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4 Major Challenges All Businesses Face

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It’s one thing to start a business. It’s quite another to make it successful. Success is a rough road, full of many twists and bends and no small number of obstacles along the way. There are a number of obstacles that all businesses face, regardless of their size or past success record.

Knowing what they are and being prepared for them will make you and your business less prone to failure and more likely to weather the storms that will inevitably befall it.

Here are a four major challenges all businesses face:

1. Depending on small number of high-paying clients

If the success of your business rests on a small number of high-paying customers or clients, it is set up for failure, regardless of how stable the client relationship(s) may seem. You owe it to yourself and to the health of your business to figure out a way to reach either a broader audience or more people and businesses within your targeted demographic and aggressively market to them.

If you feel like you don’t have the resources to properly manage a new influx of business, consider outsourcing the bulk of the responsibility to an outside entity that understands your business and with whom you can communicate consistently and effectively.

Virtual assistants and receptionists are a great place to start, but you can also farm out specific tasks to freelancers or agencies that specialize in the specific tasks for which they are hired. That way, if a major client disappears, you can also easily downsize your workforce without having to struggle with layoffs and the expenses that arise from them.

“Strength and growth come only through continuous effort and struggle.” – Napoleon Hill

2. Insufficient money management

How many hats do the people on your accounting team wear on a daily basis? What other responsibilities get heaped on them when the work starts piling up? More importantly, how is this forced lack of attention to the numbers affecting your bottom line?

Most businesses think it would be too expensive to have the ideal number of staff to run things efficiently. The truth of the matter is that not having enough people keeping tabs on your company’s money is likely costing much more than you think.

It is yet another example of how outsourcing part of the workload that may not be specifically part of your full-time staff’s job description can actually save you money in the long run by allowing your onsite staff to stay focused on the actual details of their jobs.

 

3. Diminishing quality in the midst of growth

When you only have a few clients to serve, it is easy to provide top-quality customer service. As your business grows, however, it can become more and more difficult to maintain the same service standards. When you start dropping the ball on the people who helped get your business off the ground, it can only spell trouble over time.
Having access to additional help when you need it can alleviate the stress of taking on more work over time. Hiring temporary help while you expand your staff can keep things on a more even keel and allow your most important clients to keep receiving the same level of quality service they’ve come to expect.

“Quality means doing it right when no one is looking.” – Henry Ford

4. Diminishing accessibility

When your business is new and you only have three clients paying all the bills, it’s easy, or at least easier, to ensure that they get the kind of personal, immediate service that you identify as ideal. As you grow, those same clients start getting met with a lot more phone trees and voicemail, and it can have a very negative effect on how they view your customer focus.

If you want to continue to provide the same consistent service over time, you need a plan that allows you to grow quickly and handle incoming inquiries the same way you always have. If your customers have grown accustomed to a live voice answering your phone and one day they’re met by a phone tree or voicemail, you have a problem.

They will rightly begin to reconsider just how committed you are to them and how much less so you will be a year from now. To eliminate that worry from the equation, it is wise to have a plan in place where your phones are always answered and your clients and customers always get the same consistent level of service.

What challenges have you faced in your business and how did you handle them? Leave your thoughts below!

Parker Davis is the CEO of Answer 1, a leader in the virtual receptionist and technology enabled answering services industry.  He believes that the application of data analytics, investment in technology, and fostering a positive company culture together create highly efficient and scalable growth companies.  In 2016, Answer 1 will achieve record revenues while also being awarded the Top Companies to Work For in Arizona award. Parker is also the Managing Partner of Annison Capital Partners, LLC, a private investment partnership.

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The Best Way to Create a Six-figure Startup From Scratch

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how to create a six figure startup

Many solo entrepreneurs make good six-figure income living selling products and services online. If you’re a technical person, it’s even better, as you can create a highly-scalable cloud-based business. For non-technical founders, there are still many ways to make a six-figure or, even, seven-figure annual revenue.

Several years ago, I started an online publishing startup selling e-books written by myself and several co-authors. In one year, it started generating a six-figure income annually.

To me, that experience has been a determining factor for staying true as an entrepreneur. Today, I own several online ventures that sell both digital and physical products. Each of them uses a different business model.

During my journey to online success, I learned the following lessons related to running an online business:

1. Select products or services that you’re passionate about and the skills you’ve mastered

Only offer things that you’re already familiar with like the back of your hands. This provides you with the upper hand that other competitors might not have. You want your customers to be confident in your products by trusting you. This being said, don’t choose “the more trendy products” to sell. Don’t follow other people’s choices of products because what works for them might not work for you.

2. Find a proven business model that works for the specific product or service you’ll be offering

For instance, you want to sell women’s fashion, because you’ve had experiences in dressmaking or styling. Choosing women’s fashion products to sell is excellent, but you’d need to be more specific. You’d need a niche, because “women’s fashion” is such a huge category.

Let’s say you eventually choose to sell casual women’s apparel. Next, choose the business model carefully. Do you buy from a wholesaler in bulk and sell them? Do you accept consigned products from direct producers? Do you dropship products? Consider the pros and cons based on your strengths and weaknesses.

