Archive for April, 2008
Supply and Demand in Business – How to Create Your Own Demand

So you built a business, you have a great product or service to offer, and still nothing. The clients just aren’t coming. Whatever happened to the saying “Build it and they will come”? If only building a business was that simple. In order to build a thriving business you have to create your own demand … get people talking about you and the great product or service that you offer.

Here are just a few ways to create your own demands:

Start Talking
Tell anyone and everyone about what it is you do and why it is better than your competitors. Don’t be afraid to describe your ideal client when talking with others so that they can get a true picture of just who it is that you are looking for to purchase your product or service.

Become an Expert
People are more likely to buy from you if they trust you. A simple way of building that trust is by becoming an expert in your field. Providing seminars, writing articles and blogging are just some of the avenues for providing that expertise. By showing others that you know what you are talking about and by providing valuable information to them (free of charge), you can be sure that when people are looking to buy a product or service like yours, yours will be the first one that they think of.

Testimonials
When your present clients are satisfied with your product or service make sure to ask them for a testimonial. By providing your potential clients with proof that your product or service is what you offer, they are more likely to purchase. When providing testimonials it has even more of an impact if you provide a picture of the person or at the very least a telephone number or link to their website so that these people seem more real.

Offer a Trial or Incentive
Many who have never used your product or service may be leery to take the plunge. By offering them a trial or promotional incentive to try your product or service, they are more likely to “become hooked” by what you can offer them. Some people even purchase on impulse so give them a reason to act on those impulses … don’t give them a reason to have second thoughts.

Referral Incentives
Getting others to talk about your service or product is another great way to promote your product or service. By giving people something (whether cash, gift or discount) for helping spread the word they are more likely to remember to assist you in telling others about you and your business.

Create an Urgency
As I stated, many people buy on impulse so why not feed that impulsivity. Create a reason why they need to buy now. Limited time offer. Only 99 available. Don’t waste another minute or another dollar … I think you get the idea. When creating an urgency remember two things … a) make the urgency real – if you say you have 99 then you should only have 99; and b) the incentive to act on the urgency is maximized when you market to a person’s problems – give them the solution they need.

I urge you to try just some of these ideas in your business. Many entrepreneurs realize that running a successful business takes a lot of work and find themselves frustrated when business takes a downturn. The most thriving businesses are those that can see a downturn as a challenge, rise to the challenge and then hang on for the ride.

Top 10 Time Management Tips

Time is of the essence; time is money; so much to do-so little time. Time is a common theme among old adages and for good reason. What you do with your time determines everything you are and everything you have. Being a good master of your time as a home business entrepreneur is one of the best ways to ensure your success. With that in mind, the following list of the top ten time management tips for home business entrepreneurs is the key to your fortune.

1. Devise a plan. “Failure to plan is planning to fail”, as they say. Both a weekly and daily schedule are vital. You should have a general plan of basic tasks that need to be completed regularly as well as more specific jobs. Taking a few minutes at the end of each day to plan the next day’s activities will save a lot of downtime and greatly increase your productivity.

2. Prioritize your activities. It is all too easy to become busy working on insignificant (but often necessary) tasks and get to the end of the day without really accomplishing anything. Make a habit of completing the most critical tasks first and everything else will fall into place.

3. Find a use for otherwise lost minutes. Keep basic items such as your cell phone, a notebook and pen with you wherever you go. You will be able to take notes while in waiting rooms or other downtimes. This will also help you be prepared to write down ideas as the inspiration strikes you.

4. The early bird catches the worm. Getting up a little earlier will allow you some peaceful time to work before the rest of the family arises. Waking before everyone else will also allow you to collect your thoughts and feel more at ease while helping the rest of the family off to school and/or work.

5. Take time to rejuvenate. Regular breaks will help you regain your focus. You should get away from your desk and focus your mind on something else entirely for the duration of your break.

6. Keep your focus. Don’t let life’s distractions keep you from completing the things you have scheduled for your home business for the day. There will always be dishes and laundry to do, but putting off your home business activities will cause you to delay or prevent your success.

7. Create balance. Focusing all your energies on one aspect of your life will put all the other areas out of balance. This will ultimately hamper your success even if it brings temporary rewards.

