Part 3 of the podcast is now available for streaming, downloading or transferring to your iPod. Survive the small business “cash flow crunch”. This podcast gives you tips on how to make that difficult first year in business a success. This is Part 3 of the Entrepreneurial Itch Podcast from Self-Counsel Press, inspired by the book by David Trahair, the Entrepreneurial Itch.
You can listen to the podcast from the streaming MP3 player below. Just click the big play button (you may have to click it twice). Make sure your speakers are turned on and the volume is turned up! Part 3 is about six minutes long.
Other ways to listen to the show:
MP3 - MP3 download
RSS - RSS Podcast feed
iTunes - iTunes Podcast feed
Feel free to distribute this podcast to anyone or post it on your own Web site, but please do not edit the podcast in any way.
Please post your comments! The podcast was created by the publisher, Self-Counsel Press. Music in the podcast is by the Blue Morris 6.
December 11, 2006
Part 2 of the podcast is now available for streaming, downloading or transferring to your iPod. This show will tell you have to raise money to finance your new business.
You can listen to the podcast from the streaming MP3 player below. Just click the big play button (you may have to click it twice). Make sure your speakers are turned on and the volume is turned up! Part 2 is just over six minutes long.
Other ways to listen to the show:
MP3 - MP3 download
RSS - RSS Podcast feed
iTunes - iTunes Podcast feed
Feel free to distribute this podcast to anyone or post it on your own Web site, but please do not edit the podcast in any way.
Part 3 should be available in about a week’s time. Part 3 will focus on how to deal with the cash flow crunch! Please post your comments! The podcast was created by the publisher, Self-Counsel Press. Music in the podcast is by the Blue Morris 6.
November 29, 2006
Now that my new book has gone to press, the publisher has provided a sample chapter in PDF format which you can download for free. It includes the cover art, table of contents, and the first chapter of the book.
Download the First chapter of Entrepreneurial Itch (pdf 438kb)
The book is expected to be in stores January 2007. In the U.S. you will be able to buy the book at Barnes & Noble, Borders, Books a Million, and Amazon.com. In Canada you will find the book at Indigo, Chapters, Coles, and Self-counsel.com.
November 28, 2006
Self-Counsel Press is creating a three-part podcast inspired by the Entrepreneurial Itch. The podcast will help you to understand what it will really be like starting and running your own business, and it gives great tips on how to make your business successful — tips from my latest book.
You can listen to the podcast from the streaming MP3 player below. Just click the big play button (you may have to click it twice). Make sure your speakers are turned on and the volume is turned up! Part One is six minutes long.
Other ways to listen to the show:
MP3 - MP3 download
RSS - RSS Podcast feed
iTunes - iTunes Podcast feed
Feel free to distribute this podcast to anyone or post it on your own Web site, but please do not edit the podcast in any way.
Part 2 should be available in about a week’s time. Please post your comments! The podcast was created by the publisher, Self-Counsel Press. Music in the podcast is by the Blue Morris 6.
November 21, 2006
Because I have the entrepreneurial itch, I’m always on the look-out for it in the people and events around me. It can be truly inspiring when you see it.
I found a great example recently as I was watching a movie – one of my favourite pastimes.
The movie was called In Her Shoes, based on the novel by Jennifer Weiner. It’s an engrossing tale of two completely different sisters who eventually learn to appreciate one another. What caught my eye was that both sisters have the entrepreneurial itch. Rose (Toni Collette) is a workaholic lawyer who happens upon a business as a “freelance dog walker.” No real research done at all – she is walking a dog that was left at her house, and people who know the dog’s owner ask her how much she charges. She sets up a deal with a kennel to refer clients to her in exchange for half of the fees. It helps her create a life she actually enjoys after she quits her stressful job.
Maggie (Cameron Diaz … wow!) is a scatterbrained party girl who visits her grandmother Ella (Shirley MacLaine) in Florida on a whim. She ends up helping one of Ella’s friends buy a new outfit for a special occasion. Another woman asks Maggie if she would do the same for her and offers to pay for her help.
“Do you think there’s other women down here who would?” Maggie asks Ella. “Are you kidding? Scads,” is Ella’s response. Maggie says she’s thinking of “doing it like a business.” Ella’s response? “Well, that’s an excellent idea.” Maggie admits she isn’t good with numbers, to which Ella replies, “Well, I’m good with numbers. I could help if you like.” “Yeah, sure, that’d be good,” Maggie says, and a business is born. Within days, the lineups start – Maggie is busy full time and finally ahs a direction to her life and money in the band. I love movies with happy endings like this!
