Small Business Startup

Starting and managing a small business is difficult. Do you have all that it takes to be successful in both the startup stage and the longer term?

In small business you are constantly subjected to mental strain.

You need to have a solid physical constitution because you may find yourself working greater hours than you ever did as an employee.

You need to handle uncertainty and anxiety and, if you make mistakes, you will need to accept the repercussions.

All that and no absolute guarantee you will even be successful!

The honest truth of the matter is that there are definitely many risks and rewards in regard to operating your own business.

You could start a small business and find two or three years down the track that your investment has gone up in smoke.

However, if you are actually suited to operating a business, you may find that it is one of the most amazing and fulfilling things you do in your life.

You can control your own destiny in a way that you never would as an employee.

If you succeed, you will have the satisfaction of carving out a place of your own in the business world.

And you may well find yourself wealthier than you otherwise would have been.

So, do you have what it takes to launch a small business?

Your initial step in becoming an entrepreneur really should be to evaluate yourself.

Can you accept the risks and the hard work? Are you the kind of individual who will be satisfied by the rewards offered as a result of running a business?

There have been a lot of studies of small business people that come up with different suggestions about just what makes them tick and what features they have in common that makes them successful in business.

They identify a number of very obvious things like; entrepreneurs as individuals commonly tend not to like taking orders-- they definitely prefer being their own boss; that they are high-energy people; that they are enthusiastic about their enterprise; that they have the tendency to be sociable-- which helps when it comes to marketing and selling of course; and they are self-contained and can work long periods in solitude and with no back up.

More than that, these people are resilient, can cope with rejection and failure and still come back for another shot.

They possess mental endurance and can exercise good judgment under stress.

They are firm decision-makers, but tend to act only after exhaustively examining all their options.

They are not gamblers - they will take risks, yet only after doing everything possible to maximize the odds in their own favor.

Now, that is quite a list of traits, but it's still only half the story.

The other half is motivation - is it so strong that it will keep you going through the most difficult times?

You might be driven by your own character to want to start your own business but other people are driven to start up their own business as a result of external pressures.

They may be discouraged by their employer's promotion policy, as an example.

They might feel that they are not really being paid according to their performance or perhaps their job may place excessive time constraints on them.

They may like to be in a position to determine when and where they work.

The main point to bear in mind is that not all motivations showcase the kind of active drive that compels successful business people - it's not as simple as just 'feeling' that it's right for you or even that it would be preferable to what you are doing currently.

Being half-hearted is no way to go into business - you have to be very driven to be able to put in the effort that will be demanded.

Once you decide that you do have what it takes to go into business, there are 5 things you will want to do to ensure you have the greatest chance of success.

1. Make sure there is a market for your product/service and develop your unique business idea. You should understand what you are going to sell, who you are going to sell it to and why they would want to buy it from you. To do that you will need to understand your market place, your customers and your competitors.

2. Assess the financial feasibility of your start-up by looking at your launch costs, your sales estimates, your fixed and variable costs and most importantly, how these numbers come together to identify your break even point.

3. Create a business plan that records everything you have discovered in the first two steps and sets out your business strategy for success.

4. Make up your mind how to you are going to finance your start up company and use the business plan to approach your selected financier.

5. Be aware of the legal prerequisites for starting a business and make a decision on what structures you will use to run the business venture.

All you need to do now is add the final ingredient of success-- the guts to make a start and implement your plan.

The entrepreneurial spirit is what makes our world a fantastic place to live, and I encourage you to follow your dreams for small business success, from startup to highly profitable business sale.

Craig Ridley is the Head Coach at YourBusinessCoachingClub.com - a web site targeted to business owners who are interested in increasing sales, improving profit, growing their business, taking their business online and creating personal wealth.

Membership of our free Online Business Coaching Club provides access to more than 5 years of business improvement ideas, business coaching modules, videos and workshops. Our coaching program is delivered online and designed to give you time to properly learn, plan and implement the business improvement strategies which will allow you to build a High Performance Business that delivers increasing profits, consistent growth and a better personal lifestyle.

