Today’s post is about one of the most important ingredient, that will enable you write a bankable business plan – The Pre-operating and Operating Expenses.

Most of the times, I come in contact with most people who ‘’dream” of starting a business and one of the questions on their lips are what is a Pre-operating and Operating Expenses? Or how do I know the Pre-operating and Operating Activities and Expenses that I must incur in business?

One of the things I was also told by one these people, is that they have gone on the internet, to search for some of the Pre-operating and Operating Expenses in business. But it’s either they did not get a satisfactory definition of the aforementioned terms, Or… the results the search engine gave was difficult for him to understand, because of the way they were explained, Or… the results the search engine gave, did not provide any list of some of the Pre-operating and Operating Expenses in business.

So for the sake of these people and others in this category, who do not know what some of the Pre-operating and Operating Activities and Expenses, you must incur before and during business, I’ll do my best to explain them in the simplest possible form and in a way that you will not get from anywhere.

Before I proceed any further, it is imperative for you to know that a business plan cannot be complete with these two very important ingredients. The fact, I must say here, is that these two business activities and expenses form the bedrock of any business plan. They can be likened to the ‘’Siamese Twins” and are simply inseparable.

Now, before I proceed into dividing them into two halves, I want to quickly explain what they are all about.

First up is the Pre-operating Activity and Expenses:-

Like I promised, I will explain them in the simplest possible form.

The Pre-operating Activity and Expenses are those things we all must do before starting any business and how much those things would cost. It’s as simple as that!

In other words, they are those activities and their expenses that you will undertake before the business can operate.

After nurturing the startup and expansion of some successful businesses with the business plans, I write for most people, I can boldly say that there are some activities and expenses that a business must undertake before starting out.

8 Pre-operating Activity and Expenses to Undertake Before Your Business Can Operate

I know most of you have been itching for me to list the Pre-operating Activity and Expenses. Alright!

First and foremost, I want to make it clear that these pre-operating activity and expenses may not be applicable to every business type, i.e. (Sole-Proprietorship, Limited Liability Company or Partnership).

PS:- Take note of this ‘’type of business” and ‘’kind of business”.

So depending on your preferred type of business enterprise and your budget, you may want to review the items on this list before writing your own pre-operating activity and expenses. But generally, all the business types must undertake most of the pre-operating activity and expenses.

1. Acquisition of Land

Depending on the kind of business enterprise you wish to start, e.g. (oil & gas, fish farming, poultry farming, schools, haulage & logistics, transportation etc), this is applicable to those who do not have a land of their own. So you might want to either buy a land or lease one. But if you already one a land, then it becomes an asset for you.

2. Rental of Premises or Office Space

You might also want to rent an office space, just in case you can’t afford to buy a land or lease one as a beginner.

3. Business Incorporation

This involves the registration and incorporation of your business enterprise/company with the Corporate Affairs commission (C.A.C) in Abuja – Nigeria (if your business enterprise is in Nigeria) or with the US Small Business Administration (S.B.A) in Washington – USA, if your business enterprise is in the USA or with the Companies House in Cardiff or London – U.K, if your business enterprise is in the United Kingdom.

4. Apply for Business/Operation Permits

Also depending on the kind of business enterprise you wish to set-up, e.g. Consumables, Production etc, you will need to register with NAFDAC, SON (Standard Organization of Nigeria) for a license or operating permits.

5. Registration with Tax Authorities

This is as simple as the name implies. It involves the registration of your business enterprise/company with Tax authorities, e.g. FIRS (Federal Inland Revenue Service), obtain the first tax clearance Certificate.

6. Open Corporate Bank Account

Very simple! Walk into your nearest local bank and set-up a corporate account for your business. Remember, I earlier said your business must have its own account.

7. Recruitment & Training

Most times, this activity is outsourced to a recruitment agency. It involves attracting, screening and selecting the best qualified person for a specific job.

8. Equipment Purchase

This entails the purchase or lease of equipments/machinery, for use in your business for a fixed period.

In conclusion, these pre-operating activities and expenses are a ‘’must” for anyone who intends to start a business.

So guys, if you think there are any other Pre-operating activity and expenses that I did not mention in this post please send in your comments.

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Silver is one of the most useful metals in the world. Although it is not as valuable as gold and other precious metals, it is one of the most widely used. Silver is present in items like luxury engagement rings and fancy silverware. It is no wonder people are turning to investing in silver. Some even buy silver bullions. If you are thinking of investing in silver or looking to expand your modest collection of silverware, learn the proper way of buying them.

Investing in silver may not be as popular as investing in gold but it can be just as profitable. Like most investments, the value of silver can fluctuate. Luckily, when you buy silver coins, they are subject to different appraisal categories than plain and pure silver.

