A village feast to welcome home hunters in the wilds of Borneo and a glittering fund-raiser soiree at a swanky New York hotel may not sound like they have much in common, but they do have at least one similarity.
Someone, somewhere, got the ball rolling and using a little resourcefulness, creativity and sheer determination successfully pulled off a spectacular event. (Well, someone had to figure out how much food and drink was required at the feast and where the chief would sit!) That person is an event planner.
If event planning sounds like it could be your dream career, here are 7 steps to become an event planner, based on the FabJob Guide to Become an Event Planner by Jan L. Riddell, Carol Palmatier and Peter J. Gallanis.
Click Here to Discover How to Become an Event Planner
1. Assess Your Skills
Before you quit your day job to become an event planner, take the time to honestly assess your current skills to ensure you have what it takes to succeed as an event planner.
Event planners must be creative and well organized, but they must also have excellent interpersonal skills. Events are about people, so successful event planners must be able to effectively listen to what clients want, develop relationships and negotiate with vendors (companies that supply products and services for events).
TIP: If you’re creative and have great people skills, but could use some help getting organized, event planning software is available to help you keep track of event details.
2. Learn How to Plan Events
Almost all events have common components such as some type of meal or refreshment, a form of entertainment or speaker, invitations or registrations, etc. The event planner is the person who pulls all of the components together.
There are excellent resources available to help you learn how to plan events and assist with each stage of event planning including how to: choose a date, decide who to invite, budget, create timeline schedules, work with vendors, and market events. If you want a formal education, many colleges offer degrees or certificates in event planning. If you would rather break into event planning without a formal education, you can quickly learn how to plan events with books such as the FabJob Guide to Become an Event Planner.
3. Get Hands-On Experience
The easiest way to learn about the steps involved is through personal experience (i.e. planning events for family and friends).
Non-profit groups are always looking for help with their fundraisers and galas, and you’ll get the double benefit of helping a worthy cause while you hone your skills. This is also an excellent way to make contacts in the community to help you land a paying job when you are ready.
You could also volunteer to organize events at your own workplace, if you have one. For example, if your company has a public relations department that is notoriously short-staffed, offer to help them out. The beauty of this plan is that you will be learning a new career while still being paid at your old job!
4. Create a Portfolio
A portfolio is a collection of samples of your work, plus any other documents that can show people why they should hire you. A portfolio helps you stand out from other applicants, and prove that you have the skills to do the job. Your portfolio might include pictures, recommendation letters and anything else that shows prospective clients and/or employers what you have done or can do.
Material for your portfolio can come from any event you have organized (such as a family reunion, birthday bash, etc.) or from ideas and themes you have for future events. Show your best work and don’t worry about giving away your great ideas. People will believe you have many more brilliant ideas that you haven’t yet divulged.
5. Get Hired as an Event Planner
Getting hired as an event planner (even if you plan on opening your own event planning business) will give you invaluable contacts and referrals for the future. Meeting and convention planners are projected to have faster than average job growth in the coming years. This is good news for the industry and for you.
Companies that hire event planners include hotels or resorts, non-profit organizations, convention centers, country clubs, and even fun destinations like theme parks!
Some people work their way into a position as their company’s event planner just by volunteering to organize internal events such as company picnics and meetings.
6. Start Your Own Event Planning Business
If the idea of being your own boss and earning up to $100,000 or more per year as an event planner sound appealing, it may be time to take the plunge and set up an event planning business. Many event planners have home-based businesses, which makes this type of business inexpensive to start. With the wealth of information available on starting a business you should be able to get your own event planning business off the ground quite easily.
When starting your own business, you should consider what types of events you want to plan. If you have a flair for the spectacular you may want to tackle proms, charity events and galas. If you prefer planning corporate events, you may choose to plan meetings, conventions, and the like.
TIP: Unsure of what type of event you’d prefer to plan? Consider interning or working for a number of companies whose specialties are quite different.
7. Develop Relationships with Vendors
You’ve probably heard the adage “it’s not what you know but who you know”. The most important relationships you will build as an event planner are with the vendors for your events. These are companies that supply products and services for events, such as caterers, florists, equipment rental companies, hotels, photographers, etc.
Learn about each one’s business by conducting informational interviews and ask about discounts they can offer you. Be polite and courteous with the owners and their staff and always follow up afterwards with some sort of acknowledgement or thank you. You can also arrange to have vendors refer clients to your event planning business.
Further Your Career
You can continue to learn and grow after you have become an event planner. One of the best ways to succeed as an event planner is to look upon every social occasion or event you attend as an opportunity to learn. Make a mental note of what worked well and what bombed. Attend tradeshows, read everything you can related to event planning, and watch for what’s hot. Seek out the advice of trendsetters and don’t be afraid to try something a little different. You may start a trend yourself!
This article is based on the FabJob Guide to Become an Event Planner. The complete guide gives detailed advice on how you can break into a career in event planning, get hired as an event planner, or start your own event planning business. Click Here to Discover How to Become an Event Planner
by Jan L. Riddell
Jan L. Riddell has been planning events for more than 15 years. As an event planner she has organized public events attended by over 2500 people, television show premieres, corporate annual meetings, dinners with high-profile politicians and corporate leaders, as well as family reunions, birthdays, weddings and anniversaries. She is co-author of the FabJob Guide to Become an Event Planner.
Showing posts with label small business. Show all posts
Showing posts with label small business. Show all posts
Sunday, September 13, 2009
Saturday, August 29, 2009
Business Consulting- Home Based Business
Could You Have a Career in Consulting?
Click Here to Discover How to Become a Business Consultant
Click Here to Discover How to Become a Business Consultant
Most people have no difficulty noticing problems in their workplace. When faced with something that makes their jobs more difficult or costs the company money, typical workers shake their heads, grumble to co-workers, and hope that "someone" will do something to fix the problems.
If you're the type of person who not only notices problems, but you can also come up with solutions to those problems, you may have what it takes to become a business consultant.
