Q: I really want to start my own business, but I have no idea what business would be best suited for me. I’m also eager to get started, but I don’t want to pick the wrong business just because I’m impatient. How should I go about deciding what business would be best for me?– Samuel J.
A: Before I answer your question, Samuel, I want you to reach around and pat yourself on the back for not letting your eagerness push you into making a wrong decision. All too often we entrepreneurs tend to let our impatience drive us to make decisions that we later regret. In business such haste can be very costly, indeed.
I always compare starting a business to jumping into a pool of freezing water. There are typically two types of entrepreneurs who take the plunge.
The first are the “Toe Testers.” These are those cautious folks who just stick their big toe in the pool to gauge the temperature of the water. It is for these careful entrepreneurs that the phrase “testing the waters” was coined. Toe Testers enter the business pool slowly, a little bit at a time. The lesson to be learned from Toe Testers is to start slowly and don’t feel like you have to wade in too fast. Ease into the business pool gradually to make sure it’s right for you. Remember, many entrepreneurs realize that the business world is not right for them only after they are in it up to their necks. And that’s when the term “sink or swim” takes on a whole new meaning.
The next type of entrepreneur is the “High Diver.” These are those fearless souls who climb the ladder and dive into the business pool head first without worrying about the depth of the water or the dangers that lurk beneath the surface. It is for these entrepreneurs that the phrase “damn the torpedoes, full speed ahead” was coined. Quite often these entrepreneurial daredevils find themselves drowning in unknown waters or end up with their heads buried in the bottom of the pool.
Both types of entrepreneurs may find success, depending on how well equipped they are to handle the water they are diving into. Here are a few ideas to help better prepare you for the plunge.
** Let your experience be your guide. Start with what you know. If you have spent twenty years working as an accountant or you love to build wooden toy trains as a hobby, consider how you can take that experience and turn it into a successful business. You might also find a great business idea right under your nose. Look around your workplace. Do you see needs that are going unmet or can you think of a better way of doing something? If so, you might have the seed for a profitable business.
** Do what you love and enjoy what you do. I can’t emphasize this enough. Many people start a business for the wrong reason: to get rich. While it is true that many millionaires in this country made their fortunes from their own business ventures, that should not be your sole motivation for starting a business. If you don’t enjoy what you do, you will not be successful, at least not from a mental point of view. Sure, the monetary rewards can be tremendous, but the mental anguish of working in a business you don’t enjoy is a high price to pay. I talk to entrepreneurs all the time who are running successful businesses, but are so unhappy as a result that they literally make themselves sick. If you don’t enjoy what you do the business will become a chore, not a joy.
** Don’t reinvent the wheel, just make it better. Many first time entrepreneurs assume that they have to come up with a new business idea to be successful. That simply is not true. Most successful businesses are born not of innovation, but of necessity. Instead of trying to come up with an idea that changes the world, take a look at the world around you and see where there might be a void that needs filling or a business concept that needs improvement.
Many successful businesses have been built by taking a traditional business and making it better. Domino’s Pizza was certainly not the first to offer home delivery of pizza, but they were the first to guarantee it would be delivered piping hot to your door in 30 minutes or less. Amazon.com was not the first company to sell books, but they were one of the first that would let you buy books from the comfort of your own home while sitting in your underwear.
** Focus on a niche. Many businesses have gone broke trying to be all things to all people. The ability to offer a gazillion products under one roof is all well and good for Wal-Mart, but not for most new small businesses. Try to identify a niche that you would enjoy working in and think about starting a business therein. If you love to work outdoors, consider starting a landscaping business. If you enjoy working with numbers, think about becoming an accountant or CPA. When’s the last time you had your gardener do your taxes? You get the idea. Focus on a niche and become an expert in your field.
** A franchise might be an option. Many new entrepreneurs consider buying a franchise operation instead of starting a business from scratch. Franchises are a good way to jumpstart the process because they have already done much of the hard work for you. They have proven the business model, established guidelines for running the business, spent millions of dollars on establishing the brand, etc. Buying a franchise is typically a very expensive and involved process that is beyond the scope of this article. The best thumbnail of advice I can give you is to thoroughly investigate the franchisor and the opportunity, use your own attorney to do the deal, and read the fine print in the franchise agreement.
** It’s hard to swim in a crowded pool. If the business pool is already filled with other companies doing the same thing you want do, chances are you will fail in the face of established competition. To succeed in such a crowded pool you will have to do something to stand out from the crowd (and I don’t mean greeting customers while wearing a bright red Speedo). If you can’t quickly and easily differentiate yourself from a large group of competitors, you’re better off choosing another business.
** Above all, take your time. Whatever business you choose to start, I encourage you to take the time required to make an informed, intelligent decision. Think about starting part time while you still have your current job (and income) to fall back on. Talk to friends and associates who use the product or service you will provide to see if they would consider become paying customers.
Remember, in business you can end up swimming in success or sinking in failure. The key to your success might just lie in the sensitivity of your big toe.
Here’s to your success.
Permalink
Be sure to see all our latest wholesale arrivals @ http://savesucash.com
Thursday, September 27, 2007
Wednesday, September 19, 2007
The Secrets Of Starting A Successful Ebay Business
Q: I hear so much about people who started selling on eBay and eventually turned it into their full time business. Is it really possible to build a profitable business just selling junk on eBay?– Alex K.
A: If Fred Sanford were alive today, Alex, I’m sure he’d be earning his ripple money by selling quality junk on eBay. While it’s also true that one man’s junk is another man’s treasure (I have a garage full of treasure to prove this point), your chances of building a profitable business selling “junk” on eBay (or anywhere else, for that matter) are slim to none.
While there is a lot of junk/treasure for sale on eBay, it is typically sold by individuals who have “I break for yardsales!” bumper stickers on their cars and not serious business people.
For serious entrepreneurs, however, selling on eBay can be a good way to start a new business if you are willing to put in the time and energy required to make the business a success. eBay is also a good option for existing businesses to expand their reach by selling online.
Everyone from small used car dealers to giant companies like Dell Computers have discovered that eBay is an excellent place to hawk their wares simply due to the huge number of folks who visit the eBay site on a daily basis. Nowhere else on earth will you find such a large pool of potential customers.
Consider these numbers: · There are nearly 69 million eBay users who spend $59 million every day. · Most eBay sellers are home-based businesses that sell every- thing from porcelain dolls to locks of Elvis’ hair to $100,000 Mercedes convertibles to $5 million dollar vacation homes.
· Every minute of every day more than 150 new items are listed for sale, more than 500 bids are placed, and seven new people register to shop on eBay.
· At any given moment, eBay is conducting some 12 million auctions, divided into about 18,000 different categories.
· About two million new items are offered for sale every day, and 62 million registered users scour the site to find them. · One company is grossing more than $5 million dollars a year selling brand new pool tables on eBay. Their eBay store is so profitable that they have closed their retail location and now sell solely online.
That’s right, $5 million dollars from the sale of pool tables: proof that you can sell just about anything on eBay if you know how to do it.
Be aware, however, that eBay is no magic bullet. As any eBay Power Seller (a seller who sells a minimum of $1,000 in goods per month) will tell you, building a profitable eBay business takes hard work and requires long hours, and often the financial rewards do not make it worth the effort spent.
When it comes down to the mechanics of it all, running an eBay business is no different than running a brick and mortar business. You still have the same considerations regarding product selection, inventory purchasing, product pricing, inventory management, order processing, fulfillment, customer service, etc.
You must also consider the legal and accounting aspects of the business. Just because you’re selling online does not mean that Uncle Sam won’t expect his piece of the pie. Revenue generated by an eBay business is just as reportable and taxable as revenue generated from a brick and mortar store. And if you sell to customers within your state you may also be responsible for collecting city, county or state sales tax.
One of the biggest obstacles to building a successful eBay business may be the stiffness of the competition. Many sellers sell identical items and the price wars often get ugly, but that’s to be expected in a free market place, which is exactly what eBay is.
You may be the only store in town that’s selling that one of a kind, custom made just for you, broke the mold after they made it, Dale Earnhart Memorial Bobble Head Action Figure (Earnhart fans would string me up if I called it a Doll), but do a quick search on eBay and you’ll probably find a hundred others just like it.
So, can you build a profitable business selling on eBay?
Certainly, thousands of people have done it and so can you.
Here are a few tips to help get you started.
Sell Quality Products Don’t sell junk! Leave the knick-knacks and fake leather jackets to the less informed. You should offer only quality products at a fair price.
Research The Competition Once you have your product in mind, don’t invest a dime on inventory until you have spent some time on eBay to see what the competition is doing. If you want to sell motorcycle helmets, for example, you should look at current auctions to see how many others are selling similar helmets and what prices they are charging. This step is vital since you may discover that you can’t compete with current sellers on price or there is simply no market for what you have to offer.
Start Slowly Many people believe that the more items they have for sale on eBay the better. They will invest thousands in inventory and spent hundreds on listing fees (yes, eBay charges you to list items for sale and collects a final fee if the item sells). Those are the folks that usually end up with ten thousand Ginsu knives forever in their garage.
Test, Test, Test A fair portion of eBay auctions result in no sales, so it’s best to test the waters before jumping in with both feet.
List a few items and see how they sell. If an item doesn’t sell, list it at least twice more. Some items might not sell the first time, but may the second or third, then sell steadily from then on.
If an item gets no bids the first time, consider adjusting your price or your terms. If an item sells well, keep it in stock and then experiment with another item.
Do Your Homework eBay is too broad a subject to be covered fully here, but there are a multitude of books available that can help you start an eBay business. In fact, I bet you’ll find most of them for sale at this very moment at eBay.
What’s my bid…
Here’s to your success.
Permalink
Be sure to see all our latest wholesale arrivals @ http://savesucash.com
A: If Fred Sanford were alive today, Alex, I’m sure he’d be earning his ripple money by selling quality junk on eBay. While it’s also true that one man’s junk is another man’s treasure (I have a garage full of treasure to prove this point), your chances of building a profitable business selling “junk” on eBay (or anywhere else, for that matter) are slim to none.
While there is a lot of junk/treasure for sale on eBay, it is typically sold by individuals who have “I break for yardsales!” bumper stickers on their cars and not serious business people.
For serious entrepreneurs, however, selling on eBay can be a good way to start a new business if you are willing to put in the time and energy required to make the business a success. eBay is also a good option for existing businesses to expand their reach by selling online.
Everyone from small used car dealers to giant companies like Dell Computers have discovered that eBay is an excellent place to hawk their wares simply due to the huge number of folks who visit the eBay site on a daily basis. Nowhere else on earth will you find such a large pool of potential customers.
Consider these numbers: · There are nearly 69 million eBay users who spend $59 million every day. · Most eBay sellers are home-based businesses that sell every- thing from porcelain dolls to locks of Elvis’ hair to $100,000 Mercedes convertibles to $5 million dollar vacation homes.
· Every minute of every day more than 150 new items are listed for sale, more than 500 bids are placed, and seven new people register to shop on eBay.
· At any given moment, eBay is conducting some 12 million auctions, divided into about 18,000 different categories.
· About two million new items are offered for sale every day, and 62 million registered users scour the site to find them. · One company is grossing more than $5 million dollars a year selling brand new pool tables on eBay. Their eBay store is so profitable that they have closed their retail location and now sell solely online.
That’s right, $5 million dollars from the sale of pool tables: proof that you can sell just about anything on eBay if you know how to do it.
Be aware, however, that eBay is no magic bullet. As any eBay Power Seller (a seller who sells a minimum of $1,000 in goods per month) will tell you, building a profitable eBay business takes hard work and requires long hours, and often the financial rewards do not make it worth the effort spent.
When it comes down to the mechanics of it all, running an eBay business is no different than running a brick and mortar business. You still have the same considerations regarding product selection, inventory purchasing, product pricing, inventory management, order processing, fulfillment, customer service, etc.
You must also consider the legal and accounting aspects of the business. Just because you’re selling online does not mean that Uncle Sam won’t expect his piece of the pie. Revenue generated by an eBay business is just as reportable and taxable as revenue generated from a brick and mortar store. And if you sell to customers within your state you may also be responsible for collecting city, county or state sales tax.
One of the biggest obstacles to building a successful eBay business may be the stiffness of the competition. Many sellers sell identical items and the price wars often get ugly, but that’s to be expected in a free market place, which is exactly what eBay is.
You may be the only store in town that’s selling that one of a kind, custom made just for you, broke the mold after they made it, Dale Earnhart Memorial Bobble Head Action Figure (Earnhart fans would string me up if I called it a Doll), but do a quick search on eBay and you’ll probably find a hundred others just like it.
So, can you build a profitable business selling on eBay?
Certainly, thousands of people have done it and so can you.
Here are a few tips to help get you started.
Sell Quality Products Don’t sell junk! Leave the knick-knacks and fake leather jackets to the less informed. You should offer only quality products at a fair price.
Research The Competition Once you have your product in mind, don’t invest a dime on inventory until you have spent some time on eBay to see what the competition is doing. If you want to sell motorcycle helmets, for example, you should look at current auctions to see how many others are selling similar helmets and what prices they are charging. This step is vital since you may discover that you can’t compete with current sellers on price or there is simply no market for what you have to offer.
Start Slowly Many people believe that the more items they have for sale on eBay the better. They will invest thousands in inventory and spent hundreds on listing fees (yes, eBay charges you to list items for sale and collects a final fee if the item sells). Those are the folks that usually end up with ten thousand Ginsu knives forever in their garage.
Test, Test, Test A fair portion of eBay auctions result in no sales, so it’s best to test the waters before jumping in with both feet.
List a few items and see how they sell. If an item doesn’t sell, list it at least twice more. Some items might not sell the first time, but may the second or third, then sell steadily from then on.
If an item gets no bids the first time, consider adjusting your price or your terms. If an item sells well, keep it in stock and then experiment with another item.
Do Your Homework eBay is too broad a subject to be covered fully here, but there are a multitude of books available that can help you start an eBay business. In fact, I bet you’ll find most of them for sale at this very moment at eBay.
What’s my bid…
Here’s to your success.
Permalink
Be sure to see all our latest wholesale arrivals @ http://savesucash.com
Friday, August 17, 2007
How To Really Get The Competitive Advantage
One of the cool things about being an entrepreneur and business author and speaker is that I get to use all kinds of big words and phrases that make me sound much smarter than I am.
For example, just saying the word “entrepreneur” makes me sound quite educated and continental, despite the fact that the only subject in school I failed miserably was French.
After an entire school year the only thing I learned to say was, “Mon professeur est un porc de verrue,” which loosely translated means, “My teacher is a wart hog.”
You can see why I got “la F.”
One of the hot catchphrases being bounced around a lot in business these days is “competitive advantage.”
All the experts tell you that you must get the competitive advantage over your competition before they get the competitive advantage over you. He who gets the competitive advantage wins the game!
While that may be true, trying to come up with ways to gain the competitive advantage can drive you positively écrous (look it up, Pierre).
Can we beat them on price? Can we beat them on selection? How about the quality of our goods or the strength of our warranties?
Can we one-up them on response time or the number of pepperoni we put on our pizzas or the slices of cheese we slather on our burgers?
Here’s the thing most entrepreneurs don’t seem to realize when it comes to gaining the competitive advantage: you can only gain the competitive advantage in those areas in which you are clearly superior to your opponent.
Read that sentence again and let it soak in for a minute, I’ll wait.
You can’t gain the competitive advantage in an area in which you are clearly inferior to your competition, so why waste time trying? Oh sure, you can come up with handy-dandy slogans like “We’re the low price leader” and “Our meats are the freshest in the land.”
You can throw money at marketing your witty catchphrase until everyone on the planet has it permanently engrained in their brains (can you hear me now?). But the moment the consumer has to pay more for your goods and your meats taste like day old French bread, all the marketing in the world won’t prove a lie to be the truth.
Word of mouth and reality have killed many a great marketing campaign.
So you should only compete in those areas where you have a good chance of actually winning, i.e. gaining the competitive advantage.
It’s all about bragging rights; and if you have very little to brag about your customers will come to see you as just another bag of wind in a breezy marketplace.
Many companies compete on price, especially those in the grocery and retail industries. With profit margins as slim as Britney Spears chance of winning mother of the year, trying to go head to head with the big boys on price is a losing game.
You can’t compete on price with the Wal-Marts and Coscos of the world, so stop trying.
Again, concentrate your efforts only in those areas where you have a better than even chance of gaining the competitive advantage.
How about quality? Is your product superior in quality to all others on the market? If so, concentrate on proving it and branding yourself as the quality leader.
How about customer satisfaction? If your product has documented proof that 98% of customers are happy with their purchase while the industry norm is 75%, make customer satisfaction your competitive advantage mantra.
How about customer service? If your customers love you and keep coming back for more, then concentrate on making that your competitive advantage.
There are other ways to get a leg up on the competition: being first to market with a new product, pioneering a new technology, hiring a key executive to run the show, and yes, coming up with a catchy slogan that everybody knows and you can back up.
