This week on Scotch O Clock we discussed How Entrepreneurs Choose the Right Business.
We understand how important it is for Entrepreneurs to start the right business as unfortunately we already know many start up businesses fail within the first couple of years if certain factors aren’t taken into careful consideration.
As we deal with alot successful entrepreneurs we know business owners struggle to decide How to start the right business for them.
This week we decided to address this topic in Scotch O Clock! We wanted to give you a breakdown on how to choose the right business for you and what you must take into consideration when choosing a business.
We we’re joined on Scotch O Clock by the Successful Entrepreneur; Tom Martin who is the owner of a diversity of businesses such as Parkerville Tavern and The Blue Marron Farm. We knew Tom would be a great guest to have on the show to discuss this topic in detail and for him to give his expertise opinion on How To Choose The Right Business.
Featured Whiskey: Tomatin 2004.
Topic Covered: How Entrepreneurs Choose the Right Business.
Tune in for Scotch O Clock Episode 48 by Clicking on the video below:
*Please note we had a few sound technical difficulties in this episode*
Scotch Intro: Tom Martin 2004: 0:22
Topic of Scotch O Clock: How Entrepreneurs Choose the Right Business for them: 1:00
Tom Martin discussing How Entrepreneurs Choose The Right Business for them: 1:50
Management in Business: 3:39
Tax Structure in Business & Why Planning is crucial in business: 3:54
Whiskey Tasting: 9:45
Scotch O Clock Summary: 10:00
We Hope you enjoy this Episode guys and remember to please comment and share this video to help Entrepreneurs wanting clarity on choosing the right business for them.
This week we took Scotch O Clock to Perth Airport as Frank was travelling to Melbourne and we didn’t want you to miss and episode of Scotch O Clock.
Featured Whiskey: Perth Airports not so good whiskey.
Business Topic Covered: Planning
Scotch O Clock Episode 42 at Perth Airport discussing Planning Business.
Topic Intro: Planning in Business: 1:36
Planning on moving in Business: 2:18
Frank’s advice on Planning: 4:07
Scotch O Clock Summary: 5:55
We Hope you enjoy this Episode guys and remember to please comment and share this video to help those in regards to making sure they are Planning in their Business.
For more information on how we can help you in your business click on the Green Button Below.
Most marketing experts will tell you that you need select a niche or a target audience. That you can’t just market to “whoever is paying attention” and be successful.
Why is that? Think about it this way: if you are having a conversation with a total stranger, how do you know what to talk about? Unless you are able to find some common ground, the conversation will probably be short-lived.
Because neither of you have an understanding of the other, you must find a way to make a connection to involve each other into the conversation.
The same holds true for marketing. You must make a connection with your audience if you want them to pay attention and stay around to find out what your product or service is all about.
And, in order to make a connection, you have to know something about them. You have to know what problems they have that you can help to solve. You have to understand them.
That is why it is so important to select a niche or clearly defined target audience. Because once you’ve selected a distinct group of people you believe you can best help, you can research them so you begin to understand them.
Then and only then can you really communicate effectively with them. And that’s what marketing is; communication.
But once you’ve identified your target or niche, you must also be able to find and market to them.
The first step in doing that is to define them more specifically. How?
My suggestion is to ask yourself the following 10 questions to help develop a very clear description of your target. Then it will become much clearer to you where you can find them.
You may need to make some educated guesses when answering these questions and that’s okay. It’s a start and you can always refine your answers as your business grows and you begin to understand your target more.
You can apply these same 10 questions to your business or niche, regardless of what they are. They are universal questions that apply to any type of business or target audience.
- What is their primary problem you can help solve?
- Are they primarily male or female?
- How old are they?
- Where do they live? What type of community or neighbourhood; urban area; suburban area? Also, do you have any geographic limitations (real or self-imposed) regarding where you can market or deliver your services or products?
- What type of work do they do? And where do they likely work? Their type of business as well as geographic location.
- What is their socio-economic status or annual household income?
- How do they spend their leisure time?
Do they belong to a gym or health club? Do they go to the movies or out to dinner frequently? Or, do they have young children and spend their time at elementary school functions, family picnics, children’s birthday parties or weekend soccer tournaments?
- What is their family structure or home environment?
- Do they belong to any associations or professional organizations?
- What are their media habits?
Do they read the newspaper or magazines? If so, which ones? Listen to the radio? If so, which formats do they likely listen to? Do they watch TV? If so, which programs do they likely watch? Do they spend time on the Internet? If so, what kinds of web sites do you think they are visiting? Where do you think they are currently getting their information about health and wellness? These are all potential places to reach your niche with your marketing message.
