I was asked the other day what personality traits I thought were important to entrepreneurial success. I immediately gave my preprogrammed reply about passion and dedication and hard work. After taking some time later to ponder the question a little deeper (I normally operate in shallow waters), I came up with a more detailed checklist for entrepreneurial success. This is by no means a definitive list, but I’d be willing to bet that if you don’t have at least a majority of these traits, your chances of business success will be greatly diminished.

You must be self motivated.

If you don’t have the wherewithal to bounce out of bed each day without your spouse drenching you with cold water, chances are you don’t have the self motivation or discipline required to be an entrepreneur. Business demands that you take action based solely on your own volition. You have to do a hundred things every day that will not get done unless you make yourself do them.

You can’t be afraid of hard work.

If you think working for someone else is hard work, try starting your own business. You will be required to give every ounce of blood, sweat, and tears you can muster and then some. You will have to work long hours and be on call 247, at least in the beginning. If the mere thought of hard work makes you tired, maybe you should just keep your cushy day job.

You should have experience in the type of business you plan to start.

If you can’t locate your car’s engine you have no business buying an oil change franchise. The most successful business owners have prior experience in the industry in which they have set up shop. Consider working in an industry at least part time for a year before jumping in with both feet.

You must be able to climb back on the horse.

I always say: “If business was easy, everybody would do it.” Starting a business is hard work and the odds for failure are against you in the first few years. If you want to ride herd on your own business, you must be willing to fall off your horse and get back on a few times without giving up.

You need the support of your family.

When you start a business you may have to spend more time away from the family than you like. The business may also put a strain on you financially. You will have enough obstacles in your way without having to worry if you have the support of your family and those closest to you

You must have a thick skin.

If your feelings are easily hurt, keep your non-threatening day job because business is not for you. Many days in business, rejection waits around every corner and you must be able to handle rejection without taking it personally.

You must interact well with others.

Being an entrepreneur requires interacting with a variety of people, from your own employees to vendors to customers to investors. You must have the ability to effectively manage people without offending them; the ability to accept good advice from mentors and politely discount the bad; the ability to overlook mistakes or quietly rectify them; and the one I have trouble with: the ability to tolerate incompetence without losing your cool (at least not on the outside).

The deeper your pockets the better.

The number one cause of business failure is a lack of money. Before you start your business you should have access to enough capital to see you through until the business can sustain itself.

You must be able to delegate.

Running a business requires the performance of dozens of simultaneous tasks and it’s foolish to try to handle them all yourself. You must learn to put your trust in others. If you can’t dish out responsibility without worrying over the result, your business growth will be limited.

Previous business ownership is a plus.

Prior business ownership is not a prerequisite, but it can’t hurt. Many successful entrepreneurs have the skeletons of past businesses rattling around in their closet.

Another of my sayings:

Business is a lot like marriage: you learn a lot from the first one that may come in handy the second or third time around.

With that kind of advice you can see why I didn’t go into marriage counseling.

Here’s to your success!

Ten Ways Your Small Business Can Benefit From a Virtual Assistant

Hiring a Virtual Assistant (VA) can be one of the smartest business moves you will ever make. A good VA will be able to assist you in handling your administrative workload, allowing you more time to focus on growing your business and generating revenue. Here are just ten of many ways that a Virtual Assistant can provide much-needed support to your small business:

1. General Administrative Support
If you ever wished you had an administrative assistant on call, a Virtual Assistant may be the perfect solution for you! VAs can provide general administrative services such as word processing, data entry, spreadsheet and database maintenance, desktop publishing- the list goes on and on. In fact, if you could give it to an administrative assistant, you can give it to a Virtual Assistant!

2. Invoicing
A Virtual Assistant can facilitate your invoicing, ensuring that your clients receive timely, accurate invoices. By partnering with a VA to prepare your invoices, you can gain a tremendous amount of time each month to focus on other aspects of your business that require your specialized attention.

3. Email and Voicemail Management
If you get large numbers of emails or voicemails, a Virtual Assistant can manage your inboxes. They can sort through the spam and reply to messages that dont require your attention, leaving you with fewer messages to wade through everyday. A VA can also provide you with a consolidated report of voicemail messages, allowing you to return a number of important phone calls from a single report.

