Home Advertise Contact Blog Advertiser Login RSS
Newsletter Signup

Buy A Business Opportunity of Franchise
Home-Based Businesses
Choosing a Business Opportunity Growth and Profit Marketing and Sales
Plans and Goals Running Your Own Business Start-Up
Working From Home Entrepreneur Exchange Feature Articles
Opportunity Community Opportunity Focus In The News

Happy first day of December! It’s December and the end of the year is in full-swing. Don’t go into the holiday travel season without the December Book-of-the-Month: Business Adventures by John Brooks.

December means that its holiday time. No matter what holiday you celebrate it’ll...

Female celebrities are breaking the stereotypes of Hollywood and diving into the world of business. Check out how these women are using their fame, fortune, and power to start their own companies. From media production to makeup, these Top Female Celebrity Business Owners are doing it all!

As...

With only a few weeks lefts in 2017, it’s time to get organized now! The holidays are around the corner and you don’t want to be scrambling at the end of the year. Use these Small Business Organization and Tax Tips to End 2017 to help you keep the end of the year stress to a minimum.

Happy...

Sponsors

STARSCAPES®
Imagine making up to $500 to $1,800 a day! Call or click now see how you can get your business for FREE! (602) 679-0257
Promotional Products Home Business
Run Your Own Business. Be Your Own Boss. Earn Great Profit Potential. Start At A Low Cost. Try It For Free! Learn More.
Residual Income Business Opportunities
Residual Income is the way that you work once and get paid multiple times—sounds great!... Read On
Top 7 Reasons to Consider a CMS
The internet loves obscure abbreviations. You can skip over most of them, but not CMS. What is CMS? read on...
The Ideal Length of Everything Online, Including Social Media Posts
When one of your busiest marketing channels limits you to 140 characters, you know that the internet sets its own rules.
Low Cost Business Opportunities to Own
Are your right for a Low Cost Business Opportunities to Own? The desire to own your own business... Read On
Why Advertise Your Business Opportunity?
Over the years we have been fortunate enough to receive quite a few testimonials. In fact, ... read on
National Property Inspections
Flexible work schedule, no experience needed, and complete training and support available!
How Many Leads Does It Take To Close A Sale?
This Featured Article is live on our blog and I know could be very insightful for connectivity and ROI.
Top 50 Home-Based Business Ideas
Home-Based Business ownership can be the most rewarding endeavor you will ever undertake. The new year... Read On
I Want To Buy a Business Opportunity or Franchise
Who are the types of people who buy a business opportunity or small franchise? According to people in... Read on
Copying & Publishing Business Opportunities
Today creativity abounds in the printing and publishing space with more unique business solutions than ever imaginable.
 
Resource Center > Article
Small Business Profitability in Six-Part Harmony
9 Mar 11 Posted by: Kathleen C Lanza
in Growth & Profit
Share this Article:

Harmony:  a consistent, orderly or pleasing arrangement of parts...

Much like a great piece of music, a well-run and profitable home-based or other small business is the result of the harmonious melding of a number of critical elements.  Although many would argue that some degree of luck also plays its part, small business profitability often boils down to the consistent, orderly and, yes, pleasing arrangement of six key factors, all working in combination.  

Here they are:

#1: Your Product or Service Meets a Real and Identifiable Need or Want

Customers only buy what they need and want, so it’s really important that whatever you’re providing meets one or both of those criteria for the target population you serve.  Deciphering whether or not there is a demand for your products or services requires some very careful and honest assessment of the marketplace in which you operate.  Just because you love baking doesn’t mean that the city you live in wants or needs yet another bakery.  However, if what you’re baking is significantly different or superior to what’s already available, well then you might just have a shot at achieving your dream.

#2:  You Have the Necessary Financial Savvy

It’s not enough to simply be good at something in order for your home-based or other small business to work.  You’ve got to have the business acumen to anticipate potential financial challenges before they happen and prevent them if at all possible.  Financial savvy starts with smart money-related decision-making on day one.  Cash flow is and will forever be a key determinant in your potential profitability, so you can’t start out at a deficit.  Make sure you save enough money before start-up to keep you in business for at least six months, if not a whole year, until you can turn a profit.  Carefully consider any expenditure and whether or not it is really necessary, especially early on.  Always pay your bills early and your taxes on time to avoid any problems with the government, which can be both expensive and time-consuming.  And always remember that anything that doesn’t fall under the heading of revenue earned is an expense and costs your bottom line.

