Qualities of Successful Business Owners

  • “Self Initiative”
    If you’re the type that cannot get any task accomplished, without another person instructing you to do so, then you might as well be an office worker instead of being the boss. A small business demands thousands of things to be accomplished, and you should be able to act on your own initiative.
  • “Adaptability and Persistence”
    Starting your own small business entails braving many obstacles. If you cannot adapt and overcome every obstacle that is cast at you, then your business venture won’t get any far. Whenever you make mistakes, you must be able to stand right back up and don’t let it defeat you.
  • “A Resource Of Support”
    In operating your private business, you by now have more than enough difficulties on your plate. Difficulties are a given! But if you don’t hold the backing of the folks that are near to you, so therefore it can cause you to doubt yourself and mistrust your every single attempt, causing success yet tougher to get to.
  • “Wisdom along with Understanding”
    It makes it easier to possess a prior experience on the trade that you fancy to set up. Actual practice is more important than anything else you can acquire from some college or book. Contemplate functioning in a commerce even simply for part-time for a whole year before taking the plunge with both feet.

Previous company tenure is also a huge plus no matter what the previous conclusion was. Many flourishing entrepreneurs have skeletons of past businesses concealed in their closet. Nevertheless, they made use of the education and experience they obtained from it to increase their brand new triumph.

Type of Business Should You Start

The first place to start is to think about what you want from your business. Do you want to work entirely from home? If so maybe think about setting up an online business. Do you have a particular skill and passion you would like to work around? For example; are you a qualified hairdresser and would like to own your own salon, or to allow for more flexibility you could be a mobile hairdresser. Do you particularly want a huge company with lots of staff? Or is it a small local business you’d prefer?

Think about how difficult that particular type of business might be to set up. Think about the costs involved in setting up and how you could fund it. Would you need to acquire investment?

There are people who will say do what you know, when it comes to choosing a particular type of business. I disagree with this completely.

I knew nothing at all about starting an online business when I decided to first start one. I knew nothing about building a service business when I first started Spik ‘n’ Span (in fact I didn’t know a fat lot about cleaning either). I knew nothing about owning or building a national corporation when I decided to start my personal injury claims company.

What does matter is that you love what you do. Otherwise you’ll just quit when the going gets tough. And it will.

Right now if possible, or as soon as you can. Get a pen and paper and draw 3 columns, labelled; YES, NO and MAYBE.

Simply put different types of businesses into each column, depending on whether it is something you think you’d like to do, wouldn’t like to do or you’re not sure.Try and get as many different options into these lists as possible.

Leave the list for the night and tomorrow get it back out look at it again and see if there’s any other types of business you hadn’t thought of at the time that you can put on the list. Then write a new list of just the YES and MAYBE business types. Look at that list and see what stands out as something you’d like to do. Over a couple of days keep narrowing down the list to the things you are most attracted to doing.

The reason you need to do it over a few days is because with fresh eyes on a new day you may find that something that you first thought you might like to do, now actually isn’t as appealing. So you can cross that off the list.

After a few days you should have a shortlist. Then it’s time to do a bit of research on the ins and outs of setting up and running that type of business.

Spend a couple of days looking into what you need to do to set those businesses up, costs etc. And whether it is a business that will fit around your children. Or whether there are any obstacles you may face. Hopefully by the end of this (which should have taken no more than a week altogether) you will have one type of business that stands out.

If you are like me and have a million different business types, niches or ideas you want to start, then just pick the one that is the most realistic and obtainable at this point, based on your situation, abilities, skills and passions.

Produce Promotional Materials On A Budget

Firstly, we need to know the various marketing and promotional routes that are available. The list below shows some of the more common promotional channels:

  1. Pamphlets and brochures
  2. Posters
  3. Newsletters
  4. Website

Routes 1, 2 and 3 require some sort of printing services. A common platform that is used to relay design layout and artwork for professional printing service is the PDF file format. In another word, most printing service can directly accept PDF as the artwork source. Thus, you will need to find a way to output your finished artwork as PDF. Fortunately there are free options out there. Below are two of them:

  • Scribus opensource software for desktop publishing. This can be used to produce base file or artwork for print. It outputs to PDF.
  • Open Office suite can also produce PDF outputs. For pamphlet and flyer layout designs, open office may be good enough. Additionally, you may wish to do some of the fancier graphics in another program and import them into Open Office Writer as bitmap image files.

