Canadian Small Business Women

Connection, Synergy, Community

When to Let Go

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As a Small Business Owner, I suspect that you have had more than one good idea about the direction of your business. The business that you run today is probably also not exactly what you first envisioned.

The reason for this is likely because along the way you made small strategic decisions to go towards one goal or direction and let some things go along the way. Sometimes those little pivots are enough to create a business that you truly love but sometimes a bigger ‘letting go’ is needed to really create success.

For someone who has personally gone through the tough decisions of when to let go – I wanted to share my personal experiences as well as share what I have learned by seeing some of my business mentors shift gear.

With personal evaluation, I have always considered two key factors that help me determine when it’s time to let go and when to go forward. The first thing is my personal satisfaction/motivation and the other is the outer result of my work.

My ‘satisfaction’ is determined by my excitement (or lack of), my flow of ideas and interest in everything related to my business industry.

I saw this personally when I was no longer spending my time researching. As an expert in the field I was centered around, I really wanted to be on the leading edge of any new findings and strategies. Beyond that, I was also committed to using and implementing all of my research to make sure I was providing the most relevant and founded information. When I found myself avoiding podcasts on the topic and choosing different books at the library it was one of my first indications that I would not be able to make the long haul in the industry.

The outer ‘result’ that I used to assess my situation was how I felt about the work I was producing and the impact I had on others. If I could see that what I was bringing to the table was truly revolutionary, that would have been a reason to hang on. But the truth was, it wasn’t. I didn’t feel like I was bringing a fresh enough perspective or creating positive change in the world on a level that I really wanted too.

Looking into the future was also a big part of how I made the final decision to let my first business go. I looked at the careers of those who were further ahead of me and I just couldn’t see myself really thriving at that level. While I was ‘out there’ looking, it also gave me an opportunity to look at what others were doing that I could see myself being in the same arena with, which happened to be in a different industry.

By seeing these business mentors from a 10,000-foot view I was able to see how they also continued to make shifts and let go, sometimes in big ways, and other times in small programs or offerings.

Every time I would see this – (because I admired the way they did business) I could appreciate their courage in trying something new, even if it wasn’t my favorite thing they had ever done. That’s why I encourage you to take a look at your own business and feel brave when you feel a change coming on that may include letting go. It may just be the best thing you have ever done.

The overall perspective here is that sometimes it is worth it to push through the tough times and sometimes it is better to just let it go. Considering these concepts will hopefully help you find the best path for you.

Tamara is the Founder and Creative Director of Sweet Clover Studios. Where she provides resources, planners, learning opportunities and inspiration for creative small business owners. You can also see her personal gallery of products as a surface pattern designer at www.SweetCloverStudios.com

Taking the leap into the world of Business?


yvonne

Are you thinking of starting your business? If so, join the millions of people who at one point or the other in their lives have considered whether or not to start a business. The thought of having a successful business, being your boss or doing something you are really passionate about sounds very appealing, right? And these, amongst other reasons are why people leave their jobs and decide to start their own thing. The familiar question is; do I take the leap? And if so, when and how do I take the leap?

One of the greatest challenges for some people in starting a business is the challenge of leaving the security of a paid job. For some it is the issue of choosing the right idea to turn into a successful business. Well, these two challenges can be easily overcome.

First and foremost before venturing into you own business, undertake some research on how viable the business idea(s) is. Are there potential customers? And what is the potential ROI (return on investment)? I’m sure you’d agree with me that it is not very wise to invest your time and money into a business that doesn’t seem viable on paper, or give up your job to start a business based on a whim. However, many people do.

Secondly, an approach to starting a business without giving up your Job is to actually undertake a pilot while still working. And believe me, doing this will require the skill of being able to multitask. To undertake a pilot means doing some test marketing in order to test the market or gauge how responsive people are to your product /service. This will enable you make better decisions on the idea and what to do next. I’ve got to warn you though that this could prove to be hard work juggling a business with your fulltime job, most especially if you have a family to take care of. It requires time management, focus, perseverance and more. These are only some of the requirements you will need both in the short and long run if you want to have your own business. So, as opposed to immediately taking a leap, consider taking long steady strides.

