Categories
Business Ideas

101 New Business Ideas for Retirees: Avoiding Failure

Most seniors are worried about being an entrepreneur and want to avoid making a big mistake that might deplete their retirement savings. The businesses mentioned in my book are just to that point. You can’t make a tragic financial mistake if you have only invested a few thousand dollars. Look for businesses that are service oriented, which frequently require a lot of your time as the main investment but not a lot of your money. You may lose 1000 hours of your time but only a little of your money.
Many businesses go astray when the market for their product and the price they feel they need to sell it for doesn’t materialize. If you have already signed a multi-year, store lease for your sales, you could be stuck with thousands of dollars in rent, utility bills and other fixed costs. If you have a product you want to sell, find a temporary venue such as a public market or a summer festival that you can try selling it at. You may have to pay $200 to $300 for a day or weekend space but you can set up a table to sell your product. If your sales are not overwhelming, you should reconsider making that product into a business. When you sell at the booth, you will get a lot of honest feedback on what customers think of the product and the price. Listen to them; it may save you from a big mistake.
Can you rent some of the equipment needed to operate your business with no long-term commitment. You may have to pay too much to rent the equipment to make much profit, but it will help you gauge your market size and will allow you to determine if you really want to do this for a significant portion of your retirement time.
Go work with someone who is already in the business you want to start. You may have to go a distance away from the location you envision for your business but you can learn a lot from a little on-the-job experience.
Start a hobby business. I’m a rock hound and I envision collecting valuable minerals (gold, rubies, sapphires, emeralds) and fossils and selling them for my retirement business. If my business is not successful, I will probably continue spending my time collecting valuable minerals and fossils and keeping them in my private collection. So in trying a hobby business, I will be doing what I would otherwise do for fun. I might even get some tax breaks for trying it as a business.

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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.

StanSpectorPhoto.jpgStan 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.

Categories
Sales & Marketing

Runaway Sales Calls

runaway-sales-call.jpgHave you ever been on a sales call where the client was in total control? Of course you were. We all were. And it’s a real bear trying to change things when it happens. At some point, it becomes a runaway sales call and the client has manipulated and controlled everything. When this occurs, you lose all negotiating power, your ability to identify their problems, the chance to close, and anything else that will help you win their business.
I was in one of those memorable events once along with one of my resellers, in a previous life. Since we only sold through the dealer channel (i.e., value-added resellers), I was there representing the software vendor I worked for at the time and supporting our reseller. So I let the reseller run the meeting. Sounds innocent enough. Yea, Right! The client had about four or five people in the room and were very polite and cordial. And then they brought in Hans, their “technical guru”. (Seriously, that was his name – Hans) That’s when things changed for the worse.
Hans began to tell us about how challenging their business was as one of the leading carpet manufacturers in the industry. They sold to carpet distributors (who sold to stores such as Home Depot), major retail outlets (such as Home Depot), small carpet dealers, and other various distribution channels. As a result, their challenge was forecasting future business, since many of their clients changed or canceled their orders even after his company started manufacturing their orders. This caused enormous wastes when not managed properly. So they were looking for a product that would help them plan their business, forecast sales, manage their accounts, and basically cure world hunger (well, not exactly, but that’s what it sounded like at the time).
Every time our reseller tried to present how our product could potentially solve his problem, Hans, in his heavy Bavarian accent, would shoot it down, saying in a condescending tone, “You don’t understand our business. That won’t work because…” It seemed like he kept trying to set us up with a description of a problem, only to say that anything we proposed wouldn’t work. It was as if he already knew it wouldn’t work before he opened his mouth. And, in fact, that’s exactly what was happening. You see, he told us that every vendor he brought in had the same useless solutions and we were no different than them. He proceeded to challenge us to solve his problem since no one else could. He was in total control of the meeting. He made it clear that he was bringing in vendor after vendor, only to chew them up and spit them out. This painful episode prevailed for quite some time, that is until I spoke.
Since I let the reseller do all the talking so far, I noticed that he was desperately trying to solve this guy’s problem and sell him our product. I, on the other hand, saw something else going on — a big game that Hans was enjoying. I think he called it “Kill the vendor”. He was, in fact, trying to find a solution since his problem was genuine. But he was using his unique situation to challenge every vendor he could get his hands on. That is until I realized that his problem was a process problem, not a technology issue. In other words, his problem was systemic and had to be resolved by the way they did business with their clients. Once that was resolved, then they could use technology to track and manage their business. Unless they fixed the way they handled their own customers, technology wouldn’t do them much good.
I waited for just the right moment to initiate a well-placed cough to get their attention. I then leaned forward in my chair and said, “Excuse me Hans, but what makes you think that technology can solve your problem.” He started to answer, but only a few half words and stutters came out. He stared at me, then at the ceiling. After what seemed like 5 minutes of total silence, he leaned forward and said, “No one has ever asked me that before.” So I said, “So what’s the answer?” And he said, “I don’t know. But I think you are on to something. We’ve been looking for a solution in the wrong place.” We then had a very cordial and intellectual discussion about business processes and how to handle customers who screw up his business by canceling orders after he started manufacturing them. Hans’ demeanor totally changed. He started treating us with respect and assigned himself a project to figure out how they will change their processes to resolve their internal issues. Only after that was done would he revisit technology.
I have since moved on and don’t know what Hans and his company ultimately decided to do. Frankly, I don’t think our product could have helped him anyway, but it was a very interesting exercise in managing a sales call. Wouldn’t you agree? With some good listening skills and asking just the right questions, you can keep control of your sales meetings, qualify your prospects, and arrive at the right solutions, even if that means walking away because you don’t have the right solution for their problem.
Good Luck & Good Selling!
RussLombardoPhoto.jpgRuss 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.

