March 10th, 2011
So you have an idea for a start-up? We all know that a large percentage of new businesses fail. Here are some steps you can you take to increase your chances of start-up success.
1. Get a Mentor- find someone who has started their own successful business and get advice from them. Also read any books or articles you can find written by successful entrepreneurs. You want to make sure you are getting advice from someone who has actually been through this before and will give you their HONEST opinion. If their opinion is not what you would like, make sure you get some constructive criticism, pointers, things to change. Do not ignore their opinion. You need to keep and open mind and consider tweaking your project/idea if need be.
Check out this article from INC. : “10 Great Entrepreneurs Talk about their Start-up Days”
2. Identify your Target Market- Make sure that there is actually a decent sized market of real people that are actually going to buy your product or service. You need to focus in on one specific market and plan how you will target them. Make sure your product or service solves a problem.
3. Customer Experience- make sure that every single customer has a great experience. Gather feedback from your customers so you can change features, etc as you go along to make the experience even better. Don’t skimp on customer service. Make sure that you have enough customer service to handle growth without any angry customers.
Here is a great model illustrating the stages of a successful start-up http://startup-marketing.com/the-startup-pyramid/
Tags: Business, business success, Customer experience, Customer service, Entrepreneur, Small business, Start Up, start-up success, success
Posted in Business Tips | 57 Comments »
February 11th, 2011
Image by Josh Liba via Flickr
Spring cleaning is not just for your house. Your business can use a nice spring cleaning as well!
1.First step is to make sure to not frighten your employees. You don’t want good people to jump ship because they think you are going to trim staff. Hold a meeting and explain that you simply want to make things better and more efficient for everyone.
2.Especially if you have been in business for a long time, there are some activities that aren’t necessary or useful anymore. Clear out the clutter and focus your energy on activities that produce the most results. You might also have emotional “clutter” amongst your employees. Have some face to face discussions and clear up any issues that may be stunting growth and productivity.
3. Bring in an expert. An outside opinion can be very useful for freshening up your business. Bring in a consultant, organizational expert, etc.
4. Actually do something with those employee evaluations. Move people around and make sure that all employees are making the most out of their skill set.
5. Revamp your mission and vision statement. Make sure they truly reflect where you envision your company heading.
6. Freshen up your brand. Spend some time evaluating how clients/customers perceive your brand. Adjust your image, colors, slogan, etc to make sure that your customers/clients are getting the right message.
7. Recharge your brain. Bring in a speaker or send employees to a seminar, lecture, or conference. Reward employees for enhancing their skills.
Tags: Business, Business Services, organization, Spring cleaning
Posted in Business Tips | 3 Comments »
January 28th, 2011
If you are still on the fence about whether or not you should start your own business, read this article:
http://www.woopidoo.com/articles/jimrohn1profits.htm
“profits are better than wages. Wages will make you a living, profits can make you a fortune.”start working for yourself and making profits today! You can even keep your current job and work on your business in your free time. You will not regret it.
Tags: Business, motivation, Small business, starting a business
Posted in Business Tips | No Comments »
December 14th, 2010
Giving a holiday gift to your employees shows that you value them. There are several ways to go about gift giving so decide which is best for your company.
-Decide when you are going to give the gift. Do you want to give the gift at the office party or with the last paycheck before Christmas? You could also send the gift to the employees home.
- Decide if you will be giving everyone the same gift, or if you want to reward loyalty by increasing the gift based on how many years someone has been with the company.
- If you have a large company, you may want to keep it simple and give holiday bonuses.
-If you are on a tight budget you could arrange for the employees to participate in a Secret Santa or a White Elephant where they give each other gifts. You could also give away prizes such as gift cards, sports tickets, etc at the company party in lieu of gifts.
Don’t be a Grinch. Now is the time to show your employees that you appreciate them!
Tags: Business and Economy, Christmas, company party, employee christmas gift, employee gift, employee holiday gift, Gift, Gift basket, holiday party, office party, Secret Santa
Posted in Business Tips | 66 Comments »
December 7th, 2010
In order to grow both in business and as a person you must constantly be learning. One of the best ways to learn new things is by attending events such as conferences, trades shows, talks, etc. Not only are you getting great information from the presenters, but you are also getting a chance to meet people. It is important to gather as many contacts as you can at events and remember what each person’s expertise is. You never know when you might need to contact that person for help or advice on something you are trying to accomplish.
Mashable.com publishes a list of upcoming social media and tech events. That is a great place to start finding some events to attend. Check it out here: http://mashable.com/2010/12/06/100-upcoming-social-media-tech-events-18/
Tags: Business and Economy, conferences, mashable, Small business, social media, social media events, tech events, trade shows
Posted in Business Tips | 239 Comments »
November 18th, 2010
Coworking is an increasingly popular alternative to the traditional office or home office. If you are not familiar with the concept, coworking is where you share office space with other people who all work independently. You can find coworking space in almost all major cities. Most places have you sign up for a membership and the price is based on your needs. Your workspace can range anywhere from space at a table to your own private office.
Get Out Of The House
This set-up is perfect for small businesses. It works best for 1-10 employees. Many people join because they are sick of working at home. They want to be able to meet with people in a conference room rather than at their kitchen table. They also want access to professional office equipment and high-quality Internet. Another perk is that they can be around people who are more interesting and helpful than their dog or cat.