8. Get rid of clutter. They say “cluttered desk is a sign of a cluttered mind” and while this may not be entirely true, a cluttered office and/or desk will result in a lot of wasted time and energy. A clean, organized office space will actually encourage your creativity and give you access to the tools and space you need to accomplish whatever tasks come your way.

9. Don’t devalue your time. We often try to save money at the expense of our time and energy. Be careful not to make this mistake. The few dollars you save by doing everything yourself is not always worth it. Save money when it counts, but not at the expense of your time.

10. Keep your family and business separate. The danger of the multi-tasking myth is that you are never completely focused on any one thing and therefore you never achieve your full potential in any area. When it is your scheduled work time, focus your complete attention on work. When it is family time, unplug the business phone and give your family 100% of your attention.

These time management tips will help you achieve more in the same amount of time. You might want to take an inventory of how you are doing in each of these areas and make a commitment to improve in one area at a time.

For more information go to http://www.bigbusinesscashflow.com

Pricing Policies - Are You Underpriced?

As a new business owner, we spend the most amount of our time trying to determine the best price for our product or service. We worry if it’s too high or too low, we worry if the price will attract clients and we worry if we can create a thriving business based on that price. Here are some of the mistakes we make, as entrepreneurs, when setting our price.

Undervaluing Expertise
We often look at our price and think “no one will pay that”. I know this is especially true for many business owners as we worry that we will be judged by others in our field and not for the expertise we provide. If you have numbers of years in the field of your business and or an expertise that is in demand, you can feel justified in setting your price higher.

We Can Do it Faster
Many of us base our price on how long it takes us to finish the job. After years of doing the task, we become very fast at completing this task. Instead of pricing based on how long we take to complete a task, we should be looking to industry standards (or at the least thinking about the time it takes the average person to complete the task).

We are Running a Business
We have overhead costs, unbillable time and other hidden costs that need to be factored into our price. For example, hiring an in-house assistant may cost $10-$15, but you can guarantee that the overhead costs can easily double or triple that cost. The comparison to our price as a business owner and the price of hiring staff needs to take these things into account.

The biggest thing to remember is that in order to ask a price and receive it, you must be confident … it is easier to convince a pending client to work with you and pay your price when you are confident in it. Otherwise a person is likely to think that they can “talk you down”.

Become an Expert

I was going to write an article about why it is so important to become an expert and how this can help you in growing a thriving business, but then I ran across this article and well … as they say “I couldn’t have said it better myself”

HOW TO BECOME AN EXPERT - AND WHY

Do you remember the old ads, “When E. F. Hutton speaks…”?

Of course, the idea was that E. F. Hutton could offer expert advice on investing, and that it was good to listen to experts before making such an important financial decision such as investing your hard-earned money.

Most of us realize the value of listening to, or getting guidance from, an expert before we enter into important changes or projects.

In fact, a whole new breed of “experts” is emerging due in part to the internet and internet marketing programs. Just what are these people experts on, and how do YOU become an expert? Why would you even WANT to be an expert?

WHO ARE THESE EXPERTS?

They are people from every walk of life. They may be doctors and lawyers, housewives, internet marketers, shoe salesmen, Wal-Mart clerks, automobile service managers (met him last night), unemployed or retired. Male, female, young, old, college graduates and high school drop outs. Some are well known in their areas of expertise, and some have never been heard of by their peers. The next expert could be you!

WHAT ARE THEY EXPERTS ON?

Well, what do you need an expert on? Investments, child-rearing, self-defense, auto maintenance, cooking, network marketing, sales, running a home business…or even, how to become an expert? You name it, you can find an expert on it. Just this morning, I uncovered two experts on the uses of dryer lint.

WHO NEEDS THEIR EXPERTISE AND EXPERIENCE?

Just about everybody. Hey, I just looked for somebody who knew something about dryer lint! I was serious. I had a purpose for trying to find somebody that could tell me about it. That’s what the internet is about…information. Everyday, around the entire planet, millions of people turn to the internet in hopes of finding information on just about every topic you can imagine…and some you can’t!

WHY BECOME AN “EXPERT” ON SOMETHING?

If you have any interest in establishing an internet business or presence, one of the best ways is to be an expert in a field related to your business, project, or interest. People on the internet are seeking out experts daily, and once they find an expert they can trust, they come back to the same person for more information, and, maybe more importantly, they come to trust the opinions and guidance of the expert. If you sell pet products for example, becoming an expert on pet care could bring you into contact with many people who would be willing to buy your pet care products because they have come to trust your opinion and advice.

