We’ve seen a lot of loss in the U.S. stock market this week with the Dow going down below 9000 for the first time in 5 years. Our bad economy is having a global effect hitting the Asian markets, the European market, and all others too, I’m sure. Despite the crisis with financial institutions and it’s effect on housing and mortgages, The Wall Street Journal and others in the know agree… it is lack of confidence that is driving this poor economy. Yes, we had problems, and we put a safety device in place but it caused a lack of confidence in people and now fear is causing more problems than we started with. t’s like when someone screams fire in a crowded building and everyone panics. They all run for the exits and people get trampled and hurt, even when it’s a false alarm.
We’re being told that we should not panic even after this “black week” of seeing the Dow go down below 9000 for the first time in 5 years. It’s hard not to panic, yet we really have no other choice but to be calm. When you’re in panic mode, someone telling you “don’t panic” just doesn’t always seem to sink in. If you think of this as the same advice they give in any emergency situation, then it makes sense. Fear and panic puts you (and everyone else around you) in harm’s way.
Recessions Can Make Millionaires!
It’s recessions (or crashes) like these that can make millionaires out of investors. If you keep a steady head and refuse to panic you can make money but you have to think long term. Warren Buffet makes his money solely from the stock market and is he letting fear dictate him in this market? No way! Warren just surpassed Bill Gates as being the richest man in the world by making over $8 billion in this past month (earnings from the end of August to October 1.) As Warren has said many times before, all we have to do is think smart and use this and every recession as an opportunity to buy low and sell high just as we are supposed to do. He puts his money where his mouth is and he buys low (but of course low to Warren Buffett can be considered very high to the rest of us! lol) and when he does sell, he sells high. Warren invests for the long term and he doesn’t panic and pull all of his money out of the stock market while it’s down… and neither should we.
Are You Buying HIGH and Selling LOW in the Stock Market?
We all know the first rule to the stock market is to “Buy low, sell high” but historically that’s not what the average individual investor does. Most of us don’t usually make much money in the stock market because we do the EXACT opposite. Individual investors tend to only buy when times are good and they hear how well the stock market is doing in the news. As a result, they make a few bucks here, and a few bucks there but the minute the market goes down, most individual investors actually SELL their stock and get out… so not only do they not make any money in the stock market, they lose money. Then they go back and do the same thing again when times are good and the market goes up. (and it ALWAYS goes up!)
Many people stop putting money into their 401K plans, IRAs, and mutual funds when they hear things are bad in the market. When you do this, you miss out on a great opportunity to be buying stock at a low price which is the whole point of investing. If you keep putting your money into your fund regularly, you’re buying shares in the fund at a low price and that is GOOD! (You’re buying low and you’ll sell high later on!) The worst thing someone can do is to close their 401 or retirement plan just because the market has crashed. Not only do you lock in your losses, you also have to pay the capital gains taxes on those losses, and a 10% penalty on top of that! Wow, talk about a loss…
Don’t act out of fear!
So don’t act out of fear! Keep a level head and know your options. If all of this talk about the stock market really bothers you, then just don’t look at your statements for a while. I know it sounds crazy, but that’s what the experts advise and hey, we really don’t have many other options, do we? If you’re already in the stock market you have to ride it out, and look for opportunities to buy some good stock if you have the money right now because there are deals to be had (and there will be more!). The only other alternative is to take a loss. It’s your money and your choice, but don’t let fear rule your actions
Tuesday, October 14, 2008
Saturday, June 21, 2008
Professional image for your home business
Like it or not, there is still a segment of the population who
will erroneously conclude that you and your business are
less than professional and competent just because you run
your business out of your home.
Dumb? Obviously. Narrow-minded? Yes. Wrong? Absolutely.
Unfair? No question. Want their business? Well ... yes. OK,
then you're going to have to play the game and beat them at it.
Here's how to do it. It's a little sneaky, but hey, all's fair in love
and home-based business.
HARMLESS FICTIONS
The name of the game is creating the right image ... employing
a few harmless fictions, in other words. First off, incorporate
or register a fictitious business name. Nothing screams
"PROFESSIONAL!" to Potential Client as an honest-to-
goodness corporate or business name on your letterhead and
business cards. Never mind that anyone can spend ten bucks
and register a DBA, it at least *looks* professional, and that's
what counts.
