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Casual Articles - Your Own Business: The First Steps
As much as billers don't want to think about it, software for medical billing is not perfect. There are going to be problems, sometimes lots of them. In the next series of articles, which will cover a number of critical areas of the DME software system, we will go over the most common problems that you will run into when operating your DME medical billing system. In this particular installment, we're going to just give a brief overview of the areas that will be covered in more detail.The first part of the system where you are going to run into problems is the actual installation and running of the software itself. Even though manufacturers try to make software that will work on any operating system and network, this isn't always the case. Sometimes just installing the software itself can be a problem.The second part of the system where you are going to run into problems is the entering of data, which is where you store your doctor files, patient files, inventory files and so on. These data entry problems can range from something as simple as a piece of data not saving correctly to losing whole chunks of information or even a whole database.The third part of the system where you are going to run into problems is the actual billing of claims. This is where you run into the largest variety of problems because billing itself covers such a wide area. This installment will probably be further broken up into smaller installments in order to cover everything and not give you information overload.The fourth part of the system where you are going to run into problems is with the printing of forms. This is another part of the medical billing system that is so complex because of the large number of forms that sometimes trying to determine the cause of the problem can be extremely difficult at best. These problems range from something simple like a form not lining up to fields not printing at all.The fifth part of the system where you are going to run into pro
Take the time you need to select on a business name that you’re happy with, says what you do, and has a good URL for a website. You should run your name choices by your friends and family to gauge their reaction and to get their thoughts.
2) Register Your URL
I know, you just decided on a name and have nothing close to a legal business yet. But I suggest snapping up the best available URL (or web addresses) as soon as you can. In this day and age, your website and the URL will be a large part of you business iden
In the digital age, companies that want to stay ahead need the tools to do so. Mobile marketing is one of those tools. This method of advertising allows businesses to connect to those that they need to, effectively. It allows the organization to spend messages to mobile phones to promote a product or a service. It also for them to tell their targeted audience that the store parking lot they just pulled into has something on sale. Or, it allows them to know that today is the last day for the lowest price of the seasons. Mobile marketing works for several reasons.ConvenienceLet’s face it. We are all working on finding the best way to accomplish all that we need to in the fastest, most convenient way. Mobile marketing allows individuals to receive the information they need to reach their goals, when they need it. It is convenient because it allows for not external needs. They don’t have to get online to see the ad. They don’t have to have the radio on a specific channel either. They don’t have to watch the television commercials to hear it. They get the information on their mobile phone. How many people that you know don’t take their phone with them?Get It To The Right AudienceMobile marketing is targeted advertising. You don’t find yourself pushing a new electronic gadget on the senior citizen that doesn’t know how to send an email. Because there is an activation process, the marketing goes to those who it will work for, those who are interested in the products and services available. There are few other mediums that can do that.Personal TouchThe personal nature of mobile marketing also is effective for this type of advertising. The message is sent directly to them, not to a board range of people. This personal nature is quite effective at making them click and buy.Mobile marketing is an excellent type of marketing that we can count on seeing more of down the road. Because of how well it works, more and more companies are get
It is my goal to take everything all those books say and boil it down to a real action plan that is a simple as it can be. Basically making it like a recipe. You really don’t need all that filler; you just need to know how to get started. A bunch of fluff isn’t going to help; in fact it slows you down. Instead of reading, you should be doing!
This section will be those most difficult first steps of just getting started. Effectively launching your business and then growing it for success are their own unique steps in the future. For now, I’ll have to assume you have an idea already and have researched it enough to know that it is a good idea and has a bunch of customers clamoring for your product or service. Please be sure you have a good quality product and/or superior service. You are not trying to make a quick buck; you want to have a business that lasts.
I also have to assume that you already have some sort of support network in place, trusted friends, professional advisors like accountants and/or lawyers, and a maybe a mentor with excellent opinions. If you don’t have them, you can pick them up along the way. But you’ll need them all at some point.
You probably want to know what qualifies me for writing about this. Academically, I have an MBA in Entrepreneurship and Marketing. Professionally, I have been a consultant for many entrepreneurs, I worked at a home business franchise company for several years, and I have a few successful entrepreneurial ventures of my own. I even helped my own family launch a very successful online business selling premium pashmina and cashmere products. I’m not a super rich entrepreneur, but I’m successful and happy. My key expertise is online ecommerce, but the following ideas are relevant to starting any type of business.
How to Establish Your Business
This first part is really what most people don’t know how to do. It’s the fundamental process of actually setting up the business. All the good ideas in the world have to start at the beginning. It’s not the fun part, but it has to be done.
It may seem elementary to you, but why haven’t you done it yet?
