How to Insure a New Business

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Your new business may encounter problems as it begins to promote goods and services in the community. A flood or fire in your production facilities could damage your inventory or one of your employees might fail to place a warning on an electronic product. You can insure your new business against liability and loss of property with the right insurance policy.

Become conversant in current business insurance issues by reading the right literature. Visit TSBIC.com for answers to frequently asked questions about small business insurance (see Resources below). Some business magazines also feature resources for grading the best and worst insurance companies on the market today.

Review the health, dental and auto insurance offerings of a potential business insurance provider. Most forms of business insurance do not provide for employee benefits. If you can find a deal on a wide range of insurance policies from one carrier, you can simplify the claims process.

Search for specialized insurance policies if your new business requires coverage specific to a particular industry. Farms, construction companies and real estate firms require insurance coverage that exceeds the financial limits of general business insurance.

Determine the presence of liability insurance before you allow a company to insure your business. Liability coverage limits the amount of legal action that a consumer or competing company can take against your employees.

Avoid damage caused by natural disasters with business interruption insurance. When you find business interruption insurance, you insure yourself against damage done by floodwater, fire and earthquakes. These types of policies focus on protecting your inventory and equipment from irreparable harm.

Protect your company's vehicles with business vehicle insurance. Like regular auto insurance, business vehicle coverage helps your company recoup losses from car accidents and vandalism. You should note that insurance restrictions are high for business vehicles because they are only meant for use during office hours.




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How to Create Business Cards

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Make sure your business card represents your business and creates a lasting impression about you and your services. You want them to prompt action - a call and sale!

Before you get started.Remember, this is the smallest brochure or resume that you can leave potential clients/customers with. Your business card has to set you apart from everyone else in your industry, must be memorable, and most of all must have pertinent contact information.

Evaluate business cards of other businesses both in your industry and those who are nothing like you. Looking at other business cards, you can determine what mistakes others have made. Believe it or not, I have seen business cards that did NOT have any phone numbers, email addresses or no form of contact... What is the purpose?

Take notes on the things you like and don't like about the cards you are comparing. Keep in mind colors, logos, font, and even the type of paper that it is printed on. As the card gets more elaborate the pricing will change (front/back, glossy print, cotton paper business cards, etc.

Layout. I would draw very large on a piece of paper how the card should look. Make sure your contact information is large enough for people to read. You want people to contact you!

Printing.There are many printing options now. You can go to places such as office depot, office max, or even kinkos. Although these places may be convenient, they are sometimes limited on the things they can do. Depending on how elaborate you card is, you may want to go to a local printer where someone will be more hands on. Local printers usually do the printing themselves in-house and offer more graphic designing ideas to help you. (I sometimes feel the service is better.

Order your cards. When you get your finished product, make sure you spell check and read it over. You do NOT want to pass out a card with the wrong information on it!

Pass them out.Once you receive your cards, make sure you pass them out every chance you get. Remember to shake hands, make eye contact, and use your personality when giving your cards out. Try putting a discount (with an expiration date) for people you meet personally. Periodically, take a look at your card and see if it needs some sprucing up. Like your website or resume, your business card needs to be up-to-date.




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How to Open a Small Retail Business

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Many people have dreams of opening a small business of their own. The idea of running their own business, working their own hours and selling things that they are passionate about sounds like the perfect plan. Learn how to successfully open a small retail business of your own with these following steps.

Take classes offered at a local university or through the Small Business Association to learn more about running and operating a small business. The more you know and learn before starting your business the better prepared you will be to face the challenges.

Plan your business down to the small details. Think about everything from financing to location and products you will sell.

Write a business plan for your bank to review. If you are taking out a loan for a business, you will need a well-written business plan.

Choose a location and name for your business. You may have to check zoning laws on what kind of businesses can be located in the area you have chosen.

Obtain the appropriate licenses and permits for your business and building. You will also need insurance and tax information. These things can all be found by checking with your state's small business association.

Hire employees only after you have gotten a plan, rules, insurance and necessary tax information together. When you start hiring employees, this means that you are about to open your business.

Order merchandise for your store. Stock up on items that you know will sell fast. Spend some money on advertising. No one is going to come to your business if they don't know where or what it is. Advertising is money well spent, and you will get your money back if done correctly.




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Tips for Promoting a Direct Sales Business in a Small Town

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Living in a small town presents a number of problems for any business since you just don't have that many people to market to. But for a direct sales business, you'll have to work twice as hard; not to get your name out there but to sell some products.

Tell everyone you've started your direct sales business. Word spreads quickly in a small town so it shouldn't take people long to realize you're in business. But keep talking anyway. Reminding people you're there and in business will boost sales.

Make flyers and post them around town. Hang them everywhere the owners will let you but always hit the highlights: the grocery store, the gas stations, the post office and maybe the local bar.

Start a direct mail campaign. Create a brochure and a letter and mail both to everyone in town. If you can't afford to get everyone in town, start with a smaller mailing. Send your packet to those people you know might be interested in your product.

