Reason #5…Too much Competition!
Have you ever used this as a reason not to build a business of your own…There’s too much competition for what I do? Interesting reason for not moving forward, this one really borders on an excuse if you ask me.
If you have used this as your reason not to start your own business let me ask you a few questions:
*Do you have a passion for what you wanted to do?
*Have you checked out what “The Competition” is doing today?
*Do you still have any competition?
*What can you offer that is a little different, better than the competition?
*Is there a different target market/niche for you?
*Can you build a better mouse trap?
The amazing part of this particular reason is that in most cases 70% to 95% of your competition no longer exists. This is why I ask have you checked the competition out recently. I believe that this reason has a strong link to fear, if we are afraid to step out it is easier to blame the competition than give it a try.
Your competition may not have taken into consideration the new economy, the new needs or shifts in the target market which may have them missing the bulk of the business. The key to this is to:
*Establish your target market
*Know there needs (current)
*Define what makes you different/unique
*Be aware of what the competition is doing
*Discover how the competition reaches their market
*Understand the “New Marketing”
If the competition begins to be more competitive; stay on top of your plan, know the needs and be willing to redesign your mouse trap if needed to remain on top of your game. The competition only beats you if you roll over and play dead, play hard & fair with integrity and you will have the better mouse trap!
Thursday, July 30, 2009
Why People Do Not Start a Business Today, Reason #5 Too much Competition!
Why People Do Not Start a Business Today, Reason #4 I Don’t Have Any Support!
Reason #4…I Don’t Have Any Support!
You have come up with a fantastic new business idea and you are ready to launch forward onto an amazing new journey, then all of a sudden you hit the breaks and come to a complete stand still. What happened you say to yourself as you look around and see nothing but the dust cloud you created by hitting your breaks so hard?
You were so excited about your new adventure; you shared it with your family at the weekend BBQ and at the top of his lungs Uncle Ed shouts out, “Are you nuts, you will never be successful doing that just get a new job!” The BBQ becomes deathly quiet as everyone looks to you for a response, as you slither away never to mention your dream again. Have you been there?
So many people give up just before they are truly successful, most cases they quit the day before it all was to happen. The key to overcoming this particular reason for not starting your own business is to surround yourself with a coach or mastermind group that will encourage you and keep you focused on the right track.
There is an old saying, Beware with whom you share your dreams with as some are there to only steal your dreams. The dream stealers are those like Uncle Ed in the story above; perhaps they really care and don’t want to see you get hurt. In most situations like this it is usually because they are jealous or envious of your ambition, they wish they could do what you are doing. The easiest way to make yourself feel better is to make someone else hurt or discouraged. I do not believe this is usually an intentional behavior, never the less it is a real reaction to someone stepping out of what is considered to be the norm.
Understand this; you can do anything you set your mind to do, if you have a passion for it. Develop a working group/support group that you meet with weekly on the phone or for coffee, allow this to be your place to share. As you grow and become stronger & more focused you may be able to cut the meetings back to bi-weekly or monthly. This is another reason to hire a Business Coach, as they will assist you in staying focused, reaching your goals & objectives, and being your personal cheerleader as you move through your journey.
Do not feel bad that you do not share your dreams with everyone, there will be a time & place to share with them when you are stronger and more focused on your road map to success. If you have found this to be your reason not to start your dream business time to pick yourself up, dust yourself off and move forward. Remember if you want it bad enough nothing will be able to stop you.
You have come up with a fantastic new business idea and you are ready to launch forward onto an amazing new journey, then all of a sudden you hit the breaks and come to a complete stand still. What happened you say to yourself as you look around and see nothing but the dust cloud you created by hitting your breaks so hard?
You were so excited about your new adventure; you shared it with your family at the weekend BBQ and at the top of his lungs Uncle Ed shouts out, “Are you nuts, you will never be successful doing that just get a new job!” The BBQ becomes deathly quiet as everyone looks to you for a response, as you slither away never to mention your dream again. Have you been there?
So many people give up just before they are truly successful, most cases they quit the day before it all was to happen. The key to overcoming this particular reason for not starting your own business is to surround yourself with a coach or mastermind group that will encourage you and keep you focused on the right track.