Bottomline: if you can’t compete in a specific area, stop trying.
You’re fighting an uphill battle you can’t win. It makes no sense to compete in a contest where you know in your heart you can’t win.
Concentrate on kicking the competition’s derriere in those areas where you have the superiority to do so. Viva la différence!
Permalink
Be sure to see all our latest wholesale arrivals @ http://savesucash.com/
For example, just saying the word “entrepreneur” makes me sound quite educated and continental, despite the fact that the only subject in school I failed miserably was French.
After an entire school year the only thing I learned to say was, “Mon professeur est un porc de verrue,” which loosely translated means, “My teacher is a wart hog.”
You can see why I got “la F.”
One of the hot catchphrases being bounced around a lot in business these days is “competitive advantage.”
All the experts tell you that you must get the competitive advantage over your competition before they get the competitive advantage over you. He who gets the competitive advantage wins the game!
While that may be true, trying to come up with ways to gain the competitive advantage can drive you positively écrous (look it up, Pierre).
Can we beat them on price? Can we beat them on selection? How about the quality of our goods or the strength of our warranties?
Can we one-up them on response time or the number of pepperoni we put on our pizzas or the slices of cheese we slather on our burgers?
Here’s the thing most entrepreneurs don’t seem to realize when it comes to gaining the competitive advantage: you can only gain the competitive advantage in those areas in which you are clearly superior to your opponent.
Read that sentence again and let it soak in for a minute, I’ll wait.
You can’t gain the competitive advantage in an area in which you are clearly inferior to your competition, so why waste time trying? Oh sure, you can come up with handy-dandy slogans like “We’re the low price leader” and “Our meats are the freshest in the land.”
You can throw money at marketing your witty catchphrase until everyone on the planet has it permanently engrained in their brains (can you hear me now?). But the moment the consumer has to pay more for your goods and your meats taste like day old French bread, all the marketing in the world won’t prove a lie to be the truth.
Word of mouth and reality have killed many a great marketing campaign.
So you should only compete in those areas where you have a good chance of actually winning, i.e. gaining the competitive advantage.
It’s all about bragging rights; and if you have very little to brag about your customers will come to see you as just another bag of wind in a breezy marketplace.
Many companies compete on price, especially those in the grocery and retail industries. With profit margins as slim as Britney Spears chance of winning mother of the year, trying to go head to head with the big boys on price is a losing game.
You can’t compete on price with the Wal-Marts and Coscos of the world, so stop trying.
Again, concentrate your efforts only in those areas where you have a better than even chance of gaining the competitive advantage.
How about quality? Is your product superior in quality to all others on the market? If so, concentrate on proving it and branding yourself as the quality leader.
How about customer satisfaction? If your product has documented proof that 98% of customers are happy with their purchase while the industry norm is 75%, make customer satisfaction your competitive advantage mantra.
How about customer service? If your customers love you and keep coming back for more, then concentrate on making that your competitive advantage.
There are other ways to get a leg up on the competition: being first to market with a new product, pioneering a new technology, hiring a key executive to run the show, and yes, coming up with a catchy slogan that everybody knows and you can back up.
Bottomline: if you can’t compete in a specific area, stop trying.
You’re fighting an uphill battle you can’t win. It makes no sense to compete in a contest where you know in your heart you can’t win.
Concentrate on kicking the competition’s derriere in those areas where you have the superiority to do so. Viva la différence!
Permalink
Be sure to see all our latest wholesale arrivals @ http://savesucash.com/
Tuesday, August 7, 2007
How To Tell If Your Amazing New Product Idea Is Really Worth Gambling On
Q: I have a great idea for an amazing new product. There is nothing like it on the market and no competition that I can find. I think it will be a huge success and so does everyone I tell the idea to. I’m willing to bet the farm on this one. What do you think my chances of success are?
A: I’m a lousy poker player, mainly because I can’t help grinning like the village idiot when blessed with a winning hand or frowning like a sad clown when dealt a dud.
I also never make odds on the success of “amazing new products” because more often than not the only thing that’s amazing is the way the product is totally ignored by the buying public. In my software business there have been times when we came up with what we thought was an amazing idea for an amazing piece of software - a piece of software so amazing, in fact, that we knew that all mankind would sit up and take notice, then line up to write us checks.
After hundreds of hours and thousands of dollars spent developing the product we were amazed to find that the only people who thought the software was truly amazing was us.
We made mankind yawn. Quite an amazing accomplishment, if I do say so myself.
It worries me that you say there is nothing like your idea on the market. While you may think that is a good thing, it might actually mean that there is no market for your product. The same holds true for a lack of competition. A total lack of competition might mean that there is no demand for such a product.
Rarely does a product come along that revolutionizes an industry. Rarer still does a product create a new industry on its own. So, how can you tell if your amazing new product really is worth gambling on? The truth is, you can never be 100% certain that your idea will sell. No matter how enamored you are of it or how much your friends rave about it, the success of a new idea depends on a number of factors, many of which are beyond your control.
Such factors include:
The viability of the idea: is this really a product that you could build a company around? Does the idea have the potential to generate revenue or customer loyalty?
The people implementing the idea: the right team can make even a mediocre product a huge success (ever heard of Windows). Inversely, a bad team couldn’t sell ice water in Hades. Pick your team carefully. The right people really do make all the difference.
The demand for such a product in the marketplace: will this product fill a need or satisfy an itch?
The competition: is the market already crowded with competitors? If so, what will it take to move your product ahead of the pack?
The depth of your pockets: even an amazing product requires a ton of cash to go from drawing board to store shelf.
The availability of other resources required to take the product from the drawing board to the consumer: do you have the time, the drive, the perseverance, the knowledge, the contacts, the support, and a hundred other things required to bring your amazing idea to fruition?
The list wouldn’t be complete without sheer luck and timing.
And a thousand other things.
Before you invest too much time and money into your idea, do a little research to determine if it’s an idea that’s really worth gambling on:
Research the market for similar products. Again, if there are no similar products on the market that might mean there is no market for that product. If there truly is nothing exactly like your product, research similar products that fill a similar void in the consumer’s life. Learn all you can about such products: pricing, market share, track record, etc.
Research the competition. As mentioned earlier, if there is no competition there may not be a market for a product like yours. If there is competition, research the competition fully (little guys and big guys) to help determine if you can realistically compete for market share.
Identify your target customer and ask them for an honest evaluation of the idea and its marketability. Avoid friends and family as they usually just tell you what you want to hear. If your target customer is a 35 year old female, pitch your idea to every 35 year old female you meet and gauge their response. Just don’t break any stalking laws in the name of market research…
The best advice I can give you when it comes to amazing new product ideas it’s best to follow your head and not your heart. It’s a lesson that took me years to learn. If I had a nickel for every amazing new product I’ve invested in I’d go play a few hands of poker.
Permalink
Be sure to see all our latest wholesale arrivals @ http://savesucash.com/
A: I’m a lousy poker player, mainly because I can’t help grinning like the village idiot when blessed with a winning hand or frowning like a sad clown when dealt a dud.
I also never make odds on the success of “amazing new products” because more often than not the only thing that’s amazing is the way the product is totally ignored by the buying public. In my software business there have been times when we came up with what we thought was an amazing idea for an amazing piece of software - a piece of software so amazing, in fact, that we knew that all mankind would sit up and take notice, then line up to write us checks.
After hundreds of hours and thousands of dollars spent developing the product we were amazed to find that the only people who thought the software was truly amazing was us.
We made mankind yawn. Quite an amazing accomplishment, if I do say so myself.
It worries me that you say there is nothing like your idea on the market. While you may think that is a good thing, it might actually mean that there is no market for your product. The same holds true for a lack of competition. A total lack of competition might mean that there is no demand for such a product.
Rarely does a product come along that revolutionizes an industry. Rarer still does a product create a new industry on its own. So, how can you tell if your amazing new product really is worth gambling on? The truth is, you can never be 100% certain that your idea will sell. No matter how enamored you are of it or how much your friends rave about it, the success of a new idea depends on a number of factors, many of which are beyond your control.
Such factors include:
The viability of the idea: is this really a product that you could build a company around? Does the idea have the potential to generate revenue or customer loyalty?
The people implementing the idea: the right team can make even a mediocre product a huge success (ever heard of Windows). Inversely, a bad team couldn’t sell ice water in Hades. Pick your team carefully. The right people really do make all the difference.
The demand for such a product in the marketplace: will this product fill a need or satisfy an itch?
The competition: is the market already crowded with competitors? If so, what will it take to move your product ahead of the pack?
The depth of your pockets: even an amazing product requires a ton of cash to go from drawing board to store shelf.
The availability of other resources required to take the product from the drawing board to the consumer: do you have the time, the drive, the perseverance, the knowledge, the contacts, the support, and a hundred other things required to bring your amazing idea to fruition?
The list wouldn’t be complete without sheer luck and timing.
And a thousand other things.
Before you invest too much time and money into your idea, do a little research to determine if it’s an idea that’s really worth gambling on:
Research the market for similar products. Again, if there are no similar products on the market that might mean there is no market for that product. If there truly is nothing exactly like your product, research similar products that fill a similar void in the consumer’s life. Learn all you can about such products: pricing, market share, track record, etc.
Research the competition. As mentioned earlier, if there is no competition there may not be a market for a product like yours. If there is competition, research the competition fully (little guys and big guys) to help determine if you can realistically compete for market share.
Identify your target customer and ask them for an honest evaluation of the idea and its marketability. Avoid friends and family as they usually just tell you what you want to hear. If your target customer is a 35 year old female, pitch your idea to every 35 year old female you meet and gauge their response. Just don’t break any stalking laws in the name of market research…
The best advice I can give you when it comes to amazing new product ideas it’s best to follow your head and not your heart. It’s a lesson that took me years to learn. If I had a nickel for every amazing new product I’ve invested in I’d go play a few hands of poker.
Permalink
Be sure to see all our latest wholesale arrivals @ http://savesucash.com/
Tuesday, July 31, 2007
What’s Stopping You From Starting Your Own Small Business?
Whether doing my weekly radio show, teaching entrepreneurial classes, or doing personal coaching, I talk to a lot of would-be entrepreneurs these days and I’m discovering that many of them are suffering from what I call, “I Don’t Syndrome” or IDS.
IDS is a sad malady that affects many people who claim they want to start their own business, but never seem to get beyond just talking about it.
The symptoms of IDS are a lack of belief in themselves, a fear of failure and ridicule, a misguided belief that lots of money is required to start a business, and lousy time management skills. IDS can even cause an otherwise intelligent person to question their own sanity.
It’s a sad disease that prevents thousands of people every year from achieving their American Dream.
But there is hope. IDS can be cured simply by facing it head on and accepting the fact that not everyone is cut out to be an entrepreneur. Don’t beat yourself up if you’re more comfortable working for someone else. Just accept the fact that business is not for you and strive to be the absolute best employee you can be and you’ll achieve success in that arena.
If you’re dead-set on starting your own business and IDS is keeping you up at night, consider the following symptoms and suggested cures.
“I don’t have time to start a business.”
I hear this one all the time from people who spend five hours a night parked in front of the TV. Sorry, couch potato, you get zero sympathy from me. You must make time for what’s important to you, so if starting your own business is important to you, find the time to make it happen.
I started my business from the corner of my tiny bedroom working between the hours of ten at night till whenever I passed out in the wee hours of the morning. Then I’d get up and be at my day job at 8AM. I’d work on the business during my lunch hour and on weekends.
There are only so many hours in the day so you have to make the best use of what God gave you. When a spare minute pops up use it to work on your business; otherwise grab the remote and keep your day job.
“I don’t have the money to start a business.”
Many people are under the misconception that starting a business requires piles of cash. Nothing could be further from the truth.
I’d wager that many of the Forbes 100 were started for less than $10,000; many for less than $1,000. When you start a business you should do so for as little money as possible. Put what money you have toward the things that are vital and backburner everything else.
Become an expert at stretching every dollar until it screams. Instead of tying up your money in inventory try to negotiate 90 day terms with suppliers.
Instead of buying fancy desk chairs park your can on a milk crate until money starts rolling in. Instead of signing a lease for office space that will tie up your first born for five years work from your kitchen table.
“I don’t have the confidence to start a business.”
When I hear this one I know immediately that I’m talking to someone who will probably never even start a business.
Let’s be honest, everyone would start their own business if they had a 100% guarantee of success, but very few people would bet the farm on starting their own business knowing that most small businesses fail within the first five years.
I knew that statistic going in and so did every other entrepreneur who threw caution to the wind and dove in with both feet.
Fear of failure is the number one killer of success. But understand this: if you never fail, you will never succeed.
“I don’t think I’m smart enough to start a business.”
If starting a business was rocket science all businesses would be owned by rocket scientists. You don’t need an MBA to start a business. Many entrepreneurs, including me, never even went to college. I drove by a college once. It looked really hard so I kept going.
Business success depends more on common sense and careful planning than book smarts. Don’t cut yourself short just because you don’t have a degree on your wall or an acronym after your name.
“I don’t have the self-discipline to start a business.”
This is the most deadly symptom of IDS because it reveals the truth about the person making the statement. Succeeding in business is all about taking action without being told to do so.
You’re the guy or gal that makes things happen. You must have the self-discipline to jump out of bed every morning ready to take on the world, which may mean calling on customers, managing employees, making important decisions, and working 18 hours straight if that’s what the day requires. If you have to be told what to do and when to do it, business is not for you.
You can overcome IDS. All it takes is a little honesty and self-realization.
And sometimes a good swift kick in the pants.
Consider yourself kicked.
Permalink
Be sure to see all our latest wholesale arrivals @ http://savesucash.com/
IDS is a sad malady that affects many people who claim they want to start their own business, but never seem to get beyond just talking about it.
The symptoms of IDS are a lack of belief in themselves, a fear of failure and ridicule, a misguided belief that lots of money is required to start a business, and lousy time management skills. IDS can even cause an otherwise intelligent person to question their own sanity.
It’s a sad disease that prevents thousands of people every year from achieving their American Dream.
But there is hope. IDS can be cured simply by facing it head on and accepting the fact that not everyone is cut out to be an entrepreneur. Don’t beat yourself up if you’re more comfortable working for someone else. Just accept the fact that business is not for you and strive to be the absolute best employee you can be and you’ll achieve success in that arena.
If you’re dead-set on starting your own business and IDS is keeping you up at night, consider the following symptoms and suggested cures.
“I don’t have time to start a business.”
I hear this one all the time from people who spend five hours a night parked in front of the TV. Sorry, couch potato, you get zero sympathy from me. You must make time for what’s important to you, so if starting your own business is important to you, find the time to make it happen.
I started my business from the corner of my tiny bedroom working between the hours of ten at night till whenever I passed out in the wee hours of the morning. Then I’d get up and be at my day job at 8AM. I’d work on the business during my lunch hour and on weekends.
There are only so many hours in the day so you have to make the best use of what God gave you. When a spare minute pops up use it to work on your business; otherwise grab the remote and keep your day job.
“I don’t have the money to start a business.”
Many people are under the misconception that starting a business requires piles of cash. Nothing could be further from the truth.
I’d wager that many of the Forbes 100 were started for less than $10,000; many for less than $1,000. When you start a business you should do so for as little money as possible. Put what money you have toward the things that are vital and backburner everything else.
Become an expert at stretching every dollar until it screams. Instead of tying up your money in inventory try to negotiate 90 day terms with suppliers.
Instead of buying fancy desk chairs park your can on a milk crate until money starts rolling in. Instead of signing a lease for office space that will tie up your first born for five years work from your kitchen table.
“I don’t have the confidence to start a business.”
When I hear this one I know immediately that I’m talking to someone who will probably never even start a business.
Let’s be honest, everyone would start their own business if they had a 100% guarantee of success, but very few people would bet the farm on starting their own business knowing that most small businesses fail within the first five years.
I knew that statistic going in and so did every other entrepreneur who threw caution to the wind and dove in with both feet.
Fear of failure is the number one killer of success. But understand this: if you never fail, you will never succeed.
“I don’t think I’m smart enough to start a business.”
If starting a business was rocket science all businesses would be owned by rocket scientists. You don’t need an MBA to start a business. Many entrepreneurs, including me, never even went to college. I drove by a college once. It looked really hard so I kept going.
Business success depends more on common sense and careful planning than book smarts. Don’t cut yourself short just because you don’t have a degree on your wall or an acronym after your name.
“I don’t have the self-discipline to start a business.”
This is the most deadly symptom of IDS because it reveals the truth about the person making the statement. Succeeding in business is all about taking action without being told to do so.
You’re the guy or gal that makes things happen. You must have the self-discipline to jump out of bed every morning ready to take on the world, which may mean calling on customers, managing employees, making important decisions, and working 18 hours straight if that’s what the day requires. If you have to be told what to do and when to do it, business is not for you.
You can overcome IDS. All it takes is a little honesty and self-realization.
And sometimes a good swift kick in the pants.
