I’m about to share with you the common thread that ties together all successful entrepreneurs. This single trait launched the businesses of Microsoft, Intel, Hershey, JP Morgan, Amazon.com, Nike and so many others. It’s not anything you’ll be taught in Business School, it has nothing to do with accounting, and it doesn’t even have anything to do with what you’re selling or how you’re selling it. I’ll sum it up in two words:
GET STARTED!
That’s it! It’s laughable at first, but the more you think about it, the more it makes sense. It’s the missing “million dollar” idea, hiding in plain sight. We hear variations of this all the time: A journey of a thousand miles begins with a single step.
Think back to your first writing classes in school. How were we taught to write a paper? First we start with a basic outline – that’s our money-making idea, whatever it may be. Next, we make a rough draft – that’s right, we start working on something that we know for a fact will be imperfect. Finally, we use our rough-draft as a basis to begin revisions, eventually ending up with a final draft, the “perfect” version.
Planning for tomorrow is a sound business strategy. It’s good to spend time thinking about the future, and how to handle the challenges it will bring. But, if we want to succeed, we must create the future by taking action today. We can’t possibly predict everything that might happen once we start doing business. Microsoft started out selling programming software. After a few years, an opportunity presented itself to sell a computer Operating System to IBM, and they took it. The result was MS-DOS (which they didn’t even create themselves, they bought it from someone else when they saw how much money they could make!), followed by Windows; quite possibly one of the most lucrative products ever. If Bill Gates and Paul Allen, the founders of Microsoft, had sat on the sidelines of the growing computer industry thinking “programming software is an OK idea, but it’s not perfect, there really isn’t a big enough market for it…we need something better”, would they be where they are today? Would IBM have given them that golden opportunity? Not likely.
Did Michelangelo’s sculpture of David emerge from a single tap of a chisel upon a block of marble? No, it took Michelangelo over 3 years of effort to release his masterpiece from the stone, one tiny chip of marble at a time. It probably wasn’t very pretty after only 1 month, or even a year. But years of careful improvement resulted in a classic work of art.
I hope I’ve made my point. Do something. Do anything! If you do something, and the result isn’t what you wanted, what’s the worst that could happen? You either have something to improve upon, or you have a very good idea of an approach that doesn’t work (think of it as addition by subtraction…the process of elimination). Either way, you’re one step closer to success than you were before you started.
Go for it! Give it a shot! Your financial success is waiting for you, go and get it! Get Started Today!
Good Luck!
Jeff
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Looking for a serious investment opportunity? You may want to consider buying a small business in the United Kingdom. There are several ways to turn a good profit in small business, but there are some important things to keep in mind if you are looking for an investment opportunity, especially if you are an investor from the United States, Canada, and elsewhere.
Any investment opportunity naturally comes with some risk. Foreign investors will need to calculate an additional variable when figuring up the possible amount of profit margin, loss ,and potential for both, as well as the exchange rate. How well is your currency doing against the British Pound? Be sure to include some “wiggle room” in your budgeting for fluctuations in the exchange rate.
For those already living in the UK, concerns such as taxation and local regulation are familiar topics. To those in overseas locations, it’s important to look up the laws of the land pertaining to your type of business, the taxes for which you will be liable, and how to properly account for them. This may seem elementary to those with experience in putting money into an overseas investment opportunity, but for the first-time investor in a UK small business, there are many laws and policies that might surprise you. The key is to do your homework, get the advice of a good UK legal expert, and be prepared for a new and different way of doing business.
If you want to buy a small business in the UK, it’s good to do a bit of research into the type of business you want to use as an investment opportunity. Are there ways that you can expand the business onto the Internet? Can the Internet be a help to you in increasing sales, market visibility, or media awareness? All of these factors are important to keep in mind. The most successful small businesses are the ones whose owners know how to take advantage of the Internet, while still meeting local needs and demands with speed and precision. It’s not so different than doing business anywhere else in the Western world. It’s important to understand how the buyers in your area of the UK respond to and utilize the Internet when it comes to commerce.
You’ll also want to give your competing businesses a good hard look to see how they are using the Internet. Are you thinking of investing in an already crowded market? If so, you’ll need some fresh ideas to give your version of the business a new approach so that you can set it apart from the competition.
A UK investment opportunity in small business may bring some unexpected surprises if you are considering investing in a “rising star” business. For example, twenty years ago, nobody had ever heard of a “cyber café”. Today, cities are full of places that offer Internet services, games, coffee, and more for a price. This concept has become a very important part of many communities. Those who took the initial risk a few years ago, putting money in what they saw as a good investment opportunity, are reaping their rewards today.