4. Online Marketing Management
A Virtual Assistant can assist you with your online marketing plan. They can manage your pay-per-click campaigns, post articles, submit your website to search engines, add your website to online directories, create banner ads, prepare and send email newsletters, etc. Since VAs make their livings online, many of them keep abreast of the latest trends in online marketing.

5. Customer Response
Use a Virtual Assistants services to keep existing and potential customers happy and returning. A VA can effectively and efficiently handle customer questions and complaints in an appropriate manner. By providing your customers with a timely, helpful response, a VA can help you build a stronger relationship with your customers.

6. Event Planning
Nothing is better than a well-planned event. Enlisting the help of a Virtual Assistant in coordinating your seminars and company functions can take a tremendous amount of burden off your shoulders, allowing for stress-free coordination of your events. They can make arrangements for the location, speakers, catering, photography, etc- and notify the attendees, too.

7. Travel Arrangements
Whether your business requires you to travel extensively or occasionally, a Virtual Assistant can help coordinate and consolidate your travel plans. A VA can arrange your transportation, accommodations, in accordance with the meetings and events you will be attending. They can compile a detailed itinerary for your trip, ensuring that your travels are well-planned and hassle-free.

8. Internet Research
A Virtual Assistant can efficiently perform internet research, consolidating the information you seek and saving you both time and money. A VA can use their extensive research skills to your benefit, providing you with incredible value by investigating requested topics and providing the results in the desired format.

9. Calendar Management
Managing a busy schedule effectively doesnt happen by chance. Team with a Virtual Assistant to help you stay atop of important dates, appointments, contacts and events. They can help you stay organized and prepared each day, with minimal effort on your part, reminding you of obligations and events ahead of time.

10. Project Management
Large and small projects alike can be managed by a Virtual Assistant. A VA can keep your project on track by organizing and coordinating resources, objectives, deliverables, etc. They can relieve the everyday stress of project management while ensuring that deadlines are met and progress continues.

A Virtual Assistant can provide you with customized support solutions for your small business. By teaming with a Virtual Assistant, the unique needs of your business can be accommodated while reducing your workload and providing you more time to grow your business and achieve your financial and personal goals.

Small businesses have special needs, especially in comparison to larger, more established companies. The term “small business” often really refers to “new business”, in that many small businesses that have been around for a while are as large as they are likely to ever become simply because of the type of business they are. Some small businesses, however, are destined to become large businesses. These companies in particular need to weigh the considerations of their unique situation when purchasing a business phone system. Knowing one’s options when it comes to business phones can save a substantial amount of money and time.

If a company is in a physical location that will be able to meet it’s needs for many years to come and their number of employees is well into the double digit range, they may wish to go with a Private Branch Exchange (PBX) system. PBX systems offer increased expansion capabilities and can come with more available features for the end user. Installation expenses for PBX systems can be extremely high, however, and should be factored in any organization’s business phone system budget.

The alternative would be to use a Key System. Key Systems are cheaper and require less in the way of installation expense. Still, they are only expandable to provide service to thirty or forty terminals. For businesses that will eventually require more handsets than Key Systems are capable of supporting, replacement with a PBX system would be inevitable.

The worst case scenario would be for a business to buy a phone system that barely meets it’s current needs only to find that it will have to be replaced soon after. Properly planning for growth will help any business end up with a phone system that can expand with it’s expansion and allow the most value for the overall investment. Like any business investment, phone systems do not last forever, so it is often unnecessary to purchase the very best (and most expensive) system on the market. Still, it does pay to purchase a business phone system that is certain to meet your company’s needs, both now and well into the future.

Some would say that big business has it made; I on the other hand believe that there will always be a special place for the little business guy. Entrepreneurs have an edge over their bigger competitors. So while the Amazons of the world are struggling to break even from their multi billion-pound overheads, the smaller Dot coms are already realizing profits. What advantages do the little guys have in the marketplace? Below is how to think like a startup and realize greater success.

