Home Business Development – Having Your Own Website

In my first article, where I talked about having a auto responder system, I stated that building a business online is like a Jet climbing to it ideal cruising altitude. In a jet you plan the route, in business you develop a plan, a jet takes off, a business launches or opens, a jet climbs, and a business is developed.

I also stated the companies you can join as a home business should be tools within your business. They are the product tool. Then I talked about the importance of communicating effectively with your customers, and discussed auto responders as another needed tool.

In this article I am discussing the importance of having your own online business presence. The way this is done is by having your own website. This is not the free website you may get when joining a business opportunity program, but your own website with its own hosting service and domain name.

Your own site allows you the control to adjust your marketing pitch, develop contact lists, and market more than one item if you want.

Having your own site also makes your product or service more visible or unique to a customer. Let’s say you are working with a MLM or Network marketing business and they provide you a website to get others to sign up on. Everyone in the program has the same site, this is not unique, and you cannot customize it. But if you had your own site you can create a new way to tie the product or service to a customer’s needs. Another way you can work the site is to list benefit of the product or service without actually mentioning it, then ask them to provide contact information if they want more details. When they provide the information send them to the programs website to finish the sell. If they do not purchase the item you have the contact information so you can remarket the product or another product to them. Many times it will take several exposures to a product before the customer will act on the offer.

It is not recommended that you use a free service when hosting a business website. These services are good for personal websites but should be avoided for a business. The number one reason I have for not using these types of services is they usually require or place their own ads on your sites. You do not want to promote some one else’s products on your site unless you are getting some type of payment in return.

When choosing a hosting site look at the following :

Reliability
Customer support
Hosting space allowed
Bandwidth limits,
Options Available
Payment methods.

There are a number of good services out there. The service I have had the best performance with is from Godaddy. It has many options and plans you can work with and you can start out with the minimum and upgrade later as your needs change.

Choosing the correct hosting service for your website is probably just as important as your product or service. If your site hosting is not reliable your site will not been seen, and therefore you will not get the sales conversions.

How to Unearth the Hidden Potential in Your Business

“In the middle of difficulty lies opportunity”. Albert Einstein’s statement is an exceptionally noble approach, and exemplifies that business potential may indeed lie in its threats and weaknesses. For the business to prosper and grow entrepreneurs must realize that regardless of how successful they become they will still be far below their optimum potential, and must therefore meticulously find and exploit their enterprise’s true potential. This requires a shift in paradigm thinking and a congruent change in the entrepreneur’ attitude towards the dangers and weaknesses of their business.

Converting limitations and disadvantages into opportunities results in amazing outcomes at every step in the operation of a business and of its performance outlook. Decisions are made and actions are taken based on the hard reality of the business not obscured by tomorrow’s challenges or the lure of the urgencies of the present.

While not every business has a hidden potential and can develop limitations and restraints into opportunities, businesses that have no potential or fail to search for their potential cannot grow or survive. So, how can you unearth the hidden potential in your business and develop its opportunities?

You start by asking yourself questions like:

What you are fearful of, what do you see as a danger to your business, and how can you use it as an opportunity?
What are the restraints and weakness that contribute to the vulnerability of your business, hinder its full effectiveness, and hold down its propensity for profitable results?
What are the inconsistencies in your business?

Most entrepreneurs are fully aware of the restraints, vulnerabilities, and limitations of their businesses but seldom ask questions. They are likely to believe that nothing can be done to change their circumstances. They fail to realize that to convert restraint into opportunity requires innovation with flexibility and diversity to exploit the new possibility by investing in its development.

While inconsistencies are a way of life for growing businesses, chronic imbalances can drain the business of its productive resources way beyond any results they can produce. If the imbalance in resource allocations is in support activities or control measures, the remedy is to cut out whatever causes the imbalance. Concurrently, identifying the area with excessively large productive effort often indicates a major unused potential and requires major changes in the nature and structure of that area of the business.

We traditionally identify areas of inconsistencies and imbalance with excessively large productive resources incapable of producing sufficient outcomes, within the business in the marketing and research & development areas. The cure in these areas is determined by careful analysis followed by radical redefinition of the business in its entirety or integration into new products or services with adequate utilization of the resources and efforts needed.

