Suggestions For Making Use Of A Payday Loan

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Emergencies can cease people with their tracks financially, and payday loans are designed for these situations. It is very important for people who are planning on causeing this to be decision prior to going witha payday advance. Read more to understand what things are important to remember in terms of receiving a fast bank loan.

If you really want a payday advance you must understand that the funds probably will eat up a substantial amount of the next salary. This could cause you difficulties in the following shell out time period that may give you working rear for the next payday loan. Not thinking about this before you take out a payday advance could be harmful to the upcoming cash.

In order to avoid extreme charges, research prices prior to taking out a pay day loan. There may be a number of enterprises in the area that supply online payday loans, and some of those businesses could supply far better rates of interest than others. By looking at close to, you might be able to spend less when it is time for you to reimburse the money.

The easiest way to work with a cash advance is always to pay it back total at the earliest opportunity. The service fees, curiosity, and other expenses related to these lending options may cause substantial financial debt, that may be just about impossible to get rid of. So when you can pay the loan off of, get it done and do not expand it.

Prevent bouncing in a vehicle and driving a vehicle to the first place that gives payday loans. You may already know that particular spot, however, you may be able to obtain a less expensive level in other places. Performing some investigation may help you conserve several hundred dollars.

Should you be in the army, you may have some additional protections not accessible to normal consumers. National regulation mandates that, the interest rate for pay day loans are not able to exceed 36Per cent annually. This really is still fairly steep, but it really does cap the costs. You should check for other assistance initially, though, should you be inside the army. There are numerous of army aid societies ready to provide help to armed forces personnel.

Usually take out a pay day loan, for those who have not one other possibilities. Pay day loan providers generally charge individuals extortionate rates of interest, and administration fees. As a result, you ought to discover other strategies for obtaining fast money well before, turning to a pay day loan. You might, for instance, acquire a few bucks from buddies, or loved ones.

Be sure you select your payday loan meticulously. You should think of how much time you might be provided to repay the money and precisely what the rates of interest are similar to before you choose your payday loan. See what the best choices and then make your variety to avoid wasting money.

When you are contemplating a cash advance, have great credit history and might spare a couple of days, consider searching instead to some societal loaning choice. It is a method which pairs debtors and loan providers collectively structured off from their requirements. The prices are generally a lot less expensive than a payday loan, but it really usually takes a few days to finalize the method.

Before you sign with a loan provider, know if they are likely to work with all those requiring extensions and what the options would be. Several loan providers will provide extensions when you can’t repay the loan in the agreed day.

If you find that you are usually acquiring payday loans, take care of the main cause of why this really is happening! Online payday loans might help you in the short term.In the long run they could truly eliminate your own finances, if you are not very careful. Discover the reasons you always keep requiring these personal loans, Work to transforming the difficulties right behind it.

Steer clear of creating decisions about payday cash loans coming from a situation of worry. You may well be in the midst of a financial situation. Consider lengthy, and challenging before you apply for a pay day loan. Bear in mind, you need to pay out it again, as well as fascination. Ensure it will be possible to achieve that, so you may not come up with a new turmoil for your self.

Congratulations, you know the pros and cons of stepping into a cash advance financial transaction, you might be much better educated about what particular issues should be thought about before signing at the base range. When used smartly, this service may be used to your benefit, therefore, will not be so swift to discounted the possibility if urgent resources are required.

Why You Need To Think About Opening a Guest House

Work can take over a person’s life without them even realizing it is accomplishing this. Well before the individual is aware of this, they’re scarcely seeing their family, they are regularly stressed plus they will no longer enjoy their work. Discovering a method of getting out from the rat race can be extremely hard. There is a way to do so that many have not thought of, however individuals who have done this claim this is the very best decision they ever made. Starting a guest home enables a person to generate a respectable salary while spending additional time along with their family and friends. With lots of guest houses for sale or even new houses that may be converted for this function, individuals may wish to think about making this shift. The key to achieving success is founded on launching a guest home that is unique. It might be one that caters to family who wish to try out the farm life or perhaps it could be a modern day guest home intended for partners solely. With many tactics to choose from, anybody should be able to locate a guest house concept they enjoy and will be able to use. To purchase a guest house, however, a commercial home loan will most likely be necessary, and buyers must know these kinds of residential loans have special requirements. For example, certain mortgage lenders require that at least one partner be bringing in an income from an outside source. For this reason, anyone interested in taking this specific action should look at all estate agents and locate an estate agent that regularly works with these kinds of houses as well as their conditions to be sure the right professional is located. An alternative choice is to open a guest house, but one that serves just one family unit or person at one time. Imagine seaside properties that people lease out during the summer season. There is a desire for properties like this in different areas across the country. The ideas are limitless. Pay attention to the news and see exactly where there looks to be an opening for a guest house of either kind. This might be the employment step you’ve been seeking and something that allows you to work less and enjoy everyday life more.