Answer each of these 10 questions to the best of your ability. Talk to current clients to get insights. Or, talk to friends or colleagues who fit your client profile to gain a better understanding of who and where they are.
Once you build this target client description, you’ll have a much better sense of where you can find them.
The next step is putting together a marketing message that speaks directly to them and what they are dealing with. The more you understand them, the more you’ll be able to craft a message that will hit home with them. That message will become your magnet, attracting the people who you can best help.
For more information on how we can help you in your business click on the Green Button Below.
How do you define selling? A lot of people think of selling as persuading/convincing people to buy things they may or may not want or need. To some, selling is all about closing a deal. Thinking of selling like this is not very empowering to you. Frankly, if you have this perspective on selling, it’s no wonder if you hate it. I would too!
So what perspective can you take about selling that will make it enjoyable, exciting and something you look forward to? Sounds like a bit of a tall order doesn’t it? Read on.
Hopefully by now, you have made the list of all the problems that you can solve for your target market. You’re going to be surprised how long that list grows over time. So really, if you look at your list and you think about it, you are a master problem solver. What you’re really doing is helping people. Correct?
So try on this perspective about what selling is: Selling is helping people. Selling is serving. Selling is a process of identifying and solving people’s problems.
See, feel and know that selling is serving. This will cause a big shift for you. With this perspective, you will really become passionate about wanting to help people. Find this passion and let it shine through.
It is your purpose, your moral obligation, to have as many sales conversations with people as you can so you can help as many people as possible. If you’re not having these types of sales conversations, you are holding back the gift you have to offer the world. You owe it to people to be there for them with your expertise and wisdom.
Next time you’re talking to a potential client, think about how you can help them, how you can serve them. Forget about trying to sell them something. If what you have to offer does solve their problems, and you facilitate the conversation using the strategies we are covering, people will sell themselves and will subsequently buy from you.
If you have a perspective on selling which is one of service and helping people, how do you think the people you’re talking to will feel? Think about this: people hate to be sold. The minute they feel they’re being sold, they often want to get away – fast. Don’t you? On the other hand, if they feel you are sincerely trying to help them solve their problems, they will relax and open up to you.
If you have a perspective on selling which is one of service and helping people, how do you think you will feel? Does energized, excited, relaxed, and natural come to mind?
This perspective is simple but powerful and very attract-tive to clients.
For more information on how we can help you in your business click on the Green Button Below.
Have you ever wondered how multi-national companies like McDonalds, Coca-cola, Microsoft, Apple, Intel, Motorola, Sony and UPS came up with their names? Just think, if these companies have some lame or forgettable brand name, would they be as big as they are now? Every company starts out by thinking of a name. A law firm, for example, commonly uses the names of its associates, like Smith, Johnson and Brown Law Firm. The name of a woman’s speciality shop should be something sensual and exciting, like Victoria’s Secret or Bare Essentials. A clothing line should boast the popular designer’s name. Corporate branding does not just involve the company name. It also includes the corporate logo design and the overall company image. More importantly, it conveys your corporate identity. When you think of computers, Microsoft comes to mind. Toothpaste equals Colgate. Coming up with the perfect brand name that will stick to the consumer’s mind is as important as coming up with the finances to start a company – be it big or small.
- First Impressions Last
When you distribute a business card, see what dominates that small piece of paper. Brand names and logos. Bland brand names never work. When you think of a name, follow these rules:
– Be original.
– Do not be overly creative – business cards must be functional. Sure a uniquely sized/shaped card might generate interest but it’s very hard for a secretary to file in a business card rack.
– From your options, choose one that has a global appeal.
In today’s global marketplace, a brand is considered as a valuable corporate asset and a marketing tool for success. Thus, you should always give careful consideration to different cultures if you plan to conquer a worldwide market.
- The Simpler The Better
When creating the company logo, it is much more advisable to be creative and distinctive. The more conservative designs apply to a target market of the same kind. If you apply the same concept to a company whose customers are supposed to be young and hip, they will fall asleep as soon as they hear your brand name and see your logo. With a younger clientele, it is best to be energetic and creative when thinking of corporate naming and branding.
- Brand Name Equals Image
With the Internet being considered as the most powerful marketing tool, it is very important that your customers remember something distinctive about your company. Give out a clear picture of the message that you want to impart and the image that you want to project. Strong graphic design is the ace up your sleeve to leave a lasting impact of your company.
- Be Consistent
Corporate branding takes time. It includes your company name, your logo, your customer service, the staff, the building location, the state of the offices, even your maintenance staff and the company vehicles. As years pass, your company develops a certain reputation. It is a good thing if, upon hearing the name of your company, people would immediately associate it with the service or product that you represent. Make sure that you stick to the corporate image that you want to project.