Having looked at your business idea and undertaken some research, you may decide the business idea is viable and you’d like to take that leap into the business world. There are a few basic things that you’d need to do in order to take off. I very much believe in building solid foundations that will allow one to build much taller and weatherproof buildings. And to build a solid foundation you need to get either some business advice or coaching and write a plan.

The word ‘Business Plan’ seems to be such a dreaded word, many people think of it as long-winded and unnecessary. However, I promise you that it is one thing that will need doing either now or later for a more successful business, better now than later I say. Planning and building the concept in your head is not enough, pen it down on paper. The saying goes, “Write the vision and make it plain, that those who is it may run with it” and that includes you, your potential business partner or financiers. Writing the plan takes you through the process of developing and refining your idea, it is also very much needed if you plan on raising capital externally. Please note that it is not enough to just write a business plan for the intention of raising capital, you should also use it as a blueprint for successfully managing your business.

Another challenge often faced in starting a business is Capital. Sometimes, the bigger the idea, the bigger the capital required. Don’t let this hinder you if raising capital seems to be your own challenge. Instead, think out-of-the box in identifying ways to raise the capital required. Look for avenues to cut back on the initial capital required, some ways of cutting back on capital includes; offering trade by batter or buying second-hand instead of new.

The following options are available to you and all except for personal savings will require a sound Business Plan; Personal savings, Friends & Family, Bank loan, Government Initiatives, Private Investors and Venture Capitalists.

Having researched the idea, written a ‘Plan’ and raised the required finance, you are all set to take off. Nothing Ventured, Nothing Gained. Take the leap if you feel very strongly about it, but plan and prepare for it.

To learn about Yvonne’s latest book on Changing your Mindset for greater results, visit http://www.oliveblue.com/changeyourmindset/

Yvonne is an Author, Speaker, Change Consultant & John Maxwell Leadership Coach who is passionate about working with Individuals, Entrepreneurs and Organisations to help implement change they want and achieve their goals.   

She can be reached at: www.oliveblue.com . www.facebook.com/oliveblueinc . www.twitter.com/oliveblueinc.www.youtube.com/ChangeYouWantTV

How to Build a PR Campaign

CHuntly

Now you know all about PR and what it can do for your business, it’s time to put together a fabulous campaign so you can start seeing great results. But where do you start?

Here are nine steps to building a great PR campaign:

  1. Set goals: What do you want to achieve?

What does success look like to you? Once you decide what the end game is, then you can decide how to get there. There is no point in putting together a strategy if you don’t know what you want to accomplish. In fact, you will find that your strategy will lack direction, which means you could end up doing things that aren’t right for your brand.

  1. Decide on your budget

This always seems to be the toughest thing for any business to do, especially small businesses or start-ups. There are a couple of things you should do before setting your budget. First, conduct a bit of research to determine industry best practices. If you plan to hire a third party to help you put your strategy together and execute, that also has to factor in. The two most important things to realize are that you won’t get anything for free and you need to be honest with yourself. Even if it’s time spent knocking on doors and you want to do it yourself, that is time spent away from your regular business operation – time is money. When you factor in a third party (like an agency), they usually base their fees on an hourly estimate. The cheapest is not always the best option, but neither is the most expensive. Find an agency that will work with your budget. You have to make sure that you are honest with how much you can spend and work within those parameters. If you are working with an agency, it’s frustrating for both parties if you say there is no budget and then you complain when you see the proposed quote that it is too high.

  1. Decide on your timeframe

Depending on what your campaign’s objectives are you can determine when you would like to start/finish your campaign. Make sure you are giving yourself enough time to get all the prep work done at the beginning!

  1. Identify your target audience

Is this campaign meant to target a niche audience? Perhaps there is an audience that you think your brand would be perfect for, but you haven’t really had the opportunity to tap into it yet. Decide who you want to reach and then make sure you learn everything you can about them – where do they go online? Who influences their decision-making? How do they like to learn about new brands? Etc.

  1. What is your story?

Determine what story you are telling. That means finding the unique sweet spot that will make your brand stand out from the rest of your competitors. You need to be able to identify why this is important for your target audience.

  1. What channels do you want to utilize?

With so many options available to you, you need to reign yourself in a bit. Don’t spread your budget and time too thin by trying to target too many channels at once. Once you have identified your target audience, then it should become clear as to what channels you can and should use. Keep in mind that your channels may be determined partially by your budget!

