General Business and Finance Blog

Getting More Focused — It’s All About You
Jeanna Pool from Catalyst Creative writes a great ezine on marketing each month. In January she shared 5 Great Marketing Tips for 2006. Number 1 was “Stop Focusing on You”. She declares 2006 the year of the client and exhorts you to focus totally on your clients and their needs. I think she’s right on. And I think she’s completely wrong. Why right and wrong?
Because if you’ve been in business for awhile and have great products and great services and aren’t getting the results you want, you may be too focused on your clients and not focused enough on yourself. Last week, I encouraged your to revisit your vision of your business and ask yourself why you started your business in the first place. Now I want you to focus even more on what you want. What exactly do you want out of your business? Do you want more money? If so, how much? Write down a number. Do you want more flexible hours? If so, write out exactly the schedule you’d like. Do you want to change the world? If so, write out specifically how that would look.
Why all this focus on you? Because if you aren’t absolutely clear on what you want, how are you going to know if you are successful? How are you going help your clients if you aren’t taking care of yourself as well. Maybe you need to be making $150,000 a year to provide your family with the life that you wanted. You want to send your kids to college. You want to retire while you are still in active and in good health. Or maybe you want to just make an extra $20,000 a year working part-time while you take care of your children until they are in school. Or perhaps your goal is to make a million dollars a year and live a really incredible life. Defining this is very important. Why?
Because what you want will shape your business. It will determine who your customers are and how you will help them. If you want $5,000,000 in sales, your products and methods are going to be a whole lot different than if you want $50,000 in sales. If you want to work only afternoons, that is going to shape your business as well. If you want to sell your business and retire in five years, that’s going to affect your decisions as well. So right now, get out a paper and pen and get ready to write.
Did you get your pen and paper out? Answer the question, “What do I want out of my business?” Write in as much detail exactly what you want your business to give you. Be as specific as possible. Write as much as you can. Think income, lifestyle, schedule, partners, travel, location, employees. What exactly do you want? Throughout the week, add to this and revise it. Compare where you are right now to what you really want. How large is the gap? Next week, I’ll help you create a plan to narrow the gap with: Why Business Plans Don’t Work — How to Create an Effective Action Plan

If you are like most businesses owners, you’ve experienced overwhelm in your business at one time or another. Maybe you experience it regularly and for good reason. Hundreds of things are pulling at you at one time. You’ve got marketing going, production to oversee, calls to return, employees that need your advice. It’s never ending right? How do you possibly handle it all?
Most of the small business owners that I talk to keep almost all of these things in their head. I ask them where their business plan is. It’s in their head. I ask where their employee training manual is. It’s in their head. About the only thing that’s written down is their calendar of appointments. Even a lot of their to-dos are in their head. Here’s one simple and powerful way to get out of overwhelm—write it all down.
Your overwhelm is in your head because most of how you run your business is in your head. Start writing it down and you will start having less overwhelm. Start taking a little time each day to document your business processes. Make a list today of the processes that you haven’t recorded. Cover marketing, production, training, accounting, etc.
Then take one of these areas and document it in detail this week. Each week, for the next few weeks document another area. Within a fairly short period of time, you should have at least the basics of marketing procedures, production procedures, client follow up procedures, and employee training procedures in place. In other words, you’ve now got business processes. Processes that you can rely on. Processes you don’t have to think about. Processes that you will use to grow your business without all that overwhelm now that it’s not all in your head.

Like so many I lost my job this year. The company I worked for closed in the face of this rough economy. They have been in business for over 25 years. I’ve been with them from the beginning. The owners are of retirement age and decided to stop fighting a loosing battle and take it easy. They deserve it. But where did that leave me? I’ve got 15 years to go before retirement. The owners ran a small shop and couldn’t offer me pension or IRA. So what next? Maybe it was time for me to work for myself. But how to get started? And in what business? After 25 years I grew tired of the business I was in. Besides there is too much competition and not enough profit on each item unless you deal in high volume. It was time to look for an opportunity to be my own boss. I searched through the internet googling everything on the subject, but searching through the thousands of small business offers can be very daunting and exhaustive. The claims, promises and testimonials become confusing. I wasted time and money trying to find that business that’s just right for me. Everyone has different circumstances and goals that make finding that perfect opportunity much harder. As a sideline I help a friend make video podcasts, not to make money but to show off the many artist and crafters out there. I’m committed to this and maybe someday it will make me some income. Because of this podcast I need to travel to another state a couple times a year so my schedule eliminated some good opportunities that I found in my searches. So I decided to list these offers for anyone else who would be interested in working for themselves. I only list opportunities that meet my criteria such as:

• Low start up fee.

