Week one or is it, My next business idea has been growing for a few weeks and although networking and discussing the business has commenced, I still have a lot more to think about or rather take action on.
Most business fail because they fail to plan.
For me it is time to put a plan into place which will show a achievable profit objective and marketing systems to achieve my business goal.
There is a lot of help on government website and I have downloaded a business plan from
business.gov.au which is also available as an app. Mybizplan
I will follow the below steps but will also commence the business, must not procrastinate.
Step one:
Do your research - make phone calls and ask questions, in my case I need to check business structure, pricing and find out the need for the services in what I believe is my niche market.
Step Two
The Plan - write a detailed plan. Sell the story to yourself and investors. You may need to show the plan to others. If you need finance you certainly will need to sell your vision. I am requesting help for part of the plan as I research the numbers.
Step Three
Get Advise - speak to your BEC (Business Enterprise Centre), accountant or business advisor. Find a mentor or someone who has works or has worked in the industry. With my new business venture I've made contact with other in the industry and commenced networking.
Step Four
Commence - Start working in the business while working on the business. You need to earn an income. Ok I need to get this one going. Have phone potential clients and believe I will sell the story.
Todays questions to ask yourself:
1) Am I clean about my personal and professional motivations - why do I want to do this?
2) What market shall I target and what is my market size?
3) What is the competitive landscape and how are my services different?
4) How will I make money?
Do I have or does the team have experience and commitment?
What book I'm currently reading.
Total Recall - Arnold Schwarzenegger - My unbelievably true life story
Today's quote:
"Always plan ahead. It wasn't raining when Noah built the ark."
Cushing, Richard C.
1895-1970 American Roman Catholic Cardinal
Friday, February 22, 2013
Sunday, August 7, 2011
Thank You Mentors
Yes, I apologise I've been quite lately. So much has been happening. The business is still growing but with change. A new direction.
Over the past few months I've sat back and studied where I want to be in the future, what I want to do. How do I want to spend my days? To really do what I want to do I need to make changes now both in my personal life and in business. Free up some time and get some assistance where I need it most.
We all have a few week areas or areas we need a helping hand once in a while. I learnt early on in business to ask questions to people with anwsers and to have someone to toss things in the air with is great. I found a mentor for finance, a mentor for recruiting and now as I make changes again a mentor for guidance. I have not had all these mentors at the same time but I have asked for their mentoring help at times of need.
A mentor does not work in your business but is a sounding board to assist you with developing your business skills. You can take your mentors advise on board but the final decision is yours.
There are many places you can find a mentor. You may already know someone you wish to ask but if not ask at your local business enterprise centre as they have mentors who will guide you as you start your business or focus in new arenas.
From childhood I've had some wonderful mentors. Some of mentors have been relatives, some have been friends, they have been younger and older and some of my mentors have been indirect mentors. This group do not know how they influenced me or how I modelled my ways by watching them or listening to them. I thank all my mentors for the guidance they have given me, and the knowledge they have shared with me.
Quote 'You know, you do need mentors, but in the end, you really just need to believe in yourself' Diana Ross
Over the past few months I've sat back and studied where I want to be in the future, what I want to do. How do I want to spend my days? To really do what I want to do I need to make changes now both in my personal life and in business. Free up some time and get some assistance where I need it most.
We all have a few week areas or areas we need a helping hand once in a while. I learnt early on in business to ask questions to people with anwsers and to have someone to toss things in the air with is great. I found a mentor for finance, a mentor for recruiting and now as I make changes again a mentor for guidance. I have not had all these mentors at the same time but I have asked for their mentoring help at times of need.
A mentor does not work in your business but is a sounding board to assist you with developing your business skills. You can take your mentors advise on board but the final decision is yours.
There are many places you can find a mentor. You may already know someone you wish to ask but if not ask at your local business enterprise centre as they have mentors who will guide you as you start your business or focus in new arenas.
From childhood I've had some wonderful mentors. Some of mentors have been relatives, some have been friends, they have been younger and older and some of my mentors have been indirect mentors. This group do not know how they influenced me or how I modelled my ways by watching them or listening to them. I thank all my mentors for the guidance they have given me, and the knowledge they have shared with me.
Quote 'You know, you do need mentors, but in the end, you really just need to believe in yourself' Diana Ross
Friday, April 29, 2011
Help I need a Money Tree
Cash flow crisis hits most small businesses at sometime in its life. This time of the financial year money issues hits small businesses the most, but actions can be taken to assist with cash flow management.
1) Provide a customer the invoice immediately upon delivery of goods or services.
