Northstar Thinktank is an useful resource center for entrepreneurs to find highly targeted business building tools from a lot of great places on the World Wide Web. Everyday the Thinktank team scours the world marketplace for valuable information and emerging business trends. This information is summarized, distilled and then delivered in such a way that small enterprises can quickly put it to work, keeping them far ahead of the curve.
Some topics discussed over there include: writing a business plan, retaining customers, creating a customer-centric culture in your company, and more. You may get more relevant entrepreneurship insights at the Northstar Thinktank blog, such as this article by CEO Jeff Chavez about how to find a great business idea and putting it into action. Jeff’s suggestion that we think about what problems people have that you could help them solve, or what goals we could help people achieve, really is something that we agree with. People will pay you dearly to help them solve their problems or reach their goals.
If you have any helpful websites or resources for fellow entrepreneurs and small business owners, why not contribute to this post by making a comment below. Share with us your favorite entrepreneurship websites. Thanks!
Author: Pamela Swift
BIZNESS! Newsletter Issue 61
Amazing Public Speaking Skill – The Hancock Manoeuvre
As the story goes Hancock never really enjoyed public speaking. He was in fact more of a comic actor than a comedian. He had brilliant script writers on his radio and TV shows and was more comfortable speaking the words of others. According to Monkhouse they were both to speak at a charity function….
Continued in BIZNESS! Newsletter Issue 61 >>>
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Can’t stand your demanding boss anymore? Start your own business! Before that, be sure to subscribe to our free informative newsletter. BIZNESS! is jointly published by CoolBusinessIdeas.com and GetEntrepreneurial.com What you get in BIZNESS! – the latest new business ideas, small business advice, business tips and info and entrepreneur resources. Everything you need for your brand new business!
Free 20-pages PDF ebook (worth $38), “New Business Ideas Report 2007” – included with your subscription. Learn more here.
We see and hear about a large number of franchises and Multi-level Marketing (MLM) businesses and I am often asked if these are good for the retired person. So let us take a look at them one at a time.
Franchises are frequently larger companies having numerous employees, a fixed retail location with the high overhead associated with this, require high up front fees, normally require a full marketing plan and budget as part of the commitment and most are year around full time businesses. That is in direct opposition to everything I have tried to warn seniors of in my book “Baby Boomers’ Official Guide to Retirement Income”. While franchises may make good sense as a business, it is not normally a good idea for a part-time or seasonal business for a retiree. But I spend time each week looking over the business models of any new franchise that I can find on the Internet.
Franchises are mostly very successful business and new franchises are in sectors that are growing. These companies do their screening well. Looking at their information, will provide you with typical startup costs of the business and will help you budget your business if you decide to enter the business sector even if you make a number of changes to the business plan. The franchises sometimes provide you the demographic information to locate the business but this is information that you will need to help identify your customers. You can use much of their information to analyze and plan your business.
MLM businesses have gotten a bad name since many of these businesses use high-pressure tactics to make their “members” buy and sell more products. These businesses get their name since a member will get a large commission from product they sell, a smaller commission from products sold by newer members that they have brought into the organization under them and an even smaller commission from sales the people the newer members they have brought in under them and so on. Many even have minimum monthly purchases even when the members are not selling that much in product. So dangerous inventory buildups leave unsuccessful member with a basement full of product. I have seen statistics that suggest that well over 90% of the participants do not make significant money from these ventures. But they do work for the aggressive sales people. The large earners in these systems are ones that bring in people in the organization under them. The large commissions are made by developing a large network organization below you and not by selling the product yourself.
When talking with someone from a MLM organization you will normally hear 2 phrases. The first is that they will deny that they are a MLM organization. They may have some slight change in their organization, such as having customers buy product on-line and they just get a referral fee and fees from their network organization, so they deny they are a MLM organization. Many times they do not provide clear information about the total costs of their products and try to get you to accept that they are “competitive” or below the store price.
So MLM organizations are not all bad but most are bad. So do your research carefully before becoming involved.
This new weekly column, 101 New Business Ideas for Retirees, is compiled specially for GetEntrepreneurial.com readers by Stan Spector. View all articles in this column by Stan Spector.
Stan Spector is the author of “Baby Boomers’ Official Guide to Retirement Income – Over 100 Part-time or Seasonal Businesses for the New Retiree”. The book’s website can be found at StanSpector.com.
I’d like to tell you a little story about Sam, an old acquaintance of mine. The first time I met Sam I had stopped in his little general store while passing through town to buy some soda for my long car ride back home. His was the only store in this very small rural town and he did a sizable amount of business. As I walked down one of the aisles to get to the refrigerated coolers in the back where they kept the soda, I couldn’t help but notice that the shelves were loaded with containers of salt for sale. There were salt containers from the front of the aisle to the back, from top to bottom, and on both sides of the aisle. I couldn’t believe it, an entire aisle dedicated to just salt.
