Business Ideas

Quite often the first thought that a new entrepreneur has is “I am going to be free – I am on my own; no boss; and no schedule!” This thinking is understandable but unfortunately not realistic.

 The ability to live an individualized lifestyle as a new business owner is critically dependent upon obtaining one valuable resource – customers! Your customers become your new bosses. But unlike most bosses you had in the world of employment, you have the chance to pick your customers when you are self-employed. You can choose customers who are friendly, professional and caring. Or you can choose customers who are manipulative, demanding and unreliable. The choice is up to you.

 We have discussed a number of “nuts and bolts” decisions in our previous special reports. If you have followed the plan we have suggested you probably feel that you are making progress toward launching your business. We congratulate you on your follow through!

 However, be careful: the organizational decisions are easy enough to complete that you may start to think that the whole business planning process is this easy. It is not. You are ready now to enter into one of the most challenging pre-launch activities you will be faced with – finding a group of customers that wants what you are offering badly enough to pay you for it on a regular basis.

 Why and How People Buy

 There are many reasons people are motivated to part with their hard-earned money to obtain a product or service. Among the most powerful reasons are: convenience, comfort, security, style, social approval, health and well-being and profit. The problem in trying to figure out which emotion is motivating your desired customer is that they sometimes don’t completely understand why they buy. There is, however, one reality that you will likely face: people don’t like to change their ways!

 Virtually every business concept I have seen is in a category where somebody is already providing the same or a very similar product or service. Not always very well, but still available. It is not easy to get someone to change suppliers, even mediocre ones because they are often more uncomfortable about the unknown of a new supplier than they are about the less than great service of their existing supplier.

 Buyers today, both industrial and consumer, are very demanding about their purchases. They want sharp pricing, attractive features, style, variety, and convenience. These factors all combine into what people feel is “value.” It is common for new entrepreneurs to start with themselves when looking for customers, by adopting the mentality: “I like this product; I am sure they will too.” There is some sound logic to this approach. There probably are hundreds of people who think like we do, and buy like we buy. But you may be heading into trouble if just assume that this is true. You need to ask questions.

 Finding Needs Through Market Research

 Many new business owners seem to go into a stall when they are directed to go out and talk to prospective customers. Some think they will be seen as nosy. Others are afraid someone will tell them not to pursue their hot business idea. Don’t kid yourself — every business idea can fail if enough of the right customers are not found quickly. Many new businesses find themselves in a race – to see whether their initial capital will last until customers can be found and persuaded to pay.

 Market research really is fun — If you like people. If you don’t we suggest that you stay in your job. It is very invigorating to locate some potential customers and sit down with them for a causal conversation. You will discover very quickly that they are eager to talk. Often none of their other suppliers have ever asked them their opinion. is already providing Sometimes, even your competitors will talk with you if you come across as sincere and desirous of making good use of their help.

 There are three areas in which it is critical that you do research:

 #1 – Industry

 #2 – Competitors

 #3 – Customers (or prospects at this point)

 Industry Research

 Almost every business is part of a larger group of similar businesses, known as an industry. Public and private organizations do extensive research by industry. One of the most widely found types of organizations that does this research is a trade association. These are voluntary groups of similar businesses who each pay a fee to belong to the group. This money is used to do industry research on matters such as average profitability, insurance needs, product development and promotional strategies. Many trade associations also publish monthly or quarterly magazines, which can contain very useful articles. And some very large trade associations sponsor annual conventions (known as trade shows).

 It is your aim to find out as much as you can about businesses similar to yours before you start to invest your money. You want to find out:

 How large is the industry?
Who are the industry leaders? How have they succeeded?
What obstacles have new businesses had to overcome?
What is the average initial investment?
What is the average profit per dollar of sales?
What manpower, equipment, vehicles, etc. must you have to compete?
What training is helpful for success?  

There are three very useful resources for doing industry research:

 #1 – InfoTrac -A series of computer databases containing hundreds of magazine and newspaper articles on subjects relating to business, health, education, etc. Larger libraries have one or more of the computer systems necessary to access this information. We like to go here first when we don’t know much about a business concept, because we usually find at least one useful article fast.

 #2 – Encyclopedia of Associations – A multi-volume set of reference books, usually kept behind the Reference Department desk, which lists all U.S. trade associations by industry and location. Provides the goal of the association, its size, its activities and how to reach its managers.

 #3 – SRDS Guide to Business/ Consumer Publications – This is a directory of all magazines published in the U.S. There are editions for consumer magazines such as Time and one for industrial magazines such as Coin Laundry Weekly. Because many of these magazines specialize in just one area of business, they will present very specific articles, which can give you many details about your type of business.

 Competitive Research

 Your closest competitors have probably been in business for some time, which means that they know enough to survive. Their knowledge can be very valuable to you and can help you to save time and money. Many new businesses face so many competitors that they can’t identify them by name. Other new businesses, such as retail stores, know exactly who their competitors are.

