What Other Businesses Can Learn From Groupon

Groupon, pioneer of group buying and one the fastest growing companies in history, will have its launch on the stock markets today with an initial public offering (IPO) that’s values the business at thirteen billion dollars, more double the $6bn that Google offered for the three year old company last year.

A recent Business Insider profile of Groupon had some fascinating insights on this unique company and its growth, there’s a number of lessons that most business owners, entrepreneurs and managers can take from this company’s dramatic growth and market leadership regardless of the sector they operate in.

Apply tech to your business Many people make the mistake that Groupon is tech startup when it’s actually a sales operation.

Groupon’s business model isn’t really new, what they have done is applied various web technologies to the directory and voucher shopping industries and come up with a 21st Century way of doing things.

Bringing together different modern tools like social media, cloud computing, local search and the mobile web makes businesses more flexible and quick to develop new market opportunities.

Prepare for quick changes Groupon was born out of another business – The Point. As The Point steadily died, Andrew Mason and his mentor Eric Lefkofsky decided to try something different and Groupon was born.

This ability to change focus quickly – often called “pivoting” – is essential in changing markets. In volatile times like today where today’s business conditions can’t be taken for granted we have to be prepared for rapid changes.

Fortunately the cost and time to changes your business focus has dropped dramatically with digital and online tools, which is another reason to embrace tech.

Get a good business mentor Eric Lefkofsky bought maturity and a perspective to Groupon’s young leadership, having a different and more experienced view of the business helped it develop and grab the opportunity.

An experienced business mentor can be worth their weight in gold.

Back a good idea In Nicholas Carson’s Business Insider profile he describes Andrew Mason role at Eric Lefkofski’s business before The Point as “an intern, ‘kind of squatting in their offices'”. Lefkofski was prepared to back the geeky kid camping on his premises.

Putting your prejudices and judgements on the shelf to back good ideas, particularly those that don’t cost much to execute, is one way to find where the opportunities lie.

Tell your business story Regardless of what you think of Groupon’s claims, they tell a very good story which has lead to their amazing growth and the development of the group buying industry.

Being able to tell your story, in your terms, is one of the great advantages the web, local search and social media deliver. There’s no reason why your business shouldn’t be dominating the local market in whatever field you work in.

Regardless of what your business does, it can benefit from applying the online tools that are available to all of us.

We may not be the next Groupon but the web gives us the opportunity to build our business to take advantage of the 21st Century. It’s worthwhile understanding the new tools at our fingertips.

Small Business Advertising IQ Test – Outdoor Advertising

There are dozens of places that a small business can spend money on advertising. It has been demonstrated by the SBA (Small Business Administration) that on-premise outdoor advertising is the least expensive, most effective method to generate more walk-in customers.

Is your business signage doing the job? Ask yourself the following questions to check your advertising IQ:

