example, will your company be a corporation, an LLC, an independent business, etc.? Do you have an accountant or attorney you can employ to set up your new business classification?
Are you equipped or have someone who can file to the state and federal government the information it needs from you on a regular basis?
Are you familiar with withholding taxes and how to deposit them?
If planning is not your thing, can someone help you with the paperwork of your business? Or, can you discipline yourself to do it in spite of the fact that you are not so inclined?
If you cannot plan, or get a helping hand, your venture will not expand, and your hopes of success will dwindle like kindling that never catches fire.
Dr. George Abraham is a business consultant author of “The Seven Deadly Work Sins Against the Golden Rule.” He also formally served as an adjunct professor at Hofstra. Email confidential questions for advice to [email protected].