Thursday, December 29, 2011

5 Super Wealth-Building Tips Pave the Way to Financial Freedom

There are so many things involved with building wealth that it would take much more than one article to explain it all. So, we've put together a simple five-step guide to help you get a great start in building wealth for a lifetime.

Step 1: Set Specific Goals

Goal setting is a task that can be easily put off - especially when you are extremely busy in day-to-day activities. However, goal setting is the first and one of the most important steps you'll take to achieve wealth. Set both short-term and long-term goals. Short-term goals may be daily, weekly and monthly goals. These should reveal where you would like to be financially by a certain time in the near future.

Long-term goals include the amount of wealth you would like to accumulate within a year, two years, or maybe even five or ten years. Both types of goals are necessary to build wealth. Without goals, you are wondering blindly with no care or thought of what's ahead. This pattern of life is sure to leave you empty-handed!

Step 2: Create a Business Plan

Every successful business from the past and today started with a plan. Your business plan should illustrate where you are now, where you plan to be in the future, and how you're going to get there. Write these few notes down on paper. Then, fill in the blanks to create a rough business plan. It's easier than you think.

*Your current income

*Business profits and expenses (if you already own a business)

*Business budget (or personal budget if working for someone else)

*Capital needed upfront to promote and operate business

*Plans to acquire the capital needed (source of capital)

*Spending plan (promotions, supplies, inventory, online expenses, etc.)
*Expectations (What results do you expect from your initial efforts?)

Creating a business plan is a necessary step to build wealth through your own business. Even if you don't own a business, you should write down a similar plan to reach your personal wealth goals.

Step 3: Avoid Harmful Debt

Debt is the one of the key reasons many people never accumulate wealth. But remember, there are two types of debt: harmful debt and necessary debt. Harmful debt is the debt you create for things you do not need such as excessive shopping, luxury items, expensive cars that you can't afford, etc. Necessary debt is a debt most people must have to live, such as a mortgage, car loan (affordable), medical, college, etc. These debts are a part of life for most families and will be for many, many years. However, even these types of debts should be kept well within your income limitations. If you can only afford a $250/month car loan, then shop around until you find one at this price. Don't give in to the temptations and pressures to buy the fancier, more expensive car with a $450/month payment. It's not worth the risk!

You may ask, "I thought these steps were for building wealth?"

As it happens, debt is the opposite of wealth. The more debt you have, the less wealth you will accumulate. You can't save money or invest money that belongs to someone else. If you earn $3,000 in income this month, but owe $2,000 in loans (before everyday living expenses), you can't possibly have extra money to save. You must either earn more or sell some items to pay off your debt. You should avoid this "debt trap" if you intend on building wealth for the future.

Another type of debt is one for your business. You may take out a small business loan to get things started or to promote your business. If you are uncertain about whether the business will bring profits, try to avoid business debt until you have tested it a while.

Step 4: Develop a Personal Plan

Above, you developed a business plan. Now it's time to create a personal plan. What tasks will you do daily to build wealth? Put yourself on a schedule and a strict budget. Work toward your goals daily by making a list of things to do and marking off each item on the list as you complete the tasks. In your budgeting, include a set amount of money you will put away in savings (savings account, IRA, stocks, bonds, etc.) If you plan to invest, be sure to diversify your investments. Choose only one or two high-risk investments and several "safer" investments such as mutual funds or bonds.

Step 5: Stay focused on the Goal, not the Circumstances

No matter what circumstances you find yourself in, keep your eyes on the wealth-building goal ahead. Even if sales are down in your business, don't stop dead in your tracks. Remember, businesses have ups and downs. If you remain steadfast toward your goal during the slow times, the busy times are bound to be much better than ever. Your income will grow and you will have the extra money needed to reach your wealth-building goals.

