Success Archives - Page 4 of 4

The Business Plan Is Essential To Finding Financing And Success Of A Small Business

A recent article from the NY Times reported that undercapitalization or the lack of cash is one of the main reasons that most small businesses fail in the first five (5) years so financing should be one of the main considerations the entrepreneur needs to address when entering the business world.

The report makes a depressing statement but you shouldn’t allow that deter you from starting your business if that is what you truly want to do.

One of the companies that we work with has recently been able to obtain a total of over three hundred thousand dollars by hustling and not getting discouraged. Yeah; even in this economy they were able to procure financing!

What are their secrets?

A good business plan and sound business practices are two of the things that have been essential in obtaining their financing. Using a good plan and sound business practices can catapult your business into the big league!

Please understand that my statement is not all hype and don’t think that they were able to waltz into one bank and get an approval for the financing they were trying to obtain. The truth is they made many visits to a lot of banks and received countless rejections.

The fact remains that banks are not gambling institutions and they will not gamble on a shaky business. You just need to convince them that you are not shaky and your business has a good future.

Bank financing for businesses has not completely disappeared! You can find and obtain financing if you are willing to persevere, have good business practices and are willing to deal with the necessary paperwork.

The first and most important step is to develop a good business plan. Don’t worry; there are many resources that are available to help in developing a sound business plan!

You should start by researching the information available at the Small Business Administration. They are a great resource for all businesses and you should use the information they offer.

They even have an online outline that you can follow to develop your plan. I believe that it takes about fifteen to twenty minutes to complete. You should take whatever time is necessary to get your plan established. The dividends are well worth whatever time it takes!

I recommend that you take the business planning process very seriously. The business plan is one of the most important assets you can have for your business. It gives you a blue-print that you can use to focus your efforts to achieve your goals and make your company successful.

The thing to remember when you establish your business plan is that you need to make it flexible. Times will change and opportunities will become available so you should make a date with yourself or your partners to periodically review and update your plan.

I hope this may have given you some food for thought and will help if you are trying to get some financial help with your business. There are sources that are available that can help you.

Plan your work and work your plan!

Success Formula For Dynamic Living

Through the years I have read countless books (at times 2-3 a month) on Personal Development, Motivation, Self Improvement, Entrepreneurship, Autobiographies of Successful Business People, Tapes etc and everyone tells or sells the same or similar advice. I was always inspired and hungry for more knowledge and I soaked up the information and teachings like a sponge but it left me with the question? What is Dynamic Living actually and can we attach a formula to this? The writing of this article is the culmination of all the abovementioned, hours of reading, information and quotes gathered from all these books. I am no expert in all these areas but merely trying to put things into perspective. My sincere wish is for all of you to take some value out of this article.

Before we even try to get to this Magic Formula of Dynamic Living, we need to start at the beginning. The beginning of Planning!

When we go on holiday, what do most people do, we Plan our trip, don’t we! We need to know where we are going and what we are going to do! What do pilots do before they fly? They plan the route. They file a flight plan from point A to B and possibly C and they make sure that they know where they are headed and in which direction they are going, not so? Would you fly with an airline if you knew that the pilots had no clue how to get to your destination? No you would not!

The same Planning applies to our Business Pursuits and our Personal lives. If we Fail To Plan, We certainly Plan to Fail! If you can’t manage yourself properly, you won’t be able to manage all of the necessarily planning and management tasks that we need to do to be successful on a daily basis. Nothing of the above is possible and you will certainly fail if one of the Main Ingredients I. e.: Motivation and the Want to Succeed is not within you!

I have come to the conclusion that the Success Formula for Dynamic Living is: “A Life Filled with Joy, Happiness, Free of Fear, Worry and Directed Positively at Setting Goals and Planning Effectively”.

The Success Formula for Dynamic Living is the following:

DL = GGE + PS x PSI

Dynamic Living = God Given Equipment + Principle of Self x Proper Self Image.

Let’s break each component down and analyze them further:

God Given Equipment:

-It’s a known and medical fact that we only use approx 5% of our potential.

– We are all geniuses! Yes we are! Believe in Yourself!

– By using the art of Positive Programming we can achieve the unimaginable – If we program with Garbage In – We get Garbage Out! If we Program with Positivity In – We get Positivity Out!

