If you do decide to take the plunge, here are the ten tips that have been most valuable to entrepreneurs. They're in approximate order of importance and especially applicable to New Enterprises, but they also work for more traditional small businesses.
Network
Business to business networking is one of the most successful and economical ways of promoting your business. Face to face networking gives you the opportunity to build business contacts and forge business relationships.
Manage Your Cash Flow.
The commonest cause of business failure is simply running out of cash. That's perhaps why women, who in most households manage the family finances, generally outlast men as entrepreneurs. Even highly profitable businesses can get buried by cash flow deficits. This is the most important rule.
Risk Capital Doesn't Exist.
People who loan money at fixed rates want zero risk. People who invest in equities expect rates of return that compensate for risk, which means in excess of 20%/year for most entrepreneurs. No small business can afford that kind of expense. Only you, your family, and your business partners will be willing to invest capital for low short-term return when the risk is high (so-called 'patient equity'). If your business can't fly on that, plus what you can generate from operations, it won't fly, period.
Offer Something Different.
Innovation is the key to entrepreneurial success. You can't just copy another business' success formula and expect to do as well as your model. You have to have something different, something unique, that will bring business to you because no one else offers it. The innovation that differentiates you can be your product, or your service, or your operating process, or your market, or the way in which you deliver your product or service. And a unique product or business name ('brand') is not enough.
Use Viral Marketing.
You can't afford to break into the market by advertising. Advertising is used by already-established cash-rich businesses to entrench their position, and keep newcomers like you at bay. To compete, you need to create interest for your product or service by word of mouth. Once you've done that, the word will spread effortlessly, and the media will be writing about your success. Free. There are lots of books and success stories on how to do this. Study them.
Ensure Your Team Has Appropriate Balanced Talent. Identify what skills -- management, financial, sales & marketing, production, distribution, service -- your business needs. You need some of them -- whichever your core competencies are -- in-house. The rest you need to line up from reasonably-priced external advisors who really care about your success. If there's a skill gap, it will probably defeat your business. If there's too much skill overlap, those skills will be under utilised and the talent will be fighting among themselves. Ideally, everyone with critical talent should be an equal partner. And you can't afford people who don't have critical talent, so don't let them in, even if they're family.
Have Experts Critique Your Plan.
Your plan needn't be overly long (6-10 pages is best) but needs to contain a dozen critical components, and needs to pass scrutiny by people who know what will work and what won't in the business world. You can usually get that scrutiny for next to nothing if you ask the right people nicely.
Know When to Fold.
Just like in poker, when you're losing big-time, if you hang in too long, on the off chance of a miracle turning your fortunes around, you will almost certainly throw good money after bad. Talk to your financial advisor regularly and if s/he says you're won’t survive, listen, and cash in what's left of your chips. Most businesses wait too long, causing agony to everyone concerned, and delaying the start of the next enterprise.
Have an Exit Strategy.
That means deciding ahead of time how you will know when it's time to sell or close the business. Failure to have one means you may jump at an offer and give your business away too cheap. Or pass on an offer you should have taken. Or make faulty assumptions about who's going to take over your business. Or let the business go past its prime and into decline.
Listen to Your Customers.
Research and then do more research. Talk to potential customers before you start, and ask them what they like and don't like about your business, what they'd pay for what you offer. Pay attention to their answers. Once you're up and running, keep asking and keep paying attention. For most people this is obvious and common sense, which is the only reason this critical tip is so far down this list.
Stay Agile and Alert.
Everything changes: customer preferences, markets and demographics, the economy, prices and sources of supplies, delivery channels, competition. Stay on top the changes and adapt to them. Don't get tied into long term contracts and commitments no matter how attractive the terms. You're going to make mistakes. Make them early and fix them quickly.
And if all that fails, or if you've already failed as an entrepreneur, try again. Don't give up. If you haven't failed at least once in starting a business, you probably haven't learned enough to succeed.
Monday, 1 September 2008
Friday, 1 August 2008
10 Networking tips you shouldn't leave home without
"10 Networking Tips Using Business Cards"
When you are running a business, business cards are crucial to marketing your business services. Business cards “speak volumes” about who you are, what you offer and how serious you are. A church bell ringing lets people know they are open for business. Your business card is your bell. Here are some proven tips using business cards to increase your chances of creating a business opportunity.
1. Never leave home without them. Before leaving home, your checklist should include business cards, as part of "do I have my wallet/money, house keys, driver's license'" Any 'chance' meeting is an opportunity to give out a business card. A morning run or a quick trip to the local store could be an opportunity to network. My partner and I always ask each other 'do you have business cards', before leaving the house. Make it a habit to carry business cards.
