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Monthly Archives: February 2017

Create Enormous Value and Wealth in Your Business

Most small businesses are competing on price mainly because they are selling the same things. There is no innovation, little value created. Therefore the only way for them to survive is to sell at lower price to attract the customers.

Engaging in a price war is tedious and a waste of effort. You are doing more work but earn little profit. I would discourage any business that would like to grow to engage in a price war.

Now the point is, if you do not lower your price, how do you create more customers.

Be innovative, create more values and increase your price. Take for example Nike. There are many sports brand in the world, yet Nike’s shoe is selling at a high price. The reason is they are always in the forefront, innovating new design and technology for their shoes.

What do I mean by creating more values? You got to think of ways to further enhance your customers buying experience. Or give them more than what they expected.

For example our Youth Entrepreneurship Workshop, we charge a high price. In fact we keep increasing the price compared to when we first started. But we add tremendous values to our students.

We had three follow up sessions throughout the year for those who have completed our course. We conduct workshop in a smaller scale to continue guide and inspire them in their journey.

We send out monthly email to them to motivate them. Each of them get a 60 pages workbook on information about starting a business, building a business, sales and marketing and leadership.

In another business – the learning center, we add value by giving information to the parents on how to create bonding with their children. We send new articles to parents monthly. We also provide free study skill workshop to our own students. Of course, we charge a price that’s higher than most centers.

You can create enormous values for your clients. This is a win-win situation. Your clients will have a great experience doing business with you. They get more than they expected from you.

And you earn more money by adding values for your clients. You do not need to engage in those tedious price war. Your clients come back to you next time because of the good experience. Isn’t it a win-win deal?

 

Ways to Grow Your Business

1. Ask what they want…

The #1 way to grow a profitable business is to offer what your targt market wants. And the best way to find that out is to ASK them.

At least once a year, survey your target market, asking them specifically what their biggest challenges are and what products and services they are most interested in. Periodically ask your current clients and customers the same question.

Use their responses to develop your offerings and you’ll practically guarantee yourself a source of steady in^come.

2. Ask for the sale…

Once you’ve create the product or service that your target market has told you it wants, you have to put it out there and ASK for the sale.

Don’t just stick it on your website and hope people will see it. Put together a promotion plan for each product or service you put out, including email promotions, using your online networks, utilizing your affiliates, and even consider pay-per-click advertising.

Then periodically ASK for the sale again. Plan a year’s worth of regular promotions for each of your offerings and you’ll increase your in^come.

3. Ask for the order…

A simple but oft-missed tip: Make sure that on your sales page for your product or service, you ASK for the order.

Just flat-out ASKing for the order can increase your sales dramatically.

Aside: Have you ever been on a website ready to buy something but you couldn’t find the order link and ended up clicking away in frustration to go find what you wanted somewhere else? Don’t do that to your customer. Make your order link or buy button very obvious!

4. Ask for the referral…

Another way to build your business is to routinely ASK your current clients and customers to refer others to you. You can do this via a simple email that you send out periodically. You could also offer an affiliate program to entice people to refer your products and services to others for a small commission.

5. Ask for the recommendation…

Make a request of a colleague whose offerings complement yours to recommend you and your offerings to their list. Because the people on your colleague’s list already know, like and trust him/her, they are much more likely to follow his/her recommendation.

 

Simple Way to Start Your Business

1. Watch your cashflow

Cashflow is the bloodline of your business. Most business fail because they ran into cashflow problem. Most new business owners start to spend lots of money before the businesses start making money.

Spending money on renovating luxury offices, buying unnecessary things or renting too big an office space. Even buying small items can bring huge burden to your to your cashflow.

If you are not someone who is good at managing cashflow, get someone who is good to do it for you. My business partner is good at that, she is the one who manages all the money in the company.

In the first year of our business, she had stopped me numerous times in buying unnecessary things.

Learn to watch your cashflow. Your business depends on it.

2. Marketing business

When I was young, someone told me this, “as long as you start a business, they will come and you wil be rich.” That may be true many years ago. But it’s no longer true now.

When you start your business, you must make known to the world. Tell everyone about your business. Learn to do effective marketing not just marketing that everyone else does.

All businesses are in the business of marketing. If you sell pens, you are also in the business of marketing. Just that you are marketing pens.

Marketing is a huge subject. Many business owners start business without knowing even the basic of marketing. I done lots of test about marketing. I started to learn about marketing five years ago. Only in the last years, I discover I had moved to a deeper level in understanding marketing.

3. Negotiate, Negotiate, Negotiate

Learn this skill and you can get many good deals. You may even get people who’s willing to work for you free. A tip for you before going into a negotiation is to understand what the other party wants. Know that and you’ll find your negotiation goes much smoother.

Understand this point, negotiation is about win-win. Creating a win-win deal in a negotiation. If a negotiation turns to win-lose, one party will definitely walk away from the deal.

4. Taking care of your customers

You have to think your customers as long term friends. If you take care of your customers, they will take care of you. Build trust and rapport with your customers, they will buy from you for a life time.

Build a system so that you can always keep in touch with your customers. When your business grows, you do nt have the time to keep in touch with all of your customers. That’s when this system will come in handy. Build it early, so you will not lose any customers.

Get yourself prepared for a new business. Be mentally prepared, physically prepared too. You will find great success in your business if you are prepared.