Those who buy a small business in the UK often find that the investment opportunity is well worth the risks. With some research, a bit of financial planning, and the expert advice of a UK legal advisor, you can turn a potential opportunity into a major success. If you are living in America, Canada, or elsewhere, you owe it to yourself to pay a visit to the United Kingdom to see for yourself just what kinds of investment opportunities await you there.
http://www.bizseller4u.com
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Today I decided to take a walk to my daughter’s school (something a bit unusual, but not unreasonable since the gas prices went up) for a change. I was totally enjoying the break from my small office routine when it hit me — ” my neighborhood has changed. Too many small businesses had just disappeared and on their windows were signs: “For lease”
Being a small business owner myself, I know how fragile a startup can be, how easily your marketing efforts could be lost in this noisy world. There is an ocean of businesses out there, and everyone is fighting for survival.
So how can you succeed? Well…it’s easy — you have to STAND OUT FROM THE CROWD! That, of course, is easily said than done.
There is one very clever way which I strongly recommend: Use Humor! Clever humor is always appreciated and if you can make your clients smile, they will always come back to you.
Before you start, ask yourself:
1. What is the main message I want to send about my services, products, company?
2. Who are my customers?
3. What is my point of difference and how can I use humor?
Once you are clear on your goals, there are many easy, effective ways to add humor and make you stand out:
1. Get a Cartoon Logo: The logo is the very face of your business. You have to be really careful (read: not cheap) when you decide on a logo design. Too many places use the same fonts, the same colors, the same globe and whatnot. The final result? The all look the same. So set yourself apart — get a custom drawn cartoon logo. There are too many benefits to mention, but I’ll give you just one example: check out Eskimo Joe’s in Stillwater, Oklahoma. His owner Stan Clark started with a simple Eskimo and dog cartoon logo design, created by an amateur designer. Today Eskimo Joe’s is a multi-million dollar clothing company with t-shirt sales only surpassed by the Hard Rock Cafe! Now, that’s amazing!
If you want a cartoon logo, I strongly recommend http://www.humorlogos.com/
2. Humor advertising: It goes without saying – humor, at least in advertising, sells as much as sex. Just turn on the TV and observe. Do you know that the new Apple advertising campaign (Mac vs PC) is probably the most effective one ever? Why? Because it is funny, and people remember it. But there is much more to advertising… There are:
Printed ads:
- newspapers
- fliers
- Yellow pages, etc.
Online marketing:
- web sites
- viral marketing
- email campaigns
Street advertising:
- Street banners
- Vehicle wraps, etc.
If you want a humorous advertising campaign, I strongly recommend http://www.funnysells.com/
3. Who said Presentations? If you have to do presentations, always consider starting with a joke or using cartoons in them. Humor is the most effective way to break the ice and add a flavor of trust to the audience.
For PowerPoint Presentation cartoons, I recommend http://www.bettercartoon.com/
Of course, there is much more that goes into building a successful small business. But my point is – work hard, work smart and get noticed!
Good luck!
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If you’re a sole proprietor, perhaps you’ve considered incorporating your small business or self-employment activity.
And so maybe you’ve been wondering, “When is the best time to incorporate?”
From a legal standpoint, any time is the best time. The sooner you incorporate, the sooner you make the move from the world of unlimited liability to the world of limited liability.
From a tax savings standpoint, any time is the best time. The sooner you incorporate, the sooner you will start putting more money in your own pocket and less in Uncle Sam’s.
But from a **tax reporting** standpoint, there is one time of year that stands out as best: January 1st.
Why is that?
Assuming you have a sole proprietorship (or other entity, such as a partnership) that is up and running as of January 1, and assuming you then incorporate that existing entity on any date other than January 1, you face the possibility of filing not one but two business income tax returns for that year.
Here’s an example to clarify this important point . . .
Let’s say you’ve been operating your sole proprietorship for a few years, and in early 2006 you decide to incorporate. In January you get around to starting the paperwork, but life gets in the way and you finally get it done in late February. By the time your state processes the Articles of Incorporation, the start date of your new corporation is March 1.
For 2006, you must file a Schedule C for the period of January 1 through February 28, when your business was still a Sole Proprietorship. And you must also file a corporate income tax return for March 1 through December 31.
Maybe that’s no big deal. Maybe you enjoy filing one business income tax return so much, filing a second one doesn’t bother you. And it may be that the inconvenience of filing two tax returns in 2006 is far outweighed by the legal and tax advantages of incorporating.
