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Questions to Improve Your Business

Running any kind of business requires a lot of self-awareness and self-reflection. Self-awareness helps us use our strengths to their fullest potential and minimize our weaknesses, while self-reflection allows us to improve upon past mistakes. In order to tap into these two qualities and improve your business, ask yourself the following questions to focus your energy in all the right places.

What do I do best? Perhaps you have a unique way of making people feel comfortable, getting them to talk about themselves, and leaving a positive memorable impression on them. Harness your strengths into selling power for your business. Make it a point to chat up as many guests at a home party as possible, and conduct your networking opportunities face-to-face when you can. Whatever you happen to be good at, find a way of incorporating it into your business because you’re not just selling a product; you’re selling yourself.
What is my product’s best solution? The product or service you sell must be the solution to a customer’s problem. Most likely, it has several uses. Decide which is most valuable and desirable for consumers and emphasize it in your demonstration and marketing efforts. For example, your company’s line of educational books for children comes with a trade-in program for customers who make at least one purchase every six months. This solves the all too common problem of children’s rooms being overfilled with books they’ve outgrown. Such a unique and valuable solution to a problem plaguing most parents should definitely be one of the first things a customer learns about your product, as it sets it apart from competitors.
Where are most of my sales coming from? This applies to both your demographic and your method of sale. What is the profile of the customer who is buying the most? (Businesswomen between 25-45 years old, mothers of young children) How are those sales being made? (online, at a home show, through referrals) Analyzing your sales will help you maximize your marketing efforts so you get the greatest return on your investment. It will also reveal any dead-ends you may have been unknowingly pursuing.

You’ve asked the questions; now what do you do with the answers?

Make the best use of this information by creating an action plan. Set a goal (be specific with numbers and deadlines), create benchmarks, plan rewards for yourself, and map out your path to completing the goal. If your goal is to implement a target marketing campaign, use the information you have about your strengths to come up with a way to execute the plan. Identify the solutions your product provides in order to hook your target market, and plan sales methods that will reach them. Now your business approach is based on proven information about just a few elements which are essential to improving your business.

Being aware of yourself and being willing to reflect on past actions are two qualities that can make you a strong business owner. Remember to always be honest with yourself about the answers to these questions, and commit yourself to putting your action plan into effect. What questions do you think should be added to the list? Please share your ideas below!

Free e-book “Business Owner’s Road Map to Success.” It has over 50 pages of techniques for everything a small business owner needs to master, from business planning and ethical selling to a success mindset. It’s all there and it’s free for you. To get it, just “Like” our Facebook Page here: http://on.fb.me/KsIN6P Pass it on!

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Why Price Doesn’t Matter

Whether you’re making a big purchase like a new car or a small one like a jar of baby food, there is a variety of factors to consider besides how much something costs. Like virtually all direct sellers, you really cannot control the price of your products, but successful salespeople know how to think like a customer. In doing so, you can showcase those other factors that most likely outweigh price.

The product is a solution to a problem. You’ve probably heard before that you should be educating your customer about the benefits of your product and how it can solve a problem. For example, a businessman who travels frequently wants to improve his diet, but finds it very difficult to do so on the go. Your company’s individually-sized protein powder packets can easily be mixed into a bottle of water and supplemented with whatever else he happens to be eating at the airport or in the hotel. This convenience may come with a higher price tag, but in this case, the benefits far outweigh the cost.
Present a good value. Customers are always in search of a good value. As a representative of this product, it’s up to you to know what the product’s overall value is and how to share that information with your customers. In the example above, the product offers convenience and nutrition, two things that contribute to its value. Find out what the customer is looking for, since value can be perceived differently by everyone. Aside from the protein powder’s nutrition and convenience, it also mixes well and pours easily out of the packet to eliminate messes; most people would rather pay a bit more for a product that suits their needs in so many ways. Everyone wants to get the most value out of a hard-earned dollar.
Know why you have a competitive edge. Knowing what your consumer wants and needs is important, but it’s also important to know what your competitors are offering. It’s not uncommon for a customer to say, “But the XYZ company has this same kind of thing for a lower price.” Such a statement can make or break the sale, depending on how prepared you are to respond. Your customer may not realize that the competitor offers an inferior guarantee or that its product is made from lower quality materials. Educate yourself about not only your product line, but also how your company competes with similar products and prices.
Offer peace of mind. Because there is some degree of risk involved in making any kind of purchase, you want to be the one to minimize that risk and offer peace of mind to your customer that he or she is making the right decision to buy from you. Of course you want to emphasize any guarantee policy that your company has in place, but you should also emphasize the quality of the product and your commitment to satisfying the customer. Let’s say at a home show, one of the guests is visiting the hostess from out of state and is worried about the hassle and cost of having to make a return or exchange. Offer to cover the postage and personally take her through the process if she needs to send something back. With someone’s biggest concern no longer an issue, the sale can easily be made.

