Now that you are an agent, what can you do to make your business successful and profitable? Start with the understanding that building a business is much like taking a journey, fraught with challenges that lie ahead. As the leader you must know where you are headed, understand your direction, stick with it and of course make all the decisions. We have outlined our MAPSS process to help you navigate a course when starting out as a telecom agent.
Money. The old adage “it takes money to make money” has never been truer than when it comes to starting a business, and you can never have too much capital to fuel your business. Rent, equipment, promotional expenses, travel, entertainment and payroll are all expenses requiring capital. As a telecom agent you will need to either use your own money, known as “bootstrapping,” borrow from a lender or obtain capital from outside sources, such as independent or venture capital investors. Excess capital is a positive situation, especially when starting out. It is better to have capital available and not use it than need it and not have access to it.
Advice. Seek advice by joining or forming an advisory group with representation from within and outside of your industry and enlist the support of people who can help. The more senior people you have in your group the better. Advisers who understand your business and industry will help you with the more specific challenges you will face while non–industry advisers may be able to assist with issues that are more general and provide access to business contacts and referrals. Both are invaluable for your business.