Keep in mind, too, that 2006 will be the only year you have to do this “double duty”. In 2007 you will only have to file the corporate income tax return.
But if you are thinking about incorporating, the best time to do it, from a tax paperwork standpoint, is as of January 1. Only then do you have a “clean break” from the old sole proprietorship to the new corporation.
This timing issue can also be relevant if you decide to make the switch late in the year. If the effective date of the incorporation is November 15, you will have to file a Schedule C for January 1 through November 14, and a corporate return for November 15 through December 31. In that scenario, you should ask yourself, “Do the benefits of incorporating outweigh the convenience of waiting until January 1?”
So before you decide when to incorporate, take a moment to reflect on the tax reporting consequences of incorporating on January 1 vs. any other date.
Sometimes it may make sense to wait a few weeks (as in the second example), and sometimes it makes sense to “do it now”, especially when January 1 is nearby.
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Asking new workers about their previous safety education and work experience helps businesses ensure the workers know the basics of workplace safety. Too many accidents occur because businesses assume that everyone knows the basics. Businesses many times will find the worker did not know the basics only after an accident occurs. Ensure every new worker knows their rights and responsibilities.
Workers must know they have the right to participate in health and safety training and safety programs in the workplace. They also have the right to know about hazards they may be exposed in the workplace. They have the right to refuse unsafe work and they have the responsibility to follow safety procedures and wear any personal protective equipment that may be required by the company and that is required by law.
New employees are more susceptible to accidents than those who have experience in the business’ workplace. New workers can be classified many ways. The most obvious is any new hire; this can be permanent or temporary personnel and can include supervisors, with or without experience in the business or even the industry. Student workers, co-op placements or apprentices are also obviously new to the workplace. Less obvious are current workers who are assigned new jobs. Contractors, subcontractors, and visitors to your workplace all need to know the general safety rules of the workplace.
Orientation is more than just a tour of the workplace. It should cover emergency procedures, workplace safety rules everyone must follow at your workplace, general requirements for personal protective equipment, first aid provisions, information about where the safety board is posted and any other essential health and safety facts. If possible introduce new and young workers to the health and safety committee members or the health and safety representative during orientation and show them where their names are posted.
Supervisors need to be in regular contact with workers. With new personnel additional contact will be required. Communication should freely flow two ways between the supervisor and the worker. Questions on unsafe working conditions should be dealt with immediately. Supervisors must provide instruction and ensure safety regulations and rules are followed.
Providing a safe working environment and ensuring a safe start when new personnel come to work will ensure the workers are fully capable of performing work and in a safe manner. Safety legislation includes a general provision requiring employers to ensure their workers have been provided with proper information, instruction and supervision to protect their health and safety while they perform their jobs. These regulations are to protect all new personnel to the workplace. These regulations are also set to protect the company as long as documentation can be provided if there is an accident.
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Going paperless in professional offices, such as those of CPAs, sometimes could become inconvenient for the professional to work. When a CPA is working on a client’s tax return and needs to refer to prior year return, it is easy for her to look at the paper printout while working on this year return on the computer. However, if her filing system is paperless it would be very inconvenient for her, sometimes, to switch between screens to take a look at the prior year return and come back to this year return – back and forth. This could even result in use of more paper than before if the CPA ends up printing a copy of the prior year return to refer during the return preparation and then destroying it. That would result in her printing almost all her clients’ prior year returns and then destroying them because she has an electronic copy of the return.
The technology available at this time makes it easy to avoid this problem. Over time it has become more and more easier for CPAs to go paperless as some of these inconveniences have been addressed by the available technology.
A small investment can help CPAs resolve this problem forever and would save them all the inconveniences related to it. Windows XP allows the use of multiple monitors with one computer. This feature is already there in the Windows XP. However, the user would need to buy a special video adapter to attach to the computer to connect multiple monitors. Multiple means up to 10 monitors can be attached to one computer. There are numerous benefits of this convenience in Windows XP.
If all your prior client documents are already in electronic format on your server and you need to refer to several of them at once to work on a particular project, you could open each of those on separate monitors connected to the same computer. This would eliminate the need to switch between different screens each time you need to look at another document.
The set up for connecting additional monitors to your Windows XP computer is not very complicated. If you use a notebook computer you can use the feature of Dualview which is also available in XP. You can just connect an external monitor to your notebook and set up your XP, from Control Panel, for Dualview. The limitation with Dualview is that your notebook or laptop monitor would always be the primary monitor. The other feature, that of multiple monitors, allows you to set any of the monitors as the primary monitor.