Consider yourself kicked.
Permalink
Be sure to see all our latest wholesale arrivals @ http://savesucash.com/
Friday, July 27, 2007
But I'm Making Good Money
As we begin the last quarter of the year I always like to take a fresh look at everything I’m doing.
Are writing, speaking, being on radio, creating new products, coaching, connecting people and spending time with family and friends all activities that embrace my “calling,” my purpose for being here on earth?
Or have I allowed some things to creep in that are nothing more than income generators, or just worthless habits that I need to stop doing.
My goal is to determine by November 15th what 15% of my current activities that I’m going to stop. I’ve been doing this for years and have found it to be a extremely helpful process. By eliminating 15% I then open the door to bring in a new 15%.
And it’s in that new window that I was able to begin writing, starting the 48 Day Coaching Connection, enjoying unique excursions with Joanne, attending enlightening seminars and spending time at a monastery.
What about you? Are all of your activities connected to your divine purpose? Are your work and your lifestyle a reflection of your values – or have you been so busy making a living that you’ve forgotten to have a life? Are you cut off from your calling and your heart in a futile attempt to be “practical” and “responsible?”
Several years ago I spoke with a young man who was running ads in Sunday papers, “offering” jobs with the government.
He promotes highly paid positions and says jobs are waiting. Then when calls come in, the callers are high pressured into buying a course to help them prepare for the civil service exam. No jobs, no openings – just an emotional hook to get desperate people on the phone – and then manipulate them into spending money to prepare for an exam they could probably take today.
This guy feels pretty bad about what he’s doing – and only plans to do it for a couple more years. He’s making $4,000 – $6,000 a week and figures he’ll be able to do some worthwhile things with all the money he’s making.
I know another gentleman who publicly announced in church that he was going to do a reverse tithe. He was going to live on 10% of his income and give 90% to the church.
He promoted miracle medical cures, a credit repair system, and a product that addressed a loophole in the law – ran national TV ads and brought in money by the truckload.
His promotions promised things that really weren’t quite true – but he proudly gave enormous sums of money to his church for worthwhile ministries. Then to the horror of his family and friends he spent a couple of years in prison for mail fraud.
Not exactly the kind of legacy most of us want to leave.
What do you need to stop doing – to once again find what Thomas Merton described as that “hidden wholeness?”
What should you be planning for in 2008 that will finally release your true brilliance?
Are there adjustments needed in your work, your relationships, and your thinking?
It takes courage to break free from habits, traditions and unhealthy expectations. It takes courage to live out our calling, to unleash our creativity and unique genius. It takes courage to turn away from the pack and launch out in a new, inspired direction.
But then your heart can sing, you can look people directly in the eyes and be confident of the value of your work.
If someone has to lose for you to win, you’re in the wrong business.
Be sure to see all our latest wholesale arrivals @ http://savesucash.com/
Are writing, speaking, being on radio, creating new products, coaching, connecting people and spending time with family and friends all activities that embrace my “calling,” my purpose for being here on earth?
Or have I allowed some things to creep in that are nothing more than income generators, or just worthless habits that I need to stop doing.
My goal is to determine by November 15th what 15% of my current activities that I’m going to stop. I’ve been doing this for years and have found it to be a extremely helpful process. By eliminating 15% I then open the door to bring in a new 15%.
And it’s in that new window that I was able to begin writing, starting the 48 Day Coaching Connection, enjoying unique excursions with Joanne, attending enlightening seminars and spending time at a monastery.
What about you? Are all of your activities connected to your divine purpose? Are your work and your lifestyle a reflection of your values – or have you been so busy making a living that you’ve forgotten to have a life? Are you cut off from your calling and your heart in a futile attempt to be “practical” and “responsible?”
Several years ago I spoke with a young man who was running ads in Sunday papers, “offering” jobs with the government.
He promotes highly paid positions and says jobs are waiting. Then when calls come in, the callers are high pressured into buying a course to help them prepare for the civil service exam. No jobs, no openings – just an emotional hook to get desperate people on the phone – and then manipulate them into spending money to prepare for an exam they could probably take today.
This guy feels pretty bad about what he’s doing – and only plans to do it for a couple more years. He’s making $4,000 – $6,000 a week and figures he’ll be able to do some worthwhile things with all the money he’s making.
I know another gentleman who publicly announced in church that he was going to do a reverse tithe. He was going to live on 10% of his income and give 90% to the church.
He promoted miracle medical cures, a credit repair system, and a product that addressed a loophole in the law – ran national TV ads and brought in money by the truckload.
His promotions promised things that really weren’t quite true – but he proudly gave enormous sums of money to his church for worthwhile ministries. Then to the horror of his family and friends he spent a couple of years in prison for mail fraud.
Not exactly the kind of legacy most of us want to leave.
What do you need to stop doing – to once again find what Thomas Merton described as that “hidden wholeness?”
What should you be planning for in 2008 that will finally release your true brilliance?
Are there adjustments needed in your work, your relationships, and your thinking?
It takes courage to break free from habits, traditions and unhealthy expectations. It takes courage to live out our calling, to unleash our creativity and unique genius. It takes courage to turn away from the pack and launch out in a new, inspired direction.
But then your heart can sing, you can look people directly in the eyes and be confident of the value of your work.
If someone has to lose for you to win, you’re in the wrong business.
Be sure to see all our latest wholesale arrivals @ http://savesucash.com/
Thursday, July 26, 2007
Is Business Ownership In Your Future?
The last time we met I told you about the U.S. Department of Labor’s prediction that within the next ten to fifteen years fifty percent of the American workforce will consist of home workers, independent contractors, consultants, telecommuters, freelancers, and of course, entrepreneurs.
Think about that for a moment, especially if you are a diehard nine-to-fiver who can’t imagine yourself leaving the comfort of a regular job to try something different.
The workplace of the future is either going to be an exciting or dreadful place, and it’s up to you which side of the coin you fall on.
You see, what the Labor Department doesn’t say, but I believe to be true, is that those who find themselves earning a living in non-traditional careers will do so for one of two reasons: they either freely chose to throw off the shackles of the traditional nine-to-five or they were forced to do so because they were casualties of the future’s changing work models.
Layoffs, downsizing, outsourcing, work force reduction, and position elimination: all very nice politically-correct terms that mean one thing: you had better be open to changing the way you think about work because, my brothers and sisters, the times they are a’ changing.
The point of our discussion last time focused on those of you who may one day choose the entrepreneurial path.
There is a process for going from worker bee to entrepreneur wannabe and it begins with a healthy dose of self-assessment (look inward to determine if you have what it takes to be an entrepreneur) followed by the determination of what kind of business best suits your situation and personality, how you will fund the business, and the writing of a solid business plan.
Now let’s talk about the nuts and bolts of the process: finding a location, lining up vendors, hiring and managing employees, dealing with customers, creating a marketing strategy … hmm, this could turn into a very long column. Let me see if I can abbreviate the process in four paragraphs or less.
If your business will be a brick and mortar, nothing is as important as location.
What might be a great location for a shoe store might be a horrible location for a donut shop.
What may appear to be a busy location in the morning might be a ghost town in the afternoon. You should rely on experts for this important piece of the process.
Work with a commercial realtor or business broker to find a location that meets your specific needs.
Next, if yours will be a product-driven business, your success could hinge on the quality, price, and availability of the products you sell.
You must establish strong relationships with reliable vendors who can provide an ample supply of the products your customers demand.
Always be cultivating relationships with new vendors. Never rely on a single source for products because sources have a tendency to dry up over time.
Next comes the hiring and managing of employees. Like your location and product, employees can make or break your business.
Knowledgeable employees who know the value of - and deliver - exceptional customer service are like nuggets of gold. Unfortunately, they are also as hard to find.
Don’t hire your wife’s brother or your best friend’s son. It’s easier to find a new best friend than a new customer.
Hire based on experience and expertise and train every employee well. Set expectations high and most important of all, lead by example, not by the book.
Finally, the big question: if you build it will they come? Afraid not, my new entrepreneur friend. You must have a killer marketing plan that will bring the world – or at least your piece of the world - to your door.
You can have the best product in the world, but if you don’t tell anyone about it, you won’t sell a thing.
Creating a killer marketing plan really isn’t that hard. Just ask yourself questions like: who is my target customer and what is the best way to reach them? What can I do to stand out from the crowd? What can I do differently? How can I get noticed? And how can I do that without spending an arm and leg on advertising?
Permalink
Be sure to see all our latest wholesale arrivals @ http://savesucash.com/
Think about that for a moment, especially if you are a diehard nine-to-fiver who can’t imagine yourself leaving the comfort of a regular job to try something different.
The workplace of the future is either going to be an exciting or dreadful place, and it’s up to you which side of the coin you fall on.
You see, what the Labor Department doesn’t say, but I believe to be true, is that those who find themselves earning a living in non-traditional careers will do so for one of two reasons: they either freely chose to throw off the shackles of the traditional nine-to-five or they were forced to do so because they were casualties of the future’s changing work models.
Layoffs, downsizing, outsourcing, work force reduction, and position elimination: all very nice politically-correct terms that mean one thing: you had better be open to changing the way you think about work because, my brothers and sisters, the times they are a’ changing.
The point of our discussion last time focused on those of you who may one day choose the entrepreneurial path.
There is a process for going from worker bee to entrepreneur wannabe and it begins with a healthy dose of self-assessment (look inward to determine if you have what it takes to be an entrepreneur) followed by the determination of what kind of business best suits your situation and personality, how you will fund the business, and the writing of a solid business plan.
Now let’s talk about the nuts and bolts of the process: finding a location, lining up vendors, hiring and managing employees, dealing with customers, creating a marketing strategy … hmm, this could turn into a very long column. Let me see if I can abbreviate the process in four paragraphs or less.
If your business will be a brick and mortar, nothing is as important as location.
What might be a great location for a shoe store might be a horrible location for a donut shop.
What may appear to be a busy location in the morning might be a ghost town in the afternoon. You should rely on experts for this important piece of the process.
Work with a commercial realtor or business broker to find a location that meets your specific needs.
Next, if yours will be a product-driven business, your success could hinge on the quality, price, and availability of the products you sell.
You must establish strong relationships with reliable vendors who can provide an ample supply of the products your customers demand.
Always be cultivating relationships with new vendors. Never rely on a single source for products because sources have a tendency to dry up over time.
Next comes the hiring and managing of employees. Like your location and product, employees can make or break your business.
Knowledgeable employees who know the value of - and deliver - exceptional customer service are like nuggets of gold. Unfortunately, they are also as hard to find.
Don’t hire your wife’s brother or your best friend’s son. It’s easier to find a new best friend than a new customer.
Hire based on experience and expertise and train every employee well. Set expectations high and most important of all, lead by example, not by the book.
Finally, the big question: if you build it will they come? Afraid not, my new entrepreneur friend. You must have a killer marketing plan that will bring the world – or at least your piece of the world - to your door.
You can have the best product in the world, but if you don’t tell anyone about it, you won’t sell a thing.
Creating a killer marketing plan really isn’t that hard. Just ask yourself questions like: who is my target customer and what is the best way to reach them? What can I do to stand out from the crowd? What can I do differently? How can I get noticed? And how can I do that without spending an arm and leg on advertising?
Permalink
Be sure to see all our latest wholesale arrivals @ http://savesucash.com/
Tuesday, July 24, 2007
Are You Willing To Do Whatever It Takes To Succeed In Business?
Ladies and gentleman, meet Mo, Larry, and Curly Entrepreneur. These fine fellows are here today to help answer the age old question: Why do some entrepreneurs achieve stellar success while others achieve only moderate success while still others fail in business miserably?
To level the playing field let’s pretend that each of our wily entrepreneurs all started their businesses on the exact same day, selling the exact same product at the exact same price. Let’s also pretend that they started their businesses from identical locations, with the exact same resources and funding, and with the exact same opportunities and odds for success.
Even when starting from the same place at the same point in time with the same resources and same opportunities, the results vary widely; some entrepreneurs succeed in an amazing way and others do not.
Why then does one entrepreneur, in this case Curly because he is my favorite Stooge, reach the stars while most Stooges never make it off the ground? Why does Curly get to give the crowd a “Woop, woop, woop!” while accepting the Chamber’s Small Business of the Year Award while Mo and Larry have to work as waiters at the event to help pay their bills?
Great questions, but before we explore the answers let’s take it a step further. Let’s vary the equation since no two business startups are ever really the same. Could the difference in the level of success achieved be a result of the amount of financial backing each Stooge had? Could it be that one entrepreneur was simply smarter than the others (probably not in Curly’s case)? Or perhaps it was just good old dumb luck that made the difference. Or maybe God was just tired of Mo and Larry pushing Curly around and punished them with failing businesses akin to Lot’s House of Salt.
Stooges aside, there is a very simple reason some entrepreneurs do amazingly well in business while others do not. It has nothing to do with product or location or backing or education or street smarts or dumb luck.
It’s because those who succeed in an amazing way are willing to do whatever it takes – for as long as it takes - to make their dreams come true. Those who are unwilling to do whatever it takes will ultimately fail. That’s it, end of story, thank you, drive through.
I hear it all the time from students in the entrepreneurial classes I teach and from folks who call into the radio show and from consulting clients who call my office wanting to know why their businesses are tanking.
“Tim, I’m doing everything I possibly can and the business is about to go under!”
I listen and say, “Mm hmm,” in all the appropriate places, but inevitably when I ask, “Well, are you doing this, this, this, and this,” the answer usually comes back, “No, no, no, and no.”
The bottomline is this: Curly shoots for the moon and hits it while Mo and Larry talk the talk, but fail to walk the walk. Very few people are willing to do whatever it takes for as long as it takes to succeed in business. That’s why so many businesses fail; they are started by Stooges (bless their hearts) who have no business being in business. Period.
Before you even think about starting a business ask yourself this question: are you willing to do whatever it takes for as long as it takes to succeed in business? Would you be willing to work for a year without a regular paycheck? Would you be willing to perform every task imaginable? Would you clean the toilets, mop the floors, take out the trash, wash the windows, clean out a grease trap, flip burgers, pour drinks, and deal with customers for hours on end?
Would you stay up all night writing a proposal that you have a slim chance of winning and spend the entire next day cold calling clients who won’t give you the time of day?
Would you sell your car and mortgage your house and live on rice and beans for a year to fund the business? And if that money ran out would you think up creative ways to keep the doors open or would you just shut the doors and crawl home with your tail tucked between your legs?
And would you put your last ounce of blood, sweat and tears into a dream that might or might not come true?
If the answer to any of these questions is maybe, I don’t know, or just no, I want you to hold up your hand and stick out two fingers, then poke yourself in the eyes with them.Then repeat after me, “Why I oughta… keep my day job.”
Permalink
Be sure to see all our latest wholesale arrivals @ http://savesucash.com/
To level the playing field let’s pretend that each of our wily entrepreneurs all started their businesses on the exact same day, selling the exact same product at the exact same price. Let’s also pretend that they started their businesses from identical locations, with the exact same resources and funding, and with the exact same opportunities and odds for success.
Even when starting from the same place at the same point in time with the same resources and same opportunities, the results vary widely; some entrepreneurs succeed in an amazing way and others do not.
Why then does one entrepreneur, in this case Curly because he is my favorite Stooge, reach the stars while most Stooges never make it off the ground? Why does Curly get to give the crowd a “Woop, woop, woop!” while accepting the Chamber’s Small Business of the Year Award while Mo and Larry have to work as waiters at the event to help pay their bills?
Great questions, but before we explore the answers let’s take it a step further. Let’s vary the equation since no two business startups are ever really the same. Could the difference in the level of success achieved be a result of the amount of financial backing each Stooge had? Could it be that one entrepreneur was simply smarter than the others (probably not in Curly’s case)? Or perhaps it was just good old dumb luck that made the difference. Or maybe God was just tired of Mo and Larry pushing Curly around and punished them with failing businesses akin to Lot’s House of Salt.
Stooges aside, there is a very simple reason some entrepreneurs do amazingly well in business while others do not. It has nothing to do with product or location or backing or education or street smarts or dumb luck.
It’s because those who succeed in an amazing way are willing to do whatever it takes – for as long as it takes - to make their dreams come true. Those who are unwilling to do whatever it takes will ultimately fail. That’s it, end of story, thank you, drive through.
I hear it all the time from students in the entrepreneurial classes I teach and from folks who call into the radio show and from consulting clients who call my office wanting to know why their businesses are tanking.
“Tim, I’m doing everything I possibly can and the business is about to go under!”
I listen and say, “Mm hmm,” in all the appropriate places, but inevitably when I ask, “Well, are you doing this, this, this, and this,” the answer usually comes back, “No, no, no, and no.”
The bottomline is this: Curly shoots for the moon and hits it while Mo and Larry talk the talk, but fail to walk the walk. Very few people are willing to do whatever it takes for as long as it takes to succeed in business. That’s why so many businesses fail; they are started by Stooges (bless their hearts) who have no business being in business. Period.
