Issue 2 - March 15, 2003

Editor: Lynne Bullen
lynne@associatedsecretarial.com.au

Publisher: Associated Secretarial
Copyright © 2003 Associated Secretarial

In this issue:

1. Editorial - Welcome!

2. Article: So, You Want To Be In Business? Part 2: Starting Out - The Basics [Lynne Bullen © 2003]

3. Resources

4. Article: If I Knew Then What I Know Now... 15 Rules for Success In Your Home-Based Business
[Elena Fawkner © 2000-2002]

5. Classifieds

6. Sponsors

7. Feedback

8. Subscribe/Unsubscribe

1. Editorial - Welcome!

Hello again. Nice to see you back and a warm welcome to our new subscribers. Last week we gave you just a taste of what you will need, both physically and emotionally, to make you think about whether running your own business is really for you. If you're almost convinced that you have what it takes, here are a few tips on some of the legal and other necessary requirements. Although Wedge (our beautiful Australian Wedge Tailed Eagle, and our logo) is an Aussie, most of the information you will see in this and coming issues, is relevant, no matter where in the world you live.

Where we can, we're going to give you links that will assist with the various aspects talked about. We'll also try to provide a few links for the USA, Canada, the UK and other countries. Why would we do that? To help you, of course! If you're just starting out, you need to know where to get relevant information. Now, I'm not saying we'll cover everyone, but we will at least give you a guide as to where you might find what you're looking for. If you know of some useful and relevant websites and you'd like to share them with us, please do. We'd love to hear from you ... and not only will you be helping me, you'll be helping others in your situation ... a big THANKS in advance.

Lynne
lynne@associatedsecretarial.com.au

2. Article: So, You Want To Be In Business? Part 2: Starting Out - the Basics

Copyright © 2003 by Lynne Bullen

When talking to people just starting out and those who have been in business for years, one of the most common denominators is the question ... "Where will I find out about that?" The next is a comment about where in the millions upon billions of pages accessible to you through the computer. "Yeah, tried to find that, and 470,603,880 entries came up!" Uh, huh ... you've been there, too!!

Well, if you're going to be in business, there is some boring old "hack" work you have to do, but it's part of building a solid foundation for what you hope to achieve. Have you heard of the fellow who inherited a fortune and built his dream-home on the edge of a cliff top? A million dollar house with a million dollar view, in every direction! Paradise! Well, unfortunately, his dream came crashing down after the first huge storm raged over the coastline. All his hard work fell into the ocean. Why did this happen? He didn't do the "hack" work, and neither did anyone else. No-one checked the foundations. The cliff-top on which he built his dream home was made of sandstone!

Here are just some of the things you must do to make sure that you have strong foundations on which to build your business.

>>>> Register your Business Name

You will need to register your business name. In Australia it's called an ABN (Australian Business Name), and it's a legal requirement. Now, this may differ from country to country, but in most, registration of a business name is a must. If you're going to use a name other than your own (e.g. John Smith Enterprises)
you are required by law to register that name. Why? It's a way of protecting you from several things. First, the authority that carries out the registration for you will check extensive databases to make sure that no one else is using the name you choose for your business. If there is, you'll have to choose another name.
Secondly, if someone else likes the name you are using, they cannot register it, because it belongs to you.

There are some people, however, who don't bother with the legalities. Among them we will find those who really like what you're doing or like your business name, and they'll use your business name to give the impression that they might somehow be involved with you. Another good reason for Registration.

Let me paint you a picture ... a story about someone I know. He was a very gifted sculptor whose work was sought by rather wealthy people. Lots of his work was by commission. He has sold pieces worldwide. I met him when his business was around three years old and he was doing very well. His business name was very suited to what he was about. (Can't tell you what it was, he'd kill me). He chose it because it was so attractive, catchy, sexy, and dedescriptive of his art. It worked. Business just flooded through his doors. One reason was that because his work was so good, he was constantly getting referrals. Another was the business name he had chosen. It drew people in.

Ahhh, to have a name that would draw people in! The tragic end to this story was that someone else was using the same trading name (even though she lived and worked in a different territory). The woman, in a similar field, had been in business for around 12 years and was also doing very well, but she kept on being asked whether the fellow in this story was someone she had taught, or if he was part of her venture. Being a curious lady, she decided to phone my friend. Without going into all the gory details, a court case ensued where he lost everything. She literally sued the pants off him. He really didn't think it was necessary for him to register his chosen name. Only little people did that! Big mistake. The moral of the story ... Don't skip this step ...if you do, you risk losing everything. This simple step is part of your foundation. Do it!

