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Build Your Business (on A Shoestring)
By Tara Alexandra Kachaturoff, Sat Dec 10th
Starting up a new venture or business can be one of the mostexciting times of your life. It can also be one of the moststressful. In the early months, or even early years of yourbusiness, cash flow is often not what you would like it to be.If you’re a solo entrepreneur, you’re wearing many hats – infact, you’re probably wearing all of them. Not only are you selling your product or service, you’remarketing it, doing the accounting, paying the bills, answeringthe phones, designing and updating your website and preparingand sending out mail. And, certainly for your own business, youcan easily think of ten or fifteen additional tasks to be donein addition to these. In the early days of your start-up, manyif not most of these tasks seem doable. But, once you’ve startedmaking sales or the public interest in your business begins togrow, wearing all the hats becomes impossible, frustrating, andhighly stressful. One quick and easy solution is to hire an intern – a collegeintern. During my corporate career in finance, I made use ofmany college interns over the years. Not only were theydiligent, responsible, and some of the best employees, they wereeager to learn and to contribute ideas. My interns were reliableand many of them hired on as regular employees after graduatingfrom college.
With more and more college students choosing to start their ownbusinesses rather than working for others, having a first-handopportunity to work in a business start-up, like yours, might bejust what they’re looking for. So how can you find an internthat will be just right for you and your business? Simples Steps to Hiring an Intern 1. What do I need to do? What can the intern do? One of thefirst things to do is to take a clean sheet of paper and beginwriting down all the tasks that you perform in your business –and I mean everything. Next, decide what tasks you absolutelyneed to do yourself and which ones might be assigned to anintern. Typical tasks that you do might include: • inputtingbusiness card data into your database • contacting localchambers of commerce and ordering mailing lists • marketingmailings – printing letters, stuffing envelopes, putting stampson letters • writing and updating your marketing plan • keepingyour marketing calendar current • calling on prospects – phoneand in person • writing marketing collateral • updating websiteinformation • confirming appointments with clients • writing andupdating your business plan • appearing at tradeshows (perfectfor an intern to work as your assistant) • buying officesupplies • going to the post office to mail packages, letters,etc. • miscellaneous errands • meetings with clients • reviewinglocal newspapers, business periodicals and trade journals forpossible business prospects or other opportunities • articleclipping • attending chamber functions and other networkingevents • filing • answering phones • bookkeeping Certainly there are a lot of things to do in your business! And,obviously, not all of these can be done by anyone other thanyou. Once you’ve drafted a comprehensive list of tasks, usingdifferent colored high-lighters, or something as simple as acheck-mark, determine which of these tasks can be assigned tosomeone else. This will become the basis for writing up a jobdescription for your intern. 2. Drafting a job description. Write up a simple job descriptionthat includes a list of tasks you need completed on a weeklybasis. Also, estimate how much time these tasks will take and,if possible, what days of the week might be best for someone towork for you. 3. What type of intern? My suggestion is to hire a collegeintern who has background in the areas that you most need helpwith. For example, if your start-up is heavily focused on usingcomputer technology to either produce your product or service,or if it is a significant part of the interface with yourclients, hire an intern who is studying computer science. On theother hand, if you have a business focusing on deliveringcorporate sales training programs, hire a marketing major. Ifyou have general office work that needs to be done, consider abusiness administration student. 4. To pay or not to pay? That is the question. Nowadays, internsare readily available for pay or no pay. The hiring market fornew college graduates is rather strained so they know that anyand all work experience they gain prior to graduation will servethem well in the future. 5. Offer benefits other than money. Money is not the “be all,end all” of a relationship with your intern. Many interns arelooking to learn new skills which
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can best be learned in areal-life scenario. They also know the importance of networkingand the possibilities that might accrue by meeting the rightperson at the right time. In addition, if they really enjoy theexperience (and you do, too), they’ll want you to write them aletter of recommendation or serve as a reference in the future. There are other ways you can “compensate” your intern. Considerdeveloping a coaching program for them which entails teachingthem your business in an organized manner. Teach them the stepsof creating a business from scratch. By having them assist withall aspects of the business, you may be opening up the door forthem to start their own. Consider offering them commissioned-based compensation basedupon product or service sales they close on their own. Or, youmight design an internship where they can earn college credit.Contact the appropriate faculty member in charge of credit-basedinternship programs to see if you might be able to create adevelopment program which will fulfill some of their electivecredit hour requirements. 6. Minimum requirements. Before you’reready to contact your local college or university to place theadvertisement for an intern, make sure you have the followinginformation ready: • Company Name • Company Address • Your Name • Telephone Number(you may not wish to give out your telephone number so thatapplicants are forced to submit resumes through fax or viaemail) • Fax Number • Email Address • Job Description (includingcomplete list of expected tasks, expected number of hours to beworked, days to be worked (if necessary), hourly rate of pay (ifapplicable), negotiable rate (if you wish to evaluate theirqualifications before setting a rate) • Type of college majordesired (business administration, accountancy, finance, computerscience, etc.) • How best to contact you (phone or email) andwhat to send (resume, letters of recommendation, transcripts,etc.) 7. Contact career services. Once you’ve gathered all thenecessary information, contact the career services center ofseveral local colleges and universities. They will either giveyou online access to a system where you can input your jobdescription information, or you can simply provide them with theinformation and they will do it for you. Once your posting isapproved, it will be made available for students to access. 8. Gather resumes and start interviewing. Allow youradvertisement to be posted for at least two weeks. Start sortingthrough resumes right away to see who might be the best fit.Begin setting up interviews immediately to find the bestcandidate for the position. 9. Interviewing. Ask both closed and open-ended questions.Closed-ended questions require a yes or no answer, whereasopen-ended questions request explanation and elaboration. Findout about their prior work experience; ask for examples of howthey’ve handled particular situations, all while carefullyevaluating their communication skills. You might even ask for acopy of one their class papers to assess their writing skills.Make sure that you are comfortable with them in every aspect.After all, you will be entrusting them with your top priority –your business. 10. Status reports. You might consider asking your intern tofill out a weekly status report which tracks the assignmentscompleted, including how much time each task required. It willgive the intern a sense of accomplishment with respect to theircontributions, while providing you with useful information aboutwhat has been completed. 11. Enjoy the benefits. There’s so much to gain from buildingrelationships with others. While the intern is learning fromyou, you’ll be surprised at how much you will learn from him orher. Encourage them to take ownership and pride in what they aredoing, praise and acknowledge them frequently for jobs welldone, and welcome their comments, criticisms, and contributions. Using college interns to help you with your business is not onlya cost-effective way to get things done, but it’s a wonderfulway to contribute to the knowledge and experience of someone whomight very well follow in your footsteps. In any case, it can bea win-win situation for everyone. About the author:Tara Alexandra Kachaturoff is an executive coach, trainer,consultant and professional speaker with over 15 years ofcorporate experience. She coaches executives, professionals, andentrepreneurs on leadership, business and lifestyle issues andhas been featured in radio, print, and television. She is theowner of CoachPoint™, www.virtualleverage.com, andwww.relationshipplanning.com. |
