Ask SCORE About New Projects!

A ringing telephone can be music to a new entrepreneur's ears. It may mean that a potential customer has heard of your services and is eager to learn more. Even better, the caller may have an assignment that is right up your alley.

Naturally, there's a strong temptation to say "yes" to anything when you're starting out. After all, new projects do more than simply get your business's cash flow started. They create opportunities for more work by providing solid experience to offer other customers.

But before you plan the celebration for your first big job as an entrepreneur, take a moment to lay down some "ground rules" for accepting new projects. Saying "yes" is easy, but it could just as easily spin your venture into a different and less desirable direction. As your business grows, these considerations will also prevent you from becoming overextended. And by making these rules ahead of time, you'll be in a better position to make informed decisions once the calls start.

Can you do this job? New businesses may be tempted to take on projects that are outside their primary scope of services. Never agree to do a project unless you are absolutely certain you have the time, expertise, and resources to do a satisfactory job. Also, make sure you want to continue doing this type of work in the future; you may begin receiving calls for similar assignments, instead of the type of work you intended to do.

What about Scheduling? Consider whether this project interferes with other assignments underway or are realistically on the horizon. The project may also necessitate additional help or resources. If so, be sure you have a ready source of qualified assistance, equipment, and supplies.

Terms and conditions should be in place. The customer should agree on the price before work begins. This includes hourly rates, retainers, expenses, and payment schedules. While it might be tempting to compromise the fee schedule, one should avoid underselling a job for the sake of having work to do. This can penalize your business and yourself. Additionally, customers may expect to pay the same amount in the future, resisting any price increases.

One new project may signal the beginning of other similar work. While the prospect is exciting, remember that you are committed to doing this job, even if it doesn't fit into your business plan.

Do you need help with decisions regarding your growing business? Ask SCORE for an appointment to review your business plan and your opportunities. SCORE services are free and confidential. For a local appointment, call our office.