Keys To Success: Working On Your Business Keys To Success: Working On Your Business

Michael Gerber in The E Myth Revisited shows the path to small business success is, in the long run, working on your business, not working in your business. For most of us self-employed business owners, entrepreneurs and solo professionals we start out by working in our business.Working in your business is about being the technician. Or, it can be about being the manager. You create or produce the product or service from start to finish. You are also the manager of all the work. That’s the way most of us start. We are both the manager and the technician. Yet, to have true success you must move from primarily working in your business to a mode where you are working on your business.Working On Your Business
Working on your business as opposed to working in your business occurs when you are able to step back and do the following:
Recapture and refine your entrepreneurial vision
Create plans, such as a marketing business plan for future growth
Define your vision of the future and set goals where you will measure yourself and your progress.
Working on your business is about you being the leader. It is not about you always being led by circumstances and things. Working in your business is about reacting to whatever comes up. Working on your business is planning for what is to come and how you want to respond to it.Working On Your Business-Create Processes
One of the first steps to having more freedom and growth is to create the processes for future growth. It is impossible to work on your business if you have to be involved in every facet.Start the process of working on your business by writing down the processes. I know this sounds tedious. But, if you want freedom someday to work on your business you must do this.Your processes are your foundation. Also, your business processes are the template that others can follow as you grow. And that takes us to the next step.Working On Your Business-The First Employee
With your processes in place you are positioned to hire your first employee. This can be a tough hurdle emotionally and mentally for many small business owners. Having a written process, even for the simplest things, is the first step to creating a job description. A process also provides the most critical aspect to hiring success, accountability.With accountability you have control. You have control to where you have check points in the process and can step away from the process and be working on your business.As a personal business coach I see the first employee as a right of passage to working on your business. I also see it fail, more often than not. Why? The small business owner feels overwhelmed and the response is to hire someone to relieve the load.Unfortunately, there are no written processes and the job description is general. In other words, there are too many gaps. Too much is left up to the creativity, or lack thereof, of the person you hire. And the results, more often than not are not good.Work On Your Business-Be Specific
Whether you are running a small business or starting your own business the simple fact is that there are numerable times where you will feel overwhelmed. This is normal. It comes from working exclusively in your business.In business performance coaching to put clients in a position to work on their business I want them to be very specific. Generalities don’t work. They leave too much room for error.Imagine if someone hired you to do the pole vault. They hire you because you have athletic ability. They give you a pole. You have a bar in front of you. They have given you the tools and now they expect you to jump over the bar.In personal development coaching I have seen most people fail in this situation because of lack of specific techniques to achieve what is desired.This is the way most small businesses hire. They want an employee. But when it comes to specifically how the employee is going to achieve the desired result the directions are missing. As a result, in small business hiring there is huge turnover and a loss of productivity for the business.Start working on your business today. Refine the vision that first captured your imagination. Create the processes to fulfill your vision. Be specific in what you want and do. When you start working on your business you move from being a wandering generality to a meaningful specific and to greater growth and success.