Give an introductory offer for your product. Give people a discount for shopping with your direct sales business or for hosting a party. This will get customers to you. Put on a good show and get people talking. If one group of people enjoyed your show, you're sure to get more parties. Word of mouth is the best possible advertising you can get, especially in a small town.




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10 Secrets to do business with China successfully

  • Posted by MurrayClarke in Expert Blogs
  • 2008, February 28th

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1. Know the market. There are tremendous business opportunities in China, but don't assume that Chinese buyers aren't looking at other options. Your product or service may need to be altered to fit local needs or interests. Senior executives in Asia are quite accessible, and time spent meeting people before entering the market is essential. Government and quasi-government organizations have considerable influence in Asia and can assist you. Additionally, there are consulting and free services available to make introductions.

2. Use Hong Kong as your base to enter China. The most notable advantages of using Hong Kong as a starting point into China are: the availability of a reliable legal and financial infrastructure; a 15 percent flat tax rate; the ease of establishing a business entity; and experienced local tri-lingual (English, Mandarin, Cantonese) executives and consultants that can be hired.

3. Learn about Chinese culture. American and Chinese negotiation styles are dramatically different. Properly handing your business card (with two hands) and using a Mandarin or Cantonese greeting will go a long way toward showing and earning respect. Contrary to the American style of working deals, negotiations in China are largely dependent on relationships and consensus decision-making. One American executive she knew nearly killed a deal in Hong Kong when his Chinese counterparts allowed three signing deadlines to pass. By allowing additional time for consensus building, making some minor contractual changes and offering a price that ended in the "lucky" number "88," the deal was finalized.

4. Leverage an existing relationship. Work with a company who already has a Chinese presence; however, be aware that international marketing partnerships are only effective in Asia when you build relationships and work directly with your partner's local staff. Cultivate 'zhongjian ren' (the intermediary) because a gifted Chinese go-between is indispensable even after an initial meeting takes place.

5. Assist your family of companies. Many Chinese companies would like to enter the American market. If you can come up with a way to assist them, they may be more willing to bring you into their network. The person with the best 'guanxi' (personal connections) thrives.

6. Take care of the people who make introductions. Maybe someday you will help them out. Or, if you can justify paying a referral fee up front, mention it. They may say no, no, no. If you think it's a good idea to thank them in such a way, insist on it. Chinese are not as straightforward as Americans are -- no doesn't mean definitely no. Two Chinese can carry on the insisting and refusing game for a long time before one party gives up.

7. Bend the rules while sticking your neck out. Most rules can be bent for special situations for special people. If one is persistent, has endurance and is patient, one is more likely to affect the outcome. And, although the Chinese might not respond to your communications and may act as if they are disinterested in what you are offering, remember this: It is your effort that gets noticed, and oftentimes the effort is far more important than your offering.

8. Slow your pace. Meetings with potential partners over lunch and dinner are also occasions to recognize the slower pace of Chinese business. Meals in China are usually longer than what foreigners are accustomed to. Be patient and flexible. The time spent with people is a worthwhile investment that will pay off in the future.

9. Be courteous. Courtesy and discretion are paramount. No Chinese would be eager to deal with people -- whether online or offline -- who do not respect their way of living and conducting business. Also, be careful with your opinions on politics and government. The Chinese may not want to share with you what they really think about the government policies unless they are very close friends of yours.

10. Create desireability. Building a large and profitable presence in China requires top-quality products that are affordable to the masses. Creating desirability is an absolute must. You have to get to know your customer in order to determine which of your products offer the greatest consumer appeal and fit best with the local culture.



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How to Start a Business With no Money

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Starting your own business is a dream that many people have. However, few follow through on their impulses to start a business because they think that they don't have enough money to start a new venture. With the advent and development of Internet commerce, starting a business can now be done with little or no money. Read on to find out how.

Evaluate what skills, equipment and assets you have already that you can use to start a business. For example, if you have a computer, Internet access and writing skills then you can start up a freelance business with little or no money.

Determine what type of business you want to start. Take into consideration your interests, your current skills, how much time you want to spend on your new business and what types of businesses you can start with no money.

Research your business options. If you are interested in online businesses then you may want to look at freelance art businesses, freelance writing businesses and freelance data entry businesses. If you have your own office equipment, and if you have bookkeeping experience, then you can set up an outsourcing secretarial service.

Scan through your Sunday classified ads for companies that are offering telecommuting positions. This is a great way to make business contacts and to get your home business off the ground.

Read through online job listings for telecommuting positions or consulting positions. Sites like "Craigslist" and "Monster" are both great places to find job opportunities.

Create a business plan to help you organize your business and create goals for its future. You can download a business plan template free online. Use this as a guide to help you create your business's business plan.




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How to Sell a Failing Business

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Businesses flourish, and businesses flounder. Companies go through good times and bad. When the bad times are bad enough, they can force the owner to put the business on the block. Here are some special considerations to ensure you and the buyer both get a fair deal.