• Little or no competition in my local area.

• A legitimate business that you can check out by investigating others like this in your area.

• Or if it’s a work at home business you should be able to cultivate your own customer base and work independently of the company offering the start-up information.

• A business that takes some effort on my part and doesn’t claim to make you rich overnight.

• Something that seems recession proof or at least resistant to the ups and downs of today’s economy.

• A business that I would like to work at for years to come.

I’ve come across several offers that I’ve listed on my web site “Be Your Own Boss” that are legitimate business opportunities for those who want to start out on their own and achieve financial freedom. For one reason or another they didn’t appeal to me or wouldn’t work with my schedule. Maybe these opportunities will work for you. I didn’t realize that some jobs existed, like cleaning out foreclosed homes. I briefly went into partnership with a friend flipping houses a few years ago. I cleaned out many houses that we renovated. And some were foreclosures. Who knew? I know that some of you will make a go of it after reading the info provided in these manuals. It depends on where you live, the competition and how many hours you have to devote to your newly started business. Most of the “Out in the Real World” opportunities listed on my site will require a full time commitment. They are perfect for those of you who are seeking to open your own business and never work for someone else again. I’ve listed these offers all in one place so you can easily scan the them and decide for yourself if an opportunity is the right one for you. The manuals are not very expensive and give you a wealth of knowledge from people just like you who have started their own businesses or have worked in a particular field for years. You can benefit from their knowledge. The manuals and e-books I list are written by people who are very knowledgeable in their field and many authors have started successful businesses or worked in their profession for many years. They have the experience to steer you clear of the pitfalls that all new owners face.  I did, and found one that worked for me. So if you look hard enough and weigh all the pros and cons you will be able to open your own business and be a success!

Although the United States does not have an official language, the vast majority of the population speaks American English. However there are an estimated 337 other languages spoken by the population. Spanish is the second most common language in the U.S. with it being spoken by over 12% of the population. The Chinese languages, French, German, Tagalog (of the Philippine’s), Vietnamese, Italian, Korean and Russian round out the top ten languages spoken in the United States according to the 2000 census.

As we move towards a more culturally diverse country, coupled with the impact of globalization on our economy – the need for translation services will increase. Most, if not all major corporations offer a Spanish language translation to their customers via telephone IVR systems, marketing materials and other customer promotional items. It’s easy for them to do this because they have the budget and manpower to put into it, but this isn’t the case for the small business owner – and this is where you come in!

If you are fluent in multiple languages, consider putting that highly valuable skill to good use by starting a Translation Service business. The Internet book of the last 15 years has had a tremendous effect on marketing, for the first time in history the small business owner can reach a global audience with just a few clicks of the mouse. The unfortunate thing is that most of them are not capitalizing on this wonderful advantage due to fears of language and cultural barriers. If a Translation Service sounds like a business that you’d be interested in keep these things in mind:

1. What are the set up costs of a translation service business: For the price of marketing materials, a website, and the cost of your business license – you can start a translation service business. The main component of your business model is the ability to speak another language(s), however it is important that you are fluent and well versed in the proper spelling, grammar, tenses, etc. If you need to brush up on those things, we suggest making the investment in Pimsleur or Rosetta Stone language courses. Remember that your clients are business owners and professional so their documents must reflect that no matter what language they are written in.

2. How much money can I expect to make?: The going rate for professional translation services is 0.15 to 0.30 per word, however the larger companies tend to pad this amount with minimal requirements and other processing fees. It’s not uncommon for a 75 word document to run the neighborhood of $100 if not more. Considering the fact that the average email sent in the United States contains 50 words, paying $100 for translation is not cost effective.