A Profitable Business Idea and Marketing Research

The task of coming up with a profitable business idea can be very daunting. Setting up your own business requires you to think rationally and thoroughly so as to plan and make key financial decisions. You should have a written business plan. There are many already existing business opportunities that you can choose from. Therefore, being an entrepreneur doesn’t necessarily imply that you Must come up with a new unique business idea.There are many advantages of choosing an already existing business to start your business from. The main advantage is that the existing business opportunity has been already in the market therefore its products are already selling. You’ll not need to spend a lot of money in marketing the products because they have customers who already exist. Your task is to find the best strategic location where you’ll locate your business and also raising the amount of capital required to start and run the business.You must ensure that you meet all the requirements including legal procedures before you start operating your own business to avoid breaking the law and being penalized. You should bear in mind that starting a business by using or improving an already existing business doesn’t imply that it will be profitable. It is either that it will be making profits each year or hardly making any profits.It is upon you to make a decision whether to start from scratch by coming up with your new profitable business idea or look for an existing business idea to adopt. It takes a great idea for one to come up with a new business idea that is profitable. However, a business idea that is profitable in the present time cannot remain to be profitable throughout. It will reach a time that it will face stiff competition as a result of new technology, new superior substitute products or other factors that will make its profits to decline.As an entrepreneur, you have to be aggressive and innovative. Innovation of entrepreneurs doesn’t necessarily imply invention of a product but it also implies coming up with new ways of reducing costs and improving the existing products. You should take risks by investing in profitable business opportunities you come across.Do not focus on profits alone if you want your business to succeed but you should be customer oriented. When you’re customer oriented you’ll satisfy the tastes, preferences and expectations of the customers. You should not operate the same business throughout without improving the quality of your products and finding out from customers what they want your products to do for them.What You Should Know About Making ProfitsYou should have a clear view when it comes to making profits before you start your business. Your business will fail if you miss to apply the objective of earning profits. Entrepreneurs are not supposed to focus on the objective of maximizing profits only. Focusing solely to maximize profits will lead an entrepreneur to charge a higher price for his products, exploit employees or produce products that are of low quality. An entrepreneur who solely wants to maximize profits will never make his business to be successful. The enterprise that is coldly and solely motivated by the making of money seldom fares well in the long run~By Apply.However, this is not to say that entrepreneurs should not make profits. Entrepreneurs should focus in satisfying customers and making adequate profits to cover all costs incurred i.e. making adequate profit to enable the survival of the business. The problem of any business is not maximization of profit but the achievement of sufficient profit to cover the risks of economic activity and thus to avoid loss. But whether it is the motive of business to maximize profit is debatable. However, it is an absolute necessary for the business enterprise to earn at least the profit required to cover its own future risks and enable it to stay in business and maintain intact the wealth producing capacity of its resources~By Prof. Peter Ferdinand Drucker, the world-renowned consultant of management.Marketing ResearchMany upcoming entrepreneurs face the problem of product failure. You should keep on changing your marketing strategies and improving your products so as to satisfy your customers fully. You should not guesswork that the products you’re intending to sell will be purchased. You should find out facts in the market if your products will be purchased.Nowadays, marketing research is vital. Why? It is because consumers know what they need and want thus you should find out from them by conducting a marketing survey. Marketing research will also help you to know if the business you want to start will be profitable. To avoid the risk of your business failing, you should find out;1.) If the products you’re intending to sell are needed in the market.2.) The place where most potential customers are in order to locate your business near them.3.) The expectations of potential buyers. Find out from potential buyers what they want your products to do for them.4.) The purchasing power of the customers so as to make your products affordable. This will help you to know the quantities you should pack your products. Customers with a higher purchasing power will have the option of buying the products that are packed in large quantities e.g. 1Kg, 5kgs, 10kgs, 20kgs etc. On the other hand, customers with low purchasing power will have the option of purchasing your products that are packed in small quantities e.g. 50gm, 100gm, 200gm, 500gm.5.) If the business you intend to start has competition so as to find your own unique selling proposition to beat your competitors.6.) The size of the market for your product so as to know how much products you’ll produce and the amount of capital to invest.You should take a step in widening your horizons and in taking your time to search for business opportunities. Read widely business magazines, business management books and other business publications. You should make your business to be the best choice in the market by satisfying your customers, gain loyalty of your customers.

Belonging and Benefiting in Business Networking

Business networking is a common phenomenon in the world of entrepreneurs. They are built for businesses to come together essentially to share business referrals and other business opportunities to one another in a more personal manner, in meetings they can have outside the circle.A friend in college, after graduation, said that finally she feels the importance of belonging to a sorority. She said that in finding a job, she has it easier because her sorority sisters serve as her connections to companies they work in. Well, there is a concrete example of the perks one gets in being a part of a group aside from personally carrying your group’s identity with you wherever you go. Of course, it would be better if your group actually has an established name. But that’s another story.Business networking is a common phenomenon in the world of entrepreneurs. They are built for businesses to come together essentially to share business referrals and other business opportunities to one another in a more personal manner, in meetings they can have outside the circle. Because of such networks, businesses can have strong connections with each other when the need to expand arises or when there seems to be trouble in achieving goals. Through this system entrepreneurs extend their help to each other and at the same time establish important relations that could help each member prosper. Being a part of business network group is also a cost-efficient way to gain support from the business community while having people back you up in the promotion of your products and services. Some businesses need other business’ products and services, through networking businesses can find their best partners hence deals can be made without fuzz.Since businesses have taken over the internet, so do business networking websites. Business networking sites are useful for any online business because through them business marketing or the facilitation of the sale of their products or services happen. It’s like a social network for businesses where transactions in sale take place. Online are an array of websites a business could choose from and they offer different benefits and prizes for their members. However, the effectiveness of this system is one thing they have in common. There are also perks in joining business networking sites.Any online business networking groups can provide discounts for its members when they avail of products from their co-members’ businesses. Also, benefits of joining include free memberships and a chance at their lotteries where incredible prizes are up for grabs. In other words, being a member of any business networking group through websites gives entrepreneurs of different standings, whether they be small or large-scale, an opportunity to widen their horizons in the world of business by creating networks where discussions are held, products endorsed, clients exchanged and deals made. These are aside from the other personal benefits included where any member could avail of.Just like in joining any kind of group, there are some things to consider. But since doing business had always been a serious matter, entrepreneurs should have an extra critical eye out for business networking groups and their fancy websites which are attractive but the actual services offered don’t say much. It is of great importance to build a name in the world of business, it is as important as having loyal clients and promoting your products and services. However, doing business is tough work more than anything else, and to achieve a good place among other businesses, you should have for yourself a reliable network.