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BizSuccess Breakthroughs for
April 26, 2000
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++++++++++++++++++++++++++
TABLE OF CONTENTS
++++++++++++++++++++++++++
..WELCOME to BizSuccess Breakthroughs
..THIS ISSUE'S MESSAGE - "Surviving the First 1,000
Days
of Your New Business"
..SPOTLIGHTS - Products and Services for you and your
enterprise
..QUOTES - To Get You Thinking
..THE FUNNIES - On the Lighter Side of Business
..MORE RESOURCES AT BizSuccess.com
..PUBLISHER CONTACT INFO
..YOUR COMMENTS PLEASE?
..SUBSCRIPTION INSTRUCTIONS
++++++++++++++++++
WELCOME
++++++++++++++++++
Welcome back. Gary Lockwood here. Thank to all of you who
recently referred this newsletter to your friends and colleagues,
we added 412 new subscribers in the past two weeks.
* Welcome, new subscribers!
Attention CEOs. Imagine the benefits of meeting regularly
with a small group of company leaders in your area to share
experiences, exchange ideas and solve commoin problems.
Learn about The Executive Committee at:
http://www.bizsuccess.com/tec.htm
As you know, we alternate my articles with guest articles from
experts all over the world. Our guest author this week is Isabel
M. Isidro of Power HomeBiz Guides. Read more about Isabel's
company at the end of her article.
From money problems to management problems, plenty of pitfalls
can sink home-based businesses before they can reach their
potential. Today's article outlines some of the common ones to
watch out for and how to avoid them.
My hope is that you use the ideas and information in these
BizSuccess Breakthroughs broadcasts to get the results you really
want. If you want some help in putting them into practice, or if you
have questions, email or call me.
SUCCESS to You....
Gary Lockwood, Your Business Coach
P.S. Check out the "Multiply Your Chances To Win" Contest at
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++++++++++++++++++++++++++++++
THIS ISSUE'S MESSAGE
++++++++++++++++++++++++++++++
Surviving the First 1,000 Days of Your New Business
by Isabel M. Isidro
Each year, many new home-based businesses are started; but
many also fail. Many newcomers, at first excited by the prospect
of working at home, soon become disenchanted when they realize
that even a home-based business requires tremendous effort and
hard work.
Here are the most common stumbling blocks that businesses
fall prey to. These are guidelines to help you from falling victim
to these pitfalls and survive your first two years in business.
1. Undercapitalization. Lack of funds is the #1 reason for failure.
Many entrepreneurs fail to plan properly, expanding too soon or
spending unwisely, and don't get enough money to keep the
business going for a certain period of time. A good business plan
can help you avoid this.
Invest enough to keep your business growing for three months.
Investment in inventory is critical.
Take a hard look at your debt. While it may not be as enjoyable as
preparing a shopping list, sit down and make a list of all your debts.
Sell whatever you can.
Do not rush into expansion.
Cut expenses across the board. Small reductions all around are
easier to handle than depriving your business of an entire budget
line, such as advertising.
2. Mismanagement of money. If you are weak in the area of
financial management, it is best to hire a professional accountant
or bookkeeper, even on a part-time basis. It is important to con-
stantly know where you stand financially. A lot of small-business
owners run away from accounting. They avoid tasks like figuring
out what to charge, keeping records, or sending out invoices;
often losing track of how much they are earning or should be
earning. Hire an accountant to do it for you, and put this in your
business plan.
However, over-reliance on accountants and letting them run your
business are big no-nos. Avoid the trap of some owners who
make financial decisions without financial knowledge. As
much as possible, everyday bookkeeping chores should stay in
the hands of the owners, while delegating to accountants some
tax reporting and preparation of financial statements. Turning over
all bookkeeping duties to an outside source is both expensive
and dangerous.
3. Overall poor management and lack of organization. You will
need to decide on the best organizational structure for your
business. Learn the advantages and disadvantages of each legal
form. You may end up paying taxes on your losses.
Also, do not forget to be generous in allocating time and earnings
for yourself. Often, self-employed people are not efficient about
using their own time, partly because they think there is no end
to it. If you are working in your bathrobe in your bedroom, what's
the difference if you call that client now or after lunch? And now
that you are home, you can catch all the noonday showings of
your favorite drama shows on TV, right? Wrong.
4. Miscalculated market potential. Making business presumptions
without taking the time to learn your target market is a serious
pitfall for many starting entrepreneurs. Research your market
carefully in order to avoid missing the mark on what product is
needed. Label very specifically who your ideal customer will be.
Properly determining the market determines the location, the
marketing plan, and the product mix of the seller.
In addition, avoid basing your business on trends that may soon
fade. Research trends very carefully to determine whether the
passing fad has the potential to stay.
5. Ineffective marketing. Study carefully how you will attract and
sell to customers. Formulate your advertising and sales philosophy
using the most appropriate media, timetable, and budget for
your promotion efforts.
This is a serious problem on the Web. Some sites have been
able to attract huge traffic but fail to convert this into sales. You
can attract six people a day to your site or six million, but if they
do not buy anything from you,it doesn't matter. It is important to
devote plenty of energy and expertise to improving your conversion
rate -- the number of people who check out the site and then
actually buy something. Conversion of visitors into buyers will
give you a strong foundation for a successful business.
Remain positive. If you feel as though you are losing control,
then you probably will.
Copyright © 2000 2i Trade Resource. All rights reserved.
