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The Secrets to Building Your Ideal Professional Practice!

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Lately, I’ve talked about how finding a HUGE DEMAND to fill is essential for an ideal practice, and how operating a LOW MAINTENANCE practice is highly desirable.

 

So, now, how about the advantages of NO INVENTORY.

I’m sure you’ll agree that this is a biggie, and probably one of the reasons you went into accounting in the first place, if yu stop and think about it. Tie up your money in inventory and you might as well tie up yourself!

Let’s look at the typical MLM businesses as an example. They are notorious for people buying inventory.

I don’t know how many people I know who have purchased a “starter kit” for $500 plus added another $500 to $1,000 worth of inventory to get their MLM business started. And far too often, their initial enthusiasm fades as they try to peddle their wares to their friends, family, and neighbors.

There are too many basements and garages filled with inventory from these types of business start-ups.

Then we have other more “traditional” businesses. I know a family who started a greeting card and gift shop. You should have seen the inventory they had to buy to get their business open. It was expensive and risky: if they guessed wrong, they were stuck with merchandise they’d have to put on sale.

Avoiding inventory is a big plus when it comes to picking a good business to operate.

I kept that fact firmly in mind when I selected services to offer. The services I offered in my practices were selected when there was a huge demand and there was no inventory to buy.

Once you start considering the services you will offer in your practice, stop and think about whether it will call for additional assets, such as dedicated software, additional compurters, new brochures, etc. Will all this inventory tie up a lot of money before your get your first customer?

Or, can you add your product or service using the equipment and software you already have, purchasing dedicated inventory only when demand exceeds the cost. Can you develop a print as you go (Print On Demand) self liquidating promotion, such as the self liquidating promotion at http://practicebuilderpublishing.com/4576

Next week, I’ll discuss a very important ideal: EMPLOYEES. You’re sure to enjoy this next e-mail – look for it to arrive in your e-mail inbox in a couple of days!

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