Basic Steps To Use Prior To Talking To An Agent

The possibilities of owning a residence will cause lots of people hurry into judgments they wouldn’t make under typical conditions. When you find yourself in the market for your first home, it really is vital that you start with outlining your goals. Knowing precisely what you want with regards to region, sizing and local community amenities will assist you to avoid getting a home you don’t want. You’ll plan to do this even before you make contact with an estate agent. In case you have a household, they should also be active in the activity hence everybody is happy with the new house. Married couples with youngsters should consider the local community academic institutions, playgrounds and crime levels with their preferred residential areas prior to they look for properties for sales. Established property owners in addition to those that lately bought property are great men and women to talk to to obtain real estate advice. Figuring out what you want and do not need within a house may be a lot of fun. Many residences in the UK possess exclusive features hence nothing is truly inconceivable. For many suggestions, see this home here or another related properties. Obviously, you’ll have to think about your budget. Several options basically will not be accessible to people with limited resources readily available for their residence investment. Nevertheless, middle earnings households can afford excellent homes should they be ready to compromise for a few aspects of the property, including having a smaller garden or residing on a street with a lot of commuter traffic. Community details can be very helpful if you hope to relocate to a region where you aren’t knowledgeable about the schools or crime figures. You are able to Learn More Here concerning various neighborhoods in Britain. After you have made a decision specifically exactly what you need in the home, it is time to speak with an agent. Due to the fact you will definitely presently have a concept of all the different residences accessible, you can assist the estate agency by simply requesting to look at particular houses. This will substantially decrease the time period required to obtain the best home for the family and also make the agent’s job much easier.

Are You Ready to Grow? We Regularly Use This Approach in Opportunity Evaluation

Use these processes to check if your business plan is viable.

  1. Analyze Your Business: Ascertain a value for your company and what it can gain by taking a global approach to business overseas. Assess any gaps in your market data and do all you can to gain the clearest attainable image of the expansion your business might expect from global business development.
  2. Find The Flaws: This may be onerous after you “own” your plan, however it’s vital to look for each potential downside with your business. What might go wrong? Write out a list. When you examine those problems against the benefits of your business, you’ll have better clarity on whether or not it’s worth the effort.
  3. Analyze Your Industry: By doing a sector analysis, you’ve got the chance to ascertain how similar businesses have engaged within the international market. By watching how others in your sector are preparing for growth with their exports, you’ll be able to gather intel for your own business.
  4. Focus On The Future: Such a large volume of business concepts are a flash in the pan. In order to ensure yours isn’t, find out how your business would operate in ten years. If you discover you’d need to depend on current trends to survive, skip the concept and therefore the trouble of a short-lived business.
  5. Analyze Your Products: Consider every product your business offers, analyze how it’s performed domestically and detail what it takes to get traction in the international market. By understanding the strengths and weakness of every product, you’ll be able to assess which of them have the most effective export potential.
  6. Analyze potential Markets: Once you have developed an understanding of your business, your trade and your product line or service package, you’ll be able to use all the knowledge to see which markets you ought to pursue. Select one market where you will be able to realistically expect success, then introduce your product there before expanding further.
  7. Figure Out Growth: Your business plan is possibly in its baby stages. Develop it into maturity by observing all the various ways that it could potentially expand in year one, year two, etc. Would you grow geographically? Increase the number of products? Improve your existing service? If your plan doesn’t have solid growth potential, it’ll have a tough time getting traction or reaching critical mass.

Taking this approach initially can put you ahead of the curve when it comes to preparing to meet with a business development consultant.

Indian Pharmaceutical Sector And The Stunning Growth Rate!

As per the recent study by the industry body, ASSOCHAM, it is estimated that the domestic generic market is likely to reach USD 27.9 billion from current position of USD 13.1 billion. It further added that the current compound annual growth rate (CAGR) recorded at 16.3%, which is the due to the approval by The Food and Drug Administration (USFDA) makers. The market is estimated to witness an 85% share in the domestic pharma market by 2020.

The Growth of Domestic Pharmaceutical Market

The domestic pharmaceutical market which stood at USD 15.4 billion in 2014 is expected to expand at a CAGR of 13.3% to USD 32.7 billion by 2020. With this, India is likely to figure among the top three pharmaceutical markets by incremental growth and 6th largest market globally in absolute size.

