Each step by itself is merely a tool, but collectively they provide an entrepreneurial blueprint for starting a successful new venture. No matter what your business, conquering these ten steps will increase your odds for success. However, these steps are not easy nor simple. Each level involves a tremendous amount of effort and a lot of street smarts to work effectively. Similar to playing a video game, you should master each level before moving on to the next one.
Here are the ten steps:
Develop your personal and company goals. New business success requires a combination of knowing what you are doing and capitalizing on a good opportunity. Develop and clearly state your goals in a written plan, which will then serve as your road map. They give you a sense of direction and help you get to your destination, a successful business of your own, with a minimum of time, effort, and expense.
Define a viable market segment for your product or service. The next step in starting a new venture begins with listening to the marketplace. Define an unmet consumer need first, before you develop a product to satisfy that need. Regardless of how astute you may be in business, if the market isn't there to support you, then you cannot expect to go very far. However, the majority of entrepreneurs first come up with a product they think is "hot" before determining the existence of sufficient demand for the product. You may have the most exciting product in the world, and people might think that it's the most interesting thing they've seen in a decade, but if you can sell only a handful (to your immediate family and in-laws), you are probably doomed to failure. In order to verify that there is a need for your product, you must test the market by conducting a variety of market research.
Develop your marketing plan. The purpose of the marketing plan is to describe how you will attempt to create and maintain customers for a profit. It needs to state whom you are going to sell to, how you are going to penetrate the market, why you will be successful with your sales campaigns, and finally, how much you will sell annually over the next five years. The marketing plan will ultimately become an integral part of your overall business plan, but it must be completed first.
Write your initial version of the business plan. Your business plan must reflect the unique environment you will be operating in as well as what you plan to be your competitive advantage. It is an outline of the direction in which you plan to take your company, an analysis of your business strengths and weaknesses, and a skeleton from which your formal business plan will later be developed. It will assist you in securing the key people you need, and it will also help you to begin developing your financial projections.
Determine your financing needs. Once you have developed a rough business plan, you can begin to determine your financing needs, which will be incorporated into your formal business plan. Your marketing analysis leads to sales forecasts, which determine your staffing level, which defines your operating budget, from which you can generate pro formas (financial projections) and determine your projected cash flow.
Form your key teams: founders, management, and directors. Before developing your formal business plan, you must make sure you have put together a solid management team. If there are any holes in your team at this point, they should be filled. The rough business plan you developed in Level IV should help you to attract top talent to your company. In addition, it will help you to build a strong board of directors or board of advisors.
Finalize your financing needs and create your formal business plan. Starting with the rough business plan, put together a full-fledged formal business plan. A business plan should convincingly demonstrate that your business can sell enough of its product or service to make a satisfactory profit and be attractive to potential backers. This is the document you will use to secure the financing you need to get your business off the ground. It will also serve as an operating manual for your business once it's been funded.
Develop a marketing strategy to obtain financing for your company. I'm not talking here about the marketing strategy to sell your product or service, but a strategy to sell yourself and your company to financiers in order to raise the capital that your business needs.
Market your plan successfully, attracting capital on your terms. Once you've developed a strategy for approaching financing sources, you must make use of the negotiating tools that will give you an inside edge on the competition and enable you to attract capital on your terms rather than just on your investors'.
Market your product/service and manage your business to achieve your goals. The last step in the process involves the ongoing management and marketing of your business. Getting a company started is only half the battle. Once you're in business, you will need strong management tools and marketing skills in order to make sure you stay in business.
Each step, executed in order, builds a solid foundation for the steps that follow. By progressing in this manner, rather than using the typical haphazard approach, you begin to gain the needed experience.
Monday, 24 December 2007
10 Power Steps to Small Business Success
Tuesday, 18 December 2007
How To Make 40 000$ With Your Forum
I sold my forum last week on Sitepoint. Although meant to be a 7-day auction, I received a BIN within 12 hours of the ad. This sale had special meaning because it was the last of my 'old' websites.
I remember starting off as a total newbie at Namepros back in late 2005, trying to make money with domain names. After a month, I knew it wasn't going to happen so I downloaded Coppermine and started my first website providing desktop wallpapers. I signed-up for Adsense and, unknowingly, optimized the site for a popular keyword.
The site was sold within two months for $6,500.
