BIO Blog - Business Ideas & Opportunities

The Next Michael Dell? - Conclusion

Magic — Fri, 01 Aug 2008 14:01:43 +0100

Well,

The PC did not sell, so lets ask ourselves why

1) Price - Too High in such a flooded market place.

2) Choice - With such a large offering on E-Bay my chances were greatly reduced.

So, how could I sell in these conditions?

Its not all about price, you can charge more, but youi have to give more in terms of service and quality. Then this needs to be aimed at the appropriate target market.

For Example.

I bet I could sell that PC for a higher price if I threw in free installation and 1 hours tuition. All I would need to do is find a target market lookin gfor just that. Someone who is not computer minded would go for this option in place of a cheaper alternative becuase of the added value this would give them.

Conclusion

Know your market and target your product at the correct market.

E-Bay is more about price and is very difficult to add value or the personal touch.

Where you cannot compete on price add something else to give a reason for someone to pay that bit extra.

Self-Motivation

Magic — Fri, 01 Aug 2008 13:55:17 +0100

The best motivation is self-motivation. The guy says, I wish someone would come by give me a helping hand.

What if they don't show up? You've got to have a better plan for your life than that.

Dont Miss The Boat

Magic — Mon, 28 Jul 2008 13:22:05 +0100

Twenty years from now you will be more disappointed by the things you didn't do than by the ones you did do. So throw off the bowlines. Sail away from the safe harbor. Catch the trade winds in your sails. Explore. Dream. Discover.

Golf Clubs Go Green

Magic — Mon, 28 Jul 2008 10:54:49 +0100

I was playing around of Golf on Sunday, it was a very hot day so I bought two bottles of water from the Pro Shop to keep me going. When I finished the 1st bottle I disposed of it in one of the bins conveniently located at each teeing off area. I notice there were many plastic bottles already in the bin. This got me thinking. It is not environmentally friendly to put plastic bottles in land fill, as they can take up to 500 years to break down. I know our local recycling plant will taka plastic bottles and recycle them.

My idea was to approach golf clubs and offer a recycling service, where by I would provide an additional bin that plastic bottles/cans can be placed in, then I would collect and recycle for a fee. This could be expanded to other such venues, as our council in particular to do offer a service to recycle plastic bottles or even cardboard.

With such pressure to go green, it would not need a hard sell, as most Companies will do their bit as long as it does not impact them too much or cost the earth (Sorry!)

Dream On!

Magic — Thu, 24 Jul 2008 14:49:08 +0100

Determination - You need to be determined to stand any chance of success.

Realistic - Be realistic about your ideas and business plans, set achievable goals.

Enthusiasm - Live it, breath it, make it happen.

Attitude - A positive mind set will help overcome problems and obstacles holding you back.

Motivation - 100% drive is required to achieve maximum potential of your idea.

Opportunity - Keep looking out for new opportunities and be open minded towards new ideas.

Now stop reading this and go and do something about it!

Top Tips from those who know

Magic — Thu, 24 Jul 2008 14:30:59 +0100

I found this on Emma Harrison's web site, so I have "borrowed" it to share with you.
Emma Harrison, successful entrepreneur gives her top tips on how to start, build and grow your business.

Make sure you know what it takes…
Lots of people are passionate but they don’t do anything. Determined passion coupled with action are the building blocks of success. Having a dream is not enough – you have to deliver on it, you have to do both.

Break it down and work on it every day – step by step…
I have many dreams and I immediately think what little step I have to take every day in order to get there. The dream could be five years ahead, but you need to know what to do today. It is a journey. And for me it is never-ending.

Write a profile of who you want to be in five years…
Five years ago I wrote a profile of myself, five years into the future. I was really embarrassed at the time and hid it away in the bottom of a drawer. Now when I read it back it has all come true. I wrote that I was a highly respected female entrepreneur acting as a role model to other female entrepreneurs, able to inspire, encourage and elevate people to become successful.

Get a mentor – and know what you should be getting out of it…
Mentoring is a practical tool that effects the bottom line. Too many people think it is something intangible, something ‘huggy-feely’. I have turned people down who ask me for mentoring because actually what they are looking for is the ‘squashy love’ thing. I’m only here to help them figure out how to change the world not how to manage a session of self-discovery. That’s where people get confused. I believe in ‘pin you ears back’ training sessions.

Don’t make marketing your number one priority, make it your only priority…
There are three things that you should spend you time doing: Marketing, marketing, marketing. It is the most important thing that someone growing a business should be doing. If you are not prepared to do that, then everything else is irrelevant.

Invest in people – that’s all you have…
In the end, business is about people – it is nothing else but the people. I hate when people say ‘our greatest asset is our people’ – why what else do they have? The only thing they have is the people.

Be an entrepreneur not a business manager – allow your business to grow without you…
Develop a ‘without me’ policy. My businesses have to work without me – and guess what, when I step back they grow.

Also See - http://seriouslyhomebusiness.blogspot.com/2008/07/problems-just-waiting-for-solution.html

Respect Others Ideas

Magic — Wed, 23 Jul 2008 08:11:52 +0100

Give just as much regard and respect to the advice and ideas of others as you do to your own ideas. Think and consider the ideas of others, just as your own. This is what it means to give regard to the ideas of others

A Little less conversation...