  1. Research

At this point in your planning, you need to research different aspects of your strategic choices. If you are having an event, what other events are on the same day in your city/industry that would conflict? Have any of your competitors done similar things? Did it work for them? How can you make your idea unique? What are the costs associated with what you would like to do? Educate yourself on what you need to know before putting your strategy into action.

  1. Create a critical path

A critical path is just a fancy name for a timeline. Work backwards from your end goal and note major milestones you would like to hit in your campaign. Then flesh it out by putting in tasks and who is responsible to get each task done. The best way to track this is to set up a chart. I like to work in weekly increments. I identify the date, the task, and who is responsible in the first three columns. Always add one last column for “status” so you can get the satisfaction of writing “complete” when you have finished a task – it just feels good.

  1. Hit the ground running

Once you feel comfortable with your critical path, you are good to go. It’s time to set your strategy in motion. Don’t be afraid to track results along to way to see if you need to tweak your approach as you go!

Candace Huntly is the Founder and Principal at SongBird Marketing Communications, an agency working to take organizational and individual brands to the next level. With a passion for all things related to creativity and strategy, she specializes in business intelligence, marketing & branding, content strategy & development, media & influencer relations, and social media. Basically, if you need to put your brand, product, or cause in the public eye, she will find a way to do it, while making it unique to you.

Connect with Candace

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The Importance of Research

Sheralyn

The importance of, and the reliance upon, good, old-fashioned research should never be underestimated.  Whether we grew up using the Dewey Decimal system and Encyclopedia Britannica or more recently, rely on “Dr. Google” and “Wikipedia” – the simple fact is, research can support your thesis, or give your website credibility and it fosters the viability of your business.  So whether you are creating a website, starting a new business, contributing to a magazine article or blog – make sure you do your research and always site your sources. It might sound kind of obvious but fewer and fewer people seem to be doing it these days.

In starting a new business venture research is critical. You are going to want to complete a market analysis, scout locations, survey your potential customer base and thoroughly investigate financing options.  Each of these steps requires research and further, requires you to produce written documentation that you can present to potential backers, even if that backer is your spouse or mother in law. Reliance upon cold, hard facts with supporting documentation is what’s needed when considering investing in business so the research step is important. Ensuring the use of credible sources while on your fact finding mission is also paramount.

When it comes to websites, often this is the first place your customer finds you. Websites with lots of “jazz, pizzazz and razzmatazz” will only take you so far if the product or service you are selling is represented inaccurately.  With websites, not only are you seeking accuracy in the description of your product or service, you also must ensure that whomever designs your site has also spent time researching SEO keywords for your industry, knows and understands the function of font and colour scheme to best attract the type of customer you seek and can provide you with information on where your website is likely to place in Google rankings. You better darn well hope they have also done their due diligence when it comes to logo design and other potentially proprietary information. I write website content for clients and a significant amount of my time should be spent on conducting research to ensure accuracy, avoid duplication and create content that both resonates and ranks.

If you are looking to drive traffic to your website and/or just have an interest in writing once again, whether blogging or submitting articles for publication, research to clarify content and guarantee accuracy is not just important but ethical too.  From a legal standpoint you want to be sure your claims about products are defensible and true and if you are writing about a person, quoting facts is the only feasible option. Writing an article or blog that compares two types of services, (perhaps comparing Naturopathic and Western medicine for example) requires extensive due diligence on the part of the author and research, verifying the accuracy of sources and interviewing key people in the field is what you MUST do. Too many irresponsible people with easy access to the Internet are presenting what amount to opinion pieces that have no solid foundation in fact.  Blogging for business is not the time to share your opinions.

It is incumbent upon us to be sure that whether we are offering information or searching for it, we take the time to verify its accuracy. If you are responsible for content, make sure it is well researched, accurate and sourced appropriately. If you are looking for information apply the same due diligence to your search.  Look for the source, is it credible? Apply the scientific principle – is it replicable? You probably want to place a higher degree of reliability upon a medical site hosted by the Mayo Clinic than one hosted by Facebook, curated by “Tom” and called “Free guide to pain free Home Dentistry!”   This might all seem like common sense but the unfortunate fact is common sense appears harder and harder to come by.  Our reliance upon the web to present factual and credible information and to discern fact from fiction has taken the place of the old-fashioned legwork that used to be involved in going to library, hauling out books and comparing their content or searching through microfiche for factual references in newspapers. I know I’m dating myself and I am not a Luddite “anti-internet” gal by any means. It’s pretty darn convenient. Just don’t forget that the old principles: research, accuracy, credibility, source citing….still apply!