Before you even think about starting a business ask yourself this question: are you willing to do whatever it takes for as long as it takes to succeed in business? Would you be willing to work for a year without a regular paycheck? Would you be willing to perform every task imaginable? Would you clean the toilets, mop the floors, take out the trash, wash the windows, clean out a grease trap, flip burgers, pour drinks, and deal with customers for hours on end?
Would you stay up all night writing a proposal that you have a slim chance of winning and spend the entire next day cold calling clients who won’t give you the time of day?
Would you sell your car and mortgage your house and live on rice and beans for a year to fund the business? And if that money ran out would you think up creative ways to keep the doors open or would you just shut the doors and crawl home with your tail tucked between your legs?
And would you put your last ounce of blood, sweat and tears into a dream that might or might not come true?
If the answer to any of these questions is maybe, I don’t know, or just no, I want you to hold up your hand and stick out two fingers, then poke yourself in the eyes with them.Then repeat after me, “Why I oughta… keep my day job.”
Permalink
Be sure to see all our latest wholesale arrivals @ http://savesucash.com/
Tuesday, July 17, 2007
Does image hotlinking help your rankings in Google?
ome webmaster use a new search engine optimization practice to get high rankings on Google. They hotlink images from other web servers to rank highly in Google's image search results.
How does this work?
Google's image search doesn't just return web pages from where a picture originates. For example, the first result for "Darth Vader" returns a BlogSpot web page although the original image is stored on a .hu domain.
Search for any term on Google Images and you'll always find web pages in the results that are just linking to an image from another website.
Why does this help your rankings in the normal Google results?
Google's new Universal Search system now returns images and movies at the top at the search results for some search terms. For example, if you search for "Darth Vader", image results will be the first results in the list.
A click on these images redirects web surfers to the web page on which the image is displayed. If your website has a good ranking in Google Image search then these top rankings might also be displayed in Google's regular results for that search term:
Should you use this new method to improve your search engine rankings?
We do not recommend this new method. It is risky in several ways. If you don't have the copyright for an image, you are not allowed to use it on your own web site.
Hotlinking an image without asking the owner also exposes your site to the risk of defacement. The webmaster of the website that hosts the original image just needs to replace the original image with something rude and it will be displayed on your web site.
Hotlinking images is not long term strategy for high rankings on Google. If you want lasting results, you should optimize your web pages so that they can be found for your keywords. Also make sure that the right pages link to your website.
Axandra's Weekly Search Eninge Facts
Be sure to see all our latest wholesale arrivals @ http://savesucash.com/
How does this work?
Google's image search doesn't just return web pages from where a picture originates. For example, the first result for "Darth Vader" returns a BlogSpot web page although the original image is stored on a .hu domain.
Search for any term on Google Images and you'll always find web pages in the results that are just linking to an image from another website.
Why does this help your rankings in the normal Google results?
Google's new Universal Search system now returns images and movies at the top at the search results for some search terms. For example, if you search for "Darth Vader", image results will be the first results in the list.
A click on these images redirects web surfers to the web page on which the image is displayed. If your website has a good ranking in Google Image search then these top rankings might also be displayed in Google's regular results for that search term:
Should you use this new method to improve your search engine rankings?
We do not recommend this new method. It is risky in several ways. If you don't have the copyright for an image, you are not allowed to use it on your own web site.
Hotlinking an image without asking the owner also exposes your site to the risk of defacement. The webmaster of the website that hosts the original image just needs to replace the original image with something rude and it will be displayed on your web site.
Hotlinking images is not long term strategy for high rankings on Google. If you want lasting results, you should optimize your web pages so that they can be found for your keywords. Also make sure that the right pages link to your website.
Axandra's Weekly Search Eninge Facts
Be sure to see all our latest wholesale arrivals @ http://savesucash.com/
Friday, July 13, 2007
The Internet Tax Man Cometh
Q: I was contacted by the city tax collector to say that my business is scheduled to be audited to see if I owe sales tax on items purchased on the Internet. Can they really make me pay sales tax on internet purchase? I thought you could buy things online tax free? — Charlie B.
A: Sorry, but your local municipality is well within its rights to audit your business to identify items purchased online. The city can also demand payment of sales tax on those items if sales tax was not previously paid. Don’t be surprised if the auditor asks for access to your books and to see purchase receipts and invoices for at least the past year.
One of my companies recently underwent such an audit and it really was not as painful as you might think. Being a software company, the majority of our online purchases were for computer equipment, technical manuals, and software development tools. Since we purchase computers from a large supplier who collects sales tax at the point of sale (ditto for the development tools), the only sales tax we ended up owing was for an inordinate number of technical manuals and books purchased at Amazon.com.
If your small business is like most, the majority of your large purchases are made locally from companies that already collect sales tax. Furniture and computer equipment are typically the largest ticket items a small business buys, so unless you bought your desks and computers off of Ebay (which is highly possible these days) you should be OK.
Internet sales taxation has been a topic of contention even before Amazon sold its first book and Priceline booked its first flight. One of the more controversial points is that no one, including our own government, seems to have a clue how to implement a fair and logical Internet taxation process. With over 7,500 different local, county and state taxation systems in the United States, you can understand the controversy.
In 1998, Congress did what it usually does when faced with a potentially explosive issue like Internet tax collection — it decided to put off making a decision. Congress enacted a three-year moratorium on the collection of taxes to give an appointed advisory board time to come up with an acceptable solution. That moratorium ended in 2002 and opened the door for municipalities to begin collecting sales tax on their own.
Here in Alabama the state sales tax collection department has aired radio spots asking Alabamians to step up to - and toss dollars into - the proverbial collection plate. The commercial kindly suggests that if I have purchased anything from an online retailer, I am honor-bound to proclaim such purchases and submit the appropriate sales tax to the collection department right away. They thank me in advance for my cooperation.
So, Charlie, when the auditor shows up at your door the best thing you can do is smile politely and be totally forthcoming. The sales tax that you pay is a small price for the convenience of shopping online.
Or at least that’s what you should tell yourself as you write the auditor a check.
Permalink
Be sure to see all our latest wholesale arrivals @ http://savesucash.com/
A: Sorry, but your local municipality is well within its rights to audit your business to identify items purchased online. The city can also demand payment of sales tax on those items if sales tax was not previously paid. Don’t be surprised if the auditor asks for access to your books and to see purchase receipts and invoices for at least the past year.
One of my companies recently underwent such an audit and it really was not as painful as you might think. Being a software company, the majority of our online purchases were for computer equipment, technical manuals, and software development tools. Since we purchase computers from a large supplier who collects sales tax at the point of sale (ditto for the development tools), the only sales tax we ended up owing was for an inordinate number of technical manuals and books purchased at Amazon.com.
If your small business is like most, the majority of your large purchases are made locally from companies that already collect sales tax. Furniture and computer equipment are typically the largest ticket items a small business buys, so unless you bought your desks and computers off of Ebay (which is highly possible these days) you should be OK.
Internet sales taxation has been a topic of contention even before Amazon sold its first book and Priceline booked its first flight. One of the more controversial points is that no one, including our own government, seems to have a clue how to implement a fair and logical Internet taxation process. With over 7,500 different local, county and state taxation systems in the United States, you can understand the controversy.
In 1998, Congress did what it usually does when faced with a potentially explosive issue like Internet tax collection — it decided to put off making a decision. Congress enacted a three-year moratorium on the collection of taxes to give an appointed advisory board time to come up with an acceptable solution. That moratorium ended in 2002 and opened the door for municipalities to begin collecting sales tax on their own.
Here in Alabama the state sales tax collection department has aired radio spots asking Alabamians to step up to - and toss dollars into - the proverbial collection plate. The commercial kindly suggests that if I have purchased anything from an online retailer, I am honor-bound to proclaim such purchases and submit the appropriate sales tax to the collection department right away. They thank me in advance for my cooperation.
So, Charlie, when the auditor shows up at your door the best thing you can do is smile politely and be totally forthcoming. The sales tax that you pay is a small price for the convenience of shopping online.
Or at least that’s what you should tell yourself as you write the auditor a check.
Permalink
Be sure to see all our latest wholesale arrivals @ http://savesucash.com/
Thursday, June 28, 2007
When It Comes To Marketing Your Business Think Creatively
If your business doesn’t stand out in today’s hyper-competitive market place there’s a good chance that you won’t be in business very long. There are countless others vying for the same slice of the pie that you are. There are dozens of competitors just up the road doing all they can to get the attention of your customers and take money out of your pockets.
It’s called “marketing,” and some are probably doing a better job of it than you are and some probably worse. What can you do to position your business as the one customers notice? The secret to effective marketing is: think creatively.
Case in point: like every other struggling writer on the planet, I’ve written a book that I would like to see on the shelves at Barnes & Nobles. Now I know that the only way I can get my book in front of a big time publisher is to have it submitted by an equally big time agent. And the chances of convincing a big time agent to represent me are about one in a bazillion. Most writers have a better chance of getting eaten by a shark in the Sahara than signing with an agent who gets them a big publishing deal. Being one to never let made up statistics stop me, I forged a creative marketing plan to make sure my book (my business) was noticed.
First thought: what’s the best way to get face time with a big time agent? I knew that the normal rules of marketing would do me no good. I couldn’t run a few radio spots or buy ads in the newspaper. I had to go where the agents were; in this case a book publishing convention in Orlando, Florida. I bought my ticket, booked my plane and hotel, and waited for the time to go to Orlando and pitch my book to every agent I could find. I was prepared to pitch them standing outside a bathroom stall door if necessary (no pride here).
Then it hit me: I’d probably have less than a minute to give these agents my elevator pitch. They would be swamped with every hack writer within a ten mile radius. I had to do something different. I had to market creatively.
I knew that every other Tom, Dick and John Grisham would be shoving business cards and tattered manuscripts at these guys, so I opted to do something different. I created a business card CD that had my picture on the outside and my manuscript on the inside. It looked like a business card, but when they popped it in their computer it brought up a nice presentation starring the work of yours truly.
Did my creative marketing work?
Every agent that I gave one of my handy dandy business card CDs to said the same thing, “That’s the coolest thing I’ve ever seen! Tell me more!”
Instead of having 30 seconds to pitch them, I suddenly had their attention for five, ten, fifteen minutes. They wanted to hear more about my amazing little CD and what it contained.
By marketing creatively I not only stood out from the crowd, I caught their attention; I piqued their interest, I engaged them in actual conversation instead of the fluff conversation they were saving for less creative marketers.
What was the result of my creative marketing? I signed with an agent who popped the CD in his computer on the flight home and liked what he saw. Will my book ever grace the shelves of bookstores?
I’m happy to say that “Everything I Know About Business I Learned From My Mama” is being published by John Wiley & Sons NY and will be on bookstore shelves this June.
The best book on creative marketing I’ve ever read is by one of my favorite authors, Joe Vitale. The book is called “There’s a Customer Born Every Minute: P.T. Barnum’s Secrets to Business Success” and is available at Joe’s website at MrFire.com.
The book details the groudbreaking marketing techniques of P.T. Barnum, the father of creative marketing.
Many people mistakenly think that Barnum’s claim to fame was the circus that bears his name. Actually, Barnum got into the circus business late in life, years after he had established himself as one of the most creative marketers on the planet.
Barnum’s pride and joy was his American Museum in New York City. And his passion was finding creative ways to market it.
He took a young midget, dubbed him Tom Thumb and made him a national sensation. He brought a pair of Siamese twins to speak at the museum who grew famous and rich from Barnum’s efforts. He had an elephant plow the field on his property because there was a railroad nearby and he knew that every passenger on the train would tell everyone they knew about seeing the elephant plowing his field.
Barnum received nationwide coverage of the event and some agricultural societies even wrote to ask his advice on training elephants to farm. Barnum knew that the only way to keep his museum in business was to market creatively.
How can you use creative marketing in your business?
What can you do to stand out from your competition? What can you do to grab the attention of potential customers and mesmerize them with your message?
Elephant farming may be a stretch, but I bet if you put your brain to it, you can think of something.
Permalink
Be sure to see all our latest wholesale arrivals @ http://savesucash.com/
It’s called “marketing,” and some are probably doing a better job of it than you are and some probably worse. What can you do to position your business as the one customers notice? The secret to effective marketing is: think creatively.
Case in point: like every other struggling writer on the planet, I’ve written a book that I would like to see on the shelves at Barnes & Nobles. Now I know that the only way I can get my book in front of a big time publisher is to have it submitted by an equally big time agent. And the chances of convincing a big time agent to represent me are about one in a bazillion. Most writers have a better chance of getting eaten by a shark in the Sahara than signing with an agent who gets them a big publishing deal. Being one to never let made up statistics stop me, I forged a creative marketing plan to make sure my book (my business) was noticed.
First thought: what’s the best way to get face time with a big time agent? I knew that the normal rules of marketing would do me no good. I couldn’t run a few radio spots or buy ads in the newspaper. I had to go where the agents were; in this case a book publishing convention in Orlando, Florida. I bought my ticket, booked my plane and hotel, and waited for the time to go to Orlando and pitch my book to every agent I could find. I was prepared to pitch them standing outside a bathroom stall door if necessary (no pride here).
Then it hit me: I’d probably have less than a minute to give these agents my elevator pitch. They would be swamped with every hack writer within a ten mile radius. I had to do something different. I had to market creatively.
I knew that every other Tom, Dick and John Grisham would be shoving business cards and tattered manuscripts at these guys, so I opted to do something different. I created a business card CD that had my picture on the outside and my manuscript on the inside. It looked like a business card, but when they popped it in their computer it brought up a nice presentation starring the work of yours truly.
Did my creative marketing work?
Every agent that I gave one of my handy dandy business card CDs to said the same thing, “That’s the coolest thing I’ve ever seen! Tell me more!”
Instead of having 30 seconds to pitch them, I suddenly had their attention for five, ten, fifteen minutes. They wanted to hear more about my amazing little CD and what it contained.
By marketing creatively I not only stood out from the crowd, I caught their attention; I piqued their interest, I engaged them in actual conversation instead of the fluff conversation they were saving for less creative marketers.
What was the result of my creative marketing? I signed with an agent who popped the CD in his computer on the flight home and liked what he saw. Will my book ever grace the shelves of bookstores?
I’m happy to say that “Everything I Know About Business I Learned From My Mama” is being published by John Wiley & Sons NY and will be on bookstore shelves this June.
The best book on creative marketing I’ve ever read is by one of my favorite authors, Joe Vitale. The book is called “There’s a Customer Born Every Minute: P.T. Barnum’s Secrets to Business Success” and is available at Joe’s website at MrFire.com.
The book details the groudbreaking marketing techniques of P.T. Barnum, the father of creative marketing.
Many people mistakenly think that Barnum’s claim to fame was the circus that bears his name. Actually, Barnum got into the circus business late in life, years after he had established himself as one of the most creative marketers on the planet.
Barnum’s pride and joy was his American Museum in New York City. And his passion was finding creative ways to market it.
He took a young midget, dubbed him Tom Thumb and made him a national sensation. He brought a pair of Siamese twins to speak at the museum who grew famous and rich from Barnum’s efforts. He had an elephant plow the field on his property because there was a railroad nearby and he knew that every passenger on the train would tell everyone they knew about seeing the elephant plowing his field.
Barnum received nationwide coverage of the event and some agricultural societies even wrote to ask his advice on training elephants to farm. Barnum knew that the only way to keep his museum in business was to market creatively.
How can you use creative marketing in your business?
What can you do to stand out from your competition? What can you do to grab the attention of potential customers and mesmerize them with your message?
Elephant farming may be a stretch, but I bet if you put your brain to it, you can think of something.
Permalink
Be sure to see all our latest wholesale arrivals @ http://savesucash.com/
Tuesday, June 26, 2007
Answers To Your Business Start Up Questions
What is the attraction to start-up entrepreneurial businesses?More and more Americans are looking for greater control of their destinies and for the chance to apply personal skills to earn income. Most people are not as interested in material wealth as they are in time freedom.
According to the Small Business Administration (SBA), 60 percent of all families will have some type of home business by the year 2002. Over 800,000 Americans are starting their own businesses each year and that number is growing.
What are the key ingredients for success?The ability to Plan, Organize and Communicate. And remember, 85% of your success will originate from your people skills — attitude, enthusiasm, self-discipline, and 15% will be due to your technical skills.
Don’t most new businesses fail?Once upon a time, someone churned out the statistic that 4 out of 5 small businesses fail in their first five years of operation.
No one can trace the source of this mysterious figure, and not only is it illogical, it is totally untrue.
According to a Dun & Bradstreet census of 250,000 businesses, almost 70% of all firms that started were still around ten years later. The study pinpointed the true failure rate at less than 1% of all businesses per year.
Currently, we are gathering new information that helps us understand the information about businesses staying in business. Knowing the characteristics of entrepreneurs, they often simply choose to close a business and go on to a new one.
That does not mean that the old business was not successful or even unprofitable, they just choose to go on to a new venture.