Magic — Tue, 22 Jul 2008 13:45:39 +0100

Better to spend 10 minutes doing something than 1 hour thinking about something.

Each day/week set small achievable goals. This will get you started and you will feel you are making progress.

Remote Backup - Home Users

Magic — Tue, 22 Jul 2008 13:30:23 +0100

One for all you techies out there.

Everyone one has a digital camera, where do they store there photo's? On their PC

Do they regularly backup there PC - No. Can they replace these photo's - No. Is there a business opportunity - YES!

For my employers I have looked into remote backup, of which there are many options, but one thing struck me. There is not much in the way of remote backup for the average home user. I believe BT broadband offer a service for their customers, but I cant find much else.

Easy start up business.

Write a ftp backup application (or ask a programmer to do this for you).

Build a web server or rent some web space.

Produce a simple web site detailing the service.

Charge people a monthly/yearly subscription to backup all there data online. You could charge per MB/GB.

As it grows investment would be needed in a dedicated web severer and of course your own backup

Once up and running the money comes in for not doing a lot on a day to day basis.

If at first you don’t succeed...

Magic — Mon, 21 Jul 2008 16:21:49 +0100

The story goes that "Thomas Edison failed more than 1,000 times when trying to create the light bulb".

When asked about it, Edison allegedly said, "I have not failed 1,000 times. I have successfully discovered 1,000 ways to NOT make a light bulb."

Small is beautiful

Magic — Thu, 17 Jul 2008 10:01:45 +0100

Many people assume (incorrectly) that because they are a one man band or small business they are at a disadvantage and cannot compete against larger organisations. The main advantage for big business is buying power, but remember with big business comes big overheads. It’s also worth pointing out that although cost is a factor in peoples choice, it is not the only factor. A price war will end in disaster for small businesses, so give them something extra you can offer, but large businesses cannot.

There are many advantages to starting of small or indeed staying a small business and these need to be utilised to enable you to compete.

- Low Overheads.

You can reduce your margins as you don’t need to make as much money to cover your costs

- Flexibility.

Large Companies can be very slow to change or react to the market, small businesses have 1 or 2 people able to make decisions immediately.

- Customer Server.

It is far easier to implement good customer service on a small scale. Attention to detail and adding that personal touch will ensure you win more work, something very difficult for larger organisations.

Start Up Or Buy?

Magic — Tue, 15 Jul 2008 16:14:14 +0100

Start up a business or purchase an existing business? - That is the question!

Well what does each scenario entail?

Start up can usually be done at your own pace, whilst still working and bring in a income, vital if you cannot afford to give up work or do not want to take the ultimate risk. Granted it will take longer and you will not be financially viable for some time, but this can be used to generate a top up income and get you established in your chosen market.

Purchasing a business can get your straight in, but the risks are higher. My view is why is anyone selling a business?

You have to ask your self can I make this more profitable? Will I be able to make a living?

I have no doubt these two options will appeal to different people. Which one appeals to you?

New Ideas - Its good to share

Magic — Wed, 09 Jul 2008 11:53:22 +0100

It's good to share new ideas. Many people keep ideas to themselves, but if that is where they stay then no-one benefits. People are reluncant to mention new ideas in case someone steals it. What are the chances?

1) - If its a new idea you will need help.

2) - There is more to a business than just the idea. You need drive and determination to make it happen, the idea alone is only the very beginning.

3) - It can form part of your market reseach to test if people like the idea and think its viable. It may help you overcome pitfalls early on or before they happen.

I will post my ideas as and when I have them, so please feel free to comment on them, good or bad.

No new ideas?

Magic — Tue, 08 Jul 2008 14:55:40 +0100

Everyone I speak to about starting a business (well those who do not have one) always tell me 'You need a new idea' or they shoot down my ideas as not being radical enough or not being original.

I am a member of the magic circle, and once I was told by a very knowledgeable magician that there were no new magic tricks, only old tricks re-invented or with a twist on an old principle.

Maybe this applies to business as well? How many new ideas have made people lots of money in the last 5 years?

Now how many successful businesses have been created offering the same as an existing business, but maybe better or in a slightly different way - lots that’s how many.

Take E-Bay for example. It makes millions of pounds every year Was it a new idea - No. Auctions have been around for many many years. Was it a twist or update on an existing format - Yes. E-Bay took advantage of a new technology and paired it with an format already in existence, and used it to make a success.

Also, the problem with 'new ideas' is how is a one man band or start up company going to implement it?

Very difficult to do with limited resources and capital. How easy it would be for that idea to be ripped off by large companies who could replicate it in no time at all, leaving you with nothing.

The more I write about it the more I feel I need to take an existing concept and add value to it, maybe open it up to a new audience or provide better Customer Service.

The "Would Be" Business Man

Magic — Tue, 08 Jul 2008 14:09:01 +0100

The would be business man - Well I would be one if I had a business!

I guess I am like a lot of people, I have a decent job, but somehow that is just not enough. I dream of throwing it all away and starting my own business. I have lots of ideas, but never seem to get them off the ground.

Well this is the first step to a new life for me (and anyone who reads and contributes to this blog). The idea is to publish and share the success and failures of business/money making schemes with other likeminded individuals in the hope that it may kick start the process.

I will post my ideas for businesses, hopefully you will comment on them, and post your own and we will see where it leads to - who knows this time next year we could be millionaires!

Mike