Steps to Create Unstoppable Momentum in Your Business

There is a big difference between the person who says they want to have more success in their business and the person who not only says they want more success, but actually sets a plan in motion to create that success and then continues to stay focused on their plan day in and day out.

That has been one of my biggest life lessons in business. It's one thing to say what you want and another thing to actually do it. Many business owners say what they want, but they don't ever set a plan in motion to get there.

And, then what happens? They don't ever make big strides and achieve the level of success they crave.

In order to begin to create unstoppable momentum in your business, I recommend you read these five steps, and begin to follow the recommended action steps which will help you create more success, more freedom, more joy, and more focus in whatever you do.

Step #1: Know where you are. Knowing where you are is the first step in creating unstoppable momentum in your business. You have to know where you are in order to get where you want to go. So, what does that mean in terms of your business?

It means understanding your current gross income, your current number of customers, the current number of leads you attract each month, how many of those leads do you convert into paying customers each month and what is your average sale transaction as well as knowing and understanding the challenges your industry faces in today's market. Knowing this information and being clear about where you are, will help you focus on what to do and where you need to make improvements.

So, let's say you are great at attracting new leads and each month you are able to attract 100 new leads into your business, however you are only converting 20 of those leads into paying customers. Well, that is very important information you need to know as a business owner, because that means you need to improve your sales process in order to convert a higher percentage. (You should be able to convert over 40% of the leads you speak to at a minimum if you have a local business.) You can't possibly begin to change what you are not aware of.

Step #1 Action Plan: Begin by going back at least 6 months and look at your numbers. Again, what is your gross income, the current number of customers you have, the current number of leads you attract each month, how many of those do you convert into paying customers as well as what is your average sale? Once you have all those numbers, implement a system for tracking your numbers more efficiently moving forward. I recommend that you should analyze your numbers on a daily or weekly basis. This way you can stay ahead and when things are not improving you can make any necessary tweaks immediately.

The other component that you want to be aware of are any challenges your industry is facing right now. Maybe you are a Real Estate Agent and you are experiencing a much harder time selling homes. Clearly understanding what the problem is will help you come up with creative solutions to solve your problems.

Step #2: Know where you want to go. The next step to creating unstoppable momentum in your business is knowing exactly where you want to go and create a clear vision. This step is often missed and needs your time and attention. We often get so busy keeping up with our daily tasks, that we forget one of the most important steps and that is taking time to reflect and become clear about what we actually want.

What do you want your business to be like? How much money do you want to make? How many hours do you want to work? Do you want to be able to take multiple vacations each year? Do you want to sell your business someday? Do you want to hire someone to run your day to day operations, so you can work on your business instead of in your business? What do you need to get from this business? And so on...

Step #2 Action Plan: After you know where you are, take some time and sit down in front of your computer or a journal and go ahead and start to write out what it is that you want. You can start by asking yourself some of the questions above. The key is to be as clear as you possibly can. Set goals and write down the date when you want them achieved.

I write in my journal, I have my goals framed and on my desk and I also have a vision board near my closet where I get dressed every morning. It keeps my goals in the forefront of my mind everyday.

Step #3: Know why you want what you want. Ah, now this is a very important step that usually goes completely overlooked. You HAVE TO know why you want what you want because that is what really motivates you and helps you stay focused when things get tough.

There are specific reasons you want what you want and we all have motivations for making more money and being more successful. The key is to get clear about why you want it. I want to make more money in my life to be able to provide for my family and because I want more freedom and choices. That is what keeps me motivated when things get tough or challenges arise. Because I am sure you know by now, problems and challenges arise almost everyday when you own your own business. So, getting clear about the 'why' helps the what happen.

Step #3 Action Plan: Get clear about why you want what you want. After each goal you write out, write because and finish the sentence. For example, I want to increase my monthly income by $5,000 because it will allow me to:______________________________ and that will make me feel_____________________________. Knowing what you want to feel is a very important aspect to truly achieving your goals. Be sure to really understand what reaching your goals will do for your life.

I have a goal to lose 25 pounds by December 31st, 2012 because I want to be able to play with my kids easier, I want to be able to wear cuter clothes, I want to feel vibrant and sexy. Whether your goal is to lose weight or make more money, get clear and know why.