In Australia, log on to: http://www.ocba.sa.gov.au/businessnames/index.html. You will find similar authorities in your own country. In any country, your local council should be able to point you in the right direction, giving you the names and contact details of the authorities you need to see. Believe it or not, they don't all have websites.

>>>> Choose a reliable and trustworthy Accountant

You need to keep your books in order. Another of the necessary blocks for your foundation. "But I'm just starting out! I can't afford an Accountant!" I hear you, and a thousand other voices.

If you can't afford an Accountant, you can find out what you need to in several other ways. One is to go to friends who are running their own businesses. If that's not an option, then it's more than likely that you have built a great relationship with your local corner store, your hairdresser, your mechanic. Talk to them and
ask them how they found out about the laws relating to Taxation. Tax laws are specific to each country, but they have more similarities than they do differences. If you're going to be in business, then at least go to your Department of Taxation. There are qualified people there who can answer most questions you may
have. You can visit them via the Internet: http://www.ato.gov.au Again, your local council should be able help here.

Regardless of whether you use an Accountant, your local council or Department of Taxation, you do need to keep your books properly. You may already have experience in bookkeeping, no matter how basic it might be. You may have done them manually, or you may have used computerised accounting. There are many places you can do a basic accounting course, whether you want to do it manually or use a computer.

>>>> Taxation, the GST and You

This is pertinent in Australia. To be or not to be a "Tax Collector". Do you want/need to register for GST? You do have a choice, as long as you're not earning over A$50,000 per annum. If you are, you don't have a choice. You must register for GST. Again, it's not the same story in every country, but your Taxation
Department will help you with legal requirements for your country. Check out these websites:

Well, here you are, building a strong foundation. Now we get on with some of the more exciting things! Your new office!

>>>> Setting up - Telephone, Fax, E-mail and Internet facilities

These are a must if you're going to run a successful enterprise. A few questions for you ... If you're going to operate your business from home, will you be sharing these facilities with other members of the household? Will you have your own e-mail address? Will you put in your own lines and have your own telephone /fax number? Is a mobile (cell) phone part of your plan?

You can claim part of your telephone rental and all calls pertaining to business if your business uses your personal/private telephone line, but if your Start-Up funds will stretch, it's best to consider putting in your own dedicated business telephone/fax line. Someone else's number or name appearing on your fax or email ... someone answering your phone with "Yeah? Who is it?" means that your professional credibility won't be so shiny.

There are the free e-mail services such as Yahoo! and Hotmail. There are ISPs (Internet Service Providers) in almost any corner of the world. Check a few in your locality (your phone book is a
great resource). Most of them offer reasonable monthly rates on various plans. Others will ask you to buy a block of anything from 30 to 150 hours up front. Another choice would be to have your own
domain name and use that. It's a scale of professionalism - free to domain - domain being more professional. One more thing to consider ... there are several ways to connect. Dial-up facility, ADSL and Cable. Speak with your friends in business and talk to your local council for contacts and information. Because we've had many queries on the subject of E-mail and the Internet, we are currently putting together an article, which we hope will "demystify" the terminology.

>>>> Essential Software

One of your most important investments you make will be Essential Software, consisting of a good Anti Virus programme and a Personal Firewall (I use Norton http://www.symantec.com but there are many
others from which to choose, among them McAfee - http://www.mcafee.com/ and VET - http://www.vet.com.au). Once you have this software installed you must use it regularly. Even though these two important components sit within the bowels of your computer, working away behind the scenes, you should consider performing a "Live Update" at least once per week and then running a complete virus scan.

Not having a reliable Anti Virus programme puts you and those you deal with in your business, in danger of the dreaded "viruses" and those other little things that "trawl the net" and pick up e-mail addresses, selling them on to third parties. That will result in your email address being available for lots of unsolicited email
to your Inbox. If you're unlucky enough to get a virus in your computer, it could be an annoying but harmless little figure which appears, or it could be something that makes your hard drive crash, meaning that anything you've not backed up will be lost. Nasty thought, eh? Not to mention costly in terms of time and money.

