Yes, It Is Well Worth It

Ask anyone who started a business, and you’ll most likely hear stories about financial challenges, being overwhelmed with all the tasks required of them, and the total time suck they experienced. This might be part of the reason that the Small Business Administration reports that only 50% of new businesses survive to the 5-year mark.

However, based on the results of the second annual Bank of the West Small Business Growth Survey, small business owners choose to continue their quest of entrepreneurship. The survey results found that the biggest challenges of owning your own business are:

  • living with the uncertainty that comes with owning a business (52%)
  • always being on the job (43%)
  • avoiding burnout (40%)
  • making and saving enough to retire (41%)
  • ensuring their families are financially comfortable (35%)
  • managing cash flow (31%)

With all of these uncertainties they face, why do entrepreneurs bother? Why not just go find a nice corporate 9-5 job and have a steady income? I believe that I am a typical small business owner. When I started my home and business inventory service, I was seeking the freedom that comes with business ownership, having control over my time and my income. Looking back, I wasn’t prepared for the bumps in the road. However, this desire to own my own company gave me the perseverance to keep going until I got it right.

The benefits outweigh the negatives

The responses in the survey showed that small business owners enjoy the benefits that “doing their own thing” provides:

  • owning their own business puts them in charge of their own destiny (94%)
  • love the freedom that comes with owning a small business (91%)
  • allows them to contribute to the local economy (84%)
  • running their company makes them feel empowered (83%)
  • helps them make a positive impact on the community (80%)
  • opportunities to connect with their families (70%)
  • providing a legacy for their families (67%)

The financial and time commitment

The survey reported that 82% of small business owners put everything they have into their business. An overwhelming majority, 86%, say that all they’ve sacrificed for their business has been worth it.  I totally agree with this majority, and another business I’ve developed helps the new entrepreneur. I’ve been through it myself, so through Nationwide Inventory Professionals,  I now help others eliminate most of the trial and error and guide them through many of the uncertainties. Not needing to develop their own marketing materials, inventory processes, and business procedures also helps lessen the time they would normally need to invest in the start-up phase.

Executive vice president of small- and medium-size enterprise banking at Bank of the West, Michelle Di Gangi, stated, “Small business ownership isn’t always a financial decision – an even bigger draw is the flexibility and independence to chart your own path and create a business that can be passed on to the next generation. These are benefits that many other career paths simply do not offer.”

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Ya Gotta Have the Passion

PassionBefore I started my business, before I even had decided what my business would be, I was told over and over by other entrepreneurs that I needed to have a passion for whatever I do. They said without it, the chance for failure would be much higher than normal.

Most everyone said that this passion would keep me going when I felt too tired to keep going. My passion would help me fight the fear and uncertainty. The passion is one single thing that would help me battle the feeling of being overwhelmed with all the tasks that come with business ownership.

I have to admit they were right. The passion I have for my home inventory business has been the one strong force that kept me moving forward.

So when someone who was interested in becoming a Licensee of Nationwide Inventory Professionals asked me about the passion, it was my turn to have “the talk.” His first statement was, “I don’t think I can develop a passion for counting things or taking pictures.” Fair enough.

He was surprised when I agreed with him. I said, “I don’t have a passion to do those things, either.”

I shared this story to help explain. I don’t wake up every morning, jump up and down with delight because I get to go create a list of someone’s belongings and take photos of them. Certainly not an exciting or high passion task. But completing these activities is what fills my passion to help others. Without that information, our clients will not be able to remember all they owned after their contents are gone due to fire, theft, for a natural disaster. They won’t be able to provide serial numbers to the police to prove ownership. If it’s an estate inventory, I relieve a lot of stress for the executor so he or she can focus on their other responsibilities. Each time I complete an inventory, I know I have helped my client, either emotionally or financially – and often – both.

I could have chosen another industry that would have provided the same. But since I experienced a loss, I know how devastating it is to try to recover. I knew there was a real need for a home and business inventory professional and decided that pursuing a home inventory business was the right business for me.

Getting a hug, seeing tears of relief or gratitude in their eyes, receiving a thank you note in the mail – all of these and many other expressions of gratitude confirm that being a home inventory professional fulfills many needs. A home inventory is the vehicle to drive my passion to help others!

Before You Can Start a Business

OpenWe all read claims that you can have your new business ready “overnight” or “in just days.” Some of the ads say “little effort on your part” or “no preparation required.” In reality, even the smallest home-based business doesn’t “just happen.” Many steps require a great deal of thinking, planning, and researching. You need to know what you want to do, how much help you want, who you want to work with or if you want to go it alone, and arrange financial assistance (if necessary).