More serious cases of imbalance we encounter are companies that are the wrong size- typically too small- for the market they are serving or for the management they need. For these cases a unified business review and performance program that converts the disparity between the business size and the management it requires by scaling the management down to the size appropriate to the needs of the business.
Needless to say, that unearthing and attaining the potential of a business is psychologically taxing on all concerned and requires great effort from the various aspects of the business and its management.

Therefore the role of an external coach or consultant is of paramount importance in the soul searching process of the organization and in the unearthing of its hidden treasures that are disguised as imbalances in the form of a weaknesses or a threats.

Entrepreneurs need to work systematically on maximizing opportunities by looking within not without! And by asking questions like; Where are the imbalances in our business, and what are the opportunities for the greatest economic outcomes? They can start to maximize opportunities by focusing the available resources on the most attractive possibilities and devoting them to obtaining the greatest possible results. This followed by successful business planning based on exploiting imbalances and maximizing its prospects by uncovering its potential and developing real opportunities that can increase the propensity of the business for survival and growth.

Why a Lifetime Membership Will Benefit Your Business Development for a Lifetime

Maximizing on lifetime membership is the most sustainable method to drive growth value for any business. The total amount of value derived from customer’s engagement to a business is really enormous. Maximizing this lifetime value is possible if only one can measure it. Through measuring, it is possible to track advancements over time. Customer value should therefore be measurable to realize business growth. Some of the advantages of customers’ lifetime membership include the following:

1. Drums up support for strategic acquisition.
Lifetime customers create channels under which many other customers are obtained. A business thus acquires a larger market as compared to one which has no lifetime membership. A larger market sustains a business over rough times, this is because customer influx is maintained throughout the year. Lifetime membership forms a web of consumers who ensure that profits are made. Acquisition cost will always rise in the global economy. It is thereby cost effective for one to retain current consumers rather acquisition of newer ones

2. Customer relationship management.
Growing customer loyalty and reducing churn. This is as important aspect as it ensures tailored marketing, promotion and communication to customers. Optimization of consumer loyalty and value. The business is forced to take a lasting approach for creation of value rather than promotions which maximize revenue for single shopping trip. Promotion of all products rather than being choosy is that it maintains a consumer base. Eroding a brand value can cost a business at the expense of customers.

3. Increased profit margins.
For any particular business, customers will always account for the largest share of profits, even if they are few. Majority of profits will be raked from customers while other sources of income come second. This means that a business has to brand constant customer loyal. This cannot be similar to those who only shop around.

4. Emphasized customer loyalty.
Lifetime membership should have a long term loyalty. This intangible asset has been consistently proven to advance a business. Successful enterprises monetize on this asset over long periods in order to have a market. Loyalty can be rewarded through discounting and offers.

5. Bigger value creation opportunities.
Lifetime membership point towards creation of powerful opportunities, like expansion of market or acquisition of other complimentary services instead of smaller opportunities. This is since the higher limit of the value one can generate from a single consumer will be greater than the higher limit of a basket full of goods.

6. Advertisement and promotion
Lifetime members can promote a business to a higher level. Some businesses have lifetime membership to media houses. The media house has the responsibility to extend its favors through advertisement and promotion of their product. In so doing, the business is widely recognized and appreciated. These elements act as the marketing strategies that ensures the business stays in line.

All in all, lifetime membership should be recommended due to their due advantages over timely memberships. Other benefits include discounted publication, free conferences, corporate benefit subscription, Insurance, Financial services and technology offers.

Developing the Right Opportunities

Not all of the questions you ask will have answers. For certain questions, you might get answers that do not excite you at all. However, some of the questions you ask will have answers that tell you that there might be a possibility for an opportunity to develop.

You note that I use the words “might” and “possibility” here. For an opportunity to exist, we should be able to combine four elements. Without all four, we have only a possibility, nothing more. However, as you get used to viewing the world from four different angles, you will very quickly start to think of all four elements automatically.

