The Fine Tips of Negotiating

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1.) Know what you want

- Always go into a negotiation thinking about the best case scenario

- What do you want realistically? Money? Relationship?

- If you know what you want out of a deal, and what you absolutely need to make it happen, communicate it through out the negotiation

2.) Know your value

- What is your worth? What different ways can you bring value to a brand? Traffic? Influence? Talent?

3.) Think of Win/Win situations.

- How can we BOTH benefit and/or make money?

4.) Communicate Clearly

- Don’t be readable but straight forward about what you want

5.) Don’t take things too personal

- Most people, as should you, look out for themselves in business

6.) Don’t Delay, Don’t Make Decisions based off of your personal feelings about a client.

- Try not to be influenced into a decision

4 Ways To Bring Your Business Down

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These are 4 small tips that usually slips through the cracks but can destroy your business…

  • Bad Receivables

Use good judgement on who gets credit and who doesn’t, also how much credit does one receive. It is very easy to get into a business threatening situation because a big customer goes broke. Good and honest intentions DO NOT always result in getting paid. It is very painful & difficult to cut off an old customer, especially when you need the business, however you don’t need bankruptcy for unpaid debt. COVER YOUR A**

 

  • Interviewing

Get notes on interviewing potential employees and interns. There are many questions you are NOT permitted to ask without risking a nasty lawsuit that will more than likely cost you more time and money than your willing to waste. Do background checks

 

  • Put Away For Taxes!

This is one of the most important things to take you down! It’s not to to just “DO” business, when what seems to be un-taxed money comes in you have to put aside for end of the year taxes. The funny part about the IRS is that they won’t come for you and your taxes for YEARS, but trust they will count EVERYTHING. Hire a good account the moment you can afford one.

 

  • Insurance

Not having employment-practicing insurance or business-income replacement coverage to replace lost revenue until the company is up and running can be pretty big deal breakers

Tip Of The Day: Business Doesn’t Come To you!

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When it comes to starting your own or even maintaining and growing a career in ANY capacity, you must know how to get up and get OUT THERE!

The biggest misconception in business is that the business will come to YOU. That you will just create what you think is a great service or product and the clients will come.. WRONG! You must do your research on your clientage, your target market and go out and find out how to get to them! MARKET MARKET MARKET! Go out, shake hands, have surveys and customer feedback, shoot, take pictures kissing babies if you have to! Always know where your audience is and your brand direction is heading so you can reach more of your potential clients. Don’t spend tooo much money on making YOURSELF look good disguising as something for the brand because that is the quickest way to a fast path of a failed business.

There are malls, parks, restaurants, churches and thousands of other resources that you can tap into for your target market and new potential clients. Don’t ever be too embarrassed to cold call or hand out cards or fliers if it follows your brand and builds your business.

No matter your success, as long as your in business is as long as you will need to GO OUT to market and maintain clients/consumers

Tip Of The Day: 3 Common Mistakes in Self Employment

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Self employment has a more pro’s than con’s when they are weighed in retrospective. Still being your own boss is not always a piece of cake, there are little things we forget, like taxes and forgetting to pay yourself! 

1.) Paying Yourself Out Of Whatever Is Left Over

You must pay yourself like you would any other bill. If you wait to give yourself  whatever is left over you will never see yourself making any financial progress and won’t really know how to plan for future progress. Make your pay salary based on your income and expense projections for the year. Be realistic when making these projections, you don’t want to find yourself in over your head.

 

2.)Forgetting About Your Taxes

Set up a separate savings account and set aside a percentage of your income, for the “incase” taxes that you may forget at the end of the year. It would help if you open an account that you can deposit in but its difficult to withdrawal, like some sort of penalty to deter you from the temptation.

 

3.) Mixing Up You Government Dues

Search for your state/country comparable tax called “Self-Employment” tax.

 

*Side Note* I will be posting some states links and info to the self-employment taxes

Human Resource Management: Working With People

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Human Resource Management (HRM) involves more than just hiring and firing your employees. All of your responsibilities in this position are designed to achieve your organizational goals.

The customers of today expect high quality, customized goods and services. This means that us as employees AND owners have to provide extensive employee service and pay close attention to the details.

Us as employees, even in your own company, have to work smart and well as hard. Managers MUST know how to stay motivated to meet and exceed the customers needs!

The Wall Street Girls At Fraunces Tavern

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Last Night was a great event hosted by the lovely Wall Street Girls at the Fraunces Tavern. Thanks to Hosts, Jessica Smith & Jennifer Ayala who took out a minute to meet with our president and talk a bit about this great group that was put together as a just an idea and developed into this amazing turn out! These are two awesome females that are fulltime Real Estate agents and social  butterflies.
Not only are they taking the Wall Street social scene by storm they are also planning on getting active in their communities soon so be on the look out!

The place was filled with smart, fun and social business people. This is exactly the social scene that NYC has been missing.

Special Thank You to Women Who Work’s very own Devora Wooden of Dig Deep Inc. who stopped by and left an amazing impression with her spunk, class and beauty.

Check them out on twitter:

@DigDeepInc

@WallStreetGirls

How To Bill For Your Time?

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“Your time is your most valuable resource, so if your business, whatever it maybe, can’t adequately compensate you for your time, it may be time to change your business!”

This is a brief breakdown example of how you should determine a salary and how much of your time you can bill for.

Billable Time: The time that you invest yourself with expectations of pay.

* If you are running a consultant business try to aim for 60-65% of your time to be billable

-Take out 6 weeks of the year for no pay (so you should have 46 pay weeks scheduled)

  • 2 weeks for Vacation
  • 2 weeks for Federal Holiday
  • 2 weeks for Sick/Emergencies

Example of a Salary layout

46 (billable weeks) x 40 (billable hrs per week) = 1840 hrs Worked per year

1840 (hrs worked per year) / (divided by) / $40,000 (individual yearly salary) = $21.74 (how much you should make per hr)

 

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