“The value of an idea lies in the using of it.” – Thomas Edison

3. Be familiar with the tools needed for each business model

Choose the most suitable e-commerce platform for the niche chosen. For instance, since you’ll be selling fashion, the images must include zooming capability, so customers can see the products in more detail. Each type of product requires different e-commerce platform. Selling e-books, for instance, requires a different approach, as it involves digital product download.

It takes time to choose the most appropriate platform for your business, yet it needs to be done properly. Take note of all the features you’d need. Get inspired by popular stores, so you can find some ideas that would work.

4. Optimize the online store with the most updated customer service tools

Today, customers want every service to be speedy and accurate. Make sure that you’re familiar with the most updated technologies, including CRM (Customer Relationship Management) and chatbots. Learn the benefits of each new plugin and how they can be adapted to your business.

As a startup, the first year is always the hardest to go through. The following are proven ways that I’ve been practicing through the years in keeping my focus and enthusiasm as an entrepreneur intact:

1. Be extra aware of changes, no matter how small

Being aware begins even before you start the business. By following your passion, you’re supposed to be already extra aware of what’s going on within this scope of expertise. Competitors, technologies, consumer behaviors, business tools, references (books and other materials)

2. Stay focused and determined to grow the business

It’s easier said than done. Staying focused requires more than a wish. It needs the strongest will to make things happen at any cost. When you’ve decided to do something, stick with it. Give yourself deadlines to complete and finish them off in time with the highest quality possible.

While psychologists disagree with being a perfectionist, to be successful as an entrepreneur, it would require a dash of perfectionism. Your products must be perfect before they can be sold to the public. And there is no way around it than being a perfectionist.

3. Lead yourself well before you lead the team

If you begin the business as a solo entrepreneur, self-direction is key. Working by yourself doesn’t mean you can sleep late, awake at noon, and work only if you want to. Being a solo entrepreneur is a commitment, especially if you seriously want to grow the business and take it to the next level. By learning to lead yourself well, you’d be accustomed to thinking as a leader, which is useful when you’re leading a team.

“The first person you have to conquer is you. This is because when at last you win over million people, the first person to bring you down could be you. Discipline yourself!” – Israelmore Ayivor

4. Build a positive startup culture by staying relaxed and flexible as a leader

The best leader is someone who encourages positivity, adaptability, and flexibility with his or her relaxed demeanor. Remind yourself that your own and your team’s mental and physical health is much more important than anything else.

5. Only hire the right people with the right attitude that fits the culture

The right team comprises of people that get along with each other, who fit the culture, and have the right skills will determine the future of your business. Thus, never underestimate the power of cultural fit. You can always train people to be more skillful, but personality traits and characters can’t be taught.

At last, being successful as startup founder requires both understanding of the ins and outs of the business and how to maintain the soft skills needed to keep the enthusiasm running. Stay true to your choice as an entrepreneur and remain eager to continue progressing. You’re on your way to become a six-figure (or seven-figure) online entrepreneur.

Do you want to start a business? If so, how are you going to put into action these steps? Let us know by commenting below.

Image courtesy of Twenty20.com

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3 Effective Ways to Build a Disruptive Startup Company

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You probably know of some startups in your country. Even if you know only a few things about business, you probably know how competitive all markets are. Yet some people are crazy enough to build an innovative business disrupting very competitive markets. That’s what entrepreneurs do.

Here are 3 tactics I learned reading their stories about building a disrupting startup from the ground up, personally and technically:

1. Disrupt Yourself

Entrepreneurship, at its core, is a big change, and every change—no matter its size or importance—begins inside of you. You have to initiate it. Successful people initiate proactively. Nobody can help you if you are not ambitious to change and grow.

It’s not an autonomous process. Change happens when you step out of your comfort zone, and it’s not supposed to be easy. In fact, facing uncertainty has always been the hardest part of every success story.

Therefore, to be successful, you have to disrupt yourself first. How?

Fortunately, it can be learned and practiced. According to Whitney Johnson, author and consultant, disrupting yourself involves seven steps:

  •         Taking the right risks.
  •         Playing to your distinctive strengths.
  •         Embracing constraints.
  •         Battling entitlement.
  •         Stepping back to move forward.
  •         Planning for failure.
  •         Letting your strategy emerge.

So to disrupt markets, you have to start with yourself.

“The more you seek the uncomfortable, the more you will become comfortable.” – Conor McGregor

2. Identify “Jobs to Be Done”

Finding a smart idea is another challenging aspect. Watch and research interesting markets and industries carefully. Don’t focus on products and features. Look for everything that companies in an industry are not good enough at doing—the poorly performed jobs.

Look for the real reasons behind buying a product or service.

  •         Does that product/service satisfy customers?
  •         Why don’t some people use a product/service?
  •         What don’t they like about an industry?
  •         What experience do they expect?

Answering these questions helps you know your customers’ real needs and to identify what Clayton M. Christensen, a Harvard Business School professor, calls “jobs to be done.” In other words, it helps you understand the real business you’re in.

This could be emotional or social, but it is less likely to be functional. Use your intuition. Talk to your target customers. Think about what jobs they might hire you to do for them. Pick an idea, create a business model, validate it, and run!