Step #4: Create a plan or map and start taking action. Now the fourth step to creating unstoppable motion is having a plan or a map on how you are going to get there. I like the word map, because if you hit traffic or another road block, you can change your course. A map is more flexible. There are a lot of ways to get from New York to California and your plan should reflect the same flexibility. You need to do what works for you and what works for one person doesn't always work for another.

So, you are clear that you want to grow your business and increase your bottom line. How are you going to do that? What steps will you take in order to achieve that goal? What do you need to improve? What do you need to change? Once you know where you are, where you want to go and why you want to go there, you will have a better understanding on how to accomplish it.

Be as specific as possible when writing out your business map and define what action steps you will take each day to achieve your goals. Success is inevitable when you do this. Again, it's just like losing weight and getting healthy. What is your current weight, what do you want to weigh, why do you want to lose weight and how are you going to do it. What program will you follow, will you join a gym, hire a trainer, see a nutrition coach and so forth. You get the idea. Business is exactly the same way. You need a map.

Step #4 Action Plan: Get clear about how you are going to achieve your new business goals and write down daily action steps. The key here is to take action everyday even if it is one tiny small step. Keep moving forward and stay focused.

So, most likely you want to attract new business in order to increase your monthly income, first decide how you are going to do that, maybe you need to figure out how to market more effectively or maybe you need to improve your sales process or maybe you need to implement a new service or product. There are endless ways to increase your business. I teach business owners hundreds of ways to attract new business, so you can sign up to see my free video series or send me an email and learn more about my one-on-one coaching program.

Step #5: Having the right mindset. It is crucial to have the right mindset when setting down a new path. Your mind is the most powerful tool you have and you can use that tool to empower you or disempower you. I've done extensive work on my own mindset and I can tell you it has been the best time and money I have ever spent. Your attitude is everything in life and there is a saying that says, it's not what happens to you, it's how you respond to what happens to you and your mindset is what dictates how you respond.

Did you know that almost 98% of all dieters either fail or lose the weight only to put it back on again. Do you know the real reason why? Because they didn't change the thoughts in their head. It is vital to create a new conversation with yourself as you begin to set new goals and set down a new path of success, joy, freedom and growth.

It is so easy to see, especially after coaching and working with numerous business owners across North America. The ones that change the way they think, change their direction in life and the ones that don't continue down the same path and let obstacle after obstacle stop them. They self sabotage and let their limiting beliefs, fear and doubt stop them from making empowering decisions in their life. However, you can overcome your fear, your doubt and your limiting beliefs through awareness, determination, coaching and learning new skills.

Step #5 Action Plan: In order to start creating the right mindset begin to be aware of what you say to yourself when you want to create more success. Are you focused on opportunities or do you see limitations? Do you tend to come up with reasons or excuses something won't work or do you tend to see the positive about how it will work? Start to become aware of what you are thinking. I've had to overcome a lot of limiting beliefs in my life and I am so grateful I have. My life is richer, fuller and I experience more happiness and gratitude than I ever have before.

In order to really create the right mindset in relationship to your business, I suggest sitting down now or as soon as you have the opportunity and go through these 5 steps. This is your future and I recommend doing something for yourself that your future self will thank you for. Get serious about making changes and stop making excuses. Read books, learn new skills, take courses, find like-minded people and even higher a life or business coach. I have invested a great deal of time and money into my own personal and business development and I can tell you it was more than worth it. I've read books, listened to CD's, traveled the country attending business and personal development seminars as well as hired personal coaches, taken online courses and more. It will pay off and it will pay off big.

Deducting Your Employer Business Expenses

If you are an employee, you may be able to deduct your un-reimbursed work-related expenses as an itemized deduction on Schedule A. Employee business expenses are subject to the 2% of AGI limitation (see below). You can deduct un-reimbursed employee business expenses incurred in the normal course of carrying out your responsibilities as an employee.

You can deduct un-reimbursed travel expenses that you incur as an employee if you temporarily travel away from your tax home for your job. These expenses include transportation, car expenses, lodging and meals (meals are only allowed if you are traveling overnight). You can also deduct your job-related education expenses. You claim your employee business expenses on line 21 of Schedule A.

Travel expenses

Although commuting costs (travel between home and work) are not deductible, some local transportation expenses are. Deductible local transportation expenses include the ordinary and necessary expenses of going from one workplace to another. If you have an office in your home that you use as your principal place of business for your employer, you may deduct the cost of traveling between your home office and work places associated with your employment.

