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Entrepreneurs

Tracking Business Performance: Three Entrepreneurs, Three Systems

A recent study from Jane Out of the Box, an authority on female entrepreneurs, reveals there are five distinct types of women in business. Based on professional market research of more than 2,500 women in business, this study shows that each type of business owner has a unique approach to running a business and therefore each one has a unique combination of needs. This article outlines three of the five types and provides tips for tracking performance metrics and using the information to create future success.

Jane Dough is an entrepreneur who enjoys running her business and generally, she makes a nice living. She is comfortable and determined in buying and selling, which may be why she’s five times more likely than the average female business owner to hit the million dollar mark. Jane Dough is clear in her priorities and may be intentionally and actively growing an asset-based or legacy business. It is estimated that 18% of women entrepreneurs fall in the category of Jane Dough.

Because Jane Dough-run businesses often produce a large income, Jane Dough business owners are more likely than others to make large investments in their businesses. By tracking key performance metrics, then, Jane Dough can determine whether her investments are paying off – and if they aren’t, she can decide how to shift those investments so they do so.

Given the success of her business, Jane Dough is likely to use advertising systems, such as “pay per click” campaigns on Google or print and radio advertisements. These traditional advertising systems provide relatively simple tracking mechanisms by which Jane Dough can determine how her advertisements are working. For example, “pay per click” advertising allows a business owner to keep track of how many people clicked on her advertisement, based on a certain set of keywords, which she chooses. Jane Dough can figure out how many people visited her web site based on a specific set of keywords – and then she can figure out whether that “pay per click” campaign was worth the investment. Print or radio advertisements in certain markets can include special offers – based on how many people mention those special offers (whether they mention them during a phone call or while filling out an application or customer form of some kind), and Jane Dough will know whether those ads are driving traffic to her business. For Jane Dough, diligence in tracking metrics provides a solid understanding of the company, and a good opportunity for refining goals, educating team members and selecting even more powerful strategies for growth.

Merry Jane. This entrepreneur is usually building a part-time or “flexible time” business that gives her a creative outlet (whether she’s an ad agency consultant or she makes beautiful artwork) which she can manage within specific constraints around her schedule. She may have a day-job, or need to be fully present for family or other pursuits. She realizes she could make more money by working longer hours, but she’s happy with the tradeoff she has made because her business gives her tremendous freedom to work how and when she wants, around her other commitments.

Because Merry Jane needs to remain flexible so she is able to meet her various obligations and responsibilities, she doesn’t have much time to invest in tracking her company’s performance. Nevertheless, tracking performance will assist Merry Jane in establishing where her time is best spent – so it’s a critical investment. A few suggestions to consider on this information-gathering mission:

Studying existing customer relationships provides an excellent venue for Merry Jane to discover what is working. Usually, Merry Jane doesn’t have a large number of customers (and she prefers it that way!). It will be quite simple, then, to tally the results of an Internet survey, an e-mail questionnaire, or even a personal phone call or visit. A Merry Jane business owner can ask existing customers how they found out about her business, what attracted them to her business, and what they believe are the biggest benefits of the business’ products or services. By analyzing this data, Merry Jane can figure out what’s working. For example, if she advertises in three different magazines, but customers mention only two of them, perhaps she might stop advertising in the third. If she sells books, games and toys, and customers list the unique books and games as benefits, maybe she should cut her toy inventory and increase her book and game inventory accordingly.

Go Jane Go is passionate about her work and provides excellent service, so she has plenty of clients – so much so, she’s struggling to keep up with demand. She may be a classic overachiever, taking on volunteer opportunities as well, because she’s eager to make an impact on the world and she often struggles to say no. Because she wants to say yes to so many people, she may even be in denial about how many hours she actually works during the course of a week. As a result, she may be running herself ragged and feeling guilty about neglecting herself and others who are important to her.

Because Go Jane Go is wildly successful in business (she has so many clients she struggles to keep up with demand), it may seem as though she doesn’t need to track performance metrics. However, one of Go Jane Go’s challenges is that she takes her work personally. Her work is a reflection of herself, and as a result, she goes above and beyond to ensure the message her work sends is a positive one. Tracking key performance metrics, then, is essential for Go Jane Go’s personal well-being because it provides her an opportunity to see what is working and what isn’t from a purely business perspective.

