From Business Idea to Business Success Business
is always full of rewards that come with the risks. All those days that you work hard to establish your business and create it from your business idea will eventually pay off, however sometimes they can be very daunting and challenging. It is common misconception that to have a successful business you have to have a large amount of capital, large workforce, and many connections and it is true to some extent however everybody started from somewhere.
Economic climate is always a challenge, you can predict it for a while but in a long term you have no idea what the economy is going to look like tomorrow. Tougher economy makes it harder to start and to establish your practice; however there is a benefit to it as well. Bad economic situations make businesses smarter as they have to figure out how to survive. It is not to say that those that don’t survive are not smart! There are industries that are dying themselves just because of what they do, for example traveling industry is slowing down dramatically in the crisis as people tend to spend less on leisure, the same goes with the entertainment. In this post we’d like to give you several tips on increasing a chance of survival and a chance to convert your idea to the actual business.
1. Business Idea
Your idea is the main source of fuel for your company. Idea and your will to accomplish your goals drive you to success. You have to create a solid view of what you want to do. It doesn’t have to be something totally new, although it is more beneficial. What you have to be sure of is you have to have a market for your idea. You have to ensure that your business will be successful by checking if someone needs what you want to offer.
2. Business Plan Business plan
is critical and is a must to do task. If you are failing to plan, you are planning to fail!
You have to develop a solid, concise and very well thought trough business plan. It has to include several sections, going from mains idea, executive summary
, financial needs, marketing strategy, workforce and many other sections. The easiest way to do it is to create a check list and name all the necessary sections. You can search a sample of a business plan in Google
searches, there are plenty of them and they are offered for free. Also, you can look at the government resources for business; they always have many sources available for business individuals.
3. Cash Flow
You have to stay on top off your record. Many businesses fail because they fail to collect payments or check customer's credit
if the transaction seems suspicious, they are sloppy with invoices, and they are not paying attention to how much they can spend and save to invest. A good accountant is a must! But if you don’t have a good accountant, then be one until you’ll find the right individual. It is critical to save and invest more into the business at its growing stage. Business needs cash and you have to be on top of what is being spent. If your creditors or customers don’t pay, it is your responsibility to get the money out of them. Start by talking and if it doesn’t lead anywhere cut off the service and move on to the collection agencies.
4. Marketing Marketing
is a must for any business! If you don’t market yourself no one will know you. You have to spend on marketing and advertising. People come to those they see messages from, think about yourself you only know about many products or services because the provider has marketed and advertised it to target the audience which also means they've done market research
. You can use many different techniques, from traditional direct mailing, posters, banners, newspaper ads, to online marketing and advertising, SEO (search engine optimization)
, PPC (pay-per-click), to blogging
to social marketing on Twitter
and other social websites. Marketing is never enough therefore the more you do it the more potential customers might see you.
You have to sit down and rationalize all your marketing ideas, cut out everything you don’t like. Check your marketing efforts every week to set up a base for you activities. See what’s working and what’s not to eliminate unnecessary spending.
And remember your marketing strategy will be a guide for you to establish yourself on the market as well as it will help you to understand who your target market is.
Love the Photography Art Photography
is a great way to express yourself; that is why many people choose to use photography as a way to express themselves. Traditionally, photography used to be just black and white. However, these days you have so many different option for photography; you have many types of photo cameras from high to low end, from amateur to pro to master photographers. Different major camera brands such as Canon
and others offers unique features in their products.
Suiting the skill
You can now buy camera to suite your exact skill level. You don’t have to be a pro to use cameras. You can buy an entry level amateur DSLR camera
that would have main features for your future transition to the mastery. There are several modes which are critical for your learning.
- Aperture mode
- Shutter Mode
- Manual Mode
All those modes are critical in learning the way a DSLR camera works. Don’t worry if you won’t get the result right away that is totally normal. Many professional photographers had no results at their beginning as well. The only difference is that some of them where artists by nature. The artist skill is definitely an asset! It can help you to demonstrate your abilities. Being an artist means that you have a specific way of looking at things. Usually as an artist you see things differently from the way that other people perceive the world.
