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Posts Tagged ‘Entrepreneurs’

If you’re pondering, “can I start a company?” the answer is “sure, you can.” In this article, I will go via some repeatedly asked questions by entrepreneurs and answer them to show you that you can develop a productive commence-up!

Question” “Can I start off a business with no cash?” Solution: Sure, you can. Beginning a enterprise on a bootstrap budget is fully feasible and today’s internet programs (like blogs, Twitter, and Facebook) permit you to market place broadly with no shelling out a cent.

Question: “Can I start a company whilst I’m functioning?” Reply: Indeed, you can. Some men and women stop their career to begin a organization and that may operate for some but it doesn’t operate for absolutely everyone. The world wide web exposes you to a 24-hour global market place that is still purchasing even when you want to work in the evenings. And acquiring a job offers you a bit of a “cushion” whilst your new enterprise slowly starts to turn out to be profitable.

Query: “Can I start off a organization that will truly make income?” Answer: Yes, you can. Although massive businesses and multinational conglomerations make most of the headlines, a majority of businesses in the world are run by entrepreneurs and employees of 25 or much less. In other words: small corporations and home-based companies! You just require to find a want that you can resolve and you want to sell aggressively into that marketplace.

Question: “Can I start a enterprise in this economy?” Reply: Indeed, you can. I’d argue that this is the very best time to start off a organization. Costs are reduced simply because vendors are hurting so you can commence with reduced charges. But, folks are still acquiring and the marketplace is on an upswing so you need to see a lot more and much more men and women buying.

Question” “Can I begin a company with kids at residence?” Solution: Yes, you can. There are numerous techniques to construct corporations that do not demand a good deal of consideration but can still produce benefits as lengthy as you are consistent. And, there are alternatives that don’t need you to solution the cellphone even though your little ones are crying in the track record. Residence-based mostly businesses are excellent for remain-at-house mothers and fathers.

There are lots of queries and these are amid the inquiries I listen to most generally. My reply is usually the very same: You can begin business if you are ready to function hard, consider hazards, and embrace the unknown. Most importantly, act. No one particular commences a enterprise basically simply because they Assume about starting up a company. Try it out. If you start small, you won’t chance much and you can expand it to be rewarding that a lot quicker.

Follow these simple tips to create a stronger business plan as you outline and write:

Use a Template

Using a template starts you on the right foot, with a standardized order for a business plan which has been vetted by years of use by entrepreneurs and funders. Standing out by creating a new organization system for your plan is a negative way to stand out and will be a distraction. Keep your creativity to your business and marketing ideas. That is where you must prove to funders that you can excel.

Move From Bullet Points to Text

Start the writing process by getting all of your ideas and notes down on paper in bullet point format. If you begin by writing full sentences you may very quickly become hung up on the quality of your writing, which should be the furthest thing from your mind at this stage. Fill the content of each section with your basic ideas in note format at first. Make sure the ideas are sound before writing them as full sentences and paragraphs.

Consistent Headings

The plan should be easy to navigate through and move back and forth between sections. For this reason, make sure the formatting of the content, section headings, and subsection headings are consistent throughout. There is no reason to create distracting new fonts and colors for each section. The plan must be formal, yet attractive in the use of fonts and headings.

Reading Out of Order

Although the plan’s order makes sense and builds the story of the business one piece at a time, you should be prepared for the fact that some funders may read the plan out of order. This may be because they skip ahead to a section they have specific expertise in (such as marketing, operations, or finance) or because their organization has specific requirements which they must see are satisfied before any further consideration. In any case, each section must be able to stand on its own to a certain extent, assuming the reader has covered at least the executive summary and company overview sections.

One thing I have found in my years of entrepreneurship is that smart marketing is the key to success. I have worked with many different types of small business owners, entrepreneurs, coaches and consultants from all kinds of industries. No matter what their business is I have found that if the person does not know how to market it, and they do not get help to do so, the business will not survive.

The following 10 items are what I consider a good small business start up checklist. If you are in business or thinking about getting into business, you will want to ensure you have or are working on all of these things constantly. The right mix of these items works well to maximize your exposure, credibility, expert status as well as to build your database and help you make informed marketing decisions.