In a nutshell, building wealth does not happen over night with one get-rich-quick program. It happens with consistent labor toward the goals and tasks you have created. You can build wealth for your future if you do not waver from these basic truths that have worked for millions of others!

wealth building Plan

Chauncey Penfold

337-856-9461


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Monday, December 26, 2011

2 Sure-Fire Methods Proven To Convert More Customers

If you're a marketer your number one concern is customers. You've probably read and heard a million and one ideas about how to build relationships, retain customers, create a list of potential customers, and inspire consumer loyalty. But the tough question is, "How do I convert prospects into customers?"

There are a lot of people out there who see your ads, think about them, and maybe even say, "I ought to..." They're just waiting to be convinced to do something about it. There is something you can do to get them moving!

1. Improve Your Offer

No on can pass up the deal that's "too good to resist." Think about it... how often do your customers want your product, but just want something else a little more? That leaves you with a long list of "almost sales" that have the potential to be converted into real sales and profit. Sweeten the deal. Make the offer so good they can't resist it.

Now, I'm in no way suggesting that you drop your prices to sweeten the deal. You can just as easily load it up with bonuses to increase the perceived value without cutting away at your profit. Bonuses motivate sales, maybe even more than cut prices.

Don't let them lollygag. Yeah, get them into the store pronto with a deadline. They may have to put a competitors purchase on hold to get your deal, but hey... what's wrong with that?

2. Follow Up

How would you like to increase your sales by more than 50 percent? Yeah, it sounds good! There's really a very simple tactic that you can implement... follow ups.

Chances are, prospective customers aren't going to buy your product the first time they see or hear about it. Maybe it'll be the third or fourth, but they have to hear from you that third or fourth time before they actually become a customer. Do you have a follow up system in place?

Simply contact the "almost customer" every month with a new offer, or give them more information about the product they are showing interest in. It doesn't have to be an intricate process. Keeping the contact there goes a long way toward building trust... the key to finding life-long customers.

Internet Marketers experience a high number of customers who browse their site, then click away. You can't follow up without some form of contact information. A great way to gather the info you need is to offer a free ebook or informative report that consumers will find of interest. Once they've given you the information to email them the product, you have what you need to keep in contact, and work on converting them into loyal customers.

Personalize as much as possible. If you can get the firstname of your customer... great! Personalized messages have greater appeal than "addressed to occupant" messages.

More customer with follow message

Chauncey Penfold

337-856-9461

skype chauncey.penfold

Thursday, December 22, 2011

5 Ways Blogging Can Help Your Business

Not long ago, a diary was a deeply personal thing — a journal of thoughts and observations, kept under lock and key and often buried in a dresser drawer.

The Web has a way of changing things. Now, a diary of thoughts, observations and insight — posted on the Internet — may be a way to boost your business.

Web logs, or "blogs" as they're better known, have become a way to engage readers and potential customers of businesses big and small.

A blog is a journal posted on a Web site, updated on a regular basis and containing news, opinions, ideas and brainstorms. It might also have links to other sources of information, other Web sites and other blogs.

Many blogs cut both ways, inviting readers to post feedback on what they see. While that can apply to everything from sports and entertainment, it can also generate interest — and, ultimately, income — for your business.

No, blogs aren't for everyone. But see how they can accomplish these five basic business objectives.

1. Expose a new or little-known product or idea

For Grant Smith, blogging makes a world of sense on a number of levels. Smith operates a business that provides streaming video e-mail and related video communications products. Since many prospective clients might know little about video e-mail, Smith says his blog is a natural way to provide specifics.

"I began blogging to get established in the technology," Smith says. "It can have a positive impact for business. Readers are always looking for more ways to find out information about companies and for ways to interact."

That, in turn, can lead to a more informed customer and a more time-effective sales process. Rather than taking time to pitch your product or service to a client who may not need it, a blog supplants you as an information source. If a prospect contacts you, that's great. If not, you've wasted no time in explaining something that generates nothing in return.

2. Improve your search engine rankings

Blogging also puts you in touch with prospects in other ways. As any company with a position on the Internet realizes, Web site visitors that come via Google, MSN and other search engines can provide numerous leads. Blogs can add to the frequency with which search vehicles identify you and your company, particularly if your blog allows readers to post a response.

