Some business points that I have compiled from my readings and experience.
- Solve people’s problem. Can start with own problem face. A lot of products in the world are result from some frustrations, problems etc of the founder.
- Start with what you have. Start with how much you have and can burn, with what technology/tools you know, with who you know. Don’t wait everything perfect to only to start.
- Validate with MVP (minimum viable product) or RAT (riskiest assumption tests). Don’t spend everything you have to start. Start small, get real feedback. Are people willing to spend money to buy and use your product?
- Economy of scale – a proportionate saving in costs gained by an increased level of production. Specifically referring to manufacturing but also applicable to other industries
- Focus on activity that yield the most return/profit/revenue. There are activities that create values, others don’t create any values. It is called waste.
- Eliminate. Automate. Delegate
3P – Plan. Prioritize. Perform
Time wasters – recognize them and develop strategies to deal with them
- perfectionism – focus first on doing right things, before doing all things right
- multitasking- use time block to focus on one thing at a time
- confusing activities with accomplishment
- apply 80/20 rules to prioritize and get important things done fast
- break to smaller achievable tasks
- take the first step. just do it
- looking for things
- too much time spend for management
This taken from 7leversofbusiness
– get leads/traffic
– from events,
– convert leads to real prospect
– phone/email queries, subscription
– offer something free to get in touch/follow up
– get minimum info – name, email or phone
– money back
– payment options
– strong brand
– ask for the sale
4. Items per Sale
– offer add-ons – (e.g. date entry, website building)
– package the deal
5. Average Sale Price
– increase price. – give more value
– be a market leader
6. Transactions per Customer
– recurring bills
– repeat sales.
– sales other things – membership, info product
– sales same things again
7. Profit Margin
– decrease cost
– nego with suppliers
– improve product line. push for high margin products
– reduce expenditure
– reduce staff, automate things, find partners
Increase small percentage on each level will contribute significant improvement in business profit.
Steps for doing sales and marketing on the internet.
- Set several advertisement online – classifieds, google adwords, facebook ads
- Let the visitors land on the squeeze page and leave their email address. In return, provide free tips, free report
- Set at least 5 autoresponders to send out the promised report and tips to build credibility
- Send subscribers to a sales page to sell products
- Send subscribers to other recommended products as well
- Anyway don’t just sell, give also valuable free information
- Once in a while, can also broadcast email for some good news (normally more free information, tools and promotions)
Some books recommended for startups and entrepreneurs.
- Crush It – Gary Vaynerchuk
- The Small Army Strategy – Srinivas Rao
- Think like a rock star – Mack Collier
- Blogging the smart way – Jeff Bullas
- The Lean Startup – Eric Ries
- 4 hour workweek – Tim Ferriss
- Rework – Jason Fried
- Secrets for Blogging Your Way to a six figure income – Darren Rowse, Chris Garrett, Problogger
- The $100 Startup – Chris Guillebeau
- The Art of the Start – Guy Kawasaki
Read detail reviews for each
Go this from my recent reading and thing this is helpful in many ways.
1. Stick to what you do – don’t always change mind, stick to what you do, believe in it and go for it
2. Be different – be outstanding, be different. In term of design, the way you do things, the way you communicate, be transparent, don’t hide, be honest etc etc.
An important skill to master is communicate clearly in simplest form possible. You can write maybe 3 paragraph to explain on something but you have option just to write maybe 2 sentences to cover what you want to deliver.
Something that you need to consider when writing.
1. Level of understanding on the recipient side. It varies among different people. So try to suit them.
2. Use shorter sentence
3. Re-read before send and try to make it even simpler. Remove the unnecessary. Simplify the rest.
When you can master this skill, your message will become clearer to the recipient. Less problem will raise because of misunderstanding or even not understand at all.
To eliminate worries, find answers to this 4 questions on any problem you face. Ask people you know to do the same.
1. What is the problem?
2. What is the CAUSE of the problem?
3. What are ALL possible solutions to the problem?
4. What solution do you suggest?
Information Technology is popular as a service industry. The support is the most important activity.
Some of important practice on email support.
- Reply promptly. Not 2 days after or ignore it.
- If cannot settle issue immediately, give some estimation when to revert
- Use short and simple words. Can save time and also can avoid grammar mistakes
- Whenever possible, use numbering or bullet to show separation of points