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How To Start A New Business – Five Major Hints

1-What is the main mistake committed by many entrepreneurs when starting a new business?
Every new entrepreneur dream of launching a new product that is a total novelty, a boldness of thought and a fruit of his intelligence and creativity. He knows many stories of entrepreneurs who got rich with a new good idea. However, they forget that most of new companies die in their first year of life and the number of failures is much higher than the number of success. Do not start a ...

distance, education, training, new business

1-What is the main mistake committed by many entrepreneurs when starting a new business?
Every new entrepreneur dream of launching a new product that is a total novelty, a boldness of thought and a fruit of his intelligence and creativity. He knows many stories of entrepreneurs who got rich with a new good idea. However, they forget that most of new companies die in their first year of life and the number of failures is much higher than the number of success. Do not start a new company to show your creativity. Save your money and avoid frustration.

2-How to choose the right type of business?

Recommendation # 1

Copy what other successful companies are doing until you know the market quite well. Summary:

-Do not innovate at the very beginning of the company.

-Never offer new products at the start.

-Advertise the same way your most successful competition.

-Sell successful products or start business similar to already successful business.

-Use the same advertising media as the most successful companies are using.

-If you try to sell a product that few companies are selling, your chances of success are very few.

-There are many successful stories of products that were real novelties but for every case of success, there are hundreds of failures. However, large corporations achieved most of those successful products after a long series of failures.

Why the above recommendation is correct?

1- Because brilliant ideas generally do not work in most business areas. Psychologists say that the best business administrators do not have creative minds nor generate brand new ideas. They choose among ideas suggested by others.

2- Only large corporations have the money and time resources to invest and test new products or companies and wait until a great many tries bring in the expected profit. Generally, those tests are performed by professionals with large experience and highly qualified and it is very unlikely that someone without experience in that market can find out an excellent product or a new market.

3- The newcomer does not have enough information on products that have already been launched tried and failed. And also on companies that have been started and shut their doors etc. They also do not know the market.

4- The pioneer has the cost of the test i.e. a series of failures up to the point to find out a product or a company. The followers do not have those costs.

Hint:

When copying a company be very careful to gather all important facts.

3-How to start a business if I have very small financial resources to invest?

-Start part-time and keep your current job so that your livelihood and that of your family does not depend on immediat success. Your current job will provide financial support during the rough and tough initial time so that you can evaluate your new business. Business world is a tough world and is difficult to learn it overnight.

-Work in your own house

-Remember that most of your investment will be your time and your ideas to start small and gradually learn and fix the mistakes you are going to commit.

4- Which advice would you provide a friend that wants to start a retail shop?

Assume that one friend of yours wants to start a business (a retail shop) and asked for your advice I think that your suggestion would be: look around your or other cities to see shops that seem to be successful business and that also seem to be growing fast. The main rationale is that if a shop is successful for someone most likely will also be good for your friend. Instead, if your friend wants to start an odd business I think you would advise him that his chances are very small.

5- How to find the right product?

Follow your hobbies to start your business. Use your knowledge or your personal interest to make money. Many entrepreneurs started their companies manufacturing or selling products that were their end of week hobbies like photography equipments, fishing tackle, diving equipment, cars, paintings, plants etc.

 

How To Achieve Business Development

“I am here for a purpose and that purpose is to grow into a mountain, not to shrink to a grain of sand. Henceforth will I apply ALL my efforts to become the highest mountain of all and I will strain my potential until it cries for mercy.”

This line from Og Mandino’s “The Greatest Salesman of the World” emphasizes that life is but a business arena. You meet people, you gain, you lose, you prosper, and you fail. In order for one to make it big, he must equip himself with the...

Business Development

“I am here for a purpose and that purpose is to grow into a mountain, not to shrink to a grain of sand. Henceforth will I apply ALL my efforts to become the highest mountain of all and I will strain my potential until it cries for mercy.”

This line from Og Mandino’s “The Greatest Salesman of the World” emphasizes that life is but a business arena. You meet people, you gain, you lose, you prosper, and you fail. In order for one to make it big, he must equip himself with the three BEs. BE reliable, BE confident and BE brave.

Like life, these three BEs are essential in making it well in business development. An individual’s triumph depends on how he or she veils his or her persona with the winner’s advantage over all the pressing competition. In the world of business, you must lay down all your positive points and maximize them.

BE RELIABLE

Reliability builds trust. Trust is the main reason why people do business with another. Trust is established not by what you promise to your clients. It is not existent if you announce the wonders of your goods. There are underlying proofs of trust.

Reliability is being founded in many ways. For many, the psychology which is: popular name sells still breathes. Yes, products or services which have been staying and garnering good sales are really tough to beat. In the long run, having the thought of advantage, they play immature sometimes. They try to use any means though it is not of sense because they think the popularity will save them. This is not the right approach to having reliability as a niche.

True reliability means understanding the clients or customers. With this, you must know their concerns and problems and provide them with solutions. This is the real source of reliability and trust will not be that far.