Already overcommitted and overwhelmed, Go Jane Go’s most practical choice for handling the measuring of performance metrics may be to hire an individual or a firm to do it. From measuring whether an ad campaign is working to interviewing customers and completing market research, professionals can take care of every aspect of performance measuring and then give Go Jane Go a report she can use to determine her best next steps. Although she sometimes has difficulty handing work to someone else, (for fear that person may not meet her exacting standards), most Go Jane Go business owners don’t have the time to perform in-depth research. She can alleviate the fear of delegating this task by getting references. By hiring someone to tackle this time consuming endeavor, Go Jane Go can focus on the work she loves. Once she gets the report, she can determine whether her energy is in the right place.

Determining which strategies are working is critical in creating a business’ path to success. Measuring performance metrics not only reveals whether resources are being spent as wisely as possible, it also reveals a path for the future.

Interested in learning more about the five Jane types and which Jane you are? Check out www.janeoutofthebox.com

About the Author:
Michele DeKinder-Smith is the founder of Jane out of the Box, an online resource dedicated to the women entrepreneur community. Discover more incredibly useful information for running a small business by taking the FREE Jane Types Assessment at Jane out of the Box. Offering networking and marketing opportunities, key resources and mentorship from successful women in business, Jane Out of the Box is online at www.janeoutofthebox.com

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Entrepreneurs

Marketing for Success: Two Systems for Two Types of Entrepreneurs

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Based on the results she wants, a female entrepreneur can create a marketing system for her company that meets her needs. From a marketing workhorse to a slow and steady system, the possibilities are endless and depend on a business owner’s vision, entrepreneurial style and desire for growth.
A recent study from Jane Out of the Box, an authority on female entrepreneurs, reveals there are five distinct types of women in business. Based on professional market research of more than 1,000 women in business, this study shows that each type of business owner has a unique approach to running a business – and therefore each one has a unique combination of needs. This article outlines two of the five types and provides tips for creating marketing that meets the needs of the business, now and in the future.
Tenacity Jane is an entrepreneur with an undeniable passion for her business, and one who tends to be struggling with cash flow. As a result, she’s working longer hours, and making less money than she’d like. Nevertheless, Tenacity Jane is bound and determined to make her business a success. At 31% of women in business, Tenacity Janes are the largest group of female entrepreneurs.
One of the main reasons Tenacity Jane isn’t seeing the financial success she craves is that she doesn’t have a singular focus. Aside from being determined, Tenacity Jane business owners are visionary. A big vision provides something to work toward. On the other hand, many Tenacity Jane business owners envision several streams of income and start out by working on getting all of them profitable at once. The problem: if a business doesn’t already have a strong customer base and deep pockets, it is difficult to market effectively for several streams of income at once. Here are some tips to get Tenacity Jane’s business in the black:
* Examine the business concept and the business model. Define exactly what the business provides to customers (the product and its benefits), and in what form. If customers aren’t buying, consider revising the business concept or business model for a more effective base for marketing. Once the business concept and business model are crystal clear, it becomes easier to complete the next necessary step: decide on a target market and a clear message. Here’s an example: Sally, a beauty advisor, goes into people’s houses each morning, wakes them up, and does their make-up. The concept and benefits are clear, but will people buy her services? Probably not. It may be more realistic for her to schedule a one-time appointment with a client, during which she would go to the client’s home, analyze her current products and beauty concerns, and teach her to apply her make-up – and record it so the client could watch it again and again. People would be more likely to pay for this one-time consultation – the improved business model.
* Take concrete steps toward marketing to the newly defined target audience. Some Tenacity Janes have expressed that they know what they need to do, but have trouble following through. For Tenacity Jane, this almost always is a case of needing to change her mindset, habits, or environment, or to learn a new skill. Tenacity Jane may consider attending networking events where she can meet other professionals and discuss the possibility of affiliate marketing, which gains both partners and clients with minimal investment. She also may consider referral marketing, wherein existing clients get a small reward for referring their acquaintances to Tenacity Jane. Additionally, Tenacity Jane may consider rewarding her long-term or repeat customers with special incentives.
Go Jane Go is passionate about her work and provides excellent service, so she has plenty of clients – so much so, she’s struggling to keep up with demand. She may be a classic overachiever, taking on volunteer opportunities as well, because she’s eager to make an impact on the world and she often struggles to say no. Because she wants to say yes to so many people, she may even be in denial about how many hours she actually works during the course of a week. As a result, she may be running herself ragged and feeling guilty about neglecting herself and others who are important to her.
Since one of Go Jane Go’s primary challenges is that she feels overwhelmed with all the obligations she’s taken on in her work and personal life, it may seem like she doesn’t need to think about marketing. Although she will not likely want to enact a fast-growth marketing strategy, she needs to keep her marketing efforts active to sustain the business she has worked so hard to build – and to help others, which is another passion in her life.
* Go Jane Go’s desire to make an impact on the world gives her a unique marketing opportunity. She can combine her altruistic desires with her practical, professional responsibilities and donate time or money to an organization or charity she holds dear. Go Jane Go may be working to prioritize her activities, and charity work will undoubtedly remain near the top of her list. Whether she donates time, services or products to a cause, Go Jane Go can get personal fulfillment, give help to someone in need, and get her name out there at the same time.
* Sometimes Go Jane Go has trouble saying, “no,” when a client approaches her with a project. A crystal clear marketing message directed toward a specific group of clients may limit the projects coming through the door to only the most desirable for someone stretched as thin as Go Jane Go. This will better ensure that the company’s marketing message is attracting the right clients.
Whether a business owner is determined to define her marketing message, or resolute in maintaining her freedom while still growing her bottom line, marketing methods exist that meet an entrepreneur’s needs – and those of her company.
About the Author:
Michele DeKinder-Smith is the founder of Jane out of the Box, an online resource dedicated to the women entrepreneur community. Discover more incredibly useful information for running a small business by taking the FREE Jane Types Assessment at Jane out of the Box. Offering networking and marketing opportunities, key resources and mentorship from successful women in business, Jane Out of the Box is online at www.janeoutofthebox.com

