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30 Do’s And 20 Don’ts In Starting A Small Business

Small scale businesses are easier to set up compared to the middle or large scale businesses that require more time, feasibility reports, ad...

Saturday, October 21, 2017

The Truth Spoken To Young Entrepreneurs

This video is an excerpt from a talk that Patrick Bet-David gave at the Texas A&M Entrepreneur Society. In it he covers everything from drugs to the problem solving power of entrepreneurs, to how to take a business from local to global and more.



Wednesday, October 18, 2017

9 Things That Turn Off Potential Customers

Very rarely will you hear people talk about the topic of what turns off potential customers, but I think it's an important topic to cover. So in this video, the following 9 things will be covered that can turn off potential customers. #1: Smoking Cigarettes -- 0:44 #2: Odor - 3:55 #3: Small Lies - 5:51 #4: Too Pushy -- 6:19 #5: Too Soft - 6:50 #6: Look at the Eyes - 7:32 #7: Delivering on Promises 8:01 #8: Fa├žade/Authentic - 8:57 #9: Discipline with Health -- 10:51


Saturday, October 14, 2017

How To Improve Your Sales Process And Increase Business

Whether you're an entrepreneur or just an independent contractor, you're a salesperson. So when somebody says, "I'm not a salesperson, I'm an entrepreneur," they don't really understand the meaning of entrepreneur. Every entrepreneur is a salesperson. So today I want you to look at this from the perspective of asking yourself where in the selling process you mess up. In this video you'll get into the following six parts of the sales process. #1: Prospecting - 1:56   #2: Approach and Contact - 6:40   #3: Presentation - 8:53   #4: Follow Up - 11:36   #5: Referrals -- 15:05 #6: Maintain Customer Relationships - 17:26


Wednesday, October 11, 2017

Customer Service Vs. Customer Experience

Customer service vs. customer experience; Do you know the difference?

One of the best exercises for you to do is make a list of companies or businesses that you go back to over and over and over again, and ask yourself why. On the left, list five companies you return to again and again, and on the right write the reason for doing so. For instance, on the left write, "I go to this restaurant at least once a week" and on the right write, "I go there because _____________." The thing that goes into the blank is generally one of these six reasons. They will give you a lot of clues for your own business.



Saturday, October 7, 2017

How To Give Great Customer Service...The L.A.S.T Method

What do you do when your customer has a problem? In this video, you will learn how to give great customer service. You will learn many polite expressions you can use with your customers. The video explain the Listen, Apologize, Solve, and Thank (L.A.S.T) method, which will help your performance in any customer situation. You'll also get customer service tips for dealing with an angry customer.


Wednesday, October 4, 2017

How To Create Your Own Mini-Monopoly

My friend, Mikki, doesn’t even have to give her order at our local Starbucks drive through.  They recognize the sound of her voice over the speaker and her 12 step Quad Grande Coconut Milk Latte with a pump of vanilla is ready in a flash.  Mikki has granted Starbucks a monopoly on her morning caffeination.  

The traditional monopolies we hear about on the news or learned about in school are faceless behemoths that dominate the landscape and devour everything in their path.  Whether it’s a monster software company or an airline pushing their weight around, those are the old-world monopolies.  “My way or the Highway” methodology does not endear itself to today’s customers.   That is no way to create the loyalty we are after.

But take a look at all of the smaller monopolies that you personally grant your loyalty to every day.  From the hairstylist that knows how to tame your cowlick, to your dentist that has x-rays of every filling and puts up with your lies about flossing.  There are small monopolies that smart entrepreneurs are building all over the world.  You could leave any time and go to one of many competitors, but you don’t.  Why?

If you are a business owner, in sales or marketing, you should be asking yourself that same question about your business.  We all want to hear our customers tell a friend, “I’ll never go anywhere else”.

Why are they great?

Automatic money machine - They generate predictable and repeatable cash for your business, often while you are sleeping.
Referrals - They generate a lot of new business without spending a dime on advertising.  Their customers become fans and turn into a free sales force.
Sticky - They know and hold a significant amount of your personal information.  That is tough to transfer. (Apps like Dropbox have you invested by keeping your files in the cloud for you.)
* Old friends - the greeting, they meet you at the door like an old friend.  If you are old enough to remember the show “Cheers” then you know why Norm came back every night.  You want to be where everyone knows your name. 


