Are You Ready to Build Capacity? Monday, Mar 3 2014 

Are You Ready to Build Capacity?

Are you ready to build capacity in your business? Perhaps you would like to grow in one or more of the following areas: clients, revenue, employees, product or services, or geographic area. All growth requires some cost factor: time, money, practice, or sometimes pain. In order for you to grow your business’ capacity, you have to assess where you are, visualize where you want to be and develop your action plan to get there.

Capacity_Building

If you were to build capacity that means more is needed. You need more resources, more opportunities, more staff, more avenues, more policies, more agreements, more traveling, more regulations, or simply more tasks for you or someone to complete. All of this more has to be planned, organized and executed. If it is not, then the consequences can be overwhelming to you and the business. Some businesses do not recover from not adequately building capacity or deciding to launch into the deep and not being prepared. For example, let’s say your company is a one-person operation. You decide that you want to grow into a full-service consulting firm. To accomplish this task, you bid on a job and are awarded the contract, but remember the operation is only you. After initiating the contract, you realize that you do not have proper support staff to execute the contract, you do not have the necessary money to meet payroll, and you don’t have proper workmen’s comp insurance that is required on employees. The challenge for you is most of the tasks needed to build capacity take time to put into place. There are numerous tasks that have to be accomplished to build capacity. Just remember, count the cost, research, seek out information and resources, and assess the real needs of the business before you launch.

Author,
Tiya Scroggins, MBA
CEO of Scroggins Consulting, LLC

 

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Dreaming Of A Business: Starting Your Own Business Thursday, Dec 16 2010 

You have always dreamed of owning your own business, nevertheless, you have never taken the intuitive to follow your dreams because you just do not know how. In order to effectively become a business owner, there are some steps that you must follow in order to achieve your goal.

First, take the dream and make it a vision on paper. This is simply determining what you desire to do, but making sure that it is something that you love doing. If you are doing what you love, you will enjoy what you do! This assessment will allow you to be open to being the first one in, and the last one out. All business owners love their business enough to spend as much time, as they need to in the business, but loving every minute.

Research is always a positive. If you love baking cookies, research the different types of cookies. Perfect the cookies that you do good, making them great. Then find information on others who have started cookie companies. Evaluate what makes them a successful business and elaborate on what you feel can make them an even better business. This information is conducive to writing a brilliant business plan.

Now, lets get down to the brass business of starting a business. After choosing what it is you want to do, determine what you will name your business. You name is the first component to doing your legal paper work for your business. Then, it is now time to determine what type of business like whether you want to become a sole proprietorship (having the least taxes but greatest liabilities), a general partnership (consisting of having two or more people partnering with you in business), a limited liability corporation (LLC), which is only available in certain states, or a corporation (having the suffix INC, which insures the best protection).

After securing and establishing the type of business you will have, the next step is registering with the Secretary of State. Go to your local government state web page to pull forms on registering your business. There you can also find other information that can be truly helping to a new and up coming business owner. Then it’s insurance time. Insurance is always your assurance in the case of emergencies. These are the types of insurances that are available and needed when starting a new business: liability insurance, property insurance, business interruption, key-man insurance, automobile insurance, and home office insurance, if you are running your business from your home. The last step is getting an Employer Identification Number (EIN). This number can be obtained by going to the IRS website and down loading form SS-4. You can either call this information in at 1-800-829-4933, or by faxing it in to the IRS. After you have finished all of these steps, you now are the owner of a legitimate business. Your next step is developing a marketing plan and next week we will assist you with this. Until then, have a wonderful time dreaming and bringing your dream to life!

Scroggins Consulting, LLC

Tiya Scroggins is the founder of Scroggins Consulting, LLC . To find out more about Scroggins Consulting go to http://www.scrogginsconsulting.com or email her at ty@scrogginsconsulting.com. The article is forwarded by Author Danyelle Scroggins.