Who Are The Major Exports Markets?

The key exports markets for the nation’s pharmaceutical products are listed below, take a look-

· America

· Europe

· China

· Japan

· Africa

As a matter of fact, India is the third highest exporter of drugs to the US market. The reason behind is the large number of approvals from the USFDA.

Things Which Needs Attention

· Quality Control

· Formulation of Robust Supply Chain Network

· Support to other states

· Implementation of Modern Technology

· Development of High End Infrastructure

Employment Opportunities Abound

Job prospects are wide and far reaching. The sector offers diverse range of career options to an individual who wants to pursue a career in this sector. Given the pace of growth and development in this sector, pharma jobs are likely to rise in the coming years. There would be ample opportunities for the candidates seeking jobs into the following-

· Sales promotion

· Marketing and consulting services

· Retail/wholesale distribution

· Product management

· Data management

· Public Relations

· Research and development

· Quality assurance and testing

· Manufacturing

The Indian market for drug manufactures is in full swing, much accredited to the ever rising population, growing economy and an increasing demand of western medicines. Along with the burgeoning pharma sector, jobs within the industry are also increasing at a rapid pace.

Job Seekers Watch out for Indian Pharma Expo 2015!

The Indian Pharma Expo is going to be held on 24th and 25th October, 2015 at Pragati Maidan, New Delhi. It will present the latest trends and technologies in pharmaceuticals, drugs and formulations. It is a golden opportunity for the job seekers as well as the businesses as they have direct access to high-profile senior pharma executives, buyers, and contract manufacturers and so on.

How Does Your Law Firm Measure Up Against Your Competition?

Competition between law practices really means how you differentiate your firm from other law practices in the same area of expertise. Unlike sports where a sprinter is either faster and stronger, both need the same skills doing the same thing. One may have a different style, but ultimately it’s who reaches the finish line faster.

For lawyers in the same field, clients are looking for some similar attributes in terms of a successful outcome, but more than that, they are looking for a lawyer who listens to them, offers a unique service and has a reputation for representing clients well.

Thus, one of the most critical elements of a law firm is establishing key practice areas that are unique to your practice. What is it about your firm, its approach to lawyering and how you deliver your service that differentiates it from your competition? There are many other quality firms in your community so you must decide how you want to build your practice to make clients want to choose you instead.

How to develop your plan

Begin with assessing your business plan. The key to creating an effective firm begins with looking at your individual and collective skills and keen areas of interest. As in all professions, practitioners often find something they are more enthusiastic in exploring more than others.

This first attempt to evaluate the firm’s skills is critically important. It is the bedrock of your marketing platform on how you go forward to differentiate your business and built your platform.

You already know the competition is stiff. Success or failure depends on the thoroughness of your investigation of your competition and your analysis of your practice.

Begin your analysis by answering these questions:

  • What are your group’s specialties as compared to the competition?
  • What are the services your group/practice offers?
  • What positive or negative trends are affecting these services today?
  • Who is your closest competition?

Your answers to these important questions can become a key element in your annual marketing plan.

Measure the competition

When scrutinizing the competition, be sure to look closely at every segment of the firm. Take it apart, piece by piece. Examine their website, research the partners (or the sole practitioner), office location, published papers and where the firm networks.

Only when you fully disassemble a competitors practice can you begin to understand who they are and what you have to offer that is different. After evaluating the competition carefully, determine how you can improve your own service levels and market visibility. Maintain a proactive weekly or monthly watch on competitor press clippings, websites and promotional events to keep your own services current and competitive.

It is important that you are qualified and believe in yourself as a top tier lawyer, but that is not what will persuade a client to choose you.

You want your practice differentiator to be known, not discovered.

Here are three questions you should use when you examine your competitors:

  • Who are the top 5 firms and how do they get their business?
  • What areas of coverage are missing in the market?
  • How are you successful when competing with other firms in your area of expertise?

Specialize

If you are truly interested in specializing in a certain industry, you want to be sure you have the people or background that will add credibility to the practice. For example, if you have an engineering and technology and want to represent clients in intellectual property cases, you will want to have some background in the technology sector. For medical malpractice, a former physician who has chosen to get law degree is an expert at examining medical cases that have gone wrong.

These are selling points that can distinguish your firm from others.

Why you? Query your clients

Another way to explore your standing in the legal community is to ask your clients about their process in choosing you to represent them. Find out what the characteristics were to distinguish your law firm from others. Inquire about the details they may have used when comparing lawyers. Try to get as much clarifying information as possible. Part of this exercise is knowing you can deliver to your client what they are looking for.

