Best Business Tips and Strategies information channel:
We would like to thank the local libraries, schools, and universities for recommending students
to visit us when doing research on any of our information topics.
Never in history have more entrepreneurs launched more new businesses! In America, thousands of business open their doors every single day! Unfortunately, most of them (over 90% of them) also close their doors within two years. Businesses are started with high hopes and glorious dreams. It is easy to start a business. It is much more difficult to build it, to make it succeed, to avoid the traps and pitfalls and frustrations, and enjoy the fruits of success over the years. In working with hundreds (probably two to three THOUSAND) entrepreneurs over 25 years, here are the mistakes I see most often. Avoid them!
1. Fear and Confusion. There is either a sense of being over-whelmed by the size of the tasks, or a refusal to master the work of being an entrepreneur and business owner. There are specific skills to owning and running a successful business. Learn them! You can master this! You can focus and succeed! (This is often the time to hire a coach!)
2. Lack of Capital. Capital comes in three forms: Time, money, and energy. Some people have one or two, but not all three, and they fail because they simply can not sustain the growth phase of their business. EVERY business is a commitment of everything you have. You may start "small", but that does not mean casual or part-time!
3. Lack of Courage or Commitment. Building a business is always risky. Some people perceive the risk as frightening, others see it as an exciting challenge, but there is always risk. Manage it. Limit your potential losses. Understand the risks and enjoy the process. You will make mistakes. Learn from them and go on.
4. Refusal to select and target an audience. No one can sell their services to "everyone" - a message that goes to everyone is unlikely to create a sense of urgency in anyone in particular. Attorneys focus on one type of law. Physicians specialize. So should you.
5. Choosing the wrong audience. A market that can not or will not pay or an audience that is too small or dispersed is a recipe for disaster. The "poor" desperately need medical, dental, legal and other services, but who is going to pay you? The same problem exists when trying to reach an audience that is dispersed over a large geographic area and not easily identified.
6. Fuzzy or unfocused message. What exact benefits do you provide? To whom? Under what circumstances and at what cost? How can people contact you? Be precise, be clear, be specific.
7. Lack of planning - too many random efforts. Many entrepreneurs try a little radio, a direct mailing, join a service organization, offer free samples, and then report that they have "tried everything and nothing worked". Pick one, and stay the course! You become identified with your marketing techniques. Choose a logo, a color-scheme, and a marketing technique and stay with it!
8. Too much advertising, too little relationship building. Advertising works best for tangible products because customers can see the results. Intangible services are very difficult to advertise and are almost always purchased based on the quality of the relationship. The more people know you, and the more they know about you and your caring, your professionalism and your quality, the more business you will do. Build networks of relationships!
9. Laziness and/or Greed. Your business ONLY exists to serve the customer! You must make a profit in order to continue serving the customer, but service is the key to success. Everything must be focused on that. The statement, "I want to be my own boss", or "I want a business that supports me" may be true (and be totally honest and reasonable), but they are a dangerous focus for your business. Customers first!
10. Having a product or service that fails to produce adequate benefits, or fails to serve as promised. Some professionals are incompetent. Some don't use current technology, or are sloppy in their delivery. Particularly with services, even ONE mistake will undermine client confidence, loyalty, and trust. Do your best - every time!
© Copyright 2003 by Philip E. Humbert. All Rights Reserved. This article may be copied and used in your own newsletter or on your website as long as you include the following information: "Written by Dr. Philip E. Humbert, writer, speaker and success coach. Dr. Humbert has over 300 free articles, tools and resources for your success, including a great newsletter! It's all on his website at: http://www.philiphumbert.com
Ten Ways To Sell Your Ideas To Anyone
You have a great idea you know is a winner. All you need is support from some key people.
Sales Marketing: 10 Tips On How To Promote Yourself And Generate Sales
A lot of people are insecure about buying something or doing business with strangers. To make people feel comfortable to buy from you or do business with you, give them a little information about yourself or business.