So, let’s start from the start.
1) Giving Your Business a Name
Your business’ name is important. It is your customers’ first impression and your public identity. You probably want to choose a name that is professional, but also may hold some meaning to you and your potential customers. My personal and professional opinion is to not get too elaborate with your name. Make it simple and direct so you don’t have to waste a lot of time branding or explaining to your customer just what it is you do or sell.
For example, for my family’s business selling pashmina products, we decided to go with The Pashmina Store. There is no question what the business is. Simple and direct…and the URL was available (which is very important).
Most people have a desire to name their business after themselves, using something like their family name, their first name, or their initials. This is a perfectly acceptable; as long as you get the idea across about what it is you are selling. For example, if you are selling raincoats and your name is Smith, you may call your business Smith’s Raincoats or even Raincoats by Smith.
Take the time you need to select on a business name that you’re happy with, says what you do, and has a good URL for a website. You should run your name choices by your friends and family to gauge their reaction and to get their thoughts.
2) Register Your URL
I know, you just decided on a name and have nothing close to a legal business yet. But I suggest snapping up the best available URL (or web addresses) as soon as you can. In this day and age, your website and the URL will be a large part of you business ident
AdvantagesThere are many different advantages of working from home. Learning how to make money from home is one of the best things you can do. It allows you the ability and freedom of working for yourself, in a way. When you work from home you can basically choose your own schedule. If you are most productive in the morning, you can set your hours for early in the day. If you are a night owl, you can work late at night and into the wee hours of the morning. You can schedule yourself a mid-afternoon nap, if that helps you to be more productive. You can even wear your pajamas or sweat pants and slippers to the office. You can help the kids with their homework, or even make them breakfast. You can even do your laundry or have dinner in the oven while you are working in your office. Working from home lets you feel more in control of your life, and allows you to really enjoy life more than ever before.Another advantage is the tax deductions available to home businesses that are not available to people who work for employers. Some of these deductions might include mileage deductions for business errands and appointments. Combining these with personal errands and appointments is also an advantage to the work at home business person, not only for time management, but also for the ability to deduct mileage that would not otherwise be available. Combine business with pleasure when taking a vacation, to make part or all of your time away deductible. Another would be tax deductions for the expense of having an office in your home. These might include items like part of the cost of your home, as well as part of the cost for the electricity, water, heating, telephone, and cable for your internet connection. Also any electronic equipment you use for your business, including computers, printers, scanners, fax machines, etc., would be deductible. In addition, any upgrades for your computers, such as security software or other software for programs you might use in your busines
I also have to assume that you already have some sort of support network in place, trusted friends, professional advisors like accountants and/or lawyers, and a maybe a mentor with excellent opinions. If you don’t have them, you can pick them up along the way. But you’ll need them all at some point.
You probably want to know what qualifies me for writing about this. Academically, I have an MBA in Entrepreneurship and Marketing. Professionally, I have been a consultant for many entrepreneurs, I worked at a home business franchise company for several years, and I have a few successful entrepreneurial ventures of my own. I even helped my own family launch a very successful online business selling premium pashmina and cashmere products. I’m not a super rich entrepreneur, but I’m successful and happy. My key expertise is online ecommerce, but the following ideas are relevant to starting any type of business.
How to Establish Your Business
This first part is really what most people don’t know how to do. It’s the fundamental process of actually setting up the business. All the good ideas in the world have to start at the beginning. It’s not the fun part, but it has to be done.
It may seem elementary to you, but why haven’t you done it yet?
So, let’s start from the start.
1) Giving Your Business a Name
Your business’ name is important. It is your customers’ first impression and your public identity. You probably want to choose a name that is professional, but also may hold some meaning to you and your potential customers. My personal and professional opinion is to not get too elaborate with your name. Make it simple and direct so you don’t have to waste a lot of time branding or explaining to your customer just what it is you do or sell.
For example, for my family’s business selling pashmina products, we decided to go with The Pashmina Store. There is no question what the business is. Simple and direct…and the URL was available (which is very important).
Most people have a desire to name their business after themselves, using something like their family name, their first name, or their initials. This is a perfectly acceptable; as long as you get the idea across about what it is you are selling. For example, if you are selling raincoats and your name is Smith, you may call your business Smith’s Raincoats or even Raincoats by Smith.
Take the time you need to select on a business name that you’re happy with, says what you do, and has a good URL for a website. You should run your name choices by your friends and family to gauge their reaction and to get their thoughts.
