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Atricle Dump - So, You Want to Start Your Own Business - May I Offer My Congratulations and Deepest Sympathy Par
Many groups like the Chamber of Commerce, ASB at the local high school, etc. will ask if their members can get a discount if they shop in your store or use your service. Of course, the answer top these groups should be a high-energy YES! They will then make a discount booklet for their members with your company listed, this is excellent and promotes good will for your business.The more membership booklets and coupon books your small business can be in the better your business will do. Get in all the free ones and any, which distribute to 10,000 or more people for under $50.00 or at least under the ratio of $100.00 per 20,000 units delivered. Watch for scams. Tell them ‘you can have one half the payment now and one half when you show me the coupon book,’ if you have reason to be suspicious. Make sure the organization is a known name you’ve heard of or seen around town. We have had only a few problems with these coupon books being scams in the three decades we have been in business. Membership
Once you have identified a group with specialized interests and needs, now known as “your niche”, you have to ask and come up with answers to the following questions:
Will this group spend money for my product/service? And, do they have the money to spend? A good way to tell is if they have spent money for similar products/services in the past. For instance, “moms” might be a great target market for a new type of stroller, especially since they have spent money on similar products. However, not all new moms have money to spend on a new stroller. You would then want to specifically target moms who have more disposable income – i.e. e
Why Do You Want This Job? Is it because any job will do, or is it because this is the job of your dreams? What do you do – you send your winning resume, you carefully dress for the interview, you prepare to answer all of the questions about why you are the best candidate for the job. All of the literature tells you to do this. But is this the job for you? Most interview articles don’t talk about when to walk away and not accept the job.The interview is the time for the employer to decide if you are the right candidate, and the time for you to decide if he/she is the right employer. This should be a critical piece of the interview process for anyone looking for a job. We spend 40% of our waking day on our jobs – so you had better like what you do and who you do it with! Kathy Lee Gifford tells the story of how her dad always told her growing up to find something you like to do, then find the job. Life is too short to be miserable at your career or job. My daughter worked as a server in restau
Hey, don’t stone the messenger; I’m not the only Negative Nelly on this topic! The facts are, as stated by the Small Business Administration, 80% of small business start ups close within the first five years. But, maybe you and your idea are different and you are prepared to beat the odds. If you still want to give it that ol’ college try read on. (My apologies to those of you whom I have completely devastated. However, keep in mind that if you are still reading and I haven’t scared you off yet…you could have what it takes to start your own business.)
Have you ever wondered why we are in awe of the Bill Gates and Martha Stewart’s of the world? Have you ever wondered why they are one-of-a-kind kinda’ guys/gals and are so well known? Well, I think it has something to do with the blood and guts they had to donate to start & be successful in their own businesses. Anyone can start their own business, but only 20% of those starters are still in business after five years and even fewer are actually running a successful business; that means making money. So, this journey definitely takes more than what 80% of us have. Are you still reading? Ok, you may have what it takes.
What it takes to start your business (we’ll leave the part about actually being successful to another article) is what I refer to as the “Eight Steps to A Successful Start”:
1. Determine Your Niche,
2. Identify Your Ideal Client,
3. Develop Your Unique Value Proposition,
4. Create Your Brand,
5. Prepare a Business Plan,
6. Prepare a Marketing Plan,
7. Develop a Sales Strategy, and
8. Accept failure, learn from it and re-group
Please note that the first eight steps have nothing to do with what you actually want to “do” in your business. In other words, if your dream is to be a career coach, you won’t actually be coaching clients until you have been a marketer, sales person, financial expert, and strategist. Oh, and for those brave Internet entrepreneurs you will also have to become an Internet guru. Note: if you know what mega-tags are, congratulations you are well on your way! Back to my point, what is important to keep in mind is that for most business launches it takes a full two years before you are “doing” whatever it is your business is all about and before you are ever the business owner of your dreams. Still reading? You are already beating the odds!
Let’s take a look at Step One, “Determine Your Niche.” Your niche is determined by defining exactly what group of consumers will be your customers. This group will consist of people who have specialized interests and needs, and have a strong desire for your service or product. An example of a strong need would be an attorney who needs a well organized back office system to keep track of past and current case loads. The group in this case is “attorneys” and the specialized interest/need is all about well-organized back office systems. So, if your product is a well-organized back office system for attorneys, this guy/gal is in your niche.
