Chapter 21: Business Basics and Planning Flashcards
Sole proprietorship
One person owns the business
Independent Contractor
This person provides a service for other people or businesses.
Partnership
A business partnership is formed by two or more people, either with an informal agreement or with a formal written contract filed with local or state government.
Corporation
A formal business entity subject to laws, regulations, and the demands of stock- holders.
S Corporation
A popular alternative for small businesses; combines the advantages of the sole proprietorship, partnership, and corporation.
Limited Liability Company
A limited liability company is flexible for small to medium sized businesses and generally more advantageous than partnerships or S corporations.
The first step to creating a business plan
Do a comprehensive demographic analysis.
Market Analysis
Provides the baseline data to build a budget.
Market niche
A client group with similar needs and goals.
Step 1 of sales
Making Contact. Simply introduce yourself to open that door.
Step 2 of sales
Building Rapport. Take personal interest in the prospect.
Step 3 of sales
Assessing Need. Ask questions and encourage the prospect to share with you.
Step 4 of sales
The Tease. Give them a taste of what training is.
Step 5 of sales
Presenting a Winning Proposition and Closing. Ask for the sale. For the close, give the prospect client either/or choices instead of yes or no.
Step 6 of sales
The Fall Back. A no becomes a future prospect.
