How to Develop Solid Online Business Foundations to Maximise Profits Today and Tomorrow

Get Skilled Up! When you are learning about how to become successful at something new, whether it is making money online, windsurfing or anything else, you need to learn new skills. You can’t apply your skills in fishing to windsurfing but you could apply some skills learned through skateboarding. In the same way, when you are learning to make money online you can’t necessarily transfer your entire current skill set from your current job into your new online business but you could apply some of your existing web and computer skills to help you get a head start. With that in mind, we need to accept that we are going to need to take the time, with an open and enquiring mind, to learn some new skills and a new body of specialist knowledge.

Einstein said that the definition of insanity is to “do the same thing again and again and expect different results”. So it is when you are starting out. If you are going to be successful online you must not be hostile to the new ideas, techniques and concepts that you will be exposed to.

Are You Ready? Another old saying states that “When the student is ready, the teacher will arrive”. As a newbie you must be ready to seek and accept the wisdom of those that have been there and done it before you. With that said, bear in mind that there are many charlatans out there promoting poor opportunities who just want to take your money and give nothing in return. Choose your mentors and teachers carefully. Are you ready to leave your comfort zone? The comfort zone is where you can quite happily (or miserably) carry on doing what you have always done and get the same results (good or bad) that you always got. In order to develop as a business person and a human being (I hope that you are both) then you need to push yourself to achieve more than you have before. You need to be seeking out new ideas and opportunities and be willing to fail as you learn. Don’t be afraid to fail your way to success.

How To Choose The Right Mentor For You. It should be obvious by now but you may not realise that with such a lot to be learned when you enter any money-making opportunity you have to make sure that you find a great way to learn it quickly and effectively. There are many people out there offering an overnight success scheme but I would recommend that you steer clear of these alleged opportunities which are more likely to be scams than genuine opportunities. If it sounds too good to be true then it probably is. Find an individual or a company that you can trust, who has been there and done it if you want to increase your personal chances of success.

Take A Helping Hand. Almost everyone who is successful online today had to have a helping hand from someone in the very beginning. Every mentor has a mentor. Nobody just instinctively knew the best ways to make money online when they came into the world. These things have been learned and developed over time by many people before you so don’t miss out on the chance to learn the lessons of the past and implement them to ensure your future success. The internet is still relatively young and there are still an incredible number of opportunities out there on the web for people to make money.

In this article you learned about the essential attitudes that you must develop in order to be successful online and how to select a good mentor and training programme.

Laying Your Business Foundation: Where to Find Customers? – Part 5

This is a short and precise series filled with suggestions about Where to Find Customers? Again, if you have not read the previous articles I encourage you to build on the previous lessons of this series before reading the current issue.

You’ve asked yourself hundreds of times, where are the customers? Entrepreneurs and business owners alike has posed this one particular question more times than any other question. My response to that is, they are everywhere and the primary reason you haven’t noticed is because you are not actively looking for them. Case and point, how many people did you pass today? Start with this number then add the previous weeks so on and so forth for the past month. If you’re honest I would guess hundreds maybe thousands of people who probably need your service or product but you did not bother to share what you have to offer.

Locating customers is much easier than you think. Let me expound further. Most entrepreneurs and business owners or a staff member will frequently visit the post office, office supply stores, courthouses and other businesses where people are gathered. On average you will personally come in contact with a minimum of 15 people per day times 365 days per year equals 5,475 potential customers. Now multiple 5,475 x 2% = 110 customers. Notice I said customers because 2% is your conversion rate. Not only will you meet customers personally but via the internet, telephone and referrals are potential customers too. Factor these prospects with the others and watch how easily your pipeline fills up.

For illustration purposes, multiply 110 (which is the number of customers) X $25 (your average sale price) = $2,750 (the amount added to your bottom line). See all the money what you’ve been passing.

Let’s Begin…

Have in mind who is your ideal customer. In essence, know your targeted audience. Your ideal customer may or may not be the person you encounter on a daily basis but they may know someone who is your ideal customer; therefore, always treat everyone with genuine courtesy and respect. People will remember how you made them feel longer than what you said to them.

