BUSINESS INFORMATION
Money Group Pros
CLICK HERE FOR YOUR FREE BUSINESS ADS
In the early days, guessing was considered to be the smartest thing to do. After all, we needed to start somewhere and develop ourselves from scratch so we were ready to find out what works and what doesn’t.
Today, guessing is the least smart thing do. In fact, it can be the most expensive thing to do in terms of time, effort and maybe money.
So, what has that got to do with you and starting your internet business? A lot!
In my experience, I cannot help but notice that most internet business novices prefer to take the guessing path even though there is a lot of uncertainty when you first step into the cyber marketplace.
I think I will probably never know why, but I believe the reason is, is that they would prefer to save the little money they have rather than to invest in the essential education they need to succeed online. Money is another subject by itself that I can’t cover in this article but I’d like you to know that it’s “time over money” and not “time is money” dogma that most of us subscribe to.
If you don’t believe me, here’s a case study for you.
Ed has $500 to spare on his internet business. He wants to start an internet business but he doesn’t know how to. He came across a $97 E-book that can teach him how to do just that, but he decided that $97 is too expensive and decides to take the free way. Ed wants to get web hosting and domain name but since buying a domain name has a price tag on it, he decides to use a free web hosting service at Yahoo! Now, Ed doesn’t know how to get started let alone recognize his available options. By luck, he’s heard about affiliate marketing and decides to be one. After a couple of months without much success, Ed decides to create his own information product but doesn’t know how to. There’s a paid guide on how one can create his own information product but decides that $37 should go to filling his stomach.
Now let’s zoom into year two, and what are the results for Ed? A lot of precious time wasted shooting in the dark, lousy results, a hole in the pocket, and maybe a swell in the pride. What an expensive price to pay for being a cheap skate!
By the way, the name Ed is a fiction. However, the case study is REAL. And I don’t know how many more people are just like Ed.
Even after a few months in business online, the internet business novices are still just that, internet business novices. This explains why we still have people complaining in public forums about not heading anywhere with their internet business even after a couple of years working online.
Is that what you really want? I don’t think anyone wants to remain an amateur for the next three years, let alone forever. Not me, that’s for sure!
I’d prefer to pay for information that can save me from doing the guesswork. You can say that in a way, I’d rather pay other people who have done the guessing for me so I can get ahead quickly. I don’t mind forking out the money as long as I get to save my own time and effort.
However, most people just don’t seem to value their time. This is evident as most novices prefer to save the few dollars they have than to invest their small sum in saving their time from guessing. This explains why we have people whining about not progressing much online even after a couple of years working online.
If you have been trying to save the few dollars you have from investing in the essential education you need to succeed online, you are guaranteed to have little or no results with so much of your precious time wasted.
So, are you going to guess in the dark or invest in your essential education to succeed in your internet business? It’s your choice from here.
About the author:
Jinger Jarrett is a featured author on TAB Money Group. She is a certified Web CEO search engine optimization professional living in Alpharetta, GA. She will show you how to market your business online for free. You'll find dozens of free ebooks, software, ezines, and tools at her site: http://www.jingerjarrett.com
©2008 TAB Money Group - All Rights Reserved Money Group Pros
Friday, September 5, 2008
The Number One Reason For Business Failure! by: Hans Hasselfors / TAB Money Group
BUSINESS INFORMATION
Money Group Pros
CLICK HERE FOR YOUR FREE BUSINESS ADS
Ralph Waldo Emerson said, "Build a better mousetrap, and the world will beat a path to your door."
But when you're starting your own business, there's no guarantee that your "mousetrap" is going to survive, especially in today's fast-paced business world.
Nearly half of all small businesses fail within the first two years of operation. The number one reason for business failure is inadequate planning. The second reason is under-capitalization.
So before you mortgage your house, or go into debt financing your business, you need to know if your business is going to do more than survive -- you want to know if it's good enough to thrive! Here are three things successful businesses that have stayed in business for five years or longer have in common:
1. The idea. A successful business start-up always starts with an idea. Something that makes your business stand out from all the rest. So how do you know if you've got a good idea?
You've probably got a good idea if you can answer yes to any of the following questions: Does your idea provide the solution to a significant problem for your target market? Does it satisfy a need or want? Does it create an opportunity?
The most successful businesses either fix problems (either real or perceived), or they increase your customer's pleasure. They create a repeat need for a product or service among the target market.
