Attracting new customers who will buy your products and services is one of the most important goals of a business – more so for a start up business. There are many different methods that you can use to entice customers and attract their attention. But one of the best ways of doing this is to use tried and tested public relations skills. PR can give some excellent results for your online company formation with the added benefit of using very little financial resources.
Public relations (PR) is, quite simply, the relationship your business has with the public. The kind of relationship you will establish with your public is bound to have a significant effect on the future of your business. This is where public relations can help. PR is when you publicise and build interest and enthusiasm for your business among your public. Successfully doing this would create more awareness for your business and its products and services as well as driving sales.
Following are tips that would help you make effective PR efforts
* Before you start planning any PR efforts make sure that your product or service is ready. Ensure that your product is primed for public consumption. Bring it out, make sure it works and that it does something that people will care about. Because PR drives customer demand, you will miss out on important sales or even drive your customers away and to your competitors if they do come to you and your products are not ready.
* You must get to know your market. A successful PR thrust is based on reaching the right audience with a message that is appropriate and meaningful to them. If you are not familiar with your target audience as well as the publications that they read, chances are, implementing the rest of your PR actions will be completely useless. There would be no point of trying to get your story printed in a financial paper when your audience primarily reads the regular dailies.
* You should learn all about the media to more effectively target your efforts. When you define your audience you will also have to know their reading habits (what publications do they read), the radio programmes that they listen to, the TV programmes that they watch as well as the websites that they visit. Take the time to familiarise yourself with the media outlets that you plan to target. You will need to get a good idea of that type of stories that you will need to present to optimise your chance of coverage.
* The most integral part of your PR campaign is your message so make sure that it is clear, concise and brief. If you cannot sum up your message in a few sentences then it is too complicated and editors won’t probably read it.
Thursday, February 28, 2008
Ten Step-by-Step Business Startup Guide
I never take this preliminary step lightly. I always start off with thorough planning. As we always say, plan your life, and then plan your business. Once you know where to go, you can then have a pleasant journey.
I have noticed that there are many successful business people who are not happy in many ways even though they have all the money to last them for generations. On the other hand, I also found out that business people who are successful, joyful and happy are entrepreneurs who created a business that’s in perfect synchronization with what they want out of life. They do what they love, the kind of things that fit into their personality, their life purpose and their lifestyle.
Therefore, before I lunge into a new business venture, I would run though a personal checklist to ensure that I am aware of what I am doing and where I want to be ultimately.
Here is what I’ll do:
1. Review my area of importance – I would review thoroughly my current job or business, my physical being, my lifestyle, my relationship, my family, my hobby, my finance, my spiritual aspect and my emotional state. Next, I would grade each area of my life on a scale of 1-100 (1 means not important at all; 100 means utmost important; 50 means in between). When certain areas of life (at different phases of life) do not concern me much, they are usually not important to me. However, aspect of life that I want to elevate desperately or thing that bother me most of the time, are usually aspect that I perceive as utmost important.
For instance, if my life is motivated solely by relationship with my loved ones, I would rate it 100. And if my top priorities in life are making money and being happy (simultaneously), I would rate my business at 90 and my emotional state at 90. Let say currently I am obese, and that doesn’t bother my conscious, so my physical being would get somewhere around 10!
2. Perform goal setting – Then, I would review (or maybe redo) my personal life goals for the short and long term. My goals in life would be referring to the “ideal life” that I want to live in. Factor in things like family time, hobbies, charity work, and early retirement - anything that gets me really excited or motivated.
3. Identify my skills, expertise or interest – Next, I will list down my highest abilities, strengths or area of interest, that I can build on to attain “commercial value”. I would finalize what are my skills, expertise or interest that could be an asset to my business.
4. Identify what kind of business is most ideal – I would list down several kinds of businesses I want to venture into; that meet my life’s purpose, my skills, expertise or area of interest. Ultimately, I need to choose the kind of business that I can be enthusiastic about during the startup and daily management. One pointer, I must be 100% certain that the business I’ve chosen must present a “hungry market” or else I’ll be a sitting duck.
5. Discover my ideal work style – Finally I would discover how I want to run my new venture; full time or part time, mobile office or home office, one-man show or with a team of people, online or brick and mortar business.
Once I have completed the above five steps, all the above elements will get consolidated into a very brief document called “MY ULTIMATE PLAN”
It’s very important for me to have MY ULTIMATE PLAN printed out and kept in plain view. The reason for doing so… to constantly remind me of what I want, what’s important, and what to do next (especially when things get tough).
I would utilize MY ULTIMATE PLAN to provide a context for most strategic decisions I’ll make - including what niche business I choose to venture, what business model to employ, who to employ, where to operate, how much capital to raise, product pricing factor, how to automate my daily operations, home based, or a one-man operation.
Most importantly, MY ULTIMATE PLAN will position me to do what I LOVE MOST and that will always bring out the best in me as an entrepreneur - unleashing the untapped potential within me!
*Note: Unproven teories to not be shown to my readers! If you need any small business startup help, feel free to visit my Website :)
--
Disclaimer - This article may be freely reprinted in its entirety in any e-zine, newsletter, blog or website. The author’s name, bio and website links must remain intact and be included with every reproduction.
I have noticed that there are many successful business people who are not happy in many ways even though they have all the money to last them for generations. On the other hand, I also found out that business people who are successful, joyful and happy are entrepreneurs who created a business that’s in perfect synchronization with what they want out of life. They do what they love, the kind of things that fit into their personality, their life purpose and their lifestyle.
Therefore, before I lunge into a new business venture, I would run though a personal checklist to ensure that I am aware of what I am doing and where I want to be ultimately.
Here is what I’ll do:
1. Review my area of importance – I would review thoroughly my current job or business, my physical being, my lifestyle, my relationship, my family, my hobby, my finance, my spiritual aspect and my emotional state. Next, I would grade each area of my life on a scale of 1-100 (1 means not important at all; 100 means utmost important; 50 means in between). When certain areas of life (at different phases of life) do not concern me much, they are usually not important to me. However, aspect of life that I want to elevate desperately or thing that bother me most of the time, are usually aspect that I perceive as utmost important.
For instance, if my life is motivated solely by relationship with my loved ones, I would rate it 100. And if my top priorities in life are making money and being happy (simultaneously), I would rate my business at 90 and my emotional state at 90. Let say currently I am obese, and that doesn’t bother my conscious, so my physical being would get somewhere around 10!
2. Perform goal setting – Then, I would review (or maybe redo) my personal life goals for the short and long term. My goals in life would be referring to the “ideal life” that I want to live in. Factor in things like family time, hobbies, charity work, and early retirement - anything that gets me really excited or motivated.
3. Identify my skills, expertise or interest – Next, I will list down my highest abilities, strengths or area of interest, that I can build on to attain “commercial value”. I would finalize what are my skills, expertise or interest that could be an asset to my business.
4. Identify what kind of business is most ideal – I would list down several kinds of businesses I want to venture into; that meet my life’s purpose, my skills, expertise or area of interest. Ultimately, I need to choose the kind of business that I can be enthusiastic about during the startup and daily management. One pointer, I must be 100% certain that the business I’ve chosen must present a “hungry market” or else I’ll be a sitting duck.
5. Discover my ideal work style – Finally I would discover how I want to run my new venture; full time or part time, mobile office or home office, one-man show or with a team of people, online or brick and mortar business.
Once I have completed the above five steps, all the above elements will get consolidated into a very brief document called “MY ULTIMATE PLAN”
It’s very important for me to have MY ULTIMATE PLAN printed out and kept in plain view. The reason for doing so… to constantly remind me of what I want, what’s important, and what to do next (especially when things get tough).
I would utilize MY ULTIMATE PLAN to provide a context for most strategic decisions I’ll make - including what niche business I choose to venture, what business model to employ, who to employ, where to operate, how much capital to raise, product pricing factor, how to automate my daily operations, home based, or a one-man operation.
Most importantly, MY ULTIMATE PLAN will position me to do what I LOVE MOST and that will always bring out the best in me as an entrepreneur - unleashing the untapped potential within me!
*Note: Unproven teories to not be shown to my readers! If you need any small business startup help, feel free to visit my Website :)
--
Disclaimer - This article may be freely reprinted in its entirety in any e-zine, newsletter, blog or website. The author’s name, bio and website links must remain intact and be included with every reproduction.
Small Business Blog Writing Tips
You launch a new small business blog, and then writer's block kicks in. What to do? Here are some tips to help you with ideas for new posts to your blog. Your blog writing style does not have to be textbook perfect, so informal writing is suitable as long as you check grammar and spelling. It's okay to entertain as you provide information, too. Visitors will not expect literary works suitable for a Nobel prize when you create blog posts, so relax.
Write short paragraphs and cover one aspect of what you present in each. Visitors want information quickly; so long paragraphs should be avoided. Short posts of 1-2 paragraphs are fine, too. Most website content is quickly scanned, so headlines and the first few words of each paragraph may be all that most visitors view before deciding to read details, or exit.
Include key words relative to your subject, and place some near the beginning of sentences for each paragraph, so your visitors get the general feel as they scan your post. Search engines will visit and index your blog content, too, so key words are important for attracting the search engine crawlers.
Google Alerts and blog labels are two techniques to help you generate new blog post ideas. Each will be presented in the report Blog Your Way to Fresh Content from my series of free PDF SEO Reports about do-it-yourself small business website promotion that I began to release during 2007. Some of my clients could not wait, so this article is a preview of how to use these two techniques to come up with post ideas for your blog:
1. Google Alerts is a free service that delivers links to content by email. Once set up, you automatically receive a collection of current news stories or related content by email with summaries and links to the information.
2. Your blog labels are the filing system for your blog that cross references your posts by subject category, so visitors may click a label and view all posts about that subject on one page. Use them to brainstorm ideas for posts.
Google Alerts
Search for Google Alerts to find the main page, and then sign up for a Google account if you don't have one. You don't need an account to use alerts, but managing your choices is more convenient from one page, and creating, editing, or deleting alerts will be easier.
To begin you create individual alerts for search words or phrases relative to your business, and then your options are type and how often. Type means the source, and the selections are from news, the web, blogs, groups, and comprehensive (all). The how often is the frequency of emails you receive from Google and include once a day, as it happens, and once a week.
Once you create the alert, emails arrive automatically with lists of sources for content related to your selected subject, and a summary of each. Follow the links of interest, and perhaps you will decide to write about the same subject with a different slant. Never copy another author's content verbatim or claim it as your original writing. That would be plagiarism. However, quoting other sources is acceptable, and snippets or excerpts are often all you need.
Write an introduction about the piece you will quote, and then give credit to the author including a hyperlink to the source. Next, make sure you are in HTML mode and begin the excerpt with blockquote and italics tags, insert their content using copy and paste, and finally add the closing blockquote and italics tags. View your help files if the [blockquote] or [i] and then [/blockquote] and [/i] are unfamiliar (Note: The [ and ] square brackets must be replaced with < and >, so don't take my example literally). This formatting will indent their snippet in your post and display the text in italics to make everything stand out as content quoted from another source.
Finally, write a closing paragraph with your take or opinion on the subject matter, and you're done. Again, your posts do not have to be lengthy, so the opening introduction and closing comments or opinion can each be one paragraph. Busy visitors are more likely to read your content and bookmark your site for return visits if your style is interesting and brief.
Blog Labels
The labels you assign to your posts allow cross referencing of information, and they are another source for brainstorming new post ideas. After all, your labels provide a snapshot of the overall theme of your blog. A review of your list of labels may uncover subjects that are overdue for a new post while alerts make you aware of topical subjects. Reviewing the labels that define your blog allows you to enhance emphasis by writing about what your small business is really all about.
Bonus Tip: Visit technorati.com and near the upper right is a "tag cloud" which displays key words and phrases that represent what the majority of people worldwide have written recently. The most popular tags are displayed in very large text, with others decreasing in size based on total posts tagged with that word or phrase. If you find words that relate to your business, click the tag to see what others are writing, or just start your post and run with it.
Compare physical exercise to writing posts for your small business blog, and each requires discipline. Both are easy to avoid without feeling guilty, yet the benefits are certainly important to your health, personal and business. A large percentage near 25% of all new blogs go offline in less than 90 days. One reason is the lack of fresh content. Use these tips for keeping your posts short and to the point, utilize Google Alerts, and do a review of your blog labels to easily come up with new ideas for posting to your blog.
Write short paragraphs and cover one aspect of what you present in each. Visitors want information quickly; so long paragraphs should be avoided. Short posts of 1-2 paragraphs are fine, too. Most website content is quickly scanned, so headlines and the first few words of each paragraph may be all that most visitors view before deciding to read details, or exit.
Include key words relative to your subject, and place some near the beginning of sentences for each paragraph, so your visitors get the general feel as they scan your post. Search engines will visit and index your blog content, too, so key words are important for attracting the search engine crawlers.
Google Alerts and blog labels are two techniques to help you generate new blog post ideas. Each will be presented in the report Blog Your Way to Fresh Content from my series of free PDF SEO Reports about do-it-yourself small business website promotion that I began to release during 2007. Some of my clients could not wait, so this article is a preview of how to use these two techniques to come up with post ideas for your blog:
1. Google Alerts is a free service that delivers links to content by email. Once set up, you automatically receive a collection of current news stories or related content by email with summaries and links to the information.
2. Your blog labels are the filing system for your blog that cross references your posts by subject category, so visitors may click a label and view all posts about that subject on one page. Use them to brainstorm ideas for posts.
Google Alerts
Search for Google Alerts to find the main page, and then sign up for a Google account if you don't have one. You don't need an account to use alerts, but managing your choices is more convenient from one page, and creating, editing, or deleting alerts will be easier.
To begin you create individual alerts for search words or phrases relative to your business, and then your options are type and how often. Type means the source, and the selections are from news, the web, blogs, groups, and comprehensive (all). The how often is the frequency of emails you receive from Google and include once a day, as it happens, and once a week.
Once you create the alert, emails arrive automatically with lists of sources for content related to your selected subject, and a summary of each. Follow the links of interest, and perhaps you will decide to write about the same subject with a different slant. Never copy another author's content verbatim or claim it as your original writing. That would be plagiarism. However, quoting other sources is acceptable, and snippets or excerpts are often all you need.
Write an introduction about the piece you will quote, and then give credit to the author including a hyperlink to the source. Next, make sure you are in HTML mode and begin the excerpt with blockquote and italics tags, insert their content using copy and paste, and finally add the closing blockquote and italics tags. View your help files if the [blockquote] or [i] and then [/blockquote] and [/i] are unfamiliar (Note: The [ and ] square brackets must be replaced with < and >, so don't take my example literally). This formatting will indent their snippet in your post and display the text in italics to make everything stand out as content quoted from another source.
