The IPR - Business Basics Assessment

So you've decided to start your own business.

Congratulations! You've already completed the most challenging part of being a business owner:

Making a Decision

Understanding the complexities of starting a business, we've developed a Business Basics Assessment that distills the process into eight essential categories.

Basic Business Structure
Location Preparation
Client Care
Financial Management
Client Acquisition
Operations
Integrity
Life Balance

To Start:

Allow at least 30 minutes to complete the Business Basics Assessment
Enter your Email to Begin privacy policy
Answer ALL of the Questions (Take your time)
Submit your Assessment

Your assessment results will be emailed to you, and you can schedule a call with our admin team for consultation.

Email *

Full Name *

The most potent source of energy, strength, and resilience comes from the "Why." The "Why" that has you considering starting a business is the thing that will make it a success. In just a sentence or two, please share your "Why?" *

Basic Considerations

In this section, you will have a clear understanding of all of your basic needs in starting your own business:

Kind of Business
Business Structure
Basic Checklist

Tell us about your business—what do you sell? *

Products

Service

Products and Service

Business Structure - Do you know what business structure is the best for your business? (LLC, sole proprietorship, partnership, corporation, etc.) *

Yes

Not sure

Basic Business Checklist - What have you done so far?(Select all that apply) *

Business License

Picked a Location

Checked Local Zoning Laws

Understand What Insurance is Needed for Your Business

Registered Your Business with the State

Picked Your Business Structure and Completed the Appropriate Paperwork

Understand Health and Safety Rules and Regulations for Your Type of Business

I Have Not Done Any of These Things.

Option 2

Location Preparation

This structured approach streamlines your efforts by focusing on key areas, ensuring nothing is overlooked so you can confidently move forward.

In this section, we will go over all of the necessary preparations for your home or business location to best:

Brick and Mortar, Home, Virtual
Professional Environment
Location Requirements

Which best describes your business? *

Store Front: Open Door Business

Home Based Business

Virtual Home Based

Haven't Decided Yet

Home Business Designated Area Checklist If it is in your home, I have a designated area...(Select all that apply) *

That is Clearly Separated from My Living Area

Where I Fulfill Sales or Service

Where I Meet with Clients

Where I Plan and Prepare Various Business Elements

For Client and Staff Only Use

Where I Run Any and All Virtual Aspects of My Buiness

Doesn't Apply My Business is Off-Site

I Have Not Done Any of These Things.

Location Requirements Checklist What have you done so far?(Select all that apply) *

Gained a Functional Knowledge of the Safety Equipment Needed for My Business

Acquired and Installed Safety Equipment Needed for my Business

Acquired and Installed Fire Safety Equipment Needed

Acquired and Installed Medical Equipment and First Aid Kits Needed

Acquired and Installed All Surveillance Equipment for Security and Liability.

Gained a Functional Knowledge of My Business Accessibility Needs (Parking, Ramps, Entryways)

Implemented Required Client Accessibility Elements

Gained a Functional Understanding of Required Cleanliness Standard for My Business

Implemented a Cleanliness Plan and Acquired Required Materials to Maintain Cleanliness Standard

Have Implemented Systems to Prevent Misuse or Theft of Equipment.

I Have Not Done Any of These Things.

Client Care

We will apply and ensure the C.A.R.E. (Create A Remarkable Experience) approach by making sure you are aware of and plan for the following Considerations.

Scheduling
Confidentiality
Comfort
Contracts and Agreements

Scheduling - Are you using software to handle bookings? *

Yes

No, but I use a Calendar App to Schedule (iCal, Google Cal, Outlook, etc.)

None at all

Scheduling - Is your calendar or scheduling software equipped to send timely reminders to your clients or leads? *

Yes

No, I have to do that manually

I haven't picked a Calendar or Scheduling Software yet.

Confidentiality - Have you selected a CRM (Client Relationship Manager), e.g., Hubspot, Salesforce, etc.? *

Yes

No, I don't need one.

Not yet

A CRM is crucial for effectively managing and safeguarding client and lead information. Most CRMs provide robust layers of security to ensure the confidentiality and safety of stored data.

Client Comfort Checklist Let's find out where you are.(Select all that apply) *

Clear Entrance and Exits

Seating

Refreshments (Water, etc.)

Customer Only Restroom

Climate Control

Air Quality Managers (Filters, Ionizers, etc.)

My Business is Virtual

I Have Not Done Any of These Things.

Ensuring a positive experience for your clients at your establishment is pivotal for retaining their business and generating referrals for future clients.

Contracts and Agreements Checklist Let's review the list and see where you are.(Select all that apply) *

I Have My Business' Mission Statement

I Need to Create My Business' Mission Statement

I Need Help Creating My Business' Mission Statement

I Have a Clear Agreement and Policies for My Customers

I Need to Create a Clear Agreement and Policies for My Customers

I Need Help Creating a Clear Agreement and Policies for My Customers

I Have a Client Contract Prepared

I Need to Create a Client Contract

I Need Help in Creating a Client Contract

I Have Clear Terms of Service Posted

I Need to Create Clear Terms of Service Posted

I Need Help to Create Clear Terms of Service Posted

I Have Not Done Any of These Things.