It is when you get to that point, that opportunities will just start “popping into your head”. It is crucial that you take notes when an answer excites you. Right at that moment, you might think that you will not forget it, but we all forget things, even very important things. Make notes of your thoughts and include any thoughts that you might have about the other three elements. Give your possible opportunity a name, as by doing this you give the opportunity a mental anchor and summarise it to its essence. You will remember it better, and your subconscious mind will work harder to expand it from the essence of the possibility, to a more complete vision of the opportunity.

During the course of the day, use any spare time you might have, to look at your card and ask questions. While travelling in your car (record your thoughts rather than writing them down!), in the elevator and on the escalator, while having a cup of coffee in the canteen. When you are doing things that do not require you to think, use that time to search for opportunities and do that by questioning the whole world around you. Yes, even when you have to go to the bathroom! And remember to jot down all the thoughts you experienced when you get answers that excited you.

Dedicate time; 15 minutes per day should do it, to reflect on your findings and what possible opportunities might arise from it. Think about each of them, and jot down any additional thoughts you might have.

Try and find the “missing three” elements for each answer that you get when asking the questions. A very simple matrix will assist you in trying to find the missing elements – turning them into opportunities for yourself.

You will start off with something like this:

Date: 04 Feb ’08
Needs: Computer keyboards, screens and mouse pads need cleaning
Means:?
Method to apply:?
Method to benefit:?
Potential:?
Notes: Saw Johnny’s workstation today – looks terrible!

Date: 05 Feb ’08
Needs: ?
Means: Old tires
Method to apply: ?
Method to benefit: ?
Potential: ?
Notes: Saw a whole heap of old tires at the scrap yard.

Date: 06 Feb ’08
Needs: ?
Means: ?
Method to apply: Carwash used to wash cars.
Method to benefit: ?
Potential: ?
Notes: Drove past carwash and saw how it applied water, soap and mechanical action to wash car.

After a while, when reviewing these entries, you might progress to:

Date: 04 Feb ’08

Needs: Computer keyboards, screens and mouse pads needs cleaning.
Means: PC cleaning box with solvent, glass cloth, water and drying chamois.
Method to apply: Provide PC cleaner with box and let him/her clean all PC user’s computers.
Method to benefit: Start PC cleaning services and get big business to contract. R15 per PC per month?
Potential: Yes! There are 6 buildings in our area, each with more than a 1000 PC’s.
That means R90 000 per month!
Notes: Saw Johnny’s workstation today – looks terrible – some keyboard keys seem sticky.

Date: 05 Feb ’08
Needs: Mine dumps need stabilization to prevent erosion and pollution.
Means: Old tires.
Method to apply: ?
Method to benefit: Set up “mine dump” stabilization business to sell service.
Potential: ?
Notes: Saw a whole heap of old tires at the scrap yard. Scrap yard will pay me to remove their old tires. Find out what mines would pay to stabilize mine dumps.

Date: 06 Feb ’08
Needs: How do fleet owners wash their large trucks?
Means: ?
Method to apply: Carwash used to wash cars.
Method to benefit: ?
Potential: ?
Notes: Drove past carwash and saw how it applied water, soap and mechanical action to wash cars.

Flag all the possible opportunities which you feel comfortable with that might turn into real opportunities. There are a number of ways in which you might like to prioritise the possible opportunities. In the above example, an overall “Potential” was used to prioritise. You might use various prioritising methods such as “Ease of implementation”, “Require least capital outlay” or even:”I like this opportunity (scale of 1 to 5)”. You decide how you would like to prioritise the opportunities. The method of prioritisation is far less important than the fact that you do prioritise and feel comfortable with how you prioritise.

As your opportunities develop over time, you will quickly realise that opportunities are very abundant to those looking for them. But opportunities alone are not enough! We have to do something with the opportunities.

In the next chapter, we will look at a terrific tool that will help you turn your opportunities into complete and compelling business visions – to get the most from your opportunities.

To find opportunities – look for alternatives, no matter how satisfied you are with a situation. Everything can be improved. Every improvement is an opportunity.

Chapter reminders:

1. Every opportunity has 4 elements:
-Needs
-Means to fulfill the need
-Method to apply the means to fulfill the need
-Method for you to benefit.

2. Get into the habit of looking at things from different angles – each angle one of the elements of an opportunity.

3. Develop opportunities by filling in the blanks!

4. Prioritise the opportunities