About Power HomeBiz Guides:
PowerHomeBiz.com is an online magazine designed to stimulate
the entrepreneurial mind. Recognized for its high-quality content
and editorial integrity, PowerHomeBiz.com offers free articles,
tools and resources to help start, manage and grow a small
and home-based businesses, whether online or traditional.
http://www.powerhomebiz.com
+++++++++++++++++++
SPOTLIGHTS
+++++++++++++++++++
Click and Mortar Credibility!You can be part of an Internet start-up
business opportunity utilizing the system and credibility of Rexall.
This type of click-and-mortar business has never been offered to
the public until now!
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************************
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Hands on guidance protect your family & pc.
For all the specials go http://www.handtech.com/eNunez
************************
$20, $200 $MORE. Daily cash for you AUTOMATICALLY. A PROVEN
system that can earn cash every day AUTOMATICALLY. Let the
internet make cash for you while you live your life. Visit
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to find
out how and gain access to some valuable tools & stategies.
*************************
E-mail-Ezines-Newsletters ~~ No matter what you call them
!THEY'RE FREE!
Find jokes, riddles, recipes, quotes, trivia, crafts, etc.
You look and choose, & we'll sign you up. It's all FREE!
http://www.imaginationsunlimited.com/cgi-bin/tracker.cgi?tn=137
************************
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************************
Hypnotize Someone with Words Alone?
Is it really possible to hypnotize someone
with the power of words alone and get them
to obey your commands? If you could apply
this power to your life, what would this
mean? More sales? Promotions? Better
friendships? Click on the link below to
learn about the secrets of Hypnotic Writing
from a man called by some "the greatest
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************************
Your Weekly Message...The Baum Group - a FREE weekly
e-newsletter to help you stay focused, on purpose and more!
To subscribe, click on
mailto:drrae@prodigy.net?subject=subscribe_ezineBSB
************************
Get a Million Impressions Per Month!!
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************************
DISCLAIMER
Although we make an effort to check out the advertisements in the
Spotlight section, we cannot assume responsibility for the actions
of our advertisers.
+++++++++++++++++++++++++++++++++
QUOTES To Get You Thinking
+++++++++++++++++++++++++++++++++
It is important that people know what you stand for.
It's equally as important that they know what you won't stand for.
- Mary Waldrup -
There can be no worthwhile battle of ideas within the organization
if the reward is disfavor and ill will from the boss.
- Prof. Ray E. Brown
Progress always involves risk.
You can't steal second base and keep your foot on first.
- Frederick B. Wilcox
If you see a snake, just kill it.
Don't appoint a committee on snakes.
- H. Ross Perot
It's never too late to be what you might have been.
- George Elliott
+++++++++++++++++++++++
THE FUNNIES
+++++++++++++++++++++++
Stop by our website every day to see the Business Cartoon
of the Day by Ted Goff. http://www.bizsuccess.com/cartoon.htm
------------
Frazzled
A couple with three children waited in line at San Francisco's
Pier 41 to purchase tickets for a boat trip to Alcatraz.
Others watched with varying degrees of sympathy and irritation
as the young children fidgeted, whined, and punched one another.
The frazzled parents reprimanded them to no avail.
Finally, they reached the ticket window.
"Five tickets, please," the father said.
"Two round trip, three one way."
---------
Oh Canada
An elderly woman lived on a small farm in Canada, just yards away
from the North Dakota border. Their land had been the subject of
a minor dispute between the United States and Canada for years.
The now widowed woman, lived on the farm with her son and three
grandchildren.
One day, her son came into her room holding a letter. "I just got
some news, Mom," he said. "The government has come to an
agreement
with the people in North Dakota. They've decided that our land is
really part of the United States. We have the right to approve or
disapprove of the agreement. What do you think?"
"What do I think?" his mother said. "Sign it! Call them
right
now and tell them we accept! I don't think I could stand another
one of those Canadian winters!"
--------
Wordplay
The longest word you can spell without repeating a letter:
uncopyrightable.
The longest word with just one vowel: strengths
The only English word with a triple letter: goddessship
The word with the longest definition in most dictionaries: set
The shortest -ology (study of) word: oology (the study of eggs.)
Of is the only word in which an "f" is pronounced like a
"v".
***excerpts from: http://www.joker.org/
***
++++++++++++++++++++++++++++++++
RESOURCES AT BizSuccess.com
++++++++++++++++++++++++++++++++
CEOs and presidents! Get the FREE Ezine just for you.
In the CEO Success Report, you get practical ideas and thought-
provoking concepts to increase your effectiveness and enhance
your life. Read thought-starters and in-depth articles that are
designed for chief decision-makers. Learn about resources
especially for people who run companies.
No one else in your organization has the perspective you have
on the company and your vision. Many top executives describe
this as feeling "totally alone" or "me against the world".
Lonely at the top?
You bet it is! The CEO Success Report can help.
This free monthly electronic business newsletter is written
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Visit http://www.topica.com/lists/CEOSuccess
OR send any email to subscribe@CEOSuccess.com
<Mailto:subscribe@CEOSuccess.com>
+++++++++++++++++++++++
PUBLISHER INFO
+++++++++++++++++++++++
Gary Lockwood is Your Business Coach.
Helping business owners, entrepreneurs, and professionals
to get all they really want from their enterprise.
(800) 272-1575 (USA) - 909/984-3344 Fax: (815) 361-3041
Email: mailto:Gary@bizsuccess.com
Visit our website at http://www.bizsuccess.com
Grow your business, make more money,
have more fun!
++++++++++++++++++++++++++++++
YOUR COMMENTS PLEASE?
++++++++++++++++++++++++++++++
I appreciate feedback, corrections, and comments about anything
mentioned in BizSuccess Breakthroughs. Please send your thoughts to:
mailto:Gary@bizsuccess.com
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