Finding a Niche

Finding a Niche

by:  Walter A Hajost II

If you don't find a niche market for the product or service you offer, you will have a difficult time being successful. Most newcomers who wish to do business on the Internet often market to everyone they can find with the expectation that everyone will do business with them. This is the same as throwing mud against the wall and hoping some of it will stick. They have not yet found their niche market. What is niche marketing? A niche market is composed of individuals and businesses that have similar interests and needs, which can be readily identified and that can be easily targeted and reached. Finding a niche for your business means finding a great product or service for a highly targeted audience. Here's the process to find your niche business 1. Find a niche product or service you are passionate about. This will greatly improve your chances of being successful. Why? Because it's the only way you're going to be able to devote the kind of time and effort to create a meaningful web site, build up the right traffic, generate worthwhile income, and enjoy what you're doing. 2. Choose a niche product you are knowledgeable about. Reflect on what skills, hobbies or products you know the most about. If you don't have the knowledge yet, then choose a niche product that you would love to promote, and then spend the necessary time to research it, so you can eventually become an expert in your marketing field. 3. Define your niche market - do the necessary research to see if there is a market for your niche product. To create a profitable business for your niche product, you need to ask yourself these questions: a) Is there sufficient demand for it? - If you choose a field that is too broad it may be hard to stand out from the competition. For example, camping equipment could be your niche product. Well, unless you are a large corporation such as Sports Authority (a large retail store in my town), you won't stand out from the crowd. However, a more highly targeted niche product could be Coleman Camping Equipment. b) Keyword research - use keyword tools such as the overture suggestion tool (http://inventory.overture.com/d/searchinventory/suggestion) or word tracker (wordtracker.com) to find how many people are searching each month on keywords related to your niche product. Here's an example: According to overture (at the time of writing this article), the keyword phrase "camping equipment" was searched 76164 times in one month. If you do a search on Google.com for camping equipment you will find 1,610,000 web sites show up - heck, that's too competitive. However "Coleman camping equipment" generated 1242 searches in one month according to overture. Google.com shows 93,200 competing websites. That's much better though still somewhat competitive. Tip: Notice there are not many web sites (even the top ones), that have "Coleman camping equipment" in their titles. This is just one of the ways to obtain a high ranking on the search engines for your newly targeted web site. This will then provide lots of targeted traffic to your site. c) Take a survey - you may already have products or services that you selling to your customers. If so, ask questions within your survey about what product or service would help your customers business. If it can help them save time by gaining more knowledge or automating tasks, you could have a winner. d) Create Your Own Unique Selling Position (USP) - study your competition to find out what they emphasize about the product which makes them stand out from the crowd. Then decide on something that will make your business unique from the others. It could be something unique about the product (i.e. discount Coleman camping equipment) or you could choose a more highly defined target market (i.e. Boy Scout organizations and clubs throughout the USA that use Coleman's camping equipment). 4. Build and promote your web site - to develop a profitable web site for your niche product you need to create a number of informative pages that will not only attract visitors from the search engines, but inform and move them to purchase from your site. Niche marketing is the key to developing a profitable business that will make you stand out from the crowd. By doing the necessary research and building an informative web site, you will become an expert in your niche marketing field.