10 Tips to Successfully Use Business Networking as a Marketing Strategy
Networking is probably the best way to build a profitable business, or sales pipeline over the long term. Many of us understand the value of networking, but we don't always know the best way to go about it.
10 Things To Ask Your Accountant
This is a quick checklist of a few things that you, as a new business, should expect to ask your accountant (or potential accountant).1.
7 Tips On Getting Ready To Put Attraction Marketing Into Action
Attraction marketing is about making a customer for life not just making a sale. It's about connecting your passion in business with your perfect clients and customers and giving them a enjoyable experience with your company.
5 Things You Must Do Well When Buying a Business to Not Get Burned
Are you not sure what Business to buy? Need to know what is a fair deal? Martin Smith thought he was buying an established business with good credit and collectable accounts receivable. The day after settlement the surprises began.
How To Use The Power Of Focus To Build Massive Momentum In Your Business
Getting focused on what you want to achieve and creating an action plan for making it happen are critical skills for you to master. As bestselling author Napoleon Hill once said, "Every well-built house started with a definite plan in the form of blueprints.
I WANT IT NOW - 10 Tips for Freight & Drayage at Trade Shows
Gas prices continue to go through the roof and increased transportation costs will increase trade show costs across the board. Here are 10 Tips for saving time, money and your sanity.
Business Meeting Etiquette
Business etiquette is essentially about building relationships with colleagues, clients or customers. In the business world, it is these people that can influence your success or failure.
International Shipping/Freight for Dummies
There are lots of benefits for some businesses to import or export goods. Manufacturers and distributors can order directly from the overseas manufacturer and save money on their purchases.
7 Tips on How To Prepare for Business Events
Are you scratching your head after business events wondering why you aren't finding prospects? Whether it's your first or 100th event, here are some tips on how to prepare for your next event that can make the difference between scratching and smiling. These tips will help you save time, money, create memorable impressions, and increase connections.
How To Take Daily Big Rock Actions To Jumpstart Your Business Into Massive Momentum
Do you know exactly what actions you need to do today to be on track to reaching your big, long-term goals? Do you know which actions should be done first to make today a success? If not, don't worry about it right now. By the end of this article, you will have the tools and techniques you need to answer a confident YES to both these questions.
Are You a Project Manager Or a Project Mangler?
Which one are you? An effective IT project manager, able to deliver software on time, according to specs, and within budget, or someone referred to by your peers as a project mangler? Find out with these Top 10 Signs You're a Project Mangler.10.
How To Make $20.00 For Every $1.00 Invested
It has been said you can lift the Rock of Gibraltar if you have a fulcrum point and long enough lever. When we refer to "financial leverage" we are talking about the same principle.
7 Reasons You ARE Your Own Best Product, or Lessons From the 2004 Presidential Election
The 2004 election is over--at least in the minds of the public--and analysis runs rampant as to why Senator John Kerry lost. From a business viewpoint, one could say that he simply didn't sell the product.
The Benefits Of Helping An Online Business Newbie
Do your remember when you first ventured out in the online business world? You probably had questions and problems along the way. Wouldn't it have been easier if you had help? When a newbie asks for your advice, educate them; answer their questions and help them solve their online business problems.
Ten Tips for Effective Meetings
Here are ten things that you can do to hold more effective meetings.1) Avoid meetings.
Media Training: Seven Ways to Instantly Improve Your Media Interviewing Skills
Imagine if you were going to address a stadium full of people. You'd probably spend hours (if not days or weeks) agonizing over every word you were going to say.
7 Keys to Running a Successful Business
Although dentistry may appear to be different than other types of businesses, in reality it is a business. And although this article is written from a dentist's perspective on developing a successful practice, the principles can be used in virtually any business.
Ten Tips to Build a Culture of Inspirational Leadership
Leadership, leadership development and leadership training are "Hot" issues in today's business world. A recent Internet search uncovered over 44 million hits on leadership, over 20 million hits on leadership development and 15.
Akron City Directory
© 2012 - 2021 All Rights Reserved