CREATE A SOLID FOUNDATION FOR A SUCCESSFUL BUSINESS

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1 CREATE A SOLID FOUNDATION FOR A SUCCESSFUL BUSINESS Whether you are a new service-based professional, or a well-established one, a solid business foundation is necessary for any amount of success you may enjoy. Liken this to building a house on the side of a mountain, as you must take the time to ensure the foundation is secure and shore up any weaknesses to avoid being washed away when the rains come. The same is true for building your business. Often times we become too anxious and excited to just get started that we forego implementing the necessary structures that would ensure a solid base upon which to grow and thrive. You may be inclined to skip these most important steps, however, I invite you to resist that urge and embrace the opportunity to stretch into the discomfort, knowing that the efforts put forth now will provide the needed structures for your vision, mission, and business endeavors; those that you will be creating in this certification program. The structures established here will allow your creative mind to flow more freely and business operations to run more smoothly, ensuring your dreams become a reality, take hold, and flourish. Think of this as a prerequisite to your Divine Living certification program. Please take the time to read through and complete the following exercises before the start of the first week of class. Remember, you have made a substantial investment in yourself and your dreams. These important first steps will ensure that you get the most out of this program, the creation & development of your business. While many entrepreneurs may be fearful of facing the financial end of their business, being clear on your income, expenses and financial goals will provide the clearest picture and forecast of the business s current state and the successes to come. Both start-ups and existing businesses have a variety of financial needs. Time spent analyzing what those needs are and planning how to meet them will contribute greatly to your success. Starting a business often requires entrepreneurs to understand and complete a variety of business tasks and functions. The good news is that you re not alone, and there are several tools to aid in the business building and financial planning process; tools that you will receive from this program. You may find that some of this information and steps may be expanded up during the course of the next year as you go through the program, create and recreate. You don t necessarily have to have it all figured out to start the process. The point here is to get started in putting these foundational pieces into place, ensuring a solid footing upon which to build. And if you are already in the game, as an established entrepreneur continue through the following process anyway, making note of where improvements could be made,

2 changes implemented, clarity gained, or how starting the delegation of tasks might free up your valuable time allowing for further business growth. Things to begin thinking about now: Develop a clear vision. Begin with how you see your business, what it will look like when completed. This is the idea of the company in which you strive to create and build. In the coming months and course curriculum, I will take you through an in depth exercise to solidify this vision based on your core values, with purpose and soul. For now, begin to think in terms of possibility, what it could look like, how you want to spend you days, hours needed, the feel of it, all that you desire it to be. And for you established business owners, is your business living up to that vision or could it use a bit of change? Realize and solidify your mission. This is why you do what you do. This is in terms of how it relates to you personally, what satisfaction you re gaining from the business. And it relates to how and what you communicate to your clients and the public of what you are offering. It is the how you will help or serve them and the why they will want to work with you specifically. Again, your mission will become more apparent, developed, and anchored throughout the process of this program. Don t worry if your why isn t readily available for words as of yet. It just needs to be uncovered. Your calling is present otherwise you wouldn t be in this course. And already-established entrepreneurs, does your mission still fit you or is a new mission waiting to be realized? Use this time to think it over. Identify your most immediate objectives. Once the vision is in place, start thinking in terms of what actions will be needed to make it materialize and monetize. Set milestones to reach for and complete. This is where the business structures and procedures to follow will come into play. Be willing to continue the investment in yourself, your business, and your dreams and pay for quality education and mentorship. The course of your life s work, vision, and mission will continue to grow, change, and are dependent upon your own personal evolution and continued transformation. There are always new things to learn and discover. Commit to being the best you, continue to say yes to the opportunities that arise, and appreciate and put into the practice the valuable information you seek and gain.

3 Setting Up Business Procedures for Your Success How are you going to: Establish yourself as a business. o Do you have a name for the business? o Do you need to get a business license? o Are you setting up specific tax entities, like an LLC or sole propriety? o Do you need liability insurance of some kind? o Do you have a separate bank account for your business? o How will you pay yourself and how often? o How will you set up tax payments? o Do you have an attorney or accountant to work with you? Attracting clients. o Start thinking in terms of marketing, networking with others, partnerships. And for you established business women, start thinking outside your normal box of ideas. How can you do it differently? Client procedures. o What happens when you ve found them? o How do you get them scheduled? o What is the procedure for communication-- call backs, and follow up communication with potential clients. o How does your system work? o In person appointments, telecommunication, support? o How often are your appointments, how long are they? o Is there support system like included? o How long do you have to reply to inquiries that occur in between sessions? Practice tool. o Your client intake forms? o What questions would you like to ask and information do you need to know to get started? o Do you have a list of general procedures for your clients, as to how the services work, what s included, and refund policies? o Do you need any additional education to do the work you re called to do? General business practices. o What are your payment methods? o Do you offer monthly packages, one-time payment in full, payment options? o Do you take credit cards and with what system will or do you use? How is the billing done?

4 o Where do you keep account information including URL addresses, usernames and passwords? o What is your computer backup plan? Setting up your team. o Having these systems in place, organized, and written will ensure a smooth transition of role responsibility when brining on team members and delegation begins. This will free up your valuable time to sustain business growth. See the orientation module on time management for a more in depth look, suggestions, and how to s. Track your finances and set new goals. o In order to know which direction to go in as you develop and grow your business, it s essential to develop a more intimate relationship with your income and expenses. If you are in a position today where you aren t very clear on where your money is going I ve included a Monthly Expenses Worksheet for you to complete in this orientation module. Knowing these figures will help guide your financial goals each month and track your progress. Also, be sure to complete the Monthly Intention Worksheet to get a start on thinking about the amount of income you d like to call in.