I learnt two important lessons:
1) it's not that difficult to make money from websites
2) SEO is important
So I spent the next months learning online marketing, basic web design (still using a GUI editor today), and the types of websites that make money (For Sale forums are a great place to start).
Approximately two years later, I've made $100,000 from my websites and I'm also an SEO/Internet Marketing consultant, with SME clients in Singapore to NYSE-listed MNCs. Not bad for someone with no formal training (civil engineer btw) eh?
The last straw was when I found out that I was going to be a father. And so I listed the forum for sale at SitePoint on Monday, usually not my favourite place because you had to pay US$25 for a standard listing.
The forum was listed close to midnight and by morning, I got a bucket load of private messages and a couple of solid bids - the highest offer was $36,000. It was less than what the magazine would’ve offered but still a considerable amount.
The bad news was my forum members got wind of the sale and I had to close the deal quickly, and let the new owners announce their plans so as to minimize the anxiety. By 12pm, the forum was sold and paid for.
So for all the newbies out there making $10 a month, my advice is to have faith in yourself and be patient because everything's possible.
http://www.larrylim.net/seo-online-marketing/
finally-sold-the-forum-3rd-and-final-part/95/
__________________
Thursday, 13 December 2007
The Shoestring Millionaires Business Story
http://www.pfyc.com
After eight years of working for others-after he'd owned his own business-Michael Lewis got the inspiration to start PFYC.com. The car enthusiast had been chatting on a Pontiac Grand Prix community Web site when he met Brian Marks, 28, and the two commiserated about the difficulty of finding specialty car parts. Both had jobs in the tech industry at the time, yet they wanted to launch a Web site to meet car hobbyists' needs. Says Lewis, 42, "We had this idea we could do this with little risk because we could use the Internet as our catalog."
The partners started part time out of their homes-with Lewis in Sammamish, Washington, and Marks in Raleigh, North Carolina. "We didn't even meet until we'd been working together for three months," says Lewis. Their earliest expenses were $55 per month for Web hosting and application fees for the Internet transactions and merchant bank account. To save money, they didn't stock inventory at first, but relied on drop-shipping from vendors instead.
In 1999, Lewis quit his job to devote himself full time to the growing venture; Marks quit his job in 2000 and still resides in North Carolina. Lewis credits outsourcing with keeping overhead low-even today, with sales in the millions, they outsource warehousing, distribution and shipping. "As much as you want to start with $2 million in capital, keep the day job, and get your toes wet," says Lewis. "Learn when the consequences aren't so high."
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A Brilliant Twist On A Selfstorage Idea
http://www.garderobeonline.com/
Kim Akhtar was a typical new yorker with a typical problem--too little closet space for all her clothing. "I've lived in New York for 20 years," she says. "You're always complaining about space." She knew her predicament was not unique--plenty of professionals and fashionistas have more designer clothes than closet space. Tired of the massive effort it took each year to switch her closet from spring to winter and store her off-season clothes with the local dry cleaner, Akhtar wanted a readily accessible place where she could store her things and keep them in good condition.
Out of that desire, Garde Robe was born. Akhtar, invested nearly $200,000 of her own money into the idea, rented a Tribeca loft and began to market her clothing storage service. For $225 per month, Garde Robe will photograph, catalog and store clothing and accessories for clients ranging from professionals and socialites to celebrities. A few clients even live outside New York but require storage in New York City for business trips. Akhtar modeled her service after that of a concierge--available 24/7, clothes are delivered to a client's home or hotel room in Manhattan in 90 minutes or less.
In addition to clothing storage, Akhtar provides each of her 35 clients with a leather-bound catalog of his or her wardrobe as well as a secure online clothing portfolio. Akhtar completes the service with wardrobe and image consulting as well as seamstress and repair services. "We don't like to market it as a luxury," says Akhtar, whose sales are currently in the six figures. "For New Yorkers, it's a practical service. We're offering them extra space in their own homes."
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Making Cash With Napkin Crazy Ads
Making Cash With Napkin Ads
http://www.napads.com/
NapAd, which just launched this fall, uses what it calls high-definition napkins to bring marketers' messages directly into the hands of urban consumers when they're relaxed and uninterrupted by other media. The photorealistic, 5-by-5-inch cocktail napkins are distributed free to NapAd's network of bars, nightclubs and lounges; in exchange, the venues serve them with drinks to their patrons, who can then be exposed to the messages printed on them for hours at a time.
