Checklist for Starting a Flipping Business: Essential Ingredients for Success
If you are thinking about going into business, it is imperative that you watch this video first! it will take you by the hand and walk you through each and every phase of starting a business. It features all the essential aspects you must consider BEFORE you start a Flipping business. This will allow you to predict problems before they happen and keep you from losing your shirt on dog business ideas. Ignore it at your own peril!
For more insightful videos visit our Small Business and Management Skills YouTube Chanel.
A Step by Step
Guide to Starting a Small Business
This is a
practical manual in a PDF format, that will walk you step by step through all the
essential phases of starting your Flipping business. The book is packed with
guides, worksheets and checklists. These strategies are
absolutely crucial to your business' success yet are simple and
easy to apply.
Copy the following link to your browser and save the file to your PC:
https://www.bizmove.com/free-pdf-download/how-to-start-a-business.pdf
Selection of Trainees
Once you have decided what training is necessary and
where it is needed, the next decision is who should be trained?
For a small business, this question is crucial. Training an
employee is expensive, especially when he or she leaves your
firm for a better job. Therefore, it is important to carefully
select who will be trained.
Training programs should be designed to consider the
ability of the employee to learn the material and to use it
effectively, and to make the most efficient use of resources
possible. It is also important that employees be motivated by
the training experience. Employee failure in the program is not
only damaging to the employee but a waste of money as well.
Selecting the right trainees is important to the success of the
program.
Training Goals
The goals of the training program should relate
directly to the needs determined by the assessment process
outlined above. Course objectives should clearly state what
behavior or skill will be changed as a result of the training
and should relate to the mission and strategic plan of the
company. Goals should include milestones to help take the
employee from where he or she is today to where the firm wants
him or her in the future. Setting goals helps to evaluate the
training program and also to motivate employees. Allowing
employees to participate in setting goals increases the
probability of success.
Training Methods
There are two broad types of training available to
small businesses: on-the-job and off-the-job techniques.
Individual circumstances and the "who," "what" and "why" of your
training program
determine which method to use.
On-the-job training is delivered to
employees while they perform their regular jobs. In this way,
they do not lose time while they are learning. After a plan is
developed for what should be taught, employees should be
informed of the details. A timetable should be established with
periodic evaluations to inform employees about their progress.
On-the-job techniques include orientations, job instruction
training, apprenticeships, internships and assistantships, job
rotation and coaching.
Off-the-job techniques include
lectures, special study, films, television conferences or
discussions, case studies, role playing, simulation, programmed
instruction and laboratory training. Most of these techniques
can be used by small businesses although, some may be too
costly.
Orientations are for new employees.
The first several days on the job are crucial in the success of
new employees. This point is illustrated by the fact that 60
percent of all employees who quit do so in the first ten days.
Orientation training should emphasize the following topics:
The company's history and mission.
The key members in the organization.
The key members in the department,
and how the department helps fulfill the mission of the company.
Personnel rules and regulations.
Some companies use verbal presentations while others
have written presentations. Many small businesses convey these
topics in one-on-one orientations. No matter what method is
used, it is important that the newcomer understand his or her
new place of employment.
Lectures present training material
verbally and are used when the goal is to present a great deal
of material to many people. It is more cost effective to lecture
to a group than to train people individually. Lecturing is
one-way communication and as such may not be the most effective
way to train. Also, it is hard to ensure that the entire
audience understands a topic on the same level; by targeting the
average attendee you may undertrain some and lose others.
Despite these drawbacks, lecturing is the most cost-effective
way of reaching large audiences.
Role playing and simulation are
training techniques that attempt to bring realistic decision
making situations to the trainee. Likely problems and
alternative solutions are presented for discussion. The adage
there is no better trainer than experience is exemplified with
this type of training. Experienced employees can describe real
world experiences, and can help in and learn from developing the
solutions to these simulations. This method is cost effective
and is used in marketing and management training.
Audiovisual methods such as
television, videotapes and films are the most effective means of
providing real world conditions and situations in a short time.
One advantage is that the presentation is the same no matter how
many times it's played. This is not true with lectures, which
can change as the speaker is changed or can be influenced by
outside constraints. The major flaw with the audiovisual method
is that it does not allow for questions and interactions with
the speaker, nor does it allow for changes in the presentation
for different audiences.
Job rotation involves moving an
employee through a series of jobs so he or she can get a good
feel for the tasks that are associated with different jobs. It
is usually used in training for supervisory positions. The
employee learns a little about everything. This is a good
strategy for small businesses because of the many jobs an
employee may be asked to do.
Apprenticeships develop employees
who can do many different tasks. They usually involve several
related groups of skills that allow the apprentice to practice a
particular trade, and they take place over a long period of time
in which the apprentice works for, and with, the senior skilled
worker. Apprenticeships are especially appropriate for jobs
requiring production skills.
Internships and assistantships are
usually a combination of classroom and on-the-job training. They
are often used to train prospective managers or marketing
personnel.
Programmed learning, computer-aided
instruction and interactive video all have one thing in common:
they allow the trainee to learn at his or her own pace. Also,
they allow material already learned to be bypassed in favor of
material with which a trainee is having difficulty. After the
introductory period, the instructor need not be present, and the
trainee can learn as his or her time allows. These methods sound
good, but may be beyond the resources of some small businesses.