That’s a lot, and you haven’t even really started yet! Though it might seem like it, I’m not trying to talk you out of starting your business. In fact, I highly encourage it if that’s your goal. However, everyone should enter entrepreneurship with open eyes. When you’re ready, the first things you’ll need to do are to determine your company name and file your business with the state. You will also need to purchase insurance and (in this industry) a bond. If you don’t have your office equipment, you will need a computer, printer, paper shredder, and camera.

Before you can start your home inventory business

So far, so good. With that done, you will have a list of items that need to be addressed before you can get started:

  1. Purchase your domain name
  2. Create a logo
  3. Research the industry so you know to whom and how to market your service
  4. Hire a web designer/developer
  5. Hire a content writer for your website, brochures, flyers, newsletters
  6. Research inventory software and test them to ensure you make the right decision
  7. Research photo software (if it’s not part of your inventory software)
  8. Design and order business cards
  9. Create a business plan
  10. Develop your inventory processes and procedures
  11. Establish your office procedures
  12. Create office forms
  13. Determine what services you will offer
  14. Decide on your pricing structure
  15. Hire a business coach or find a mentor
  16. Write and distribute a press release announcing your new business

Wow! And there are many little details for most of these items that I didn’t include. It is amazing how much there is to do just to get ready to do business, isn’t it? Consider how much faster and easier it would be if someone could do all of this for you!

Instead of going it alone, below is your checklist if you choose to become a Licensee of Nationwide Inventory Professionals:

  1.  Contact Nationwide Inventory Professionals. Click here to request more information.

While we take care of all the 16 start-up tasks (and more), you can devote your time promoting your business. A key element here is that you will be ready to do business within 30 days – we include this promise in our contract!

Accountant Finds Compatibility with Home Inventory Business

Kate LeGrand, an entrepreneurial consultant,  adds Capital Counts Inventory to her focus of serving her Indiana community.

KateKate LeGrand discovered the home inventory industry when searching for an entrepreneurial opportunity. With her busy lifestyle, she knew she didn’t have the time to develop a business from the ground up. After meeting with the owners of Nationwide Inventory Professionals, she launched Capital Counts Inventory in Avon, Indiana, 45 days later.

LeGrand firmly believes that in today’s economic environment, it is important to have more than one leg to your financial stool. Kate’s explains, “I wanted to diversify my sources of income. It is also important for me to have a flexible, scalable business model to create a family business that I could someday pass to my children.”

Kate is an honors graduate of the University of Kentucky with degrees in Business Administration and Economics. She believes entrepreneurship is the genesis of the American dream. Her experience as an entrepreneurial consultant, counseling and encouraging entrepreneurs every day, helped prepare her for her own venture. When asked why she chose to become a Licensee of Nationwide Inventory Professionals, she explained, ” I knew I didn’t have the time to develop a website and marketing collateral, and I didn’t want to have to trial and error my way to a successful business image.  What I did want was a proven business model to help me fast track my cash flow and profitability.”

LeGrand and all Licensees have access to processes learned over a decade of continued improvements, a generous marketing package, and one-on-one mentoring. Kate continued, “I wanted the benefit Nationwide’s founders’ learning curve. Why learn the hard way? They have already found what works and what doesn’t. I knew I would be more successful with their advice and counsel.”

Cindy Hartman, co-founder of Nationwide Inventory Professionals, commented about Ms. LeGrand, “Kate is a dynamic business woman. She knows what she wants and goes for it. We love working with her, sharing in her successes and watching her embrace the industry.”

In addition to being the owner of Capital Counts Inventory, LeGrand has been an outsource controller and tax accountant for over 10 years. She has worked in public accounting, venture capital, technology start-ups, and personal financial advisory services. In doing so, she has served in the role of Controller and Start-up Consultant for a wide variety of small businesses from many different industries and provided personal financial counseling to hundreds of families. She also owns Alliance ProAdvisors, a Quickbooks consulting and outsource controllership service.

A long time resident of Avon, Indiana, Kate is a Certified Inventory Specialist. Capital Counts Inventory is bonded and insured, providing personal property inventory services for business owners, homeowners, and renters in Central Indiana. For more information about Kate LeGrand, visit the About page on her website.

Get Ready, Get Set, Go for Entrepreneurship

ReadySetGoEntrepreneurship is a dream for many people. Sadly, it often ends up being an unrealized life-long dream.

