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How To Research Your Market

Although it appears to be a very time consuming and a tedious task, researching your market prior to setting up your business is very essential and this task must not be ignored. Every entrepreneur wishes to succeed in his/her venture. Therefore having a clear understanding of your potential customer base can help you in assessing the viability of your project.

Market research is very essential and is done mostly for the following:

Identifying your potential customers/target market is the first step you need to take. Starting a business without a defined customer base is bound to be a failure. For example, a retailer selling costume jewellery would consider girls and women as their target market.

You should know 'Who' your potential customers are, an understanding of their common characteristics and who influences their buying decision.

You also need to know 'What' your customers will buy and in what quantities.

The timing of any business venture is very important and hence you should know 'When' your customers will buy. For example, Christmas accessories have excellent sales before the Christmas season but selling the same accessories in spring won't lead to the same sales.

You need to have a specific location in mind so you know from 'Where' customers would prefer to buy. This should be thought of in terms of access for your customers.

It is important to understand and decipher 'Why' customers would opt for your products and services and not buy from the competition. It is here you need to identify your USP- Unique Selling Proposition.

You must also understand the needs of your customers and 'How' they buy. For this you must have a thorough understanding of the present scenario of that particular business sector.

• What you need to know about target customers
• who your potential target customers are and what groups they belong to
• how many potential customers exist in the market territory you are targeting
• how many similar products or services they already buy from your competitors
• what criteria they use when making a purchase
• why should they choose to buy from you over your competition
• when and where they prefer to buy products and services you plan to offer

A few more important factors to be kept in mind for researching your market are also discussed below.

Conducting your research

There are two important research techniques for collecting and analysing data. They are Quantitative and Qualitative research methods.

The Quantitative Research technique basically provides answers in terms of numerical and statistical data.

For example, a survey conducted by a sports club developer may find that 70% of the children and 25% of the adults in an area are active sportspersons and 50% of them combined prefer playing football over other sports. This may help him/her to decide where to open up his/her sports club and which kind of sports to introduce.

The Qualitative Research lets people express their feelings and views and you reach your conclusions based on their feedback.

For example, the sports developer in the above example may find out that a certain group of people come to play sports in order to make new friends and socialise. Hence, he/she may add a café and lounge area in the sports club.

Common mistakes made by new entrepreneurs at this early stage are:

• They do not conduct any market research.
• They do not conduct periodical market research; the market is very dynamic and the situation and preference of customers changes from time to time.
• They don't have a clear idea on what information to collect via the research methods and hence end up with useless and wrong information.
• They try to conserve costs on research by using a small sample or by asking only friends and relatives. This way they end up with misleading information.
• They interpret the results incorrectly.
• They analyse the collected data too optimistically, i.e. believing it is what they wanted when in fact it may be far from the data they require to assess their business's viability.

The full version of the "How To Research Your Market" ebook, available from most book stores, helps you learn how to:

• Conduct your market research
• Interpret market research results
• Consider your competition
• Seek expert

 

 

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The Ultimate MUMPRENEUR Survival Guide