Finally, write a closing paragraph with your take or opinion on the subject matter, and you're done. Again, your posts do not have to be lengthy, so the opening introduction and closing comments or opinion can each be one paragraph. Busy visitors are more likely to read your content and bookmark your site for return visits if your style is interesting and brief.
Blog Labels
The labels you assign to your posts allow cross referencing of information, and they are another source for brainstorming new post ideas. After all, your labels provide a snapshot of the overall theme of your blog. A review of your list of labels may uncover subjects that are overdue for a new post while alerts make you aware of topical subjects. Reviewing the labels that define your blog allows you to enhance emphasis by writing about what your small business is really all about.
Bonus Tip: Visit technorati.com and near the upper right is a "tag cloud" which displays key words and phrases that represent what the majority of people worldwide have written recently. The most popular tags are displayed in very large text, with others decreasing in size based on total posts tagged with that word or phrase. If you find words that relate to your business, click the tag to see what others are writing, or just start your post and run with it.
Compare physical exercise to writing posts for your small business blog, and each requires discipline. Both are easy to avoid without feeling guilty, yet the benefits are certainly important to your health, personal and business. A large percentage near 25% of all new blogs go offline in less than 90 days. One reason is the lack of fresh content. Use these tips for keeping your posts short and to the point, utilize Google Alerts, and do a review of your blog labels to easily come up with new ideas for posting to your blog.
Move away from your poor drainage problem
Poor drainage is the ultimate and leading cause of death for our beautiful garden plants. Adding up organic matter would enhance poor drainage problem. If you have tried that, though, and your land clearing site still remains watery for hours after a short, heavy rain, then further action is now required. Shallow trenching and drainage pipe could solve the problem. Please follow the below given instruction for further drainage solution.
Instructions
* Look for a spot below the level of your garden where the water could drain away safely. A storm drain, dry well or even drainage ditch is an perfect choice.
* Calculate the distance from the lowest point in the trouble site to your drainage area. Then purchase enough perforated 4-inch (10-cm)- diameter drainage pipe to cover that particular distance.
* Dig a trench 18 inches (45 cm) deep and 12 inches (30 cm) wide, sloping below among the two points. Try for a drop of about 1 inch (2.5 cm) for each 10 feet (3 m) of ground.
* Test the slope by driving a glide into the soil at every end of the trench. Run a string among the two glides, and use a spirit level to calculate the drop among them.
* When the slope is at the correct angle, line the trench with about 3 inches (7.5 cm) of gravel or crushed stone.
* Lay the pipe on the stone (see B), and ensure that any joints are completely fastened tightly.
* Cover the pipe with agricultural fabric to defend soil from clogging the perforations (tuck the cloth under the pipe towards the uphill opening).
* Add another 6 more inches (15 cm) of stone over the drainage pipe.
* Finally replace the soil in the trench.
Tips & Warnings
* If your drainage problem is very serious, you might really need expert to help. Before you try any do-it-yourself steps, ask a land clearing contractor.
* On a large residential or commerical site, consider just going with the flow. Many beautiful plants, including cardinal flower, Japanese iris and astilbe, thrive in moist soil.
* Another option to expensive, time consuming drainage correction is to grow your plants in any well defined containers.
Instructions
* Look for a spot below the level of your garden where the water could drain away safely. A storm drain, dry well or even drainage ditch is an perfect choice.
* Calculate the distance from the lowest point in the trouble site to your drainage area. Then purchase enough perforated 4-inch (10-cm)- diameter drainage pipe to cover that particular distance.
* Dig a trench 18 inches (45 cm) deep and 12 inches (30 cm) wide, sloping below among the two points. Try for a drop of about 1 inch (2.5 cm) for each 10 feet (3 m) of ground.
* Test the slope by driving a glide into the soil at every end of the trench. Run a string among the two glides, and use a spirit level to calculate the drop among them.
* When the slope is at the correct angle, line the trench with about 3 inches (7.5 cm) of gravel or crushed stone.
* Lay the pipe on the stone (see B), and ensure that any joints are completely fastened tightly.
* Cover the pipe with agricultural fabric to defend soil from clogging the perforations (tuck the cloth under the pipe towards the uphill opening).
* Add another 6 more inches (15 cm) of stone over the drainage pipe.
* Finally replace the soil in the trench.
Tips & Warnings
* If your drainage problem is very serious, you might really need expert to help. Before you try any do-it-yourself steps, ask a land clearing contractor.
* On a large residential or commerical site, consider just going with the flow. Many beautiful plants, including cardinal flower, Japanese iris and astilbe, thrive in moist soil.
* Another option to expensive, time consuming drainage correction is to grow your plants in any well defined containers.
Knowledge Is Business
“Knowledge is the business fully as much as customer is the business. Physical goods or services are only the vehicle for the exchange of customer purchasing power against business knowledge”.
Above statement was made by Peter F. Drucker, a prominent Management and marketing guru.
Any economic result is the result of differentiation. What is that niche you posses that make you hot property in any market. It comes from knowledge. Knowledge is held by organization people. One day all labour can be automated by machines. But knowledge specifically is a human asset. If you have knowledgeable people you can target the sky. Books are more collection of information. Internet is one of the best medium for generating information on particular subject. But information is not a business.
Knowledge itself is not a business when used inside. When it do not produce value to the holder of knowledge, it is useless. It becomes business when applied outside of a business, to the customer, market and end-uses.
Mittal steel is king of steel market today. It posses a peculiar knowledge of converting non- performing public business and factory into highly profitable steel producing entity. It has done this numerous times Laxmi Mittal, Chairman and managing director, and his people do not change much in the plants. According to Aditya Mittal, CFO, and son of Laxmi Mittal, they apply their knowledge and past experience to turn thing around, Mittal steel turned their early acquisition around in 18 months. But now they have refined their knowledge and make any plant they capture profit producer within 6 months. That’s where I say business is knowledge and knowledge is business.
Looking at GE, they have an uncanny ability to mark a new opportunity and jump into it in a big way. GE is one of the leader and rare gem in America to dominate the whole 20th century. None have done that. They posses best of best talent in the market. But still there is no example of a business which they have acquired and which is the leader in its market. They messed up with RCA, and their finance acquisition. Yet they are king with GE capital, a blue eye child of GE.
So what make an organization successful in a specific area, while a distant runner in other area? Assets and money could be acquired but it is the knowledge which turns that asset into real business.
That why an old edge say. Give me 10 knowledgeable people and I will conquer the world
Above statement was made by Peter F. Drucker, a prominent Management and marketing guru.
Any economic result is the result of differentiation. What is that niche you posses that make you hot property in any market. It comes from knowledge. Knowledge is held by organization people. One day all labour can be automated by machines. But knowledge specifically is a human asset. If you have knowledgeable people you can target the sky. Books are more collection of information. Internet is one of the best medium for generating information on particular subject. But information is not a business.
Knowledge itself is not a business when used inside. When it do not produce value to the holder of knowledge, it is useless. It becomes business when applied outside of a business, to the customer, market and end-uses.
Mittal steel is king of steel market today. It posses a peculiar knowledge of converting non- performing public business and factory into highly profitable steel producing entity. It has done this numerous times Laxmi Mittal, Chairman and managing director, and his people do not change much in the plants. According to Aditya Mittal, CFO, and son of Laxmi Mittal, they apply their knowledge and past experience to turn thing around, Mittal steel turned their early acquisition around in 18 months. But now they have refined their knowledge and make any plant they capture profit producer within 6 months. That’s where I say business is knowledge and knowledge is business.
Looking at GE, they have an uncanny ability to mark a new opportunity and jump into it in a big way. GE is one of the leader and rare gem in America to dominate the whole 20th century. None have done that. They posses best of best talent in the market. But still there is no example of a business which they have acquired and which is the leader in its market. They messed up with RCA, and their finance acquisition. Yet they are king with GE capital, a blue eye child of GE.
So what make an organization successful in a specific area, while a distant runner in other area? Assets and money could be acquired but it is the knowledge which turns that asset into real business.
That why an old edge say. Give me 10 knowledgeable people and I will conquer the world
Small Business Grants - Tips From The Pros
Every business starts with an idea or a dream. To implement this idea or to turn your dream in to reality you require finance. A grant supports the business ideas and turns the dreams of an entrepreneur in to reality.
There are many types of grants offered by the Governments and other financial institutions that include individual grants for personal necessities, business grants for starting new business, education grants for funding education and many more. Grants are always a feasible option to support existing business or financing new business in all fields. While the United States government does not offer direct grants for supporting small business there are many state development agencies, non-profit organizations, intermediary lending institutions and local government, which offer grants to expand and enhance small businesses.
Small businesses always play a significant role in the economic growth of a country and that is the reason governments are always ready to offer financial resources to facilitate small business. You can receive small business grant to start up any type of business. From carpet cleaning, photocopying, private tutoring services to day care business you name any business and these agencies have the grants for you. All U.S. citizens and residents are eligible to receive U.S. Federal Government, State Government and Private Foundation-funded grants and loans. Apart from this these grant programs do not require credit checks, collateral, security deposits or co-signers. Small business grants are easily available. Anyone who is 18 year old and thinking about going into business for himself or wanting to expand his existing business can apply for the grant. Grants varying between $500.00 to $50,000.00 can be obtained from these agencies. Usually there are larger payments for business start up costs. If you are an entrepreneur than you can use the privileges provided by the government. Small business grants are the ideal way to fulfill your dreams of becoming a business owner.
There are many types of grants offered by the Governments and other financial institutions that include individual grants for personal necessities, business grants for starting new business, education grants for funding education and many more. Grants are always a feasible option to support existing business or financing new business in all fields. While the United States government does not offer direct grants for supporting small business there are many state development agencies, non-profit organizations, intermediary lending institutions and local government, which offer grants to expand and enhance small businesses.
Small businesses always play a significant role in the economic growth of a country and that is the reason governments are always ready to offer financial resources to facilitate small business. You can receive small business grant to start up any type of business. From carpet cleaning, photocopying, private tutoring services to day care business you name any business and these agencies have the grants for you. All U.S. citizens and residents are eligible to receive U.S. Federal Government, State Government and Private Foundation-funded grants and loans. Apart from this these grant programs do not require credit checks, collateral, security deposits or co-signers. Small business grants are easily available. Anyone who is 18 year old and thinking about going into business for himself or wanting to expand his existing business can apply for the grant. Grants varying between $500.00 to $50,000.00 can be obtained from these agencies. Usually there are larger payments for business start up costs. If you are an entrepreneur than you can use the privileges provided by the government. Small business grants are the ideal way to fulfill your dreams of becoming a business owner.
How To Maximize The Sale Of Your Business?
e most commonly asked question by any businessman is “How to maximize the sale of my business?” Apart from following some basic rules that are followed by some famous business entrepreneur your own response to every favorable and unfavorable situations that generally prevails in any business and the application of your skill and brain is also required. The rule of thumb to make your business successful is to think with the head and not with the heart.
The basic requirements for maximizing sale depends on proper planning in advance and the planning should not be the product of emotion without any practical calculation, pre-planning your confidential marketing effort to gain exposure to multiple buyers and getting informed by attending seminars regarding tax issues, estate planning and asking your CPA or lawyer to recommend “general knowledge” seminars that might assist to stop making a multitude of costly mistakes unknowingly.
Next are the tax obligations that make it difficult for any quick fixes that give rise to immediate benefits. Therefore plan well in advance by brushing up your corporate structure on an ongoing basis. Make a note that if you are structured as a corporation, then after tax dollars on sale depends on whether you proceed with an “asset” sale or a “stock” sale. If you are proceeding with an asset sale then the proceeds will be taxed at the corporate level as well as the individual level when the remaining proceeds are distributed to the stockholders and if you are proceeding with stock sale then the proceed will be taxed on capital gains. Therefore to minimize tax obligations make planning in advance for the sale of your business.
Watch out for the favorable time to sell your business to maximize the amount of cash you receive. Low interest rates and a low economic process with plenty of liquidity and a floaty economy create an ideal scene for a potential buyer to pay significantly for a business that demonstrates a consistent track record of growing revenues and profitability. There are several other reasons that persuade the small business owner to sell. Health problem and mental outwear has a great impact deteriorating the value of the business. So it is wise to sell the business for a good price while the business is floaty. A decision to sell can be very difficult therefore it is wise to seek outside objective advice from respected professionals because they will provide you with a fresh insight that will assist you in making good strategic decisions for the future of your business.
The basic requirements for maximizing sale depends on proper planning in advance and the planning should not be the product of emotion without any practical calculation, pre-planning your confidential marketing effort to gain exposure to multiple buyers and getting informed by attending seminars regarding tax issues, estate planning and asking your CPA or lawyer to recommend “general knowledge” seminars that might assist to stop making a multitude of costly mistakes unknowingly.
Next are the tax obligations that make it difficult for any quick fixes that give rise to immediate benefits. Therefore plan well in advance by brushing up your corporate structure on an ongoing basis. Make a note that if you are structured as a corporation, then after tax dollars on sale depends on whether you proceed with an “asset” sale or a “stock” sale. If you are proceeding with an asset sale then the proceeds will be taxed at the corporate level as well as the individual level when the remaining proceeds are distributed to the stockholders and if you are proceeding with stock sale then the proceed will be taxed on capital gains. Therefore to minimize tax obligations make planning in advance for the sale of your business.
Watch out for the favorable time to sell your business to maximize the amount of cash you receive. Low interest rates and a low economic process with plenty of liquidity and a floaty economy create an ideal scene for a potential buyer to pay significantly for a business that demonstrates a consistent track record of growing revenues and profitability. There are several other reasons that persuade the small business owner to sell. Health problem and mental outwear has a great impact deteriorating the value of the business. So it is wise to sell the business for a good price while the business is floaty. A decision to sell can be very difficult therefore it is wise to seek outside objective advice from respected professionals because they will provide you with a fresh insight that will assist you in making good strategic decisions for the future of your business.
Why Aren’t You Creating Wealth?
Chicken Soup is a good license.
We sell at present nearly 5 million sets of greeting cards a year in grocery stores with American Greeting cards. We have 101 different licenses. We license the number 14 best-selling game of all time, Chicken Soup for the Teenage Soul: The Game.
My book-marketing seminar, “Get the Name Right,” is valuable because a good title pays and pays and pays. Our Chicken Soup name and Men Are from Mars, Women Are from Venus are both great licenses. There are a lot of good names out there.