The Personal Firewall protects you from those who have the knowledge and ability to "get into" your computer while you're on line, stealing information from your files, or changing the way your system operates. This can also be very costly, especially if your files contain sensitive information. Now you're probably thinking that I'm being a little too careful here, but in light of recent news around the world about "Identity Theft", I believe these two components of your business tools are very, very necessary. If you're short of funds, skimp on something else. Get this software and load it onto your computer. Most staff at
outlets which sell computer software are quite knowledgeable. Don't settle for the first thing you're offered, no matter how good the sales pitch is. Talk to at least three sources and ask the same questions.

>>>> Office equipment and furniture

Apart from your computer and programmes you intend to use, you should consider purchasing or leasing a desk, lamp, filing cabinet and other storage units, and a proper and comfortable chair, etc., if you don't already have them. Make sure you follow ergonomically sound practices. I know some of you will make do with what you have for the moment, and that's just fine. Just promise yourself that as soon as you can, you will make sure that you have a safe and comfortable chair, your desk is at the right height, your computer
screen is at eye level, and you have plenty of light.

Check out this website: http://ww5.cch.com.au/portalnews/Business/010223-1.html. It has some interesting information about Occupational Health and Safety issues especially for people who work from home. Another helpful site is http://www.vision.net.au/~macsol/ergo.htm an Australian site, dedicated to the subject of ergonomics. Check out the home page and see what else it has to offer.

One thing to keep in mind is that if you're buying equipment specifically for business purposes for the first time, you cannot claim this expense as a tax deduction. It is labelled as Capital Expenditure. You can, however, claim depreciation. These days, a computer is usually "written off" after two years. You can claim
for replacement or upgrade of equipment. Leasing fees are fully taxing deductible. Another advantage of leasing is that all maintenance is covered and you can upgrade at any time without incurring a large financial outlay.

Remember that when you're using your own equipment, light, power, heating, cooling, etc. and other "overheads", most are tax deductible. Speak with your accountant or with your Taxation Department or your Internal Revenue Service. There are some links a little further on under the heading of "Insurance".

What other claims can you make?

If you're working from home you can claim the office space you use. Be aware that if you do claim the office space, there are implications if you sell your house. Any money claimed on "rental of office space" (which you are entitled to claim as a legitimate business expense) will be regarded as Capital Gains on the sale of
your home. If you lease premises for your business, some of that is also tax deductible. Talk to your accountant.

>>>> Insurance

You will need to look at your current House and Contents insurance policy to determine if your policy covers your clients under the Public Liability clause in the contract. Why? If one of your clients should trip over a child's toy, the garden hose, or have an accident of any kind whilst on your premises for the purpose of "business", you must be sure that your insurance policy will cover any medical or other costs that client may incur as a result of that accident.

The same thing applies if you're setting up your business elsewhere, though it will have differences as far as the Insurer's criteria is concerned. Most countries have a body that will help you to locate Insurers who look after small business. The phone book or your local council is a good place to start.

You will also need to determine whether your business equipment and office furniture are covered under your Contents (if you are operating from your home); or if your insurer requires it, separate cover for Public Liability and Office Furniture and Equipment. Sounds like a hassle, but this item really needs to be addressed before you go any further.

Well, there's some of the "hack work" out of the way.

Before we finish Part Two, here are some things to carefully consider if you're going into business and running it from your home, whether it is a clerical/secretarial service, motor vehicle mechanical services, hairdressing, computer training ... What is it? The support of your family.

If you have the support and the blessing of those you live with, choose the room you will use, position your desk where you will be most comfortable and where you have plenty of natural light. Make sure that your family understands that this room is "off limits" when you are working (and probably when you're not).

Your family will need to be happy with the guidelines you must set to start and remain in a professional business. Some of those guidelines will include that family will not intrude on your time or space whilst you are "at work". A consideration by you for others in your household should include making sure that there is easy access for your clients. You don't want them to have to walk through the house to get to your office, on the way, intruding on others' private space. Frank discussions about your intentions before you start to set up will avoid any major misunderstandings.

Make sure that your clients are aware that your "office" is where you will conduct your business; not in the lounge room or the kitchen (unless, of course, your client is also your friend ... still a good idea though, to keep it to the office). Keep personal and business matters separate, on a personal or a professional business basis.

Well, here we are at the end of Part 2. So, do you still want to be in business?

It all seems a little daunting, doesn't it? If you're not afraid of a little hard work in the beginning, setting solid foundations, it will pay dividends down the line. Have a plan and follow through. Make sure you have a little flexibility, in that when some things don't quite work like you thought they would, you have another course to follow. Following through on a plan is taking each step carefully and making sure the last is in place before you take the next step. It doesn't mean that you need to be rigid and "to-the-
letter" as there will be times when things out of your control will change.