Photography has many different styles; you can shoot weeding, documentary, black and white, landscape, portraits, animals, creative and many other styles. One good example for the photography is one Toronto Photographer
who does lots of wedding photography
to help people remember their precious life moments.
Photography is unique and creative therefore go out and do some shooting!
Workforce Collaboration (5 tips)
Every week Business Blog
is keen to providing you with our favorite section 5 Tips of the Week! This week we’ve decided to touch up on the very important topic and dive into the workforce optimization
. We strongly feel that workforce is by far one of the most important attributes of any organization and is the main force to grow, develop and make the company successful. Therefore, please bear with us and grasp the information on how to achieve better workforce
collaboration in our weekly 5 Tips of the Week section. Read on!
Workforce Collaboration – 5 Tips of the Week:
1. It is your responsibility to manage and direct people in the specific way to achieve specific goals. Therefore, make sure you set achievable, real and clear goals. If you want your team to achieve specific things you have to demonstrate the leadership in delivering the right information to them. The goals have to be clear and reasonable. You have to demonstrate your business communications skills to bring the team together and to motivate them in achieving goals.
2. Collaborating effectively means that you are responsible in recognizing strong and weak parts of your team and selecting tasks to match their abilities. It is your responsibility to recognize the abilities of your team and arrange their workloads to their strengths to achieve the best results.
3. To achieve any goal you have to set deadlines and schedules. If you have a big project, you have to set up a completion schedule. Completion schedule means that there are specific tasks that have to be done by specific dates to achieve final results. If the project is not big you just have to set up one deadline by which everything must be achieved. To stay on the top of project you can check on the progress.
4. Use team-building exercises, social events and any other group meetings to improve the bonding of your team. By creating a strong bond you help the members of organization to collaborate better and build links between departments or people working closer.
5. To improve business communications
you can use chats, IM’s, Skype, other software and devices that deliver simple communication methods for your team. You can also use Unified Communications
to increase the ability of your to team receive different message at one touch.
Business Plan: Executive Summary
Every business plan consists of several parts. Although all parts are critical and very important, there is one part that brings the majority of the attention when someone actually researches your proposition for the business plan. That section is the Executive Summary. What is Executive Summary?
Executive Summary – outlines the main idea, supporting points and your ability to establish what you are trying to achieve. Many times when applying for bank credit, looking for investors or searching for other credit opportunities, business owners develop business plan
to submit it to those parties. Executive summary is the first thing that anyone is going to look at when trying to determine what you proposition is. It is important to understand that you whole business plan can be anywhere from 10 to 100 pages, depending on your idea, factors and other things. Therefore, when investors decide to invest, they look at the overall idea from the executive summary to determine if it is worth spending their time on your business. If the executive summary is attractive and the business idea looks profitable then they bring in their accountants, lawyers and other personal to go dipper into researching you goal, accounting needs and profits that they can make.
Executive summary must be attractive but true and it should have a very good support with the attached documents. For investors to choose your business plan and idea, your executive summary must be attractive. If it is attractive only then will someone spend the needed time on it.
As mentioned above the executive summary is the first item that readers of your business plan will see. However, the trick to writing it successfully is to write it last. Leaving it for the end of your planning development gives you an opportunity to focus, better see the whole scope of you work as well as to refine and frame your key messages after developing the initial bulk of work.
The ideal exec summary about one or two pages long, as it's only meant to provide an overview of your project. The main point is to create an interest in reader’s mind to see the rest of your business plan and to make him want to work with you. If your executive summary has fulfilled the need, your reader will remain reading and get the full story of your business idea. Items that should be included into Executive Summary:
Introduce the business — in this section briefly answer to those questions: what it is, what it does, how it does it, who manages it, location, market research
, competition, opportunities and growth.
Mission statement and vision statement – use those to outline your goals and where you plan to be in three to five years. Section for potential investors:
Define if your business is: a sole proprietorship, partnership, or corporation
Define general business opportunity, estimated growth and potential ROI
Define and declare the total financial needs of the business, funding sources and indicate repayment schedules
Outline operational and marketing plans
In conclusion, use strong but positive language in introducing your business plan in your summary. Also, it is important to conclude it with a strong call for action to the following question: “Why you should invest in the business
Product Export (5 Tips)
Every week Business Blog
provides its readers with the 5 tips of the week. This week we’ve decided to provide you with several tips about the exporting; they should help you to decide whether exporting your products is something your business requires.