OFFICE ADDRESS
The next problem you have with Potential Client is that
you don't want your home address to give you away.
What do you think looks more professional in Potential
Client's eyes: Blk123 Toa Payoh st 3 #05-18
or 123 Major Blvd, Level 38, Suntec City?
The answer is a serviced office. These don't have to cost a lot
of money if you use them pretty much as a post office but they
CAN give your business all the big-city prestige your potential
client is looking for. You can also use a post office box for
this purpose but many a Potential Client will be on to you in a
flash. They didn't just fall off the turnip truck, you know. (Right.)
An additional advantage is that you can use your serviced
office to meet with Potential Client. After all, the last thing
you want is to have him coming to your REAL office. Heaven
forbid! Most serviced offices will make meeting rooms available
for a flat fee.
TELEPHONES
This is probably the trickiest part of all. How do you know
it's safe to answer the phone in your home office even though
the sounds of your young children playing just outside your
office door will be heard by the caller? You simply don't.
There is a simple way of dealing with this. Only give your
home office number to existing clients. They already know
you are professional and competent and should therefore
have no issue with the fact that you work from home.
For anyone else, give out the number of an answering service
that will answer the call in your business name and can tell
callers that you're in a meeting with another client and take
a message. Your serviced office will offer this service as well.
You can then return the call at a time when you know
tell-tale background noise won't give you away.
In fact, a trick some people who work from home use when
returning calls is to run a tape of office background noise.
This both gives the impression you are working in a large
office AND it masks any slight tell-tale household noises that
may, despite your best efforts, give you away.
Once Potential Client becomes an actual client and you've
proved to his satisfaction that you are professional and
competent, you can tell him that you've decided to start
working out of your home to reduce unnecessary overheads
and give him your direct phone number.
No matter how enlightened your client-base is as a general
rule, it is imperative that the telephone be answered in
a businesslike manner. I don't care how sympathetic,
supportive and admiring your clients are of your decision to
balance your work and family commitments by running a
successful business from home, there is nothing cute
about a five year old answering your business line. It's
unprofessional, not to mention downright annoying.
So have a separate phone line for your business and
lay down the law to your household that no-one, NO-ONE,
is to answer it but you (unless, of course, you're employing
your teenage children in your business in which case they
should be instructed on how to answer the telephone in a
professional manner). If you're away from your office,
divert your calls to your answering service.
EMAIL
Something else to think about is the image of your email
address. Which is Potential Client to consider more
corporate/professional: maryann@isp.com or
m.entrepreneur@mycompanyllc.com?
It's worth spending $35 a year on your own domain name
just for the professional email address, even if you never
intend to create a website. Mind you if you're going to have
your own domain why NOT create your own website? But
that's another article ...
STATIONERY AND PROMOTIONAL MATERIALS
It goes without saying that your stationery, business cards
and other promotional materials should reflect a professional
image. If you have incorporated your business or registered
a fictitious business name as recommended earlier, this is
a good start. A company or business name on letterhead and
business cards can't fail to convey a professional image
provided they are professionally printed on quality stationery
stock.
OFFICE EQUIPMENT
There's no point having quality stationery if you're going
to use a cheap and cheerful inkjet printer for your
correspondence. Invest in a medium quality laser printer
instead. They don't cost a lot of money these days and
you can get a unit that triples as a fax machine and
photocopier for only a few hundred dollars.
So, what do you think? You may be thinking "I wonder
whether it's really worth the effort to try and please just a small
number of potential clients". Is it worth it? Well, look at it this
way. Are these suggestions really anything more than basic,
common sense, professional business practices? Regardless
of what your potential and existing clients may think about
the concept of businesses run out of their owners' homes,
first impressions DO count.
will erroneously conclude that you and your business are
less than professional and competent just because you run
your business out of your home.
Dumb? Obviously. Narrow-minded? Yes. Wrong? Absolutely.
Unfair? No question. Want their business? Well ... yes. OK,
then you're going to have to play the game and beat them at it.
