Has this happened to you? Another entrepreneur has a great idea to add new customers and profit to her bottom line. One easily used in your own business. Unfortunately it ends up filed in the deepest recesses of your mind. Forgotten.
What’s the tool I’m referring to? And why is it so important to your success?
While I’ve always used this invaluable tool, it’s worked well for me and tons of other entrepreneurs, many others ignore it. In fact, not using it means they’re putting on blinders to greater success. Here’s what I mean.
For nearly fifty years sought-after speaker Jim Rohn has devoted his life to the study of behavior as it affects performance. In fact, he’s considered an expert - though his initial education wasn’t centered on this study. He began seriously developing his quest for behavior info when at the suggestion of his mentor he began journaling daily.
Rohn discovered journaling allowed him not only to note what each day brought - both good and bad - it became a place to collect good ideas and suggestions. Note thoughts about behavior he‘d seen. Plus making notes and writing down good ideas allowed review of them at a later date.
With a journal, that great idea you discover won’t be forgotten. And, very importantly, no good ideas would be lost. In his best-selling book “Seven Strategies for Wealth and Happiness”, Rohn says a journal is a good gathering place for all the good information and wisdom that comes your way.”So start today keeping a journal. Keep it with you, and easily accessible, even when traveling.The point, Rohn says, is “Don’t let good ideas escape you. A great idea can change your life.”_
Starting smaller, you’re better able to develop a solid customer base. One of the reasons is customers have come to know you. They’ve helped add to your success. Participated in the growth of your biz.It’s not surprising new entrepreneurs think starting big is best. A word to the wise - unless you’re already financially successful, have an angel or capital investor ready with the needed cash - It’s makes good sense to start your business small.
1. Your biz profits faster since you can better control costs for development and production.
First, it’s essential to do necessary research to discover what customers want and need. Then, and only then, develop products people want, need and will buy. Often you can redevelop or reinvent an old product to save time and money. But don’t waste either working on developing products there’s zero market for. When it’s comes to producing products, don’t produce more than you have customers to sell too.
Often, new entrepreneurs - and some seasoned ones - turn the crank sending the presses into overdrive. Thinking it’s better to have much more than needed, than less. Later ending up with tons of leftover merchandise they’ve wasted time and money on. Which may never sell. Or they’ll sell at a loss.In short, controlling costs should be your first concern. And it’s always best to take orders for future products, with customers paying you up front. Than to spend your own biz cash. Which is best invested elsewhere.
2. You can afford to grow your business slowly.
Believe it or not, just as many businesses fail with too many customers, than with not enough. How can that happen?
Easy, you’re working overtime producing products. With too many orders, or business, you can end up trying to create more than you have hours available to work. You’re so overworked, sloppiness sets in. Or, you run out of materials and make substitutions of lesser quality. You could fail to make deadlines and resulting in cancellations. Provide services which are slipshod and fail to meet customer satisfaction. Bottom line, you can end up exhausted and producing a quality not up to yours or a customers high standards. Growth overwhelms your biz and you end up losing customers.
3. It’s easier to make mistakes from which you can recover.
For example, you priced a product too high, or too low? For you it can take fifteen minutes to do a price change. The competition can take a week or several. Losing thousands before it’s corrected. Purchase the wrong equipment? There’s probably a return clause in your contract. It’s easier to get the OK to return one piece of equipment, than for a competitor who purchased two dozen.
Generally you won’t make mistakes large enough to ruin your business. You’ll see a problem and remedy it quickly. For example, you offer a product or service which isn’t selling. You can easily mark it down, perhaps return it to the vendor. Without draining your bank account in the process. If it’s a service, you can easily notify customers by mail or email, post a notice, notify customers when they call.