HOW TO KEEP THE ENTREPRENEURIAL EDGE

1) STAY IN TOUCH WITH YOUR CUSTOMERS

Ever heard of the 8020 rule? The old adage says that 80% of your business will come from 20% of your customers. In business, the customer is king. Its far easier to sell to an existing customer than to find a new one. So, once you get a customer, you need to service the heck out of them.

So how do you make your customers feel like they are number one? By letting them know that they are top priority. This means answering your own phone, replying quickly to email requests. It means staying in regular communication with your customers. Keep up a good rapport. Send an occasional email asking them whats new. Mail birthday cards or a customer anniversary card. Gestures like these can build close, long lasting customer relations and goes a long way to building customer loyalty.

In addition to building stronger customer relationships, keeping in touch with your customer base can enable dot coms to offer one to one marketing. By identifying your customers needs and buying habits, you can personalize product packages and service offerings to meet your customers individual needs.

2) LISTEN TO THE BEAT OF THE STREET

If small business owners want to keep their head above water, they need to closely monitor their environments. By listening to the pulse, you can think proactively rather than reactively. This means spotting things when they are coming so you can act quickly and take advantage.

Web stats – Do you look at your web stats regularly? Or are you guilty of being too busy to make time? Unless you regularly look at your web traffic reports, they probably will read like a foreign language to you. By looking at your web reports regularly, youll be able to spot trends. What pages are your visitors going to? What is the hits-to-sales ratio? What can you do to improve that number?

Feedback – Another way to listen to the beat is to get feedback from your customers. Try to be on a first name basis with your customers. Ask them how they are doing and if there is anything you could assist them with. The answers youll receive will be worth their weight in gold.

Industry news – Keep up with the industry by reading everything you can get your hands on. When you work in living room central its easy to let yourself be isolated from the world. You cant rely on your favorite soap operas to keep you informed about the current trends in business. So put down your munchies and flavored coffee and make a concerted effort to stay in the know by subscribing to print magazines and online newsletters

3) FLEXIBILITY

When I think about flexibility, the childhood rhyme Jack be nimble, Jack be quick, Jack jump over the candlestick comes to mind. In order to keep from being burned, small businesses need to be nimble and quick. This means having the flexibility to act quickly in response to changes in the marketplace. Like a surfer riding a wave, you have to be in just the right place at the right time to ride the crest of the wave and get the best ride. Likewise, if small businesses monitor closely whats going on in the marketplace, they can act quickly to take advantage of current events and trends in the marketplace.

They say what gets measured, gets managed. Keep a close eye on your monthly financials. Listen to your customers. Measure the effectiveness of your advertising. Then when you see a difference ask yourself, was that good or bad and ACT!

4) TAP INTO THE FIRE AND LET IT FUEL YOU

Simply said, small business owners want it more. Because of this, they will try harder and go the extra mile. Thats why big companies like Wal-Mart and Saturn have made their employees part owners in the company. They have seen that people will work harder for themselves than for anyone else.

The best secret to success as an entrepreneur is to find something you are passionate about and create a business around that. When you do something you love youll never work a day in your life. Entrepreneurs have that fire in their belly. Find a way to tap into that internal fire and let it fuel you to success.

5) VALUE

While big companies will often be able to offer the lower prices, small businesses will always be able to pile on the value. By offering better service, adding bonuses, giving and discounts on related products, the entrepreneurs can add more bang for the buck.

6) CREATIVE SPARK

Whats great about the entrepreneurs is that they arent afraid to try something new. When I think of creative spark, I think of my son, when he was three years old, eyeing a package of cookies up on top of the refrigerator. He doesnt know that it is up really high and that climbing up there is dangerous. He only sees the cookies and starts stacking chairs and climbing until I find him sitting on top of the fridge with a big smile and a mushy cookie face. Similarly, entrepreneurs dont know if something will work or not and fearlessly forge forward with their eyes on the prize. This innovation helps them to tap into new products, techniques, and processes.

SUMMARY

They say, when the going gets tough, the tough gets going. When the market starts putting the heat on your business, ask yourself, are you staying sharp? Do you still have the entrepreneurial edge? By thinking like a start up, you will find that you will have the staying power to compete with the big boys on the block. And youll find that kind of hard-earned success is oh so sweet!