How To Market Without A Website

How To Market Without A Website

by:  Walter A. Hajost II

Despite what internet marketing “gurus” tell you, you do not need to have a website to be successful in internet marketing. You do need some basic tools, but a website is not one of them. Sure, a website is helpful, especially as a content management tool, and even more so if you sell your own products. But if you are an affiliate marketer, you don’t need your own site. For affiliate marketing, there is really only one tool you need (other than internet access and email): an autoresponder. You need a good autoresponder that will let you broadcast messages to the list that you will build. Most free autoresponder programs will not let you do this, so you need to invest about $20 per month in a good autoresponder. This will be the best investment you ever make in your business. And, since autoresponder programs are affiliate programs themselves, you can promote your autoresponder program and eventually have it pay for itself. If you get a headache thinking about HTML, and “coding” your website gives you cramps, here is a simple marketing system that will promote your affiliate program without your own website: 1. The marketing system is to establish yourself as an expert on the products you are promoting. You do this by creating content: first, by posting in forums and submitting articles to article directories, second, by running your own ezine or newsletter, and third, by personally contacting ezine owners and offering your article for publication in their ezine. 2. You promote your affiliate product or program in the resource box at the end of your article. Write a brief description of who you are, what you do, and how readers can learn more. For more detail, see my resource box at the end of the article. 3. The secret to promoting your affiliate product is to promote it via your autoresponder. Since you have written a content article about what you are promoting, you have probably whetted the appetite for more information. So ask for the sale! If you wrote an article on dog grooming, write something like, “For more fr.ee tips on grooming your dog, send a blank email to abc@autoresponder.com.” 4. In your autoresponder, write a couple more tips, and then a sentence that refers your readers to your affiliate program. 5. Not only have you promoted your product for a very low cost (only the cost of your autoresponder), but you have collected names that you can market to again and again. These names also become your list for your newsletter. 6. Write a new article every week, and continue sending it to your list and article directories, and continue posting in forums. In no time you will have a nice list, and nice profits coming in, all without your own website!

Myths About Starting Your Own Small Business

Myths About Starting Your Own Small Business

by:Walter A Hajost II

Before you jump into small business entrepreneurship, consider first the following myths which we will debunk. 1. Starting a Small Business is Easier Work This isn’t true. You'll probably work harder. A small business needs more work to survive. However, the potential to earn is more. The difference is, at work you would balk at overtime. With your small business, you may actually enjoy working overtime because you are caring for your own business. 2. MYTH: I'll be the boss. You may be the boss of your company. But you will still have to please someone else: the client. So in truth, they are the boss. Make sure you keep them happy and well served. 3. MYTH: I Can Now Ratchet Up My Asking Price We often think that we work too much and are paid too little. When starting a small business we may be tempted to think that we can now push for a price more befitting our skills. However, we should remember that we have competition who might be offering their services for a pretty low amount. We always have to be competitive and practical. And exorbitant pricing may not help our small business any much. 4. MYTH: I Don’t Have to Deal with People I Don’t Like Anymore! Unfortunately, no. You might find that the clients you now have may be pushier than your boss. And as we said in number 1, your clients are your boss. The goal here is for you to have more and more clients. So from here does it follow that the more the clients, the more the bosses, the more the headaches? 5. MYTH: I Own My Time! Yes, you do own your time. Unfortunately you will find yourself using more and more of this time to tend to your business. So ultimately, no, you won’t gain much in the time department. 6. MYTH: I can't work any harder. I can't do all this. Do you know that they most managers give more jobs to busy employees because they seem to know how to balance and allocate their time? The key to working more is to work smarter, not harder. This will take a lot of organization, but being able to accomplish much in less time will prove to be its own reward. 7. MYTH: Freedom at Last! Free from what? And free to do what. Yes, you will have more leeway to do things when you want to. But this does not mean that you will be free to do nothing. Or be free to do something else than tend to your business when you have to. 8. MYTH: I’m in Charge. There’ll be No Mismanagement from Me. You may think that your boss was foolish not to listen to your suggestions regarding work. But unless you are on the hot seat, you will not appreciate how hard management really is. 9. MYTH: If I'm good, I'll be a success immediately. The unfortunate reality of life is that sometimes, talent and hard work are not rewarded. However, if one is patient with his or her small business, the chance that that business will turn out to be a success increases. So always be practical in your expectations of success. Don’t count your chicks when the eggs haven’t hatched yet. 10. MYTH: I Can Motivate Myself No man is an island, remember? In any business, your first line of security is your friends and family members. They will help you assess yourself and should be ready with a kind word or two to motivate you to start your own business. But aside from them you should be driven yourself. Without this drive you might not find the fortitude needed to weather the trials that beset starting businesses.

Shut Up and Sell!