For more specialised graphic design works, there are many free options as well. The more popular ones are:

  • GIMP for general and web graphic design. This software is the free equivalent to Photoshop, which is one of the most widely accepted graphic and photo editing software in the world.
  • Blender3D for 3D graphics. This program is ideal for making rendering such as 3D logos and product packaging.

Both software can output JPEG or TGA files which can be imported into your preferred desktop publishing program such as Open Office Writer.

Well, we have listed the various software options. Now, where can we get them? These tools can be downloaded off the internet. To do so, simply search for them using the major search engines which will lead you to their homepage. Download links should be available on their homepage.

Additionally, having a source to photographs is important. Depending on the nature of your business, having a reasonably good digital camera may be essential. You may need it for shooting product and presentation shots.

Legal Habits of Successful Businesses

Choose a legal adviser that understands your business

When selecting a new legal adviser, consider how interested they are in the businesses and whether they understand the issues that your business faces. For example, a bio-tech business will need to ensure that their adviser is familiar with regulatory and intellectual property law relating to their sector.

Do they ask about your personal and business objectives? This is particularly important if you are thinking of an exit strategy in the future.

Include your lawyer as part of your strategic business team

Whilst lawyers can advise you on your regulatory obligations and compliance, a good commercial lawyer will advise you on the commercial implications of strategic decisions. Keep your lawyer in the loop. Keep them apprised of your business strategies so they can identify legal risks at an early stage of your strategy and give you proactive solutions.

A lawyer who understands your business can provide you with innovative business structures that help your business grow and protect your market position, as well as identifying risks.

Provide a clear brief and feedback

Provide clear instructions, agree budgets and provide any information promptly. Consistent communications are vital especially where there are critical deadlines. Provide feedback to your lawyer, especially if you feel that you are not getting the level of service that you require.

Invest in proper legal documentation processes

A successful business will have efficient systems for purchasing, quality control, accounts, and HR. Yet few businesses have efficient legal systems and this often causes problems as a deadline for contract renewal can be missed or it can cause unnecessary delays when preparing a business for sale. Without proper documentation, evidence can be difficult to find when disputes arise and oral evidence is only allowed in limited circumstances so the written word remains paramount.

Marketing Small Business Online

The formula can be summarized by the acronym CTPM.

The “C” stands for content. This means your business website must contain valuable content that visitors want and desire. Your content is like honey to bears, it will attract your prospects and keep them coming back for more.

The “T” stands for traffic. This means in order for your business website to survive and be effective it must generate massive amounts of visitor traffic. There are many ways to generate traffic to your site to include but not limited to search engine optimization, email marketing, article marketing, backlinking, etc. Your website must use a traffic building system or it will disappear into cyberspace.

The “P” stands for pre-sell. This means that your website must warm-up your visitors and put them in a buying mood before you try to sell them something. Pre-selling is a soft-selling process whereby you give visitors free information, sign them up to your newsletter or give them a free gift related to what you later want to sell them. In essence you prepare them for the hard sell by first getting acquainted with them and gaining their trust and confidence

The “M” stands for monetization or making money. This is the ultimate objective. Your website must make you money or it will serve you little to no purpose. Monetization is when you convert your visitors into buyers and then into long term customers who provide you residual income.

Now if you follow this CTPM process you will have a very successful website on your hands and make lots of money. So build a website that incorporates CTPM and you will be laughing all the way to the bank, guaranteed.

Connecting Businesses to Global Market

  • Content Development and Typography – The web development team should be made up of experts who have the ability to study the client’s company, setting an impressive insight of details in the web content. The importance of any website is the content because it is to be designed so as to guide the users through a convincing trail thereby making positive approach. The logo, entire links and information must be in an identical typography that matches the style of the company and also be easy to read. The layout, size and the hierarchy given to the font elements gives more life to the website.
  • Page Design – Modern web development packages include mobile device compliant features and less complex designs. Access to all contents of a single page, easy navigation and attractive content design are the advantages that intelligent business clients prefer the most. The ability of a good website interaction with the user is a key factor in turning users into a customer. A web development service can be felt credible if they have a continued client portfolio of a simple user-friendly web sites.
  • Search Engine Optimization – There are lots of good reasons for approaching an SEO web-based developing company, as their process is not just for creating a business website, but also to increase its reach to more users. Highly skilled organic SEO experts are needed for growing a website to refine its visibility.

Profit Internet Business

Niche marketing is simply a way to market products designed to fill a specific need of a customer. The best way to find a niche market is to work in reverse. Find out what is hot, what is on the market that everyone wants. Also find where these products are marketed and what keywords are being used to find them. Then, develop (or find) a similar product with a little spin on it. Target a subsection of the bigger market, an area where others may have forgotten something. Supply them with additional information or support, software, something that enhances that super popular product that everyone already wants.