The price of a product is only one of many factors that contribute to a customer’s decision to make a purchase. With a bit of research and preparation, you can be sure to overcome any obstacles you feel the price point has created when it comes to closing a sale. How do you show your customers that price doesn’t matter? Please share with us below!

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Effective Sales Calls

Effective Sales Calls

Making sales calls are a necessary part of your business, though for many people, it is one of their least favorite things to do. We are sometimes hindered by a fear of rejection, but by implementing a few suggestions and preparing well, you will find your sales calls to be much more pleasant and effective.

Use referrals. When making your list of contacts, use your referrals as a starting point. You already have an opening when you make the call by telling the customer who referred you; this can even lead to a bit of small talk that will put the person at ease. For example, “Jane Woodson referred me to you. Our sons play on the same baseball team, and she mentioned that your son is on the team as well? How is he enjoying the season so far?” Using referrals can help you take a genuine interest in your contact, which will motivate them to listen to your pitch.
Offer a good value. This can be a bit tricky, as value is perceived differently by different people. However, as long as you are knowledgeable about the benefits of your product or service and how it compares to others, you will be able to demonstrate its value in ways other than price. For instance, if a product you carry has similar features to a competitors’ but is more expensive, point out that it is made from higher quality materials, that it comes with a lifetime guarantee, or that the customer can try it risk-free for 60 days. Whatever the incentive, always be clear in emphasizing a product’s value.
Provide solutions. Most consumers are seeking certain products that have a purpose in their lives. What solution does your product provide for a customer’s problem? Reflect on your own experiences to help you answer that question. One consultant for a jewelry company first fell in love with the product line because it allowed her to take her outfit from the office to an evening out by simply changing out one necklace for another or clipping an extra piece onto her bracelet to make it sparkle for her night out. This may not be a life-altering solution, but it is a common one that most women would love to know about. Be the answer to your customers’ problem.
Know your client. A client never wants to feel as if he or she is just a number on your list of calls to make. Tailor your calls to be specific to each person; this doesn’t mean that every single call will be different, but it does mean that you have done a certain amount of preparation for the call so that you can appeal to a client’s unique need. You wouldn’t have the same conversation with a repeat customer that you would have with a prospect you’ve never met or done business with. Take a few minutes to find out something about each contact before picking up the phone. Often that research can be done when receiving the referral.
Anticipate objections. Sometimes you will encounter one or more objections to what you are trying to sell. Before making a call, prepare a list of possible objections and decide how you will respond to each one. You will not be able to anticipate every possible objection, but having a good idea as to how you will handle them can be useful in helping you overcome objections and make the sale. The more prepared you are, the less likely you are to be caught off guard without knowing what to say.
Use scripts wisely. Writing a script is a great way to get started with sales calls. You can literally map out your ideal conversation, and then using the suggestions above, prepare yourself for the many different turns the conversation may take. One thing to be aware of, however, is not to sound like you are reading from a script which can sound extremely impersonal, and may cause a client to either tune out or cut the call short. Use the script as a guide only; know what you are going to say and speak in a natural, conversational tone.

Do you have any tips to share for making your sales calls more effective? Please share them with us below!

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DSEF & CBBB: Can You Get Rich Quickly By Flipping Houses?

By Holly Doering

This weekend, a company is coming to my town to hold a free seminar on “flipping” houses. According to our state’s Department of Labor & Industries, flipping is defined as owning a property for less than one year, making more than $500 in improvements, and selling the property with the intention of monetary gain.