If done properly, blogs have a tremendous benefit relative to search engines, according to Brad Fallon, president of SEO Research, a search engine marketing firm. "With blogs that allow comments, every new post and every new comment becomes an additional Web page filled with additional keywords to be picked up by the search engine spiders," he says.

3. Position yourself as an expert in an industry or field

Blogging also can also prove an effective marketing tool to establish yourself as an authority in your field. Not only can that generate leads, it also sends a positive message about your credentials through the marketplace and also gives your business a face and a personality.

4. Influence public opinion

Blogging also allows users to bypass traditional journalistic venues and, in effect, become a publisher of their own thoughts and viewpoints. For Steve Rubel, vice president of client services at a public relations firm, blogs are also fast becoming a powerful influence on public opinion.

"Blogs have evolved into legitimate alternative sources of news on niche and micro-niche topics," Rubel says. "Anyone with a passion and dedication could become an amateur journalist. I feel some of these sites — in aggregate — are having just as much sway on public opinion as larger, more established media brands."

5. Engage in a forum openly with your customers

Just as important, blogs that solicit reader comments can provide a sense of immediacy with your customers. In one respect, that's a ready source of feedback on what you're doing right and what you need to improve.
"My blog provides a forum for customers to give feedback after plunking their money down," says Fallon. "The result? While the normal market is lucky to have one-half of 1% of customers send an unsolicited testimonial, I have already collected glowing testimonials from over 15% of my customers."
Product Links

• Microsoft Office Small Business Edition 2003

• Microsoft Windows Small Business Server 2003

• Microsoft Dynamics CRM

To your success

Chauncey Penfold

337-856-9461

Monday, December 19, 2011

5 Tips to Choose the Best Home Business Opportunity

With the rise of the Internet, there's never been a better time to launch a home business. Millions of people are choosing to work from home and make money on line, using only their computer and mouse. Millions more are involved in more traditional network marketing, scheduling parties and selling products to their friends, neighbors, and family. If you want to make money on line, how do you know what the best home business opportunity is for you? Read on for five tips to help you choose.

1. Know your options. There are tens of thousands of Internet-based home businesses, if not more. They range from multi level marketing opportunities to ecommerce to intellectual property sales. Your first step should be to find a website that has an overview of the best home business opportunities. This will save you countless hours scouring the Internet in order to find all of the choices available.

2. Know your strengths. Perhaps you're a great writer, and would enjoy - and profit - from taking public domain books and articles and crafting them into books and articles that you could sell on the Internet. Perhaps you're an experience network marketer and would do well selling products or online opportunities to others who want to break into the field of network marketing. When reviewing home business opportunities, narrow your field to those that play to your strengths.

3. Know your weaknesses. If you don't know the first thing about building websites, it doesn't make sense to choose a home business where you'll have to build a bunch of websites. Likewise, if you couldn't sell water to someone in the desert, don't go into direct sales. Even though you might find an incredible home business opportunity, if it doesn't dovetail with your talents, it's not for you. It's like any other job: there are jobs you're automatically qualified for, those that you can learn as you go, and others that are beyond your reach. Again, success lies in playing to your strengths.

4. Diversify your revenue streams. Despite what many opportunities claim, your best chances for success come when you bring in revenue from several sources. You may begin with one home business, but over the course of a few months, you should add several others. By doing this, if one revenue stream goes south in any given month, you'll always have backup sources of revenue.

5. Set goals and meet them. In order to be successful, you need to set goals. The goals you set should include revenue goals, marketing goals, and goals specific to the home businesses you're engaged in. Once you've set your goals, you need to make a plan to reach them. Then, you need to commit to doing whatever it takes to follow your plan.

