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6 Common Entrepreneurial Mistakes

admin — Sun, 11 Jan 2009 13:16:30 +0000

6 Common Entrepreneurial Mistakes

internet marketing Articles from Moe Tamani, the SEO Services Consultant.

One of the most difficult lessons for entrepreneurs is that the strategies they used to start their businesses are drastically different from the strategies they need to use to maintain their successful businesses. Here are 6 mistakes frequently made by entrepreneurs and how to avoid them.

Too-High Expectations. There’s a big difference between setting goals that will require you to stretch yourself and goals that are simply unobtainable. While it is certainly noble and honorable to set lofty goals, expectations that are too high mean that you have set yourself up to fail. Additionally, if you set expectations for your business that are too high, you will spend far too much money in the process of reaching those expectations. And that’s money that could be put to good use in the quest to reach obtainable, reasonable goals.
Focusing on the Wrong Things. Some entrepreneurs are so focused on costs that they forget to take a step back and look at the big picture. Yes, you need to be vigilant about what you pay in startup costs, but you also need to remember that you simply can’t make great strides in your business unless you are willing to invest significant amounts of money. Be bold about your spending, keeping in mind that only big investments yield big payoffs.
Looking Only at the Short-Term. When you’re just starting off, it’s very tempting to jump at almost any opportunity to make money. But consistently focusing on short-term opportunities means that you’re not taking time to make strides towards your long-term business goals.
Keeping Up With Everyone Else. As a new business owner, you’ll probably be tempted to compare yourself to your competitors and copycat the strategies that are working for them. But just because their strategies work for them doesn’t mean they’ll work for you. The reality is that you can only see part of their overall business plan, not the whole thing, so it’s impossible for you to replicate the parts of the strategy that you can’t see. This is a huge waste of time and effort for you, so stop worrying about what everyone else is doing and start focusing on your own plan.
Wearing Too Many Hats. Some entrepreneurs are obsessed with doing everything themselves instead of building a team. But when you take on the entire responsibility yourself, you’re too busy doing the everyday tasks to dream the dreams and have the visions that are going to carry your company forward. Build a team and delegate tasks, giving yourself time to continuing creating your business.
Sacrificing Customer Service. This is one of the biggest mistakes an entrepreneur can make. If you’re so focused on the bottom line that you end up sacrificing a customer’s experience, you will negatively impact your future revenues in ways that you can’t even understand at the time. An unhappy customer won’t hesitate to talk about his experience with anyone who will listen.

And what to do if you’re making, or have made, one of these mistakes? Don’t worry. All is not lost. Just remember these three philosophies:

Recognize the opportunities that will pay off in the end. They should always be in line with your goals, priorities, and values.

Slow down. Just because an opportunity looks good on paper or when pitched to you by a slick talker, doesn’t mean it’s a good way to use your time. Any opportunity put before you should motivate you to do a cost analysis before jumping on board.

Strategically Plan. If you have a strategic plan in place, you’ll always be ready to make wise decisions when new opportunities come down the pike. If you don’t have a strategic plan, you’ll be more likely to jump at anything that looks profitable.

15 Ways to Stay Focused With Effective Time Management

admin — Tue, 09 Dec 2008 23:27:54 +0000

15 Ways to Stay Focused With Effective Time Management

internet marketing Articles from Moe Tamani, the SEO Services Consultant.

Let’s face it, there’s a lot going on out there. Our economy is on the fritz and every news story tells us that one more multimillion dollar company needs a government bailout. Foreclosures are happening right and left. We have troops in harm’s way, and Christmas is only a few short weeks away. And that’s just the big picture! We haven’t even mentioned your business and all the things that you need to keep up with on a daily basis. Here are 15 ways to keep yourself focused amid all the distraction. See what works for you!

1. Plan for Each Day. Take a few minutes every evening and plan the following day. Outline 3-5 things that you want to accomplish and stick to it.

2. Plan for Each Week. Take a few minutes on Sunday night (or the night before the first day of your workweek) and outline 3-5 things you want to accomplish during the week. Update this list every 3 days or so.