You may deduct the cost of traveling between your residence and a temporary work location outside of the metropolitan area where you live and normally work. If you have one or more regular work locations away from your residence, you may also deduct the cost of going between your residence and a temporary work location within your metropolitan area.

Where is your tax home?

In determining the deductibility of travel expenses when you travel outside your general work area, the location of your tax home must first be established. Your tax home is your main place of business or work, regardless of where you maintain your family home. The following factors are used to determine your main place of business or work:

The total time ordinarily spent working in each area.

The level of business activity in each area.

Whether the income from each place is significant or insignificant.

You are considered away from your tax home if you are required to be away from the general area of your tax home for longer than an ordinary workday, and you need to get sleep or rest.

What expenses are deductible?

If you are on a temporary assignment or job away from your tax home, your job expenses may or may not be deductible. A temporary assignment is one that is expected to last for one year or less, and does in fact last for one year or less. The following factors are used to determine if traveling expenses to that temporary assignment or job are deductible or not:

If the assignment has a fixed ending date (one year or less), the expenses are deductible.

If the assignment or job lasts or is expected to last indefinitely, the expenses are not deductible.

Your employee business (job) expenses can be deductible as long as they were:

Paid or incurred during the tax year.

Incurred for carrying out your job as an employee.

Ordinary and necessary business expenses.

To figure your meal expenses when traveling away from your tax home, you can use either the actual expenses incurred, or a standard rate of $46 per day. The standard rate can be higher in some cities, and you can find this information on the IRS website. Whichever method you use, tax law allows you to deduct ONLY 50% of your un-reimbursed meal expenses.

You can deduct expenses of up to $2,000 per year for attending conventions, seminars, or similar meeting held on cruise ships.

Meal and entertainment expenses

If your job requires you to entertain customers, you can deduct ordinary and necessary meals and entertainment expenses, but only if they are directly related and associated with your business.

The directly related test is met if:

The meal or entertainment takes place in a clear business setting.

The main purpose of the meal and entertainment is for the conduct of business.

You did in fact engage in business.

You had more than a general expectation of getting income or some other business benefit.

The associated test is met if:

The meal or entertainment is associated with the active conduct or your trade or business.

The meal or entertainment directly precedes or follows a substantial business discussion.

In general, you can deduct only 50% of business related meal and entertainment expenses. Therefore if you receive one bill, which includes the costs of meals, lodging, transportation, etc., you must allocate the expenses between the cost of meals and entertainment, and the cost of the other services.

If you gave away tickets to an entertainment event, you can deduct only the face value of the tickets. If you gave a customer tickets and did not accompany the customer to the event, you can treat the cost of the tickets as either an entertainment or a gift expense, whichever is to your advantage.

Business gift expenses

If the nature of your job requires you to give gifts to customers, the cost of gifts given directly or indirectly to a customer is deductible up to a maximum limit. The following rules apply to gifts:

You cannot deduct a gift of more than $25 per person (incidental costs, such as engraving on jewelry, or packaging and mailing, are not included in determining the cost of the gift).

A gift to a customer's family member is considered an indirect gift to that customer.

If both spouses give gifts, they are treated as one taxpayer with one $25 limit per customer.

Items costing less than $4, and used for promotional purposes, such as pens, key chains, mugs, etc., with the business name clearly imprinted, are not included in the $25 limit.

An item that could be categorized as either a gift or an entertainment expense is generally considered to be an entertainment expense, and hence subject to the 50% deduction rule.

Local transportation

You can deduct the ordinary and necessary costs of business-related transportation expenses incurred within the area of your tax home. Transportation expenses include the cost of transportation by air, rail, bus, taxi, etc., and the cost of driving and maintaining your car. This following transportation costs are deductible:

Traveling from one workplace to another.

Visiting clients.

Traveling to a business meeting away from your workplace.

Traveling from home to a temporary workplace, if you have more than one regular workplace.

Commuting expenses are never deductible, and include the following:

Traveling between your home and your regular place of business.

Parking fees incurred at your regular place of business.

Traveling from a union hall where you get your assignment, to your place of work.

Car expenses

If you use your own car, van, pickup, or panel truck, for the purposes of performing your duties on your job, you can claim a deduction for the use of your vehicle. You can claim EITHER the standard mileage rate OR the actual expenses for operating your vehicle on the job.

