The Business IDEA
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The Business IDEA
Your Source for the Best and Newest Thinking in Business
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Your new business is finally up and running and you feel like a kid in a candy store. You are happy, you have all your ducks in a row, and you feel ready for that first sale. Here are five things that you need to know in order to be successful in your business now and in the future.
It's About the Experience Businesses thrive on customers having a great experience when buying a product or service, so it's up to you to make sure that this happens for the people that you serve. Make sure that your customer's journey is a pleasant one every single step of the way. Providing a good experience for customers is important for future growth and success because these customers are going to be able to speak well of their experience with your business. They're also the customers most likely to come back repeatedly. The way you approach customers and communicate your brand can greatly impact your success. If you’re struggling with business growth, then you may want to examine your marketing strategy. Ultimately, customer experience is what will drive your business forward. Reputation is Important Being able to manage your online reputation is important if you want to have a successful business. Once you've established a solid customer base, ask these customers to review you on outlets like Google and Yelp. Also, you can politely invite them to send in video testimonials of their experiences with your business, which you can use for marketing on your website. By utilizing customer testimonials to manage your reputation, you'll be able to gain new customers faster because you have built a trust factor with your audience. If you're concerned about asking your customers for testimonials, don't be. Your customers will love to be involved in the process of your success and offer you their perspective on their positive experience in working with you. Your Mindset Holds the Key Some people say that the key to success is knowing how to make a sale. The true key to success is in your mindset. Your mindset holds the key to your ability to be able to market yourself well to your target audience. If you have limiting beliefs on how many sales per month you can make or how many clients you can work with in one year, then you'll see that come to fruition in your business. Train your mindset so that you're setting yourself up for success and eliminating limiting beliefs from the get-go. Your Business Shouldn’t Be a Replica of Someone Else’s It's very easy when you're starting out in business to play the comparison game. Especially if your business is a year old or younger. There may be people who have been in business at the same time as you and you see them and feel like they're crushing it with their sales goals and client testimonials and pretty photo shoots. The truth is, your business shouldn't be a replica of anybody else's business. Your business is a living, breathing entity of its own that is specific to you and how you operate and who you serve. Don’t try to copy someone else. Be at Peace with Failure While you may feel like failure is one of the worst things that can happen in your new business, that could not be further from the truth. Use failure as a stepping stone to learn what you need to know to run your business successfully. Everything in your business that doesn't work out the way you expected it to has a solution on the other side of it. By using these five things as guideposts in your business, you're setting yourself up for success and less frustration when failure hits. Want more ideas to help you succeed in business? Read all about The Business IDEA today!
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The critical factors for success for female entrepreneurs
Women are starting businesses at a record pace — motivated to pursue passions, financial independence and the flexibility that eludes most traditional jobs.
(BPT) - Women are starting businesses at a record pace — motivated to pursue passions, financial independence and the flexibility that eludes most traditional jobs.
In the U.S. alone, women entrepreneurs generate $1.1 million in revenue on average across retail, professional and personal service businesses that have operated for 11 years. This stat comes from Visa’s new ‘State of Female Entrepreneurship’ report, which informed their recently announced program, She’s Next, Empowered by Visa, a global initiative to support and champion women in their efforts to grow their small businesses. That’s powerful stuff, highlighting the important role women entrepreneurs play in the prosperity and economic development of local communities. The typical entrepreneur is 42 years old and earns nearly $110,000 in household income a year, making a profound difference in building and supporting families in the community. Clearly, female founders are coming into their own. In fact, the Visa study found that 79 percent of American women entrepreneurs feel more empowered now than they did five years ago. Still, key challenges exist: 73 percent say funding does not come easily, and nearly 2/3 use their own funds to get started. Assembling a good team, finding the right tools and dealing with competitors are among the biggest challenges keeping women entrepreneurs up at night. For any entrepreneur, it can feel like there’s never enough time or resources to grow a business. To help other entrepreneurs and based on insights from the ’State of Female Entrepreneurship’ report, Visa polled four areas women entrepreneurs focus on to turbocharge success: Find mentors: More than two-thirds said they wanted advice from fellow entrepreneurs. Relatable role models and mentors are invaluable when you’re making the leap to starting or building your own business. Find your feet: Strategy development is critical for women starting up their own company. Assembling a good team was a challenge encountered by 37 percent of women founders. Other challenges include: finding the tools to grow and manage their business (36 percent), competition (36 percent) and growing as quickly as they need to (33 percent). Have a plan and pursue your vision. Gather capital to invest in your business: Cash flow is the lifeblood of any business. Respondents cited profits and revenue growth as the top two priorities for improvement. Thirty-two percent of women would direct additional funding toward newer technology. Put in overtime: When building a business, time is precious. Given the investment and high stakes that come with the territory, it comes as little surprise that a majority of women entrepreneurs (56 percent) are putting in more work hours than before they started their business. If you’ve joined the ranks of female entrepreneurs, find support and resources by signing up for the Female Founder Collective, and visit She’s Next, Empowered by Visa where you can download and print a toolkit with tips and advice to help build and sustain your company.