Purchasing Business Insurance for the First Time? Things You Need to Know

Having adequate business insurance is primary to every business, regardless of its size, geographic location or product it offers. While running a business you need to deal with complex issues that may rise when your business is in operation. The most important ones are the risks associated with your business. You can reduce risks by purchasing a comprehensive insurance coverage.

If you are purchasing insurance for the first time, you need to be very careful as it can make or break your business. This article discusses things you need to know when purchasing business insurance for the first time.

Know how much coverage your business requires:

Before purchasing insurance for your business, you need to know how much coverage your business requires and for that you need to understand the severity of risks that your business may face. There are several factors that you need to identify and evaluate before purchasing insurance for your business. Assess the risks to your business to protect it from them.

Do thorough research:

Different businesses have different insurance needs. Therefore, before purchasing an insurance policy, you need to list the needs of your business and research thoroughly the type of insurance cover for your business. It depends on the size and nature of your business.

You need to check certain things before purchasing business insurance like the type of coverage that is ideal for your business, where to purchase insurance policy, etc.

Take the help of experienced people:

Insurance coverage required by your business is unique, so it should be tailor-made according to the specifications of your business. For that, you need to talk to experienced and knowledgeable people in the industry. Get their advice to get an idea on the several risks that may affect your business operations, so that you will have a clear picture in your mind on which policy to purchase for your business.

Basic things to look for in a business insurance policy:

As you are planning to purchase business insurance for the first time, you need to consider the basic things while purchasing business insurance policy. Make sure you look for options such as minimum liability, property coverage, stock and equipment coverage, auto coverage, business interruption, etc. You need to opt for primary coverage and create a check-list, so that you are sure you have enough coverage that suits your business needs.

Understand what you are buying:

Firstly, you need to understand what type of policy to buy and how it will help your business. There are several factors associated, including the risks of losses and liabilities while buying business insurance. You need to make sure that you are getting enough coverage for your business - all the risks and events are covered under the policy. Also avoid buying unnecessary coverage, as you may have to pay an extra on the premiums.

Shop around:

If you are looking for the best price when purchasing business insurance, you need to shop around and check out with several insurers, as the cost of the coverage differs across insurers. To get the best quotes at a reasonable price, take help of brokerage firms, as they are experienced and knowledgeable, and they will help you out in purchasing the best coverage that suits your business.

The Art of the Business Web Marketing Email List

As a business owner marketing your business, brand, product and/or service, you know that you need to reach out to targeted individuals on the web. This means that you must seek out and target your business web marketing materials towards those people who might find an interest in what you do. If yours is a company that manufactures wheelchairs, you will obviously want to market your materials to people who require the use of such equipment, or the families of people who do. What if you could gather an entire group of targeted individuals into one area so that you could market to them over and over? That is exactly that business web marketing list building is all about. If you can gather your own list of highly-targeted prospects and customers, your job becomes ten times easier. You no longer have to seek out like-minded individuals, you'll have them right where you want them: on your subscriber list. Let's take a look at the art of building a business web marketing email list and how to leverage that list for maximum return.

Email Platforms

You could manage a business web marketing list all on your own, but why when there are many platforms available to you that make the task easy? A few examples of email marketing platforms that are popular with the business to consumer and business to business Internet marketing crowd like include:

AWeber

GetResponse

Constant Contact

Mail Chimp

Each platform comes with its own features, price points and extras, but it really doesn't matter which platform you choose. Each one, regardless if it's paid or free, will allow you to:

Create an opt-in form that you can place on your website or blog

Import email addresses that you gather from other means

Pre-program email messages (autoresponders) to go out at specific times, such as a Thank You autoresponder that goes out the moment someone opts into your list

Test emails that will give you the data you need to improve your campaigns and conversions

These are just some of the features you will receive with most business web marketing email platforms. The more advanced the platform and the higher the cost of packages, the more features you'll earn.

