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Before You Jump Ship: Four Responsibilities to Consider Before Starting Your Own Business

Before You Jump Ship: Four Responsibilities to Consider Before Starting Your Own Business
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You've heard it before: starting a business can be one of the most difficult yet rewarding things you will ever do. Considering these four responsibilities before you start a company will help minimize the difficulty and enhance the rewards.

Product or Service Development. Every business starts with a core offering and builds the company around it. What is it that you want to present to the market? How long will it take to produce these goods or services? Will you need a manufacturer to help with production? Do you have the expertise to create whatever it is that you want to sell? If you produce a service, do you need a legal contract specifying the roles of your business and your clients?

Sales and Marketing. Once you have established your offering, you will need to price it for a profit and get the word out to your target market. How will you price your items? Do you want to differentiate your company by price or are there other ways to set yourself apart? Who will you sell to? How will you draw the attention of those consumers? Once they have expressed interest, how will you keep it? How will you develop relationships with clients?

Accounting. When clients begin paying you, you will need to keep records of each transaction. Do you have at least a minimal amount of knowledge related to spreadsheets and financial statements? How will you record your earnings and losses? How do you plan on filing and paying for taxes?

Customer Service. How will you handle customer complaints or service requests? Will you proactively reach out to customers from time to time to make sure they are satisfied with their purchases?

It takes a large amount of time to develop and perfect these functions. In his new book, Outliers, Malcolm Gladwell explains the theory that it takes 10,000 hours of immersion to become an expert in a given field, unless you are a genius in which case it will only take you 9,000 hours. I tend to agree with his point. That boils down to about 3.5 years of 8 hour days, 365 days a year. But, as an entrepreneur you will be working more than 8 hours a day, probably averaging around 12. That reduces the number of years to 2.28 - lets call it 2.75 with days off, etc. Interestingly, that is about the same amount of time it takes many entrepreneurs to start making money.

Before jumping ship from your current job, get a head start by considering these responsibilities. You'll thank me for it.





Before You Jump Ship Four Responsibilities to Consider Before Starting Your Own Business - To learn more about this author, visit Bill Tamminga's Website.

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Michiel Jonker
As a Certified Information Systems Auditor, Michiel assists businesses in a professional capacity by evaluating the threats to their businesses. He acquired the necessary knowledge, skills, and techniques to minimize a business owner’s risk of business failure and to maximize his chances of high growth and success. He strongly believes that you CAN maximize your chances of business success, by implementing the business solution he has advocated for more than 12 years in your business plan and planning. Michiel has decided to share his experience with business owners by putting almost everything he knows in a business plan and survival guide (compiled in an e-book format) and written as a high growth SMB coaching course for SMB business owners, directors and managers - titled as the “Survival Kit for Small and Medium Businesses - Profit from your Business Risks!” According to Michiel, his goal was to add new techniques to a business owner’s business planning survival kit and instruct him or her in using these in the future - without any help from a consultant! For more information about the benefits of implementing profit protection planning in your business, please visit: http://www.business-around-the-globe.com - Visit Michiel Jonker's Website

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David Barr is the President of Venture Opportunities, Inc. David has been a professional business broker/intermediary since 1980 focusing on General Business Brokerage and Mergers and Acquisitions representing client transaction value from $400,000 to $20,000,000. Mr. Barr has handled the sale of over four hundred and fifty companies. David earned a university degree from the State University of New York majoring in economics and business. David holds the Mergers and Acquisition Master Intermediary and the Certified Business Intermediary designations from the International Business Brokers Association. He is also a Senior Business Analyst and a Texas licensed Real Estate Agent. For more information about David and Venture Opportunities, visit www.bizdealmaker.com. - Visit David Barr's Website

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Bill Tamminga
(Visit Bill's Website)
Bill Tamminga is an SEO expert and website designer in Denver, CO. He is the founder of TM&C, a web design and Denver SEO company that specializes in helping service businesses establish and grow their client base using action-oriented WordPress websites and unsurpassed search engine optimization. To date every TM&C client has at least one listing on the front page of Google. Visit Denver WordPress design company, TM&C for an instant quote on custom WordPress web design and search engine optimization.


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