– The experts say that it takes approx 28 days to change a bad habit and replace it with a good positive habit. Believe me, this is not difficult to implement and make a drastic change for the positive in your life.

– We all have tremendous natural ability! We just need to use it!

– Well, what are you waiting for!

Principle of Self:

– The Principle of Self – is the art of looking inside oneself and have the courage and will to change and better oneself.

– Principle of Praise – Don’t criticize yourself and everyone around you on a daily basis. Look for the good in everything in your daily life. Positively compliment people and events. You will feel and become a better person by following this advice.

– Principal of Vacuum – Get rid of that vacuum in your head for what you don’t want to make room for what you do want. Get rid of the excess baggage and negativity and replace it with positivity. Talk to yourself, motivate yourself. It is OK to do this, nobody will think your are stupid or crazy. If you constantly reaffirm you can, you will. If you constantly reaffirm you can’t, you won’t. The choice is yours!

– Principal of Creation – Define it, Write down your goals, and Plan your journey. Focus on the Present and the Future. By dwelling in the Past, we are all courting danger and unhappiness.

– Principal of Faith – Believe in Yourself and what you do. Believe in the Higher Hand of our Creator. Trust yourself and your ability. Nothing is impossible to achieve.

Proper Self Image:

– Look at yourself positively.

– Eliminate the inferior complexes.

– It’s about how you view yourself.

– Don’t worry about other people’s perceptions – Focus on your own!

In closing:

Now that you have read the Successful Formula for Dynamic Living, I would like you to do the following:

– Write down on a piece of paper what you dislike, what troubles you have or are faced with, all your worries, all your heart sore and every little thing that bothers you!

– Once you have written them down, read it out loud to yourself or to an audience.

– Take the piece of paper you have written on and make a paper airplane out of it.

– Hold the paper aero plane in your hand, blow with your mouth all the positives into the engine ( back ) of the paper aeroplane, throw and release the paper aero plane and let it keep flying higher and further releasing your troubles and letting your positivity and success soar higher and higher!

YOU CAN DO IT!

The Small Business Success Secret to Marketing With Ease and to Increase Your Sales

So many entrepreneurs struggle to create a successful home-based business – going through times of plenty, and times of drought. Only about 18% of entrepreneurs are extremely successful. Want to know a small business success secret? Successful entrepreneurs make the best use of resources to accomplish more with less effort – they use the principle of leverage.

Small business resources that entrepreneurs can leverage include knowledge, expertise, time, human resources, systems and technology. The result of leverage is a turn-key business that can “run itself”, generate more profits with less stress, and allow for the freedom to enjoy prosperity.

A great way to leverage technology is to automate and simplify your sales and marketing with an online professional shopping cart. This small business success secret allows you to put your small home-based business on autopilot, exposing hidden profit sources. Using an online shopping cart is the fastest and most flexible way to do business online, without expensive and complicated software.

The shopping cart small business success secret will grow your online business by leaps and bounds when you:

o Use custom forms and opt-in boxes to collect names and email addresses of website visitors

o Keep in touch with your customers 24/7

o Maintain accurate contact information of your clients and prospects

o Automate product sales and purchases

o Send personal automatic email responses (auto responders) to inquiries, registrations, purchases, and to follow up with prospects

o Deliver scheduled, informative emails, newsletters and promotional messages to your mailing list

o Set up multiple affiliate programs for others to market your business

o Track the success of your ads and emails

o Test and track your website links

o Use questionnaires to discover customer needs

Statistics show that you need to contact a prospective customer 7-9 times, before they remember your business. Many entrepreneurs stop at only 2-3 follow-ups and are losing 70-80% of their sales! The online shopping cart will help you follow-up easily and effortlessly with autoresponders.

It is easy to believe that doing already contracted work is more important than marketing, but you must have marketing systems in place to generate sales consistently. You want a successful home-based business, not the feast-or-famine roller coaster that many home-based business entrepreneurs experience. Even if you are doing well now, keep looking toward the future and how to further take advantage of this small business success secret.

Several online shopping cart companies offer similar services, but at the very minimum, you want to ensure the program you choose:

o Offers support services

o Offers free tools

o Is easy and accessible

o Is simple to setup, even for a novice

o Offers multiple packages

o Offers a NO RISK trial period

Here’s how to get started with an online shopping cart:

1) Identify your marketing and sales goals.