3. Get Plenty of Rest. Yes, it sounds like something your grandmother would tell you, but it makes a huge difference. You need to rest both your body and your mind in order to prepare for all the challenges you will face.

4. Get Out of the Office. At some point you, too, will be subject to the law of diminishing returns. Staying at the office until all hours becomes less productive instead of more productive, so just go home. Go home at a reasonable hour and spend time doing things you enjoy. When you clear your mind, you’ll find that the solutions to the problems you’ve been worrying about all day just come naturally.

5. Eat Right. Yep, there’s your grandmother again, but she was right. You can think better when your tummy is full, and you sleep better after you’ve had a big lunch and small dinner.

6. Move Around. You don’t have to spend every non-working moment in the gym, but take 30-45 minutes every day, or every other day, to get some exercise. Your mind functions better when your body is stimulated. You may feel like this is unproductive time, but you owe it to your health and to a healthy state of mind to get adequate exercise.

7. Stop Reading Email. OK, don’t stop altogether. But only read once per day. It can turn in to a huge time suck and people will call if they really need you. And when you do read your emails, wait to respond. Not every email needs an immediate response. Skip the ones that don’t. The same goes for Twitter.

8. Turn off the Phone. Don’t keep the cell phone off for the entire day, but turn it off for at least a few hours each day.

9. Work in Blocks. Don’t work on any project for more than 30 minutes. That’s about how long it takes for your brain to turn to mush and require alternative stimulation.

10. Take Breaks. Allow for regular breaks during the day. This gives your mind a chance to wind down and allows your subconscious to step in and examine the problems you’re trying to solve. And your subconscious is much better at that stuff anyway.

11. Make a Routine. This frees your mind to focus on more important things.

12. Do Not Disturb. Set aside a chunk of time each day in which you ask family and staff not to bother you. This is also beneficial for staff as they learn to solve problems without constantly asking for your help. This makes them more valuable, and that’s a good thing.

13. Ask For Help. Join an online community of peers that can give you advice and be a sounding board for you.

14. Invest in Speed. Faster computers make the work happen faster, and that leaves more time for you.

15. Blow Off a Whole Weekend. Don’t read any blogs. Don’t read any email. Don’t answer your phone. Just be. You’ll be surprised at how clear your mind becomes.

6 Ways to Get Money Fast for the Broke Entrepreneur

admin — Fri, 05 Dec 2008 19:38:10 +0000

6 Ways to Get Money Fast for the Broke Entrepreneur

internet marketing Articles from Moe Tamani, the SEO Services Consultant.

This is not the sexiest article I have ever wrote but I have seen some really cash strapped entrepreneurs. It is an unfortunate fact that young entrepreneurs and others in the process of starting home-based business may find themselves needing to make money in a hurry. The first reaction to finding oneself in this situation is to panic, rendering it nearly impossible to think clearly and creatively about alternative money-making options. Keep these 6 tips in mind and you’ll be on your way to making some extra cash before the panic even sets in.

1. Sell Stuff. Chances are that you’re surrounded by stuff you simply don’t need anymore. Dig through your clutter, your attic, and the piles off stuff you haven’t looked through in awhile and determine what you can part with. Then hold a garage sale, either alone or with some neighbors. Put up signs around your neighborhood and put an ad in the newspaper.

Likewise, consider selling some of your unwanted stuff on eBay. Buyers on eBay respond more quickly and positively to postings that include images, so post pictures of the things you’re selling. A little research before you post will tell you what similar items have sold for and in which categories they were placed. If you need further help, eBay has an interactive Help application that will be very beneficial.

Craigslist is also a great place to sell stuff. Since listings are displayed by city, you know that anyone who contacts you is most likely local. This cuts down on hassles related to payment and shipping that you might experience on eBay.

All three of these options give you the opportunity to get rid of stuff you don’t need anymore while making some money in the process.

2. Deliver Food. This is definitely not the sexiest way to make money, but if you’re in a hurry for some cash, delivering pizza may be the way to go. You’ll get tips every day that you deliver, which will help out your cash flow.

