Profit

How to Recognize Small Business Ideas

November 21, 2022 Comments Off

Business ideas are everywhere if you know how to recognize them. Often they simply go unrecognized because the thing that you are looking for and isn’t there, will often represent an opportunity for someone wanting a business even if that someone isn’t you.
Recognizing a potential small business opportunity is fifty percent of finding a small business. Not all opportunities will be for you as a person, or on further investigation, be a viable business proposition, but all you need is the one thing that meets all the criteria.
Business is all about “supply and demand”. If you are looking for a business to supply you with something that you are after at a time that you are after it, but there is nowhere that you can buy it, then that is an opportunity for a business. Whether it would be a viable (or prosperous) business needs further investigation, but it does represent an opportunity. This is how a person wanting a small business will start their evaluation process.
How do you evaluate a small business opportunity?
There is no point in starting a business unless you plan on making some money. After all, no one likes to work for nothing. As the bible says “the laborer is worthy of his hire…”
The way to evaluate a small business is through using tried and true accounting for small business principles. Over the millennium, there are criteria that have to be present if a small business is to survive by making an income. These solid accounting practices have to be followed in order to assess the potential and then to keep track of the progress of the enterprise towards the end goal.
The first thing any business needs is a goal and a plan on how to achieve it.. If you don’t have an end goal in mind and are frequently reminded of it, then the business will either sink into oblivion or grow like “Topsy’s House”. This is not beneficial for long term business success and there is no point in becoming another failed small business statistic. There are already too many of them.
If you haven’t recognized a business opportunity by finding something that is missing and needed, then there are many other opportunities waiting for you to investigate.
If this is investigation is something that interests you, then I would suggest a beginning to be a self-assessment. In this case, you will need to do a S.W.O.T analysis on yourself first.
SWOT stands for Strengths, Weaknesses, Opportunities and Threats.
You need to be realistic about all your strengths. No modesty, no ego but assessing what your strengths really are. We all have some even if we don’t always or frequently use them.
Weaknesses are part of being human. They are not often acknowledged but believe me, they are present. If you refuse to accept yours, ask an honest friend.
Opportunities are what the above two will reveal about you and how well you use this self-assessment.
Threats are what is represented by not doing anything at all once you have done this self-assessment. The downside to doing nothing can be bottomless depending on your circumstances.
The beginning of recognizing any small business idea is in knowing yourself first.…

7 Characteristics of a Hot Niche for Your Online Home Business

November 5, 2022 Comments Off

When you’re just starting out online with your home based business niche marketing may be the magic bullet you need to get off to a fast start. By finding a hot niche and giving them what they’re looking for you can create a very lucrative income stream which can last for a very long time. Here are several traits characteristic of a sizzling niche market to help you recognize one when you see one.
1. This segment of your market is huge in terms of numbers making this feature very important for a couple of reasons. First of all, the obvious explanation is that you’ll have a lot of people to market to making your sales process that much easier. Secondly, if it’s a very large market you won’t have to worry about saturation thereby making this a long term opportunity.
2. If these people are really desperate for your product offer then you’ll have a hungry niche. This hunger is characterized by anxiety coupled with a willingness to pay whatever it takes to get what you have. They want to solve their problem very badly and as quickly as possible.
3. If you have several different solutions to their predicament then you can approach your niche from several different sales angles. For example, if your target suffers from an illness which offers several different forms of treatment for several different symptoms then you have several different ways of targeting people within your segment.
4. If your target possesses numerous hot button issues this will make your conversion process much easier. Hot button topics are words that usually elicit an immediate response from your niche because it stirs some type of emotional reaction within your prospect which usually results in a decision to buy.
5. Vendors, such as Click Bank, usually display the refund rates associated with each product and of course the lower this number is the better it is for you as an affiliate. A low rate of return means when you make the sale you usually keep the commission.
6. Any market that provides the opportunity for you to resell to your customer a second or even a third time is a very attractive situation for any online home business owner. This means once you’ve built your list you have a chance to sell to them again and again making this a very profitable niche.
7. Last, but certainly not least, if your affiliate product provides a high rate of return for each sale or, in other words, gives you a high commission rate then this could also make your niche a very financially rewarding one. Most companies offer rates from 50%-75% on each sale you make however, you should be sure to find out before you sign-up.
If you can find a market segment possessing all of these attributes then your online home business will enjoy the success you’re looking for right from the start.…

