It used to be back in the 50’s that a woman would never dream of leaving the house without a good foundation and solid underpinnings under her dress. Well – your business works in the exact same way. I personally would not dream of creating a sustainable business without having a solid foundation to build upon!
So what do I mean by that?
Well, it’s amazing how many entrepreneurs I’ve talked to that are making 3 figures or more that are not some type of corporation or LLC with a tax ID number. You look like a business when you’re structured like a business rather than a fly-by-night type of firm.
So here are some items that I feel are important and you can follow along me making a mental note of what you might need to do to tighten up your business practices.
If you’re already doing everything I’ve mentioned – kudos to you, that’s fabulous!
So here goes:
- Let’s start with personal and/or general liability insurance. When I practiced medicine I couldn’t imagine going without malpractice insurance, and for example, in my Journeys of the Spirit travel business, we have errors and omissions insurance specifically designed for the travel industry.
- Moving on, most states and even some counties require a business license. It’s imperative that you follow the law so that you’re a reputable organization. You certainly could have your VA look into what your local requirements are. In addition, making a quick call to your accountant could help you avoid some financial issues that could be quite painful in the future!
- Not having a retirement plan in place for example, will have even the most frugal person spending money that’s better put into savings. There’s got to be a balance between the amount of funds you reinvest into your business and how much you’re willing to put away for your future.
- It’s always good practice to separate your personal and business life – and having a business checking account is a great place to start. Same with having a dedicated business phone line. I happen to like Ring Central as they have toll free numbers and a great system for receiving calls that makes you look professional. Of course there are other companies out there too.
- Other items that become quickly essential to your business are your autoresponder, Facebook page, professionally done photographs, domain names for your current and possibly future website addresses, and a great and reliable host for your website.
- Last but not least – a basic business plan is essential. That keeps us on the straight-away so that we’re constantly taking action to achieve the numbers we’ve set down on paper.
So I’m curious as to whether you’ve got your foundations firmly into place.
If not, maybe it’s time to slap a girdle on your business and get-r-done!
Signing off – Here’s to peace, power + personal alchemy.