Why is it, that a desire someone has for years, burning in their belly, goes unfulfilled? Speaking from experience, I have lived a few of those perceived reasons for not starting my own business. My own barriers were all in my mind. I created a good, solid list that gave me permission not to act on what I truly wanted. Some of the reasons I convinced myself were valid were 1) having children to support, 2) not knowing what I really wanted to do, 3) not having the right knowledge, and 4) not having the time.

Looking back now that I’ve been a business owner for over a decade, and now help others start and grow their own home and business inventory service, I just shake my head that I truly believed all of that rubbish.

Why haven’t others pursued their own dream of being an entrepreneur? Most give the same reasons I had. But they aren’t reasons, they are excuses. It is really procrastination, lack of confidence, and uncertainty. There is one sure thought I want to share with you – You will never really be ready.

The reason for that is, you will never be fully prepared. There is always something new to learn. And there is always the chance for failure. That’s the blunt truth.

Starting a business, and growing a business, requires time, devotion, and commitment. It’s easy to start a business. In reality, all you need to do is decide on a name, file it with the state, and in essence, you have started a business. Building and growing the business is the hard part. It takes time – not just months, but years. It takes commitment. It takes dedication. It won’t happen over night – it’s not a one-lap sprint around the track. Business ownership is a marathon. That means you can take your time – even start part time if you want the security of a steady income for a while.

However, whether you jump in with both feet or spend just a few hours a day on your new business, if you aren’t in it for the long haul, then don’t bother starting. There are always reasons to wait if you want an excuse. But never is there a better time to begin your adventure than now.

If you want the world of entrepreneurship, don’t wait until the time is right. In total honesty, the time is never right – so start before you’re ready.

Not ReadyGet set … Go!

How To Be A Part-time Entrepreneur

PTFTThere are a plethora of people wanting to start a business, but they just don’t take that first step. There are many reasons for this resistance to move on their desire. The dream sits for years, sometimes decades, always at the back of their minds. It often creates anxiety, as the entrepreneur bug keeps nagging at them. I can relate to this, as I waited nearly 30 years before I took the plunge into the world of business ownership.

So, what keeps people from just jumping in and doing what they truly want to do? There are many reasons; the most common are:

  • Lack of self-confidence
  • Insufficient funds to go without revenue during the start-up period
  • Not knowing enough about owning a business
  • Friends and family discouraging them from making the move

For those who want to become an entrepreneur, but can’t make a full 100% commitment, I recommend starting the business part-time while you keep your full-time employment.  This eliminates the gap between when you quit employment and start bringing in your new business revenue. There are a few things to consider that will help with this transition:

  1. Find help from someone who can help you learn the industry quickly.
  2. Make sure you’ll be able to start and build the business without having it interfere with your current employment.
  3. Choose an industry that allows for a flexible schedule so you can develop your business around your required full-time work hours.

As the founder of the premier home and and business personal property inventory Business Package and Licensing Agreement, I can assure you this is a business that will meet all of these needs. The reasons for this (and these tips will help you compare with other industries) are:

  1. We provide a detailed manual along with one-on-one mentoring and coaching. You’ll gain the knowledge we’ve achieved during our more than 12 years in the industry. This knowledge that you’ll gain quickly will help give you the confidence you need to present your new service in a professional manner.
  2. Through the Licensing Agreement, we create your logo, website, marketing materials (including a monthly electronic newsletter), and you have the rights to all intellectual property. This enables you to work on building your business while we build your marketing package.
  3. The home and business inventory service is scheduled at the clients’ home or place of business. It is very easy to schedule your inventory appointments around your full-time employment work schedule. For those times when there is a conflict, you can hire a trusted person to do the inventory for you, and you’ll make passive income while you’re at your full-time job.

As you grow your business, you’ll be able to continue working until you’ve gained enough clients that will sustain you. At that time, you will have the confidence to make the step towards a full-time entrepreneur. Or, you just might find that being a part-time entrepreneur fulfills your dream of business ownership. With that, you’ll have chosen the perfect industry that enables you to continue to remain a full-time employee while enjoying the extra income and pride you gained through your part-time business.

Whatever you decide, you’ve taken the steps required to move forward with your dream.

Nationwide Inventory Professionals Licensee in South Carolina Achieves Certification

Donna Business photo 001 (2)PRESS RELEASE – The National Inventory Certification Association™ (NICA) is pleased to announce that Donna Courtney, owner of Courtney Inventory in Little River, South Carolina, has recently earned the designation of Certified Inventory Specialist (CIS). Achieving this designation confirms her knowledge to provide quality residential and small business contents inventory services.

