Attention Small Business Owners! Ten Rules To Abide By

 Be Specific About Your Target Market

Do you even know what your target market is? If you aren’t specific about your target market, your chances of success are low.  You should be prepared for narrowing your focus while broadening your appeal.

What about Being Different?

If something works for your competition, it won’t necessarily work for you. The big idea is being different from your competition and from anyone who is already in the field.

Have a Competitive Team

When it comes to filling vacancies, don’t just go for a random employee. The success of your business depends on the strength of your team. So, be wise when you’re choosing your employees.

Be as Fast as You Can

You may have heard of the famous saying, “Time and tide wait for none”. So, make sure you manage your time effectively. If you’re required to deliver something by Monday, try accomplishing it by Sunday or earlier.

                                               

Paying Gratitude

A lot of times, success is just a matter of being thankful to your clients and staff to get that sense of mutual appreciation. Whether it’s writing a Thank you note or paying gratitude in person, this strategy can really work in your favor.

Consistency Matters

When it comes to consistency, it is important that your business has a consistent feel. Your customers should achieve the same level of consistent service from every member of your business.

A Smile is worth All

The biggest factor affecting business sales is customer service. If you’ve a smile on your face while selling your stuff, your customers are most likely to buy from you.

Optimistic Attitude

Starting off anything with a positive note promises that the outcome will be positive.  Optimistic attitude is all about dreaming big and achieving these dreams.

What about Selling Soft?

Never make the terrible mistake of engaging in hard sales.

Comfort Zone Shouldn’t Matter Much

Never accept that this is how you have been doing it. Never think that a new technology or idea wouldn’t work for you.

Time Management Tips For Small Businesses

1. Ignore The Distractions

Most people get distracted by things that can be easily ignored. One of the biggest distractions that most people experience is checking emails every 5 to 10 minutes. This doesn't only distract you from what you are doing, but also waste the precious time you have. Therefore, it is very important to schedule a specific time to check your emails. You can even set up auto responders,letting people know how long it will take you to respond. 

2. Avoid Multi-Tasking

Focusing on what you are doing and avoiding multi-tasking will increase your work output, productivity as well as performance. It is very important to force yourself to take one task at a time and maintain your focus on that task until you successfully complete it. 

3. Set Goals

There is no doubt that setting goals help you stay focused and accomplish them faster. Many people set goals but never actually follow those goals every day, which results in failure to achieve their goals. To make the most of your time, make sure to set goals, follow your goals religiously, and reward yourself after achieving those goals. 

4. Organize Your Time

According to research, 43% of population in the United States of America think that they are unorganized, and stay late at their office, due to lack of organization. Undoubtedly, organizing your time will help you become more productive at whatever you do. Making a to-do-list will help you keep things organized and achieve your goals more effectively.

 5. Write It Down

Writing down your plans for the day will help you work more efficiently. When writing down your daily plans, it is very important to include the details of every goal you want to achieve. Writing down the goals and their details will give you a direction to achieve your goals more efficiently. You will of course come across various interruptions, but the best bet would be to accept these distractions as a part of your life, and try to work despite of the interruptions that are coming in your way.   

6. Learn To Outsource and/ or Delegate

For a successful business and proper time management, you should learn to delegate some of your work to others or outsource it. If you aren't particularly good at something, or you don’t have enough to work at it, find someone either from you team or outside to do it for you.  

Telemarketing Tips for Small Business Owners

If you’re a small business owner thinking to make the most of the telemarketing sales opportunities that are available out there, here’s your chance to improve your telemarketing skills.  While starting a telemarketing campaign may sound like an easy task, the idea of acquiring the desired goals and outcome from the campaign is quite challenging. Here are a few tips that will help you achieve this goal:

Are You Organized and Prepared Enough?

A lot of businesses make the terrible mistake of starting a telemarketing campaign before organizing or preparing them for it in the first place.  What these businesses fail to understand is the fact that telemarketing isn’t just a matter of dialing a bunch of numbers. But, it’s all about strategic planning as well as organized preparation. Before getting a start on your campaign, make sure that you have the background info about the particular business or individual you’ll be contacting while organizing this researched info into a clear database.

Is Your Script Ready?

A lot of people are inclined to ignore the importance and power of a well-written telemarketing script. If your goal is to prepare a result-oriented telemarketing “script”, then it doesn’t necessarily have to be rehearsed and followed. It’s more of a concise list of points that need to be addressed during the telemarketing call. A well-prepared script will ideally have topics that the call recipients should be asked about in addition to the essential information about the business along with the product line and services.