2. Insert a business card when posting bill payments. Bills contain advertisements. ‘So why not advertise your skills or services the same way' Insert a business card with your payment. You may not think a person in the opposite end of the country who opens your credit card bill payment can help you! Never underestimate the power of networking. A movie, entitled '6 Degrees of Separation' points out we are 6 people away from knowing someone of influence. You could be 6 people away from knowing the Prime Minister, your favorite TV star or someone who is in a position to hire your skills or services. Each of us knows someone, who knows someone, who knows someone etc. Developing this powerful networking attitude will be a fundamental source of continued success.
3. Use proper business card etiquette. Whenever you give a business card, ask for a business card. When given a business card, don't just take it and place it in your pocket. Make the person feel important , look at their card for a few seconds, you might see something that could be a topic of discussion. Try to always write comments on the card such as date, location and common points of interest. These comments will prove valuable when following up with that person. This also demonstrates a sincere interest in the other person. Then place it in your wallet. This lets them know they reside in a special place with you. Make people feel important, in order to make yourself important to them.
4. Be generous. Give business cards out to everyone, including family and friends. Don't let vanity stop you from giving out your last business card or giving 2 at a time to each person. I have met many people who have totally missed the purpose of a business card. I once asked a person for a second business card, so I could refer his services. His response was "I only have a few cards left and I need them", as he looked again at his name on the card. Hoarding your business cards only makes your wallet feel full, not your bank account.
5. Ask for referrals. When giving a business card, people feel more comfortable when you ask; 'I would appreciate a referral, if you know anyone that could use my services'. Don't make people feel like they are on the spot. People naturally like to do favors for people. Saying 'could you do me a favor by referring my services to someone'. This always places you in a better position with them. They will feel better about helping you. Give them 2 cards.
6. Maximize every "per chance" meeting. You never know when you might meet someone who can help you. Family or friends social events could produce unexpected encounters with people. Don't discount those events. So you're going to a birthday party for your friend's child. You never know who you might meet.
7. Place yourself at the right place at the right time. Have you been to a business fair or business conference or networking event and been disappointed with the networking results' Turn the tables around. Consider volunteering to help out at the networking event or other types of events. This puts you in a better strategic position for presenting your resume or business card. Company representatives might view you differently, if they know you are willing to go the extra mile in helping them make their presence easier to manage. Get involved by visiting freshnetworking.co.uk, to place yourself in opportunities for giving out your business card. Volunteering for events can be a very successful resource for your business. One of the most successful sales trainers in the world says "if you help enough people get what they want in life, you will get what you want in life".
8. Use "In Your Face" follow up. Did you ever have a job interview or meeting with a recruiter, potential client or employer and wonder why they never called you back' 'Out of sight, out of mind' is the phrase to remember. Today's economic climate dictates you might be competing with 20, 50, 100 or more other people for the same business or contract. It's quite a task for people to keep track of each individual meeting. So it's up to you to give a person a reason to call you back. Immediately after a meeting snail mail a hand written note thanking the person for their time. Insert your business card. Now you're in the driver's seat in standing out from other people. If you get no response, do it again. Patience and persistence pays off.
9. Use promotions to promote YOU. Newspapers often have stories of people being promoted to high levels in different organisations' This is an opportunity for you. Consider getting some invitation size blank greeting cards. Use the Internet's search capabilities to find out the address of the company's executive offices. Send the blank invitation type card with a hand written note sincerely congratulating a person on their promotion. Insert your business card. For the cost of a stamp, you have just made someone's day and may create an impression that makes a person feel compelled to respond back to you. Make it a habit to do this once a week. Remember '6 Degrees of Separation'. You just never know . . . People open invitation type envelops faster than any others.
10. Brand yourself with a slogan. Print a slogan on your business card that answers the question 'Why should I hire you' Or "What makes you different from everyone else'" A catchy phrase or slogan insures people ALWAYS associate a company name with their product or services. People remember even after the commercial is over. That's called branding. Companies pay huge amounts of money to advertising agencies to come up with these lasting slogans. Consider doing the exact same thing on your business card. This is your insurance people remember you, after you meet. Don't just put Delilah Putney, Accountant on your business card. Add something like "Financial Services With Integrity". A slogan makes all the difference between getting hired or not, because people will remember you long after a meeting.
When you are running a business, business cards are crucial to marketing your business services. Business cards “speak volumes” about who you are, what you offer and how serious you are. A church bell ringing lets people know they are open for business. Your business card is your bell. Here are some proven tips using business cards to increase your chances of creating a business opportunity.