Flexibility
Flexibility and risk also come into play when deciding if coworking is right for you. When you are starting a business it is hard to anticipate what your needs will be in a few years. Why tie yourself down with a multi-year lease on your own office space? What if you outgrow it, or what if you want to move the company or sell? With coworking you can get more desks, more space, etc as you grow and the contract is much shorter than if you were leasing your own space. Therefore, it is the less risky option, especially for a new business.
The benefits of coworking are numerous. Here is a list of benefits you will find with most coworking spaces:
1.You are not tied down to or liable for a lease
2. You get access to a conference room
3. You get access to a copier, fax, etc (most of the time the paper and ink and everything is all taken care of)
4. As your business grows you are flexible to reserve more desks, tables, etc
5. You have people from all different lines of work to network with
6. You have people from all different lines of work to help you with your work/business or to bounce ideas off of
7. You are not at home being distracted by your children, spouse, dog etc
8. You don’t have to consume multiple coffee drinks because you feel guilty for hogging a table at Starbucks all day
Tags: Business, Coworking, coworking space, Home Office, Office Services, Office Space, Small business, Telecommuting
Posted in Business Tips | 105 Comments »
November 14th, 2010
Many people think of creativity as something you either have or you don’t. They think of creative people as “artsy types”. The truth is, everyone is creative. Creativity is not just for the arts, it is also extremely important in the business world.
Many businesses start with one great idea. A business cannot thrive on this one idea alone because external factors are constantly changing. The entrepreneur must be able to continually come up with original ideas in order to survive. When it comes to business, the creative process is all about originality and creating things that are worthwhile. A good entrepreneur has a highly developed creative process that allows them to consistently come up with new ideas. You want to develop your creativity so that you can depend upon your creative process.
Start by harnessing the power of your imagination. Imagination is the power to bring to mind things that aren’t present. Anyone can copy a business model that already exists, but it is the creative entrepreneur that finds a better way. Perhaps they change the distribution channel, develop a new product, or market it in a whole new way. If someone says, “That’s crazy. Nobody does it that way”, then you might be on the right track.
Tags: Business, creation, Creativity, Psychology, Social Sciences
Posted in Business Tips | 4 Comments »
November 8th, 2010
Everyone has a set of morals they live by. Some things are simple. Obviously killing people is wrong, but in business it isn’t always that simple. There is a lot of gray area. Especially when large sums of money are involved, your judgment can become clouded. You might make decisions that you will regret later, or even some that will embarrass you or haunt your conscience.
The best thing you can do is to clearly define your own personal moral code ahead of time. This way when you find yourself in a “gray situation” you can use that moral code to determine if this is something you should be doing. You never want to make a decision based on money or power alone. Also, just because it’s legal doesn’t make it right! You should always consider your morals. Believe it or not, being ethical can pay off. People will respect you for it and it is the better strategy if you would like to be successful for the long haul.
Personally, I feel that everyone should define their own set of morals. Everyone is different and some people are comfortable with something that someone else may not be. You should take some time to reflect on what you feel your morals are. Start with a blank piece of paper. Divide the paper into two columns “right” and “wrong”. Jot down whatever comes to mind as right and whatever comes to mind as wrong. Once you get into the swing of things, try and become more specific. Think up hypothetical business situations in your head and put possible actions in the appropriate columns. You can also conduct some case studies by reading stories in the newspaper or on the internet about different court cases involving businesses or actions of well-known entrepreneurs.
Another simple way to decide if something is ethical is to ask yourself a series of questions:
“Will it hurt anyone?”
Golden rule- “How would I feel if somebody did it to me?”
“Deep down how do I feel about it? What was my initial gut feeling towards it?”
“Would I be comfortable with my mother/grandmother knowing what I am doing?”
Be honest with yourself, live by your moral code, and you will have a happy and fulfilling life.
Tags: Business, Business ethics, Ethics, Morality, Philosophy
Posted in Business Tips | 103 Comments »
November 3rd, 2010
Outsourcing your labor can help you turn fixed costs into variable costs. A fixed cost is something that you have to pay regardless of income. It remains the same every month. An example is a salaried employee. No matter what your profit is, you pay that employee the same amount every month. A variable cost is a cost that varies depending on sales or some other factor. It is not the same every month. An example is a sales rep. Their compensation would be variable because they are usually paid based on sales.
By turning some of your fixed costs into variable costs you are lowering your overhead. A low overhead is very important for new businesses and businesses trying to stay afloat in tough times. It reduces the amount of capital needed during sales slumps. A low monthly fixed expense ensures that you will break even and profit faster.
Here are some examples of positions you can outsource to reduce your overhead.
1. Public Relations- find a PR firm that charges on performance rather than fees. For new companies this variable cost will be cheaper than the fixed fee.
2. Manufacturing- contract manufacturers will handle all your manufacturing needs for you. This is much cheaper than having your own factory. Although you will have less control, this is a great option for new businesses looking to reduce their risk.
3. Administration- by outsourcing your administrative tasks you are saving the cost of employee’s salaries and benefits and the cost of expensive software that constantly changes. This is also great for new businesses because you can have all your administrative tasks professionally done and well organized right off the bat.
4. Salespeople- use independent sales representatives so you don’t have to pay their expenses and benefits. They simply earn a percentage. Many independent reps have lots of experience and valuable relationships with customers in their territory. You will be able to gain access to these customers much faster then waiting for your own sales rep to build the relationships.
Tags: Business, business resources, business tips, Employment, Fixed cost, Human resources, new business, Outsourcing, Salary, Sales, Small business, starting a business, Variable cost
Posted in Business Tips | 104 Comments »