I grabbed a couple sodas and went to check out.
As Sam stood there smiling I said to him, “Excuse me, but I noticed you have hundreds and hundreds of salts for sale.”
Sam simply said, “Yup. That’s right.”
So I said, “Well, you must be one heck of a salt salesman to sell that much salt.”
Sam slyly responded, “Nope. Actually, I’m a terrible salt salesman. But the guy who sold me all that salt, now HE was a great salt salesman.”
Dumbfounded, I paid for my soda, went to my car, and drove home.
Since I had so much time to think during my long drive, I couldn’t help but wonder about how Sam’s salt plight was so typical of customers who end up purchasing something they don’t really need. They purchase what the sales person wants them to, which is not always what the customer really wants or needs. Obviously, Sam did not need all that salt, but the salesman made a good commission check on that sale nonetheless.
Do you think that the sales person who sold Sam all that salt has a snowball’s chance in you-know-where of EVER selling ANYTHING to Sam again? Of course not! If he sold Sam only what he really needed at the time, he would have had a chance to develop a relationship for life and, over that life-time relationship, he would end up selling a lot more salt than he did in that one single sale.
This is one of the biggest lessons in sales – Understand what the customer needs and sell him the right solution for those needs. In doing so, you not only have done right by the customer, but the customer will trust you and that is how a relationship begins. Since customers are more knowledgeable, and even sophisticated, in today’s market, they are looking for sales people who are more problem-solvers and planners who can work with them as a partner rather than someone who is just trying to sell them something. Therefore, sales reps need to sell VALUE, not products or services. By developing your relationship-selling skills you’ll position yourself as a partner who sells value, which will make you stand out from the normal crowd of sales reps who are pushing products down their client’s throats.
Relationship-selling involves listening, instead of “telling”. Asking the right questions, shutting up, and carefully listening to the responses are the key ingredients for doing this right. Prospects will tell you almost anything if you show you care about them. The traditional “sales pitch” is now replaced with an interview, with the goal of solving your prospect’s problems. By considering the prospect’s bottom-line, instead of your own quota, you create a win-win situation. By solving their problems, you will get the sale and both of you will win.
In a non-relationship selling environment, the sale rep spends very little time in the early stages of the sales cycle. These stages include the initial contact phase where rapport needs to be built and the qualification phase where you establish whether there’s a good fit or not before wasting a lot of time. As a result, that same sales rep ends up spending way too much time presenting the solution, since they don’t know exactly what the right solution is. Therefore, the negotiating and closing phases take proportionately longer.
To sell value and develop a relationship-selling environment, you need to become a strategic partner who can bring value to the entire relationship, right from the start. Spending more time in the up-front phases of the sales process to build rapport and trust and to properly qualify your prospect to understand their needs, will make the next steps in the process go much easier and quicker.
You also need to be easy to do business with. Don’t make every step a painful experience. Each step should be viewed as something that is helping your prospect and driving them toward the conclusion (“their” conclusion) that they would be crazy not to purchase from you. If you are viewed as a valued problem-solver, then you will actually help them make their decisions, which is what many customers need. In other words, be part of their team.
Remember, it’s all about the customer, and not about what is best for you. So next time, try positioning yourself this way instead of focusing on your own needs. You’ll end up selling a lot more salt than you ever did before.
Good Luck & Good Selling!
Russ Lombardo is President of PEAK Sales Consulting, LLC and an experienced CRM and Sales consultant, trainer, writer, speaker and radio show host. Russ works with businesses to help improve their customer acquisition and retention for increased revenue and success. Russ is author of the books, “CyberSelling”, “CRM For The Common Man” and “Smart Marketing”. He can be reached at 702-655-5652 and emailed at russ@peaksalesconsulting.com.
BIZNESS! Newsletter Issue 60
What Is A Solo Entrepreneur?
A Solo Entrepreneur (Solo-E) is a professional who chooses to go into business by themselves (go solo), collaborate with others, grow their business without boundaries and, more than likely, without employees. The Solo Entrepreneur may also be called a free agent….
Continued in BIZNESS! Newsletter Issue 60 >>>
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Can’t stand your demanding boss anymore? Start your own business! Before that, be sure to subscribe to our free informative newsletter. BIZNESS! is jointly published by CoolBusinessIdeas.com and GetEntrepreneurial.com What you get in BIZNESS! – the latest new business ideas, small business advice, business tips and info and entrepreneur resources. Everything you need for your brand new business!
Free 145-pages PDF report (worth $75) – “2006’s Best Business Ideas” – included with your subscription. Learn more here.