Business consultants are respected and relied upon in every industry in every country. As a business consultant, also known as a management consultant, you could have a high paying career where executives turn to you for direction in running their businesses.
What specific types of problems do business consultants recommend solutions for? The answer is any type of business problem. Some business consultant, somewhere, right now, is probably working on a business challenge in almost any area of business you can imagine. If it is part of running a business, sooner or later, it will need a consultant to fix it.
Some consultants specialize in working with businesses in particular industries, such as health care or manufacturing. Others work with clients in a variety of industries, but specialize in particular business functions, such as marketing, human resources, or information technology. Others specialize in helping small businesses achieve success.
With all the demand for their services, it's no wonder there's an old saying that if you become a business consultant you'll only work half days - 12-hour days, that is.
Even with potentially long working hours, consulting is a hot career. A recent poll conducted by Harris Interactive for The Wall Street Journal's executive career site CareerJournal.com, named consulting one of the eight "best careers."
One reason is because it is among the highest paid professions. A 2006 survey by the Association of Management Consulting Firms found entry-level consultants earn an average of $65,000 annually while senior partners earn an average of over $300,000 (including bonuses and profit sharing).
While many consultants are hired by large consulting firms, it is an attractive career choice for those who want to have their own business.
You can operate a consulting business from home, without large start-up costs. In fact, you probably already own the equipment needed -- a computer and phone - and much of your business is likely to come through low-cost marketing such as networking.
You can also start on a part-time basis, while keeping your current job as your primary source of income. Then as the demand for your services grows, you can commit to consulting full time.
Unlike some other professions, there are no specific educational requirements to become a business consultant. According to the U.S. Bureau of Labor Statistics 28% of consultants do not have a degree of any kind.
However, that doesn't mean it's easy for someone with no credentials to become a successful business consultant. Those who are most likely to succeed usually have either a formal business education or a wealth of business experience.
They also have the skills needed to solve problems and work with senior management.
To see if consulting is the career for you, here are some questions from the FabJob Guide to Become a Business Consultant. Note all that are a "yes" for you.
Saturday, December 6, 2008
What Small Business Can Expect From Obama
Small business owners are most concerned about taxes, health insurance costs, and getting banks to lend again.
After an historic election, entrepreneurs, along with the rest of the country, await the inauguration of a new President with an ambitious agenda. Given the nearly unprecedented financial situation and two ongoing wars, entrepreneurs are understandably anxious that their concerns will get short shrift. In conversations with SmallBiz, business owners spoke of the need to restore confidence in a badly wounded economy. And they repeatedly raised the same three issues: soaring health-care costs, reduced access to credit, and fear of higher taxes. "There is a lot of anxiety out there among my clients," says Angie Strunk, managing director and founder of Triserve, a 22-person Cinncinati-based payroll and accounting company with $2 million in annual sales. She says her small business clients "are worried about the next Administration raising taxes, they are worried about the economy, and about these bailouts, which are scary." Here's what business owners can realistically expect from the new President, and when it might happen.
CONFIDENCE
Andy Vabulas is chief executive of I.B.I.S. in Norcross, Ga., a $15 million, 58-person company that helps businesses install and use Microsoft applications. He says job one for the Obama Administration must be restoring confidence in the economy. Vabulas says business from his small and midsize clients is down 25% this year—and that the first two weeks of November saw an even more dramatic pullback. "They are not spending money right now," he says.
Restoring confidence in the economy is a tall order, but two important elements will undoubtedly be job and economic growth. President-elect Barack Obama and the new Congress are likely to view an economic stimulus package as a critical tool for addressing both.
The betting is that the stimulus package will pass, and is likely to hit $300 billion, whether or not a piece of it is passed before President George W. Bush leaves office. Expect to see aid to states and cities facing budget shortfalls, extended unemployment benefits and food stamps, and big infrastructure spending. According to Gus Faucher, director of macroeconomics at Moody's Economy.com, every dollar spent on infrastructure projects or extended unemployment benefits will add $1.59 and $1.64, respectively, to gross domestic product. And Ross Eisenbrey, a vice-president at the Economic Policy Institute, points out that small businesses, especially construction-related companies, would be helped greatly by a boost in infrastructure spending.
But vanquishing the pessimism that currently pervades the markets and economic decision-making will also require some symbolic moves. Faucher says people want to see that "the President understands what is going on in the economy and is acting not reactively, but proactively." Thus, the right economic team is critical. National Federation of Independent Business Executive Vice-President Dan Danner is encouraged that so far, the President-elect seems to be surrounding himself with experienced advisers, including likely Treasury Secretary Timothy Geithner. Many are from the Clinton Administration, "seasoned pros who have been there and who understand the importance of business."
HEALTH CARE
While calming the economic waters clearly comes first, entrepreneurs are hoping for relief on a longer-term threat: soaring health-care costs. Wendy S. White, founder and president of $2.5 million online marketing firm Siren Interactive in Oak Park, Ill., expanded coverage for her 20 employees this year. She says she had to do it to stay competitive, but her premiums went up almost 50%. "It's killing me," she says. White wants to see health care addressed quickly, but she isn't expecting a freebie. "I think I'm going to end up paying higher taxes," she says. "But if [Obama] can help with health care, I'm O.K. with that."
Obama's proposed fix for health care is still short on specifics—one of the most important being which companies qualify as "small."
Still, this much is clear: Large companies would have to provide coverage for employees or help pay for a new insurance exchange where individuals could buy their own insurance, mostly from private insurers. The government would protect insurers against catastrophic losses in return for lower premiums. Those who still couldn't afford insurance would likely get some sort of subsidy. Small businesses would get a 50% tax credit on their health insurance costs.
