Home Business: Get Lean and Mean!
Give me one good reason why you feel you can't compete with big business?
I know, I know - the image of the giant squashing the little guy with no effort at all can be pretty intimidating.
You wonder . . . "How can you and thousands of other small-time operators working out of a home office compete profitably in customer markets where the big boys have their products stacked high and deep and their margins honed razor thin?"
Just how do you run a bootstrap operation and attract customer interest and trust in the midst of mammoth ad campaigns, huge branding budgets, and non-stop glitzy intrusions?
How many folks do you know that have had a great business idea, but never got going because they figured they couldn't compete with Wal-mart or just big business in general?
Large business organizations are like 1,000’ cruise ships: they’re slow to get underway, slow to bring to a halt, they require a very wide turning radius, take a large crew to man properly, and tons of daily fuel to propel.
I'll admit it . . . I'm a victim.
I sincerely believe that a successful business can be created around almost any marketable idea.
Who says Internet business can't be adapted and put to profitable use by a youngster?
Are you prepared for a job change?
The Internet landscape is saturated with claims of easy, automatic, guaranteed, wealth-building packages and lucrative startup systems that anyone can do with minimal effort and wild success.
My friend Jeff had tried three different business creation "systems" or turn-key packages over the past few months that had initially sounded like they were exactly the solution he needed to profit from his own online business idea.
Most new business owners tend to be great advocates for their product or service as they prepare for their business launch.
It's a nasty name, "swipe files," but it's an idea you should implement immediately if you haven't already gotten yours started!
One of the first considerations in choosing a name for your new online solo enterprise should be to find out if someone else has already reserved and registered the same (or a similar) name.
I was thinking the other day about how my tastes, preferences, and attitudes have changed over the years since I was first married and had four little ones running under foot.
You're asking the wrong person, I'm afraid. I'd like to hear from some of you out there in Internet land that have experience in this arena.
Most of the Internet's best marketing minds agree on this philosophy:
Just a few years ago, if you owned a solo business and contracted your time and expertise out on an hourly basis, you probably called yourself a freelancer.
Most of the professional solo businesses that I am aware of have followed a very traditional model in how the business is set up and operated.
One of the ways solo business was conducted for many years in this country (U.S.) was by what I call "the one man band" business model.
Since the beginning of time, solo business persons have opened and maintained retail stores that sold products to walk-in customers.
If you are serious about starting a small solo business, there is no greater lesson to learn than how to apply the principle of maximum leverage to everything you do in your business operation.
Here are a few ideas that may be useful as you consider what you can do to become a star performer in the eyes of your customers.
Every business begins with an idea. The idea may or may not be your own, but it will determine, to a large extent, the success of your business.
I don't always recommend that you seek out an attorney and a financial advisor for your business safety and peace of mind.
There should be a number of considerations that you look at before you set a pricing structure to your products.
If you play the "we guarantee the lowest prices" game, you will usually regret the decision. Of course, only you can be the judge as to your approach to pricing your products and competing in your niche markets.
There is a tendency among new business owners to price their products and services too low in the hope that they will attract more customers and not be given a reputation of being overpriced.
Preparation for business success can come in many ways.
Over the next few posts we will be looking at things you can do in your business to:
I cant' overemphasize the notion that the most successful business owners are the ones that become "students" of small business and especially, their own business model and niche.
You've probably noticed over your lifetime that companies dealing in quality products and services tend to remain in business over a long period of time.
Was it tennis star Andre Agassi that proclaimed, "Image is everything!" in his popular commercials?
More than anything else, marketing your business and your products effectively will make or break your company. Read that again.
In case you haven't noticed, there is an important trend unfolding in the evolution of modern-day businesses that you need to understand and exploit as a solo Internet business owner.
I'm not suggesting anything like copying or plagiarizing someone's profitable business model and products to push them out of their own chosen niche.
Nowhere has the Internet made a more dramatic change in the existing power structure than in the business world.
What you end up doing with what I am about to tell you could have a great bearing on your ultimate future as a solo Internet business operator.
No doubt you have heard this famous phrase many times before - it is used in context with both scientific application and general business principles.
One of my favorite mentors (even though I have not personally met him) is a gentleman by the name of Seth Godin. He was formerly the Direct Marketing Vice President at Yahoo!
There is a tendency to believe that in order to have a successful business, you must be better than the other businesses in your niche.
