TE Tips: A Final Post on Planning

Several posts ago we started a series on planning as part of TE Tips.  Here we are much later wrapping up the series.  My goal for this series was to provide you with enough information to help you develop both a personal and a business plan.  You could then use those plans to decide if business ownership is right for you.

If you decide that business ownership is appropriate for you, the plans you developed throughout this series will serve as the foundation of the planning for your new business.   When you assemble the parts of the plan that you [...]

New Blog Format: Monthly Theme

Announcing a Monthly Theme!
I am excited to announce a new format that I will be using for my blog.  Starting in April I will have a theme for each month.  I hope the theme helps unify my posts and provide direction to our discussion.  I will still have TE Tips on Tuesday and Teacher Entrepreneur Profiles on Thursday but the TE Tips and the Saturday posts will have a common theme.  This coming week I will finish the series on planning on Tuesday then on Thursday Jeremy Spartz of Lyrics 2 Learn will be the focus of our Teacher Entrepreneur [...]

Teacher Entrepreneur Profile: Amy Hollingsworth of The Seven Minute Scientist

Teacher Entrepreneur Profile: Amy Hollingsworth of The Seven Minute Scientist
This week’s Teacher Entrepreneur Profile is Amy Hollingsworth of The Seven Minute Scientist.  I met Amy through the member’s forum on Michael Hyatt’s Platform University.  Amy has boundless energy and a real passion for helping students understand science.

CS:       What is the name of your business and where is it located?

AH:      My business is called The Seven Minute Scientist, and it is located in Akron, OH.  My website is http://www.sevenminutescientist.com.  All of the videos I make for my students are seven minutes or less.  I figure anyone can learn something in seven [...]

TE Tips: Creating a Financial Plan for Your Business

Creating A Financial Plan For Your Business
The last step in our series on planning is the Financial Plan section of your Business Plan.  If your experience is anything like mine, the Financial Plan can be one of the most frustrating parts of the business planning process.  I like hard facts and concrete numbers and for parts of this plan you won’t have them.  Some of what you do here will be projections and speculation.  It is still a very important part of the plan because it will allow you to create a reasonable estimate of your Start Up costs and [...]

Transferable Skills

TRANSFERABLE SKILLS
One way to help ensure the success of your business is by using skills you have already developed in other areas of your life. Transferable skills are skills that you already possess that can be utilized in another way. Transferable skills include “soft” skills or people skills as well as skills specific to a task or area of knowledge area.

Think of the abilities you possess that enable you to be successful in the classroom. Most teachers possess the following transferable skills to some degree. To the extent they have enabled you to be successful in the classroom; they can [...]

TE Tips: Operational Plan

Operational Plan
Your Operational Plan is where you detail the operations of the business.  How will the business operate?  Who will be in charge of each of the major functions of the business?  How will the business generate customers?  Who will be responsible for:

Marketing
Sales
Record Keeping
Accounting
Legal Issues
Customer Service
Business Development
Purchasing and Maintaining Equipment

These are all issues that should be considered and defined within the Operational Plan.

The level of complexity of this plan will depend on the complexity of your business.  The Operational Plan should detail who is involved in the operations of the business and what qualifications they have that make them valuable [...]

Relationships

Relationships
Maintaining good relationships with a host of people is very important for an entrepreneur. No one can do it alone.  This is especially true for a small business owner.  As an entrepreneur you will be working with a number of different people.  It will be important for you to understand the people and their organizations as well as the benefits that you provide to them.

You will most likely need a bank to work with, an insurance agent, an accountant, and occasionally an attorney.  You may also be dealing with advertising reps, suppliers, utility companies, internet service providers etc.  The relationships [...]

TE Tips: Marketing

TE Tips: Marketing
This week’s focus will be the Marketing Plan.  The importance of marketing cannot be over-emphasized.  Marketing is how you will acquire customers.  Without customers, there is no money and without money the business dies.

It goes without saying that having a web presence is a great way to lend credibility to your business.  With all the tools available, it is possible to set up a great looking website easily and inexpensively.  If you want something a little more specialized or with a higher end look I would suggest contacting Teacher Entrepreneur Josh Waldron of Studio JWAL www.studiojwal.com.  His firm [...]

Five Common Teacher Owned Businesses

Five Common Teacher Owned Businesses
In today's post we'll look at Five Common Teacher Owned Businesses.  I’ll bet most of you know Teacher Entrepreneurs involved in each of these businesses.  As we proceed, I'll give a quick overview of each business along with some Pros and Cons.  Many of these common Teacher Owned Businesses can be started with little capital investment.
Rental Properties
The rental property business can be a great way to accumulate wealth.  It is not a get rich quick business.  Rental properties provide steady income and usually appreciate over time.
Pros

Passive accumulation of wealth
Interest rates currently at historic lows (as of this [...]

TE Tips: Executive Summary & General Company Description

Here is where the rubber meets the road!  It is the week that you finally start writing your business plan!  This week we will focus on the first two sections of your business plan.  They are the Executive Summary and the General Company Description.

The Executive Summary is the last part of the plan that you will write.  We are covering it today to start you thinking about your overall plan.  It is often the only part of your plan that anyone will read.  You want to start with a great hook to make people want to read on.  Following the [...]