If you wait to prepare your invoices monthly than you may be adding as many as 30 extra days to your cash flow conversion. The goods have gone, the service actioned but you have not been paid. Who is fitting that bill?
2) Offer customers a discount for paying on the day they receive the goods or service.
3) If your service is going to take some time, request a work in progress payment where the customer pays a certain percentage of the total invoice up front before the job begins. You do not want to be out of pocket for expenses.
4) Track your past due accounts and actively call customers to collect overdue payments. Set up a system to send out statements and letters to the customers explaining the steps that will be taken if the account remains unpaid. This may include percentage penalties or transfer to a collection agency.
It is important to monitor your cash flow and shorten the flow conversion so you can bring money into the business quicker. A cash flow gap occurs when the cash flowing into your business doesn’t keep up with the cash flowing out. We all know that cash can flow out of the business quickly with all sorts of expenses from materials to permits and wages.
Quote: “The best things in life are free but you can tell me 'bout the birds and bees. Now gimme money”—The Beatles
1) Provide a customer the invoice immediately upon delivery of goods or services.
If you wait to prepare your invoices monthly than you may be adding as many as 30 extra days to your cash flow conversion. The goods have gone, the service actioned but you have not been paid. Who is fitting that bill?
2) Offer customers a discount for paying on the day they receive the goods or service.
3) If your service is going to take some time, request a work in progress payment where the customer pays a certain percentage of the total invoice up front before the job begins. You do not want to be out of pocket for expenses.
4) Track your past due accounts and actively call customers to collect overdue payments. Set up a system to send out statements and letters to the customers explaining the steps that will be taken if the account remains unpaid. This may include percentage penalties or transfer to a collection agency.
It is important to monitor your cash flow and shorten the flow conversion so you can bring money into the business quicker. A cash flow gap occurs when the cash flowing into your business doesn’t keep up with the cash flowing out. We all know that cash can flow out of the business quickly with all sorts of expenses from materials to permits and wages.
Quote: “The best things in life are free but you can tell me 'bout the birds and bees. Now gimme money”—The Beatles
Monday, April 18, 2011
Crunching out the numbers, the cost of the campaign and customer.
We all have our preferred way of building up our businesses with new clients/customers, and as much as we want free business as much as possible, there is a cost involved with lead generation.
In my industry the best way to grow your business is via referrals but this will only build the business to a certain point. Marketing needs to take place to promote and call in new business. But at what cost? How much does each customer cost? Do you know?
Purchasing Customers – which one would you like?
All the customers have different price tags as all have come to you via a different method, maybe flyers, radio or local paper.
But how much did your campaign cost?
The best way to work out your cost is to look first at your static costs, these are the costs that stay the same, they consist of the expenses accumulated with doing a quote.
For example:
Brochure: $0.40
Petrol for quote: $2.50
Quoter/Staff: $20.00
Static Cost $22.90
Next look at the lead generation cost, this is the total expense for a particular marketing campaign.
In this example we are placing an advertisement in the local paper for $350.
Lets say we had 10 quotes from the campaign with 7 new customers.
Our price per customer is:
Static cost x #of quotes + lead generation costs/new customers
Our example brings this to:
$22.90 x 10 = $229 +$350 = $579/7 =$82.70
Our new customer has cost: $82.70 this is the purchase price per customer.
In the repeat business industry like I’m in, we can than work out the breakeven time frames by dividing the purchase price per customer by the average clean profit.
For an example lets base this on a $25 profit per clean. In this case if the customer was a fortnightly customer it will take 6 weeks until you hit break even timeframe. (3 cleans)
$82.70 / $25 = $3.3
Always monitor your campaigns, know your numbers and recognise what needs to change to bring the numbers down. This could be the marketing method, conversion rates or static costs.
Quote: ‘Make measurable progress in reasonable time. ‘ by Jim Rohn
In my industry the best way to grow your business is via referrals but this will only build the business to a certain point. Marketing needs to take place to promote and call in new business. But at what cost? How much does each customer cost? Do you know?
Purchasing Customers – which one would you like?
All the customers have different price tags as all have come to you via a different method, maybe flyers, radio or local paper.
But how much did your campaign cost?
The best way to work out your cost is to look first at your static costs, these are the costs that stay the same, they consist of the expenses accumulated with doing a quote.
For example:
Brochure: $0.40
Petrol for quote: $2.50
Quoter/Staff: $20.00
Static Cost $22.90
Next look at the lead generation cost, this is the total expense for a particular marketing campaign.
In this example we are placing an advertisement in the local paper for $350.