Accept that you won't get top dollar for a business gone bust. The best you may be able to expect is a "fire sale" price. Recognize that the market for a struggling business is small. You may be limited to buyers with experience in turnarounds.

Bring in a consultant or business appraiser to determine a fair market value. Emotional involvement may restrict your ability to come up with a reasonable price tag. Produce comparable valuations of similar properties in your area.

Consider using a broker to sell the business. An experienced broker can put you in contact with far more buyers than you'd find on your own.

Disclose your business's problems, since a well-prepared buyer will uncover them, anyway. But if there is a personal reason for a recent fall-off in business, such as the owner's ill health, be sure and state it up front. If the business's troubles are a relatively recent phenomenon, you may be able to get more money for it than if the decline has been consistent and long-term. Be completely forthcoming, even if you aren't asked directly. Failing to disclose significant problems can be grounds for fraud.

Present facts and figures about your business at its prime to show prospective buyers what kind of money the business once generated, and could again. Amount of customer traffic, average transaction amount, and weekly or monthly receipts is all useful information.

Clear any pending litigation and sizable debt before you go on the market. Nothing can kill a business sale faster than a lawsuit or large debts.

Establish trust with a buyer by being up-front about the challenges your business faces. This will build faith in you as the seller.

Be patient. It may take a buyer some time to perform due diligence and create a plan to restore the business to profitability.

Separate assets from the business entity, such as equipment, technology or property. Sell them or license them if you can't get a buyer for the whole company. Licensing technology your company has developed will at least provide an ongoing source of income, even if you can't divest the rest of the business's assets.




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Tips for Selling a Business Online

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As a business owner, you will eventually consider selling your business. Using the Internet to do this is a brilliant way to receive the best offer available. Selling your business through an online marketplace will definitely expose you to a larger number of potential buyers. By learning a few important tips, you will soon learn the best way to successfully sell your business online.

Set aside enough time to plan your selling strategy. Rushing to sell your business online is never a good decision. It will cause you to make costly mistakes that you may not be able to recover from. Give yourself several months to think about selling your business online before starting the process. After you feel confident in your decision, carefully introduce your business to the Internet.

Grab a pen and paper when you are ready. Write down important information about the growth potential and revenue of your business. Potential buyers will want to make sure they are not purchasing a lemon of a business. Records of past business performance will show a buyer that you are serious about selling. Taking the time to total the figures of your business will give a potential buyer confidence.

Determine a fair price for your business. Researching similar businesses in the same geographic area will help you figure out where to start. You will never want to underestimate the worth of your business. Compare the cash flow and gross income of your business to other comparable ones. Doing this will offer you a stable starting point, instead of throwing out prices blindly.

Decide if your business will be easier to sell online than any other business. Not every business can benefit from online marketplaces. If your market research shows that it has a great potential to do well, then progress forward. Many people have sold a large assortment of businesses with great success. Knowing the advantages and disadvantages of selling a business online is extremely important.

Investigate potential buyers. Instead of wasting valuable time with an uncertain buyer, ask probing questions to determine their intentions. The best way to find a serious buyer is to ask them how long they have considered buying a business. You should also ask them about their financial planning for the business. These sort of questions will quickly help you to know how serious they really are. You do not want to waste time with someone who can't answer any of these questions.




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Common Mistakes In Business Plans

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Your business plan is typically the first impression potential lenders of investors get about your business idea. Even with a great product, team, and customers, and you are unable to convey to properly convey your image, it could be the last impression if your plan has some of the following, common mistakes.

Lenders and investors review hundreds of business plan every year and with every plan, lenders and investors become more cynical because the same mistakes pop up with regular frequency. With so much competition for a limited amount of capital, it is imperative to not make these mistakes.

1. Financials

Unrealistic Financial Projections - Simply saying that you are going to do $100,000 in sales is not enough nor can you simply say there is no way of knowing. Everyone knows there is no way to accurately come up with financial projections over the next three years, especially in a start-up. But, what is required in your plan is that reasonable assumptions are made and supported with research. By incorporating a detailed list of assumptions and how you arrived at your numbers, the lender/investor can judge your analysis and decision making process. If you are projecting to generate high sales outside of industry norms, explaining how you arrived at this conclusion is a must. Lenders and investors have seen many, many plans that claim sales are going through the roof once funded and as a result are very jaded at statements like this. Financial data that is inconsistent with industry averages and overly aggressive sales figures will raise flags. Explain every number.

Confusing Cash with Profits - Revenues do not always equal cash. For example, suppose you make a sale this month for $100 that cost $50 to produce. Assuming your buyer doesn’t pay for 30-60 and even 90 days if dealing with state or federal sources (and assuming they all pay), the effect on your cash flow is significant. Suppliers and employees still have to be paid for their work while you are waiting on payment from the buyer.

While you may not have a significant portion of sales coming from receivables, the timing of cash flows is critical for developing a financial strategy as cash flow is much more important than profits. Profits are an accounting concept while cash is money in the bank. If you don’t believe me try paying your bills with profits.

