How to Become a Successful Entrepreneur

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Copyright © 2009 Nancy Fraser


Ask the question, "Why did you start your business?" and many entrepreneurs will say, "to have more freedom".

Ask them if they achieved it and many will say that its not quite what they expected.

When someone starts a business they often struggle with how to differentiate their business from the competition. You would be surprised at how many decide that being easier to work with is their differentiation.

The kicker is their definition of being easier to work with... it usually involves giving up rights.

If you decide to "run without rules", what do you think your work week will look like?

"To enjoy freedom, if the platitude is pardonable, we have of course to control ourselves. We must not squander our powers, helplessly and ignorantly, squirting half the house in order to water a single rose-bush; we must train them, exactly and powerfully, here on the very spot." -- Virginia Woolf

Imagine you have a fully booked week and have actually had to turn business away because you have no time left to schedule....it's Monday morning and you are waiting for your 10am appointment; they are a no show. You are thinking of your next client appointment, scheduled for 1pm, when they phone and cancel. Suddenly your full day is wide open enough to drive a semi through. Even if your week gets better you have still lost the income from your Monday appointments and once the time is gone ...it's gone.

Apply that same scenario to your invoicing and collections. You do the work or sell the goods, send out invoices and people pay whenever it works for them. In this case the never, never plan doesn't mean paying forever, it might mean never paying. It's hard for you to pay your bills with promises; it's also hard to eat or support a family.

When you worked for someone else, you followed the rules and structure they set up to manage their business. You may have thought some of their rules were silly and ineffectual but you followed them because you had to.

Who knew that structure, a few rules so that everyone knows what is expected; you, your employees and your customers would put everyone more at ease.

Achieve freedom in your own business, not by a lack of rules, but by setting rules that make sense to you. Rules and procedures, how boring eh!

The daily challenges you run into in business provide the clues to systems that will save time and money.

What kind of system could you put in place to ensure clients take their appointments as seriously as you do?

When do you prepare in invoice? When do you send it?

Does the client understand your expectation re payment and what will happen if payment is not received within a specific window after the invoice is tendered?

If you aren't paid within the time frame you expected, what is your first step...and second and third? And when do you take these actions?

Spend your time doing business instead of rethinking your actions each time you have a problem...a problem that may have been the same problem you had last month and the month before.


About the Author:
Nancy Fraser of Nota Bene Consulting, works with entrepreneurs, small businesses and independent professionals internationally providing business and marketing know-how, web development and online marketing services. Free marketing tips and the free report, "Advertising Tips for Results Your Momma Would Be Proud Of" at http://www.notabenemarketing.com


Read more of Nancy Fraser's articles.