The standard mileage rate is a rate allowed per mile for every business mile traveled. You can claim mileage at a standard rate of 51 cents per mile for each business mile traveled for the period 1/1/2011 to 6/30/2011, and 55.5 cents per mile for the period 7/1/2011 to 12/31/2011.

You cannot claim the standard rate if:

You used the car for hire (for example, as a taxi).

You operate five or more cars at the same time.

You claimed depreciation, or claimed a Section 179 deduction (see chapter 12) in an earlier year.

You are a rural mail carrier who received a qualified reimbursement.

Your actual expenses that can be deductible include the following:

The cost of lease payments.

Tires, gas, oil.

Insurance, registration fees, and licenses.

If you opt to claim your actual expenses, you must first of all ascertain your total expenses, and then divide your total expenses between business use and personal use, based on the number of miles driven for each purpose.

You can claim your business related parking fees and tolls as an additional deduction, whichever method you use.

If you are an employee, you cannot deduct any interest paid on a car loan. This applies even if the car is used 100% for business. However, if you are self-employed you can deduct the part of the interest expense that represents the business use of the car.

The cost of traveling between home and regular job is considered commuting expenses and is not deductible. If you have two workplaces, you can deduct the cost of traveling from one workplace to the other.

Business use of your home deduction

You can claim a deduction for the business use of your home if you use part of your home for your employer's business. There are some tests that you must meet to be eligible for this deduction:

To deduct expenses for business use of the home, part of your home must be used regularly and exclusively for your employer's business.

You cannot deduct business expenses for any part of your home that you use for both personal and business purposes.

The use of your home must be for your employer's convenience.

You must not rent any part of your home to your employer and use the rented portion to perform services as an employee for that employer.

Deductible expenses for business use of your home include the business portion of real estate taxes, deductible mortgage interest, rent, casualty losses, utilities, insurance, depreciation, maintenance and repairs. Generally, the amount of your deduction for whole-house related expenses, like utilities, is limited to the square footage of the area you're using for business purposes. You may not deduct expenses for lawn care in general, or for painting a room not used for business.

You must use the worksheet in Publication 587,Business Use of Your Home, to figure your deduction. You claim this deduction on line 21 of Schedule A.

(Off-the-shelf tax software will effectively bring up and complete theBusiness Use of Your Home worksheet for you)

Job-related education expenses

You may be able to deduct job-related education expenses paid during the year, as an itemized deduction on Schedule A. These expenses are also subject to the 2% of AGI limitation (see below).

To be deductible, your expenses must be job-related, and must be for education that is:

Required by your employer or by law, to keep your present salary, status, or job.

Required to maintain or improve the skills needed in your present work.

Although the above requirements may be met, no deduction will be allowed on Schedule A, if the education is:

Needed to meet the minimum education requirements for your current job or trade.

Part of a program of study that can qualify you for a new job or trade, even if you have no plans to enter that job or trade.

If you are not allowed to deduct your job-related education expenses on Schedule A, you may however, be able to deduct them of Form 1040, as a tuition and fees adjustment, or as a lifetime learning credit.

Deductible job-related education expenses include the following costs:

Tuition, books, lab fees, supplies and similar items.

Certain transportation and travel costs, including driving from work to school.

Transportation from home to school if you are regularly employed and go to school on a temporary basis.

Other educational expenses, such as costs of research and typing a paper.

Travel, meals, and lodging for overnight travel, to obtain qualified education.

You must keep proper records to prove your education expenses; otherwise the IRS will disallow them in the case of an audit.

Employer reimbursement plans

If your employer does not reimburse you for your work-related expenses, any allowable expense in excess of 2% of your adjusted gross income is fully deductible on Schedule A.

Why The Legal Structure Of Your Business Matters

When starting a new business, it is necessary to determine which legal structure your business will fall under. There are several different ways a business can legally be structured, so it is important to have a good understanding of each structure before making your choice. The legal structure of your business can affect many different things, including the following:

*Your ability to have adequate protection against potential business risks

*Your individual and business tax liability

*Government regulation over your business

To help you make a more educated decision, here are a few important things to know about three of the most common business legal structures. Make sure to consider the advantages and the disadvantages of each legal structure. Because this decision may have a lasting impact, it is often recommended to speak with a professional who can help you make the best decision.