Categories
Recommendations

New Business Ideas Report 2007


Here is GetEntrepreneurial.com’s new year gift to all readers and subscribers!
This free 20-pages PDF ebook (worth $38), New Business Ideas Report 2007, is brought to you by the business ideas hunting team at our sister-site CoolBusinessIdeas.com. What is this report about? It is an analysis of innovative and never-seen-before business ideas we’ve seen worldwide this year. Clearly, entrepreneurs around the world are often inspired by common underlying consumer trends when they are working to bring their new business ideas to fruition. We hope that you’ll be able to come up with the next big thing after getting to know some of these interesting consumer and business trends behind 2007’s new business ideas.
Some of the case studies included in this free report:
Cell Phone 2.0
The cell phone has evolved from its humble beginnings as a communication tool into a super gadget that offers us many useful services and resources, thanks to enterprising entrepreneurs with brilliant business ideas.
Ultra Luxury
The rich are just getting richer. With millions of dollars to spend, some use their huge riches to support philanthropy efforts, such as Bill Gates who gave away some $29 billion to charities from 2000 onwards. Some just spend their money on whatever they fancy. Entrepreneurs are coming up with new business ideas to entice the luxury-craving uber-rich to throw their money on.
Attention-Grabbing Advertising
Thanks to media saturation, it is now harder to reach your targeted group of consumers through traditional means of advertising and marketing. It’s no longer enough to place ads in TV, radio, print, Internet, etc. You have to look for avenues and places which will surprise your target audience.
New Business Ideas Report 2007 is available for free download here at GetEntrepreneurial.com.

Download Now

Click here to view your free copy of the “New Business Ideas Report 2007”. To download onto your computer, Right-Click on this link and Save As a file on your computer. PDF file, 1.08MB. Get Adobe Reader here.

Categories
Work Life

De-Stress for Success

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This article is submitted by Susan Wilson Solovic, CEO, SBTV.com. Submit an article today.
The stress of growing your business can take its toll. That’s why it’s important to take care of you. Stress is the number one cause of illness in our country. Learning how to manage your stress level is not only a smart decision, but it’s also critically important for your business success. When you are stressed or not feeling well, your motivation level drops. Your judgment and decision making can become impaired. Certainly, emotions can quickly escalate resulting in irrational behavior or fits of anger.
Be realistic about what you expect of yourself and don’t over commit. Learn to say “no” and really mean it. Before you say yes to something make sure it is the appropriate use of your time and resources. Remember, there are only so many hours in a day, and no matter how hard you try you can’t change that. You should manage your time and plan ahead so your schedule can accommodate time to focus on your personal well-being. If you don’t, you’ll burn out, and so will your business.
Try scheduling time during the week that is just for you to do something you really enjoy. For example, a woman recently told me she leaves her office once a week to take a piano lesson. The lesson and her practice time during the week forces her to think about something entirely different than her business challenges. As a result, it helps her feel refreshed and more creative.
Elizabeth Kekrney, CEO of the California-based Kekrney & Associates: The Experts Alliance suggests calendaring your personal time. “I just decide what amount of time I am going to need, and I actually put it on my calendar. Now that may sound stupid, but I write it down. I flex it if I need to, but if I don’t put it down I won’t even get to a party that I am planning on attending,” she explains.
Julie Fogg, CEO of Active Port, a full-service reseller of converged telephone systems, says she has learned how important it is to keep her health and happiness as her two top priorities. She signed up for a fitness boot camp five days a week starting at 5:30 a.m. and sees a nutritionist regularly. “I have so much more energy now that I am careful about what I eat and I participate in group exercise. My health was affecting Active Port, so I will never neglect that area of my life again.”
Discover what works best for you, but make a commitment to yourself and your business that taking care of you is as important as caring and nurturing your business growth.
This article is submitted by Susan Wilson Solovic, CEO, SBTV.com. SBTV is the first television network on the web devoted 100 percent to the small business market – from business start-ups to established enterprises. Founded in 2000, SBTV is becoming the number one choice for small business information on the net.

Categories
Starting Up

Reasons for Failure

reasons-fail.jpgStartup Spark: You created your business this year, but now, looking back, you wonder if it’s all been a waste of time. Here are just some of the reasons your business maybe failing – and best of all they’re easily corrected!
And although these hints are for online businesses, if you own a brick & mortar place of business, many of these apply to you too.
1. You don’t offer free original content. People use this to understand you and get to know you as an expert they can trust,
2. You don’t use a signature file on your e-mails. It’s a selling opportunity that’s often missed.
3. You don’t have your own domain name. Even in this day and age using a domain that isn’t yours (such as tripod) is just bad and makes you look less serious about your business.
4. You don’t test and improve your ad copy. Testing is the key to finding out what works.
10 reasons why your business may be failing [Startup Spark]