Targeting is customizable within NapAd's network, so that if an advertiser wants to reach males aged 18 to 34 in Garden City, Kansas, for example, NapAd might tap into a network of sports bars in the area. The company is currently focusing its program on Manhattan, but it's planning to add five more markets in 2008 and can serve areas requested by clients as well. A typical New York City campaign with 1 million NapAds starts at about USD 27,500.
NapAds is part of Maryland-based guerilla marketing firm JI Worldwide, which was founded by 28-year-old Jay Jaber, a finalist in the 2007 Wall Street Journal’s Creative Leaders Challenge. The company (which also sells its napkins under the name HDN—High Definition Napkin) is now seeking distribution partnerships with major airlines, cruise ships, bars and lounges, and is also interested in hearing about other collaborative opportunities, Jaber says. It's a big world out there—so many bars, so many patrons, so little time… ;-)
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Wednesday, 12 December 2007
Why Elizabeth Elting`s Business Started With A Credit Card Got To $25 Million In Annual Sales
http://www.transperfect.com/
Right after receiving her MBA, Elizabeth Elting was ready to put it to use. With experience at a translation company, Elting saw a need for a one-stop translation service in the fragmented industry. After teaming up with fellow MBA student Phil Shawe, Elting started TransPerfect Translations with a $5,000 advance on her credit card. Shawe's college dorm room became TransPerfect Translations' office, and they bought a phone line, a fax machine and office supplies, and they rented a computer. Though the partners focused on marketing in the beginning, their material was minimal and inexpensive.
With no full-time employees for the first 18 months of business, Elting and Shawe handled all aspects of the company except for linguistics, for which they hired freelancers. Taking no real salary in the first year, the founders took only what was necessary to cover their rent, reaching sales of $250,000.
Now as one of the top five translation companies worldwide, TransPerfect Translations has evolved from Shawe's dorm room to 19 offices on three continents and now includes a network of 4,000 freelancers. The firm specializes in the finance, pharmaceutical and legal industries and is also the world's largest legal translation company.
With projected sales of $25 million a year, Elting, 37, and Shawe, 34, now have a small staff to help out with TransPerfect Translations' daily operations, but they continue to run lean in order to ensure profitability and reinvestment. "That's the culture of our company," explains Elting. "We're very much focused on making sure we have money before we spend it, so we never have to lay off people." In any language, that translates to success.
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Why Lindsay Cain's Is Making $700,000 A Year With Customers Design Their Own Jewelry
http://www.femmegems.com
Nothing can take away the glow a woman gets when she sees that perfect piece of jewelry-nothing except for an exorbitant price tag, that is. But when customers come to Lindsay Cain's Femmegems store, they're able to bring in pictures of exquisite designer pieces and replicate them at a fraction of the original cost.
Initially, Cain designed and sold jewelry herself, but this 29-year-old found her niche when she realized that other women not only liked to design their own jewelry, but also enjoyed emulating the jeweled adornments they'd see in fancy, high-end department stores. "They'll come from [the department store] across the street and design a piece like the one they just saw," explains Cain, who offers her patrons a wide selection of semiprecious gems. "People feel the value they're getting."
With her Femmegems idea in mind, Cain went hunting for retail space in New York City's NoLIta neighborhood. After finding the perfect location, Cain opened her store's doors in November 2002, and just six weeks later, the store was featured in an article in the "Style" section of The New York Times.
The resulting business kept Cain and her staff busy for weeks-and even garnered attention from buyers at upscale department store Henri Bendel who asked Cain to open a similar setup in one of their boutiques. Now with two locations, Cain expects about $700,000 in sales this year.
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Why Jason Engen made $2 Million From College Interns
http://www.corporateinterns.com/
When Jason Engen was an undergraduate student at the University of St. Thomas in St. Paul, Minnesota, he and his friends knew the challenges students faced in finding worthwhile internships. So for one of his business classes, Engen wrote a business plan detailing a concept for an internship placement service--one that would interview and screen students and match them with local companies that needed interns. "We hit a nerve in terms of the marketplace and focused 100 percent of our efforts on students," says Engen. "We started a week after we graduated, and it took off."