1 - Sole Trader

If you are running a business entirely on your own, you may want to consider registering your business as a sole trader. This is generally viewed as the easiest method because there are fewer people involved in the decision making and there are also fewer government regulations. However, for many newly forming businesses there are multiple people involved in the ownership and management of the business, making this option impossible.

Under a sole trader, the business owner is in complete control of any company profits and responsibilities. Although convenient, this also leaves the owner entirely responsible for any debts the business may incur. Some business owners view this liability as undesirable because there is such a huge responsibility and risk placed on only one individual.

2 - Partnership

If you are joining with another individual to start a new business, a partnership may be a good option for you to consider. In a partnership, both parties are equally responsible for the business. Under this type of a structure, business decisions that are made by one partner, even without the consent of the other, fall under joint responsibility. Partners also share in all business profits and any incurred business debts.

Many business owners like this option because the two different individuals can bring together a wider variety of experience and expertise than one alone. Many also prefer the combined liability because it leaves less pressure and potential risk on one individual. On the other hand, whenever there is dual ownership, there is also the inherent risk of disagreement and a lack of mutual cooperation. If you have any concerns about working jointly with another person, you may want to consider carefully before agreeing to a business partnership.

3 - Proprietary Limited Company

For businesses that are more structurally complex, a proprietary limited company may be a better option. Under this type of a business structure, business owner(s) are considered separate from the business. This can greatly limit the amount of liability placed on one individual. There are several specific legal obligations that must be met by company directors under a proprietary limited company. Distribution of business profits and essential legal responsibilities are then agreed upon.

How To Make The Decision

As you consider which legal structure to use for your business, it is important to do your research. Your decision may have lasting effects on your business. Speak with a consultant who can help you make a wise decision.

Why Has the Growth of Your Business Slowed Down and What to Do About It

Many owner operated businesses grow quickly in their early days but more often than not they reach a plateau. Growth slows, if there is any at all, and profits do too.

Many business owners are happy with this, or say they are, particularly if the business is generating enough profit to be comfortable.

The problem is that while your business is standing still, others around you are growing theirs.

So ultimately, you start to lose out to the competition. You lose market share or your unique identity or employees, etc.

And then you have to work twice as hard to keep up.

There are a number of reasons for the growth of a business to stall. The more obvious reasons, such as not being able to find enough new customers or price-sensitivity in the market place are often symptoms of other constraints in the business. These are not faults in the business, rather constraints that are more or less inevitable given the systems and structures needed to operate a business of a given size. In owner operated small to medium sized businesses, the constraint can sometimes be the owner themselves, as described here:

A small business revolves around the owner. All decisions have to be made by them or run past them causing a bottleneck in the running of the company. The business becomes more and more dependent upon the owner because the employees stop taking decisions. Ever heard a business owner say: "I wish I could find staff that would use their initiative"? It's often a symptom of the owner making all the decisions. As a result, their employees don't feel that they are supported in making their own decisions or in taking a risk or two that would benefit the company. As the business grows it is more and more important that issues are dealt with by individuals, teams and department heads.

This situation is often compounded by the fact that employees may have a strong loyalty to the owner of an owner operated business. This is fantastic, but as a business grows it needs to have more than one leader. If employees remain loyal to the owner instead of switching that allegiance to the company as a whole and the long-term future of the company, then business growth will inevitably become stunted as conflicts arise.

At some point in the development of a business, the owner must spend most of their time on the strategic aspects of growing the business, leaving the day-to-day running of the business to a capable manager. Failure to spend sufficient time setting the strategic direction of the business and helping the team produce a realistic action plan to get there is a major cause of businesses failing to grow.

While the owners role should evolve to a more strategic one, it is limiting for new ideas to only come from the owner. New ideas should be encouraged from all employees. In fact, why not from all stakeholders including customers, suppliers, alliance partners?

The culture of a start up business is quite naturally a reflection of the values and beliefs of the owner. This is generally what drives the successful development of the business during the start up phase. It is therefore quite difficult to give this up. But as the business grows the culture has to develop beyond that of the owner - still strongly influenced by them, but allowing the influences of employees, customers and their shared experiences to be reflected.