Make it your mission to expect five new customers per day than increase this amount to whatever number of customers you want in your pipeline. Remember, without customers your business will definitely derail and you will be responsible for getting everything back on course. Avoid this at all cost, the reason being it is time-consuming to convince your regular customers to come back without jeopardizing your relationship with them. Winning back regular customers will cost you more because they will expect something greater than what you originally offered.

So the next time you are at the grocery store, shopping mall, movie theater, doctors office, parking lot, restaurant, sporting event, music festival or any place where people gather, have a business card or pamphlet about your business to leave with your next customer.

Word of Caution. Never leave any of your business materials with other businesses without their permission. By doing so you are showing them respect which they will remember your professionalism and probably send you several referrals.

This is enough information to point you in the right direct to finding customers.

Until Next Time! Stay tuned to “Laying Your Business Foundation.”

The topic of discussion for the next article of “Laying Your Business Foundation – Part 6: Marketing Your Services or Products.

Building a Solid Business Foundation for Financing

The single most important thing a business owner can do for their business is to build their business to sell it.

Sell it you ask?

Yes. Build to Sell.

Every decision a business owner makes should be based on that thought. If an entrepreneur can base their business decisions with that underlying idea (in terms of financing), they will be set up for long term success.

The lending institutions base their acceptance or declination on one thing.

Is the business an attractive lending risk.

There are 20 key points every business owner must have in place to be approved by financial institutions when their underwriting team is determining to approve or decline a loan app. Many of these are small, seemingly meaningless ideas. However, lets take a look at it from the eyes of the lenders.

Banks and lending institutions get so many applications from business owners who, quiet frankly, have no business applying for a loan. Their business is not set up to be lent to. The banks are not even viewing these entities as a viable businesses. So the first stage of getting past the computer guidelines is to have these in place.

Additionally, if you were to go to the bank and not have these in place, the loan officer would get a two digit code back from the computer system and all it was say was “Loan application declined.” Your loan officer, without investing some time into the issue, would not know exactly what you needed to do differently to be approved. The loan officers surely do not have the underwriting guidelines for their firm.

In this article we will examine the top three reasons business owners fail at business credit building and business financing.

The first is simply the business owner does not have all the I’s dotted and the T’s crossed in their business. Things like having an 800 number, being listed in the 411 directory, and having a dedicated fax line is a must to a business owner seeking financing. Many business owners I speak with are small businesses, who are just seeking their financing options. It’s impressive to see the amount of businesses that do not even have these first three steps accomplished. Remember, the goal here is to have your business look attractive on paper. In the eyes of a lender, if you do not have an 800 number it is suggested you own a “mom and pop shop” and are not setup for success.

Secondly, business owners have not started to build their business credit. There are right ways and wrong ways to go about building your business credit structure. In the eyes of the lender business owners who go out seeking to open revolving lines of credit and are turned down (due to reasons outside the scope of this article) it appears as though they are fishing for financing. It’s imperative to apply for the right types of credit lines and being approved for those lines when establishing your business credit from the get go.

Thirdly and most relevant to most entrepreneurs: they have not separated their personal liabilities from their business. It’s important for a business owner to have good receivables in his/her business. But, and what’s equally important, is that business owners personal credit is not tied to the business, in any possible way. There are two reasons why you’d want to separate yourself from your business. If something happens to your personal financial situation, you do not want that to be the reason your business is unsuccessful in obtaining financing. Secondly, should something happen to your business, you do not want that to affect your personal credit.

The Importance of Building a Solid Business Foundation For the Long Term Success of Your Business

Everyone who starts a home based business is looking to achieve success but no one ever thinks about the long term success that you can have if you are simply willing to dedicate time to building a solid business foundation. This means that you’re going to put time and effort in the beginning in order to make sure that you do things right no matter how long it takes because you understand that in the long run your business is going to be strong.

The one thing that you do not want to happen is that you rush into the whole foundation building of your business only to have it crumble in the long run when you are least expecting it. So you can see that building a solid business foundation is very important and there are specific ways to go about it.

One of the basic things that you have to make sure you do in the beginning is to make sure that you get into a business that’s going to be legit and that is going to stick around for quite a long time. This is business foundation building 101 because if you join a business that is not legit you can be certain that is not going to stick around.

Another thing that you must make sure you have in the beginning and always have is integrity. This is very important because usually people who are able to achieve success lose their way and forget about having integrity and just focus on making money. So just don’t forget where you came from and always stay humble to your success.