Laboratory training is conducted
for groups by skilled trainers. It usually is conducted at a
neutral site and is used by upper- and middle management
trainees to develop a spirit of teamwork and an increased
ability to deal with management and peers. It can be costly and
usually is offered by larger small businesses.
Trainers
Who actually conducts the training depends on the type
of training needed and who will be receiving it. On-the-job
training is conducted mostly by supervisors; off-the-job
training, by either in-house personnel or outside instructors.
In-house training is the daily responsibility of
supervisors and employees. Supervisors are ultimately
responsible for the productivity and, therefore, the training of
their subordinates. These supervisors should be taught the
techniques of good training. They must be aware of the knowledge
and skills necessary to make a productive employee. Trainers
should be taught to establish goals and objectives for their
training and to determine how these objectives can be used to
influence the productivity of their departments. They also must
be aware of how adults learn and how best to communicate with
adults. Small businesses need to develop their supervisors'
training capabilities by sending them to courses on training
methods. The investment will pay off in increased productivity.
Evaluate your budget periodically with
actual operations statistics. With powerful records you can do
this. Then, where
discrepancies appear it is possible to take
corrective action before it's too late. The right choices for
the right corrective
action depends upon your knowledge of
management techniques in purchasing, pricing, selling, selecting
and training personnel, and
tackling other management issues.
You're thinking you are able to employ a bookkeeper or a
Accountant to deal with the record keeping for you. Yes, you
can. But
remember two very important facts:
1. Supply
the accountant with accurate input. If you buy something And do
not record the sum in your organization checkbook, the
accountant can't enter it. Should you sell something for cash
and do not record it, the accountant won't understand about it.
The
documents the accountant prepares will probably be no
better than the information you provide.
2. Utilize the
records to make conclusions. If you went to a physician And he
told you you were ill and needed certain medication
to get
well, you'd follow his advice. If you pay an accountant and he
informs you your sales are down this season, don't hide your
head in the sand and pretend that the issue will go away. It
won't.
Business Management Roll in Personnel Selection.
If your Small Business Will be big enough to require outside
help, an important
duty will be the selection and training of
one or more employees. You may begin with relatives or business
partners to assist you.
But when the company grows - as you
expect it will - that the time will come when you must select
and train personnel.
Careful choice of personnel is
vital. To Pick the right Employees determine beforehand what you
want each one to perform.
Then look for applicants to
fulfill these particular needs. In a small Business you will
need flexible employees who can shift
from task to task as
required. Include this in the description of all those tasks you
would like to fill. At precisely the same
time, look ahead
and organize your hiring to assure an organization of people
capable of accomplishing every crucial role. At a
retail
store, a salesperson might also do stock-keeping or accounting
at the outset, but as the company grows you will need sales
people, stock-keepers and bookkeepers.
Once the project
descriptions are composed, line up applicants from whom To make
a selection. Do not be swayed by customers who
might suggest
relatives. In the event the applicant does not succeed, you
might lose a customer as well as a worker. Some sources
of
potential new employees are:
1. Recommendations with
friends, business acquaintances. 2. Employment agencies. 3.
Placement bureaus of top schools, business
schools, and
colleges. 4. Trade and industrial associations. 5. Help-wanted
ads in neighborhood papers.
Your next job is to display
want ad answers or program Forms delivered by employment
agencies. Some applicants will be removed
sight unseen. For
each of those other people, the application form or letter will
act as a basis for the interview that ought to
be conducted
in private. Put the applicant at ease by describing your company
generally and the occupation in particular. As soon
as you
have done this, invite the applicant to speak. Picking the right
person is extremely important. Ask your questions
carefully
to find out everything about the applicant that's pertinent to
this job.
References are a must, and should be checked
before making a final decision. Check through an individual
visit or a telephone call
directly to the applicant's
immediate previous supervisor, if at all possible. Confirm that
the information given you is accurate.
Consider, with
judgment, any negative comments you hear and what is not said.
Checking references can bring to light important Details
Which may save you money and future inconvenience.
Personnel Training. A well-selected employee is only a possible
Asset to your organization. Whether or not he or she becomes a
true asset depends upon your training. Remember:
To allow
adequate time for training. Not to anticipate too much from The
trainee in too brief a time. To allow the employee learn
by
doing under actual working conditions, with close oversight. To
follow along with your training.
Check the worker's
performance after he or she has been at work For a time.
Re-explain important points and short cuts; bring the
employee up to date on new developments and encourage questions.
Training is an ongoing process which becomes excruciating
supervision.
Personnel Supervision. Supervision is the
third crucial of employees control. Fantastic supervision will
reduce the cost of
operating your company by cutting back on
the number of worker errors. When mistakes are corrected early,
workers will find more
satisfaction from their jobs and
perform much better.
Motivating Employees. Small
businesses occasionally face special Issues in motivating
employees. In a large business, a Fantastic
employee can see
An chance to progress into management. In a small business, you
are the management. 1 thing you Might Wish to
Think about
would be to give great employees a Small share of their
proceeds, either through part-ownership or even a
profit-sharing plan. Someone who has a"share of the activity"
will be more Concerned about helping to make a success of the
business.
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