Once you set up your computer with multiple monitors, you can eliminate one of the major inconveniences that staff faces in a CPA offices, that of referring to multiple documents from the file and having to switch between screens while working. Even if you have already become comfortable switching between screens on one computer, you may still want to test out this feature of multiple monitors and you may be pleasantly surprised by the ease it brings to your life. The details on setting up multiple monitors are explained on the Microsoft website.
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Would you like to run your own small business? Have you an idea for a small business but do not think that you could make it work? Are you bored of being an employee and yearn to become your own boss? Have you the required skills to run a small business? In this article I look at the type of skills that people need to possess to be able to successfully run a small business.
My name is Stephen Hill and I have been running my own business for around nine years now. Previously I had been employed by a major insurance company and even though I progressed well during my time there, I always wanted to run my own business, to choose my own hours of work and basically have no one to answer to etc.
I am now a speech coach helping people who stammer/stutter to achieve fluency and I also help people to promote their websites as a form of web marketer or web promoter.
I love what I do as it allows me to to take my children to school as well as to pick them up from school. I am able to watch their football and netball matches and attend their school plays and other functions.
I am not bound by what hours I work, for example nine to five. I sometimes work late at night when I do the web promotion work but have the day free to relax. This is not to say that I do not work hard, because I think that I do work very hard.
Self belief is an important skill required to be your own boss. If you have an inner belief and self confidence that you will make the business succeed, then you will have a great chance to make it work. There will be times when during a month you only earn a small amount of money but in other months you should earn quite a lot. Some people prefer to know exactly what their income will be each month and these people may struggle to be their own boss.
Discipline is another requirement if you are to be a success at running your own small business. It is very easy to become lazy and to watch too much television or to have an extra couple of hours in bed in the morning. Even though you may have nobody to answer to, you have to be of the character to ensure you put in the required amount of hours and work.
I also think it is important to have a positive attitude. There will be periods when business is slow, this is where you may start to think in a negative way. This can lead people into becoming very stressed and even depressed. By thinking in a positive way and by working even harder to attract more work is the only way to react in this situation. This of course is not that easy to do but in my opinion there is not enough time in the day to get depressed.
Lastly is the ability to always try and improve your own self and to learn from any mistakes you make. We all make mistakes which is fine and natural. There is again not enough time to beat ourselves up over these errors, all we need to do is to learn from them and to then move on. We should always be looking at ways of improving the business as well as our own knowledge. Standing still and treading water is no way to continue.
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Recent case studies of 5 small business owners who had their web sites disappear from the internet may be the subject of an upcoming eBook. The situation happens more frequently than some people realize, so the following advice is being released now. Free domain registration information is easily retrieved and should be reviewed by any site owner who is unfamiliar with the term “WhoIs”.
Many web site owners may not know what WhoIs means, so here is the short version and action plan. Do this today!
Web sites disappear for a variety of reasons, and small business owners are particularly susceptible to this problem because they are too busy running a business to learn about risks involved with a www domain or hosting.
Here is an outline of the basic cause in each of the 5 case studies:
1. Inactive Administrative Contact Email Address
2. Hidden Registrar and Incorrect Registrant
3. Expired Credit Card for Hosting
4. Hijacked Domain and Identity Theft
5. An Example of an ISP Shown as the Registrant
Learn from the mistakes that others have made, and in a few easy steps you can prevent this unfortunate surprise. Advice includes a cast of characters that may not be familiar. Let’s introduce them first so you understand the difference between registry, registrar, and registrant.
Registry – the worldwide authority that controls issuing of www domains to avoid duplicates
Registrar – a service company authorized to register or renew domains with the registry
Registrant – the entity, person or company, who owns the license for a particular www domain
* Note: No one owns a domain. Registering is an exclusive license for a set period of time.
Most web site owners acquire a www domain for personal or business use through a registrar who acts on your behalf and applies for your domain with the registry. Approval is usually received within 24 hours. Your registration information is then kept on file with the registry. This is long forgotten until a problem occurs, usually by surprise!
The solution: Using any major search engine, do a search on “whois” and follow the links to access a whois database. Most have a search box for entering your www domain name, and once you hit enter or the go button the report is retrieved in a matter of seconds.
