First Step Marketing

In the beginning…

The only factors standing between you and starting your business are fear and excuses. I feel very strongly about this. We can only succeed if we are able to successfully rid ourselves of our fear and the action that it holds back. Once that’s done, you will already feel lighter - and be prepared to take the risks that success requires. Read the rest of this entry »

Business Background research

You will be amazed how much information is available on your chosen trade, if you only look for it. There is a mass of statistics, surveys, forecasts and so on to be found in trade journals and the like. The latter can be very useful; for instance, they report the opening of new shop premises. Visits to new businesses which are accessible to you would teach you much about the latest ideas in layout, presentation etc. Read the rest of this entry »

Once you start to run your own business, you’re more likely to be able to negotiate favorable terms with clients and convince a banker that you need a loan by using terms that everyone understands.

The information in your operating budget contains everything you will need to draw up the documents that are essential to the growth of your business. They are: Read the rest of this entry »

As you approach the building on day one, your first balloon is popped. People are not lined up waiting to get in. On entering, you find there are no messages on the answering machine, and two hours later the only call you receive is from your spouse asking how it’s going. As the first day ends your revenues are just under ten bucks. A quick glance at your budget shows that your expenses for that day were closer to a hundred.

Now is not the time to question what went right or wrong. The fact that anybody bought anything from you today may be a great sign. The question you should be looking at is, “What did I do today? How did I spend my time?”

If you spent a great deal of the time watching the traffic go by, doing useless paperwork, or watching soap operas, you should probably get a copy of the employment section of the want ads for tomorrow. Read the rest of this entry »

The advantages and disadvantages of network marketing over conventional selling

Direct selling, network marketing, person-to-person, door-to-door, party-plan selling and other variants have certain advantages and disadvantages over conventional selling:

Advantages

• The customer is seen in the comfort of her home. No effort is required to get to a shop.
• The goods are often delivered directly by the distributor.
• Old and frail people who cannot get about are easily served.
• There is a considerable degree of personal attention.
• Direct selling is often made to friends, so it is a warm and enriching experience, not a sales experience. Read the rest of this entry »
  

‘Every time a friend succeeds, I die a little.’

Promoting the sale

You have provided dynamic, written material, you have had a successful appointment and the potential client seems pleased by what you have to offer. However, he or she is wavering about giving you the business project and, as always, you realise that you have hungry competitors wanting the business, too. In this case, a special offer on your part can make the difference. It says, ‘I really want your business.’

The essence of sales promotion is that it must be easily understood and relevant to your product. It will seem ludicrous to consumers to receive a free embroidery kit if they are buying a puppy! With this principle in mind, let’s look at some examples.

Promotional techniques

In hairdressing you can promote your business using hairdressing products. In fashion, you can use accessories or perfumes. With books you can offer membership to a book club. Your offer must always sound right and be related in some way to your product or service. Here are a few types of special offers you can consider; they represent some of the best promotional vehicles I’ve seen in the past few years, with the exception of competitions, which I have included for discussion only. Read the rest of this entry »

You must be clear on the differences between illegal pyramid scams and network marketing. Here are the factors that make for a genuine network marketing company:

• The company must be a bona fide retail organisation which markets legitimate products or services to the consumer.
• The company should offer quality products or services for which there is a genuine demand.
• The price of the goods sold must be fair and competitive.
• There must be no up-front investment requirements other than a low-cost starter sales kit.
• There should be no minimum purchase requirements to join the network other than those essential to do some trade. Read the rest of this entry »
  

Step 1: The introductory meeting

Make the appointment and arrive on time; not early and not late. Try to meet both husband and wife if you meet with a married couple. Throughout the meeting talk in a relaxed and conversational way. If the meeting is in the prospect’s home, make some opening pleasantries. You might comment about an attractive painting on the wall or the lovely roses in the garden, anything to break the ice.

But this is a business meeting, so don’t labour the social side. Start your presentation properly by saying that:

• you have joined a company and you are excited about it, and that the business offers a significant moneymaking opportunity
• your organisation is a growing one and there is room for everyone to make money
• you are going to present an idea for her consideration but that there will be no pressure on her to make a decision. If she decides not to participate, you will not bug her. Read the rest of this entry »
  

When you think about it, the proof of the pudding as far as any business plan is concerned is how it compares with reality. Investors and bankers will tell you that in their experience, entrepreneurs are lucky to achieve half the sales and profits their plans project.

Indeed, financiers customarily “discount” the plan’s projections to a certain level in determining the amount of financing to make available. That is, bankers may discount the value of assets or receivables intended as collateral. Venture capitalists may discount the expected sales and profits, which are used to help determine the company’s future value, as a way to gauge how much of the company they get for how much investment. Read the rest of this entry »