It's crucial to establish clear client engagement and relationship agreements to ensure both parties understand the expected cost and deliverables.

Financial Management

Financial Management and its elements are important for several reasons mainly for your own peace of mind so you can focus on client services. These elements are:

Budgeting
Accounting
Pricing

Budgeting - Do you have a P&L (Profit & Loss) Sheet? *

Yes

No, but I'm working on it.

No, and I need help with it.

I don't need one

P&L Sheets provide a clear picture of your business's expenses and costs, enabling you to set competitive pricing, maximize profits, and make informed decisions for future growth.

Accounting - Do you have an EIN? (Employer Identification Number) *

Yes

Accounting - Do you have a Business Bank Account established? *

Yes

Accounting - Do you have a Bookkeeping Software? (Quickbooks, etc.) *

Yes

No, but I'm looking into it.

No, and I need help.

I don't need one

Using bookkeeping software is absolutely essential for accurately tracking your finances, streamlining your accounting processes, and ensuring your business remains organized and compliant with tax regulations.

Accounting - Do you have a CPA? *

Yes

No, but I'm looking for one.

No, and I need help finding one.

I don't need one, I'm going to do it myself.

It's crucial to understand the clear distinction between an accountant, a bookkeeper, and a business-specialized CPA.

Pricing Checklist - Let's go through the Pricing Checklist, so you know where you are.(Select all that apply) *

I understand the information on my business's P&L Statement.

I have created a budget that covers all foreseen expenses.

I have created a budget that covers contingencies.

I have completed market research and understand the going rates in my area/business.

I have an understanding of what my time is worth.

I know the prices for my products/services, which gives me the income I need.

I still need help to make sense of this.

I have not done any of these things.

This checklist includes all the points you need to consider when choosing the best pricing for your business to ensure success.

Client Acquisition & Marketing

"You don't have a business until someone pays you, and your family and friends don't count."

This section will determine your success in your business over all others. We will walk you through these points and exercises to ensure your success.

Branding
Online Presence/Networking/Referrals

Branding Exercise: Part I(Write the answer to the following question below) - Who is your ideal client, and what is their problem? *

Feel free to take as much time as you need to answer this and the following questions. Once the assessment is complete, you will receive a copy of your response via the email provided.

Branding Exercise: Part II(Write the answer to the following question below) - How do you personally solve your ideal client's problem? *

Feel free to take as much time as you need to answer this and the following questions. Once the assessment is complete, you will receive a copy of your response via the email provided.

Branding Exercise: Part III(Write the answer to the following question below) - After you've solved your ideal client's problem, what experience do you want them to have had working with you? *

Feel free to take as much time as you need to answer this and the following questions. Once the assessment is complete, you will receive a copy of your response via the email provided.

Branding Checklist - Let's see where you are at.(Select all that apply) *

I understand my brand and what I bring to my ideal client.

I have a business name that stands out uniquely.

I possess a comprehensive grasp of the market space into which my business is venturing.

I've successfully registered my business name as a registered trademark.

My logo perfectly captures the core of my identity and the soul of my business.

I have successfully registered my business logo as a trademark.

I've crafted a compelling business slogan that effectively connects clients with my business and generates valuable leads.

My business slogan is now a registered trademark.

I have crafted professional business cards that showcase all essential details about my business.

I have established a compelling social media page and consistently maintain an active presence on it.

I have high-quality graphics and flyers to help you network effectively and acquire new leads.

I have not done any of these things.

Networking/Referrals Checklist - Let's see where you are at.(Select all that apply) *

I am actively seeking out relevant business events to attend and leverage for valuable networking opportunities.

I offer exclusive incentives and rewards to our valued clients who refer new clients to us.

I have not done any of these things.

Your business's branding is more than an identifier; it is an extension of your values, purpose, and mission. Let's make that message clear.

Operation and Logistics

The Operations section ensures that you have all the resources, knowledge, and systems in place to meet your business's logistical needs. Creating the Win-Win-Win scenario for your clients, your business, and yourself. The elements we will discuss are:

Policies and Procedures
Supplies and Equipment
Technology
Continuous Improvement

Policies and Procedures Checklist - Let's see where you are at.(Select all that apply) *

I have clear policies for product returns. (if applicable)

I have a clear policy for late arrival to appointments.

I have a clear policy for canceled appointments.

I have a clear policy for payment terms.

I have clear policies for client interactions.

I have a clear personal boundary. (if clients are coming to your home)

I have not done any of these things.

Supplies and Equipment Checklist - Let's see where you are at.(Select all that apply) *

I have a restocking system for all supplies and materials relevant to fulfillment.