In Part 3, coming up in two weeks' time, we'll talk about your skills and how to keep on improving them, adding new skills, the services you offer, business stationery, and your pricing structure. See you then!

Lynne Bullen is a successful businesswoman whose talents include Public Relations, Secretariat Services; Editorial and Commercial Copywriting; Design and Facilitation of Seminars, Forums and Workshops, and helping small business to grow and prosper. Lynne Bullen Strategies was registered and commenced business in 1991 to offer VA services to the small business owner. She is also the Founder of Associated Secretarial ...the perfect solution. Lynne is happy to share her knowledge to help others achieve their
goals - lynne@associatedsecretial.com.au

3. Resources

Find Successful Work at Home Business Opportunities. We offer top-rated work at home opportunities. Replace your current income working in the comfort of your own home! http://www.work-at-home-success.com

Business Owners' Idea Cafe: Small Business Online serves up fast, fresh and friendly small business information. Hearty advice on how to start, finance and run a small business. There's a daily contest, tech & book reviews, guest biz experts section, CyberSchmooz chat forums, and a Fridge full of know-how. Over 8,000 pages of small business tools and resources. A "Fun Approach to Serious Business."
http://www.businessownersideacafe.com

Currently in pre-release "preview mode," smallbusiness.com is a knowledge-sharing community that helps small businesses make better decisions through the free exchange of advice on a wide range of issues and products. http://www.smallbusiness.com/sb/home

4. Article: If I Knew Then What I Know Now... 15 Rules for Success In Your Home-Based Business

Copyright © 2000-2002 by Elena Fawkner

Someone sent me an e-mail the other day. Supposedly General Colin Powell's Rules for Success. Now, I don't know whether they really are or not, but as I read them, I thought they really should be called "15 Rules For Success In Your Home Business". So, here they are:

Rule 1 - It ain't as bad as you think, it will look better in the morning

If there's one experience universal to ALL home-business owners, particularly those running a business on the internet, it's the occasional feeling that you're just spinning your wheels, and not getting anywhere. The number of people who give up on their businesses just as they approach the brink of success is staggering. So hang in there and remind yourself, when things look bleak, that tomorrow is another day, things really aren't as bad as they seem and things really WILL look better in the morning.

Rule 2 - Get mad, then get over it

OK, I concede this is more general advice than home-business advice but it applies in your home business just as it does anywhere else. Resentment and unexpressed anger really don't hurt anyone but the person feeling resentful and angry. Have you ever noticed how completely unproductive you are when burdened by resentment and anger? So feel it, express it (constructively) and then move on. As the man said, "get over it".

Rule 3 - Avoid having your ego so close to your position that when your position falls your ego goes with it

Over the course of my career I have, from time to time, met people whose identity and sense of self-worth is so enmeshed in what they do for a living that they literally don't have an identity outside of their work. Because they rely on an external source for their self-esteem and confidence, they find it necessary to continually and relentlessly bolster their personal positions, often at the expense of others, often resorting to political maneuvering in the workplace to maintain and improve their supposed 'status'.

These people are the 'empire builders' you sometimes find in organizations. They jealously guard their power base all the while gathering unto themselves more and more responsibility, beyond the point of being able to do everything they take on.

Because their identity and sense of self-worth depends upon their position within their organization, what happens when their position disappears, such as in a corporate downsizing? It freefalls.

Don't let this happen to you. Remember that you are something separate and distinct from your business. Sure, you can be proud and pleased with your accomplishments but don't define yourself through them. Your self-worth is something that comes from inside your human self, not your business.

Ironically, keeping a professional detachment is more likely to secure the ultimate success of your business. Detachment brings perspective, objectivity and clarity, which helps you make better quality decisions.

Rule 4 - It can be done

Don't allow self-imposed limitations to restrict what you can and will do. You can do anything if you set your mind to it. Well, of course, it must be something that is within your power - you can't just set your mind on growing a third arm, for example.

But for anything that is within human power and capability, the saying "where there's a will is a way" is so true.

Get into the discipline of planning your life and where you want it to go. By setting goals and planning the steps that will help you reach them, you can achieve literally anything your heart desires.