As Owner and Principal partner of “Writing Right For You” Sheralyn is a Communications Strategist – working together with entrepreneurs to maximize profit through effective use of the written word. Looking for web content that works, blog articles that engage or communications strategies that help you get noticed?  Contact Sheralyn today. Sheralyn is also the mother of two children now entering the “terrible and terrific teens” and spends her free time volunteering for several non-profit organizations.

Sheralyn Roman B.A., B.Ed.

Writing Right For You

Communications Strategies that help you GET TO THE POINT!

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‘Journaling’ to Entrepreneurial Success

Tamara 14 (1)

One of the ways I approach finding effective strategies for building my business has come from very targeted research. This research involves looking to those who are farther along the entrepreneurial journey than me, then identifying what they define as contributing to their success.

One standout trend across industries was the use of journaling, in many different capacities. ‘Journaling’ is a term used (in this article) to define an individual who is taking time in their day as a part of a regular routine to physically write/record personal information, ideas, experiences and reflections.

You may have heard recent studies of science backing up the benefits of putting ‘pen to paper’ (ie: Mueller and Oppenheimer’s research found individuals had increased ‘conceptual understanding’ and consequent success in applying it to their work). Or you may have a personal practice of journaling for creative expression but not thought of it as a business tool. Even if you haven’t had any experience with journaling at all, I wanted to bring to you some of the methods (and benefits) that research has shown can contribute to success in business, so you can create a system that will work for you.

 

  1. Problem solving

Using journaling is actually a way to see solutions that may otherwise not have been seen, as ‘Fast Company’ (online) reveals. This process can include: asking questions, brainstorming solutions or writing from different perspectives. All of which can provide an alternative way to process complex information, beyond typing.

 

  1. Evaluation

Once you have written on a regular basis, it gives you an opportunity to review what has been written and find patterns and changes in momentum across a defined period of time. Using this type of reflection after the journaling has occurred was key in Julia Galef’s (President of the Center for Applied Rationality) work with her clients. She uses this strategy (along with her signature system) to help others change long-standing (often not helpful) opinions about themselves to create new patterns of behavior after this type of process.

 

  1. Focus

One downfall to using technology (widely known) is the abundance of distraction. Quick processing and easily found information make it easy to change activities with a click of a button. Using pen and paper gives you the opportunity to literally only have ‘one thing open’, no need to resist clicking on a new tab. Once your journaling is done, it is encouraged that you then simply ‘put it away’ and not disrupt the rest of your work that is not related.

 

  1. Productivity

A recent Harvard Business School study actually found that using ‘journaling’ (by reflecting at the end of the day) could increase productivity by up to 25%. This is based on the participants in the study being able to ‘visualize’ what is important and therefore make more progress towards a particular goal.

 

I can appreciate that all of these strategies (and subsequent benefits) can be integrated into your workday; no matter what business you are building. We live in a very abundant time in our lives, because technology is advancing and becoming very accessible to all. The great thing is, so is paper. By using journaling strategies in conjunction with digital tools you have an opportunity to create a system that can produce the results you want in your growing business.

 

Tamara is the owner and designer at ‘Your Pretty Pages’ where she provides templates, planners, guides and resources for creative entrepreneurs to get and stay organized. To support your successful planning, Tamara has just released the ‘Entrepreneur’s Journal’ which you can find here: https://www.etsy.com/shop/YourPrettyPages

What’s in a name? 6 tips for choosing the right company name

Evelyn Senyi

Choosing your organization’s name is probably one of the most important decisions you will make when starting your business. The identity you choose will be the public face of the company and your primary marketing tool. Choose correctly and your company will prosper. Choose incorrectly and you may lose valuable time and energy in your marketing efforts.

 

The name of your business should convey what you do or sell, the culture of the company and what makes it unique. With all this is mind, choosing the right name can be a daunting task.

