Archive for the ‘entrepreneur’ Category

So You Want Your Own Business!

Thursday, November 6th, 2008


There are many reasons for wanting to start your own business, and most of us get to this point. Which one of the following applies to you?

  • Freedom from daily routine.
  • Doing what I want when I want.
  • Improve my living standard.
  • I want creative freedom.
  • I want to fully use my skills, knowledge and education.
  • I have a product/idea/service that people need.
  • I’ll have more time with the family.
  • I won’t have a dress code.
  • There are good tax breaks for business owners.
  • I’m a Type B person and work best alone.
  • I want to be my own boss.
  • I want to make the decisions.

Now granted, every one of the above is a good reason for wanting your own business. The rub is, that not many people think the process through – step by step. There are 7 phases to business planning. They are:

  1. Investigation Phase
  2. Planning Phase
  3. Start-up Phase
  4. Operating/Monitoring Phase
  5. Problem/Challenge resolution Phases
  6. Renewal/Expansion Phase
  7. Selling, Transferring, Retirement Phase

We’ll cover all of the above in my next few columns as a “Business Basics” refresher, but for today let’s take number one.

In the Investigation Phase you take a look at yourself and also your business options. There are careers that are suited to personality types, so the first thing you must discern is “Which personality type am I?”

Duty Fulfillers

This is an introverted personality who is serious, quiet, thorough, orderly, matter-of-fact, logical, realistic, and dependable. They take responsibility, are well organized, know what should be accomplished and work steadily toward it disregarding distractions. They are careful calculators, and 20% of this group become accountants.

The Mechanics

These are also introverts and are cool onlookers. They are quiet, reserved, observing, and analyzing life with a detached curiosity and have unexpected flashes of original humor. They’re usually interested in cause and effect, how and why mechanical things work, and in organizing facts using logical principles. They usually are craftsmen, mechanics, or handymen with about 10% becoming farmers.

The Doers

These people are extraverts who are good at on-the-spot problem solving, don’t worry, enjoy whatever comes along, are adaptable, tolerant, and generally conservative in values. They tend to like mechanical things and sports, and dislike long explanations. They are best with “real” things that can be worked, handled, taken apart, or put together. About 10% of this type go into marketing or become Impresarios.

The Executives

These are another extravert group and are hearty, frank, decisive, leaders in activities and usually good in anything that requires reasoning and intelligent talk, such as public speaking. They’re usually well informed and enjoy adding to their fund of knowledge. They may sometimes appear more positive and confident than their experience in an area warrants. They’re sometimes called “judgers” and “thinkers” and 21% of this group become legal administrators.

To go into each personality type would be far too complicated, but to give you an idea of the roles that personality types could fall into look at the following list. Beside the categories we covered in depth here are some simply broken down into Introvert or Extravert Personality.

Introverts choose careers that satisfy being:

  • Nurturers
  • Guardians
  • Artists
  • Scientists
  • Protectors
  • Idealists

Extraverts are usually:

  • Performers
  • Visionaries
  • The Inspirers
  • Givers
  • Caregivers

The second part of the Investigating Phase is looking at your business options. When choosing the business you want to start consider the following:

  • Do you like to work with your hands or brain, or both?
  • Does working indoors or outdoors matter?
  • Are you good at math, writing, puzzles, blueprints, installing things or fixing things?
  • What interests you? What are your hobbies?
  • Do you like to work alone or as part of a team?
  • Do you like to plan things, or go to events?
  • Do you like machines, computers?
  • Do you like to drive or operate equipment?
  • Do you like to travel, collect/display things, give/attend shows, or take pictures?
  • Are you small, large, strong?

Make a list of your likes and dislikes. Keep a diary of things you do that relate to business and rate each entry from 1 to 5 based on your interest. Then prepare a list of your strengths, weaknesses, opportunities and concerns. After doing all that, you should have a list of candidate businesses that are right for you. Then you can make a list of the “candidate businesses” and rate them from 1 to 5 based on your own chosen criteria.

Some criteria could be is it feasible, low in cost to establish, meets my objectives, will make money, there is a “niche” market of existing customers, or it will produce residual income to name just a few.