Start thinking like a monopoly:

Learn your customers habits and what they love about what you do for them.  Ask them directly.  Chances are 80% of what they are willing to pay for comes from 20% of what they do for you.
Respect their time.  People hate to repeat themselves.  It shows a lack of professionalism and attention on your part.  Make it a good experience.  You don’t have to rush it, but you want to make every moment feel valuable.
Make them look or feel good about themselves.  The only reason people buy is to improve their internal state.  If your company improves their mood or solves a recurring problem, then you are on your way.
Protect and build their confidence.  In the end people want to believe they are making smart decisions.  Reinforce their confidence in a good decision with the facts and figures after the sale.  It’s a review-based world now.  Make sure it’s easy for your clients to say good things about you online.

By Todd Eberhardt Of Dynasty Leadership

At Dynasty Leadership, clients use the Catapult process to create their future company and strategize how they will gain control over their specific niche in the marketplace.  They map out their own future mini-Monopoly and begin the systematic march towards staking their claim and winning the hearts, minds and wallets of their best customers.  You can find out more at www.DynastyLC.com or call 612-845-2076.

Saturday, September 30, 2017

30 Do’s And 20 Don’ts In Starting A Small Business


Small scale businesses are easier to set up compared to the middle or large scale businesses that require more time, feasibility reports, adequate financing, logistics and manpower development. Small is beautiful. For a small business enterprise, with careful planning and little resources deployed; success is always guaranteed. However, the law of success must be fully obeyed in order to get the desire result. This law has the do’s and don’ts. Enjoy the benefit of a booming business following the “do’s” and avoid the un-pleasant sanctions from the “don’ts”.

30 Do’s

1. Start a business venture you know more about.
2. Separate business income from personal income
3. Always save and spend less than the income generated.
4. Pay the tithe of your business.
5. Buy when people sell; sell when people buy.
6. Learn and gain more experience from your business.
7. Think before you buy!
8. Make discoveries; find out more about your business.
9. Give more time and attention to your business.
10. Hire the best staff for your business. No sentiments.
11. Always keep a daily record of income and expenditure.
12. Be a time manager; be punctual always.
13. Be courteous and show care and love to your customers.
14. Add more value to your products; give more.
15. Induce buyers with tempting offers.
16. Offer after sales service; the customer is a king.
17. Offer money back guarantee for your products.
18. Use the feedback to correct the mistakes. Listen more!
19. Set a standard for your business.
20. Get branded. Be known for your unique offers.
21. Train and re-train your employees.
22. Motivate your staff daily (reward progress & achievement)
23. Shower more praise and be economical with criticisms of staff.
24. Be a leader by example, not a “bulling” boss.
25. Think positively, believe in yourself and your team.
26. Show more love and attention to your workers.
27. Develop work ethics, use official line of communication.
28. Make your work your hobby; enjoy yourself.
29. Learn to delegate authorities; create time to think.
30. Register your business, pay tax and operate legally.

20 DON’TS

1. Don’t personalize your business; solicit staff ideas.
2. Don’t be over worked; create leisure time.
3. Avoid gossip, backbiting, and undue favoritism to staff.
4. Avoid compulsive purchases; plan and budget for the things to buy.
5. Don’t buy, if you only need it for a while; rent it or lease it.
6. Don’t be too bureaucratic in your operations.
7. Don’t abuse business goodwill; pay off creditors.
8. Don’t build castles in the air; don’t spend unearned profit.
9. Don’t kill the chicken that lays the golden egg; encourage growth.
10. Don’t be afraid of competition; be innovative and add more value.
11. Don’t be afraid to expand or diversify when necessary.
12. Avoid taking loans or overdrafts; always look inwards.
13. Don’t offer or take bribes; be professional and stand out.
14. Don’t rush into signing agreements, contracts, etc until you are satisfied or seek legal experts.
15. Don’t give out postdated cheques; it’s risky.
16. Don’t be too tight fisted; reward excellence in your staff.
17. Don’t be too rigid; encourage advertisement, publicity and training.
18. Don’t encourage family members’ interference with your business.
19. Don’t employ too many staff and owe; avoid duplication of activities.
20. Don’t create disputes for staff; have clearly spelt out organizational structure.