- Create A Powerful, Branded Web Site
Marketing though the Internet is yet another aspect of corporate branding. You should develop a distinctive, informative and complete web site. This is so that customers would have a clear understanding of your company profile.
- Research, Manage, Dominate!
Try visiting websites which offer corporate branding and advertising services. Better yet, look for the people behind the big companies and ask or research on how these establishments have gotten to where they are now. check on their corporate structure and how they began. Make sure that the people who make up the corporate ladder have enough enthusiasm and confidence about the company which should rub off on the rest of the staff. It would never hurt your company if you have a good personnel attitude and an intense pride of work.
The “spark” for many entrepreneurs is seeing an opportunity that doesn’t yet exist. Ted Turner, for example, launched CNN because he perceived that people wanted more television news than they were being offered. It took a lot of patience on Turner’s part to realize the vision, but he had read the market in a way that few “experts” did at the time.
In realising the promise of CNN, Turner demonstrated another facet of the entrepreneurial spirit, persistence. There are a lot of bright ideas that never reach fruition; taking a “raw” idea and converting it into a successful business model is very hard work.
And that work never stops. No matter how innovative your idea, the competition is always just behind you. With anything less than constant creative effort on your part, they may not stay behind you.
Are you still with me? Here is where I reveal why everyone isn’t an entrepreneur:
No opportunity is a sure thing, even though the path to riches has been described as, simply “…you make some stuff, sell it for more than it cost you… that’s all there is except for a few million details.” The devil is in those details, and if one is not prepared to accept the possibility of failure, one should not attempt a business start-up.
It is not indicative of a negative perspective to say that an analysis of the possible reasons for failure enhances our chances of success. Can you separate failure of an idea from personal failure? As scary as it is to consider, many of the great entrepreneurial success stories started with a failure or two.
Some types of failure can indicate that we may not be entrepreneurial material. Foremost is reaching one’s level of incompetence; if I am a great programmer, will I be a great software company president? Attitudinal problems can also be fatal, such as excessive focus on financial rewards, without the willingness to put in the work and attention required. Addressing these possibilities requires an objectivity about ourselves that not everyone can manage.
Other types of failure can be recovered from if you “learned your lesson.” A common explanation for these is that “it seemed like a good idea at the time.” Or, we may have sought too big a “kill;” we could have looked past the flaws in a business concept because it was a business we wanted to be in. The venture could have been the victim of a muddled business concept, a weak business plan, or (more often) the absence of a plan.
When small businesses fail, the reason is generally one, or a combination, of the following:
* inadequate financing often due to overly optimistic sales projections;
* management shortcomings,
— such as inadequate financial controls, lax customer credit, inexperience, and neglect, and;
* misreading the market,
— indicated by failure to reach the “critical mass” required in sales volume and profitability, — usually due to competitive disadvantages or market weakness.
In a recent Wall Street Journal article titled “Why My Business Failed,” Ken Elias cautions that “even if the concept is right, it won’t fly if the strategy is wrong.” Still, on being asked whether he would start another business today, he answers: “Absolutely. The experience is fabulous, exciting and the possibility of success is always there.”
Creating a successful and profitable business is no easy task. It’s reliant on many outside factors, including competition, timing and demand, which you have very little to no control over at the beginning. Assuming all of these outside factors are in your favor, having a sound business plan can lead to having a successful business. Here are five steps to consider when you’re building your business from the ground up:
1. Determine your business. What are you selling?
This question isn’t as easy to answer as you may think. For example, Nike is in the sportswear business, but the truth is that when you buy a pair of Nike shoes and a t-shirt at the mall you’re buying a lot more than sportswear — you’re buying an image, a feeling. You’re buying the Nike brand. Richard Thalheimer, the former CEO of The Sharper Image and the founder of RichardSolo.com, has worked in specialty retail for more than 30 years. When asked what business he’s in, he’ll tell you “convenience” or “innovation” before he specifies any particular industry, and he’s built one of the most powerful brands in America. Keep in mind, there’s more to a product than, well, the product. Your brand is what sets your product apart from your competitor’s.
2. Select your market. Who are you selling to?
This step is a bit less interpretive as the first, though equally important. Who are you selling to? or more importantly, what do you know about this person? Understanding your consumer is a key to success. What do they do? Where do they hang out? What do they watch on television? These are just a few of the questions that you should be able to answer about your consumer. Knowing the answers to these questions can answer a lot of questions of your own when it comes to a devising a marketing strategy. Richard Thalheimer understood his market for The Sharper Image, probably as well as they understood themselves. From an article in the LA Times, Tracy Wan, who was president and chief operating officer under Thalheimer says “Richard has the amazing ability to figure out the things that people want to have.” This ability to perceive your consumer’s desire can only be a result of knowing them like your neighbor.