They came to you for a reason.

For some clients, it will be a difficult question to answer. It could be something as vague as a comment that connected with the client. Don’t push too hard and make the client uncomfortable. The reason could be something about your expertise that the client may not be able to answer.

The final goal is to know what makes you and your firm the better choice for your clients.

Indian Pharmaceutical Industry Growth Till Date

Internationally, India is positioned as third in terms of volume as well as fourteenth in terms of value. According to the Department of Pharmaceuticals, the entire revenue of India’s industry in the middle of 2008 and September 2009 was US $21.04 billion. Mumbai, Hyderabad as well as Ahmedabad are the major hubs of the country. Also, the domestic market is anticipated to reach US $49 billion by 2020.

The government began enhancing the growth of medicine manufacturing through Indian companies in the beginning of 1960, along with the Patents Act in 1970. But, economic liberalization in nineties by the former PM P.V. Narasimha Rao as well as the Finance Minister, Dr. Manmohan Singh at that time, empowered the industry to turn out to be what it is, at present. This patent act removed composition copyrights from food as well as medicines, and although it had process patents, these were reduced to a period of 5 to 7 years.

The lack of patent protection made the market undesirable to the international companies that had ruled the market. Indian firms carved a place in both the domestic as well as international markets with their proficiency in reverse-engineering new methods for manufacturing drugs at low prices. Even though, few of the bigger companies have taken baby steps towards drug improvement, still, the industry all together has been following this business model till now.

Pharmaceutical Industry, These Days

The number of only Indian pharma companies is quite low. The Indian industry is mostly operated and controlled by leading foreign firms having divisions in the country, owing to availability of low-priced labor in India at lowest price. In 2002, more than twenty thousand registered medicine makers in the country sold dollar nine billion worth of formulations as well as bulk drugs. 85% of these formulations were retailed in the country, however; more than half of the bulk drugs were exported, a lot to the USA as well as Russia. A maximum number of players are small to medium initiatives; two hundred and fifty of the biggest companies control seventy percent of the market. As a result of the Patent Act, international firms represent just half of the market now, compared to 30 years ago.

A maximum number of top pharma companies operating in the country, even the international ones, hire Indians almost completely. Home-based drug manufacturers, like a lot of other trades in the country, are mostly a combination of public as well as private initiative.

10 Problems Lawyers Face in Marketing Their Practice

Too often lawyers forget that they are in business. It is not enough just to set up shop and expect clients to somehow find you. It takes a lot more to let the world know you exist, that you have great skills and will do an excellent job for your clients.

But, unfortunately you can’t do a great job for clients that don’t know about you. This is where good marketing comes in. When you look around and see successful practitioners in your field, you can safely assume they have effective marketing methods that helped them build a viable practice.

The most effective method of building and sustaining an active business is a mix of networking, referrals and marketing. For most lawyers, the first two-networking and referrals are the most natural to manage. Marketing, however, is more difficult to master and many lawyers don’t know how to do it well. Indeed, many make mistakes that can cost them time, money and clients.

Below is a list of 10 problems and sometimes mistakes lawyers make in marketing their practice:

1. Not devoting enough time spent on marketing

As in every “self- employed” business, practitioners need to devote a certain amount of time in bringing in new clients. Marketing is a part of that equation. A question that needs to be considered is how much time to spend on marketing? Consider allowing at least 200 hours a year for marketing. If you break this down by week, it’s about four hours during your work week. Your marketing can be done during a business lunch or at a professional conference. It is not difficult to weave those hours into your day if you plan ahead.

2. Counting on industry exposure

Speaking at conferences, doing interviews, writing articles or doing radio interviews isn’t enough. Simple industry exposure alone will not count towards explicitly planned marketing efforts. Marketing is not an “organic” process. If you do have an interview, whether it is radio, TV or a podcast, be sure to put it on your website. Roughly 30 percent of the population has grown up with the internet always present in their lives and video is a big part of how they look for services. If you don’t already have video on your site, you need to add it. It’s an excellent opportunity to show your best skills in how you represent your firm and impress future clients. It’s a great business-getting technique. Live interaction on your website can certainly count towards your marketing efforts.

3. Not sure of your target audience

Who are your clients? If you are not sure, then your advertising and marketing efforts are a waste of your time and money. You need to analyze very carefully and clearly who wants your services. Otherwise, you will waste time and energy on the wrong prospects. Once you have identified and analyzed your target client, will your advertising and marketing efforts be more effective, when you do have your ideal client, that client will be an excellent advocate for future clients. Just as referral business is always ideal, directing your marketing efforts towards the right client base to produce a more optimal result. You can meet your ideal client anywhere, especially when you know where to go to find them.