People often say that motivation doesn't last. Well, neither does bathing - that's why we recommend it daily.
Zia Glazier
American author, salesperson, and motivational speaker
This survival guide will act as a jumping-off point to get you on your path to achieving your entrepreneurial goals.
And yes, I'm going to use a handy mnemonic to organize this information: ENTREPRENEUR.
M-otivation. Motivation is key at the beginning of every new venture. Motivation is what will sustain you through the tough times, late nights, and hard work that accomplishing anything of value requires.
For this first step, I challenge you to make your goals public. Announce your goals to your friends and family. This can be hard, especially at the beginning, but is a necessary step because it banishes your fear of failure, and ensures that you are committed. Being fully committed means extra motivation in going forward.
Next, post up pictures that inspire you and remind you of your core abilities and goals. For example, if you're starting a jewelry business, post pictures of Etsy pages you admire, or a photo of one of your loved ones wearing a piece of jewelry you made. Put one picture on your fridge, your bathroom mirror, or on the inside of your front door where you will see it every day.
U-nique. Remember that you alone have the unique talents and abilities that will make your business a success. Along with motivation, you must have confidence in yourself, and in the experiences and skills that make you who you are.
M-indful. Along with motivation and confidence, it is essential to be mindful of your goals. Write down goals you hope to accomplish in a week, one month, and in six months. These goals should be specific, such as: "I will obtain 50 new twitter followers," "I will commit ten minutes every day to working on my blog," or "I will overhaul my website and create one that truly reflects what I want to do.
P-assion. Passion is what will provide the fuel you need to accomplish these goals. When getting started, you should use this passion to draft a clear business plan, and post it on your wall. The business plan should contain the specific goals you've set up, and ways in which you will accomplish those goals.
My steps for writing my business plan are as follows:
1. Brainstorm
Make a flow chart, map out ideas and connect them, color-code, and write down as much as you can without worrying about linking these ideas to reality just yet. Do this several times for twenty minutes each time over the course of a week.
2. Formulate
This is where you will take a look at your goals, and formulate clear strategies from your brainstorming sessions. Write these down on your business plan, and keep them on your wall, above your desk, for example. This way, you'll feel as if you are making progress, and you'll know where your heading as you work.
Let's take the goal of obtaining 50 new twitter followers. Say, you want to accomplish this in one week. Your "Formulate" step could look like this:
-Search for like-minded entrepreneurs and people who seem like they're interested in what I'm offering.
-"Follow" these people, ensuring that they have roughly equal numbers of followers and followed. This means they're more likely to add me back.
-Send a message to 10 people a day through Twitter introducing myself and making a connection with them.
-Email ten friends and ask if they know of anyone who is interested in jewelry/virtual personal assistants/my product or service.
-Follow up on these emails, and contact the recommendations within two days, providing them with my twitter account and asking them to follow for a 20% off coupon on jewelry at my online store, or a special information packet.
R-realistic.
Here, you should take a moment to evaluate the progress you have made so far, and to think a little about what you hope to accomplish in the next month.
Ask yourself:
Are my goals realistic? Are the time frames I set for them realistic? Adapt them if not.
Am I doing this for the right reasons? What exactly are those reasons? Write them down, and post them below your business plan.
How else can I motivate myself to achieve my goals?
How can I get my family and friends on board? Will my husband commit to cooking dinner two extra nights a week, or helping get the kids to school? Will my kids agree to give me uninterrupted working time when my office door is closed?
What are the risks I am taking with this venture, and why is it worth it to me to take these risks? What do I stand to gain? How will I feel if I do accomplish these goals?
E-volve. Your business will be constantly growing and changing, and it's important
N-etwork. Update your LinkedIn profile, and join several other online groups. Network with others running similar businesses in your area. You can learn from each other, share insights and tips on business strategy, and get to know a great group of people with similar interests.
E-energize. Do something that will help sustain your energy levels throughout the draining process of creating a business.
U-utilize your tools and skill sets. Make a list of your skills, and of the relevant tools available to you. Are there any skills relevant to your business that you've overlooked, or forgotten you had?
Does a friend have Adobe Suit products you could use to professionally edit photographs of your products? Can you rent a projector to use in your next big pitch to potential investors or clients? Get creative.
R-recognize your limitations, and move beyond them. Make a list of 5 of your weakest qualities, and brainstorm 3 ways to move beyond them. This will give you the confidence to move forward, and to work proactively to remedy any issues that turn up.
For example: I know I tend to procrastinate.
-Create a deadline 3 days before the actual deadline. Use the final days for fine tuning, and for looking at the work with a fresh eye before turning it in.
-Create a simple daily or weekly plan, with steps of what I will do each day to finish the work on time.
-I believe I procrastinate when there is more pressure to do a great job. This makes me feel nervous. Write a list of 10 motivators, even small ones, that will help give me the confidence to begin work at once.
"The turning point, I think, was when I really realized that you can do it yourself. That you have to believe in you because sometimes that's the only person that does believe in your success but you."
Tim Lisabeth

Virtual assistant specialized in assisting stay at home moms with entrepreneurial goals, small companies or startups.

