Here is a secret that may be difficult for you to believe, so prepare yourself. It is an extremely important secret that can have a most profound impact on your small business success, or it's failure.
Let's start by asking a simple question...Do you enjoy sales?
The truth of the matter is that when many small business owners are asked this question, they respond with answers like, "No way" or "I can't stand sales, let someone else do it."
Why is your answer to the above question so important? No doubt you have seen headlines like the following, which glorify how easy and simple it is to succeed in business:
"The Ultimate Lazy Way To Start Your Own Business"
"Cash In On A Multi-Billion Dollar Industry In Your Underwear"
"Easily Generate A Lucrative Income While Sleeping"
We are constantly being bombarded with these "easy ways" to make a million bucks. Does success in business actually work this way? Not in reality! Is it realistic? Not even close!
The bottom line in operating a successful long-term business comes down to your ability to sell your product...period. It doesn't get any simpler than that. You can either sell your own product or resell somebody's else's product. Either way, your success or failure will ultimately depend on your ability to market it. If you don't enjoy sales, you have very little chance to succeed in business for yourself.
The most prevalent attitude of many new business owners is that their product, once launched, will miraculously sell itself. After all, the product is awesome and everybody will absolutely, positively want one. People should be lining up to buy it, right?
Here is another truth about sales. It will take 5-7 sales attempts to close 80% of your sales. Yes, you read that correctly. That's 5-7 attempts before people will say "Yes, I want to buy your product." Running an advertisement one-time or making a sales pitch to a potential customer once in a while does not qualify as effort. Hearing that first "no" and subsequently giving up means the demise of your business and gives someone else an opportunity to turn that NO into a YES.
What most people don't realize or fail to accept is that it may take weeks, months or even years to get a product to sell according to your expectations. You may have to frequently change your sales pitch, web site, advertisement or even the product until you get it right. This dedication and determination is what separates the very few successful business owners from the many "wannabes" and fly-by-night hopefuls.
The bottom line is that to be successful in ANY business you will need talent and the ability to sell, sell, sell.
Showing posts with label success. Show all posts
Showing posts with label success. Show all posts
February 25, 2010
January 23, 2010
What it Takes to Succeed in Business!
Business if tough in today’s world! Most small businesses go bankrupt or are closed abruptly in the first five years. Over the course of the next five years many of the remainders also “pack up” shop and lock their doors. Why do so many businesses fail?
The reasons lie in three main spheres. Those spheres of influence can be labeled personal, customer, and operations.
The Personal Sphere deals with the owner’s personal motivation to start a business. For example, if an owner wants to start their own business, but isn’t willing to make the sacrifices necessary to make it thrive, then they are at a disadvantage when compared to other motivated businesspeople. When a business starts for the first time often it doesn’t have a lot of money. Owners are required to sacrifice time, money, and happiness to succeed. If you can’t do that, it is unlikely that such a business will flourish. Many times owners thought they could handle the hardship but once the novelty of “being your own boss” wears off they close the door.
The Customer Sphere is one of the most important components of your business. Without customers you do not have sales, without sales you do not have money and without money you do not have a business. Many factors go into generating a good customer base. In the beginning you must have a cost effective marketing strategy that targets your intended buyers. This can be done by developing a psychological profile of your customer and then advertising in those places that they frequent. Because it is more expensive to get a new customer than it is to keep one you must make sure they are satisfied with your business and product. Keep in touch with them by sending them a follow-up letter with a survey.
The Operations Sphere is only second to the Customer Sphere. In operations you must have an appropriate method of reducing costs, keeping track of paperwork, and maintaining improvement. Operations can also take into effect the tax paperwork, accounting, scheduling of workers, benefits or any non-producing functions.
If all of these three components are well thought out and are appropriately designed you will increases your chances of survival. Failure to understand the integral details of your business and what it takes to succeed may mean failure in the long run. If you are having difficulty putting all the pieces together then consider a small business consultant.
The reasons lie in three main spheres. Those spheres of influence can be labeled personal, customer, and operations.
The Personal Sphere deals with the owner’s personal motivation to start a business. For example, if an owner wants to start their own business, but isn’t willing to make the sacrifices necessary to make it thrive, then they are at a disadvantage when compared to other motivated businesspeople. When a business starts for the first time often it doesn’t have a lot of money. Owners are required to sacrifice time, money, and happiness to succeed. If you can’t do that, it is unlikely that such a business will flourish. Many times owners thought they could handle the hardship but once the novelty of “being your own boss” wears off they close the door.
The Customer Sphere is one of the most important components of your business. Without customers you do not have sales, without sales you do not have money and without money you do not have a business. Many factors go into generating a good customer base. In the beginning you must have a cost effective marketing strategy that targets your intended buyers. This can be done by developing a psychological profile of your customer and then advertising in those places that they frequent. Because it is more expensive to get a new customer than it is to keep one you must make sure they are satisfied with your business and product. Keep in touch with them by sending them a follow-up letter with a survey.
The Operations Sphere is only second to the Customer Sphere. In operations you must have an appropriate method of reducing costs, keeping track of paperwork, and maintaining improvement. Operations can also take into effect the tax paperwork, accounting, scheduling of workers, benefits or any non-producing functions.
If all of these three components are well thought out and are appropriately designed you will increases your chances of survival. Failure to understand the integral details of your business and what it takes to succeed may mean failure in the long run. If you are having difficulty putting all the pieces together then consider a small business consultant.
January 19, 2010
Are You In The Right Profession?
All of us are busy working in a particular area to earn our living. Some of us are business persons and some are employed. Some are engineers, others doctors, carpenters and so on. We have painters, architects, firemen and all types of professionals.
The question is - Why did you choose a particular profession? Were you tested scientifically in our childhood about your aptitude, or whether it was your family profession, or you wanted to become one because you had fancy for that, or you had nothing else to chose so you chose your current profession?
Along the way in life, we stop asking these questions and continue doing what we are doing. We never think about why we are doing a particular kind of job. We never look around for total change in the job. For example - an engineer would very rarely think about dropping out of his/her profession and becoming a full time musician. Why?
why most of us don't think about changing our profession altogether? Why don't we think in that direction at all? One reason is to maintain status quo, which gives us comfort. We want to live in our comfort zone. The second reason is that we never question ourselves- Am I in a profession that I like fully? Can I choose another profession that will give me more success and joy?
Please think about what I have said and rethink about your profession. You may find something else that may give you not only satisfaction but great success.
The question is - Why did you choose a particular profession? Were you tested scientifically in our childhood about your aptitude, or whether it was your family profession, or you wanted to become one because you had fancy for that, or you had nothing else to chose so you chose your current profession?
Along the way in life, we stop asking these questions and continue doing what we are doing. We never think about why we are doing a particular kind of job. We never look around for total change in the job. For example - an engineer would very rarely think about dropping out of his/her profession and becoming a full time musician. Why?
why most of us don't think about changing our profession altogether? Why don't we think in that direction at all? One reason is to maintain status quo, which gives us comfort. We want to live in our comfort zone. The second reason is that we never question ourselves- Am I in a profession that I like fully? Can I choose another profession that will give me more success and joy?
Please think about what I have said and rethink about your profession. You may find something else that may give you not only satisfaction but great success.
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