4. Failure to measure marketing results

How do you know your marketing plan is working if you don’t measure the success or failure of your campaign? Line up the specific actions you have taken and see which ones are getting the most action. Even if some are not getting the same level of response does not mean you trash it. What measuring does tell you is which areas to beef up. Like any advertising or marketing fishing expedition, you want more than one line in the water. Take a look at the response to your blog, for example. See how many people visited or commented.

Law firm marketing is relationship-based like most other service industries. It is how sales originate. One option for measuring is to look at the elements that can be measured and will have easy to identify metrics. Some of those include:

  • Open rates on your email
  • Click-through on your website and analytics
  • Results from client satisfaction interviews
  • Rates than win proposals
  • Events that gain repeated attendance
  • Business from seminars and CLEs
  • Good placement for your articles

5. Lack of a clear marketing message.

Too many law firms get disillusioned and have a negative attitude towards marketing. One of the problems is that they don’t have a clear idea of what their marketing message should be. A half-hearted approach or lukewarm effort certainly won’t work. If your method is good but the message is vague, then you have a problem. If your message isn’t clear, then chances are the entire campaign will fail. Be clear on your message before you create a program, make sure you create a competent marketing message. A good message is critical to a good marketing method. You must have both to succeed

6. Poor website design

Your website is a reflection of you and your brand. It is an important venue for your public relations reputation. Your website is your marketing image and platform. In terms of your public relations component, your website offers the opportunity to position your firm securely as an expert in your field. If there is a case in which there will be media attention, your website will gain significant attention both from the media as well as the public. Consequently, you need a good design that is easy to navigate and matches the personality of your typical client. According to the top law firms who rank high in the web design world, the overriding recommendations suggest keeping it clean and simple. Content should be informative, engaging and highly readable. Visitors should be able to easily find what they are looking for without having to leave your home page. Tabs should indicate where on the site the visitor can find specific information as well as a way to send a question via “contact us” page.

7. Poor business development

Marketing is more than advertising and getting the word out about your practice. Business development should be part of your marketing plan. List every way you plan to develop your practice. Start your plan with clients you know you will win and work from there. Build a reputation and have references. These should be people who know and trust you. In fact, these clients will be a very important part of your marketing operation. These are the clients that you can count on to send you new business and keep you informed of current issues in your field of practice. A business development plan is something you can measure. Create a file of every part of your practice where you plan to grow your business. From that measure how many times you “touched” a client. For example, how many times did you have lunch, talk on the phone or received a referral from that client. How many clients did you gain from a networking event, professional meeting or lecture?

8. Trying to do everything at once

Marketing ambition is a good thing. Certainly it is better to be enthusiastic about marketing your firm, but stay focused and accomplish each task fully before jumping to another. Focus on one strategy at a time. You can begin with your website.

  • Create and launch a newsletter
  • Join some networking groups
  • Investigate effective advertising options, such as a pay-per-click plan on Google

9. Not using social media

If you do not have more than a website, no one knows you exist. It’s not enough just to have one presence online. Even if prospective clients see your website, they will also be looking for you elsewhere to get to know you better. Create a Facebook page, LinkedIn profile, Google+ page, Twitter account and record some lectures you gave and put them on YouTube. Social media has changed the marketing balance. Today it is about building relationships and communicating with the world via an online message. Your future clients want to feel they know you and they do this by seeing your persona online. Now the emphasis is on building direct relationships and developing a conversation with the people you want to reach.

10. Ignoring the world of mobile technology

More people find what they are looking for from a mobile device than even a laptop computer today. Every part of your online presence must have a mobile component to it. Research has found that 84 percent of Americans use smartphones, and for about half of those people, their smartphone is their main connection to the Internet. A recent study from Portio Research found that mobile applications will exceed 200 billion per year by the end of full year 2017, and revenues in 2017 will reach 63.5 billion US dollars.

Mobile computing and searches have far exceeded desktop for several years now. In fact, 70 percent of all online searches come from mobile devices, far outnumbering desktop and laptop. Of that, 31 percent of searches to law firm websites comes from mobile search. That means that about half of all of your web traffic is coming to you from a smartphone or tablet user.

Marketing mistakes can derail even the sharpest law firm. A lawyer can’t exist without clients and clients can’t find you if they don’t know you are in practice. It is just a fact of the business world that effective marketing practices are necessary to let the world know you exist.