3. Change the customer process

The next challenge is crafting an innovative business model that accomplishes jobs for customers and solves their problems in the best way—and from a fresh perspective. To do this, you have to view the problems through the customer’s’ eyes.

Build a product that rocks and conquers the market. Then create an exceptional set of experiences along with your product/service. This will be possible by focusing not on touchpoints but on customers’ end-to-end journey.

A company’s processes should be aligned to support the journey. It may be easy to copy a business model, but it’s not easy to copy the process and customer experience, even in the most competitive markets.

“A man without a smiling face must not open a shop.” – Chinese Proverb

Remember that disrupting a market takes time. Learn to embrace the change and uncertainty that entrepreneurship entails and set yourself apart from others.

Do you want to start a business? Tell us what you have your heart set on so we can help you along the way!

Image courtesy of Twenty20.com

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Your Competition Is Magnificent – Quit Being A Sook

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I’ve got this friend and he’s always crying about the competition. He spends a lot of time sooking about them and coming up with plans to take them down.

I’ve put up with it for a while, but now it’s driving me nuts. I started to think: how can we learn to love our competition in business?

Here are some thoughts I had about your competition:

 

Thought #1 – You say they’re lying. Good!

My friend says his competition is lying. Many businesses lie and that’s fantastic news for you. When a business lies, they are playing the short game.

“The long game in business is about being so vulnerable, authentic and real that it punches your ideal customer in the face every time they hear about your brand”

Trust in business, leads to incredible progress. All those marketing campaigns your competitor’s use are mostly to make them sound like something they are not. When your business is trustworthy, you don’t need to market as much.

Being honest cuts through the hype and because it’s so rare, your ideal customer runs towards you at 110km, with their arms wide open. Right behind them are all of their network who are begging to hear from a business that is a real – a business that is like you and me.

Don’t hate your dishonest competition: learn to love them from the bottom of your heart. See the love in your competition.

 

Thought #2 – There’s enough room for everyone

This scarcity mindset that you have to own 100% of the market in your first three years of operations is bulldust. There’s room for you and your competitors. It’s not a sprint; it’s a marathon to reach the unicorn status that is success/world domination.

Feeling like you’re drowning in competition is exactly that. Focusing on your competition 24/7 makes you feel like absolute garbage after a while. It stops you from having a good night sleep full of dreams that contain growth, prosperity, optimism and triumph towards your businesses mission.

I used to be that guy that couldn’t sleep because of competition. Every time someone brought out the same product that was cheaper than mine, I cracked it. I thought that business was so hard because there were so many people that wanted to cut my lunch.

What I forgot is that despite all the competition, people were still buying. Even if we weren’t the cheapest, it didn’t matter. Some people would find us and buy, and others wouldn’t.

The competition can only cut your lunch for so long. If you stick at it and not let the thoughts of their horrible shadows upset you, you’ll be soon making the lunches and cutting theirs.

 

Thought #3 – It’s ugly

Sooking like a pissed off brown bear with a crown on its head is ugly. You’re showing everyone you work with that you are a sore loser. Winners worry about their own business first.

“Winners know that their business isn’t an immaculate diamond on day one”

Every time my friend complained about his competitors; it made his business seem ugly. I stopped becoming drawn to it as I did at the start. The conversations became more about his competitors than his own business. The focus was lost on competitors which he couldn’t control.

 

Thought #4 – You can’t win every deal

No business wins 100% of the opportunities that are presented. There’s this lie that you have to be always winning to be successful. There’s this belief that some people have that says their business is unique and therefore it’s only normal that when they pitch, they will always win.

Again, this is total BS. Your business might have some unique strengths, but there’s always competition. Some deals you’ll win and some deals you won’t. You don’t need to win all the time to put food on the table and be successful.

I’m also competitive by nature and I’ve had to settle sometimes for the simple fact that I won’t win all the time. Sometimes losing a deal is only the beginning. The opportunities you lose are where all the lessons are.

“Your lost opportunities are what strengthen your entire value proposition to the market”

 

Thought #5 – Seeing your competitors suck is inspiring

When a competitor of yours has a major failure, you should be inspired. What I mean is that you should never want your own client base to suffer the same gunshot to the head. Instead of trash talking your competitors for their mistakes, use them as inspiration to not be like them.

Your competitors should form part of the reason why you exist. You should exist not to make the same dumb mistakes they do. You should exist so your customers have a better alternative. Having horrendous companies within the same industry has inspired many businesses like Uber and Airbnb.

Being a business full of inspiring people is easier when everyone else sucks.

 

Thought #6 – Complaining shows insecurity

By my friend complaining about his competition, what he revealed to me was his insecurity. He was showing me that he lacked the confidence in his own product and so it made sense for him to talk down everyone else’s.

The thing is when you love your product and genuinely believe it’s the best in its field, you forget about everyone else’s. Believing in your product offering comes from the confidence that as a business you believe in yourselves.

If you believe, your ideal customer will believe. Bagging your competition may make you feel better in the short term, but it will never make your business grow.

Thought #7 – You only have so much thinking space

Don’t waste it thinking about your competitors. Use your thinking space to come up with new ideas, to innovate and to WOW your customers. These habits will stop you from living in the scarcity that comes with being obsessed by your competition.