  • Some business people spend more money on a cash register to keep their money in than a good sign to pull people in to fill it! Doesn’t make sense, does it?
  • You don’t buy a ¼ inch drill bit because you want a drill bit, you want a ¼ inch hole! You don’t buy a sign because you want a sign, you want more customers, right?
  • Do you think this sign could hurt your business? Well then, what’s the only other thing it could do? Help your business, right?
  • The world of packaging is a multimillion dollar business. Most of the products you sell are packaged to sell, right? The most important package for your entire business is the front of your store! It’s the first thing your customers see and it must convince them to stop in and buy! A new sign makes the best package you could have!
  • Most investors feel that getting their money back in 7 years is a good investment. Most businesses that purchase a new outdoor sign get their money back in a few weeks! That’s smart investing isn’t it?
  • It would be great if you could go out in the middle of the street and personally invite people into your business, wouldn’t it? First of all, you don’t have time and secondly, you might get run over! The next best thing is to invite them in with a sign. Is your signage communicating with your customer visually!
  • Can you imagine going to a major league baseball game, getting out on the pitcher’s mound during the 7th inning stretch and telling 50,000 fans about your business? Would that improve your business? Well right now, you have over 50,000 people every few days passing less than 50 feet from your front door! They are all potential customers of yours! But first, you have to tell ’em what you have before you can sell ’em!
  • If your landlord came in today and made you this offer…”I need some cash right away…If you pay me $5,000 now, I’ll allow you to stay here RENT FREE for the next 10 years!”… Would you do it? That’s exactly what a good outdoor sign will do for you! Make sense?
  • Let’s say that I want to go to work for you…before you say yes or no, let me tell you my qualifications. I’ll work 24 hours a day, 7 days a week, 365 days a year for the next 10 years. You don’t have to pay unemployment taxes or any fringe benefits. I’llbe the hardest working employee you’ve got! Would you pay me $300 a month for the next 36 months? That’s what the correct outdoor electric sign will do for you!
  • Where is the nearest McDonald’s from here? How about Holiday Inn? Where is Betty’s Ceramics? You see, you know where McDonald’s and Holiday Inn are, but not Betty’s Ceramics and they are on the same street! The only difference is their signs! That’s why successful franchises spend up to $50,000 for their signs, and 80% of a franchises customers are impulse do to the sign. The average McDonald’s locations get over 1800 customers per day. The sign pays for itself in 7 days! What would happen to your business if you had a larger sign out front?
  • People judge the inside of your business by how you look on the outside! If you could turn your business inside out and show people what you have in here, they would flock in… but you can’t. The next best thing is to get something out front that will show people what you do have on the inside! Does that make sense?
  • Some business people spend more money in monthly payments on a credit card terminal than a good sign to pull in those customers with the credit cards…doesn’t make sense, does it?
  • If you want people to come to your party, you have to send them an invitation right? The more invitations you send, the more people that show up! The same is true with your business, the more customers you invite in, the more sales you make! So, if you want their business, you have to ask for it! You have to make it easy for them to find you…without a good business sign. Is your sign the nicest invitation in town?
  • People like to go where the action is. Nobody likes to go to a slow business! Have you ever gone into a restaurant at lunch time and you were the only person there? Makes you wonder why, right? The right business sign will create customer traffic…it will create lots of activity and excitement! That’s what you want, isn’t it?
  • If you came to work one morning and saw two guys out in front of your business building a large brick wall that would hide your business from the people passing by…what would you do? Probably send them away and tear down the brick wall, right? You don’t want anything hiding your business! Unfortunately, you have that situation right now. There is a brick wall is the front of your business, your storefront. All your products and services are hidden behind the front wall. You need to do something to get those products on the other side of the wall where you customers can see them. Does your outdoor advertising have a large logo or graphic that instantly describes your products?
  • A business without a sign is a sign of no business!
  • The more you tell, the more you sell!
  • Some small business spend more money on signs advertising “going out of business” than they spend on signs while in business…and wonder what happened?
  • Your business is located on the banks of a money stream! You have thousands of dollars flowing past your front door! All you have to do is bait your hook and keep it in the middle of the money stream! A highly visible outdoor business sign will catch more customers than any other bait on the market!
  • A good outdoor image can increase the value of your location without increasing your rent one thin dime!
  • Your business will never stay the same. It will either go up… or out. No business remains static. If you think a sign will help your business…EVEN A LITTLE BIT…then by all means, buy one!

How To Market Your MLM Business – 4 “Insider Tactics”

If you’re looking for effective and solid ways for how to market your MLM business, then you’re going to want to read this article from top to bottom. In it, I’ll detail four insider tactics for how to market your MLM business.

Most of us get involved in an MLM business and are taught to build our business by making a list of our warm market, conduct 3-way calls and in-home meetings, and to pass out product samples and business cards to anyone we can find who will stop and take them. We are taught that this is how to market your MLM business so we do it, only to find after weeks, months and countless dollars spent that there has been no return on our investment and that those efforts have achieved little (if any) results in terms of building our business and our bank account.

Sit back and ponder for a quick moment how every one of the most successful retailers on the planet markets their businesses. You don’t see Walmart or McDonald’s making a list of their warm market and making 3-way calls to people to get people to come to their stores and buy from them. Although network marketing is a phenomenal business, the ways most of them teach you how to market your MLM business are outdated and ineffective.

If you are serious about learning how to market your MLM business in a way that will create a massive and profitable organization, then you need to learn how to have prospects chasing you instead of the opposite taking place. Here are 4 “insider secrets” and a step-by-step process to make that a reality:

1. How To Market Your MLM Business “Insider Tactic” #1 – Understand The Significance Of Branding Yourself: People don’t buy from companies; they buy from people. When people are buying from you, it is because they are buying into YOU — your expertise, and because they like you (the reason why doesn’t matter). Understanding that it is you they are buying into is a key concept you need to understand.

2. How To Market Your MLM Business “Insider Tactic” #2 – Create Your Internet Presence: Don’t start out by blogging or setting Squidoo lenses or throwing YouTube videos out there. The very first thing that you should do which is “mission critical” to your success, is to create a squeeze page. That page should not make any mention of your company, but should be a really basic page talking about the benefits that your product provides. Keep it simple — just a headline, a few bullets and a place to collect their information.

3. How To Market Your MLM Business “Insider Tactic” #3 – Create And Build A Relationship With Your List: Once you have started to collect names via your squeeze page, you need to create and build a relationship with those prospects who have opted into your list. This phase is critical. Your strategy in doing this — and the most important thing to do at this stage — is to share your content and your expertise without expectation and free of charge.

4. How To Market Your MLM Business “Insider Tactic” #4 – Monetize Your List Without Damaging Your Relationship With them: After you have an established relationship with your list, now comes the money-making phase. This is where you offer products and solutions to their problems. This can be done in a number of ways — teleconferences, webinars, providing actual links in the emails you send them, or invite them to call you for a consultation. This is the phase where you begin generating real revenues for your business.

