“Roundtable Reality Night”
Bill began the Roundtable session by asking the table to come forward with any questions.
- Terrance volunteered the first question: Would it be wise to incorporate your business when you first start out or when you have enough revenue? What are the pros and cons?
- Bill responded:
- As you start to make money, it’s a benefit when regarding taxes.
- You are facing liability issues if you are not incorporated. For example, if your company is sued for any reason, it will become a personal attack.
- By incorporating your business, you create legitimacy for yourself and your company.
- Annie Price mentioned that her new veterinary practice will be opening in the next month. Bill asked her how she plans to set herself apart from other veterinary offices.
- Annie replied that she will take a more low key approach and appeal to the neighborhood surrounding her office rather than a broader market.
- Her office will be decorated with a barn theme and create a warm environment for both pets and pet owners to enjoy. This will set her apart from the typical “hospital” feel of other veterinary practices.
- Not to go without mentioning, Annie’s passion for helping animals and sincere approach to her work will be appealing qualities to potentials clients.
- These two topics took up most of the discussion that evening and everyone was able to chime in with their thoughts and advice. Bill concluded with some important bullet points for operating your business:
- Recognize your client’s needs and cater to these needs as this will sustain your client base.
- Set yourself apart from your competitors. Whether you decorate your office differently, make site appointments instead of having clients come to you, or facilitate an interesting workshop – make it appealing!
- Networking is an important tool. Attend networking events, join a local community board, or create your own event!
Next Roundtable Meeting: Wednesday, August 11th, 2010
Topic: TBD
Facilitator: Bill Smith