Thinking about your competitors is not going to make them go away. Complaining about them will not improve your product or service. To have a good business, you have to operate from a place of creativity. Being creative is hard work and so you don’t want throw away your thinking space.

Dreaming about your competitors puts you in a spiral of negative thoughts. These thoughts start to overtake the positive ones and pretty soon you can’t be relentlessly optimistic anymore. It’s this optimism that helps you come up with ideas that will change the world.

Much like we compare ourselves to the lives we live through looking at other people’s social media, focusing on your competitor’s forces you to always believe you don’t have enough.

I’m here to say you are good enough. Your business is good enough. Your business can be one of the great’s.

 

Thought #8 – You can actually do business with your competitors

Here’s the really stupid thing: You can actually do business with your competitors. See, your business can’t fulfill every customer need. Instead of saying “We don’t do that,” use your competitors as referral partners.

I can remember in a business that I was a part of, where we used our competitors over the road to supply us with stock when we ran out and had items on back order. We would do the same thing for them when they ran out of stock. As a result, we always had stock.

“Our competitors over the road taught us lots of things we would have never known if we tried to play the solo game. Business is a team sport”

 

***Final thought***

Your competition is not the problem. They’re not the reason why you are losing sales. The real reason you are focused on your competition is because something is wrong with the way you are thinking. Your competitors can force you to sabotage your own success if you don’t stop focusing on them.

Complaining about your competitors never get’s you anywhere. The way to fast-track your success is to get intimate with your competitors and find a way to be uniquely you. Find a way to be bold, authentic, real, sexy and unwavering in your businesses values. Be the honest, cool company that is friends with everybody. That’s how you go from being a sook to being the best in your field.

I want you to use your competition to be world-class. You deserve it.

If you want to increase your productivity and learn some more valuable life hacks, then join my private mailing list on timdenning.net

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5 Ways to Avoid Burning Out While Building Your Business

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Isn’t it strange how mundane things can bring back really vivid memories? As the burnt toast hit the trash, I remembered how burn out meant my first online business ended up on the scrapheap (nearly taking me with it). 

Juggling a full-time job, family, volunteering and running an online business left me physically, emotionally and psychologically exhausted. Just like toast, the burn creeps in slowly and when complete, you’re left unable to nourish yourself or anything else.

You may have already heard run-of-the-mill advice like taking regular breaks to prevent burn out. But what’s the point of stepping away from work only to be stressed that things will fall apart?

Here are five not-so-obvious ways to become burn out proof:

1. Create the right systems

Having no systems (or the wrong systems) is a recipe for disaster. Unfortunately, systems get a bad rap because they can be seen as snooze fests. Who’s ever heard of a sexy system? I sure haven’t!

To make matters worse, traditional systems have a sterile and stuffy image that can make some entrepreneurs feel boxed into something that’s unsuitable for their needs.

The key to making systems work for your business is to design them with flexibility, so your creativity isn’t stifled. Systems that curb burn out are those that account for the ‘secret sauce’ of how you do business. This ensures authenticity, even when your business grows. I call these flexible and personalized systems ‘productivity recipes.’ Because, just like normal recipes, you have the core ingredients and you can make tweaks to suit your business taste.

We’re all different, so there’s no one-size-fits-all business system. Productivity recipes focus on the human side of systems. They bring order to repetitive tasks while taking into account the quirks that make your business unique.

Productivity recipes stop burn out by preventing you from biting off more than you can chew, especially when your business is growing.

2. Get apps ‘talking’ to each other

Automation is another way to hand over repetitive and stressful work. Services like IFTTT and Zapier connect the apps you use to automate your workflow. In other words, they get rid of the biggest time sucks in your business.

Part of creating productivity recipes is to spot tasks you can automate. This will help your business run like a well-oiled machine and save you money when outsourcing.

Start out automating everyday tasks, like social media and email management, by finding out how the apps can ‘talk’ to each other.

Do yourself (and your health) a favour and start to create productivity recipes to see what you can automate. The aim is to drop repetitive tasks like a hot potato to reduce the risk of burnt out. Get your apps communicating to free up time to chat with friends and family.

“The first rule of any technology used in a business is that automation applied to an efficient operation will magnify the efficiency. The second is that automation applied to an inefficient operation will magnify the inefficiency.” – Bill Gates

3. Outsource

Outsourcing should be done when you already have productivity recipes in place. It’s tempting to hand over parts of your business to a VA or freelancer and forget about it, but this approach could land you in hot water.

With productivity recipes, anyone you hire will have the blueprint of how you expect things to be done. You’ll also save time getting new hires up to speed. Most importantly, your clients won’t get any nasty surprises or unwelcome changes when you grow your team.

You’ll be able to take time out to recharge your batteries, having all the confidence that your business will continue to function properly in your absence.

4. Find some cheerleaders

Being part of a supportive group is crucial to making yourself burn out proof. Informal groups, like Facebook communities, are helpful networks that can prevent you going down the burn out road.

If you’ve been working non-stop and your brain feels as limp as the lettuce in the sandwich you’ve been too busy to eat, connect with people who can identify with where you are and encourage you to take a step back.