2. The market. Your chances of survival are better if you can answer the following questions with a yes: Is there already a market for your product or service? (It's much easier to fill a need than trying to create an entirely new market.) Can your target market afford to buy your products or services? (If they can't afford it, it doesn't matter how great it is, you won't sell any!) Will your target market perceive your product or service as valuable? (If they want it, but don't think it's worth what you're selling it for, you won't make any sales.)
3. Your ability. Do you have the people, the resources and the knowledge to be able to consistently provide your products or services to your target market? Can you maintain a competitive advantage? Do you have enough manpower? Can you purchase the supplies and materials you need over the long run?
Your first step always is to create a solid business plan. Your business plan is more than an essay on "Why I deserve to get funding for my idea" however. Don't spend all the time creating a business plan and then toss it in the bottom drawer of your desk. Your business plan should be a living, breathing roadmap that helps you make sure you're on course and reaching the goals that you set for your business.
The second step to business survival is getting enough financing. Although the term "bootstrap entrepreneur" describes most small business owners, having enough capital to be able to keep your business afloat is vital to your survival.
When you're creating your financial analysis of your business, make sure you're being realistic about costs and expenditures, so that you give yourself the cushion you need to succeed.
If finding financing is a problem, either because you don't have enough credit or equity, or there are other problems, take the time to look into the resources that are available in your community. There are a wide variety of grants and loans (including microloans) for entrepreneurs, if you know where to look.
Some great resources will be:
-The Small Business Administration
-Local Small Business Development Centers
-Women's Organizations
-Local University or Community College
-Chamber of Commerce
-SCORE (The Association for Retired Executives)
-Nonprofit organizations that work on economic development in your area
Use other successful business models as a guide. When you're getting started, look around. What businesses are successful? Why? What is it they're doing that is working? What attributes do you admire, and why? You stand a better chance of succeeding if you're modeling someone who is already successful.
Find a mentor. Most entrepreneurs have great skills and abilities, but no one does everything well. You probably already know what your strengths and weaknesses are. (If not, there are many resources and tools that can help you figure it out!) Rather than ignoring your weaknesses, find a mentor who can help you either build your skills in your weaker areas, or offer advice for getting what you need.
If you take the time to plan to succeed, you could be creating a legacy that will be enjoyed by future generations, and that other entrepreneurs will look at as a model for building their own businesses.
About the author:
Hans Hasselfors is a featured author on TAB Money Group. He is a successful home business entrepreneur and internet marketing consultant. Get the net working for you. Join a community of like-minded authors and publishers and make your living online.
©2008 TAB Money Group - All Rights Reserved Money Group Pros
Money Group Pros
CLICK HERE FOR YOUR FREE BUSINESS ADS
Ralph Waldo Emerson said, "Build a better mousetrap, and the world will beat a path to your door."
But when you're starting your own business, there's no guarantee that your "mousetrap" is going to survive, especially in today's fast-paced business world.
Nearly half of all small businesses fail within the first two years of operation. The number one reason for business failure is inadequate planning. The second reason is under-capitalization.
So before you mortgage your house, or go into debt financing your business, you need to know if your business is going to do more than survive -- you want to know if it's good enough to thrive! Here are three things successful businesses that have stayed in business for five years or longer have in common:
1. The idea. A successful business start-up always starts with an idea. Something that makes your business stand out from all the rest. So how do you know if you've got a good idea?
You've probably got a good idea if you can answer yes to any of the following questions: Does your idea provide the solution to a significant problem for your target market? Does it satisfy a need or want? Does it create an opportunity?
The most successful businesses either fix problems (either real or perceived), or they increase your customer's pleasure. They create a repeat need for a product or service among the target market.
2. The market. Your chances of survival are better if you can answer the following questions with a yes: Is there already a market for your product or service? (It's much easier to fill a need than trying to create an entirely new market.) Can your target market afford to buy your products or services? (If they can't afford it, it doesn't matter how great it is, you won't sell any!) Will your target market perceive your product or service as valuable? (If they want it, but don't think it's worth what you're selling it for, you won't make any sales.)
3. Your ability. Do you have the people, the resources and the knowledge to be able to consistently provide your products or services to your target market? Can you maintain a competitive advantage? Do you have enough manpower? Can you purchase the supplies and materials you need over the long run?