Shut Up and Sell!

by: Walter A. Hajost

Predatory salespeople are everywhere –from the department stores to car sales. Time and time again we’ve seen these salespeople hunt like hounds trying to get their next sale, the next big commission. “Sell at all costs!” “Don’t let them say no!” No wonder we’re afraid of selling. We don’t want to hunt people down, we don’t want to take their money without consent, and we don’t want to sell them something they don’t need. You Don’t Have to Do That! Those salespeople have it all wrong. You don’t have to pressure anyone to get a sale. In fact, I’ll go as far as to say that you don’t even want those people who succumb easily to sales pressure. You want these people to know what they’re getting, up front, and have no remorse over the buying process. The informed consumer is the repeat consumer. I’ll give you an example: Several years ago, I was in communications with a business person who had some very specific needs. (And very specific questions.) Over the course of several months we communicated via email and telephone several times a week. We weren’t even talking about costs – we were talking about the schematics of working with a virtual business. “How would we do x virtually?” “Can Y be virtual, or would there have to be some physical correspondence involved?” “Is Z possible in a virtual situation, and if so, how does it work?” This gentleman was really doing his homework. And I really didn’t mind. We were building a great rapport, he was generating referrals for my business, and he was learning a great deal about the virtual assistance industry. All his questions were valid – I had no problem answering a question that would have taken him too much time to find the answer on his own. After about six months of correspondence, he finally signed a contract with me. We agreed upon a five-year term (almost unheard of within the VA industry), during which time he would continue to generate referrals for my business. He’s still working with me to this day, seven years later. He was informed and comfortable in his decision – and this made all the difference. So the moral of the story is this – shut up, listen, and answer your consumers’ questions. There are only three steps to selling – none of which have anything to do with a pushing anyone into buying. In order to sell, you have to connect! Primarily, you have to connect with a person - you want to be talking with someone not at them. Build rapport. Ask them about their business, their situation, and listen whole-heartedly. You need to figure out where they are in their situation, and use this Q&A time to help you formulate responses to cater to their needs. Don’t forget to take notes! Now talk a little about their expectations of the relationship. If you’re a coach, for example, ask them how they expect coaching to help them within the next three months. Ask them how they expect the coaching relationship to work. Ask lots of ‘why’ questions – they’ll help you more later. (“Why do you feel you need a coach?” “Why do you want to achieve x?”) After you’ve talked about their expectations, tell them the reality of your business. Tell them specific outcomes you can help them achieve, and present case studies if possible. In all matters, be honest. Don’t over-hype anything… be straight and they’ll appreciate you for it. Now you can persuade Now is your turn to talk. Talk about their problems. Take their expectations and their situation and tell them their problems in your own words. If you understand their situation, they will be able to tell. Don’t fake concern or empathy – but do be understanding of their needs. Speak of their problems as if they asked you a ‘why’ question – “You need x, y, & z because you need a & b to function appropriately for outcome N”. Also talk about their outcomes in your own words “If I understand, you need x, y, & z; and you want ABC to happen because of it, correct?” The more your relay your competence of their situation, the more comfortable they’ll be with you. Approach this as you would approach an elementary school student with a difficult math question – rephrase so you both understand, and make sure you have ALL the elements. Without all the elements, you can’t fully understand their needs. Once you’re comfortable with their needs and desired outcomes, present your solution. DO NOT use a canned ‘solution statement’, you truly need to cater all your responses to their specific needs. Speak of their future, your future, and how they intertwine. You want this to be seen as a group effort – not just a one-sided deal. You can’t possibly solve all their problems, but you are always on their side. Let them know your vested interest, and they’ll appreciate it. Let’s not close – let’s agree Now that you’ve talked with them about their needs, how you can help, and any other items that need discussion, you should be ready to come to an agreement. You should both agree by now that their needs and your solution are a good fit. If you don’t feel you’re a good fit, move on. Make them an offer. Tell them how you intend on helping them, how you plan to work together, and how long you plan to work together. DO NOT discuss money until this point. (If the question arises beforehand, don’t evade the question, but don’t give them a precise estimate. I’ve always used the phrase “We need to cover some more information before I can give you a solid quote because pricing is based on individual needs”. Give a ballpark estimate if necessary.) Go over your pricing & procedures, and offer to send them a formal proposal & contract. You’re done! As you can see, selling isn’t what you think it is. No one wants to talk to a pushy salesperson, and now you have the tools to be an effective salesperson. Just remember to prepare, relax, shut up and sell!

