Laying Your Business Foundation: Where to Find Customers? – Part 5

This is a short and precise series filled with suggestions about Where to Find Customers? Again, if you have not read the previous articles I encourage you to build on the previous lessons of this series before reading the current issue.

You’ve asked yourself hundreds of times, where are the customers? Entrepreneurs and business owners alike has posed this one particular question more times than any other question. My response to that is, they are everywhere and the primary reason you haven’t noticed is because you are not actively looking for them. Case and point, how many people did you pass today? Start with this number then add the previous weeks so on and so forth for the past month. If you’re honest I would guess hundreds maybe thousands of people who probably need your service or product but you did not bother to share what you have to offer.

Locating customers is much easier than you think. Let me expound further. Most entrepreneurs and business owners or a staff member will frequently visit the post office, office supply stores, courthouses and other businesses where people are gathered. On average you will personally come in contact with a minimum of 15 people per day times 365 days per year equals 5,475 potential customers. Now multiple 5,475 x 2% = 110 customers. Notice I said customers because 2% is your conversion rate. Not only will you meet customers personally but via the internet, telephone and referrals are potential customers too. Factor these prospects with the others and watch how easily your pipeline fills up.

For illustration purposes, multiply 110 (which is the number of customers) X $25 (your average sale price) = $2,750 (the amount added to your bottom line). See all the money what you’ve been passing.

Let’s Begin…

Have in mind who is your ideal customer. In essence, know your targeted audience. Your ideal customer may or may not be the person you encounter on a daily basis but they may know someone who is your ideal customer; therefore, always treat everyone with genuine courtesy and respect. People will remember how you made them feel longer than what you said to them.

Make it your mission to expect five new customers per day than increase this amount to whatever number of customers you want in your pipeline. Remember, without customers your business will definitely derail and you will be responsible for getting everything back on course. Avoid this at all cost, the reason being it is time-consuming to convince your regular customers to come back without jeopardizing your relationship with them. Winning back regular customers will cost you more because they will expect something greater than what you originally offered.

So the next time you are at the grocery store, shopping mall, movie theater, doctors office, parking lot, restaurant, sporting event, music festival or any place where people gather, have a business card or pamphlet about your business to leave with your next customer.

Word of Caution. Never leave any of your business materials with other businesses without their permission. By doing so you are showing them respect which they will remember your professionalism and probably send you several referrals.

This is enough information to point you in the right direct to finding customers.

Until Next Time! Stay tuned to “Laying Your Business Foundation.”

The topic of discussion for the next article of “Laying Your Business Foundation – Part 6: Marketing Your Services or Products.

Entrepreneurs: How Strong Is Your Business Foundation?

A Business Lesson from the Three Little Pigs

One of the most important business moves an entrepreneur can do is make sure that their business is grounded upon a solid foundation. Just like a house, a business cannot survive in an unstable environment or on shaky ground. If for some reason an entrepreneur ignores this concept and moves forward to build their business on uncertainty they are definitely setting themselves up for failure and loss. Trust me when I tell you that successful entrepreneurs know the value of beginning your business venture on the grounds of stability.

Interesting enough, when I think of a business’s foundation I think of the story of the Three Little Pigs. I know this concept may seem a bit odd at first; however, after further analysis it makes perfect sense. As many of you already know each of the pigs built their houses in three distinct ways using three distinct types of materials. In the story, Pig number 1 built his house out of straw. Pig number 2 built his house out of sticks. Pig number 3 built his house out of bricks. In an effort to show the relevance between this story and an entrepreneur’s business foundation I will explain how a foundation built upon straw, sticks and bricks is relevant to entrepreneurial success.

A Business Foundation Built Upon Straw

Straw is the material that is left over after grain is separated from cereal plants. Typically, when you think of straw the thought of animal feed comes to mind versus house building. In the Three Little Pigs story pig number 1 used straw to build his house as a protective measure against the big bad wolf. However, the straw was not a strong enough material and the wolf was able to blow it down making the pig’s house irrelevant.