Here we go, 5 tips on Product Export:
1. Are you established in your own area? Before getting into exporting you have to think strategically and logically. The reasons why many export are: it is very competitive in their own land, they’ve capture the majority of their own land, they have an ability to produce in big quantities, they have an ability to produce at much cheaper price and many other reasons. All the named reasons are good for anyone who is already established in their own area. Therefore before thinking about the export think if you have any of those factors and can meet large enough quantities to export. However, if you have a good connection at the place where you want to export, research first if your product is needed.
is a very risk taking practice. You have to realize that fact and research if you want to get into exporting. In addition, exporting might dramatically influence on the core ideas and beliefs that you had about your business and the ways you though you want to develop you organization. In addition exporting takes lots of time to establish all needed relationships and find the right people.
3. Market research
. All successful exporters have done a successful and full exporting research on the target market where they’ve decided to export. You can’t just assume that someone from another county would love your product just because it came from outside of the county. You have to really get into the heads of the consumer from the targeted export place. You have to realize that their needs, wishes and wants will be different and sometimes drastically different from what you are used to, therefore your product has to accommodate their needs, not yours and not the market’s that you are coming from.
4. Culture and cultural differences. As stated above research should help you outline and predict the cultural differences and the tastes of the potential consumers. Although it is the best way to spend some time living in the actual culture to grasp all the needed habits, most of the time small-medium businesses don’t have enough resources to conduct such a full research. However, with the help of internet and many business websites especially those provided by the government, you should be able to find all the needed data.
5. Decreasing costs
. When exporting there are always costs of travel, communication costs and etc. There are several ways to decrease those. For example, instead of flying in every time for the meeting you can arrange virtual office and instead of using long distance you can use Skype
as your VoIP
solution and chat through the Internet and your computer.
If you have any question please leave a comment or use the “contact us” section.
Market research creates business success
Let’s say that you have a good idea to start a new business or a start-up and because you are very excited about it you want to start it as fast as you can. Stop right there! Before you jump into working on your project, thinking out strategies and other business related matters, you might be missing one very important step! You have to take the time to research whether the business model you are interested in is worthwhile spending your time on. Developing an in-depth market research
and market analysis on your business idea will give you the knowledge you need to be informed of the current trends and competition.
Below is the list of several important topics that you should be researching in order to make your business profitable and successful:
1. Are you unique or do you have a niche? You have to identify if your idea is unique or has a niche to demonstrate the successful start of the idea. Ultimately, don’t worry if you are not the first on the block and there is someone else. In order to be successful you don’t have to be the only person to provide such service, although it is nice. As mentioned you don’t have to be first, but what you have to do is – provide the best service. Therefore, get to know the market place, the type of business and ensure your business has something unique to offer to the clientele as a point of differentiation.
2. Target market. Do you know who your potential customers are? Yes? No? Researching and identifying the target market is an essential part of starting any business. Your main goal is to get to know their needs, wants, wishes, likes as well as spending habits and approximate amount that they can spend.
3. Calculating profitability. It is somewhat difficult to calculate what you don’t have, but you have to calculate roughly the amount of hours, labour force
, purchases, hourly rates and everything else that is relevant to the price of your business operation. When calculated try to identify how much profit left after everything is paid off. Your main mission is to forecast future sales and to guess the operational costs of the business
4. Competition. Are you different? You have to identify yourself as a point of differentiation on the market to attract clients to your business. You have to maximize on whatever makes you more attractive. For example, you can sell at a lower price, deliver day or two faster; give better product or service quality.
5. Business Plan
. Do you have one? If you don’t have a solid business plan - you are losing out! Business plan is a must for any business start. Business plan is a journal with the guidelines for you to follow.
6. Permits and licenses. Before starting out you should also find out what permits or licences you must obtain in order to open you business.
Business Planning Business planning
is an official declaration of a particular set of business goals and reasons why they are believed to be achievable. In addition, business plan outlines all possible means of achieving planned goals in order to succeed. It also contains background materials about the organization, team, and culture attempting to reach those goals.
