Month: October 2018

Good Businesses to Start in a Bad Economy

Almost all industrial businesses suffer these days because of the global economy, except the internet based home businesses, which is overall doing okay. Being small has its advantages when things need to be changed fast. A home internet business is indeed one of the good businesses to start in a bad economy.

The bad economy and home businesses
The global economy is on recession, which most companies and corporations can feel. The companies need to cut expenses to survive, which means a lot of people lost their job lately, and more will follow the coming years. This is however a good time to start your small home based business, which will become a great help to assist paying your monthly mortgage.

The risk of starting a home based business
I the old days you had to risk losing your home and other belongings if your business failed. Today this risk is close to nothing, which is the reason why home based businesses have become such a great success. We don’t need a fancy store, inventory, getting the brand new models to offer customers. The only thing we need is a computer with internet access and less than $100 to get started – all included.

The only thing you can risk is losing the $100 by choosing the wrong programs to assist your home business. The right program will guide, teach and motivate you while growing your business. This market has become huge, which also means a lot of people is taking advantage of this and see some fast money. They offer bad programs that looks just as good as the rest out there, but they don’t give you support or anything help what so ever. That’s what we call scams, since you don’t get value for your money.

How to choose the right programs
This can become a really hard task and most people give up and will end up paying for something that is not worth a dime. It gives the entire industry a bad reputation. There are ways to help you find the legit and honest programs; let me introduce you to Review sites. A Review site is a website where visitors share experiences using different programs. This has become the latest tool in the fight against scam sites.

The Importance of a Good Business Name

What’s in a name? Well when it comes to businesses, a lot. The perfect name for your business allows you to stand out (in a good way of course) and get you on the minds of your target audience. The perfect name also makes the process of developing a brand much easier, as your brand itself revolves around your company name.

Of course, this isn’t to say that a good business name will somehow compensate for your lackluster products and services. Nor will it magically increase your sales.

If you’ve yet to choose a name for your business, or plan on changing the one you already have, here is a brief guide on what you can do, as well as the factors you should consider when choosing a business name.

Be Serious

Selecting a name for your business is no laughing matter. Sure it’s fun and brings out your creativity, but don’t put it on the same level as choosing a name for your pet. Remember that most of your marketing efforts will stem forth from your company name. It’s from your name where your image, brand and reputation are based on.

Be Careful with Word Play

A clever name can either make you or break you. On one hand, it can help create better recall amongst your audience. On the other, it can come off as cheesy, or worse, tasteless.

What’s important to remember when taking this route is to choose something that’s not tacky. It’s better to be plain than have a tacky image among your customers.

Stay Away from Acronyms

Tempting as it is to use a short and easy-to-write acronym, it’s generally not a good idea, especially for small businesses that need to do heavy marketing to compensate for a forgettable company name. After all, it takes resources to explain what the acronym means right?

Keep it Safe

Don’t use, copy, or edit names of other businesses and turn it into your own. Not only can you be sued for trademark infringement, your customers will frown at your blatant disregard for intellectual property. Stay unique and use your creativity some more to come up with an original name.

Don’t Stay Local

In today’s globally competitive world wherein products and services can now be sold on the Internet, it’s no longer feasible to include your geographic location in your business name. While small businesses certainly operate locally, including your location in your name severely limits your reach and makes it more challenging to branch out.

See if it’s Taken

When you’ve finally chosen a name for your business, you first have to check if someone else already goes by that name, lest you get hit with a lawsuit. Note that you can still use a name that another business has with one condition: it has to be in another industry or market.

Don’t forget to protect your business name from infringement by registering it with your local securities office. This will cost a bit, so be sure to have the resources ready.

Ahmad Rajab is one of Ireland’s leading Business Coaches, and Mentors having hit the Irish Top 5 in the Recession! He utilises proven cutting edge Marketing Strategies to deliver MASSIVE Sales Growth, while focusing on squeezing profit margins to drive Bottom-line growth.

Diversity Is A Good Business Strategy

Many people incorporate diversity into their marketing; their proce­dures; and their hiring practices because it’s required to get government contracts, or because it’s the “right” thing to do.

You can make a strong case for doing so for either of these reasons. But there’s another, equally important reason: it makes good business sense.

In fact, there are many different types of diversity: cultural, racial, gender, and language, to name just a few. This month, we’ll talk about another kind you may not have considered: educational diversity – targeting and communicating with your customers not on the basis of any of the commonly addressed factors, but instead based on the type and level of their education.

Your customers may have done postdoctoral work in a very specific discipline of chemistry, or may not have even finished high school. They may have taken specialized technical training, or done research in the Australian Outback.

And of course, formal education is not always an accurate indicator of intelligence. We all know people who were straight-A students in school but have no commonsense whatsoever. We also know people who can’t comprehend physics, but are able to play the piano by ear without any formal training. And still others who may not be artistically inclined but may be extremely articulate. Your customers may exhibit a fairly broad spectrum of intelligence with areas of both strengths and weaknesses.

