Help for Homepreneurs

Maintaining your businesses financial health is a combination of planning, organization and financial management. Many businesses have been sunk by bad record keeping. Here’s an example. A dear friend, who happens to be an accountant, hired a furnace expert to solve a heating problem. He came to her house, identified the problem and quickly got to work. The repair took a short time and her furnace worked marvelously. She thanked the repairman profusely and sent him on his way. He told her the bill would arrive in the mail. Two weeks passed. No bill arrived. Another week passed and no bill. She called his office to remind him to send a bill. Another week passed and she called again. The bill never came. Bad business? Yes. Rare? No. Ask a dozen people and you are likely to hear similar stories. If a client has to ask you multiple times for an invoice, your business is doomed. A few simple steps when you start your business will save you headaches and lost business down the road. First,...

Tradition in my family dictates that every pink and perky baby receives a coordinating pink and perky piggy bank. Some piggies are plump and some are petite. Other piggies are silent when coins drop and some oink up a storm. Some require a hammer to share the wealth while others just require a twist of the fingers. My child’s favorite is the bottomless piggy bank where money goes in and it comes right out again in a never ending stream of cash. As a business owner, knowing whether to choose a piggy bank that is plump or petite, silent or loud, locked up tightly with strings attached or open ended is an important step in building your business. When it’s time to pick a piggy, consider your type of business, financial need, credit history and economic conditions. Options for financing include: Self-Funding If your start-up costs are minimal and you want to keep financial entanglements to a minimum, reaching into your own pockets to fund your business may be a good choice. Self-fund...

I was at home preparing for a big meeting when I noticed my flash drive was missing--and with it, my presentation. I had put the drive on my kitchen counter next to my portfolio and cell phone--but it had disappeared. I looked everywhere. It wasn't under the bread bag on the counter, or the pile of refrigerator letters on the floor. I checked the kitchen table which was still covered with breakfast dishes. Nothing. Then I went up to my child's room. She was in the middle of imaginative play and I rudely interrupted her by opening her bedroom door. "Have you seen my flash drive?" I asked in a panic. "No," she said. I was nearly in tears. This was the biggest meeting of my career. I had five minutes to get out the door, and the tiny drive was missing. Then I looked at my child's toy. She was galloping a horse through a field of blocks and string. Around the horse's neck was a bridle made of bright blue ribbon. At the end of the ribbon was my fla...

In the office, you had a small corner of the corporate world from which to ply your trade. You may have had a cubby in cubicle city or an office with a window. Either way, your space was compact, standardized, and vacuumed by the night cleaning crew. Not so at home. Unless you live in a studio apartment, you home has multiple rooms to spread out your stuff. And stuff can make a mess. Receipts, contact business cards, and paperwork all pile up quickly. Mix in your personal bills, magazines, and junk mail and you have business paper chaos. Searching through stacks of paperwork reduces productivity and can lead to errors. Organization isn’t complicated. It just requires a little extra effort and a method to sort through the madness. Step 1: Set aside space for a filing cabinet. In today’s electronic business world much is done through e-mail, fax and phone, but paper still exists and needs to be stored. Create a file for bills, customer documents, and receipts. You may need these docume...

We've all heard popular marketing calls to action. For a limited Time Only! Act now or miss this opportunity! A once in a lifetime chance! Maybe we've even used a few in our advertising. These phrases are designed to spur consumers to buy products quickly. But do they work or are consumers becoming wise to the ways or marketers? With a flood of ads on TV, the Internet, the radio, mobile devices and even in bathroom stalls, it is possible that consumers are learning to tune out advertising. Or maybe they just aren't getting the right message. Audiences are increasingly segmented and generic calls to action may not yield results because they aren't the appropriate message for the intended consumer. For example, if an experienced, financially savvy car buyer is looking for a new car, she may ignore Act Now messages. She is more likely to spend time researching the pros and cons of different car models before making her decision. Messaging that provides the informat...

Work-from-home businesses are often small—with one or two employees. But when homepreneurs sell their wares in the marketplace, they often compete with the big dogs. Presenting products or services next to large, established companies with dedicated staffs and expensive marketing materials can be daunting. It's easy to feel minute when faced with a behemoth or even a mini-behemoth. This feeling of inadequacy is a confidence buster. Worse, it can give a small business an identity crisis. A business owner who originally entered the market energized may begin to wonder if her business can compete. In her mind, she may question whether the business is a career changer or just a hobby. So what makes a business a game-player? Is it the number of employees an organization has? Maybe, it is the size of the company's product portfolio. It could be the company's budget or profit margin. These certainly help, but businesses strong in these areas still fail. I say, it's the profe...

Recently, I contacted a dance studio via the business’s Web site for information about dance lessons for my child. After several weeks the company emailed a brochure with upcoming classes. I picked the class I wanted and sent the company an email asking how to sign-up and pay for the class. No response. I sent a second email. After receiving no response again, I called the gym down the street. They answered their phone and signed my child up on the spot. I’d like to say that this experience is rare, but it is unfortunately too common. Customer service seems to be a lost art at many businesses, but it is one that can mean the difference between repeat business and no business. Something as simple as responding to an email, honoring an appointment, and even saying hello when a customer walks in the door can make all the difference in a business’s success. As a business owner, it’s easy to say that customers will stick around because they need the product or service a business is sel...