Small businesses often have their biggest wins when they go the extra mile to get a job done: doing something outside the normal procedures, thinking out of the box, taking a chance in order to deliver great service to a customer. If a business is to grow, however, these situations should become less frequent. You can't continue to run a business by the seat of your pants. Celebration of a job well done needs to focus on getting systems in place to avoid seat-of-the-pants activity. It might not be as exciting, but it will allow the business to grow faster.

As a business grows the stakes get bigger and it gets harder to make decisions that may jeopardise what the business owner has already achieved. Employing more people in order to increase sales but when the current sales won't quite cover the employment costs is a major impediment to growth. The fear of losing hard earned sales and profits will equally stop a business from making bold strategic decisions.

As businesses grow it is natural to go through multiple plateaus - growing until they reach a size that is supported by their current structures and systems. Each time this point is reached the structures and systems must evolve to support a bigger organisation, otherwise the business will falter and ultimately fade away.

Your Business Has Growth Potential, So Take It to Your Customers

Gone are the days where a good product or service sells itself. Yes, one could argue that its not completely gone, but relying on this method will keep your business small, in fact you might be kicked out of business from fierce competitor. That is why marketing has become an essential part of sustaining and growing businesses in today's world. Many people dislike selling, in fact; I personally do not enjoy selling. But if you enjoy what you do and know can see its impact in the lives of others, you will get off your backside with joy and go out there telling everyone about your business.

So if marketing is very important and every businessperson is doing it, how can one increase their chances of generating effective leads through marketing?

Talk to more people daily about the solutions you provide -

Don't talk about what you do, but how your product/service solves a problem. Starting is always a daunting process, but remember as your do it daily, it gets easier and becomes more productive. So you can start with a small but targeted number of potential customers/Clients. For example, your end target may be to talk to at least 100 people everyday; you can start with 15 people, then increase or exceed your target number, as you get better. The more people you talk to about the help your business provides, the greater your chances of getting more clients.

Attend as many business and networking events as possible -

You should attend good and targeted networking events; or you can organize your own-targeted networking events. Business is about building relationships, networks and trust. People will most likely do business with someone they know and trust, and will also recommend their friends to your business due to the relationship they have built with you. Nonetheless, you should use your time wisely, so plan your week effective and make sure that attending networking events do not affect providing an efficient and timely product/service to your present client, because good service means repeat business. Therefore, plan to attend events during your idle/less busy hours and work at your busy hours. Keep it balanced!

Don't spam people with selling -

I used to be part of many small business groups on Facebook, but have recently removed myself from these groups because of the constant selling. I know the owners/administrators of these group must have set up the groups for like-minded business people to network, post questions and share advice of everyday business issues, however, other members have messed it up with constant spamming. They don't contribute, but just advertise and sell their products/services. The truth is, no one wants to be sold to all the time. So please build genuine business relationships, be a listener. When you attend business events, talk less about yourself business, rather ask questions. The good thing about asking questions is that it helps you understand the need of the individual and if you provide products/services that can help reduce or eliminate the problem, you stand a better chance of giving them that information and thus increasing your chances of a business relationship which then result in the individual buying your product or service. You also get word-of-mouth referrals via this medium.

Use free listing websites and cheap paid advertising -

There are free listing websites or cheap paid websites when you can advertise your business. i.e. Craigslist, Yell etc. Just type 'free business listing websites' into http://www.google.com and you will get the information required. Remember to only advertise solutions; don't waffle all about your business, because your potential client is not looking to be impressed, but is looking for a product or service that will solve a problem or enhance productivity.

Use social media avenue to market your business -

Technologies have changed the way we do business today. The arrival of platforms like Facebook, Twitter, LinkedIn, YouTube etc. Has made business a lot easier and marketing cheaper. Using these mediums to advertise your business is a cheap way of getting leads, but don't get carried away with the time spent on each platform. You must analyse your potential market and what platform they are mostly likely to be on and spend time there to market your business. Remember, no spamming, Build relationships, which then leads to business. If your potential customers are more on Facebook than twitter, then use more of Facebook and set the number of hours each day you will spend on each platform and try to measure the returns from each platform. I know this can sometimes be difficult, but getting these stats can help you strategically plan for your social media marketing and improve productivity. Remember, you can always outsource, if you lack time to do social media marketing yourself.