There is an old saying, Beware with whom you share your dreams with as some are there to only steal your dreams. The dream stealers are those like Uncle Ed in the story above; perhaps they really care and don’t want to see you get hurt. In most situations like this it is usually because they are jealous or envious of your ambition, they wish they could do what you are doing. The easiest way to make yourself feel better is to make someone else hurt or discouraged. I do not believe this is usually an intentional behavior, never the less it is a real reaction to someone stepping out of what is considered to be the norm.
Understand this; you can do anything you set your mind to do, if you have a passion for it. Develop a working group/support group that you meet with weekly on the phone or for coffee, allow this to be your place to share. As you grow and become stronger & more focused you may be able to cut the meetings back to bi-weekly or monthly. This is another reason to hire a Business Coach, as they will assist you in staying focused, reaching your goals & objectives, and being your personal cheerleader as you move through your journey.
Do not feel bad that you do not share your dreams with everyone, there will be a time & place to share with them when you are stronger and more focused on your road map to success. If you have found this to be your reason not to start your dream business time to pick yourself up, dust yourself off and move forward. Remember if you want it bad enough nothing will be able to stop you.
Why People Do Not Start a Business Today, Reason #3 Security
Reason #3…Security
Continuing to explore the challenges holding people back from launching their own business takes us to the topic of security. We want to know it will be okay, we will be safe and taken care of so we cling onto the JOB (J=Just, O=Over, B=Broke) hoping it will provide our security needs.
However, today this may be a false sense of security with companies that have been around forever shutting their doors, relocating to a new state or cutting back staff. We are offered no guarantees in today’s job market and in many instances we do not know if tomorrow holds the promise of a paycheck. I have spoken to numerous people that are living the “what if”, the unknown of their security and waiting to see what happens.
As Robert Kiyosaki stated in his book “Rich Dad, Poor Dad”, by continuing to work for corporate America all we do is provide wealth for the corporations, we are given no guarantee that our retirement is secure. Basically if we rely on corporate America to continue to be our source of income for our families all we will do is make them richer.
Let’s look further back in our history at the founding of America, were we founded by large corporations & foreign companies, NO! America was founded by entrepreneurs like you and I. According to Gerald Gunderson’s study entitled The Founding Entrepreneurs: America’s Prosperity, “While it is not difficult to understand that entrepreneurs have created many improvements in the course of American history, it can be surprising to learn that they actually "founded" the U.S. economy”. Perhaps America is going back to the day when the entrepreneur and small business generated the growth and profitability in our Nation.
As an entrepreneur you have the freedom and capability to make the changes necessary for growth eliminating the bureaucratic red tape encountered in the corporate setting. Your success or failure depends on you not a supervisor or company that is only looking out for themselves. You create your security because you will never fire or lay yourself off, you will fire yourself up and find new innovative ways to grow your dreams.
So if we look at the reality of today, there is no security in a job. A job gives one a false sense of security for the moment, when that moment is gone then what. Be proactive and start planning today for your security and future.
Continuing to explore the challenges holding people back from launching their own business takes us to the topic of security. We want to know it will be okay, we will be safe and taken care of so we cling onto the JOB (J=Just, O=Over, B=Broke) hoping it will provide our security needs.
However, today this may be a false sense of security with companies that have been around forever shutting their doors, relocating to a new state or cutting back staff. We are offered no guarantees in today’s job market and in many instances we do not know if tomorrow holds the promise of a paycheck. I have spoken to numerous people that are living the “what if”, the unknown of their security and waiting to see what happens.
As Robert Kiyosaki stated in his book “Rich Dad, Poor Dad”, by continuing to work for corporate America all we do is provide wealth for the corporations, we are given no guarantee that our retirement is secure. Basically if we rely on corporate America to continue to be our source of income for our families all we will do is make them richer.
Let’s look further back in our history at the founding of America, were we founded by large corporations & foreign companies, NO! America was founded by entrepreneurs like you and I. According to Gerald Gunderson’s study entitled The Founding Entrepreneurs: America’s Prosperity, “While it is not difficult to understand that entrepreneurs have created many improvements in the course of American history, it can be surprising to learn that they actually "founded" the U.S. economy”. Perhaps America is going back to the day when the entrepreneur and small business generated the growth and profitability in our Nation.