Having a home business is incredibly rewarding. If you're a parent, you'll have more time to spend with your children. If you're retired, you'll have additional income. If you're a student, you can pay for your education. If you simply like the idea of giving up the hassles of a nine-to-five job, a home business will give you the freedom you desire. Just do your research, play to your strengths, diversify your revenue streams, and set and meet your goals, and you'll experience the satisfaction that being a successful home business owner can bring.

Your dream for freedom

Chauncey Penfold

337-856-9461

Thursday, December 15, 2011

2 Little Words That Work Marketing Magic

In his classic best-seller, How To Win Friends And Influence People, Dale Carnegie's second chapter is entitled The Big Secret of Dealing With People. The secret is summed up in this principle: Give honest and sincere appreciation.

Carnegie said there is only one way to get anybody to do anything -- by making the person want to do it. How can you encourage customers to say good things about you and give you referrals? By giving them what they and all human beings crave: honest and sincere appreciation.

The Two Magic Words

The big secret of dealing with people (or customers) is often overlooked or forgotten. It's simply saying "thank you" consistently, personally and, above all, sincerely. These two words work marketing magic because customers want to feel important.

Saying "thank you" is an act of kindness, besides. But don't say "thank you" for the sake of flattery. It must be sincere. As Ralph Waldo Emerson once said, "You can never say anything but what you are."

"Thank You" Promotes Referrals

The uncertainty of referrals can be disconcerting. Can you control them? No. Can you influence them? Absolutely.

First you must provide a valuable product or service for customers. (You're already doing this, right?) But perhaps you can make an even bigger difference in their minds by your continued interest after you've delivered the product or service.

Each customer has a different level of satisfaction with your products and services. However, all customers to whom you say "thank you" are satisfied that they're important to you. This can determine whether you'll continue a relationship with them and get referrals.

"Thank You" as Direct Mail or E-mail

If you've never used direct mail and are considering it, start a thank-you correspondence program. If you've used direct mail or e-mail but haven't sent thank-you letters or e-mails, start now.

The thank-you letter or e-mail to your customers is targeted (you know them, they know you), personal and effective. It's guaranteed to receive a positive response.

Furthermore, it's a pleasant surprise if it's snail mail. They see your envelope. They think, this must be something for me to review, to sign, or worse a bill. Surprise! They're appreciated; they're important. And you're the one telling them so.

Write a thank-you letter or e-mail at every opportunity. But don't send one with an invoice or other correspondence. Always send it separately.

Writing the Thank-You Letter or E-mail

The thought behind a thank-you letter or e-mail may seem simple, but writing one can be tricky. Here are 9 tips for writing a winning thank-you letter or e-mail:

1. Keep it brief. A half dozen lines (or fewer) are sufficient.

2. Make it sincere. This is crucial. If you aren't careful, it can sound awkward, even when you're trying to be sincere.

3. Start with "thank you." Dear Ms. Johnson (or first name, if appropriate): Thank you for ...

4. Make the tone warm, but professional. Be friendly, but keep it businesslike.

5. Reinforce a positive. Jog their memory of a positive aspect of the relationship.

6. Offer your continued support. If I can help, please call ...

7. End with "thank you." Thanks again for ...

8. Use an appropriate closing. Sincerely, Best regards.

9. No ulterior motive. Make it a pure "thank you," otherwise sincerity is jeopardized.

Remember: Saying "thank you" is part of building strong customer relationships over time. Use these two magic words consistently and watch your repeat business and referrals grow.

Summary:

Use these two little words to strengthen customer relationships, increase repeat business and promote referrals.

Better customer Relationships

Chauncey Penfold

337-856-=9461

Monday, December 12, 2011

Honest Business Opportunities Review

Honest Business Opportunities Review

Tired of business opportunities that do not deliver what they promise? We have reviewed the top selling programs on the Internet today. Below you will find reviews of the top 3 opportunities that actually work.

The key to making money online is knowing how and where to start. Without the right starting point you will waste precious time and a ton of money. The following products guarantee your online success, all you have to do is read them and follow their expert advice!