I have a list of all equipment relevant to fulfillment.

I have acquired all equipment relevant to fulfillment.

I have a maintenance schedule for all equipment relevant to fulfillment. (if applicable)

I have a good working relationship with any vendors who supply my business.

I have redundancies in place in case of a supply or equipment failure relevant to fulfillment.

I have not done any of these things.

We previously discussed the equipment needed for your customer/client's experience. Here's a detailed list to ensure you have everything necessary to fulfill your responsibilities.

Technology I: Do you have an App for your business? *

Yes

No, but I don't know where to start

No, but maybe someday

No, I am not ready

No, I don't need one

Having an app for your business offers your business advantages like: Enhanced Customer Engagement (Communication) Increase Accessibility Brand Visibility Greater Offerings to Your Clients

Technology I: Do you have a payment system? *

Yes

No, but I don't know where to start.

No, but I'm working on it.

Make it easy to get paid quickly by ensuring the payment method is clear and simple.

Continuous Improvement Checklist - What do you have in place to ensure your Improvement Mindset?(Select all that apply) *

I Have Created Client Feedback Forms

I Have Created Polls to Get a Pulse on Client's Wants

I Test Message Reception with Leads and Clients

I Participate in Continuing Education in My Business Area of Operation

I Network with Others in My Expertise

I Have a Business Coach

I Participate in Advisory Boards and Think Tanks

I Have Not Done Any of These Things.

"It's not a lack of resources, it's your lack of resourcefulness that stops you" - Tony Robbins Our ability to learn and improve is the best why for us to increase our resourcefulness.

Integrity

In this section, we focus on:

Transparency
Ethics
Compliance

Transparency - Do you possess the skills to craft legally binding, clear, unambiguous contracts? *

Yes, I have the knowledge and experience.

No, but I can figure it out.

No, I will need help.

Ethics - Do you have established ethical guidelines for your business? *

Yes, I have it included with my business's mission statement.

No, but I am figuring it out.

No, I will need help.

It's crucial to incorporate your business's ethical guidelines within your mission statement. This establishes the standard for your business's culture, which directly influences both your clients and team as you expand.

Compliance - Do you have a system for staying current with the ever-changing rules and regulations associated with your type of business? *

Yes, I have the perfect system to stay current

I have found a way that works, but it's not perfect.

I know where to look, but I don't have anything set up.

I don't know where to look at all.

I'm not sure if this applies to me.

Life Balance

Finally, we are discussing the balance between work and life. It is essential to set boundaries and make time for family, socializing, recreation, and most importantly, rest in order to sustain overall success. The final elements include:

Balance
Support System
Professional Development
Creativity

Balance - Do you intend to have set work hours?

Yes

Maybe

Balance - Do you plan to share your personal phone number and email address with your clients?

Yes

Maybe

Support System - Are you a member of any entrepreneurial groups? *

Yes

I'm thinking about it

Being part of a community of business owners can be incredibly beneficial. Sharing experiences, challenges, and insights with others who are in the same boat can provide valuable support and understanding.

Support System - Have you ever thought about hiring a business coach or consultant? *

Yes

I'm thinking about it

Never crossed my mind

Support System - Have you ever considered becoming a part of an advisory board or a think tank? *

Yes

I'm thinking about it

Never crossed my mind

When transitioning from W-2 employment to entrepreneurship, you will likely experience a sense of vulnerability, as you are without the protection and camaraderie of traditional employment for possibly the first time. Engaging in an advisory board is the most effective solution for conquering vulnerability.

Personal Development - How many books on business and your industry do you read per year? *

1-3

3-5

5-7

7-10

>10

Audiobooks and Youtube count!

Personal Development - How many entrepreneurs and accomplished individuals in your business field are you currently engaging in discussions with? *

1-3

3-5

They say that just as steel sharpens steel, people sharpen people. Let's remember that our interactions and relationships can have a powerful impact.

Personal Development - Have you come across any impactful certifications and ongoing education programs tailored to your business area? *

Yes

I haven't looked

Certificates and education are not always the end-all in business, unless they are helpful in providing the best results for your clients and customers.

Creativity Checklist - Have you established any of the following?(Select all that apply) *

A Morning Routine

A Distraction Free Time to Plan Your Day

An Evening Routine

A Midday Time to Refocus

A Full-Proof Outlet When Overwhelmed or Stressed

A Go-To Person to Share Successes and Struggles (not to commiserate with)

A Weekly Time to Reflect and Make Necessary Changes

A Three-Month Target

A Six-Month Target

A One-Year Target

A Five-Year Target

A Time Every Quarter to Measure and Reassess Your Targets

Daily / Weekly / Monthly / Yearly Guilt-Free Fun Activities

A Creative Outlet

Daily Family-Time

Daily Personal Health Time

I Have Not Done Any of These Things.

Time is a precious resource, and each day offers only so much of it.