3. Temp Jobs. Temporary staffing agencies are great places to look for quick work. You’ll have to visit the agency and fill out an application, but chances are that they’ll have work for you in the following few days. You can request jobs in clerical fields, in heavy labor, or anywhere in between. You’ll be paid on a weekly basis, and many temporary jobs turn into more long-term opportunities. Temp agencies are also great because they take care of tax paperwork on your behalf so that you don’t have to.

4. Take Surveys. Many online survey companies will pay you in cash for your trouble. Don’t bother with survey companies that enter you in a sweepstakes. But consider take surveys that offer prizes. Whatever you receive may be worth something if you can resell it.

5. Take Care of Kids. If you’re already staying at home with your own kids, consider offering to take care of a few more. Let people know about your services through word of mouth and by posting your offer on community bulletin boards and at schools. Check your local laws to find out the limit on the number of children you can care for as an unlicensed person, though.

6. Odd Jobs. Look around your neighborhood to see what kinds of services your neighbors might benefit from. Many folks are looking for someone to mow the lawn, shovel the snow, or clean out the attic. Distribute flyers around town to let people know what you’re offering.

It can be a little unsettling to find yourself short on cash, especially if you’re working really hard to start your own business. But don’t panic. There are plenty of ways to make money that will still allow you to work on your business as well. They may not be glamorous, but they’ll help you get by until you find yourself profiting from the business that you’ve always dreamed of.

The Entrepreneur’s 8 Tips to Making it Big

admin — Sat, 29 Nov 2008 18:20:17 +0000

The Entrepreneur’s 8 Tips to Making it Big

internet marketing Articles from Moe Tamani, the SEO Services Consultant.

Every entrepreneur dreams of making it big! Here are 8 keys to making it happen.

1. Don’t Do It if You Don’t Love it. You’re only going to succeed if you love what you’re doing. Your love for your business is what keeps you going even when things look bleak or, worse yet, boring. Your passion it what gets you out of bed everyday to face what it sometimes thankless work. If you don’t really love what you’re doing then you’re not going to see it through to the finish. Never make money your primary goal. Your primary goal should be to have fun doing what you love.

2. Be Relentless. Persistence is often the only difference between wild success and abysmal failure. If you’re challenged, stand up to the challenge, whether it’s another person or a business setback. If you back down, you’re going to lose respect for yourself and doubt your ability to make your business succeed. If you truly believe in what you’re doing, then stand up to whatever tries to get in your way.

3. Negotiate. Aim high and settle if necessary. Taking less than you wanted isn’t always a bad thing.

4. Dream Big Dreams. What is it that you want most? Imagine what your business would look like if you had everything you could possibly ask for and then do everything in your power to make that vision a reality. We are almost always limited most profoundly by our own fear of success. Don’t be afraid to make decisions that lead to success, and don’t be afraid to win. The challenges will still be there when you get to the top, so don’t be afraid to succeed for fear that you will no longer be challenged.

5. Dare to Be Different. You’ll probably find that, whatever your business idea is, someone else though of it first. So set yourself apart from the competition. Do things people don’t expect you to do. Be unconventional. Try something new just for the sake of trying something new, whether it’s redesigning your product or papering your walls with inspirational quotes. If you surround yourself with the unconventional, you are more likely to think unconventionally. And in the business world, that’s a good thing.

6. Shameless Self-Promotion. Take some time to examine your strengths and the strengths of your business. Now, what can you do to let other people know about your strengths? How can you go about calling attention to the great things about your business that will compel people to seek out your products or services? Don’t be afraid to talk about yourself. If you don’t, chances are nobody will!

7. Trust Your Instincts. Be an extrovert. Ask everyone you know what they think about your business idea. When you feel like you have enough input, spend some time listening to your inner voice, the one that tells you if this is going to be a great idea or a bust. And then heed that voice, no matter how others might question your judgment or criticize your decision. Your gut is almost always right.

8. Be Great at What You Do. You’re never going to be successful unless you endeavor every day to be great at what you do. Being great is a choice you make, not something that just happens to you because you were in the right place at the right time. So choose greatness, intentionally and consciously, every day. And you will be great.

Success is a result of being proactive, of pursuing your dreams, of taking little steps every day that bring your goals to fruition. If you take the advice outlined above, you will see your business grow, and you will see yourself evolve into a great businessperson. Never be afraid of success. Make success the only thing you’ll settle for.

