Starting a New Business

Decisions You’ll Need to Make to Start a New Business

It takes as much energy  to wish as it does to plan. – Eleanor Roosevelt

Becoming an Affluent Entrepreneur and successful business operator is all in the planning, beginning with your business plan, to which product or service you will sell, to how to keep your inventory low, to great marketing strategies.

These ideas will be able to start you down the right road…

How to Choose the Right Products For Your Business

When deciding what kinds of products or services to sell, it is important to ask yourself WHY people will buy your product or service instead of your competitor’s. You need to determine what Doug Hall, author of Jump Start Your Business Brain, calls a “Unique Selling Proposition” so you can set yourself apart from the others.

For example, if you decide to sell calculators on the Internet, you had better come up with a darn good reason why people should buy your calculators since they could just as easily go to the local office supply store and pick one up the same day.

As a professional speaker and author, I try to set myself apart from the other speakers by advising meeting planners that, when they pay my speaking fee, I also include several free copies of my book Creating Your Own Destiny, and I will cover all of my own transportation costs and meals. (Most speakers will try to nickel-and-dime a meeting planner to death trying to get upgrades on flights, limo rides to and from the airport, as well as dining in expensive restaurants on their dime.) Because I cover all of these expenses and throw in copies of my book, meeting planners have a more enjoyable experience booking me to speak instead of my competition.

How to Keep Your Overhead Low…

When starting a business, it is absolutely crucial to keep your expenses low. You need to be aware of numerous operating expenses, especially the ones that can be eliminated altogether.

HomeBusiness-PatrickSnowFor example, many of you may have a one-person enterprise, or perhaps have a team of 10 people or less. Based on this size (unless you are a retail establishment) there is really no need for you to go out and lease office space, which can be a costly expense and is completely unnecessary. If you have an extra bedroom, garage, or anywhere in your residence with a door to shut out noise from the rest of the house, then you can set up your home office.

You will need a quiet area that has multiple outlets to plug in your computer, router, phone, printer, and so on. If you feel that you need a nice place to meet clients…take them out to a restaurant, coffee shop, or country club to conduct your meeting, but don’t bring them to your residence if you feel your home office is not impressive. Your home office does NOT need to be impressive, it needs to be functional.

For years, I operated my business, The Snow Group, out of the comfort, or lack thereof, of my garage. Why my garage? Well, we lived in a three-bedroom, two-bath house, and each of my boys wanted his own room. I wanted to be somewhere away from the noise of a busy household where I cold shut my door and have silence. I also needed a place where I could inventory all of my books, and the ping pong table provided ample countertop space for sending out preview books on a daily basis.

Five hundred dollars later in paint and added outlets, I had converted my garage into my home office. One of my close friends immediately named my home office “HQ” (for headquarters), and everyone close to me knew where I was when I said I’m working at “HQ.” If you have a team of business partners or employees, encourage them all to work out of their homes as well.

Save your money for marketing your business, because marketing directly returns revenues to your bottom line. Fancy office space does nothing more than give you unneeded extra stress each and every month while you worry about making your monthly lease payments. If you can keep your overhead low, you will be well on your way to becoming an Affluent Entrepreneur.

This is an excerpt from my book The Affluent Entrepreneur.

As a Motivational Keynote Speaker, I can speak on this subject or adapt my subject to your audience.

Contact me the next time you need a speaker for your event.

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