In this episode of Uncommon Sense in Local Business, host Paul Russo interviews Rudy Frederico, a franchise executive and owner of franchise Payroll Vault dba Trudy Lena Enterprises, a family-owned and operated business.
When Rudy decided to open his own franchise, he wanted a business where he could leverage his skills in building relationships, not just about transactions. He says he made a list when deciding what he wanted in a business and by putting it on paper, the process helped him think through what would be the best opportunity and fit his goals. Writing goals down on paper helps you to achieve them - it makes them real.
Rudy points out the advantages to using a payroll service. He says having an outside party do payroll for you removes the liability of making a mistake on your payroll taxes. Approximately 75% of small businesses will make a mistake doing their payroll taxes and will have to pay a fine. Additionally, hiring someone to run payroll saves small business owners a lot of time to focus on what they do best.
Rudy says before hiring a payroll service, a business needs to determine how much it will cost and then how to pay for it. He says it really isn’t as expensive as you may think. Additionally, if someone can put in another few hours per week doing what they are good at, the cost is offset by bringing in more business.
In order to build relationships for his business, Rudy says there must be the ‘know, like, trust’ factors. He says people must get to know who you are, they need to like you, and then build a level of trust. In the payroll business, it’s more difficult to build trust given the nature of the work, which is one reason why building the relationship is so important.
Rudy developed a neighborhood networking group of small businesses to collaborate and exchange information. Rudy is also a franchise coach and has helped open over 700 franchise locations successfully.
To contact Rudy, go to www.payrollvault.com, or Rudy Frederico on LinkedIn or Facebook.
Uncommon Sense in Local Business is sponsored by:
OffBeat Business TV is sponsored by Worksuites Allen, 469-310-6268
Silverado Southlake Memory Care Community, 469-315-3775
To be a guest or advertise on Uncommon Sense in Local Business, contact:
Deanna Blair: 469-964-1669
Paul Russo: 972-849-7958
Or Susan Hamilton: 214-714-0495
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