No Adjustment for Seasonality - All businesses are seasonal to some extent, some more significant than others. Seasonality refers to the percentage of sales that are made in a month. For example, most retailers have huge November and December sales and lousy January and February sales. Did you make enough cash during the good months to cover the slow months to cover salaries, rents and lights?

If You Build It They Will Come - Be careful in assuming once your doors open people will be streaming in to buy. You have a new, relatively unheard of business. This is a time when your business is particularly vulnerable as most of new owner’s cash reserves have typically been used to open the store. If sales projections are off during the first couple of months and you don’t have enough working capital to keep the lights on, you may be quickly going out of business.

Insufficient financial projections - Basic financial projections consist of four elements: Income Statements, Profit & Loss, Balance Sheets, and Cash Flow Statements.

For most businesses a three-year projection is sufficient, but if yours is a capital intensive one and will take longer to show profitability then use five. Actual figures are a must if you can get them and any number in the projections needs to be in the business plan narrative. If you are purchasing an existing business use the historical financials to show support for your sales figures.

No Quotes - Any significant expenses should have a quote accompanied in the appendix, especially for construction or remodeling as this is an area where most entrepreneurs slip as they do it themselves and greatly underestimate the costs.

2. Marketing

Failing to relieve the customer’s pain - Businesses are rewarded to make consumer’s pain go away. Pain can include; my car stopped working, my doggie is sick or my tax returns are too hard to prepare.

If your business plan can’t show how you are relieving the customer’s pain, then the chances for success in the marketplace is extremely limited.

Remember pain equals market opportunity. The greater the pain, the greater number of customer’s with this pain and the better you can relieve the pain equals greater market potential.

One Billion Customers Served - Claiming everyone needs your product/service will send a strong message to the reviewer that you don’t know your market and remove any credibility to your plan. In the good old days the shotgun approach to marketing could work as there were limited channels for advertisement. Today with unlimited outlets and more narrowly defined markets, this approach does not fly.

While it’s true everyone eats, not everyone will eat at your restaurant, nor could you effectively advertise to everyone. By researching the segments that are most likely to use your product/service and showing how your message will get to them will ultimately make your endeavor more successful. Having clearly defined target markets will show you have done your homework and be the cornerstone of a marketing strategy that can succeed.

We have no competition - Use this statement if your want your plan rejected. Every business has competition. While there may not be a direct competitor, meaning one that offers the same or similar product, there is always an indirect competitor.

Saying there is no competition tells the reviewer that you have either not done any market research or there is not a market for your product.

3. Organization

Writing For The Wrong Audience - A plan for a lender should be written differently than one for an investor. Banks are interested in seeing the likelihood that debts be repaid and investors are interested in the upside profit potential. Be sure to write your plan to your audience. For both, keep to the facts, keep it clear and keep it simple. If you don’t feel you have the writing abilities to make your plan shine, then get help.

Poor spelling and grammar - Leaving spelling and grammatical errors in your plan only tells the reviewer that you are not paying attention to details and may not pay enough attention to the business. Use spelling and grammar checkers and let others review your plan to make sure there are no errors.

Too repetitive - Many times, plans will cover the same points over and over. A well-written plan should cover key points only twice: once in the executive summary then again in greater detail in the narrative of the plan.

Remove the Jargon - Using simple language is imperative to getting a technical business funded. Don’t think that by using complex terms that lenders/investors will be so impressed with your knowledge that they will whip open the checkbook. Businesses that can’t be understood don’t get funded. If you can’t explain your business to a sixth grader your chances of funding are in jeopardy.

Investors are really only interested in your technology if it solves a problem that people will pay for, is better than the competition, can be protected through patents and can reasonably go to market without spending a lot of money.

Keep the technical details out of the business plan and in the white papers.

Appearance matters - Make sure your plan looks professional. Use professional printing, binding, keeping fonts consistent and easy to read. The more money being requested means investing more time in making sure your plan will stand out from the crowd. Be careful that you don’t go overboard and give the impression that the plan is all style and no substance.

Length - A long business plan does not make a better business plan. All of the industry and marketing research won’t save a flawed plan. Too many plans have been immediately rejected because they are too long. Lenders and investors favor entrepreneurs who can efficiently demonstrate the ability to efficiently get to the point.

An executive summary should be no more than 1-3 pages. Ideally it should only be one page but some complex plans require more. An ideal business plan is 20-30 pages, including financials. Remember less is more!

Use operating plans, white papers and marketing plans for the in-depth details.

Fluffing - Using phrases like "unmatched in the industry;" "narrow window of opportunity;" or "ground floor" are empty phrases filled with hype. If anything, the cynical reviewer will be turned off by the hype and trash your plan. Stick with laying out the facts – what is the problem, how will you solve the problem, how big is the market, how will consumers buy it and what is your competitive advantage. If the opportunity is there the lender/investor will be able to make the decision for themselves.

