Do you see the potential your business provides?
There can be soooo many benefits to treating your business as a real business.
- There may be some substantial tax savings available.
- There may be some special ways to include your family.
- You have the potential to develop income not just from your Activity, but also from Renewals, that can develop into long-term income for a Career.
But these require being responsible.
Ask whoever referred you here about professional resources to learn more.
Here are just a few areas to look at:
- Where is your business location — which may be part of your home
- Who participates in your business management — which may include family
- What training & education do you need to succeed — may include travel or registration for training or conferences
- What marketing is called for — may include samples, web subscriptions and internet resources
- What actual tools are needed — may include phone, auto and computer equipment
- What professional support is needed — may include coaching, accountant, attorney, tech support
Separate your money
Open a separate bank account for the business.
In fact, you may even choose to create two separate accounts. We’ll explain that option.
- Auto repair shops or nail salons or personal training facilities don’t operate from the personal checking account.
Now you’re a business! The benefits that may be available are directly related to how professionally the business is set up.
- With the separate checking account it’s best to get a separate charge card that’s used specifically for business.
Note: we like using cards that have benefits tied to them — like award mileage for travel (Yes, even if they have a small fee attached.)
Set up separate accounting
Something as simple as Quicken or Quickbooks works
- Create a simple chart of accounts
- A few minutes a month can not only save lots of time at year-end and can save lots of $$
Set up professional communications.
- Good time to set up a business name. Brand yourself.
There are some Do’s & Don’ts we can suggest as another topic.
- With your brand name get your domain name — like from GoDaddy.
For example, ours is Barefoot Possibilities, so the domain name is www.BarefootPossibilities.com
- Tie your email address to your domain name. (i.e. Beach@BarefootPossibilities.com)
This is a good time to start transitioning to using this new email address.
Think about businesses you respect, and we can guess they don’t use hotmal or yahoo or aol for their email.
- Of course be sure your Shaklee Personal Website is set up
Set up your calendar
- What are the major events for the year?
Special Leader Development events, like Chicago March 3-5, 2023
- What are regular — possibly weekly — events?
Here’s where we really recommend you follow guidance from your Mentor/Leaders?
This is a case where more is not necessarily better — in fact more can be confusing.
Many coaches can be excellent, but all at once. Pick your leader and follow their guidelines.
- What are local or live Regional events?
Now that you’re in business, see how to factor these activities into your routines — and set your priorities clearly.
What other activities can you reschedule to make room for your business?
Who can help fill in with those other activities so you keep “And & Both”
Consider doing some homework
- Explore different business structures. You may choose to set up a separate corporate entity.
If you partner with anyone except a spouse, this may be required.
- Take in the concepts of the Cash Flow Quadrants. MOST — like 90%?? — of the population is schooled at think as an Employee.
Understanding the thinking of the “B Quadrant” business owner is a project of re-education
“Think Oprah.” Note…you can ask for more on this analogy….
Plan a regular — at least weekly – “Huddle” with your mentor/leaders
- Review together your own goals
- Be accountable for your activities
- Bring your questions
- Introduce your own new contacts to your Mentors and team
Welcome to the world of business ownership.
Look ahead to the lifetime benefits now available to you.