Your first step always is to create a solid business plan. Your business plan is more than an essay on "Why I deserve to get funding for my idea" however. Don't spend all the time creating a business plan and then toss it in the bottom drawer of your desk. Your business plan should be a living, breathing roadmap that helps you make sure you're on course and reaching the goals that you set for your business.
The second step to business survival is getting enough financing. Although the term "bootstrap entrepreneur" describes most small business owners, having enough capital to be able to keep your business afloat is vital to your survival.
When you're creating your financial analysis of your business, make sure you're being realistic about costs and expenditures, so that you give yourself the cushion you need to succeed.
If finding financing is a problem, either because you don't have enough credit or equity, or there are other problems, take the time to look into the resources that are available in your community. There are a wide variety of grants and loans (including microloans) for entrepreneurs, if you know where to look.
Some great resources will be:
-The Small Business Administration
-Local Small Business Development Centers
-Women's Organizations
-Local University or Community College
-Chamber of Commerce
-SCORE (The Association for Retired Executives)
-Nonprofit organizations that work on economic development in your area
Use other successful business models as a guide. When you're getting started, look around. What businesses are successful? Why? What is it they're doing that is working? What attributes do you admire, and why? You stand a better chance of succeeding if you're modeling someone who is already successful.
Find a mentor. Most entrepreneurs have great skills and abilities, but no one does everything well. You probably already know what your strengths and weaknesses are. (If not, there are many resources and tools that can help you figure it out!) Rather than ignoring your weaknesses, find a mentor who can help you either build your skills in your weaker areas, or offer advice for getting what you need.
If you take the time to plan to succeed, you could be creating a legacy that will be enjoyed by future generations, and that other entrepreneurs will look at as a model for building their own businesses.
About the author:
Hans Hasselfors is a featured author on TAB Money Group. He is a successful home business entrepreneur and internet marketing consultant. Get the net working for you. Join a community of like-minded authors and publishers and make your living online.
©2008 TAB Money Group - All Rights Reserved Money Group Pros
Getting a Small Business Loan by: Dave Ryan / TAB Money Group
BUSINESS INFORMATION
Money Group Pros
CLICK HERE FOR YOUR FREE BUSINESS AD
Are you in need of financial resources in order to start or even maintain your small business? Most of us are. The fist step is to take a look at the vast number of commercial loan sources that offer help in this area such as Chase, Citibank, etc. Also, with the Small Business Administration (SBA), you should be able to arrange a connection with one of these banks. This is one of many organizations that specialize in loans to small businesses.
Contrary to the belief that bankers actually look for reasons to turn down prospective clients in need of a loan, they are in the business to lend money. This means that every time a banker is sitting in front of a potential client, they are hoping to make the deal work just as much, if not more than the client wants it to work.
A bank’s primary role in the small business lending area is funding growth. An example of this would be to finance the expansion of small business with a proven track record. Most banks can offer a wide variety of loan packages designed to finance expansion of an already existing small business.
Below are a few examples bank loan packages :
1. Asset Based Financing. Asset Based Financing is a general term describing a transaction whereby a lender accepts collateral and assets of a company in exchange for a loan. Most asset based loans are collateral against other accounts receivable, inventory, or equipment. Accounts receivable is the most favored of the three because it can be converted into cash quickly. Banks will only advance funds on a percentage of receivable or inventory, typically being around 75% of the receivable and 50% inventory.
2. Line of Credit. A line of credit involves the bank’s setting aside designated funds for the business to draw against for the cash it needs. As the line of credit is used, the credit line is reduced and when payments are made the line is replenished. One major advantage of a line of credit is that no interest is accrued unless the funds are actually used.
3. Floor Planning. Floor Planning is another form of asset based lending in which the borrower’s inventory is used as collateral for the loan. Car dealerships are a prime example of a business that often uses floor planning as their primary financial tool.
About the author:
Dave Ryan is a featured author on TAB Money Group. For more great business, marketing and mind power ideas to develope your business visit the Higher-Profits Blog at www.higher-profits.com
©2008 TAB Money Group - All Rights Reserved Money Group Pros
Money Group Pros
CLICK HERE FOR YOUR FREE BUSINESS AD
Are you in need of financial resources in order to start or even maintain your small business? Most of us are. The fist step is to take a look at the vast number of commercial loan sources that offer help in this area such as Chase, Citibank, etc. Also, with the Small Business Administration (SBA), you should be able to arrange a connection with one of these banks. This is one of many organizations that specialize in loans to small businesses.
