The main reason I have found why so many small businesses do not perform to their appropriate level is because the owner does not properly use his or her time; that is, they don't prioritize which of their efforts create their best results so that they know where to focus their time. Without knowing who your best customers or clients are or what the best use of your time is, you inevitably waste time on things that don't produce desired results.
Let me give you an example. Say you want to earn $200,000 per year and let's say there are 1,000 productive hours. By the way, the number of productive hours i use in this example is very generous, because according to one study of Fortune 500 CEOs, the amount of productive time in a day was 45 minutes equating to 225 hours for the year. For this example, let's say it is 1,000 productive hours for you. This means that each hour you work should be valued or billed at $200/hours. ($200,000/1,000 hours.)
My question to you is: Are you doing the type of work that pays you $200/hour?
If you engage in any type of administrative work it would probably be valued at $15-25 per hour.
Any bookkeeping related work would probably be valued at $20-30 per hour.
Answering the phone, dealing with customer queries, etc is probably valued at a similar hourly rate.
These are just a few examples of the activities that many small business owners find themselves engaged in on a daily and weekly basis. As a small business owner, it is easy to become distracted by tasks that seem important and urgent, otherwise called ‘fires'. While these fires seem crucial at the time and certainly do need to be addressed, they are not the best and highest use of the business owner's time.
You are probably asking yourself what type of work do you need to do to get paid $200/hour? Using the example above, this is the dollar figure that best represents your financial worth on an hourly basis.
To reach this dollar figure per hour, you would need to be engaged in “strategic” work. Some examples are:
- exploiting new markets
- developing new products/services
- creating new marketing avenues
- generating new leads or prospects
- improving on your ratio of leads to sales
- increasing your client retention
Every month, set aside at least twenty percent of your time to dedicate toward such activities. These activities should not only be scheduled within your calendar, but they need to be tackled first. If you leave these activities until the end of the week, it is unlikely that they will be completed. Things will pop up and before you know it, the end of the week will be staring you in the face and you will not have accomplished the most important tasks which have the potential to increase revenues and profit in your business.
Small Business Owner Insurance
Still thinking of starting your own home business? Does it seem like an uphill task for you to get started? Well, it can be simple. Going through these 7 steps will help you to visualize how you can get started with your home business. When you break them down into individual steps like this, it doesn't seem so tough or complicated anymore.
1. Researching
There are thousands of home businesses ranging from selling carved wooden art pieces to selling software. You will find plenty of home businesses on the Internet but therein also lies the problem. Which home business should you start? When researching on which home business to start, do your research but don't spend too much time trying to decide. You don't want to get stuck here with the paralysis of analysis.
2. Choosing The Best Business For You
What home business should you choose? There isn't always a “best business” suitable for everyone. What is best for you depends on these:
· Is the business model profitable?
· Does it fit in with your schedule if you have a job?
· Are you able to commit the time required?
· Do you have the relevant skills to do this business?
· If not, what does it take for you to acquire these skills?
3. Your Product
After you have decided what product or service to market, do the following:
· If you're selling your own product, you have to spend time creating your own product or hiring someone to do it.
· If you're selling an affiliate product, familiarize yourself with the product.
· Get some wonderful testimonials on your product. You can get testimonials by giving away your products for free to a
limited number of people you want to get testimonials from.
4. Writing Your Sales Letter and Emails
If you're not good at copywriting, then hire someone to do it. You can get reasonable rates from freelance copywriters. Plus, this can save you time and headache. Many people forget about writing emails. If you're capturing leads using a squeeze page (lead capture page), you will need to follow up with them through email to get them to buy your product. Writing good emails will help you to increase the traffic to your website and your conversion rate as well. (You can also hire someone to write for you if you think you can't write.)
5. Setting Up Your System
Your system is your automatic sales person and cashier. They are your website, autoresponder and payment facility. If you're a technical person, you can set these up yourself. If you know nuts about IT, you can hire someone to do it for you. Actually, even if you're a computer whiz, you may still hire someone to do this for you as this is not a revenue-generating task. Outsource this to someone else while you concentrate on generating revenue (Step 7).
6. Testing Everything
When you have your sales letter, emails and system all set up and ready to go, always test. Test your sales letter and emails. Ask your mentor what he/she thinks of your copy. Ask friends and family members what they think of it. Just a little tweak of your copy can make a big difference in your income. If you are capturing leads, sign up for your own autoresponder and see if you're getting the messages as your customers should. Most autoresponders will have a feature that allows you to test all your email messages as soon as you finish writing them.
7. Launching Your Business
You've tested everything and they work just fine. What you have to do now is to launch your business. Shout it out to as many people as you can. In order for the money to start rolling in, you have to market your business. There are so many marketing strategies you can use to market your business. Don't get stuck spending too much time deciding which strategy to go with. Decide on one and take action! Take massive action!
Are there any shortcuts? Yes, but only for some of the steps. You still have to put in your time and effort if you want to become a successful home business owner. So what are the steps you can shortcut? Your product, sales letter, emails and system. You can join a program in which the product has already been created, your website with your sales letter is created for you, your emails are written for you and a basic system is set up for you.
Both Salim Omar, Cpa & Angel Low are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Salim Omar, Cpa has sinced written about articles on various topics from Marketing, Finances and Business Plan. Salim Omar, author of specializes in providing accounting and tax services to small business owne. Salim Omar, Cpa's top article generates over 49500 views. to your Favourites.
Angel Low has sinced written about articles on various topics from Home Based Business. . Angel Low's top article generates over 3600 views. to your Favourites.
Breckenridge Vacation Home Rentals Whatever kind of atmosphere and surroundings you are looking for, there is a vacation home or condo rental that has everything you need for the perfect winter excursion or summer adventure