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Entrepreneurs

Is The Money You Make Slipping Through Your Fingers?

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When I first started coaching clients on their fees I figured they would follow my advice, begin to make more money and live happily ever after.
So you can imagine my shock and surprise when I quickly discovered that just because a woman entrepreneur makes more money, doesn’t mean she keeps more money.
Sounds silly, doesn’t it? After all, what’s the point of working hard to be successful, only to watch the fruits of your labor slip through your fingers?
But, after coaching thousands of women on their fees and on their relationship with money, I can assure you that this issue isn’t isolated to an unlucky few. In fact, nearly all of the women entrepreneurs I talk to have a secret issue with money that causes them to lose their power along with their cash.
Most possess a fear that somehow, having more money will change them or change their life in some way they can’t control.
So, while on the outside they do everything they can to be successful, on the inside, their mindset and beliefs are sabotaging their ability to enjoy the fruits of their achievements.
If you, too, struggle with never seeming to have enough money, even when you’re making more, then I trust you’ll find these 3 tips illuminate what’s really at the bottom of this pesky issue.
Tip #1: Are You Afraid Having More Money Will Change You?
You’d be surprised at how many women fear they’ll lose their values or become someone they don’t care for if they have more money. Let me reassure you, having more money in your life will magnify your core values and character, not turn you into someone you’re not.
While it’s unlikely you’ll become another Leona Helmsley (she was known as the “Queen of Mean”), I recommend you get clear now, on the values and traits about yourself you most enjoy…and those you wouldn’t want to see amplified. The more you allow yourself to express your positive characteristics now, the more confident you’ll be that having more money will only enhance your quality of life, rather than rob you of your humility.
Tip #2: Who Are You Afraid Of Offending By Making More?
I’m going to get pretty personal here, but experience tells me that it’s not uncommon to have someone in your life (often a family member) who you “think” will be threatened, upset or disturbed in some way if you make more money.
If this resonates with you, then the first thing you must do is acknowledge your fear. Next, ask yourself, “What is it that this person really wants for me?” The answer is likely to be security, abundance, happiness and a life of ease. Focus on their positive intentions for you.
Tip #3 What Is The Money For?
I’m frequently asked to speak about how to create and achieve empowering, bold money goals. One of the most powerful steps you can take to align money with your spiritual path is to have a clear money “why.”
At first, making more allows you to buy life’s little luxuries. But once you move beyond indulging in the deluxe manicure or splurging on private car service when you travel, you’ll want to connect your heart and spirit with your growing income. Knowing exactly and specifically what larger amounts of money are slotted for will help you value keeping more of it.
Money Is A Powerful Catalyst For Self-Growth
If you truly want to grow as a person, moving beyond any preconceived limits or self-imposed restrictions, then I highly recommend using money as a catalyst for your self-growth. Not only will you delight in how spiritually advanced you become but your new income will give you the opportunity to make a profound, positive difference in the lives of everyone you touch.
About the Author:
Kendall SummerHawk, the Million Dollar Marketing Coach, is an expert at helping women entrepreneurs at all levels design a business they love and charge what they’re worth and get it. Kendall delivers simple ways entrepreneurs can design and price their services to quickly move away from ‘dollars-for-hours work’ and create more money, time, and freedom in their business. For free articles, free resources and to sign up for a free subscription to Kendall’s Money, Marketing and Soul weekly articles visit www.kendallsummerhawk.com.