Ten Crucial Questions for Your Business Future

Ten Crucial Questions for Your Business Future

by: Walter A. Hajost II

As a business coach I specialize in asking questions. The right question asked at the right time can effect your business future more than you can imagine. It has the power to completely and instantly shift your mental activity, your entire thought pattern, and ultimately the actions you take. Over the last fourteen years I've asked hundreds of small, medium and very large business owners endless questions which have helped them achieve far greater levels of success than they would have had thinking the way they were -- only moments before. While the following may not be the only ten questions -- or even THE ten questions, they are ten questions that you must answer if you want your business to flourish. The right answers are critical to your company's future. 1. How many un- or underserved prospective clients are in your target market? The number of prospective clients - prospects -- available to you relates to two key considerations: the total revenue possible from this client base, and what kinds of marketing tactics will be most cost-effective. If yours is a 'mass market,' advertising will almost certainly be part of the your marketing mix. By contrast, if your market is very small (I once sold software to the top-50 international banks) you can contact each and every prospect individually. 2. How large do you envision your business? Does your vision include being a Fortune 500 company? If so, check question 1 above, and make sure you've got a whopping market. On the other hand, many of my clients would be completely satisfied generating $5MM with a staff of 50; pocketing $1mm per year and selling the company for $10mm when they are ready. How you answer this question governs the kind of markets you can enter, whether you are vertical or horizontal in nature, mass market or niched, as well as the kind of management structure your organization requires. 3. What important changes are occurring (or have recently occurred) in your market and what is their impact on your business? The answers to this question may govern changes to your product, your product mix and your marketing campaign. Big changes generally signal big opportunities; however if you aren't prepared for them, they can also signal the demise of your business. Dramatic increases in new housing created significant opportunities for a client who sold estimating software and brought a field-ready, cost-saving product to market just in time. 4. Who is your competition and why are you clearly a better choice for your prospects? It may shock you (on the other hand, it may not) how many CEOs cannot provide a compelling answer to this question. Recently, I was at a meeting for Microsoft Business Solutions Partners, and spoke to a number of the VARs who came to improve their marketing programs. When I asked about their competitive advantage, three separate resellers answered telling me how long they had been in business, and how well they understood their customers. Yeah? Well, so what. If you don't want to get blindsided by your competitors, you need to understand their capabilities. And if you want to outflank them in turn, you'd better have ammunition more powerful than your length of service. 5. How important is "service" to your clients, and how do you plan to deliver it? Some markets require high service, some do not. What about yours? If you are playing in a market where customers expect to get their hands held, you need to be geared up for it. A software company client of mine implemented a large and effective sales push, only to have their Help Desk swamped with new customer service requests. Ultimately we fixed this with a set of new support policies, a knowledge base, an active user forum, plus effective staff training -- but it almost sank the company. 6. Is your business model scalable? In other words, could you grow your business by 50%, without your expenses growing by the same ratio? If not, you can never be any more profitable -- in percentage terms - than you currently are. You may sell more, and earn more in absolute terms, but for each dollar you sell, you will make the same, and probably less, money. This means a potential acquirer will not pay a financial premium for your business, because adding money to your business won't make it more profitable. 7. What are they 3-5 critical factors for your business' success and how would you rate your company in each factor? Where do the profits in your business come from? What are the areas where you beat the pants off your competitors? Why do clients seek you out? These are the critical areas of success -- and you'd better be damned good at them. Rate yourself on each, and create an improvement program wherever you are lower than an 8. I've done this exercise with many of my business coaching clients, and it has probably created more value than any other. 8. What portion of your business operations have documented, repeatable, scalable systems? Are there systems which cover the critical success areas? This is the solution to the problem raised in question 6. It is also your ticket to a well-earned vacation. Ask yourself, if you left for four weeks without voice mail or e-mail, would your business be better than you found it, about the same, or a smoldering ruin? You may think that not all areas of a software company lend themselves to systemization, but all the important ones do. Sales? Marketing? Product development? Customer service? Consulting? All systemizable. 9. How good are your finances? Your financial picture and your market share, analyzed in the context of a growing or shrinking market determines the future of your company. If you've got lots of surplus cash you can weather anything. You can create completely new products if you have to. Next best thing is strong cash flow out of which you can pay for development, buy a competitor, or expand revenues with new technology. (One of my clients recently reinvigorated their business by buying a non- competitive player selling products to their legal clients.) But if your bank account is poor and your cash-flow weak, you are in a tough place -- particularly if your market is shrinking. My Grand Strategy Model would tell you to sell your company for whatever you can get, and invest the proceeds in a healthier market sector. 10. Is your market growing or shrinking, and what is your current market share? This is the other key to the Grand Strategy. If you dominate your market is there enough room to grow? And if not, who can you steal business from? If your market is expanding there may be years of growth left, but if it is stable or shrinking, the forecast may not be so good. This is where cash balances and cash flow come in. With them you can develop new products and services to expand the size of purchase transactions or increase the frequency of repurchase. If there is just no room for increase, think about how you can tweak your product to redeploy it in an adjacent market space. At a time when a client's customer's just wasn't buying their old products, (and recently, whose customer's were?) we shifted much of their resources into providing interim services, and thereby saved the company until the new products came out. If you are concerned about questions 5, 6, 7, and 8 above, I have developed a new, comprehensive and first-of-its-kind program to help: The Turnkey Your Business Home Study and Mentoring Program. (http://www.turnkeycoach.com) This is a twelve month hands-on course, containing step-by-step how-to manuals, audio CDs, CD-ROMs, monthly conference calls and personal mentoring and is the only program of its kind in the world, designed to help entrepreneurs and executives create detailed, documented systems and processes to "turnkey" their businesses. This is the one guaranteed way for you to create duplicable business processes for those things that matter most, and then optimize those same things getting the greatest return on your efforts and your time.