2) Register Your URL
I know, you just decided on a name and have nothing close to a legal business yet. But I suggest snapping up the best available URL (or web addresses) as soon as you can. In this day and age, your website and the URL will be a large part of you business iden
You want to have at least three qualified vendors to participate in any competitive bidding process. The best way to guarantee qualified vendor participation is to make yourself accessible so vendors can ask you questions. Not many eRFXs or reverse auctions are perfect in everyway and answer all the questions that the vendors may have. Always include your desk number, fax number and email in all your communications. This will put the vendors at ease because if they know how to get in touch with you, they are more likely to ask questions and feel more comfortable doing business with you.Keep in mind that none of the communication methods work all by themselves. If you do receive questions, answer them soon. Even if it is a simple message that says, “I do not have the answer right now, but I will get back to you when I do get an answer.” A little goes a long way when in comes to communication. No communication will get you nowhere, and possibly no bids.Keep in mind that you will need to communicate with the vendors when a winner is chosen. While everyone is busy doing everything all the time, include good communication into your process with your vendors and they will take care of you.
How to Establish Your Business
This first part is really what most people don’t know how to do. It’s the fundamental process of actually setting up the business. All the good ideas in the world have to start at the beginning. It’s not the fun part, but it has to be done.
It may seem elementary to you, but why haven’t you done it yet?
So, let’s start from the start.
1) Giving Your Business a Name
Your business’ name is important. It is your customers’ first impression and your public identity. You probably want to choose a name that is professional, but also may hold some meaning to you and your potential customers. My personal and professional opinion is to not get too elaborate with your name. Make it simple and direct so you don’t have to waste a lot of time branding or explaining to your customer just what it is you do or sell.
For example, for my family’s business selling pashmina products, we decided to go with The Pashmina Store. There is no question what the business is. Simple and direct…and the URL was available (which is very important).
Most people have a desire to name their business after themselves, using something like their family name, their first name, or their initials. This is a perfectly acceptable; as long as you get the idea across about what it is you are selling. For example, if you are selling raincoats and your name is Smith, you may call your business Smith’s Raincoats or even Raincoats by Smith.
Take the time you need to select on a business name that you’re happy with, says what you do, and has a good URL for a website. You should run your name choices by your friends and family to gauge their reaction and to get their thoughts.
2) Register Your URL
I know, you just decided on a name and have nothing close to a legal business yet. But I suggest snapping up the best available URL (or web addresses) as soon as you can. In this day and age, your website and the URL will be a large part of you business iden
“Businesses with fewer than 20 employees have only a 37%chance of surviving four years (of business) and only a 9% chance of surviving 10 years. Restaurants only have a 20% chance of surviving 2 years. Of these failed business, only 10% of them close involuntarily due to bankruptcy and the remaining 90% close because the business was not successful, did not provide the level of income desired, or was too much work for their efforts.”–excerpt taken from an article written by Rob Holland, ‘Planning Against a Business Failure’As a new restaurant owner (or soon to be), that quote must have sent chills up your spine. Everyday, people are pouring their entire life savings, betting their children’s education funds, and risking their marriage to fulfill a life long dream of opening their own restaurant. No doubt, there are risks involved – lots of risks. It’s important to not tumble into the traps that have already robbed the dreams of so many restaurateurs.Making mistakes is a part of learning - as the old saying goes ‘learn from your mistakes’. However, time and time again entrepreneurs continue to make mistakes and not learn from them. Just like people, organizations tend to make mistakes repeatedly; are adverse in setting up a guard against making mistakes; and tends to focus on the bad while overlooking the good. Business owners often forget to look on the bright side to see what they are doing right.Mistake #1 (and the biggest one): Failure to PlanI cannot place enough emphasis on the importance of planning. This critical success factor is often overlooked by current jobs, life styles, personal schedules, and other important details that go into opening a new restaurant. Business and market planning should be the first and foremost step to take when deciding to pursue a new venture. By doing your due diligence and taking the time to research the full potential of your products, service and customer base will give you a clear picture of whether or not your dre
1) Giving Your Business a Name
Your business’ name is important. It is your customers’ first impression and your public identity. You probably want to choose a name that is professional, but also may hold some meaning to you and your potential customers. My personal and professional opinion is to not get too elaborate with your name. Make it simple and direct so you don’t have to waste a lot of time branding or explaining to your customer just what it is you do or sell.
For example, for my family’s business selling pashmina products, we decided to go with The Pashmina Store. There is no question what the business is. Simple and direct…and the URL was available (which is very important).
Most people have a desire to name their business after themselves, using something like their family name, their first name, or their initials. This is a perfectly acceptable; as long as you get the idea across about what it is you are selling. For example, if you are selling raincoats and your name is Smith, you may call your business Smith’s Raincoats or even Raincoats by Smith.