The guys from the Diamond Pet Food Company came into my office one day: the president, the chairman of the board, and the head of sales, and asked to license our name for use in dog food.
We now sell $2 million worth of dog food month after month, and it’s going up because now all the dogs like it. We get 15 percent. Now, am I making the dog food? Am I personally eating the dog food? No. And we have cat food too. You need to have in your mind that you are going to license whatever it is down the line.
How About You?
Why aren’t you doing this right now? What are you addicted to that prevents you from doing this? How do you make your income right now? You work. Work at what? Other people’s businesses, helping them make money.
That’s okay. You get paid. They get paid. But you have to shift your paradigm.
I will show you how to break the addiction. Become very, very good at your work; develop unique skills in your current occupation. Go to your boss and say, “I no longer want to be paid on a salary. What I want is to earn a percentage for the value that I add to the organization.”
I have in my personal life right now several streams of income because I became very, very good at something: helping training companies take businesses offshore in the United States. I said, “Do not pay me anything up front. If it works, all I want is a percentage of income coming in from this for X number of years.” You gather several of those, and you can make big money while you sleep.
Right now, in many countries around the world I have many people making me money. I haven’t had to do anything today except answer a couple of e-mails to assist in this work. That is what I am doing.
What you can do is become really, really good at what you do and, instead of a salary, earn a percentage of the value you add.
Break the work addiction; get a value addiction instead!
Have confidence that you can add the value.
We sell at present nearly 5 million sets of greeting cards a year in grocery stores with American Greeting cards. We have 101 different licenses. We license the number 14 best-selling game of all time, Chicken Soup for the Teenage Soul: The Game.
My book-marketing seminar, “Get the Name Right,” is valuable because a good title pays and pays and pays. Our Chicken Soup name and Men Are from Mars, Women Are from Venus are both great licenses. There are a lot of good names out there.
The guys from the Diamond Pet Food Company came into my office one day: the president, the chairman of the board, and the head of sales, and asked to license our name for use in dog food.
We now sell $2 million worth of dog food month after month, and it’s going up because now all the dogs like it. We get 15 percent. Now, am I making the dog food? Am I personally eating the dog food? No. And we have cat food too. You need to have in your mind that you are going to license whatever it is down the line.
How About You?
Why aren’t you doing this right now? What are you addicted to that prevents you from doing this? How do you make your income right now? You work. Work at what? Other people’s businesses, helping them make money.
That’s okay. You get paid. They get paid. But you have to shift your paradigm.
I will show you how to break the addiction. Become very, very good at your work; develop unique skills in your current occupation. Go to your boss and say, “I no longer want to be paid on a salary. What I want is to earn a percentage for the value that I add to the organization.”
I have in my personal life right now several streams of income because I became very, very good at something: helping training companies take businesses offshore in the United States. I said, “Do not pay me anything up front. If it works, all I want is a percentage of income coming in from this for X number of years.” You gather several of those, and you can make big money while you sleep.
Right now, in many countries around the world I have many people making me money. I haven’t had to do anything today except answer a couple of e-mails to assist in this work. That is what I am doing.
What you can do is become really, really good at what you do and, instead of a salary, earn a percentage of the value you add.
Break the work addiction; get a value addiction instead!
Have confidence that you can add the value.
Tips for Choosing a Colour Scheme for Your Banner Stand
Even if we’re not colourblind, most of us don’t have a professional’s “eye” for colour. It’s more than seeing the colours—it’s knowing what colours and shapes to combine for the highest-impact graphics possible. If you’re planning on designing your trade show banner yourself, there’s little room for mistakes—the banner will be big, bold, and right at eye level. A well-coordinated banner will stand out and draw people in, while a poor design won’t do your booth any favors. Here are a few tips when working with colour at trade shows.
Remember your audience. If you’re doing an international trade show, your colour situation could get complicated. That’s because different cultures associate different meanings for certain colours. For example, purple is the colour of royalty, right? Not in the Netherlands—for them, it’s orange. And black is a bit funereal—but not in China. There, white is the colour associated with funerals. Try to choose colours that don’t have a strong cultural symbolism for your audience, just to make sure you’re not communicating the wrong message..
Keep it legible. Did you know that purple is the hardest colour for the eye to process? Knowing that, it’s probably not a good idea to print your banner’s ad copy in purple. Yellow, however, is the easiest on the eyes—we tend to “notice” yellows before we notice other colours. This means that yellow is a bad background colour, because your eye will process it before noticing the copy you want to showcase—unless you tune it down to a very pale shade.
Contrast is key. The right contrast between dark and light colours not only makes your banner copy legible—it makes your image and message stand out. Make sure the colours you use aren’t in the same shade—dark greens and blues, for example. Be sure to contrast any darker colour with a lighter colour to make it stand out. This is especially important with text—the contrast between text and background colours should be easy on the eyes. If passers-by have to squint to read your banner, chances are they won’t put in the effort.
Keep colour psychology in mind. Different colours have different subliminal associations. colour psychology is often used by national brands in designing logos and company colours. For example, blue is often used to indicate reliability and strength. Black indicates power, and is often used for very formal, “corporate” companies as well as “hard” companies such as manufacturers, miners, and oil companies. Red indicates passion, creativity, and material pleasures; green is adventurous and outdoorsy; orange and yellow are youthful and exuberant; and brown indicates stability and safety.
Don’t do what everyone else is doing. Because so many companies pay attention to the connotations of the colours they use, businesses in the same industry often wind up using the same colours. Don’t fall into this trap—especially at the trade show. Instead, choose a colour scheme that’s likely to stand out.
For example, display your logo in colours on the opposite end of the colour wheel from those of your usual logo. Or choose colours that project an interesting alter-image on your company. For example, if you’re in an entertainment-based industry, the predominant colours might be reds and oranges. Choose black instead to show the power and strength of your company. You’ll definitely stand out.
Know where your audience will be. Is your banner stand intended to be seen from a long distance away? Or at eye level and fairly close? If you’re using a hanging banner stand or sign that you want people to notice from across the exhibition hall, you’ll need a lot of contrast. Go for big, splashy design and avoid small details. You can go a little subtler with banner stands placed at eye level, and include finer detail as well.
Don’t be afraid of white space. White space gives your banner a clean, roomy, organized feel. Don’t fall into the mistake of thinking that you have to fill every inch of your banner with some colour or design—you don’t. White space is very effective in providing contrast to rich colours, and makes the perfect background colour for text.
Don’t leave out your margins. Some banner designers stretch their text so that it fills the banner from side to side. Don’t do this—margins make your text more readable and make your banner look less cluttered. White space keeps the viewer’s eye focused on the text; filling up every inch of your banner only obscures the marketing message. Your banner stand can be a great asset to your trade show display. A striking colour scheme placed out in front of your display can help draw your customers to you—it works more effectively than you’d think. Avoid bad design, and your banner stand will keep the customers coming.
Remember your audience. If you’re doing an international trade show, your colour situation could get complicated. That’s because different cultures associate different meanings for certain colours. For example, purple is the colour of royalty, right? Not in the Netherlands—for them, it’s orange. And black is a bit funereal—but not in China. There, white is the colour associated with funerals. Try to choose colours that don’t have a strong cultural symbolism for your audience, just to make sure you’re not communicating the wrong message..
Keep it legible. Did you know that purple is the hardest colour for the eye to process? Knowing that, it’s probably not a good idea to print your banner’s ad copy in purple. Yellow, however, is the easiest on the eyes—we tend to “notice” yellows before we notice other colours. This means that yellow is a bad background colour, because your eye will process it before noticing the copy you want to showcase—unless you tune it down to a very pale shade.
Contrast is key. The right contrast between dark and light colours not only makes your banner copy legible—it makes your image and message stand out. Make sure the colours you use aren’t in the same shade—dark greens and blues, for example. Be sure to contrast any darker colour with a lighter colour to make it stand out. This is especially important with text—the contrast between text and background colours should be easy on the eyes. If passers-by have to squint to read your banner, chances are they won’t put in the effort.
Keep colour psychology in mind. Different colours have different subliminal associations. colour psychology is often used by national brands in designing logos and company colours. For example, blue is often used to indicate reliability and strength. Black indicates power, and is often used for very formal, “corporate” companies as well as “hard” companies such as manufacturers, miners, and oil companies. Red indicates passion, creativity, and material pleasures; green is adventurous and outdoorsy; orange and yellow are youthful and exuberant; and brown indicates stability and safety.
Don’t do what everyone else is doing. Because so many companies pay attention to the connotations of the colours they use, businesses in the same industry often wind up using the same colours. Don’t fall into this trap—especially at the trade show. Instead, choose a colour scheme that’s likely to stand out.
For example, display your logo in colours on the opposite end of the colour wheel from those of your usual logo. Or choose colours that project an interesting alter-image on your company. For example, if you’re in an entertainment-based industry, the predominant colours might be reds and oranges. Choose black instead to show the power and strength of your company. You’ll definitely stand out.
Know where your audience will be. Is your banner stand intended to be seen from a long distance away? Or at eye level and fairly close? If you’re using a hanging banner stand or sign that you want people to notice from across the exhibition hall, you’ll need a lot of contrast. Go for big, splashy design and avoid small details. You can go a little subtler with banner stands placed at eye level, and include finer detail as well.
Don’t be afraid of white space. White space gives your banner a clean, roomy, organized feel. Don’t fall into the mistake of thinking that you have to fill every inch of your banner with some colour or design—you don’t. White space is very effective in providing contrast to rich colours, and makes the perfect background colour for text.
Don’t leave out your margins. Some banner designers stretch their text so that it fills the banner from side to side. Don’t do this—margins make your text more readable and make your banner look less cluttered. White space keeps the viewer’s eye focused on the text; filling up every inch of your banner only obscures the marketing message. Your banner stand can be a great asset to your trade show display. A striking colour scheme placed out in front of your display can help draw your customers to you—it works more effectively than you’d think. Avoid bad design, and your banner stand will keep the customers coming.
Small Business Money Management
he most daunting task for many home-based business owners is managing business finances. Poor financial management can wreck any size of business, with Enron being the best-known example. Without a sound financial management plan, even the best selection of home-based businesses has a high risk of failure. Before you do anything else for your business, take the essential steps to managing the money end of your business and you have a far better chance that your business will be a profitable one.
An essential step toward sound business finances management is to keep your business and personal finances separate. Open separate bank accounts for your business, so you can know what liquids assets belong to your business and what belong to you, personally. People who combine business and personal accounts often end up overdrawing, especially if you share a joint checking account with your spouse. He or she may not have recorded a purchase or payment in the checkbook register and, you, happy as a clam about your profits, just paid off a huge supplies bill. Your check bounces. Your supplier is not pleased. You have overdraft charges, further depleting your checking account. Your credit score and reputation are both damaged. This mistake will not happen if you keep your business and personal funds in separate accounts.
To simplify your business bookkeeping, you may want to establish more than one bank account. For instance, have one for Accounts Receivable, into which incoming revenues are deposited, and an Accounts Payable from which your expenses and other business debts are paid. Having AR separated from AP lets you see exactly what you have coming in from which customers and what you have going out, to suppliers, and service providers, without you having to pore over the checkbook register and bank statements when you are balancing your business account. Set up the accounts so that a certain percentage of your income is automatically transferred into your AP. With online banking widely available, you can easily transfer necessary funds from one account to the other.
Manage your business finances as conscientiously as possible. Throughout the year, keep your business funds for business use, and at the end of the year, you may pay yourself a well-earned bonus!
An essential step toward sound business finances management is to keep your business and personal finances separate. Open separate bank accounts for your business, so you can know what liquids assets belong to your business and what belong to you, personally. People who combine business and personal accounts often end up overdrawing, especially if you share a joint checking account with your spouse. He or she may not have recorded a purchase or payment in the checkbook register and, you, happy as a clam about your profits, just paid off a huge supplies bill. Your check bounces. Your supplier is not pleased. You have overdraft charges, further depleting your checking account. Your credit score and reputation are both damaged. This mistake will not happen if you keep your business and personal funds in separate accounts.
To simplify your business bookkeeping, you may want to establish more than one bank account. For instance, have one for Accounts Receivable, into which incoming revenues are deposited, and an Accounts Payable from which your expenses and other business debts are paid. Having AR separated from AP lets you see exactly what you have coming in from which customers and what you have going out, to suppliers, and service providers, without you having to pore over the checkbook register and bank statements when you are balancing your business account. Set up the accounts so that a certain percentage of your income is automatically transferred into your AP. With online banking widely available, you can easily transfer necessary funds from one account to the other.
Manage your business finances as conscientiously as possible. Throughout the year, keep your business funds for business use, and at the end of the year, you may pay yourself a well-earned bonus!
Absolute must steps to starting a small Business
To start a new business, whether it is a small brick and mortar business, a home business opportunity, or an internet business, involves certain key steps, which are absolutely essential for long term business success.
Most people use outdated business plans, books, courses, or ideas, which seemed like the ideal source for starting a new business for the last few decades. However the high rate of new business failures, especially for people starting small home based businesses, is demanding some new solutions. Just like the idea of goal setting, or acting positive, fails to get expected results, and needs to be replaced, current business resources are facing the same need for replacement.
Everything in business starts with a thought. It is a thought that started the business. All actions related to the operation of the business start with someone’s thought. As a matter of fact, every business is in fact nothing more then the collective thoughts, of all the people associated with the business.
Great products or service, great advertising, or strong financing, are essential to building a business, but a great business is the result of great thoughts. It matters not if the business is small or a giant corporation, for it to be a great business it must come from great thoughts.
Great thoughts come from people who have prepared themselves, practiced, and have the capacity to think in business terms. You can have the greatest product or service, but if you are not mentally prepared for your business, or have the capacity to come up with the great thoughts your business will need, most likely your business will not survive long term.
Preparing yourself for business is the most important step in starting and building a business. So many times you will encounter situations, right from the start, for which you will have no answers, and all the logical thinking will not get you the right results. These are the times that most business owners, end up making the wrong choices, which to a vulnerable small business can become catastrophic.
At critical times, business owners tend to consult with others within or outside of their business. Getting everyday advice from other people is important, and should be done often. But when it comes to critical decisions, advice from others just never seems to work. People who do not own the business, or who are outside of the business, will not have the same passionate emotional attachment as the owner does. Their view of things is usually different, and since it is not a life or death situation for them, they will not have the capacity to make decisions from a gut instinct.
To prepare mentally for business, means establishing the ability to act and react from a gut instinct. You must prepare yourself so that when logic fails, you can turn toward your gut instinct, and make the right decision. It does not mean that your gut instinct will always be right, but chances are, it will be more right then wrong, provided you prepare yourself, and keep nurturing your mental involvement in a certain way.