Lets say we had 10 quotes from the campaign with 7 new customers.
Our price per customer is:
Static cost x #of quotes + lead generation costs/new customers
Our example brings this to:
$22.90 x 10 = $229 +$350 = $579/7 =$82.70
Our new customer has cost: $82.70 this is the purchase price per customer.
In the repeat business industry like I’m in, we can than work out the breakeven time frames by dividing the purchase price per customer by the average clean profit.
For an example lets base this on a $25 profit per clean. In this case if the customer was a fortnightly customer it will take 6 weeks until you hit break even timeframe. (3 cleans)
$82.70 / $25 = $3.3
Always monitor your campaigns, know your numbers and recognise what needs to change to bring the numbers down. This could be the marketing method, conversion rates or static costs.
Quote: ‘Make measurable progress in reasonable time. ‘ by Jim Rohn
Sunday, April 10, 2011
Thinking Positive
There are days when I feel so close yet so far as I grow my business.
On these days when I listen to my inner voice, am I listening to the correct little voice.
We all have inner voices guiding us with our daily lives, the little invisible friend who is whispering in our ear. Some of our self talk is uplifting but sometimes it is the ‘Little Voice’ that holds us back. It is negative.
It is time for me to take control of my inner voice, refocus and continue to grow my business in this changing environment.
This week has been about focus. Realigning the goals and putting affirmations into place that can be repeated when doubt sets in. I’m pushing away the little negative voice and making room for the positive invisible friend.
In some cases a negative inner voice is actually a vocalization of low self-esteem. You may have received some negative feedback or economy is not working in your favour and your inner voice starts putting negative thoughts into your brain. It is possible to take back the reigns and continue stepping forward towards your goals.
Think positively: Think of the good services you provide and the positive feedback.
Realign the goals: You may need to realign the goals and change the deadlines but by looking back at your future goals you can put the plan back in place to move on and grow.
Acceptance: Accept that there will be setbacks, failures, mistakes and shortcomings than use these to learn from and move forward.
Support team: Speak to your mentors and support team, accept their listening ears and weigh up their advice, as this is your business.
Quote: ‘“A human being's first responsibility is to shake hands with himself.” Henry Winkler
On these days when I listen to my inner voice, am I listening to the correct little voice.
We all have inner voices guiding us with our daily lives, the little invisible friend who is whispering in our ear. Some of our self talk is uplifting but sometimes it is the ‘Little Voice’ that holds us back. It is negative.
It is time for me to take control of my inner voice, refocus and continue to grow my business in this changing environment.
This week has been about focus. Realigning the goals and putting affirmations into place that can be repeated when doubt sets in. I’m pushing away the little negative voice and making room for the positive invisible friend.
In some cases a negative inner voice is actually a vocalization of low self-esteem. You may have received some negative feedback or economy is not working in your favour and your inner voice starts putting negative thoughts into your brain. It is possible to take back the reigns and continue stepping forward towards your goals.
Think positively: Think of the good services you provide and the positive feedback.
Realign the goals: You may need to realign the goals and change the deadlines but by looking back at your future goals you can put the plan back in place to move on and grow.
Acceptance: Accept that there will be setbacks, failures, mistakes and shortcomings than use these to learn from and move forward.
Support team: Speak to your mentors and support team, accept their listening ears and weigh up their advice, as this is your business.
Quote: ‘“A human being's first responsibility is to shake hands with himself.” Henry Winkler
Sunday, March 27, 2011
Plan Your Day
To get the most out of your day it is important to plan your day. I like to plan the night before as with a cleaning business I’m often out in the field in the morning, however if you prefer you can plan at the start of your day before you doing anything else.
If you start your day with distractions such as blogs, emails, newspapers on-line you could be setting up your day to have one distraction after the other. There will often be an email you want to respond to immediately, and of course you need to get to the emails, blogs, papers etc but with these written into your daily plan you will.
Create lists:
- A master list with all the jobs you need to get round to doing, these do not need to be worked on immediately but if on the list they will get actioned. Add to this list any new jobs or tasks you think of throughout the day. This is like a brain storming exercise, a tick list to work through over time. Some of these jobs you’ll do, some you may delegate.
I personally keep my master list on a white board in the office it is great to see the tasks get crossed out.
- A must do list with all the tasks and jobs you must get round to doing today.
- A should do list with all the tasks that are not crucial to do but should be done throughout the day at sometime.