Once you have identified a group with specialized interests and needs, now known as “your niche”, you have to ask and come up with answers to the following questions:
Will this group spend money for my product/service? And, do they have the money to spend? A good way to tell is if they have spent money for similar products/services in the past. For instance, “moms” might be a great target market for a new type of stroller, especially since they have spent money on similar products. However, not all new moms have money to spend on a new stroller. You would then want to specifically target moms who have more disposable income – i.e. ex
When you own a small business and have never owned a business before then it would be understandable if you needed some bankruptcy help. There is nothing to be ashamed of, you may not know which section of bankruptcy to file for and we can help you. One of the first questions to be answered is your business a partnership or a sole proprietorship? If you own a corporation there are limited liabilities for companies and partnerships that are legal entities that are separate from their partners. In cases like these then, you can file Chapter 7 or Chapter 11.If you have partners and you choose Chapter 7 then you should know that in a Chapter 7 case the trustee that is appointed by the court can sue the general partners if the partnership’s assets are not enough to pay for the entire debt. The partners could be sued by a well funded trustee suing on the behalf of all of the business creditors. If you have a proprietorship then they are pretty much just an extension of the owner and a Chapter 7, Chapter
Have you ever wondered why we are in awe of the Bill Gates and Martha Stewart’s of the world? Have you ever wondered why they are one-of-a-kind kinda’ guys/gals and are so well known? Well, I think it has something to do with the blood and guts they had to donate to start & be successful in their own businesses. Anyone can start their own business, but only 20% of those starters are still in business after five years and even fewer are actually running a successful business; that means making money. So, this journey definitely takes more than what 80% of us have. Are you still reading? Ok, you may have what it takes.
What it takes to start your business (we’ll leave the part about actually being successful to another article) is what I refer to as the “Eight Steps to A Successful Start”:
1. Determine Your Niche,
2. Identify Your Ideal Client,
3. Develop Your Unique Value Proposition,
4. Create Your Brand,
5. Prepare a Business Plan,
6. Prepare a Marketing Plan,
7. Develop a Sales Strategy, and
8. Accept failure, learn from it and re-group
Please note that the first eight steps have nothing to do with what you actually want to “do” in your business. In other words, if your dream is to be a career coach, you won’t actually be coaching clients until you have been a marketer, sales person, financial expert, and strategist. Oh, and for those brave Internet entrepreneurs you will also have to become an Internet guru. Note: if you know what mega-tags are, congratulations you are well on your way! Back to my point, what is important to keep in mind is that for most business launches it takes a full two years before you are “doing” whatever it is your business is all about and before you are ever the business owner of your dreams. Still reading? You are already beating the odds!
Let’s take a look at Step One, “Determine Your Niche.” Your niche is determined by defining exactly what group of consumers will be your customers. This group will consist of people who have specialized interests and needs, and have a strong desire for your service or product. An example of a strong need would be an attorney who needs a well organized back office system to keep track of past and current case loads. The group in this case is “attorneys” and the specialized interest/need is all about well-organized back office systems. So, if your product is a well-organized back office system for attorneys, this guy/gal is in your niche.
Once you have identified a group with specialized interests and needs, now known as “your niche”, you have to ask and come up with answers to the following questions:
Will this group spend money for my product/service? And, do they have the money to spend? A good way to tell is if they have spent money for similar products/services in the past. For instance, “moms” might be a great target market for a new type of stroller, especially since they have spent money on similar products. However, not all new moms have money to spend on a new stroller. You would then want to specifically target moms who have more disposable income – i.e. e
You must be able to define the ultimate goals and find the holes before you can look for team members to fill the void. Without this definition of where you want to go and what additional services you want to provide, there is not point in adding Power Team members. Establishing the ground rules first and then seeking "partners" is the best route to take. One of the biggest questions that come to mind is where to look for your team members. I have always found team members through looking at my existing clients, people in organizations and leads groups that I am involved with. I never advertise for a team member, they are always referred to me by someone I know. Once you find a potential team member, you will need to do a background check with past customers and also their financial status. This does not mean they have to be making lots of money; it simply means that you should check their credit rating. A healthy credit rating means that they are likely to handle their money well and you wil
1. Determine Your Niche,
2. Identify Your Ideal Client,
3. Develop Your Unique Value Proposition,
4. Create Your Brand,
5. Prepare a Business Plan,
6. Prepare a Marketing Plan,
7. Develop a Sales Strategy, and
8. Accept failure, learn from it and re-group
Please note that the first eight steps have nothing to do with what you actually want to “do” in your business. In other words, if your dream is to be a career coach, you won’t actually be coaching clients until you have been a marketer, sales person, financial expert, and strategist. Oh, and for those brave Internet entrepreneurs you will also have to become an Internet guru. Note: if you know what mega-tags are, congratulations you are well on your way! Back to my point, what is important to keep in mind is that for most business launches it takes a full two years before you are “doing” whatever it is your business is all about and before you are ever the business owner of your dreams. Still reading? You are already beating the odds!
Let’s take a look at Step One, “Determine Your Niche.” Your niche is determined by defining exactly what group of consumers will be your customers. This group will consist of people who have specialized interests and needs, and have a strong desire for your service or product. An example of a strong need would be an attorney who needs a well organized back office system to keep track of past and current case loads. The group in this case is “attorneys” and the specialized interest/need is all about well-organized back office systems. So, if your product is a well-organized back office system for attorneys, this guy/gal is in your niche.