 

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Why Training Is Important

Many business leaders go with the assumption that working on their team's psychology will solve problems. To an extent, that is true. But that's a small extent.
However, what if you have somebody who hasn't the experience, joins your team for the first time and the approach you use on your current members is the same as you use on your rookie? Does that produce results?
Sure thing, if you want that rookie to quit.
Training is not all about talking and observing. That's teaching. Training is experiential, contrary to what the masses will or would say. When I mean experiential, I mean action. This involves role playing until it is perfect. Memorizing what needs to be memorized and testing it with other members of the team before trying it out there.
The only exception is if you're in a jungle. You have to survive. But that is automatic; you have legs to run with, hands to climb or fight with. You know it instinctively.
But what about talking to people, especially if you're marketing your business. Do you go with the psychology or do you practice, practice, practice until you get perfect.
Take a person who wants to join a football team, for example. Let's say you're the coach. Should you "teach" your rookie or should you "train" him/her?
If you use psychology to teach your rookie, sure, you'll get the rookie excited about playing football. Now, put that rookie against an opponent, a team that is made up of 80 players, while your rookie, who only knows about psychology of playing the sport, is the only one among his teammates with less than a day of experience.
I'm sorry to say, but that rookie is going to get their butt kicked. Why? Even if the rookie has the psychology of what it takes to be a football player, it doesn't mean they will be one.
Why?
Because what's missing is the skills to play the game. Let's make this scenario more extreme. Put a person into a boxing ring with Manny Paquito. That person only knows the psychology of the sport, but with no skills or training. Who is going to win?
Manny will walk all over that person in one, easy round.
Let's face it. We all need skills. If you already know your "Why" in life, then your next step is to get the "How". You might get the "How" either in the form of research, discovery, or you create it passively. Basically, you'll do whatever it takes, whether to practice, memorize, test, study, research and so forth.
If you're doing sales, network marketing, you know that it can be a scary thing to prospect or close. But if you already know your "Why", then it's all a matter of figuring out the "How". Most times, you will find that you have to teach yourself. It helps to have a Mentor that understand true leadership. A good Mentor and Leader does the very things that a Manager will not do.
Managers manage things. But they can also criticize, intimidate and most times hold you accountable.
A Coach, on the other hand, inspires you, encourages you, reminds you of why you do what you do, teaches you, shares the vision with you. But they also know that practice makes perfect and they would practice with you.
Take a look at the movie Karate Kid. Daniel Russo fell in love with a couple of beautiful girls (from the first and second movies, respectably) and wanted to get to know them. Heck, what man wouldn't?
But, like any movie, there is an opponent. An Antagonist. Someone who is going unleash hell. These girls that Daniel really liked had some sort of association with the opponent, the bully, etc. These bullies would beat Daniel to a pulp.
Daniel went through pain and some torn skin. But he already had a reason, a why: he wanted the girl and the only thing that was in his way was the bully. He didn't have any skills, but because of his reason, he sought for skills. Time and again, he would seek the tutelage of Mr. Miyagi.
Miyagi had to make sure that Daniel's mind and soul were in balance and check. He knew that Daniel already had this reasons. All he needed now were the skills, how to defend himself and fight back. Put those two together and you have a great warrior.
Daniel made mistakes. He gave up a couple of times. But his Mentor was there if Daniel wanted him.
Eventually, Daniel already knew enough from his mentor's training. The rest was up to him. If you saw both Karate Kid I and II, then you know who won the fights in the end.
If you know your why, you should already be seeking the how, any way you can.
You cannot go into a fight without the action training. But you cannot go into a battle without the mental game either, the strategy.
Great followers become great leaders.
Anyone who just jumps out of a crowd and proclaims that they have a better way of doing something, is a seer of a vision. But this doesn't make the person a Leader. A Leader puts a vision to action. A Visionary only comes up with a solution; A Leader has people buy into the Vision and Leads Them To Action. If the person doesn't lead them to action, that is not a leader at all. Like I said, that is a person who comes up with ideas or has vision.
If that person, who jumps out of a crowd and proclaims "a better way of doing things and doesn't get people to follow him/her, what the person should do is not give up, but figure a way to get people to buy into the vision.
Bottom line: Great Leaders set an example and lead by it, not proclaim an idea. Bill Gates did this. He did not invent MS-DOS. He saw an opportunity, got the funds to buy MS-DOS, built a team, then lead them to build the company that is Microsoft today.
A Great Leader Trains their Followers