Marketing. Marketing. Marketing. Who knows the best way to market? As the online business market has evolved, many have spent oodles of money on advertising. From the ones who survived and are now really ‘making it’ in their online enterprise, we can learn all about what works and what doesn’t. The good news is, if you know where to look, you don’t have to pay as much as they did! The bad news is, you have to avoid the scams and you have to know where to look.

So for the beginner, I offer that it is possible to earn a good income online. The catch is, are you willing to work for it? I love the ads that say you can make millions in your sleep, those are my favorite. This is actually a true statement. If you have everything set up, you can turn on one of those too-good-to-be-true cash machines. However, what they fail to say is what you have to do to set things up and get to that point. The most important step in making money online is promoting your website and products to the right audience. You will need to develop your own email list of prospects that believe in you before you can sell to them. Look for a good, free autoresponder!

Running a successful online business does not require you to spend countless hours every day working, but you do have to put in some time and effort. You also do not have to have a lot of technical knowledge about the internet or computers. You do have to know how to get online, find your way around the internet, and be willing and able to learn as you go. Lastly, you do not need a lot of money to get started! There are ways, which if you look in the right places, to start small and build an online business from the ground up. Once you are set up, you can put things on autopilot and spend less time working!

Mainly, if you have the right products to sell and the knowledge required to sell them, then you will make money online. Most people who try to make an income online fail simply because they are missing one or both of those things. I personally just came across a University-size education for the online entrepreneur that solves both these problems and more and it cost under $50.00. For more information on this, you can visit the link in my bio line. This education comes through eBooks, books you can download and read online. These eBooks are by far some of the best selling products online. There is no greater tool to have in your pocket than knowledge. Even better than an eBook, though, is getting the Master Resell Rights so that you can sell the eBook to others and make money yourself!

Information sells, and it can sell really well. It is adaptable, nicheable, affordable to create and valuable to others. Once you know a little something about something, don’t you get excited and want to tell everyone around you? It is a natural, human response to want to share your newfound information with others. Well, online, that is a business in itself – selling information. Newbie lesson number one: the gurus make most of their money from selling their hot-to information to others! This is probably one of the biggest ‘secrets’ there is.

You can learn a lot from eBooks. They are your source for learning how-to do practically anything you need to do online. Don’t be fooled into thinking, however, that one eBook is going to be your path to riches: make sure it provides the tools, resources and support in addition to the raw knowledge. You should expect to pay anywhere from $7 to $50 for a high-quality information product that really delivers what you need to learn. Many times you can find bundles of eBooks for a great price (don’t forget the resell rights!)

So from a seasoned online marketer to the next crowd of online millionaires just coming on scene, I have a few pointers. Ignore the hype! Look for a product to sell that will be valuable to others. If it is not valuable for you, it probably is of no value to someone else. Don’t reinvent the wheel and go broke; use products that others have already developed to start small and build your business. Promoting eBooks is a great way to do this. Learn everything you can about affiliate marketing: this will create those multiple streams of income. In addition, don’t waste time and money creating products and websites that may end up failing. There are easy and low-cost methods to getting online fast: they are called blogs and minisites. Once you have your product, you can use Clickbank and PayPal to handle your sales quickly, safely and affordably. Learn along the way and use that new knowledge to help others. Learn-Own-Sell-Teach.

Business Strategies You Need to Know

A business plan is basically like a business blueprint to creating a profitable business. First off, your business plan design should outline what type of business you will be operating and how it will generate sales. A good business plan is one that outlines or explains well how your products and services will be created, what suppliers will be needed, and most importantly how it will satisfy your customers. In order to this, you also need to have a good understanding of your target market and audience so doing some market research with the relevant statistics is generally a good idea and would do a lot of help.

Another key component for a good business plan is that you should outline your marketing strategies well. This includes planning on how to attract and retain loyal customers. You should have a plan on how to promote your products and services well. This is where the good advertising plan comes in. You will have to decide on the best advertising medium that would fit in promoting your products and services such as the internet, newspapers, magazines, television, radio…etc.

Next would be to plan your finance. Any business that is just starting needs a certain amount of start-up expenses to keep it operating until it starts to make a profit. You have to find a good source for your finance needs such as a business loan; however, you have to make sure that you can keep up with the monthly payments and interest rates.