The company in question has advertised in the past that you could earn between $3,000 and $10,000 a month with their program. Now they just say you’ll earn cash and build a massive residual income stream. It’s supposed to be pretty easy. Sound like a sweet deal?

Not so fast. Here’s the rest of the story:

1) While initial seminars are free, additional seminars cost $1,500. You’ll also be encouraged to invest in more training—up to $25,000.

2) Fox Business says that to make a living flipping houses, you’ll need to have at least half a dozen going at once. Other sources caution that flipping isn’t for the financially strapped—it requires cash reserves.

3) Even if you only flip one house per year, your state may consider you a “contractor,” which means you’ll need to be licensed, bonded, and insured with L&I. If the IRS considers you a “dealer-trader,” you’ll have to pay self-employment taxes.

4) This company has earned an F rating with the BBB, based on a government action alleging deceptive trade practices and consumer complaints reporting trouble canceling purchases and obtaining refunds. Always check the track records of companies atwww.bbb.org before doing business.

According to MSN Real Estate, house flipping is not as easy as it looks on TV. They report that on the original video of the A&E reality show “Flip This House,” there was even a warning stating “Do not try this at home. It’s for trained professionals. You will lose money.”

Making money in real estate is possible. But like anything else, it takes time and effort. If you attend a seminar like the one described above, ask a lot of questions and read contracts thoroughly before signing. (Make sure you get the exact name of the seminar you attended.) Understand any cancellation clauses or refund policies too.

DSEF and Council on Better Business Bureaus (CBBB) fosters honest and responsive relationships between businesses and consumers—instilling consumer confidence and advancing a trustworthy marketplace for all.

About the Better Business Bureaus
As the leader in advancing marketplace trust, Better Business Bureau is an unbiased non-profit organization that sets and upholds high standards for fair and honest business behavior. Every year, more than 87 million consumers rely on BBB Business Reviews® and BBB Wise Giving Reports® to help them find trustworthy businesses and charities across North America. Visitwww.bbb.org/us for more information.

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Creating Additional Income Streams For Your Business

As an entrepreneur, you’re always looking for ways to increase sales and diversify your opportunities. The business world is unpredictable, but especially in times like these, having the security of an alternate income can be a lifesaver if for some reason you experience a lull in business. Fortunately, there are many ways to create additional income without having to shell out any kind of significant investment.

Teaching, coaching, and consulting are all great ways to bring in some extra cash. All you need to invest is your time, which you’ll use to reach out and offer your services, as well as time you’ll need to prepare a presentation of some kind. If teaching interests you, reach out to local community colleges, libraries, or recreation centers with an idea for a class, workshop, or seminar. Create multiple sessions and offer prospective students a package deal. If teaching isn’t your thing, you might be more comfortable with one-on-one coaching or consulting. Using your skills and experience, you undoubtedly have a lot to offer someone who is just starting out in small business ownership or something else related to your field. The possibilities are limited only by what you’re willing to do, and the result can be very profitable.
Start a blog. Writing a blog can be an effective way to share your expertise with others, market your business, and attract more customers. You don’t have to limit yourself to blogging; create a website that includes how-to videos, customer testimonials, or even guest posts from other industry experts. Earning money as a result of online content can take some time, but the potential for it paying off is certainly achievable.
Listen to what your customers want. Take the initiative by asking your own customers as well as others in your network about what other services/products they would like to see. For example, if you’re in the business of creating gift baskets, ask your customers what other service/product they would like to see. A customer might suggest fun gift baskets for kids. This might be an idea worth exploring. Ideas from customers are often your best source of creating an additional income stream.
Explore your other interests and skills. Make a list of all your hobbies, as well as all the things you do around the home, for your kids and through volunteer work. For example, you might list doing pedicures with your daughters. Since you sell cosmetics, this might become a service you offer. Or besides selling kitchenware, you also love healthy cooking and you might sell an easy to follow healthy cooking program. You want to look for things that compliment what you are doing now and other interests and skills you possess.
Other ideas to explore.
- Create your own How-To-Videos
- Sell other services that compliment your current business
- Personalization services – gift wrapping, sewing, special delivery
- Create partnership with local businesses

With some effort and extra time, you have the ability to find additional sources of income. This revenue can help you get through a slow season or simply help you reach your personal and professional financial goals faster (not to mention expanding your contact list for your primary business!) What other ways can you create alternate streams of income? Please share with us below!

