"The 4 Keys That Open The Door To Business Success!" by Miguel Mendez, Jr., Esq

There are 4 primary Keys that open the door to Business Success.

Each key used individually will, no doubt, improve the overall operation of your business. But, when all 4 Keys are used together, the result can be EXPONENTIAL business success.

As a Business Owner, Entrepreneur, Manager, or Professional, do you hold the 4 keys steady in your own hands?

WHAT ARE THE 4 KEYS?

Let's take a moment to review them now.

THE 4 KEYS

KEY 1: BE A "BUSINESS" PROFESSIONAL

FORM YOUR BUSINESS PROFESSIONALLY.

All successful business professionals first make sure that they have formed their business properly. They take the legal steps necessary to form their business, and make it a separate entity.

The 3 usual choices are:

A Corporation.
A partnership.
A limited liability company, or LLC.

1 Other Choice:

You could also choose to operate as a sole proprietor (and not form a separate business entity). This choice could be dangerous though. This choice costs less over the short term. But, most successful businesses opt for having a business entity separate from the owners of the business; like a corporation. Why? A good lawyer can explain these reasons to you, tell you when it is appropriate to more formally establish your business, and also explain to you the concept of personal liability, and asset protection.

"What choice of professional business entity is right for me?"

The correct answer to that question will depend on many factors. For example, some factors are:

What type of business are you in?
Will you have partners or investors; and,
Do you sell products or services to the general public.

See a lawyer. Again, a good lawyer can explain the different choices to you and help you make the right selection of professional business entity that is best suited for your needs. It's a good idea to ask your lawyer to become a part of your business' own MasterMind Group.

And don't forget to ask your lawyer about your business name.

THE IMPORTANCE OF YOUR BUSINESS NAME

Choose your business name wisely.

The choice of your business name is vitally and strategically important from a client and customer marketing standpoint. Remember, your business name can go a long way in helping you establish your own unique "BRAND" for your services or products that you sell. Your name should set you apart from other businesses in your market. Your customers and clients should identify professionalism whenever they hear your business name, or see it printed somewhere.

OTHER BASICS FOR THE BUSINESS PROFESSIONAL

Open a business bank account. Make sure that you open a separate business account aprt from your personal account.
Professional business cards are a must. Your name, address, telephone, fax, e-mail, and web address should be included and easily readable.
Join the DOT COM Revolution. Launch a website. At the very least, set up your own e-mail account with one of the reputable internet service providers.

KEY 2: GET BUSINESS IN THE DOOR

Get business coming in to YOU.

Right NOW!

As in yesterday!

Learn to attract customers and clients in ways that come naturally and comfortably to you. But make sure that you actually get them coming in to your business.

6 simple ideas you could use to get business in the door are:

Give away "New Business Courtesy Discounts".
Offer free samples, products, or services.
Offer free initial consultations.
Send flyers.
Use the media and generate publicity.
Use your imagination.

Just do something!

Don't expect that business will come in just because you have opened your doors. You've got to go out and take action to get business coming in.

Always remember that new customers and clients help generate continuing CASH FLOW.

Why is generating continuous CASH FLOW so important?

Because CASH FLOW is a crucial key to survival in any business. So make the generation of CASH FLOW one of your business' primary focus points.

That leads us to our next important key.

KEY 3: DEAL WITH THE MONEY

Figure out what you need to charge.
When do you expect to get paid?
How do you expect to get paid?
What are your costs of doing business?
Determine what is your "break even point" on each sale.
Have WRITTEN and clear financial agreements.
Establish a formal method to follow up on collecting the money you're due.

KEY 4: SET UP YOUR OWN MASTERMIND GROUP

Start developing your own Business support team... , or what I call your own "mastermind group". These are other Business professionals that you can call on for advice and that your Business will need over time. Try to schedule a "sit-down" with your mastermind group all present. And at regular intervals. At the very least, you can schedule regular telephone conference calls with all present.

Remember. You've got to begin developing a relationship with each individual of your mastermind group. Do it now BEFORE you have to call on them in an emergency, or out of immediate need for your Business.

Typical candidates for your mastermind group are:

A lawyer
A banker
A C.P.A.
A realtor
A financial advisor

When you use the 4 Keys above, you'll begin to look like a business and act like one too. If you look and act like a business professional, your customers and clients will notice.

And not only that.

They'll begin to trust you.

Keep in mind that developing customer and client trust in you and your business is of primary importance to the Business Owner, Entrepreneur, Manager, and Professional. The 4 Keys will help you unlock the door to customer trust! This will translate into Ultimate Business Success!

Use the 4 Keys. Because when you do, that's when your business will grow, and your profits will really start to increase!

Article submitted Wednesday, June 18, 2008
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