At Bianca you will find reviews of the top 3 opportunities that actually work. Here is a little sample of each review.

#1 The Rich Jerk
This is the #1 resource you can get your hands on for making money on the Internet. The Rich Jerk gets straight to the point, he cuts out all the B.S. and tells you what you really need to know to make a lot of money online.

#2 Forex Enterprise
This system is so powerful you will start making money the first day you begin this! Anyone can create a guaranteed stream of income with Google AdWords & ClickBank. Earn $1,000 Per Day, Part time!

#3 Affiliate Cash Vault
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Be sure to check out our new #1 Pick! The Rich Jerk is rated the #1 Opportunity for making money online for more information.

Select the right business Plan

Chauncey Penfold

337-856-9461

Thursday, December 8, 2011

5 Rules for Negotiating Like a Pro

5 Rules for Negotiating Like a Pro


No matter whether you are negotiating a raise with your boss, negotiating a vacation schedule with you ex-spouse or negotiating with a seller or buyer on an on-line auction, there are certain rules or principles that will help you settle your disputes.

Rule 1. Focus on the goal. Don’t be distracted by your emotions. It is important to check your emotions at the door before trying to negotiate anything. Emotions such as anger can make one lose control. We have all seen someone who gets red in the face and starts shaking his finger and generally looks as though he could easily have a heart attack. Sometimes that person is so mad that he is incoherent. You need to get past that stage if you are going to succeed. If you are the one who is angry and upset, you need to focus on what you hope to accomplish and tell yourself that nothing is going to stand in the way of that goal. It really does not matter whether you like the other side or not. Some parties are rude, obnoxious and insulting. Try to get past these insults so you can focus on resolving the dispute. The other side may be baiting you so don’t give them the satisfaction of knowing they have gotten to you. If you focus on the goals of the negotiation, it won’t matter whether you like or respect the other party.

Rule 2. Look forward, not back. The past is called the past for a reason. If one party gets too involved in what has happened in the past, it can be counter-productive. One party in a divorce case, may be so intent on documenting everything the husband has done wrong, that the wife is not even thinking about the goals of the negotiation beyond blaming the husband. You have to figure out a way to get to the present and deal with current issues of custody or visitation. Ask the other party what they want now to resolve the dispute.

Rule 3. You don’t have to be right to settle. What are the three words we want to hear the most, even more than “I Love you”? We love to hear those magic words, “You are right”. For some people, this is even harder to say than “I love you”. And if you say, “You are absolutely right”, that is even better. When someone says, “It is the principle that counts” or “It is not the money, it’s the principle!” I know that the negotiation is in trouble. That is because the party is making a judgment call that it is more important to be a martyr than settle the case. When someone is obsessed with the principle of a situation, he/she is still emotionally vested in his/her feelings. Unless you can get beyond those emotions, the dispute is not likely to be resolved. Feeling that you are right can be a heady emotion, but it has no place in the negotiation. If the other side is only interested in being right, chances are the situation won’t be resolved.

Rule 4. Know what you want and what the other side wants. Knowing what you want may seem obvious, but many parties don’t know what they want. They are so angry that they have not even asked themselves how the issue can be resolved. If they don’t know what they want, how can they go about getting it? They may want to hash and rehash the circumstances that got them into this negotiation. Depending on the complexity of the situation, you should have a detailed plan of what you want. In addition to knowing what you want, you also need to know what you are willing to give up to get what you want. Generally you can get what you want if you are willing to pay the price for it. Don’t ever begin a negotiation without knowing what you want.

Rule 5. Be prepared and do your research. Once you have an idea what you want, you must do your research and preparation. That could be as simple as listing your arguments on a sheet of paper or as complex as doing the research to cost out a request for wage increases. Either way, you need to be prepared. Otherwise, you might make a concession or agreement that you will later regret. You need to know the rationale behind your requests and a good estimate of the costs, including the future costs. Nothing is more embarrassing than making a presentation and having someone question the accuracy of your numbers and having the whole presentation fall apart because the data is confusing, or even worse incorrect. If you are not completely prepared, consider delaying the start of the negotiation. If you go in with little or no information, and try to wing it, you will regret it later. You cannot be over-prepared. Even if you don’t use everything you prepared, it does not matter. It is important to have as much information and research as possible just in case you need it.

