Keeping Your Small Business on Track

3 Tips to Help You Stay on Target

For some, being a business owner is a lifelong dream. For others, the economy has forced larger companies to downsize, leaving employees with the choice to find a new job or open a business of their own. Regardless of what path led you to being an entrepreneur, the biggest concern for small business owners is making sure their company stays on track and can make money for themselves and their employees. While there are a lot of different resources out there about how to run a business, here are three simple tips that can help keep the company afloat and your entrepreneurial dreams alive.

Have a Good Business Plan

Before opening a business, it is important to map out exactly how the business will run and the overall goals of the business. Once the business is off the ground, however, it is key to continue to revisit these plans and start setting more goals for business growth. It is important to set timelines that you are comfortable with – many businesses work on a 90-day goal plan, while others have their millstones mapped out years in advance.

Regardless of what approach you take, it is important to know where you want to take the business and decide how you are going to get there. By creating and revisiting goals on a regular basis, it is much easier to take active steps towards accomplishing those goals. You also have to be willing to change with the times. Plenty of businesses find success in secondary areas and evolve to make these areas more of a focus of the business. If you find an unexpected area that is showing profit and interest, do not be bullheaded and refuse to take the company in a new direction.

Find Balance – Personal Growth Can Help Business Growth

Life balance is something that all business owners struggle with on a regular basis. It is always a battle between spending enough time working and spending enough time with family and friends. But it is important to remember that your personal well-being is directly linked to the business’s well-being – if you are unhappy at home, chances are you will be unhappy at work, which will affect your performance and possibly the business’s performance and profits. Business owners see this correlation more often than the average employee because they have invested so much of their time and passion into making a dream a reality. Make a strong effort to find balance between your personal and professional life in order to drive positive growth in both your home and your business.

Never Quit

Opening and growing a business is a lot of commitment and work, not to mention it is not exactly the easiest endeavor. Taking a look at some statistics, such as the fact that 8 out of 10 small businesses will fail within the first 18 months, may make opening a small business seem like an impossible task. But, the two businesses who did survive their first 18 months did so because they did not give up. Perseverance is an important quality to have as a business owner – there are going to be ups and downs, good sales days and bad and it is important to keep going and keep striving for your business goals. Road blocks in business are easily overcome when a business owners takes charge and is proactive rather than reactive, which gives the business, and the owner, and even greater chance at being successful.

I know it can be hard to keep a small business or work at home business going. We face plenty of challenges, but give me a few minutes and I am sure I can help you make your business more profitable. My name is Stacy O'Quinn and I have helped dozens of business owners create a six-figure income for the financial freedom they have always wanted. To learn more about me, click here.

Vacation Tips from Dani Johnson

Saving Money on Groceries to Help Fund Your Next Vacation

With the coming of Labor Day the summer has officially come to a close. Whether you were able to afford a great vacation this year or not, this is usually the time when people being thinking about and pre-planning next summer’s vacation! It is no secret that money is tight for many people these days, so starting to save early is usually the key for them to be able to afford some time off. Dani Johnson understands that vacations are expensive and has some tips about how you can save for your next trip!

What’s in Your Grocery Cart can Lead to Financial Stability

When it comes to saving money, Ms. Johnson suggests that the first place to start is with your grocery cart and your food budget. When we go food shopping for ourselves and for our families, the general thought is making sure we get the items we need for a certain amount of time and, if there is money to spare, get the items we want. But Ms. Johnson believes that a change in approach at the grocery store can help lead to a financial life that has room for great vacations, no debt, and a worry-free retirement.

The key to having an effective shopping list and food budget is all about planning! Before hitting the store each week, sit down and plan meals for all seven days. It is important to consider portion sizes realistically, how much your family should be eating as opposed to how much they want to eat – on average, Americans eat almost double the suggested portion sizes! Also, make to work leftovers into this meal plan as well remember that any leftover food that is thrown away is simply money in the trash.

Make sure to check the pantry and fridge while meal planning every week. It does not make monetary sense to buy items for seven meals every week when you have an entire kitchen full of food to work with! Consider the food items that have already been paid for and work them into the weekly meals. Be creative! If there are leftover vegetables, chicken, and a small amount of rice in the home, mix them together and make a delicious stir-fry. You will be amazed what can be made with leftover food items.