Nine Tips For a More Successful Business

October 5, 2022 Comments Off

Small business owners are not always the most qualified to run their business. They are often very good at performing the service they provide but they might not be skilled at administration, marketing, sales, or the myriad of other tasks required. So here are nine tips to help small business owners manage their businesses more effectively.
1. Have a plan. Start with goals, break those goals down into smaller objectives, and then break those objectives down into manageable tasks. Then perform each task with excellence. Revisit your objectives and goals often so that you can make sure you’re on track, and make course adjustments when necessary.
2. Have a contingency plan. Think about the various things that can happen. In some situations, there might be a “business as usual” plan and a “worst case scenario” plan. In other situations, there could be three or four (or more) potential outcomes. Make sure you know what could happen and plan for it.
3. Outsource. This is huge. You can’t do it all. You can delegate some, but chances are, you won’t be able to delegate all of it. Outsourcing is often a more affordable alternative because you don’t have to cover overhead and benefits and you only need to pay for the time you need. More businesses need to do more of this and when they do, they’ll see more profit.
4. Know your business. A good manager once told me, “You should never be surprised by what goes on in your department”. That was good advice and I took it to heart. Now that I run my own businesses, it’s even more important to know the business well.
5. Don’t work 24/7. It can be tempting to work around the clock, especially if you’re a small business owner with few or no employees. But taking periodic breaks, and forced downtime on the weekends, will actually make you more productive when you are working. Sure, you might occasionally need to burn the candle at both ends, but keep it rare and you’ll be surprised at your productivity.
6. Don’t be afraid to tell a client “no”. Clients ask for things. It’s easy to say “yes”, especially when we want the business. But clients can sometimes ask for too much. It’s rarely malicious. They either don’t understand what you do and don’t do, or they’re just watching their bottom line and trying to get a good deal. Consider the long term consequences of delivering on their request and be willing to say “no” if it makes sense.
7. Manage risk, manage risk, manage risk. Businesses are a delicate balance between risk and reward and you sometimes have to risk a little more to leverage your way into more business. But manage that risk as much as possible. Remember: if a deal looks too good to be true, it probably is. Trust your instincts because you’ll be surprised at how accurate they are.
8. Be creative. The longer a business operates, and the larger it gets, the less creative a business becomes. It’s as if someone just sucks out all the creativity and replaces it with bureaucracy. Creativity is a powerful force in business and can open up new opportunities. Just remember: creativity only happens in the midst of failures. (Think: Edison and his hundreds of attempts at light bulbs).
9. Dust off that business plan and revisit it. If it seems irrelevant, you’re not pulling it off the shelf often enough and you’re letting the business lead you where it wants to go. Take control and work with the plan. If the plan is outdated, update it.…

Bob Burg – Can Bob Burg Help You Build a Home Based Business Opportunity Or Network Marketing Biz?

September 30, 2022 Comments Off

Bob Burg is a trainer, speaker, and author who works with fortune 500 companies and sales organizations all over the world. These companies find the information that he shares vital to their success. Mr Burg has also written several books that contain the principles that he regularly shares in his seminars. Mr Burg has also helped top leaders, celebrities and political leaders, including a former President. He has become such a trusted adviser to so many because his training materials have helped them improve their sales results.

Mr Burg teaches that when prospecting, the most important thing that you can do as a marketer is to ensure that your prospect “knows you, likes you, and trusts you”. If you can develop this level of relationship with your prospects, they will want to do business with you and they will also refer business to you. He defines Business Networking as “The cultivating of mutually beneficial, GIVE and take, win/win relationships.” He emphasizes that you “give” to your prospects so that they know that you are genuinely interested in helping them and not just selling them a product. What you give should be something that your prospect considers valuable (i.e.referrals, books, resources, etc.). Your “gift” should also improve or increase their lives or businesses. According to Mr Burg, when prospecting with this mindset you are building not just a downline, but “an army of walking Ambassadors.” This allows you to leverage these relationships not just to get business but to serve more people, more effectively. This will ultimately bring you lots of business.