BE CONFIDENT

Confidence means belief in one’s abilities and the thought that he could do it. Being confident in business development is important. Knowing what to do, how to do it and how it works for one’s advantage is a result of confidence. Confidence which is existent in his self and in one’s business development process needs studying, learning and practicing I order to be achieved.

Confidence is maintaining a good performance even under pressure. It does not solely mean knowing what to do in your business development method but knowing how to do it. Having the knowledge, we use that to learn and practice. Upon trying it on, there will be some errors and corrections. In the end, we will be more confident. Being confident is not perfection but you are a step closer.

BE BRAVE

Bravery means having the confidence to face and accept the dangerous and difficult challenges in the world of business. In business development, being brave roots from being confident. When one has the confidence he is able to stand on his feet as he thinks that he could really make the best out of every test he encounters.

Bravery believes that in business development, we could help customers out. Believing that you can provide solutions to their problems no matter how tough it is signals the presence of bravery. Bravery comes in many guises. In business, it is the courage to venture and believe you could give solutions.

These three BEs will help you become the greatest salesman not only in the field of business but beyond. Yes, life itself.

 

How To Build Your Business The Easy Way

You need an opt-in list.

Before revealing the secrets of the trades, here are myths and fallacies that need to be cleared before one indulges into building an opt-in list. These marketing misconceptions could pose so much of an obstacle towards your profitting well from your business.

Not a lot of people use email

Email marketing is one of the most effective marketing methods nowadays simply because virtually almost all people use email. Check on those email fields o...

You need an opt-in list.

Before revealing the secrets of the trades, here are myths and fallacies that need to be cleared before one indulges into building an opt-in list. These marketing misconceptions could pose so much of an obstacle towards your profitting well from your business.

Not a lot of people use email

Email marketing is one of the most effective marketing methods nowadays simply because virtually almost all people use email. Check on those email fields or blanks required to be filled up on various forms needed in processing different transactions. A person without an email address is tantamount to a person without an online home, which is one big shameful truth for this generation.

Email marketing campaigns can offend a lot of people

The not-so secret way to surmount this dilemma is through permission-based advertising. There's no harm in trying after asking for permission.

It's stupid to send email to all the people

The key to this predicament is to have a very discerning eye on who to email and who to not email. Better look for some metrics on how to know which group of people would give you high ROI or return on investment.

The Real Deal with Building Opt-in List

After clearing the fog regarding email marketing myths, here's how one can benefit from employing the power of email marketing campaigns - building an opt-in list.

However, building an opt-in list is not a piece of cake particularly for the uninitiated. Here is a roundown of tips on how to succeed in this kind of marketing endeavor.

1. Strategic Collection of Data

Know which information from your audiences will help you in lowering expenses and/or make sales flourish. Devise a tactic to make people voluntarily provide you with the information necessary to create higher conversion.

Overload of data is not good. Ask only for opt-in, with their full name and email addresses. Make sure that the profiles that you gather are updated to aid in improving the relevance, timeliness and satisfaction from each deal you make.

2. Good Implementation

Old adage says it all - 'action speaks louder than words'. This easily translates to the difficulty one has to undergo during the execution of his or her email marketing efforts. It's a good thing that various methods, often low-cost, abound to hasten and facilitate the building up of one's opt-in database.

Tracking your email marketing results can pose great hardship, too. Technology and relevant sources should be employed in making this aspect of your marketing a lot manageable. Your high traffic groups of opt-ins with the greatest result should be taken noted of.

The following are the most widely used methods to leverage channels without overspending:

1. Make use of websites.

It is an excellent tool for data collation and providing you with relevant info regarding your email offers. Use forms that solicit your visitor's email address and consent.

2. Make use of print ads, brochures, TV, radio and direct mail.

These are the more popular ways of marketing aiming to lead traffic to one's site. You may want to ask for signups for email services. Make your website more visible through these media. Offering free electronic newsletters and or rewards program can do well in making it easy to win the nod of your audiences, too.

3. Maximize your sales force.

Customer service associates can help a lot in making you benefit more from your email correspondence. Sales people with proper education on how to aid you in this endeavor can very well contribute to higher ROI. Techniques like offering account updates and special programs through email can easily land you those lists of valuable visitors.

4. Don't make your point of sale pointless.

Forms for signup located at cash registers and other high-traffic and highly visible spots can be very excellent venues for your business to collect email addresses. Notification of upcoming sales through their email addresses and names can coax them to supply you with the information you need.

5. Conferences or trade shows can work, too.

Giveaway offers or entries on sweepstakes are great for opt-in to volunteer their contact details.

These tactics should be applied with adequate caution and should focus on earning the trust of your opt-in list instead of simply collating data for your sole own benefit. Always make sure that the forms that you will use and other methods that you will employ will not necessitate too much fuss to subscribe. This is for people to not be annoyed during the process of data supplication.

With that bunch of information, who can ever go wrong with the feat of building an opt-in list?




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