You Have Started a Business - Now What?

You Have Started A Business, Now What?

As business owners, we all decide one day, “I can do this.” You no longer need your boss. Heck, your boss couldn't make it without you! You bravely make the decision to start your own business. You have been in your industry for years. You know all there is to know about your field of work.

You go out and get your business license. You get some business cards. You even get a website. You are ready!

Now what?

To be successful with your own business you have to start doing thing you never thought you would do; all the things your mom warned you about.

"Don’t talk to strangers." Yet, now you find yourself standing in the corner of a restaurant, by yourself, staring at your shoes instead of networking with other business owners. It’s hard to get the nerve to walk up and talk with someone you have never met before.

But it doesn’t have to be hard. If you go to a networking meeting ready, the conversation can flow as easy as coffee with your best friend.

You have a secret. No one knows you are nervous. Chances are they are nervous too. Put a friendly smile on your face and walk up to someone at the networking event. Find someone standing at the opposite corner of you. I guarantee they will welcome you.

Always give them a business card. If you are not comfortable just handing them your card. Ask for their card. Take that opportunity to give them your card in return. If you ask them about their business they are sure to ask about yours. Take the time to listen to them. Even if that person isn’t a potential client for you, they may know someone in the future that needs your services.

Follow up. After going to a networking event take the time to contact the people you met at the event. To be a successful business owner you must build your relationships. A quick note that says it was nice to meet you or loved hearing about your business will not be forgotten.

Remember, not talking to strangers has been ingrained in us since we were two. But to have a successful business talking to strangers becomes our biggest ally.

Submitted by Diana Kohn
Diana Kohn is a member of Koinonia Business Women. She is the owner of FLAIR. Her business is designed to help small business owners grow their business through networking.She is also available for writing projects. http://www.businesswithflair.com/

Planning for Business Profitability

Here is a simple, straightforward article I found on planning for business profitability. I hope you find it useful:

Recently, ABC News Now interviewed me [see interview here] on my 5 Tips to Get Unstuck When Starting Your Own Business. One of my tips was about “working the numbers,” and I’ve received numerous requests to expand on this topic.

I meet many entrepreneurs passionate about creating businesses around their exciting ideas, which is great, but too often they forget to do a little math to ensure profitability. After all, if you’re not a hobby or a non-profit, you need to make a profit to sustain your business.
Don’t be afraid of the numbers because they can be really helpful in shaping your direction. Answering a few simple questions will help reveal the wisdom of your business idea, or uncover a flaw that you can rework to ensure success.

5 questions to ask yourself about your business idea:
1. What price can the market bear for your product or service?
2. What is your initial capacity to provide that product or service?
3. What are your costs associated with that capacity?
4. How many units of your product or hours of service can you realistically sell?
5. Do you have anything left over, profit, before taxes for paying yourself?

For fun, let’s take a business idea and run through the numbers for a month to see how it measures up. Let’s say that you love dogs, and have designed an adorable dog sweater that everyone loves and thinks you should sell.

1. Price: You think that you can sell the dog sweater for $40.
2. Capacity: You can knit one sweater a day times 20 work days in a month equaling 20 sweaters a month.
3. Costs: You know that each sweater costs you $10 in materials to make. So 20 sweaters = $200/month.
4. Sales: Assuming you will sell all the sweaters you make each month: $40 x 20 = $800
5. Profit: Subtract your costs ($200) from your sales ($800), and you have $600 in profit for a month.

This simple example shows you are profitable. But keep in mind that you will have other costs such as marketing, taxes, etc. So while this idea would not pay your mortgage yet, it’s a start. Your next steps would be considering ways to increase your profits.

First, let’s look at the income side of the equation. Ask yourself if you can increase the price. Perhaps you could focus on high-end doggie boutiques in wealthy neighborhoods or rich doggie catalogs. Another idea would be to explore how you can make more sweaters faster. Could you hire some low-cost contractors (maybe retired grandmothers looking for a little extra spending money?), or consider investing in a knitting machine to expand production?

On the flip side, look at your costs. Perhaps consider changing your business model altogether by selling the knitting pattern for your doggie sweater instead of the sweater itself. This lifts your limit on sales and you’re not held captive by your ability to crank out sweaters.

Get it? Work your numbers. By taking a little bit of time for planning and making sure that your business model is profitable, you’ll ensure that your business is a success!
© 2010 Ali International, LLC

Self-made multimillionaire entrepreneur and Inc. 500 CEO Ali Brown is devoted to creating financial freedom for women globally through the power of entrepreneurship. To learn how to create wealth and live an extraordinary life now, register for her free weekly articles at http://www.alibrown.com/.

Enjoy!
Posted by Krista Dunk
www.KBWomen.com

Starting Your Own Business

Starting Your Own Business, by Diana Kohn

Do you ever feel God is tapping you on the shoulder? Maybe He is pushing you in a direction you are scared to go. Eventually He starts to yell out to you.

He is calling you, do you hear Him?

It can be scary to follow the path He has laid out for you. It can be especially scary when it involves starting a business.

How do you start? Where do you start? Is there anyone to help you?
As a business owner myself I understand the mixed feelings of starting a business. It’s scary and exciting. It’s daunting and thrilling. Its great risk, yet possibly great reward. If you enter a new business with the right intentions, with the heart to help, and following God's plan the odds are in your favor.

How do you start? Make a list. Below are some of the things you may need to add to your list. List out each task you need to start your business. Each day knock one or two things from your list. As you cross things from the list new items will be added. Before you know it all your items are checked off and you are a business owner.

· Get a business license
· Get business cards
· Join a networking group
· Set up your accounting

Where do you start? Start with organization’s like Koinonia Business Women. The whole purpose of an organization like KBWomen is to help you. This group was designed to help educate women. They are here to promote you. Take advantage of all the information they have to offer.

Is there anyone to help you? There are many professionals that have owned businesses for many years. The information they have is priceless. Our business FLAIR was designed to help business owners develop the tools they need to grow. We are here to support you and your business. We will enhance the skills you already have, to help build your business. From walking into your first networking meeting to making the final sales, FLAIR will be there with you.
FLAIR will help you with:

· Networking with FLAIR
· Branding with FLAIR
· Sales with FLAIR

Education and support are key to the success of your new venture. Sit down. Make your list. Get ready to start your journey. If you are following the right path, the doors will open and the customers will walk in.

Article by Diana Kohn. Diana Kohn is a member of Koinonia Business Women. She is the co-founder of FLAIR. You can reach her at 206-353-1003 or http://www.businesswithflair.com/