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Monthly Archives: August 2017

Tips to Creating Effective Follow Up

1. Update as you go along! Whenever you speak with or email a contact take a few minutes afterwards to update your database with this information BEFORE moving on to the next task. For example, did your conversation end with you promising to contact them again in a months’ time? If so, note this down and create a follow-up task there and then so you don’t forget.

2. Touch base regularly. Each month go through your database and see who you haven’t had any contact with over the last few months. Send them a ‘just getting in touch with you’ email, or call them.

3. Don’t forget good old-fashioned snail mail! Even snail-mail has gone all hi-tech. A great follow-up tool, and one that I currently use, is Send Out Cards – it’s really quick and simple to use. You can choose to send either a card or postcard, and it makes for a great ‘stay-in-touch’ service. And just as simple to use as email, only more personal! You can even upload your own handwriting font to personalise your cards even more.

4. Send a newsletter. Okay, it’s not exactly personal one-on-one follow up, but it is keeping you in touch with your database. Very often your newsletter will generate a response from your reader, which means you will be able to turn this into a one-on-one communication with your contact!

5. Keep the process going! Make it a habit to update your database regularly. If you don’t get the opportunity to update your database as you’re going along (Tip #1) spend 20 minutes at the end of each day reflecting on what you’ve done during the day, who you’ve contacted, what the outcome was, and enter all of this information into your contact management system.

Running Your Own Business Risks

Running a business yourself has both risks and bonuses, with one of the greatest risks being the fact that you are now in charge of your own destiny. There is no employer to provide a paycheck or benefits; it’s all up to you. That means that you must make certain that you bring in enough work to take care of your financial needs, something that can create a great deal of stress, especially if you are the only wage earner. Depending on what business you choose to go into you must make sure you have enough money to invest before quitting your full time job.

Another risk of owning a business is that of losing your personal possessions, especially your home, over business debts. It’s important, even if you are operating a home-based business, to make sure that you protect your personal assets frombusiness seizure by incorporating. If your business is rather small, it may not be of much importance, but if you’re running a rather substantial business, especially one that involves the purchase or any kind of products and supplies on a credit plan, make sure that you pay for the extra protecting your personal assets from seizures.

You must follow the laws in your individual states because not all states have the same regulations. However, if your state is one of those that only allows business creditors to touch property that is assigned to the business, you definitely want to consider that as an option.

Loss of income due to illness is another risk involved in owning your own business. You are no longer protected by the employer’s sick time and short time disability, so you have to assume those risks on your own either by setting money aside in case the need arises or investing in insurance to protect you from those kinds of things. The same holds true for health insurance””having a business means that you are responsible for all of the costs of your health and illnesses. It also means that unless you have others working for you that if you aren’t able to work, there will be no money coming into the household from the business.

 

About Incorporating Small Business

One of the primary advantages of incorporating your business is that it offers limited liability. If a business is under a sole proprietorship the liability of the business is the responsibility of the proprietor. When the same business is incorporated, the responsibility will depend on the amount of stake or share in the company.

Another salient feature of incorporation is that if you have a debt under the name of the corporation you as an individual will not be held responsible for it. With a proprietorship or partnership, a similar debt would have resulted in the seizing of your assets.

The second most important advantage of incorporating your small business is continuance. In comparison to a sole proprietorship a corporation has a larger life span. In fact legally it has an infinite life span.

If the company shareholders leave the company, die or if the ownership changes. A corporation will always exist.

Business is driven by capital and as a corporation it is easier to raise capital. Influx of capital or funds will help the business to develop, grow and bring in more funds. When you incorporate your small business, you are not only able to borrow as a corporation, but you can also sell shares and raise equity capital.

If the key benefits of incorporating are in line with your companies goals you can begin the process of incorporation.

– The first step to incorporation is to choose a corporate name and have a proper business address. You can not run corporation out of home unlike with a sole proprietorship.

– Secondly, you need to select the state in which you will be incorporating. Your home state may not be the best state for incorporation. You should Chose the state that will derive maximum benefit.

– Thirdly, you need to select the type of corporation that will most benefit your company. Speak with your accountant, business consultant and/or legal consultant to determine what type of entity will be the best for your business. It may be a LLC, an S corporation or maybe a C corporation.

– The next process is to choose the type of share. As a corporation, you can issue common stock as well as preferred stock.

– Next, you will need to obtain a Certificate of Incorporation, which is normally available with the Secretary of State’s office.

– Lastly, you need to process and file your incorporation documents. This process can be taken care of by a registered agent or an attorney.

Once you are incorporated make periodic appointments with your resident agent to ensure your corporation is in compliance with the secretary of state.