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Small Business Success – Don’t Let Your Big Customer Sink Your Business

A big, repeat customer for a new small business can be both a blessing and a curse. The positive side is more obvious-the business establishes an early recurring source of revenue. Since revenue is the lifeblood of any business, what could be wrong with that? Nothing, if you don’t stop there.
Any new small business owner will tell you that there is never enough time to do everything he or she knows they need to do to grow their business. In addition to fulfilling customer orders, there are personnel issues, the website and other marketing activities, and an unbelievable number of administrative tasks that must be done even if they don’t help to grow the business.
It seems perfectly logical to focus on just that one big customer when keeping up with that customer’s orders is taking all of your time. After all, you have too much work to do now. Why go out and look for new customers? Wouldn’t it be better to just take care of the business you have? The answer is ‘absolutely not.’ Don’t fall into that trap.
Of course you want to take care of your big customer. But you cannot stop there even for a short time. Doing so becomes a habit and a way of life for too many small business owners. Remember, if you only have one customer, no matter how big, you don’t have a business, you have a job. Eventually it will become clear that you have no leverage and no control even over the fate of your own company.
To drive this point home, imagine that your new business gets off to a great start. You land that big customer that everyone would want and you take care of them like no other. Your business grows, you’re hiring people, taking on more office space, profits are strong and you’re living the American dream. Then, after three years, they still account for 80% of your business and suddenly something changes. For any of a hundred reasons, you’re notified that your number one customer will be your customer no more.
Within 90 days, you lay off more than half your staff, take a pay cut and are negotiating with an unsympathetic landlord to take back some of the office space. As you sit in your office alone at night with your head in your hands, you say to yourself, ‘If only we had gone after other customers when we had the chance.’ This story and this pattern are far too common among small business owners. It leaves previously successful small business leaders feeling betrayed, humiliated and defeated.
Regardless of your success with any given customer, it is essential that you build a broad base of customers as if your business depends on it-because it does. To ensure that your team gets behind this goal include “number of new customers” as a metric in your incentive compensation or bonus plans. As the business owner, delegate less important tasks and stay involved in both the ‘big’ customer account and the effort to bring in new customers. If you’re just starting a business, be sure that in your business plan outline you demonstrate how you will pursue a broad customer base.
Be sure that your small business plan and operating plan make a commitment to developing a diversified base of customers. This is a winning long term strategy. In doing so, you’ll even out the ups and downs in revenue and profitability. This will serve you well if you ever seek a small business loan or line of credit. You’ll be creating a business with a higher valuation and one that delivers stability and peace of mind to its employees and owners. Make sure your small business plan includes a commitment to building a broad base of customers.…

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Business Ideas

Home Business Reviews

What is the worst business that you have ever seen? The answer to that question will depend on how long you spend on the internet and the fundamental understanding that you have of how the market operates. The sad truth is that there are some pretty horrific businesses that have no business advertising their services. You might be laughing at someone else when in reality everyone else is laughing at your home business. How do I avoid being a fool in business? Well, the first thing is not to run after hair brained schemes. You will be amazed to learn that there are people who will click on a link that is quite clearly a scam.
This is the nature of some entrepreneurs. They do not learn from the mistakes of their predecessors. You cannot afford to be too stubborn in business. There comes a time when you have to accept the fact that your precious business is not all that it is cracked up to be. That is when you have to take some really tough decisions. It is better to cut your losses early than to support the sick man of Europe in the hope that they will get better. It will not get better.
Bad business ideas tend to become worse as time goes by. You will be hemorrhaging customers and money. The creditors will be demanding to sell your grandma and the wife will give you an unpleasant ultimatum. In such a situation the bad business model has to be shown the door. One interesting statistic is the fact that many small businesses fail within the first two years of their existence. The failure is not a problem as long as the entrepreneur learns something. They might learn that that idea is bad business or they might learn that they are not really entrepreneurs in the conventional sense.
What about the people who seem to get away with murder? Every entrepreneur has their own luck. The things that work for one situation will be totally inappropriate for another. You have to be prepared to make the difference between other success and your own success. It is easy to copy someone but it is much more difficult to copy their success. You have to rely on your own home business ideas to sustain you through the difficult patches that will inevitably come your way. It is also important that you have the ability to separate gems from rubbish.…