Chances are you'll be hearing serious discussions about this sooner than you might expect, although budget troubles could result in a less dramatic overhaul or a slower phase-in. The President-elect has announced health-care reform as one of his priorities and his solution is largely a private-sector one, which could be relatively palatable to business. Obama has a strong position with Congress right now, which creates urgency. Already, Senator Max Baucus (D-Mont.), chairman of the Senate Finance Committee, has put out a blueprint for reform that is similar in many ways to Obama's. All in all, John Arensmeyer, founder and chief executive of the trade group Small Business Majority, puts the odds of comprehensive health insurance reform getting done in 2009 at "better than 50%."
CREDIT CRUNCH
While the government's $700 billion may stabilize some big Wall Street firms, the banks have yet to open the credit coffers. According to the Federal Reserve Board's October Senior Loan Officer Opinion Survey on Bank Lending Practices, 75% of large banks operating in the U.S. had tightened standards on loans to small business, up from 65% in July. "Banks need to open up their doors and start giving small businesses access to capital," says Mark Deion, an independent consultant in Warwick, R.I.
The central question is how to free up credit without encouraging banks to make loans that will become problems down the road. One way to do this would be to revitalize SBA lending, perhaps by reducing or eliminating fees and allowing the agency to make emergency loans to small businesses. Next year's stimulus package is expected to include some combination of these elements.
Using the government bailout, or TARP (Troubled Asset Relief Program), to get banks lending may be more problematic. There's no requirement that banks increase lending after receiving TARP funds, but Congress reserves the right to make that demand retroactively. For now, federal officials are wary of trying to micromanage the lending process, for fear of ending up with more bad loans. The remaining $92 billion in capital infusions expected to come from TARP are likely to go in part to small banks, which are major lenders to small business.
TAXES
Business owners' greatest concern about the next Administration can be summed up in one word: taxes. "Small businesses are very fearful of being overtaxed and overburdened. What incentive is there to work very hard if you hardly get any gains for it?" asks Ann Blackburn, a leadership consultant in Lafayette, Calif. The first tax break for small businesses will probably come in the stimulus bill, which is expected to include an extension of the $250,000 limit on the first-year depreciation of equipment (otherwise, the deduction will fall to about $125,000 in 2009) and possibly Obama's promised cut in the capital gains tax to zero for investments in small businesses and startups.
Daniel Clifton, head of policy research at Washington's Strategas Research Partners, suspects income taxes will go up even for some making less than $200,000. Obama, he says, "just doesn't get the revenue he needs by raising taxes only on those making over $200,000." But most experts say those tax hikes will have to wait at least until the end of 2009, given the weak economy. "You don't want to raise taxes in the middle of a recession," says Economy.com's Faucher. The end of 2009 will probably also see Obama attempt to hike the rate on other capital gains to about 20% from 15%.
As for hikes in FICA taxes—a worrisome issue during the campaign—proceeds from FICA taxes could only go toward funding Social Security or Medicare. So FICA tax rates are unlikely to change until Congress or the Administration attempts to reform those two programs, says Anne N. Mathias, research director at investment firm Stanford Group. With all the Obama team has on its plate, that may not be for quite some time.
Tuesday, December 2, 2008
Coping with the stress of a business downturn
Bad business news is stressful for small-business owners and employees alike.
You know it's a bad sign when spa owners are stressing out.
Planet Beach Franchising, which oversees some 390 spas worldwide from its Marrero, La., headquarters, has seen sales dropping off this year as consumers tighten their belts to cope with the slumping economy.
A positive outlook can help defeat downturn depression.
"Looking at things long term, you worry about how you're going to come up with your numbers at the end of the month," says Angelina Vicknair, a company spokesperson. "It's a stressful time."
Planet Beach is not alone.
While New York area cardiologists have reported a rise in hospital visits by Wall Street executives complaining of chest pains, Main Street business owners aren't doing much better.
"I'm stressed out and it's freaking me out," says Joy Gendusa, the owner of PostcardMania, a Clearwater, Fla.-based marketing firm with more than 150 employees. "Before any of this happened we embarked on building a new corporate headquarters. We're going ahead with that now, but had I known what was coming, I might've used that money to drum up more business instead. It's very stressful."
Like many small employers, Gendusa says she's keeping a close eye on staff these days. According to the American Psychological Association, eight out of 10 Americans are feeling anxious about the economy, with many getting increasingly angry, irritable and fatigued. In the trade group's annual survey conducted between April and September -- about the time the feds seized control of Freddie Mac, Fannie Mae and Washington Mutual (which was later sold to JPMorgan Chase), and gave AIG $85 billion for 80 percent of its stock -- more than half of 7,000 respondents said they're worried about job security and their ability to provide basic needs for their family. Fifty-three percent reported losing sleep.
All that built-up anxiety is taking a toll on workplace productivity. According to Workplace Options, a work-life services firm based in Raleigh, N.C., roughly half of 711 adults surveyed said recent financial stress was making it hard for them to perform well on the job, citing rising anxieties over everything from personal day-to-day expenses to retirement savings.
"Financial problems affect emotional and physical health, and ultimately trickle down to the workplace, where employees must juggle these worries with hectic schedules," says Workplace Options CEO Dean Debnam.
It doesn't help that a slew of recent small-business surveys show employers are just as jittery as their workers. According to Discover, 74 percent of 1,000 owners polled nationwide in October felt the economy was getting worse. Seventy-nine percent of 250 owners surveyed by the National Small Business Association said they're bracing for a protracted recession. And based on a survey of 700 owners, the National Federation of Independent Business's small-business optimism index for September was flat, marking the longest stretch of recession-level readings since the monthly index was launched in 1973.
"Small-business owners are feeling less confident in nearly every way, particularly with banks' ability to keep their money safe," says Todd McCracken, president of the National Small Business Association, citing declining home values, tighter credit, and failing financial institutions as major concerns.
Yet, with so many forces at play, what's an employer to do? According to Kathleen Hall, the founder of the Atlanta-based Stress Institute and a former Wall Street broker, everyone needs to step back and take a breather, for starters.
"Stress is like battery acid on the brain," says Hall, "But there are some amazingly simple low-cost things employers can do to relief stress at the office," she says.