Every business plan should be answering those questions:
1. What to achieve?
2. When to achieve it by?
3. Why to achieve it (what is the purpose)?
4. Where to operate or where to develop a market?
5. How to achieve all the above?
All those questions should help you to identify the main means of the business plan and why you should be working on achieving your targets. It is critical to develop all the answers at the early stage so that it is easier for you to follow the plan instead of creating it on the go.
Here are several main sections that should be included and developed in the Business Plan
2. Products and Services
6. Business Culture
Goals should outline all possible and achievable targets that you set for yourself, for your team and for the organization overall. Do not make dreams out of goals! Goals should be reasonable and achievable. If you are a small business and have just started don’t set your goal to profiting $1 million in the first year, unless you have a brilliant idea and honestly feel that your business/start-up will achieve the target.
· Classify business goals early in the development.
· Set deadlines and timeframe to complete them.
· If you have employees, allocate duties for completing goals.
· Develop business ideas and make sure it is possible to make them into a profitable business model.
Products and Services
Identify your products and services at an early stage. You probably already know what you want to sell, however think if it is what is going to bring you the expected profit. For example, selling thousand pens will be accounted for selling just one car. Think how much energy and time you’ll be spending on selling items or delivering your service. In the best case scenario what you do have to bring you more profit then you spend your energy on. However, keep in mind that first couple of years while you develop your business you’ll be probably spending more energy than actually getting the profit. It is totally normal as you are trying to create everything from nothing.
· Keep your product and supply inventories limited but enough for doing business.
· Never allow pushy vendors to overstock your shelves, remember that they want to make their sales too.
· Stay ahead of your competition with the best product!
· Supply chain management
Develop your own market. You have to analyze who is your target market and target customer. You have to identify the strategy that you will need to acquire prospect and make them into customers. In addition you have to be thinking about how you’ll convert your current customers into long term customers who’ll be coming back for more. Remember it is 20% of your customers who do 80% of business with you.
Employees are very important! It is what runs the blood in your business. Selecting right employees will have a huge impact on your business. Remember that the company with good employees, good culture and friendly atmosphere creates better business as people want to work and achieve the goals you ask them to achieve.
Always stay on top of what your competition does. Bring the best ideas into your house from everyone and make your own! Competition is a good thing as it makes you willing to move and achieve better and higher results. In addition it is very beneficial as it can get you many new ideas and thoughts for your business. Researching what the competition does is beneficial as you can predict what to expect in the near future.
Beyond your business, products or services, there is always your business culture. You have to realize that people do business with those they like, and there is a reason why your customers want to do business with you. Researching those and making them stronger will help you develop a strong healthy business culture. At the end of the day it all comes down to:
· Creating a culture of trust, people do business with those they trust.
· Make business ethics an element of your day-to-day operations.
· Management leadership
As mentioned previously business plan is essential and critical in achieving business goals. It helps you to focus or priorities and deal with things that tight your business. Develop a good strong business plan and succeed with it!
Increase Business Revenue
Increasing Business Revenue (5 tips) Business Blog
always does its best in order to provide you the reader with the best in class information and the best resources to get your business ideas from! We sort out lots of information to keep our post informative and helpful to the reader without any information that would be irrelevant and not useful.
Here are 5 tips to Increase Business Revenue
1. Creating leads is an essential skill of every salesman. A good salesman should be able to identify a good lead or a good prospect, in addition to developing a strategy for turning the prospect into the sale.
2. Your main goal in any sale is to convert your prospect or lead into an actual sale. You have to practice your sales pitch or sales script
; it should be top notch because it is extremely helpful and important in increasing your conversion rate.
3. It is not only important to be focusing on the new leads and prospects but it is also important to focus on the customers
who have bought from you previously or buying currently. These people have already purchased your service or product and are predisposed to doing business with you again.
4. Bundle Package Strategy. Most likely you already have customers who buy products on the regular bases; therefore you can use the next strategy to increase sales
: try to get regular customer to purchase more by bundling several products into packages and selling them at a lower price with a discount.
