The Cost of Being Your Own Boss

The Cost of Being The BossThe Cost of Being The BossLisa S. Sims, President/CEOLisa S. Sims, President/CEO

The IT MechanicThe IT Mechanicwww.theitmechanic.comwww.theitmechanic.com

September 24, 2007September 24, 2007

9/24/2007 2The IT Mechanic (www.theitmechanic.com)

Personal AssessmentPersonal Assessment

Why do you want to be in business for Why do you want to be in business for yourself?yourself?

What are you passionate about?What are you passionate about? What marketable skills do you have?What marketable skills do you have? Will you enjoy doing it for a living?Will you enjoy doing it for a living? Are you willing to make the Are you willing to make the

commitment to make it a success?commitment to make it a success? How many competitors are currently in How many competitors are currently in

this market?this market?


Your BusinessYour Business

CEO

Marketing Director(Your Name)

Operations Manager(Your Name)

Finance Director(Your Name)

Sales Manager(Your Name)

Advertising/Research Manager

(Your Name)

CustomerService Manager

(Your Name)

Accounts ReceivableManager

(Your Name)

Accounts PayableManager

(Your Name)


SWOT AnalysisSWOT Analysis

StrengthsStrengthsWhat is our competitive advantage?What is our competitive advantage?What is our specialty?What is our specialty?What is the biggest benefit that What is the biggest benefit that people receive from buying our people receive from buying our product or service?product or service?

WeaknessesWeaknessesWhat are the causes of the current What are the causes of the current complaints we receive?complaints we receive?What could we do better?What could we do better?What are we currently doing that is What are we currently doing that is hurting our business?hurting our business?

OpportunitiesOpportunitiesChanges in technologies that would Changes in technologies that would enable us to increase productivity or enable us to increase productivity or market share.market share.Changing trends in consumer buying Changing trends in consumer buying habits that would favor our product habits that would favor our product or serviceor service

ThreatsThreatsIs there new or increased Is there new or increased competition?competition?Is our industry in the maturing or Is our industry in the maturing or declining phase?declining phase?Are there changes coming in Are there changes coming in government regulations or changing government regulations or changing technologies that could have negative technologies that could have negative impact?impact?

““I can’t give you a surefire I can’t give you a surefire formula for success, but I formula for success, but I can give you a formula for can give you a formula for

failure: try to please failure: try to please everybody all the time”everybody all the time”

Herbert SwopeHerbert SwopeFirst recipient of the First recipient of the

Pulitzer PrizePulitzer Prize


Unique Selling Position Unique Selling Position (USP)(USP)

What is your niche?What is your niche? What is it that sets your business What is it that sets your business

apart from your competition?apart from your competition? Products?Products? Services?Services? Quality of products or service?Quality of products or service?

Why would you do business with Why would you do business with you?you?


InvoicingInvoicing

Establish your invoicing terms Establish your invoicing terms upfront in your contractupfront in your contract Determine a late fee policy for late Determine a late fee policy for late

invoices and state it in your contractinvoices and state it in your contract Create a systematic invoicing Create a systematic invoicing

methodmethod Do not be afraid to collect on Do not be afraid to collect on

outstanding invoicesoutstanding invoices When you are a small business, When you are a small business,

every dollar counts!every dollar counts!


ContractsContracts

GET EVERYTHING IN WRITING!GET EVERYTHING IN WRITING! Have an attorney to review all Have an attorney to review all

contracts created and received contracts created and received before signingbefore signing www.lawyers.com can help you find a www.lawyers.com can help you find a

lawyerlawyer Sample contracts and other legal Sample contracts and other legal

forms available fromforms available from www.nolo.comwww.nolo.com

Multiple Streams Multiple Streams of Incomeof Income


Keys To SucceedKeys To Succeed Faith and confidence in yourself and your Faith and confidence in yourself and your

businessbusiness NETWORK! NETWORK! NETWORK!NETWORK! NETWORK! NETWORK! Positive AttitudePositive Attitude EnthusiasmEnthusiasm Business planBusiness plan Marketing planMarketing plan Time managementTime management ProfessionalismProfessionalism MotivationMotivation Honesty and integrityHonesty and integrity Support system of family, friends, and peersSupport system of family, friends, and peers KISS principleKISS principle


Recommended ReadingRecommended Reading

Your Best Life Now – Joel OsteenYour Best Life Now – Joel Osteen

Small Business Survival Guide – Cliff EnnicoSmall Business Survival Guide – Cliff Ennico

The 4-Hour Workweek – Timothy FerrissThe 4-Hour Workweek – Timothy Ferriss

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

““In order to In order to succeed, your succeed, your

desire for success desire for success should be greater should be greater than your fear of than your fear of

failure.” failure.”

Bill CosbyBill Cosby


Lisa’s e-BookLisa’s e-Book

$29.99 + tax$29.99 + tax Expires within 48 Expires within 48

hourshours Only available online Only available online

at at www.bpronetwork.cowww.bpronetwork.comm

OPEN Program OPEN Program students can email students can email Lisa Sims for Lisa Sims for discount codediscount code