HOW DOES BEING AN EXPERT HELP ME FIND POTENTIAL CUSTOMERS?

Actually, if you do it right, the potential customers will find you. A lot of the information seeking on the internet is done by means of search engines. If you have established yourself as an expert in a given field and search engines become aware of this, you, and your information, will be presented by them to the seekers of the information you hold.

BUT I’M NOT AN EXPERT ON ANYTHING!

You are probably wrong. You know something about something. Somewhere there is someone who wants to know what you know. That makes you an expert, at least to them. If what you know can be linked to what you want to offer to people as goods or services, that can lead them to accept your guidance in the purchase of those goods or services. There may be people who know a lot more about the subject than you do, but that just makes them “more expert” than you. It doesn’t diminish the value of the advice or information you have to offer someone who knows less than you. I have even seen instances where someone who was a “real” expert on a subject acknowledged that they had not thought of an idea offered by a “not-so-expert” expert.

HOW DO I GET MY EXPERT KNOWLEDGE TO A SEARCH ENGINE?

One of the simplest ways is by writing small articles (600 to 1200 words) on the field you have knowledge in. The more articles the better, and, with time, you may find that even when topics and knowledge are limited, you can often approach the same idea or point from different angles. Once these articles are written, they can be submitted individually to sites such as EzineArticles.com where visitors can read them, follow links to your website, or copy the articles, with your links intact, into their web pages or ezines. The more this happens, the more links will show back to your web site, and the more people will become aware of your status as an “expert”.

Another, similar technique is to use an article submission service, such as SubmitYourArticle.com, to have the articles you write submitted to several sites where they will be posted for real people to read and search engines to follow links to your site. SubmitYourArticle.com submits to EzineArticles.com, by the way.

Blogs are also a way to get your information out to the internet public, and you can establish a blog related to your area of interest or expertise at sites such as Blogger.com. You can always round out the content of your blog, or even a website devoted to your subject area, with relevant articles which you can find at places such as EzineArticles.com.

HOW CAN I GET PEOPLE TO BELIEVE I’M AN EXPERT IF I CAN’T WRITE VERY WELL?

That’s not really as tough as it sounds. First, while a well-written, grammatically correct article is more attractive in many cases, many people seeking the knowledge you possess will overlook technical errors in the writing if the information is valid. If you really know and care about your subject, this will shine through. There are also several services online which will proofread and help write your articles for a small fee. There are even services which will write the articles for you.

I HAVE A SUBJECT THAT I HAVE SOME KNOWLEDGE ON AND WANT TO WRITE MY OWN ARTICLES, BUT I JUST DON’T KNOW “A LOT” ABOUT THE FIELD.

Not a problem. If you are starting with a subject you know something about, a quick search on the internet will provide additional facts and figures you need to round out your article. Following up in this way may also give you more ideas for future articles. Also, writing articles is the sort of thing that you get better at the more you do it. Remember, these articles will generally be very short and to the point and will only need to cover a small portion of your subject area, at least until you become more proficient at it. Another point is that although your main point is to attract human visitors, you are also trying to attract search engines, and the search engines will not be quite as picky about your writing skills. They will be more concerned with overall content and relevance.

OKAY, I’LL GET STARTED TODAY!

That’s the spirit. Go get ‘em, Tiger!

The author is retired from the Army after 21 years of service. He has worked as an accountant, purchasing agent, optical lab manager, restaurant manager, instructor and long-haul, over-the-road truck driver. He has been a member of Mensa for several years, and has written and published poetry, essays, and articles on various subjects for the last 40 years. He has been an active internet marketer since 2000, and now makes his living online. To learn more about improving your marketing performance, please visit http://marketingsecrets.xtramoney4me.net. To read more articles by the author, please visit his blog at http://donovanbaldwin.blogspot.com/, or http://xtramoney4me.net/internet_marketing_links/articles/index.html.

Notable Networker

Today at my BNI (Business Networkers International) meeting I was honored by being presented with a notable networker award. I was very touched by this presentation and I must say it was a huge reminder as to what it means to be a notable networker.

