The Benefits of Starting Your Own Business

While there are oftentimes disadvantages to starting your own business, the many advantages of doing so should not be overlooked.  Entrepreneurship can be a satisfying and rewarding experience for individuals in the business arena.  With the right blend of education and work experience, entrepreneurs can start thriving small businesses and grow them into well-run organizations.  Those who are looking for a lifestyle change or change of pace in their corporate lives may want to consider starting their own businesses.  And whatever the reason, these businesses may afford their creators many advantages in their work lives.  So what are some of the benefits of starting your own business?

For starters, you get to be your own boss.  If you’re tired of being managed by others and told what to do and how to do it on a daily basis by someone ahead of you on the corporate ladder, starting your own business may be a good idea.  In doing so, the only person you answer to (besides your customers and clients) is yourself.  Being your own boss affords you freedoms you might not normally receive in a corporate nine to five job.  You are able to implement your own plans, go with your gut and live by your own rules.

You get to do what you’re interested in.  Maybe you’re sick of doing something you’re not passionate about and so in starting your own business, you oftentimes get to do what you love and go after your passions.  Provided you’ve done your homework on the market, you can turn a hobby or interest into a profitable enterprise.

You can set your own deadlines.  While you still have to meet the demands of your clientele, you can work at your own pace and by your own timetable.  Of course, you can’t just lie around all day watching your favorite television shows in your pajamas – you have to be self-motivated – but nonetheless, you have more freedom to work as you please.  Entrepreneurs don’t have to feel the pressure of clocking in and clocking out daily.  You can work nights or weekends and still have time for family and friends.

Getting creative.  “Being an entrepreneur gives you the freedom to express yourself and develop your concept any way you choose.”  You can follow your instincts and work outside the box.  You can follow your heart and come up with new ways of doing things.

It’s not as hard as you think.  While of course there are many roadblocks in starting up a new venture such as getting funding, finding clients and either a niche or broad market, if you set your mind to it, the possibilities are endless.

It can be very profitable.  It’s not only big corporations that pull in big profits.  There are countless stories of entrepreneurs landing a solid idea and exploiting it for large financial gain.  And from a purely selfish point of view, you get to keep more of the profits if the business is your own.

Starting your own business also means you can very often cut your commute.  You can work from home or pick an office location that is easier to get to.  This means better quality of life and more time for personal interests, family, friends and personal pleasures and hobbies.  Not having to deal with the headache of public transportation or long driving distances is a welcome reward to owning your own business.

You get to build something.  Starting your own business can be very rewarding as you grow it from the ground up.  You get to make your mark on the corporate world or even grow it into a family business that you can pass down to your children when the right time approaches.

Hiring decisions are all your own.  When you own a business, you’re the boss and you get to decide who comes on board and becomes part of your team.  You get to shape the corporate culture of your own working environment.

Freedom.  “The business owner who creates their own workplace benefits greatly from having a sense of freedom that some might not in the traditional work-for-employer workplace.”  As an entrepreneur you can make your own rules, set your own hours and set your own salary.

Control.  Starting a business from the ground up allows entrepreneurs to have control over where their business is located, what the firm hours are, who to hire and what sorts of products or services to sell.  “The control allows the owner to really focus on what is good for the business, employees and self.”

Lastly and quite possibly most importantly, starting your own business affords for professional growth.  Entrepreneurs get to try their hands in all aspects of the business from marketing to sales to business development.  This gives business owners the ability to be more creative and become involved in the whole process of starting a new venture.  This can also lead to more business opportunities in the future as entrepreneurs learn all facets of their own businesses.

Here are some articles you might want to check out about the benefits of starting your own business:

“Benefits of Starting a Business”: http://www.bizfilings.com/learn/starting-business-benefits.aspx

“What Are the Benefits of Starting My Own Business”: http://www.nolo.com/legal-encyclopedia/evaluating-business-idea-faq-29068-4.html

“Advantages & Disadvantages of Starting a Business from Scratch”: http://smallbusiness.chron.com/advantages-disadvantages-starting-business-scratch-816.html

Until next time...

How to Prepare for a Business Meeting

While there are rules to running an effective business meeting, there are many ways one can go about doing so.  Effective meetings take careful planning, time management, recorded outcomes, distributed results and effective follow-up action.  Possibly the most essential key to holding a successful meeting is to plan and put effective meeting components in place ahead of time.  For meetings to work, the goals, attendees, agenda, invitations, meeting materials and meeting location must be established ahead of time.  So how to plan an effective business meeting?

Determine the meeting’s objective.  It’s important to recognize the outcome you hope to achieve by holding a successful meeting.  Are you looking to merely inform people or are you looking to gain business?  Are you looking to get your product out there or are you looking for new business partners to take on?

