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Monthly Archives: April 2017

Tips to Start a Convenience Store

The term convenience store denotes the idea that you are providing convenience to your customers. And the first way that you can address this need is to be in a location that is convenient. You might want to survey your local vicinity to see where people might be aided by the placement of a store. Look at the local businesses as well as traffic patterns in the area. Where are most people driving and where might you be able to place your business. And while you want to be in the most popular areas, realize that these areas can also be troublesome in terms of traffic and parking. Think of your business as though you were visiting it – where would you actually stop?

Places near highways and main roads tend to have the most success. This is because more people are driving in these areas and will generally need to stop at some point or another. You might also want to set up a small gas station as a part of your convenience store to really get your profits up – though with gas prices, this might not be the best move at this time.

The next step is to determine the kinds of products that you will sell. You want to sell basic goods that everyone uses. Things like staples – milk, bread, some medications – are always going to be necessary for people. If you’re in a large tourist area, you might also want to provide maps and small souvenirs. A large variety of beverages and snack foods will also be helpful, as well as hot coffee and tea.

You will also want to carry items that people might need at the last minute. Things like ice and cold cases of beverages come in handy when someone is having a last minute gathering. You might also want to carry things for automobile repair – oil and fuses, for example. Windshield wiper fluid and scrapers are also good items for colder climates. Batteries and camera film are also good items to carry.

Pricing is a large part of whether or not your convenience store will be successful as well. You will want to price your items slightly higher if you’re in a location where people do not have a choice for another retailer, but not so high that people will not pay the prices. Try to mark up more than you would if you were at a regular supermarket, but still slightly lower than the local gas stations and merchants.

You are offering convenience to customers that can’t find another retailer, so try to think of the things that you have run out for at the last minute. It’s think kind of thinking and planning that will make you a success.

 

Business Strategy to Optimize Your Profit in Your Own Business

You need to utilize a business strategy to optimize your profit. The first step is to analyze your current business strategy. What tasks yield you the most profit? What marketing strategies result in profit? Which time management strategies work for you and which ones don’t?

It may be helpful to write down your current business strategies. You may already have a written business plan. Carefully go through it and note the strategies that have worked for you in the past. Then focus on those successful strategies and make them even more successful. Periodically review your business plan so you are achieving the highest level of success you can.

The second step is to understand that you need focus on two main areas: Lead Generation and Profit Generation. These two areas are crucial to your success. You will crush your competition if you focus on Lead Generation and Profit Generation. As a one man shop you have very little room to waste money or effort. Therefore, an organized plan is the best way to go.

Lead Generation involves brining in new leads every day. You need to figure out ways to attract customers. For example, you may have to modify your marketing plans and/or engage in joint ventures.

Profit Generation focuses on activities that yield a profit. Don’t just look at your revenues. If you just look at revenues you may be missing the big picture. For example, a revenue of $100,000 means virtually nothing if you overhead expenses are $99,999.

To generate profit you need to center your attention on fast cash. What activities will bring in quick cash? How much quick cash do you want? Think of a number and then work backward to determine how you can achieve this amount. Build your client list around this idea or activity. Start with your end goal or product in mind and then do everything you can to achieve it.

Get your one man business on track by following these tips. Your business will run more smoothly and your pocket book will be filled with profit.

 

About Starting A Small Business

1. Starting a small business might appear to be an easy option to many who are desperate to get out of a situation but running a business is not as easy as it appears to be.

2. The general impression created in the minds of many people is that you can make a lot of money by running a small business. A few people do make a lot of money by running a small business. On the other hand there are many people who loose a lot of money unfortunately due to lack of proper research and planning.

3. Another myth is that you are the Boss, so you can work when you want, relax when you want and go on holidays when you want. You are the Boss that is all to it. The rest simply does not happen because of other factors that come into play which will need your presence and attention most of the time.

One major blunder made by many small business entrepreneurs is that they never made any self assessment before starting. It is absolutely important that you do a self assesment to find out whether you possess the following qualities and capabilities that are necessary to operate a successful small business.

1. You must be of sound health.

2. You should be able to work on your own most of the time.

3. You should be self motivated and dedicated.

4. You should possess an outgoing personality and have the ability to get along with other people.

5. You should have the ability to work under pressure.

6. You should preferably have some knowledge about your business.

7. Failure is no option to you.

In addition to the above the following factors have a very important and significant impact in the success of your small business.

A good support system such as your spouse or members of your family.

Contacts in the business world who could help you with advice and help you promote your small business.

Good financial assets to help you start and develop your small business and sustain you during the early months.

Conclusion:

Since they are popularly known as small businesses, many would be entrepreneurs are under the impression that it could be run in a slip shod manner. Most of the inputs necessary to operate a large business successfuly are also necessary in the small business venture too.

Success does not come overnight. There could be disappointments and failures during the early months.Those who cannot withstand these pressures should not contemplate starting a small business.The ability to withstand all these pressures and remain motivated is absolutely necessary to succeed.

 

Weekly Tasks that Businessman Must Do

Let’s take a look at what a one man business should accomplish on a weekly basis. Complete these business tasks on a weekly basis and you are putting yourself in the best position possible. Your business will be more likely to succeed and bring in money.

Let’s start with Monday. Monday is a critical day. The tasks you achieve on Monday set the whole tone of you week. Therefore, you want to be productive right out of the starting gate. On Monday morning write a “To-Do” list for the entire week. Don’t just think of the “To-Do”, but actually write it down. The To-Do list can be modified as the need arises, but this will give you a flight plan for the week.

Not sure what to put on your To-Do list? Think of the end product that you want to achieve. For example, your end product may be generating lead. Keep this end product in mind when writing your tasks for the week. What tasks do you need to finish to result in an end product?

Lead Generation and Profit Generation should be the major focus every day. You should create a campaign that revolves around selling. Therefore, on a weekly basis you should strive to send out two emails per week. You should write one article per day and submit one article per day. Articles and emails help you to build your list. Building your list is a major component of lead generation.

Implementing a task management plan can take time. As a one man business you might not enough hours in the day to accomplish outsourcing. Therefore, you should seriously consider outsourcing some of your tasks. For example, if writing an article takes you an extensive amount of time then you can outsource to a freelance writer. A great resource for outsourcing talent is at www.elance.com. Outsourcing enables you to focus on Lead Generation and Profit Generation.