 How do you get your competitors to talk with you? Ask them! Not all of them will share with you but you will be pleasantly surprised how many will, if you are well prepared and come across as sincere and determined. Remember all of your competitors were small start-up businesses at one time. Many want to share their success with new small businesses. But you must be prepared when you go to talk with them. Do enough research about your type of business to be able to discuss the following topics:

 What were the two or three most difficult obstacles to overcome in the beginning?
How long was it before you made a significant profit?
What promotion worked best in the beginning? What was disappointing? What were your best sources of information when you started?
Is there government help available? Trade association help?
How many total competitors are there in the desired market area? How do you set your prices?
Do you offer special services such as custom ordering?
Do you have a favorite promotional “gimmick”?
How long can you grow without hiring an employee?

 How do you find your competitors if they aren’t around the corner from you? Here are some tips:

 Look in the local Yellow Pages
Look in area “shopper” newspapers
Check Chamber of Commerce directories
Look for newspaper ads
Check the library reference librarian
Ask customers who they buy from
Ask suppliers who they sell to

 Customer Research

 There is a tendency for individuals pursuing the launch of a new business to believe that just about anyone is a potential customer. They never get real specific about the why and how of how their product or service is purchased – a big mistake. Many of the most successful new businesses in recent years have succeeded because they came into a very specific marketplace with a specific message. For example, Boston Chicken appeals to people who want to duplicate mom’s baked chicken with fresh side dishes without having to cook. Not every fast-food consumer is a good prospect for Boston Chicken, partially because of the pricing and partly because not everyone cares if the fast food is ultra-fresh.

Remember, in most cases you will be the owner-operator – a one-person shop. You don’t have enough time or money to try to serve several large markets at a time. You must concentrate on one reasonably large group of prospects and concentrate your marketing on them. Even when you are specific it can commonly require up to six months before prospective customers start to recognize your company’s name and its selling offer.

 The most effective way to hone in on specific parts of the marketplace is to discover specific customer needs and respond to them. To discover what people want and need from your product or service you must talk directly to them. Some of the key questions to ask are:

 Who is the ultimate customer?
Who or what influences their buying decision?
How do they shop for your product or service? · How can you divide up the marketplace (segmentation)?
How many potential customers might there be?
Who do they buy from now?
From current suppliers: What do they like? Dislike?
How much do they pay now? How much might they pay for better/different features?
How important is time and distance convenience?
What demographics are important? Family size? Age of purchasers? Education level? Hobbies?

 There are three main ways to survey customer wants/needs:

 #1 – Mail Survey – Based on library research and your own experience, write down customer information you need but don’t have now in the form of 10- 1 2 short questions, combining multiple choice and essay type questions. Obtain prospect names and addresses from phone books, chamber membership lists, or industrial directories. Mail a professional looking survey form to each prospect.

 #2 – Phone Survey – Using the same types of questions as in the mail survey, create a ‘script” of the order in which you want to ask the questions and directions on how to proceed depending upon a “no” or “yes” answer to each question. Obtain prospect names and phone numbers from directories and call each.

 #3 – Live Survey – Face-to-face asking of opinions and feelings of prospective buyers. There are two methods commonly used to do this: “exit surveys” where you stop shoppers near where they shop and ask a series of questions; and “focus groups” where you invite a small group of prospects to a comfortable environment for a part-social, part-research experience. Focus groups are particularly good when you want the prospect to evaluate a number of features at the same time, such as product color, packaging, ad message and pricing. It is common to give some token of appreciation for their time. Tape recording the session is the most reliable way if everyone agrees.

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Home Based Internet Marketing Business

Janice thought that she had everything she needed to make it in network marketing. The thing she need for the most part was the thing she feared the most. Do you and Janice have this same fear?

I can still see Janice’s round smiling face as if she were standing right in front of me today. Her big blue eyes beaming with excitement, she was ready to take on the world of a home based business and succeed. Nothing was going to keep her from making her dreams come true or so she thought.

Does this attitude sound just like you?

It was about eight months ago that I last spoke to Janice. Instead of enjoying the benefits of being a home based business owner, I heard through a mutual friend that Janice had quit network marketing and taken a regular job working in a local retail store. Her dreams had been crushed because of something that she couldn’t or wouldn’t do.

Do you believe that your dreams will come true with your home based business because you are friendly or your are a social animal or you have the gift of gab just like Janice? Or maybe you feel that your success will depend on the product or service that you are offering? Or you might believe that the company name is all you need to propel you to success in network marketing.