What are the primary factors contributing to the failure of those that do fail?Managerial incompetence: A: Sales & Marketing — 48%… B: Poor cost controls — 46%
Will we really see more and more small businesses?Many of you have already experienced the downsizing of large corporations. IBM, General Motors and other American standards have cut their work forces dramatically. A recent article in Time announced an average of 1,963 job losses each day in America.
The good news is, since 1982 alone, the number of small businesses has grown by 50%, to approximately 24.5 million. In the last ten years small business has accounted for 71% of the nation’s new job growth, now adding over 2 million new jobs each year.
Small businesses employ 54% of the American work force. What we are seeing is a healthy return to the kind of business that started our country.
Are there any new ideas left to start?Experts estimate that over 80% of the products and services that we use today will be obsolete in 5 years. The airplane, tape recorder, heart valve, soft contact lens, and personal computer were all new ideas in past years.
With the changes we are experiencing in today’s market, there are thousands of opportunities for new ideas.
Keep in mind that today there are over 2 Million people working in Internet related jobs. Ten years ago no one would have been able to foresee those opportunities.
What if I’m not creative?*You don’t have to be original to be successful in business. If you can do something 10% better than it is currently being done or provide added value, you can be wildly successful.
When Dominos got in the pizza business, they did not make better or cheaper pizza, they simply added delivery to a very common product.
Meeting the desire for speed and convenience, Dominos created millionaires all across the country. Also, know that creativity is not a function of intelligence, it is a function of imagination.
If I share my idea, will someone steal it?Ideas are a dime a dozen — It’s not even the quality of the idea but rather the quality of the action plan brought to that idea that determines success. Share your idea with others, get their input.
Try your idea on friends and family. Make one prototype and see if people will buy it. Then gear up for a business supporting that idea.
Should I buy a franchise, distributorship or business opportunity?The attraction of these is that they are a tried system for a business concept.
Normally, that means a proven track to run on, marketing support and name recognition. But, buyer beware. Make sure you research carefully, so you don’t overpay for something you could do yourself.
Should I buy an existing business?If we take an average business cost of $120K — will require $40-50K down for net of 35-45K, plus “deep pockets” for operating capital.
This is generally not a very attractive proposal. Yes, there are good deals on existing business, but look closely at why the business is being sold, and are you buying “blue sky” or “goodwill” or actual tangible assets.
Is there one characteristic that is central to business success?The ability to sell — where there is no ability to sell, the finest product or service will fail.
It may be a passive method of marketing, but someone must be selling in one form or another.
Permalink
Be sure to see all our latest wholesale arrivals @ http://savesucash.com/
According to the Small Business Administration (SBA), 60 percent of all families will have some type of home business by the year 2002. Over 800,000 Americans are starting their own businesses each year and that number is growing.
What are the key ingredients for success?The ability to Plan, Organize and Communicate. And remember, 85% of your success will originate from your people skills — attitude, enthusiasm, self-discipline, and 15% will be due to your technical skills.
Don’t most new businesses fail?Once upon a time, someone churned out the statistic that 4 out of 5 small businesses fail in their first five years of operation.
No one can trace the source of this mysterious figure, and not only is it illogical, it is totally untrue.
According to a Dun & Bradstreet census of 250,000 businesses, almost 70% of all firms that started were still around ten years later. The study pinpointed the true failure rate at less than 1% of all businesses per year.
Currently, we are gathering new information that helps us understand the information about businesses staying in business. Knowing the characteristics of entrepreneurs, they often simply choose to close a business and go on to a new one.
That does not mean that the old business was not successful or even unprofitable, they just choose to go on to a new venture.
What are the primary factors contributing to the failure of those that do fail?Managerial incompetence: A: Sales & Marketing — 48%… B: Poor cost controls — 46%
Will we really see more and more small businesses?Many of you have already experienced the downsizing of large corporations. IBM, General Motors and other American standards have cut their work forces dramatically. A recent article in Time announced an average of 1,963 job losses each day in America.
The good news is, since 1982 alone, the number of small businesses has grown by 50%, to approximately 24.5 million. In the last ten years small business has accounted for 71% of the nation’s new job growth, now adding over 2 million new jobs each year.
Small businesses employ 54% of the American work force. What we are seeing is a healthy return to the kind of business that started our country.
Are there any new ideas left to start?Experts estimate that over 80% of the products and services that we use today will be obsolete in 5 years. The airplane, tape recorder, heart valve, soft contact lens, and personal computer were all new ideas in past years.
With the changes we are experiencing in today’s market, there are thousands of opportunities for new ideas.
Keep in mind that today there are over 2 Million people working in Internet related jobs. Ten years ago no one would have been able to foresee those opportunities.
What if I’m not creative?*You don’t have to be original to be successful in business. If you can do something 10% better than it is currently being done or provide added value, you can be wildly successful.
When Dominos got in the pizza business, they did not make better or cheaper pizza, they simply added delivery to a very common product.
Meeting the desire for speed and convenience, Dominos created millionaires all across the country. Also, know that creativity is not a function of intelligence, it is a function of imagination.
If I share my idea, will someone steal it?Ideas are a dime a dozen — It’s not even the quality of the idea but rather the quality of the action plan brought to that idea that determines success. Share your idea with others, get their input.
Try your idea on friends and family. Make one prototype and see if people will buy it. Then gear up for a business supporting that idea.
Should I buy a franchise, distributorship or business opportunity?The attraction of these is that they are a tried system for a business concept.
Normally, that means a proven track to run on, marketing support and name recognition. But, buyer beware. Make sure you research carefully, so you don’t overpay for something you could do yourself.
Should I buy an existing business?If we take an average business cost of $120K — will require $40-50K down for net of 35-45K, plus “deep pockets” for operating capital.
This is generally not a very attractive proposal. Yes, there are good deals on existing business, but look closely at why the business is being sold, and are you buying “blue sky” or “goodwill” or actual tangible assets.
Is there one characteristic that is central to business success?The ability to sell — where there is no ability to sell, the finest product or service will fail.
It may be a passive method of marketing, but someone must be selling in one form or another.
Permalink
Be sure to see all our latest wholesale arrivals @ http://savesucash.com/
Tuesday, June 19, 2007
Guerrilla Marketing For The Home-Based Business
Working from home gives you two immediate bonuses: You don’t pay office rent and you don’t pay wear and tear on your car to commute.
No wonder that about 2 million people a year are deciding to work at home either part or full time.
Unfortunately, many are hesitant to promote what they are doing. Recognize you are running a business - not just working from home.
Here are some no-cost marketing tips you can do:
Offer Free SeminarsIf you can speak with ease, you may be surprised at the value of free seminars on your topic or expertise. Up to 75% will become paying customers if it is done right.
Create A BrochurePut a simple brochure together to give your customers a selection of your offerings. You can do this on your computer - you may want to use some customized border paper for a professional look: www.paperdirect.com
Creat A Professional Phone MessageHave a professional sounding message on your telephone when you are not able to answer. Don’t have your cute kids create the message. You will give the impression you are not a legitimate business. Have a message about your business if someone is put on hold. Here’s help: www.ohms.com
Write a column for a local newspaper.
Give Something AwayProcter & Gamble and Chick-Fil-A have become very successful doing this. If you sell gas grills, give one to the Big Brothers program - that’s a newsworthy event. An apartment complex stayed at 100% occupancy in a neighborhood where 71% was the average. They simply offered a free car wash once a week.
Thank Your CustomersSend a thank you note to your customers. You’ll create more “top of mind” positioning.
Expand Your Product and ServicesTry to develop options. Give people at least three choices. Alternate choice has always been a powerful selling tool.
Permalink
Be sure to see all our latest wholesale arrivals @ http://savesucash.com/
No wonder that about 2 million people a year are deciding to work at home either part or full time.
Unfortunately, many are hesitant to promote what they are doing. Recognize you are running a business - not just working from home.
Here are some no-cost marketing tips you can do:
Offer Free SeminarsIf you can speak with ease, you may be surprised at the value of free seminars on your topic or expertise. Up to 75% will become paying customers if it is done right.
Create A BrochurePut a simple brochure together to give your customers a selection of your offerings. You can do this on your computer - you may want to use some customized border paper for a professional look: www.paperdirect.com
Creat A Professional Phone MessageHave a professional sounding message on your telephone when you are not able to answer. Don’t have your cute kids create the message. You will give the impression you are not a legitimate business. Have a message about your business if someone is put on hold. Here’s help: www.ohms.com
Write a column for a local newspaper.
Give Something AwayProcter & Gamble and Chick-Fil-A have become very successful doing this. If you sell gas grills, give one to the Big Brothers program - that’s a newsworthy event. An apartment complex stayed at 100% occupancy in a neighborhood where 71% was the average. They simply offered a free car wash once a week.
Thank Your CustomersSend a thank you note to your customers. You’ll create more “top of mind” positioning.
Expand Your Product and ServicesTry to develop options. Give people at least three choices. Alternate choice has always been a powerful selling tool.
Permalink
Be sure to see all our latest wholesale arrivals @ http://savesucash.com/
Friday, June 15, 2007
Entrepreneurs Learn This Lesson: Stop Sweating The Small Stuff
Is the pressure of being in business getting to you? Do you feel like you have the weight of the world on your shoulders? Do you lie awake nights with a thousand points of worry flashing through your poor, tired brain?
Welcome, my friend, to the wonderful world of entrepreneurship. Come on now, you really didn’t think it was going to be that easy, did you?
Forget all those reasons you’ve heard as to why businesses fail. It’s the pressure of entrepreneurship that sends many folks running back to the supposed security of a real job.
I’ve seen perfectly good businesses flushed down the tubes simply because the owner couldn’t handle the day-to-day pressure of keeping the doors open.
So I ask you again: is the pressure of being in business getting to you? Is worrying about your business taking up so much of your time that there’s no time left to actually work on the business?
If so, take a deep breath and count to ten because there is hope. Here’s how I went from being a chronic worrier to someone who doesn’t sweat the small stuff. And that’s what most topics of worry are: small stuff.
The first step is to make a list of everything that’s worrying you. We’re discussing business here but if you’re worrying about personal things write those down, too.
Do you have an employee who is giving you trouble? Are you afraid you can’t meet payroll next month? Are you worried about losing a big customer or not winning a big contract? Is your spouse unhappy with the number of hours you’re away from home? Write it all down.
Now divide what you’ve identified as worry topics into three categories: Past Worries (things you’re worrying about that have already happened), Present Worries (things that are happening now), and Future Worries (things that may happen in the future).
Now put a big fat X through all of the Past Worries and Future Worries you’ve listed. Forget the past. There’s nothing you can do about it now. Worrying about things that happened in the past is like a bald man pining over lost hair. If you owe someone an apology, apologize. If you owe someone a debt, make arrangements to pay it. If someone did you wrong either forgive or forget them. The past is history. Forget about it and move on.
The same is true for Future Worries. Why worry about something that hasn’t even happened yet or may never happen, at all? If there’s something looming on the horizon that is a valid point of worry you should have a plan to deal with it when it comes, not suffer in anticipation.
Worrying about tomorrow today will drive you nuts. Forget the past and prepare for the future, but don’t waste time worrying about them.
Next divide the Present Worries into two subcategories: things you can do something about and things you can’t do anything about.
Now put another big fat X through those things that you can’t do anything about. Worrying about things you can’t control is wasted worrying. You’re worried that a proposal you submitted won’t get accepted. You’re worried that a vendor might go out of business. You’re worried that a giant meteor is going to strike earth and that your building will be dead center in the strike zone.
You can’t do anything about these things except prepare to handle them if they do occur. In business you have enough legitimate things to worry about. Stop driving yourself crazy worrying about things you can’t control.
So now you have your list of present worry points that are within your control. Now prioritize them from most urgent to simply bothersome and create a plan to deal with each point.
That’s right, instead of worrying about these things take a proactive stance and create a plan to do something about them. Face the monster head on. You’ll be surprised how much better you’ll sleep at night.
If you’re afraid you can’t meet payroll next month start looking for solutions today. Can you get a line of credit to see you through the lean times? Can you get extended terms with vendors that will free up cash? Can you find an investor who will put in the money and let you pay him back over time?
Every problem has a solution. It may not be the solution you desire, but it will be a resolution that takes one thing off your plate.
Work through each point of worry until you have a plan to deal with each one. Then start dealing with them.
And if you can’t do anything about an item mark it out as something you can’t control.
This exercise will take some effort and discipline on your part, but trust me; you’ll immediately start sleeping better.
Permalink
Be sure to see all our latest wholesale arrivals @ http://savesucash.com/
Welcome, my friend, to the wonderful world of entrepreneurship. Come on now, you really didn’t think it was going to be that easy, did you?
Forget all those reasons you’ve heard as to why businesses fail. It’s the pressure of entrepreneurship that sends many folks running back to the supposed security of a real job.
I’ve seen perfectly good businesses flushed down the tubes simply because the owner couldn’t handle the day-to-day pressure of keeping the doors open.
So I ask you again: is the pressure of being in business getting to you? Is worrying about your business taking up so much of your time that there’s no time left to actually work on the business?
If so, take a deep breath and count to ten because there is hope. Here’s how I went from being a chronic worrier to someone who doesn’t sweat the small stuff. And that’s what most topics of worry are: small stuff.
The first step is to make a list of everything that’s worrying you. We’re discussing business here but if you’re worrying about personal things write those down, too.
Do you have an employee who is giving you trouble? Are you afraid you can’t meet payroll next month? Are you worried about losing a big customer or not winning a big contract? Is your spouse unhappy with the number of hours you’re away from home? Write it all down.
Now divide what you’ve identified as worry topics into three categories: Past Worries (things you’re worrying about that have already happened), Present Worries (things that are happening now), and Future Worries (things that may happen in the future).
Now put a big fat X through all of the Past Worries and Future Worries you’ve listed. Forget the past. There’s nothing you can do about it now. Worrying about things that happened in the past is like a bald man pining over lost hair. If you owe someone an apology, apologize. If you owe someone a debt, make arrangements to pay it. If someone did you wrong either forgive or forget them. The past is history. Forget about it and move on.
The same is true for Future Worries. Why worry about something that hasn’t even happened yet or may never happen, at all? If there’s something looming on the horizon that is a valid point of worry you should have a plan to deal with it when it comes, not suffer in anticipation.
Worrying about tomorrow today will drive you nuts. Forget the past and prepare for the future, but don’t waste time worrying about them.
Next divide the Present Worries into two subcategories: things you can do something about and things you can’t do anything about.
Now put another big fat X through those things that you can’t do anything about. Worrying about things you can’t control is wasted worrying. You’re worried that a proposal you submitted won’t get accepted. You’re worried that a vendor might go out of business. You’re worried that a giant meteor is going to strike earth and that your building will be dead center in the strike zone.
You can’t do anything about these things except prepare to handle them if they do occur. In business you have enough legitimate things to worry about. Stop driving yourself crazy worrying about things you can’t control.
So now you have your list of present worry points that are within your control. Now prioritize them from most urgent to simply bothersome and create a plan to deal with each point.
That’s right, instead of worrying about these things take a proactive stance and create a plan to do something about them. Face the monster head on. You’ll be surprised how much better you’ll sleep at night.
If you’re afraid you can’t meet payroll next month start looking for solutions today. Can you get a line of credit to see you through the lean times? Can you get extended terms with vendors that will free up cash? Can you find an investor who will put in the money and let you pay him back over time?
Every problem has a solution. It may not be the solution you desire, but it will be a resolution that takes one thing off your plate.
Work through each point of worry until you have a plan to deal with each one. Then start dealing with them.
And if you can’t do anything about an item mark it out as something you can’t control.
This exercise will take some effort and discipline on your part, but trust me; you’ll immediately start sleeping better.
Permalink
Be sure to see all our latest wholesale arrivals @ http://savesucash.com/
Tuesday, June 12, 2007
Can You Really Work Less and Accomplish More?
Great musicians claim that their music comes to life because of the spaces between the notes.
Artists use the dark areas to bring the colors to life. Similarly, the spaces between your hardest working efforts allow ideas and solutions to incubate and grow.
When Leonardo da Vinci was working on The Last Supper, he spent many days on the scaffold, painting from dawn till dusk; then, without warning, he would take a break for a few days.
The prior of Santa Maria delle Grazie who contracted for his services was not amused. He would beg Leonardo to continue with the work. He preferred that Leonardo be “just like the labourers hoeing in the garden, never to have laid down his brush.”
Leonardo tried to persuade the old gentleman that “the greatest geniuses sometimes accomplish more then they work less.”
A few minutes ago, while I was writing this item, some tree trimmers nearby cut our power line. After my initial thoughts of “arggghhX@#!,” I went outside to find a gorgeous sunny fall day, fed a treat to our fish, walked back on our nature trail, saw a neighbor who informed me they’re expecting a new baby this week, and chatted briefly with the tree trimmers (they anticipated my anger but by then I choose to compliment them on the work they were doing).
