Posts Tagged ‘keys to business success’

You work hard to establish relationships. Don’t let those relationships fade. Develop a database to track contacts with clients and prospects. If there has been a lapse, get back in touch. Your easiest opportunity to sell your services or products is with your existing clientele. The hard part is done. When you have an offer that makes sense, roll it out to this group first. Not only will you generate sales, you will generate referrals.

This tip is adopted from GoSmallBiz.com.  If you found this information helpful and looking for more business success tips like this one, visit here.

Many new solopreneurs make the fatal mistake of building their business in isolation.

As a result they remain small and unprofitable longer than necessary.  Partnering with others is a proven and highly effective way to create an exclusive unpaid sales force to help you reach your most important goals faster.

Here are 7 tips that attract ideal joint venture partners without fail:

Be genuine. You only have a moment to make a first impression. So be who you really are first and foremost.  Lead with your greatest attributes and let it shine through.  Don’t be afraid to let weaknesses reveal itself.  Resist any temptation of presenting yourself in a way other than uniquely you.

Start with low hanging fruit. Your next JV partner could be right under your nose!  Seek partnerships with those whom already know, like, and trust you.  After all they are your existing support base with your best interest in mind and therefore more willing to help you. Additionally, you don’t have to spend a lot of time from the outset trying to “convince” them of your worth.

Give first.   Your first conversation with someone whom you may not know very well, is less about you and more about the other person.  Avoid the temptation of pitching or selling something in an initial interaction.  Instead think of ways to support them first. Taking time to connect with others in this authentic way costs nothing, but pays dividends in the long run.

Compliment, don’t compete.  Always seek partners who serve a similar clientele but don’t offer the exact service as you.  This way you don’t come across as a threat or competition.   Not to mention it increases the likelihood that the two of you would be more willing to promote one another over and over again.

Be confident! When you exude a “can do” attitude and spirit, you will be an irresistible magnet to potential partners.  Most people enjoy taking part in something exciting that benefits themselves and their constituents.  If you fail to exude this level of positive energy and confidence, you will be hard pressed to convince others to jump on board with promoting your offer and/or services.

Tell them the reason why.  Before approaching a potential partner, always think first about “what’s in it for them.”  Tell them what you are offering, but remember to communicate benefits.  When you do this effectively, you will pique their interest and give them incentive to pay greater attention to you and your offer.

Compensate them.  Yes, this is business — not charity. When developing a JV venture, remember it’s a business arrangement. Most people won’t promote someone else for free unless they are a personal friend.  Although they serve as your unpaid sales force, they are doing the hard work to drive traffic to your site or program.  Always compensate your partners for the energy and time they spend doing so.

Always approach prospective partners with long term relationship in mind. It’s a lot less work overtime to establish a “business friend” for the life of your business, than collaborate with someone who is only willing to support “just for the time being.”  Keep in mind these kinds of relationships do not happen over night; they take time to develop.

It’s never too soon to forge connections and build joint venture partnerships! Use these tactics to get started right away.

Please leave your thoughts and comments!  I want to hear from you.  For more ways to forge connections and create other support networks for your business, obtain a copy of my free ecourse today!

Federal Small Business Administration statistics report that 80% of all small businesses fail within the first five years, which equates to several hundred thousand business closings annually.

Proper planning may be the basic tool, but there are several elements to consider when starting a new business venture.

Following are the more common reasons that small businesses fail or, in other words, the more important new factors in planning a successful business:

1. Lack of experience or vision

2. Failure to set goals or unexpected growth

3. Lack of management systems

4. Lack of product or service quality control

5. Poor location

6. Insufficient capital (money)

7. Poor inventory management

8. Over-investment in fixed assets

9. Poor credit arrangements

10. Personal use of business funds

11. Competition or lack of market research

12. Low sales

This business tip was adapted from GoSmall Biz.com.   If you liked this tip and want to learn more about how to beat the odds of business failure, regain peace of mind, and restore a sense of confidence and security in growing a successful solo-business once again, click here.

