How many have heard that phrase and wondered what it meant? 

It is a wonderful dream to be your own boss. How many of you  have day dreamed about no longer having to listen to someone else give you  orders on how they like things done,  make coffee for someone, sit through boring meetings, or commute to  work?

I know some of us, me included, always thought we could do a  better job than our supervisor or manager? Especially when they made stupid  mistakes or took too long to make a decision –but as employees we had all the
answers. Right?

NOT REALLY…..

Actually, being your own boss is harder and requires more work  than working for someone else.

There is a price to be paid when it comes to being the boss. The  cost is often your sleep, your time, and sometimes making the wrong decision.  When you are the boss, owner, manager, CEO you are the final decision maker.
Every decision that you make affects your business IMMEDIATELY!

I have had days like that when I simply have to say “ I am  paying the cost to be the boss.”

It means living with a life altering decision for your business  that will affect your family or finances, it means having others look to you  constantly for the answer and to make that ‘right now’  decision.

Suddenly the tables have turned and you are the leader.  So what do you do when you find  yourself paying the cost to be the boss?

1.     Stop  and think about the decision you are going to make. Is it going to affect your  business now or later?
2.     Do  you have to make the decision now?
3.     Who is the going to effect? Who is involved?
4.     Research  and make sure you have all the necessary information  first
5.     When  in doubt- seek someone else out. There is nothing wrong with asking for advice  from a mentor or trusted  advisor.

Consultants or business coaches, often fall under the category  of trusted advisor or mentor. It is my job to help you navigate through some of  those decision making process. Having a consultant around provides you with a  level of confidence that someone else has been where you are and understands the  frustrations you are facing.

Contact Waddell Consulting Services  today for your FREE 30 MINUTE CONSULTATION!  
 
Use this time to ask questions that you or a group of friends  may not know the answer to, or if you need an idea on how to get  started!

 I look forward to being speaking with you and helping you along  your journey.

Is now the right time to open the business that you want? Honestly, we all  want to have our own business and be financially stable immediately. However, as  entrepreneurs we have to consider what the  current market looks like for that particular business.

 For example, when the housing market crashed, that may not have  been the best time to become a realtor.

Research what others are doing in your field. Who will be your competition?  As an entrepreneur you have to think about every aspect of a business because  you are now no longer an employee but a business owner. Evaluating your surroundings is  critical to your success.

• Where will your business be located? (If you are providing a product)
• Are there other businesses like yours in the same area?
• Are your customers near you?
• Do people want the service/product that you have?

Taking the time to evaluate your surroundings will be beneficial in the long  run. It will help you develop a great marketing  plan and it will position you better for understanding your  business. You will get the answers to the following questions:

• Is the market ready for a business like yours?
• How many competitors will you have?
• Can you afford to compete with your competition?

Answers to these questions will help decide your future as a business owner.  I urge you to take time to think about your future business endeavors and  evaluate your surroundings.

 Evaluating your surroundings also means using your resources. Contact  Waddell Consulting Services today to
schedule your FREE 30  MINUTE CONSULTATION.


Today’s topic is courteous of Christopher Gee, Owner of FHIR a  Non-Profit Organization in Charlotte, NC.

The difference between the two really depends on the scope of services that  you want to offer and how you want to offer them.  I am going to make this as  SIMPLE as possible!

Nonprofit does not earn money (profits) for its owners.  ALL MONEY (profit)  earned by or donated to the organization MUST be used in pursing the  organization’s objectives. A nonprofit usually provides a public service.

An important thing to remember about nonprofit organizations is that no one  can guarantee you grant money unless they are the ones actually giving you the  money. A very SIMPLE example of how it works is this:

1. Find a grant
2. Following the instructions and do exactly what the  grantees is asking for
3. Submit your documentation
4. WAIT on a  response

That’s it! The final decision is up to the grantor! No one can promise you  that your grant proposal will be approved. I made that mistake and spent well  over $1500.00 for a packet and at the end of the program I was left with a stack
of paper and no grant money.
 
IF you want your nonprofit to solely depend on  grant money you will need someone FULLTIME to research for grants it is not just  a one-time thing! 

Establishing a nonprofit will take a great deal of detail worked and being  very descriptive on the services that you want to offer to your community. There  are fees associated with creating a nonprofit; the fee amount depends on the
state that you live in.

For profit business is just the opposite. If you want to be a sole  entrepreneur then you are finished with establishing your business. What does  that mean, it means that you have chosen not to incorporate, form a partnership,  or become a LLC. You have chosen to be your only employee! Can you change this  status after your business has grown absolutely! 

Once you change the status of your for profit organization there are fees  associated with filing the necessary documents. 

These are just some very basic difference between a nonprofit and for profit  organizations.

 Still have questions? 

Contact Waddell Consulting Services for your FREE 30 Minute Consultation to get your questions  answered.