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Entrepreneurs

What Kind of Entrepreneur you are?

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To become a successful entrepreneur you basically need these qualities- Innovation, Hard work, Positive attitude, Confidence, Determination and Courage to take risk.
But, no two entrepreneurs are alike. Some of them take more risks than others, while few prefer to play completely safe. Quality is the top most priority for few entrepreneurs but for others quantity is more important. So in this article I have tried to divide the entrepreneurs in to nine animals on the basis of their working styles and how they correspond to a particular animal. Without further ado here is the list.
Rooster– These are the entrepreneurs who start their business at a very young age. They are basically the self-starters who do not need any kind of instructions. Entrepreneurs in this category always consider themselves as Perfectionists and are most affected by ego problems.
Rat– These are the hardest working entrepreneurs. Work is their topmost priority due to which they can’t create a perfect balance between their personal and professional life. They take a lot of time to open up with others and always prefer to remain in their comfort zone.
Goat – These entrepreneurs can’t take quick decisions. They always remain confused and depend on opinions of others to take their decisions. They are the most sensitive and take things to their heart. They are the creative persons and can’t perform well under pressure.
Monkey – Entrepreneurs in this category are the attention seeking entrepreneurs. They can’t sit idle and always need something to work upon. They are creative and problem solvers but get bored very quickly. These entrepreneurs are always ready to learn new things.
Snakes – They are basically Solo Entrepreneurs. They do not have any employees and prefer to do all the work themselves. It doesn’t mean that they do not work in teams; they do but prefer to keep a distance and work like a virtual team member.
Ox– These entrepreneurs are the slow learners. They are hard working, persistent and have a lot of patience. They need lot of time to take any decision but after taking the decisions they stick to it in all conditions.
Dragon – These entrepreneurs are full of energy and leadership qualities. Their aim is to grow fast. They are very optimistic and always remain full of enthusiasm. The entrepreneurs under this category can make you crazy with their wildest ideas.
Horse – These entrepreneurs know how to use their resources effectively and are very good in handling money. They can’t focus on their goals for a longer period of time. They love meeting people and are very good in creating effective business networks.
Pig – These entrepreneurs are the most productive entrepreneurs. They believe in long term investments. They are goal oriented and always complete the project they start with great enthusiasm.
So these were the nine categories I found suitable to divide the entrepreneurs. Do you know any other animal we can add to the list? We’d love to hear about it. Feel Free to share your opinions in the comments.
About the Author:
Gagandeep Singh is working for Fortepromo which creates high quality Promotional Products that help companies to promote their brand in market.