1. Never leave home without them. Before leaving home, your checklist should include business cards, as part of "do I have my wallet/money, house keys, driver's license'" Any 'chance' meeting is an opportunity to give out a business card. A morning run or a quick trip to the local store could be an opportunity to network. My partner and I always ask each other 'do you have business cards', before leaving the house. Make it a habit to carry business cards.
2. Insert a business card when posting bill payments. Bills contain advertisements. ‘So why not advertise your skills or services the same way' Insert a business card with your payment. You may not think a person in the opposite end of the country who opens your credit card bill payment can help you! Never underestimate the power of networking. A movie, entitled '6 Degrees of Separation' points out we are 6 people away from knowing someone of influence. You could be 6 people away from knowing the Prime Minister, your favorite TV star or someone who is in a position to hire your skills or services. Each of us knows someone, who knows someone, who knows someone etc. Developing this powerful networking attitude will be a fundamental source of continued success.
3. Use proper business card etiquette. Whenever you give a business card, ask for a business card. When given a business card, don't just take it and place it in your pocket. Make the person feel important , look at their card for a few seconds, you might see something that could be a topic of discussion. Try to always write comments on the card such as date, location and common points of interest. These comments will prove valuable when following up with that person. This also demonstrates a sincere interest in the other person. Then place it in your wallet. This lets them know they reside in a special place with you. Make people feel important, in order to make yourself important to them.
4. Be generous. Give business cards out to everyone, including family and friends. Don't let vanity stop you from giving out your last business card or giving 2 at a time to each person. I have met many people who have totally missed the purpose of a business card. I once asked a person for a second business card, so I could refer his services. His response was "I only have a few cards left and I need them", as he looked again at his name on the card. Hoarding your business cards only makes your wallet feel full, not your bank account.
5. Ask for referrals. When giving a business card, people feel more comfortable when you ask; 'I would appreciate a referral, if you know anyone that could use my services'. Don't make people feel like they are on the spot. People naturally like to do favors for people. Saying 'could you do me a favor by referring my services to someone'. This always places you in a better position with them. They will feel better about helping you. Give them 2 cards.
6. Maximize every "per chance" meeting. You never know when you might meet someone who can help you. Family or friends social events could produce unexpected encounters with people. Don't discount those events. So you're going to a birthday party for your friend's child. You never know who you might meet.
7. Place yourself at the right place at the right time. Have you been to a business fair or business conference or networking event and been disappointed with the networking results' Turn the tables around. Consider volunteering to help out at the networking event or other types of events. This puts you in a better strategic position for presenting your resume or business card. Company representatives might view you differently, if they know you are willing to go the extra mile in helping them make their presence easier to manage. Get involved by visiting freshnetworking.co.uk, to place yourself in opportunities for giving out your business card. Volunteering for events can be a very successful resource for your business. One of the most successful sales trainers in the world says "if you help enough people get what they want in life, you will get what you want in life".
8. Use "In Your Face" follow up. Did you ever have a job interview or meeting with a recruiter, potential client or employer and wonder why they never called you back' 'Out of sight, out of mind' is the phrase to remember. Today's economic climate dictates you might be competing with 20, 50, 100 or more other people for the same business or contract. It's quite a task for people to keep track of each individual meeting. So it's up to you to give a person a reason to call you back. Immediately after a meeting snail mail a hand written note thanking the person for their time. Insert your business card. Now you're in the driver's seat in standing out from other people. If you get no response, do it again. Patience and persistence pays off.
9. Use promotions to promote YOU. Newspapers often have stories of people being promoted to high levels in different organisations' This is an opportunity for you. Consider getting some invitation size blank greeting cards. Use the Internet's search capabilities to find out the address of the company's executive offices. Send the blank invitation type card with a hand written note sincerely congratulating a person on their promotion. Insert your business card. For the cost of a stamp, you have just made someone's day and may create an impression that makes a person feel compelled to respond back to you. Make it a habit to do this once a week. Remember '6 Degrees of Separation'. You just never know . . . People open invitation type envelops faster than any others.
10. Brand yourself with a slogan. Print a slogan on your business card that answers the question 'Why should I hire you' Or "What makes you different from everyone else'" A catchy phrase or slogan insures people ALWAYS associate a company name with their product or services. People remember even after the commercial is over. That's called branding. Companies pay huge amounts of money to advertising agencies to come up with these lasting slogans. Consider doing the exact same thing on your business card. This is your insurance people remember you, after you meet. Don't just put Delilah Putney, Accountant on your business card. Add something like "Financial Services With Integrity". A slogan makes all the difference between getting hired or not, because people will remember you long after a meeting.