Reports may vary in format, however, all should display key information including registrar, registrant, administrative contact, technical contact, and perhaps billing contact. Confirm the accuracy of each, however, if any ONE piece of data is critical it is the administrative contact. It should be you, and it should list a current active email address. If either is untrue, it needs to be corrected. Next, let’s explore the importance of the administrative contact.
The only recognized authority for controlling your domain, including changes, is the administrative contact, but wait. Changes can only be made by email correspondence, therefore your name as the registrant (or admin contact) does not make you the authorized person for changes. It is whoever answers the email listed under administrative contact, so an old or invalid email address will not work. The admin email address needs to be yours, and it needs to be kept current.
Review your registration information. Problems? Begin with your internet service provider to learn how to have entries corrected. You may need to contact your registrar, also.
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An ideal lawyer will not just have a string of impressive credentials or gold lettering on his door. He or she will be caring, concerned, and devoted to their work. You need to think carefully before laying your trust in a lawyer after all in some cases your life, future, money or property will be in his hands.
Apart from doing extensive research to short list possible lawyers you must ensure that there is not conflict of interest, that you understand everything the retainer agreement states, and that you have checked the references and details regarding the practice.
You will know the lawyer you have chosen is the perfect one if:
1. He makes an effort to spend time to understand your case himself. He will not assign a legal assistant to take facts of the case down.
2. From experience and knowledge he will know what is relevant and what is not. He will set aside and ignore irrelevant facts, opinions, and personal emotions that cloud the case on hand.
3. He will insist that the footwork for the case be done thoroughly. All facts must be checked for accuracy and solid arguments jotted down with backing of earlier rulings.
4. He will not just focus on the problem at hand but examine the problem from all sides. This will create a complete picture highlighting all factors of relevance and the different ways one can approach the case.
5. He will use his foresight and anticipate moves by the opposition or opinions of the jury or judge and plan way ahead. Like a master chess player he will plan the case not by the day but by many hearings ahead.
6. He will not waste time beating around the bush or create verbose statements—many words strung together which look impressive but mean nothing. He will insist that the case and its arguments be clearly stated.
7. He will be self-disciplined, thorough, and self confident. Courteous at all times he will respect you as well as all the staff who work for him.
8. He is recommended by not just his friends and relatives but by other professionals of good standing and from his field.
9. He will not just present to you his victories but be happy to tell you why and how he lost certain cases.
10. He will lay the cards on the table and tell you clearly whether your case stands to win or loose. He will not claim that winning is guaranteed. He will be honest and upfront about his opinions and advice.
The bottom line is that the lawyer must be worthy of your trust. Use your inborn instincts and don’t go by the lawyer’s good looks or fancy car or office. After all it is competence in law and in court that is of essence to you.
Everyone worries about taxes and looks for ways and means of reducing the tax burden. When you have a small business of your own you must up date your knowledge of tax laws that pertain to “small businesses.” As a business owner you must understand clearly about accounting systems and tax planning. Sit down with your accountant and plan on ways of maintaining business expenses, filing receipts, planning on “tax saving” investments, and a strategy for running the business in the most beneficial way.
Did you know that:
1. According to law you can reduce your tax liability by hiring family members to carry out work in your business. Pay your children and spouse to perform assigned duties. This way you can shift from higher tax rates to lower ones.
2. Consider hiring independent contractors instead of employees. You will save on payroll taxes. However ensure that you meet the IRS’s criteria.
3. Think about “deferring income” postpone receiving money to January instead of December. This means that payments received will be up for “tax” calculations a year away. However ask your accountant’s advice as the benefits are dependant on profit and losses for the year and your corporate legal structure.
4. Take advantage of tax deductions allowed for charitable donations. Make donations in November or December instead of January so that you can include the donations for tax deductions in the current year.
5. Maximize your expenditure on equipment and office supplies. Buy in advance for a quarter and use the tax deductions allowed in the current fiscal year.
6. Include expenses of business related travel in the current year.
7. Pay all bills due before the end of the year. Payment to cell services, rent, insurance, and utilities related to the business can be included for accounting and applicable tax waivers.
8. Plan a retirement plan and make payments before the end of the year. This will reduce your income for the year and proportionately the tax due. Be sure to check on the limits. Plan a feasible and beneficial strategy with your accountant.
9. Be sure to deduct from your taxable income money paid to licensing fees, businesses taxes, and annual memberships to businesses related organizations. Be sure to deduct interest paid on borrowings for running the business and related fees. Insurance premiums paid to insure the business office and machinery are eligible for tax deductions. Make a list of your memberships and check which ones are eligible for tax deductions.