                                                                                         

Smiley Face!

This is perhaps the easiest, yet highly-overlooked telemarketing tips in business. When making those telemarketing calls, be sure you have a smile on your face. Smiling together with a positive attitude promotes a sense of confidence as well as enthusiasm for your business along with the products or services you’re selling.

Are You Good at Listening?

If you’re active while listening during the entire conversation, you’re actually making your telemarketing calls more positive. Being active when listening to the response of call recipients can help you get ideas of building some kind of a rapport.

What about Qualifying Queries?

Never miss on the idea of preparing and asking qualifying questions during the telemarketing calls. Introducing qualifying queries to your call recipients can help you figure out if they really desire your product or if the recipient isn’t a good prospect for your service.

How to Begin a Reseller Business

A reseller business can be started easily with very little or even no investment. It can be full time or part time but does need diligent planning for success.

Some important points to consider are listed below:

Selection of the Type of Reseller Business

There are many types of reseller business; some require physical space and purchased stock while others are run over the internet with no purchased stock. Reseller can purchase products from suppliers and resell it at a profit; or they can refer customers to suppliers and claim commissions. The selection of the type of reseller business depends upon the product industry, the amount of investment, and the time available for business.

Selection of the Industry

The knowledge of the industry before starting a reseller business is of great importance. It may prove beneficial if the products and their relevant information, manufacturers, vendors, other reseller, terms and pricing is researched prior to embarking upon your business.  

Selection of the Supply Market

After finalizing the type of reseller business, the product industry, and product suppliers, the next step is the selection of potential buyers. Important considerations in this regard are the location of intended supply market; advertisement means for promotion of business; the method employed for shipment of goods; cost of shipping; etc.

Research about Competing Reseller

The success of a new business depends upon lesser competition. In order to be profitable and competitive a new business must offer a different strategy from the already established resellers in the market. This can be achieved by price variations, value addition of additional products and services, and better promotional campaigns.

Whether the Reseller Business can Survive

After deciding upon the various aspects of the business it is now imperative to check whether the business is sustainable or not. Estimate the sales revenue by deducting total costs from total sales, this will show the expected profit. Assessment for further capital investment can also be made.

The Starting Phase of the Reseller Business

Once all things are worked out, the reseller business needs to be incorporated as a company. This can be done easily online by paying nominal charges. Next step is to acquire a domain registration and a website. The website can be programmed to receive orders and payments online. Now suppliers can be contacted to order stocks. Products are displayed on the website and the business gets started.

Value Added Resellers (VARs)

Value added resellers (VARs) usually deal in the IT and technology industry. This is a type of business which resells products and services with added value as a complete package.

The added value is achieved by combining a variety of products from multiple suppliers or adding up various services like consultation, advice, customization, training, product support, etc.

 The following example will help to understand the value added system of business. Suppose a customer wants to purchase a desktop computer, the VAR will advise him about different brands and their specifications. Once the customer makes his choice, VAR will offer more products like software’s, printers, scanners, extended warranties, etc; adding value with each additional product. Service and product support is also provided by the VAR which is not usually provided by the vendor. These features of VAR increase the likelihood of repeated business in future.   

The VARs are in contact with multiple suppliers of products and provide a wide range of product information, advice, and solutions for the customer. VARs can usually understand what the customer requires and deliver solutions accordingly.

Purchases are made by the VARs from various product suppliers at wholesale rates and it resells them by adding a marginal profit. The bulk of the profit earned by VARs comes through value added products and different services it provides for the customers.

The VAR system of business is not regularized and each company has its own set of terms and conditions or the methods of payment. The terms and conditions differ and are negotiated with each supplier or merchant on a case to case basis.

 Advantages of VARs

Value added resellers (VARs) have many advantages which are listed below:

·       VARs have business contacts with a multitude of renowned and reputable suppliers with access to their technical support and technology.

·       VARs provide a long list of new and existing products from leading brand suppliers for their potential customers without spending anything on research and development.

·       The suppliers provide sales and marketing support for the VARs, usually at no extra cost as the suppliers have allocations for such support in their budgets. This support is in the form of advertisement, sales and marketing brochures and literature, reviews, surveys, etc.

·       Suppliers also provide free training and other support to the VARs, which may sometimes lead to certifications. A certified VAR is more credible in the market and is able to resell his products with more success.