Explaining why she invested in certification, Courtney said, “As a licensed insurance agent for 30 years, I earned various designations which enabled me to stay engaged and knowledgeable about the insurance industry. Continuing education is extremely important to me, which is what encouraged me to earn the CIS designation. This helps show my clients that I have taken the extra steps to be a leader in my industry.”

There is an increasing awareness of the necessity and benefits of having a prepared photographic and written record of one’s personal property. This knowledge and the ever-increasing busy lifestyles of homeowners and business owners alike create a growing demand for a professional inventory service provider. Choosing to achieve certification shows residential and commercial clients and potential clients that Courtney is a dedicated professional.

Mike Hartman, Executive Director of NICA, shared that “coming from the insurance profession that requires certification and continuing education, Donna is aware of the importance of certification. Her professional background solidifies that education is essential when you want to put the client first.”  

A requirement for certification and membership with NICA is to agree to conduct business according to the established industry Code of Ethics. Based in South Carolina, Courtney Inventory provides residential and commercial asset inventory services in South Carolina and Southeast North Carolina. For more information about Courtney Inventory or to contact Donna Courtney, visit her website at .

About National Inventory Certification Association

Established in 2011, the National Inventory Certification Association (NICA) is nationally recognized as the official certification authority for the personal property/asset inventory industry. The certification and continuing education opportunities ensure that members have access to quality industry knowledge as well as business and professional development resources to help achieve the success they seek for their home and business contents inventory companies. For more information visit the NICA website or call 717-827-6422.

 

Deciding to Be A Solo Entrepreneur

SoloPreneurFor those starting a small business, the decision is normally whether it should be a partnership or if they should go it alone as a solo entrepreneur. There are many benefits with both types of business entities. The pros and cons are well balanced.

In my previous two posts, Do This Before Starting a Business Partnership and Pros and Cons of a Business Partnership, I covered many of the issues to consider when choosing to have a business partner. Whether that partner is a friend, relative, or spouse, the questions and decisions are the same, and extremely important to be addressed prior to choosing who that partner will be.

Choosing whether to have a business partner or not is often dependent on what type of person you are, and how well you – in the well-know phrase – can “work with others.”

So, what are the pros and cons of being a solo entrepreneur?

The benefits of being a solo entrepreneur

Ahhhhh …. freedom! That’s the first and most often touted benefit of entrepreneurship. But there are many other reasons one chooses to be a solo entrepreneur when starting a business. Some are:

  • You are following your passion, living the dream!
  • It’s all about you. If you like total control, this is probably for you. You make the decisions, you live by them, and take the hit when it’s the wrong decision. But for many, the key here is it was yours to make, and yours alone. There is often a rush that comes with that.
  • No one to answer to but yourself (that “freedom factor”). If you want to take a few hours off – or the entire day – you can do so. If you want to work weird hours, they are yours to choose.
  • You have full control over the financials. You invested, and you reap the financial rewards.
  • You and you alone achieved the success directly from the efforts you put into the business.

The issues a solo entrepreneur might face

Pros and cons for business ownership are often the same thing, but with different results. These are the issues you are likely to face when choosing to own a business as a solo entrepreneur:

  • Being “the one” is not always a good thing, as it can sometimes be quite frightening and lonely.
  • When you have to make a decision, you have only your own experience and knowledge to guide you. You don’t have a partner to share the burden of a wrong or poor decision.
  • There is no one to “high-five” or share the excitement with when achieving a major success.
  • Creativity is often limited when you have just your own input into marketing, financing, and sales.
  • Your weaknesses will be magnified when you are totally responsible for all facets of the company.

Know what type of person you are. Do you prefer to work alone? Are you one who likes complete control? If so, solo entrepreneurship is probably a good decision. If this is your choice, I recommend that you join a mastermind group or hire a business coach. Having other entrepreneurs or a coach to kick ideas around will be extremely important to soften the cons of being alone. You’ll still have total control, but you will benefit from others’ input who are experienced business professionals.

Pros and Cons of a Business Partnership

PartnerWhen you’re in the planning stages of starting a business, one huge question is whether you should be a solo entrepreneur or find a suitable partner to join you in the business. There are pros and cons for each type of business structure. In my previous post, Do This Before Starting a Business Partnership, I noted important things to consider before choosing to be in business with a friend and/or family members. It is also possible to become a business partner with a casual acquaintance or even someone you just met. Due diligence, no matter how well you know the person, is essential when making this important decision. You don’t want any surprises down the road that could ruin your reputation or the reputation of your business.

When starting a business, there are pros and cons to consider when choosing a partnership.