You are a “Being” with a human form, using both a logical conscious mind, and an intuitive emotional subconscious mind. Your conscious mind goes through all that daily mundane logical way of operating a business. All the stuff you learn in business school, business publications, or business courses. But your subconscious mind, which is responsible to protect you, guide you to what you want, and take care of your automatic bodily motor functions, is intuitive, it’s always in the present moment, and only understands your senses. It is your gut instinct.
Think of it this way, let’s say you want a very special something that you may have seen. There is no way you can afford it, and it is very rare. But you keep experiencing how it feels to have this object of your dream. You experience the passionate pleasure it brings to you, and you do it often. Long and behold one day you come across an opportunity, which makes it possible for you to not only have this object, but it is offered at a price you can afford.
How did that happen? Well your feelings kept influencing your subconscious mind, over and over again. It in turn wants to make you happy, so without you even knowing it, it guided you to what you want. That’s exactly what you need and must have in operating a business. It is by far the most valuable source, to insulate you from business failure.
To prepare yourself mentally, in addition to starting and operating a business, you need to find what you want the most. What one single thing do you want, as a result of succeeding with your business. It could be the idea of building a huge business, or it could be something you will be able to get with the rewards of your success.
Next you need to find out the smallest of details about what you want. Take the time to explore it more and more, until you know more about it, than the person who made or invented it.
Now use the hologram technique, and interact with what you want, as often as possible, experiencing the joy and pleasure of having, or experiencing it. Capture the specific feelings, by reflecting upon them, and thinking about them.
This in turn will communicate your passion to your subconscious mind, which will try to please you, and get you what you want.
So as you start and operate your business, and come across critical decision points, your gut instinct, your subconscious mind, will take over and influence your decisions, making sure that you stay on course to get what you want. This gut instinct, is the only way that you can be sure, you are going in the right direction.
No matter how good your product or service seems, no matter how big your potential market is, make sure you take the time to prepare yourself mentally, which is your best insulation against failure.
Most people use outdated business plans, books, courses, or ideas, which seemed like the ideal source for starting a new business for the last few decades. However the high rate of new business failures, especially for people starting small home based businesses, is demanding some new solutions. Just like the idea of goal setting, or acting positive, fails to get expected results, and needs to be replaced, current business resources are facing the same need for replacement.
Everything in business starts with a thought. It is a thought that started the business. All actions related to the operation of the business start with someone’s thought. As a matter of fact, every business is in fact nothing more then the collective thoughts, of all the people associated with the business.
Great products or service, great advertising, or strong financing, are essential to building a business, but a great business is the result of great thoughts. It matters not if the business is small or a giant corporation, for it to be a great business it must come from great thoughts.
Great thoughts come from people who have prepared themselves, practiced, and have the capacity to think in business terms. You can have the greatest product or service, but if you are not mentally prepared for your business, or have the capacity to come up with the great thoughts your business will need, most likely your business will not survive long term.
Preparing yourself for business is the most important step in starting and building a business. So many times you will encounter situations, right from the start, for which you will have no answers, and all the logical thinking will not get you the right results. These are the times that most business owners, end up making the wrong choices, which to a vulnerable small business can become catastrophic.
At critical times, business owners tend to consult with others within or outside of their business. Getting everyday advice from other people is important, and should be done often. But when it comes to critical decisions, advice from others just never seems to work. People who do not own the business, or who are outside of the business, will not have the same passionate emotional attachment as the owner does. Their view of things is usually different, and since it is not a life or death situation for them, they will not have the capacity to make decisions from a gut instinct.
To prepare mentally for business, means establishing the ability to act and react from a gut instinct. You must prepare yourself so that when logic fails, you can turn toward your gut instinct, and make the right decision. It does not mean that your gut instinct will always be right, but chances are, it will be more right then wrong, provided you prepare yourself, and keep nurturing your mental involvement in a certain way.
You are a “Being” with a human form, using both a logical conscious mind, and an intuitive emotional subconscious mind. Your conscious mind goes through all that daily mundane logical way of operating a business. All the stuff you learn in business school, business publications, or business courses. But your subconscious mind, which is responsible to protect you, guide you to what you want, and take care of your automatic bodily motor functions, is intuitive, it’s always in the present moment, and only understands your senses. It is your gut instinct.
Think of it this way, let’s say you want a very special something that you may have seen. There is no way you can afford it, and it is very rare. But you keep experiencing how it feels to have this object of your dream. You experience the passionate pleasure it brings to you, and you do it often. Long and behold one day you come across an opportunity, which makes it possible for you to not only have this object, but it is offered at a price you can afford.
How did that happen? Well your feelings kept influencing your subconscious mind, over and over again. It in turn wants to make you happy, so without you even knowing it, it guided you to what you want. That’s exactly what you need and must have in operating a business. It is by far the most valuable source, to insulate you from business failure.
To prepare yourself mentally, in addition to starting and operating a business, you need to find what you want the most. What one single thing do you want, as a result of succeeding with your business. It could be the idea of building a huge business, or it could be something you will be able to get with the rewards of your success.
Next you need to find out the smallest of details about what you want. Take the time to explore it more and more, until you know more about it, than the person who made or invented it.
Now use the hologram technique, and interact with what you want, as often as possible, experiencing the joy and pleasure of having, or experiencing it. Capture the specific feelings, by reflecting upon them, and thinking about them.
This in turn will communicate your passion to your subconscious mind, which will try to please you, and get you what you want.
So as you start and operate your business, and come across critical decision points, your gut instinct, your subconscious mind, will take over and influence your decisions, making sure that you stay on course to get what you want. This gut instinct, is the only way that you can be sure, you are going in the right direction.
No matter how good your product or service seems, no matter how big your potential market is, make sure you take the time to prepare yourself mentally, which is your best insulation against failure.
8 Great Steps to Set Your Business on Fire
All too often I hear comments like "I'm tired of putting out business fires on a regular basis. There must be a better way."
Well, of course, there is, and we want to convert the energy that's being spent on putting out fires to a more constructive use. Let's talk about setting your business on fire - on purpose - by being smart. Set those fires yourself and plan in advance how you will leverage the energy that's released.
If the energy is organized and has a mission or target, the chances of hitting the target (goal) will be a lot greater. (Consider a bullet in the cylinder, awaiting the trigger to release its energy). We want to get you and your business organized and focused so the energy you release will propel your business forward in the direction you choose.
Following are the steps that seem to work best if done sequentially, all with the specific purpose of setting your business on fire. Literally translated that means bringing in more revenue, more customers, more brand recognition.
1 - Get your foundation in place
Without a sound business structure, you won't be prepared to handle the surge in activity when your business takes off. Start by being really clear about what value you bring to the marketplace and making sure you are clearly communicating it in a variety of ways that put you in contact with your target market. Set measurable, realistic goals and create a strategy and plan to achieve them.
2 - Focus on Sales
What's the most important part of your business? Sales, of course. How much of your time are you spending on Revenue Generating Activities? I find I need to spend at least 50% of my time on staying in touch with my market and interacting with clients and potential clients. A specific marketing plan with timeframes will keep you focused and allow you to assess the results of your actions.
3 - Commit to being responsible for and accountable for your business results
Set goals based on research and strategic decisions. Commit not only to yourself, but to a coach or a colleague. This adds fuel to your commitment. Communicate your goals and make sure your team and staff know their role and responsibility in achieving desired results. Get their commitment as well so everyone will be adding to the focused energy.
4 - Develop Strategic Alliances
You know you can't build a business without help from others. Strategic alliances are how smart business people are leveraging their connections to reach beyond what can be done alone. I use my connections to add expertise beyond my own for many of my programs. This helps both of us reach new targeted connections where we can share our expertise. I also use marketing and technology alliances to open new networks. Every time you add an alliance you are expanding your network exponentially.
5 - Showcase Your Expertise
Every entrepreneur has expertise in something. The key is to identify and showcase yours. Your combination of training, experience, knowledge and resources makes you unique. Who cares about that expertise and how can you best share what you have to offer? Some people look for speaking opportunities in front of their target market; some who like to write will create articles, newsletters, books, CDs. Give freely of your knowledge; share your unique perspective, focus on helping others accomplish their goals. You will attract those who relate to what you say and do.
6 - Use the Web strategically
Most businesses today can benefit from using the web. This may or may not include a web site, but e-mail is definitely a prime means of communication for most businesses. It's important to learn e-mail etiquette and to stay current on use of e-mail for marketing. Search Engine Optimization has become a key strategy for web sites. Changes happen so rapidly for anything that's web related you'll want to consult with a web marketing professional before undertaking any campaign.
7 - Support Yourself
You want to focus the majority of your time and energy doing what you do best in your business. That may mean product development, marketing and sales or overall management. Enlist the support of others whose expertise complements yours. Consider whether you're better off doing that by adding to staff or through a strategic alliance. Sometimes bartering services can be a great way to get what you need and generate a client/customer at the same time. Keep adding to your team until you've covered all the gaps.
8. - Begin to act "as if" your goal (target) is already achieved
Thinking and acting "as if" magnetically pulls you to your goal. Success becomes easier when you're operating in success mode. And success begets more success. Jill Ammon-Wexler's article offers more on why acting "as if" is so powerful.
Focus, like a laser, can set your business on fire. Follow through with these steps and watch your business heat up.
If you're really ready for success, get the instructions and the tools in our proven 9-Step Business Success System Course.
Well, of course, there is, and we want to convert the energy that's being spent on putting out fires to a more constructive use. Let's talk about setting your business on fire - on purpose - by being smart. Set those fires yourself and plan in advance how you will leverage the energy that's released.
If the energy is organized and has a mission or target, the chances of hitting the target (goal) will be a lot greater. (Consider a bullet in the cylinder, awaiting the trigger to release its energy). We want to get you and your business organized and focused so the energy you release will propel your business forward in the direction you choose.
Following are the steps that seem to work best if done sequentially, all with the specific purpose of setting your business on fire. Literally translated that means bringing in more revenue, more customers, more brand recognition.
1 - Get your foundation in place
Without a sound business structure, you won't be prepared to handle the surge in activity when your business takes off. Start by being really clear about what value you bring to the marketplace and making sure you are clearly communicating it in a variety of ways that put you in contact with your target market. Set measurable, realistic goals and create a strategy and plan to achieve them.
2 - Focus on Sales
What's the most important part of your business? Sales, of course. How much of your time are you spending on Revenue Generating Activities? I find I need to spend at least 50% of my time on staying in touch with my market and interacting with clients and potential clients. A specific marketing plan with timeframes will keep you focused and allow you to assess the results of your actions.
3 - Commit to being responsible for and accountable for your business results
Set goals based on research and strategic decisions. Commit not only to yourself, but to a coach or a colleague. This adds fuel to your commitment. Communicate your goals and make sure your team and staff know their role and responsibility in achieving desired results. Get their commitment as well so everyone will be adding to the focused energy.
4 - Develop Strategic Alliances
You know you can't build a business without help from others. Strategic alliances are how smart business people are leveraging their connections to reach beyond what can be done alone. I use my connections to add expertise beyond my own for many of my programs. This helps both of us reach new targeted connections where we can share our expertise. I also use marketing and technology alliances to open new networks. Every time you add an alliance you are expanding your network exponentially.
5 - Showcase Your Expertise
Every entrepreneur has expertise in something. The key is to identify and showcase yours. Your combination of training, experience, knowledge and resources makes you unique. Who cares about that expertise and how can you best share what you have to offer? Some people look for speaking opportunities in front of their target market; some who like to write will create articles, newsletters, books, CDs. Give freely of your knowledge; share your unique perspective, focus on helping others accomplish their goals. You will attract those who relate to what you say and do.
6 - Use the Web strategically
Most businesses today can benefit from using the web. This may or may not include a web site, but e-mail is definitely a prime means of communication for most businesses. It's important to learn e-mail etiquette and to stay current on use of e-mail for marketing. Search Engine Optimization has become a key strategy for web sites. Changes happen so rapidly for anything that's web related you'll want to consult with a web marketing professional before undertaking any campaign.
7 - Support Yourself
You want to focus the majority of your time and energy doing what you do best in your business. That may mean product development, marketing and sales or overall management. Enlist the support of others whose expertise complements yours. Consider whether you're better off doing that by adding to staff or through a strategic alliance. Sometimes bartering services can be a great way to get what you need and generate a client/customer at the same time. Keep adding to your team until you've covered all the gaps.
8. - Begin to act "as if" your goal (target) is already achieved
Thinking and acting "as if" magnetically pulls you to your goal. Success becomes easier when you're operating in success mode. And success begets more success. Jill Ammon-Wexler's article offers more on why acting "as if" is so powerful.
Focus, like a laser, can set your business on fire. Follow through with these steps and watch your business heat up.
If you're really ready for success, get the instructions and the tools in our proven 9-Step Business Success System Course.
Start a Business With Little or No Cash
I am a huge fan of operating your own business. If there is something you are passionate about doing and you can find a way to make money with it, then what are you waiting for?
Oh, you don't have the cash needed to get up and running, or you don't have any ideas about what you'd do? Here are some businesses that you can start for little or no money from Startup Nation.
1. Tutoring - 76 million school-aged children, "No Child Left Behind", tougher state requirements for students and standardized tests all make this area a huge demand for services.
2. Child Care Provider - 20 million children live in single-family homes whose parents need to work.
3. Cleaning/Lawn Service - Homeowners have less time and are willing to for these services.
4. Personal/Business Coaching - If you have a heart for teaching and helping individuals or business owners, it can be very rewarding. We're hiring!
5. Party Planning - We're spending more money today than ever before on kids birthday's, weddings, graduations, etc. Other opportunities include invitation design, decorations and party favors.
6. Computer Services - More people are using advanced electronics today than they were this time last year, and that number continues to grow. If you know anything about technology, you may be an oasis in the land of computer nightmares for some people.
7. Personal Organizer - I am currently working with a handful of personal organizers in different parts of the country who have great businesses and no limits on what they can make. If you can show someone that organizing a room or an entire house will save them time and money, you'll soon have a huge list of clients.
8. Photography/Videography - The options are virtually limitless for creating great wedding or special event videos or presentations.
Oh, you don't have the cash needed to get up and running, or you don't have any ideas about what you'd do? Here are some businesses that you can start for little or no money from Startup Nation.
1. Tutoring - 76 million school-aged children, "No Child Left Behind", tougher state requirements for students and standardized tests all make this area a huge demand for services.