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Finding Confidence

There are so many different factors that contribute to success in your direct sales business, but one of the most important is the confidence you project to others. Because your business functions on the relationships you build with others, your customers must know that you are the right person for the job. When you truly believe that you’re great at what you do, then your customers will know it too.

Practice makes perfect. If you lack confidence in your sales presentation for example, improving yourself can be as simple as practicing. Start by making your presentation in front of the mirror, and then move on to your kids’ stuffed animals. When you start feeling better about what you’re doing, get up in front of a few close family members to continue rehearsing. For the truly brave and ambitious, consider recording yourself on video. Watch it back and take notes on what you’d like to improve as well as where you excelled. This will give you a more accurate perspective on how others perceive you and will also allow you to pinpoint areas of strength and weakness.
Find a mentor. The mentor relationship can be extremely beneficial for both the mentor and protégé. The first place to look is to your upline, most likely the person who brought you into the business. If that person is unavailable, he or she can connect you with other experienced and successful direct sales consultants either within your company or others that can help increase your self-esteem through pep talks, professional development opportunities, networking events, etc. It may be a good idea to observe your mentor in action. If the person is always at the top of list in sales every month, ask him or her to take you along to a sales presentation or home party. You may come away from the experience with some fresh ideas that you can apply to your own method. The key to an effective mentor relationship is having someone that you trust and respect.
Find a partner. A partner, unlike a mentor, doesn’t have to be someone involved in the business. Sometimes the best partners are people already in our lives that can act as our personal cheerleaders. A close friend or relative that can share joy in your accomplishments and bolster your self-esteem after rejection would make a great partner. Identify first what you want and need in a partner and share your ideas with that person. It never hurts to have someone who you know will be in your corner no matter what.
Dress for success. This may seem obvious, but when we are self-conscious about the way we look, it affects our entire being; this lack of confidence can be sensed by others. Make sure when you leave the house for a sales demo or training event, for example, you are wearing something that makes you feel good. It should fit you well, be appropriate for the event (not to casual and not too dressy), and be put together with appropriate accessories and hair style. A put-together look exudes professionalism, competence, and of course confidence.

How do you find confidence within yourself? Does it increase your success? Please share your ideas with us in the comments section below!

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No Sales? Tips to Make Sales

No Sales? Tips to Make Sales

If you are experiencing a lag in sales, the first thing to do is use your direct sales method to your advantage. Because your business model relies on person-to-person interaction, emphasize your genuine concern for customer satisfaction and the relationships you have built to generate sales. No matter what product or service you offer, here are some tips to increase your sales in everything from health food to handbags.

Refocus on what people are buying. Consumers’ needs are always changing. Consider the explosion of smartphones purchased in the last five years. Once the major manufacturers created a product so convenient and affordable, it became nearly impossible to live without. It’s important to always pay attention to the trends in consumer interest. As a direct sales representative, you may not have control over the product, but you do have control over how you market that product. For example, there is a big need right now for people to be able to add more fresh produce into their diets. When marketing your cookware, highlight those pieces that make recipes such as summer squash casserole and broccoli rabe salad easier and more fun to make.
Sell the benefits of your product instead of the product itself. Once you’ve identified what customers are buying, center your attention on marketing the benefits. This will help them understand why it is they want the product. For example, instead of just focusing on the aesthetics of long necklace, demonstrate that its various colors make it a versatile complement to any wardrobe; display all the different ways in which it can be worn for any occasion. When a customer understands the benefits of a product, they will place greater value in it, and therefore want to own it.
Offer something free. This is your opportunity to get creative. Offering something free with a purchase can come in many forms: a free gift on the spot, a free sample of a brand-new product, a voucher for a gift with a future purchase, etc. Again, the focus should be on what the customer wants. Don’t be afraid to experiment with different offers and promotions until you find the one that works best for your product and customers’ needs.
Minimize risk. Everyone can be hesitant before making a purchase, no matter how big or small. Alleviate that fear by minimizing the buying risk. Your company most likely has some sort of guarantee in place, but in certain cases, you can go above and beyond that if possible. For example, say your company offers a lifetime replacement guarantee on any handbag found to have a manufacturing defect. A customer asks you about this guarantee but is disappointed to hear that she would still have to pay shipping costs to return the defective item. Offer to foot the bill for the shipping or offer a complimentary pickup service to save her the hassle of a trip to the post office. The less risk there is in making a purchase, the more likely the customer will be to try it out.