Among other approaches, Hall recommends taking the time to listen to quiet music, which studies have shown directly affects brain waves and gives your immune system an immediate boost. Just memorizing and repeating a positive affirmation can also lower cortisol levels that cause stress. She also prescribes healthy eating and regular activity, like walking around your office building or climbing a fleet of stairs, rather than taking the elevator. Texting or emailing friends, or just sharing lunch with a co-worker, can raise oxytocin and endorphins levels, Hall says.
"Responsible CEOs and business owners need to accept that these pressures are going to affect their bottom line. They've got to be aware of how their staff is coping and what they can do to help," she says.
For managers at Planet Beach, that's a cinch.
"We have our own spa room," Vicknair says. "We have all the equipment here. It's a nice bonus." She says employees are encouraged to take 20 minutes or so to unwind with everything from a relaxation massage to oxygen therapy.
Joy Gendusa of PostcardMania says getting away from work helps her dispel thoughts that everything is spiraling out of control. In late October, Gendusa and her husband took a weeklong trip to New York to check out new restaurants and leave her business behind.
"Sometimes you just need to sneak away and get a panoramic view of things," she says. "Even just seeing a busy restaurant let's you know that people are still spending out there, and that's reassuring."
By Angus Loten
Tuesday, November 4, 2008
Many Launching Their Own Small Business
A lot of people see the economic downturn as an opportunity to start their own small businesses.
It's not easy. Statistically speaking more than 50 percent of all new businesses will fail within the first few years, but that means some 50 percent will make it. So why not you?
Elizabeth Becker's hobby photography is now her job, but turning her passion into her own small business, Seaport Photography, was a little harder than she expected.
"The biggest advice I would give to someone is to sit down and write out your budget," said Becker.
Because to make money, you have to spend money, from business cards to establishing your own Web site. According to small business analysts, a web site is critical to success, with more than 70 percent of the population linked to the Internet. A huge help for Becker was a computer program, Microsoft's Office Live Small Business, which set up her Web site for free.
"Someone can go in and actually at no cost with the basic office live get a domain name, get a Web site up and running have e-mail and have a presence in the marketplace," said Becker.
But before the Web site, the cards, and the equipment, first and foremost create a business plan. For Becker, it's not as much fun as taking pictures but critical for any business to succeed.
"It's a challenge not only to have the technical skills to be a photographer the artistic skills but then the skills to run a business, and that's a challenge because you wear an awful lot of hats," said Becker.
A recent survey found that more than 70 percent of Americans would like to start their own business. And believe it or not this economic turmoil could be the perfect time to launch, as long as you do your homework before you get started.
ROBERTA ROMERO / KING 5 News
It's not easy. Statistically speaking more than 50 percent of all new businesses will fail within the first few years, but that means some 50 percent will make it. So why not you?
Elizabeth Becker's hobby photography is now her job, but turning her passion into her own small business, Seaport Photography, was a little harder than she expected.
"The biggest advice I would give to someone is to sit down and write out your budget," said Becker.
Because to make money, you have to spend money, from business cards to establishing your own Web site. According to small business analysts, a web site is critical to success, with more than 70 percent of the population linked to the Internet. A huge help for Becker was a computer program, Microsoft's Office Live Small Business, which set up her Web site for free.
"Someone can go in and actually at no cost with the basic office live get a domain name, get a Web site up and running have e-mail and have a presence in the marketplace," said Becker.
But before the Web site, the cards, and the equipment, first and foremost create a business plan. For Becker, it's not as much fun as taking pictures but critical for any business to succeed.
"It's a challenge not only to have the technical skills to be a photographer the artistic skills but then the skills to run a business, and that's a challenge because you wear an awful lot of hats," said Becker.
A recent survey found that more than 70 percent of Americans would like to start their own business. And believe it or not this economic turmoil could be the perfect time to launch, as long as you do your homework before you get started.
ROBERTA ROMERO / KING 5 News
Monday, November 3, 2008
10 Great Tips To Boost Your Business
After the rush of a small-business launch and the initial influx of curious customers, many small businesses reach a plateau. The proprietors are busy working hard to sustain the business doing what they've always done because it's worked so far, but this approach often means the business acquires and retains a certain customer base and sales volume and then "hits a wall".
Any business, but particularly a small business, must constantly adapt to changing market conditions, new business tools, and new sales opportunities to continue to grow and prosper. The small business owner must have one eye on routine operational tasks and one eye scanning the horizon for new opportunities. In this article we will discuss 10 breakout ideas for small businesses looking for growth opportunities.
Are you an entreprenuer?
Start your own small business
Add complementary products and services
A great way to increase sales and bring new customers to your sales base is adding new complementary products and services. But how do you decide what to add without turning your business into a third-rate Wal-Mart? A great place to start is by reviewing the definition of your business.
For example, if you sell house siding, ask yourself, are you in the siding business or the exterior building materials business? The result may be that you redefine your business and add gutters and downspouts, roofing and other coverings to your product line.
6 steps to a better business budget
Can you handle a home-based business?
Another surprisingly simple way to build a list of new products or services is to ask your customers what else they might buy from you if your business sold it. A few friendly conversations with customers and staff will likely get you more information than thousands of dollars spent on professional customer surveys.
Be sure to ask how much they would want to buy and how often to get a sense of whether the demand would be great enough to warrant the additional costs of building up this area of your business.
Explore new market niches
One way to find a new market niche is to seek alternative applications for your existing products and services, and we have a Cheez-y example of how this works. Kraft started out with a spreadable cheese product in a jar that could be spread on crackers for snacks - it was called Cheez Whiz.
Is buying a franchise wise?
This was fine, but selling a cracker topping will only take you so far in this world. That's why Kraft expanded the scope of Cheez Whiz and started promoting it as a base for a variety of dips and food toppings. Soon Cheez Whiz was an ingredient in all sorts of recipes. Kraft wasn't satisfied with only human consumption though. One of the latest unique uses of Cheez Whiz comes from a California fishing lure and bait company that sells Cheez Whiz in a prepackaged bait application, and it buys Cheez Whiz in 55 gallon drums.