Tuesday, 15 July 2008
Freshnetworking success
“Fresh Networking has been a fantastic success for our business. Since we have been attending the local networking events we have been inundated with inquiries and we have plenty of meetings booked in the diary. The friendly and informal atmosphere creates an excellent platform to discuss business with a vast array of prospective clients.” Oliver Yeates - Clicky media
For more information about freshNetworking events please visit http://www.freshnetworking.co.uk
For more information about freshNetworking events please visit http://www.freshnetworking.co.uk
Thursday, 10 July 2008
Bio Fuels Cause World Food Shortage
Britain and Europe will be forced to fundamentally rethink a central part of their environment strategy after a government report found that the rush to develop biofuels has played a "significant" role in the dramatic rise in global food prices, which has left 100 million more people without enough to eat
http://www.guardian.co.uk/environment/2008/jun/19/climatechange.biofuels
http://www.guardian.co.uk/environment/2008/jun/19/climatechange.biofuels
Tuesday, 25 March 2008
freshnetworking - Business to Business Networking in Warrington, Cheshire and Chester
Success at freshnetworking Kath Thomson
A big thank you to everybody who has attended and supported the first two WARRINGTON freshNetworking events at Tom at 101.
The support and interest shown in freshNetworking has been phenomenal. With over 120 people attending the first two events freshNetworking is going from strength to strength.
Having lived and worked in and around Warrington for most of my life and being involved heavily in networking for over 6 years, I found that there was a need for a local business networking event in the South Warrington area, with the support of Tom Rogers of the fabulous Tom at 101 restaurant in Stockton Heath, freshNetworking Warrington was born and already has business successes under its belt......
Who has found success?
Richard Brown partner at Edward Robinson Accountant says,
"Following the inaugural Fresh event in February I have made some positive contacts in terms of both potential new clients and business partners for mutual opportunities. This has developed for several reasons in my opinion:
The quality of the attendees;
The willingness for attendees to promote their businesses;
The timing and duration of the event.
By virtue of being one of the speakers I think ERC was in a good position of getting our message across without necessarily meeting everyone personally. However what was nice was those interested parties who I did not meet personally actually followed up on our message and made contact after the event to discuss their needs and potential business synergy, which was refreshing.
I only hope that future events continue to be as well attended and supported, with the level of interest and self promotion as previously. People often find it hard to promote their business and meet like-minded people. Fresh networking lived up to its aim of generating links within Warrington for people to do business with each other. Long may it continue."
Tracy Hammond from PCS Payroll Services says
"I joined freshNetworking for their first event at Tom's on the 20th February and what a success! I met many interesting people from various areas of busness and made excellent new contacts. From that one event I have secured two new contracts and I am in negotiation with two other companies. I will certainly be attending as many freshnetworking events a possible so that I can promote our specialist payroll services further."
Let yourself be found - book onto a freshnetworking event
A big thank you to everybody who has attended and supported the first two WARRINGTON freshNetworking events at Tom at 101.
The support and interest shown in freshNetworking has been phenomenal. With over 120 people attending the first two events freshNetworking is going from strength to strength.
Having lived and worked in and around Warrington for most of my life and being involved heavily in networking for over 6 years, I found that there was a need for a local business networking event in the South Warrington area, with the support of Tom Rogers of the fabulous Tom at 101 restaurant in Stockton Heath, freshNetworking Warrington was born and already has business successes under its belt......
Who has found success?
Richard Brown partner at Edward Robinson Accountant says,
"Following the inaugural Fresh event in February I have made some positive contacts in terms of both potential new clients and business partners for mutual opportunities. This has developed for several reasons in my opinion:
The quality of the attendees;
The willingness for attendees to promote their businesses;
The timing and duration of the event.
By virtue of being one of the speakers I think ERC was in a good position of getting our message across without necessarily meeting everyone personally. However what was nice was those interested parties who I did not meet personally actually followed up on our message and made contact after the event to discuss their needs and potential business synergy, which was refreshing.
I only hope that future events continue to be as well attended and supported, with the level of interest and self promotion as previously. People often find it hard to promote their business and meet like-minded people. Fresh networking lived up to its aim of generating links within Warrington for people to do business with each other. Long may it continue."
Tracy Hammond from PCS Payroll Services says
"I joined freshNetworking for their first event at Tom's on the 20th February and what a success! I met many interesting people from various areas of busness and made excellent new contacts. From that one event I have secured two new contracts and I am in negotiation with two other companies. I will certainly be attending as many freshnetworking events a possible so that I can promote our specialist payroll services further."
Let yourself be found - book onto a freshnetworking event
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