You May Have A Successful Small Business Idea

You May Have A Successful Small Business Idea

by:  Walter A. Hajost II

You surely know that a small idea can lead to a great business success. The first movement is to think of an idea that would be suitable for the business market. After coming up with the idea, the next step is to put that idea into action. Of course, this is a very difficult step and having the idea is only the start of the journey. After that you will have to face many obstacles before being able to carry on with your business project. This is just the beginning of this process and there is a lot of questions you will have to answer before even start. Some of the main aspects you have to concentrate on when you have business ideas are the abilities and gifts you can pour into the business. It is very important for you to be identified with your business project. Those ideas should be based on activities and actions you take pleasure in doing. For example, if we suppose that you dislike working in the open, landscaping business would not suit you. On the other hand, if you like working with children, setting up baby-sitting or tutoring business would be an excellent idea. In this case, without any doubt you business will be more successful because you will have put your mind, effort and also your heart on it. Another vital step is to analyze the needs of a specific product or service in your region before setting up your business. Do people of your area need your product? Are there other business like the one you are planning to start? You should ask yourself whether or not you are the only one offering that service or product. If you are not, you will have to analyze the competence you will have to face. You have to think whether the service you are offering is one that customer would repeat, or if it is a one-time specialized service. Obviously, the former are more likely to succeed than the latter. There are other aspects you have to take into account. These aspects are described below: - One of them is that if the idea is unique, you will reign the market. But if there is much competition, it will be difficult to enter into the market. - A second point would be if you can offer quality from the very beginning, otherwise, you won't succeed. - Finally, you have to think about your capital to start your own business. There are many business ideas that require little investment and bring great profit. Some demand research, such as daycare service, and others need a large amount of money to begin the business. So take this recommendation into account before investing all your money in a small business idea.

What are the benefits of blogging for small business?