Overvaluing the business idea - What gives a business value is not the idea but the execution of the idea. A great idea is a start, but almost everyone has had a great idea at some point in their lives. How you will execute this idea is what sets apart a real business from the dreamers.

4. Execution Mistakes

Waiting too long - Funding a business takes a long time. Expect three months at a minimum after finishing your business plan to get funding. Unless you have sufficient capital, other sources of income and can be funded in-house at a bank, this number may be reduced. Bank financing for business with less than two years of operating history are typically funded through an SBA guarantee, which requires additional time, patience and paperwork. Financing through investors is usually an even longer process as they have a lot of people competing for their money and they tend to do significant due diligence to secure their investment. Waiting until you need the money is a sure way to keep your business from launching.

Unreasonable time lines - Many business owners underestimate the timelines for completing milestones. Its human nature to think we can do things faster than is possible. When getting a business started there will be several tasks you could not have anticipated and the some tasks you think will be easy which will end up taking much longer. It is best to overestimate and finish early, rather than scramble and execute your opening poorly.

Failing to seek outside review - When preparing your plan, be sure that you have at least a few people review it before sending it out. Preferably look for people in your industry or who have a specialization in sales, distribution, etc that could lend a fresh set of eyes and find any flaws in the plan. Being so close to the action can keep you from being objective and this additional scrutiny may save you countless headaches and money down the road.

Perfecting - It can be easy to spend countless hours perfecting your plan and ultimately never launching. Remember, your plan will never be perfect and in practice should be continually updated as you learn more about the business, market and customers. Don’t make your plan an academic practice, finish it and get in front of investors and lenders. Use this feedback to see if your plan really needs the additional perfection.




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5 Ways to Strengthen Customer Relationships

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Strengthening the relationships that one has with customers is very important. Customers that feel comfortable and have a good working relationship with a specific person or business will return to patronize that person or business again. There are generally 5 ways to strengthen customer relationships.

First, making sure that customers are taken care of is vital. People need to know that a salesperson or employee cares about them. There are many ways to make this happen, and a business owner or employee should use whatever tactics work best.

Second, price things fairly. It is true that one has to make a profit to stay in business, but also true that a reasonable price can be charged so that profits are made and customers feel as though they received a good deal.

Third, remind customers about the business. Customers will not keep shopping at your store if they forget that it is there. Advertising helps to remind them that they want and need what you have to offer.

Fourth, keep your store clean and neat. No one wants to shop in a dirty store, or one that appears unsafe or uncared for. It makes customers feel that a business takes no pride in what it has to offer to others.

Fifth and finally, make sure that employees take care of themselves, as well. This does not mean they are all expected to look like supermodels. It only means that they should make an effort to stay neat and clean, as hygiene is important, especially in the selling profession.

By following these simple tips, a business and its employees can greatly strengthen the relationships that are seen with customers. This will make customers want to shop at a particular store, and can keep them coming back more often than they otherwise would. They may also spend more money at that store, helping the business profits to grow, as well.




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How to increase online sales

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Offer products that complement your initial product.

Sell more of the same product at a discounted price. If your product is refillable or needs to be regularly replaced, this strategy works especially well. For example, if you sell things like printer cartridges or batteries, you've got it made. But even if your product isn't refillable, you can show your customers you appreciate them by offering them a special discount on the product they've already bought. That way, if they like the product, they can buy it as a gift for family and friends.

Use paid subscriptions as backup to your products. If you've established yourself as an expert in your industry, you can build on your reputation by offering a subscription to premium information, available only to members. For example, if your main product is a fly fishing kit, you could sell a subscription to an exclusive course on advanced fly fishing techniques as a product. You could deliver this paid-for content through a members-only website or by e-mail.

Try splitting up your current product. For example, if you were selling a book on how to organize your home, you could offer a basic version for to generate a large volume of sales at a low price. Then later on, you could offer your customers an advanced, expanded version that includes home office management and scheduling software for even more, and increase your profits dramatically.

Try selling your customers an upgrade to their product. If they've used and liked your basic model, your customers will be open to receiving offers for an upgraded version. For example, if you sell e-books that teach people how to use a particular piece of software, you can sell updated versions to previous buyers when the software package in question is upgraded

Offer someone else's product. Probably the fastest--and easiest--way to add new products to your site is to join another business's affiliate program and recommend their products in exchange for a percentage of each resulting sale. Selling affiliate products can be a very lucrative way to increase your sales, especially since you don't have to spend any time or money developing a new product of your own. Don't offer somebody else's product too much, or sometimes it can take over your own business



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Sell What You Love and Love What You Sell!

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Ready for some real business? First things first. Hopefully by now, you have figured out that you need to invest both time and money to run a profit pulling business.

Right?

You finally took the plunge and you have now decided to work for yourself. You have made the choice that you are going to be your own boss.

What Next?

You finally don't care if you ever get a raise or a promotion. This time, if the boss is in a bad mood, it's you!