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Entrepreneurs

Two Business Owners – Two Ways to Ring in Success in 2010

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Most female entrepreneurs probably strive throughout the year to improve their business’ efficiency, strategize for growth and meet market needs. However, the New Year provides women business owners with an opportunity to slow down and really examine the structures on which they’ve built their companies, and to work strategically to better those structures for long-term success – in whatever way they define it.
A recent study from Jane Out of the Box, an authority on female entrepreneurs, reveals there are five distinct types of women in business. Each one has a unique approach to running a business – and therefore each one has a unique combination of needs. This article outlines two of the five types and provides some advice for continued success and satisfaction as they ring in 2010.
Accidental Jane is a successful, confident business owner who never actually set out to start a business. Instead, she may have decided to start a business due to frustration with her job or a layoff and then she decided to use her business and personal contacts to strike out on her own. Or, she may have started making something that served her own unmet needs and found other customers with the same need, giving birth to a business. Although Accidental Jane may sometimes struggle with prioritizing what she needs to do next in her business, she enjoys what she does and is making good money. About 18% of all women business owners fit the Accidental Jane profile.
Accidental Jane business owners report feeling confident and fulfilled in their work, and they appreciate that their businesses provide them with a great work-life balance. On the other hand, Accidental Janes often say the ebbs and flows of business can be stressful. Sometimes the workload is overwhelming, and other times there doesn’t seem to be enough work. To obtain greater satisfaction starting in 2010, Accidental Jane business owners may want to consider the following tips:
Maintain an even workload. Accidental Jane’s marketing efforts usually run opposite her workload. For example, if she has several projects to work on, she slows down her marketing efforts because she doesn’t have time for more projects. On the other hand, when she nears completion on current projects, she starts marketing to find new clients to fill her time (and keep her income steady). How does a business owner maintain an even workload?
* Create a “non-negotiables” filter. Make a list of items you absolutely must have. These items may be: one work-free day per week, the ability to take a day off to care for loved ones if the need arises unexpectedly, projects that require creative stretch or clients with whom it is enjoyable to work. If a new opportunity comes up, but doesn’t allow Accidental Jane to have all the things on her must-have list, then she can pass it on to someone else. This way, Accidental Jane will only take on projects that she’s sure to enjoy and that are in keeping with her standards for living and working.
* Design an effortless, steady marketing system. Networking systems exist that don’t take up much time, yet allow for a steady stream of marketing opportunities. This is just right for Accidental Jane, who doesn’t want to spend too much time marketing, but who will undoubtedly appreciate a steadier workload. Putting a certain amount of time into social networking outlets such as Facebook, will allow Accidental Jane to market with little effort and steady results.
* Hire help. Some Accidental Janes are reluctant to hire help, in part because they enjoy their freedom and don’t want to be tied to employees or dragged into the politics they left behind in the corporate world. Hiring a virtual assistant for several hours per week, or a personal assistant to take care of the menial chores Accidental Jane doesn’t enjoy anyway, can take some of the smaller tasks off her hands, leaving her more time to do the work she loves.
Merry Jane. This entrepreneur is usually building a part-time or “flexible time” business that gives her a creative outlet (whether she’s an ad agency consultant or she makes beautiful artwork) that she can manage within specific constraints around her schedule. She may have a day-job, or need to be fully present for family or other pursuits. She realizes she could make more money by working longer hours, but she’s happy with the tradeoff she has made because her business gives her tremendous freedom to work how and when she wants, around her other commitments.
Merry Jane loves the way her business fits into her life. It gives her the flexibility to take care of the myriad other tasks and responsibilities she must complete, and it gives her a creative outlet at the same time. On the other hand, a majority of Merry Jane business owners said they would love to make more money. In 2010, Merry Jane can increase her business’ revenue by following some simple advice:
Increase marketing and sales. Defining a business’ target market and then marketing to that group is key to increasing a company’s bottom line. It sounds simple, and it is; consider these strategies before launching a huge campaign:
* Identify the target and form a clear message. Merry Jane must decide exactly who she wants to sell to, and why those people are likely to buy her product or service. A clear target and marketing message provide maximum efficiency for any marketing activity. To best define the market, ask existing customers why they chose Merry Jane’s company, what they enjoy about the company, and how the rates compare with other companies.
* Select a fitting marketing method. Traditional marketing that includes a call to action can bring customers in fast, but it’s also expensive. Traditional sales techniques require an investment of time that a Merry Jane may or may not want to invest. Networking gives Merry Jane entrepreneurs a chance to meet with other business owners and to sell services face to face. Affiliate marketing provides opportunities to work with other entrepreneurs and to earn commission and business. Referral marketing (in which existing customers earn a reward if they refer an acquaintance) is an easy way to gain new customers without much work, but it does require a strong existing customer base.
* Leverage existing customer relationships. Create programs in which customers get rewards after spending a certain amount of money. Offer an auto-ship program, where customers automatically receive (and pay for) a product, on a weekly, monthly or annual basis. Referral programs gain new customers with little output.
A New Year is an excellent time to focus on opportunities for reaching unprecedented levels of satisfaction for business owners, in whatever way they define it. No matter how successful the previous year has been, the next year can be even better.
About the Author:
Michele DeKinder-Smith is the founder of Jane out of the Box, an online resource dedicated to the women entrepreneur community. Discover more incredibly useful information for running a small business by taking the FREE Jane Types Assessment at Jane out of the Box. Offering networking and marketing opportunities, key resources and mentorship from successful women in business, Jane Out of the Box is online at www.janeoutofthebox.com