By the time you’ve accomplished all that, you should seriously consider visiting the local chapter of S.C.O.R.E. or your own mentor to use as a sounding board for your plan. Next week, if I haven’t dissuaded you so far, we’ll cover the Planning Phase.

You’re A Salesperson in Your Life!

Thursday, November 6th, 2008


Strange as it may seem, our life is made up of a series of “sales presentations”. Sales may not be your gig, but if you’re the boss you’re making presentations everyday. Be it a pitch to your Board, announcing a policy change to employees, selling an idea to your spouse, or just trying to win others over to your point of view – you need to punch up your people skills for winning pitches.

Human nature is such that people support solutions that they help create, so involve them by allowing your audience to participate with questions or ideas. It goes without saying that to not involve key people is risky, because messages can be misunderstood. Your plans may be derailed before they begin if sufficient “buy-in” is lacking. Use lots of open-ended questions in your presentation to draw out the silent type.

Preparation is a key to success. Prepare your listeners to what’s coming during or before your presentation. Try these pre-meeting tactics:

  • Assign task-related pre-work. This could be pre-reading or study of a problem, and the preparations of possible solutions. An example could be, “go and visit three kinds of accounts before the meeting.”
  • Make pre-meeting contacts with those invited by email, phone, or in person. You might want to try an informal survey to get people’s position on the issues at hand.

Remember support on key or controversial matters can be established ahead of time by lobbying, if you know where to lobby.

Do your research! People who make it look easy and are effective presenters have a hidden arsenal. This is an arsenal of up-to-date, organized material that can be accessed quickly in ready-to-use form when needed. They have the stats to back up their ideas, and they have a mental arsenal of stories, examples, jokes, and ice-breakers to use when needed.

Your physical presentation could include tangible items relating to the issue such as recent articles clipped from newspapers or magazines, photographs, reports, and demonstration property. To become masterful in this art learn to maintain resources you can access for just the right thing at the right time.

The next thing you must do is to explain “why?” The single most powerful thing you can do to convince your audience of something is to provide a convincing reason why they should do what you suggest or believe what you say. People want and need a clear “WIIFM” – “what’s in it for me?” – to be able to react positively to what you want them to do. It’s extremely important that you deliver a vision of benefits. Hearing the “why” won’t automatically generate a “yes” to your proposition, but it’ll open the door for receptivity to your idea.

Knowing and accepting the “why” satisfies a basic need that we all have – to understand the purpose of our actions. Use the words “because” or “so that” in your presentation and then finish the phrase. When your subject matter is controversial or likely to generate emotions, it is essential that your “why’s” be tested in advance. Ask some people you trust or that are on your “team” to play devil’s advocate to help you with your logic and arguments.

These are just the first four points for making successful presentations. There are eight of them in total, and we’ll look at the other four in my column next week. For now, let me leave you with this thought.

Life is a sales job from beginning to end. From the moment that we discern how to get approval as children, winning friends at school, getting our first beau, getting our first (and subsequent) job, getting engaged and married, achieving our goals, and anything else you can think of in between – we’re selling ourselves or our ideas all along the way. Who said you weren’t a salesperson?

WRITE PROFITABLE CLASSIFIED ADS

Thursday, November 6th, 2008


Everybody wants to make more money. In fact, most people would like to hit upon something that makes them fabulously rich! And seemingly, one of the easiest roads to the fulfillment of these dreams of wealth is mail order or within the professional circles of the business, direct mail selling.

The only thing is, hardly anyone gives much real thought to the basic ingredient of selling by mail - the writing of profitable classified ads. If your mail order business is to succeed, then you must acquire the expertise of writing classified ads that sell your product or services!

So what makes a classified ad good or bad? First of all, it must appeal to the reader, and as such, it must say exactly what you want it to say. Secondly, it has to say what it says in the least possible number of words in order to keep your operating costs within your budget. And thirdly, it has to produce the desired results whether inquiries or sales.

