EP028: Understanding The Business Part Of Business (Part 1)
SUMMARY:
In this episode, you will learn my story. When I got out of the Army, I started my own business in landscaping. I had no issue when it came to the physical part of the business, but when it came to the business part of running the business.... ummmm well I failed... Big Time!
I hope you enjoy this episode, I know I did. And check out part 2 of this episode on episode 29
IN THIS PARTICULAR EPISODE YOU WILL LEARN:
There are many things to consider when starting your own business. Having the proper skill set to do the job is essential, but having the business acumen to actually run the business is just as, if not more important. Thinks like:
- A business entity (LLC, INC, etc.)
- Insurance (Coverage)
- Taxes
- Workers Compensation
- Payroll
- Estimates
- RFP (Requests For Proposals)
- Invoicing
- Payment Terms
- POS (Point Of Sale)
- Receipts
- Capital assets
- Depreciation
- Marketing
- Branding
- and so much more.
As you can see it doesn't take long before you have a rather substantial list of things you need to know about, know how to do, or hire someone to take care of for you. Without understanding how to do the business part of the business, your company will not last for very long. Take it from me I speak from experience.
LINKS AND RESOURCES MENTIONED IN THIS EPISODE:
You will appreciate this video once you listen to this episode!!
Thanks for listening!
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