Soldiers, when going to war, need to follow their leader. There are plans to follow, but the road to achieving their objectives are never straight. So the Leader must pick the right soldiers and train them to win. There are only two choices as a soldier: come home alive, or have people keep your memory alive. I think Leaders will do whatever it takes to have their entire team come home alive.
Training is so important. It takes blood, sweat and tears. Team training should be no different.
If you want your team to bring home the prize, you've got to do whatever it takes as a leader. You've got to inspire and you've got to make them professional.

 

 

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How to Make Money Consistently in Direct Sales

Being successful in Direct Sales does not have to be a mystery. Direct Sales is a wonderful avenue to make a good income or a supplementary income, depending on your needs.
In order to guarantee success, the first thing that you absolutely must do is ensure you have leads.
You might be wondering where you get leads?
Well, if you are shy, you can use draw boxes in local businesses, you can use on-line Social Media to find leads and even advertise your business, or you can talk to friends and family and network through them. However you find your leads, you need a lot of them, so that you have names to call at all times to ensure that you always have bookings.
In order to stay successful in the Direct Sales Business, you must be sure your books are filled at all times. No bookings - No Business. Some people find this to be the most difficult part of the business. In my observation, it is often procrastinators who have the most difficulty with this aspect of the business. They avoid getting bookings like it is the plague, then they don't get any bookings, cannot sell their product and in the end decide that Direct Sales is not for them.
If you plan to make a large income in Direct Sales, you need to book accordingly: the more parties, the more money. And this rule is steadfast - it must be followed consistently.
There are three reasons that this rule is so true: 1. You can garner more clients by being out and meeting people all the time. 2. You will inevitably sell more. 3. You will have more potential team-members if you meet more people.
The bottom-line in Direct Sales is that you must be consistent in your business. You must also not be too greedy. It takes time and steady energy to get what you want - the big bucks! If you think you will be making a great income overnight, then this business might not be for you. However, if you realize that if you work this business properly, you will be rewarded tremendously in due time: you will have a life-style that is balanced and that you chose, rather than was chosen for you; you will have a steady income that you would not see in your day-to-day J.O.B.; and, you will have succeeded at the endurance test when so many fail.
There's no reason to not succeed in this business. The only catch is you.
Don't let you be what stands in your way!

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7 Figure Income - Become a 7 Figure Income Earner

 