As an entrepreneur you have the freedom and capability to make the changes necessary for growth eliminating the bureaucratic red tape encountered in the corporate setting. Your success or failure depends on you not a supervisor or company that is only looking out for themselves. You create your security because you will never fire or lay yourself off, you will fire yourself up and find new innovative ways to grow your dreams.
So if we look at the reality of today, there is no security in a job. A job gives one a false sense of security for the moment, when that moment is gone then what. Be proactive and start planning today for your security and future.
Why People Do Not Start a Business...Reason #2…But….Money??
You’ve been sitting at your desk worrying if your job is secure. You’ve been sitting at your desk dreaming about starting a business. You wake up wondering what it would be like to work in my PJ’s. So what is stopping you from exploring this what if?
I can’t start a business I don’t have any money to do that! This is one of the top 5 reasons individuals never pursue their dreams & passions of starting a business. So today we are going to expose some of the myths to the financial side of starting a business.
The concept of starting a business used to mean months of reserves in the bank, strong credit, a physical building and a lot of money out of your pocket. Today the opportunity is much simpler to obtain, less costly and much more fun. With the invention of the internet small businesses & corporations have been able to generate thousands of dollars without leaving their home or place of business. The most challenging part of launching a business today is determining what kind of service or product you will provide.
There are SBA (Small Business Association) Loans available to you if you qualify, however keep in mind those have to be paid back and can not be written off if something was to go wrong. It is harder today to qualify for a SBA loan than in previous years and in some cases the interest rate may not be worth the convenience. My suggestion identify places where you may be spending excess and apply those monies to your new business, for example; spending $200.00 on a new purse or shoes or adding $200.00 to your new business, your call.
The cost to start a business today can run as little as a couple of month’s worth of Starbucks & lunches! Yes you read it right if you spend $4.00 a day on a cup of coffee (x 31) and $8.50 a day on lunch (x 31) you could launch a business! This is basically the cost of a website to get you out in the web. Additional things you might want to consider:
Hiring a Business Building Expert Coach to help you move forward effectively & rapidly:
I can’t start a business I don’t have any money to do that! This is one of the top 5 reasons individuals never pursue their dreams & passions of starting a business. So today we are going to expose some of the myths to the financial side of starting a business.
The concept of starting a business used to mean months of reserves in the bank, strong credit, a physical building and a lot of money out of your pocket. Today the opportunity is much simpler to obtain, less costly and much more fun. With the invention of the internet small businesses & corporations have been able to generate thousands of dollars without leaving their home or place of business. The most challenging part of launching a business today is determining what kind of service or product you will provide.
There are SBA (Small Business Association) Loans available to you if you qualify, however keep in mind those have to be paid back and can not be written off if something was to go wrong. It is harder today to qualify for a SBA loan than in previous years and in some cases the interest rate may not be worth the convenience. My suggestion identify places where you may be spending excess and apply those monies to your new business, for example; spending $200.00 on a new purse or shoes or adding $200.00 to your new business, your call.
The cost to start a business today can run as little as a couple of month’s worth of Starbucks & lunches! Yes you read it right if you spend $4.00 a day on a cup of coffee (x 31) and $8.50 a day on lunch (x 31) you could launch a business! This is basically the cost of a website to get you out in the web. Additional things you might want to consider:
Hiring a Business Building Expert Coach to help you move forward effectively & rapidly:
a. Cost around $1200.00 for 8 sessions
b. Banner or logo design for marketing
c. Product (E-Books & CD’s cost of production $50.00 per hour) or products such as consumables would vary depending on supplier.
d. Business Cards (Vista Print will give you 250 for free, you only pay shipping) or print them at home for the cost of toner & business card stock. Many printing companies will print simple one sided B&W cards for as little as $29.00
e. Be sure with your website you own it and can modify it
Email address: DO NOT USE A YAHOO OR GMAIL OR HOTMAIL email, you need to be professional. Most hosting sites for your website offer a free email package so your email will match your website.