Put Money Aside for Your Vacation

By following Ms. Johnson’s grocery shopping and meal planning tips, it is possible for a family to get by on a grocery budget of $100 a week or less. When compared to the $200 or more dollar grocery bill some families have, this is a huge savings! With your food budget under control, it is time to take all the money that has been saved and put it aside for your vacation. This should be a special fund or account that money goes into but does not come out of and should not go to waste in other frivolous areas.

Carefully monitoring how much we spend on groceries, properly planning weekly meals, and setting money aside often in a special account is the perfect recipe for funding your dream vacation. The beauty of this system, according to Ms. Johnson, is that you can start saving for your trip today! By taking a close look at spending habits and identifying where money is being spent unnecessarily, it is possible for someone to gain financial independence just by changing how they approach everyday tasks.

Stacy O'Quinn helps small business owners become more profitable using Dani Johnson training. Tips like this are just the beginning! Her selling and closing techniques helped Stacy create a legitimate home business, erase his debt, and create a six figure income! To find out how Stacy can help you, click here.

Create Customer Loyalty to Improve Sales

How to Attract Return Customers to Your Small Business

It is no secret that customer loyalty is directly related to higher sales. When a customer is loyal to a company or business, they will go out of their way to make purchases with that organization. Creating customer loyalty is especially important for small businesses – larger companies attract enough one-time buyers to continue to hit their sales numbers but small businesses need to rely on repeat business to make a profit. What many small business owners struggle with is creating the customer loyalty and developing customer relationships that keep consumers coming back time and time again.

Develop the Best Customer Service

One of the keys to creating customer loyalty is having great customer service. Although customer service is something that every business prides themselves on, more often than not customer receives bad service which discourages them from purchasing from the organization again. Make sure to develop a great customer service culture within your business – set the bar high for how customers are treated, make sure they are greeted in a friendly manner and their needs are taken care of quickly and effectively. Customers will remember great service and be more likely to purchase from you again.

Be Careful Not to Oversell

While it is important to try and sell your products and services to a customer, it is important to also try to not be pushy or overbearing with your sales pitch. Consumers who feel that they are bullied into making purchases or hounded by a sales person are not likely to return to that business again. A better approach is to focus on how your business, products and services can help improve the customer’s life – when consumers feel as though a business owner truly cares about them, their needs, and their wants, they are much more comfortable and happy to return to the business to fill their needs in the future.

Stay in Touch

Once you have developed a rapport with a customer, make sure to be in regular communication with them. Develop a key customer list and send emails or direct mail pieces to let them know about specials or sales in your business. Also, it never hurts to send a note just checking in with them if they have not done business with the company in a while. Consumers want to know they are cared about and really appreciate a business or an owner who reaches out to them on a personal level. Developing these kinds of relationships will easily transition into customer loyalty and can truly help boost sales overall.

When a business has loyal customers, they usually have higher sales. Loyal customers not only make regular purchases from the business but they also suggest the company to their family and friends. Consumers who are happy with a business’s customer service and the relationship they have with employees or the owner are much more likely to tell others about their experience and encourage them to also make purchases. When a customer’s loyalty is combined with the word of mouth marketing they can provide, the possibilities for growth and increased sales are endless!

Need helping make your legitimate home business more successful? Maybe you need to give Stacy O'Quinn a call! Stacy has helped dozens of small business owners and he would love to help you too! For more information about Stacy, click here.

Should You Create Bonus Programs for Your Small Business Employees?

Choosing and Executing a Successful Bonus Program

Bonus programs are on the rise in corporate America. The increase in these programs is due to companies having the need to identify and ensure they have the right talents to continue to grow. All different types of bonus programs, including signing, referral and spot programs, have exponentially increased over the past four years. While it is generally larger organizations that employ these programs, small business will start feeling the effects when they begin to compete for job candidates. Because of this, it may be worthwhile to investigate a bonus program for your small business.

