What do you have to know to own a business? ?

What is your product or service?
How much does it cost to make or provide?
Is this a brick and mortar store or is it work from home?
How much are your expenses ? (this goes back to cost) telephone, fax, rent, materials, machinery, utilities, etc.
From that information, you need to figure out how much to
charge to cover your expenses and make a profit.
l am sure there is more but this is a good start.

You need to know the:

- Technical aspects of the business : for example, if u want to start a lawnmowing or landscaping company, then u need to know how to landscape or understand the differences between perennials & annuals, or know the soil types

- Financial management & Record Keeping : u need to have basic understanding of whether ur business is doing or not by knowing the numbers. And of course, u need to know where ur money is going to come from to jumpstart the business

- Legal & Regulatory requirements of ur business. What is the legal structure of ur business, & what r the tax reporting it entails? What licenses & permits u need to get

- Operational requirements of running ur business. How will u run the business & what do u need to run the business?

- Marketing the business. Who r ur target market & how will u reach them?

Not long ago, l was listening as one of my grandchildren practiced his ABCs. He had a little picture book that helped him remember what the letters stood for, & he studied it intently, determined to be the first in his class to know all the letters & words. With his determination, l knew he would master the alphabet in no time at all.

As he worked, l started thinking about what those letters mean to me, after a lifetime in sales & years of helping young hopefuls get started in their careers. l didn’t draw pictures, but these r the words my alphabet book would include:

Availability for ur customers is essential, so they can reach u with questions, concerns or reorders.

Believe in yourself & ur company, or find something else to sell.

Customers aren’t always right, but if u want to keep them as ur customers, find a way to make them right.

Deliver more than u promise.

Education is for life—never stop learning.

Follow up & follow through. Never leave a customer hanging.

Goals give u a reason to go to work every day. When u reach ur goals, set higher ones!

Humanize ur selling strategy by learning everything u can about ur customers.

l is the least important letter in selling.

Join trade organizations & community groups that will help u both professionally & personally, such as Toastmasters, chamber of commerce or Junior Achievement.

Know ur competitors & their products as well as u know ur own.

Listen to ur customers or they’ll start talking to someone else.

Maybe is the worst answer a customer can give. No is better than maybe. Find out what u can do to turn it into a yes.

Networking is among the most important skills a salesperson can develop. Someone u know knows someone u need to know.

Opportunities r everywhere. Keep ur antennae up.

Price is not the only reason customers buy ur product, but it is a good reason.

Quality can never be sacrificed if u want to keep ur customers satisfied.

Relationships r precious: They take time to develop & r worth every minute u invest in them.

Service is spelled “serve us” in companies that want to stay in business for a long time.

Trust is central to doing business with anyone. Without it, u have another word that begins with T: Trouble.

Unlimited potential is possible whether u sell computers or candy. You r the only one who can limit ur potential.

Volunteer: It’s always good to give back. You’ll probably find that u get more than u give, & there is no shortage of organizations that need ur help.

Winning doesn’t necessarily mean beating everyone else. A win-win situation is the best of both worlds.

X-ray & catscan ur customers so that u know everything about them—so u can serve them better.

You is a word ur customers need to hear often, as in “What can l do for you?”

Zeal is a critical element in ur presentations, service & life in general. Let ur enthusiasm shine through!



Michael Bramletta
912-287-1153
hungre2006.com

you should know why u want to own a business, the risks involved, how to come come up with a good simple plan. You should know your tolerance level, how much money u have to invest or do not have to invest. And always be willing to learn becaus owning your own business is an everyday class on its own.

You need a network of friends & business contacts. If u do not have a viable network, u might as well be a telemarketer! Let me give u my example. l was a banker for many years, l made a good living, but something was missing. So. l sat down & made a list of things that l like & dislike. In the end, l became an Equipment Leasing Broker. l did my research, got some training & then it was off to the races. Basically, l bring people together who want to finance equipment with those that have money to lend. It is professionally & financially very rewarding. BUT, without my network of customers from the bank & the community l would be at McDonald is now. l hope this gives u some insight. Good Luck !