2) Determine what products and services to sell on the internet.

3) Sign up for an online shopping cart and discover how you can easily use its internet marketing tools to achieve your goals.

4) Get the help of an e-Commerce Virtual Assistant or Shopping Cart Strategist who has the technical cart skills and strategic expertise to effectively market your business online

The online shopping cart technology and its small business resources are essential to any successful home-based business. Implement this small business success secret to develop a consistently thriving business that is easy to manage, achieve your marketing goals with ease and skyrocket your sales.

Party Plan Business Success – Home Based Business Marketing Ideas

How To Accomplish Home Based Business Success

Only about 20% of new to the job direct selling business owners actually realize success. Why is there an 80/20 rule in direct selling business? Not even 20% of the new sales reps who start a home business actually stick with it long enough to make money and become successful. What is wrong with that picture?

Profitable Home Business

There are many reasons why reps do not attain success in work at home businesses. The central reason is that they do not treat it like a real business. In the world of brick and mortar businesses everyone knows that it takes time, commitment and investment to create a business with profit. As a matter of truth, most new start-up businesses are told that they need 3-5 years of capitol to invest before they can expect to start to become profitable. Most new Home Party Plan business owners are not even prepared to invest any funds after paying the initial sign-up fee, let alone wait 3-5 years to turn a profit.

In direct selling businesses the new consultant is often told that it is easy. While most direct sales business plans are simple and usually no problem to follow, that does not mean does get involved can do it. A superior attitude to bringing in new sales reps would be to share with honest thoughts how the business works and what it takes to make it. When a newbie direct sales business team member has a better sense of the amount of energy required as well as a true picture of the time frame to achieve a profitable success then they will not get disillusioned and abandon. While it is most likely not necessary for a work at home business owner to wait years years to become profitable, it is not realistic to expect a substantial income from day one. New business owners should be educated to the fact that efforts put into business do not turn up the following week in the form of a pay check but may take several months to pay off.

Small Business Marketing Ideas

The difference between success and failure in most party plan businesses can be as simple as a few business systems and marketing ideas. In order to be a success in home based business, sales reps should put onto practice other basic business practices that all successful businesses utilize. Incorporate these work at home business strategies into your business to guarantee success.

Every business has office hours so schedule your work days.
Get an education. Go to team trainings and seminars.
Use a business plan. Every profitable business operates with a yearly map.
Network your business in many venues.
Go to work everyday. It requires effort to grow a business.

party plan Business Failures vs Success Strategies

While these simple guidelines seem almost a given, it is amazing how many Home Party Plan business reps fail for those very reasons. The last bullet point above really is the key strategy to direct sales business success. Frequently, new sales consultants think that their party plan business will be conducted “in between” other life activities, yet yield the results of a viable business. If you want to create an income from your direct selling business, you have to treat it like a business. Reaching goals is based on simple plans incorporated on a consistent basis. Your business cannot be put in after your hectic life. It must be a priority in your life.

Business Plans – Your Roadway To Success

Experts say that a strong business plan is one sure step in the direction of success. So, what is a business plan in the first place? It is defined as a document that outlines the functional and financial objectives of a business. It also contains details of the budget involved and the goals to be achieved.

Everything on earth is tending to become compact. Gone are those days when a sea beach was described in a thousand words. Today, a similar description is possible with a powerful visual and a string of strong adjectives in only a few words. A mobile phone today is slightly bigger than your thumb. Similarly, a business plan is no longer a document of a hundred pages. Nobody wants to know your business. They want to know your views, your goals, your objectives and your plan of action.

How Well Can A Business Plan Be Implemented?

o Simplicity of a business plan – is it understood by one and all? Are its views and objectives clear?

o Specificity of a business plan – are the contents measurable? Are all the activities dated (initiation to completion)? Are all the actions distributed among personnel clearly?

o Real nature of a business plan – are the objectives and targets real? Are the goals set within a specified time achievable?

o Totality of a business plan – is the plan complete? Does it have all the necessary elements to outline your business goals?

A business plan has multiple uses. It can be used to start a new business enterprise, take a loan or to find good investors. There are many other reasons for which you need a business plan. You should first find out why you need a business plan.