If Kraft had stuck with the spreadable-cheese concept, sure, it would have covered a lot of crackers. But by thinking outside of its original intent, Kraft expanded the market and attracted customers it never would have targeted initially.
Find an unmet need in your industry and fill it
When you talk to your customers and clients, listen closely for this phrase: "If only they made/sold X". Your job as a business is to find out what X is and provide it. It sounds obvious, but customers will tell you what they want if you will only take the time to listen. And the good news is that if you can find a way to fill that need, breakout sales are virtually guaranteed.
Take, for example, the local lumber yard that feels the heat as big box retailers muscle their way into the lumber business. There's no way the smaller outfit can compete with the large volume and low prices of the big boxes. Instead the owner listens to his customers who tell him that the big chain stores lack custom or hard-to-find millwork and hardware.
This is an unmet need just waiting to be filled, and it could bring a new client base of suburban do-it-yourselfers who want to buy their unique weekend needs all in one place.
Use Internet and catalog sales tools
If you are reading this article, you're no doubt aware that that the Internet has more to offer than photos of pets dressed up like humans ... or humans dressed up like pets.
Many small businesses limit their sales reach and distribution to on-site, over-the-counter sales, but ecommerce can enhance your market reach, customer base and sales volume. Rather than the standard brick-and-mortar sales front, consider selling from a website, from an online storefront, a blog or from a printed catalog.
Let others sell your private-label products
By allowing distributors, wholesalers, big box stores and competitors to sell your products under their own label (also known as a white label product), you may be able to realise the benefits of increased production volume, including reduced unit cost, increased fixed-cost amortization possibilities, and increased sales revenue, all of which can bring significant bottom line growth to a small business.
This technique also allows the possibility of market segmentation under your own or other labels.
Build a better mousetrap - or at least buy one
We're all aware of the "build a better mousetrap" strategy as a breakout technique, but many small business owners don't know how to find technological innovations, patented products and processes in their industry, or how to license needed new technologies. There are a number of proprietary property licensing firms servicing companies of all sizes. These are easily found online if you search for "Technology Licensing".
There are two types of licensing (in-licensing and out-licensing) and not all firms handle both types. In-licensing involves searching for a particular tech innovation to make a better or different product, or a technique to make it at a lower cost.
In this instance you would ask a proprietary licensing firm to search and acquire a license for your business to acquire the needed, and usually protected, technology. Conversely, if your firm has developed and patented proprietary technology that you want to license to others, an out-license firm will search for businesses interested in buying a license for the technology or innovation from your firm for their own use.
Improve productivity and efficiency through enterprise management software
Enterprise management software integrates your company's existing and separate business functions and project tracking into one system. This streamlines operations, and can provide a parallel off-site system for backup and access from anywhere in the world. Software like this was once reserved for large firms with large budgets and the only suppliers were industry icons like SaaS, Microsoft and SAP.
These approaches can significantly reduce administrative staff load and costs, enhance productivity, efficiency and project tracking accuracy. This functional improvement can bring your business to a whole new level. The good news is that this software can now be had at reasonable rates from a variety of smaller software companies.
Align your products and services with popular values and trends
You may be able to align your company brand, products and services with local festivals, sports teams, known tourism sites, etc., to piggyback on their advertising, promotions and branding. In some cities local merchants combine their advertising with weekend festivals, the regional NFL and AHL team promotions, and profit from package bus tours to local historical sites.
Your business may also benefit from an association with popular commonly held themes such as an environmentally oriented program. This type of branding can enhance the reputation and credibility of your firm in your region and hype your sales.
A small business can often benefit from identifying with "hot" issues. Rather than offering direct dollar discounts, many auto dealerships and auto companies began offering free gasoline points as fuel prices skyrocketed in 2007-2008. The move spiked their sales and spread their promotional costs over an extended period.
In a similar vein, many small-scale fruit and produce farmers were feeling a price squeeze from the supermarket chains until they banded together to fund "buy locally grown food" campaigns.
Make use of clubs, associations and your competitors
Present your products and services to organizations with members who could be customers. Take advantage of your podium access at local service clubs like Rotary, Lions Club, Elks, VFW and the American Legion.
If you are a chamber of commerce or trade association member, volunteer to be a presenter at some of their seminars. If you can speak directly about your business, that's always best, but your presence and individual contacts at these meetings are excellent breakout opportunities.
As a presenter at one of the service clubs you are viewed as an expert and an authority on the subject. Your bio will include your company name, and people like to work with an expert.
It may sound crazy, but it also pays to work with your competitors to grow the market in your industry. Rival hotels and golf courses in resort locations often work together closely to bring more customers to their location. They then compete for the business once the location visit is confirmed. It's called "destination marketing".
Co-competition and "clustering" with competitors can be a breakout technique that works to increase your business.
Export your products and services
Exporting your products and services takes some preparation in documentation, setting up dealers or distributors in foreign countries, learning the importation rules and tariff schedules for the destination countries and learning something about payment conditions and letters of credit.
Determining your transportation mode, understanding transfer of ownership laws, and being knowledgeable about any cultural issues involved is also important.
Exporting makes the world your marketplace and exposes you to customer populations with huge sales potentials, especially in emerging markets with a growing middle class.
Conclusion
There are many ways to adapt, invigorate and position a small business for a breakout to the next level of sales growth and profitability. It takes owner vigilance, awareness and creativity. It also tends to be the fun part of the business as well as its best chance for continued growth and success. In the business world, the only constant is change.
Adapt, break out and prosper.
Dan Barufaldi, Investopedia
http://inhome.rediff.com/money/2008/nov/01invest.htm
Any business, but particularly a small business, must constantly adapt to changing market conditions, new business tools, and new sales opportunities to continue to grow and prosper. The small business owner must have one eye on routine operational tasks and one eye scanning the horizon for new opportunities. In this article we will discuss 10 breakout ideas for small businesses looking for growth opportunities.