In the business arena the same fate would occur to an entrepreneur that decided to build their business on a foundation made of straw. Straw, without a strengthening agent is a very weak material. The slightest amount of pressure added to it and it will crumble to the ground. The best analogy to a straw foundation would be a business built upon fabrications. Fabrications could be anything from falsified financial statements, defective products, and other deceitful business practices. An entrepreneur that builds their business based on lies will eventually find themselves at the wrong end of the law; which could not only cost the entrepreneur their overall business but their reputation as well. Bottom line, building a business upon a straw foundation will more than likely have a detrimental outcome.

A Business Foundation Built Upon Sticks

Now, if you are anything like me, you are wondering if a straw house did not work for pig number 1 in the Three Little Pigs Story, then why would pig number 2 build his house of sticks. Well, it’s due to the same reasons entrepreneurs that have had failed businesses in the past repeat the same mistake in their current business. Neither party seemed to have learned their lesson despite the losses. Now unlike straw, sticks have a bit more stability but will still have the same outcome despite this fact. Sticks in the business sector are entities such as non-existent business strategies, irrelevant mission and vision statements, and other overlooked business foundational principles. If an entrepreneur fails to have these key entities in place within their business then the business is bound to fail just as quickly as a business built upon lies and deceit. The result of building a business on a foundation of sticks means that the entrepreneur failed to plan and as a result they subsequently planned to fail.

A Business Foundation Built Upon Bricks

Now pig number 3 understood the value of building his house on a solid foundation. He even accounted for the fact that the other pigs built their house out of mediocre materials and would need a place to stay once it all came tumbling down. As an entrepreneur this is the mindset that is needed to build a business on a foundation of bricks. Bricks can be categorized as investments, information technology, key stakeholders, strong organizational structure, and other business functions that lead to maintaining the competitive advantage. In order to succeed an entrepreneur must build their business on these solid foundational principles. Just like in the story of the Three Little Pigs a house build upon bricks can withstand the harshest of elements and will not fail in the face of uncertainty.

If you found this article intriguing and would like to know more about how building a business on a solid foundation will be beneficial to your success, feel free to click the link below.

Enjoy Your Journey!

The Beginner’s Guide To A Strong Business Foundation That Will Enable You To Prosper

Are you frustrated by where you find yourself in your business or are you thinking of starting a business? There is a ton of information out there to assist you to achieve success, some of it sound, but much of it bad. If you are one of the 28 million small businesses in the US, or interested in joining their ranks, the following three tips can save you time, money, and frustration.

1- Understand what products or services you are offering. Did you know that 90% of all purchases are made subconsciously? Purchases are made based on emotions and then justified with logic. Because of this, it is never the product or service that you are offering, but the feeling it will provide the customer that is the real reason they will purchase.

2- Understand what makes your business unique. There are so many ways that a customer can purchase an item these days, you’ll need to be able to stand out from the crowd for them to notice you. It is the things that make you or your products and services unique that will allow you the visibility you desire and need to be successful. Now, don’t worry, you don’t have to be 100% exclusive to stand out, you just need to create the perception that you are different from your competition.

3- Understand who is your ideal customer. The current estimated population in the world is 7.6 billion people. That is too many people for you to be able to have as customers and do a good job and just imagine the expense of trying to reach all of them. By getting clear on who your ideal customer is you’ll be able to streamline your marketing, saving you time, money and effort. You’ll also do your best work with customers you that you enjoy. And isn’t that a great reason to be selective?

An additional tip is to understand what it is you want to achieve in your business. With so much information and advice available, before you take a step, you’ll need to know what direction it is you want to go. By understanding what it is you want out of your business, you’ll understand what steps are appropriate for you to take. You’ll also know when you have successfully achieved your desired ends. Without knowing what it is you want to attain, then any step or action will work, but you’ll probably end up somewhere you do not want to be.