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Business Ideas

Top 4 Requirements For A Successful Online Home Based Business

Starting an online home based business can be a daunting prospect at the best of times because of the various challenges involved. When you’re new to the Internet marketing world there are many different concepts and techniques you have to study, understand and implement in order to succeed on the web.
However, there are 4 tactics you must understand and eventually master in order to accomplish your entrepreneurial goals and gain the freedom you’re looking for from your Internet business.
This article will explore each one of these marketing methods in detail so you’ll have a head start with your new web based career.
1. The number one requirement for any venture to succeed online is website traffic or, in other words, driving as many visitors as you can to your home page on a regular basis. Without these guests your web page will be a virtual ghost town and making sales and profits will be impossible.
Of course there are many different traffic generating techniques available for you to use and my suggestion is to try out several and find one or two that you enjoy and you have success with and concentrate on using these tactics to bring people to your website.
2. When you finally attract the prospects you need to your home business web page you need to capture their contact information so you can follow up with them and persuade them to become paying customers. Subscribers are an absolute must to ensure any notion of long term success on the web and by building an email list of loyal members you’llA� have an automatic income generator that you can use anytime you feel the need.
To convince your visitors to give you their name and email address you need a squeeze page with a free offer attached which you’ll give them in exchange for their contact details. This freebie must be something of value to your visitors which will sway them to give you their email address.
Your landing page will be attached to an auto responder service which is pre-loaded with follow-up messages written by you containing valuable information which are sprinkled with product offers to turn your prospects into clients. Of course the larger your list becomes the more income you’ll generate on a monthly basis from the different merchandise you’ll promote to them along the way.
3. Relationship building is a vital component for success with any Internet enterprise because without a trusting bond between you and your prospects your chance of converting them to customers diminishes significantly. People are looking for more than information and products when they visit your website.
They’re also looking for someone they can look up to and view as an expert who will help them accomplish their goals online. By providing valuable content to your list on a regular basis and by answering any questions or concerns they may have you will begin to establish a feeling within your subscribers that they know you and that they have confidence in your ability to help them to get where they want to be on the web.
4. Finally, another absolute necessity for achieving you goals online is having your own product. When you’ve written an e-book, or created an audio or video product to sell on the web you’re viewed differently by everyone concerned. Your prospects begin to see you as an expert while your Internet marketing cohorts view you as a professional business owner online.
Having merchandise that you’ve produced yourself will open up an avalanche of different marketing opportunities including joint venture agreements with other Internet marketers which will help take your Internet venture to a new level on the web by increasing your exposure as well as by enhancing your reputation as an expert in your field.
If you can master the 4 Internet marketing techniques of traffic generation, email list building, relationship building and product creation then your online home based business will prosper for many years to come.…

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Internet Riches or Pipe Dream?

Why an Internet Business looks Like the Best Thing Ever

Looking at it from the outside, what could be better? A business that can be run from your favorite location (hint, from your favorite spot while drinking cold refreshment, preferably the alcoholic kind). Think of it, the business can be open 24/7 without the expense of an office or employees or a retail location and without an ogre boss. Heck, it seems like such a sure thing, who even needs an internet business plan?

I know I was immediately sold.

One of the most demoralizing aspects of having a traditional job is the process one goes through every morning. Getting (or rather forcing yourself) to get up before you feel ready. To quickly enter into the morning rush of looking presentable, doing the mandatory tasks (chores) required (kids, pets, etc.) before heading to work and somehow beating the clock into your office or cubicle before the bell rings (ah, memories of high school).

I have found that people in general fall into four categories when describing what they do for a living:

Those that love their job and would do it even if they didn’t get paid. (I have never actually met one that I believed really meant it, but you hear it sometimes).

Those that consider themselves lucky to have a job.

Those that wish they could change some things about their job for the better, but can’t.

Those that don’t like their job (or co-workers, or boss, or tasks they have to do, or amount of pay) much and say; “This isn’t for me, there has to be another way to make a living”.

I turned out to be the fourth another way….pretty please.

Location Independence

OK. Now that we have that out of the way, let’s look at it from a practical sense.

If we would like to not be trapped every day going to the same office or cubicle or assigned square on the floor, and for that matter, not have to deal with the supervisor-superior-boss-ego-freak we work for, what type of work can we do that doesn’t cost a lot of money to start – and still make a good living?