Does this describe your year?

Before you say goodbye to 2010, I want to share the secret to making 2011 your best in the shortest time possible.

If you are less than satisfied with what you were able to accomplish in 2010, let me show you how to turn a so-so year into a prosperous one!

Join me for my teleclass  Countdown to Prosperity 2011.

I came across a very cool website that provides free start up business resources  but most importantly private funding,  for rising women entrepreneurs like yourselves. 

Women entrepreneurs are truly the ones to watch…why?

We are fully capable of operating successful businesses, even though obstacles and heavy life demands may get in our way.  Despite these challenges, women business owners contribute so much to the global economy that if we were a country, we would be ranked 5th for GPD in the world!!

According to a report by the National Womens Business Council, women contribute $3 trillion to the global economy.  So you see, our businesses are necessary and essential to the economy at large…and will continue to be, but we must thrive!

Below is a sample of how women are getting the private funding they need to make a difference in the world today, and impact change in the lives of others.

The first Women’s Business Grant was awarded to Tanisha Cunningham of The Underground Railroad To Success, a non-profit helping foster children.

The second annual Investing In Women Business Grant, was recently awarded to recipient Gazelle Simmons, founder of Admin Services, a virtual assistance company in Georgia, dedicated to encouraging and supporting women entrepreneurs in the USA.

The third grant will be open for applications in January 2011.   Next year also marks the first annual Eco-Biz Grant for environmentally friendly businesses and the Edu-Grant for students studying business in college.

Remember entrepreneurial and money mindset is critical and necessary for long term business success.

These are examples of solo professional women who did not allow lack of financial resources to get in their way of getting in and staying in the game… and the same ought to be the case for you. 

For more information about this grant opportunity go to www.iiwomen.webs.com

Investing In Women is a free business resource site, grant program and networking community for entrepreneurs.

Be prosperous in 2011!!

I think we all remember the phrase, “If you build it, they will come” from the popular movie, Field of Dreams.  However when it comes to business start up, there is a very different story to tell.

It’s one thing to start a business, it’s another to sustain overtime.  I recently read a blog post by Small Business Trends, that outlined the 5 yr success rate of small businesses by industry.    And much to my surprise the service industry’s survival rate is performing slightly higher than average.  However, in spite of this, it also means there is still a large number that aren’t making it.

There are many reasons why small businesses fail.  One area is obviously tied to insufficient financial capital.  So what makes the difference between big revenue streams vs. small or non-existent ones?

Here are my top 10 picks for why new solo businesses remain small and don’t profit:  

 10. No infrastructure to run business.  Once you find that perfect client, the question that comes next is now what?  Many newbies have a difficult time answering this question because they have been so focused on getting their first few paying clients, they don’t have a plan for how they will deliver their product promise, and/or manage the operations of their business. 

Quick tip:  Before getting your first client, establish processes to facilitate ongoing, consistent communication, and systems to manage your finances, and administrative functions of your business.  This way your focus can remain on business building and development.

 9. One-on-one client orientation.  A business model that only consists of working one-on-one with clients is short sighted and typically results in burnout overtime.  It’s much more advantageous to share more of you and what you have to offer with the masses, than with only those whom you can serve personally at any given time. 

Quick tip:  Incorporate both products and services to your sales funnel to help more, serve more and  expand your earning potential.   

 8. A website without a hook.    The harsh reality is once a  unique visitor comes to your website they will  either save your site as a favorite or leave and never return…unless you give them a reason.  Design your site with the goal of converting visitors into prospects.

Quick tip:  Provide relevant and valuable tools, resources, free giveaways…and an opt-in feature to capture contact information and keep in touch.