Here's how to do it. It's a little sneaky, but hey, all's fair in love
and home-based business.
HARMLESS FICTIONS
The name of the game is creating the right image ... employing
a few harmless fictions, in other words. First off, incorporate
or register a fictitious business name. Nothing screams
"PROFESSIONAL!" to Potential Client as an honest-to-
goodness corporate or business name on your letterhead and
business cards. Never mind that anyone can spend ten bucks
and register a DBA, it at least *looks* professional, and that's
what counts.
OFFICE ADDRESS
The next problem you have with Potential Client is that
you don't want your home address to give you away.
What do you think looks more professional in Potential
Client's eyes: Blk123 Toa Payoh st 3 #05-18
or 123 Major Blvd, Level 38, Suntec City?
The answer is a serviced office. These don't have to cost a lot
of money if you use them pretty much as a post office but they
CAN give your business all the big-city prestige your potential
client is looking for. You can also use a post office box for
this purpose but many a Potential Client will be on to you in a
flash. They didn't just fall off the turnip truck, you know. (Right.)
An additional advantage is that you can use your serviced
office to meet with Potential Client. After all, the last thing
you want is to have him coming to your REAL office. Heaven
forbid! Most serviced offices will make meeting rooms available
for a flat fee.
TELEPHONES
This is probably the trickiest part of all. How do you know
it's safe to answer the phone in your home office even though
the sounds of your young children playing just outside your
office door will be heard by the caller? You simply don't.
There is a simple way of dealing with this. Only give your
home office number to existing clients. They already know
you are professional and competent and should therefore
have no issue with the fact that you work from home.
For anyone else, give out the number of an answering service
that will answer the call in your business name and can tell
callers that you're in a meeting with another client and take
a message. Your serviced office will offer this service as well.
You can then return the call at a time when you know
tell-tale background noise won't give you away.
In fact, a trick some people who work from home use when
returning calls is to run a tape of office background noise.
This both gives the impression you are working in a large
office AND it masks any slight tell-tale household noises that
may, despite your best efforts, give you away.
Once Potential Client becomes an actual client and you've
proved to his satisfaction that you are professional and
competent, you can tell him that you've decided to start
working out of your home to reduce unnecessary overheads
and give him your direct phone number.
No matter how enlightened your client-base is as a general
rule, it is imperative that the telephone be answered in
a businesslike manner. I don't care how sympathetic,
supportive and admiring your clients are of your decision to
balance your work and family commitments by running a
successful business from home, there is nothing cute
about a five year old answering your business line. It's
unprofessional, not to mention downright annoying.
So have a separate phone line for your business and
lay down the law to your household that no-one, NO-ONE,
is to answer it but you (unless, of course, you're employing
your teenage children in your business in which case they
should be instructed on how to answer the telephone in a
professional manner). If you're away from your office,
divert your calls to your answering service.
Something else to think about is the image of your email
address. Which is Potential Client to consider more
corporate/professional: maryann@isp.com or
m.entrepreneur@mycompanyllc.com?
It's worth spending $35 a year on your own domain name
just for the professional email address, even if you never
intend to create a website. Mind you if you're going to have
your own domain why NOT create your own website? But
that's another article ...
STATIONERY AND PROMOTIONAL MATERIALS
It goes without saying that your stationery, business cards
and other promotional materials should reflect a professional
image. If you have incorporated your business or registered
a fictitious business name as recommended earlier, this is
a good start. A company or business name on letterhead and
business cards can't fail to convey a professional image
provided they are professionally printed on quality stationery
stock.
OFFICE EQUIPMENT
There's no point having quality stationery if you're going
to use a cheap and cheerful inkjet printer for your
correspondence. Invest in a medium quality laser printer
instead. They don't cost a lot of money these days and
you can get a unit that triples as a fax machine and
photocopier for only a few hundred dollars.
So, what do you think? You may be thinking "I wonder
whether it's really worth the effort to try and please just a small
number of potential clients". Is it worth it? Well, look at it this
way. Are these suggestions really anything more than basic,
common sense, professional business practices? Regardless
of what your potential and existing clients may think about
the concept of businesses run out of their owners' homes,
first impressions DO count.
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