Within my group I am definitely not the biggest referrer, but each and every referral that I give is well thought out and I work hard to get those referrals. I have made it a commitment to meet with each of the members of my group and learn as much as I can about their businesses. I know exactly who their ideal client is and I work hard to find them. When I do find them I just love how putting them in touch with someone that can help them makes me feel. It truly aspires to the BNI motto … “Givers Gain”.

I have learned a great deal about networking and referral marketing through my BNI membership and for this I am truly thankful because I think so many of us network in order to get business and stand around waiting for the referrals rather than working to become a good networker.

Do you Stand Out?

As business owners we all dream of our success and the success of our businesses. In order to develop a truly thriving business you must find that way to stand out from others.

I remember a friend telling me one day about how she took her dog to the dog park and the dog park was scattered with frisbees that contained the name and phone number of a local doggie spa. How innovative was this thinking? The dogs were all grabbing the frisbees and I am sure many were taken home as a new toy for their doggie pals. I’m not sure how much business the doggie spa received, but what a way to think outside the box. The very next time that someone wants to take their dog to the spa they might just remember that frisbee and at the very least look at how much everyone is talking about this incident. These innovative marketing “ploys” are just one way to stand out, but here are some easier ways that can cost you little to no money.

When you are networking if you end your elevator speech in the same way each time by offering a visual aid, each time that someone sees that visual aid they will think of you. For example, a computer guy I once knew said “you know that mess of cords under your desk coming from your computer … well my job is to make those cords manageable”. Now each time I look under my desk I think of him.

Having a tagline that is on your marketing materials is another way to allow yourself to stand out. Your tagline should tell others in a simple one sentence what it is that you do. For example a virtual assistant business might state “I can do anything an in-house secretary can do except make your morning coffee”. This tells someone exactly what you do, but does it really stand out? Yes I believe it does … again it has given someone a visual … the next time they make their morning coffee they will be sure to think of that virtual assistant.

Finally, your branding … many people overlook it’s importance. If that same virtual assistant utilized coffee cups in their logo and when giving away door prizes gave coffee and coffee mugs … and finally gave coupons to her clients after working with her that said “by now you know I can do everything, but make the morning coffee so tomorrow coffee’s on me” … you see where I am going with this?

So, take a look at your business and develop your very own memory hook … that thing that will make you stand out … and within no time you will have a thriving business.

Murphy’s Laws in Business

I was, as usual, perusing the internet the other night and came upon a website of Murphy’s Laws. As I was reading I was amazed at how many of the murphy’s laws applied to business … here are just 10 such examples:

  1. Everything takes longer than you think
  2. Have you ever heard anyone say that as business owners when we are preparing a quote we tend to underestimate the amount of time something takes? You see now that we are doing the thing that we love the most, we oftentimes don’t realize how long things really take to do. Next time before providing a quotation for a client, do a sample of the work they are looking for and time yourself … you might be amazed at how long it takes you to do the task. Once you start realizing this Murphy Law and applying it your quotation skills will much better balance the actual amount of time things will take you.

  3. Whenever you set out to do something, something else must be done first
  4. How many times do emergencies or tasks that need to be handled now in the middle of something else you are working on? You can combat this easily by taking the time to plan your day and work in a contingency to allow yourself for unforeseen situations that may arise within your day.

  5. You cannot successfully determine beforehand which side of the bread to butter
  6. In the same respect, it is hard to determine which efforts will have the best results until we try. Also, sometimes the best projects or clients come from the least expected areas or contacts. In order to succeed in business, you must remember to never discount any situation or possibility presented to your business as you never know which will have the best results for your business.

  7. You will always find something in the last place you look
  8. This means to me that for those that are patient in business, success will come. Don’t ever give up … just keep plugging … many successful entrepreneurs will tell you that there best successes have come just as they were about to give up.

  9. It is never in the last place you look. It is in the first place you look, but never discovered on the first attempt.
  10. I know, I know, almost completely different than the last thought, but remember that sometimes it can take more than one attempt to make something work … again the lesson is to never give up.

  11. After you bought a replacement for something you’ve lost and searched for everywhere, you’ll find the original
  12. Well this one is just self explanatory … how many times have you misplaced things and replaced them. However, in business it can be interpreted by some to be a reminder of the importance of having great systems in place and a practical way to handling everything!! Now where did I put my pen (just kidding!!!)