2. Child Care Provider - 20 million children live in single-family homes whose parents need to work.
3. Cleaning/Lawn Service - Homeowners have less time and are willing to for these services.
4. Personal/Business Coaching - If you have a heart for teaching and helping individuals or business owners, it can be very rewarding. We're hiring!
5. Party Planning - We're spending more money today than ever before on kids birthday's, weddings, graduations, etc. Other opportunities include invitation design, decorations and party favors.
6. Computer Services - More people are using advanced electronics today than they were this time last year, and that number continues to grow. If you know anything about technology, you may be an oasis in the land of computer nightmares for some people.
7. Personal Organizer - I am currently working with a handful of personal organizers in different parts of the country who have great businesses and no limits on what they can make. If you can show someone that organizing a room or an entire house will save them time and money, you'll soon have a huge list of clients.
8. Photography/Videography - The options are virtually limitless for creating great wedding or special event videos or presentations.
How to Market Your Small Business
When you are launching a small business, there are many things which could potentially stand in your way. A small business can be a difficult thing to market. There are situations in which you will be competing with people who have a larger monetary base, and who in turn will be able to reach more of the population. However, do not be discouraged, marketing a small business can be difficult but is not impossible, and there are several ways to make sure that your marketing efforts are on the right track.
First off, identify your customer base. The biggest mistake that you can make in marketing a small business is trying to reach everyone at once. Money and resources can be depleted quickly. Focus on your customer base, and expand as needed from that target audience.
There are several ways that you can ensure that you have chosen the best customer base for your company’s products or services. Conduct primary and secondary research to determine who your customer base is and where they live. Spend time narrowing down who you should be targeting, and once the research is concluded, you should have a group that is listed by age, gender, and even ethnicity, depending on what your small business is offering. Also, several tests are available that you can run on the products that you sell or the services that you provide
Once you have your target group in mind, the next step towards marketing a small business successfully is to reach that unique group. Don't place ads in places that will not catch their eye. For instance, if your target group is above 65, putting ads on a social networking site for teenagers would not make sense. Determine where your own customer base goes, what publications they read, what websites they frequent, and do what you can to advertise there.
Part of this requires figuring out where your potential customers come from. This is usually an easy thing to discover. Are you providing a service that you can do online – such as an online store or another business where your customers can be from all over? If the answer to this question is yes, then you can focus on doing online advertising and targeting other sites where your customers are going to visit. However, if your customer base is located locally, and you are relying on your local customers to market your small business, then you want to focus your marketing strategies on these local places, in order to make the most of the funds that you have.
The last thing that you want to remember when you are marketing a small business is that even if your competition has much more money than you do and is a much bigger corporation, you have the upper hand in the very fact that you are a small business. There are lots of people out there who are ready and willing to turn away from the larger corporations, and who are ready to focus on the smaller, local business. Stick with the things that make small businesses unique, such as quality customer service. These aspects are what usually set small businesses apart from the larger ones, and so it is there where a differentiation can be illustrated. You can gain customers by focusing on the advantages of working with a smaller company.
No matter what type of business you are providing, or whether you are seeking men, women or children to be your customers, you are going to find that you are up against a lot of competition. However, if you focus on your customer base, and the ways that you can bring your ideas directly to those people, you are going to be able to market your small business and be just as successful as those that are marketing large corporations with bigger budgets. There are many small businesses that are extremely profitable, and, by taking careful steps to market your company correctly, your business can be successful as well.
First off, identify your customer base. The biggest mistake that you can make in marketing a small business is trying to reach everyone at once. Money and resources can be depleted quickly. Focus on your customer base, and expand as needed from that target audience.
There are several ways that you can ensure that you have chosen the best customer base for your company’s products or services. Conduct primary and secondary research to determine who your customer base is and where they live. Spend time narrowing down who you should be targeting, and once the research is concluded, you should have a group that is listed by age, gender, and even ethnicity, depending on what your small business is offering. Also, several tests are available that you can run on the products that you sell or the services that you provide
Once you have your target group in mind, the next step towards marketing a small business successfully is to reach that unique group. Don't place ads in places that will not catch their eye. For instance, if your target group is above 65, putting ads on a social networking site for teenagers would not make sense. Determine where your own customer base goes, what publications they read, what websites they frequent, and do what you can to advertise there.
Part of this requires figuring out where your potential customers come from. This is usually an easy thing to discover. Are you providing a service that you can do online – such as an online store or another business where your customers can be from all over? If the answer to this question is yes, then you can focus on doing online advertising and targeting other sites where your customers are going to visit. However, if your customer base is located locally, and you are relying on your local customers to market your small business, then you want to focus your marketing strategies on these local places, in order to make the most of the funds that you have.
The last thing that you want to remember when you are marketing a small business is that even if your competition has much more money than you do and is a much bigger corporation, you have the upper hand in the very fact that you are a small business. There are lots of people out there who are ready and willing to turn away from the larger corporations, and who are ready to focus on the smaller, local business. Stick with the things that make small businesses unique, such as quality customer service. These aspects are what usually set small businesses apart from the larger ones, and so it is there where a differentiation can be illustrated. You can gain customers by focusing on the advantages of working with a smaller company.
No matter what type of business you are providing, or whether you are seeking men, women or children to be your customers, you are going to find that you are up against a lot of competition. However, if you focus on your customer base, and the ways that you can bring your ideas directly to those people, you are going to be able to market your small business and be just as successful as those that are marketing large corporations with bigger budgets. There are many small businesses that are extremely profitable, and, by taking careful steps to market your company correctly, your business can be successful as well.
Every Small Business Owner Should Have At Least One
A business owner with 1-4 employees or is a single-person business owner should have at least one Virtual Assistant (VA).
Virtual assistants (VAs) started out in the 80’s as home-based word processors or home-based secretarial services taking on temporary assignments from small business owners (SBOs). With the advent of technology, the first official virtual assistant was in the mid-90’s. Now the Virtual Assistant industry has expanded into an industry of professional virtual assistants partnering with SBOs providing them with services on a permanent basis.
According to Small Business Trends, the number of single-person business owners is booming, and they account for 78% of all U.S. Businesses (U.S. Census 2005 report). These business owners need assistance in more areas than just typing or word processing. They are becoming more dependent on virtual assistants for a wider variety of tasks and on a permanent basis rather than temporary.
Today VAs offer assistance with more than secretarial type of projects. They provide assistance with the mundane tasks small business owners are faced with daily. A few examples include marketing, updating websites, Internet research, submitting articles and/or blogs, writing articles and/or blogs, making appointments, returning phone calls, sorting through e-mails, etc. There are many uses for a Virtual Assistant. The time saved from not having to handle the daily administrative tasks can be used to gain new clients and/or retain current clients.
The first step in effectively using a Virtual Assistant is to decide which daily tasks can be outsourced. Second, establish a business relationship or partnership with a VA and, in turn, he or she will become familiar with the business and can anticipate the needs of the business owner. This will save time in communications, giving instructions, etc. In addition, virtual assistants are also small business owners, and they know how to operate a small business.
Partnering with a VA rather than hiring an administrative staff member(s) will save money and time. The cost associated with having an employee is more than having a VA. Working with a VA rather than a regular employee cost over $40,000.00 less per year, because there are no employee-related expenses to pay. In addition, it is not necessary for SBOs to train virtual assistants which will save time.
Technology and the Internet make it possible for VAs to provide assistant services to small business owners from their virtual offices. There are numerous ways of using technology to communicate; for example, Skype, e-mail, digital computer camera (webcam), teleconference or virtual meetings, video e-mails, Instant Messaging (IM), or GoToMeeting. If necessary, a Virtual Assistant can access the owner’s computer desktop using GoToMyPC in order to perform certain tasks. Documents can be exchanged using e-mail to send attachments. Due to technology and virtual assistants, SBOs are able to have the assistance they need without having to supply office space, office supplies, equipment, or software.
Every small business owner should retain the services of at least one Virtual Assistant on a permanent basis in order to have more time to develop and grow their businesses, add to the bottom line, close the next business deal, gain more personal time, as well as save over $40,000 a year.
Virtual assistants (VAs) started out in the 80’s as home-based word processors or home-based secretarial services taking on temporary assignments from small business owners (SBOs). With the advent of technology, the first official virtual assistant was in the mid-90’s. Now the Virtual Assistant industry has expanded into an industry of professional virtual assistants partnering with SBOs providing them with services on a permanent basis.
According to Small Business Trends, the number of single-person business owners is booming, and they account for 78% of all U.S. Businesses (U.S. Census 2005 report). These business owners need assistance in more areas than just typing or word processing. They are becoming more dependent on virtual assistants for a wider variety of tasks and on a permanent basis rather than temporary.
Today VAs offer assistance with more than secretarial type of projects. They provide assistance with the mundane tasks small business owners are faced with daily. A few examples include marketing, updating websites, Internet research, submitting articles and/or blogs, writing articles and/or blogs, making appointments, returning phone calls, sorting through e-mails, etc. There are many uses for a Virtual Assistant. The time saved from not having to handle the daily administrative tasks can be used to gain new clients and/or retain current clients.
The first step in effectively using a Virtual Assistant is to decide which daily tasks can be outsourced. Second, establish a business relationship or partnership with a VA and, in turn, he or she will become familiar with the business and can anticipate the needs of the business owner. This will save time in communications, giving instructions, etc. In addition, virtual assistants are also small business owners, and they know how to operate a small business.
Partnering with a VA rather than hiring an administrative staff member(s) will save money and time. The cost associated with having an employee is more than having a VA. Working with a VA rather than a regular employee cost over $40,000.00 less per year, because there are no employee-related expenses to pay. In addition, it is not necessary for SBOs to train virtual assistants which will save time.
Technology and the Internet make it possible for VAs to provide assistant services to small business owners from their virtual offices. There are numerous ways of using technology to communicate; for example, Skype, e-mail, digital computer camera (webcam), teleconference or virtual meetings, video e-mails, Instant Messaging (IM), or GoToMeeting. If necessary, a Virtual Assistant can access the owner’s computer desktop using GoToMyPC in order to perform certain tasks. Documents can be exchanged using e-mail to send attachments. Due to technology and virtual assistants, SBOs are able to have the assistance they need without having to supply office space, office supplies, equipment, or software.
Every small business owner should retain the services of at least one Virtual Assistant on a permanent basis in order to have more time to develop and grow their businesses, add to the bottom line, close the next business deal, gain more personal time, as well as save over $40,000 a year.
Make money from home and live a free financial freedom!
Search the web for opportunities to make money from home
If you want to work from home or make money from home, you would have to scour the options and see what it is that would suit you and that you would be interested in. It all depends on your own capabilities and talents, and depending on this you could opt for the kind of work you would like to do from home and make money from home.
The benefits to make money from home
To know what is available in this area as work or business you just have to search for options on the net and you will definitely find something that would suit your requirement. There are so many benefits in working from home –
• You have flexible timings with more time to give your family
• Being at home more makes family bonding stronger
• You can manage your own life the way you want to
• You have no fixed income limits but can work more and earn more
• You have more tax benefits
• You do not have to be stressed out with peer pressure or with difficult bosses
• You can do many things at the same time as the time is all yours
• You can qualify further and have varied and multiple jobs at the same time
These are just a few of the benefits of working from home, once you start to make money from home you will find so much more to be thankful for, because you took this step to work from home.
A low investment will bring in high dividends
The best thing about work from home is that you do not have to invest much money in whatever you are planning to do from home. Whether it is taking on online work to make money from home, or to start a home business, the money that you would have to invest is minimal. After all the work spot or the “office” is your own home, so there is no additional expenditure and apart from this you would only need a computer and an internet connection. Whether you go in for selling on ecommerce or providing services to customers all your communication would be done via email.
Home made craft and other such trade
In case you are planning on selling wares made by hand or clothes that have been stitched by you, paintings or even eatables, then all you would need is a work space or table and most of the tools will be available in the house. So in any case you still do not have to invest much more for your work.
To make money from home all you need is some talent and the capacity to dream and to make your dreams come true. With all the compensations of working from a home environment you can do very well for yourself by investing in your time and talent to start and make money from home.
If you want to work from home or make money from home, you would have to scour the options and see what it is that would suit you and that you would be interested in. It all depends on your own capabilities and talents, and depending on this you could opt for the kind of work you would like to do from home and make money from home.
The benefits to make money from home
To know what is available in this area as work or business you just have to search for options on the net and you will definitely find something that would suit your requirement. There are so many benefits in working from home –
• You have flexible timings with more time to give your family
• Being at home more makes family bonding stronger
• You can manage your own life the way you want to
• You have no fixed income limits but can work more and earn more
• You have more tax benefits
• You do not have to be stressed out with peer pressure or with difficult bosses
• You can do many things at the same time as the time is all yours
• You can qualify further and have varied and multiple jobs at the same time
These are just a few of the benefits of working from home, once you start to make money from home you will find so much more to be thankful for, because you took this step to work from home.
A low investment will bring in high dividends
The best thing about work from home is that you do not have to invest much money in whatever you are planning to do from home. Whether it is taking on online work to make money from home, or to start a home business, the money that you would have to invest is minimal. After all the work spot or the “office” is your own home, so there is no additional expenditure and apart from this you would only need a computer and an internet connection. Whether you go in for selling on ecommerce or providing services to customers all your communication would be done via email.
Home made craft and other such trade
In case you are planning on selling wares made by hand or clothes that have been stitched by you, paintings or even eatables, then all you would need is a work space or table and most of the tools will be available in the house. So in any case you still do not have to invest much more for your work.
To make money from home all you need is some talent and the capacity to dream and to make your dreams come true. With all the compensations of working from a home environment you can do very well for yourself by investing in your time and talent to start and make money from home.
Small Business – location, location, location
Moving to Germeny is one of those activities that most young people consider at least once in their twenties and which many act upon. Some subsequently leave, others stay for decades. The ‘brain drain’ south is a cause of concern for northern counties like Yorkshire, as well as Scotland and Wales. People are lured by the promise of a massive capital city, with plenty of jobs and opportunities. The only problem is that because there are millions of people competition for jobs and customers is fierce, and let's not forget, the London lifestyle is not to everyone’s taste.
Businesses can thrive in London if they prove popular – there are certainly customers if you can attract them and there's plenty of contacts. However, with sky-high rents and the personal cost of living quite painful, London is not always the best option for starting out. Neither, for that matter, are other big cities like Birmingham and Bristol. It depends of course on your business and life-style expectations, but smaller cities like Inverness can be surprisingly business friendly.
Part of the reason for this is that enterprise committees and development agencies may be very keen on creating or maintaining jobs, therefore strongly encourage new business in their jurisdiction. In Inverness, Highlands and Islands Enterprise has invested heavily in the area in the last few years, drawing money from the EU and Scottish Executive.
