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Newsletter

Issue 10-3-03

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In this week’s issue we have:

1.  How to find money to start a business

2.  Other ways to find transcription work 

3.  Recipe of the Week

4.  Joke

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I hope this issue finds you well!  This week has
been a busy work week for me, as usual.  At
least I haven’t been near any super glue… so I
haven’t ruined any desks this week... 

I hope you are on your way to starting a medical transcription business.  I have a couple of articles to help you out in this week’s issue.  So, here goes…

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FINDING MONEY TO START A BUSINESS

Finding the capital you need to finance your
business can be a confusing and complicated
process. There are several options available
to you when searching for financing. Some
methods of raising funds are less difficult than
others, but all require some planning. Basic
planning requires that you know the answer
to these three questions:

1. What will you use the money for?

You must know exactly where the money will
be used. You must be specific, as generalities
are recipes for disaster. Carefully identify
the areas where money should flow into your
business.

2. How much money do you need?

You should calculate your needs to carry you
through initial startup and into your first
several months of operation. It's necessary
to have a realistic picture of your needs.
Many businesses fail because the money runs
out before the business reaches profitability.
However, with medical transcription at home, you
see a profit very quickly, and start up costs do not have to be expensive.  I recouped my initial outlay costs in the first three months.

3. How will you pay back the money?

You must have adequate cash flow from
your business to repay the money to your
source. Before asking for funds, make sure
your fiscal projections and business
integrity are soundly argued in a good
business plan.

Sources Of Money

Here are some options for funding your
small business:

a) Credit Cards

One form of personal debt you should avoid
is cash advances on your credit card. It's
very tempting and very easy to get cash this
way. This option is very expensive and
extremely risky. Credit cards should only be
used for short-term expenses, and not as a
means to entirely fund a start-up business.

b) Friends and Family

Borrowing from your friends and family,
especially the rich ones, is a good way
for new businesses to get money. It's not
uncommon for relatives to make low interest
or no interest loans to family members.
Just make sure all parties are aware of any
risks. You don't want to alienate your family
if the business falls on hard times and you
have trouble repaying the loan.

c) Personal Savings

You can use your personal savings or assets
that can be converted to cash. If your savings
are already low, put off that vacation,
drive your old car a bit longer, avoid large
purchases -- be thrifty in all areas and you
can save faster for your business. Keep in
mind that most lenders won't finance 100
percent of your business, so you'll need to
invest some money yourself.

d) Line of Credit

If you have good credit, you may be able
secure a line of credit from your bank.
This can be handy in providing you with a
source of working capital in the opening
round of your business.

e) Bank Loan

Using collateral, such as the equity in
your home, you can approach your bank for
a loan against your business. This may or
may not be an option for you, since some
banks prefer to separate personal equity
from business debt.

f) SBA Microloans

The Small Business Administration may be
helpful in connecting you with a Microloan.
These loans are administered by non-profit
organizations that want to foster economic
development in your area. Contact your
regional SBA office for information on this
loan program. You can find your local office
using this online locator:
http://www.sba.gov/regions/states.html

g) Small Business Investment Companies

The SBA or your local Chamber of Commerce
may be aware of Small Business Investment
Corporations operating in your area. These
organizations are interested in reviving
depressed portions of your community,
bringing employment to places with high
unemployment, or even helping certain
minority groups. They will work with new
businesses if you meet the criteria they
expect. You can visit the American Economic
Development Council for a list of
organizations in your area:
http://www.aedc.org/

h) Business Incubators

Business Incubators help build new businesses.
They can provide help in all phases of
start-up, including funding. Investigate
whether or not an incubator exists in
your area with the SBA, Chamber of Commerce,
local universities, or your local municipality.

The name of the game is perseverance. Get
your name out there in the real world. Start
talking to people about your intent and
become a player. Have your business plan
ready, be aggressive, and you can get the
money you need. 

You can do it!

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OTHER WAYS TO FIND TRANSCRIPTION
WORK

As you know, I recommend sending out the
letter that you got if you have my book.  The one I always call the “lucky letter”, simply because every time I sent it out I got an account.  But, there are other ways to find work.

You could advertise your business in your local newspaper, a nice 4 x 4 inch advertisement for instance.  You could run this periodically or for a series of weeks.

You can also drop off your business card
and letter of introduction to doctors’  offices. 

You could visit the local hospital and leave
some business cards on a few tables in the hospital cafeteria.  Doctors eat there too…

You can tell any existing accounts that you have that you are looking for more accounts, and to refer you to their colleagues if they need a transcriptionist.

You can cold call from the phone book, and speak to the office manager.  I don’t think this is the best way to find accounts, but it can work sometimes.

Keep sending out the letter you get with the book.  It’s okay to send to the same office more than once, so long as you do it a couple of months apart.  Remember, landing transcription accounts is usually a matter of timing.  Your letter has to arrive just when they need someone. 

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LEMON SQUARES RECIPE

1 lemon cake mix
2 eggs
1/3 cup of oil
powdered sugar
 

Preheat oven to 350 degrees.  In a bowl mix together cake mix, eggs, and oil.  Mixture will be stiff.  Spread the mixture evenly into a greased 9x13 pan.  Bake 13-15 minutes until slightly golden on top.  Cool.  Then sprinkle powdered sugar over the squares.   

Enjoy!

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JOKE OF THE WEEK

One summer evening during a violent thunderstorm
a mother was tucking her son into bed. She was about to turn off the light when he asked with a tremor in his voice, "Mommy, will you sleep with me tonight?"

The mother smiled and gave him a reassuring hug.
"I can't dear," she said. "I have to sleep in
Daddy's room." A long silence was broken at last by his shaky little voice: "The big sissy."

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That’s it for this week.  Have a safe and happy

week.

 Michele Miller

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Michele, I know you're busy, but, I just had to write and say, AWESOME E-BOOK!  It is well worth the $49.97.  I am an RN, but trying to pastor a small Church.  I think becoming an MT will allow me much greater flexibility.  Thank you so much.  Sincerely, Billy D. Haney

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Aloha Michele,
 
FYI... I'm a newbie and want you to know that I started my own at-home business in June 2003 because of all your great advice, information, and encouragement. Just wanted to say thank you.... starting my own business has been the best thing I've ever done in my whole life.
 
Mahalo Nui Loa (thank you very much in Hawaiian),
 Luana
 

To your success!
 

 
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