5 Monthly Expenses Personal Expenses Total $ Rent/Mortgage: Car: Car Insurance: Landline: Cell phone: Electric: Gas: Cable/Internet: Student Loans: Credit Card Minimums: Gas: Groceries/Toiletries: Misc. Spending (i.e. dry cleaning, etc.) Health Insurance: Life Insurance: Car Insurance: Personal Development (coaching/therapy/telecources/gym membership): Housecleaning: Business Expenses Total: $ Taxes: Virtual Assistant: Google: Web Hosting: 1ShopingCart.com: Constant Contact: Networking Groups: Office Supplies: Business Development (coaching/educational cds/telecourses/seminars): Merchant/Gateway fees: P.O. Box Advertising: Web Maintenance: New Projects (setting up website, getting headshots done, computer software, upgrades, etc): Spending Monday (eating out, getting a massage/or nails done, shopping for clothes or home or kids):

6 Monthly Intention Worksheet My intention during this class is to make: by January 1 st by March 1 st January Sun Mon Tue Wed Thu Fri Sat Weekly Total I'm Monthly Total: away from my January 1st Goal! March Sun Mon Tue Wed Thu Fri Sat Weekly Total I'm away from my March 1st Goal! Monthly Total:

7 Online Account Management Sample Account Name Website/Notes User Name Password Amazon xxxx xxxx Aweber. xxxx xxxx Constant Contact xxxx xxxx GoDaddy xxxx xxxx Instant Teleseminar xxxx xxxx PayPal xxxx xxxx Send Out Cards xxxx xxxx Skype xxxx xxxx

8 Online Account Management Worksheet Account Name Website/Notes User Name Password

9 My Computer Backup Plan is The software I will use is: The person in charge of backing up my computer is: I will back up my computer (daily/weekly): Other places my most important data lives include (some examples could be: web based backup system, my Virtual Assistant has a copy, my Database is in Constant Contact):

10 Office Procedural Manual and Systems Create an office procedural manual for yourself and/or for any new team members who you attract to support your work. Topic could include: How to send an e-fax How to process a charge in your virtual terminal How to charge back a return...i know, but they do happen! How to back up your computer How to add a new name in your database, shopping cart, e-zine, or contact list How to transfer money in your online banking How to pay your cell phone bill online If you are using a VA how to communicate with your clients (use company address, signature blocks on , phone etiquette, etc.) This is a good manual to have for your unique office needs. It will be very useful for tasks that you don't do frequently, so you don t forget the steps. Or, if you will have a TEAM in the future to help you with a particular task, it will save you a lot of time explaining "how to" do something. Receipt System Unless you already have a system set up with a bookkeeper, start by getting large envelopes and labeling each one for each month (for example: July 2012 ) and keep all receipts in it to send to accountant or bookkeeper. Contracts, Agreements and Terms & Conditions At the heart of any program is an agreement made between you and a customer/client. A clear understanding of your relationship is what keeps you both happy. My suggestion is for you to contact an attorney who will create a contract or Terms and Conditions that protects you, your specific business in your specific State and Country, that is also fair to the client. Your Contract, Agreement or Terms and Conditions will also clearly outline your refund policy. If you have different refund policies for different programs, be sure to adjust accordingly for each program. If you are selling a product or program through a shopping cart, I would advise that you make the Terms and Conditions along with the refund policy available as part of the check out or register process where the customer can review and click a box to agree. That way your system is automated and organized.

11 Policy Pointers and Class Rules It is good to have a document that clearly identifies any class or program rules or policies etc., for your company. This can include information like your office hours, what to contact you at, what or phone numbers to contact your assistant at, what your coaching phone number is, turn-around time for response, what your cancellation policy is and any other business boundaries important for your industry and unique style. This will help the client know what your expectations are from the very beginning and they will feel safer working with you. Plus it will greatly help in pre-empting potential conflicts or miscommunications. See attached sample at the end of this packet. The Ability to Receive Payment Preferably Electronic I can t stress enough how much time and frustration you can save if you automate your payment system. Hiring an assistant to set up an online payment system for you is the easiest option. This way, records are automatically kept, payments are easily made and the financials of your arrangement don t have to be a focus for you and your clients. Even if you choose not to have an online payment system, some kind of system must be in place. Payment procedures should appear in writing for your clients. Preferred payment methods include Visa, Master card, American Express, Discover. For this you will need to apply for a merchant account. This will allow you to accept credit cards online in conjunction with our shopping cart. Resource for Merchant Account: Chad Ratliffe Chad@memberfinancial.com When to Charge Sales Tax Something to keep in mind when you are selling a product online is that it s important to be aware of what your state law is regarding sales tax. You may want to consult your business Attorney or Accountant to make sure you in compliance of what you need to charge for sales tax. Then make sure it is translated to your shopping cart. You will also need to file certain tax forms related to the sales tax. Most bookkeepers are familiar with this process and I recommend delegating it to them or your accountant.

12 Shipping & Handling If you are selling a product that requires shipping and/or handling it is recommended that you include it in the shopping cart. Something to consider when pricing your products is the cost of shipping and handling Cancellation/Refund Policy Each practitioner must make their own choice on what rules they want for cancellations and refunds. Some practitioners choose a no-refund policy if the cancellation happens less than a specified amount of time in advance. Some allow for a single rescheduling and then ensuing cancellations fees. There is any number of permutations that can happen and really knowing your industry, your clients and yourself will help you find the right combination for you.