Invite the right people.  A meeting is only as good as its participants.  “If you don’t include the attendees who can make decision[s], the attendees who need to hear what you have to say or the attendees who have the knowledge you need, you aren’t going to reach the meeting outcomes you need.”  If you can’t get the right people to attend due to scheduling conflicts, there is no shame in cancelling the meeting and rescheduling for a later date.  There is no point in holding a meeting if the right parties won’t be there.  

Make sure you set goals for your meeting.  A worthless meeting is a waste of time and no one in the business community likes to expend extraneous effort on wasted time.  You want to bring value to every meeting you set up.

Set forth the agenda before the meeting.  Think about passing along relevant materials to attendees before the meeting begins.  Of course, there’s no problem with bringing your materials with you but oftentimes it’s helpful for attendees to know what you will be discussing in advance so that they too can in turn be prepared.  “If you want informed input from meeting participants, you need to set their expectations for the meeting.”  This is also helpful if meeting attendees are participating from remote locations.  By previewing meeting materials, attendees will be better prepared to contribute constructive ideas.

Make sure to give remote attendees plenty of notice before a meeting.  Always send along the right conference dial-in number.  There is nothing more frustrating than missing part of a meeting due to miscommunication.  Remote attendees can add just as much value to a meeting as those that are on-site.

Be ready to start on time.  Make sure all preparations are taken care of well in advance.  You want to have a meeting location and conference room set up properly in anticipation of a meeting.  Make sure the room is well set up with a projector or dial-in phones.  Think of providing beverages or small snacks.  Make sure that you have connectivity to your network or slide projector if you are giving an in-person presentation.

Do your homework in advance of a meeting.  Make sure you have a clear outline as to what you plan to discuss.  Go over your meeting materials thoroughly and meticulously.  Ask co-workers to check over your materials for errors or other important information that seems relevant and should be added.  If you send a document for review in anticipation of a meeting, ask for comments or specific feedback.  

Give yourself plenty of time to prepare for a meeting.  You don’t want to walk into a meeting unprepared.  It will reflect badly upon you and your company.  In a meeting, you are selling your corporate image about how you operate your business.  No one wants to invest time and money into a product that is not presented in a clear, concise and effective manner.

Seek out mentors to help you prepare for your meeting.  Ask them what you can expect of the meeting – questions that might have to be answered, uncertainties that might have to be explained, concerns that might have to be addressed.

Think about inviting outside consultants to your meeting not only to prepare for them in advance but so they can give an unbiased opinion about what you are trying to sell or your meeting objectives in general.  

Make proper arrangements in advance.  Make sure you pick a meeting location that is convenient for everyone who attends.  Make sure you are in a sleek, modern space or at least a space that conforms to the kind of image you are selling.  Be sure to know how many people are attending so that you can have the right number of chairs and other accommodations in place.  That way you can get to work quickly without having to make adjustments on the spot.

Provide a comfortable atmosphere.  You don’t want to find yourself in a stuffy meeting space.  Make sure the temperature of the room is pleasant and not too warm or cold.  Check lighting and window shades if you are preparing to present audiovisual materials.  Make sure the room is wheelchair accessible.  Test sound, microphones and ampliphers in advance of any meeting you are setting up.  Make sure the sound in the room does not echo or become muffled.

Make sure you have enough supplies for all attendees such as notebooks, post-its, pens, nametags, podiums, projection screens, video equipment, etc. 

Make sure to bring along someone who can take notes for official record keeping of the meeting.  Designate that person in advance.  Formal meetings may even call for audio recordings.  Steer clear of video taping as that can make participants feel tense or less likely to participate.  It may in fact discourage participation and a flow of ideas, comments and suggestions.  You don’t want to distract from brainstorming.

Give attendees breaks if the meeting goes on for an extended period of time especially if it is an all-day meeting.  Let them rest and stretch their legs every hour or 90 minutes.  Breaks can be short but they are essential so that people can refocus and do not become bored or tune out.

Lastly and quite possibly most importantly, make sure there are no interruptions during your meetings.  Make sure you have wiped your calendar clear for the entire span of the meeting and turn off phones and other electronic devices that can be seen as a distraction or a lack of focus.  Think about putting up a do not disturb sign and inform staff of what types of interruptions are permitted.