 

30 years ago naming your business was as complicated as checking with your local business bureau to see if the name already existed and searching the federal trademark database. Now you have to take into consideration web domains, Twitter accounts and Facebook pages. There are millions of small businesses across the internet that you have to contend with for web addresses, search rankings and social media clout. It’s not easy to find unclaimed digital real estate.

 

To succeed in choosing the right name that is unique and available, you need to think outside the box.

 

  • Do your research – first, see what else is out there in your industry. What types of names do the industry leaders have? Are they fun, serious or quirky? This will let you know what is accepted and expected in your field. Second, make sure that you don’t choose something that is already taken or very popular. This will make securing a domain name and search rankings in Google difficult.

 

  • Keep it simple – creativity is great, but make sure that your potential customers can pronounce and spell your name. Using long words from languages other than that of our business can cause confusion and make you hard to find (for example Abrakebabra). Simple names are easy to market and easy to remember.

 

  • Stick to real words – with so few original names left out there, marketers have taken to creating their own words. While for some (Instagram) this has worked, chances are it will backfire for most. Stick to real, traditionally spelled words when thinking of your name. Names that have no meaning are difficult to market without a lot of paid advertising and are hard to search for.

 

  • Don’t limit yourself – if you own a cafe on St. Peter’s Street it might be tempting to call yourself St. Peter’s Cafe, but what if you move? Alternatively calling yourself Bob’s Door Repair might limit you if you were ever to expand your business to more than just door repair. Be sure to choose a name that can withstand change and growth.

 

  • Use keywords – using keywords makes your business easier to find and more marketable online. It also helps customers determine what it is that you offer. East Coffee Company clearly sells coffee or coffee products, so it will be easier for their name to pop up when customers search for “coffee”.
  • Get input – you might think your name is great but you may not have looked at it from every angle. Words that have one meaning for you might mean something very different to someone else. Take the word dog. To some it might mean that cute little puppy down the street. To others it might be a derogatory word for a person they don’t like. Talking to people about your name will allow you to test how it may be received by the general public.

Whatever name you choose, make sure that YOU like it because hopefully you will be using it for a very long time. Make sure to do your homework and check your local business registry to see if the name is already taken.

Evelyn Senyi is a Toronto-based freelance writer, blogger and digital marketer. Through her passion for technology, solid writing skills and creative flare, Evelyn helps individuals, small businesses and not-for-profits share their stories. Visit her website at www.evelynsenyi.com to learn more about her services or follow her on Twitter @evelynsenyi

Easy Steps to Kick-Start Your Business … Practical Tips for Success!

 

yvonne

You’ve been thinking about it, but something keeps stopping you from starting your business? And by now you’ve most likely come across many articles such as this on ‘How to …’. If the truth be told, giving advice is sometimes easier said than done. I myself can testify to that. However, here are a couple of practical tips you can easily implement today to help you raise finances and kick-start your business.

Do your research. Research simply put is knowing your market and customers. How do you know your market? Read trade magazines and newspaper, visit industry seminars or conferences, check online or take a drive round your business geographic area and see what similar services and products exist, sample some of these services or products, ask suppliers about the market, and ask potential customers who they currently patronise. All these and more will help you build a broad picture of the market before you entering.

How do you know your customers? If they will want your products or services and what exactly it is they want? As many people as you come into contact with and see as potential customers, ask them questions. When you go to an event, take the opportunity ask people pertinent questions in a conversation-like manner. Develop a questionnaire, and email to all your family, friends, colleagues and former colleagues, ask them to email to their network of people, and voila! you have conducted your research. However, do bear in mind that the bigger your investment risk and the more complex your business model, the more structured your research should be.