7 Steps to Writing an Effective One-Page Business Plan

Writing a business plan doesn’t have to be boring or complicated.

And it certainly doesn’t have to be long.

In fact, the longer your business plan, the less likely you will use it.

A business plan is meant to be used. It’s meant for you to make use of and revisit often. It’s not something you create once and store in some remote part of your hard drive.

If you have been avoiding creating a business plan because you find it overwhelming, tedious and time consuming, then I want to introduce you to the simple 7 steps to writing a business plan on a single page.

Yes, a one-page business plan.

Writing your business plan on a single page can be much less daunting and something you can easily use and modify as needed.

It’s a much more efficient and faster way of writing a business plan – one that you will actually use – and won’t take a lot of time or effort on your part as a traditional business plan.

So don’t waste too much time starting a business plan, and start with the following 7-step plan to developing a business plan from scratch for your online business.

Step 1: Know Your Target Audience

If you’re going to create a product or service that people want to buy, then you’re going to have to first understand the needs of your customer – their fears, frustrations, challenges and desires.

If your customer doesn’t have a need for your product, then there is no point in creating it in the first place.

But that is exactly what many aspiring entrepreneurs will do. They will often spend months and sometimes even years developing a product or service that no one has any interesting in buying. This is probably the most inefficient way to create a sustainable business that will create real results.

Instead, it’s better to get input and feedback from your customer while developing your product.

First ask at least 5-10 prospective customers or clients what challenges they are facing and if they have a need for your solution. If not, keep digging deeper until you have something they might be interested in buying.

Armed with this knowledge you will find it much easier to develop your solution.

Step 1b: Create an Ideal Customer Profile

You probably already know the importance of demographics (age, gender, location, etc.), but what many entrepreneurs often overlook are factors like customer interests, buying behavior, etc. Knowing these things may seem trivial, but it’s extremely insightful to have this data at your disposal.

For example, if you do any sort of advertising on Facebook, then knowing your audience’s interests can help you target the right people. If you are going solely on basic demographics, then you won’t be targeting your ideal customer and will end up paying more for traffic.

To find out who your ideal target audience is you can use tools such as quantcast.com and Facebook graph search. These tools will give you little known insights about your consumer – their interests, household income, purchasing behaviour, etc.

Once you create a basic profile of your target audience, then you will be in much better position to create a solution that they will be interesting in buying.

Step 2: Know Your Competitors

If you don’t know who your competitors are, then it’ll likely be an uphill battle to become relevant in your industry.

One of the most important first steps you can take is to identify your top 5 competitors and study their business – their products, services, pricing, sales funnel etc.

Once you’ve identified your primary competitors, then it’ll be much easier to find a way to differentiate yourself from them (step 4), as well as knowing how to price your products, what solutions to develop and creating your sales funnel.

There is no point in re-inventing the wheel if something is already working for your competitors. All you need to do is create better products and services, offer something they aren’t offering (such as a better guarantee, lower prices, more value, etc.).

This way you’ll be much more likely to create a business that has been proven to work and your job is to develop the best possible products and services for your clients and prospects.

Step 3: Develop a Simple Solution

If you’re going to develop a product (solution) centered around customer’s problems or needs, then it’ll be much more useful to think about creating your solution with the bare minimum features that will solve their problem.

It’s important to realize that you won’t build a perfect product the first time around. And you certainly won’t develop a perfect product without any input from your ideal customer.

So when developing your product or service, first focus on creating a minimum viable product (MVP), which is a bare minimum product that your customers be willing to pay you for (even if it doesn’t have all the bells and whistles).

Once you create and test your MVP in the market place, you will know if there is demand for your product or service, and you can go onto developing version 2.0, 3.0 and so on. By the 3rd or 4th iteration your product will start to look much more polished and something your customers will be lining up to buy (they’re the ones that helped you build it!)

So initially, when writing down your solution on your business plan, think of the top 1-3 features that your product will have that will solve the problem.

For example, if many of your prospective customers problem are finding it challenging to stay motivated and consistent with their diet and exercise routine, then you can create a solution that includes an online community or personal online coach that will help them stay on track and break through any barriers when they lose focus.

It important to create your solution around their needs and only include the minimum set of features that will capture their interest in trying out your services. As you learn more about your customers and get their feedback, you can start to add more features if needed as your product or service develops.

Step 4: Create your USP

The reason why many startup entrepreneurs fail to gain any traction in a competitive marketplace is because they don’t have anything that differentiates them from their competition. Too often they are simply copying what’s already out there, instead of uniquely position themselves to give themselves an upper hand on their competition.