November 15, 2006
The final leg that provides the foundation for a successful business is finance and administration. This area is a strong suit for me personally, as you might expect. It’s easy for me to keep accurate books, make sure bills and taxes are paid correctly, and file annual income tax returns as required. What about you?
Leg 3: Finance and administration
I can’t stress the importance of finance and administration enough. Sadly, I have watched many business fail. One of the traits they shared was lousy financial records. They had receivables so old there was no chance they would ever collect any money. They owed back taxes and had been assessed late-filing penalties and interest charges by the government. They had received many “demand for payment” letters from suppliers and, in many cases, nasty letters from their banker asking when the line of credit was going to come down.
The people running these businesses saw their dream of self-employment turn into a nightmare. Not only did their business fail, but they were often left in deep personal debt or bankruptcy as a result.
Do yourself a favor: work on your bookkeeping and financial skills before attempting to start your own business. There are several great books on the subject by Angie Mohr, including Bookkeepers’ Boot Camp and Financial Management 101.
Alternatively, find a business partner who has these skills, or accept the fact that you’ll have to pay for a bookkeeper and perhaps an accountant as well.
I’ll give it to you straight:
If you don’t focus on the financial and administrative aspects of your business from Day One, you’re pretty well doomed to fail from the start.
November 15, 2006
In my previous post, I talked about how a successful business is like a stool with three legs to keep it stable. The second leg of the stool is selling and marketing. This is definitely my weak point. I was never taught how to sell or market anything in my life. I think this is one of the greatest flaws in the North American educational system today. No matter what we do, we need to be able to sell to be successful. Why aren’t we taught how?
Leg 2: Selling and Marketing
Everything I know about selling I learned one of three ways:
- By making mistakes myself
- By learning from clients who know how to sell
- By listening to, and reading books by, people who know how to sell
You may be great at what you do. You may even be the best in your area. But how are you going to be successful, or even survive, if no one knows you or your business exists?
The simple truth is that you need to think about what sales skills you have. If you don’t have these skills, are you willing to work on them? If you are shy, are you willing to venture out and take some classes or attend networking training, such as Toastmasters? If the thought of selling scares you to death, you’ll need to consider how you will get over this huge obstacle.
If you are motivated, you can surmount it to some degree by reading books written by people who know how to sell. However, if you truly believe you will never become proficient at selling, you may have to find an associate you can work with who does know how to sell.
November 14, 2006
Throughout my years of self-employment, I have seen hundreds of businesses come and go. This has given me an interesting perspective on what basic elements a business needs to succeed. I have concluded that a successful business is like a stool with three legs to keep it stable. They are –
- operations,
- selling and marketing, and
- finance and administration.
In order for a business to succeed in the long run, it needs to be actively engaged in all three functions. Let’s look at each and see why.
Leg 1: Operations
The operations section of a business is the actual work that the business does. For a plumber it’s fixing people’s sinks and tubs. For computer consultants it’s programming clients’ computers or providing technical services. For bookkeepers it’s keeping the books for clients’ businesses. It’s obviously vital that you be able to perform the work of the business. At least, it’s vital until your business grows enough to be able to pay someone else to do the work for you.
Operations is where most people have the least amount of trouble. Unless you decide to start a business that you know nothing about – which is a risky strategy – you probably have the skills you need to do the work of your business.
In my book, The Entrepreneurial Itch, when I talk about how to sell yourself and your business to clients, you’ll see that it’s essential that you be good at what you do. If you are good, word will spread to other customers. If you aren’t, it won’t. In fact, if you don’t provide good services or sell good products to people, bad word-of-mouth will spread, and that will almost certainly kill your business before it begins to walk.
Most people who start a business know already how to do the work of the business — the operations part. They have one leg of the stool. Note that two types of business have a major advantage over all others because their operations involve on or the other leg of the stool:
- Bookkeepers and accountants generally have no trouble with finance and administration
- Advertising executives and consultants usually have sales and marketing skills.
If you are thinking about starting one of these types of businesses, you already possess two-thirds of the skills you’ll need to succeed. If your business is in any other field, you’ve got more work to do.
November 13, 2006
You can find out more about David Trahair and his book The Entrepreneurial Itch from the following websites:
We also have RSS feeds for this blog and for the Self-Counsel Press Podcast:
November 10, 2006
