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Tag: your business

  • Prospects of Running Your Own Business


    Getting-started resources

    Very few people ever got rich by working for someone else. Puttiing aside popular musicians, sports stars and gifted people, the only way to acquire wealth through working for it is to build a business of your own. Be an entrepreneur! The type of business you decide upon will most likely depend on three factors:

    • How much money you have available for start-up and capital working capital;
    • Your business idea; and
    • Your confidence level.

    Types of businesses at your disposal:

    1. The Traditional – a brick and mortar in which you will rely solely on your own efforts;
    2. The Franchise – where you follow a proven idea and receive considerable training and back-up from the franchise company; and
    3. Web Marketing – which encompasses Network Marketing, Multi-level Marketing and a whole slew of different niches you can explore.

    Pros and cons of each business type

    The traditional business requires considerable financial input, either from your own resources or part-funded by your bank. You may need to rent premises; buy equipment; hire staff; pay for advertising, brochures, stationery, and stock. A frighteningly high percentage of this type of business fails in the first year. To succeed you need: a good idea, considerable financial backing, good health, an understanding spouse, and stamina. If you do succeed you will own the business outright and benefit from all the profits.

    Franchises have a high success rate. Banks like them because each franchise operation has a proven track record; thus the banks can accurately judge the risk and consequently will lend money for this kind of start-up. However, all the support and training comes at a price: the initial entrance fee is likely to be very high, and a percentage of the business’s turnover has to be paid to the franchise company.

    Web marketing which encompasses Network Marketing, Multi-level Marketing, to name a few, has many advantages and few disadvantages. The entrance fee is low and the ongoing expenses are even lower. A Web marketing business can be started in your spare time. In fact, that is the best way to approach it. Start small, and keep at it. The secret is perseverance! Get past the first year and you should find this type of business has a sound foundation from which you can build a serious income. It is said that 95% of those who survive ten years in Web marketing become wealthy beyond their wildest expectations.

    Decision time

    So which type of business is a good fit for you? If you wish to provide a service or product where you have previous experience from a former employment, the traditional business will be probably be the best choice. However, if you are just tired of working for someone else and making them rich and wish to venture out on your own, then a franchise or Web marketing business just might be the preferred option.

    The choice then is determined chiefly by the funds you have access to, and the time and effort you wish to put into your enterprise. A franchise will require substantial funds and 100% commitment. You are jumping in at the deep end, although the franchise company will provide training and support to help keep you afloat.

    On the other hand you can ease yourself gently into Web marketing by starting part-time while you continue with your current employment; building your business by throwing profits back into it if necessary. Persevere and there will come a time when the income from your own business will be sufficient to support you financially. You will then be able to leave your employment and concentrate on your business, which in turn will pay dividends. One such dividend (an important one) is enjoying considerable free time with your family.

    Fashion world descends upon us

  • Tips for Closing That Consulting Deal

    Get the contract

    There are several reasons why consultants ultimately lose deals they should have been able to close. Unless a client’s portfolio is poor, many consultants lose contracts because they either did not listen or they failed to speak effectively when attempting to convey what services they could offer that would help the client reach his/her goals.

    Every consultant feels that the one thing they are able do well is talking the talk; but effective speaking is more of an art than a science, because if an individual – especially one who represents his/herself as a professional consultant – can’t effectively convey how his/her services are going to help the client, s/he won’t get the contract. It’s as simple as that.

    Making the sale

    Reflect Before You React –

    Is it human nature to say the first thing that comes to our mind when we’re asked a question? Take a moment to think of what answer is best for the client. It will show that you put enough thought into your work and don’t just plow ahead. Your clients will appreciate that, because your best reaction is not always your first reaction.

    Keep It Simple Superstar –

    Just because you know the ins and outs of your business doesn’t mean that your client will. Speak to them on their level, not yours. Keep the conversation simple and get straight to the point. If your client understands what you can do for them, they are more likely to hire you. If you try and dazzle them with industry speak, you’ll lose them, and lose the contract.

    You may have heard the saying that if you are speaking to a perspective client on the phone, you should stand up. Here’s why some motivational speakers highlight this technique: For many people, standing makes them get straight to the point.

    Let the Client Talk –

    If you want to learn how to best position yourself, find out exactly what the client wants and ask questions to home in on what their needs are. By asking questions, you gain a better understanding of how you can help the client, and the client feels that they are part of the solution. This gives you a chance to reflect on what you can offer your prospective client.

    A Little Enthusiasm Goes A Long Way –

    Your client feels passionate about what they do, and if you show that you are passionate and enthusiastic about providing them the solution they want, you’ll get the client onboard. Enthusiasm will open many doors for you.

    Getting personal

    Get started now… Free!

    It takes experience and a watchful eye, when you think about it, if you show your client that they are more than just another big deal for your portfolio, and you will learn how to best work with them. Treat all clients the same way, and you will find your schedule empty of projects. Remember that clients say things for a reason.

    If they volunteer that they can’t talk right now because they are getting ready for Bobby’s birthday party on Saturday, on your follow up call, ask them casually how the party went. Don’t pry, and don’t send balloons. By casually asking about the party, you show that you pay attention to details. Knowing how successful the party was will prepare you on how to approach the conversation.

    Remember that you need to sell to the customer’s needs, not your skills. Master this and you will have a long career as a consultant.