The Biggest Mistakes People Make In Growing Their Business
On Yom Kippur, Jews pray their way through several different catalogs of sins, asking for forgiveness for long lists of human failings. The mistakes I’m talking about here don’t necessarily have any spiritual significance, they simply have the capacity to stall or even shut down a business. The following are ones I have personally seen in action; perhaps knowing about them can help you avoid their calamitous consequences.
1. Going after the trappings rather than the essence of business. In my one very mistaken attempt at a business partnership, a big source of friction was my partner’s delight in meetings that, to me, accomplished little or nothing. She equally couldn’t understand why I took no pleasure in sitting around a conference table going down an agenda of to-do’s that we’d already discussed. “Haven’t you always wanted to have a business?” she retorted once when I objected.
We spent too much time on unproductive tasks. I’ve seen others devote so much fuss to their logo, office decor, computer setup or long-range strategy that they don’t have energy left over to deal with finding and keeping clients. Concentrate on core business tasks.
2. Relying too much on one client. You’re asking for trouble if more than 40% of your business comes from one source. Yes, it’s tempting to enjoy the easy pickings of a client who wants to use you more and more and more. However, I’ve had several clients show up at my door having to rebuild their businesses after their too-big client retrenched, refocused or decided it no longer suited them to use you. Foster your economic security by serving a variety of clients who couldn’t all go bust at once.
3. Not keeping an eye on the long term. For about a year and a half during the Internet boom, I had a lucrative contract with a dot-com company that tried to hire me full-time, offering to match whatever I was making on my own. I refused, because it would have meant ditching the momentum I’d built up on the Internet and elsewhere.
I saw business owners give in to the siren call of “money now” and either as employee or entrepreneur place all their bets on a new venture that imploded within two years. Having sold off or let go of their previous successes, they had to start again from scratch. Forgoing some quick opportunities now for sustainability in the long run was a smart move, I believe.
4. Sticking with low-profit “sure things” for too long. When some activity reliably brings in business, it’s difficult to let it go, even when it takes much too much effort for its financial return. From 1988 to 2001, one-shot adult education seminars in Cambridge, Boston, Providence and elsewhere were a vital feeder for me, bringing me clients who needed help with their writing projects. But each seminar meant driving through rush hour traffic, parking, getting home late, making less than $10 an hour when considering the total time spent, all to acquire clients who paid me much less than those who needed marketing help.
I should have quit doing these seminars several years before I finally did and invested the energy elsewhere. At least once a year, think about what you’re doing, and drop activities that are not worth the time or hassle.
5. Ignoring collections. A friend who’d worked as a bookkeeper told me about a client of hers who had rarely sent out bills because it was boring to do so, compared with the everyday social dealings he enjoyed in his business. No wonder he had a problem with cash flow! Judging from the number of very late bills I receive from solo business owners, this must be a common habit.
Understand that you’re not simply delaying payment when you neglect to bill in a timely manner and when you don’t aggressively and quickly go after non-payers. You’re actually jeopardizing your income, because the longer the time goes before someone is asked to pay for a service or product they received, the less likely you are to get that money at all. According to the American Collectors Association, once four months have gone by, you’re only about 80 percent likely to get paid. After six months, only 67 percent of collections ever get cleared. Send those bills out on time!
6. Getting discouraged. One of the most helpful books I’ve ever read is “Mastery” by George Leonard, a pioneer in the human potential movement and a teacher of aikido, a martial art. He explains the normal learning curve for any kind of human endeavor, whether learning a language, a musical instrument, a physical skill or the process of building a business.
The normal learning curve includes a stage called “plateau,” where progress seems to cease and there may even be some backsliding, even though the effort put in stays the same. Yet the plateau stage is often followed by a sudden spurt forward, as long as the person keeps at it. Keeping at it in the absence of visible results does not sound like an important success skill, but often that’s the ingredient that separates those who make it from the quitters who give up right before their efforts are about to pay off.
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Categories: Your Online Business Tags: ecommerce, Internet Marketing, make money, marketing, online business
Boomers As Transformers – Boomers Impact Everything They Contact!
The Pig in the Python
For years, the Americans born right after World War II have been labeled “Baby Boomers”. The U.S. Census states that a Boomer is “someone born during the demographic birth boom between 1946 and 1964″.
This group comprises roughly eighty million individuals with hefty purchasing potential.
A lot of us, especially advertisers, believe this bunch to be a uniform one; nevertheless doing so is actually a mistaken approach. Historically the class has been said to be comprised of heretics, as defined by the decade of the sixties (e.g., free love, peace-niks and war protesters), but large numbers of constituents are actually very traditional in their beliefs and style of living.
People born during this timeframe are diverse: most (but not all) have children; some are grandparents and/or “empty-nesters;” others are single, caring for an elderly parent, divorced, gay, or members of extended or alternate lifestyle families. Some are currently employed, some already retired, others pursuing significant analysis to retiring.
Change Agents Affect Everything They Contact
There is, however, one inherent trait that has tagged this group – they’re transformers. Because of their numbers, and relative wealth, they have had a metamorphosing effect upon life and economy in the U. S. crossing the past six decades. In fact, writer Doug Owram labeled them “a shockwave,” and author Landon Jones has referred to them as “the pig in the python”.
This cohort has impacted pretty much everything as they have moved thru their teen years, early maturity, their jobs, the economy, etc. – and there isn’t any cause to infer that they have terminated their metamorphosis on our culture.