5. Revise all the products or services. You have to take a look around the products you sell. You have to determine two buckets: first bucket - products that do sell and make profit, second bucket - products that barely breakeven or don’t sell at all. It is wise to kill all products that don’t sell and replace them with new varieties and continue to perfect product variety until you’ll establish best sellers.
If you have any questions or need consultants help please reply via comments or directly through the contact form.
Business Corporate Photography
Every business should have corporate member’s profile posted on their website. Customers
usually prefer to see who they’ll be dealing with before committing to the service. Properly done business photo-shoot with proper lightning, professional cameras and lenses as well as professional photographer can make a huge impact of the quality of the images and the impression it is going to make on the potential client
who is surfing your website.
It is well known that people tend to judge by the first impression. Let’s say you have a great website however you don’t have quality images of your company’s members, in this case you are lowering your chance to impress you prospects. Images can have many different problems, from being too dark (underexposed) to being to light (overexposed), from different blemishes on the objects face, to too much color on the specific part of the face, to too many others.
It is important to select a professional photographer who can come in and do his job by conducting a professional photo shoot. However it is also very important to find a photographer who has a good talent of retouching images by working in the Adobe Photoshop
. Photoshop is an amazing tool for creating different effects and more importantly for cleaning up images. In the right hand Photoshop is a very powerful tool in which one can clean up all the things that you don’t want to be visible to the public and add a touch of creativity by creating different effects. Toronto Photographer
is one of those photographers who can create creative images, by delivering a professional photo shoot almost anywhere the client wants. With creative vision and extremely high abilities to use Photoshop business profile of any company can become a powerful tool in attracting customers through photography
Make sure when selecting a photographer for your photo needs, he is professional, has done many shoots in the space you are in, also has a portfolio and can tell you at least two different set ups to choose from.
Attract new Customers
How to attract new customers and build customer relationships
A healthy client base is a key in a successful business growth. It is essential to keep positive relationship with your current client base, however it is even more important to find and grow new clients for your organization. Here is why it is important to win new customers while keeping your current clients: every new customer brings new revenue to the business, while current customer brings maintenance profit. It is essential to understand that both are important and together they will ensure the success of your business. In the current economy situation, captivating new business can be somewhat difficult, yet there are several techniques that can be an advantage of yours when battling with competition.
We’ll be naming several tips on how to build and win relationships with clients
and convert them from prospects to customers. Hospitality and customer appreciation
Customer appreciation events are a great way of showing your appreciation and your true intent to save the relationship you have with clients. Additionally, hosting hospitality event will initialize that you take care of your customers and will positively affect those who think of becoming your client. There are many different types of activities you can do for your clients, as an example: taking everybody to the sports game for the city’s main sport’s team, boat cruise, having an open house with venue, and etc. The main point about all those events is to make a long lasting positive impression on your current and potential customers. If you are willing to go and spend extra resources on organizing something of that nature it should bring you all the benefits in the long run assuring your commitment towards the customers. Creating such a pleasant experience you’ll guarantee yourself a place in their memory when the time will come to think about the service you provide. Develop press relations
Local press is highly important in developing relationships with public and your audience. Local business presence
has always proved to be one of the most valuable audiences, especially at the growth stage. The relationship that can and should be developed with key editors of your local and ideally nationwide press is essential in developing strong public exposure of your organization. For many years public relations were one of the most trustworthy and gainful ways to capture the attention of the needed target market and it has been used as a resource by many marketers for years. A great idea to use press is when you require promoting a specific aspect of your business such as: new service, new promo, new product or event to raise an overall awareness. The key idea of course for any press releases it to generate interest and grab the attention of your target market. Put internet marketing strategy together
There are numerous ways you can employ the internet to get new leads, win new customers and new business. The selection ranges from: blogging, online press release, pay per click advertising (PPC), SEO
, social media to several others. All above should work together in order to deliver the highest return. Remember that the internet is extremely fast paced place and in order to achieve best results you have to play using all fields. One suggestion, if you are not that good with the internet and don’t have any idea on how to advertise using it, you might think about employing internet marketing specialist. With the increased development, continuous efforts and traffic growth there is huge probability to secure new clients through online methods.