You will most likely have a diary or calendar you work from, which tracks your appointments. Between these appointments place in time to action your must do list with the jobs in priority, also block out time for emails, blogs etc and don’t forget to block out your meal times. Your health is important take the break to recharge, rethink and refresh.
“He who fails to plan, plans to fail” Proverb
If you start your day with distractions such as blogs, emails, newspapers on-line you could be setting up your day to have one distraction after the other. There will often be an email you want to respond to immediately, and of course you need to get to the emails, blogs, papers etc but with these written into your daily plan you will.
Create lists:
- A master list with all the jobs you need to get round to doing, these do not need to be worked on immediately but if on the list they will get actioned. Add to this list any new jobs or tasks you think of throughout the day. This is like a brain storming exercise, a tick list to work through over time. Some of these jobs you’ll do, some you may delegate.
I personally keep my master list on a white board in the office it is great to see the tasks get crossed out.
- A must do list with all the tasks and jobs you must get round to doing today.
- A should do list with all the tasks that are not crucial to do but should be done throughout the day at sometime.
You will most likely have a diary or calendar you work from, which tracks your appointments. Between these appointments place in time to action your must do list with the jobs in priority, also block out time for emails, blogs etc and don’t forget to block out your meal times. Your health is important take the break to recharge, rethink and refresh.
“He who fails to plan, plans to fail” Proverb
Friday, March 11, 2011
The First 30 Seconds.
It only takes 30 seconds to form an opinion on someone or something. Although you may say nothing, your sub-conscious will be working for you and sending you a message. This is only human, your customer is thinking the same way.
You need to impress in 30 seconds to get the business. This is the 30 second interview and will set up how you deal with this customer throughout your business relationship.
Say Hello, Good Morning, - do not ignore and don’t chat on a personal call thinking the customer will wait. They don’t always wait and may not return.
Be neat and tidy, dress according to your business and if you have a uniform wear it proudly it represents your business and YOU.
Answer phone calls promptly and politely. Speak clearly into the phone. If you can’t give the caller 100% than leave the call go to message bank and call back. If you need to place on hold ask first.
If you have a junior, trainee or partner with you introduce them immediately. If your business is in services and you are visiting the customers home, ask them if they mind if the person with you joins you as you walk through the home.
If you have a business card, have it ready to give the person on introduction.
The best way to make an impression is to practice. You need to answer a few questions in your first 30 seconds. 1) Who are you?, 2) What do you do?, 3) Why do I need to know you? 4) What will make me remember you?
In my industry I’ve often spoken to the person on the phone and set up an appointment. On the phone I’d have answered with the business name, followed by my name. I’d have listened to the request and booked an appointment.
At the appointment I’d introduce myself.
Hi I’m Angie Emde from cleaning Services (While handing my business card).
Shall we take a look through your home so I can give you a tailored cleaning quote.
I should point out that all our staff are fully trained, insured and security screened. (point to folder). As you can see we wear uniform. We also bring all our own equipment and chemicals with clean clothes and mops in each job, however if you have a preferred chemical just let me know…..
At the end of your meeting make a point of letting the customer know when you’ll follow up.
You need to impress in 30 seconds to get the business. This is the 30 second interview and will set up how you deal with this customer throughout your business relationship.
Say Hello, Good Morning, - do not ignore and don’t chat on a personal call thinking the customer will wait. They don’t always wait and may not return.
Be neat and tidy, dress according to your business and if you have a uniform wear it proudly it represents your business and YOU.
Answer phone calls promptly and politely. Speak clearly into the phone. If you can’t give the caller 100% than leave the call go to message bank and call back. If you need to place on hold ask first.
If you have a junior, trainee or partner with you introduce them immediately. If your business is in services and you are visiting the customers home, ask them if they mind if the person with you joins you as you walk through the home.
If you have a business card, have it ready to give the person on introduction.
The best way to make an impression is to practice. You need to answer a few questions in your first 30 seconds. 1) Who are you?, 2) What do you do?, 3) Why do I need to know you? 4) What will make me remember you?
In my industry I’ve often spoken to the person on the phone and set up an appointment. On the phone I’d have answered with the business name, followed by my name. I’d have listened to the request and booked an appointment.
At the appointment I’d introduce myself.
Hi I’m Angie Emde from cleaning Services (While handing my business card).
Shall we take a look through your home so I can give you a tailored cleaning quote.
I should point out that all our staff are fully trained, insured and security screened. (point to folder). As you can see we wear uniform. We also bring all our own equipment and chemicals with clean clothes and mops in each job, however if you have a preferred chemical just let me know…..
At the end of your meeting make a point of letting the customer know when you’ll follow up.
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