This is one of the principles that is central to Mr Burg’s books and trainings. The principle is not new or exclusive to Mr Burg’s teachings, it is a principle that you will find represented in many of the world religions. In addition, many holy men, gurus, and teachers have taught this principle for thousands of years. It is what some of us refer to as “The Golden Rule” or the principle of Karma. It basically says that, whatever you “give” or “put out” in the universe, will come back to you. Therefore, if you give good things then you will receive good things. Or as many Network Marketers have quoted “If you help people get what they want, you will find success.” This principle holds true in life as well as in the business arena.

Mr Burg has written several books, some of which have been used as textbooks for sales trainings all over the world. Those books include:

The Go-Giver: A Little Story About a Powerful Business Idea

Go-Givers Sell More

Endless Referrals

Winning Without Intimdation

The Success Formula Booklets

Gossip: Ten Pathways to Eliminate It from Your Life and Transform Your Soul

The Memory SystemHe also offers a number of business building and life enriching success tools. You can find Mr Burg’s books and tools at most of the popular online and offline bookstores, as well as on his web site.

These books and training materials can certainly improve your ability to grow your home based business opportunity & network marketing venture. In addition, using this approach will allow you to develop a company that genuinely helps others. These materials also help you move to the next level or what some may describe as a higher level as you implement your Network Marketing business plan. However, once you fully understand these principles and are ready to integrate them into your business, you will need to either create a system or connect to a system that incorporates these principles in order create an effective sales funnel.…

Online Marketing – 7 Myths to Avoid When Setting Up Your Online Business

May 24, 2022 Comments Off

The number of online businesses has skyrocketed over the last couple of decades. Many people left and right are starting their own business online and trying to making money from their computers. Just because you want to start your own business online does not mean you are going to be successful. Owning any kind of business needs a determined and hard working mindset to to be successful. To make sure you are working in a positive direction, let’s discuss 7 myths about internet marketing — those those beliefs or ideas we must all avoid when setting up our online business. Whether you’ve been working at your business for a while or are just starting out, clarifying these 7 myths will give you a great headstart toward a profitable online business.
Myth 1 – Having a single brilliant idea will make you rich. False — you may come across the best new idea in the world but that does not guarantee you will make money. Many of the most popular and most successful businesses did not start off with one single brilliant idea that launched the business right into being successful. A single idea needs to grow over time; a single brilliant idea has to grow into something bigger to create success. And other ideas will come after that idea expands to its potential.
Myth 2 – If I build an online business, people will come. In the past, some businesses placed a product on the internet and instantly faced some success. But that’s not the norm. You can’t just assume that once you start your online business, you will generate income. Much of your success depends on your marketing — a very essential factor to create big sales. If people don’t know about your business, you will have no customers.
Myth 3 – If you don’t protect your idea, someone will steal it. In reality no one really cares about your idea unless it blows up to be very successful. Other marketers may watch your success grow, but to be successful themselves, they must create their own unique product.
Myth 4 – If you like your product, so will the rest of the world. But in reality what your customers think is much more important than what you and your friends think. If your potential customers don’t like or want your product, it’s time to move on to something else.
Myth 5 – Financial or business models will not help you build a successful business. In fact, if you can find someone who created and successfully marketed a profitable product, you can copy their model to build your own success. A business model will help you plan your strategies and also how much and where you might market your product successfully.
Myth 6 – What you know matters way more than who you know. The people you know and trust can be the key to growing a successful business. They can help you design your product, create your marketing plan, and guide and support you through the process.
Myth 7 – If my product has no competition, I will make lots of money. Again false — If there’s no one out there selling a product like yours, it probably means the market for that product doesn’t exist. Market research before you begin to create the product is probably the most important preliminary step to a successful business. So you must make sure that there are customers out there looking to buy your product.…

One Question Everyone Should Ask

May 19, 2022 Comments Off

The Question: What does an entrepreneur need to become successful? The one thing needed for an entrepreneur is undying faith that they will succeed and triumph over any obstacle. Anyone can become an entrepreneur that is willing to take inherent risk to change their lives.

The Business Plan: What is a business plan and how can it help me become an entrepreneur? Any Business has a written plan of attack that should include the following steps.

Company description (Legal, History, Start up Plans etc).

Products & Services.

Market Analysis.

Strategy & Implementation.

Web Plan Summary.

Financial Analysis.