We can all agree that your success with your home based business is mostly about how you make other people feel. If you don’t feel comfortable in the role as a leader, and most people don’t, you have about as much chance of success in network marketing as a drowning man having a heart attack in his own pool when no one else is at home. Home Based Internet Marketing Business

Janice failed in her home based business not because she wasn’t smart or motivated or knowledgeable about her business. She failed because she was defeated by her own feelings. Emotionally she didn’t feel comfortable having to take charge and being the one that everyone looked to for guidance and leadership. The fact is, other people could sense Janice’s fear of being in charge and so they wouldn’t join her business.

What do you think?

There is no question that you will fail with your home based business if you are like Janice and do not feel comfortable doing this one thing first—-making other people feel that you are a leader who is in control and can help them make their dreams come true?

Will you become just another home based business failure like Janice because of your feelings? Home Based Internet Marketing Business

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Accounting is an integral part of any organization; whether it is a regular industry or a specialist, all of them need good and knowledgeable bookkeepers. And real estate is no different from the other sectors; in fact, it is lately becoming one of the most powerful revenue getter for the government in the United States. Another reason why this sector needs efficient accountants is that it is vast and ever growing industry.

Real estate accounting require professionals that are capable of handling accounting services professionally. However, one is very well aware of the fact keeping a track of accounts on every day basis is quite challenging for both the business owner as well as the financial department. In fact, accounting ledgers always grow; hence, need experts to take care of the transactions taking place regularly. It is only accounting and accountants that can make business a successful venture by keeping the accounting books intact. That is why real estate sector is constantly looking for proficient and professional people. Therefore, real estate follows accounting diligently for reasons like tax payment and for managing the business properly.

However, when the question of handling real estate accounting arises, then it becomes all the more important to have an experienced staff to accomplish tasks properly. Real estate, as the world knows is a huge sector in itself, where there are several participants and demands perfect accounting services. In fact, real estate accounting is catching up a lot with them in recent years. One will be amazed to know that its accounting comprises a range of strategies and principals that are lifeline for the business along with accounts. Moreover, real estate accounting has helped in the growth process and development of profits and has also curbed losses to a great extent. Although, keeping real estate accounting intact is quite a tiresome and time consuming process, and demands lot of expertise on the part of an accountant. However, this sector follows a range of methods to track various details related to accounting services. The details that have to be taken care of by an accountant for real estate accounting include maintenance of accounting books with financial transactions receipts. It additionally keeps a track of ledger books, balance sheets and credited and debited transaction sheets.

The real estate accounting also provides minute details on every transaction that has been made and recorded for any requirement of the accounting method. The other additional services provided for estate accounting helps the businesses to make more profits and assist in understanding the financial position of the business in the market. The various regular services required by realtors are maintenance, utilities, and management of various records. Real estate accounting also demands solutions for property taxes, capital costs, and insurance and depreciation charges referring to the cost of providing assets. It will not be a surprised to tell you the fact that the real estate industry has also turned tech-savvy and utilizes software for accounting purposes. Its accounting software covers distribution and payroll, budgeting and accounting. This software has proved to a helping hand for the user as it is easy to use and implement.

Advertising Business Internet Marketing Online

You’ve got to find different ways to generate traffic online. I’ve done it quite successfully with Google AdWords. You can write articles. You can get a lot of followers on social media and send them to your website by blogs. You can use affiliate marketing. There are so many strategies which you can use online. I probably spend somewhere in the vicinity of $25,000 dollars a year on Google AdWords and it’s a very measurable and trackable medium. It is getting more expensive because it’s sort of based around a supply/demand equation but it works very effectively. So if you’ve got a bit of a budget I encourage you to get Google AdWords.

But here’s the bottom line: it doesn’t matter how you get your traffic if you can’t convert it because turning the web into money involves two things: traffic and conversion.

If you’re not converting then you’re dead in the water. Another thing I’ve been doing effectively is writing articles and distributing articles. That’s really useful for two reasons. Number one, it gets you out there. But number two, it also helps you in the search engines. There’s a guy named Sean Mize who has programs on this. Advertising Business Internet Marketing Online

The other thing worth considering is social media. I’ve yet to see it proven but if you’re going to do social media make sure you do it with a blog because basically the way I would be doing it is getting lots of followers on Twitter and Facebook. It’s very easy to get targeted followers on Twitter. You can jump online to someone’s website or someone’s Twitter page and see everyone who is following them. And if you follow those people they should follow you back and that’s how you can generate a follower.

Now as a business owner, you should be outsourcing the social media postings. That’s sort of $5.00 dollar an hour work and if you’re planning to earn hundreds of dollars an hour as many of you already are or will be, then you don’t want to be spending your time doing that. But by putting useful content on social media and sending people to your blog, your blog can then put people onto your e-mail list and all of a sudden you’ve got another traffic generating strategy. I’m a big believer that if you can get people to join your e-mail list and develop a really strong relationship with them then that’s a business. So send people from social media to your blog and get a percentage of them to join your e-mail list – then turn that e-mail list into product sales. Advertising Business Internet Marketing Online

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