As you begin your booklet adventure, you’re probably very excited. Your expectations are high and you want to be sure that everything is done just perfectly. It’s good to be enthusiastic for your new venture, but you must tame your excitement and look at things from a more practical viewpoint when it comes to the financial part of your new business.
Vendors Can Be Vultures
Just about every business uses vendors of one kind or another. Even the smallest home business, with only it’s owner to run it, will often use some outside help once in a while. As the owner of a booklet business, you will probably rely on a few different vendors to help you get your booklet ready for publication and into the market place. But, finding the best vendors to help you is no easy undertaking.
Vendors in every category are plentiful. This is because there are so many different vendors online. With so many vendors vying for your business, it’s difficult to know which ones will do the best job at the best price. And, even when you find a good vendor, often they’ll raise their prices after doing a project for you, or their performance will dwindle – leaving you with long wait times or work that isn’t up to par.
Some vendors are just plain vultures. They want your money and they care little about the job they do for you. These vendors are found in abundance online, which is why you must be very careful about who you work with. Sometimes the vulture turns out to be an inexperienced vendor who thought they were worth more than they really are. They’re excited about their own new business, and that excitement causes them to charge more than they should, and/or take on more projects than they should. This may be an honest mistake, but it will cost you in time, and you won’t receive the quality you are paying for.
Other times, the vultures are simply dishonest. They have no conscience what-so-ever when it comes to completely emptying your pockets. They’ll dig as deep as they can.
Your best defense against the vultures is to get recommendations from others who have used that vendor – recommendations from people you know personally if at all possible. You should also check their prices against other vendors, and ask to see samples of their work. And, it’s ok for a vendor to make suggestions to you about your project, but you should always have the final say and you should be informed about all costs up front. Once you have chosen a vendor, get everything in writing – especially the full, final cost for the work they are to do for you.
You can also check with the Better Business Bureau to see if there are any complaints against the vendor you are considering, or google their name or business name. Google is a wonderful tool when it comes to learning more about a person or business. Don’t simply assume that a vendor is charging you the best price or that they are professional just because they say so, or because they have a great looking website or office. Appearances can be, and often are, deceiving!
Setting Your Sights Too High Can Cost You
In their excitement for their booklet project, many new authors lose their objectivity. They want the best of everything – and they’re willing to spare no expense to have it. This can include everything from the final outcome of your booklet itself, to your office furniture and equipment. The best advice for this situation is to keep your business as lean as you possibly can, especially in the beginning.
When you’re just starting out with your first booklet, you probably don’t have an abundance of cash to put into your project. The last thing you want to do is go deep into debt on your first project, or purchasing furniture or equipment. It’s better to use the cash you have available and pay as you go rather than plunge yourself into debt and then rely on your booklet to pull you out. When you stay within your budget, no matter how small, the money that your booklet brings in will be added to your riches, not confiscated by your creditors. The goal is to build up your bank account, not deplete it to a less than zero balance and have to fork over every dollar you get to someone else.
If you have a valid need for your booklet project, for example – a computer and word processing program, then you are justified in taking care of that need. But, this doesn’t mean you go out and buy the most expensive computer and word processing program money can buy just because you have a new business. It means staying within your budget. It might mean saving up the money you need if you don’t have it on hand, and then comparing prices diligently and finding where you can get the most computer for the money you have.
The same thing applies to every phase of your booklet project. Do you really need full color inside and out? Will black and white be just as effective? Can you cut down the number of pages? Do you have any wasted space? What about the number of copies you’re printing? Do you really need 1,000 copies right now? You might pay a little more per piece for printed copies when you print a smaller number of them, but you’ll have far less out of pocket expense.
Remember, your money is a resource. It is a tool to help you accomplish your dreams and goals. Use it wisely. Be practical. Be objective. These are the two things that matter most to your bottom line!
To your riches!
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