With all these tips, it is essential that you be as specific as possible when you define them for your business. The more specific you can be, the clearer and easier it will be for you to determine a path forward.

It is also essential for you to write them down. The act of writing your answers down will do two things. On the one hand, it will help you in clarifying the items. Clarity will happen because you’ll have multiple senses involved in the process; your sense of sight, your sense of touch, and your thoughts. On the other hand, thoughts are very transitory. By writing your answers down, you’ll be able to refer back to them and share them. If you keep your answers in your head, you’ll probably forget them, or they will change with the changes of your thoughts.

What to Look for in a Home Based Business Opportunity

When you were younger, did you ever dream about having your own home business? Were you sidetracked somewhere along the way and now find yourself caught in the 40-40-40 rut?

40-40-40 Plan (Rut)

40 minutes going to and from work

40 hours of work per week

40 years of life spent working slaving away for someone else?

When things get unfairly tough at work, do you still dream about your own home business – what you would do, how you would run your own home business, how you would treat your employees, what kind of money you would make, what product you would sell? Then when you decide to make a change in your life, do you look for another 40-40-40 job, putting your dream of your own home business on the back burner again for more of the same?

Do you know the end results of the 40-40-40 plan?

1% are wealthy enough to retire in comfort

3% are barely able to survive

27% are dead

69% are dead broke

Do you want to be in the top 1% that is willing to do something about it now, before it is too late? Being a former Human Resource Manager, I knew these statistics all too well, and I decided to take preventative measures.

Since you are still reading this article, I am going to assume you are looking for a change, moreover, a change as quickly as possible. So, let me share some of the wisdom I have gleaned from looking for a home business opportunity.

The two major focal points when looking for a home business opportunity are ones that will:

· optimize your efforts and time

· produce optimal financial rewards

Below are seven simple criteria to consider when looking for a home business opportunity:

1. Look for a business opportunity that offers a product or service that is, or will be, used daily by every household and/or business…

Think about products or services in your house that probably everyone around the globe uses on a daily basis. For example, services such as utilities, communication, appliances, etc., or products such as shoes, clothing, soap, etc.

Now think bigger – a product or service used on a daily basis AND that would represent a paradigm shift. For example, a paradigm shift was created in global communication when Alexander Graham Bell invented the telephone. Before 1885, no one had a telephone, nor had they ever heard the word “telephone”. Today, how many people do you know that do not have a telephone or cell phone?

Another paradigm shift was created when the first flight was made by the Wright Brothers in 1903. Today, man has already stood on the moon. Make yourself a list of products or services in your house that you can research to consider for a business opportunity.

2. Search for a home business opportunity that offers a product or service that has a global market…

It’s a small world. Plain old common sense would tell you that a home business opportunity with a product or service that has a global market would produce warp speed revenue when compared to one that is only within a local, regional, or national area. For example, the revenue produced from Microsoft with a global market is light years greater than that of a local shoe repair shop.

In addition, as you research this global home business opportunity, you will want to make sure that you are not required to stock products. It is time consuming to order products, receive and send out the products, manage backlogs, etc., not to mention the additional costs out of your pocket for shipping and mailing. You also encounter product changes or upgrades that makes your stock obsolete. So, avoid these types of home business opportunities like the plague.

3. An absolute must! Find a home business opportunity that incorporates leverage in its pay plan…

A business opportunity that incorporates leverage in its pay plan provides the best of both worlds. Leverage is a relatively simple concept. The best example is probably Ray Kroc and McDonald’s. Ray Kroc set up franchises for McDonald’s that agreed to pay him 3% of their profits.

In essence, McDonald’s sits back and collects 3% of the profits resulting from others exerting their time and their efforts. Let’s say, just for discussion purposes, that Ray Kroc sold 100 franchises and each produced profits of $50,000 that year. 3% would have produced $150,000 for Ray Kroc, yet he personally exerted no effort or time himself. What he did do though was brilliant, as he applied leverage by selling franchises, and became quite a wealthy man as a result.