Practically every small business has receivables that it cannot obtain from clients. If your small business doesn’t have any such receivables, consider yourself lucky. For those small businesses that suffer from uncollected receivables, solace can be taken from the fact you can claim a tax deduction.

Bad Debt Tax Deduction

A small business can write-off bad debt losses if it meets nominal requirements. To claim such a tax deduction, the following must be shown:

A. The existence of a legal relationship between the small business and debtor;

B. The receivables are worthless; and

C. The small business suffered an actual loss.

Proving there is a legal relationship between the small business and debtor is fairly simple. You must simply show that the debtor has a legal obligation to make a payment. Most businesses issue invoices or sign contracts with debtors and these documents suffice to prove the legal relationship. If you are not putting your business relationships in writing, you should begin doing so immediately.

Proving receivables are worthless is slightly more complex. A small business is required to show that the debt has become both worthless and will remain so. You must also show that you took reasonable steps to collect the receivables, but you are not necessarily required to go to court to meet this requirement. A clear example where you would meet this requirement is if the debtor filed bankruptcy.

While proving that you suffered a loss may sound like the easiest requirement to meet, the issue is a bit more complicated. The Tax Code defines the loss as an amount that is included in your books as income, but is never collected. A classic example of such a situation would be a manufacturer that provides products to retailers on credit. The manufacturer can show a real loss if the retailer files bankruptcy. Unfortunately, there is almost no way to claim a loss if you provide hourly services and use a cash accounting method. The IRS does not consider the expenditure of time and effort to be a sustained economic loss.

Small businesses suffer all to often from uncollected receivables. If you failed to claim such losses as a tax deduction during your last three tax filing years, you should file amended tax returns to get a refund.

Health care benefits have become more expensive in recent years, which puts them out of reach for many Americans. Of the more than 45 million Americans who are uninsured, nearly 60 percent are employed by small businesses.

According to a recent survey commissioned by Aflac of 501 small-business owners, many understand the role of a good benefits package in the hiring process.

Nearly two-thirds of respondents reported that they are concerned about their company’s ability to provide a benefits package that will attract and retain employees.

Half of those surveyed agreed that they cannot attract and retain top-quality employees without offering competitive health benefits. However, small-business owners also acknowledged that providing benefits presented certain financial issues as well. The survey found:

* Nearly half reported that increasing health care costs have negatively impacted their employees’ wages.

* Six in 10 respondents agreed that “it is important to financially help employees with health challenges and medical emergencies.”

* Forty-two percent of those surveyed agreed that annual increases in health benefits have made them decrease their offerings.

In feedback from small business owners, Aflac also found that many of them assumed that coverage was available only to large corporations. As a result, the insurer launched a new nationwide radio campaign focused on letting growing companies know that Aflac may provide an affordable solution to enhancing employee benefit offerings.

“At Aflac, we recognize that small business owners wear many hats, including the responsibility of making quality insurance benefits available to their employees,” said Paul S. Amos II, executive vice president and chief operating officer at Aflac. “However, with rising health care expenses, many small business owners struggle to afford the cost of insurance while maintaining and recruiting a quality workforce.

“Because small businesses are more susceptible to premium increases, it is critical that they are well-informed of the numerous health benefit options available. Aflac offers a wide variety of policies with no direct cost to employers, since most of the policies are individually issued and paid.”

Having 101 ideas in your head is something that many people would be envious of. In fact, if you mention to others that you are running your own business, they might remark with wonder and encouragement at your actions.

However, one thing that isn’t discussed as often as it should be is how business owners keep their heads screwed on. How do they cope with the ideas that are in their heads, and not become overwhelmed by the enormity of it all? There are a few common traits amongst those businesses that have achieved a certain level of success.

** They know they can’t do it all **

Having lots of ideas is one thing – trying to do them all yourself is another. Although having others complete work for you is a real challenge – especially when you are starting out and have limited money – it is often one of the key elements why the business owner still has their sanity.

** They roll with the punches **

As kids when we were growing up, parents or adults might have told us to roll with the punches. This most likely made no sense to you as a child, but as we grow up, the wisdom of this saying was quickly realized. Life, in all its glory and unexpectedness, delivers curve balls to us every day. As such, we have two choices – be flexible and respond, or strike out.