Still, it wasn't easy to peddle the service to local firms in the beginning. For one thing, it was a challenge to uncover how different companies structured their internship programs and how Engen and his partners could sell their service to these firms. "I don't think we were approaching companies the right way," says Engen. But as he began to spend more time learning about the companies' needs, he felt more confident in selling his service. "It's win-win," he explains. "The student gets the experience, and the company gets eager talent."
The real success came in carving out a niche--Corporate Interns Inc. specializes in placing interns only--so the company doesn't compete directly with large staffing firms. "Specialization is important," says Engen. "You have to stay focused on that niche." Especially when that specialization propels you to $2 million in yearly sales.
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$100 Million Selling Other Peoples Stuff On eBay-Effective Business Idea
http://www.i-soldit.com
It's no secret--eBay has become tremendously popular, and strategically positioned right alongside the world-famous online auction site is eBay drop-off store iSold It LLC. Elise Wetzel and her husband, Rick, founded the Pasadena, California, business in December 2003 and started offering franchises just a few months later. They have already sold more than 800 units and expect 2006 gross sales to exceed $100 million. The numbers speak volumes; their story explains how they did it.
Elise was trying to raise money for her children's school by selling items on eBay when she was struck by what she calls "the big aha!" She had been buying on eBay for years, but soon realized that the process of selling an item was much more complex than buying. So she went in search of a business that would sell merchandise for her. When she came to a dead end, she knew she had stumbled on something big.
Selling other people's secondhand items for a fee is a golden idea with endless potential, but how this husband-and-wife team is managing the company's growth is what landed them on this year's Hot 100 list. Aware that the business could take off if given the chance, they knew when to step aside and pull in outside resources.
"We needed somebody who knew how to run this business at the speed it could run at," explains Rick, 47, who already had extensive franchising experience as the founder of fast-growing pretzel franchise Wetzel's Pretzels. "You have to set your ego aside. It was challenging to sit there and say, 'This is too big for me; we need a stronger team.'"
Rick singled out Ken Sully, former executive vice president of Mail Boxes Etc., for his impressive track record of building solid company infrastructures. Rick brought Sully onboard as iSold It's CEO in 2004. Thanks to this decision, the operation is running at top speed. A complex coding system for the stores is in place, and the build-out of each location is impressively standardized, enabling a store to be installed and set up in a mere 48 hours.
The company continues to grow strong with 3,000 franchise applications flooding in every month and recent international expansion to Australia, Canada, Ireland and the United Kingdom. The future promises limitless opportunities, and the Wetzels are ready for it. "We've created this brick-and-mortar interface to the internet," says Elise, 40. "E-commerce will continue to evolve, and I think our stores are in an excellent position to capitalize on that."
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Friday, 23 November 2007
How To Make A Few Million Dollars Transproting Kids Luggage From Summer Camps
http://www.camptrucking.com/
This week, thousands of kids will be returning home from summer camp -- without suitcases, duffel bags, tennis rackets, or even their dirty clothes.
Much of the baggage will be delivered back to their homes by small firms that have made a business of transporting campers' bags to and from the camps.
Typical is Camp Trucking, based in Denver. Employing an army of college students on summer break, the firm picks up baggage at the homes of campers and delivers it to camp just before a session begins. It charges a flat rate, with no restrictions on size or for bulky athletic equipment and duffel bags that sometimes weigh more than 100 pounds. At the end of the session, bags are returned -- with some parents even arranging drop-offs at laundries and dry cleaners along the way.
"We really are service companies that happen to be trucking companies," says Camp Trucking's 39-year-old owner, Stuart Seller.
The service is useful to the camps, too. They receive bags for a session all at once, a few days before the kids arrive, allowing the camp staff to focus on getting kids settled in, rather then keeping track of arriving luggage. The services often deliver the bags directly to a bunkhouse and the bunk assigned each camper.
For younger children, the camps have a chance to unpack the bags, and make "them feel like they're coming home," says Cole Kelly, director of Camp Wicosuta, a girls' camp in Bristol, N.H., which uses R&B Camp Baggage, of Plymouth.
There are 10 million children attending about 12,000 resident summer camps around the U.S., according to the American Camp Association, a nonprofit industry group, but Camp Trucking, and firms such as R&B, and Camp Baggage, of Tequesta, Fla., concentrate on serving higher-end camps where parents can spend thousands of dollars for a full summer session.