Maybe you just adore the Internet and you have decided to market E-Products. OR, maybe you decided to sell those great nutrition products that you have been buying for quite a few years. That could even save you quite a bit of money, couldn't it?

You believe your online options are unlimited.

The point is, since you have made your decision and there's no turning back now, it's time to make "the" commitment. You know that you will have to have all the dedication, determination, and drive that you can accumulate. This is especially true if you continue to work your offline job.

This is much easier if you have picked products and/or programs that you really love. If you believe in your own offers, others will believe in them too. You will convince prospects because you are convinced that your offer is the best. You love your offer and it loves you too.

Can you think of something that you really hate to do? How about reading? I love to read. I would probably be a great book salesman. Do you think that someone that hated reading, could sell books everyday? Maybe a few people could, but most of us would feel like con artists, rather than business people. These types of people also hate their jobs. They perform the work-tasks, but they hate the J-O-B..

Now we will assume that you really love your products and you have made a firm commitment to succeed. NEVER let anything deter you from your goal. When someone says, "Do you know that you can make much more money selling my books?" Ignore them. You don't even like books, remember? Love what you sell and sell what you love!

Chart your advertising. Decide on your target audience, then GO to work!

If you are here right now, you have made a decision to use the Internet to market. You made a wise decision because it vastly increases your ability to find a large market for your products and services.

Set a goal that will put you to a break-even point and don't slow down until you get there!

Set a goal that will put your income where you want it to be in 1 year, 2 years or at retirement. Work your plan each day, with focus on your long range goals.

Take a little time off daily to do something that you enjoy doing. Take a few days off every month or so. Enjoy the journey while you travel to your final destination.

Sell what you Love and Love What You Sell!




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7 Excellent Tips to Successful Telemarketing Online

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Telemarketing is selling, telephone based collation of data, spreading information on services or products and appointment making. Recognized as a successful marketing tool telemarketing is used world wide to generate sales, subscriptions, and make B2B contacts.

Telemarketing is expensive as compared to sending out mailers in the post. But experience proves that telemarketing gets five times the response of direct mail. Telemarketing is an effective business generation tool provided:

1. The objectives are clearly delineated. Determine whether you want to promote a product, gather information from people, take orders over the phone, or communicate information. Get your sales and marketing team to ideate and set the goals clearly.

2. Set targets for the number of calls and decision making conversations of the number of successes to be achieved in each session.

3. Get in order a database that is relevant.

4. Decide on the pitch and make it as friendly and attractive as possible.

5. Always undertake a test run so that you can fine tune glitches.

6. Work on perfecting a script. This will act as a guideline for each call. The first two seconds or so must capture the attention of the target audience.

7. Work on the telemarketing exercise in a focused manner. Even if you are outsourcing the exercise make sure that the people making the calls understand your business and focus clearly. Both you and the telemarketing team will have to think alike for the exercise to be a success.

Telemarketing skills is all about managing time well and generating an interest in the sales pitch. Telemarketers must be friendly, convincing, positive and caring. The smile and joy must reflect in the voice and the speaking tone must be practiced and well modulated.

A well planned telemarketing exercise will help your business generate a database, building business contacts and leads, create an awareness of your business activities, and promote your products.

Tie-up with a telemarketing agency or handle the exercise yourself if you have the infrastructure. Since it is a long term relationship find a telemarketer you can strike a rapport with. Read as much as you can about telemarketing and learn about legal issues, best practices, and TPS registered telephone users.

Telemarketing is a successful business tool and will lead to good returns if planned well and implemented methodically. Among all the marketing exercises telemarketing has a proven success rate.

The World Wide Web has articles and in depth guides on telemarketing as well as online telemarketing professionals who will take care of all telemarketing needs.




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Five steps for dealing with angry customers

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Every sales person will have at least one difficult customer during their career.

In fact, some experts argue that if you don’t have at least one angry customer by 10:00 a.m., you aren’t trying hard enough! While I’m not sure I subscribe to that particular philosophy, I do know that you can’t please all the people all the time. Nor should you strive to do so.

As a sales professional, what you do need to understand is how to handle angry customers whenever they inevitably come into your life. The following five steps will help you deal profitably with angry clients to make sure they remain loyal customers, and continue to be a source of future business and referrals.

Step 1: Never argue

Have you ever seen a harried mother in a restaurant or supermarket get into a shouting match with a young child? Even if she wins the argument, she loses, because she has allowed the child to bring her down to their level of combat.

The same holds true for business. You can't let a customer sucker you into an emotionally heated argument. The moment you do so, you lose your two greatest assets: your role as a professional and the advantage of a calm attitude.

Instead of getting angry, the best thing to do when a customer is mad at you is to thank them. Try something like: “Thanks for bringing this to my attention. I appreciate the opportunity you’ve given me to improve (the level of service, my responsiveness, etc).”

The key is to not respond either defensively or angrily. There’s an old saying that you can’t win an argument with a customer because they have the final word on whether to take their business elsewhere. Most sales people – like most people period – get their dander up the moment anyone says anything even remotely negative. They get defensive, angry or, even worse, they look for ways to retaliate overtly or coercively. The result is usually lost business and the end of a once-profitable relationship.