Why Do You Need A Business Plan?

o Outline objectives and set goals to achieve them

o Prepare regular business review outlines

o Start a new business enterprise

o Decide on a value on a business for sale and legal issues

o Outline agreements between business partners

If business plans are conceived for different purposes, there must be different business plans for different kinds of ventures. Business plans are also known as growth plans, internal plans, investment plans and so on and so forth.

If your business plan is for internal study and revision, there is no need of background details of your organization because you are already aware of them. You need to add that only if your business plans are meant for banks and other institutions.

What Are The Different Types Of Business Plans?

– The most basic of business plans are the start-up plans that clearly outline the steps for a new business venture. They include details of service provided or product offered, market value of the same, implementation strategies, market and financial analysis. The basic structure consists of a summary of the company, ending with details of financial transactions and expectations for the first year.

– An operational business plan contains details of dates, deadlines and milestones. It is often referred to as an internal business plan.

– A strategic business plan aims at higher levels of target and does not deal much with dates and deadlines. This business plan is more of future and growth oriented and focuses less on facts of the company.

– A growth or expansion business plan focuses more on one or more subset of the business. There are variations of this kind of business plan. If it is meant for a new investment, it will obviously include the background of the company.

– A feasibility business plan is your entire business in bulleted form. It includes the summary, the mission and the vision of the company, the USP of the business enterprise, expected financial outcomes etc. The main purpose of this business plan is to test whether this business is worth a venture at all.

The Seven Points Of Business Plans

Business plans usually cover the following 7 points. Of course, they will vary in detail, depending on the purpose of the business plan.

– Mission Statement – your business plan must explain clearly why you want to start a particular kind of business in the first place. It doesn’t have to be long, but it needs to convey the message clearly.

– Business Description – this is the place where you talk about your business. What is it that you are trying to sell or provide? What is the USP of your business?

– Goals in view – here, you describe both your short term and long term goals. Short term goals may include your plan to acquire office space, provide a proper business name, apply for a business license etc. Long term goals include answers to where you see your business ten years down the line, opening new stores etc.

– Prospective Customers – who is your target audience? Why will they need your service or product? How well do you understand their needs?

– Competition Analysis – this helps you rank your business venture in the market. Who are your competitors? If their focus area is too competitive, try for a niche market that is comparatively less competitive.

– Financial Considerations – be realistic and optimistic about your finances. Make sure to spend only that much with which you are sure to receive returns. Or else, go in for a small business loan till your business can take care of its own expenses.

– Marketing – sell your ideas before you sell your products. Advertise your products everywhere you can think of. Don’t miss out on both offline and online publicity. If you get a chance, exhibit your product or service at local communities and organizations.

Do’s And Don’ts Of Business Plans

Your business plan should:

a) Set concrete goals and deadlines

b) Distribute work among people and departments and set deadlines to achieve the goals

c) Maintain a steady ratio of implementation to strategy to 10:1

d) Provide a platform for regular review and discussion

Your business plan should not:

a) Display your knowledge about your field of expertise

b) Be too lengthy – people lose interest easily

Not all businessmen and women are good planners. It has often been seen that a business fails because of the lack of a good business plan. That is one of the cardinal mistakes for an entrepreneur.

Business Plan Mistakes

Experts have identified some common mistakes regarding business plans. They are:

– No business plan – many business ventures begin without any plan. Plans are written out in a rush only if the clients or banks or investors ask for the same. It is often seen as unnecessary because the business is more important. Imagine the condition of a house without a plan. You will get lost midway in heaps of concrete and steel. Similarly, you will get lost in ideas and desire to implement them.

– Cash is more important than profits – business is not the same as profits. Cash is the main player. Only if you have cash to spend in the beginning, will you get profits at the end of the day.

– Ideas don’t sell – your business sells because of hard work, perseverance, cash and a lot of common sense. Your idea does not have to brand new. Old wine is better than new ones. Why? People trust age and experience.

– Fear factor – a business plan is as necessary and as routine as making a travel plan. You don’t need to be Einstein to chalk out a business plan. You just need to think straight and pen your thoughts.

– Specificity wins – focus on tangible results, instead of trying to be the best. Results matter and they tell you everything.

– Fit all business plans – your business plan should work for bankers and investors as well as internal review and corrections. Don’t make individual business plans for individual purposes. Rather, concentrate on your business.