Your competitive edge will be found in your price point. By keeping your minimum requirements low coupled with a wide range of services, you will make a name for your business.

3. How can I market my translation service business?: The first thing you’ll want to do is establish your online presence. This will allow you to reach a global market. Your marketing efforts however will begin on a more local level until you can build the revenue to advertise on a broader skill. Your target demographic will be businesses that while they attract a culturally diverse client base, they have no materials available in the language(s) you specialize in. Offer to, for a free or reduced rate – translate one page of their brochure, website or other important documents in exchange for their testimonial or reference.

Don’t limit yourself to brick & mortar businesses, reach out to online businesses as well.

When approached with professionalism, the possibilities of the translation service business are endless. As your client base grows, you may also consider hiring employees who are fluent in other languages as well. This will expand your reach and give you a leg up on the competition!

For the cost of cleaning supplies and a stack of marketing materials – you can be well on your way to starting a Home or Office Cleaning business! A cleaning business is flexible and versatile in many ways. You can offer your services to small business offices, churches, day care centers, private homes, and much more. Due to the ease of start-up and low overhead costs, the cleaning business is often crowded and can be very competitive in some areas.   Here are a few things you will want to keep in mind if you are considering a Home or Office Cleaning Business:

1. What range of services will you offer?: This is one service based business where it may be best to keep your list of services as flexible as possible. Where one client may want to hire you for a weekly deep cleaning of their home, another client may need a one time service of clearing a cluttered garage. Someone may want a laundry service while another wants carpet cleaning. Be open to your clients needs and wants.

2. In what ways can you set yourself apart from the rest?: A home-owner or business in the market for a cleaning service ultimately want just two things – a clean home or office and peace of mind. How good you are at providing those things will determine the success of your business. When a person allows you into your private space, they are trusting that you will not steal or do anything else to betray their trust. As a small business owner, you do not have the brand recognition of a larger cleaning company, so you will have to work harder to gain clients. To give them peace of mind it may be wise to insure and bond your business, keep an up-to-date copy of your driving record, and criminal background check. You should offer to show any new client this information.   As society grows more conscious of the environmental impact of certain chemicals, people are moving towards eco-friendly or “green” alternatives. You can reach that demographic by offering green cleaning solutions and child-friendly methods. This will be very important for families.

3. How can I market and advertise my cleaning business: When it comes to advertising – you will want to concentrate your efforts to high volume social places. Your local grocery store, day care facility, church or shopping plaza are ideal locations. Consider spending the money to run a print ad in your towns newspaper and CraigsList.com is another great (free) alternative. Building your word of mouth reputation will be important, offer to clean the homes of friends and associates in exchange for a testimonial of your services. You may also want to consider marketing a contract deal to local apartment complexes, Realtors and credit unions. These companies will always need a reliable service to thoroughly clean apartments and homes after leases end, evictions and foreclosures. In fact, specializing in foreclosure clean-up may prove to be highly profitable.   Though the overall start up costs of a cleaning business are very low, you don’t want to make the error of skipping over the important steps. Make sure to register your business legally with your county, state and the IRS. Purchase a domain name and establish a website. Finally, you are a cleaning professional and must present yourself as such at all times. Although you are cleaning messes, your appearance should remain tidy!

Stay Vocal Wins Best Small Business Idea – ReUse (June 10, 2008) — Advanta Corp. announced today that Alex Eaves of Norwell, Mass. is the May winner of ideablob.com’s monthly contest for the best small business idea, as voted on by the ideablob community.

Eaves’ company, STAY VOCAL, began as a skateboard company focused on producing positive messages about social and environmental awareness. The company recently transitioned to focus solely on its line of ReUse products, which include clothing and accessories made from used materials, as well as being a source of information about music, news and events.

“With natural resources diminishing, and so much ‘stuff’ already available, it’s imperative that people learn to reuse more,” said Eaves. “With this award from ideablob.com, STAY VOCAL can expand and I can bring the ReUse line of products to new customers.”

Eaves plans to use the award money to revamp the STAY VOCAL Web site to make it focus more on ReUse products, and to inform people how to be more environmentally conscious in their daily lives.