You can do create this unique positioning by creating what’s known as a unique selling proposition. It’s the answer to the question, “what do you do differently then your competition?”.

A lot of entrepreneurs will simply say things like, “we’re better, we’re faster, we’re high quality, etc”. But anyone can claim that they are better, faster and higher quality. It’s not enough to call yourself these things.

Instead, it’s much more effective to offer something that your competition won’t be able to copy that easily. And if they do, it may affect their bottom line since they can’t offer it the way that you do.

For example, many business owners won’t give a money-back guarantee if the customer isn’t satisfied. And even if they do, it will only be for 30 days. So if everyone in your market place is offering a 30 day guarantee, then why not offer 60 days, 90 days, or even 365 days?

A lot of entrepreneurs would fear that they will lose money because a customer has more time to refund their products, but in fact the opposite is true. If you create a quality product that actually delivers results for the customer or client, then they will most likely stick around long term. They will
appreciate that you have placed enough trust in them to provide them with that sort of guarantee and in turn will trust you even more.

So when creating your USP, think in terms of what you can do differently than what’s already being done by every other competitor out there.

Is there something they are not offering that you can offer? Can you deliver results faster than your competition? Is your customer service experience better than theirs in terms of quality and responsiveness (I.e available 24/7 or with reply within 3 hours?)

Step 5: Know Your Pricing

When creating your first product or service, it can be challenging to know how to price it. A lot of times entrepreneurs will simply guess what is the ideal price point for their product and will pricing it accordingly.

However, instead of guessing, why not first see what prices your competitors are using, and then use that as a starting point.

Once you have your starting price, the next step would be to test 3 different price points for each product. This way you can determine which price point is ideal and settle on the sweet spot.

It’s important to note that your pricing also depends on how well you position your product and build value on your sales pages. If you don’t do a good job of building value and interest, then it won’t matter how low you price your products – people simply won’t buy them.

But if you do a good job of conveying that value on your sales pages, then you may even be able to price your products much higher than your competition – especially if you do things they don’t as described in Step 3.

Step 6: Choose a Marketing Channel

Knowing which platforms you’re going to use to create awareness about your products and services is very important when launching your business.

There are many ways to market your product, so it’s important to pick the one best suited for your business.

Choosing the right marketing channel doesn’t have to be complicated. You simply need to find out where your ideal target audience congregates or hangs out (as determined in Step 2), and use that as your starting point.

It’s usually a good idea to start marketing on one platform before moving on to the next. You don’t need to be on all platforms. For example, if you’re primary channel is social media, then pick one (Twitter, LinkedIn, Facebook, etc.). If you find that most of your customers are on Facebook, then create a Facebook Page and start using this platform as your primary marketing medium.

Here’s a list of some marketing channels:

  1. SEO
  2. Social Media
  3. Ads (Google AdWords, Facebook Ads, Bing Ads)
  4. Guest Posts
  5. Banners
  6. Joint Ventures

Step 7: Know Your Business Model

When starting your business, it’s important to know how you’re going to monetize. Knowing your business model answers the question, “how do I make money?”

There are many business models to choose from, but it’s important to identify and select the one that will make the most sense for you and has the greatest ROI.

For example, if you’re an online instructor, then it make sense to utilize the membership/subscription model as your primary business model.

Or if you’re going to be blogging, then it might make sense to use advertisements and affiliate marketing.

And if you’re going to be podcasting, then it will make sense to get businesses to sponsor your show.

Here are some business models that you can integrate into your business:

  1. Membership Site
  2. Software
  3. Done-For-You Service
  4. Email Series
  5. Newsletters
  6. Group Coaching Calls
  7. Teleseminars
  8. Webinars
  9. Coaching/Consulting
  10. Service
  11. Affiliate Marketing
  12. Ads
  13. Subscription/Membership
  14. Software/App/Tools/Templates
  15. Speaking
  16. E-commerce
  17. Physical Products
  18. Books
  19. Mastermind Programs

So as you can see, creating a business plan doesn’t have to be long and arduous. If you follow these 7 steps and write everything down on a single page you will have a business plan that will be easy to use. Once you go through these 7 steps, you’ll find that you not only have a solid business plan, but something you can use again and again.

How to Build a Brand, the Right Way

What branding means
When you think of branding, what do you think about? For the longest time, and even in my early agency days, I felt that branding was some magic corporate thing that didn’t have anything to do with small business. But branding is really everything about business. If you are the owner of a small business, you are the brand. Everything you do and say, the way you look, the way you talk, your people, your premises, everything has a bearing on that brand and goes into making your brand. The good, the bad and the ugly. And it shows up right down on the bottom line.