For more information on business research check this article Business Research Demystified

Raising finance. The usual advice is personal savings; loans from family, friends or the bank; government funding; grants; venture capitalists etc. But what if these sources don’t quite cut it for you? You don’t have the savings, you can’t get a loan, or you fall outside the qualifying criteria for grants and funding. Here are some additional avenues and tips;

  1. Trade by barter. Offer your services, products or skills in exchange for goods or services that will help build your business i.e. you need to develop your website, and you are a marketing consultant, why not offer some free consultancy to the web designer in exchange for your website development
  2. Cut down on your personal overheads, which may include; downgrading your car or moving back to live at home saving on the monthly rent, reduce your spend on social outings such as cinemas, suspend club memberships (except of course it is required for effective business networking purposes)
  3. Start your business with incremental steps such as piloting your business idea, or starting with one product or service, and as the business starts bringing in returns, you can then consider expanding and implementing more plans and ideas
  4. Consider alternatives to reduce your start-up cost  If you are low on capital. This includes working from home without needing to lease office space, converting your garage, shared office space, virtual assistants, start with offering your services and products online etc.
  5. Consider crowd funding or sourcing capital from customers or suppliers. With some services pr products you could actually seek to get upfront payments or deposits from clients, which could then be used for your initial capital requirements. A successful example is that of a hosting company who offered potential clients a lifetime hosting package if they would pay a certain amount upfront to help fund the start-up of the business.

These tips are not all-encompassing, and there are many things that go into having a successful business such as a business plan. There is no running away from it either now or later in your business life cycle.  If you need help with your business plan, also read Business Plan Demystified, Writing Your Business Plan Once And For All.

Get a free eBook to get started on your goals: http://eepurl.com/xeDrf

Yvonne is a Change Consultant, Coach and Speaker who is passionate about working with Individuals, Entrepreneurs and Organisations to implement change, drive results and achieve their goals.   She can be reached at:   www.facebook.com/oliveblueinc,www.twitter.com/oliveblueinc, www.oliveblue.com

That Overnight Success was years in the making!

Uchechi

Have you ever read or saw an interview of someone in your industry or anyone whom you admired that reached a high level of success that you aspire too? Have you ever felt a pang of envy wishing you had the same level of success they had? Heck, even just half of it would be great! Yeah, I’ve been there too.

You see someone who seems to have come up from nowhere and just seem to be everywhere and crushing it! Everything they touch seems to turn to gold and you wish you had the secret formula that they had to be an overnight success.

Something I’ve come to know about these so-called “overnight success” is that most of them were years in the making. Yes, there are those small few that seem to have things fall into their laps, but those are not the norm. Many of the people you admire, whether they’re in your industry or not, had put in a tremendous amount of hard work for years prior to them seeing the success they now have.

I’ve seen people get so frustrated and down on themselves because of where they’re at. They research people they admire for inspiration, but then find themselves feeling even more frustrated because they then compare where they’re starting out to someone else who is much further along. This is a huge mistake because many of these high achievers will tell you that their so-called overnight success you see took time, hard work, dedication and setbacks along the way. Oftentimes they started exactly where you started and it was only through hard work, dedication, faith and perseverance that they achieved the high level of success that they now have.

Know that their success did not just magically happen and come about overnight. They went through similar journey that you now embark on. Even though things may seem slow or even stagnant for youright now, you are exactly where you need to be for your growth and development.

Lasting success takes a lot of work and time. You need to lay the foundation to build sustainability in your business. This can be long, hard, tedious, and takes time to develop. It’s also important to remember that overnight success is not always a good thing, because you will not be prepared to handle it.

Stay consistent and enjoy and celebrate the small successes that you get along the way, and use it to help you build momentum and to keep going.

So now I ask, how can you put in the time to prepare for your “overnight success”? Share in the comments below.

 

Uchechi Ezurike-Bosse is a Business & Lifestyle Strategist, Speaker and Writer, but most importantly, a proud Mother and Wife. Uchechi is Co-Founder of Elite Wellness Services Inc. (www.elitewellness.ca) and Founder of My Empowered Living (www.myempoweredliving.com) a website aimed at helping women change negative and disempowering mindset and live their passion! Whether it’s starting and building their dream business, or helping them create a lifestyle they crave, Uchechi is the modern woman’s secret to success! Visit Uchechi at www.myempoweredliving.com to get your FREE copy of 5 Simple Steps to Create a Life you’re Crazy About! A 15-page workbook!

Business Research Demystified…New vs. Existing Business. What You Need To Do (Part 2)

yvonne

New Business Start-up Research

Using an analogy from the bible; when God was giving the children of Israel the land of Canaan, he asked Moses to send out men to spy out the land… whether the people who dwelt in it were strong or weak, whether the land was good or bad, rich or poor etc.

