We are confused - why is it so many people say they want to create a business but are unwilling to take the risks necessary to do so? In particular, why are they unwilling to spend for the things that will help them be successful?

Likewise, if you have to spend $5,000 to create a company that generates five or six figure returns, that too is considered a shoestring. It seems there is a mistaken idea that one can spend a couple hundred dollars and build a lifestyle management company. It is simply not possible. Insurance alone is going to cost more than that!

If you are truly interested in creating a company and not just a job for yourself, you must make some investments to create a foundation for your company. This foundation should set the tone and brand you want to project.

For example, the following items are all necessary foundation items:

* Insurance is the most important investment you can make. This industry is a verbal one with a huge opportunity for misunderstandings. Protect yourself and pay for insurance (liability and E&O at a minimum)
  

* A professional and memorable logo will say more about your company than anything else you do. It should be everywhere, on every piece of marketing collateral you offer so make sure you love it (font, color, images, everything).

* Social Media is imperative -- a website, a blog, a newsletter, various media sites (i.e. Facebook, LinkedIn, Twitter, Instagram, etc) are all necessary and an inexpensive way to brand and advertise.

* A Business Card that clearly states who you are and what you do. With the growth in baby-boomer spending, it is recommended you carefully consider your font type and size so your card is legible for us 'old folks'.

* A Brochure that is both unique and clearly, CLEARLY states what you do. In this industry particularly, it is necessary to provide suggestions. Most people love the idea of lifestyle management services but often can't imagine how they would use you. Tell them.

The proper technology to properly run your business. At a minimum you need an

accounting software (we use Quickbooks Enterprise, but Pro is great too), a calendar software (we use Google Calendar) and some sort of program for

data collection. Most people start out with Excel, but that takes an inordinate amount of expertise and time. We use our proprietary system Essential Elements™ (request a demo) 

You can easily spend $5,000 on starting up your company, or you can avoid 'reinventing the wheel' and avail yourself of existing products to help simplify your life. For example, our first brochure cost $2,000 and it was totally ineffective.

Two iterations later, we've created a brochure that is highly effective, customer approved and inexpensive to reproduce. Why not purchase ours and have your graphics person modify it for your use? The tangible cost for that might end up around $300 or $400 but the intangible cost, while impossible to quantify, at a minimum, results in an immediate and proven marketing tool.

Likewise, utilizing the proper technology can save you in both time and money but most people look at the initial cost and fail to see the bigger picture. We've done many informal surveys and everyone who is working in this industry without an automated data management system is spending an average of 20 hours per week trying to manually manage their data.

Often, if you are not disciplined (or not technologically savvy), data integrity suffers. Poor data integrity is one of the leading causes of business failure in this industry. The administrative efforts for lifestyle management, when done properly, are overwhelming, therefore you must have a way to automate this process.

We've been running our lifestyle management company, Executive Errands® on our proprietary software, Essential Elements™ since 2007. Over that time, the software functionality has grown (and continues to grow as our business does) to the point where we could not manage our company without it. For sure we could not support as many clients as we do, as efficiently as we do, without it.

Did you know, we spend ZERO hours on data management? That's because our system moves that responsibility to the people who work for us and because their timecards (also automated) depend on the data they enter, you can be sure the data is properly documented. Even if you're doing the work yourself, the discipline required by our system ensures accurate accounting of all time while providing full visibility to your clients (something they are thrilled about).

Remember we said that most people say they spend at least 20 hours per week manually managing data in this industry? If you do the math, and if you sell your time at $45/hr, then 20 hrs per week equals $900 or more than $3500 per month in non-billable effort. If you pay $99/month for software to automate that process, you've not only saved yourself $3400 but you have improved your data integrity and have at least 80 more hours to market, network and grow your company.

The point is, there are policies, procedures, tools, documentation, and software available to help you create a solid foundation for your new (or existing) company and if you're trying to keep costs down, you may want to consider availing yourself of these tools.

Yes, you need to invest money, but you need to do that whether you create from scratch or you take an existing product and modify it for your use. Approach this logically.  

Figure out which method costs you less then decide. But whether you use the tools we offer or you create your own, you MUST have the proper foundation for your company in order to have any sort of chance at success.

If you truly want to create a company and build a brand within your community, do invest properly and efficiently. As much as we would like to say you can do it for nothing, that is not true and anyone who says otherwise is leading you astray.

Good luck and good building!