The best groups are those that aren’t strictly business. Look for a group with dedicated days for sharing things like inspirational quotes and jokes to lighten things up a little.

Feeling like you’re the only one who experiences overwhelm can be a lonely place. Being part of a community where people share their struggles helps to provide perspective that you can achieve your goals without compromising your health.

“Be strong, be fearless, be beautiful. And believe that anything is possible when you have the right people there to support you.” – Misty Copeland

5. Inject your personality into your passion

When you’re passionate about your work, it seems like you can work day and night without ever feeling tired. Of course, it’s advisable to make time for proper rest. I’ve found that, the more I enjoy work, the more I look after myself to reduce the risks of becoming ill. I’m passionate about helping entrepreneurs be more productive to avoid burn out. I’m also a huge foodie. That’s why I incorporate food and drink analogies in my work because being fed and watered is something we can all relate to.

Injecting your personality into your work makes everything easier. It’s very draining pretending to be someone you’re not. If you’re already pursuing your passion, add a splash of your personality to reduce the chance of burn out.

Suffering from burn out is a serious setback to your health and business. It’s a relief to know that, unlike the burnt toast that ends up in the trash, you can make a full recovery from burn out. But why take the risk in the first place? Put in place practical measures to avoid getting burnt when the heat is turned up in your business.

It’s good to share. What do you put in place to make sure you don’t burn out? Leave a comment below and share your thoughts.

How do you avoid burning out when things get tough? Let us know by commenting below!

Image courtesy of Twenty20.com

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Change Your Life Forever With These 30 Strategies

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There are strategies which bring together all happy and successful people who can also use them to improve the quality of your life. Usually when you want to change your life, you don’t know where to start and you risk losing the motivation because you don’t know the best strategies to apply. To change your life forever you have to change yourself. If you want to achieve extraordinary results, you must become an extraordinary person. (more…)

Danilo Maruca is a mental coach and personal growth expert. It accompanies people in achieving their goals by teaching them how to overcome anxiety and fears, give the best of themselves and get results quickly with mental training. He also manages the website www.drittoallameta.it.

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The Best Way to Create a Six-figure Startup From Scratch

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how to create a six figure startup

Many solo entrepreneurs make good six-figure income living selling products and services online. If you’re a technical person, it’s even better, as you can create a highly-scalable cloud-based business. For non-technical founders, there are still many ways to make a six-figure or, even, seven-figure annual revenue.

Several years ago, I started an online publishing startup selling e-books written by myself and several co-authors. In one year, it started generating a six-figure income annually.

To me, that experience has been a determining factor for staying true as an entrepreneur. Today, I own several online ventures that sell both digital and physical products. Each of them uses a different business model.

During my journey to online success, I learned the following lessons related to running an online business:

1. Select products or services that you’re passionate about and the skills you’ve mastered

Only offer things that you’re already familiar with like the back of your hands. This provides you with the upper hand that other competitors might not have. You want your customers to be confident in your products by trusting you. This being said, don’t choose “the more trendy products” to sell. Don’t follow other people’s choices of products because what works for them might not work for you.

2. Find a proven business model that works for the specific product or service you’ll be offering

For instance, you want to sell women’s fashion, because you’ve had experiences in dressmaking or styling. Choosing women’s fashion products to sell is excellent, but you’d need to be more specific. You’d need a niche, because “women’s fashion” is such a huge category.

Let’s say you eventually choose to sell casual women’s apparel. Next, choose the business model carefully. Do you buy from a wholesaler in bulk and sell them? Do you accept consigned products from direct producers? Do you dropship products? Consider the pros and cons based on your strengths and weaknesses.

“The value of an idea lies in the using of it.” – Thomas Edison

3. Be familiar with the tools needed for each business model

Choose the most suitable e-commerce platform for the niche chosen. For instance, since you’ll be selling fashion, the images must include zooming capability, so customers can see the products in more detail. Each type of product requires different e-commerce platform. Selling e-books, for instance, requires a different approach, as it involves digital product download.

It takes time to choose the most appropriate platform for your business, yet it needs to be done properly. Take note of all the features you’d need. Get inspired by popular stores, so you can find some ideas that would work.

4. Optimize the online store with the most updated customer service tools

Today, customers want every service to be speedy and accurate. Make sure that you’re familiar with the most updated technologies, including CRM (Customer Relationship Management) and chatbots. Learn the benefits of each new plugin and how they can be adapted to your business.

As a startup, the first year is always the hardest to go through. The following are proven ways that I’ve been practicing through the years in keeping my focus and enthusiasm as an entrepreneur intact:

1. Be extra aware of changes, no matter how small

Being aware begins even before you start the business. By following your passion, you’re supposed to be already extra aware of what’s going on within this scope of expertise. Competitors, technologies, consumer behaviors, business tools, references (books and other materials)

2. Stay focused and determined to grow the business

It’s easier said than done. Staying focused requires more than a wish. It needs the strongest will to make things happen at any cost. When you’ve decided to do something, stick with it. Give yourself deadlines to complete and finish them off in time with the highest quality possible.

