Make Big Money With Your Small Business.
Great new business ideas are everywhere. When you have your idea, begin to think like a businessperson. First, write a simple description of what the idea is and why it will make a good business.
Do something that is easy for you but relatively difficult for others – then work very hard to make it easier and easier for you.
Start A New Beginning
If you want to go into business for yourself, how do you start? Here are some tips:
- Look at yourself – What do you do better than anyone else? Can you charge for it?
- Look at your kin – Do your relatives run a business you could get into and hope to run someday? Or learn and then replicate?
- Look at your employer – Is there a niche your big company is neglecting?
- Look at the media – Study magazines, newspapers and television with your eyes open to opportunities. Be aware of trends on which you could build a business.
The small business owner must first be a salesperson, a rainmaker, and a marketer. Save money where you can but never stint on product quality or customer service. Remember that cash is king – make sure you never run short.
You’ve selected an idea for a business and you’re excited about making it work. Hold that thought, ask yourself these questions before you jump in.
- What is your plan? – Make it so clear that everyone can understand what you’ve written. It needn’t be long, one page will do, but it should give the essentials.
- Does your offering have a customer base? – Maybe you’re an avid collector of Custer memorabilia and want to start a “Last Stand” shop. Before you sign the lease, make sure that there are enough other Custer nuts to keep you from getting scalped.
- How big is your market? – Estimate the market potential. Be realistic and thorough.
- Can you get customers? – How will you find, attract and retain buyers?
- What will it take to break even? – Take a hard look at financial reality.
- Can you generate enough revenue? – How much do you need to keep going?
- How much funding is necessary? – Think start-up and sustainability.
- Can you get it? – What case can you make to a lender or investor?
- What makes your offering distinctive? – What will people pay for that difference?
- Can you deliver? – How will you get your product or service to the customer.
- What kind of employees will you require? – Do you have a hiring plan?
- Where will you be? – Does your business need to be in a particular locale?
- What will you call your firm? – Are you ready to name your business?
Every business idea is a good idea if it’s legal and it works. Don’t hesitate to clean toilets or take the fleas off dogs if you can do it well and people will pay you.
Charge for the value you deliver, not for your time. Focus on your customer’s motivation for purchasing your product. Customers buy for two reasons:
- Solve my problem – The customer has a problem and your product or service will solve it (hopefully). What does the problem cost the customer? If a grocer is losing business because the parking lot lights don’t work, then the cost is the lost business. The value is the extra revenue from shoppers who come after you fix the lights.
- Make me feel good – The customer gets a good feeling from your product or service, so determine what that is worth. Does it improve the customer’s life? If you wonder what people will pay for a good feeling, look at the ingredients in a luxury lip-gloss.
Build your business. Don’t just work for it. Keep looking for ways to make it better.
Think 60-30-10, divide your time for various business activities based on a 60-30-10 formula.
- Day-to-day business – Dedicate 60% of your time to sales and marketing, 30% to manufacturing or service delivery and 10% to administrative responsibilities.
- Sales – Devote 60% of your sales time to maintaining and growing your present customers, 30% to getting new customers with great short-term potential and 10% to developing new customer relationships with great long-term potential.
- Skills development – Spend 60% of your education and skills training time to build your existing strengths, 30% to develop new skills and 10% addressing weaknesses. Spend time daily teaching and learning, even if it is just 15 minutes.
- Management – Dedicate 60% of your management time to your outstanding performers, 30% to those with great possibilities and only 10% to underperformers.
Don’t be afraid to make mistakes, but never make the same mistake twice.
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- How to Make Big Money in Your Own Small Business. Unexpected Rules Every Small Business Owner Needs to Know. Jeffrey J. Fox. Hyperion, 2004. Pages: 176
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