You want to be sure you are presenting yourself in a professional manner even if it is just you working on your bed with a laptop! If you do it right up front you will not have to try and mend things later, build a strong reputation from the beginning and you will be amazed what can happen. Now you are ready to begin the amazing journey to being an entrepreneur! Even if you did everything listed above (which is strongly suggested) you would have only spent about $2,000.00 to start your own business (minus product), so where can you add this to your current budget and eliminate Reason #2 for not starting your own business.
Why People Do Not Start a Business...Reason #1…But…I am afraid!!
The top, number one reason individuals do not start a business is fear. As humans we are afraid of the unknown, we are afraid of failing, we are in some cases afraid of success. Fear is a very powerful emotion/feeling that can leave a person paralyzed, unable to move forward and at the same time fear can be an amazing catalyst to move you forward.
It is all about your perspective on fear, so how do you see fear played out in your life?
Let’s take a look at the common explanation of fear:
F= False
E= Evidence
A= Appearing
R= Real
I know we have all heard this before however; it is worth restating as we explore the reasons people do not step out and start their own business. 97% of the time these fears have been created in our own mind, 3% may be valid. Our minds have a way of stopping us from success if we allow it to happen. In our minds we create, especially as women, the worst case scenario filled with “what if’s” and “why bothers”. The key to overcoming fear is to move through it and change our perspective of the outcomes.
Outcomes; we tend to find ourselves creating “our expected outcome” instead of allowing the outcome to happen as a result of our efforts. The amazing part is if we allow the outcomes to happen they are generally more spectacular than anything we could have created or expected.
Attitude; this is the next area related to fear that we can change, if we are willing. If we look at the difference between where we stand today and where we want to be it is all a matter of time & attitude. Why are some people successful and others seem to struggle? Attitude! Let’s take a look at the word attitude, a little number exercise take the word attitude and write the number of the alphabet it is then add them up, what do you get?
A=1 T=20 T=20 I=9 T=20 U=21 D=4 E=5
100%
Let’s just say your attitude will affect your outcome 100%, what is your attitude like?
The number one objective today is to move through your fears, set aside the fear of the unknown and take a chance. The only things you will ever totally fail at are those things you never attempt to accomplish, leaving only the feeling of wish I would have tried. You can do anything you set your mind to do, if you are willing to step out and stay focused!
It is all about your perspective on fear, so how do you see fear played out in your life?
Let’s take a look at the common explanation of fear:
F= False
E= Evidence
A= Appearing
R= Real
I know we have all heard this before however; it is worth restating as we explore the reasons people do not step out and start their own business. 97% of the time these fears have been created in our own mind, 3% may be valid. Our minds have a way of stopping us from success if we allow it to happen. In our minds we create, especially as women, the worst case scenario filled with “what if’s” and “why bothers”. The key to overcoming fear is to move through it and change our perspective of the outcomes.
Outcomes; we tend to find ourselves creating “our expected outcome” instead of allowing the outcome to happen as a result of our efforts. The amazing part is if we allow the outcomes to happen they are generally more spectacular than anything we could have created or expected.
Attitude; this is the next area related to fear that we can change, if we are willing. If we look at the difference between where we stand today and where we want to be it is all a matter of time & attitude. Why are some people successful and others seem to struggle? Attitude! Let’s take a look at the word attitude, a little number exercise take the word attitude and write the number of the alphabet it is then add them up, what do you get?
A=1 T=20 T=20 I=9 T=20 U=21 D=4 E=5
100%
Let’s just say your attitude will affect your outcome 100%, what is your attitude like?
The number one objective today is to move through your fears, set aside the fear of the unknown and take a chance. The only things you will ever totally fail at are those things you never attempt to accomplish, leaving only the feeling of wish I would have tried. You can do anything you set your mind to do, if you are willing to step out and stay focused!
The New 4 Letter Word…
A new word has emerged that we will coin as “The New 4 Letter Word”! This 4 letter word can belittle someone; while at the same time give the user of the word an imaginary since of power. We have found that generally when this word is used it is meant to make the user feel better about themselves, somehow in their mind putting them above the other person.
What does this have to do with a Start-Up Business, everything! This is another great reason to launch into your own business eliminating some of the unnecessary behavior we allow ourselves to be subjected to on a day to day basis because we feel there are no other options. It also will help those of you launching you own business to develop a level of respect for others you encounter, especially in the service fields.