Information on Signing Bonus Programs

Signing bonus programs are probably the least likely to be used in small business. Although uncommon, this type of bonus program can still be beneficial in certain situations. Signing bonuses are great for small businesses if they are standard practice in the industry, employers need to motivate desirable talent to move to the area or when attracting candidates with hard to find skills. It is important, however, to make sure signing bonuses are employed carefully. Consider staggering the bonus payment – this will help prevent any candidates who would simply use the bonus to “job hop.” It is also important to remember that this bonus cannot be a candidate’s sole attraction to the business but should be an addition to other employee development opportunities.

Information on Referral Bonuses

Referral bonuses are given to employees who refer new talent as job candidates who in turn get hired by the company. The theory behind this bonus program is that talented individuals know and are friends with other talented individuals – if a great employee refers someone for a position, chances are they will also be a great employee. To implement this type of referral program, it is important to develop a policy and procedure for how payment of the bonus works before presenting it to your staff. Ask questions such as,  "Should a referral bonus be offered for every position or just specific jobs?" "Is the program ongoing or is it only employed during times of need?" " Should the bonus be paid in full when the referral is hired, or partially paid out until the new employee makes it through a probationary period?" The answers to these questions will help guide how the program works.

Information on Spot Bonuses

Spot bonuses are given to employees “on the spot” for desirable behavior. These bonuses are most frequently rewarded for special recognition, project completion and going above and beyond the employee’s outline responsibilities. Larger companies have spot bonuses north of $1,000, but for smaller businesses, gift cards and small amounts of money can be just as effective. This is another bonus program that should be well developed before presenting it to employees – decide whether or not the bonus program will have levels, set a strict budget for how much of the business’s money will be used and make sure to publicize the program well once it is fully established. Studies have shown that employees who have goals to work toward often perform better and more efficiently.

Are you trying to find a small business or legitimate home business opportunity? Stacy O'Quinn was just like you only a few years ago and has turned his financial life completely around! To find out how Stacy can help you, click here.

How to Buy Your Own Franchise

Tips for Franchise Purchasing

Being a business owner is a dream for many people but, not everyone has a unique concept or niche market they are interested in. For some, owning a franchise is a great way to be the boss without having to create a business from scratch. On the opposite hand, however, is the overwhelming search to find a franchise that meets the business owner’s wants as well as the community’s needs. With an enormous number of choices available, the possibilities are endless. When making this decision becomes too much, there are some tricks you can use to help make the franchise purchasing process a little easier.

Do Your Homework

Franchises work in different ways than many of the traditional business models we are used to and even more differently from one another. This is why it is crucially important to do extensive research on how franchises operate and what the common policies and procedures are before making a final decision.  When you have determined this business model is still the right fit for you, take the time to get in touch with current franchise owners – having a conversation with someone who is in the seat you want to take can help you to gain insight into the world of franchise purchasing from someone who has lived it.

Seek Out Different Franchise Opportunities

When it comes to finding franchise purchase opportunities, do not just scoop up the first one that presents itself. Even though you may have found a great opportunity that matches your wants, needs and skillset, it is always important to see what else is out there. Make sure to compare apples to apples – when an opportunity presents itself, try to find one to two more opportunities that are very similar and see how they stack up side by side. Since your investment in the franchise will more than likely be north of $100K it is important to make sure the business model and organization are a perfect fit.

Seek the Guidance of Professionals

Once one or more franchise opportunities are found that seriously interest you, consider working with a small business accountant to help identify different financial implications. Franchises often carry different tax regulations and it is important as an owner to understand these effects and what that will mean for your business and your wallet. Having a small business account or franchise lawyer in your corner during the purchasing process is an invaluable asset – they will help to explain and prepare you for what owning a franchise will be like and make sure you are not getting scammed in any way.

It is important to remember that purchasing a franchise is a huge step and equally huge commitment. While doing research and talking to professionals is a great way to learn about the business and make educated decisions, it is also important to trust your gut. If an offer seems too good to be true, it probably is. During the purchasing process, make sure to keep your wits about you – if something feels right, move forward but if something is off about the deal, do not make a decision because you feel you have to. Even if one opportunity does not work out, there will always be another one around the corner.

There are plenty of legitimate home business opportunities out there to create your own franchise and Stacy O'Quinn can get you started! If you want to learn more about how Stacy created his own six figure income and how he can help you, click here.