Successful businesses have learnt that the economy, people, and business in general, is dynamic and organic – it changes all the time. In fact, the most together business owners have developed an attitude that helps them cope with these circumstances. When things don’t go the way they planned, they quickly assess the situation, focus on doing those things they can control, and for those areas of the business that they cannot control, choose to accept the fact and move on.

** They know what they want to achieve **

Every successful business has made it because they knew what they wanted to achieve. They had a compelling reason to keep on going through hard times. This doesn’t mean that they had it easy, nor does it mean that they had a truly defined focus for the business. Once reality kicks in, sometimes even the best laid plans go out the window. But it was the compelling reason that helped these successful business owners push through and find a way to achieve their dreams.

This compelling reason can be anything that drives you – something you are passionate about. For example, it could be providing a better life for your family. It could be the desire to build a business that you can leave as a legacy after you die, for the benefit of your family and community. Whatever the reason, it must be strong enough to help provide you with the fuel you will need when powering through the rough times that every business owner has.

Being a business owner – an entrepreneur – is a hard task. When starting off, it isn’t uncommon to see yourself doing 50-80 hours of work each week in the business, and you are still barely breaking even. Sometimes, despite the efforts you have made, you lose money. But, after a while, things will change. The sales will start to increase. Customers will start coming back to you again and again.

Others might call this Luck. It isn’t. It is the outward representation and reward for all the hard work and internal ‘fine-tuning’ that you have been going through up until that point. All the trials, tribulations, set-backs, disappointments and foiled ideas are all necessary for you to be ready for the Success when it comes.

So, if you have a clear vision and reason for your business; have a flexible plan and attitude; and an iron-will and dogged determination to achieve despite frustration and disappointments, success will be yours. After all, if it was easy, everyone would be doing it. There is a very valid reason why it isn’t ‘crowded at the top’. The question is – Are you prepared to go through your trials to get there?

Universities are showing more and more women enrolled in fields such as account, finance and economics. Single women have become a strong and powerful force in the U.S. economy. Women are now starting business ventures of their own, showing just as much if not more vitality and success than their male counterparts. Some lenders even have programs for small business loan for minority women.

The importance small business loan for women are quickly catching the eye of many lenders today. Today, many lenders are establishing special programs to cater to the needs of women. And its no surprise. Women business owners are critically important to the American economy. Americas 9.1 million business owned by women employ 27.5 million people and contribute 3.6 trillion pounds to the economy each year. There are all kinds of specialty programs for women entering the business world todayfrom small business loans for minority women, to special seminars and government grants available to female entrepreneurs of any kind.

Women business owners have unique needs. Their success in the business world has caught the eye of many lenders that have created specialized programs that offer unique opportunities and guidance for female entrepreneurs. The small business loan for a woman has allowed females to gain a strong foothold in the business world today.

A business loan for woman is designed to fit the needs of the modern businesswoman. A variety of lenders today are offering specialized programs. As a woman, whether you are just starting to think about a business idea, or have a fairly developed scheme, your lender will over you key pieces to the success of any stage of your business. When seeking financing, ask your loan representative about special programs for a small business loan for woman.

For a woman, getting a small business loan has historically been a far different process than that for men. Traditionally, is simply hasnt been as easy. But today, women have become a dominant part of our economy and of the business world, and government programs and other lenders have stepped up to assist them in their forward thinking business ventures. Women business owners are critically important to the American economy.

Of course, women have to face the same obstacles in the business world as men. While poor management is cited most frequently as the reason businesses fail, inadequate or ill-timed financing is a close second. Whether you’re starting a business or expanding one, sufficient ready capital is essential. But it is not enough to simply have sufficient financing; knowledge and planning are required to manage it well. These qualities ensure that entrepreneurs avoid common mistakes like securing the wrong type of financing, miscalculating the amount required, or underestimating the cost of borrowing money. Thats why meticulous planning is important before a woman applies for a small business loan.

A womans small business loan can sometimes be easier to obtain today than for a man. The government and lenders have created special programs for female entrapaneurs and business owners. Women are becoming increasingly dominant and successful in the business world. Today, they can find financing products to keep up with them.