Be prepared and do your research

Chauncey Penfold

337-856-9461

Monday, December 5, 2011

5 Crucial Home Business Tips to Realize Financial Freedom

5 Crucial Home Business Tips to Realize Financial Freedom


Starting your home business is the easy part, but realizing your long-term goal of financial freedom takes much effort and dedication. There are many ways to operate a home business, but the tips below outline some solid principals you should follow to earn a steady income from home no matter what your home business.


1. Set Goals for Success

Setting goals will help you stay focused on what you want to accomplish within your home business. Start with long-term goals for where you would like to be financially five, ten, even fifteen years from now. Next, create short-term goals for daily, weekly, and monthly achievements. To attain financial freedom is a great long-term general goal, but it will take many small goals to reach this level. You'll need to set small goals to create a steady cash system. A home business will go nowhere without goals, so take this step before starting any other tasks.

2. Create a Pleasant, Professional Home Office


Evaluate your home business workspace. Do you work in a corner of your bedroom with a desk and computer? Is your office usually the kitchen table between meals? Do you try to work in the living area while the rest of your family enjoys conversation or entertainment? If you answered "yes" to any of these questions, you'll probably need to make some changes.

Create an office space that is for work only. Even if it's in the corner of another room, block its view with office sectional walls or some type of barrier wall to give a sense of privacy. An office should be just an "office" and nothing else. When you arrive at your office, you're ready for work. When you leave the office space, the workday is over.

3. Get Organized

Once you have a defined work area for your home business, fill it with supplies and tools to make work easier and more efficient. Choose a desk and chair for comfort as well as back, neck, and arm support. Desks with shelves and cabinets can make organizing your office a cinch, especially if you have limited office space. Also, keep a daily to-do list, calendar, and schedule book to prioritize tasks.

4. Stay on Schedule

When you work at home, it's easy to get off schedule because of interruptions or the temptation to take time off for leisure activities. Keep in mind that every moment wasted today usually means more work the next day. Eventually, you'll be working around the clock and never seem to accomplish anything. For home business success, keep a steadfast work routine daily and set a work schedule you can stick with every day. Develop a mentality that every job is actually a pay-by-the-hour job. Every hour spent working will help you make money and gain financial freedom.

5. Separate Business from Personal Tasks

Once you set a schedule, stick to it. Don't allow personal tasks to get in the way of work. These can be anything from cleaning the house to visits from friends or relatives to watching television. Take breaks from your computer, but try to avoid getting involved in personal tasks during your breaks. Many women confess to washing dishes, ironing clothes, vacuuming, and other personal tasks while on break from their home business. Personal tasks can cause your mind to be off-focus, and it will be difficult to return to a regular work routine afterward.

Find other things to do during breaks that won't take your mind too far away from work. Take a 15-minute walk. Sit and read a self-help book related to your business. Or, take a quick snack break, with a healthy snack of course!

Once you take these steps, you're ready to enjoy a steady cash system at home that works. You can earn money doing what you love most, and your home business can soar to heights never imagined if you stick with these basic principals. Get ready for a bumpy road, but also look for the financial freedom that awaits you just over the horizon!

To your success

Chauncey Penfold

337-856-9461

Thursday, December 1, 2011

Small Home-Based Businesses -- Five Simple Steps to Success

Small Home-Based Businesses -- Five Simple Steps to Success


Did you know that, in Australia, 60% of small businesses fail in the first twelve months? For those of us who would like to start a small business -- maybe even work from home -- that’s a very discouraging statistic.