Contrary to the belief that bankers actually look for reasons to turn down prospective clients in need of a loan, they are in the business to lend money. This means that every time a banker is sitting in front of a potential client, they are hoping to make the deal work just as much, if not more than the client wants it to work.
A bank’s primary role in the small business lending area is funding growth. An example of this would be to finance the expansion of small business with a proven track record. Most banks can offer a wide variety of loan packages designed to finance expansion of an already existing small business.
Below are a few examples bank loan packages :
1. Asset Based Financing. Asset Based Financing is a general term describing a transaction whereby a lender accepts collateral and assets of a company in exchange for a loan. Most asset based loans are collateral against other accounts receivable, inventory, or equipment. Accounts receivable is the most favored of the three because it can be converted into cash quickly. Banks will only advance funds on a percentage of receivable or inventory, typically being around 75% of the receivable and 50% inventory.
2. Line of Credit. A line of credit involves the bank’s setting aside designated funds for the business to draw against for the cash it needs. As the line of credit is used, the credit line is reduced and when payments are made the line is replenished. One major advantage of a line of credit is that no interest is accrued unless the funds are actually used.
3. Floor Planning. Floor Planning is another form of asset based lending in which the borrower’s inventory is used as collateral for the loan. Car dealerships are a prime example of a business that often uses floor planning as their primary financial tool.
About the author:
Dave Ryan is a featured author on TAB Money Group. For more great business, marketing and mind power ideas to develope your business visit the Higher-Profits Blog at www.higher-profits.com
©2008 TAB Money Group - All Rights Reserved Money Group Pros
3 Crucial Elements For Jumping Sales Numbers by: Allyn Cutts / TAB Money Group.
BUSINESS INFORMATION
Money Group Pros
CLICK HERE FOR YOUR FREE BUSINESS AD
Marketers from every niche have common ground when it comes to bills. Yeah, every month there’s a new stack of bills demanding to be paid. Will there be enough profit to slide right through bill paying time without a flinch? Or do you find yourself fretting about whether you’ll even break even? You don’t have to be victimized by envelopes and 8x10 sheets of paper. Implement these 3 techniques to boost your sales.
1. Find More Customers
The first thing that comes to mind when we think of making more money is getting more customers through our doors. In fact, the majority of advertising focuses on doing just that. There are several things you can do to entice more customers to buy from you.
Implement Follow-Ups
Marketing gurus have discovered that follow ups can increase your customer conversion rates by as much as 50%. Now, that’s a whopping improvement! Don’t let potential customers fade away. Keep the doors for future communication open, and watch the drastic growth in your profits.
Encourage Referrals
Every satisfied customer will tell 3 friends or family members about your business - without encouragement. Imagine what would happen if you start rewarding their efforts.
Get Free Publicity
Nearly everyone keeps a sharp eye on the local news. Hey, it’s funner to know what’s going on when you personally recognize the names and faces in print! Find ways to make your business newsworthy and catch the attention of potential customers without even paying advertising fees.
2. Sell More Per Customer
Think about it... how can you get every customer that walks through your doors to spend more money before walking back out the doors? Here are 3 sure-fire, profit increasing tips:
Increase your prices.
Hey, that might not be as bad as you think. Along with the price increase, focus on increasing the perceived value of your product. Yeah, we all expect to pay a little more for high quality stuff. Not everyone is bent on finding the absolute cheapest price in town... they may be more interested in lasting quality.
Add some higher end products or services to your business.
It’s never wise to put all of your eggs in one basket. That’s why wise marketers diversify their products and services. Think of it this way... higher priced products may not make as many sales, but each sale will bring in a much greater profit. You don’t need to make as many sales to come out on the best end of the deal.
Upsell
Offer every customer an additional product that accents his current purchase at the register. Hey, maybe they forgot they’d need batteries to go with the toy they're getting for their niece's birthday gift! You can be a hero... a richer hero.
3. Sell More Often
The fact that it’s easier to sell to the people who know and trust you is obvious. Sometimes we get so focused on new customers that we miss the gold mine in our own back yard. Take advantage of the hard work you’ve invested in winning the loyal customers you already have with these ideas:
Create a Special Deal
Show your customers you appreciate them and understand their needs with a special offer catered just for them. You’ll be thanking them, and selling more in the process.
Add New Products
Increase the number of products you already have available - especially products that your customers have asked for. They’ll know that you’re looking out for them, and you’ll take their thanks to the bank.
