Profit is probably not your passion but you may want to consider using it as the driving force of your daily business activities.
The Action Guide covers five reasons for using profit as a stimulus for successful daily small business performance. Use profit to fuel your real business passion every day. It can take you where you really want to go.
Ever think, what big businesses do to be successful doesn’t apply to your small home based business success. After all, they are in business. You’re just trying to make a few extra dollars.
Certainly, things like identifying the customers your products are suited to and figuring how to market to them and solve their problems is only big business stuff. Nothing you should attempt for your home based business.
After all, why shouldn’t people buy from you anyway? You’re just trying to make and few bucks from home and they like you, right?
Have you written down your personal reasons for successful small business ownership? Of course not, most haven't and most won't. So what does that mean for your chances for creating a successful and profit small home based business?
Everything. I know, once every things up and running you'll have time to sit down and write things down. Too late, too little. Your personal reasons are the fuel for your success. Do it now. Here's what I've recently written down
"I love to take ideas from fiction to fact, organize their components and produce a working model. I will use that passion to help myself and others succeed as small business owners."
Nothing special - other than to me. But, it keeps me moving when everything seems to be standing still.
Do you know why your customers buy? Without that knowledge, you're missing sales opportunities. More importantly, you're missing marketing opportunities. When you know why your customers buy you can sell them more and find more just like them to buy from you.
You probably have a gut feeling. But, have you written it down and tracked your customer comments and behaviors. If not, there's a good chance you may be focused on the wrong reasons for why they buy. Maybe you think it all about price. What if it were all about convenience or selection? Lowering your prices won't have the impact you might have hoped for because that's not why they buy from you.
If you want to increase your sales revenue make sure you know why they buy. Knowing WHY will also make your marketing activities more effective. So, why do your customers buy?
Is now the right time to start up that small business idea you've had on your mind forever? It just might be as long as you're willing to make some good decisions.
In boom times, many people jump into a business of their own because they know they can jump back into a regular 9-to-5 job or return to their old career. In down times, people are afraid to start their own business because, if they fail, they won't have a job to fall back on.
In either case, the reality is without some solid research, a candid appraisal of your skills and resources, you'll likely fail in good or bad times. The answer to the question lies in making good decisions based on facts, figures and having the stamina and commitment to work through the start up phase of your small business idea.
Judy & Sam knew how well UPS delivered. They had used United Parcel Service to deliver their first small business order. As a start up business, they counted on UPS to deliver on time, at a fair price and provide business management tools to help them grow their small start up business.
Judy's role as marketing manager of their small business was a "learn as you go" experience. USP (Unique Selling Proposition) was a new term to her. She became aware of the concept and initials "UPS" while reading an article she found on the Duct Tape Marketing website by John Jantsch. According to the article:
"A simple strategy for positioning your firm or product deeply in your target market's mind is a tool called a USP. The term USP has been around for a long time. The letters stand for Unique Selling Proposition.
The idea here is to identify and then communicate a concise statement of your firm's most compelling offer and benefit in a way that the potential client can automatically answer the what's in if for me question. That's all a USP is."
As Judy learned more from the article, she was inspired to develop a USP (Unique Selling Proposition) to help deliver more customers and sales to their start up business just as well and reliably as UPS was delivering their small business packages.