October 6, 2008

 Information Marketing Tips for a Brick and Mortar Business...
How to Break Through the Resistance Barrier... How to Create
a Successful Money Team... Financing Your Business; You
Can Still Do It... and More.

** Information Marketing Tips for a Brick and Mortar Business
By Adrian Newman, co-founder of the WLI

Many entrepreneurs have dreams about owning and running a brick-and-mortar business. These dreams are filled with images of doors bursting open and hundreds of excited customers filling up a store or restaurant or whatever dream business you may have.

To get started running their own business, quite often entrepreneurs will look at franchises. These can be great profit centers, and they come with all the information and tools needed to run and operate them.

There's just one thing standing in the way: the upfront cost of actually licensing a franchise. The more popular the chain, the higher that price tag creeps up.

However, if you're looking to run a business, can't afford a franchise and aren't interested in starting from scratch, you may still have another option.

In my neighborhood, people often mourn the loss of a long- standing business. Whether it's a popular restaurant or a local mom and pop grocery store, the loss of these businesses that have helped define a neighborhood really strikes home.

This is where your opportunity lies. Now, a business on the verge of closing is something that may at first sound like a bad investment. However, you must consider the reasons why they are closing shop.

Perhaps the family has just lost interest in running a business, or perhaps they are hoping to pursue other business ventures. In these instances, it could be possible for you to move in and take over an existing business — possibly even without all of the high costs a franchise would include.

Keeping your new business afloat will take some work. You'll have to learn the quirks of the neighborhood and most likely the names of all of the regular customers.

You can even introduce something new to the business. An information marketing product, such as a newsletter, is a great way  not only to connect with the locals, but you'll also be able to give them notice and get feedback about changes you hope to make.

In short, there are some great business opportunities to be found in every neighborhood. Small businesses are essential to many towns across the country, and one of them may just be your key to success.

No matter whom you meet in life — no matter how positive you are or how appreciated — you will inevitably come up against a resistance barrier.

Sometimes, metaphorically speaking, the resistance barrier will be 10 feet thick and built of reinforced concrete, while other times it could be only 10 millimeters in thickness.

In either case, in order to get around somebody else's resistance barrier, you must never fight it, but simply use their force to help get you through it.

Use their negative energy and spin it into a positive one you can use.

This is why I absolutely love the sport of judo, because it teaches you from the beginning how to deal with resistance. Instead of using your own strengths and inner power to throw someone around, you actually use their power.

Funny, isn't it? You use their strength to win them over.

The same goes for life.

Over the years, I have found that the key to turning the tables is to first understand the barrier you are facing and then use this understanding to get what you want.

Let me explain what I mean by this. Let's say there is a job promotion you want, but for some reason — perhaps completely unknown to you — your employer will not even consider you for the position. The fact is, no matter how much you try to force it, you are going to go up against a barrier that is not going to move.

However, if you were to first understand your employer's resistance to your promotion, you would then be able to find out what you could do to make yourself more attractive in their eyes. From there, you could formulate a plan in order to get him or her to back you in this opportunity.

For example, perhaps the job you would like is in another department, and because of this your current boss has mentioned that you should not be transferred. If this is the case, then chances are your boss feels as though you are valuable and are not worth losing to another department.

If this is the case, keep in mind that first of all it is a compliment from your employer that they want to keep you in their department. You should find a way to explain to your boss that, while you really do enjoy working for them, you feel as though you would be better served by working in a different department.

Find common ground; perhaps your boss started off in a different department before being transferred to their current department. Remind them — politely, of course — that they were once in your shoes; that not that long ago, they, too, were looking to transfer into a department that suited them better. By winning them over, you will have the support system you need for the new job before you know it.

But what if you are looking for a promotion in your department and you cannot get the support you need? Find out why this is. Is there a problem with your job performance, or is it a fact that you are too good at your job and therefore indispensable? I have heard of this conundrum before, where an employee is so good at what they do that nobody wants to see them go, even if it is to a better position. So, sometimes you need to be dispensable in order to move up!

** How to Create a Successful Money Team
By John Hurd, Chief Wealth Researcher

My hometown has very strong passion for one thing. It seems that, as far back as I can remember, this town has been absolutely nuts for hockey. And with good reason, as several National Hockey League players have called this town home over the years.

Growing up it was hard to find an empty outdoor rink that wasn't crammed with pickup hockey teams battling it out until the lights were shut off.

One of my first jobs was at a local sports shop that was known as the go-to destination for aspiring hockey legends. The store stocked the latest and greatest hockey equipment and the staff was required to be up-to-the-minute on all hockey news and product breakthroughs.

I worked side-by-side with some of the town's more celebrated junior athletes. Customers not only wanted us to help fit their children with skates and equipment, but they also wanted to get our thoughts on who was hot — and who was not — on the ice.

At the cash counter near the back of the store, you could find any number of parents, coaches and players gathered around, discussing last night's game and picking up some last-minute supplies.

The owner recognized that this sense of community really helped to keep his business open year after year. So, he came up with a plan to help encourage customers to return to his shop week after week.

In a town obsessed with hockey, there were also a number of schools and clinics that taught everything from basic skating lessons to intense training camps on par with what many pros go through.

So, the owner of this shop approached one of the most sought- after coaches in town to come to the shop once or twice a week to help on the sales floor. And the coach jumped at the opportunity.

You see the storeowner knew what he was doing, as many people came in just to talk to this coach. He'd help fit skates and equipment and would plug his upcoming training camps. He once told me that he had to stop advertising in the local paper because he was drumming up so much business from just one or two days a week in the shop.

This partnership proved to be very profitable for both the coach and the shop owner. Customers flocked to the store just to share a few moments with the coach and the coach pulled in enough students to fill his camps to capacity.

So, when it comes to your moneymaking ventures, consider any opportunity to team up with another local entrepreneur. But be sure to discuss what both of you want from the relationship. As long as you aren't competing for the same customers, by combining your efforts with someone else, you could create a highly profitable local connection.

In most cases, if you're planning on starting a business, you'll have to raise some capital. After all, you'll need some help to handle startup costs, operating costs, marketing costs and all the other costs that come along with starting most businesses.

Now, it pretty much goes without saying that most entrepreneurs are optimistic, sky's the limit, "can-do" type of people, and usually believe in their ideas and projections 110%. However, it's quite easy to become blinded by optimism. The problem with this, of course, is coming up with accurate projections of costs, sales and pretty much anything related to finances.

In addition, there is always some embellishment added when investors are approached. After all, you know they want to see skyrocketing forecasts, or else they may take a pass on your business. So, in order to provide a little sweet music to their ears, you'll want to make big projections that may, in some cases, be out of touch with reality. This is not the way to do things.

The way to secure capital is by being honest, accurate and informed. Of course, you may be able to get away with a slight hint of optimism, for the most part, you'll want to have your claims backed up by factual numbers based on research, market trends and the price of goods and services that will affect your company. Having this evidence to support your claims gives you the ability to have a focused, realistic discussion and debate with investors about the financial future of your company.

This is a great approach to take when seeking investment, because it not only gives you time to showcase your business, but also to highlight your personality and knowledge. And, considering business is largely based on relationships, making a good impression in multiple ways can only be to your benefit.