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Add complementary products and services
A great way to increase sales and bring new customers to your sales base is adding new complementary products and services. But how do you decide what to add without turning your business into a third-rate Wal-Mart? A great place to start is by reviewing the definition of your business.
For example, if you sell house siding, ask yourself, are you in the siding business or the exterior building materials business? The result may be that you redefine your business and add gutters and downspouts, roofing and other coverings to your product line.
6 steps to a better business budget
Can you handle a home-based business?
Another surprisingly simple way to build a list of new products or services is to ask your customers what else they might buy from you if your business sold it. A few friendly conversations with customers and staff will likely get you more information than thousands of dollars spent on professional customer surveys.
Be sure to ask how much they would want to buy and how often to get a sense of whether the demand would be great enough to warrant the additional costs of building up this area of your business.
Explore new market niches
One way to find a new market niche is to seek alternative applications for your existing products and services, and we have a Cheez-y example of how this works. Kraft started out with a spreadable cheese product in a jar that could be spread on crackers for snacks - it was called Cheez Whiz.
Is buying a franchise wise?
This was fine, but selling a cracker topping will only take you so far in this world. That's why Kraft expanded the scope of Cheez Whiz and started promoting it as a base for a variety of dips and food toppings. Soon Cheez Whiz was an ingredient in all sorts of recipes. Kraft wasn't satisfied with only human consumption though. One of the latest unique uses of Cheez Whiz comes from a California fishing lure and bait company that sells Cheez Whiz in a prepackaged bait application, and it buys Cheez Whiz in 55 gallon drums.
If Kraft had stuck with the spreadable-cheese concept, sure, it would have covered a lot of crackers. But by thinking outside of its original intent, Kraft expanded the market and attracted customers it never would have targeted initially.
Find an unmet need in your industry and fill it
When you talk to your customers and clients, listen closely for this phrase: "If only they made/sold X". Your job as a business is to find out what X is and provide it. It sounds obvious, but customers will tell you what they want if you will only take the time to listen. And the good news is that if you can find a way to fill that need, breakout sales are virtually guaranteed.
Take, for example, the local lumber yard that feels the heat as big box retailers muscle their way into the lumber business. There's no way the smaller outfit can compete with the large volume and low prices of the big boxes. Instead the owner listens to his customers who tell him that the big chain stores lack custom or hard-to-find millwork and hardware.
This is an unmet need just waiting to be filled, and it could bring a new client base of suburban do-it-yourselfers who want to buy their unique weekend needs all in one place.
Use Internet and catalog sales tools
If you are reading this article, you're no doubt aware that that the Internet has more to offer than photos of pets dressed up like humans ... or humans dressed up like pets.
Many small businesses limit their sales reach and distribution to on-site, over-the-counter sales, but ecommerce can enhance your market reach, customer base and sales volume. Rather than the standard brick-and-mortar sales front, consider selling from a website, from an online storefront, a blog or from a printed catalog.
Let others sell your private-label products
By allowing distributors, wholesalers, big box stores and competitors to sell your products under their own label (also known as a white label product), you may be able to realise the benefits of increased production volume, including reduced unit cost, increased fixed-cost amortization possibilities, and increased sales revenue, all of which can bring significant bottom line growth to a small business.
This technique also allows the possibility of market segmentation under your own or other labels.
Build a better mousetrap - or at least buy one
We're all aware of the "build a better mousetrap" strategy as a breakout technique, but many small business owners don't know how to find technological innovations, patented products and processes in their industry, or how to license needed new technologies. There are a number of proprietary property licensing firms servicing companies of all sizes. These are easily found online if you search for "Technology Licensing".
There are two types of licensing (in-licensing and out-licensing) and not all firms handle both types. In-licensing involves searching for a particular tech innovation to make a better or different product, or a technique to make it at a lower cost.
In this instance you would ask a proprietary licensing firm to search and acquire a license for your business to acquire the needed, and usually protected, technology. Conversely, if your firm has developed and patented proprietary technology that you want to license to others, an out-license firm will search for businesses interested in buying a license for the technology or innovation from your firm for their own use.
Improve productivity and efficiency through enterprise management software
Enterprise management software integrates your company's existing and separate business functions and project tracking into one system. This streamlines operations, and can provide a parallel off-site system for backup and access from anywhere in the world. Software like this was once reserved for large firms with large budgets and the only suppliers were industry icons like SaaS, Microsoft and SAP.
These approaches can significantly reduce administrative staff load and costs, enhance productivity, efficiency and project tracking accuracy. This functional improvement can bring your business to a whole new level. The good news is that this software can now be had at reasonable rates from a variety of smaller software companies.
Align your products and services with popular values and trends
You may be able to align your company brand, products and services with local festivals, sports teams, known tourism sites, etc., to piggyback on their advertising, promotions and branding. In some cities local merchants combine their advertising with weekend festivals, the regional NFL and AHL team promotions, and profit from package bus tours to local historical sites.
Your business may also benefit from an association with popular commonly held themes such as an environmentally oriented program. This type of branding can enhance the reputation and credibility of your firm in your region and hype your sales.
A small business can often benefit from identifying with "hot" issues. Rather than offering direct dollar discounts, many auto dealerships and auto companies began offering free gasoline points as fuel prices skyrocketed in 2007-2008. The move spiked their sales and spread their promotional costs over an extended period.
In a similar vein, many small-scale fruit and produce farmers were feeling a price squeeze from the supermarket chains until they banded together to fund "buy locally grown food" campaigns.
Make use of clubs, associations and your competitors
Present your products and services to organizations with members who could be customers. Take advantage of your podium access at local service clubs like Rotary, Lions Club, Elks, VFW and the American Legion.
If you are a chamber of commerce or trade association member, volunteer to be a presenter at some of their seminars. If you can speak directly about your business, that's always best, but your presence and individual contacts at these meetings are excellent breakout opportunities.
