When I ask business owners why they are in business, I get one of these answers:
I want to be my own boss and have freedom to do what I am PASSIONATE about.
I want to have TIME freedom.
I have excellent SKILLS and EXPERTISE. I can make more money in less time and do not want the employer to decide how much I can make. However to run a profitable business, having skills/expertise or wanting time freedom alone is not enough. Starting and building a long term profitable business will require the business owner to learn, understand and sometimes teach the following aspects:
Knowing who you are and creating a Simple Business Plan that integrates your personality and business.
Entity Choice
Purchasing Office Equipments and Office supplies that will be required to run the business.
Marketing Plan
Hiring and firing employee/Independent Contractor
Business Insurance
Building a Website
Access to Capital
The knowledge of above aspects requires access to Business Consultants and Attorneys. Initially, a Small Business Owner can use internet for FREE resources and learn. However if a business owner spends his valuable time, energy and money learning the above mentioned important aspects, he will be devoting very little time doing what he is PASSIONATE about. In the process he is neither using his SKILLS/EXPERTISE nor having TIME FREEDOM. As you can see, the very purpose of starting the business is defeated. However if you HAD ACCESS to EXPERIENCED and AFFORDABLE business consultants and attorneys who could reduce YOUR learning time tremendously, you could spend that time in building your business PROFITABLY.
Action Exercises
Here are two things you can consider doing:
1. Write down the amount of time YOU spend or spent on researching the answers to your most pressing business and legal questions.
2. Considering YOUR hourly rate, what is the dollar value for the research time?
3. Would it be profitable for your business, if you had EXPERIENCED and AFFORDABLE business consultants and attorneys take care of these questions and you spent YOUR time on YOUR REVENUE PRODUCING activity?
Lalitha Brahma
Author's Bio
Lalitha Brahma helps Consultants and Small business owners improve their bottom line by inspiring and moving them to action. Is your Regular paycheck stopping you from exploring the ENTREPRENEUR in you? If you answered "Yes", go ahead and sign up for my FREE Newsletter to learn the secret of breaking the Regular paycheck barrier at www.elbeeservicesllc.com.
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