Wednesday, November 11, 2009

How To Get Your First Customer

Starting a new business is always tough. You have spent hours and hours putting your Business Plan together, sorting out the financing, arranging your office and buying equipment. And the big day arrives … you have to get out there and secure your first customer. It all looked so easy when you were planning, but now this is real and doesn’t seem as effortless as you thought.

What practical steps can you take to ensure your business gets off to a flying start?
Put a Plan in Place

If you didn’t write a Business Plan (tut tut!) then putting pen to paper is your first step. You have to careful plan what you want to achieve and what you are trying to do. A Plan will help crystalise your thoughts and ideas and act as a spring board for creative thought.

It also will be a useful boost when you come to review your progress against what you set out to achieve – a cause for celebration or a kick up the backside!

The key element in your Plan is to spell out exactly who your typical customer is going to be. Are they young or old? Well off, or on the look out for bargains? Single or married?
Once you have clearly defined who you are after then chasing your first sale becomes easier.

E-Mail All Your Contacts
You may not think that personal friends and family may be interested in your product or service, but don’t forget that they have friends and family as well and so can help spread the word!

E-mail every one in your address book and tell them, if they don’t already know, that you are starting up in business and need their help. In your e-mail describe what you do and the products you offer and request that they forward it to everyone in their address book. A bit ‘spammy’ I know but when such a note comes from someone you know then it doesn’t seem so bad.

For those family and friends who don’t have e-mail, call them, write to them, to officially launch your business. Very quickly word will spread and enquiries and orders will start to flood in.

Ask For a Referral
It’s possible you may have ‘road-tested’ your business before you decided to go full time. In that case you will already have a small database of customers. Ask them if they can provide you with some names of people or businesses whom they think may be interested in what you have on offer.

A referral, or positive recommendation, is a powerful and easy way to give your business a kick start. If you want, why not offer a small gift, or a discount on the next sale, for all customers who refer someone to you? This gesture will further cement your relationship.

Tell Everyone You Meet
Be a walking advertising board for your business! Find any opportunity to tell people, especially strangers, what you do. Be enthusiastic! Have a rehearsed opening which encapsulates everything about the benefits and problems your business offers and solves.
Take your business cards wherever you go and leave them all over the place! Supermarkets, restaurants, shops, anywhere where people will find them.

Be a Media Star
The local newspaper or radio stations are always on the look out for stories which are of interest to the locality. Don’t expect them to run a story along the lines of ‘And today, Joe Bloggs has just started in business doing …’. Your story needs to be interesting and have an unusual slant.

Did you travel the world and come up with your idea whilst riding a train in India? Did you have a flash of inspiration following a shocking experience? Carry out a survey which shows that local people are crying out for a service such as yours. Think of something that will grab the editor’s attention and this will increase your chances of appearing in print.

Build Relationships
Don’t be disappointed if you don’t get a sale on the first approach. Sometimes you have to patient. A way of achieving your batch of first sales is to concentrate on building a relationship with your prospective clients. Keep in touch, remind them you are still around and, assuming you have targeted correctly, they may eventually place that coveted order!

If you are about to start your business get planning right now and start to implement some of these ideas to get your new business off to a flying start.

Tuesday, November 10, 2009

Raising Angel Capital from Guy Kawasaki

Kawasaki give valuable tips on how to raise finance for your business venture. He talks here about the mind set of angel investors and how you need to get into that mind set to raise the capital you need.

Don’t underestimate the importance of the presentation. Present your idea or concept in way that makes it easy for the angel to want to contact you:

* Prove that you can execute
* Be realistic — Don’t exaggerate your financial projections or underestimate the difficulty of acquiring new customers
* Be weary of saying: “All we need is 1% of this quadrillion dollar market…”
* Be thorough — show that you have spent the time necessary to present a well-though out proposition

Read his blog Here

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Thursday, November 5, 2009

Invest With a New Frame of Mind

I mean two things by this: First, when I use the word “invest” in this instance, I don’t mean just putting money into a savings account or the stock market. You should treat every decision you make in your life as an investment decision. For example, when you’re deciding whether or not to go out to dinner tonight, whether or not to add the GPS satellite system to your new car order, whether or not to go on that clothes shopping spree, or something as simple as paying $20 each month for HBO: look at each decision as an investment. It’s fine to spend your money, but you’d be surprised how much you can accumulate if you start investing with a new frame of mind.

Second, and most important, invest with a new frame of mind. Look at the money you invest with a new frame of mind. Instead of feeling like you’re putting away $100 this month when you could be buying a new DVD player, think of it this way: That $100 you just invested will pay you dividends for the rest of your life. That’s right, at a 10% return rate, you will receive $10 per year FOREVER from that investment. Moreover, if you leave the investment return in the same account, that $10 per year will grow each year. That means that if you invested $100 a month for 10 months, that your investment would return that same $100 every year.

Use this state of mind constantly and think of each investment you make. Instead of spending an extra $5,000 to upgrade your new car purchase to the sport package, you could invest that money and earn over $500 per year. In ten years when you sell your car, that $5,000 will be worth closer to $13,000 (with compounded interest at 10%) and you will be earning about $1,300 per year (or over $100 per month).

The next rule is to start your financial plan as soon as possible:

(c) Some Free Financial Advice

Wednesday, November 4, 2009

So Here We Are!

We are excited to announce the Buy My Business.ie Invest-Connect blog.

Here you can expect to see company announcements, new updates, exciting news, industry happenings, and tips for both entrepreneurs and angel investors.
Our mission is to help connect entrepreneurs and angel investors.

Entrepreneurs are invited and encouraged to list their projects and business plans (FREE!) for angel investors to view.

We will in time make available many helpful tools to aid you in preparing professional business plans. We will be inviting experts to write blog articles to give you the edge you need to help make a success of your venture.

Angel investors are also invited to register on our site (for FREE) to view the hundreds of business plans that will be posted on our site. Upon interest, the investor may then contact the entrepreneur to find out more specific information regarding an investment.

In addition, we will in time be establishing a private forum, not open to the general public. If you ever have any questions or comments, please feel free to respond to our blog, or email.