The direct sales industry is all about meeting your customers’ needs. Once you can get in touch with what those are, use your strengths in customer service and your creativity in marketing to increase your sales. Happy customers will gladly share their positive shopping experiences with their friends and family, so satisfaction certainly goes a long way.

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How to Run a Business on a Shoestring Budget

How to Run a Business on a Shoestring Budget

Running your business on a tight budget is not only possible, but extremely beneficial, even when times are good. You don’t even need a degree in business or finance to create and stick to a budget; all you need is common sense, organizational and planning skills, and motivation. Read on for some ways to operate your business on a shoestring budget.

Understand your cash flow. Cash flow, in its simplest terms, is the movement of money in and out of your business. It is of utmost importance that you know where every penny you spend goes, and where every penny you earn comes from. This may seem easy, especially if you’re the only employee, but unless you document carefully and review your cash flow frequently, you may find that too much money is being spent that does not contribute to your bottom line. If you need to tighten your belt, so to speak, it may be necessary to cut back on expenses that are not directly related to income. For example, that shiny new business card certainly looks nicer coming out of your pocket to hand to a prospect, but is the higher cost going to directly result in a sale? These are questions you need to ask yourself when creating and/or revisiting your budget.
Stick to your budget. This may seem obvious, but it isn’t difficult to underestimate your expenses and overestimate your income. When budgeting, be conservative. Before making any kind of purchase, ask yourself why you need it and how it will bring in money. Sticking to your budget and reviewing it often will help prevent cost overruns before they happen. Tip: Categorize each expense according to a pre-determined system that works for your particular situation. This will make it much easier to sort your expenditures and decide which ones contributed to your income and which did not.
Push sales. Starting and running on a shoestring budget means you lack capital and that’s not the ideal. To overcome the lack of capital you must be willing to quickly generate sales. You must clearly identify your target market and have prospects ready to buy. Make sure your marketing materials reach those who need your products/services and your sales presentation is effectively closing sales. For free marketing resources, visit the Small Business Administration website.
Establish a network. You will need to quickly establish a large targeted network of prospects that are ready to buy, a network of influencers that will help spread the word about your business, and a group of people who’ll support your vision. Having a large network of people is the key to running a business on a shoestring budget. The more people you and your business are connected with, the more sales you will have. This will allow your business to get established, maintain stability and create the foundation to a successful long term business.

If you do go this route you will need strong planning, organization, networking skills, and a commitment to push for sales to quickly generate income to establish your business. Operating on a shoestring budget is definitely achievable as long as you’re willing to put in the work. How do you run your business on a budget? Please share your ideas below!

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7 Steps to Create a Winning Mindset

7 Steps to Create a Winning Mindset

In life and in business there are many unforeseen obstacles. Some of these obstacles can trip us up and cause us to fall flat on our faces.

How do you get back up? How do you make the pain of falling on your face go away? How do you keep going?

If you have a winning mindset you can overcome these obstacles and use them to motivate yourself to push forward and succeed. Here’s an outline to create your winning mindset.