Grabbing the reader’s attention is your first objective. You must assume the reader is “scanning” the page on which your ad appears in the company of two or three hundred classified ads. Therefore, there has to be something about your ad that causes him to stop scanning and look at yours! So, the first two or three words of your ad are of the utmost importance and deserve your careful consideration. Most surveys show that words or phrases that quickly involve the reader, tend to be the best attention-grabbers. Such words as: FREE… WIN… MAKE BIG MONEY…

Whatever words you use as attention-grabbers, to start your ads, you should bear in mind that they’ll be competing with similar attention-grabbers of the other ads on the same page. Therefore, in addition to your lead words, your ad must quickly go on to promise or state further benefits to the reader. In other words, your ad might read something like this: MAKE BIG MONEY! Easy & Simple. We show you how!

In the language of professional copywriters, you’ve grabbed the attention of your prospect, and interested him with something that even he can do.

The next rule of good classified copywriting has to do with the arousal of the reader’s desire to get in on your offer. In a great many instances, this rule is by-passed, and it appears, this is the real reason that an ad doesn’t pull according to the expectations of the advertiser.

Think about it - you’ve got your reader’s attention; you’ve told him it’s easy and simple; and you’re about to ask him to do something. Unless you take the time to further “want your offer,” your ad is going to only half turn him on. He’ll compare your ad with the others that have grabbed his attention and finally decide upon the one that interests him the most.

What is being said is that here is the place for you to insert that magic word “guaranteed” or some other such word or phrase. So now, we’ve got an ad that reads: MAKE BIG MONEY! Easy & Simple. Guaranteed!

Now the reader is turned on, and in his mind, he can’t lose. You’re ready to ask for his money. This is the “demand for action” part of your ad. This is the part where you want to use such words as: Limited offer - Act now! Write today! Only and/or just…

Putting it all together, then your ad might read something like this: MAKE BIG MONEY! Easy & Simple. Guaranteed! Limited offer. Send $l to:

These are the ingredients of any good classified ad - Attention - Interest - Desire - Action… Without these four ingredients skillfully integrated into your ad, chances are your ad will just “lie there” and not do anything but cost you money. What we’ve just shown you is a basic classified ad. Although such an ad could be placed in any leading publication and would pull a good response, it’s known as a “blind ad” and would pull inquiries and responses from a whole spectrum of people reading the publication in which it appeared. In other words, from as many “time-wasters” as from bona fide buyers.

So let’s try to give you an example of the kind of classified ad you might want to use, say to sell a report such as this one… Using all the rules of basic advertising copywriting, and stating exactly what our product is, our ad reads thusly:

MONEY-MAKER’S SECRETS! How To Write winning classified

ads. Simple & easy to learn -should double or triple your

responses. Rush $1 to BC Sales, 10 Main Anytown, TX 75001.

The point we’re making is that: l) You’ve got to grab the reader’s attention… 2) You’ve got to “interest him” with something that appeals to him… 3) You’ve got to “further stimulate” him with something (catch-phrase) that makes him “desire” the product or service. 4) Demand that he act immediately…

There’s no point in being tricky or clever. Just adhere to the basics and your profits will increase accordingly. One of the best ways of learning to write good classified ads is to study the classifieds - try to figure out exactly what they’re attempting to sell - and then practice rewriting them according to the rules we’ve just given you. Whenever you sit down to write a classified, always write it all out - write down everything you want to say - and then go back over it, crossing out words, and refining your phraseology.

The final ingredient of your classified ad is of course, your name, address to which the reader is to respond - where he’s to send his money or write for further information.

Generally speaking, readers respond more often to ads that include a name than to those showing just initials or an address only. However, because advertising costs are based upon the number of words, or the amount of space your ad uses, the use of some names in classified ads could become quite expensive. If we were to ask our ad respondents to write to or send their money to The Research Writers & Publishers Association, or to Book Business Mart, or even to Money Maker’s Opportunity Digest, our advertising costs would be prohibitive. Thus we shorten our name Researchers or Money-Makers. The point here is to think relative to the placement costs of your ad, and to shorten excessively long names.

The same holds true when listing your post office box number. Shorten it to just plain Box 40, or in the case of a rural delivery, shorten it to just RRl.

The important thing is to know the rules of profitable classified ad writing, and to follow them. Hold your costs in line.

Now you know the basics… the rest is up to you.