Then my wife Joanne and I enjoyed a lite lunch on our front deck, undisturbed by phones and computers.
By the time I returned to find the power restored, I had several new ideas that had come to mind.
Although you may not find your boss accepting of the idea that “the greatest geniuses sometimes accomplish more when they work less,” this process is as natural as inhaling and exhaling in our breathing.
Welcome the planned or unexpected rhythms in your life as periods of incubation for your greatest accomplishments.
Permalink
Be sure to see all our latest wholesale arrivals @ http://savesucash.com/
Artists use the dark areas to bring the colors to life. Similarly, the spaces between your hardest working efforts allow ideas and solutions to incubate and grow.
When Leonardo da Vinci was working on The Last Supper, he spent many days on the scaffold, painting from dawn till dusk; then, without warning, he would take a break for a few days.
The prior of Santa Maria delle Grazie who contracted for his services was not amused. He would beg Leonardo to continue with the work. He preferred that Leonardo be “just like the labourers hoeing in the garden, never to have laid down his brush.”
Leonardo tried to persuade the old gentleman that “the greatest geniuses sometimes accomplish more then they work less.”
A few minutes ago, while I was writing this item, some tree trimmers nearby cut our power line. After my initial thoughts of “arggghhX@#!,” I went outside to find a gorgeous sunny fall day, fed a treat to our fish, walked back on our nature trail, saw a neighbor who informed me they’re expecting a new baby this week, and chatted briefly with the tree trimmers (they anticipated my anger but by then I choose to compliment them on the work they were doing).
Then my wife Joanne and I enjoyed a lite lunch on our front deck, undisturbed by phones and computers.
By the time I returned to find the power restored, I had several new ideas that had come to mind.
Although you may not find your boss accepting of the idea that “the greatest geniuses sometimes accomplish more when they work less,” this process is as natural as inhaling and exhaling in our breathing.
Welcome the planned or unexpected rhythms in your life as periods of incubation for your greatest accomplishments.
Permalink
Be sure to see all our latest wholesale arrivals @ http://savesucash.com/
Wednesday, May 23, 2007
48 Ways To Grow Your Business
Many of you are looking for ways to promote your business product or service without spending a lot of money. Here are 48 things I’ve done to promote my business with no advertising budget.
Give your service away for free – with caution.
Lead a workshop through your local church, Chamber of Commerce, or civic group.
Start a free newsletter.
Create a 20, 40 and 60-minute presentation on your area of expertise.
Speak to a group 2-3 times a month.
Host a bonfire and brainstorming bash on your topic area.
Send an op-ed piece to your local newspaper or business publication.
Submit an article to 30 different magazines and newspapers. Use the Writer’s Market for leads: Writer’s Market
Send out press releases: Press Releases
Do something newsworthy.
Give away a one-hundred point check-list for success in your area of expertise.
Give away free audio CDs on your specialty. Tell people everything you know about achieving success in that area.
Develop an customer intake information form.
Offer to help someone in the news who could use your help.
Be an expert on a local radio show.
Join a local professional organization.
Have three basic programs and pricing packages.
Be clear on what you can and cannot provide.
Identify 30-40 referral sources. Become a resource of information for them.
Immediately acknowledge a referral.
Send creative thank-you gifts to referrals.
If you are looking for corporate clients, use Nurture Marketing: Nurture Marketing
Practice the skill of converting leads to clients.
Underpromise – Overdeliver.
Develop a great logo:
Use Fusion Marketing. Identify other companies that have the same kind of target clients and the same standards of excellence that you have.
Experiment with talk radio ads.
Find targeted mailing lists. USA Data Lots of them available.
Have an exhibit booth at connected trade shows.
Check prominent speakers’ schedules. Often there is an opportunity to have a booth at the back of the room.
Continue contact with your customers. Do 90-day, 6-month checkups.
Have an updated website for easy access to information.
Send birthday cards, anniversary of first purchase, benchmarks, etc.
Join three organizations whose members would be ideal clients for you.
Have clear personal goals – and honor them for success in all life areas.
Have lunch twice a week with someone you can learn from.
Write at least one note of encouragement each day to someone.
Generate so many business requests that you can comfortably select where you will be most effective – and then refer the rest to other appropriate businesses.
Ask for the order – be fearless; you’ve got to close the sale!
Get to know the top competitors in your field.
Email communication with 10 other people doing the same thing you are this month.
Have a personal MasterMind group or group of advisors.
Be extremely intentional about the use of your time. Plan for research and reading, personal growth, relaxation, physical health, etc.
Recognize that 20% of your work time in the first year should be spent in marketing.
Attend 2-3 major conferences each year.
Read 3-4 magazines each month. You need to stay informed for intelligent conversations with your clients. Try Fast Company, INC, Success, Entrepreneur.
Start a great magazine in your specialty.
Have an amazing “Elevator Speech.”
You don’t have to do all 48. Just pick 4-5 and do them very well.
Permalink
Be sure to see all our latest wholesale arrivals @ http://savesucash.com/
Give your service away for free – with caution.
Lead a workshop through your local church, Chamber of Commerce, or civic group.
Start a free newsletter.
Create a 20, 40 and 60-minute presentation on your area of expertise.
Speak to a group 2-3 times a month.
Host a bonfire and brainstorming bash on your topic area.
Send an op-ed piece to your local newspaper or business publication.
Submit an article to 30 different magazines and newspapers. Use the Writer’s Market for leads: Writer’s Market
Send out press releases: Press Releases
Do something newsworthy.
Give away a one-hundred point check-list for success in your area of expertise.
Give away free audio CDs on your specialty. Tell people everything you know about achieving success in that area.
Develop an customer intake information form.
Offer to help someone in the news who could use your help.
Be an expert on a local radio show.
Join a local professional organization.
Have three basic programs and pricing packages.
Be clear on what you can and cannot provide.
Identify 30-40 referral sources. Become a resource of information for them.
Immediately acknowledge a referral.
Send creative thank-you gifts to referrals.
If you are looking for corporate clients, use Nurture Marketing: Nurture Marketing
Practice the skill of converting leads to clients.
Underpromise – Overdeliver.
Develop a great logo:
Use Fusion Marketing. Identify other companies that have the same kind of target clients and the same standards of excellence that you have.
Experiment with talk radio ads.
Find targeted mailing lists. USA Data Lots of them available.
Have an exhibit booth at connected trade shows.
Check prominent speakers’ schedules. Often there is an opportunity to have a booth at the back of the room.
Continue contact with your customers. Do 90-day, 6-month checkups.
Have an updated website for easy access to information.
Send birthday cards, anniversary of first purchase, benchmarks, etc.
Join three organizations whose members would be ideal clients for you.
Have clear personal goals – and honor them for success in all life areas.
Have lunch twice a week with someone you can learn from.
Write at least one note of encouragement each day to someone.
Generate so many business requests that you can comfortably select where you will be most effective – and then refer the rest to other appropriate businesses.
Ask for the order – be fearless; you’ve got to close the sale!
Get to know the top competitors in your field.
Email communication with 10 other people doing the same thing you are this month.
Have a personal MasterMind group or group of advisors.
Be extremely intentional about the use of your time. Plan for research and reading, personal growth, relaxation, physical health, etc.
Recognize that 20% of your work time in the first year should be spent in marketing.
Attend 2-3 major conferences each year.
Read 3-4 magazines each month. You need to stay informed for intelligent conversations with your clients. Try Fast Company, INC, Success, Entrepreneur.
Start a great magazine in your specialty.
Have an amazing “Elevator Speech.”
You don’t have to do all 48. Just pick 4-5 and do them very well.
Permalink
Be sure to see all our latest wholesale arrivals @ http://savesucash.com/
Sunday, May 20, 2007
How To Go From Worker Bee To Entreprenuer Wannabe
When it comes to careers and business, my radio show partner and author of the best selling career advice book “48 Days To The Work You Love”, Dan Miller, is a walking, talking encyclopedia of precise industry statistics.
While I’ve always been comfortable using such statistically noncommittal terms as “many, most, and some,” Dan prefers to remember and espouse accurate numbers.
I’ve told him time and again that most people don’t mind fuzzy statistics. He keeps telling me that 58.9 percent prefer to have accurate numbers. Who can argue with math like that?
For example, Dan tells me that the U.S. Bureau of Labor Statistics predicts that within the next 10 to 15 years 50% of the American workforce will be working in non-traditional careers.
Instead of being a nation of nine-to-fivers we will be moving toward a union of consultants, freelancers, contractors, temporary workers, and telecommuters; and don’t forget part-time and fulltime entrepreneurs.
Other surveys over the years have shown that a good portion (sorry Dan) of Americans dream of starting their own business.
And who would expect them to wish otherwise. Business ownership is, after all, the American Dream, the pathway to success, the road to financial freedom: for some people (and no, I don’t know the exact number, Dan).
What the surveys don’t say is that the majority of those people who yearn to be entrepreneurs aren’t qualified to start a business and even if they did make it past the initial startup phase they’d be out of business within a year.
So if you’re among those who are contemplating a move into business now or in the future how can you be sure if it’s the right move for you? Before you chuck an absolutely good career working for someone else to chase your own business dreams, you need to figure out if the life of an entrepreneur and the running of a business are really for you.
I’m often asked if there is a process that one should follow to go from worker bee to entrepreneur wannabe (a process rather than just “diving in head first” as it were). There is a process and it begins with a huge dose of self-assessment.
You should take stock of where you are in life; what your responsibilities and commitments are; who you are as a person; what your passions, talents, goals, and skills are; and most importantly, what makes you happy.
Forget all that hogwash about starting a business to be your own boss and to be financially independent. The only legitimate, long term reason to start a business is because that’s what makes you happy. If the comfort of a 9-to-5 paycheck makes you happy, keep your job. It’s as simple as that.
So let’s look at the process beginning with the first question you should ask yourself: Are you really cut out to be an entrepreneur?
Not everyone is physically, emotionally or mentally equipped be an entrepreneur and even if you think you are at this moment, you could be wrong in the long run. We’ve discussed entrepreneurial traits and skills several times before so I won’t go into great detail here.
Step two in the process is to decide what kind of business best suits you.
Don’t pick a business just because you think it’s easy to get into or is the most lucrative or has the best chance for success or offers the greatest rewards. You should choose a business because it fits your personality and goals.
Remember that happiness thing I mentioned earlier? You could have a thriving cash cow business, but if it’s a business that you hate running with customers that you hate dealing staffed by employees you can’t seem to manage, the money is not worth the heartburn.
Step three is figuring out how to fund the business you’ve chosen.
This is the brick wall that repels most new entrepreneurs. Many business ideas have died while waiting on funding.
You can go the traditional routes of raising money: use your savings, tap into friends and family, mortgage your house, cash in your 401K, seek angel investors and venture capitalists. All have their advantages and disadvantages.
I’m a huge fan of bootstrapping, i.e. starting with as little out of pocket money as possible and using creative strategies like partnering, extended credit terms, bartering, and vendor financing to fund and grow the business.
Step four is to write a detailed business plan. Again, this is a subject I’ve covered in-depth several times over the years, so I won’t go into great detail.
There are lots of books and software packages that can help you create a business plan. You can also contact organizations like SCORE and the Women’s Business Center for assistance.
Next time we’ll continue this discussion and look at the remaining steps in the process like finding a location, lining up relationships with vendors and distributors, creating a marketing plan, hiring employees, and a few other things that will help you get started.
I’m sure most of you (probably 72.5%) just can’t wait for that.
Permalink
Be sure to see all our latest wholesale arrivals @ http://savesucash.com/
While I’ve always been comfortable using such statistically noncommittal terms as “many, most, and some,” Dan prefers to remember and espouse accurate numbers.
I’ve told him time and again that most people don’t mind fuzzy statistics. He keeps telling me that 58.9 percent prefer to have accurate numbers. Who can argue with math like that?
For example, Dan tells me that the U.S. Bureau of Labor Statistics predicts that within the next 10 to 15 years 50% of the American workforce will be working in non-traditional careers.
Instead of being a nation of nine-to-fivers we will be moving toward a union of consultants, freelancers, contractors, temporary workers, and telecommuters; and don’t forget part-time and fulltime entrepreneurs.
Other surveys over the years have shown that a good portion (sorry Dan) of Americans dream of starting their own business.
And who would expect them to wish otherwise. Business ownership is, after all, the American Dream, the pathway to success, the road to financial freedom: for some people (and no, I don’t know the exact number, Dan).
What the surveys don’t say is that the majority of those people who yearn to be entrepreneurs aren’t qualified to start a business and even if they did make it past the initial startup phase they’d be out of business within a year.
So if you’re among those who are contemplating a move into business now or in the future how can you be sure if it’s the right move for you? Before you chuck an absolutely good career working for someone else to chase your own business dreams, you need to figure out if the life of an entrepreneur and the running of a business are really for you.
I’m often asked if there is a process that one should follow to go from worker bee to entrepreneur wannabe (a process rather than just “diving in head first” as it were). There is a process and it begins with a huge dose of self-assessment.
You should take stock of where you are in life; what your responsibilities and commitments are; who you are as a person; what your passions, talents, goals, and skills are; and most importantly, what makes you happy.
Forget all that hogwash about starting a business to be your own boss and to be financially independent. The only legitimate, long term reason to start a business is because that’s what makes you happy. If the comfort of a 9-to-5 paycheck makes you happy, keep your job. It’s as simple as that.
So let’s look at the process beginning with the first question you should ask yourself: Are you really cut out to be an entrepreneur?
Not everyone is physically, emotionally or mentally equipped be an entrepreneur and even if you think you are at this moment, you could be wrong in the long run. We’ve discussed entrepreneurial traits and skills several times before so I won’t go into great detail here.
Step two in the process is to decide what kind of business best suits you.
Don’t pick a business just because you think it’s easy to get into or is the most lucrative or has the best chance for success or offers the greatest rewards. You should choose a business because it fits your personality and goals.
Remember that happiness thing I mentioned earlier? You could have a thriving cash cow business, but if it’s a business that you hate running with customers that you hate dealing staffed by employees you can’t seem to manage, the money is not worth the heartburn.
Step three is figuring out how to fund the business you’ve chosen.
This is the brick wall that repels most new entrepreneurs. Many business ideas have died while waiting on funding.
You can go the traditional routes of raising money: use your savings, tap into friends and family, mortgage your house, cash in your 401K, seek angel investors and venture capitalists. All have their advantages and disadvantages.
I’m a huge fan of bootstrapping, i.e. starting with as little out of pocket money as possible and using creative strategies like partnering, extended credit terms, bartering, and vendor financing to fund and grow the business.
Step four is to write a detailed business plan. Again, this is a subject I’ve covered in-depth several times over the years, so I won’t go into great detail.
There are lots of books and software packages that can help you create a business plan. You can also contact organizations like SCORE and the Women’s Business Center for assistance.
Next time we’ll continue this discussion and look at the remaining steps in the process like finding a location, lining up relationships with vendors and distributors, creating a marketing plan, hiring employees, and a few other things that will help you get started.
I’m sure most of you (probably 72.5%) just can’t wait for that.
Permalink
Be sure to see all our latest wholesale arrivals @ http://savesucash.com/
Friday, May 11, 2007
The Business of Identity Theft
Q: I use PayPal to accept credit cards for my online collectibles business. I recently received an email that my PayPal account was going to expire in five days if I didn’t click a link in the email and give them my PayPal account information. Being naturally paranoid I decided not to give this information and I’m happy to say that my PayPal account did not expire. Was this a scam? — Brenda A.
A: Be thankful that your paranoia kicked in, Brenda, because you were about to fall victim to the scam of the week, this one aimed at the 35 million merchants and individuals who use Paypal.com as their online payment processor.
The email you received was not from PayPal, but from an Internet bad guy behind a forged email address using the PayPal.com domain. You should understand that no reputable online company will ever ask you to provide your account information. Think about it. They already have this information. Why would they ask you to provide it.
Since I use PayPal for several of my online ventures, I, too, received the email in question. The email first seeks to instill fear in you by saying that your PayPal account will be closed if you do not provide personal information. You are then directed to open an attached executable file and enter your PayPal account information and other personal information that PayPal doesn’t even require, including your social security number, checking and savings account information, driver’s license number, and other personal information that can be used to clean out your PayPal account and perhaps even steal your identity.
If you’re not familiar with PayPal, it is a hugely successful, web-based company (purchased by eBay in 2002) that many online retailers and eBay sellers use to accept electronic payments for everything from newsletter subscriptions to consulting services to just about any product for sale on eBay.
The allure of PayPal is that it does not require the seller to have a bank merchant account through which to process credit cards. Anyone with a verifiable email address and bank account can use PayPal and the service can be implemented almost immediately after registering.
When someone places an order on a website that uses PayPal for online payments, that customer is directed to PayPal.com to complete the payment process using a credit card or electronic check. The merchant can transfer the money collected in his PayPal account to his checking account any time he likes. Since many larger merchants make this transfer just once a week or so, their PayPal accounts are ripe for the picking from those who have the cunning and lack of ethics required to gain access.