MONEY IN YOUR HAND

Money hate wasters; but love givers.
Money talks big; dumb when buried.
Money grow with thinkers; malnourished with wishers.
Money defeats poverty; but poverty kills the poor!

The above article courtesy of Get-Success.Biz

Wednesday, September 27, 2017

What's The Best Way To Approach "You" About Doing Business (B2B)?

I want to know that you truly care about my business, that you are invested in making your product/service/program work for me and my business. So how do you do that quickly .... before I close the door?

First: Understand my company's business...our strategic goals and objectives... our organization, our marketplace, our competitors... ferret out what we do, and how we do it, and have a grasp on why we do it... know what keeps me up at night, and what keeps my boss up as well... create an introduction that demonstrates to me that you have learned about our company and all the above... and then treat it reverently when you present it to me... ask for validation and affirmation... and then, only after you have successfully impressed me with what you know about us, should you begin to unveil your company... tell me not just how you can help us to achieve our goals, but how you can help me to attain mine... show me what you and your company have done to support others in a similar situation... tell me how your company measures its contribution to me... and then tell me why there is a "fit" between our companies.

Do all this without reading the words off the PowerPoint Presentation, and maybe, just maybe, I will open the door for an ongoing dialog.

If you want to know how to get my attention early on... tell me how you are going to do what I have outlined above. Make it all about me.. our company... and let me know you understand that unless you prove your value early on, I won't have time to spend on you. Promise that you won't waste my time... and that you only need 20 minutes to determine together if there is a viable fit between your company and mine....

When you show up, get straight to the point... wear your game face... no small talk... the clock is running...

Whatever you do, don't let me think for one minute that our meeting has anything to do with you. Because I could not care less for what you need to get done.

Don't give me a "tour of your brief case" ... I am sure that you have all sorts of great stuff in there -- compelling sales materials, impressive graphs, etc. -- but I am busy, you have a limited time to establish that you have an idea that will help me either:

a) grow a specific profitable area in my business
b) solve a problem that I have in my business
c) avoid a situation that is negative for my business

This offering must quickly go from generic to specific to my business and my situation. Now you have my attention.

To go to the next step you have to establish credibilty. For me the best way to do this is through client referrals and references, especially from business people I know.

Get through all of this and then you have to sell me on you. Not only do I want you to bring some expertise to the table, but I want to know that you truly care about my business, that you are invested in making your product/service/program work for me and my business.

If you can do all this, then I want to buy from you and I want to give you and your offering every chance to be successful and be an important part of my plan moving forward.

One final piece of advice ... one that was given to me not by a business guru, but by my grandmother: "You were born with two ears and one mouth, listen twice as much as you talk".

There you have it. Simple, eh?

Saturday, September 23, 2017

Small Business And The Social Media Frenzy

Social media expands the potential "community" that is available for small and micro-businesses, but it also changes the way that they can interact with and engage their customers.

Social media is not only a tool for marketing, but it now gives businesses the ability to touch base with their customers on a personal level that they could never get without people physically coming to a store location (or office). Not only does this mean more sales, the potential to build more loyalty, and obviously make more money, but this also gives businesses the ability to develop or improve their products with feedback from the people most likely to spend money with them.. their existing customers!

There is no better venue for businesses to develop and grow on this level. Add to that the fact that there is an incredible ability to track, understand, and utilize information that comes in via social media platforms, it can allow business to streamline their marketing and engagement strategies on a level no other form of advertising/marketing truly can. You never know how many people discover your business through newspaper ads or television spots. There's no question who comes to your doorstep via social media.

The sky is the limit, and the ones who stand the most to gain from it are definitely small businesses.

I am not too sure if Twitter and LinkedIn on their own can truly benefit a small independent company. However, LinkedIn and Twitter only make up a small part of Social Media Sites - Facebook, Pinterest, YouTube, Instagram, Snapchat, Reddit, Yelp, Google+ etc.