1. Realistically Defined Target Market – Most small business owners actually have too large of a target market to be realistic and to be able market to them all with their limited time and budget. Most likely, you will want to narrow your market or define your niche even further with specific demographics and psychographics. In doing so, you will begin to see unique opportunities surface in that market. Do not forget about all your referral sources. Remember, they are your target market too!

2. Marketing Plan – This plan should outline everything you could possibly do in your marketing, based upon who your target market (ideal client) is and the best ways to reach them, including various guerilla marketing techniques, ideas, promotions, and co-promotions. You will need to stick to your well-researched plan and not be tempted to steer away by random advertising opportunities. This should also include a Publicity Plan. The Publicity Plan should include pertinent media contacts, press releases, article submissions and event listings for ongoing exposure. If you are not submitting press releases regularly to the local media and/or local organizations you belong to, you are missing FREE opportunities to get additional exposure for your business.

3. Database – Input all clients, prospective clients, referral sources, and contacts you will need in one place. Be sure to include everyone you have ever known or done business with so that it is easily mail merged for one. In addition, format the database so that you can sort them by hot, warm or cold prospect or referral source. Next, stay in regular contact with your database through effective Database Marketing and Follow Up. This will allow you to be on the top of their minds when the topic of your service and/or product arises in conversation. This process can include letter and email templates, a system for following up with ‘hot’, ‘warm’ or ‘cold’ prospects and ongoing database marketing. Remember, if you do not do a quick follow up after you meet someone, you are missing opportunities and they might forget about you. You want to follow up with everyone you meet within 48 hours of your meeting. In addition, you will want to ensure you continuously follow up. You need to make this system automatic, systematic and practical so that it will get done. Delegate the process it if you have to.

4. Company Web site – Including domain name(s), hosting, reciprocal links, and Internet submission. You are missing sales if you do not have a Web site. However, a professional Web site is a must, not a home-made, amateur site as it will harm your credibility. It does not have to cost a fortune to be professional. The goal is to design it so it will inform, entice and capture your audience.

5. Email Marketing – Distribution lists, program for email marketing, newsletters, promotions – email marketing is the cheapest form of marketing that anyone can do. However, these days there are spam laws that a business must follow as well as email etiquette that you should strive to follow so that you are portrayed as a professional business. There are programs that you can use to truly make your emails pop, but remember you must send people information that your audience wants to read, not just what you want them to read.

6. Effective Ads & Advertising Plan – Including Timeline & Budget – More than likely you are not spending enough money on advertising. If it you advertise in the right places, places that reach your target market, with a good message or headline and for a reasonable length of time you should see good results. If you only try it once, go too small, or have no idea how to design your ad effectively, you will not get results. Learn about all the advertising mediums in your target area, who they reach, their demographics, what kind of circulation they have based on their cost, etc.

7. Professional Marketing Materials – Business Cards, letterhead, envelopes, brochure, sales packet, flyer, and postcard – whatever is necessary to reach your target market. The materials must be professionally designed, printed and presented.

8. Branding – Includes signage like nametags, shirts with logo, vehicle signs, banner, promotional products and giveaways – the more your name is in front of people, the better. You will want people to recognize your brand on everything you do.

9. Networking Plan – Includes any pertinent organizations, associations, chambers or other professional group that brings in referrals or is an effective venue for prospecting or business development. Pick some organizations (between 2 – 5) you believe are the best at either promoting or building your business. Join them and become as active as you possibly can so you become the well-known expert in your field. Volunteer your time generously and most of all put their events on your calendar before any other client meeting or job because these are advertising dollars that you are not spending.

10. Good, Reliable Vendors – Includes industry vendors as well as those for your business development such as printers, mailing houses, delivery services, rental companies. You would be surprised to know that you are probably spending too much money in one or more of these areas right now. Find reliable, inexpensive sources.

If you are thinking that there is absolutely no way you can get all this done yourself, or you just do not know how to do something on this list then, I would suggest that you find an expert in that field to help you. Delegate that task to someone who knows best how to accomplish it and can do it much more efficiently than you can.