3. Create a marketing strategy. How do you speak to these people?
This is a culmination of understanding your brand and your consumer. As mentioned in number two, understanding your consumer can answer a lot of questions concerning your marketing strategy: Where should you advertise? What’s the voice of your brand? What kind of prices are reasonable for this demographic? In order to engage your consumer, a.k.a. sell your product to them, you must know where your advertisements will be noticed, how to speak to them, and how much they will be able to spend, among many of things. Really, this step should have been combined with the last because who your market is dictates your marketing strategy entirely.
4. Learn by example. Seek advice from those who have done it.
There are many books written by professionals who have already started their own business and have been successful in doing so. One that comes to mind immediately, as we’ve already mentioned him a couple of times, is Richard Thalheimer. “Creating Your Own Sharper Image” shares the story of how he grew his tiny office supply company, The Sharper Image, into the thriving enterprise that it has become today.
Remember, building a successful business in not all about the dollars and cents. Equally as valuable is you brand equity and your ability to engage your consumer, which is only attainable by understanding them. Assuming there is a demand for your product, and you can compete with the other brands, following these four steps shall guide you in the right direction.
Grabbing opportunities with open arms is often easier to talk about than to actually do. Most people find themselves dreaming about being rich but never actually doing anything about it. A combination of procrastination and ‘what if’ syndrome can cripple your creative spirit and might mean your idea will never become a reality.
Socrates said “Action equals knowledge’. He was one of the greatest philosophers of our time. What he meant was that it is through action that we achieve results.
For example, you could think about learning Spanish for months, imagining the holidays you will take and the people you will communicate with. You can dream forever but accomplish nothing unless you actually make the effort to start taking lessons.
Much like the martial arts approach – the idea is to take action immediately and avoid over analysing the situation.
Do you want to start your own business but are afraid of what kinds of things can go wrong? What if your initial investment doesn’t pay off? There are millions of things that could go wrong but likewise there are many things that can go right! Fear can be paralysing. When thinking about starting a business particularly if you keep waiting for the right time. There will never be a perfect time. It’s now or never when it comes to starting your own business.
Overcoming your fear is a step by step process.
– Do you have a clear idea of what kind of business you want to start? A clear plan will help keep your worries at bay.
– Do you have access to the resources you will need? This includes the necessary start up cash as well as anything else you will need.
– Do you have access to clients or do you know enough about marketing basics to ensure you will have enough interest in what you are offering?
Just like anything – taking action is the most important part. Make an itemized list of what you feel needs to be done in order for you to start that business you always dreamed of.
Prioritizing your list will help too. Don’t wait for all your ducks to be in a proverbial row before you begin but make sure you have all the basics covered. Don’t wait for that ‘perfect someday’. Make an imperfect start.
Don’t over think everything. Sometimes the best approach is to just jump into the deep end.
Don’t wait to start discovering your own entrepreneurial spirit. Take action today!
Let’s face the facts… old-fashioned marketing tools aren’t going to keep your business a growing and prosperous entity in today’s marketplace. Hey, this month’s hottest techniques and information will be obsolete in six months. Now, I’m not saying that old marketing principals can’t be upgraded and incorporated successfully, but as a rule marketers have to stay on top of the latest marketing trends.
If you’re wanting to stay ahead of your business savvy competitors you’ll need to implement 3 tactics to stay one step ahead.
- Watch For New Advertising Methods
You never know what will work for you unless you take the time to experiment! Who knows? The next marketing experiment you test may be a million dollar idea. Keep your eyes peeled for the latest marketing news.
It never pays to put all of your eggs in one basket. Don’t neglect the tried and true marketing tools that have been successful in the past. Invest about 20 percent of your advertising budget and time into testing for new marketing strategies that will increase your profits.
- Spruce Things Up
Don’t get stuck in a rut. Yeah, you have products that have been successful for years, but what would happen if you gave them a “face lift?’ Would you attract new customers? Would your old customers enjoy the change? You’ll be surprised at what a new packaging will do for old product sales.
Sprucing up doesn’t have to stop with your products. A few minor changes in the store appearance can bring new life to your place of business as well.
The more products you have to offer, the more insulation you have against the decline in popularity of one particular item. Don’t go out on a limb, when you’ve got a good thing going. Look for products and services that compliment your current products and services.
Don’t let the speed-of-light changes in the market take your business under. Stay afloat with these proven tactics.