6 KEY ingredients to achieving a 7 figure income.
Ingredient 1 - 7 figure income earners DEFY THE NORM.
Specifically they defy industry norms and cultural norms.
There is pressure on all of us to conform, whether we chose to accept this or not. Society is built around conforming. Huge cultural pressure to do things the same as everybody else. The problem with looking around and doing what everybody else is doing, especially when you are a start-up business is that no matter what business you are in, 90% of businesses are struggling.
So why do the same as them? The best you can hope for is the same result!
7 figure earners 'obsess' about breaking industry norms.
Thought: - What are the norms in your business/industry that you can start defying?
When you start to defy the norms you will ruffle many peoples feathers. The reason being that everybody else wants you to conform and to stay at their level.
Lets use Sales & Marketing as a prime example. 90% of the businesses within your industry are marketing in the same way. In order to defy the norm, entrepreneurs look for radical ways in which to do things differently - not conforming. Pricing is another prime example - 60% of entrepreneurs and 7 figure income earners increase the price of their products by at least 10% during an economic down turn in order to defy the norm (doing the complete opposite of everyone else) as everyone else decreased their prices. Did it and does it work...YES. The reason being that entrepreneurs look at ways of how to add extra value to their products to warrant the increase instead of looking for ways to decrease the value of their product by lowering the price.
*BREAK THE RULES - look around and do things radically different.*
***PRINCIPLE, you need to be okay with the fact that when you start defying the norms and doing whatever it takes to earn a 7 figure income, you are becoming part of the elite. You are by your very nature going to be doing things differently, thinking differently, acting differently than virtually everybody else around you - you have to be comfortable knowing that this will inevitably cause a reaction from your competitors.
Ingredient 2 - Understanding how and why money moves & how people get paid.
One of the most important things to understand about 7 figure income entrepreneurs and business owners is that they are earning truly exceptional amounts of money because they understand the fundamental differences in the reasons why money is moving towards them and the way in which they get paid.
Fundamental premise = Money moves from one person to another, from one place to another, for it's own reasons. If you want a lot of money you have to figure out what these reasons are and get in sync with the reasons.
Principles are principles because they never change, they are a law - the principle/law of money will not change for you, me or Gandhi, so we must understand that we have to change in order to accommodate for this law.
Example 1 - 7 figure income earners are exceptional at getting paid in advance of their work and deliverable. People who earn normal incomes get paid AFTER the work or deliverable. The shop keeper gets paid after a week or months work. Donald Trump for example gets paid BEFORE the 1st shovel is even lifted in his real estate empire.
Example 2 - is being paid for who you are, not what you do or not just what you do. Again Donal Trump gets paid for who he is, not necessarily due to his capabilities. Think about celebrity endorsements.
Ingredient 3 - 7 figure income earners obsess about Sales & Marketing.
If you want to generate a 7 figure income then you must spend 50% of your time on sales & marketing.
Thought: How many marketing methods do you use at the moment to attract new customers? The figure should be around 8-10. 7 figure earners have multiple marketing strategies in place.
Thought: What systems do you have in place in order to 'follow-up' on interest shown towards your business? 7 figure income earners mainly have a 1-15step program in place to maximize the chance of a sale after interest has been shown.
The key word here is OBSESSION.
7 figure income earners aren't just good at selling, they obsess about it.
We must all have the mindset, approach and psychology that selling is an absolute priority for us.
One of the most distinct characteristics between all 7 figure earners is that they want to be outstanding at sales and marketing.
Ingredient 4 - Converting waste into cash.
Perspective = on average most CEO's, business owners seek Marketing gurus for advice on top end objectives like how to increase revenue, increase sales and the fact that they want new customer. They want answers or new ways to do things, but the answer they usually that what they are doing is correct but they are doing in incorrectly.
For example - a business owner wants a better advert. They are told that it is not just about the advert but what happens to the customer once they have seen the ad or purchased the product. Lots of sales are usually undone due to returns etc but also that they are not capitalizing on Referrals. Most of the 'norm' business owners are not able to identify opportunities to improve 'back-end' business. By understanding why they are not converting and trying to plug the leeks in which they have, the 'front-end' of the business will take care of itself.
THIS IS ANOTHER DIFFERENCE BETWEEN ORDINARY INCOME EARNERS AND 7 FIGURE INCOME EARNERS. THE INCOME DIFFERENCE CAN BE FOUND IN CONVERTING WASTE TO SALES.
Ingredient 5 - How we get paid and how we get paid differently.
Income Vs equity - the present bank Vs the future bank.
Most business owners mainly think about 'present bank' (what they earn now and how they can earn now), entrepreneurs consider this too, but the main focus is about 'future bank', (what can I do now to increase future earnings)
Difference between business owners Vs entrepreneurs, 7 figure income earners = the difference being focus on growth and expansion.
Business owners are focused on growth - 'how do I increase my sales by X amount, how can i increase profits, how can i get more customers for this business as it is now'.
7 figure income earners are focused on expansion NOT multiplication. Again, Income Vs Equity. We must change the nature of the business to get from a modest income to a 7 figure income.
Ingredient 6 - Ability to handle resistance.