What are the benefits of blogging for small business?

by: Kelly ONeil

Blogging has become quite popular for small businesses as of late. I have noticed on PR Leads that there are several story requests for experts to talk about the benefits of blogging for small businesses. So, I decided I better do my homework and see what this is all about. It turns out that there are several benefits to blogging for small businesses. Here are the most important ones: 1. Blogging Software is Super Easy to Use: Simply write your thoughts, link to resources, and publish to your blog, all at the push of a few buttons. I use the software blogger.com. It took me 2 minutes to set up my account and 3 minutes to publish my first blog. Check out my blog at: http://uplevelstrategies.blogspot.com/ 2. Build Relationships Online: Business blogs provide your small business with a chance to share your expertise and knowledge with a larger audience. You have the opportunity to share a piece of yourself with your community allowing them to get to know you better. 3. Higher Search Engine Rankings: Search engine marketing is hot. Business bloggers are achieving top search engine rankings because search engines rank based on link popularity and easy to index regular content among other factors. Learning the basic skills of search engine optimization and good content management are keys to better rankings for bloggers. 4. Easy Communication: The biggest benefit of Blogging or RSS (see definition below) for your web audience can prove to be a better solution for notification than websites themselves or email. As indicated by Bill Gates in a speech at the Microsoft CEO Summit 2004 in Redmond, Washington: “if you just put information on a Web site, then people don't know to come visit that Web site, and it's very painful to keep visiting somebody's Web site and it never changes. It's very typical that a lot of the Web sites you go to that are personal in nature just eventually go completely stale and you waste time looking at it… And so, getting away from the drawbacks of e-mail -- that it's too imposing -- and yet the drawbacks of the Web site -- that you don't know if there's something new and interesting there – this [blogs & RSS] is about solving that.” Definitions: RSS - RSS is an acronym for Rich Site Summary, an XML format for distributing news headlines on the Web, also known as syndication. First started by Netscape as part of the My Netscape site, it expanded through Dave Winer and Userland. Blog - Weblog, web log or simply a blog, is a web application which contains periodic posts on a common webpage. These posts are often but not necessarily in reverse chronological order. Such a website would typically be accessible to any Internet user.

Using Buttons and Badges to Increase Customer Service and Business at a Restaurant

Using Buttons and Badges to Increase Customer Service and Business at a Restaurant

by: Walter A. Hajost

The food service industry is usually a fast paced and often precarious one. Advertising is critical in a restaurant and there are many ways to use a button maker machine in this industry. When the advertising budget is tight, a button-making machine will expand those precious dollars. Buttons can be used for a myriad of purposes such as advertising specials and for identification of wait staff. Whether you serve a five star cuisine or mom and pop specialties, a buttons can help lower your overhead and raise profits. Every restaurant has a line of specials that they serve. Servers may suggest the special, or describe it, but a button can really show it. People are stimulated by what they see – hence all the pictures in menus. It would just make sense to have an appetizing photograph of your daily special or weekly special on a button to attract attention. The server might suggest the special while pointing to the button “As you can see, today for our special we have a delicious pot roast with mixed vegetables”. Buttons and badges are a really inexpensive way of advertising your specials and increasing your sales. Buttons can also be used to advertise the next night’s special to tantalize your guests to return. Want to increase the dessert sales? Nothing makes the mouth crave cool creamy ice cream more than a photograph of a hot fudge Sunday or a malted milkshake – words just can not describe those types of images well enough. These buttons can be made and handed out to the staff each day or each week of the special and then returned. Buttons are small enough to store easily, reusable, durable, and still large enough to make the mouth water when covered with pictures of your luscious entrées. Do you have a unique or unusual theme to your restaurant? Sell souvenir buttons with your restaurant logo. If you are in a travel location, such as along an interstate, buttons with the state information and name on it are also great souvenirs. These buttons can be sold for as little as a dollar and still generate a handsome profit. “I always eat at Joe’s Bar and Grill” or “World’s Greatest Bar-be-Que” over a picture of your restaurant would be a simple button to make and could also be sold as a souvenir. Do you have a signature dish or a super large portion? For that guest who accomplishes the clean plate give them a button. For example, “Survivor” stamped over a picture of a porterhouse steak with your restaurant’s name at the bottom would certainly get people’s attention. Making up buttons with your logo and address on them are great for sponsored events as well. Does your restaurant support a local youth sports team? Making up buttons to let people know who you sponsor and to give out to the team players is a great way to get the word out that you are involved in the community. Staff members can wear these buttons in the restaurant to let guests know that your establishment inspires youth activities. These buttons can also be made with the team’s final placement or the word “Champions” over your restaurant’s logo. This is a keepsake for the team members and a way of getting your logo and name out in the public. Would you like to reward your frequent repeat customers? A button that reads “Thank You for Your Business” can be a great way to say thanks and will get the word outside the restaurant that you appreciate your guests. These can also have a discount on them. If you have regulars who visit often, give them a button for five or ten percent off their next meal. These buttons can be returned at the time of the purchase, just like a coupon, and saved for the next customer you want to reward. This is an inexpensive way to promote your establishment at openings as well. Pass these buttons out to new customers to draw them back in, and maybe even their friends. Use buttons as nametags for employees. These can be customized with the restaurants logo and address or if you are a less formal establishment, have the servers and staff design their own buttons – within reason of course. Buttons are also large enough to include years of service. Rewards for staff can also be made out of buttons. The employee of the month or week can wear a button saying “Employee of the Month” or “This week’s Star Performer”. Buttons for special meals or special employees are an inexpensive addition to your establishment. These buttons can help increase sales, generate more revenue, advertise inside and outside the restaurant and reward your frequent guests. No restaurant should be without one of these money saving devices.