#3:  You Set Reasonable Prices and Provide Quality In Return

Being profitable means you set a price for something that is fair by current market standards and provide a superior product or service in return.  Included in that fair price is the need for you to make a profit.  The difference between what it costs you to provide a product or service and what you then sell it for is the markup.  How much you are able to mark up your products or services will depend on a host of things.  For instance, if your closest competitor down the street begins offering his services at a lower price point, you may need to readjust your prices to remain competitive.  You could also choose to maintain your current pricing and redirect your marketing efforts to ensure customers know why the service you’re offering is worth the extra money.  If demand for your products is down due to the overall lagging economy, charging a little less for bulk purchases might be a good strategy, so long as it makes financial sense.  The fact is that the environment in which any business owner operates is a fluid one where the only constant is change, and you need to be prepared to change right along with it.

#4:  You Must Value Marketing and Sales

It’s been said many times that the true purpose of any business is to make a profit.  But profits are only the result of gaining and keeping customers in sufficient enough numbers to ensure profitability, which all comes down to sales and marketing.  In fact, these two disciplines are of utmost importance to any business that wants to create and sustain a real degree of profitability over time.  As such, they need to be taken seriously and supported from the top down―not just with words, but with action.  And let’s be honest, action means time and money.  It takes time and money to develop a marketing plan for your home-based or other small business’ first year and every year thereafter.   And there’s a cost associated with making sure you and your team are all on the same page when it comes to sales as well.  When it comes to the sales process, there’s definitely a right and a wrong way to do things.  Making sure that you and your team are following an established and proven sales protocol that covers everything from lead generation/follow-up to closing will take time if nothing else.  However, smart businesspeople know that when it comes to making money these kinds of exercises are mandatory, not optional.

#5:  You Put Customer Service at a Premium

Your business must be customer-driven if you want to make money.  In fact, study after study has shown that a key factor in whether or not a business stays in the game is service/quality performance.  There are few things as important in business as being recognized as a leader in service and satisfaction, as it directly translates into customer retention, loyalty and referrals.  Leadership starts with you and your team knowing that a commitment to customer service is a core value of your organization and making sure that it pervades your business at every level from initial contact to the end-product or result.  If you truly value your customers, then you must also value your employees by backing them up in their efforts to make service and satisfaction a top priority. 

#6:  You Don’t Hesitate to Tap New-Media Marketing Options

Podcasting, blogs, websites, autoresponders, email campaigns, opt-in mobile marketing…the list of what is now available when it comes to marketing and branding your home-based or other small business is growing all the time.  Don’t hesitate to explore these exciting new-media marketing options.  Although it can be a bit intimidating at first, there are all kinds of resources available online and free-of-charge that will allow you to explore what’s currently available and find out more.  A simple keyword search is all it takes.  The fact is that many of these more modern marketing methods are far outpacing the old standards like direct mail, couponing and print advertising in terms of both cost-effectiveness and outcomes―all of which translates into greater profitability for business owners.

Related Blog Posts
16 Oct 17 Posted by: Margaret Mallonée
in Growth & Profit

Want more sales? Need to grow your business? Use the Top 7 Methods to Generate More Leads!

If you read Friday’s blog, you know that one of the best ways to increase sales is to generate...
21 Apr 17 Posted by: Kevin James Culp
in Growth & Profit

Offering Financing Boosts Bottom Line - Staying afloat takes some capital. But the process of attracting financing is confusing for small business owners.

Offering Financing Boosts Bottom Line - Here is a look at how you can offer help with financing and credit to small business owners. You...
19 Aug 16 Posted by: Kevin James Culp
in Growth & Profit

The Business Franchise Opportunity Sales Tips 7 Part Series was an idea launched by Keith Shaffer Director of Personal at TheLocalProject.net two weeks ago after a coaching session.  The credit goes to him for this...

10 Feb 16 Posted by: Kevin James Culp
in Growth & Profit
Sales Hack to make you more money! Sales Hacks are not new, but how you use them is.  We receive lots of emails from people about various issues and we are always happy to help.  We also in many cases learn how we can do business better for the future.  Today, I share with you an actual letter we received...
29 Dec 15 Posted by: Kevin James Culp
in Growth & Profit
Funding is the lifeblood of any business. The principle reason entrepreneurs put off starting their own business is lack of it. Raising funds from venture capitalists, friends and family is fraught with danger and is often very time consuming. Funding your business by mortgaging your home is risky too....
 
   

I had the pleasure of chatting with Shawn Pigg, CEO of Hotels Etc. for BusinessOpportunity.com's Podcast series that will be released very soon on our new Digital Platform.  Here is the transcript from that call for our regular RSS feed subscribers who get all of our posts first.

If you would...
Read More


Premium Sponsor