“Boston has become a leading hub in the social entrepreneurship movement, with three social entrepreneurs from Boston winning the ideablob contest,” said Ami Kassar, Advanta’s Chief Innovation Officer.

Previous winners from the Boston area include John Struder and his idea to expand his sweatshop-free clothing company, No Sweat Apparel, and Naomi Bar-Yam and her idea for the Mother’s Milk Bank of New England, an organization serving babies, hospitals and families throughout New England.

Because Eaves is an Advanta Business Cards customer, he is eligible to receive 1,000,000 rewards points on his Advanta BusinessCard (or the $10,000 cash alternative) in addition to the $10,000 monthly contest prize. Advanta will present Eaves, who chose the cash alternative, with his $20,000 award at a special event later this month in Boston.

Ideablob.com is an active community where small business owners and entrepreneurs are sharing business ideas and receiving feedback, advice and support from the community. Experts from various industries take part in the ideablob discussions and offer their input on how burgeoning entrepreneurs can capitalize on their ideas.

Advanta, one of the nation’s largest credit card issuers (through Advanta Bank Corp.) in the small business market, awards a $10,000 monthly prize to the best eligible idea, as determined by the votes of the ideablob community. In recent months,

Advanta has awarded the monthly prize to software developers, non-profit leaders and several social entrepreneurs.

You surely know that a small idea can lead to a great business success. The first movement is to think of an idea that would be suitable for the business market. After coming up with the idea, the next step is to put that idea into action. Of course, this is a very difficult step and having the idea is only the start of the journey. After that you will have to face many obstacles before being able to carry on with your business project. This is just the beginning of this process and there are a lot of questions you will have to answer before even start.

Some of the main aspects you have to concentrate on when you have business ideas are the abilities and gifts you can pour into the business. It is very important for you to be identified with your business project. Those ideas should be based on activities and actions you take pleasure in doing. For example, if we suppose that you dislike working in the open, landscaping business would not suit you. On the other hand, if you like working with children, setting up baby-sitting or tutoring business would be an excellent idea. In this case, without any doubt you business will be more successful because you will have put your mind, effort and also your heart on it.

Another vital step is to analyze the needs of a specific product or service in your region before setting up your business. Do people of your area need your product? Are there other businesses like the one you are planning to start? You should ask yourself whether or not you are the only one offering that service or product. If you are not, you will have to analyze the competence you will have to face. You have to think whether the service you are offering is one that customer would repeat, or if it is a one-time specialized service. Obviously, the former are more likely to succeed than the latter.

There are other aspects you have to take into account. These aspects are described below:

- One of them is that if the idea is unique, you will reign the market. But if there is much competition, it will be difficult to enter into the market.

- A second point would be if you can offer quality from the very beginning, otherwise, you won’t succeed.

- Finally, you have to think about your capital to start your own business. There are many business ideas that require little investment and bring great profit. Some demand research, such as daycare service, and others need a large amount of money to begin the business. So take this recommendation into account before investing all your money in a small business idea.

I am sure your quest for small business idea has come to an end as you read this article. Yes, gtwo are those days when we have to search endlessly for small business idea information or other such information like domain name registration cheap, many small businesses, small entrepreneur or even small business grants. Even without articles such as this, with the Internet all you have to do is log on and use any of the search engines to find the small business idea information you need.Today there are all kinds of software for small business which includes small business accounting software, small business marketing software and small business CRM tools. The usage of this software is aimed at reducing the pressure of handling tasks like managing payrolls, sales, managing leads, and it also paves way for better customer management. After all, not everyone can be a one man industry. Can one? Do you have a phone in your organization? Well, then you need small business CRM as well. It is becoming that important in determining the success of a small business.One false move as a small online business owner in a small town and you could find yourself without a small online business and without a means to handle all of your bills and other things that come about. Your small online businesses success has a great deal to do with who you are, how you feel about others, the cleanliness of your small online business and the staff or employees that are working for you, representing what you are about and making your small online business look good each day.Small business is a term that is used day-to-day. That is because in the past decade the rise of small business has been larger than in any other decade prior. This is largely due to the increasing number of services that are available to small business owners, to enable them to keep their business running.If as related to small business idea as this article is and it still doesn’t answer all your needs, then don’t forget that you can conduct more search on any of the major search engines like Google dot com to get more helpful small business idea information.The small business plan steps given above, end up with an idea that actually has the prospective to succeed along with the money and small business loans online the satisfaction you have been dreaming.Effective small business marketing starts with being able to write a simple and practical marketing plan, specifically for your business. This marketing plan then forms the basis of all your marketing efforts and acts as a reference point when you have to decide between two or more courses of action.Keep in mind that the fonts you choose should support your content and your message rather than take away from it. Lastly, make sure you test your fonts on your target audience ahead of time to make sure the font(s) you chose are easy to read.It was intriguing to find that many people, oblivious of their background, found this article related to small business idea and other small business marketing strategies, develop a business plan, and even starting a new small business helpful and information rich.