4. You’re save money on your greatest expense - space leased. Today it’s common for entrepreneurs to start their first biz at home. And today it’s just as common to keep the biz located in your home.Some highly successful business were started up at someone’s kitchen table, in a spare room, or in a basement. Whether you do depends on 1) if you have the necessary space without crowding yourself; 2) the biz meets local or government guidelines for a home biz.Can’t start your biz at home? There are tons of other places you can rent inexpensively. Share space with another biz. Lease a building or space from someone you know. Lease a garage or other small location. Remember, rent like a mortgage will usually be your biggest expense. Don’t rush into it unnecessarily.
5. Smaller allows you to try new things, take risks, get and stay creative.
Starting small allows you to take unique risks;, try or develop new services or products. Drop items no longer profitable before they become too costly to sell. Purchase items at the height of their popularity; and create greater profits, fast. Try new technology with minimal financial hardship. In short, your small biz can “turn on a dime”, making important, profitable changes when it’s comfortable for you.
Bottom line: By moving at a slower pace - with a smaller operation - you’re better able to manage and control it’s growth through each change and new stage. This helps you create a solid foundation upon which to build a successful business which lasts. And also important, you can develop without competitors looking over your shoulder; since you’re flying under their radar”.
Jean L. Serio has 35 years experience in management, sales, training and development; working with 4 top retail corporations. Helping launch and manage 7 multi-million dollar operations. She founded and developed Womens Marketing and Business Network, has developed 8 businesses of her own. Personally, and thru the network, has helped thousands of women start up successful business of their own. http://www.womensmarketingbusinessnetwork.com
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I’m excited to announce the creation of the “Women Create More Power Teleseminar Series”. A new division of Womens Marketing and Business Network.
Who are we? And how did we get started?
Teleseminars are one of the best ways to bring you the valuable resources and info you may need to start or buy a business, jumpstart one you have, create products or services. Even become an author. And much, much more.
Through research, I discovered more and more people, today, are opting to obtain needed info and resources by participating in Teleseminars. Especially women. And for a variety of interesting reasons.
Valuable info is compressed into a simple to understand presentation on a specific topic. And condensed into approximately an hour to an hour and a half. Even better, you’re getting more out of a Teleseminar because you’re relaxing and learning in the comfort and safety of your home or office. Plus, you’re participating in a casual, non-competitive atmosphere. Where participation is encouraged. And you’re fully engaged. Able to get much more out of it.
Something else I discovered…
In this unique environment, experts are often more willing to offer you first choice on new products and services. To give away valuable reports and products. Even to share personal info regarding their success and failures. Which can often help you more.
Not only that, through Teleseminars you can connect with experts you may have been searching for, but unable to previously contact. Experts who may shy away from public functions. Or are so busy if you aren’t currently a client, this is the best - maybe the only - way to make a connection. Which may not otherwise have been available. Plus, we’ve discovered experts are more likely to take on new clients they connect with at Teleseminars.
We’re proud of our experts…they’re the best.
It was very important to break through the clutter. To gather together “real” honest-to-goodness experts. Experts not only with good information and resources to share - but excellent info and resources. Experts who’d provide you with actionable Tips, Techniques and Strategies. You could put to use immediately. Because they’ve used them, themselves.
In short, you’re getting better info. And faster access to what you need. Without spending hours, and your hard earned cash, searching for or buying products and services which don’t live up to their billing.
Our ever-growing group of experts…
Comes from a wide variety of careers and backgrounds. Each with their own unique experience they’d love to share with you. Not surprisingly, they’re regular advisors, mentors and coaches to other top women experts; who value them highly. And, collectively, they’ve worked with thousands.
They have the experience and know-how that comes from years of continued success. And are ready, willing and able to help you jumpstart your own dreams - whatever those dreams may be.
To get to know these experts, more about their background, and get Free Info about the next “Women Create More Power Teleseminar Series”, Click to continue.
Jean L. Serio has 35 years experience in management, sales, training and development; working with 4 top retail corporations. Helping launch and manage 7 multi-million dollar operations. She founded and developed Womens Marketing and Business Network, has developed 8 businesses of her own. Personally, and thru the network, has helped thousands of women start up successful business of their own. http://www.womensmarketingbusinessnetwork.com