Many businesses are simply little fish in a big ocean, swimming and scurrying about hoping to be noticed or "chosen" by those customers that want what they have to offer.
There is a huge amount of talk and banter these days about niche business and the necessity to focus your efforts in very targeted segments of your market sector.
I was asked recently by a lady that had decided to operate a home-based business, what it meant to "niche your way" to a business fortune.
If so, you need to do everything possible to increase the amount of traffic, the click-through response rate to your affiliate page links, and the relevance of your content to the product(s) you're promoting.
On my reading list for all online solo business owners is Michael LeBoeuf's little paperback called The Perfect Business.
In 2005 I purchased and read Seth Godin's latest contribution to new age business thinking and culture and immediately was struck by it's logic, practicality and seemingly correct vision of how we must sell our products and services now and in the future.
Another book that I like to recommend to entrepreneurs and existing small business owners is The Wisdom of Crowds by James Surowiecki, a columnist for The New Yorker magazine.
To my way of thinking, there are two business functions that every single company needs to execute well, every day of the year, in order to be categorized as a successful business.
We're discussing the little operating changes that can easily be set up in an online business that will add greatly to your customer support process.
I believe it's a wise move to investigate all the options you have in executing your online business.
Some business owners have chosen to ship purchased products to their customers at no additional cost with the idea that such generosity could mean the difference between landing a sale or not, all other considerations being equal.
In the previous installment we discussed some of the costs associated with delivering physical products to your customers.
As a solo Internet home business owner you are most likely the webmaster of your own web site.
In a previous post, we talked about what meta tags are whether they're important to the search engines. We're going to continue that discussion here and add a few other thoughts.
Linking strategies for commercial web sites seem to be grabbing a lot of attention these days from marketing experts that claim in-bound links are critical to the search engine rankings.
You will hear me very often say, "You are the business." The solo Internet business operator is often an individualist that would rather be creative, adventurous, and find his own way over joining the pack.
Some business owners prefer to deal with problem customers by writing them off and shoving them out the door. They don't want or need to be bothered with further dealings or more headaches.
Often, new business owners figure the only way to increase sales is to put your product or service in front of more people.
There are more ways to increase your sales than to just try to entice more and more customers to purchase your product by increasing your advertising budget.
When you think about it, there is no better place to find new prospects that may have an interest in your particular niche than to ask your satisfied customers to recommend their friends and acquaintances that have similar interests and passion for the subject.
A joint venture is simply a partnership created to take advantage of non-competing products or services that are extended to the customers of the partner's business(es).
I spoke with a young gentleman today about his dream to start a business. That's not a rare occurrence as I deal in such discussions quite a few times every week.
Entrepreneur is kind of a funny word. It's obviously of French origin. I've been hunting for years to find its English counterpart, but have not yet come up with a suitable substitute.
I recently viewed a video clip produced by John Reese that showed his amazing VRE strategy that added over $500,000 to his business the first year it was implemented (beginning in February 2005.) You can view the video for yourself: http:files1.reesereport.com/vrevideo.html
Anyone that has searched online for information type products, and even physical products in some cases, has been offered one or more "bonuses" along with the purchase of the main product.
Most profitable Internet business owners will tell you that a consistent, fresh, value-packed email newsletter is one of their key ingredients to success.
Some solo business owners have experienced great success by marketing their company and products off-line.
It's really an important question because every one of us are placed in daily situations where we need to sift the buying decisions thrown in our faces into separate piles labeled "Hype" and "Fact."
I've noticed over the years that I've been online (since the mid-90s) a change that's taking place in the way Internet users are visiting web sites.
Before we get to today's post, I want to wish each of our readers a happy 4th of July! Take some time off today and enjoy the celebration with your family - I'm going to do just that since I wrote this post yesterday!
The solo business owner has many tools and resources at his disposal that can leverage his time and automate his business so that he can accomplish much more by himself than would ever have been possible prior to the Internet.
I think this is an important question that every entrepreneur needs to ask of him/herself. I'm not talking about turning a dollar bill into coins.
I had to chuckle a bit when I read the following statement in the biography of a local politician that was used to describe his philosophy:
If you were to ask me that question face to face, I'd probably do a double take and say something stupid like, "You have an advertising budget?"
I've often spoken and written of the accelerated pace of business on the Internet. Online, everything moves quickly and changes happen almost overnight.
You would think most people are rational when spending money on products and services that they find online. After all, the complete information about the product is readily available right on the Internet.