Today, many companies have become strong advocates for female entrepreneurs, offering unique services and programs for small business loans for women. They also offer opportunities and guidance to help them women business owners succeed. This trend continues to experience growth as awareness for womens issues and needs are becoming a more important factor in the economy of the nation.

Have you ever considered why SPAM has caused such a public backlash compared to the deafening silence from its unsolicited paper cousins of direct and junk mail? People seem to care a lot more about what enters their Inbox than their letterbox. And for the word care think about logical substitutes of notice, read and respond.

All this translates into campaign results that can surpass other forms of direct communication making it an ideal cost effective option for any small business owner.

And whats more I believe that as a small business owner the odds are stacked in their favour to become budding email marketing superstars.

Let me explain why.

Firstly, its about personality. E-mail messages written in a personal style seem to work the best. Writing this way doesnt seem to faze most small business owners. Usually their business shows more of their personality when dealing with customers than larger competitors so writing this way seems to be a natural option.

Secondly, a small business owner can understand what content that has a good chance of being read. With them working closely with customers they tend to understand what their customers want to know about and can easily translate this into articles and reports that will be read.

Thirdly, the time and cost efficient nature of email marketing ideally suits the busy small business owner. It can take the same amount of effort to create an email newsletter for 500 subscribers as it does 50,000. Plus the costs of an email production are a fraction of the alternative paper option.

For a small business owner a regular e-mail message can have as much personality and content to end up being the next best thing as a phone call from themselves, just more efficient and at a lot less costly to produce.

So there you have it, three reasons why small business owners can make it big in the Inbox. Have fun harnessing this great tool for your company.

The 12 Most Common Mistakes New Entrepreneurs Make & how to avoid them

A large number of people who start their own business do not realize how much work and time will be involved. They fail to carry out any primary research and as a result become quickly overwhelmed.

Perhaps the first question to ask yourself then is whether you are in fact ready to start your own business. Do you have an entrepreneurial mindset? Are you committed to spend all the time you need to succeed? And are you ready to take massive action?

At first, you will have to wear many different hats; you will be the CEO, the general manager, the accountant, the salesperson, the computer technician, the secretary, the receptionist. You must therefore prepare yourself because there will be days when you are disappointed, depressed, or frustrated. You have to realize that success will not happen overnight. And it may take a year or two before you achieve your expected results.

To avoid these disappointments, here are The 12 Most Common Mistakes New Entrepreneurs Make & How to Avoid Them:

Mistake # 1 – Failure to spend enough time researching the business idea to see if it’s viable
Numbers of new entrepreneurs have often failed because they were not truly interested in the business; they were more interested in making money. It is important to start something that you really like, because you will be spending a lot of time on it.
Your assignment Spend all the time you need working on your business plan, which should include: your mission statement, your business strategy, research on your target market (demographics), industry analysis (size, economics, trends, success factors, challenges, etc.), your marketing plan, your financial projections and sales.

Mistake # 2 – Failure to determine whether the business actually adds value
The most sustainable businesses, those that withstand the test of time, provide value by performing a service that people need.
Your assignment Make sure your products or services provide value and benefit to your clients. Be ready to solve any business problems that your clients may have.

Mistake # 3 – Failure to gain a complete and total understanding of the business
Every business has drivers; hot buttons and key levers. What drivers exist in your business?
Many business leaders, executives and management consultants would say that success largely depends on attention to detail.
Your assignment Understand all the aspects of your business, and of particular importance, know how to present them in an easy and simple manner.

Mistake # 4 – Failure to describe the business in only one or two sentences
No doubt youve experienced the entrepreneur whose business is so technical or complex that he cannot explain the concept in plain English. Or, it takes 20 minutes to convey the purpose of the business. What value or benefits does your business offer?
Your assignment Have an efficient 15 to 60 second elevator pitch that introduces you, your business mission, focuses on the benefits you provide and makes you and your business memorable.

Mistake # 5 – Failure to conduct the primary research
There are many great ideas you can latch on to, but the key in business is to make sure the ideathe central theme or mission of your business venturecan attract customers and generate sales and profits. A great idea in and of itself is not enough to start a business.
Your assignment Take the time to gain experience, study the business, understand what makes the business work (how to serve the customers and generate profits) and what leads to losses.