While psychologists disagree with being a perfectionist, to be successful as an entrepreneur, it would require a dash of perfectionism. Your products must be perfect before they can be sold to the public. And there is no way around it than being a perfectionist.

3. Lead yourself well before you lead the team

If you begin the business as a solo entrepreneur, self-direction is key. Working by yourself doesn’t mean you can sleep late, awake at noon, and work only if you want to. Being a solo entrepreneur is a commitment, especially if you seriously want to grow the business and take it to the next level. By learning to lead yourself well, you’d be accustomed to thinking as a leader, which is useful when you’re leading a team.

“The first person you have to conquer is you. This is because when at last you win over million people, the first person to bring you down could be you. Discipline yourself!” – Israelmore Ayivor

4. Build a positive startup culture by staying relaxed and flexible as a leader

The best leader is someone who encourages positivity, adaptability, and flexibility with his or her relaxed demeanor. Remind yourself that your own and your team’s mental and physical health is much more important than anything else.

5. Only hire the right people with the right attitude that fits the culture

The right team comprises of people that get along with each other, who fit the culture, and have the right skills will determine the future of your business. Thus, never underestimate the power of cultural fit. You can always train people to be more skillful, but personality traits and characters can’t be taught.

At last, being successful as startup founder requires both understanding of the ins and outs of the business and how to maintain the soft skills needed to keep the enthusiasm running. Stay true to your choice as an entrepreneur and remain eager to continue progressing. You’re on your way to become a six-figure (or seven-figure) online entrepreneur.

Do you want to start a business? If so, how are you going to put into action these steps? Let us know by commenting below.

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3 Effective Ways to Build a Disruptive Startup Company

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You probably know of some startups in your country. Even if you know only a few things about business, you probably know how competitive all markets are. Yet some people are crazy enough to build an innovative business disrupting very competitive markets. That’s what entrepreneurs do.

Here are 3 tactics I learned reading their stories about building a disrupting startup from the ground up, personally and technically:

1. Disrupt Yourself

Entrepreneurship, at its core, is a big change, and every change—no matter its size or importance—begins inside of you. You have to initiate it. Successful people initiate proactively. Nobody can help you if you are not ambitious to change and grow.

It’s not an autonomous process. Change happens when you step out of your comfort zone, and it’s not supposed to be easy. In fact, facing uncertainty has always been the hardest part of every success story.

Therefore, to be successful, you have to disrupt yourself first. How?

Fortunately, it can be learned and practiced. According to Whitney Johnson, author and consultant, disrupting yourself involves seven steps:

  •         Taking the right risks.
  •         Playing to your distinctive strengths.
  •         Embracing constraints.
  •         Battling entitlement.
  •         Stepping back to move forward.
  •         Planning for failure.
  •         Letting your strategy emerge.

So to disrupt markets, you have to start with yourself.

“The more you seek the uncomfortable, the more you will become comfortable.” – Conor McGregor

2. Identify “Jobs to Be Done”

Finding a smart idea is another challenging aspect. Watch and research interesting markets and industries carefully. Don’t focus on products and features. Look for everything that companies in an industry are not good enough at doing—the poorly performed jobs.

Look for the real reasons behind buying a product or service.

  •         Does that product/service satisfy customers?
  •         Why don’t some people use a product/service?
  •         What don’t they like about an industry?
  •         What experience do they expect?

Answering these questions helps you know your customers’ real needs and to identify what Clayton M. Christensen, a Harvard Business School professor, calls “jobs to be done.” In other words, it helps you understand the real business you’re in.

This could be emotional or social, but it is less likely to be functional. Use your intuition. Talk to your target customers. Think about what jobs they might hire you to do for them. Pick an idea, create a business model, validate it, and run!

3. Change the customer process

The next challenge is crafting an innovative business model that accomplishes jobs for customers and solves their problems in the best way—and from a fresh perspective. To do this, you have to view the problems through the customer’s’ eyes.

Build a product that rocks and conquers the market. Then create an exceptional set of experiences along with your product/service. This will be possible by focusing not on touchpoints but on customers’ end-to-end journey.

A company’s processes should be aligned to support the journey. It may be easy to copy a business model, but it’s not easy to copy the process and customer experience, even in the most competitive markets.

“A man without a smiling face must not open a shop.” – Chinese Proverb

Remember that disrupting a market takes time. Learn to embrace the change and uncertainty that entrepreneurship entails and set yourself apart from others.

Do you want to start a business? Tell us what you have your heart set on so we can help you along the way!

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Your Competition Is Magnificent – Quit Being A Sook

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I’ve got this friend and he’s always crying about the competition. He spends a lot of time sooking about them and coming up with plans to take them down.

I’ve put up with it for a while, but now it’s driving me nuts. I started to think: how can we learn to love our competition in business?

Here are some thoughts I had about your competition:

 

Thought #1 – You say they’re lying. Good!

My friend says his competition is lying. Many businesses lie and that’s fantastic news for you. When a business lies, they are playing the short game.

“The long game in business is about being so vulnerable, authentic and real that it punches your ideal customer in the face every time they hear about your brand”

Trust in business, leads to incredible progress. All those marketing campaigns your competitor’s use are mostly to make them sound like something they are not. When your business is trustworthy, you don’t need to market as much.