6 Reasons to Keep Marketing, Even During A Recession

admin — Tue, 25 Nov 2008 16:33:08 +0000

6 Reasons to Keep Marketing, Even During A Recession

internet marketing Articles from Moe Tamani, the SEO Services Consultant.

You can’t go anywhere right now without hearing about the economy. Food and gas prices are increasing, and although most of us aren’t running huge banks or trying to balance the federal budget, the stress of the current economic downturn is certainly trickling down to the point that we can feel it. But one of the last things that we want to do in the middle of a rotten economy is slam on the brakes of our own businesses, you know, just in case things get worse. Instead, one of the best things we can do, for our business, for our own sanity, and for the economy, is to step on the gas. Continue your inbound marketing efforts, publish articles that others will find relevant and helpful, and keep networking. Here are 6 reasons why you shouldn’t let the current economy keep you from focusing on your inbound marketing efforts.

1. Time Over Money. The good thing about inbound marketing is that it requires you to invest far more time than money. So take the time to work on your inbound marketing strategy and you won’t have to spend a dime.

2. Let People Find You. When you’re focusing on inbound marketing, you’re trying to make yourself visible to potential customers who will be interested in what you have to offer. You want people to come to you, so the first thing you need to do is to find out where they are. What forums do they frequent? Which blogs do they comment on? What social media sites do they use? When you answer these questions effectively, you can show up where the people are and motivate them to look at what you have to offer. As mentioned previously, this is a time-consuming effort rather than a money-consuming effort. What do you have to lose?

3. Look At Your Competitors. Marketing experts say that, during this recession, businesses will be spending more on online marketing than on traditional marketing. If your competitors are investing their time and efforts into inbound marketing, you can’t afford not to do the same.

4. Measure Everything. Successful inbound marketing is easy to measure. You can quickly tell where your leads came from, where your customers found you, and the efforts you made to which they responded. This kind of information is invaluable. Use it to help you figure out what’s working and what isn’t. Do more of what works. Do less of what doesn’t.

5. Always Improve. The information you receive from analyzing your marketing efforts should show you exactly where you need to improve. If you’re not using this information to improve your efforts, then you’re wasting your time.

6. Look Toward the Future. Marketing experts have proven time and time again that the best way to ensure a successful future is to continue investing in your business during tough times. You may not have much money to spend right, now, but that doesn’t mean your marketing efforts should come to a grinding halt. Be persistent. Keep plugging along. When things start looking up again, you’ll be ahead of the game.

When the money’s tight, our natural instinct is to stop spending, of course. Resist the temptation to sit on your hands. Years of research shows that cutting back on marketing when things are looking grim puts companies at a distinct disadvantage when things start looking more positive again. Take your cue from Rupert Murdoch, who continues to invest even when everyone else has thrown in the towel and decided that there’s nothing else to do but wait it out. And even if you don’t have piles of money sitting around, you can still invest a great deal of time in your marketing efforts. Find out where your potential customers are hanging out and engage them where they are. Spend some time figuring out where your efforts give you the greatest return on investment and make whatever improvements are appropriate. You’ll be glad you did in the long run.

9 Ways to Keep the Cash Flowing

admin — Wed, 12 Nov 2008 11:49:49 +0000

9 Ways to Keep the Cash Flowing

internet marketing Articles from Moe Tamani, the SEO Services Consultant.

Times are tight in the US economy, and no one is more aware of this fact than small business owners. But don’t despair! Here are 9 expert-tested ways to keep the cash flowing even in an economic downturn.

1. Raise Prices. This is a no-brainer, right? If you need more money then just charge more for your product or service. The ideal result of an increase in prices is that nothing happens. Your customers keep purchasing what you have to offer and you don’t hear anything about it. The less ideal scenario is that some customers may go elsewhere, but don’t let that stop you. Increasing your prices by 5% or 10% provides more profit and an increase in cash flow.