Communicate
Resell yourself on a regular basis. Don’t forget to let them know about upcoming specials that they’ll appreciate. Most of all... keep selling them on the benefits of the products or services you offer.
About the author:
Allyn Cutts is a featured author on TAB Money Group. He has spent over 24 years helping businesses like yours find new customers and increase sales to current customers. Allyn is a marketing and sales fanatic, providing measurable marketing solutions that drive huge results for small-to mid-size business clients. Allyn works personally with clients to design and deliver off-line and on-line direct marketing strategies that focus on metrics and measurable results. You can learn more about Allyn Cutts at http://www.AllynCutts.comand you can call 610.437.4106 between 10 AM and 4 PM Eastern Time Tuesdays and Thursdays.
©2008 TAB Money Group - All Rights Reserved Money Group Pros
Money Group Pros
CLICK HERE FOR YOUR FREE BUSINESS AD
Marketers from every niche have common ground when it comes to bills. Yeah, every month there’s a new stack of bills demanding to be paid. Will there be enough profit to slide right through bill paying time without a flinch? Or do you find yourself fretting about whether you’ll even break even? You don’t have to be victimized by envelopes and 8x10 sheets of paper. Implement these 3 techniques to boost your sales.
1. Find More Customers
The first thing that comes to mind when we think of making more money is getting more customers through our doors. In fact, the majority of advertising focuses on doing just that. There are several things you can do to entice more customers to buy from you.
Implement Follow-Ups
Marketing gurus have discovered that follow ups can increase your customer conversion rates by as much as 50%. Now, that’s a whopping improvement! Don’t let potential customers fade away. Keep the doors for future communication open, and watch the drastic growth in your profits.
Encourage Referrals
Every satisfied customer will tell 3 friends or family members about your business - without encouragement. Imagine what would happen if you start rewarding their efforts.
Get Free Publicity
Nearly everyone keeps a sharp eye on the local news. Hey, it’s funner to know what’s going on when you personally recognize the names and faces in print! Find ways to make your business newsworthy and catch the attention of potential customers without even paying advertising fees.
2. Sell More Per Customer
Think about it... how can you get every customer that walks through your doors to spend more money before walking back out the doors? Here are 3 sure-fire, profit increasing tips:
Increase your prices.
Hey, that might not be as bad as you think. Along with the price increase, focus on increasing the perceived value of your product. Yeah, we all expect to pay a little more for high quality stuff. Not everyone is bent on finding the absolute cheapest price in town... they may be more interested in lasting quality.
Add some higher end products or services to your business.
It’s never wise to put all of your eggs in one basket. That’s why wise marketers diversify their products and services. Think of it this way... higher priced products may not make as many sales, but each sale will bring in a much greater profit. You don’t need to make as many sales to come out on the best end of the deal.
Upsell
Offer every customer an additional product that accents his current purchase at the register. Hey, maybe they forgot they’d need batteries to go with the toy they're getting for their niece's birthday gift! You can be a hero... a richer hero.
3. Sell More Often
The fact that it’s easier to sell to the people who know and trust you is obvious. Sometimes we get so focused on new customers that we miss the gold mine in our own back yard. Take advantage of the hard work you’ve invested in winning the loyal customers you already have with these ideas:
Create a Special Deal
Show your customers you appreciate them and understand their needs with a special offer catered just for them. You’ll be thanking them, and selling more in the process.
Add New Products
Increase the number of products you already have available - especially products that your customers have asked for. They’ll know that you’re looking out for them, and you’ll take their thanks to the bank.
Communicate
Resell yourself on a regular basis. Don’t forget to let them know about upcoming specials that they’ll appreciate. Most of all... keep selling them on the benefits of the products or services you offer.
About the author:
Allyn Cutts is a featured author on TAB Money Group. He has spent over 24 years helping businesses like yours find new customers and increase sales to current customers. Allyn is a marketing and sales fanatic, providing measurable marketing solutions that drive huge results for small-to mid-size business clients. Allyn works personally with clients to design and deliver off-line and on-line direct marketing strategies that focus on metrics and measurable results. You can learn more about Allyn Cutts at http://www.AllynCutts.comand you can call 610.437.4106 between 10 AM and 4 PM Eastern Time Tuesdays and Thursdays.
©2008 TAB Money Group - All Rights Reserved Money Group Pros
Subscribe to:
Posts (Atom)
