Avoiding Business Nightmare...

When you are In business, there is always a certain amount of risk, but the smart entrepreneurs also know that this risk is also what reaps them the high rewards available to those who take the leap and become self employed.
The secret: is that all risks can be minimized and sometimes completely eliminated. This is what puts them in the category known as "calculated risks". 

Calculated risks: are risks that have been looked at and a well thought out plan put in place to greatly minimize this risk so that you can determine what the result would be if the worst case scenario emerges.

This allows you t o become comfortable with the risk at hand and also gives you the confidence and the plan of action to take to greatly increase your chances of success.

Taking risk: in life and in business is essential and whether you realize it or not, you take risks every day.

Getting out of bed and driving your car from one location to the next is a "calculated risk".

Staying out with your buddies for just "one more drink" and arriving home later that you told your wife is another example of a calculated risk. (Better pick up a dozen roses on your way home with this one)! 

The point:  is that we all take risks and once you realize how to master this, and can direct this process toward your decision to become self employed effectively, you can grow to levels of prosperity you never thought possible. 

Once you are in the building business and start hiring employees or sub contractors, you'll need to have a written and signed working contract to bind this working relationship/partnership.

Your attorney:  should be the one to draw up this contract - later you can just use the same one, substituting names of other sub contractors. 

Another great resource to obtain one of these sample agreements is legalzoom.com. 

Basically, the contract is between the sub contractor or worker and you as the work provider. This agreement should be binding and spell out your relationship very explicitly.

This agreement:  will minimize/eliminate the risks associated with those you work with putting them into the calculated risk category.
 
Without this agreement, you could be held solely liable for any problems that may arise from their negligence.
 
This happened to me when I first entered the business and it ended up costing me thousands of dollars because I did not have any binding agreement in place and I had to accept the responsibility for the damage caused due to their negligence.
 
On the other hand, this can be handled with a simple piece of paper (The contract), a proven training program and systems, and a good quality control plan in place.

I had a contract drawn up and have a proven systems in place that I have developed over time and have never had a problem since. 

The terms of the contract should include all the specifics: The length of time the contract will be signed for, the terms of cancellation by either party voluntarily or because of inferior work standards etc. 

Understanding how to manage risks and being willing to take them will put you on the fast track to success!

CHANGE YOUR LIFE FOREVER!

By: Dan Humphrey

I will see you at the top!