2. Find Old Customers and Invite them Back. Once you’ve gotten contact information on your customers, contact them regularly. Invite them to do business with you again, and give them incentives for doing so. Make an offer they can’t refuse, request their presence at a private sale, send a newsletter, or call them and let them know that they’ll receive a free gift simply for returning the call.

3. Pay Slowly. The key to a slow payout is maintaining a good relationship with your suppliers, so find out what time frame is acceptable for them. If you’re currently paying on a 30-day basis, ask your suppliers if they would accept payment on a 45-day or 60-day basis. If so, you’ve just gotten 15 to 30 extra days to use the money you have!

4. Sales Checklists. If you have salespeople working for you, instruct them to ask every customer to “add on” to their purchase. To make it easier, give every salesperson a checklist of things to offer customers.

5. Payment Checklists. Provide your administrators with a list of each customer and when that customer’s payment is due. Have your administrators set up email reminders for each customer, letting them know that their payment is due.

6. Change Your Terms. The key to positive cash flow is getting money in as quickly as possible and paying it out as slowly as possible. Consider modifying your trading terms so that you get income quickly. If it’s currently 30 days, try changing to 7 days or 14 days.

7. Be Picky About Your Customers. Only deal with customers who will cooperate with the trading terms that are most beneficial for your business. Sure, it may be uncomfortable to cut off relationships with slow customers, but you’ll notice a huge difference if all of your customers are fast-paying customers.

8. Get Endorsements. Find another business owner within your market niche who has a database full of customers that would potentially be interested in what you have to offer. Work out a deal with that business owner that’s mutually beneficial and that gives him the opportunity to endorse you to his customers.

9. Evaluate Your Marketing. Analyze each one of your marketing campaigns to determine whether or not it is ultimately profitable. Eliminate any campaign that results in a loss and use only those that are profitable. If you don’t currently have a marketing campaign, pick a tactic or two and see how they work out for you. You might start with flyers and emails. Your ultimate goal is a profitable offer within a profitable advertisement. Test everything, no matter how time-consuming it is. You’ll see a huge difference when you eliminate things that aren’t working and put more time and effort into the things that are.

An increase in cash flow means an increase in the growth of your business. Start off with one or two ideas and see how they work for you before moving on to others. You’ll find that you get results within minimal tweaking of your business strategy, and you’ll love the results!

5 Traits of Successful Internet Marketers

admin — Thu, 06 Nov 2008 15:18:12 +0000

5 Traits of Successful Internet Marketers

internet marketing Articles from Moe Tamani, the SEO Services Consultant.

Given the rise in popularity of internet marketing, wouldn’t it be great to know exactly what it takes to be successful at such an endeavor? Here are 5 traits of successful internet marketers. How do you measure up?

1. Broad Knowledge Base. A successful internet marketer should be, at the very least, a well-rounded person. He should have a wide base of general knowledge and be able to use that knowledge to his advantage by drawing on it to come up with new and innovative ideas. Critical thinking and problem solving skills are a must since the prime tasks involves analyzing problems and finding solutions to them.

A background in English is particularly helpful since a successful internet marketer must be a master with words and know how to tell and use stories. A successful internet marketer understands design and how humans are influenced by what they see. He must understand basic human motivation and behavior, so a rudimentary understanding of psychology is key.

Finally, a successful internet marketer understands interpersonal relationships, and how those relationships function given the rise of social media.

2. Technologically Proficient. A successful internet marketer doesn’t have to know everything there is to know about internet technology, but he should have a fundamental understanding of databases, HTML, Flash, style sheets, and a programming language for the web such as PHP. This sort of understanding is necessary if an internet marketer is going to have a firm grasp on how search engines and the Web work together. Most of all, the successful internet marketer should be pretty fascinated with technology and have a desire to use the latest online tools whenever they become available.

The successful internet marketer should have a realistic view of the capabilities of technology and, most of all, he should be cognizant of their potential. He should even be able to dream up new ways to use such technology, even before his counterparts come up with great ideas themselves.

3. Solid Skills. The successful internet marketer has superb communication skills. Not only can he express his ideas, but he can explain, in laymen’s terms how web technology works. He has to be a great writer and must be able to write formally and informally, for experts and laypeople, and persuasively and factually. He has to be good at research as well, since he will have to understand those to whom he is marketing in order to be successful.