The camps are concentrated in the Northeast where the population is denser, making it more economic for the firms to serve, especially with the high price of gasoline. Campers from outside the region usually have their bags shipped by other delivery services, but the companies do pick up baggage for a growing number of kids in Florida who attend summer camps in New England.
Although based in Denver, Camp Trucking is the largest camp-delivery operator in the Northeast, and Mr. Seller expects that by the end of summer his company will have transported 30,000 to 35,000 bags for 12,000 to 15,000 kids attending several dozen camps.
With the average delivery price ranging from $120 to $150 a child, Camp Trucking's revenue will be $1.4 million to $2.3 million.
Mr. Seller has seen steady growth since he took over the business in 1998. "It used to be you didn't need to turn on your phones till April and then turn them off in September," he says. "Now it's almost a year-round business," talking to camps and sending out mailers in late November, and starting hiring in January and mapping routes in May.
At R&B, Rick Bogin, 52, started his business 37 years ago with his brother Robert, using the family station wagon and a U-Haul trailer to tote 60 bags. This year, R&B will transport 7,500 bags for 3,200 kids at 14 camps, at a cost ranging from $145 for New England residents to $175 for Florida families. A smaller operator, Camp Baggage, founded by former camp counselor Hal Sheppard, 45, in 1993, will transport more than 2,000 bags for 1,000 kids across eight camps, for an average cost of $150 a camper.
The firms usually have agreements with the camps, and, although campers aren't required to use the services, the camps either recommend them exclusively or include information to the campers in their packets. The firms don't charge camps anything; in fact, says Camp Baggage's Mr. Sheppard, shippers give the camp owners a commission in exchange for exclusive access to camp rosters. The other companies didn't disclose contractual arrangements.
With nearly all of the delivery work in the summer, the companies mainly use temporary employees. At Camp Trucking, much of the work is done by college students. Camp Trucking starts first-year drivers at $115 a day. Mr. Seller has a summer crew of 120 to 150, of which a quarter are women. Camp Baggage pays college students $115 to $200 per day depending on experience.
R&B's main staff of 35 is made up of educators, former executives and other professionals who have been with the company for a decade or more.
All three companies place a driver and navigator in trucks rented from companies such as Ryder System, Penske Truck Rental and Budget Truck Rental.
For camp haulers, one hurdle for the businesses has been streamlining the baggage-tracking process with its mounds of paperwork trailing from doorstep to bunk and back again.
Technology has made the process easier over the years, with computers, walkie-talkies and cellphones, to software and GPS systems to map out the runs.
It used to take R&B workers four days to pick up bags for 40 campers, but now they can pick up 80 to 90 campers' baggage per truck each day.
As the season nears an end, the work at R&B provides a separate benefit. Yesterday, Chuck Lenahan, head football coach at New Hampshire's Plymouth Regional High School, and his assistant coaches, put aside their game plans to direct nearly 100 football and baseball players on loading camp-baggage trucks. They'll receive a $4,000 check for their only fund-raiser, and, Mr. Lenahan says, they know that today he'll give them an easier practice.
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Thursday, 22 November 2007
Fixing Firefighters Boots As An Effective Business Idea
http://www.shoetechinc.com/
Running into burning buildings is hard on the sole. That's where Mike Flood comes in. Though not a physician, Flood is a healer of sorts. As owner of Shoe Tech Inc., Flood heals ailing footwear for firefighters across the country. Wilmington, Del.-based Shoe Tech (http://www.shoetechinc.com) is one of just a handful of shops that specialize in warrantied fire boot repairs. Following pre-established fire-safety guidelines, Flood and two employees re-sole, repair and restore this critical gear.
This business niche resulted from a random drop-in by a salesman for a fire boot manufacturer in the mid-1990s. He asked whether Flood would consider warrantied fireman boot repairs. One job led to another, and the specialty grew. Firemen ship their boots directly to Flood, who repairs, bills the manufacturer and returns the boots to their owners. Repairs range from $20 to $50, depending on the job.
Much of Shoe Tech's boot work is straightforward, except when the waterproof inner bootie must be moved. Flood explains that, after repositioning the bootie, gluing it from the outside is difficult. Through trial and error, Flood discovered that an unlikely surgical instrument-a heavy-gauge hypodermic needle-solves the problem. The needle delivers glue perfectly through the leather upper to the bootie. "The needle looks like the size you'd use on a rhinoceros," says Flood. "I feel like a doctor, sometimes."
