The Most Important Tip for New Business Startups

One of the newsletters I subscribe to and always make a point of reading is Michael Masterson’s "Ready, Fire, Aim" dispatch.   It’s smart, engaging and no-nonsense insight into how Michael thinks and looks at business, and is a fast, easy read.

For example, today he mentioned the basics of starting a business that new entrepreneurs should be focused on:

• Know the top-selling products in your industry.
• Know what marketing methods the most successful companies use.
• Understand what your optimal selling strategy is.
• Know what the best offers are for the market you have targeted.
• Understand what a house file is and how to build it.
• Know why you shouldn’t use brand marketing when starting out.
• Have a very good idea of which marketing channel will work best.
• Be prepared to spend 80 percent of your time, money, and efforts to make your first profitable sales.

This really resonates with me.  Lately, I’ve been emphasizing to many of my clients how important it is to focus on understanding the market, knowing your customers’ deepest needs and desires, and using your competition as an ultimate resource to (a) prove there is a market, (b) identify the features and benefits customers value; and (c) how you might position your own products and services in the market to fulfill an unmet need.

It’s a tough sell.

Usually clients want to go straight to tactical questions.  "Yeah, but how do I get my website up" or "How do I create an ebook" and so on. 

I get that.   Having a site online, or an optin page ready to collect email addresses gives the feeling of progress.  We can DO something, and after a while, we can SEE something.

Strategy and research don’t give us that same visceral feeling of success.  It’s mundane, laborious, work with no tangible results.

The challenge is that without the clarity that market research provides, your beautiful website and product graphics and world-leading content may not be relevant in the market to which you promote.  Think of it like trying to sell a hamburger to vegetarians.  Great product, wrong market.

So I urge you now: slow down on the implementation just long enough so you get real clear that all your time, money and effort will produce a product or service that has the greatest chance of success.  Take a month to understand your market fully, and save yourself from losing money over years of frustration.

And please take special note of the final bullet: "Be prepared to spend 80 percent of your time, money, and efforts to make your first profitable sales".

My heart breaks to watch so many well-intended entrepreneurs invest in professional development, continuing education, a myriad of $97 products that end up on the shelf, or trying each new marketing tactic that some guru or another made a million dollars on last month. 

In no time, they are tens, even hundreds, of thousands of dollars in debt trying to get the business off the ground – with no income to offset these expenses.

Don’t get me wrong: I’m a BIG fan of continuing education and development.  But at the start of a new business – especially if you’re a novice entrepreneur – cash is king.  All those advanced strategies and indirect marketing techniques can come later, when you have the business assets (cash, large list, industry relationships, experience, etc) that will make them work.

If you’re just starting out, or if you’ve been at it for a while and not seeing income, consider the following:

- Don’t spend anymore money on anything that doesn’t directly produce sales – unless it comes from the PROFITS you generate from those sales.

- Budget your expenses and know where you apply your funds, what results you expect, and by when.  Don’t talk yourself into going over budget because what you’re buying has a fuzzy, indirect or unmeasurable impact on generating more sales.

- Become familiar with the lowest cost, or free, marketing strategies and use them first.

- Focus most of your early time, energy and money on creating products and services, and promoting those products and services.  Everything else is secondary until you are sustainably, predictably, profitable.

- Focus on direct-response marketing.

- Adopt the paradigm that "everything is a test".  Don’t get down about things that don’t work out as planned.  It’s not about you – it’s just more market data that you can use.  Review the results, then quickly correct and continue on course until you get the results you expect.

You know enough, and you are enough to get started now.  Act quickly, but wisely.

To your fulfilling success,
Lou

Technorati Tags: business, marketing, entrepreneur, advice, tips, internet, coaches, coaching, small business

7 Ways Teleseminars Build Your Business

If you’re an independent solo or small business owner, you likely have attended many teleseminars – but have you held your own teleseminars yet?

Teleseminars are an effective and easy way to reach more of your prospects and clients. They’re also a very convenient way for your clients to get access to you, your products and your services.

Todays technology makes it easier and more affordable than ever for you to hold your own teleseminars – there’s no reason for you not to do it!

Here are just some of the benefits that teleseminars offer you and your clients:

1. Ease and convenience: Everyone knows how to use the phone so there’s no technology barrier to you connecting with your market. Your clients and prospects can connect with you from the comfort of their home: no baby sitters, no fighting with traffic, and no extra time and money to attend your events.

2. Build Your List: As your partners invite people to your teleseminar events, and you drive your marketing and advertising to your registration page, you collect names and email addresses of qualified prospects along with their permission for you to continue to communicate with them. Over time, this builds a big, loyal, responsive database of prospects and clients.

Drive all your marketing and advertising to a weekly educational and promotional teleseminar and attendees will identify themselves as interested, qualified prospects who will actively seek to invest in your products and services.

3. Educate and Inform: Teleseminars allow you to quickly and conveniently educate and inform your prospects and clients on the latest developments in your area of expertise. Better than a newsletter, educational teleseminars build more relationship and trust with your market, resulting in higher sales and longer term client relationships.

4. Deliver Your Products and Services: You can use teleseminars to replace or augment your physical seminars and workshops. Now you can gather your clients virtually and use this effective distance-learning environment to serve them in the convenience of their homes.

5. Create Information Products: Teleconference recording technology is more affordable and easy to use than ever. You can easily convert teleseminar recordings into products that you sell or use as lead generators.

6. Easy Joint ventures: Set up a simple one-hour teleseminar with colleagues and partners that you’re working with for the first time. It’s the easiest of all joint ventures to do, and gives you a fast, convenient way to "test the waters" with a new partner before committing to larger projects.

7. Expand Your Brand: Deliver regular teleseminars to your growing list of prospects and clients and brand yourself indelibly in their minds. Interview experts and leaders in your industry and your market automatically associates their reputation, credibility and market presence with you.

There you have it – teleseminars may be the fastest, easiest and most affordable way to build your solo or small business. Don’t delay – start holding your own teleseminars today!

Blackjack Odds Higher Than Succeeding in Business

If the thought of going to vegas and plunking all your money down on black jack doesn’t sound like your ultimate lifestyle and retirement plan, why in the wolrd would you be in business for yourself?

In his latest free video, Andy Jenkins of Stompernet, points to statistics that show you’ve got a 21.6 to 35.1 percent better chance at the blackjack table than succeeding in business.

Take that in, then watch the video to see what you can do to increase your chance of business success by a whopping 251% just by making a few simple tweaks to what you’re currently doing.

(The video is free, but I highly recommend you optin so you can see all the the entire series of these informative, actionable video trainings).