As a presenter at one of the service clubs you are viewed as an expert and an authority on the subject. Your bio will include your company name, and people like to work with an expert.
It may sound crazy, but it also pays to work with your competitors to grow the market in your industry. Rival hotels and golf courses in resort locations often work together closely to bring more customers to their location. They then compete for the business once the location visit is confirmed. It's called "destination marketing".
Co-competition and "clustering" with competitors can be a breakout technique that works to increase your business.
Export your products and services
Exporting your products and services takes some preparation in documentation, setting up dealers or distributors in foreign countries, learning the importation rules and tariff schedules for the destination countries and learning something about payment conditions and letters of credit.
Determining your transportation mode, understanding transfer of ownership laws, and being knowledgeable about any cultural issues involved is also important.
Exporting makes the world your marketplace and exposes you to customer populations with huge sales potentials, especially in emerging markets with a growing middle class.
Conclusion
There are many ways to adapt, invigorate and position a small business for a breakout to the next level of sales growth and profitability. It takes owner vigilance, awareness and creativity. It also tends to be the fun part of the business as well as its best chance for continued growth and success. In the business world, the only constant is change.
Adapt, break out and prosper.
Dan Barufaldi, Investopedia
http://inhome.rediff.com/money/2008/nov/01invest.htm
Wednesday, October 29, 2008
Small Business Survival Guide: Surviving The Downturn
Entrepreneurship Director Gives 10 Tips for Business Owners
With Wall Street hitting record lows and one of the bleakest economic outlooks in decades, small business owners are preparing to weather hits from the trickle-down effect of a recession.
What will make the difference between the businesses that survive and those that don't? Is there a way to remain resilient in the midst of so much uncertainty?
Dan Steppe, director of the nation's top-ranked entrepreneur program at the University of Houston's C. T. Bauer College of Business, and Ron Wuensch, an instructor at the Cyvia and Melvyn Wolff Center for Entrepreneurship at Bauer, have decades of experience in guiding businesses through good times and bad. The two have been busy advising current students about how to weather the current financial upheaval, and recently sat down to compile 10 things small business owners can do to emerge from this down cycle unscathed: 1. Face facts -- but don't get drawn into what Steppe calls "the media melodrama." The political maneuvering that prefaced the eventual signing of a $700 billion financial rescue bill threatens to
detract from a more important reality, he says. "We got into this problem because we have too much debt and not enough collateral. These problems have not been solved. We are going to be or are already in a recession."
2. Look for places to reduce debt and only invest in necessities. "Cut
back on everything," Steppe says. "Be cruel and heartless about
what you need to be in business. Get rid of everything you don't
need. Know exactly why you borrow what you do." Wuensch adds:
"With a change in economics you have an opportunity to really look
at your business, and adjust it to the next economic reality."
3. Remember the basics of sound business. Never borrow money on a short-term
loan if you aren't really able to repay it until long-term.
"Forget that you're a financial genius," Steppe says.
"If you're borrowing money, it needs to be paid back over the
life of the asset you're buying. Don't take out a 12-month loan
assuming you'll be able to borrow at 5 percent or borrow at all when
it comes due."
4. Really get to know your customer. Rip out your answering machine, step up
your service and ask what they need. Understand how your target customer
has evolved. In general, "It's best to target high-end or
budget buyers, the middle is gone," Steppe says. "Do something
fast or you're about to go out of business. People will be buying
what they need and cutting back on their wishes and wants."
5. Embrace the current economic reality, Part I. "The bottom of the
cycle is a really good place to start a business," says Wuensch,
"because when you start off on an up cycle, your assumption is that
this (level of profitability) is going to go on forever." Those who
have studied the history of business will be comforted by the knowledge
that downturns always eventually go up.
6. Embrace the current economic reality, Part II. Competitors' failed
businesses present an opportunity. "If the fundamental need of their
business didn't go away, people who understand this can exploit it
(often by buying the failed company or hiring top employees left without
a job)," Steppe says.
7. Postpone a new business launch, and consider the intervening months or
years a gift. "Those who have experience are better off. Go work for
someone else for a few years, fill in the holes of your education and
keep working on your business plan," Steppe says.
8. Network and join together with other business owners. Vote, and act as a
group to wield influence on local and national levels in order to create
a better business environment.
9. Narrow your focus. Energy and technology-based businesses, for instance,
are two fields that will continue to have needs even as the economy
falters.
10. Remember that the most successful business people are highly adaptable.
"That's the heart and soul of being an entrepreneur,"
Wuensch says. "Reading the environment and reacting to it is what
an entrepreneur does." He adds: "Figure out your position of
strength, make good solid decisions based on your position of strength
and the odds really are in your favor.
HOUSTON, Oct 28, 2008 /PRNewswire-USNewswire via COMTEX/ -- UH Bauer Entrepreneurship Director Gives 10 Tips for Business Owners
With Wall Street hitting record lows and one of the bleakest economic outlooks in decades, small business owners are preparing to weather hits from the trickle-down effect of a recession.
What will make the difference between the businesses that survive and those that don't? Is there a way to remain resilient in the midst of so much uncertainty?
Dan Steppe, director of the nation's top-ranked entrepreneur program at the University of Houston's C. T. Bauer College of Business, and Ron Wuensch, an instructor at the Cyvia and Melvyn Wolff Center for Entrepreneurship at Bauer, have decades of experience in guiding businesses through good times and bad. The two have been busy advising current students about how to weather the current financial upheaval, and recently sat down to compile 10 things small business owners can do to emerge from this down cycle unscathed: 1. Face facts -- but don't get drawn into what Steppe calls "the media melodrama." The political maneuvering that prefaced the eventual signing of a $700 billion financial rescue bill threatens to
detract from a more important reality, he says. "We got into this problem because we have too much debt and not enough collateral. These problems have not been solved. We are going to be or are already in a recession."