– Everything cannot be important – you can have only a few priorities. 20 priorities are vague and they clearly show lack of strategy and of goals.

A business plan is the first step of starting a business. It is neither easy nor difficult. What is a business plan about? How do you implement a business plan? What do you include in a business plan? What are the ‘must have’s’ and ‘have not’s’ of business plans?

Whether it is travel, study, cooking or any other activity involving a process, planning is usually the first step. The same holds true for business. Business plans are probably more important than the business itself. For example, the plan for a house is more important than the house itself, though it is the house that people remember and not the plan. But the house wouldn’t stand without the plan, would it?

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Sound is a Sound Reason for Business Success! How to Get Rich in Any Business?

It sounds good:

I know you do some relaxation exercise or reading some magazines in your drawing room leisurely. You hear a number of sounds that come from the street outside. Some are attractive while some distract attention! You like it or not, you need to hear all these noises.

Nutty business:

Now also you here a bell-ring sounds differently, with a unique musical rapidity.

You know, it is a special sound coming from a hot selling item on the street: It is the peanuts! Some call it groundnuts too!

This ringing noise is coming from the street and that too you know it is from a peanut seller pushing his handcart. The steel spatula generates the sound by hitting on the rims of an iron Chinese woke.

Sound Attraction:

He has a small stove burning, which heats the sand filled Chinese woke for hot dry frying the peanuts. He pushes the cart, shouts loudly with his special voice and makes the sound just by hitting the rims of the iron woke.

Interesting Musical Note:

By this, a peanut seller informs that he passes on the road; he sells hot fried tasty groundnuts; this shows that he is closer to you on the street; further alerted by the sound that may leave at any time.

Desire with Flavor:

Now the spatula makes a different sound by turning and frying the nuts. It is also unique and your nose is sharper to inhale the flavor of the hot frying of the nuts in the sand bath. Aha, you want to taste it instantly.

Act Fast to Taste the Nuts:

You are just calling your maidservant to go and get it immediately as the peanut merchant may leave at any time. She bought it; you got it! You simply admire at the taste of round bold hot peanuts.

Now, on the business side, let us find what has happened and perceived in this groundnut selling process.

Small Mobile Shop:

The pushcart is a small shop of 6 feet by 3 feet by size drawn on the road. On one side, it is true that the cart is a small retail shop. On the other side, one can expand the business to the size of the world, as much as one can draw the cart.

That is to say, the cart moves to the nook and corner of the city or the village. The business can be expandable with the capacity of the drawing retailer. Naturally, he will get more business with more area and more people.

Further, the process shows the following steps in selling process.

Attention:

The sound is the key factor that initiates the business. If the cart moves on the street with out making any sound, then it would have gone with out the notice of the potential customers residing in the houses. The vocal sound of the street vendor with the noises generated from the hit tings on the Chinese woke is the prime factor that introduces the shopkeeper on the street.

Interest:

The unique noise that emanated from the spatula while frying creates further more interest for the insider.

Desire:

The unique smell of the frying groundnuts brings in desire to the potential buyer.

Action:

Then it is over as the potential buyer moves out, goes near the seller and makes the buying process. The retailer finds the requirements of the purchaser and completes the process of delivering and collecting the sale proceeds.

The students of business management science are learning about the salesperson’s success techniques. The above said example of selling of peanuts is a very simple and true selling process. Of course, the peanut seller knows or not, this has built in scientific sales process!

We call it “AIDA principle”, comprising of the following.

1. Attention is drawing customer’s awareness.

2. Interest is increasing curiosity for the customer.

3. Desire is creating crave by exhibiting more characters and creative visualization.

4. Action is pressing for customers’ accomplishment for completing the sale.

Sound is a Key to Business:

Besides, we learnt that sound is a key factor in bringing business here. You hear the bell ring sound from churches and temples and sacred voice from the mosques. They draw the attention of the people and invite them for the prayer.

The bakeries and roadside fast food counters use radios and speakers to pull the crowd. The street circus player makes sound with drums. Different kind of ring tones are used for different commodities like ice creams soft cotton candies etc. With a threadbare analysis of this sound subject, we can understand that it has unique role in very many ideal businesses.

Hence, sound is a sound business idea to bring more customers into our business.

AIDA is more scientific method of selling anything on earth!

Similarly, there is more number of customer pulling tools.

We shall see them next.