Join offline business groups and online business forums -

Offline business groups like Chamber of Commerce, Marketing consultant London group, small business groups, BNI etc. can help your business grow through referrals and networking. Joining online business forums give you a platform to network, participate in discussion, give advice and be known. As you continuously participate and provide advice, people in the group will see you as the expert and come to you when they need advice and most times, they will click on your profile to know more about you. As they do this, there is a greater chance of them clicking to your website and as you know the more visit to your website the more clients/customers you are likely to get. So when providing advice, know your subject very well and be clear and concise.

Contact Organisations about speaking at events -

Speaking at events give you more exposure. So browse through your local community website and check for upcoming events; call and ask to speak for free in some of the events. As you do free speaking at events and get known in your business, with time, you will be contacted for paid speaking. Remember when you speak at events; don't sell your products/services on stage, else you lose your audience. You need to research your topic, be prepared to deliver the speech like your life depended on it and once you can capture the audience; they will come asking for your business details and how you can help them backstage at the close of event.

These are my few marketing tips for small businesses; larger corporation will use radio, TV & billboard advertising. But never mind, as your business grows, you will have sufficient funds to do large-scale advertising, but in the meantime don't waste money on marketing, only do cost-effective marketing. But don't stop marketing because that is the channel for business growth. All the best!!!

Start a Baby Gifts Website: 5 Pre-Launch Recommendations To Ensure Your Online Business Succeeds

1. Be sure this is for you.

Before you even spend a penny you should think very carefully about the life-changing decision you are making.

When I first started I believed there was very little risk involved because I intended to operate from home, as a sole trader. I thought I could give it a go and walk away at any time if things weren't going right. I was wrong.

Even after months of working 15 hour days and running at a loss, I refused to give in. I attribute this phenomenon to partial reinforcement, the same mechanism that keeps the multi-billion pound gambling industry alive! There was always something in the back of my mind that told me that if I kept going, one day I would make a million. To make things worse I read books on sales and positive thinking which resulted in me putting pictures of luxury yachts, sports cars and posh houses on my desk. Every time I received a sale I felt elated and my dream car seemed a little closer! I even changed the sound in my email client to make the 'ch-ching' sound of a cash register every time I received a sale!

Every time I thought of walking away, I looked at the pictures of my dream life-style and simply couldn't bring myself to make an objective decision. I made excuses to myself and to others and started viewing the accounts with a very biased, overly-positive view. The other major draw that kept me from cutting my losses was the thought of having wasted all the money and time I'd ploughed into the business, not to mention the feeling of having failed. After all, people always said that I could be anything I wanted to be!

When I look back now I realise how important that initial decision was to start the business. It pains me to think that I didn't spend more than a few hours making the decision (if that).

If you only take one thing away from this article then make sure it's this: it is essential that you invest considerable time in making this life-changing decision. Talk to friends and family, weigh up the pros and cons, compare the likely rewards with alternative career options and, most of all, ensure you are being honest with yourself. Visualisations and success stories can be hugely powerful... and damaging. If you are going into business imagining you are going to be able to reap large financial rewards by only working a few hours a day, ask yourself how realistic this day dream really is. I can assure you that building a successful business takes huge amounts of time, effort, sacrifice and money.

This is not a decision you can afford to take lightly and before you even start contemplating the pros and cons of this career choice, you need to do a significant amount of research first.

2. Research your market.

According to the Office for National Statistics, there were 723,165 babies born in England and Wales in 2010. If you are considering starting a business in the baby/parenting field then this statistic is encouraging. Furthermore, there were 706,248 babies born in 2009 which suggests the potential market is growing significantly.

However, a quick Google search of 'Baby Gifts' produces approximately 214 million websites. That's a lot of potential competition! What resources do you have at your disposal to get you to the top of Google above those 214 million sites? You should be very cautious of 'SEO experts' who claim to be able to get you to the top and we will talk more about this later. Furthermore, I can tell you from personal experience that being in the top positions in Google for 'Baby Gifts' is lucrative, but not a fraction as lucrative as I thought it would be. The average online conversion rate in this industry is between 1 - 2% and you can expect to receive around 50-200 visits per day from occupying a top 3 position for this search term. Once you get below the first 3 spots, the visitor rate drops exponentially.

Google Adwords has a free, useful tool which enables entrepreneurs to gauge the size of their potential market and helps them choose search terms (keywords) to target. This tool compares the number of people a month who search for a particular keyword with the level of competition. However, it will usually lead to you overestimating the amount of traffic you will likely achieve and should be used as a general comparative guide only.