Being honest cuts through the hype and because it’s so rare, your ideal customer runs towards you at 110km, with their arms wide open. Right behind them are all of their network who are begging to hear from a business that is a real – a business that is like you and me.

Don’t hate your dishonest competition: learn to love them from the bottom of your heart. See the love in your competition.

 

Thought #2 – There’s enough room for everyone

This scarcity mindset that you have to own 100% of the market in your first three years of operations is bulldust. There’s room for you and your competitors. It’s not a sprint; it’s a marathon to reach the unicorn status that is success/world domination.

Feeling like you’re drowning in competition is exactly that. Focusing on your competition 24/7 makes you feel like absolute garbage after a while. It stops you from having a good night sleep full of dreams that contain growth, prosperity, optimism and triumph towards your businesses mission.

I used to be that guy that couldn’t sleep because of competition. Every time someone brought out the same product that was cheaper than mine, I cracked it. I thought that business was so hard because there were so many people that wanted to cut my lunch.

What I forgot is that despite all the competition, people were still buying. Even if we weren’t the cheapest, it didn’t matter. Some people would find us and buy, and others wouldn’t.

The competition can only cut your lunch for so long. If you stick at it and not let the thoughts of their horrible shadows upset you, you’ll be soon making the lunches and cutting theirs.

 

Thought #3 – It’s ugly

Sooking like a pissed off brown bear with a crown on its head is ugly. You’re showing everyone you work with that you are a sore loser. Winners worry about their own business first.

“Winners know that their business isn’t an immaculate diamond on day one”

Every time my friend complained about his competitors; it made his business seem ugly. I stopped becoming drawn to it as I did at the start. The conversations became more about his competitors than his own business. The focus was lost on competitors which he couldn’t control.

 

Thought #4 – You can’t win every deal

No business wins 100% of the opportunities that are presented. There’s this lie that you have to be always winning to be successful. There’s this belief that some people have that says their business is unique and therefore it’s only normal that when they pitch, they will always win.

Again, this is total BS. Your business might have some unique strengths, but there’s always competition. Some deals you’ll win and some deals you won’t. You don’t need to win all the time to put food on the table and be successful.

I’m also competitive by nature and I’ve had to settle sometimes for the simple fact that I won’t win all the time. Sometimes losing a deal is only the beginning. The opportunities you lose are where all the lessons are.

“Your lost opportunities are what strengthen your entire value proposition to the market”

 

Thought #5 – Seeing your competitors suck is inspiring

When a competitor of yours has a major failure, you should be inspired. What I mean is that you should never want your own client base to suffer the same gunshot to the head. Instead of trash talking your competitors for their mistakes, use them as inspiration to not be like them.

Your competitors should form part of the reason why you exist. You should exist not to make the same dumb mistakes they do. You should exist so your customers have a better alternative. Having horrendous companies within the same industry has inspired many businesses like Uber and Airbnb.

Being a business full of inspiring people is easier when everyone else sucks.

 

Thought #6 – Complaining shows insecurity

By my friend complaining about his competition, what he revealed to me was his insecurity. He was showing me that he lacked the confidence in his own product and so it made sense for him to talk down everyone else’s.

The thing is when you love your product and genuinely believe it’s the best in its field, you forget about everyone else’s. Believing in your product offering comes from the confidence that as a business you believe in yourselves.

If you believe, your ideal customer will believe. Bagging your competition may make you feel better in the short term, but it will never make your business grow.

Thought #7 – You only have so much thinking space

Don’t waste it thinking about your competitors. Use your thinking space to come up with new ideas, to innovate and to WOW your customers. These habits will stop you from living in the scarcity that comes with being obsessed by your competition.

Thinking about your competitors is not going to make them go away. Complaining about them will not improve your product or service. To have a good business, you have to operate from a place of creativity. Being creative is hard work and so you don’t want throw away your thinking space.

Dreaming about your competitors puts you in a spiral of negative thoughts. These thoughts start to overtake the positive ones and pretty soon you can’t be relentlessly optimistic anymore. It’s this optimism that helps you come up with ideas that will change the world.

Much like we compare ourselves to the lives we live through looking at other people’s social media, focusing on your competitor’s forces you to always believe you don’t have enough.

I’m here to say you are good enough. Your business is good enough. Your business can be one of the great’s.

 

Thought #8 – You can actually do business with your competitors

Here’s the really stupid thing: You can actually do business with your competitors. See, your business can’t fulfill every customer need. Instead of saying “We don’t do that,” use your competitors as referral partners.

I can remember in a business that I was a part of, where we used our competitors over the road to supply us with stock when we ran out and had items on back order. We would do the same thing for them when they ran out of stock. As a result, we always had stock.

“Our competitors over the road taught us lots of things we would have never known if we tried to play the solo game. Business is a team sport”

 

***Final thought***

Your competition is not the problem. They’re not the reason why you are losing sales. The real reason you are focused on your competition is because something is wrong with the way you are thinking. Your competitors can force you to sabotage your own success if you don’t stop focusing on them.

