Monday, March 24, 2014

New Entrepreneurs!


 
                                         I just love meeting with new entrepreneurs to discuss their business.

It’s exciting to meet that new idea or new business that provides different services.  It’s interesting to learn what excites others and what challenges they face on a daily basis.  After speaking with hundreds of entrepreneurs I find two common concerns.

Lack of Capital – Many people have great ideas, connections and provide a great service but, need more capital. I understand it takes money to make money but, how can you make money when you have no money.  My advice is always “work with what you have.”   Focus on the things that make you money now before you start working on other plans or want to expand your services.  Plan your next investment before you spend any money.   Create a list of all the things you want for your business and then prioritize them in the order of what will bring you revenue today.

Example 1:  If you only have $100 to spend for your business and are deciding between ordering business cards or running a newspaper ad, order the business cards.  The business cards are more important because you can reach more people with a direct approach.  Join different networking groups; most of them are free and simply talk to people about your services.

Example 2: If you need a website but don’t have the $500 to create it find alternatives like a Facebook page that also provides social media exposure and allows you to reach more people organically.  Many people don’t take action because they are too busy focused on what they don’t have instead of working with the resources they do have.

Lack of People – This is a very common concern for many business owners.  We all want more people. Many times new entrepreneurs want to build their business themselves since it’s their baby and a lot of times don’t have the money to pay for expert advice.  My life changed when I realized I wasn’t able to do it all by myself.  I needed help and so I hired on a few volunteers and others that were on a commission only basis before I was able to put people on payroll.  Don’t ever forget that every big successful business was a startup at one point.

There are many painful steps involved in developing a business but, it’s only temporary.  Many people focus all their energy on graphics, website designs, creating forms and doing other technical stuff.  Your time should be invested wisely like in building relationships with potential clients, marketing your products and attending events to bring in more business.  I always say “a conversation with someone about your business is more effective in creating revenue than spending time on building a website.”    You can do it!  Don’t give up!
 
This is GOALYGO!
 
Yanira ALY Nazario :0)~

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