Email Marketing on the Web for Any Small Business

Once you have selected the ideal business web marketing email platform, you next need to set it up. Most platforms will allow you to tailor your emails so that they can look and feel anyway you wish. For right now, we will focus on plain text emails.

Opting-In

Find the area on the platform you chose that dedicated to form creation. Your opt-in form will go on your website or blog and will allow your subscribers to enter their personal information, usually a name and email address. Some marketers also like to gather phone numbers, especially if they are simultaneously running a mobile or SMS business web marketing campaign.

At any rate, you will want to create your opt-in form so that it matches your website exactly. The closer you get the colors and design of your site to match your opt-in form, the higher your conversions will be.

Free Offer

Most people hate to receive tons of emails. For that reason, most people are very apprehensive to give out their personal information, including their email address. Your job as a business web marketing expert is to entice the click.

Write a short report or get someone to write it for you explaining to your audience how to complete a task, solve one of their goals or anything else they might find useful. If your site provides tips for Brazilian Jiu Jitsu practitioners, for instance, you might write a report titled, "Ten Ways to Avoid Submission that All BJJ Practitioners Should Know," or something to that effect. Make sure your audience will be interested in the information and make sure the information found inside can't be found elsewhere online.

If you do have to rehash information found online, put your own spin on it and make it as unique and as valuable as possible for your audience.

Get Creative with Your Business Web Marketing

Once your opt-in form is completed, start sending targeted traffic to the page that is hosting the form, or to multiple pages if you happen to be testing your form. Write articles, spread the news on social networks, blog about your subject and toss in a call-to-action mentioning your free offer, and engage in any traffic-building that will help you build your list with targeted prospects.

Don't just gather email addresses and contact information from your opt-in list, however. The business of marketing requires you to think outside of the box. Every time you do business with a customer, ask for an email address. Host a local event and place a fish bowl near the entrance where participants can drop in their business cards or come up with your own ideas.

You Have a Business Web Marketing List: Now What?

Once you start building a list, you will want to populate your business web marketing email platform with autoresponders to go out at specific times.

The Business of Marketing With Email: Crafting the Autoresponder

Your first autoresponder should go out when your subscribers opt-in. Most platforms have pre-programmed messages that go out when the subscriber first hits submit after entering their info and then again when they finally confirm their email thanking them for subscribing. You can customize these if you want to and it is recommended that you do.

When crafting business web marketing autoresponders, try to be conversational, edgy, catchy and informative. The rule of autoresponders is no fluff or boring material. People are too busy and their attention spans far too short to put up with lengthy autoresponders that don't say anything.

The following autoresponder schedule should work for any business to customer or business to business Internet marketing campaign.

Autoresponder 1: Please confirm your email address.

Autoresponder 2: Thank you for subscribing. You will also want to explain to your subscribers that you will never spam them, trade or sell their personal information or abuse their info in any way. You will also want to explain to your subscribers that you will be sending emails daily, weekly, monthly or whatever schedule you plan to keep. Let your subscribers know what to expect and they'll remain your subscribers for far longer.

Autoresponder 3-8: Take your subscribers through a five-part e-course. Really, you're just pre-programming five tips, one in each email. Let your subscribers know that they are getting something special and that your tips cannot be found anywhere else. Do not sell during the five part e-course. This is merely for information, to help your subscribers reach their goals and it also positions you as the expert in your field.

Autoresponder 9-10: This is when you will want to recommend that product you've been dying to sell. It could be your own or an affiliate product. Now that you've positioned yourself as the go-to person in your field, let them know that the product or service is one-of-a-kind and it will help them reach their goals. Obviously the product or service had better be good and worth the money if you hope to retain your business web marketing list subscribers.

From then on, you should alternate between selling and tip-giving. Always give more advice, help, tips, updates, news and other relevant information more than you sell. Do not annoy your list subscribers or they will unsubscribe and bail on you.