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JoAnne Chalom, COMS, Ed.S. JoAnne Chalom, COMS, Ed.S. How many hats do you wear? Attendees will ◦ Understand similarities & differences An employee A private contractor Attendees will ◦ Access resources to develop a business plan An emerging Or established business Attendees will ◦ Understand the benefits of social media marketing Emerging business Established business Think Time ◦ Presentation ◦ Questions ◦ Wrap-Up Private contractors typically have contracts for ◦ A set time period ◦ A set amount of money Typically a school board employee’s salary is based on a ◦ ‘School year’ ◦ Ten months long A new orientation and mobility specialist may need to accept a lower fee structure This may be similar to a beginning salary for a recent graduate Comparison between ◦ A veteran orientation and mobility specialist ◦ Long-time employee at the top of the pay scale Wear and tear on School Board Employees' car is not typically reimbursed Contractors would typically use their car and may or may not be reimbursed for their travel time and expenses A school board employee benefit ◦ The use of the company vehicle for work related travel ◦ Reimbursement for mileage School Board employees also have benefits It may include ◦ Medical ◦ Dental ◦ Retirement What fringe benefits are provided to employees? Are they as prevalent for private contractors? Contractors can access health care coverage through other means that may include ◦ The Patient Protection and Affordable Care Act (PPACA) Pension Plans Group Errors and Omissions Coverage Paid time off (sick or personal) Paid Holidays/Leaves or Sabbaticals Group Health Insurance Groups Dental Coverage Group Life Insurance Professional Errors and Omissions Liability insurance General Commercial Liability Insurance Business coverage for your vehicle A private contractor would need to consider expenses such as ◦ Gas ◦ Vehicle maintenance ◦ Office supplies ◦ Other expenditures Congratulations, you have decided to go out on your own and become selfemployed Give yourself a pat on the back Now exhale (after you have figured out what you have just done) Take a moment to say good bye ◦ Dependable paychecks ◦ Fringe Benefits ◦ Paid time off Paperwork ◦ Oh what fun……….. All licenses required to have a business must be kept current ◦ City ◦ County ◦ State Monthly deposits ◦ Federal taxes ◦ State taxes ◦ State employment taxes ◦ (Formerly unemployment taxes) Insuring that invoices are paid in a timely manner Insuring that business expenses are paid on time ◦ When is it worthwhile to give some of your responsibilities to another professional like an accountant? When you spend more time completing these tasks when you could be providing services to clients and earning money Research and think about your business in a systematic way ◦ Financial backing ◦ Loans ◦ Investors It helps you to think things through thoroughly ◦ Study ◦ Research-If you are not sure of the facts ◦ Review-Look at your ideas critically Mission Statement Vision Goals Mission Statement ◦ ◦ ◦ ◦ Brief statement 30 words or fewer Explaining their reason for being Guiding principles Vision/Business Philosophy What is important to your business? To whom will you market your services? Goals-destinations Objectives-progress markers Industry description- What changes do you foresee in the industry, short term and long term? Will your company be poised to take advantage of them? Describe company strengths and core competencies. What factors will make the company succeed? What do you think your major competitive strengths will be? What background experience, skills, and strengths do you personally bring to this new venture? Legal forms of ownership Sole Proprietor (DBA) Partnership Corporation Limited liability Corporation (LLC) Services Describe your services in depth What factors will you give? Advantages ? (level of quality) Disadvantages ? What are the fee structure of your services? Market Research ◦ Know your niche market Primary research ◦ Collecting your own data Secondary research Newspapers Trade journals Census data Demographic information Social Media Economics Size of market Current demand (niche) Trends Growth patterns Other factors Competitive analysis Customers Strengths and challenges Operational analysis Other factors Narrowing your niche How big a piece of a business can you accommodate? As a new or established business owner are you biting off more than you can chew? Score (http://www.score.org/) (retired entrepreneurs) ◦ Free or low cost ◦ Mentoring ◦ Workshops ◦ Webinars Association of Procurement Technical Assistance Centers (PTAC) ◦ Free ◦ Mentoring ◦ Workshops ◦ http://www.aptac-us.org/contractingassistance Topics offered… ◦ Finance ◦ Money ◦ Management ◦ Technology Minority Business Owner ◦ A business that is owned, managed, and controlled by a person who qualifies as a minority ◦ At least 51% owned by a minority Women Owned Business ◦ A business that is owned, managed, and controlled by a woman ◦ At least 51% owned by a women Small Business Enterprise ◦ A business that meets criteria from the county or city ◦ Financial restrictions apply Small Disadvantaged Business ◦ At least 51 percent owned by one or more individuals who are both socially and economically disadvantaged Small Disadvantaged Business Whose management and daily business are controlled by one or more such individuals Logo ◦ How do you want your brand visually represented ? Tag line ◦ It’s more than a few simple words and it must be very succinct Blogs ◦ To blog or not to blog that is the question Logo ◦ Does your logo look professional and does it relay an image you would like associated with your company ? ◦ Yes, many free images are available, but sometimes you get what you pay for Tag line ◦ In a few succinct words do clients or potential clients understand ◦ What products your company sells? ◦ What services your company provides? Tag line ◦ What does it mean to your clients/customers? ◦ It provides a clear and indelible mental image of your primary business product. ◦ It answers the unasked question’ what makes your business unique?’ Blogs are: ◦ Another representation of your professional image ◦ Forever Once posted you cannot retract comments Once a blog is posted ◦ It is posted forever ◦ You cannot control the comments readers post under your blog Blogs are: ◦ A two way street type of Pandora’s Box You are only in control of outgoing messages You cannot control responses Know when to contact a professional who excels in areas that are not your area of expertise Know when to invest your time wisely Website Development ◦ Professional presence ◦ An extension of your business’s vision Brochures ◦ Know your purpose ◦ Is it a giveaway or a marketing tool ◦ Limit fonts used Create a clean cut media presence ◦ Clear ◦ Concise ◦ Not cluttered To maintain and accentuate your theme include the same ◦ Tag line ◦ Logo Use a consistent theme across all marketing media ◦ Website ◦ Brochures ◦ Business Cards ◦ Blog ◦ Advertising Social Media ◦ Facebook ◦ Instagram ◦ LinkedIn ◦ Twitter ◦ Google+ Similarities & Differences ◦ Contractor vs. Employee Your Business Plan Social Media Marketing Spend time putting your thoughts on paper Create a document that can be referenced if you lose focus Slow down and think about the business you are creating Be willing to knock down barriers to create the type of business that reflects your philosophy and vision SCORE formerly known as Service Corps of Retired Executives www.score.org Business Planning and Financial Statements Template Gallery http://www.score.org/resources/businessplanning-financial-statements-templategallery The U.S. Small Business Administration http://www.sba.gov/ Association of Procurement Technical Assistance Centers http://www.aptac-us.org/contractingassistance/ Terms to Know http://www.frbatlanta.org/about/atlantafe d/procurement/supplier_classification.cfm JoAnne Chalom, COMS, Ed.S. In Focus Mobility, Inc. www.infocusmobility.com [email protected] (954) 261-9226