Remember, the cost of outsourcing such tasks far outweighs the valuable time you spent trying to figure it out. Your marketing is the most important thing you will ever do in running your own business. If you do not believe me, save this article in a safe place. When you go out of business in 2-5 years, find it and read it again.

Reading Business Books: A Must-Do for Entrepreneurs

As a business owner, one of the most important things you can do to boost your business and improve your professional skills and knowledge is to take the time to keep up with the latest business literature.

As an entrepreneur, it’s easy to feel like the challenges you face every day are unique to your situation. However, it is very likely that other professionals have faced, and overcome, many of the same challenges. There are so many great publications geared toward helping entrepreneurs just like you learn to deal with the day-to-day personal and professional challenges they face. Time you spend keeping yourself current with business literature is definitely time well spent. It is an investment in your business and in yourself.

Whatever your challenges are, you are likely to find great business publications, authored by successful professionals and consultants, that can provide valuable insight into dealing with whatever business challenges you are facing at any given time.

Suggested Topics Include:

The following list represents just a few of the many types of business literature that can help you hone your professional skills.

Business Networking: Books such as Million Dollar Networking and Nonstop Networking by Andrea Nierenberg provide great ideas for improving your business by learning to expand your network of business contacts.

Conflict Management: When you own or manage a business, dealing with conflict is an inevitable part of your job. Books such as the national bestseller Crucial Confrontations, written by Kerry Patterson, Joseph Grenny, Ron McMillan, and Al Switzler, provide sound guidance for learning how to deal effectively with conflict.

Entrepreneurship: Dive Right In, the Sharks Won’t Bite by Jane Wesman is a great resource for those who are in the process of starting a new business, as well as for those who want to continue to improve their existing businesses.

Hiring Employees: Every time business owners are faced with adding a new employee, they wish they knew more about how to make the best choices from among the pool of applicants. Hire With Your Head by Lou Adler provides invaluable information about how to build great teams by using performance based hiring strategies.

Public Speaking: Does the thought of speaking in front of a group of people make you nervous or even terrify you? As a business owner, cultivating powerful presentation skills can be an excellent way to promote your business in your community and via the media. Publications like The Confident Speaker by Harrison Monarth and Larina Kase can help you learn how to overcome your public speaking fears.

Tip for Fitting Business Reading Into Your Busy Schedule

Entrepreneurs are notorious for taking care of everything and everyone except themselves. Most entrepreneurs will benefit greatly from making the time to focus on their own physical and mental well being, and most are also adept at multi-tasking. Since you’re probably already very good at juggling multiple tasks, why not put some of that ability to work for yourself? It’s fairly simple to combine the exercise your body needs with acquiring knowledge that can help you lead your business in an even more successful direction.

Get a treadmill or elliptical trainer, and set aside thirty minutes each day for yourself. While you are exercising, listen to the latest business books on your MP3 player, or read if you are coordinated enough to handle a book and the exercise equipment at the same time. Your health and your stress levels are likely to improve dramatically, and you will be maximizing the use of your time!

I was asked the other day what personality traits I thought were important to entrepreneurial success. I immediately gave my preprogrammed reply about passion and dedication and hard work. After taking some time later to ponder the question a little deeper (I normally operate in shallow waters), I came up with a more detailed checklist for entrepreneurial success. This is by no means a definitive list, but I’d be willing to bet that if you don’t have at least a majority of these traits, your chances of business success will be greatly diminished.

You must be self motivated.

If you don’t have the wherewithal to bounce out of bed each day without your spouse drenching you with cold water, chances are you don’t have the self motivation or discipline required to be an entrepreneur. Business demands that you take action based solely on your own volition. You have to do a hundred things every day that will not get done unless you make yourself do them.

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You can’t be afraid of hard work.

If you think working for someone else is hard work, try starting your own business. You will be required to give every ounce of blood, sweat, and tears you can muster and then some. You will have to work long hours and be on call 24/7, at least in the beginning. If the mere thought of hard work makes you tired, maybe you should just keep your cushy day job.

You should have experience in the type of business you plan to start.