2. Look for places to reduce debt and only invest in necessities. "Cut
back on everything," Steppe says. "Be cruel and heartless about
what you need to be in business. Get rid of everything you don't
need. Know exactly why you borrow what you do." Wuensch adds:
"With a change in economics you have an opportunity to really look
at your business, and adjust it to the next economic reality."
3. Remember the basics of sound business. Never borrow money on a short-term
loan if you aren't really able to repay it until long-term.
"Forget that you're a financial genius," Steppe says.
"If you're borrowing money, it needs to be paid back over the
life of the asset you're buying. Don't take out a 12-month loan
assuming you'll be able to borrow at 5 percent or borrow at all when
it comes due."
4. Really get to know your customer. Rip out your answering machine, step up
your service and ask what they need. Understand how your target customer
has evolved. In general, "It's best to target high-end or
budget buyers, the middle is gone," Steppe says. "Do something
fast or you're about to go out of business. People will be buying
what they need and cutting back on their wishes and wants."
5. Embrace the current economic reality, Part I. "The bottom of the
cycle is a really good place to start a business," says Wuensch,
"because when you start off on an up cycle, your assumption is that
this (level of profitability) is going to go on forever." Those who
have studied the history of business will be comforted by the knowledge
that downturns always eventually go up.
6. Embrace the current economic reality, Part II. Competitors' failed
businesses present an opportunity. "If the fundamental need of their
business didn't go away, people who understand this can exploit it
(often by buying the failed company or hiring top employees left without
a job)," Steppe says.
7. Postpone a new business launch, and consider the intervening months or
years a gift. "Those who have experience are better off. Go work for
someone else for a few years, fill in the holes of your education and
keep working on your business plan," Steppe says.
8. Network and join together with other business owners. Vote, and act as a
group to wield influence on local and national levels in order to create
a better business environment.
9. Narrow your focus. Energy and technology-based businesses, for instance,
are two fields that will continue to have needs even as the economy
falters.
10. Remember that the most successful business people are highly adaptable.
"That's the heart and soul of being an entrepreneur,"
Wuensch says. "Reading the environment and reacting to it is what
an entrepreneur does." He adds: "Figure out your position of
strength, make good solid decisions based on your position of strength
and the odds really are in your favor.
HOUSTON, Oct 28, 2008 /PRNewswire-USNewswire via COMTEX/ -- UH Bauer Entrepreneurship Director Gives 10 Tips for Business Owners
Thursday, October 2, 2008
A New Name - More Precise and Informative Blog
Thanks for visiting me through asll these yeas. I have decided to consolidate all my activitiese into this site. TelecommutingPro.com information can be found here as well as information about starting up and successfully running your small business.
Hope to see you back here often.
Toni
Hope to see you back here often.
Toni
Friday, January 18, 2008
Find Out More About Your Website Visitors
Microsoft Live Small Business Office has created new ways to generate reports to track trends of the visitors to your website and use that information to attract additional visitors.
This is powerful stuff, check it out.
Your Success Is Our Success
Toni
TelecommutingPro
=-=-=-=-=-=-=-=-=-=-=
How to learn even more about your Web site visitors
Have you noticed that we revamped the Reports area in Office Live Small Business? If not, log into your account and click Reports when you get a chance. We’ve added new features that may help you attract more site visitors and turn them into customers. For instance, now you can follow day-to-day trends in your Web site traffic and see results of your keyword advertising campaigns at the same time. Those are great insights to have when you’re trying to make marketing decisions.
This is powerful stuff, check it out.
Your Success Is Our Success
Toni
TelecommutingPro
=-=-=-=-=-=-=-=-=-=-=
How to learn even more about your Web site visitors
Have you noticed that we revamped the Reports area in Office Live Small Business? If not, log into your account and click Reports when you get a chance. We’ve added new features that may help you attract more site visitors and turn them into customers. For instance, now you can follow day-to-day trends in your Web site traffic and see results of your keyword advertising campaigns at the same time. Those are great insights to have when you’re trying to make marketing decisions.
Wednesday, September 26, 2007
10 Time-Tested Tips For Small Business, and MORE
Keeping you up-to-date on what is happening in the world of small business and telecommuting.
Your Success Is Our Success
Toni
TelecommutingPro
10 Steps To Small Business Success
Try Out These Time-Tested Tips To Make Business Bustle
Take Your Small Business On The Road
Today, running a business requires you to be in a lot of places at the same time. You run from meeting to meeting, while at the same time answering and sending emails. This can all be a bit overwhelming; fortunately technology...
More workers telecommuting, but plenty of obstacles remain
Americans are "teleworking" or "telecommuting," spending at least part of their workdays at sites other than their offices, usually their homes. ...
Your Success Is Our Success
Toni
TelecommutingPro
10 Steps To Small Business Success
Try Out These Time-Tested Tips To Make Business Bustle
Take Your Small Business On The Road
Today, running a business requires you to be in a lot of places at the same time. You run from meeting to meeting, while at the same time answering and sending emails. This can all be a bit overwhelming; fortunately technology...
More workers telecommuting, but plenty of obstacles remain
Americans are "teleworking" or "telecommuting," spending at least part of their workdays at sites other than their offices, usually their homes. ...
Friday, September 7, 2007
Let Small Businesses Reign
Small businesses are a growing population of the U.S. economy. Read what is being said by the Small Business Association (SBA).
Your Success Is Our Success
Toni
TELECOMMUTING: SBA updates FAQ Web site
Cherry Hill Courier Post - Cherry Hill,NJ,USA
It estimates there are 26.8 million small businesses in the United States, and addresses small businesses' importance to the US economy. ...
For more information on small businesses, work at home jobs, and telecommuting visit TelecommutingPro
Your Success Is Our Success
Toni
TELECOMMUTING: SBA updates FAQ Web site
Cherry Hill Courier Post - Cherry Hill,NJ,USA
It estimates there are 26.8 million small businesses in the United States, and addresses small businesses' importance to the US economy. ...
For more information on small businesses, work at home jobs, and telecommuting visit TelecommutingPro
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