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Be Your Own Boss
Entrepreneurship is alive and well, even if the face of small business is evolving with the times. Autonomy in management and making dreams a reality are the reasons most cited by entrepreneurs looking to open a small business. This action plan can help you get you on your way to launching a successful start-up.
Be Your Own Boss
7 tips to help you launch a successful business(Family Features) Entrepreneurship is alive and well, even if the face of small business is evolving with the times. Autonomy in management and making dreams a reality are the reasons most cited by entrepreneurs looking to open a small business. However, how Americans are choosing to open small businesses is where there may be a shift. “Consumer habits are changing,” Pittaway said. “That’s forcing Americans to consider how they open small businesses, whether it’s focusing more on e-commerce than actual store fronts or focusing on selling to a local community or region instead of a broader national audience.” Starting Your Own Start-Up “We understand the challenges of small business owners and offer products and services designed specifically to help and support small businesses,” said Tim Davis, president of The UPS Store, Inc. “Small business owners are unparalleled in their passion for their businesses, and understanding that aspiration is critical to running a successful small business.” This action plan from the experts at The UPS Store can help you get you on your way to launching a successful start-up: 1. Analyze your target audience. 2. Determine a legal structure. 3. Establish your premises. 4. Determine your budget and expenses. 5. Develop a business plan. 6. Set up a marketing plan. 7. Be competitive. With a carefully structured action plan, you can turn your start-up idea into a successful business. Find more tips for your small business at TheUPSStore.com. 
Pitch your small business like a ProWhen you’re launching a small business, there could be any number of reasons you may need to pitch your idea. You may be courting an investor, recruiting talent or even starting to market your product or service. Brevity is often essential, so learn how to concisely pitch your business like a pro with these tips: Draw out the essentials. Reduce your pitch to a few digestible bites. Make sure you have an intro that is brief enough to get someone’s undivided attention then elaborate on your points, such as your top competitive advantages, and provide more detail about your business as a whole. Come to entertain. Add an entertainment factor to make your pitch engaging and memorable. Of course, you need substance to go along with style, but keeping your audience focused and doing something to stand out is essential. Anticipate questions. Prepare yourself to reassure concerned investors and flesh out subjects you may have kept brief for your presentation. Make sure to practice your answers so you sound confident. Grabbing attention is important, but you need to be able to back up your spiel. Know your audience. This is the cardinal rule of communication. Make sure you do your homework and know who you are addressing. This shows you value your listener’s time and feedback. Furthermore, insight about his or her philosophy in doing business can be extremely valuable during a pitch. Practice until it hurts. Take the time to practice your entire pitch, including answers to likely questions, until you know it inside and out. The more comfortable you are, the more likely you are to win someone over in a meeting. Have the materials to back it up. A written document is your chance to leave a lasting impression and elaborate on your major selling points. It’s also a chance to show your professionalism, so be sure to proofread carefully and package the information for a polished presentation. Find more resources to help get your small business off the ground at theupsstore.com/smallbiz. Photos courtesy of Getty Images SOURCE:The UPS Store KEYWORDS
 Are your prepared for the new passenger economy? (BPT) - A hundred years ago, few thought that the clunky automobile that broke down so often would ever replace a horse. In the 1970s, people wondered if the personal computer that a few eccentrics were using would have any use beyond storing recipes. It’s safe to say that these innovations, along with many of the technologies we now use daily, were once considered impossible dreams. Right now, the most-talked-about piece of technological innovation that is poised to transform our lives is the autonomous or self-driving car. As self-driving cars gain widespread adoption, analysts are predicting the rise of what is known as the passenger economy — a term coined by Intel — that is expected to be worth $7 trillion by 2050 as validated in a new report by analyst firm Strategy Analytics. Seven trillion dollars is a lot of money! A decade ago, people couldn’t fully imagine the way smartphones would give rise to the app economy. Today we are at the threshold of something equally momentous — that’s why entrepreneurs and investors are now beginning to imagine the economic possibilities tied in with autonomous cars. The following are five big areas of opportunity that will unfold in the passenger economy era.
The advent of the passenger economy will contribute to a safer and more efficient world. Those who can imagine and anticipate the coming changes will be in the best position to get the most out of it. |
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