Once you have identified a group with specialized interests and needs, now known as “your niche”, you have to ask and come up with answers to the following questions:
Will this group spend money for my product/service? And, do they have the money to spend? A good way to tell is if they have spent money for similar products/services in the past. For instance, “moms” might be a great target market for a new type of stroller, especially since they have spent money on similar products. However, not all new moms have money to spend on a new stroller. You would then want to specifically target moms who have more disposable income – i.e. e
From Newspapers to Magazines to Internet, sales and advertising creates brilliant designer details, but what sells a great ad? In flipping through a recently released magazine I found something interesting. The most effective ads had space around them.Considering that I can generally fill up a room, or a page, with more than most people might want in it, I seriously looked at the pages, to see why they were so effective. They all seven major details that gave the reader a clear idea of what the product was.1. Clear – bold headlines. The headlines were clear and concise; neither dramatic nor grandiose, just clear and bold.2. Specific value or purpose for need. The page described in detail what the value of owning the product was.3. Dynamic Photography. A photo depicting the best view of the item being sold, providing not only a spotlighted appearance, but a detailed view of the subject.4. Location and contact information. A website, email, or physical address are prov
Let’s take a look at Step One, “Determine Your Niche.” Your niche is determined by defining exactly what group of consumers will be your customers. This group will consist of people who have specialized interests and needs, and have a strong desire for your service or product. An example of a strong need would be an attorney who needs a well organized back office system to keep track of past and current case loads. The group in this case is “attorneys” and the specialized interest/need is all about well-organized back office systems. So, if your product is a well-organized back office system for attorneys, this guy/gal is in your niche.
Once you have identified a group with specialized interests and needs, now known as “your niche”, you have to ask and come up with answers to the following questions:
Will this group spend money for my product/service? And, do they have the money to spend? A good way to tell is if they have spent money for similar products/services in the past. For instance, “moms” might be a great target market for a new type of stroller, especially since they have spent money on similar products. However, not all new moms have money to spend on a new stroller. You would then want to specifically target moms who have more disposable income – i.e. e
Every year, many business owners choose to incorporate their companies. They may make this decision at the outset, or may arrive at it later because their business is growing and they want to shield themselves from the risks that growing businesses face. Either way, the business owners want to limit the extent to which their personal assets are at risk, should something damaging (usually, a lawsuit) arise. It's a wise move.What entrepreneurs often don't focus on, though, is the fact that, by incorporating, they have brought a new entity into the world. Much like giving birth to a child. The company now has an independent existence that can, literally, outlive you. The company has needs separate and apart from yours (such as a need to be able to pay its own bills, in addition to paying you). And if you do not treat the corporation properly as an independent "being," the privilege of shielding yourself and limiting your personal liability can be taken away from you (as children,
Once you have identified a group with specialized interests and needs, now known as “your niche”, you have to ask and come up with answers to the following questions:
Will this group spend money for my product/service? And, do they have the money to spend? A good way to tell is if they have spent money for similar products/services in the past. For instance, “moms” might be a great target market for a new type of stroller, especially since they have spent money on similar products. However, not all new moms have money to spend on a new stroller. You would then want to specifically target moms who have more disposable income – i.e. extra cash for your one of a kind stroller!
Can I easily find and then reach this group of people? Physicians are easier to locate than moms. Why?, well one reason is because physicians are listed as a group in the yellow pages. So, if your have a product/service that targets a professional group such as physicians you will have an easier time reaching your niche. Whereas, if you are targeting moms it might be harder to find that group, since they don’t yet have their own heading in the yellow pages!
Is this group large enough that I can make money selling to them? If your product/service is eye patches for one-eyed pirates, you may need to expand your group. However if you are selling a new bra to women who have had breast enhancement surgery you might have a hit!
Is this group small enough that my competition would overlook it? Yes, your competition might have over-looked the one-eyed pirate market, but that is because this group is too small. However, if your product/service is directed towards a specific need that a woman who has had breast enhancement might have, you might just have the perfect small market.
Have you been a part of this group? You must know the needs of your niche market. The best way to know those needs is if you have been in that group and understand the group’s dreams, desires and needs. If you have ever been an attorney, who had need of a well-organized back office, then you would be well prepared to create and offer this service to attorneys.
Is this a group you would enjoy working with exclusively? Maybe you once were an attorney and that is where you came up with this great back office system. That’s great, but if you got out of the litigation business because you couldn’t stand your peers….you might want to re-think your idea of selling your handy dandy back office system to attorneys.
Can you see yourself creating other product/services for this group? No one wants to be a one-hit-wonder, ala Billy Ray Cyrus and his Achy Breaky Heart! Once you have sold everyone in your niche one of what you have to offer – where do you go from there? If your price point is high enough, maybe you go on to retirement in Hawaii, however, if you are selling a $1.99 product, you will need a way to expand your line as your business grows.
Are you passionate about your product/service? The amount of time and energy, or as I mentioned earlier “blood and guts” that it will take to launch a business is huge! You had better passionately believe in what you are doing and whom you are doing it for, if you want to successfully launch your business.
Well there you have it, the first step in launching your business; Determining Your Niche. Take some time and answer all of the questions outlined above for your product or service. You might find that you want to make a few modifications to fit your niche or maybe you need to change your niche to better suit your business. Either way, just by taking the time to complete this first step you are already on the road to the American dream of becoming an entrepreneur. Congratulations! (And, a little sympathy for your time and trouble!)
In the coming weeks look for “So, You Want to Start You
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