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Posted: 21 Dec 2009 08:26 PM PST

From the experience from :
1. Rhonda Abrams (Best Selling Author, Popular Public Speaker, 15 years experience in advising, mentoring, and consulting entrepreneurs and small business owners, Coloumnist about Entrepreneurship reaching more that 20 million readers through 130 newspapers, USATODAY.Com, Inc.Com, The Costco Connection Magazine)
2. Paul Barrow (trained and qualified as a Charterd Account with Deloitte and Touche, MBA at Bradford University, senior Consultant with Ernst & Young)

They tell about the list of secrets for success in business:

1. Do Your Homework : talk to other people who run business - especially similiars, and get a realistic understanding of financial, time and emotional resources necessary)

2. Learn on somenone else's expense : work for someone else before you sink your own money into a business)

3. Keep it simple : Build one business at a time, dont to many product lins, provide too many services, or various functions

4. Don't reinvent the wheel : It's much harder to do things that have never been done before

5. Line up customers before you open : Try to secure orders even before you go into business.

6. Pay attention to Fundamentals : It's easy to get excited about great ideas, but 90% of success comes from just excecuting the basics day after day: calling on customers, making the product, shipping it on time, sending out the invoices.

7. Be Realistic : Focus on what you have to do to achieve a realistic level of income rather that making millions overnight

8. Watch your cash : Keep an eye on you bank balance

9. Keep Your Customers : Treat your customers well, stay in touch, and build your database. Because it costs a lot more to acquire a customer than to retain a customer.

10. Date before you marry : Careful when commiting to long-lasting, critical, business realtionship, because it's more hard ending business contract than ending a marriage.

11. Put it in writing! : write your ideas, proble, strategy, etc so it keeps record.

12. Join your Industry Trade Association

13. Aim for Win-win relationship : Build long term relationship based on fairness and trust with your customers, suppliers, and employees.

14. Get Help : Buil a network of personal support, for instances with adviser, lawyer, accountant, business link counsellor, etc.

15. Believe in what you do and keep Breathee

There are 8 steps to GET STARTED :
1. Talk to people who run their own business
2. Learn as much about your future industry as you can
3. Talk to entrepreneurs who've left the industry
4. Take business or management classes
5. Keep a contact list
6. Start on your business plan
7. Do financial projections
8. Finally, start preparing to open your doors or get your first customer

Final Word:
We dont need a perfect business to succeed. The truth is there are lots of business out there can be right for you. And once you decide on a business concept, it's likely to change over time. We can successful in many business - if we make the commitment, homework, hardwork. We can do it!

Narrow your NICHE

Posted: 21 Dec 2009 07:53 PM PST

Everyone is familiar with the concept of specialist. When someone discover have a heart disease, for instance, you're not going to go just any doctor, but you're going to consult with cardiologist (a doctor specialising in heart conditions). Specialising isn't limited to doctors. Far from it, Entrepreneurs in all types of business can carve out their own unique place in the market, namely NICHE.

The Important Point about Niche is must be based on Objective Factors, not Subjective Factors. For instance the different between Subjective and Objective Factors in Niche: (in real estate agent)
- Subjective : We do the best job, or We give exceptional customer service
- Objective : I'm an Estate Agent for First Time Home Buyers, or We do Indoor Plant Maintenance for Restaurants.

Can you see the different? This is how the objective factors is very important when we say that we already niche.

Why Niche is important in Business ?

- Immediately sets you apart from the MASS OF COMPETITORS
- gives you a clear focus for your marketing and advertising efforts
- gives you additional Credibilitiy when you're trying to make a sale
- makes you more memorable and helps you get referrals
- often enables you go to charge higher prices than non specialists

For instance, when we want to starting a HouseCleaning Services. In most towns, there are hundreds of HouseCleaners and Maids. How do you get a foothold when there are already so many competitors?

We need look for a Niche. We might decide to carve out a niche as a "Green Cleaning Service" - using only all natural, non toxic cleaning products, instead of commercial products that might contain harmful chemicals. That immedieately give you the benefit that already explain in the above.

How choosing NICHE or SPECIALITY ?
We can choose a niche based on one of two things:
1. Who Your Customers
2. What you do and How you do it

Okay, so We will see more detail about the two things:

1. Who Your CUSTOMERS are (Customer - based Niches)

1.1. Industry or Business Type
Examples :
- Cleaning Services for BANKS
- Website Design/hosting for DENTAL PRACTICES
- Public Relation Services for PLASTIC SURGEONS
- Insurance Agent for TAXI CAB BUSINESS

1.2. Demographic Group
Examples :
- Hair Salons for CHILDREN
- Computer Classes for SENIORS
- Athletic Clothes for WOMEN
- Operator of Group TOUR for GAYS

1.3. Geographic
Examples :
- Caretaking services for HOLIDAY HOMES
- Satellite TV services for MARINAS
- Locksmith in RURAL AREAS
- Towing Service for AIRPORT PARKING LOT

1.4. Other (any factor that a group of people have in common)
Examples :
- Supplies for PARENTS WHO HOMES SCHOOL their CHILDREN
- House Sitting for BUSINESS TRAVELERS
- Catering Services for VEGETARIANS
- Babysitting service for PARENTS of TWINS AND TRIPLETS

2. What you do and How you do it (Product/Service - based Niches)
2.1 Unique Knowledge - Focus arround your specialised expertise in a particular field of a particular product. You need training, experience, or understanding to handle the unique needs of your customers
Examples:
- Lawyeer specialis in ESTATE PLANNING
- Graphic Design in PREPARING ANNUAL REPORTS for PUBLICLY TRADED COMPANIES
- Accousing Enggineer for CONCERT HALLS
- Engginer for FISHING SHIPS
- Freelance Editor for MEDICAL JOURNALS

2.2 Style or Product Mix
Examples :
- Retro Clothing Shop
- Sugar-Free Bakery
- Non Commision Financial Planning
- In-office Massage Therapy Service

Finding A Niche for Your Business
There are four factors by which to judge a potential niche:
1. Sizeable (Market Segment should be Big Enough to Provide You with Enough Customers but not so Huge that it will attract too many competitors)
2. Reachable (How we can make the target market know you exist? Look for pubblications, media outlets)
3. Self-defining (Potential Market should have or feel they have special needs)
4. Sustainable (Choose the niche that can support your business over the long term)

You and I know our business will be special-why not become even more special?
Find a niche and then let the world know about it!

Source :
What Business Should I Start?
Rhonda Abrams and Paul Barrows

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