Complaining about your competitors never get’s you anywhere. The way to fast-track your success is to get intimate with your competitors and find a way to be uniquely you. Find a way to be bold, authentic, real, sexy and unwavering in your businesses values. Be the honest, cool company that is friends with everybody. That’s how you go from being a sook to being the best in your field.

I want you to use your competition to be world-class. You deserve it.

If you want to increase your productivity and learn some more valuable life hacks, then join my private mailing list on timdenning.net

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5 Ways to Avoid Burning Out While Building Your Business

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Isn’t it strange how mundane things can bring back really vivid memories? As the burnt toast hit the trash, I remembered how burn out meant my first online business ended up on the scrapheap (nearly taking me with it). 

Juggling a full-time job, family, volunteering and running an online business left me physically, emotionally and psychologically exhausted. Just like toast, the burn creeps in slowly and when complete, you’re left unable to nourish yourself or anything else.

You may have already heard run-of-the-mill advice like taking regular breaks to prevent burn out. But what’s the point of stepping away from work only to be stressed that things will fall apart?

Here are five not-so-obvious ways to become burn out proof:

1. Create the right systems

Having no systems (or the wrong systems) is a recipe for disaster. Unfortunately, systems get a bad rap because they can be seen as snooze fests. Who’s ever heard of a sexy system? I sure haven’t!

To make matters worse, traditional systems have a sterile and stuffy image that can make some entrepreneurs feel boxed into something that’s unsuitable for their needs.

The key to making systems work for your business is to design them with flexibility, so your creativity isn’t stifled. Systems that curb burn out are those that account for the ‘secret sauce’ of how you do business. This ensures authenticity, even when your business grows. I call these flexible and personalized systems ‘productivity recipes.’ Because, just like normal recipes, you have the core ingredients and you can make tweaks to suit your business taste.

We’re all different, so there’s no one-size-fits-all business system. Productivity recipes focus on the human side of systems. They bring order to repetitive tasks while taking into account the quirks that make your business unique.

Productivity recipes stop burn out by preventing you from biting off more than you can chew, especially when your business is growing.

2. Get apps ‘talking’ to each other

Automation is another way to hand over repetitive and stressful work. Services like IFTTT and Zapier connect the apps you use to automate your workflow. In other words, they get rid of the biggest time sucks in your business.

Part of creating productivity recipes is to spot tasks you can automate. This will help your business run like a well-oiled machine and save you money when outsourcing.

Start out automating everyday tasks, like social media and email management, by finding out how the apps can ‘talk’ to each other.

Do yourself (and your health) a favour and start to create productivity recipes to see what you can automate. The aim is to drop repetitive tasks like a hot potato to reduce the risk of burnt out. Get your apps communicating to free up time to chat with friends and family.

“The first rule of any technology used in a business is that automation applied to an efficient operation will magnify the efficiency. The second is that automation applied to an inefficient operation will magnify the inefficiency.” – Bill Gates

3. Outsource

Outsourcing should be done when you already have productivity recipes in place. It’s tempting to hand over parts of your business to a VA or freelancer and forget about it, but this approach could land you in hot water.

With productivity recipes, anyone you hire will have the blueprint of how you expect things to be done. You’ll also save time getting new hires up to speed. Most importantly, your clients won’t get any nasty surprises or unwelcome changes when you grow your team.

You’ll be able to take time out to recharge your batteries, having all the confidence that your business will continue to function properly in your absence.

4. Find some cheerleaders

Being part of a supportive group is crucial to making yourself burn out proof. Informal groups, like Facebook communities, are helpful networks that can prevent you going down the burn out road.

If you’ve been working non-stop and your brain feels as limp as the lettuce in the sandwich you’ve been too busy to eat, connect with people who can identify with where you are and encourage you to take a step back.

The best groups are those that aren’t strictly business. Look for a group with dedicated days for sharing things like inspirational quotes and jokes to lighten things up a little.

Feeling like you’re the only one who experiences overwhelm can be a lonely place. Being part of a community where people share their struggles helps to provide perspective that you can achieve your goals without compromising your health.

“Be strong, be fearless, be beautiful. And believe that anything is possible when you have the right people there to support you.” – Misty Copeland

5. Inject your personality into your passion

When you’re passionate about your work, it seems like you can work day and night without ever feeling tired. Of course, it’s advisable to make time for proper rest. I’ve found that, the more I enjoy work, the more I look after myself to reduce the risks of becoming ill. I’m passionate about helping entrepreneurs be more productive to avoid burn out. I’m also a huge foodie. That’s why I incorporate food and drink analogies in my work because being fed and watered is something we can all relate to.

Injecting your personality into your work makes everything easier. It’s very draining pretending to be someone you’re not. If you’re already pursuing your passion, add a splash of your personality to reduce the chance of burn out.

Suffering from burn out is a serious setback to your health and business. It’s a relief to know that, unlike the burnt toast that ends up in the trash, you can make a full recovery from burn out. But why take the risk in the first place? Put in place practical measures to avoid getting burnt when the heat is turned up in your business.

It’s good to share. What do you put in place to make sure you don’t burn out? Leave a comment below and share your thoughts.

How do you avoid burning out when things get tough? Let us know by commenting below!

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