So many today have been subjected to being talked down to or about, it is a tough time in our economy so some are taking advantage of that to make themselves feel better. Have you ever been told you were “just a secretary”, “just a waitress”, “just a janitor”, or “just a temp”? We have been seeing too much of the use of the four letter word “just” to categorize a person’s position or status in life. Why are we seeing such an emergence of this mentality that definitely leaves a person feeling less than? I really believe it is because people are in fear of loosing what they have and have forgotten they were not always where they are today. The word “just” oozes out like the slime in a sewer and they instantly feel better, not looking back to see the damage done to the other person.
A client of mine recently experienced this, she chose to say yes to a temp agency for a position she was told would be long time temp or temp to perm. On the first day with the company they were already scheduling other interviews, so she contacted the agency to ask what was going on, “don’t I even get a chance to prove myself?” The agency promptly responded “just sit there and do the job you are “just a temp””. Imagine having that said to you when you walk into a new job focused on doing your best to prove yourself. It did not stop there the office where she was placed in also kept referring to her as “just a temp”; you are only here till the full-time person is hired. So my client took the agency’s advise and did exactly what they said, she sat there and filled the seat in the office since they would not give her any work or train her on what to do because she was “just a temp”. My client decided this is not worth it and is now launching a very successful VA (Virtual Assistant) business where she has complete control on her working environment.
This is a phenomenal reason to consider launching your own business so you can control the environment to position your self into and at the same time create a pleasant/positive atmosphere for all whom you encounter. What are you a master at, what do you love doing? Perhaps it is time to stop and consider launching your own business, creating a healthy/positive atmosphere you can thrive in daily. Remember it does not require a brick and mortar any more to build a business; all you need is an idea and some passion to fuel it forward.
What does this have to do with a Start-Up Business, everything! This is another great reason to launch into your own business eliminating some of the unnecessary behavior we allow ourselves to be subjected to on a day to day basis because we feel there are no other options. It also will help those of you launching you own business to develop a level of respect for others you encounter, especially in the service fields.
So many today have been subjected to being talked down to or about, it is a tough time in our economy so some are taking advantage of that to make themselves feel better. Have you ever been told you were “just a secretary”, “just a waitress”, “just a janitor”, or “just a temp”? We have been seeing too much of the use of the four letter word “just” to categorize a person’s position or status in life. Why are we seeing such an emergence of this mentality that definitely leaves a person feeling less than? I really believe it is because people are in fear of loosing what they have and have forgotten they were not always where they are today. The word “just” oozes out like the slime in a sewer and they instantly feel better, not looking back to see the damage done to the other person.
A client of mine recently experienced this, she chose to say yes to a temp agency for a position she was told would be long time temp or temp to perm. On the first day with the company they were already scheduling other interviews, so she contacted the agency to ask what was going on, “don’t I even get a chance to prove myself?” The agency promptly responded “just sit there and do the job you are “just a temp””. Imagine having that said to you when you walk into a new job focused on doing your best to prove yourself. It did not stop there the office where she was placed in also kept referring to her as “just a temp”; you are only here till the full-time person is hired. So my client took the agency’s advise and did exactly what they said, she sat there and filled the seat in the office since they would not give her any work or train her on what to do because she was “just a temp”. My client decided this is not worth it and is now launching a very successful VA (Virtual Assistant) business where she has complete control on her working environment.
This is a phenomenal reason to consider launching your own business so you can control the environment to position your self into and at the same time create a pleasant/positive atmosphere for all whom you encounter. What are you a master at, what do you love doing? Perhaps it is time to stop and consider launching your own business, creating a healthy/positive atmosphere you can thrive in daily. Remember it does not require a brick and mortar any more to build a business; all you need is an idea and some passion to fuel it forward.
Part 2 of Exploring some Start-Up Business options…
Now that we have explored the why & what of these top 10 top buys…Hot Products…Must Have Products that consumers are buying even during a recession, let’s take a look at ways you can generate income from each one:
1) Chocolate
a. Sign up for a MLM/Direct Sales that carries chocolate.
b. Create a home based chocolate business (getting molds & chocolate from a local cake
store). Easy to start, market to small boutique stores first, the internet and grow
from there.