Benefits of having a business partner

As an entrepreneur, it is all on you. Having someone to share the burdens as well as the successes can be a great thing. Some key benefits are:

  • No one is exceptional in all aspects of the business world, so finding a partner with different or complimenting skills can be a huge boost to your buisness.
  • You will have someone to talk to that understands your hurdles and disappointments.
  • You won’t have the full burden of the financials, lessening your initial investment as well as the ongoing startup and ongoing expenses.
  • You most likely won’t have all the same contacts, so there is a possibility of immediately having double the contacts for prospective clients.
  • When you are ill or experiencing a rough personal issue, you will have someone to pick up load.
  • Even in the early stages of the business, it’s important to take time off for a break from the long hours and total focus on the business. A partner will be able to keep the efforts moving forward while you take turns with a few days off for some much-needed rest and relaxation.

Things to consider before choosing to enter into a business partnership

On the flip side, there are also issues to consider when you’re sharing a business:

  • You will be giving up full and total control.
  • You will have to consider a give-and-take when it comes to making major decisions.
  • Though your partner will share in the investment, that also means that you’ll have to share the profits.
  • Sharing the profits means a need to grow the business faster and larger so you can support two families.
  • If your partner’s quality of work suffers, it will reflect on you and your business as well.
  • If your partner chooses to walk away, you will be saddled with any business debts.

If you and your partner have the same values, level of energy, motivation, and goals, this could be a sign of a successful partnership. Be sure you are in sync with these areas, and make sure that you do that one thing before deciding on a partnership, as mentioned in my post mentioned above. A failed business partnership can easily ruin a great friendship and could also tear a family apart. Proper planning will hopefully prevent that from happening.

Do This Before Starting a Business Partnership

TheTalkSo you’ve been thinking about about starting a business, but don’t want to be a solo entrepreneur. This, of course, means you need to find a business partner. Most likely you’ve already considered the type of business, which helped you decide which friends or relatives would be a good business partner.

So, who will you choose to join you on this new adventure? Choosing someone this close is often a good idea, because you already know the person quite well. You know their good points, and you know their not-so-good points. You also know what they do that annoys you. If you haven’t yet, I highly recommend that you consider all of these, as it will help you choose the best fit. Remember, you will be working with them day in and day out, 24/7, 365 – at least at first.  Once you’ve weighed all the pros and cons of those who would be a good candidate as your business partner, you’re set to move forward with your plans. More than likely, you’ve already had casual conversations before your “official” offer, so they won’t be surprised that you’re ready to move forward with your plans.

The next step is probably the most difficult task.

It’s time to have “the talk.” No, not that talk!

This talk is one where you both will need to be straight forward, blunt even. You will need to lay out all of your feelings, your reservations, your expectations.

Business partnership with a friend, relative, or spouse can be a wonderful experience. But without laying the groundwork first, difficulties will most likely arise, often beyond repair. What do you need to discuss? Luckily, My wife and I had many long conversations about being business partners prior to starting a home inventory business.

There are many topics to cover, but here are some very basic areas to be addressed before you go any further:

  • Who will have major ownership – if you are 50/50, and there is a disagreement, a stalemate could cause failure. Someone needs to have the final say.
  • Who will fill what role – consider your skills and decide who will be responsible for the daily operations of sales & marketing, who is in charge of the financials, etc.
  • Set parameters – There will be disagreements, so decide now how these will be handled – by vote, by the person responsible for that area of the business, or by the one who has major ownership of the business.
  • What reservations you have – and you will have reservations, no matter who your intended business partner is. This is the toughest part, as you will be required to be more open and honest than you have ever been. You need to get though any issues that you think just might come up, and face them now. Can you work together? Do you want to be with this person all day, almost every day? In the beginning, at least, you’ll most likely live, eat, and sleep your new business.

As I said, there are many other things that will need to be discussed. But if these topics aren’t fully discussed, and firmly agreed upon, you are probably in for a bumpy ride. A small aggravation could turn into an insurmountable difficulty. Take precautions up front. It will save a lot of arguing and disappointments. It could even save a friendship or a marriage.

A great business for supplemental income.


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Home Inventory – A Guide for Homeowners and Renters

Home Inventory – A
Guide for Homeowners and Renters


The many reasons for a home inventory, plus a do-it-yourself guide and templates.

 

A Business Guide to Asset Inventory

A Business Guide to Asset Inventory
Protecting your company assets.

Copyright 2016 Nationwide Inventory Professionals, LLC © 2013. All Rights Reserved.
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