February 5, 2009

Own a Business Without Spending Any of Your Own
Money, Part 2... Making the Perfect Telephone Pitch to Land
Clients; Part 2... Where Your Money Goes Matters... Starting a
Business with Longevity... and More.

** Own a Business Without Spending Any of Your Own Money, Part 2
By Adrian Newman, Founder of e-Wealth Daily

Yesterday, I discussed an alternative to starting and running your own business. I looked at how you can find a business opportunity that does not require any start-up or upfront expenses. These are businesses that are already in operation and are expanding while looking to offer instant partnerships to people who can contribute their expertise to the next new phase of the business.
 
You may think that opportunities such as these are a dime a dozen. Think again. Many small businesses are run by one or two people who built their enterprise on hard work and determination. Instead of hiring a manager, they are more interested in finding someone has an "owner mentality" and can help take the company to new heights.  This could be you; so how do you find these rapidly expanding companies?
 
The first place you should look is in the business or classified section of your local paper. The owners of these small businesses are facing a challenge when it comes to finding a suitable business owner candidate, so it's quite likely that the local paper is where they could begin their search.
 
Alternately, you can place a small ad letting readers know that you would make a great business partner. Perhaps you can set up a small web site and direct people there. If you place an ad, you may want to consider going with a newspaper or trade publication that caters to business news. Don't be surprised, though, if you end up getting some calls for job offers as well. Business owners are always on the lookout for people with ambition, progressive skills, and solid leadership qualities to whom they can offer career opportunities.
 
In my opinion, the best way to find business ownership opportunities is to meet business owners directly at pl! aces such as your local chamber of commerce, during busi! ness eve nts, or at other business association functions. You have to pay to become a member of these organizations, but the fees are not normally expensive. These associations offer weekly get-togethers, power lunches, guest speaker engagements, and other monthly events to get the business community networking.
 
Remember, if you plan to network, bring along your business cards and maybe even a brochure with a condensed version of your proposal. Before anyone brings you on board, they first have to like you and then get to know you. What better place than at a function to break the ice and develop a relationship that can lead to you becoming part owner of a business?
 
Here's a little-known secret from a close friend who works in the franchising industry: he told me that growing franchise companies sometimes offer free franchises to people who are willing to move to an ar! ea where the company plans to expand. Visit an online franchise directory such as www.franchisegator.com and see which franchises do not have a location near you or in a place that you think they should. Call them, write to them, e-mail them -- let them know that you are a leader and a visionary, and that you can help them expand!
 
Here's one very important piece of advice: when it comes to presenting yourself, be yourself. Don't put on an act or show in order to stand out, because people will see right through you. You want your potential future business partner(s) to know that you are who you say you are and that you can do what you say you can do. Don't expect a contract overnight. And don't be surprised if you are asked to work for free at first in order to determine if you mix into their workplace chemistry well. Use this oppor! tunity to make your credentials shine and to bring your ! vision f or career growth to life.

** Prepare Yourself for Setbacks and the Road Could Be Smooth
By Doug D'Anna, the "Hundred-Million-Dollar Man"

In my last article, I talked about the importance of using the telephone to get what you want, be it a job, a new customer, or anything else. Well, I want to continue my discussion on the telephone as a great form of communication in today's article.

Have you ever heard the acronym "A.I.D.A?" It stands for "Attention, Interest, Desire, Action." It's the time-tested, four- step process that is a part of every successful advertisement. I use this same approach on the phone.

To catch my prospect's interest, build his desire, and get him to take action, here's my complete opening pitch: "Good morning, Mr. Smith. I'm Doug D'Anna, and we've never met. The reason I'm calling is to first introduce myself, and second to give you an idea that could increase the results of your newsletter promotion by 20%.

As you'll learn, it's very similar to those I've developed for 'Personal Finance,' 'Forbes,' and 'Prevention,' which generated millions of dollars in subscriptions. I know that it will work for your publication and, if you'll give me a few minutes, I can explain how."

Of course, this was not the first pitch I ever developed. I came up with this over time through trial and error. Today, I still continue to use this simple introduction. Not everyone is going to be delighted that I called, but my whole goal is to leave the other person with the impression that I have his/her best interest at stake. Basically, I'm offering them value for the time they spend with me on the phone without asking for a dime.

When you try this approach, I can guarantee that a lot of people will be genuinely interested in what you have to say because you will have piqued their curiosity. Others may give you a difficult time. You should let these people know that you are genuinely interested in helping them.

If they are receptive, then they're yours! You have overcome the critical obstacle in using the phone to get what you want.