  13. Remember the “boomer-rang” effect; Whatever you do will always come back to you.
  14. Have you ever attended a BNI meeting? They act on the philosophy that “givers gain” … start talking about other people’s businesses and spreading the word about other people and you will be amazed at what it will do for your business. If you work to gain referrals for others, they are more likely to want to return the favor.

  15. Great ideas are never remembered and dumb statements are never forgotten.
  16. A great reminder to always write things down no matter how big or small they are so that things will not be overlooked. This is also true with those ideas that we come up with. I suggest that you start a folder and jot down those ideas on pieces of paper and put them in the folder as a reminder to yourself at a later date. Secondly, remember that you, as a business owner, truly represent your business now … think twice before you say absolutely ANYTHING … you don’t want to be in a situation of wishing you could “take it back”.

  17. The complexity and frustration factor is inversely proportional to how much time you have left to finish and how important it is.
  18. A great reminder about the disaster that can be caused from procrastination … always try to leave yourself plenty of time to finish a project. In my business I try to make it my practice to underpromise and overdeliver so by building that extra time into my projects, I know that I will alleviate some of the stresses that come from leaving a project until the last minute.

  19. If anything can go wrong it will.
  20. Oh yes, this one has to be my favourite and perhaps the best know Murphy’s Law. My interpretation of this law as it applies to business is simple … you MUST, MUST, MUST (did I stress that enough) prepare ahead. You absolutely need a contingency plan if you want to grow a thriving business!!

Break Out or Burn Out?

One of the biggest hurdles to our success, as small business owners, is burnout. When your business begins to consume you and take over your life you can easily fall victim to this trap. This is why it is important to schedule your day including time for breaks.

When you first start your business you should be thinking about exactly how much time you are willing to put into your business. I understand it takes a great deal of hard work to get a business off the ground, but once you are established where will your clients be if you are not there to service them because you have simply burned out?

From the very beginning it is important to establish a schedule and stick to it. If you plan to not work weekends then don’t work weekends. If you plan to take time each day to exercise because that is a part of your daily routine now, then by all means exercise. It is amazing how quickly our businesses can take over our lives if we let them, but believe me at some point something will have to give and without a strong will I am sure it will be you and your health.

If, by chance, you have not taken the time to do these things when you started your business it is never to late to start. Don’t be afraid to ask for help (I think I might know a great Virtual Assistant that would be willing to help you out) with those chores that are least productive and taking up the most of your time.

Start small by setting a time each day to take a break … spend that time away from your business doing something you love … read a book, go for a walk, play Sudoku … whatever it takes to give your brain and body the rest it needs. Work a starting time and an ending time into your day and stick to it by scheduling your daily tasks within this time frame. If you still find you lack enough hours in a day then it is time to call in the reinforcements.

Unfortunately what some of us forget is that we must come first … if something happened to you tomorrow, your client’s would obviously make other arrangements, but your family and friends will mourn you for many days to come. Remember that life is for living and spending time with your family and friends … once you start remembering this and letting go a little bit you will be amazed to learn that not only will your business continue to thrive, but so will you.

Fake it Til You Make It

This is my all time favourite saying and I am a huge advocate in believing that attitude is everything. My take on this saying is that if you start to think like a success you will be a success … if you start to act like an expert others will soon see you as an expert.

Please don’t see this as a saying that means you should pretend you know what you are doing because that is just a recipe for disaster.

Simply put this saying means that you can’t be something until you start acting, thinking, talking and breathing like that something.

In my business when I started to act the way I thought a successful VA would act, talk the way a successful VA would talk and think the way I thought a successful VA would talk my business took off and soon others saw me as one of those successful VAs.

So next time before you go to tell someone about your business or about your product, view yourself as having the most successful business and/or product … you will be amazed by the results!!

I’m So Stubborn!!

I don’t know where I would be in business without a supportive family. I truly am thankful to my parents for every lesson they taught me in life … the most important one to never, ever give up. My mother used to say I was so stubborn and would try and try even when faced with an impossible situation to make something happen.

It is that stubbornness that has gotten me through some rough times personally and professionally. I am the type of person that you don’t ever say something can’t be done, because I will prove to you it can!! The people closest to me know better than to think I can’t do something because once I set my mind to something I will make it happen.

I personally think this is a very good quality to have in a business owner and I am so glad to possess it. My stubbornness truly helps me through the ups and downs in business and when I am having a rough day I always hear that little voice on my shoulder saying “You can do it, don’t give up!!”