The Business of “YOU”

Many of you have spent a good portion of time in the corporate world dreaming of one day building a business on your own. If you decide to take this route, it is imperative that you learn how to manage your business so that it is profitable.

Here are some tips to guide you:

• Getting started. There are some basics that will ensure that you get off to a good start. Set up a separate credit card account and a bank account for your business. Seek a qualified accountant and a qualified attorney who are familiar with working with independent contractors. Decide whether to incorporate. There are various types of corporations, each with different advantages for the business owner. Talk with a qualified attorney to see what is best for your unique situation.
• Building business. Once you’ve started your business, how do you continue to make it grow? To best market yourself, develop a portfolio of experiences that showcase multiple areas of expertise. This way you can pinpoint a specific subject matter or industry specific knowledge. Also, think strategically about who you plan to use as a job reference. If you are being considered by a client in a specific subject matter, match your job reference with that potential client. That way your reference can be a close fit for the potential client.
• Set up systems and processes. Documentation is important to track your time, expenses and revenue so develop a system to easily capture this essential data. Establish an invoicing and payment system that allows for accurate and timely invoices and prompt payment. Some clients will pay more slowly than others so be prepared not to get paid for up to 60 days from the invoice date.