Once you have written your detailed plan then organize it into the format that is easy for you to implement. Plan your attack then attack your plan every day until those small success’s starts compounding until you have achieved your financial goals. The business plan can change as you grow and should never stay the same because what got you to this point will not get you there. Keep digging deep down inside and pressing forward to improve your process every day.

The Leap Of Faith: With any business idea, venture and new job comes with a leap of faith to make a life change. I read sometime back a brilliant and successful millionaire state (Robert Kiyosaki )”that everyone has brilliant ideas that are never followed up on.” How many times in your life have you thought of a new invention or had an idea. Then several years later someone invented the exact same thing and sold the idea for a pretty penny. Well, I think that happens to every one at some point and we could have sold the same idea, but just did not take that leap of faith. Being an entrepreneur is taking those brilliant ideas and capitalizing on that idea for a profitable venture. Starting a business, working from home, or becoming an online business owner is the true nature of an entrepreneur taking action today not tomorrow. If you are looking for something better in life then jump out with faith and become that person you want to be. The Vehicle: The vehicle that you choose to become and entrepreneur is up to you and only you. Choosing the right platform or business to start is completely up to the person. If you have wanted to start a restaurant, then take action today. Start by finding out the details of cost and how much capital you will need to start. If you want to be an online entrepreneur then begin by searching what products, skills or business that interest you and find someone that is successful in that field. Speak to that person and find out how they achieved success. Learn from those that have done what you seek and duplicate it, or if it has not been done then do it. Plan out your business and then take action every day to accomplish your goals. The vehicle that you choose should fit your needs and goals for you to be successful. I chose a marketing and training platform that gives me:

Platform for any product line.

Contact with successful people from my field.

Easy to follow process.

Automation & Tools.

Support staff and Business Coaches.

That is just a few tools in my back office and allows me the opportunity to take my business ideas into reality. Choosing a business model is based on your business plan and how you want to implement your plan.

The Risk: Everyone in their life takes risk and learned valuable lessons from those risk. I personally have taken risk and will continue to take that leap of faith because the end result will always change. Think back in school at what are parents tell us at an early age. Be careful, watch out now, don’t do that because you will get hurt. This type of directions sometimes stifles the very entrepreneur in each one of us. During our early years we see everything as possible until we give in to fear. We as human beings learn are whole life from our mistakes and the difference between being successful and failure is almost the same thing. Even if you fail at any business venture or job you will always take away valuable experience that will help you with your next step. Really, life is about making choices and lets face it we all make poor choices through out life. Even millionaires have stated “they took away valuable information from failure, which made it possible for success later in life.” So, when you think back on your life and see a failure, I see an experience that has taught you what not to do. Failure is really a small victory and should be examine so you make improvements on your process to achieve …

Small Scale Business Ideas – Starting Your Own Internet Business

May 14, 2022 Comments Off

Did you know that starting your own internet business, instead of an offline business, is one of the best small scale business ideas that you can explore?
Less costly to start up than a traditional offline business – often thousands of dollars less – an internet business can start small and blossom into a 6 or 7 figure a year venture. How successful it will be depends on many factors, including the skills and resources you acquire, how well you apply up-to-date strategies and tactics, and how much and how fast you can outsource.
The first step is to learn the basics of how to set up an internet business, including how to do market research, set up a simple website with quality content and drive traffic to the site to (hopefully) generate sales.
Unfortunately, there are too many tales of people who spend thousands of dollars on training and ‘how to make money online’ products with little or no results to show in their bank account. Therefore, the most important thing you can do to avoid this trap is to find a reputable teacher who teaches the basics in a clear, step-by-step fashion, and ideally also offers advanced training.
There is a lot of valuable free information about how to start an online business. But it will take you weeks, or months or even years to collect everything you need to know for free. It’s also important to get feedback about what you’re doing right and wrong. So do your due diligence to find someone who seems trustworthy and is definitely a success online to learn from.
Easier said than done? Ask around, on blogs and online forums, to narrow down your choices. Contact the marketers who offer courses to see how they respond to you before you put any money down. Are they receptive and prompt about answering your questions? Can you find positive reviews by other people about what they offer? Can you contact the reviewers to ask more questions and feel sure that you are being given answers that aren’t motivated by commissions they get if you sign up?
There is a lot to consider when choosing the right course and mentor, but it’s well worth your time and effort to find reputable teachers who truly want to help anyone who is keen about starting their own internet business.…

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