Same principle applies to when you have a great business idea, you need to research; research yourself, research your potential business partner, research the market you plan on entering, research who the players, and research the types of finances available. By researching yourself, you are able to establish whether or not you have the skills and experience required to start and run your own business successfully and the gaps you need to fill. By researching your potential partner(s), you determine what skills and experience they bring to the table, how it complements you bring, and most importantly whether you are able to work together in the short and long term.

Your Market (Industry) research is one of the most important and not to be compromised research that needs to be done. Omitting to carry out this research, even if it is minimal to start with, could lead to challenges in your business. During your research, you have the potential to discover anything, you could find the intended market is on a decline or that the potential for growth is phenomenal. By undertaking this research you are able to determine market growth potential, trends, receptiveness of the market, who the key players are such as vendors and competitors, and potential partnership opportunities.

Existing Business Research

For existing businesses, the focus is usually on growing the business an d increasing profits; better serving the needs of customers; being ahead or keeping pace with competitors; keeping abreast of the evolving economic and environmental factors; and taking advantage of emerging trends and technologies. To do this successfully starts with research, and continues with keeping abreast with the news. Research would include; competitor analysis, customer surveys, market trends, employee surveys etc.

Market trends and well as keep abreast of what your competitors are doing can be vital information that enables you be relevant. Remember, if your target market is not buying from you, they are buying from someone else. With competitor analysis you are able to identify who your competitors are; their products/services, pricing, distribution etc. Armed with some of this information you are able to make better business decisions, fine-tune your competitive advantage, and strategically position your business succeed.

Customer surveys (and feedback) will enable you gather information about the needs and opinions of your customers. Customers’ needs are constantly changing, therefore we need to be keep up with these changes and trends in order develop products and/or services to be relevant and appeal to the needs of your target market.

In general, undertaking the required research may or may not be easy depending on you familiarity with the process, knack for finding information, experience etc. It can also be very time-consuming and complex depending on the type of business or research required. With the internet and social media, research and information has become more easily available, however, it is important that you have clear objectives on what you are looking to achieve so as not to get overwhelmed. If you are finding it difficult to undertake the research yourself or do not have the time, it is worthwhile outsourcing or delegating the process.

Once your research is completed, you are now in a better position to know if and how to proceed; you have better understanding of the market you operate within and able to respond to the needs of the market; you know what your customers want; you are in a position to develop your competitive advantage; and armed with the knowledge to make better decisions and planning on the strategic development of your business.

While some businesses may have started out successfully without any research, a time comes when they have to pause and research to maintain their strategic advantage or they become irrelevant.

Get a free eBook to get started on your goals: http://eepurl.com/xeDrf

Yvonne is a Change Consultant, Coach and Speaker who is passionate about working with Individuals, Entrepreneurs and Organisations to implement change, drive results and achieve their goals.   She can be reached at:   www.facebook.com/oliveblueinc, www.twitter.com/oliveblueinc, www.oliveblue.com

Business Research Demystified … And Why You Need It! (Part 1)

yvonne

One of the keys to starting a business or writing your business plan is Research. More important than this is conducting the right type of research.  I don’t know about you, but usually the word ‘research’ can evoke all types of emotions, which does not often include excitement.

But that need not be the case, even if it were, we need still need to do it. Think of research as a means to gain knowledge, get ahead, be relevant or establish facts, and business research being to gain the required business knowledge and facts for the purpose of establishing a more concrete foundation to develop your business and give you an edge in the market and over your competitors. When you look closely at businesses that have failed some of the contributing factors could have been eliminated had they taken the time to do some research and gather valuable information on their target customers, about the market, supplier and competitors.

On speaking with many ‘entrepreneurs’ or business owners, I find some of them disregard the process of undertaking any form of research. Often a times, they feel they have all the information they need based on their immediate experience. However, what research allows you to do is broaden your knowledge of what your customers want; know how to price and position your products and services; know what your competitors are doing so as to compete strategically; and understand market and industry trends to ensure your products or services are relevant etc.

Simple forms of undertaking research include asking your trusted network and potential type target customers about the feasibility of your business idea, products or service; and looking at similar businesses to yours and what products or services they provide and prices they charge. Simple as it may sound, these still constitute research.