Some people may say investing in silver is not as cost effective as investing in gold. You can buy gold by the bullion and take risks with its unstable market value. With silver, it is more practical to invest in silver jewelries, coins or even silverwares. When you buy silver coins, they may not be a risk-free investment but can be useful when you need cash fast. If you want to buy silver bullion or other valuable items made from the same material, learning how to determine the value of your silver is an important skill. Pawnshops and internet sellers sometimes take advantage of novice collectors and ask for more money than the items’ worth. Their initial concern is for profit rather than executing a fair trade. Specialized silver dealers are more reliable when it comes to buying and selling silver.

Be smart about the kind of people you buy silver bullion from. Do not let shady sellers steal money from you. Basic knowledge about silver and determining its value will help a lot.

To determine the value of silver, check the labeling if it is silver or sterling silver. Silver is a precious metal while sterling has other metals mixed in to make it more durable. Genuine sterling silver can still have a high price if appraised correctly. Weighing your item is the next step. Convert this weight into troy ounces and multiply it by the present price of silver. Remember that this amount is only the bottom price of the item. The value can significantly increase depending on what kind of item it is and age, rarity or history.

It is convenient to check online stores and classified ads for silver items to add to your collection. Be careful because not all dealers are truthful with their descriptions. Nothing will replace your personal and physical assessment of the item before you exchange it for money. Check out auctions, pawnshops, and antique stores. You are more likely to find authentic pieces there than anywhere else.

If you are looking for something new to collect, buy silver coins. They increase in value as time goes by, sometimes regardless of the current price of silver itself. This is a more stable investment than bullion or other artifacts made from the same precious metal.

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Apart from the tools like outbound calling campaignsthat the call center take up, there are some of the services like the Direct Mail Follow up service that helps the caller to remind the customer of the products and the services at a regular basis. This service helps the caller to give a timely follow updates brought in by the company or any offer that it has extended on any of the service plans.

The best effort is to convince the customer to buy the products and hence changing them to prospective buyers. The constant reminder given to the customers will help them to find interest in the product and thus they will agree to buy the service.

This email management service is given by some of the outbound call center rendering the same to many global customers and hence this has increased the sale. The follow-ups made by sending direct mails regular make the customer a loyal buyer of the products and the services.

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1.Most of the surveys done have proved that the emails are the most successful market planning.

2.When the follow-ups are sent through mail then the callers are able to contact the prospective buyers without even bothering them. Moreover, the call center uses this mode many times to contact the same prospective customer.

3.The call center regard the direct email service is the only mode that can generate ready response from the customers. They are the best to turn the lead generation to upcoming sales.

4.More over this is the only process and the easy process where you can relate the details of the products and the services that you render to the customers. You customer would find the products interesting when he knows about it in detail.

How do call center execute the service?

The main of the call center is to increase the business conversion rates and tries to optimize the marketing campaigns, as they are the only way to acquire new customers and raise the revenue from the existing one. Moreover, if the call center has an aim to create a long lasting relationship with the customer those communicating through email is the best way ever. Most of the outbound outsourcing team follows the following process:

1.The callers call up the customers to verify the name and the address. The people who call up the customers are well trained and they have the capability of making the customer indulge in the interaction.

2.They take the email address of the customers so that they can forward the details of the products and the services and the follow-up to the customers email.

3.They enumerate the benefits along with the information on the products and the services to the customers so that they find it interesting and subscribe for the same.

4.The call center vouches that the dual combination of the direct mail along with the follow up will accelerate the sales and the revenue response.

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Certainly the business owner and his staff have a clear understanding of the business environment, the product or service they provide, and the competition. They would not be in business if they did not also possess a competitive spirit and the desire to be productive. The nature of business, however, yields that being too close to it for too long can lead to blind spots that result in catastrophic downturns, performance management consultants are trained to identify these trends.

One of the oldest business adages is that the only constant is change. This may be trite but every company knows there is a significant thread of truth to it, even for products with immense popularity and market share. A perfect example is the video cassette recorder. Having fought off an intense rival in the format wars, it reigned as a supreme product in the entertainment industry. It allowed the customer to view what they wanted when they wanted to, and even allowed them to make their own video recordings. Now they are all but obsolete, as is any business tied exclusively to them.

The change that spelled the demise of the video cassette recorder was an advance in technology; the digital era arrived. Those companies that saw the new product, the digital video disc for what it was, began to move their recordings to the new format, and the recorders and players began transforming first to dual VCR and DVD players, then machines that could play VCRs and record them on DVD. An external perspective can often catch emerging external threats as well as identify internal improvements.

One methodology well executed by ban external assistant is the SWOT analysis, which encompasses strengths, weaknesses, opportunities and threats, and evaluates their impact on the company. Strengths are usually the easiest and thus the place to begin. Managers are quick to point out the areas they have the clearest competitive advantage in, but done well, the line workers will express their opinions too, which can often enlighten senior leadership. More than once a strength in a business, highlighted by a line employee will demonstrate to management how a bit more investment in a certain area can generate unrealized revenue.