The investment project into the University of the Highlands and Islands has also contributed to economic growth. However, Inverness is popular with professionals who simply want to escape from the rat race. With outstanding scenery close by, including the Great Glen and its most famous inhabitant, the Loch Ness Monster, businessmen and businesswomen simply choose to make the move and then look around to see where they can use their skills.
With the flexibility now offered by the Internet, an increasing number of small businesses can be run from rural premises. It is not always necessary to have an ‘office front’ in a reasonably well frequented location. Boreas Books, retailing fine or rare books and first editions, is located in the Orkney island archipelago and could not be further from a metropolis, but still prospers. Offering an exclusively online service it has no need of over-the-counter sales.
It is increasingly tempting to combine running a small business with enjoying a comfortable life-style. Of course, the glitter of big cities cannot to denied, but if you need something quieter, fresher and perhaps more child friendly, then setting up a small business in a less metropolitan area could beautifully let you combine business with pleasure.
To find out about the business potential of less urban places you have a number of options: contact Regional Development Agencies, Business Link or local entrepreneurial groups. Otherwise, for a fee, special marketing companies will send you over a deluge of statistics. If the figures look good and you need to escape from the city, consider whether your small business – and your family – would do just as well, if not better, in another location.
Conclution:
Please before you embark on any business the most important thing you have to consider is the location were you want to start your business weather that your business is needed at that particulat location so i advice you to take this pre-coution before you make your decition on location you want to esterblish that your business.
Businesses can thrive in London if they prove popular – there are certainly customers if you can attract them and there's plenty of contacts. However, with sky-high rents and the personal cost of living quite painful, London is not always the best option for starting out. Neither, for that matter, are other big cities like Birmingham and Bristol. It depends of course on your business and life-style expectations, but smaller cities like Inverness can be surprisingly business friendly.
Part of the reason for this is that enterprise committees and development agencies may be very keen on creating or maintaining jobs, therefore strongly encourage new business in their jurisdiction. In Inverness, Highlands and Islands Enterprise has invested heavily in the area in the last few years, drawing money from the EU and Scottish Executive.
The investment project into the University of the Highlands and Islands has also contributed to economic growth. However, Inverness is popular with professionals who simply want to escape from the rat race. With outstanding scenery close by, including the Great Glen and its most famous inhabitant, the Loch Ness Monster, businessmen and businesswomen simply choose to make the move and then look around to see where they can use their skills.
With the flexibility now offered by the Internet, an increasing number of small businesses can be run from rural premises. It is not always necessary to have an ‘office front’ in a reasonably well frequented location. Boreas Books, retailing fine or rare books and first editions, is located in the Orkney island archipelago and could not be further from a metropolis, but still prospers. Offering an exclusively online service it has no need of over-the-counter sales.
It is increasingly tempting to combine running a small business with enjoying a comfortable life-style. Of course, the glitter of big cities cannot to denied, but if you need something quieter, fresher and perhaps more child friendly, then setting up a small business in a less metropolitan area could beautifully let you combine business with pleasure.
To find out about the business potential of less urban places you have a number of options: contact Regional Development Agencies, Business Link or local entrepreneurial groups. Otherwise, for a fee, special marketing companies will send you over a deluge of statistics. If the figures look good and you need to escape from the city, consider whether your small business – and your family – would do just as well, if not better, in another location.
Conclution:
Please before you embark on any business the most important thing you have to consider is the location were you want to start your business weather that your business is needed at that particulat location so i advice you to take this pre-coution before you make your decition on location you want to esterblish that your business.
Build Trust With Your Advertising
How many times have you forked over xx dollars just to watch that money go down the drain? Have you ever wondered what went wrong or what you could have done differently? I know I have.
Advertising is truly a game of hit and miss. It’s a numbers game. The more someone sees your company, your product, or your name advertised, the more someone hears it being talked about by columnists, reviewers, or a trusted friend, or reads about it on forums and blogs, the more trustworthy it becomes. And without trust, there simply is no way you or your business can win!
So how do you and I build that trust? That’s what I’ve been pondering the last few weeks and I have to say the only way to build trust is to create trust. And to create trust, you must:
• Be patient.
Trust doesn’t happen over night. Most people don’t willingly give trust away, you have to earn it.
• Pay for regular ad spots.
Don’t pay for a one shot deal, but pay for 6 months of advertising in the same publication. Give the publication’s readers a chance to familiarize themselves with your company and your products or services.
• Send samples of your product to people who can and will tell others about your product.
• Ask for testimonies from past clients and/or customers.
Use those testimonies in all your marketing and advertising materials. And if a testimony is vague, ask for specifics. (Think of those infomercials. You don’t just hear that a product works, the guest tells you how it worked or why it worked.)
• Send press releases on a weekly basis.
It’s not enough to send a yearly press release. There are simply too many companies competing for the same free publicity. If your current press release doesn’t draw enough attention, perhaps the 2nd or 10th or 50th press release will.
As you begin planning the next stage of your marketing plan, I encourage you to think about ways you can build trust. Then take the necessary steps to turn that trust into profitable sales.
Advertising is truly a game of hit and miss. It’s a numbers game. The more someone sees your company, your product, or your name advertised, the more someone hears it being talked about by columnists, reviewers, or a trusted friend, or reads about it on forums and blogs, the more trustworthy it becomes. And without trust, there simply is no way you or your business can win!
So how do you and I build that trust? That’s what I’ve been pondering the last few weeks and I have to say the only way to build trust is to create trust. And to create trust, you must:
• Be patient.
Trust doesn’t happen over night. Most people don’t willingly give trust away, you have to earn it.
• Pay for regular ad spots.
Don’t pay for a one shot deal, but pay for 6 months of advertising in the same publication. Give the publication’s readers a chance to familiarize themselves with your company and your products or services.
• Send samples of your product to people who can and will tell others about your product.
• Ask for testimonies from past clients and/or customers.
Use those testimonies in all your marketing and advertising materials. And if a testimony is vague, ask for specifics. (Think of those infomercials. You don’t just hear that a product works, the guest tells you how it worked or why it worked.)
• Send press releases on a weekly basis.
It’s not enough to send a yearly press release. There are simply too many companies competing for the same free publicity. If your current press release doesn’t draw enough attention, perhaps the 2nd or 10th or 50th press release will.
As you begin planning the next stage of your marketing plan, I encourage you to think about ways you can build trust. Then take the necessary steps to turn that trust into profitable sales.
Build A Concrid Trust With Your Advertising
How many times have you forked over xx dollars just to watch that money go down the drain? Have you ever wondered what went wrong or what you could have done differently? I know I have.
Advertising is truly a game of hit and miss. It’s a numbers game. The more someone sees your company, your product, or your name advertised, the more someone hears it being talked about by columnists, reviewers, or a trusted friend, or reads about it on forums and blogs, the more trustworthy it becomes. And without trust, there simply is no way you or your business can win!
So how do you and I build that trust? That’s what I’ve been pondering the last few weeks and I have to say the only way to build trust is to create trust. And to create trust, you must:
• Be patient.
Trust doesn’t happen over night. Most people don’t willingly give trust away, you have to earn it.
• Pay for regular ad spots.
Don’t pay for a one shot deal, but pay for 6 months of advertising in the same publication. Give the publication’s readers a chance to familiarize themselves with your company and your products or services.
• Send samples of your product to people who can and will tell others about your product.
• Ask for testimonies from past clients and/or customers.
Use those testimonies in all your marketing and advertising materials. And if a testimony is vague, ask for specifics. (Think of those infomercials. You don’t just hear that a product works, the guest tells you how it worked or why it worked.)
• Send press releases on a weekly basis.
It’s not enough to send a yearly press release. There are simply too many companies competing for the same free publicity. If your current press release doesn’t draw enough attention, perhaps the 2nd or 10th or 50th press release will.
As you begin planning the next stage of your marketing plan, I encourage you to think about ways you can build trust. Then take the necessary steps to turn that trust into profitable sales.
Advertising is truly a game of hit and miss. It’s a numbers game. The more someone sees your company, your product, or your name advertised, the more someone hears it being talked about by columnists, reviewers, or a trusted friend, or reads about it on forums and blogs, the more trustworthy it becomes. And without trust, there simply is no way you or your business can win!
So how do you and I build that trust? That’s what I’ve been pondering the last few weeks and I have to say the only way to build trust is to create trust. And to create trust, you must:
• Be patient.
Trust doesn’t happen over night. Most people don’t willingly give trust away, you have to earn it.
• Pay for regular ad spots.
Don’t pay for a one shot deal, but pay for 6 months of advertising in the same publication. Give the publication’s readers a chance to familiarize themselves with your company and your products or services.
• Send samples of your product to people who can and will tell others about your product.
• Ask for testimonies from past clients and/or customers.
Use those testimonies in all your marketing and advertising materials. And if a testimony is vague, ask for specifics. (Think of those infomercials. You don’t just hear that a product works, the guest tells you how it worked or why it worked.)
• Send press releases on a weekly basis.
It’s not enough to send a yearly press release. There are simply too many companies competing for the same free publicity. If your current press release doesn’t draw enough attention, perhaps the 2nd or 10th or 50th press release will.
As you begin planning the next stage of your marketing plan, I encourage you to think about ways you can build trust. Then take the necessary steps to turn that trust into profitable sales.
Some Common Mistakes In Business Plans
Your business plan is typically the first impression potential lenders of investors get about your business idea. Even with a great product, team, and customers, and you are unable to convey to properly convey your image, it could be the last impression if your plan has some of the following, common mistakes.
Lenders and investors review hundreds of business plan every year and with every plan, lenders and investors become more cynical because the same mistakes pop up with regular frequency. With so much competition for a limited amount of capital, it is imperative to not make these mistakes.
1. Financials
Unrealistic Financial Projections - Simply saying that you are going to do $100,000 in sales is not enough nor can you simply say there is no way of knowing. Everyone knows there is no way to accurately come up with financial projections over the next three years, especially in a start-up. But, what is required in your plan is that reasonable assumptions are made and supported with research. By incorporating a detailed list of assumptions and how you arrived at your numbers, the lender/investor can judge your analysis and decision making process.If you are projecting to generate high sales outside of industry norms, explaining how you arrived at this conclusion is a must. Lenders and investors have seen many, many plans that claim sales are going through the roof once funded and as a result are very jaded at statements like this. Financial data that is inconsistent with industry averages and overly aggressive sales figures will raise flags. Explain every number.
Confusing Cash with Profits - Revenues do not always equal cash. For example, suppose you make a sale this month for $100 that cost $50 to produce. Assuming your buyer doesn’t pay for 30-60 and even 90 days if dealing with state or federal sources (and assuming they all pay), the effect on your cash flow is significant. Suppliers and employees still have to be paid for their work while you are waiting on payment from the buyer.
While you may not have a significant portion of sales coming from receivables, the timing of cash flows is critical for developing a financial strategy as cash flow is much more important than profits. Profits are an accounting concept while cash is money in the bank. If you don’t believe me try paying your bills with profits.
No Adjustment for Seasonality - All businesses are seasonal to some extent, some more significant than others. Seasonality refers to the percentage of sales that are made in a month. For example, most retailers have huge November and December sales and lousy January and February sales. Did you make enough cash during the good months to cover the slow months to cover salaries, rents and lights?
If You Build It They Will Come - Be careful in assuming once your doors open people will be streaming in to buy. You have a new, relatively unheard of business. This is a time when your business is particularly vulnerable as most of new owner’s cash reserves have typically been used to open the store. If sales projections are off during the first couple of months and you don’t have enough working capital to keep the lights on, you may be quickly going out of business.
Insufficient financial projections - Basic financial projections consist of four elements: Income Statements, Profit & Loss, Balance Sheets, and Cash Flow Statements.
For most businesses a three-year projection is sufficient, but if yours is a capital intensive one and will take longer to show profitability then use five. Actual figures are a must if you can get them and any number in the projections needs to be in the business plan narrative. If you are purchasing an existing business use the historical financials to show support for your sales figures.
No Quotes - Any significant expenses should have a quote accompanied in the appendix, especially for construction or remodeling as this is an area where most entrepreneurs slip as they do it themselves and greatly underestimate the costs.
2. Marketing
Failing to relieve the customer’s pain - Businesses are rewarded to make consumer’s pain go away. Pain can include; my car stopped working, my doggie is sick or my tax returns are too hard to prepare.
If your business plan can’t show how you are relieving the customer’s pain, then the chances for success in the marketplace is extremely limited.
Remember pain equals market opportunity. The greater the pain, the greater number of customer’s with this pain and the better you can relieve the pain equals greater market potential.
One Billion Customers Served - Claiming everyone needs your product/service will send a strong message to the reviewer that you don’t know your market and remove any credibility to your plan. In the good old days the shotgun approach to marketing could work as there were limited channels for advertisement. Today with unlimited outlets and more narrowly defined markets, this approach does not fly.
While it’s true everyone eats, not everyone will eat at your restaurant, nor could you effectively advertise to everyone. By researching the segments that are most likely to use your product/service and showing how your message will get to them will ultimately make your endeavor more successful. Having clearly defined target markets will show you have done your homework and be the cornerstone of a marketing strategy that can succeed.
We have no competition - Use this statement if your want your plan rejected. Every business has competition. While there may not be a direct competitor, meaning one that offers the same or similar product, there is always an indirect competitor.
Saying there is no competition tells the reviewer that you have either not done any market research or there is not a market for your product.
3. Organization
Writing For The Wrong Audience - A plan for a lender should be written differently than one for an investor. Banks are interested in seeing the likelihood that debts be repaid and investors are interested in the upside profit potential. Be sure to write your plan to your audience. For both, keep to the facts, keep it clear and keep it simple. If you don’t feel you have the writing abilities to make your plan shine, then get help.
Poor spelling and grammar - Leaving spelling and grammatical errors in your plan only tells the reviewer that you are not paying attention to details and may not pay enough attention to the business. Use spelling and grammar checkers and let others review your plan to make sure there are no errors.
Too repetitive - Many times, plans will cover the same points over and over. A well-written plan should cover key points only twice: once in the executive summary then again in greater detail in the narrative of the plan.
Remove the Jargon - Using simple language is imperative to getting a technical business funded. Don’t think that by using complex terms that lenders/investors will be so impressed with your knowledge that they will whip open the checkbook. Businesses that can’t be understood don’t get funded. If you can’t explain your business to a sixth grader your chances of funding are in jeopardy.
Investors are really only interested in your technology if it solves a problem that people will pay for, is better than the competition, can be protected through patents and can reasonably go to market without spending a lot of money.
