by Dr.Kevin Nunley
Index
of Articles
This
is a great time to start your own business, even
if you have never thought of yourself as an entrepreneur.
The economy is getting tighter, may companies
are laying people off, and a paycheck doesn't
go as far as it used to.
Meanwhile,
Internet sales and mail order are booming. We're
also seeing record numbers of new home-based businesses
starting and succeeding. Getting in on this trend
now could be the smartest thing you do in the
year ahead.
Here
are some common sense tips to help you pick the
right business, get off on a good foot, and succeed
over the long haul.
Choosing
Your Business
One
of the reasons a great many businesses fail is
the owner jumped off into a field they didn't
know much about. Your best bet is to choose a
business you have worked in as an employee. Otherwise,
plan to spend time researching the topic in libraries
and in conversations with people who are already
in your chosen industry.
Keep
expenses down to a bare minimum in the beginning.
More than a few new start-ups blow their cash
on a big office, fine furnishings, and new computers.
I started my business years ago from a spare bedroom.
A writer friend realized her apartment was too
small to house her business and rented an unused
room in a nearby office.
Plan
on running your business part-time for the first
year while you keep a regular job. This may seem
like the slow way to get your project going, but
a regular paycheck will ensure you have plenty
of time to give your business its best shot at
succeeding. Nothing torpedoes a new business like
expecting it to profit huge amounts of cash within
the first six months.
The
easiest and cheapest business to start is a service
you can provide to other businesses. You may need
little more than an email address and a telephone
number to get the ball rolling.
If
you worked in accounts receivable for several
years, help businesses outsource their bookkeeping
chores. A woman in my town turned her 20 years
of office experience into a thriving home-based
business by offering to help small businesses
straighten out their books. She placed ads in
the neighborhood newspaper and arranged to be
interviewed for an article.
Internet
referral programs and mail order are two industries
that are booming, easy to get into, and, while
they may not make you rich, are a good way to
get started in your own business. Many networking
and reseller firms have changed their strategy
from "bug your friends" to "network on the Net."
These can be great ways to get experience selling
established products in an organization set up
to encourage home-based business. Look for an
opportunity that has been in business for at least
three years.
Market
in Many Ways
The
key to your business success will likely be your
ability to market your products and services.
Without marketing, nothing sells. It helps if
you set up your business from the beginning with
marketing in mind.
Your
business should give you the opportunity to promote
in several ways:
1)
Use a web component. The Internet lets you reach
thousands of targeted prospects at the cheapest
price in advertising history. Put up your own
web site. Fill it with good information, answers
to the kinds of questions your customers and prospects
ask. Build your own opt-in email list to stay
in touch with customers. Nothing works as well
or as cheaply to build your reputation.
Work
to get your site listed on the major search engines.
The top 2% of businesses on search engines account
for about 90% of the Net's money-making sites.
Advertise your business in ezines that reach your
best prospects. Some newsletters let you reach
tends of thousands of potential customers for
$30 to $40.
2)
Your business should also take advantage of face-to-face
marketing. When you talk to people in person,
it is harder for them to walk away without buying.
One man, an excellent sales person who closes
more than 90% of all sales, simply strikes up
a conversation with people. Near the end of the
conversation he will mention his offer. People
almost always buy.
3)
For all that has been said about the Internet,
the good old telephone is still the center of
our business world. When you spend time talking
with someone on the phone, you build a personal
bond with them that often leads to a sale.
Before
you get on the phone with a prospect or customer,
quickly jot down what you hope to accomplish with
the call. Don't let more than two or three minutes
of conversation go by without making an effort
to achieve your goal. This organized approach
will help you stay away from long days on the
phone without much to show for it.
Be
Determined
It
doesn't matter what business you are in, there
will be days when you feel like you are spinning
your wheels. Realize that for every up trend there
will eventually be a down trend. When sales are
slow or customers are difficult, remind yourself
that a turnaround for the best is always just
beyond the bend.
Much
of business success has to do with simply showing
up for work every day. When people see you or
hear about you month after month, then year after
year, your consistent presence builds customer
confidence. Confidence turns into loyalty. Repeat
customers and good word of mouth will insure you
get repeat sales for as long as you own your business.