Leveraging your home business will minimize your time and effort while maximizing your financial rewards. In a relatively short period of time, your home business will take on a life of its own, and you will be on the fast track to healthy wealth.

To find a home business opportunity that will rocket you into financial freedom, the company should incorporate leverage, not only in their business plan, but also in their financial rewards, preferably on a weekly, monthly, and annual basis – one of which should be residual. Residual is important because you want some form of steady income that you can depend on.

4. Search for a home business opportunity with a company that has live 24/7 support available…

Perhaps you have experienced the nightmare of attempting to make an automated payment where you could not figure out which button to push next, or what they meant by their selection choices, and you were unable to talk to a real person to get your question answered. The frustration even compounds when there is a deadline involved for a continuation of service.

Repeat customers comprise 75% of businesses, and satisfied customers will be the main reason for their repeat business with you and your product or service. Even in this automated society, the person-to-person contact is preferred, at least by the customer. Therefore, your success is dependent upon a home business opportunity with a company that has live, warm bodied live support 24/7 – whether it is support you may need, or support your customer may need.

Another important aspect of a home business opportunity with a company that offers live support 24/7, is the global perspective. What is morning for you may be the next day for someone else on the other side of the globe. To be honest, I am hard pressed to think of an international company with live personal support. Locally, they are even hard to find! So, when you locate a global home business with a personal touch, you have found a true gold nugget.

5. Seek a home business opportunity with a company that has a proven success record…

A lot of people, and a lot of companies offering their business opportunity, will tell you anything they think YOU want to hear in order to separate you from your money. When you talk to someone about a home business opportunity – turn the tables. You interview them.

Don’t be afraid to ask the hard questions like what they are making on a weekly, monthly, or annual basis with their home business. Ask them how long they have been running their own home business. Find out how many hours a day, week, or month they spend working their business. Ask them to give you examples of how they market their home business. Especially important is to ask if they have to spend additional money for items such as business cards, advertising tools, etc.

An example of a company with a proven success record is Xerox. Although Xerox is not a home business, it has a proven success record. In fact, they were so successful that their name is not only an icon, but the name “Xerox” is synonymous with the word “copy”.

6. Look for a home business opportunity with a company that incorporates training from experts and other professionals…

The majority of people on the Internet do not know how to harness the power of the Internet and turn it into wealth machine for themselves. Most people do not know how to market a home business. Therefore, a home business opportunity with a company that incorporates professional, expert training, taking you from the basics through the advanced stages of a marketing system, including how to use software programs, marketing tools, etc., is a virtual gold mine.

Since the majority of people on the Internet are not savvy with how to harness its power, a home business opportunity with a company that incorporates professional expert training is a definite requisite for success.

7. Look for a home business opportunity where the company works as a Team.

We all have our own weaknesses and strengths. We all like to have periods of “fun” when we work. When you have a business opportunity where the company works as a team, then your weakness may be a team member’s strength. For example, you may be detail oriented and have a harder time conceptualizing or seeing the whole picture. However, someone on your team may be the opposite. Combining your strengths will optimize your productivity.

In addition, we all have our “good” days and our “bad” days. Have you ever been around a negative person for any length of time? They pull you down too! If you have your own home business, you need to be upbeat and project a positive outlook at all times. So, when we have one of our “bad” days, it is always helpful to have someone from the team help to re-focus on the positive. Then when all are sitting around on the beach somewhere sharing war stories and battle wounds, everyone will have a good laugh.

Well, those are my nuggets of wisdom when looking for a home business opportunity. If you would like to minimize your search time and discover a home business opportunity that incorporates all 7 criteria, I can offer you one final nugget — simply go to: [http://www.globalsnippetes.com]

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