What it Takes to Succeed in Business

What it Takes to Succeed in Business

by:  Walter A. Hajost II

Business if tough in today’s world! Most small businesses go bankrupt or are closed abruptly in the first five years. Over the course of the next five years many of the remainders also “pack up” shop and lock their doors. Why do so many businesses fail? The reasons lie in three main spheres. Those spheres of influence can be labeled personal, customer, and operations. The Personal Sphere deals with the owner’s personal motivation to start a business. For example, if an owner wants to start their own business, but isn’t willing to make the sacrifices necessary to make it thrive, then they are at a disadvantage when compared to other motivated businesspeople. When a business starts for the first time often it doesn’t have a lot of money. Owners are required to sacrifice time, money, and happiness to succeed. If you can’t do that, it is unlikely that such a business will flourish. Many times owners thought they could handle the hardship but once the novelty of “being your own boss” wears off they close the door. The Customer Sphere is one of the most important components of your business. Without customers you do not have sales, without sales you do not have money and without money you do not have a business. Many factors go into generating a good customer base. In the beginning you must have a cost effective marketing strategy that targets your intended buyers. This can be done by developing a psychological profile of your customer and then advertising in those places that they frequent. Because it is more expensive to get a new customer than it is to keep one you must make sure they are satisfied with your business and product. Keep in touch with them by sending them a follow-up letter with a survey. The Operations Sphere is only second to the Customer Sphere. In operations you must have an appropriate method of reducing costs, keeping track of paperwork, and maintaining improvement. Operations can also take into effect the tax paperwork, accounting, scheduling of workers, benefits or any non-producing functions. If all of these three components are well thought out and are appropriately designed you will increases your chances of survival. Failure to understand the integral details of your business and what it takes to succeed may mean failure in the long run. If you are having difficulty putting all the pieces together then consider a small business consultant.

Work Your Home Based Business Idea in Three Easy Steps

Work Your Home Based Business Idea in Three Easy Steps

by: Walter A. Hajost II

Create a Business Plan first The primary necessity is to get a perfectly designed plan of action for a genuine business. A business plan on its own is useless. It is a mere reflection, but it will not suffice you also need an action plan. A business scheme is the first step in working out your idea into actions that you can follow. Well-illustrated business plans can be found online or at your library. Begin now • Do not be afraid of failure. Remember failure is the first stepping stone to success, if this home based business idea does not work out for you now do not let this deter you. Always remind yourself of the spider when you feel like losing hope. • Do not let that wonderful home-based business idea gather dust. Start today. • Waiting for the right time to start your business might make success elude you forever. If there is any specific right time, it is right now. Do not waste your precious time. • Put a figure on it This is the greatest stumbling block for most home-based business owners. That is, they fail to evaluate their work. If you do not give proper attention to this, you may have to wrap up your business. You need to know that real figures and numbers are needed for you to stay in business. If this is not your agenda of work, you are probably going all wrong. Large businesses usually set up balanced scorecards. The idea is to have a referring point to compare how successful your work is. For example, to get five customers in one month you could settle on free seminars but if you see that your plan is not getting you five clients, you need to reassess your plan. Change of plan prevents waste of energy and resources.