One of the main reasons why so few people achieve the 7 figure income is because they start getting to a certain point and start hitting resistance. The ability to handle that resistance is going to be one of the most difficult challenges we face.
Resistance comes in a number of forms;
External pressure - pressure from people around us. Are the key people in your life, friends, family, staff, suppliers etc 100% supportive of you becoming a millionaire? Are they as passionate about this as you are? Unfortunately, subconsciously most of them will secretly want you to fail.
Internal pressure - pressure from inside you. The progression to a 7 figure earner is a mind game...make no mistake about this. We all have a sub-conscious ceiling as to the amount we feel is possible for us to earn per year. Most people want to be a millionaire but 98% of those people don't take any action in order to get there! Why? Mainly because of their sub-conscious ceiling. They actually don't genuinely believe that they can.
Question: Is it okay to be rich?
Question: Is money good or bad?
Let me leave you with a final very intriguing question - 'What is the largest amount of money you imagine you feel comfortable earning per year throughout your working life' - what is the maximum you feel you can earn per year?

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What Is the FUEL Behind SUCCESS?

How often have you thought to yourself - "wow, how many hours a week do I spend working, thinking or focused on my business?" To many in your circle of friends or to your family - it may seem like it is always! And even to us - it may seem like we are working far more than if we had a regular job.
For a minute - let's compare our businesses to a rocket. When NASA launches a rocket or the space shuttle - it uses most of its fuel just to get the rocket off the ground - to break it free from the gravitational pull of the earth. But when the rocket is free from the gravitational pull of the earth it takes very little energy to get it to where it needs to go. In fact, once it is free of gravity, a short burst of fuel can send it a long, long way.
The same holds true about business. In the beginning - and the beginning can be as long as 3 to 10 years depending on the type of business or the speed at which you build it - there is a tremendous amount of energy that we need to put behind the 'launch' until we are able to position the business and have enough clients to support us financially.
Unfortunately, many business owners and entrepreneurs never consider how much effort, energy or money is required until they are well into the launch of their business.
How do we become successful?
A recent study offered in the book "The Outliers" by Malcolm Gladwell, shows that the difference between someone who experiences mediocre results (in any area) and someone who becomes the 'expert' and achieves high and seemingly lucky results has nothing to do with their talent or skill or station in life. It depends solely on how many hours one puts into the learning and practicing process. In essence this time invested is the amount of 'fuel' to get past the gravitational pull.
The study showed that if an entrepreneur, consultant or business owners dedicated 10,000 hours to their craft - they are generally considered the expert. Very often that is the time that business may come to them, seemingly without effort.
The 10,000 hours spent honing their craft is the fuel needed at first. This time invested gets them past the pull of the earth so to speak, and after that, an occasional spurt of energy (or fuel) keeps them moving forward effortlessly like the rocket traveling to outer space.
NASA would never consider sending a rocket up and at the same time reduce the fuel it takes to get past the gravitational pull of the earth. (The effect would mean mass destruction, to the spectators, the occupants of the rocket, the scientists, and anyone in the vicinity of the crash site.)
Why is it then, that entrepreneurs become impatient about success when they have not put enough hours in to get to the point where momentum is built and things come almost effortlessly? (Could that be you?)
"When you live for a strong purpose, then hard work isn't an option. It's a necessity" - Steve Pavlina
Building a business may take many, many hours. If you are committed to building 'no matter what' then at some point momentum will kick in. And then it seems almost effortless - and the money may seem to roll in easier that you ever thought possible.

But here's the best part. Ten thousand hours divided by 24 hours a week - the number of hours people actually 'work' when at a job, is just over 8 years. I have never to this day met anyone who has worked for only 8 years at a job - who can come in when they want, work when they feel like it and still be making the same amount of money or more than they did the year before.

A business can bring great opportunities and income - if you are dedicated to putting the 'time' in. The fuel behind success is putting in the time. But too many people give up too early. And so their rocket (business) crashes. Consider this if you are still fighting the gravitational pull, and feeling depressed at what seems like your lack of progress or no momentum. It may only take a few hundred more hours to break through to success!