Understanding your competition is also a good idea. Your product and services should be competitive with similar products in your target market and plan on how to have an edge over other similar businesses. Lastly, having a continuity plan is one of the best successful business strategies ever. You should be able to create an effective way to keep regular customers so you will have a steady income every month.

Create Digital Products For Business

A digital product is something that is delivered directly to a customer electronically, usually over the internet. The possibilities are endless. You can deliver audio, video, books, worksheets, and even complete courses online.

With today’s smart phones, you pretty much have all you need in the palm of your hand. You can take photos, audio and video directly from your phone. You can upload them online directly from your phone. You can manage an autoresponder directly from your phone. You can even update a WordPress webpage directly from your phone.

No longer is the use of technology a barrier to creating great digital products.

The digital landscape is only tethered by your imagination. Here are a few examples I personally know about:

  • A cake baker released some of her ‘secrets’ and created a six figure a year ‘side’ income using video training.
  • A dog trainer created simple training and is making more than six figures with his business model.
  • Just last week I was on a training call with a writer who is making seven figures after quitting writing and developing products for writers using a simple, and free, mind map software.
  • Personally, I know a house inspector who is developing a software to help his business that he plans to sell to other inspectors. The software was already created, he just needed to make it fit his niche.

As you can see, there are opportunities no matter what industry or niche you are in. Just look at what you do for your customers. Look at what you know about building your business. I bet if you asked around you could find something that you enjoy either professionally or recreationally that could easily become a digital product.

Step One: Find a need

Every great product starts with a single problem. The key is to solve it better or in a unique way than someone else. I like to ask myself these three questions:

  • Can I make something easier?
  • Can I make something faster?
  • Can I automate something?
  • Can I introduce it to a new crowd?

Step Two: Connect with an audience

Find those people who would be most interested in your idea. Go into forums, social media groups or blogs and get to know them personally. While on these sites, take note of the problems they mention. Jot down the exact words they use to describe their problems.

Step Three: Create an outline and produce a product

Use Amazon or look at your library or local book store. Find a successful book and see how they outlined their training. Don’t steal their ideas, just use it as a guide as you make a product that is uniquely yours.

Step Four: Deliver the product

Use a webpage or autoresponder to deliver your product. Once you get some interest and gain some customers, you can pay to develop a different way to deliver your product like a membership site or an online digital store. The possibilities are virtually endless.

Why would people buy from me when they can get it for free on YouTube?

This is a great question. People want to have everything in one place. They don’t want to go all over searching for it. If you make it convenient and solve a real problem for your customer, they will want to come running to your products.

I recently saw a product released that was a two page document with links to YouTube videos and other training sites. People were buying this product like hot cakes because they saw the value in having all the resources in one place.

Women Entrepreneurs

Manage by DATA

Thinking artsy? think again. Define what Data you need to know if you are getting closer or further from your goals, or if you need to modify them. That means: Create KPI (key performance indicators) that are aligned with the goal of your organization, and establish key milestones that help you focus and feel accomplished. Stay away from unsubstantiated information that might as well be a paradigm waiting to be broken.If you are a woman entrepreneur seeking funds: DO NOT MANAGE BY INTUITION

Work on Design and Strategy

Boy (I mean girl) that is a hard one. Work ON the business, not IN the business. That means: make your job redundant continuously, learn the basics enough to supervise early on, but quickly hire talent and move to think strategically. Every minute used on doing the work is a minute wasted to think strategically. Stay away from repetitive tasks, use technology or outsource it. If you are a woman entrepreneur seeking funds: GO BEYOND GETTING THE WORK DONE.

Become Known

Shake out the boy’s club or the men’s club. Nurture relationships, everything is right about professional and personal connections. That means: be (or become) a reputable expert in your field, deliver value in your conversations, help and ask for help, and be grateful. It is not what you do but who you are. Stay away from feeling sorry that you are not remembered or recognized, be useful. If you are a woman entrepreneur seeking funds: DO NOT RELY ONLY ON YOUR NETWORK.

Be Irreverent

Rejection does not measure your value. Keep your inner voice as more important than other’s opinion of you. That means: accept feedback and listen very attentively when someone tells you something you don’t want to hear, then filter inappropriate from relevant feedback, and then decided if you accept that feedback. Stay away from making quick judgments without asking enough questions or having data, and accept that no everybody agrees with you. Rejection does not define you, it is an opinion about an idea. Use “What do you mean?.” It is a wonderful question. If you are a woman entrepreneur seeking funds: DO NOT PURSUE REINFORCEMENT.