One answer looked like it had flashing red neon signs and horns blasting away….Start an internet business.

Think of it, If your work was based on the magnificent worldwide web (way cool, it even has the word “worldwide” as part of its name), there is no office, no clocking in before the bell, no retail hours, no weekend and holiday schedules that always pick us as having to be the ones that work them etc. etc. etc.

Come to think of it, no ties, no silly official color monkey suits, no morning company group cheers…

What a magnificent daydream. Wow, does it have to be a daydream? Mmm, what if it is possible? At the very least, it deserves a good look.

Let’s see. What do I sell? A product, a service, heck it doesn’t matter there are a gazillion websites on the worldwide web, and the number is growing every day. A gazillion people can’t all be nuts. They must be able to make a living; otherwise they wouldn’t be doing it. Yes, the idea sounds good; as a matter of fact IT SOUNDS AWESOME!

Availability of Products

So, ok, if I am going to sell a product I will need inventory. That means money…. mmmm; ok, think fast before the dream slips away. Nah, I bet I can just do the marketing thing and have the product shipped directly from the manufacturer or distributor. Lots of people are doing it, it’s called affiliate marketing, or manufacturer’s representative, or whatever. Who cares? The important part is; I don’t have to spend money to get inventory. I just sell it, they ship it. They deal with returns, complaints, customer service, etc. etc. Wow, this is sounding better all the time.

If I decide to sell a service, mmmmm what am I good at? Heck, I will do consulting on _______ (fill in the blank here with whatever you think makes you a star). Yeah. I will charge enough to make it worth my while and since my customers don’t have to deal with all that regulation red tape stuff like for regular employees I should certainly be in demand. And of course, since I am not a regular employee, they don’t care from where-how-what time I do the work, as long as I deliver the work at the agreed time, right? Heck, I could even do the work in my . Yep, this idea is sounding better all the time.

Welcome to the beginning of the quest.…

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Business Ideas

This Article Contains A Plethora Of Data Related To Real Estate Investing

This Article Contains A Plethora Of Data Related To Real Estate Investing

Building yourself up as a real estate investment mogul sounds exciting right? If so, you will need to develop a sound strategy. The article below will teach you the important investment techniques that will help simplify the process of getting started on the right foot when investing in real estate.

Always be on time when you set up a meeting with a potential client. This will indicate that you mean business and will show no disrespect to your potential customer. Coming to a meeting late shows that you are unorganized and do not care about your customers, which will cause you to lose them.

Learn about the real estate business first before investing. As a result, it might be necessary to give up a few of life’s “luxuries.” Stop playing softball or poker to focus on becoming better.

Find a contractor to work with that you can get along with. There’s no reason to get someone to help you with fixing up the real estate you invest in if you don’t like how they operate. You can save yourself a lot of frustration if you just find someone that you know will work well with you.

If you are looking to buy a rental property from a seller, ask to see his Schedule E tax form. That particular document will honestly tell you what kind of cash flow you can expect from the property in question. Crunching the numbers tells you all you need to know about whether or not to buy.

Business Plan

When investing in residential real estate, make sure you know the neighborhood you are buying in. Some neighborhoods offer better resale potential, while others are better for long or short term rentals. By knowing your neighborhood, you can create a smart business plan that nets you the highest potential for future profits.

Income

There are a couple of things to consider when purchasing property. First, avoid overpaying for the land. Second, do not overpay for any business. Look at the property values yourself and make sure the value is what you expect. Both numbers should be what you want before making a purchase.

Money

Make sure that you dedicate a good amount of time to the business and learning about the business too. This means you might need to quit some of your hobbies so that you can just concentrate on this for a while. Let go of some of your recreational time and invest it in your property.

Opportunity

Understand the value of your time when it comes to opportunities. Doing renovations yourself may be a favorite hobby, but are you losing money because of it? Would your time be better spent scoping out additional opportunities? If you can outsource a task, you should. It’s worth freeing up your time for the more important aspects of your business.

The Business

Don’t invest in real estate without educating yourself first. The important part is to gather all the advice and tips that work well in the business. Read articles and blogs that educate you on the topic.

This article can be used to kick start your real estate career. major investments that you wish to tackle using this advice can help you succeed. Play the real estate game intelligently, and make yourself some money!…