Rule 5 - Be careful what you choose, you may get it

Following on from this, it should go without saying that what you set for your goals is something you truly want because if you do practice the discipline of goal setting you will surely get it.

Rule 6 - Don't let adverse facts stand in the way of a good decision

Keep your eye on the prize and don't be distracted by what's happening on the sidelines. Sure, you may not have entered the marathon had you known there were going to be 1,000 other runners but does that mean entering the marathon was a bad idea? No.

Make your decisions based on quality information and what's in the best interests of your business. If someone else comes along who represents competition for your business, don't be put off your game. Just run your own race. There's ALWAYS a way to distinguish yourself from your competition.

Rule 7 - You can't make someone else's choices. You shouldn't let someone else make yours.

IGNORE your mother when she tells you you're crazy for chucking in your nice SAFE secure little job to start your own business. Follow your dream, no-one else's.

Rule 8 - Check small things

Like the fine print in contracts. Like the URL in that sales letter you've just put the finishing touches on. Like your spelling and punctuation. In other words, pay attention to detail.

Rule 9 - Share credit

You've heard the saying, "no man is an island". No woman is either. Remember and acknowledge the people who have helped and continue to help you get where you want to go. Acknowledge the achievements of others.

Rule 10 - Remain calm, be careful

Frenzy and recklessness are hardly the prescription for long-term success in your business. In the face of unexpected challenges, unexplained downturns in business or failure to achieve the results expected, recognize that these are just part of the thrust and parry of business life and use a calm, methodical approach to the problem.

Don't just react blindly or chuck away all your hard work and try something completely different unless a thorough, calm and careful investigation convinces you that you are completely off-beam.

Calmly analyze your situation and use your intelligence to correct the situation. Sometimes a one degree turn of the wheel is all that is required to get back on course, not a completely new rudder.

Rule 11 - Have a vision, be demanding

This rule goes hand in hand with rules 4 and 5. In order to set goals and plan ways to achieve them you must first set your vision. Think big, be brave. There is nothing you can't achieve so make sure your efforts are going to be for something truly worthwhile.

Rule 12 - Don't take counsel of your fears or naysayers

All of us have moments of self-doubt or even fear when embarking on a journey to an unknown destination. If what you have planned for yourself brings with it feelings of anxiety, nervousness, even fear, pay attention to them but don't take their counsel. They are symptoms of grand thinking, of stretching beyond the
boundaries of your comfort zone. As the book says, feel the fear and do it anyway.

Rule 13 - Perpetual optimism is a force multiplier

This rule is closely related to rule 1. Believe that things will work out, that they will look better in the morning, that everything's going to be OK. Repeat the words to yourself as a mantra if you must but instill a spirit of indomitable optimism in your outlook and you will attract success into your life.

Rule 14 - Sometimes being responsible means pissing people off

You can't please all of the people all of the time so don't waste your time or energy even trying. You have a responsibility to the ultimate success of your business and to your own personal success. If that means you occasionally have to say no to people to stay true to your objectives, do it. If it means you have to alienate some people because they don't personally agree with what you are doing, that's their problem.

In other words, stay focused on your plan. If others don't like it or agree with it, too bad.

Rule 15 - You never know what you can get away with unless you try

If you don't ask you don't get. And if you don't take you don't get. Leave nothing on the table. If an opportunity comes along, take it. It may not come again. And remember, in chaos there is opportunity. While everyone else is running around like chooks with their heads cut off, you just bring up the rear and clean up on all the opportunities that are just lying there for the taking among the chicken scratch.

Hindsight truly is 20/20, no doubt about it. Perhaps, like me, you're thinking that if you'd known then what you know now, you would have gone a lot further a lot faster. But as with any form of progress, it's the journey, not the destination, that provides the education and creates the experience and, through it, wisdom. And that's something no book can teach you and money can't buy.

Elena Fawkner is editor of A Home-Based Business Online ... practical ideas, resources and strategies for your home-based or online business. http://www.ahbbo.com

5. Classifieds

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6. Sponsors

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Digital-e --- Info To Go!, your source for ebooks, e-courses and information to help you achieve your dream of your own creative home-based business. http://www.digital-e.biz/

7. Feedback

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From the Eagle's Nest: Copyright © 2003 Lynne Bullen and Associated Secretarial (articles by other individuals copyrighted as indicated). Prior to using Lynne's articles please e-mail her at lynne@associatedsecretarial.com.au - she will provide her bio and a URL link. Thank you.

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