A big key in terms of how to market your MLM business this way is to understand one really important thing that you need to keep in mind during all these phases — but particularly during the 4th one. The 4th phase will not be effective if the first three phases have not first been adequately addressed.

When you are in phase 4, you want to be sure that in everything you offer to your list to make money, that you always intertwine it with relevant and meaningful content. For example, if you have an hour long webinar you will want to divide it up so that something like 40 minutes of it is good and meaningful content, while just 20 minutes of it is pitching them something.

The objective is that whether or not they decide to buy anything, that they still walk away feeling like you gave them good information (because that is how you keep your relationship with your list in tact). The last thing you ever want your list to feel like is that every time they receive something you they will be asked to take out their wallet (with nothing else included). This will destroy your relationship with your list faster than anything else.

If you’re looking for additional steps and insider tactics for how to market your MLM business, and to grab my FREE REPORT titled: “How To Create YOUR First 6-Figure Month In Network Marketing,” click on the link above.

Tips on How to Start a Catering Business

To commence away of and operate a catering company enterprise starting enterprise, you might need to possess self-discipline, the willingness and ability to create sacrifices, and in addition a sturdy wish to be profitable. This is not a collection you’ll be able to initiate out without the need of correct getting prepared. A catering enterprise might be a service and depends upon happy customers’ phrase of mouth to extra enhance gross object product gross sales. An individual exact poor evaluation from a purchaser can jeopardize any lengthy time period crew. You need to transfer past your actually like of meals preparation and make one from the most with all the equipment it is heading to think about to become productive.

Consider a household catering firm that provides whole foods. During hectic and active workweeks, parents regularly don’t have the time or energy to prepare dinner for those kids. Fill this will need by promoting wholesome, home-cooked, ready-to-eat dinners that dad or mom can cease by and get about the way property. Buyers can even pick up meals for the upcoming week on the weekend. For selection, alter your available menus just about every two weeks or each and every month. As an example, in April, you may supply stuffed pork loin, roasted potatoes, grilled leeks and brownie bars; pan-seared lamb, parmesan polenta, green beans and berry tarts; or Jamaican jerk marinated tofu, brown rice, black beans and vanilla pudding cups. In May perhaps, your menu may be entirely unique. On the other hand, you might need to consider featuring a few favorites that you offer you year-round.

An particular person degree that you must to generate prior to you start a catered undertaking is if there’s a market for this kind of your respective business inside of of one’s respective stain. Are there enough females and males inside your region that want or are in need to have inside of your catered group? And are there adequate men and women that might properly find the funds for what you need to offer? You ought to also appear into other catered enterprises as part of your place that may well understandably end up turning into your rivals. Have you been in a position to compete with what they ought to supply you?

Additionally to figuring out the marketplace, you also ought to place in writing a company party method. A corporation tactic will aid you maintain targeted, see the large picture, and get funding. It considerably is something that you simply just produce every time you start off your catering organization likelihood following which update given that it grows. You might very well then seriously must take a look at the financial investment you could possibly be about to develop, and then legalized your agency. You may perhaps also should make certain that you simply possess the correct insurance coverage protection inside your -catering business. Without having the appropriate safety, you’d perhaps be at menace to shed just about every issue you’ve labored so challenging for in situation of an incident.

Which you merely just are then prepared to acquire the gear required for that organization. So as to run your catering enterprise collection successfully and successfully, you must obtain the suitable type of gadgets. Some using the vital start-up problems consists of your respective cooking region internet site merchandise and utensils. Like a method to provide you your purchasers excellent method, you will want kitchen place web page instruments for example home gear, ovens, warmers, pans, pots, knives, and so forth. Maybe you most likely also ought to purchase serving machines like dishes and silverware.

As quickly as you occur to receive produce to fundamentally execute the careers you get booked for, you need to attain consumers. To develop into efficient of exist, each 1 organization calls for clients. This definitely is truly a sole aspect which you just ought to be exceptional at. Whereby have you been presently inside a place to appear throughout the clientele which may possibly be in will must have of one’s distinct businesses? A individual from the most helpful method to can arrive all through purchasers, and an individual certain that is entirely no cost, is by phrase of mouth. Relatively initial, speak for that pals and household members letting them know that you just are obtainable to accept operate possibilities.

When it arrives to utilizing someone to cook to go effectively together with your wants personally, males and girls favor to comprehend that the specific they are hiring arrives recommended. It really is considerably prevalent for individuals who’re looking for any caterer to ask individuals shut to them. One a fantastic deal substantially much more strategy to buy curiosity will be to site adverts in native papers and telephone publications. On main of that, you should cultivate a web net web page interior your enterprise. The Globe considerable Planet Vast Net is commonly definitely useful software for not merely enormous firms but more compact ones which might be just starting out like yours. With slightly perform and focus, you may well possibly quickly be noticed and buying the jobs which will develop your catering company enterprise.