Define your WHY. List three top reasons that you want to succeed. The first reason should be personal and for yourself, the second reason can be based on loved ones and the third reason could be for anything important to you.
Make a plan. The plan should include short, medium and long term goals. Then include the how, when, where, who and what.
Accountability. Share your plan with a friend or family member that is willing to cheer you on and be honest with you. Even better, get a small group of supportive, positive people who will hold you responsible and keep you on your plan.
Make a daily routine and schedule. A winning mindset is built on momentum. Checking off each thing on your to-do list daily will help you see progress and give you motivation to continue.
Use visualizations. See yourself and your goals as a campfire. Like a fire you need to keep adjusting it, adding wood to keep the fire going and make it big. Every step makes the fire bigger and sometimes a misstep or problem may diminish your flames. That means you need to adjust quickly and keep the fire going.
Make a plan for when you fall. Like with any injury you will need time to heal, to evaluate what happened and maybe some physical therapy to get back to full strength. Have a system in place that you’re comfortable with to help you evaluate and learn from your mistakes. You could keep a journal, take a walk or draw a map. See mistakes as detours that help get you where you want to go more quickly.
Perspective. Goals are destinations and mistakes/missteps are detours. You will get lost from time to time and sometimes you’ll speed ahead. That’s the nature of a journey. It doesn’t matter how you get there, as long as you get there. Having patience will give you the long-burning fuel you need to reach your destination.

Creating a winning mindset is like being a great baker: it’s part science, part self-confidence and part ingenuity. The science is in the plans you make, the confidence is in the belief in yourself, visualizations and your perspective, and the ingenuity is in finding ways to get things done.

Did we leave anything out? What else would you include in a winner mindset? Please share with us in the comments section below!

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Simple Ways to Add Value to Your Business

In this economy, it has become the norm for consumers to seek out products and services that will bring them the most bang for their buck. In other words, everyone is looking for the best value. Even an everyday trip to the grocery store involves a search for the best value; why buy three individually packaged rolls of paper towels for $3.00 each when you can get a 6-pack of the same kind for $14.99? As a small business owner, it is important to add value to your own products and services, so your customers are assured that they are making the best decision by patronizing your business.

Problem: A higher-priced product is perceived as too expensive and rarely sells.

Solution: Highlight the versatility of the product, and educate customers on its many uses, some of which they may be unaware. For example, a cashmere blend sweater wrap in your company’s catalogue is one of the priciest products at $79. Most of the customers who see it and try it on absolutely love it, but don’t want to spend so much on one article of clothing. Add value to the product by highlighting its ability to be worn on its own, as a wrap over a dress or blouse, tied in front or in back, etc. You may also point out that because of the high-end fabric, it will last many years and serve as a staple in one’s closet. Once all of that is considered, the price does not seem so high.

Problem: Most people don’t patronize small businesses because they don’t think they can offer the same conveniences as big box stores.

Solution: Emphasize your excellent customer service and throw in conveniences when possible. For example, if someone wants to make an exchange or purchase an add-on to one of your products, offer personal delivery so the person doesn’t have to make the extra trip. Take it one step further by making a follow-up call a few days later to make sure the customer is completely satisfied. Most people are willing to pay a bit more for top-quality service and convenience. The ability you have to be more personal with your customers is something you should take full advantage of when marketing your business.

Problem: Customers seem skeptical about making the purchase.

Solution: Offer a test drive of your product or service. This is an effective way to demonstrate your confidence in your business as well as an opportunity for you to showcase what you have to offer. One local masseuse who works out of her home offers three-minute “mini-massages” for just $3, but it becomes free when the client decides to either stay or book a future 30-minute or longer session. This strategy allows potential customers to literally try out her service completely risk-free, which works especially well for this kind of business since you can’t “return” a massage if you’re not happy with the results.

Adding value to your business doesn’t have to cost you any money. With a bit more time and effort, you could find yourself an increased customer base that is spreading the good word about your products and services to family and friends. How do you add value to your business? Please share your ideas below!

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DSEF & CBBB: Can You Get Rich Quickly By Flipping Houses?

DSEF & CBBB: Can You Get Rich Quickly By Flipping Houses?

Creating Additional Income Streams For Your Business

Creating Additional Income Streams For Your Business

Finding Confidence

Finding Confidence

No Sales? Tips to Make Sales

No Sales? Tips to Make Sales

How to Run a Business on a Shoestring Budget

How to Run a Business on a Shoestring Budget

7 Steps to Create a Winning Mindset

7 Steps to Create a Winning Mindset

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