If you have the right skills, computer repair can be an excellent small business idea. Beware, the market is saturated and you will be competing with well-known institutions such as the Geek Squad; but with the right marketing, you can build a good customer base and generate income.

To be successful in this business you need enthusiasm, and not just enthusiasm for repairing computers, but enthusiasm for making money. You will need to keep track of overhead and scheduling and put forth a quality service. When one of your customers accuses you of destroying his network that he has constructed out of tin foil and a radio antenna, you will also need a lot of patience.

Marketing your New Small Business Idea

Knowing how to repair computers is just one piece of the puzzle. Making your skills known to the public is just as important.

There is some software out there to help guide you through this process because rolling up your sleeves and doing it the hard way isn’t a sure fire solution for success. This means calling all your friends and family even though this takes time and won’t get you consistent business. The chances of putting this together in your basement with no one to advise you but your pet are slim to none.

Take Small Business Ideas to the Next Level

Find a mentor… the right kind of mentor. Don’t just call your sister-in-law because she’s got her own interior design company. Find someone who will look at your business with an experienced perspective and who knows what it takes for a home small business idea to start and succeed.

You may have several ideas for a new business or only one. Before you start pouring your effort and money into an idea you need to see if it will stand up to some analysis. Do a Ben Franklin close. Draw a line down the middle of a piece of paper. On one side of the line you will list all of the positives. On the other side you will list all of the negatives of your small home business idea. Then if it looks good you can start to write a business plan for bringing your home business to life.

A high level of skill with a range of equipment, or a friend that is prepared to loan you some money would be strengths. If you have never run a business before that could be a weakness. A ready, enthusiastic market would be an opportunity, while several businesses almost identical to the one you are thinking of starting or a weakening economy would be threats. This type of analysis can show you if your business idea is viable and should encourage you to exploit opportunities and help you decide how to tackle threats.

Decide on your Unique Selling Proposition…

Why should a potential customer come to you and not a rival? Will you specialize in a certain area? You should be able to identify where and how you can contact your potential customers and have an idea of the demand for your type of service or product.

Write a Business Plan…

There are many versions and it seems every bank and business advisor has slightly different requirements. However every version should keep you focused on what you want to do with your business and the strategies to achieve this in a certain time frame. It should identify the services or products you intend to offer initially, and those you hope to expand into later. Remember the plan is a working document. If you miss deadlines you should be able to modify the plan to get your business back on course.

Once you have decided on the type of business you want to start do some research to see if there are any gaps in the local market. Find out your competitor’s pricing. You could get friends to ask for quotes from the competition, or use a more direct approach and have discussions with a local expert. Remember, a company could be a potential competitor or a potential joint venture partner. Perhaps you could approach them with an idea for a product or service that would complement theirs.

When setting prices do not immediately assume undercutting is the only solution. You need enough income to cover your overheads and a low price may give the impression that your skills and work have little value.

Cash flow is another important element in starting and running a business. Make sure you do not have to make too big an investment before you get paid. You should know how much you have to earn to at least break even.

After working through your business plan and giving cash flow a good deal of thought you should know whether your small home business idea is a good one or not. Using the Ben Franklin close and Home Business Plan approach you can repeat this process if neccessary.