Is your business going through an identity crisis?

Remember when you were fourteen and struggling to figure out who you were. You were confused, tried different things, experimented with different looks all in search of your identity. As a business owner, can you relate to those same feelings of searching for your identity? Knowing who you are is essential in running a successful business. If you want people to believe in you and your product, you have to believe in yourself first and know who your brand identity is.

You also have to understand the needs and wants of your customers and prospects. By looking at your business in the perspective of your customers and in an objective manner, it will be easier to define and build your brand.

To help you find your identity, start by putting it down on paper and ask yourself some questions:

• What do you want to accomplish with your business
• What services or products do you offer
• What is your niche market
• Who is your audience
• How do you want people to perceive you and/or your company
• What makes you different than all the others in your niche market
• What do you want others to know and say about your products or services
• What is your message
• Describe your business in one sentence

Like when you were going through puberty, there might be an evolution of your brand’s identity as you grow and progress in your business. There’s nothing wrong with adding layers but if you are prepared and did your homework from the start, the growth process will be a lot easier and confusion will be avoided.

Don’t forget that image and brand is great but you must also deliver. If you’re only image and don’t produce, you’re only setting yourself up for disaster and will lose trust and credibility with your customers and prospects.

Are you friends with the bikini girl?

If you are using Facebook as part of your business marketing plan, chances are that you’re looking to grow your network. I’m always amazed to see who some people choose to associate with.

With some of the new features on Facebook, when you become “friend” with someone it will show up in the news feed along with their picture and is public information. Yes guys, when you become “friend” with the bikini girl, I can see it! If you are going to use social media as part of your marketing tactic, first you should probably know who your target market is and figure out what you’re trying to accomplish. Sending out or accepting friend requests left and right, although will add to your network might just get you nowhere if none of your audience is interested in hearing about your product or services. I’m not saying that having 5000 untargeted friends in your network (don't forget the 5000 Facebook friend limit) won’t bring you any business but concentrating your efforts on the right people will be much more efficient. Also, don’t forget that some people will judge you and your business on who you hang out with.

So before accepting friend requests from the bikini girl, take a step back and start developing your strategy.

Picture from Dynamite Imagery at freedigitalphotos.net

Self-Employment; how much are you really making?

According to monster.ca, when calculating your hourly or annual income, it is most likely that you spend up to 30% of your time on administration (tracking time, billing, paper work, bookkeeping, marketing, etc.), so every hour is not a paid hour. Outsourcing can help you achieve your business and personal goals and focus on what you do best...making money. Recognize the warning signs.

1. You are overwhelmed with administrative tasks
2. You don't have time to grow your business effectively
3. You don't have a need for a full time employee
4. You don't have the space or resources for a regular employee
5. You have no time for your family and friends

Can you recognize yourself here...

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Starting a business during tough times

It is harder and harder to find and keep a job these days. Many people are thinking of different ways to make a living. The tough economic times might make people think twice about starting their own business thinking that it would never work. But in every economy, there are opportunities and it might just be a matter of recreating yourself.

Quote: “Failure and its accompanying misery is for the artist his most vital source of creative energy.”

Montgomery Clift

Being self employed has many advantages and provides more flexibility. Although I don’t know many people who claim to be happy in their jobs, it is much easier to find happiness when you can find passion and motivation in your day to day job. Being self-employed gives you the chance to explore and use your own individuality which you might not have the chance to utilize with an employer.

Quote: “Doing what you love is the cornerstone of having abundance in your life”.

Wayne Dyer

Here are some tips on starting a business during tough times from http://www.canadabusiness.ca/

How to start a business during a recession

Do you realize the best time to start your business might be during a recession? For example:

• A lot of large companies are going out of business or cutting out certain business lines, which may create gaps in the marketplace which you can take advantage of.
• The pool of available labour may be bigger, making it easier for you to find qualified, motivated and talented staff.
• Some people are able to use their severance packages from large companies to help finance the start of a new venture.

Small businesses tend to struggle and need to work hard for their profits, no matter what the economic climate. So getting started during a recession may not really be more or less risky than at any other time.
Below are some things you should consider to recession-proof your business.

Recession-proof your business:

1. Write a business plan that would tailor your business opportunity to client "needs", not luxury products or services.
2. Go for products or services that are less expensive.
   Make sure you have enough funds to keep the business going until you become profitable.
3. Offer clients your best price. Do a market study on how much clients would be willing to pay for your products and then make sure they are priced less than those of your competition.
4. Get your business online. Clients often look for "internet-only" bargains or coupons. The internet is open 24-7 and you can use the internet to your advantage by offering incentives for return clients and monthly newsletters about new products and services.
5. Use free or inexpensive marketing techniques, such as social media, networking, client referrals, etc.
6. Share your expenses with another company (e.g. share an administrative assistant or office space or bulk order supplies together) to cut down on your overhead expenses.
7. If you are employed, consider starting your business part-time while continuing to work at your day-job. This may not be possible for all types of businesses, but, in some professions, it can be a good way to test the waters and augment your income.

Source: http://www.canadabusiness.ca/

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