Here are some articles you might want to check out about running effective meetings in business:

 “Tips on Preparing for a Pitch Meeting with Prospective Clients’: http://blog.larrybodine.com/2008/02/articles/sales/tips-on-preparing-for-a-pitch-meeting-with-a-prospective-client/

“Preparing for Business Meetings”: http://www.97businesssecrets.com/articles/preparing-for-business-meetings

“How to Prepare for a Meeting”: http://www.wikihow.com/Prepare-for-a-Meeting

“How to Prepare for a Business Meeting”: http://www.ehow.com/how_2123932_prepare-business-meetings.html

Until next time…

Staying Organized in Business

“Disorganization is the anathema of an efficient, professional employee”  That said, even the most prepared workers hit snags in their preparedness and oftentimes find themselves and their desks in disarray.  As we all know, any successful business in well organized.  Chaos in a business can be deadly to your bottom line and the goals you are trying to achieve.  This can result in lost sales and lower productivity.  It is important to analyze how the flow of work progresses through your business.  In staying organized, it’s important to define the areas of disorganization that cause problems and work towards solving them.  Prioritize activities that need action.  As your business grows, the need to stay organized multiplies.  So how can you stay organized in business?

Keep a calendar of deadlines.  Choose the right planner that fits your style – be it an Excel spreadsheet, an Outlook calendar or even a notebook.  Make sure to keep solid track of your meetings and appointments.  Set reminders in your calendar so that you will be notified ahead of time and can be adequately prepared.

Set realistic timeframes for tasks.  A schedule may be thrown into disarray if you have an inaccurate estimate of your workflow.  Ensure that you allocate enough time for each task so that you avoid putting them off or skipping them.  Give yourself plenty of time to achieve your tasks.  In fact, you might want to overestimate the time it takes to complete them.

Plan your day ahead of time.  Always be thinking about the week as a whole and how you plan to get things accomplished.  At the end of every work day before you leave the office, make notes about how you plan to tackle the next day’s tasks.  Look thoroughly at your calendar to ensure you are ready to complete projects due that week.  Write notes regarding anything you might need to do in preparation of said tasks.  

Keep your tasks in a visible location.  Think of creating a folder system to organize tasks that are color coded based on high and low priority.  If you see these tasks staring you in the eye, you’ll be less likely to forget them.  Keep physical inventory of all your tasks.  Think of hanging a dry erase board on your wall where you can write down tasks that will be staring you in the eye all day long.  Think of putting post-its on your computer so you will notice them at all times.  Mark off those tasks that have been completed and highlight those that haven’t been.

Schedule weekly meeting with your staff so that you have an idea of the tasks the rest of the office is set to complete.  At these meetings, talk in detailed description about expectations and deadlines.  Open communication with employees is the best way to ensure tasks are met in a timely fashion. 

Establish procedures for every aspect of your business.  Create an employee handbook so that your co-workers know what is expected of them on a daily basis.  Write down pertinent duties that must be completed by each of your employees and of course, yourself as well.  

Develop daily habits such as reading the mail, publications, news and responding to emails and phone calls.  Always be creating “to-do” lists.

Organize your emails into folders based on assignments or projects.  Use a star or flag to highlight important messages that need a quick response or to remind you to do them later.  Delete unwanted emails and keep your inbox clean.

Invest in software that allows you to share parts of your screens or calendars with other employees.  Sharing staff emails, customer information and other items will help ease workflow.  Use accounting software to manage your business finances.  Make sure everyone in your company is up-to-date on these programs and has knowledge of how to use them so that virtual files can be updated by anyone at your company on a regular basis.

Get rid of unnecessary clutter from desks, offices and work spaces.  Items that are seldom used should be stored away in cabinets or shredded.

Always make sure the office is stocked with necessary supplies such as ink, paper, pens, notebooks, post-its, stamps and anything else you need to make your business run smoothly.

Plan for disasters and other problems.  We recently saw how many NYC businesses were negatively impacted by Hurricane Sandy because they did not have sufficient contingency plans in place.  Besides natural disasters, other problems may arise such as electrical outages, the internet going down, sick employees, damaged equipment or merchandise.  “Brainstorm difficult situations and write down solutions to those problems.  Then make sure to follow the procedures that you [have] developed.”

Lastly and possibly most importantly, dedicate certain days to certain tasks such as weekly meetings.  For example, think of shutting your door every Wednesday at lunchtime to look at and prepare for the rest of the week and the week ahead.  If you stay ahead of the game, you are more likely to find you run an organized and efficient office.

Here are some articles you might want to check out about staying organized in business:

“Staying Organized at Work”: http://www.simplifythis.com/blog/small-business/staying-organized-at-work/

“My Favorite Tool for Staying Organized”: http://www.inc.com/magazine/20110301/my-favorite-tool-for-staying-organized.html

“Tips on How to Stay Organized in the Workplace”: http://www.selfgrowth.com/articles/Tips_on_How_to_Stay_Organized_in_the_Workplace.html

“Top Tips for Staying Organized and Productive at Work”: http://www.theglobeandmail.com/report-on-business/small-business/sb-managing/human-resources/top-tips-for-staying-organized-and-productive-at-work/article554860/

Until next time…