4. Lots of Experience. The online experience is driven by searching. When we need to find information, we use a search engine to hunt it down. Therefore, the successful online marketer must have experience in search engine optimization and marketing campaigns. He should also be a prolific blogger. One of his most important tasks will be to create high-quality content, build a loyal following, and participate in the conversations that take place around the content he publishes.

He should also be an expert in social media and how to use social networking for marketing purposes. And he won’t just stop at understanding them. He will be well-versed in the unique culture of each major social networking site and how to use it for its marketing capabilities.

5. A Penchant for Problem-Solving. The successful internet marketer loves to encounter and solve problems. He should constantly be looking for ways to do things better and faster, and he should have a hunger for learning new things all the time. He should enjoy the trial-and-error approach to conundrums and, therefore, should be very patient. Most of all, he should be interested in getting the job done right.

It’s a rare person who possesses all of these skills and abilities, but if you’re interested in becoming the most effective and efficient internet marketing professional you can be, this list is a great place to start building your skills and knowledge.

10 Do’s and Dont’s for Running Your Business in a Tight Economy

admin — Thu, 06 Nov 2008 15:00:42 +0000

10 Do’s and Dont’s for Running Your Business in a Tight Economy

internet marketing Articles from Moe Tamani, the SEO Services Consultant.

It’s no secret that our economy is in bad shape, and it’s quite possible that no one is feeling the strain as much as small business owners. After all, is there any group that needs access to financing more than business owners? How are entrepreneurs going to be affected, and what can you do to keep your business successful in the midst of this economic downturn?

The primary piece of advice from most experts is keep pursuing your business goals rather than sitting on your hands and waiting for the crisis to blow over. Though the conventional wisdom might be that it’s impossible to obtain financing in the midst of a crisis such as the one we are experiencing now, it is possible to continue to grow your business. Here are five ways to find financing:

1. Stay Local. Instead of pursuing financing at large, national institutions, try local or regional banks, investors, and lenders. Face-to-face contact with someone can make a difference, especially if you can convince a lender of the value that your business will add to the local economy and landscape.

2. Examine the details. Make sure your loan package is fine-tuned and well-researched. Go over it with a fine-tooth comb before presenting it to a lender. It should include complete financial statements, a business plan, referrals from past and current clients, a competitive analysis, and a SWOT analysis.

3. Cut spending. Curb your spending whenever possible, both personally and within in your business. At the same time, don’t stop investing in technology or pursuing your marketing plans. Cut where it makes sense, not where it’s going to hurt your business.

4. Finance with Equity. Although it sounds counterintuitive, equity financing can grow your business. Just be sure to use smart, quality investors rather than just anyone who comes along.

5. Use the Assets you Already Have. Many lenders are ready and willing to make asset-based loans. If you already have strong assets then this may be the way to go for you.

And here are five things to avoid.

1. Slashing prices. Unless you are absolutely certain that cutting prices on your products or services will make a difference in your sales, then don’t do it. Be aware that, in actuality, reducing prices rarely makes a difference, so do your homework first.

2. Stopping the search for money. Although it may not seem like it, there’s still money out there, so don’t stop looking for it. Sure, you may have to settle for less or lower your valuation, but it’s a big mistake just to stop looking.

3. Stopping your networking efforts. Networking is more important than ever in an economic downturn. You’d better believe that your potential customers aren’t out looking for ways to spend money, so you need to generate sales leads now more than ever.

4. Stopping the conversation. Maintaining the conversation with your customers and your vendors is key. Your vendors and customers are your best source of information about what’s going in the marketplace, what people are looking for, and what they need. Don’t wait for an economic upswing to revisit your conversations with them. Get the information they have right now and put it to use for your company.

5. Thinking about the future. While it may seem abysmal and pointless now, always keep your eye on the future. If you have a great idea, it’ll be a great idea in a bad economy or in a good economy. Do whatever you can to pursue it instead of waiting for what you perceive to be a more optimal opportunity.

Remember that forward motion is key whether the economy is booming or busting. Keep your business moving regardless of what’s happening around you!