Remember: it takes two to argue. Note that, in the above example, you never say you agree with the customer’s complaint. You just acknowledge it.

Nine times out of ten, the customer has worked themselves into an even greater frenzy at the idea of the battle they’re expecting to have with you. If you don't get emotionally involved or provide the anticipated resistance, their anger will dissipate as quickly as it came.

Step 2: Put your ego aside

Do you want to be right, or do you want to be successful?

I don’t know about you, but in my opinion, being right is a lot less important than being successful. The top 10% of sales people always put desirable results (and greater profits) ahead of all other considerations – including their own ego.

In situations where you have an angry customer on your hands, this means focusing first and foremost not on defending your actions, but on defusing their anger, resolving the problem and keeping their business.

No matter how annoyed or insulted you may feel, never try to make the customer feel foolish either on purpose or by accident. Showing your customer that you are smarter or more knowledgeable might feel good in the heat of the moment, but in the long run, it will end up hurting you a lot does them.

You need to measure your success in these situations not by how well you “showed him,” but by how effectively you attained a profitable result and kept your customer.

Step 3: Listen

Give your customer a good old-fashioned “listening to!”

I can’t stress this enough: when handling a customer complaint, listening is far more important than talking. Whether you think they’re right or wrong, your client is entitled to their opinion. So whatever they have to say – hear them out.

Listen to what is being said, process it, reflect on it and then use it to improve. If you listen with the intent to improve, you’ll have an even better chance of actually understanding their point of view. Plus, if your client feels that you are taking their opinion seriously, they’ll be much less likely to stay angry, and much more willing to work with you to reach a satisfactory resolution.

Use the active listening techniques you’ve developed as a sales professional to ask probing questions or ask for examples. Sit up straight or lean forward, nod your head occasionally and give brief verbal encouragements such as “please go on,” “I understand” or “yes.”

Try taking notes to show that what they’re saying is important to you. And remember to let the client do at least 70% of the talking. Your customer wants and needs to tell his whole story without significant interruption. When you're listening, a minute can seem like an eternity. Don't let this distorted sense of time force you into becoming impatient.

At the end of the conversation, summarize what they’ve said to show them that you were listening and that you do understand. Then ask for one more opinion: what they think you could do to improve.

When you demonstrate real interest and concern by actively listening to what your customer has to say, you are showing that you respect them and take their problems seriously. By promising to take action to fix those problems, you simultaneously make the customer feel important and re-establish your own credibility in their eyes.

Step 4: Adapt to their personality style

We all know that different people have different personalities.

Some people are highly logical and analytical, interested in facts, statistics and technical explanations above all else. Others are more emotional and tend to be motivated by relationships. Others still tend to be urgent, bottom-line thinkers.

To get a feel for the type of person you're dealing with, watch their body language, the clothes they wear or the way they carry themselves. Even over the phone, a person's choice of words can yield important clues to their personality. When you think you have some idea of who they are, try to adapt your own personality style to better keep pace with theirs.

With a little practice, you’ll probably find this to be easier than you think. Once you’ve tried it a few times, you may also find that it makes your own work a little more interesting as well.

Step 5: Commit to improve

An uncertain customer is an angry customer. So never leave a customer feeling unsure of where they stand.

Consider this example. Suppose you bought a bookcase that you have to put together yourself. You lug the box out to your car, drive home, drag the box into the house, open it, gather all the necessary tools together, carefully figure out the instructions and assemble everything except the decorative front panel. You’re ready to put this final piece in place when you discover that one absolutely crucial hinge is missing.

Frustrated and perhaps dropping a few colorful words on the way to the phone, you call the store. The manager says to you: "I don't know what we can do or where we can get the part. Give me your number and I'll get back to you."

How do you feel? Does that response satisfy you?

Of course not, because you've been left with no real commitment and no idea of how long it might be until your problem is solved. Now, how much better would you feel if the manager told you: "I don't know what we can do or where we can get the part. But I'll get to work on finding a way to solve this problem immediately and I'll call you back absolutely no later than three o'clock this afternoon. Please give me your number."

It still doesn’t get you your bookcase built, but doesn’t having the time commitment make you feel much better? This goes for your own customers, too. Being vague or non-committal will only make them angrier than they already are. Being specific and making a firm commitment will leave them feeling much more satisfied with both their current issue and their ongoing relationship with you.

Always let the customer know that you appreciate their opinions and suggestions, and that you will be taking concrete steps to improve. You can even go so far as to ask whether they’d like you to check in with them again in a couple of weeks.

In the meantime, don’t turn your back on what they’ve said or try to forget about it. Spend some time looking for any validity in their criticism, and perhaps share the feedback with someone you can trust to tell you the truth. This will also give you a good chance to look at the criticism from a neutral perspective.