You need to thoroughly research your market and assess the different ways of bringing traffic to your website. For example, you might find it much easier to market your website offline with leaflets, networking and word of mouth than an exclusively search-based marketing campaign. If you are under the impression that you can start a website, write some content and META info, swap a few reciprocal links with other webmasters and start getting decent Google rankings for lucrative key-terms, I'm afraid you are grossly mistaken.

You should ensure that you spend considerable time researching this market: talk to business owners and potential customers in great detail and ensure you gain an accurate and realistic picture of the market and how it works before you begin.

If you are unwilling to pick up the phone or to hit the streets with a clipboard and pen then Mintel is a great place to get extremely detailed market research about your industry but you will have to pay a premium for the reports you download.

3. Know the law.

If you do decide this career choice is right for you then the next order of business will be to familiarise yourself with the numerous legal considerations of starting a business.

Business Link used to run a superb service where you could get one-on-one expert business advice in your area. Sadly, due to spending cuts, the service in England and Wales is now limited to their website. I believe Business Link in Northern Ireland still offers the one-on-one service but I could be mistaken.

The Business Link website is a trusted resource and has a wealth of good quality information, however, due to the volume of information involved, it is often difficult to find out everything you need to know using this resource alone.

I therefore strongly recommend that you spend the money required to get some good quality legal advice from a qualified solicitor with experience in the field. I know this is extremely unappealing but it will save you hours of time and could potentially save you from hefty fines or even imprisonment should you neglect any of your complex legal requirements.

4. Create a Business Plan.

The degree of planning you do before you start will ultimately determine if you will succeed or fail. The vast majority of start ups fail in the first year. Most of the time this is largely due to inadequate planning. Assumptions are as dangerous to a business as poor cash flow. Make sure your planning is based on research and facts.

Deciding on the business structure is one of the first things you will need to do. Most E-commerce websites are set up by sole traders or private limited companies and there are advantages and disadvantages to each type of business structure. In a nutshell, setting up and managing a business as a sole trader is simpler but you will be personally liable for the debts the business accrues. Furthermore, a private limited company is actually fairly easily to set up and run these days, especially if you hire an accountant. I'd strongly recommend you hire an accountant regardless of the business structure you go for. You should expect to pay between Ã�£200 - Ã�£500 per year to begin with for a good accountant but he or she is likely to save you more than this by ensuring you pay the lowest amount of tax possible.

You should also decide on your branding. What type of brand are you aiming to build? This is closely tied to the pricing strategy you will adopt and your target demographic. Who will you be selling to? How much do these people generally spend on presents for babies? What type of companies/brands do these people generally buy from? You can then use this information to produce your marketing plan which will basically tell you exactly how you will target these people. I regret that I cannot go into more detail here but this article is an overview to give you some key considerations. I will cover more detail in subsequent, more focussed articles.

Accurate forecasting is also an essential requirement at this stage. You need to make a good educated guess about how much money will be coming into the business and how much will be going out. However, this 'guess' should be based on actual data about the market size and the likely percentage market share you will be able to acquire. If you can get your hands on the books of a company in a related field to the one you are starting, this would be ideal.

One of the best ways to start a new business is to spend a few months or years working as an employee in a similar type of company to the one you intend to start. This would give you the opportunity to learn everything about the market and provide you with access to the hard figures desperately needed to plan a new venture. However, you will need to make sure there isn't a clause in the employment contract that prevents you from setting up on your own after you leave the company.

Your accountant will be able to help you with the financial forecasting for your new business and he or she will also be able to explain the various financing options that are available to you. Even if you are personally financing this project, ensure that you plan and track every pound going in and out of the business, right from the start.

One important thing most business owners overlook is their exit strategy. Ensure you're not one of them. Although it might seem like the last thing in the world you need to think about right now, having an exit strategy in place from the outset will shape your entire business. Do you want to build this business up so that you can sell it for a big lump sum? If so, how successful will the business have to become for you to sell it? Who will you sell it to and how long will it take you to get the business to this stage?

If you don't sort the exit strategy out now it may cause huge problems for you later. For example, if you come to decide much further down the line that you want to sell the business, you may find that you cannot get a reasonable valuation due to the firm's daily operation relying heavily on you and your unique skill set, thus devaluing it significantly. In this scenario, if you had planned to sell from the start you could have ensured your role was easily transferable.