Mistake # 6 – Failure to contact professionals who can help you get started
Numbers of new entrepreneurs ask their friends and family for advice when starting a new business. The problem is that they often ask people who have never started a business; so in reality, these people are not in a position to offer sound advice.
Your assignment Get a mentor or two. Surround yourself with experts who possess skills and expertise that you lack. Team up with professionals who can complement your strengths and cover for your weaknesses.

Mistake # 7 Failure by underestimating financial requirements
Do you know how much capital you need to start your business? Do you know the market, did you calculate your cost, did you project your sales, do you know the number of clients you need? Do you know how long it will take before you get your first benefits or before you will run out of money?
Your assignment Invest the time to work on ALL aspects, especially the major ones, of your business before you start.

Mistake # 8 – Failure to make marketing a priority
Many new entrepreneurs start their business without determining their target, niche and demography first and as a result have failed to attract any clients. Marketing should be one of your top priorities. Devising a marketing plan will help you determine how to promote your products or services and create a system that will generate more clients for your business.
Your assignment Dedicate a good portion of your time and energy to working on and implementing your marketing plan. Set up a meeting with yourself once a week to work on your marketing plan and whatever happens never cancel this meeting; it is essential for your business.

Mistake # 9 Failure by under-budgeting the marketing costs
Today the world is overcrowded with businesses and probably a number of those in your market perform essentially the same functions as you do. This means that you have to differentiate yourself from them by making your business stand out. Publicity is essential to your livelihood; otherwise you will not attract any customers.
Your assignment Make sure you have a strategy that puts the word out there. Provide adequate publicity, business cards and marketing materials that project a professional image. Dont try to save money on these; they are reflecting your business. A cheap business card or flyer will not make a professional impact.

Mistake # 10 – Failure to focus on the business
Many new entrepreneurs are energetic and enthusiastic people (which is essential to success), but they can also be overly optimistic and pursue too many targets and directions at once. This typically results in mediocre results. Define your business mission as succinctly and narrowly as possible. When you move in too many directions at once, especially in the early days of your business, you are likely to fail to execute anything correctly; so you end up working on the business instead of in the business. In other words, you will spend all your time operating each task on your own. You wont have the time to sit back, and decide on the best way to develop your own marketing plan, create new products, or improve your services.
Your assignment Know you goals. Put them in writing. Make sure they are realistic, specific and measurable and that you set yourself a deadline to achieve them.

Mistake # 11 – Failure by over-marketing
Once you have developed your product or service and have perfected your offering, you may think that your offering is the best in your marketplace. But unfortunately, to be efficient you cant sell to everyone. You need to select a specific target market and stick to it. By doing this you will have a more efficient message and will more likely achieve success much sooner.
Your assignment Carefully determine your niche, your demography, your ideal clients, where they go, what they read, what their hobbies are, etc. Once you have a full understanding of your clients profile you will then have a full understanding of how and where to find more of them.

Mistake # 12 – Failure to follow-up with clients
Many new entrepreneurs are often so desperate to constantly find new clients that they neglect the clients they already have and in fact end up losing business. Statistics show that it takes seven more interactions to secure a new client than to sell more to a repeated client. So develop and maintain a useful and organized follow-up system to offer new services to your clients and dont let them slip away.
Your assignment Constantly and consistently communicate with your current clients.
Start a newsletter, offer special sales, create new products to upsell, join affiliate programs if you dont have your own products. People who have already bought from you will appreciate it when you recommend other products. Statistics show that up to one out of three clients will take advantage of this new offer. It is essential to build a very, very special relationship with your clients. They are your best audience.

If you have a business idea, but are unsure how to get started, or already own a business, but have not yet achieved the results or success you were hoping for, check out my book: “Start Your Dream Business Today! The Proven 11 Steps to Start and Grow Your Own Business”, a simple yet informative and easy to follow step-by-step guide to everything a new entrepreneur should know when starting a business.
Get it today by going to www.StartYourDreamBusinessToday.com. Youll also get lot of other ideas and resources to help YOU Start Your Dream Business and I will save you time and lot of money, as I did for my clients.

2006 Biba F. Pdron