Keep the technical details out of the business plan and in the white papers.
Appearance matters - Make sure your plan looks professional. Use professional printing, binding, keeping fonts consistent and easy to read. The more money being requested means investing more time in making sure your plan will stand out from the crowd. Be careful that you don’t go overboard and give the impression that the plan is all style and no substance.
Length - A long business plan does not make a better business plan. All of the industry and marketing research won’t save a flawed plan. Too many plans have been immediately rejected because they are too long. Lenders and investors favor entrepreneurs who can efficiently demonstrate the ability to efficiently get to the point.
An executive summary should be no more than 1-3 pages. Ideally it should only be one page but some complex plans require more. An ideal business plan is 20-30 pages, including financials. Remember less is more!
Use operating plans, white papers and marketing plans for the in-depth details.
Fluffing - Using phrases like "unmatched in the industry;" "narrow window of opportunity;" or "ground floor" are empty phrases filled with hype. If anything, the cynical reviewer will be turned off by the hype and trash your plan. Stick with laying out the facts – what is the problem, how will you solve the problem, how big is the market, how will consumers buy it and what is your competitive advantage. If the opportunity is there the lender/investor will be able to make the decision for themselves.
Overvaluing the business idea - What gives a business value is not the idea but the execution of the idea. A great idea is a start, but almost everyone has had a great idea at some point in their lives. How you will execute this idea is what sets apart a real business from the dreamers.
4. Execution Mistakes
Waiting too long - Funding a business takes a long time. Expect three months at a minimum after finishing your business plan to get funding. Unless you have sufficient capital, other sources of income and can be funded in-house at a bank, this number may be reduced. Bank financing for business with less than two years of operating history are typically funded through an SBA guarantee, which requires additional time, patience and paperwork. Financing through investors is usually an even longer process as they have a lot of people competing for their money and they tend to do significant due diligence to secure their investment. Waiting until you need the money is a sure way to keep your business from launching.
Unreasonable time lines - Many business owners underestimate the timelines for completing milestones. Its human nature to think we can do things faster than is possible. When getting a business started there will be several tasks you could not have anticipated and the some tasks you think will be easy which will end up taking much longer. It is best to overestimate and finish early, rather than scramble and execute your opening poorly.
Failing to seek outside review - When preparing your plan, be sure that you have at least a few people review it before sending it out. Preferably look for people in your industry or who have a specialization in sales, distribution, etc that could lend a fresh set of eyes and find any flaws in the plan. Being so close to the action can keep you from being objective and this additional scrutiny may save you countless headaches and money down the road.
Perfecting - It can be easy to spend countless hours perfecting your plan and ultimately never launching. Remember, your plan will never be perfect and in practice should be continually updated as you learn more about the business, market and customers. Don’t make your plan an academic practice, finish it and get in front of investors and lenders. Use this feedback to see if your plan really needs the additional perfection.
The Business Plan Factory has helped entrepreneurs since 1999 with the development and review of business plans, creation of financial projections and business coaching.
Lenders and investors review hundreds of business plan every year and with every plan, lenders and investors become more cynical because the same mistakes pop up with regular frequency. With so much competition for a limited amount of capital, it is imperative to not make these mistakes.
1. Financials
Unrealistic Financial Projections - Simply saying that you are going to do $100,000 in sales is not enough nor can you simply say there is no way of knowing. Everyone knows there is no way to accurately come up with financial projections over the next three years, especially in a start-up. But, what is required in your plan is that reasonable assumptions are made and supported with research. By incorporating a detailed list of assumptions and how you arrived at your numbers, the lender/investor can judge your analysis and decision making process.If you are projecting to generate high sales outside of industry norms, explaining how you arrived at this conclusion is a must. Lenders and investors have seen many, many plans that claim sales are going through the roof once funded and as a result are very jaded at statements like this. Financial data that is inconsistent with industry averages and overly aggressive sales figures will raise flags. Explain every number.
Confusing Cash with Profits - Revenues do not always equal cash. For example, suppose you make a sale this month for $100 that cost $50 to produce. Assuming your buyer doesn’t pay for 30-60 and even 90 days if dealing with state or federal sources (and assuming they all pay), the effect on your cash flow is significant. Suppliers and employees still have to be paid for their work while you are waiting on payment from the buyer.
While you may not have a significant portion of sales coming from receivables, the timing of cash flows is critical for developing a financial strategy as cash flow is much more important than profits. Profits are an accounting concept while cash is money in the bank. If you don’t believe me try paying your bills with profits.
No Adjustment for Seasonality - All businesses are seasonal to some extent, some more significant than others. Seasonality refers to the percentage of sales that are made in a month. For example, most retailers have huge November and December sales and lousy January and February sales. Did you make enough cash during the good months to cover the slow months to cover salaries, rents and lights?
If You Build It They Will Come - Be careful in assuming once your doors open people will be streaming in to buy. You have a new, relatively unheard of business. This is a time when your business is particularly vulnerable as most of new owner’s cash reserves have typically been used to open the store. If sales projections are off during the first couple of months and you don’t have enough working capital to keep the lights on, you may be quickly going out of business.
Insufficient financial projections - Basic financial projections consist of four elements: Income Statements, Profit & Loss, Balance Sheets, and Cash Flow Statements.
For most businesses a three-year projection is sufficient, but if yours is a capital intensive one and will take longer to show profitability then use five. Actual figures are a must if you can get them and any number in the projections needs to be in the business plan narrative. If you are purchasing an existing business use the historical financials to show support for your sales figures.
No Quotes - Any significant expenses should have a quote accompanied in the appendix, especially for construction or remodeling as this is an area where most entrepreneurs slip as they do it themselves and greatly underestimate the costs.
2. Marketing
Failing to relieve the customer’s pain - Businesses are rewarded to make consumer’s pain go away. Pain can include; my car stopped working, my doggie is sick or my tax returns are too hard to prepare.
If your business plan can’t show how you are relieving the customer’s pain, then the chances for success in the marketplace is extremely limited.
Remember pain equals market opportunity. The greater the pain, the greater number of customer’s with this pain and the better you can relieve the pain equals greater market potential.
One Billion Customers Served - Claiming everyone needs your product/service will send a strong message to the reviewer that you don’t know your market and remove any credibility to your plan. In the good old days the shotgun approach to marketing could work as there were limited channels for advertisement. Today with unlimited outlets and more narrowly defined markets, this approach does not fly.
While it’s true everyone eats, not everyone will eat at your restaurant, nor could you effectively advertise to everyone. By researching the segments that are most likely to use your product/service and showing how your message will get to them will ultimately make your endeavor more successful. Having clearly defined target markets will show you have done your homework and be the cornerstone of a marketing strategy that can succeed.
We have no competition - Use this statement if your want your plan rejected. Every business has competition. While there may not be a direct competitor, meaning one that offers the same or similar product, there is always an indirect competitor.
Saying there is no competition tells the reviewer that you have either not done any market research or there is not a market for your product.
3. Organization
Writing For The Wrong Audience - A plan for a lender should be written differently than one for an investor. Banks are interested in seeing the likelihood that debts be repaid and investors are interested in the upside profit potential. Be sure to write your plan to your audience. For both, keep to the facts, keep it clear and keep it simple. If you don’t feel you have the writing abilities to make your plan shine, then get help.
Poor spelling and grammar - Leaving spelling and grammatical errors in your plan only tells the reviewer that you are not paying attention to details and may not pay enough attention to the business. Use spelling and grammar checkers and let others review your plan to make sure there are no errors.
Too repetitive - Many times, plans will cover the same points over and over. A well-written plan should cover key points only twice: once in the executive summary then again in greater detail in the narrative of the plan.
Remove the Jargon - Using simple language is imperative to getting a technical business funded. Don’t think that by using complex terms that lenders/investors will be so impressed with your knowledge that they will whip open the checkbook. Businesses that can’t be understood don’t get funded. If you can’t explain your business to a sixth grader your chances of funding are in jeopardy.
Investors are really only interested in your technology if it solves a problem that people will pay for, is better than the competition, can be protected through patents and can reasonably go to market without spending a lot of money.
Keep the technical details out of the business plan and in the white papers.
Appearance matters - Make sure your plan looks professional. Use professional printing, binding, keeping fonts consistent and easy to read. The more money being requested means investing more time in making sure your plan will stand out from the crowd. Be careful that you don’t go overboard and give the impression that the plan is all style and no substance.
Length - A long business plan does not make a better business plan. All of the industry and marketing research won’t save a flawed plan. Too many plans have been immediately rejected because they are too long. Lenders and investors favor entrepreneurs who can efficiently demonstrate the ability to efficiently get to the point.
An executive summary should be no more than 1-3 pages. Ideally it should only be one page but some complex plans require more. An ideal business plan is 20-30 pages, including financials. Remember less is more!
Use operating plans, white papers and marketing plans for the in-depth details.
Fluffing - Using phrases like "unmatched in the industry;" "narrow window of opportunity;" or "ground floor" are empty phrases filled with hype. If anything, the cynical reviewer will be turned off by the hype and trash your plan. Stick with laying out the facts – what is the problem, how will you solve the problem, how big is the market, how will consumers buy it and what is your competitive advantage. If the opportunity is there the lender/investor will be able to make the decision for themselves.
Overvaluing the business idea - What gives a business value is not the idea but the execution of the idea. A great idea is a start, but almost everyone has had a great idea at some point in their lives. How you will execute this idea is what sets apart a real business from the dreamers.
4. Execution Mistakes
Waiting too long - Funding a business takes a long time. Expect three months at a minimum after finishing your business plan to get funding. Unless you have sufficient capital, other sources of income and can be funded in-house at a bank, this number may be reduced. Bank financing for business with less than two years of operating history are typically funded through an SBA guarantee, which requires additional time, patience and paperwork. Financing through investors is usually an even longer process as they have a lot of people competing for their money and they tend to do significant due diligence to secure their investment. Waiting until you need the money is a sure way to keep your business from launching.
Unreasonable time lines - Many business owners underestimate the timelines for completing milestones. Its human nature to think we can do things faster than is possible. When getting a business started there will be several tasks you could not have anticipated and the some tasks you think will be easy which will end up taking much longer. It is best to overestimate and finish early, rather than scramble and execute your opening poorly.
Failing to seek outside review - When preparing your plan, be sure that you have at least a few people review it before sending it out. Preferably look for people in your industry or who have a specialization in sales, distribution, etc that could lend a fresh set of eyes and find any flaws in the plan. Being so close to the action can keep you from being objective and this additional scrutiny may save you countless headaches and money down the road.
Perfecting - It can be easy to spend countless hours perfecting your plan and ultimately never launching. Remember, your plan will never be perfect and in practice should be continually updated as you learn more about the business, market and customers. Don’t make your plan an academic practice, finish it and get in front of investors and lenders. Use this feedback to see if your plan really needs the additional perfection.
The Business Plan Factory has helped entrepreneurs since 1999 with the development and review of business plans, creation of financial projections and business coaching.
10 Critical Points That Companies Must Take Now
With all anxiety in the market and talk of a possible recession, a good decision as a business owner is to prepare just in case. As you look to operate more efficiently and generate new streams of revenue it is good to get back to the basics.
1. Watch the cash flows
Cash flows are the life blood of your business. Before your industry takes a hit, its more important than ever to keep the books up to date and monitor cash flows closely and revise those projections. If you wait too long, it could be too late.
2. Manage the key influencers to your cash flow
Keep a careful eye on the areas that impact cash flow, especially accounts receivable and inventory. Make sure that you are not trending in the wrong direction and look to the RMA benchmarks to evaluate how you are doing against your peers.
3. Insist on good financial data
Accurate, timely financial statements are critical in tight economic times. Don’t accept excuses. If you don’t have a good bookkeeper or CPA get one now, the investment could mean whether your business is still standing after a downturn.
4. Stay close to your clients
This will make sure you keep your good clients, find new opportunities and find out if any clients are having troubles before you are stuck with the bill.
5. Review your long-term financing
Are you financing long-term assets (equipment) with short-term loans or short-term assets (inventory or working capital) with long-term loans? If so look to refinancing to a loan that is more appropriate to the assets life expectance if you can lower overhead costs.
6. Get financing in place
The worst time to get financing is when you are bleeding cash. Arrange for anticipated loans and lines of credit before you need it. Looking at cash flow projections will help decide on how much you might need.
7. Have good advisors and use them
Make sure you have a solid team of outside advisors and meet regularly and listen to what they have to say. If you don’t have a group to turn to, make this year’s resolution to get one.
8. Monitor Accounts Receivables closely
When problems arise in an industry, people and companies will take longer to pay, if at all. Be sure your company is at the top of processing invoices and immediately calling if they go beyond the average days outstanding.
9. Don't turn financial decisions over to others
There's no need to turn yourself into an accountant, but you must be able to read financial statements and what the numbers mean in relation to the health of your business. At the end of the day you are responsible and must know this information.
10. Fire the bad clients
We all have them, but maybe now is a good time to get rid of the time intensive and low profit margin clients and streamline your own operations.
The Business Plan Factory has helped entrepreneurs since 1999 with the development and review of business plans, creation of financial projections and business coaching.
1. Watch the cash flows
Cash flows are the life blood of your business. Before your industry takes a hit, its more important than ever to keep the books up to date and monitor cash flows closely and revise those projections. If you wait too long, it could be too late.
2. Manage the key influencers to your cash flow
Keep a careful eye on the areas that impact cash flow, especially accounts receivable and inventory. Make sure that you are not trending in the wrong direction and look to the RMA benchmarks to evaluate how you are doing against your peers.
3. Insist on good financial data
Accurate, timely financial statements are critical in tight economic times. Don’t accept excuses. If you don’t have a good bookkeeper or CPA get one now, the investment could mean whether your business is still standing after a downturn.
4. Stay close to your clients
This will make sure you keep your good clients, find new opportunities and find out if any clients are having troubles before you are stuck with the bill.
5. Review your long-term financing
Are you financing long-term assets (equipment) with short-term loans or short-term assets (inventory or working capital) with long-term loans? If so look to refinancing to a loan that is more appropriate to the assets life expectance if you can lower overhead costs.
6. Get financing in place
The worst time to get financing is when you are bleeding cash. Arrange for anticipated loans and lines of credit before you need it. Looking at cash flow projections will help decide on how much you might need.
7. Have good advisors and use them
Make sure you have a solid team of outside advisors and meet regularly and listen to what they have to say. If you don’t have a group to turn to, make this year’s resolution to get one.
