1. Basics of Small Business:How to Avoid 7 Traps! BDPA Cincinnati Chapter Program Meeting Panel Member : Wayne Hicks

2. Wayne Hicks

Blogger, Electronic Village

CEO, Hicks Enterprises 1099s only since July 2002

Executive Director, BDPA Education and Technology Foundation my largest contract at the moment

President, Cincinnati Business Incubator ( 2003-2007 )

3. 7 Traps (Mistakes) to Avoid

Lack of Business Planning

Poor Market Research

Starting Business for the Wrong Reason

Bad Money Management

Not Changing with Markets or Customer Needs

Doing Everything By Yourself

Ignoring Yourself or Your Family

4. Lack of Business Planning

What should you do?

Invest time, and effort in planning to

Design a money making model

Set specific, measurable, attainable, realistic and time-bound goals

Calculate accurately, the initial investment needed, and running costs

Assess labor and work-force needs

Sketch business emergency plan and exit strategy, and more...

5. Poor Market Research

What should you do?

Take the time and spend the money it needs to research your market. It will help you understand different aspects about your target market such as

Market Trends

How your prospects buy the products you will sell

Where will you find your prospects & where do they shop

How you will reach your customers

Your competitors, and more...

6. Starting Business for Wrong Reasons

What should you do?

Do some soul searching and find out if you'd really be happy running a business. Some reasons that make business a right thing for you include

A passion for what you would be doing

Good physical health and mental endurance

Perseverance, an ability to motivate yourself, bounce back from failures

Good people skills, and relationship skills

Self-confidence, discipline, a drive for 'being your own boss,' and more...

7. Bad Money Management

What should you do?

Learn basic concepts of managing money. Make every penny count, you should know where you're spending and why. And don't underestimate your costs. Good money management will help you

To fairly & accurately determine your capital needs

Spend wisely on office infrastructure and supplies

Make good hiring, rewarding, and firing decisions

Better manage your daily cash spending

Better control your costs, and more...

8. Not Changing with Market & Customers' Needs

What should you do?

You should track changing customer needs by listening to customers, tracking competitors, asking customers about their wants. And monitoring the business environment to

Stay abreast of any new competing or substitute products

Learn about technological innovations and advances

Get new product ideas

Keep a tab on laws and regulations governing your business

Prepare a better marketing plan, and more...

9. Doing Everything by Yourself

What should you do?

Even if you're the sole manager, try to do just the essential things by yourself.Consider outsourcing some administrative tasks. Delegating will

Leave you with more time for long-term planning

Give you more time for performing crucial business activities

Give you time to spend with your family and friends, and more...

10. Ignoring Yourself and Your Family!

What should you do?

Make sure you don't become so engrossed in your work so much so that it strains your close relationships such as with your spouse, or leads to unhealthy lifestyles. As a result you should.

Make time for your friends & family

Eat well, relax enough and exercise

Take a weekend or a couple of days off to recharge your batteries, and more...

11. Questions? 12. Contact Information Web Site :http://www.elecvillage.com Internet :[email_address] Office : Mason, OH 45040 Phone :(513) 284-4968