Take the time you need to select on a business name that you’re happy with, says what you do, and has a good URL for a website. You should run your name choices by your friends and family to gauge their reaction and to get their thoughts.
2) Register Your URL
I know, you just decided on a name and have nothing close to a legal business yet. But I suggest snapping up the best available URL (or web addresses) as soon as you can. In this day and age, your website and the URL will be a large part of you business iden
There are several uses for a business plan, and each requires the plan to be written somewhat differently:You Need To Decide Whether To Start A Business Or Buy A Business. This plan will help you improve your chances for success and avoid making serious mistakes. You may be the only one who reads this plan, although you should have input from a number of other people with business experience. You need to ask yourself the following questions and incorporate the answers in your business plan:• What does it take to succeed in this type of company?• Do you have the skills and background necessary?• Can you afford to take the risk? What effect would the business' failure have on you?• What is the growth potential for the business? Can it meet your financial expectations and requirements?• Is there a large enough market for your products/services?• Will you enjoy owning and managing the business?You Want To Better Organize Your Company or Improve Its Operations. This is a time and task oriented plan for use internally. It suggests actions that need to be taken and assigns responsibility. Questions that need to be answered:• How does our company compare to leaders in its industry?• What are our management weaknesses? How can we make improvements?• How can we increase sales, serve the customer better, improve manufacturing efficiency, increase the gross margin?You Are Seeking A Bank Loan. This plan is used to inspire confidence in your banker and convince her/him that your business is a good credit risk. It is written very logically, with an emphasis on the financial projections and presentation of historical financial results. Bankers who make bad loans get fired, so they like to err on the side of caution. A banker is looking for safety and a demonstration that the company can generate sufficient cash flow to pay the interest and the principal. You'll need answers to these questions:e their family name, their first name, or their initials. This is a perfectly acceptable; as long as you get the idea across about what it is you are selling. For example, if you are selling raincoats and your name is Smith, you may call your business Smith’s Raincoats or even Raincoats by Smith.
Take the time you need to select on a business name that you’re happy with, says what you do, and has a good URL for a website. You should run your name choices by your friends and family to gauge their reaction and to get their thoughts.
2) Register Your URL
I know, you just decided on a name and have nothing close to a legal business yet. But I suggest snapping up the best available URL (or web addresses) as soon as you can. In this day and age, your website and the URL will be a large part of you business identity. It will also be the source of your email addresses, so getting a good URL matters. We were lucky enough to get www.thepashminastore.com for the pashmina and cashmere business, I hope you are as fortunate for your venture.
It is best to investigate available URLs even as you decide on a company name. Try to get the URL of your exact business name, or as close as possible. I suggest getting a “.com” rather than “.net” or other since that is what most people know.
You can research names and register at websites such as Register.com and GoDaddy.com. There is a small fee, but it is worth it if you are serious about your business. These two services even will help you inexpensively set up and host a website and email service.
3) Your Business’ Legal Organization
Next, you will have to determine what legal structure is best for your new business. Early in a business’ life, a sole proprietorship is most common. However, it is beneficial to know the different types of legal business structures before you decide for certain. You’ll need to know all about them as you grow, in any event.
You’ll most likely want to discuss the options with your accountant and/or attorney as well. To get you started, here are the three most common forms of business.
1. Proprietorship. As mentioned earlier, this is the most popular structure when starting a new small business. It is also the easiest to start. In most states and cities, all it typically requires is a D.B.A. (“doing business as”) and a tax ID number, which would likely be your Social Security number.
A proprietorship provides you the maximum amount of control over your business…but it also leaves you the most potential liability. In short, you are personally accountable for your business and all of its debts and legal issues.
2. Partnership. This form of business is common if your business requires you to take on a business partner for expert knowledge or financial needs. A partnership is a legal definition of your business relationship and defines which party is responsible for what aspect of the business venture.
For example, you may be the engineering type who can make the product. Another person may be the talkative type who can sell sand in the desert. Yet another person may be the main financial backer. Whatever your circumstances, a partnership allows you to define each person’s part in the business and put it down on paper in a legal manner.
3. Corporation. This is the most official and potentially complicated legal form of business. This is also the most expensive type of business entity, but it does provide everyone involved the least amount of liability.
It is very common to start as a proprietorship or partnership and then change to a corporation after the business is established and growing.
4) Business Registration
Again, most likely you will start as a sole proprietorship. The process is very simple and inexpensive. But the process can vary a bit between states and even cities and counties.
The goal here is to get your business name registered as a D.B.A, or “doing business as”. You will need this in most areas to open a business checking account. The fees are typically minimal, but vary on your location. Your County Registrar is most likely to
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