 7. One dimensional marketing.   Think about your marketing plan as a portfolio of sorts – the more diverse, the better your chance of reaching your intended goals and benchmarks, and the less risk of losing time and money with all your eggs in one basket.  It’s also important to monitor the performance of each strategy to  ensure you are pouring the right resources in the right areas at the right time. 

Quick tip: Incorporate a tracking mechanism for each strategy to eliminate the guesswork around what works, what doesn’t, and achieve optimal results fast.

 6. The wrong offer. Not all solutions you have ideas about are the most viable in the eyes of your prospects and clients.  Remember it’s not about you, it’s about your clients.  Focus on what your clients really want and avoid the temptation of creating services or products in a vacuum.

 Quick Tip:  If you are unsure about what solutions your prospects or clients need, simply survey them or ask directly.

 5. A non-compelling marketing message.  It’s one thing to know who you are seeking to attract, it’s another to know how to communicate with them and enlist them as clients.  Without careful attention to this, you’ll end up working ten times harder by chasing down prospects instead of pulling them toward you.

Quick tip:  Your “sales conversation” should always speak to their heart and mind, by focusing on what matters and concerns them most.

 4. Missing marketing plan.  The “art” and “science” of attracting ideal clients is a focused and purposeful activity.  It’s always a good idea to start with the end in mind and design your strategy for how you will get there.  

 Quick tip:  Establish goals for how you wish to build your list, bring in more business,  and then take action to make it happen.

 3. Fishing in the wrong pond.  There are many criteria for choosing viable markets, to include the ability to reach your prospects easily and inexpensively.   However, without a clear idea of where they “hang out” you will be hard pressed to begin any marketing conversation, build your list, or grow your business.

Quick Tip:  Take time to study your target first so that you know where to direct your marketing efforts.  This way you avoid the “spray and pray approach” to marketing. 

2. Inconsistent marketing efforts.  This fatal error fosters the feast or famine syndrome. In order to keep your pipeline full of prospects, see marketing as an ongoing and consistent activity.  Always remember, if you aren’t actively seeking business, then your business is not making money.

Quick tip:  Carve out time every day to devote toward some aspect of marketing.

 And the number one reason:  Jack of all trades and master of none.   It’s extremely difficult to be a generalist and attract all the clients you will ever need at the same time. Having a specific target audience or niche in mind, will help you formulate a cogent marketing message that pull prospects toward you, more quickly, more often and without fail. 

The end result:  more clients, more business, more money!!

 Quick tip:  As you seek to find the ideal client, never lose sight of what fills you up on the inside – an eager individual with a pulse and credit card in hand shouldn’t be the only criterion for ideal. 

Sometimes a complete business makeover is required to get your business turning profits. But other times a small tweak is all that’s required. Use these simple strategies to audit what’s working  and what isn’t with your business to accelerate your profit making potential by leaps and bounds. 

For more viable solutions for getting your business off the ground running, growing, and making more money: http://bit.ly/9jW642

I just came across a blog post entitled, 5 Ways to Spot a Great Product.  The author Charlie Page, CEO of Directory of Ezines, outlined 7 questions to ask yourself when deciding whether to purchase an information product:

-Do I need this right now?
-Do I already own something similar that will do the job?
-Is the person selling this product credible?
-Will I use this? (In other words, will I take the time
to learn the system so I can profit from it?)
-Are there others who use and like this product? (e.g.
are there testimonials)
-Am I protected if this does not work out?
-Is there any reason to NOT buy this right now?

One of the concepts discussed in my new ebook discusses the importance of investing in your business for personal development and long term sustainability and success.  

The questions above serve as a nice checklist to help you figure out whether a purchase will be a valuable one and beneficial in the long run. 

You may be sitting on the fence about whether to take advantage of my birthday bash sale….use the checklist above to help you simply say YES!!

