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new business ideas

How To Make Your New Business Idea Succeed

How To Make Your New Business Idea Succeed

Research has shown that more than 90% of small businesses don’t succeed within the new business ideasfirst five years of getting started. This includes both offline and online business, from flower shops in your local town to online entrepreneurs wanting to earn a living from the internet.

The first five years can be tough for any entrepreneur with a new business idea.  The fundamental elements of where to find customers, what products or services to sell and how much to charge can take a lot of time to get right.

So, how do you make your new business ideas succeed?

1. Who is your ideal customer?

You may have lots of good new business ideas but your first step is to know who your ideal customer is. If you don’t know who you are selling to, how can you sell it to them? This is not as complicated as it might sound. For example, are they male or female, or does their gender matter? How old are they, where do they live and what is their income? The more you know about your potential customer, the easier it will be for you to tailor your marketing messages to appeal them.

2. What do your customers want?

People buy what they want before they buy what they need. They buy with emotion and justify their decision with logic. Selling a ‘want’ is easier then selling a ‘need’. Take a moment to think about what you own. What have bought based on pure logic rather than what you wanted, could afford and what suited your self-image?

3. Who is your competition?

New small business ideas can often mean launching into a competitive market. You have to know how your customers are buying the type of product or service that you intend to offer with your business and who they are buying it from. You cannot ignore or copy what your competitors are doing. You need a distinctive strategy to give customers a reason to buy from you, rather than from somebody else. Often the key to being different can just be having the passion to help your customers more than your competitors, rather than,say, being technically superior to a competitor.

4. Can your new business idea reach potential customers?

It is important that you know how to reach your target audience before you start with a new business idea. Some specific niche markets appear very lucrative at first but end up being so difficult to reach that success becomes unlikely.

5. Can you afford to get started?

You do have to consider the cost for starting a new business. Knowing the real numbers can sometimes be overwhelming and can makes success look too far away and perhaps impossible to reach. You need to carefully plan your outgoings and match them with your incomings. As each changes you will have to adjust so that you don’t ‘boom and bust’ or just go bust.

New business ideas for 2013 and beyond require investment. Remember, that it is a business and not a hobby. For your business to succeed you do need to be able to spend some money on things like a website, marketing and other resources to help you.

6. Is this business idea scalable?

You have to make sure make sure your business can grow the way you want it to. As your new business idea becomes a reality, will you need more resources to help you? Are you able to invest in automated software that can do some of the work for you? You only have 24 hours in each day and it is not physically possible to work 24 hours a day, 7 days a week – even if you wanted to! If you are the only person that can operate or manage your business, you have to adapt if you want to scale it up.

7. Are you willing to work hard?

There is no such thing as a get rich quick scheme. Starting a new business requires hard work and it does take time to build it up. You have to be passionate about your business and actually enjoy doing it. If you don’t, you may stat to resent the hours and works that you are putting in and give it all up – perhaps just as you were on the brink of success…

8. Are you willing to learn?

If you were starting a new job working for somebody else, you would expect somebody to teach you how the job and show you what you needed to do so that you could make money for your new employer – not lose any the employer money! Your new business idea should not be any different. Take time to learn from those who have gone before you as you will be able to avoid mistakes and become profitable more quickly.

more help with your New BUSINESS IDEA

Success in business is mostly about marketing, especially online. Great marketing can sell an average product but poor marketing cannot sell a great product. To learn more about marketing that will work for your new business idea and how to find the right products to sell and the right customers to buy them check out this FREE, 7 day marketing bootcamp. 

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Entrepreneur Business Ideas And The Right Mindset

 Entrepreneur Business Ideas And The Right Mindset

Being an entrepreneur isn’t always easy. Nothing worth doing is ever easy, though, is it?Entrepreneur Business Ideas

Entrepreneur business ideas are all about having the right mindset. It is all about being able to turn a problem into an opportunity rather than a stumbling block. Successful business ideas can pop into your brain at any time, but you have to get your mindset in the right place and take action.

Life is full of challenges and an true entrepreneur will turn those into opportunities.

Make one big call each day

Make the effort to call a person or organisation each day that could take your business to the next level. This could be an ideal customer, a new out sourced supplier or an old business contact. Every call won’t necessarily generate results but if you’ve got some top new business ideas, that one call could be the one that makes all the difference to the future of your business.

Put your prices up and offer more value

It’s always a challenge to your mindset to put your prices up and you might think that it is not one of the best ideas for a business. But people buy on value, not on price. So if your customers are not buying at your current prices, it means that they have lost sight of the value that you offer. If everybody brought on price alone there would be no luxury cars or watches, no smart-phones or designer clothes and no first class air travel, to name a few. When you put your prices up you tend to feel a bit better and it forces you to add more value to your clients.

Select carefully what media you watch 

Sometimes your best ideas can occur when you hear, see or read about a problem that some people have and how you can solve it for them. You do have to keep informed on current events and world news, but don’t get dragged down by watching every bit of bad news in the media about recession, wars, politics and or scandals. Your mind needs to be able to concentrate on your business and the constant level of bad news can bring you down.  Be selective in your media watching and allow your brain some ‘down time’ away from all the stress of the world.