Category of One
Category of One branding refers to an overcrowded market, which is very hard to break into. So what a Category of One company does is create a new category by being very unique and different from the current category competition. So now, the new brand is the only one in its category. As a rule, companies that reach a Category of One status are very successful. Today, Google is a great example. There are many search engines, but nothing like Google. Achieving a Category of One status isn’t accomplished just because you are a business owner. And, even though you are one doesn’t mean you have a Category of One brand.

3 customer rules
If you want to be a Category of One company, you need to follow three rules:
You have to know your customer like the back of your hand and better
than anybody.
You have to be closer to that customer than anybody in the market.
You have to be emotionally connected to that customer more than
anyone.

From Purple Cow
This phrase is right from the book by author, Seth Godin. This is what you need to consider if you wish to become a Category of One. Brown cows are boring. If you’ve seen one, you’ve seen them all. But, according to Godin, a purple cow would be different. He defines a purple cow as counterintuitive, phenomenal, exciting and remarkable. People ignore brown cows all day long. But, be assured, they won’t ignore a purple cow. Of course, you can’t just paint your widget purple. Your cow has to be born that way to get any attention. Godin recommends that you follow the lead of companies that are outstanding with everything they do, because that explodes your word of mouth.

But does it matter that I’m a small business owner?
If you are the owner of a small business, you may not think that branding has any impact on your business. But how about the other small business owners that you know? What is your image of them? Whatever it is that you think of your small business friends is their brand. You may not have realized it, but you do have a brand. So it would behoove you to manage that brand, rather than ignoring the fact that it exists.

Key issues
Branding is critical. Remember, your brand is you and
everything you do and say is part of that brand. Good, bad or otherwise.
A Category of One brand creates its own category. You are the only
choice in that category. Do what you need to do to become a Category of One company.

You can always look at it like the Purple Cow. Brown cows are boring.
Purple cows are a sight to behold.
The brand is you
Branding isn’t…
Your logo.
Your advertising.
Your product.
You are the brand. Think about that for a minute. Your business has a brand image, whether you had anything to do with it or not. This applies to all businesses. You have a unique brand whether you tried to create it or not. Even though branding is kind of abstract, it is still critical for the overall success of your business. Branding isn’t a simple concept and sometimes takes a little explaining. The thing is, branding is going to happen whether we have anything to do with it, or not. Therefore, doesn’t it make sense to take as big a role in your brand’s development as possible?

Branding rules
Your solo business has rules, whether you have them written down or not. If your rule is “I don’t have rules”, you still do. For example, if you are a karate instructor, here are your brand rules:

Don’t talk poorly about your competition.
Don’t talk like a salesman.
Have self-control and respect.
Be professional.

Numbers one and three apply to every business owner. Remember that customers don’t want to hear about how awesome you are and how bad the competition is. And people don’t like sales people. Never sound like a sales pitch. Number three and number four are about reputation. So, if you are a karate instructor, your job is all about self-control and discipline. And if I’m going to instruct kids about respect on Saturday morning, then I shouldn’t go out drinking at the corner bar on Friday night. If a parent saw me dancing on tables, she wouldn’t think too highly of my Saturday morning respect lesson, now would she? This doesn’t mean you can’t visit the bar. Just stay off the tables! This illustration is a perfect example of how powerful branding can be. In “Karate Kid” there was a good instructor and a bad instructor. The good instructor taught respect and discipline, while the bad instructor stood for “winning, regardless of the costs” and bad sportsmanship. And then there’s our local guy here. Which one do you want to teach your child?

Image enhancers
Remember the age-old expression: “You never get a second chance to make a first impression”. This applies to all businesses and all industries. Here are some image enhancers that apply to all businesses. As you design your brand, keep these in mind. Project professionalism at all costs:

Be on time.
Be courteous.
Don’t promise what you can’t deliver.
Take responsibility for any issues.
Have outstanding customer service.
Be trustworthy, credible and professional with your customers and potential customers. Because you want their future business.
But how about my company name and logo?
They are important. But only as part of the overall picture. Don’t confuse the tangible tools with the intangible concept. Branding is the intangible that has to be considered from a different level. Both are part of your overall marketing strategy. But don’t confuse tangible marketing tools, with an intangible concept. Branding is an intangible concept that must be understood and used on a different level.
Branding is abstract and is all about reputation and perception. You can’t design trustworthy and credible. So, your brand is all about you.

Key issues
You are your brand, not your logo, products or advertising.
Have rules.
Remember these image enhancers when creating your brand. What do
you want to represent?