You have opened up their minds. Your next step is to find out the information you need or to define any problems that you may have. Acquire as much information as you can and decide what action you can implement in order to secure a relationship with them. Get right down to the who, what, where, when, why and how of their goals and objectives.

Be sure to provide any requested advice or information accurately and responsively. Offer assistance or follow-up and let your contact form a positive impression of you and what you have to offer -- because it is in his/her best interests. Get them to commit to a future communication at their earliest convenience and encourage them to give you feedback.

Asking questions will increase the likelihood of you connecting with the other person. However, keep these techniques in mind as well:

Don't ask too many questions. Bombarding a person from the get-go with too many questions will put him/her on the defensive. Keep the level to what is pertinent in the current situation. Take it easy on the "why" questions, as they will make you seem invasive.

Ask your questions one at a time and wait for the other person to provide you with complete answers before you proceed. Questions within questions tend to confuse people, so avoid them.

My favorite kinds of questions get my prospect to tell me about the problems that he/she faces. I want to know what's working in his/her marketing campaign -- and what isn't. And then I go on to ask questions that will allow him/her to paint a picture in his/her own mind of the outcome that he/she would like to receive.

Your only job, once you've opened up their minds to your message, is to listen to what they are saying and not rush to some prearranged pitch that focuses on your product. You need to really listen to their problems and tailor what you're selling  (or yourself, for that matter) as the solution to their needs.

** The Value of Trust 
By John Hurd, Chief Wealth Researcher

Opening the newspaper this morning, I was confronted with two almost unrelated articles.

The first story was about a national grocery retailer that has just reported an earnings loss even after it cut prices in the hopes of attracting more customers.

The second story was about a national movie theater chain that was reporting a big jump in its profits.

Now, there are many different factors that can determine why the profits of these huge companies have either fallen or jumped. And I'm not here to investigate what costs these big companies could cut back on.

What I want to talk about is how you're allocating your own money. You see, entertainment is big business and we all want that brief escape that going to the movies can bring. But, what matters is what the long-term consequences of spending your money mean.

When times are tough and every dollar counts, those dollars should be used wisely and with great consideration. Take a look at what you're spending a lot of money on. While not every dollar you spend can be considered an investment, it's wise to understand the result of where your money is going.

Considering the two news stories about the grocery store and the movie theater, you can see what is happening to the money customers are spending.

The movie theater is bringing in more money, which means there's more money to show more movies and more people get a few hours of escape in front of the big screen.

However, if less people are spending money on groceries, the grocery store could be cutting jobs, stocking less-than-ideal products and losing steam when it comes to providing good service. The long-term impact of people not spending money at a grocery store could mean less options and lower quality.

When you spend your money, are you supporting a flash-in-the-pan good feeling or are you contributing to a service that provides your community with essential items? You see, every dollar counts, not only for you, but also for the people who you hand your money over to.

** Simplify? It's Not as Hard as it Sounds
By Michael Newman, Self-made Millionaire

Starting and maintaining a business today is difficult, but it's not impossible. It can be done, and it can be done quite successfully if done in the proper fashion.

If you want to make a business work in conditions like this, you're going to have to attempt to flex your creative muscle. You'll have to seek out trends and opportunities in every nook and cranny. You'll have to become a non-stop money seeking machine.

To make money in this economy, you have to be looking for opportunities constantly, because you never know when they will arise. But know this: they will.

As economic conditions change, so do people's needs and wants. As an entrepreneur, it's your job to deliver these needs and wants to them in a fashion that is appealing. This may mean changing your current marketing angle, brand focus or your products themselves. Remember, your business plan is not set in stone. It can be adjusted and altered as you see fit. If you notice that your services could better fit your customers' needs by altering your operation, then don't hesitate to do so. The truth is that all successful entrepreneurs and businesses evolve with the times. They are always looking to move forward, stay on top and avoid complacency. After all, complacency kills. Take a look at how many of the booming businesses of yesterday are struggling to survive today.

In addition to evolving, it's also important to recognize market conditions, so here's a tip: when times were good, people were spending money they didn't have because they were being reassured by "professionals" that everything would be okay, and they'd be able to pay for everything in time. Basically, they were being sold a dream. However, at some point, everyone must wake up and dreams must come to an end. Well, now people are wary of being sold dreams, and are looking for the straight goods. They want to know about results and practicality, not possibility. Try using this technique to build your business and a firm relationship with customers.

Just because the waters are a little rough, it's no need to retreat. Keep plugging away by considering alternative methods to build your business, and hopefully you will experience the results you desire.