Remember the sale ends Tuesday 12 noon EST.  Don’t miss out on the sale price and 2 extra bonuses:  2 special reports – 30 Minutes a Day P.R.O.M.O Blog & 21 Ways to Recycle Content & Make More Money

These two special reports as available with the ebook purchase and exclusive to my birthday bash sale.  http://bit.ly/9jW642

Once the sale ends, so will these 2 additional bonuses (the other 4 standard bonuses will remain in tact)

However, you can get more for less now!  Take advantage of this cost saving unique opportunity today!  Visit  http://bit.ly/9jW642

If you have any questions about the ebook or need additional help with figuring out whether this purchase is really for you,  please email me at zenobia@successtransitions.com.

Have a great weekend!

I  remember when I started my practice as a business coach, I didn’t have a clear idea who I wanted to serve.  “Come one, come all” was my motto.  I was open to helping anyone with their business as long as they were willing to pay me.  Sound familiar?

However, what I found over time is that I actually did have preferences, and that I couldn’t help any and all small business owners.  I also learned that it was impossible to formulate my marketing message because I simply didn’t know to whom I was speaking.   And last but not least, there really wasn’t anything that set me apart from other women coaches or made me more client attractive to prospects.

It wasn’t long before it became clear that I needed to narrow my focus and choose a target if I wanted to find clients more easily. 
 
Here are 5 strategies to finding your ideal market and filling your practice:

Define Your Niche
A niche is a cross section between a targeted segmentation of a particular market and your specialty.  For example, if small business owners were your overall market, a segment of this population could be service solo entrepreneurs.  A more targeted audience could be beginner women solo-entrepreneurs. From there you could target only new women coaches, or consultants, or speakers, etc. 

Your specialty, is a blend of your expertise and what you do to help your clients.   So in a nutshell your niche could be:  a systems business consultant who helps new women coaches automate their business to run independently.    

Focus on Demographics
All targeted audiences have specific characteristics that define who they are.  Demographics such as age, gender, income level, marital status, wants/needs/desires, and lifestyle choices are the first level of consideration.  It is also important to understand what weighs on their heart and mind  (e.g. what they value most, what keeps them up at night).  In so doing, you will be able to formulate a compelling marketing message that illustrates your keen understanding of their unique issues and concerns.  

Answer the question, “Does it hurt enough?”
As an entrepreneur, you are in business to make money. So the question of whether your targeted audience has the ability to pay must factor into the equation.  When you provide solutions at different price points for prospects, it’s easier to convert them into becoming a client or customer. However, in the end if your offer doesn’t address a great enough need or benefit, they simply won’t invest in your services or your products.

Determine whether your audience is within reach
The ideal audience would be one you could reach relatively easily and inexpensively.  Otherwise, it may be difficult to keep the pipeline full of prospects and clients.  Sometimes it pays to break ground in untapped or “unknown” markets; it can give you unique positioning, and immediate expert status.  The risk involved, is not yielding the results you are looking for after investing lots of money, time and energy.
 
Choose a market that knows they have a problem
One of the biggest mistakes new marketers make is going after a viable market with a solution they are not seeking.  Your marketing efforts shouldn’t center around convincing others to take action.  Instead focus your energies toward making an authentic connection with your audience and communicate effectively how you relieve them of the pain or frustration they are experiencing and looking to resolve.  

These 5 strategies are essential to becoming client specific and targeted. Once you get clear about your audience, marketing will be easier and you will be able to fill your practice with all the clients you will ever need.

You may be wondering how to begin this process; use the quickest, easiest, cheapest resource around:  the internet.  Click here for a free special report to learn how:  http://bit.ly/a0uh69

YOUR ASSIGNMENT:  Write out your vision for a life of freedom. Be specific…include every intricate detail that you can think of.  Here are some questions to get you started:  What does a life of freedom mean to you?  What does it  look like to you?  Your family?  What does it feel like?  What kinds of activities are you engaging in daily? weekly? monthly? And under what terms?   How much time are you devoting toward self exclusively?  With loved ones and friends?  How will ”being” and “becoming” on your own terms  change your life for good?