8. Monitor Accounts Receivables closely
When problems arise in an industry, people and companies will take longer to pay, if at all. Be sure your company is at the top of processing invoices and immediately calling if they go beyond the average days outstanding.
9. Don't turn financial decisions over to others
There's no need to turn yourself into an accountant, but you must be able to read financial statements and what the numbers mean in relation to the health of your business. At the end of the day you are responsible and must know this information.
10. Fire the bad clients
We all have them, but maybe now is a good time to get rid of the time intensive and low profit margin clients and streamline your own operations.
The Business Plan Factory has helped entrepreneurs since 1999 with the development and review of business plans, creation of financial projections and business coaching.
Start Your Home Business Today?
Have you always planned to start a home based business, but can’t seem to get started? Do you lack the skills or will power to get started? Do you lack the skills or courage to start? If you answered yes to any of these questions these tips might help you get started.
Establish Realistic Goals
It’s nearly impossible to get somewhere if you don’t know where you are going. You need to establish realistic goals, then work toward your goals. It’s important to set goals that are both realistic and achievable. Do not set goals simply for the sake of setting goals.
You should set short term, medium term and long term goals for your home business. For each of these time frames you should establish realistic deadlines. Once established, you can organize various tasks and activities to move toward the successful completion of your goals. For instance, your short term goal may be to start your home business within the next 4 months. To achieve this goal, you will need to list the steps required to actually start your business. Your list might include the following steps:
1) Researching business opportunities,
2) Selecting the business that you want to start,
3) Learning how to run that business,
4) Locating acceptable office space,
5) Calculating required business capital,
6) Getting business permits,
7) Preparing your business plan.
Some people use a schedule to organize the tasks and track their progress. Although there are many ways to organize the tasks a schedule with the following columns could prove useful:
1) Column 1, list the tasks,
2) Column 2, time frame for each task,
3) Column 3, resources necessary to complete the task,
4) Column 4, comments.
The comments column will allow you to track your progress toward completion of each individual task required to accomplish the goal.
Determine The Amount Of Required Capital
After establishing your goals, and preparing your schedule of activities, you need to calculate the amount of business capital needed. Obviously the amount of capital required will vary greatly for different types of businesses. For example, a manufacturing business would generally require more capital than a service business. Starting a home based business requires significantly less capital than non home based businesses. If you are planning to sell goods at a retail location you will need more capital to finance the inventory and pay occupancy costs of your retail space.
To determine the required capital you should list all possible costs that will be incurred while setting up the business. Since it will be nearly impossible to think of every possible cost, you should be sure to include additional funds to cover any surprises. One of the most stressful, and potentially devastating scenarios is to run an under capitalized business when times are tough. Do yourself a favor and make sure that you have the capital available before it is needed.
Determine The Source Of Capital
Now that you have established your goals and determined how much money you need to start your business, you can determine the source of your start up capital. Many home based businesses are initially financed with the personal savings of the owner. Another common source of funds may be home equity loans or other loans secured by the owner’s personal assets. Without a track record the business may not be able to secure financing directly without the personal guarantee, and collateral of the owner. When identifying sources of funds you must consider the cost of capital. I was personally approached with a business opportunity several months ago. The other party in the venture suggested that all necessary start up capital could be obtained with the personal credit cards of the business owners. Although this certainly is a source of capital available to most would be entrepreneurs, the high interest rate on these cards makes this a very expensive proposition.
Conclusion
Goal setting, planning, and funding are key steps in getting your business started. Diving into a venture without spending time on each of these elements is a recipe for disaster. Do your homework, and you’re one step closer to achieving your entrepreneurial dreams.
Establish Realistic Goals
It’s nearly impossible to get somewhere if you don’t know where you are going. You need to establish realistic goals, then work toward your goals. It’s important to set goals that are both realistic and achievable. Do not set goals simply for the sake of setting goals.
You should set short term, medium term and long term goals for your home business. For each of these time frames you should establish realistic deadlines. Once established, you can organize various tasks and activities to move toward the successful completion of your goals. For instance, your short term goal may be to start your home business within the next 4 months. To achieve this goal, you will need to list the steps required to actually start your business. Your list might include the following steps:
1) Researching business opportunities,
2) Selecting the business that you want to start,
3) Learning how to run that business,
4) Locating acceptable office space,
5) Calculating required business capital,
6) Getting business permits,
7) Preparing your business plan.
Some people use a schedule to organize the tasks and track their progress. Although there are many ways to organize the tasks a schedule with the following columns could prove useful:
1) Column 1, list the tasks,
2) Column 2, time frame for each task,
3) Column 3, resources necessary to complete the task,
4) Column 4, comments.
The comments column will allow you to track your progress toward completion of each individual task required to accomplish the goal.
Determine The Amount Of Required Capital
After establishing your goals, and preparing your schedule of activities, you need to calculate the amount of business capital needed. Obviously the amount of capital required will vary greatly for different types of businesses. For example, a manufacturing business would generally require more capital than a service business. Starting a home based business requires significantly less capital than non home based businesses. If you are planning to sell goods at a retail location you will need more capital to finance the inventory and pay occupancy costs of your retail space.
To determine the required capital you should list all possible costs that will be incurred while setting up the business. Since it will be nearly impossible to think of every possible cost, you should be sure to include additional funds to cover any surprises. One of the most stressful, and potentially devastating scenarios is to run an under capitalized business when times are tough. Do yourself a favor and make sure that you have the capital available before it is needed.
Determine The Source Of Capital
Now that you have established your goals and determined how much money you need to start your business, you can determine the source of your start up capital. Many home based businesses are initially financed with the personal savings of the owner. Another common source of funds may be home equity loans or other loans secured by the owner’s personal assets. Without a track record the business may not be able to secure financing directly without the personal guarantee, and collateral of the owner. When identifying sources of funds you must consider the cost of capital. I was personally approached with a business opportunity several months ago. The other party in the venture suggested that all necessary start up capital could be obtained with the personal credit cards of the business owners. Although this certainly is a source of capital available to most would be entrepreneurs, the high interest rate on these cards makes this a very expensive proposition.
Conclusion
Goal setting, planning, and funding are key steps in getting your business started. Diving into a venture without spending time on each of these elements is a recipe for disaster. Do your homework, and you’re one step closer to achieving your entrepreneurial dreams.
You Can Have A Successful Small Business
Owning and maintaining a very successful small business can have its challenges but if you know what you are doing, everything can really work out great for you. There are many helpful tips that you should learn, if you are the owner of a small business and then by learning about these tips you should have the ability to have a very secure and profitable future. Knowing how to operate a small business properly will give you and your employees much relief in knowing that their positions are stable and secured. Your employees will be much happier, as will you, if you do all of the right things and play your cards right. In this article I am hoping to teach you a little bit more about managing a small business so that you will be a success. Having a small business definitely has its own advantages and some of those will be included throughout this article.
It is very important for you to learn more about what it takes to run a small business successfully so that if you or someone you know becomes interested in opening your own small business, you will be much more knowledgeable about all aspects of it. Another great thing about owning your own small business is that usually this means you will for sure have many more awesome customers that will tell others about it and continue coming back themselves. You will have a reputation for owning and managing a very reputable, friendly and affordable, yet small business. A small business would typically go over very well because there will be enough customers to continue keeping you with plenty of customers and when people are on vacation in your area, they too have probably already heard about your small business and many of them will choose to come into your small business and will be quite pleased by the friendly employees and the great prices. Check out the other small businesses in your area to see what it is they are doing to draw in more new customers, do not copy them but definitely kind of take a few little suggestions and ideas from watching others with more experience.
Advertising is something that most businesses do, which you as a small business owner will as well at some point in time, however, even without the professional advertising, your small business will still be successful due to all of your loyal customers that absolutely adore coming into your wonderful store. All it takes to have a very successful small business is friendliness, determination, customers that count on you and a good knowledge about business management will always make for a better chance at success. A small business could typically go over very successfully, as long as you first do some homework over managing your own business, as well as talking with other small business owners because the more experienced people could really provide you with a great deal of helpful information and some tips that can almost guarantee your small businesses success and longevity.
It is very important for you to learn more about what it takes to run a small business successfully so that if you or someone you know becomes interested in opening your own small business, you will be much more knowledgeable about all aspects of it. Another great thing about owning your own small business is that usually this means you will for sure have many more awesome customers that will tell others about it and continue coming back themselves. You will have a reputation for owning and managing a very reputable, friendly and affordable, yet small business. A small business would typically go over very well because there will be enough customers to continue keeping you with plenty of customers and when people are on vacation in your area, they too have probably already heard about your small business and many of them will choose to come into your small business and will be quite pleased by the friendly employees and the great prices. Check out the other small businesses in your area to see what it is they are doing to draw in more new customers, do not copy them but definitely kind of take a few little suggestions and ideas from watching others with more experience.
Advertising is something that most businesses do, which you as a small business owner will as well at some point in time, however, even without the professional advertising, your small business will still be successful due to all of your loyal customers that absolutely adore coming into your wonderful store. All it takes to have a very successful small business is friendliness, determination, customers that count on you and a good knowledge about business management will always make for a better chance at success. A small business could typically go over very successfully, as long as you first do some homework over managing your own business, as well as talking with other small business owners because the more experienced people could really provide you with a great deal of helpful information and some tips that can almost guarantee your small businesses success and longevity.
Money making at home secrets reveals with Jobslover
Fact number 1: Kids in high school are making thousands of dollars every month with Adsense.
Fact number 2: Housewives, retirees, mom and dads, who are just staying at home and have never made a dime on the internet have created full-time incomes by simply placing Adsense ads on their web site or blog.
These are just some of the “super Adsense earners”. You may have already heard about their story for they are among the few who are on their way to making millions worth of cash just by promoting Adsense sites.
Anyone, any age and gender can become money generating Adsense publishers as long as they what it takes. How does one go about this Internet advertising?
Writing articles for Adsense is the way to do it. Using the right keywords in your articles and having Google ads on a certain site has become the most profitable way of marketing that anybody can get into. No experience and level of education needed. If you are not using this strategy, or may not be aware of it in the first place, chances are you may be losing thousands of dollars worth of extra income and still do not know it yet.
This is one of the many reasons why writing original quality content articles is now the latest in marketing buzz. Content and links. When combined together becomes a really powerful tool to a successful web site and richer individuals. Many internet marketing professionals are already aware of the value of an original quality content and how using keywords can drive targeted traffic into their sites from the search engines.
So why don’t all these web site owners write and submit their own articles if that is what is important?
The simple and understandable answer is that it takes time to write articles, submit them and get targeted traffic to their websites. That is why they get the services of those who can spares sometime to write the articles that would cater to their site purpose but still turn out as a good quality and unique piece of work.
To get into the Adsense marketing business and start earning some good cash, ask yourself. Did you enjoy writing when you were in school? If you answer yes to this question, you already have an initial advantage over most internet marketing business owners that wants to make money online and doing it at home.
With the boom in the Adsense market comes the need for sites to want fresh, quality and original keyword rich content. This way, web site owners can have a steady supply of articles with the proper keywords that they relate to their site contents. The result of this is seen in the sites page rank when indexed by the search engines. Which, in turn, gets moreAdsense ads to show above, below or next to the article on their website with targeted traffic.
What do people have to do?
Write quality and original content, keyword or phrase rich articles with links to your website in the resource box. Then build a website or web page with targeted keyword or phrase rich original content for the targeted traffic that originates from the articles you wrote. Finally, you will have a Google Adsense ads that are targeted to your keyword or phrase rich original content site where visitors will get to visit when they come looking for information.
A win-win situation if you think more about it. A favor for persons looking for quality content and information. For the persons writing the original content articles. And the person with the quality original content rich website. Of course, the search engines and its advertisers are getting targeted traffic and sales but so what? As long as you are getting something in your favor, it does not really matter what the others are getting for themselves.
So who else wants to start earning money with Adsense. You. Everyone. Anybody. Internet marketing has many opportunities wide open for this people. Writing articles and using Adsense for your kind of internet marketing strategy is one sure way of getting a piece of that action and cash.
Fact number 2: Housewives, retirees, mom and dads, who are just staying at home and have never made a dime on the internet have created full-time incomes by simply placing Adsense ads on their web site or blog.
These are just some of the “super Adsense earners”. You may have already heard about their story for they are among the few who are on their way to making millions worth of cash just by promoting Adsense sites.
Anyone, any age and gender can become money generating Adsense publishers as long as they what it takes. How does one go about this Internet advertising?
Writing articles for Adsense is the way to do it. Using the right keywords in your articles and having Google ads on a certain site has become the most profitable way of marketing that anybody can get into. No experience and level of education needed. If you are not using this strategy, or may not be aware of it in the first place, chances are you may be losing thousands of dollars worth of extra income and still do not know it yet.
This is one of the many reasons why writing original quality content articles is now the latest in marketing buzz. Content and links. When combined together becomes a really powerful tool to a successful web site and richer individuals. Many internet marketing professionals are already aware of the value of an original quality content and how using keywords can drive targeted traffic into their sites from the search engines.
So why don’t all these web site owners write and submit their own articles if that is what is important?
The simple and understandable answer is that it takes time to write articles, submit them and get targeted traffic to their websites. That is why they get the services of those who can spares sometime to write the articles that would cater to their site purpose but still turn out as a good quality and unique piece of work.
To get into the Adsense marketing business and start earning some good cash, ask yourself. Did you enjoy writing when you were in school? If you answer yes to this question, you already have an initial advantage over most internet marketing business owners that wants to make money online and doing it at home.
With the boom in the Adsense market comes the need for sites to want fresh, quality and original keyword rich content. This way, web site owners can have a steady supply of articles with the proper keywords that they relate to their site contents. The result of this is seen in the sites page rank when indexed by the search engines. Which, in turn, gets moreAdsense ads to show above, below or next to the article on their website with targeted traffic.
What do people have to do?
Write quality and original content, keyword or phrase rich articles with links to your website in the resource box. Then build a website or web page with targeted keyword or phrase rich original content for the targeted traffic that originates from the articles you wrote. Finally, you will have a Google Adsense ads that are targeted to your keyword or phrase rich original content site where visitors will get to visit when they come looking for information.
A win-win situation if you think more about it. A favor for persons looking for quality content and information. For the persons writing the original content articles. And the person with the quality original content rich website. Of course, the search engines and its advertisers are getting targeted traffic and sales but so what? As long as you are getting something in your favor, it does not really matter what the others are getting for themselves.
So who else wants to start earning money with Adsense. You. Everyone. Anybody. Internet marketing has many opportunities wide open for this people. Writing articles and using Adsense for your kind of internet marketing strategy is one sure way of getting a piece of that action and cash.
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