10. Check whether you have deducted management and administration expenses as well as money spent on maintenance and repairs of equipment.
Decide whether a cash accounting system or accrual one will benefit your business. The tax deductions are different depending on the system you use. When setting up your small business take the advice of a tax and accounting professional as to which accounting system would be most suitable.
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Did you know that, in Australia, 60% of small businesses fail in the first twelve months? For those of us who would like to start a small business — maybe even work from home — that’s a very discouraging statistic.
Does that mean that your business idea is doomed to failure? Far from it! There are steps you can take that greatly increase your chances of success. With a little time and some serious research you can hit the ground running. Let’s start from the beginning…
The bright idea
First, of course, you need to come up with an idea. Typically, business opportunities can be divided into four groups:
1. Offering an existing product/service in an existing market.
2. Introducing an existing product/service to a new market.
3. Offering a new product/service in an existing market
4. Introducing a new product/service to a new market.
At this stage of the game the only limit is your imagination. Inspiration can come from anywhere — maybe you have a hobby that you’d like to turn into a full-time job; you may be on the receiving end of bad service one day and decide to try doing it better yourself; or you may have a talent that you’d like to capitalise on.
Once you’ve come across something that you’d like to do, it’s time to take a look at the market and see what’s on offer.
Passing the test
So you’ve had a great idea and you’re keen to roll with it; now it’s time to put it through its paces. For the purpose of the exercise, let’s say that you have a passion for healthy living, and that you want to distribute a range of lifestyle accessories that promote healthy living with a do-it-yourself approach.
Ask around: Is there a market for products that promote healthy living? What sorts of products are available? Who would you be competing with and what do your competitors offer? Do you have the necessary skills to run such a business and — more to the point — what would those skills be? Where would your business be located?
Once you’ve answered those questions you should have a fairly clear picture of what your business will look like.
You source some products and decide to do some further research into the range of lifestyle products offered by a company called Vitality 4 Life. Your own life experience plus some work you’ve done as a dietician has given you the necessary skill sets, and you think that you’ll be able to work from home, giving you more time for family. There is an existing market, but there’s room for expansion. Now it’s time to take a closer look.
To be or not to be?
It’s time to get down to the nuts and bolts. You don’t want to jump into something feet first and find out the hard way that the budget just doesn’t work.
To get started, sit down and work out if you need to hire staff, which means paying wages.
If you lease a premises you’ll need to be able to pay the rent, and your location will have to be suitable for your business and target market (which also means that you’ll have to think carefully about just what that target market is). You’ll also need to work out the likely demand for your product/service.
Ok… you’ve worked out that there is enough demand for good quality juicers, sprouters, water filters and other high end accessories to take a shot at a distributorship as a home-based business opportunity. Now you need to make some marketing decisions.
Look at me! Look at me!
Advertising can be costly so you’ll want to be sure that your advertising budget is spent wisely. That means more market research, this time one-on-one. Profile your customer groups so you can aim your marketing at the right group/s of people.
Draw up a questionnaire (a short questionnaire — people run out patience if you ramble for too long) and hang around outside a few of the local gyms (for our particular example). Come up with a mixture of open questions (What do you think of……..?) and closed questions (Do you have a gym membership? Yes/No.); sliding scales can be useful too.
For our health accessories business, a good question might be ‘How did you hear about this gym? Radio, tv, newspaper, word of mouth etc…’ Such a question would then give you an indication of the types of media that your target group responds best to.
Choose a business name, print up some business cards, buy some stock and get ready to trade!
Measure it, manage it!
A teacher of mine made the point that, in business, if you can’t measure it you can’t manage it.
You need to be able to plan ahead, and to do that you need to know — or to be able to accurately predict — your total sales. The equation is simple: number of customers x average sale x frequency of visits per customer per year = total sales. Remember it, revise it often, measure your business and you’ll be able to manage it!
Keep an eye on your bottom line and, most importantly, always be aware of your cash flow — the cold, hard cash that you have in the bank. Allow for invoice periods (14 days, 30 days etc) when you’re planning your budget.
The market place has a life of its own, and no one can prepare for every contingency. Put some thought into your idea; make sure that there’s a market for what you’re offering; research, research, research; promote your business effectively; always know what’s going on in your bank account and don’t forget about cash flow!
It’s not perfect but, if you follow these few simple steps, you’ll be miles ahead of many new small business ventures. If you’ve heard of a great home-based business opportunity, or have a product or service of your own to market, you’re off to a great start!
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