The shear number of PayPal customers is one reason it has become a popular target of scam artists trying to steal personal information from individuals and businesses alike.
Identify theft is on the rise. Thanks to the Internet stealing someone’s identity has never been easier. At any given moment, there are any number of Internet thieves using all manner of high tech wizardry to steal personal and business information from unsuspecting souls, and many times they can gain access to this information simply by asking the person to provide it through fraudulent means.
The PayPal scam is just the latest in a long line of sophisticated attempts to steal personal information through online means, Amazon, eBay, Dell Computer, and many others have been the brunt of many such scams in recent years.
Identity theft is what’s known as a knowledge crime, which means that the criminal doesn’t have to break into your house to rob you blind. If you have a bank account and a social security number, you are susceptible to identity theft.
While most people are familiar with identity theft, most business men and women never think about it happening to them, at least on a professional level. Consider this: if a criminal can learn your business checking account number or the number of your company credit card, they can steal far more from your business than if they had simply knocked down the door and carted off your desk.
The Internet aside, most business and personal identity theft is still the result of stolen wallets and dumpster diving. You should guard your business records closely and be very careful what you throw away. Stop and think for a moment what a criminal might find in the dumpster behind your office.
There’s a good chance that dumpster has, at various times, contained scraps of paper with your social security number, driver’s license number, credit card number, old ATM cards, telephone calling cards, and other pieces of vital business information like bank statements, invoices, and purchase orders. A dumpster-diving thief could literally rob your business blind in a matter of hours.
Here are a few ways to protect yourself from business and personal identity theft.
* Never give out your first name, last name, business name, email address, account passwords, credit card numbers, bank account information, PIN number, social security number, or driver’s license number.
* Change your online account passwords every 30 days. Believe it or not, a hacker who steals your personal information can guess your online account passwords in about two minutes. If your Charles Schwab online account password is your birthday or the name of your first born or family pet, count on a hacker cracking that code faster than you can say ‘Bill Gates.’
* Never provide personal information in response to an email or telephone call. Just because someone calls and says they are from Dunn & Bradstreet and need to confirm your business information does not mean they are really from Dunn & Bradstreet.
* Never give your business credit card number over the phone to place an order with someone who has called you unsolicited. If you are interested in what they are selling get their number, check out their company, then call them back to place the order.
If you think that you have become the victim of identity theft or think someone is trying to steal your identity or personal information you should report them immediately to the Federal Trade Commission. You will find more information on their website at http://www.consumer.gov/idtheft/. For more information on what to do if identity theft happens to you visit http://www.privacyrights.org/fs/fs17a.htm.
So, if you ever receive an email from PayPal, Amazon, eBay, or any other ecommerce website asking you to update your account information by email you can pretty much bet the farm that it is a scam.
In business, as in life, a little paranoia is a good thing.
Permalink
Be sure to see all our latest wholesale arrivals @ http://savesucash.com/
A: Be thankful that your paranoia kicked in, Brenda, because you were about to fall victim to the scam of the week, this one aimed at the 35 million merchants and individuals who use Paypal.com as their online payment processor.
The email you received was not from PayPal, but from an Internet bad guy behind a forged email address using the PayPal.com domain. You should understand that no reputable online company will ever ask you to provide your account information. Think about it. They already have this information. Why would they ask you to provide it.
Since I use PayPal for several of my online ventures, I, too, received the email in question. The email first seeks to instill fear in you by saying that your PayPal account will be closed if you do not provide personal information. You are then directed to open an attached executable file and enter your PayPal account information and other personal information that PayPal doesn’t even require, including your social security number, checking and savings account information, driver’s license number, and other personal information that can be used to clean out your PayPal account and perhaps even steal your identity.
If you’re not familiar with PayPal, it is a hugely successful, web-based company (purchased by eBay in 2002) that many online retailers and eBay sellers use to accept electronic payments for everything from newsletter subscriptions to consulting services to just about any product for sale on eBay.
The allure of PayPal is that it does not require the seller to have a bank merchant account through which to process credit cards. Anyone with a verifiable email address and bank account can use PayPal and the service can be implemented almost immediately after registering.
When someone places an order on a website that uses PayPal for online payments, that customer is directed to PayPal.com to complete the payment process using a credit card or electronic check. The merchant can transfer the money collected in his PayPal account to his checking account any time he likes. Since many larger merchants make this transfer just once a week or so, their PayPal accounts are ripe for the picking from those who have the cunning and lack of ethics required to gain access.
The shear number of PayPal customers is one reason it has become a popular target of scam artists trying to steal personal information from individuals and businesses alike.
Identify theft is on the rise. Thanks to the Internet stealing someone’s identity has never been easier. At any given moment, there are any number of Internet thieves using all manner of high tech wizardry to steal personal and business information from unsuspecting souls, and many times they can gain access to this information simply by asking the person to provide it through fraudulent means.
The PayPal scam is just the latest in a long line of sophisticated attempts to steal personal information through online means, Amazon, eBay, Dell Computer, and many others have been the brunt of many such scams in recent years.
Identity theft is what’s known as a knowledge crime, which means that the criminal doesn’t have to break into your house to rob you blind. If you have a bank account and a social security number, you are susceptible to identity theft.
While most people are familiar with identity theft, most business men and women never think about it happening to them, at least on a professional level. Consider this: if a criminal can learn your business checking account number or the number of your company credit card, they can steal far more from your business than if they had simply knocked down the door and carted off your desk.
The Internet aside, most business and personal identity theft is still the result of stolen wallets and dumpster diving. You should guard your business records closely and be very careful what you throw away. Stop and think for a moment what a criminal might find in the dumpster behind your office.
There’s a good chance that dumpster has, at various times, contained scraps of paper with your social security number, driver’s license number, credit card number, old ATM cards, telephone calling cards, and other pieces of vital business information like bank statements, invoices, and purchase orders. A dumpster-diving thief could literally rob your business blind in a matter of hours.
Here are a few ways to protect yourself from business and personal identity theft.
* Never give out your first name, last name, business name, email address, account passwords, credit card numbers, bank account information, PIN number, social security number, or driver’s license number.
* Change your online account passwords every 30 days. Believe it or not, a hacker who steals your personal information can guess your online account passwords in about two minutes. If your Charles Schwab online account password is your birthday or the name of your first born or family pet, count on a hacker cracking that code faster than you can say ‘Bill Gates.’
* Never provide personal information in response to an email or telephone call. Just because someone calls and says they are from Dunn & Bradstreet and need to confirm your business information does not mean they are really from Dunn & Bradstreet.
* Never give your business credit card number over the phone to place an order with someone who has called you unsolicited. If you are interested in what they are selling get their number, check out their company, then call them back to place the order.
If you think that you have become the victim of identity theft or think someone is trying to steal your identity or personal information you should report them immediately to the Federal Trade Commission. You will find more information on their website at http://www.consumer.gov/idtheft/. For more information on what to do if identity theft happens to you visit http://www.privacyrights.org/fs/fs17a.htm.
So, if you ever receive an email from PayPal, Amazon, eBay, or any other ecommerce website asking you to update your account information by email you can pretty much bet the farm that it is a scam.
In business, as in life, a little paranoia is a good thing.
Permalink
Be sure to see all our latest wholesale arrivals @ http://savesucash.com/
Wednesday, May 2, 2007
Protect Your Ideas With Copyrights and Patents
: Can you tell me the difference between a copyright and a patent? Also is that something I should let a lawyer handle for me?A: A wise man once said, “The biggest difference between a copyright and a patent is the number of lawyers it takes to do the paperwork.” There is a point to be made there, mainly that if this wise man had paid his attorney to copyright that tidbit of wisdom I probably would have had to pay him five bucks to use the quote.
Copyrights, trademarks and patents are similar in that they are designed by law to protect your rights of ownership, but that’s where the similarity ends. A copyright protects a creative work; a trademark protects a brand or company identity; and a patent protects an invention or process.
A copyright protects the rights of anyone who creates an “original work of authorship.” A copyright owner has the exclusive right to reproduce the work; prepare spin-off works based on the copyrighted work; and to sell, perform and/or display the copyrighted work in public.
Copyright protection is afforded to eight categories of creative works: literary works (the written word); musical works (lyrics, music, melodies); dramatic works (plays, scripts, screenplays); artistic works (pictorial and sculptural), sound recordings (LPs, CDs, audio tapes); choreographic works (dance, pantomime); audiovisual works; and architectural works (blueprints, designs, renderings).
An original work is automatically copyrighted the moment it is put into a fixed format such as a paper copy or recording. In other words, once you put your original story in writing or make a recording of an original song, your copyright is automatically secured. From that moment on your work has copyright protection for your lifetime, plus 50 years after your death.
Registering a work with the U.S. Copyright Office is not required, but since it is relatively simple and inexpensive to do so, I advise that you register a copyright for each work you wish to protect. Also, your copyright must be registered in order to take legal action against someone who might infringe on the copyright in the future.
You can register a copyright without the assistance of an attorney. Simply visit the U.S. Copyright office website at http://lcweb.loc.gov/copyright/ and download the appropriate form. Complete the form and send it in with a $30 nonrefundable filing fee. This must be done for each individual work you wish to protect.
A patent is a form of protection granted to an inventor that protects his invention in the United States for up to 20 years from the date of application. Patent law states that, “whoever invents or discovers any new and useful process, machine, manufacture, composition of matter, or any new and useful improvements thereof may obtain a patent.” Owning a patent gives you the legal right to stop someone else from making, using or selling your invention (or one that’s very close to it) without your permission. However, proving that someone is infringing on your patent is often difficult and usually requires a trial to settle the dispute.
Since the first U.S. patent was awarded in 1790, more than five million patents have been awarded. The patent office receives more than 230,000 patent applications every year and I can tell you from personal experience that a turtle on Prozac moves faster than the patent process. Patents can take several years, truckloads of paperwork, and considerable legal fees to obtain. The cost of obtaining a patent can run from $500 for a simple design patent to $50,000 and more for a complex utility patent. However, if your company has a truly patentable idea, you would be wise to invest the time and money required to secure your rights. A good patent can be a valuable business asset.
While you can file a patent yourself, I strongly advise that you use an attorney since a naively written patent application often isn’t worth the paper it’s printed on. Just recently my attorney did a patent search for me only to discover that a patent for a similar product was already in place. However, due to the ineffectual language of the patent application, the patent was practically impossible for the owner to enforce.
Good news for me. Not so good news for the wise man who wrote his own patent.
Here’s to your success!
Permalink
Be sure to see all our latest wholesale arrivals @ http://savesucash.com/
Copyrights, trademarks and patents are similar in that they are designed by law to protect your rights of ownership, but that’s where the similarity ends. A copyright protects a creative work; a trademark protects a brand or company identity; and a patent protects an invention or process.
A copyright protects the rights of anyone who creates an “original work of authorship.” A copyright owner has the exclusive right to reproduce the work; prepare spin-off works based on the copyrighted work; and to sell, perform and/or display the copyrighted work in public.
Copyright protection is afforded to eight categories of creative works: literary works (the written word); musical works (lyrics, music, melodies); dramatic works (plays, scripts, screenplays); artistic works (pictorial and sculptural), sound recordings (LPs, CDs, audio tapes); choreographic works (dance, pantomime); audiovisual works; and architectural works (blueprints, designs, renderings).
An original work is automatically copyrighted the moment it is put into a fixed format such as a paper copy or recording. In other words, once you put your original story in writing or make a recording of an original song, your copyright is automatically secured. From that moment on your work has copyright protection for your lifetime, plus 50 years after your death.
Registering a work with the U.S. Copyright Office is not required, but since it is relatively simple and inexpensive to do so, I advise that you register a copyright for each work you wish to protect. Also, your copyright must be registered in order to take legal action against someone who might infringe on the copyright in the future.
You can register a copyright without the assistance of an attorney. Simply visit the U.S. Copyright office website at http://lcweb.loc.gov/copyright/ and download the appropriate form. Complete the form and send it in with a $30 nonrefundable filing fee. This must be done for each individual work you wish to protect.
A patent is a form of protection granted to an inventor that protects his invention in the United States for up to 20 years from the date of application. Patent law states that, “whoever invents or discovers any new and useful process, machine, manufacture, composition of matter, or any new and useful improvements thereof may obtain a patent.” Owning a patent gives you the legal right to stop someone else from making, using or selling your invention (or one that’s very close to it) without your permission. However, proving that someone is infringing on your patent is often difficult and usually requires a trial to settle the dispute.
Since the first U.S. patent was awarded in 1790, more than five million patents have been awarded. The patent office receives more than 230,000 patent applications every year and I can tell you from personal experience that a turtle on Prozac moves faster than the patent process. Patents can take several years, truckloads of paperwork, and considerable legal fees to obtain. The cost of obtaining a patent can run from $500 for a simple design patent to $50,000 and more for a complex utility patent. However, if your company has a truly patentable idea, you would be wise to invest the time and money required to secure your rights. A good patent can be a valuable business asset.
While you can file a patent yourself, I strongly advise that you use an attorney since a naively written patent application often isn’t worth the paper it’s printed on. Just recently my attorney did a patent search for me only to discover that a patent for a similar product was already in place. However, due to the ineffectual language of the patent application, the patent was practically impossible for the owner to enforce.
Good news for me. Not so good news for the wise man who wrote his own patent.
Here’s to your success!
Permalink
Be sure to see all our latest wholesale arrivals @ http://savesucash.com/
Friday, April 13, 2007
Do You Pay Taxes On eBay Income?
Q: I read your last column about paying income tax on eBay sales if you are doing it as a business, but as someone who only sells on eBay occasionally I’m still confused if the IRS rules apply to me. Can you tell me more?– Norman L.
A: Last week’s column on whether you were required to report income earned from eBay sales to the IRS sparked a number of additional questions and comments from eBay sellers who were hoping that I could somehow validate that their eBay activities were mere hobbies instead of actual businesses and therefore not susceptible to IRS taxation.
Several folks argued that just because their little eBay hobby generated a little cash, that didn’t make it a full blown business. It seems they consider the income from their little hobby to be financial manna from Heaven and thereby not taxable by earthly tax collectors. I’ve always been amused by folks who try to impress me with talk about their “little side business” but when the subject turns to taxes they suddenly refer to it as “my little hobby.”
All kidding aside, the conclusion that I came to after reading each email was always the same: while you may think selling on eBay is just a fun pastime and the money you’re making is not reportable as income, depending on the circumstances, the IRS would probably disagree with you. It seems that everyone likes making money, but hates carving off a piece for good old Uncle Sam. Welcome to free enterprise, folks. If you’re going to come to the dance you have to pay the fiddler.
The IRS rules are clear: you must pay taxes on all personal and business income and that includes money you make selling on Ebay.
In its most basic sense, the IRS rules can be interpreted to mean that if you buy an old vase at a garage sale for $10 and sell it on eBay (or elsewhere) for $20 you made a $10 profit and therefore must report it as income and pay Uncle Sam his fair share.
In reality, if you are a casual seller who only sells a few items on eBay every now and then it’s doubtful the IRS is going to let loose an army of agents to collect taxes on the few bucks you make. However, if you consistently sell on eBay the IRS may deem your activities to be business oriented and you will be required to file a Schedule C and claim the income.
As mentioned last week, the IRS uses a number of factors to determine if an eBay hobby that generates sales revenue is actually a business.
These factors include: - Do you carry on the hobby in a business-like manner? - Do you spend considerable time working on the hobby? - Do you depend on income from your hobby for your livelihood?
If the answer to any or all of these question is yes, you’re running a business, not carrying on a hobby, and you are responsible for paying taxes on your income.
What’s eBay’s take on all this? Naturally eBay is vehemently opposed to anything that might rock the eBay boat. eBay does not does not issue 1099 tax forms to sellers, nor does it report seller’s sales figures to the IRS.
Ebay considers itself merely to be a facilitator, meaning that they provide a marketplace in which buyers and sellers come together to do business.
Furthermore, under it’s current system it would be impossible for eBay to issue accurate 1099s to sellers. eBay does not track if a seller actually gets paid by the buyer, so eBay has no idea how much money - if any - actually changes hands at the end of each transaction.
On the bright side, if you do sell on eBay as a business you can deduct a number of business expenses, including the cost of inventory, listing fees, shipping, envelopes, packing materials, etc.
You might also be able to deduct things like the purchase of a computer for business use, office space (even if it’s a home office), office supplies, and more.
Talk to your accountant if there’s any doubt as to whether you should or should not be paying taxes on your eBay earnings.
Here’s to your success!
Permalink
Be sure to see all our latest wholesale arrivals @ http://savesucash.com/
A: Last week’s column on whether you were required to report income earned from eBay sales to the IRS sparked a number of additional questions and comments from eBay sellers who were hoping that I could somehow validate that their eBay activities were mere hobbies instead of actual businesses and therefore not susceptible to IRS taxation.