The sites themselves are not the answer... it is how small companies address the opportunities offered by these Platforms.

A small company CAN benefit from engaging in Social Media Marketing and can level the playing field and compete with much larger companies for the attention and ultimately their customer. For this they will need to know what their customers want and provide it in the form of valuable content. This way they can begin to build a relationship, become known as experts in the field, and contribute to a meaningful conversation. If they don't they will be defined by how their competitors define them, not how they would define themselves, if they had been part of the conversation.

When they are blogging and deeply involved in the conversation and adding to the conversation they will be seen as leaders and have people come to them for solutions to their problems.

Social Media is here to stay... Small companies need to harness the power of Social Media Marketing by providing opinions, solutions, advice, etc. The power of the blog is one of the channels that they can use. Others are videoblogs, webinars, participation in other conversations etc. This is how they will stand out.

Yes they need a level playing field and social media marketing can help provide a competitive edge. Besides, if they are not engaging with their marketplace, their competitors, surely will.

Wednesday, September 20, 2017

Creative Financing Options For Small Business

Think "finance needed"... think "bank loan." It's a pretty traditional model that probably far too many of us were brought up with but in these far from traditional times, the options are vast... aren't they?

Today's success stories so often seem to be born of genuine creative genius, particularly with outstanding marketing, innovative product lines, and irresistible customer services packages - surely financing solutions can be equally creative?

Getting outside (i.e. somebody else's) money to finance a business can be done in only two ways...

(1) borrow it or
(2) sell something (like shares).

Then depending on a number of variables, whether you are selling debt or equity, you may need to consider technical obligations created by state and federal securities laws (because you are selling an investment in your business). There are already an extremely broad array of techniques and methods by which both debt and equity financing is structured. You should speak with a transactional (corporate) securities lawyer in your jurisdiction to get an idea of the universe of financing options.

For business loans that range between $25-$100k that are unsecured you can go to Professional Funding.com and they'll put together credit card lines of finance. It costs $500 to apply (you get it back if they can't do it) plus around 8% of the amount you're borrowing. Its unusual but it works. Be aware that you have to have a credit score of 700+ for this to work.

There are lots of creative alternatives to traditional financing (debt and angel/VC equity) such as:

- Get customers to pay sooner, including sometimes 1 year in advance, rather than just in arrears

- Locate a business partner who finds your product/service strategic, and get their money (either in equity or revenue)

- Bootstrap

- spend little money

- Grants

- Donations (see kickstarter.com)

- Revenue

- Find creative ways to quickly generate revenue to cut your cash burn rate, even if the revenue isn't in your core business

Also consider strategic relationships with mutually beneficial businesses that will consider injecting capital into the business in return for equity or profit share.

Alternative financing is creative and "no" it is not just factoring, purchase order, or equipment leasing.

Asset based lenders can create a line of credit against assets. For example, a company has inventory, AR, machinery or equipment, these can be used as collateral for a line of credit. Also, for real estate there are products such as hard money loans or bridge loans.

Other types of financing are investors, angels, venture capitalists, and crowd funding or if you have securities, stock, life insurance or bonds, these can also be used for collateral for a loan.

If you have a banker, ask them if they have a reliable person that works in the alternative financing arena. There are options outside of banking, you just have to make sure that you are working with someone reliable.

There are options for every need you might have. All lenders want to get repaid - just like you want to get paid in your business. Thus, they look to some type of cash event for repayment. For standard business loans, they look to ongoing cash flow. For other types of financing they can look to financial assets like accounts receivables, credit card receipts, or purchase orders - all things that create future cash event to repay the loan or advance. There are also others that do bank statement loans or micro payment business loans.

There are specific loans for specific needs and general loans for general needs. Its not about getting creative in creating loans - the real challenge comes from being creative enough to take those funds and earn a solid return (more than they cost) from them.

Lastly, just like everything in business - you have to due your diligence or you will get ripped off. But, a little homework and you can find the money your small business needs - just know that you will not get something for nothing.