Does that mean that your business idea is doomed to failure? Far from it! There are steps you can take that greatly increase your chances of success. With a little time and some serious research you can hit the ground running. Let’s start from the beginning…

The bright idea

First, of course, you need to come up with an idea. Typically, business opportunities can be divided into four groups:

1. Offering an existing product/service in an existing market.

2. Introducing an existing product/service to a new market.

3. Offering a new product/service in an existing market

4. Introducing a new product/service to a new market.

At this stage of the game the only limit is your imagination. Inspiration can come from anywhere -- maybe you have a hobby that you’d like to turn into a full-time job; you may be on the receiving end of bad service one day and decide to try doing it better yourself; or you may have a talent that you’d like to capitalize on.

Once you’ve come across something that you’d like to do, it’s time to take a look at the market and see what’s on offer.

Passing the test

So you’ve had a great idea and you’re keen to roll with it; now it’s time to put it through its paces. For the purpose of the exercise, let’s say that you have a passion for healthy living, and that you want to distribute a range of lifestyle accessories that promote healthy living with a do-it-yourself approach.

Ask around: Is there a market for products that promote healthy living? What sorts of products are available? Who would you be competing with and what do your competitors offer? Do you have the necessary skills to run such a business and -- more to the point -- what would those skills be? Where would your business be located?

Once you’ve answered those questions you should have a fairly clear picture of what your business will look like.

You source some products and decide to do some further research into the range of lifestyle products offered by a company called Vitality 4 Life. Your own life experience plus some work you’ve done as a dietician has given you the necessary skill sets, and you think that you’ll be able to work from home, giving you more time for family. There is an existing market, but there’s room for expansion. Now it’s time to take a closer look.

To be or not to be?

It’s time to get down to the nuts and bolts. You don’t want to jump into something feet first and find out the hard way that the budget just doesn’t work.

To get started, sit down and work out if you need to hire staff, which means paying wages.

If you lease a premises you’ll need to be able to pay the rent, and your location will have to be suitable for your business and target market (which also means that you’ll have to think carefully about just what that target market is). You’ll also need to work out the likely demand for your product/service.

Ok… you’ve worked out that there is enough demand for good quality juicers, sprinters, water filters and other high end accessories to take a shot at a distributorship as a home-based business opportunity. Now you need to make some marketing decisions.

Look at me! Look at me!

Advertising can be costly so you’ll want to be sure that your advertising budget is spent wisely. That means more market research, this time one-on-one. Profile your customer groups so you can aim your marketing at the right group/s of people.

Draw up a questionnaire (a short questionnaire -- people run out patience if you ramble for too long) and hang around outside a few of the local gyms (for our particular example). Come up with a mixture of open questions (What do you think of……..?) and closed questions (Do you have a gym membership? Yes/No.); sliding scales can be useful too.

For our health accessories business, a good question might be ‘How did you hear about this gym? Radio, tv, newspaper, word of mouth etc…’ Such a question would then give you an indication of the types of media that your target group responds best to.

Choose a business name, print up some business cards, buy some stock and get ready to trade!

Measure it, manage it!

A teacher of mine made the point that, in business, if you can’t measure it you can’t manage it.

You need to be able to plan ahead, and to do that you need to know -- or to be able to accurately predict -- your total sales. The equation is simple: number of customers x average sale x frequency of visits per customer per year = total sales. Remember it, revise it often, measure your business and you’ll be able to manage it!

Keep an eye on your bottom line and, most importantly, always be aware of your cash flow -- the cold, hard cash that you have in the bank. Allow for invoice periods (14 days, 30 days etc) when you’re planning your budget.

The market place has a life of its own, and no one can prepare for every contingency. Put some thought into your idea; make sure that there’s a market for what you’re offering; research, research, research; promote your business effectively; always know what’s going on in your bank account and don’t forget about cash flow!

It’s not perfect but, if you follow these few simple steps, you’ll be miles ahead of many new small business ventures. If you’ve heard of a great home-based business opportunity, or have a product or service of your own to market, you’re off to a great start!

To your success

Chauncey Penfold

337-856-9461