I am betting that the latest realm to be altered by this group is retirement.
I recall when I was a youngster, I believed anybody aged 50, or more, was “old” but present-day, experts consider fifty to be the beginning of Early Middle Age, and argue that Old Age doesn’t begin until after age seventy five. Currently, Americans at age 50 can expect to live another thirty five years, and so, be “retired” for twenty years or longer – so what are they about to do with all that leisure time?
In the past, the period of retirement was often comparatively short-lived and characterized by deteriorating healthfulness, limited funds, and few opportunitiess; however, for this bunch of virtually 80 million US people, those inhibitions no longer fit. In their 30s, they gloated about “never growing old,” and now, it’s up to them to prove that claim.
So, just what are they intending to do with an extra 20 or 30 years of active aging? Modern diet and health care have significantly extended that period when individuals stay healthy and strong (as an example, my mother is in her 90s, resides alone, and still drives her own automobile).
How Retirement Is Being Transformed
Are the so-called “Boomers” going to be willing to pull out the rocking chair, nap on their stoop, and watch the world pass them by? I believe not!
Generally, individuals of this generation are on the path to self-actualization (as Maslow defined the term):
* A lot of them have lots of things they need to accomplish yet in their lives.
* Considering they’ll have 20-30 years of time to fill, they will be interested in a wide variety of leisure activities (e.g, travel, golfing, at-home entertainment).
* As a result of all this time, they also wish to stay fit enough to enjoy that time – so they’ll be extremely interested in services and products that will help them stay fit and powerful.
* Many of them will essentially “reinvent” their jobs – starting that career or position they’ve always fantasized about, but had to put off because of relationship or other needs.
* Many of them will begin their own businesses, and the Net provides them with many possibilities they have never had before.
* Training, acquiring knowledge and things that will provide them with time freedom will be high priorities for this group of affluent Americans.
How can you apply that time between work and play? Are there goals that you have deferred for years but need to accomplish throughout your “retirement”?
If you’re one of those people wanting to launch your own business, give some thought to beginning an affiliate or other online business – but be aware that the difficulty with most online businesses is that their coaching is limited. Sadly, you’ll need more training than they normally provide. One very good starting point for gathering the knowledge that you’ll need is to join the Online Success for Beginners class.
Categories: Your Online Business Tags: Baby Boomers, change agents, retirement, retiring, transformers
Starting A Business Online: The 6 Essentials Every Internet Business Owner Must Possess
Starting a business online is easy. Just buy a package or sign up for a prepacked system and you can be an internet billionaire next month with nothing to do but run to the bank and cash your checks.
I do not know why people who are normally full of common-sense and who are wary of hyped-up sales pitches fall for these online hucksters. The old adage states: “If it looks too good to be true it probably is” holds even more true for internet get-rich-quick schemes than anything else.
The truth is that there is a lot of money to be made on the internet and that will continue to hold true for many years to come. The opportunity to become an internet millionaire or billionaire has not passed you by. BUT no one got rich overnight on the internet and no one got rich without doing some work.
There are many different methods and formulas for making money on the internet and there are even more ways to lose money on the internet, but before you spend a lot of your money take time to study and learn so you can better judge those opportunities that come your way.
All you need to really start your own business online are these six qualities:
Time is the most important ingredient for your success. If you are looking to get rich quick or for overnight success then starting a business from scratch is not the way to go. Once you know what you are doing then you can often leverage your existing customer base or traffic into a quick income whenever you choose but it takes time to build something of worth. It will take months before your new web site or blog is even listed in most search engines and likely it will take you longer to build up a list of interested potential customers. Money and knowledge can cut down the wait time but remember it will take time to build up your knowledge.
Money is the second most important ingredient for your internet business success. While you do not need a big budget and I offer a free tutorial about how to start an internet business on a shoestring (see end of article), you will need some money to get started effectively.
Patience is another key ingredient for business success. As I mentioned before, it takes time to learn what you need to know (and after seven years in this business there is still a lot I have to learn) and then it takes time to put those strategies into effect. Even more than that, it takes time for your new strategies to begin to work for you. While most of us come to expect immediate results on the internet it does take time for search engines and visitors alike to notice when you make a change to a web site or blog. Many internet entrepreneurs lose patience just when they are on the cusp of success. Most people who fail at an internet business simply did not possess enough time and patience. Most people who succeed at online business did so by sticking it out.
Passion is an often overlooked element of success. One of the ways people work through the early learning and tough times is that they are passionate about their business. This is why so many gurus suggest you start with a niche that already interests you. Not only do you not have as much to learn about that area but you will be able to be real when you begin promoting your business. You do not have to fake your enthusiasm and passion will carry you far.
Creativity is another must-have for the budding entrepreneur. Think outside the box and beyond what is immediately available in your niche. Creativity can help you start, build, grow and promote your business in terms of products and publicity and partners.
Finally, you quite simply need brainpower. You do not need to be the sharpest crayon in the box but you do need to be open to new ideas and willing (in fact eager) to learn. Never assume you know everything or that you cannot learn. Once you fall into either of those traps you are doomed.
If you possess these six key qualities: time, money (just a little), patience, passion, creativity, and brainpower then you can make a success of an internet business.
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Categories: Your Online Business Tags: ecommerce, Internet Marketing, make money, marketing, online business