Getting Your Business Started with UMPH!

Let’s say you are like most entrepreneurs. You have an idea. You think it’s brilliant. Your friends think it’s gonna make you a billionaire, and you are ready to do what you need to, to make this dream a reality. Before you quit your job and run headlong into this new adventure, stop. Get the following in order so you can give yourself a fighting chance.

• Put together a real business plan, wearing the CEO, COO and CFO hats. The plan should outline all the basics surrounding the cost of your operations, for at least one year. This includes, but is not limited to, purchasing office equipment (desk, filing cabinets, bookcases, phones, fax, printer, scanner, PC, cell phone and a laptop + the relevant operational and Customer Relationship Management (CRM) software); rent, insurance, internet and phone services, marketing (we’ll cover this in more detail shortly), sales initiatives, gas, tolls, miscellaneous niche consultants, air and other travel expenses, entertaining, cost of producing your goods or delivering your service, admin help, IT person, lawyer, bookkeeper, accountant, and business filing fees, trade and other membership fees, printing and mailing charges.

• Assess the yearly & monthly costs of these. Add 25% - 50%.

• Create a separate marketing plan. Businesses that don’t take into account the cost and the time involved with getting the cash register ringing (read marketing, advertising and the process of selling) are planning to fail. A realistic marketing plan includes the cost of the following: figuring out your geographic footprint (local, regional, national, or global); best target markets - how and where you will engage them; developing a strong brand and the tools, a website and a suite of collateral materials that “speak” to your target market(s) – i.e. a business card, letterhead, brochure, website, oversized postcard(s), print ad, web ad, etc.; attending networking functions, sponsoring a local high school team, taking ads in industry or Chamber journals, sponsorships, internet marketing, direct mail campaigns, PR, attending trade shows and business expos, etc. The team you need to help you accomplish all these tasks should include: admin/sales help, marketing consultant, business consultant, graphic designer, webmaster, printer, and a marketing communications copywriter (SPECIAL NOTE about Copywriting: Getting an “A” in creative writing in college does not qualify you for this job! Being a staff reporter is not the right credential either. See “Making Sales with Authentic Copywriting” for more details).

• It’s a lot of hard work. Forget visions of lying on a beach somewhere in Hawaii. Newbie business owners who succeed live and breathe their business 24/7, and working incredibly long days for years! Fact is no matter how many people you know, creating trust (and generating sales) takes an organized, respectful process & time, lots of it.

• You don’t know everything. Smart entrepreneurs take the time to get educated as to all the hats (and their specific job functions) they have to manage, as well as the functions they need to outsource in the course of getting their business up and running quickly. I’ve interviewed scores of millionaires who admit that they would have made it to that “millionaire mark” sooner had they focused on what they did know how to do, versus leaving it up to chance, or worse, trying to juggle everything themselves long term. The ones that make it BIG all say the same thing — they hired or worked with an assortment of professionals who were specialists in a range of important areas — operations, systems, organization, marketing . . . and a marketing communications copywriter. Bottom line: most business owners who try to do everything over the long haul to “save money” usually end up treading water instead of sailing ahead.

(Special Note about Copywriting: Getting an “A” in creative writing in college does not qualify you for this job! Being a staff reporter is not the right credential either. Marketing copywriting is serious work, and a blend of art & science. See “Making Sales with Great Copywriting” for more details).