If you can’t locate your car’s engine you have no business buying an oil change franchise. The most successful business owners have prior experience in the industry in which they have set up shop. Consider working in an industry at least part time for a year before jumping in with both feet.

You must be able to climb back on the horse.

I always say: “If business was easy, everybody would do it.” Starting a business is hard work and the odds for failure are against you in the first few years. If you want to ride herd on your own business, you must be willing to fall off your horse and get back on a few times without giving up.

You need the support of your family.

When you start a business you may have to spend more time away from the family than you like. The business may also put a strain on you financially. You will have enough obstacles in your way without having to worry if you have the support of your family and those closest to you

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You must have a thick skin.

If your feelings are easily hurt, keep your non-threatening day job because business is not for you. Many days in business, rejection waits around every corner and you must be able to handle rejection without taking it personally.

You must interact well with others.

Being an entrepreneur requires interacting with a variety of people, from your own employees to vendors to customers to investors. You must have the ability to effectively manage people without offending them; the ability to accept good advice from mentors and politely discount the bad; the ability to overlook mistakes or quietly rectify them; and the one I have trouble with: the ability to tolerate incompetence without losing your cool (at least not on the outside).

The deeper your pockets the better.

The number one cause of business failure is a lack of money. Before you start your business you should have access to enough capital to see you through until the business can sustain itself.

You must be able to delegate.

Running a business requires the performance of dozens of simultaneous tasks and it’s foolish to try to handle them all yourself. You must learn to put your trust in others. If you can’t dish out responsibility without worrying over the result, your business growth will be limited.

Previous business ownership is a plus.

Prior business ownership is not a prerequisite, but it can’t hurt. Many successful entrepreneurs have the skeletons of past businesses rattling around in their closet.

Another of my sayings:

Business is a lot like marriage: you learn a lot from the first one that may come in handy the second or third time around.

With that kind of advice you can see why I didn’t go into marriage counseling.

Here’s to your success!

Tim Knox

The cyber community is overpopulated with people offering advice on how to get rich overnight. There are innumerable business books claiming to provide expert guidance on being successful in the online business world, but readers of these books, when interviewed, feel that the information and the business tips given are actually not very helpful in the real online business scenario. Being a vehement protester when it comes to this kind of deception, an online business expert and an excellent e-author came out with ‘The Online Business Handbook’, one of the best business books the market has to offer.

The author of The Online Business Handbook is a very successful online entrepreneur who wants to share his tried and tested approaches with online business enthusiasts. He does not claim to be Alladin and he doesn’t claim that his business book should be seen as Alladin’s lamp or as a path to money, name and fame overnight.

Inspired by Thomas Alva Edison’s statement ‘genius is 99 % perspiration and 1 % inspiration’, this online book on internet business does not make any false promises to quick money. Just like Edison, the author opines that even if one fails 10,000 times, one should never give up and look upon every failure as a stepping-stone to success. He believes that success comes with applying intelligence in the proper way, at the proper time. Being written by a follower of the genuine path to success, one can safely assume that The Online Business Handbook, unlike the other online books, is a treasure house of tried and tested ways of becoming successful as an online entrepreneur.

A bonus that one can expect with The Online Business Handbook is that, unlike many electronic books online that charge exorbitant prices, it comes absolutely free. One just needs to subscribe to Alan Johnson’s newsletter at The Rating Blog. The information in this book is complemented by The Rating Blog, which is amongst the best blogs offering online money making advice to the cyber community today. It is advised that after reading this business handbook, one should follow The Rating Blog for additional and up to date information. The Rating Blog is enriched with features that are of utmost importance to an online entrepreneur. One can subscribe to the RSS feed and then follow the author’s newsletter.

It has been observed that, compared to all of the free online books offering online business tips, The Online Business Handbook shows you how to attain success in a realistic and step-by-step manner. One needs to absorb the contents of this very useful business book online and follow it to the letter to attain success. People who have followed the instructions of this book are seen to be extremely successful in online business ventures. Unlike many of the authors of other free books online, the person behind The Rating Blog displays affiliate links and that, according to him, is a part of his common sense, down-to-earth and cards-on-the-table approach to making money online.