You can make a serious mistake by underestimating or overestimating the level and type of your customers’ intelligence. For example, placing an ad for artist supplies using long-winded, verbose copy would probably not connect well with that audience. Neither would describe the applicable principles of electrical engineering when describing the features of a circuit breaker in an electrical supply catalog.

I remember a call I made to Microsoft technical support sev­eral years back to ask a question about a fairly complicated graph I was trying to create. I listened in amazement as the technical sup­port representative gradually began to explain what I needed to do in increasingly higher and higher lev­els of technical complexity. It was as if she was recognizing without actually asking that I was technically competent (my undergraduate degree is in computer science) and that I was able to grasp what she was explaining.

This made the call go much more smoothly because she didn’t have to explain what to do in “baby-step” terms: “Now do you see the menu item called ‘File’? Move the mouse to that word and press the left button. Great!” She was able to successfully complete the call much more quickly, and I didn’t feel like she was being condescending as I frequently do on calls like this.

This is why it’s important to train your marketing staff to rec­ognize a target market’s level of ex­pertise and adjust their interaction with that market to reflect this.

If you take the time to understand your customers – to identify their unique attributes and tailor your products and services to these characteristics – you will be far ahead of your competitors who take a “one-size-fits-all” approach.

Everybody is different, but we all want to feel special and appreciated. The businesses that understand this and make the extra effort to demonstrate it will stand out from the crowd every time.

How to Achieve Good Business Etiquette

When it comes to either organising a meeting or planning a meeting, there are certain rules should follow when it comes to achieving good business meeting etiquette. You want to build good relationships between colleagues and clients, as these are the people that can influence your success or failure.

Meetings can either be informal, or more formal. Informal meetings may not take place in the office, whereas formal meetings will mostly likely take place in a meeting room, and have a slightly stricter image. However the standard etiquette rules still apply for both meeting environments.

Normally the person who has called the meeting should conduct roles. The main role to be appointed will be the chair person for that meeting. The chair persons role is quite senior as they have to decide the time, place and agenda for that meeting. They also have to make the purpose of the meeting clear to the attending colleagues, how long it will last, and what is expected of them. During the meeting, the chair person must keep to the agenda planned out, trying to stick within the time allocations and try and get away from any tangent subjects that may arise. It is also good etiquette for the chair person to appoint someone to document the outcomes of the meeting, so these can be distributed between the colleagues at the end of the meeting.

The most important rule is to prepare well, days prior to the meeting. Whether you are conducting the meeting or have been invited, you need to plan any information, reports or discussion topics that may arise. If you are the one conducting the meeting you need to make sure the schedule and agenda for the meeting is thoroughly planned; outlining the discussion topics, and time allocations for each point. These need to be distributed to colleagues a couple of days prior to the meeting, so they have time to plan their points around the agreed agenda.

Punctuality is key when it comes to perfecting good etiquette. You should always try to arrive early, that way if the meeting does get underway a little early, you are already there and prepared. During discussions, and topical debates, always allow a more senior member to contribute first, this shows respect for people higher up in the company than you. When you do feel like it’s your appropriate time to speak, speak briefly and clearly, addressing the points you wish to make and remember to never interrupt another colleague when their speaking. This is inconsiderate and rude, and you will be seen as being disrespectful.

Writing a Good Business Plan Takes Time

Any software, book, or course which promises the secret to writing a business plan in one day or even one week must be considered warily. The truth is that writing a good business plan takes a great deal of time, both in actual hours that must be put into it and the weeks over which the process must be spread.

Preparation is Most of the Work

The preparation, research, and planning which leads up to the actual writing of the plan constitutes most of the time required to create a business plan. Planning and strategizing cannot simply be done in a day or even a few days. Not only is it important to get feedback from advisors or other trusted parties, which can take time, but the entrepreneur himself must let the plan ruminate a bit in order to uncover aspects he may have missed or thought about incorrectly previously.

Research Time

Research for the business plan may be the most time intensive element of this preparation. Research should, ideally, be more than secondary sources such as articles, blogs, and industry reports. Primary sources, including interviews, surveys, or focus groups with customers, vendors, and competitors, are very important and more persuasive. Developing data from these types of sources takes a good deal of time. Even information in secondary sources must be pored through carefully to find the nuggets of interest for the business plan. Finally, research into the costs of the business can require calls and even negotiations with vendors to learn about rates and volume discounts. There is no easy shortcut for this type of direct research, which can make launching a much easier process if this legwork has been carefully documented.

Writing Time

Finally, the writing cannot be rushed, as convincing prose does not generally flow under intense time pressure. Time must be given to allow for the writing and then revision of the plan itself. Finally, time should be allowed for proofreading by qualified individuals other than the entrepreneur. This is the only sure way to spot mistakes in the plan at this late stage.