It's only been since the late 1990's that marketers are able to look at the phenomenon of Internet purchasing.
The U.S. economy is changing dramatically.
If you have a business based in the U.S. and you pride yourself on having the lowest prices in town (or in your industry), are you ready to be severely challenged?
Years ago there were some business characteristics that, if exploited, propelled a small business into the limelight and fueled its growth for years into the future.
Regardless of the size of your marketing budget, there are some business principles that should guide what you do, when you do it, and how you bring together the various elements of your business marketing.
In the previous installment, we discussed some basic business principles that should guide your Internet marketing campaign.
Of course the type of business you run will often dictate the accepted and profitable practices that are used in your industry.
Affiliate programs have proven to be an important additional stream of income for many small Internet business owners.
Big Madison Avenue advertising agencies need to know what customers think about specific companies (their clients) and the products and services they sell.
As the title implies, there is a business principle that all great companies adhere to that produces wealth and abundance beyond the infusion of cash into a business.
It seems that when most folks think about starting a new business, they consider what product or service they might sell to the consumer.
Owning a small business is the new American Dream. A recent national survey found that nearly 60% of Americans listed owning a business as high on their wish list of things to accomplish, even higher than owning a home.
One of the things that small business owners often forget is the fact that customers come to a small business often for the experience, not just for the products or services that are offered.
Nothing grabs a prospects attention like seeing his own name printed in a hand-written letter from a friend.
Over the years I've been watching and participating in small business development, I've noticed that the successful businesses tend to be the ones that are driven by an owner that knows how to execute a plan.
Keeping your valuable information behind locked doors and only giving access to those that pay you for the privilege is the basis of the membership or subscription web site model.
Every business needs to identify something that sets it apart from all other businesses in the same niche.
Just a few years ago, solo business owners took advantage of the fact that they could market their goods and services online all across the continent.
A friend of mine that worked radio and even a little television, but now owns a very successful Internet marketing business, once confided in me, "The trouble with business marketing is there's just too much of it!"
I believe in small business! I believe in entrepreneurs!
There's a very interesting phenomenon that often takes place in small business environments that to some extent can be predicted.
One of the surest things besides death and taxes, is the fact that change will occur in your business niche. It's inevitable.
A lot has been written over the past ten years about business owners as risk-takers, and the characteristics or qualities that they possess which allow them to be successful in what they do.
If you have targeted your customers properly, there will be few better or more productive business lead generating tools than to publish a "Tip of the Day" related to the education of your audience in your chosen niche.
Anyone who is unfamiliar with web site development, search engine optimization, and all the technical terms and usage surrounding HTML and computer language is apt to be very confused by the existence of meta-tags and all the varied opinions about them.
Wouldn't it be great if you (and your solo business) were on the Rolodex of all the local and regional newspaper editors?
I'll have to be careful with this post because some business owners will think I'm giving some very poor and bad advice about growing a solo business.
Once you leave the corporate world (or any kind of job where you're an employee for someone else) for the adventure of solo business, it only takes a day or two before you realize that you're standing naked in front of the world hoping that somehow others are going to notice your business.
Here are some additional suggestions on ways to begin a business network of contacts and support if you are creating a solo business:
Here's a quick tip that I've used on several occasions to get me over the direct marketing hurdles of creating a winning headline, effective ad copy, layout questions, developing a good offer, finding the best sizes, etc.
A friend of mine inherited a small gas station from his father.
That was the response I got when I suggested this as one way a solo small business owner might spread the word about his company without spending a fortune on advertising.
What I'm about to describe to you is an actual example of the creativity and ingenuity of a small business owner.
If you've been doing business on the Internet for any length of time, you've undoubtedly heard the term "sticky" or "stickiness" used to describe the ability of a web site to engage it's audience.
How many ways are there for a small business to fail?
Times are changing and every solo business owner needs to design his little company in a way that it can be globally competitive.
Often entrepreneurs and small business owners have a difficult time trying to keep from being "stale" in their businesses.
Did you know there are ways to see what buyers are looking for at any given time online?
Of all the tricks and strategies that direct marketing professionals have devised over the years to increase sales and push prospects to take action at crunch time, maybe the ultimate trick is employing the "scarcity" factor to a product or service.
Yes, bumper stickers have been in use for a very long time. In fact, they continue to be an excellent strategy for small business because the cost of employ this strategy is minimal but the exposure it can give your business can be great!