2) Lipstick
a. Sign up for a MLM/Direct Sales cosmetic company
b. Become the expert on make-up, write an E-Book, do demo DVD’s, offer live make-
over’s for people searching for jobs
c. Internet Radio Show
3) Wine
a. Sign up for a wine Direct Sales company
b. Become the expert on make-up, write an E-Book, do demo DVD’s, do wine tasting
1) Chocolate
a. Sign up for a MLM/Direct Sales that carries chocolate.
b. Create a home based chocolate business (getting molds & chocolate from a local cake
store). Easy to start, market to small boutique stores first, the internet and grow
from there.
2) Lipstick
a. Sign up for a MLM/Direct Sales cosmetic company
b. Become the expert on make-up, write an E-Book, do demo DVD’s, offer live make-
over’s for people searching for jobs
c. Internet Radio Show
3) Wine
a. Sign up for a wine Direct Sales company
b. Become the expert on make-up, write an E-Book, do demo DVD’s, do wine tasting
events for local winery
c. Internet Radio Show
4) Romance
a. Create events/getaways be a coordinator
b. Write a book or E-Book
c. Internet Radio Show
5) Comfort Foods
a. Create a cookbook
b. Become a home chef, cook for people in their homes
c. Cooking classes
d. Internet Radio Show
6) Pepto Bismal
a. teach alternative ways to release stress
b. write an E-Book on foods to eat to help with stomach problems
c. teach meditation live, CD or DVD
d. Internet Radio Show
7) Eating In (instead of eating out)
a. Create a cookbook
b. Become a home chef, cook for people in their homes
c. Cooking classes
d. Internet Radio Show
8) Home Grown Produce (instead of store bought)
a. Create an E-Book on how to grow and what to grow based on your location
b. DVD demo on planting a garden & its care
c. Internet Radio Show
9) Running Shoes (instead of gym membership)
a. Home workout DVD
b. Walking CD
c. Internet Radio Show
d. Fitness E-Book
10) Home Safe (instead of the local bank deposits)
a. E-Book on how to store valuables in a home
b. Internet Radio Show on safety
The objective behind each of these Top 10 items is to:
· Identify if any of the Top 10 items are in your niche
· Explore ways to become the expert
· Market to the appropriate target audience
· Start dreaming about other ways to turn your item into a cash flow
This does not mean these are the only directions to consider when creating your Plan B, these are just the top 10 according to a local list. The key to success in building your Plan B is to determine what you love to do, is there a need for it in my community or in the world and am I willing to commit to do what it takes to make it happen. The next step…what will you choose to pursue as a business?
c. Internet Radio Show
4) Romance
a. Create events/getaways be a coordinator
b. Write a book or E-Book
c. Internet Radio Show
5) Comfort Foods
a. Create a cookbook
b. Become a home chef, cook for people in their homes
c. Cooking classes
d. Internet Radio Show
6) Pepto Bismal
a. teach alternative ways to release stress
b. write an E-Book on foods to eat to help with stomach problems
c. teach meditation live, CD or DVD
d. Internet Radio Show
7) Eating In (instead of eating out)
a. Create a cookbook
b. Become a home chef, cook for people in their homes
c. Cooking classes
d. Internet Radio Show
8) Home Grown Produce (instead of store bought)
a. Create an E-Book on how to grow and what to grow based on your location
b. DVD demo on planting a garden & its care
c. Internet Radio Show
9) Running Shoes (instead of gym membership)
a. Home workout DVD
b. Walking CD
c. Internet Radio Show
d. Fitness E-Book
10) Home Safe (instead of the local bank deposits)
a. E-Book on how to store valuables in a home
b. Internet Radio Show on safety
The objective behind each of these Top 10 items is to:
· Identify if any of the Top 10 items are in your niche
· Explore ways to become the expert
· Market to the appropriate target audience
· Start dreaming about other ways to turn your item into a cash flow
This does not mean these are the only directions to consider when creating your Plan B, these are just the top 10 according to a local list. The key to success in building your Plan B is to determine what you love to do, is there a need for it in my community or in the world and am I willing to commit to do what it takes to make it happen. The next step…what will you choose to pursue as a business?
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