Whether starting a business or looking to grow your business, I want to challenge you to step up your game, and approach your research in a more structured manner in order to gain better insight and results.

Though some businesses have started out successfully without any research, a time comes when they have to pause and research to maintain their strategic advantage or they become irrelevant.

Look out for Part 2 on the types of research that apply to new businesses or existing businesses.

 

Yvonne is a Change Consultant, Coach and Speaker who is passionate about working with Individuals, Entrepreneurs and Organisations to implement change, drive results and achieve their goals.   She can be reached at:   www.facebook.com/oliveblueinc,www.twitter.com/oliveblueinc, www.oliveblue.com

Taking The Leap Into The World Of Business?

yvonne

Are you thinking of starting your business? If so, join the millions of people who at one point or the other in their lives have considered whether or not to start a business. The thought of having a successful business, being your boss or doing something you are really passionate about sounds very appealing, right? And these, amongst other reasons are why people leave their jobs and decide to start their own thing. The familiar question is; do I take the leap? And if so, when and how do I take the leap?

One of the greatest challenges for some people in starting a business is the challenge of leaving the security of a paid job. For some it is the issue of choosing the right idea to turn into a successful business. Well, these two challenges can be easily overcome.

First and foremost before venturing into you own business, undertake some research on how viable the business idea(s) is. Are there potential customers? And what is the potential ROI (return on investment)? I’m sure you’d agree with me that it is not very wise to invest your time and money into a business that doesn’t seem viable on paper, or give up your job to start a business based on a whim. However, many people do.

Secondly, an approach to starting a business without giving up your Job is to actually undertake a pilot while still working. And believe me, doing this will require the skill of being able to multitask. To undertake a pilot means doing some test marketing in order to test the market or gauge how responsive people are to your product /service. This will enable you make better decisions on the idea and what to do next. I’ve got to warn you though that this could prove to be hard work juggling a business with your fulltime job, most especially if you have a family to take care of. It requires time management, focus, perseverance and more. These are only some of the requirements you will need both in the short and long run if you want to have your own business. So, as opposed to immediately taking a leap, consider taking long steady strides.

Having looked at your business idea and undertaken some research, you may decide the business idea is viable and you’d like to take that leap into the business world. There are a few basic things that you’d need to do in order to take off. I very much believe in building solid foundations that will allow one to build much taller and weatherproof buildings. And to build a solid foundation you need to get either some business advice or coaching and write a plan.

The word ‘Business Plan’ seems to be such a dreaded word, many people think of it as long-winded and unnecessary. However, I promise you that it is one thing that will need doing either now or later for a more successful business, better now than later I say. Planning and building the concept in your head is not enough, pen it down on paper. The saying goes, “Write the vision and make it plain, that those who is it may run with it” and that includes you, your potential business partner or financiers. Writing the plan takes you through the process of developing and refining your idea, it is also very much needed if you plan on raising capital externally. Please note that it is not enough to just write a business plan for the intention of raising capital, you should also use it as a blueprint for successfully managing your business.

Another challenge often faced in starting a business is Capital. Sometimes, the bigger the idea, the bigger the capital required. Don’t let this hinder you if raising capital seems to be your own challenge. Instead, think out-of-the box in identifying ways to raise the capital required. Look for avenues to cut back on the initial capital required, some ways of cutting back on capital includes; offering trade by batter or buying second-hand instead of new.

The following options are available to you and all except for personal savings will require a sound Business Plan; Personal savings, Friends & Family, Bank loan, Government Initiatives, Private Investors and Venture Capitalists.

Having researched the idea, written a ‘Plan’ and raised the required finance, you are all set to take off. Nothing Ventured, Nothing Gained. Take the leap if you feel very strongly about it, but plan and prepare for it.

Please refer to past articles on fundamentals such as ‘Research’, ‘Writing a Business Plan’ and ‘Raising Finance’ that will help you prepare for starting your business. http://www.oliveblue.com/category/blog/

 

Yvonne is a High Performance Consultant, Coach and Speaker focused on working with Individuals, Entrepreneurs and Organisations to execute and achieve their goals.   She can be reached at:   www.facebook.com/oliveblueinc,www.twitter.com/oliveblueinc