·       The VARs can easily cater to the changing needs and trends of the market as well as the technology advancements, and can adjust their line of products and suppliers to stay competitive and successful in their business.

        

How to find a Reliable Wholesale Supplier

Product Selection

In order to find a reliable wholesale supplier, it is necessary to select the appropriate product to begin your business.

Important points for selection of your product are:

·         What are the tastes and interests of the customers?

·         What features are attractive for the customers?

·         Do the customers require special financing?

·         Are they individuals or companies?

·         What is the buying preference of the customers, store or online?

Detailed information about the market before investing greatly helps in the success of your potential business.

The Type of Supplier You Need

After product selection, you have to decide about the type of supplier you need to start your business.

Different types of suppliers are:

·         Manufacturers: Manufacturers are suitable for direct buying, but they usually ask for orders in bulk or high minimum orders. If you do not require bulk supplies buying from middlemen is a good option.

·         Distributors: They basically are middlemen who buy products in bulk and resell to local stores in smaller quantities.

·         Foreign Companies; Importers; or Import Agents: You may consider buying products from foreign companies. Import houses or Import Agents can help you in this regard; but if you can handle the import matters yourself foreign manufacturers can be contacted directly.

·         Drop Shippers: Drop Shippers work just like Distributors, buying in bulk and reselling in smaller quantities; with the sole difference that they provide the product at the doorstep of the customer.

As your business expands and you need products in large numbers, you can climb up the supply chain ladder and bargain for better prices and good payment terms and conditions.

Search for the Right Supplier

Once you have chosen the product(s) for buying and selected the type of supplier you need, the next important step is the search for the right supplier for your business.

Search for a supplier can be done online. Before making a decision, assess and evaluate the potential suppliers by looking at references, opinions of other businessmen, online reviews, business forums and organizations, etc.

Negotiate Better Business Terms

After selecting your supplier, study in detail all the terms and conditions of the business before finalizing the deal. Make sure that all your concerns and questions are well looked after otherwise go to another supplier.

The terms of business must cover details like shipment terms, payment terms, who is going to pay the shipping costs, the time for shipping the product, what if you need products urgently, etc. All emergency and contingency situations must be thought out and should have answers in the business agreement.

Starting Your Very Own Mail Order-Business

The mail-order business success largely depends upon catalogs, advertisements in newspapers or periodical magazines, and through direct mailings. The orders are received by mail, telephone, or fax.

Mail order operations can be categorized into three distinct types:

1. General merchandise catalog houses, which present all kinds of products.
2. Specialty merchandise catalog houses, which present limited products or only those which are in demand.
3. Stores which present their products through telephone shopping.

.

Benefits of Mail-Order Business

• Large geographical area can be covered.
• Initial start up cost reduction and minimal inventory.
• Low priced products.
• Simple shopping method.
• Usually home based without any costly location.
• Convenient timings and no time schedules.
• Furniture and fixtures are not required.
• Trained sales staff is not needed.
• Can be looked after by one or two persons.

Product Selection

The mail-order product makes selection easy for the customer due to the following reasons:

• Customer need is satisfactorily met.
• Product description in detail through words, pictures, or video.
• Reasonable cost of product.
• Product not usually available in stores.
• Convenient shipment through mail.
• Promotes repeated sales.

Advertisement of Mail-Order Business

Advertisement of the mail-order business is of extreme importance, the business relies heavily on advertisement, and it is the only and large expense associated with the business.

The common types of advertisement means are direct mail, publications, and catalogs.

Customers are informed about product details by sending direct mail consisting of product brochure, order form and a cover letter.

Uses of Direct Mail

• Product brochures, discount coupons, or samples can be sent.
• Selected or specific area can be targeted.
• Initial responses can be assessed for future sales and expansion.
• Surveys and research can be undertaken.
• Helps in other means of advertisements.

Useful Tips for a Successful Mail-Order Business

• Qualified and professional Direct Mail/Marketing House should be consulted for help and guidance.
• Personalized mailing list can be compiled which is economical or a customized mailing list can be rented or bought. Persons on the list can be selected by observing previous purchases, amounts spent, etc.
• A better response can be achieved by phone calls after mailings.
• Addressed envelopes, testimonials, detailed letters, product illustrations, discount coupons, samples and tokens may help in getting better customer response.
• Mailing time is important, try to avoid mailing during holidays and tax season.
• Cheaper modes of mailing must be used to cut expenses.
• Mailing list should be followed by repeated mails in increasing numbers.
• Never forget to include order form in your mail.