Sort out your finances

Separate your business finances from your personal finances and make sure that your business pays you every month.  The temptation for entrepreneurs can sometimes be to forgo any salary. But you are critical to the business and your business needs you and should reward you. Not receiving any salary will lead to resentment towards your business. Your journey is towards working to live rather than living to work, and you have to enjoy your journey to success or you’ll never reach it.

Do have a holiday

If you don’t take a holiday, you will burn yourself out and start to begrudge going into your business everyday. Having your own business is all about having freedom but are you becoming a slave to your business? Often the best entrepreneur ideas will come when you are relaxing and not running around in your business without a moment to take a breath.

Outsource Tasks

Your business will take up a lot of your time, so you will need help. Using an outsourced service does feel risky when you are a small business and finances are tight. But the key to getting your business bigger is realising that you can’t do everything on your own. Whether it is a book-keeper, a graphic designer, a website traffic specialist or a virtual assistant it will help you to work on your business rather than doing little bits of everything and wasting your time on task that could be done quicker by somebody else. You have to spend your time most effectively and being in contact with customers will pay more dividends than sorting out paperwork.

Entrepreneur Business Ideas And The Right Mindset

The big difference between winners and losers is excuses. Losers LOVE excuses. Winners HATE them.  It’s actually one of the ways to determine if you should be an entrepreneur or not.  Do you like making lots of excuses?

Here are some top excuses people use for putting off their entrepreneur ideas:

  • No time
  • No money
  • No education
  • Not sure if it will succeed
  • Will get to it “later”
  • Spouse won’t let them

If you are someone who does NOT lean on excuses, then chances are you’d make an excellent and successful entrepreneur. For a help with your entrepreneur business ideas, check out this FREE, 7 day marketing bootcamp. 

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business opportunity

5 Ways To Success With A Home Business Opportunity

5 Ways To Success With A Home Business Opportunity

Just like weather storms there are financial storms too.  Financial storms can happenbusiness opportunity any time and, if history is any indication, unleash miseries galore on the unprepared. So how can you be prepared?

1.  Multiple Income Streams

In this challenging economy many people have realised that it is dangerous to depend on one income from one job. There are no longer any ‘jobs for life’. But the right home business opportunity can provide extra income on the side and, should the worst happen and you lose your ‘day’ job, the home business will provide an income.

The more sources of revenue you have, even if they are not as much as your full time job, means that consequences of something bad happening, will not nearly be as disastrous as it would be if you only had one income.

2. Look Out For A New Business Opportunity

Finding new business opportunities is a skill. You can develop a habit to see an economic opportunity in everything around you. Many serial entrepreneurs have a special notebook for interesting new ideas. You can start one too. Find the problem you want to solve for yourself. Look for things you were not able to find a good solution for. New problems come when something changes in your life. For example, you can start seeing a lot of business opportunities when you become a new parent.

The same happens for home based business opportunities. You may already have one small business and cannot find a good solution for something. You start a second company to solve it and the second one becomes bigger than the original one. Generally it is much better to start with a great problem and no solution rather than with a brilliant solution that solves no problem.

3. Don’t Rely On Somebody Else To Do It All For You

If you’re just about to start with a new business opportunity as a first-time entrepreneur, or you are well on your way to entrepreneurial success, keep in mind that how you think is just as important as what you actually do. You have to think like an entrepreneur. This requires a unique approach to the world and a mindset to help view the world as limitless in its possibilities for improvement, change and, ultimately, innovation. Pinning your fate to a politician (or political party) is a bad idea. It’s why so many people are broke.

4. Look Back At What Has Happened Before

It might seem like the complete opposite of what you should do, but a recession can actually be the ideal time for launching a company. In fact, many well-known and successful business opportunity seekers started organisations during periods of recession. Burger King, Hyatt Corp, FedEx, Microsoft and even MTV all were started in times of economic slump. These companies succeeded because they recognized a customer need and filled it.

5.  Sharpen Your Skills

Negotiation ‘guru’ Jim Camp said it best:

“The more effective we are, the more respected we are.”

Good deals often chase people who excel at what they do and not the other way around.

Success with a business opportunity comes from knowing your target audience, your competition and how you will fund your new business venture. You will need to have access to good resources and know how you will build a consumer database and be able to create alliances with strategic partners. To do this you will need some help.

If you were starting a new job working for somebody else, you would expect somebody to show you what you needed to do so that you could make money for your new employer – not lose the employer money! Your new business should not be any different. Take time to learn from those who have gone before you as you will be able to avoid mistakes and become profitable more quickly.

Success With A Home Business Opportunity

Success in business is mostly about marketing, especially with an internet business opportunity. Great marketing can sell an average product but poor marketing cannot sell a great product. To learn more about marketing that will work for your home business opportunity and how to find the right products to sell and the right customers to buy them, check out this FREE, marketing training bootcamp.

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