One last thought

I’ve seen far too many people pull ads, cancel programs, postpone events or ruin otherwise profitable relationships just because somebody got offended. So whatever you do – don’t ever take criticism personally.

I know this can be hard, especially when it’s coming from someone you like (or someone who signs your paycheck!). The fact of the matter is, if you’re not offending at least one person, you’re probably not pushing hard enough.

The real you may make 2-3% of your clients uncomfortable. That’s okay, because you weren’t going to sell to them anyway. The thing to remember is that the other 97% of your clients really want to see your personality, your style and your communication reflected in your work. If you try to make everyone happy, the only thing you can be certain of is becoming a bland commodity that no one will be particularly excited about.

Only you can give other people permission to make you feel bad. Interpreting criticism as a subjective opinion with a concrete solution instead of a personal rebuke will help you grow, build better relationships and, ultimately, become more successful.

So take the opinions and criticism of others seriously, not personally. Use what they say to create an action plan to improve your performance. And don’t worry about being perfect.

As the Bard once said – to thine own self be true. Be your best not for your boss, your customers or even your family. Be your best for you.



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Save Money with Small Business Accounting

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Financial records to enable accounts to be submitted and the tax payable calculated are unavoidable responsibilities of being in business. Bookkeeping at its most basic level does not require high levels of accounting knowledge and experience and accountant fees can be saved.

Sales Invoices

A sales invoice is a prime document. In more advanced accounting systems technical terms such as sales day books, sales ledgers, debtors and credit control are important but at the basic level bookkeeping of sales is the act of recording those sales in the business books.

A sales day book is basically a log of sales invoices issued by the business and this level of recording financial transactions is all that may be required for a small business. A simple bookkeeping method is a list of invoices that only require entering into the business books once.

Simple bookkeeping for sales invoices is single entry bookkeeping with manual analysis. While the accounting staff may make these entries in the small business environment the business owner usually keeps the books.

Larger companies use accounting software to produce the accounting information in a variety of formats for different financial control and reporting purposes. Within the financial accounting package the sales would not only appear as a list making up the total sales turnover but would also be entered in a sales ledger.

Each sales invoice being allocated to the various clients to whom the sales had been made. The sales ledger at this stage of the bookkeeping represents the value of goods or services sold to each customer.

Purchase Invoices

A purchase invoice is a prime document and a purchase day book is a list of purchase invoices received from suppliers. The purchase invoice day book would not normally require further financial analysis of the type of expenditure. To that extent a simple purchase day book would be a good starting point for a simple set of accounts but require a little more sophistication requiring analysis by expense type for both financial control and taxation purposes.

Single entry bookkeeping is sufficient for most small business with the addition of analysis columns.

Medium and larger organizations require to track and control purchase invoices to control costs and payments. In a mirror of the sales ledger system purchase invoices would also be entered by supplier into a purchase ledger. The easy way is to allocate each supplier a code number so that the accounting software can collect the amounts owed to each supplier the individual supplier accounts being the purchase ledger.

Global Marketing Solutions for Local Businesses

The best way to improve your local business’s presence on the Internet is through online local business marketing. You can propose an article about yourself and your business in these submissions. It is a great way for you to promote yourself and your business to the local community, piquing the interest of those who read about you. Such submissions offer excellent alternatives to traditional marketing techniques, which are time-consuming and costly compared to online marketing. They are more personal and more likely to draw the customer in with the desire to learn more about what you can offer him or her. Not to mention that your possibilities are simply endless. You can reach countless people – today most people have access to a computer. Online searching is a great way for new clients to find you and they surely will! Not only globally, but also local clients search on the Internet to find your business, and this offers great possibilities.

Browse for sites where you are allowed to submit an article with one or two active links to your own site. These web sites typically require that you provide links at the bottom of the article in a short biography of yourself. When clicked, the links will divert the person reading the article to the printable coupons, offers, and discounts that your business provides. This is a convenient way for potential customers to read about your services and then follow the links to obtain more information about your business. Articles are also a great way to position yourself as an expert on the topic and show your best qualities through the information that you provide in the article. If you are not allowed to submit your article with links or URLs, consider trying a different portal. The purpose is for customers to be able to click their way to your site. If they can’t do this, they may go to the competition.

Trying to target local customers who will seek out your business and use your services? How will you reach these people? What can you do to grab these potential customers without using up your marketing dollars? Is there a good way that beats the old-fashioned marketing techniques? There sure is. The best solution is to submit local marketing press releases or articles to a variety of portals.

Many local businesses advertise through radio, newspapers, or other typical local advertising mediums. Distributing handbills, hanging up notices, and advertising through your local television cable operator are some of the old methods that people have used to market their businesses. Don’t worry. You can do much better than these old, useless strategies. Instead of these outdated methods, online services can be used via local business registration and online business profiles. The Internet is less expensive and more cutting-edge than ‘old’ media, which may not reach your target audience. Instead, with an online presence, you will target many different people – men and women of all ages. The Internet helps you to get through to a very broad target market and expand your client database.




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