Several folks argued that just because their little eBay hobby generated a little cash, that didn’t make it a full blown business. It seems they consider the income from their little hobby to be financial manna from Heaven and thereby not taxable by earthly tax collectors. I’ve always been amused by folks who try to impress me with talk about their “little side business” but when the subject turns to taxes they suddenly refer to it as “my little hobby.”
All kidding aside, the conclusion that I came to after reading each email was always the same: while you may think selling on eBay is just a fun pastime and the money you’re making is not reportable as income, depending on the circumstances, the IRS would probably disagree with you. It seems that everyone likes making money, but hates carving off a piece for good old Uncle Sam. Welcome to free enterprise, folks. If you’re going to come to the dance you have to pay the fiddler.
The IRS rules are clear: you must pay taxes on all personal and business income and that includes money you make selling on Ebay.
In its most basic sense, the IRS rules can be interpreted to mean that if you buy an old vase at a garage sale for $10 and sell it on eBay (or elsewhere) for $20 you made a $10 profit and therefore must report it as income and pay Uncle Sam his fair share.
In reality, if you are a casual seller who only sells a few items on eBay every now and then it’s doubtful the IRS is going to let loose an army of agents to collect taxes on the few bucks you make. However, if you consistently sell on eBay the IRS may deem your activities to be business oriented and you will be required to file a Schedule C and claim the income.
As mentioned last week, the IRS uses a number of factors to determine if an eBay hobby that generates sales revenue is actually a business.
These factors include: - Do you carry on the hobby in a business-like manner? - Do you spend considerable time working on the hobby? - Do you depend on income from your hobby for your livelihood?
If the answer to any or all of these question is yes, you’re running a business, not carrying on a hobby, and you are responsible for paying taxes on your income.
What’s eBay’s take on all this? Naturally eBay is vehemently opposed to anything that might rock the eBay boat. eBay does not does not issue 1099 tax forms to sellers, nor does it report seller’s sales figures to the IRS.
Ebay considers itself merely to be a facilitator, meaning that they provide a marketplace in which buyers and sellers come together to do business.
Furthermore, under it’s current system it would be impossible for eBay to issue accurate 1099s to sellers. eBay does not track if a seller actually gets paid by the buyer, so eBay has no idea how much money - if any - actually changes hands at the end of each transaction.
On the bright side, if you do sell on eBay as a business you can deduct a number of business expenses, including the cost of inventory, listing fees, shipping, envelopes, packing materials, etc.
You might also be able to deduct things like the purchase of a computer for business use, office space (even if it’s a home office), office supplies, and more.
Talk to your accountant if there’s any doubt as to whether you should or should not be paying taxes on your eBay earnings.
Here’s to your success!
Permalink
Be sure to see all our latest wholesale arrivals @ http://savesucash.com/
Tuesday, April 10, 2007
Writing The Book On Great Customer Service
Q: One of the big chain bookstores recently opened up near my small book store. Already I can see my business starting to decline. Is there anything I can do to compete with the bigger store or should I just accept the inevitable?– Peter Q.
A: A wise man once said, “The inevitable is never a sure thing.”
Don’t be so quick to close the book on your business, Peter. You probably can’t compete with the superstore on volume of inventory or on price, but there are other things you can do to help keep the customers coming in your door. One of the best ways to ensure customer loyalty is to offer superior customer service.
It’s funny that you’re a bookseller. Let me tell you about my last visit to one of the big chain bookstores just a few weeks ago.
I took my teenage daughter in to find the classic book, The Once and Future King, for a school project that has to be done over the summer. It was a Sunday afternoon and the store was crawling with customers. We spent fifteen minutes scouring this great warehouse of a bookstore, but couldn’t find the book anywhere. We also couldn’t find anyone who worked there to ask for help.
Finally, I went up to the front counter and asked the apathetic looking teenager who was manning the register if they had the book in stock. She looked at me as if I’d asked her to do advanced calculus in her head and said, “I dunno.”
I asked if she might check her computer for me. She looked at me again, this time as if I’d just asked her to rotate the tires on my car without a jack. After a minute of tapping the keys with her long fingernails (which were painted black, by the way) she said, “Yeah, we have it.”
“Great,” I said. “Where can I find it?”
She glanced at the screen again and said, “It says that it’s in the classics section.”
“Great,” I said again. I use the word “great” a lot when I’m trying to restrain myself from strangling incompetent sales people. “Where might the classics section be?”
She didn’t bother to look at me or the computer this time. She just shrugged and said, “Beats me, man. I’ve only worked here a week. ”
I wanted to ask if there was anyone who had worked there long enough to know where the ^%$# classics section was, but by that time there were a dozen or so people lining up behind me to pay for books they had somehow managed to find on their own.
I went home and ordered the book online. So much for supporting my local bookseller.
It’s a shame your store isn’t located near me, Peter. I’ll bet if I walked in and asked for a copy of The Once and Future King you would be able to tell me almost to the square inch where the book is on the shelf in your store. I’ll also bet that if you didn’t have a copy in stock you would go out of your way to order it for me.
That is what superior customer service is all about: going the extra mile to satisfy your customer. That is what will keep customers coming back to your store time and time again.
Superior customer service leads to greater customer satisfaction, which leads to repeat business, which leads to the holy grail of the retail business: customer loyalty.
Here are a few tips on how to deliver superior customer service and build customer loyalty:
1. Anyone on your staff who deals directly with the customers should be well groomed and dressed appropriately for the job. Customers over 25 years old will not get a warm and fuzzy feeling if the guy processing their credit card is wearing an Ozzy Osborne tee-shirt and matching nose ring.
2. Sales people should be knowledgeable about the product they are selling. I can’t tell you how many times I have asked a sales person a simple question and only got a blank stare in return. A lack of product knowledge does nothing to instill confidence in the customer.
3. Your staff should know where every product is without having to ask a manager or consult a computer. At the very least they should be able to point out the ^%$# classics section without blinking an eye.
4. Make it a point to know your customer’s name. Nothing makes a customer feel special like the sound of his or her own name. You can’t remember everyone’s name, of course, but you should strive to remember the names of those customers who come in regularly. I f requent one particular restaurant and the owner not only knows my name, but the names of my wife and kids. And every time I set foot in his restaurant he calls me by name and shakes my hand and personally leads me to a table. I don’t feel like a customer. I feel like a friend.
5. Offer personal services that the big boys do not. Anything you can do to make your customer’s life easier will be appreciated and remembered. If a customer comes in and asks for a book you do not have, offer to order the book and deliver it to their home so they don’t have to make another trip to pick it up. All this is going to cost you is a few minutes of your time and you will not only save a sale, but also make a lasting impression on that customer. The next time they need a book they will head your way.
There are other things you can do to combat the bookstore Goliath, Peter, but offering superior customer service is a great place to start.
Here’s to your success!
Tim Knox
Be sure to see all our latest wholesale arrivals @ http://savesucash.com/
A: A wise man once said, “The inevitable is never a sure thing.”
Don’t be so quick to close the book on your business, Peter. You probably can’t compete with the superstore on volume of inventory or on price, but there are other things you can do to help keep the customers coming in your door. One of the best ways to ensure customer loyalty is to offer superior customer service.
It’s funny that you’re a bookseller. Let me tell you about my last visit to one of the big chain bookstores just a few weeks ago.
I took my teenage daughter in to find the classic book, The Once and Future King, for a school project that has to be done over the summer. It was a Sunday afternoon and the store was crawling with customers. We spent fifteen minutes scouring this great warehouse of a bookstore, but couldn’t find the book anywhere. We also couldn’t find anyone who worked there to ask for help.
Finally, I went up to the front counter and asked the apathetic looking teenager who was manning the register if they had the book in stock. She looked at me as if I’d asked her to do advanced calculus in her head and said, “I dunno.”
I asked if she might check her computer for me. She looked at me again, this time as if I’d just asked her to rotate the tires on my car without a jack. After a minute of tapping the keys with her long fingernails (which were painted black, by the way) she said, “Yeah, we have it.”
“Great,” I said. “Where can I find it?”
She glanced at the screen again and said, “It says that it’s in the classics section.”
“Great,” I said again. I use the word “great” a lot when I’m trying to restrain myself from strangling incompetent sales people. “Where might the classics section be?”
She didn’t bother to look at me or the computer this time. She just shrugged and said, “Beats me, man. I’ve only worked here a week. ”
I wanted to ask if there was anyone who had worked there long enough to know where the ^%$# classics section was, but by that time there were a dozen or so people lining up behind me to pay for books they had somehow managed to find on their own.
I went home and ordered the book online. So much for supporting my local bookseller.
It’s a shame your store isn’t located near me, Peter. I’ll bet if I walked in and asked for a copy of The Once and Future King you would be able to tell me almost to the square inch where the book is on the shelf in your store. I’ll also bet that if you didn’t have a copy in stock you would go out of your way to order it for me.
That is what superior customer service is all about: going the extra mile to satisfy your customer. That is what will keep customers coming back to your store time and time again.
Superior customer service leads to greater customer satisfaction, which leads to repeat business, which leads to the holy grail of the retail business: customer loyalty.
Here are a few tips on how to deliver superior customer service and build customer loyalty:
1. Anyone on your staff who deals directly with the customers should be well groomed and dressed appropriately for the job. Customers over 25 years old will not get a warm and fuzzy feeling if the guy processing their credit card is wearing an Ozzy Osborne tee-shirt and matching nose ring.
2. Sales people should be knowledgeable about the product they are selling. I can’t tell you how many times I have asked a sales person a simple question and only got a blank stare in return. A lack of product knowledge does nothing to instill confidence in the customer.
3. Your staff should know where every product is without having to ask a manager or consult a computer. At the very least they should be able to point out the ^%$# classics section without blinking an eye.
4. Make it a point to know your customer’s name. Nothing makes a customer feel special like the sound of his or her own name. You can’t remember everyone’s name, of course, but you should strive to remember the names of those customers who come in regularly. I f requent one particular restaurant and the owner not only knows my name, but the names of my wife and kids. And every time I set foot in his restaurant he calls me by name and shakes my hand and personally leads me to a table. I don’t feel like a customer. I feel like a friend.
5. Offer personal services that the big boys do not. Anything you can do to make your customer’s life easier will be appreciated and remembered. If a customer comes in and asks for a book you do not have, offer to order the book and deliver it to their home so they don’t have to make another trip to pick it up. All this is going to cost you is a few minutes of your time and you will not only save a sale, but also make a lasting impression on that customer. The next time they need a book they will head your way.
There are other things you can do to combat the bookstore Goliath, Peter, but offering superior customer service is a great place to start.
Here’s to your success!
Tim Knox
Be sure to see all our latest wholesale arrivals @ http://savesucash.com/
Thursday, April 5, 2007
When It Comes To Staring Your Own Business Never Say It Can’t Be Done
I ran across an interesting article in Wired magazine this week that told the tale of Kolo Soro, an elementary school teacher in the tiny village of Tomono in the northern Ivory Coast of Africa.This is an area so remote and void of technology that for generations communication between villages has been done by tying notes to rocks and having passing trucks toss them out the window at pre-described locations.
Kolo Soro changed all that when he purchased a cellphone during a visit to a larger city and found that if he held the phone seven feet off the floor in a corner of his bedroom he could get a decent signal.
Being an enterprising young man he hung the phone on the wall, hooked up an earbud, and started charging his fellow villagers 80 cents per minute to make calls. He earned $200 the first month.
Being a smart entrepreneur Kolo plowed those profits back into his business. He bought a PlayStation 2 game console and connected it to a 13-inch color TV and charged 10 to 20 cents to play games. He made $20 in the first three days.
Now I’ve worked with some pretty sharp entrepreneurs over the years, but in my mind Kolo Soro leaves them all in the dirt. He lives in a tiny African village where the average income is probably no more than a few dollars a month, yet he has founded a thriving enterprise that continues to grow.
Kolo’s next purchase will be a computer, which he plans to connect to the Internet using the cellphone signal.
You have to wonder how Kolo’s tactics would go over here in the good old US of A. He’d probably be fined for operating an unlicensed telco and arrested for contributing to the delinquency of minors. Or some superstore would move in next door, slash prices, and drive poor Kolo out of business.
I guess there are some advantages to starting a business in a region of the world not as advanced and competitive as our own.
What entrepreneurial lessons might you learn from Kolo Soro? The first lesson is as old as the rocks Tomono villagers used to communicate with: think outside the box. I’m pretty sure people used to say that even before there were boxes, that’s how creativity works. In fact, give the box to the kids and let them think with it. You never know what those little buggers might come up with that can make you a fortune.
Next, know your market well. Kolo knew his fellow villagers well. He knew what was lacking in their lives. He identified a critical need and when he filled it, people literally beat a path to his door.
Find out what the customer wants and give it to them. Boy that was an MBA moment, huh. Kolo knew communication with the outside world was a crapshoot and the moment he discovered that cellphone signal he knew he could make money from it. There is no more basic tenet of business than to find out what people will pay you for and sell it to them. Make waves, then sell boats.
Reinvest your profits back in the business. It speaks highly of Kolo’s entrepreneurial acumen that he saved up all the money from his first venture and plowed it right back into the business.
I’m sure it would have been very easy to take that $420 and spend it on food, clothing, and shelter, but Kolo’s vision was much bigger than that.
I’ve seen entrepreneurs kill their businesses by spending the profits on themselves. Kolo brilliantly avoided that mistake and so should you.
Diversify to build revenue. I’m sure Kolo realized that to grow his business he would need to diversify his offering. After all, there’s only so much you can make from a single cellphone hanging on the wall.
With the addition of the gaming business he unplugged a second revenue stream that complimented his initial offering instead of competing with it. It was win/win for Kolo and his fellow villagers who were hungry for some kind of recreation other than kick the rock.
The final lesson is this: never say, “It can’t be done.” If you think that you don’t have the brains or the money or the time or the resources to start your own business, think of Kolo’s thriving enterprise in that tiny African village and remember this: those who don’t know things can’t be done are usually the ones who end up doing them.
Tim Knox
Be sure to see all our latest wholesale arrivals @ http://savesucash.com/
Kolo Soro changed all that when he purchased a cellphone during a visit to a larger city and found that if he held the phone seven feet off the floor in a corner of his bedroom he could get a decent signal.
Being an enterprising young man he hung the phone on the wall, hooked up an earbud, and started charging his fellow villagers 80 cents per minute to make calls. He earned $200 the first month.
Being a smart entrepreneur Kolo plowed those profits back into his business. He bought a PlayStation 2 game console and connected it to a 13-inch color TV and charged 10 to 20 cents to play games. He made $20 in the first three days.
Now I’ve worked with some pretty sharp entrepreneurs over the years, but in my mind Kolo Soro leaves them all in the dirt. He lives in a tiny African village where the average income is probably no more than a few dollars a month, yet he has founded a thriving enterprise that continues to grow.
Kolo’s next purchase will be a computer, which he plans to connect to the Internet using the cellphone signal.
You have to wonder how Kolo’s tactics would go over here in the good old US of A. He’d probably be fined for operating an unlicensed telco and arrested for contributing to the delinquency of minors. Or some superstore would move in next door, slash prices, and drive poor Kolo out of business.
I guess there are some advantages to starting a business in a region of the world not as advanced and competitive as our own.
What entrepreneurial lessons might you learn from Kolo Soro? The first lesson is as old as the rocks Tomono villagers used to communicate with: think outside the box. I’m pretty sure people used to say that even before there were boxes, that’s how creativity works. In fact, give the box to the kids and let them think with it. You never know what those little buggers might come up with that can make you a fortune.
Next, know your market well. Kolo knew his fellow villagers well. He knew what was lacking in their lives. He identified a critical need and when he filled it, people literally beat a path to his door.
Find out what the customer wants and give it to them. Boy that was an MBA moment, huh. Kolo knew communication with the outside world was a crapshoot and the moment he discovered that cellphone signal he knew he could make money from it. There is no more basic tenet of business than to find out what people will pay you for and sell it to them. Make waves, then sell boats.
Reinvest your profits back in the business. It speaks highly of Kolo’s entrepreneurial acumen that he saved up all the money from his first venture and plowed it right back into the business.
I’m sure it would have been very easy to take that $420 and spend it on food, clothing, and shelter, but Kolo’s vision was much bigger than that.
I’ve seen entrepreneurs kill their businesses by spending the profits on themselves. Kolo brilliantly avoided that mistake and so should you.
Diversify to build revenue. I’m sure Kolo realized that to grow his business he would need to diversify his offering. After all, there’s only so much you can make from a single cellphone hanging on the wall.
With the addition of the gaming business he unplugged a second revenue stream that complimented his initial offering instead of competing with it. It was win/win for Kolo and his fellow villagers who were hungry for some kind of recreation other than kick the rock.
The final lesson is this: never say, “It can’t be done.” If you think that you don’t have the brains or the money or the time or the resources to start your own business, think of Kolo’s thriving enterprise in that tiny African village and remember this: those who don’t know things can’t be done are usually the ones who end up doing them.
Tim Knox
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