RUNNING YOUR OWN BUSINESS

You are going to read an article in which some strategies for running one’s own business are outlined. Look first at the section headings. Then read the article and match the headings to their correct sections. There are three extra headings.

A Determine if You Need Financing

B Say Goodbye to a Reliable and Predictable Income

C Build Your Infrastructure Early

D Start With Your Idea

EBe Inclusive

F Put Together a Business Plan

G Use the Web

H Make Paying for Your Items or Service Convenient

I Move Forward and Get Started

J People Management and HR

K Purchase a new electronic credit card machine

L Put Together Your Initial Marketing Plan

Running your own business is a rewarding but engaging career and life choice. It demands your time and focus. Start by expecting to live your work until it is established so it can get off the ground. There are many different opinions about how to start a business from researching and writing a detailed business plan – to organize it all – to just jumping into a passion and trying to make money out of it.

This probably isn't a brand new invention or product. In fact, many successful small businesses have found a way to deliver an existing service or product more efficiently and economically or have customized an existing product or service to fit an opportunity.

This doesn’t require hundreds of pages with thousands of charts. Include research into things like how much you can charge for your product/service, how much it will cost to produce or deliver (include variable & fixed costs), and the size of your potential market (i.e. number of customers). The plan should evaluate your competitors – how many competitors, how strong are they, where are they, how will you compete. The plan should state what is required to enter this market, barriers to entry such as high fixed costs (factories, restaurants) and government regulations that must be met.

Your business plan will include a section on financing. How will you pay the costs to start and run your business? Do you need a bank loan? Use credit cards? Self finance? Also, you’ll need to consider how much salary you need to support yourself while starting your business.

Marketing doesn’t necessarily cost a fortune. Some businesses require very little. For example, many service businesses such as accounting firms build their practices through word-of-mouth referrals. You can also join free or low-cost associations to build awareness of your small business. Again, your business plan (product, customer, competitor) will help you determine the marketing efforts you need to undertake.

This doesn’t mean building a big factory or a fancy office. It simply means keeping accurate customer records, a clean set of updated books and a technology foundation, if necessary. One of the downfalls of many small businesses is that they don’t know if they’re making or losing money (i.e. the need for a clean set of books). Another downfall is when small business owners try to sell their company years later but lack accurate customer history and customer information. Many times, the customers of a small business are its best asset, and, without the records, the small business can be sold only for salvage.

Once you know you can be profitable take the leap and get started. Besides getting business supplies or advertising, plan ahead by establishing some new business clients ahead of time. If your business is not a restaurant business, which physically needs to wait for customers to walk into its doors, establish accounts ahead of time. In this way, you will have pre-planned future receivables to look forward to. Think about and focus on making money first, whereever possible, instead of spending money. The more money you can bring in, without spending money, the more profitable you are going to be.

Use every technology available that will give your business a competitive advantage. The internet is a customer’s research tool. Help future customers learn more about you and the details about what you sell and why your products or services are different and better for them than other competitors.

In today’s world, understand how people pay. Carrying cash can be risky. Therefore, most people choose to carry Visa, Mastercard, American Express and Discover. All these credit cards are part of our everyday life for making purchases. Debit cards are becoming especially popular. So, along with having a sales counter cash register, get set up to accept credit cards for your business. If you have your website set up, you should also make Paypal payments available because most consumers feel that this is more secure, and many will use Paypal.

These are now very affordable and available at wholesale prices for about $147. Be sure to look for a wholesale supplier, not a retail seller such as a bank. Banks usually charge higher prices or rent it to you, and you may pay for it many times over. The same credit machine supplier will more than likely be able to offer you credit machine service too. This monthly cost is little. By doing this you’ll be able to get equipment for less then the price of most cell phones. More importantly, you can offer your customers an easy way to accept credit cards. The goal is to help customers self-finance their purchases when they don’t or can’t use cash.

6. Listen to an interview with an HR specialist talking about people management. Choose the best answer (A, B, C or D) to each of these questions.

1. What is Marie Russell?

A A people manager.

B A top executive.

C Someone who gives management courses.

D A professor.

2. Why doesn’t Russell like the term “human resources”?

A Because it is inaccurate.

B Because it sounds too important.

C Because the word “talent” is better.

D Because it doesn’t value people enough.

3. What does Russell think of one company’s idea to rename their HR department “Talent”?

A It is self-important.

B It is doesn’t give a clear idea of what the department does.

C It is a move toward the concepts she teaches.

D It is exaggerated.

4. Why does Russell tell the story of the course participant?

A It illustrates one of her basic ideas

B It shows how some people do not understand people management

C Because she didn’t agree with him

D Because the man was an expert on people management

5. What, according to Russell, is wrong with worrying about problems?

A We can’t solve them, so there’s no point in worrying.

B They can stop you thinking about more basic things.

C It is important to remember other things as well.

D Worrying can cause needless stress.

6. In what respects does Russell see herself as a counsellor?

A With respect to relationships

B With respect to professional questions

C In no way at all

D Completely

7. How does Russell suggest dealing with difficult personnel problems?

A By following organisational procedures

B By sacking people who break the rules

C By understanding the employee’s personal circumstances

D By giving them a written warning

7. Read about the ideas and principles of people management. Choose from sentences A-G the one which fits each gap. There is one extra sentence which you do not need to use.

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Tom Edge on how to run a business	\|	PEOPLE MANAGEMENT

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