Weaknesses are far too often ignored by businesses because they are painful and remind us that we have problems. It is the savvy, and most likely, successful businessman that actively searches for weaknesses. By identifying those areas where the company is vulnerable to external changes, competitive products, market shifts or advertising campaigns a business has the chance to defeat them.

Opportunities are not always something a business searches for, as running the business as it is becomes the task that fills every moment. But by running the SWOT analysis, an impartial eye can often find opportunities from within the list of weaknesses. Actions which serve to shore up vulnerable areas can often turn into areas for even greater success, because it is likely that if it your weakness, it is something your competitor must be careful of as well.

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Deadly mistake #1 – Using your payment processor user name and password to join a program. I know this may not sound like a bad idea because it makes it easier to remember but…

Think about the fact that a program owner has access to your login info. Maybe that person decides they need a little extra cash this month. They use your info, log in to your payment processor and help themselves to just a bit of your money.

Deadly mistake #2 – Using the program lead capture page instead of your own. You’ve heard it before YOU need to build YOUR list. If you use the program or affiliate lead capture page then you are giving your lead to the program owner rather than getting that lead for yourself. That program goes belly up and you have nothing…

But the program owner has all of your hard work wrapped up in one neat little package called a list. I’m sure that owner is going to send you a big ‘thank you’ gift.

Deadly mistake #3 – not offering a bribe to get people on your list. Ok, bribing may not sound like a good thing but info is what people want and that is what you need to offer. The bribe can be a short video, an ebook, an email series or a short report.
The bribe does not have to be too long. But you do need to give them something to make them WANT to join your list.

Deadly mistake #4 – trying to hardsell your prospect with every email. Give your subscribers the information they want. This should be at least 5-7 emails if you are using the email series bribe. This will help build some trust with your subscribers. Once you have done that then it’s time to make them an offer of a product or service that you have found beneficial.

Deadly mistake #5 – not tracking and tweaking your ads. You need to track and test which headlines work and which ones don’t. But there is a process for doing this. You have to track and test only one variable at a time. If you do more in the same ad you won’t know which tweak got more response. Then you have to evaluate your tracking to see what has worked and what hasn’t.

If you aren’t making money online then it’s time to make some changes to your business plan. Get more deadly mistakes that may be hurting your business and learn how building your list can help you.

For a lot of us, it is better to go to a professional to ensure we get the most deductions possible. But there are a lot of us who prefer to do our own taxes. If you are one of the many that choose to do your own taxes, here are some tips to help you minimize your taxes. All the forms mentioned can be found at the IRS website.

1. Keep Organized – Always keep records and receipts of all your purchases, expenses, and income. Don’t just throw everything in a shoe box. Keep papers categorized and filed. This will save you a lot of headaches when tax time arrives. A lot of records can be kept and organized electronically as well.

2. Home Office Deduction – If you have a room in your home that is used only for your business you can deduct a portion of your home’s expenses. It also has to be the primary place of business, meaning you do not rent office space or conduct business elsewhere. With a home office, you can deduct a portion of your mortgage, utilities and home repairs. You can use Form 8829 to figure out your home office deduction and add it to your Form 1040 Schedule C.

3. Donate to Charity – You can deduct cash and property donations but you must keep impeccable records on all items. For example: if you donate over $5000.00 in a non-cash property, you must have it appraised in writing for fair market value. If you donate over $500.00 in non-cash items, you must use Form 8283. You also must be able to itemize each and every item donated.

4. Mileage Log – If you use your vehicle to go see clients, or for other business purposes, be sure to keep a mileage log. Record the date, the destination, the purpose of the trip, the mileage from your odometer at the start and end of the trip. You cannot simply write down that you drove 50 miles. The IRS will expect much more detailed information.

5. Hire Your Kids – If your kids are over 6 you can hire them to help you with your home business. This is good for the kids as well as helping with your taxes. The wages you pay them are tax free if the kids are under 18 and they are a deductible business expense for you.

6. Telephone Deduction – If you only have one phone in your home, you cannot deduct it as a business expense because it is not used exclusively for your business. You may deduct long distance charges that are made for your business but you might want to consider getting a second line used only for your business. This way the whole cost can be deducted.

7. Training and Information – If you take classes, attend seminars or further your education to help you with your business, those expenses can be deducted. You can also deduct business-related books, newspapers and other publications.

8. Mailing Expenses – If you send greeting cards to your clients and prospects, they can be deducted as a business expense. You can also deduct the postage. If you purchased email addresses or mailing lists for your business, they can be deducted as well.

9. Website Expenses – Don’t forget your website expenses as part of your deductible business expenses. Web hosting, domain name, and software are all deductible expenses. If you paid someone to design your site, don’t forget that in your business expenses. However, there are some specific rules on website design costs.

10. Health Expenses – If you have non-reimbursed health costs, these can be used as a tax deduction. This includes insurance premiums, co-pays, and other health related expenses. This can be a substantial deduction if your health costs are large.

The information provided in this article is based on general online research so be sure to check out all new tax laws and/or consult a professional.

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