Flood admits his process leaves a bit of glue on the upper. "But these guys don't wear their boots to church," he says.
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Why $5 Million A Year, Selling ‘Ice Towels’ ?
http://www.himaicetowels.com
There's nothing like a hot product--or, in this case, a cold product with hot sales. Just ask Mike Fanning and Bill Sammon, founders of the Hima Ice Towel Corp., which sells prepackaged cotton towels soaked with refreshing mixtures of essential plant oils that promote evaporation and cooling.
Sammon got the idea after a trip to Asia, where he noticed mothers wiping down their babies with towels dipped in isopropyl alcohol to cool them off. With the help of another partner, Koy Thummaskra, Fanning and Sammon developed their own version of the towels, which come in different sizes and colors. Says Sammon, "It gives your average person an affordable luxury in hot climates."
Fanning and Sammon marketed the towels, which need to be frozen for 12 hours prior to use, to amusement parks and sporting events. The towels sell from $1.29 to $4 each, depending on the venue. The pair also markets to corporate clients. Now that sales are expected to hit $3.5 million to $5 million, it's clear these entrepreneurs have cornered the market on cold relief.
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Wednesday, 21 November 2007
How To Make Money Selling School Spirit
http://www.bagalogos.com/
Linda McMahan Gunning was inundated with compliments on the University of Texas handbag she used to carry to university events. Though the bag, which she picked up at a local store, was roughly made and not properly licensed with the college, it drew a lot of attention from other women and fans.
As an attorney, McMahan Gunning soon realized that if she could obtain the licensing rights for collegiate logos and design her own line of high-end handbags emblazoned with school emblems, there would be quite a demand for her products. She decided to cold-call the University of Texas to pitch her unique concept.
"They said, 'If you can do all this, we think it's a great idea. We'll take a chance with you,'" recalls McMahan Gunning, 55. With those encouraging words in mind, she enlisted the help of her sister-in-law and avid fashion lover, Sue Craft McMahan, 36, to join her in the logo handbag venture.
Interestingly enough, obtaining licensing agreements wasn't the biggest challenge during start-up; finding a manufacturer and researching what women really want in a handbag proved to be the major hurdles. They canvassed not only college-age women, but also alumni and families of students.
When the pair designed four different types of bags—a large tote bag, a smaller baguette bag, a crescent-shaped handbag and a bolder game-day bag—all marked with the University of Texas emblem, the favorable responses they received were overwhelming.
Today, with sales into the mid-six figures, Bagalogos! bags can be found at www.bagalogos.com and at high-end boutiques and college bookstores. Schools on the company's roster include the University of Alabama, Oklahoma State University campuses, Texas A&M University campuses and Texas Tech University. They've also set their sights on other big-name schools with high-profile and loyal alumni. Talk about higher learning.
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How Broken Arm Led To A $2 Million A Year Business
http://www.showersleeve.com/
David Reynolds, a contractor by trade, had broken his arm while remodeling a bathroom in 1998. Keeping the cast dry proved to be very difficult, and when he tried looking around for a product to help, he was unable to find anything that was both effective and affordable. That's when the light bulb went on.
After doing a patent search for such a product and finding nothing, Reynolds, an inventor since childhood, designed a plastic covering with an adjustable fastening mechanism on one end to keep arm and leg casts dry. He enlisted the help of his longtime friend and fellow contractor, Marty Ceccarelli, to build Mar-Von LLC and the brand.
But even with their innovative product in hand, it wasn't easy to get it on store shelves. "I just started going to the local drugstores," says Reynolds. "I had a real hard time. Most people don't want to give you the time of day."
Determined to succeed, Reynolds and Ceccarelli continued to develop the Cast Cover and sales strategies for two years, and eventually landed their product on the shelves of Albertson's/Osco Drug and 12 local Walgreens stores. The reaction from consumers spoke volumes-their product was a fast seller.
Today, the pair sells not only Cast Covers, but also the waterproof Shower Sleeve-open on both ends, they are designed for patients with IVs. Today, the products are sold via wholesalers and distributors and on their Web site. Reynolds, who expects $2 million in annual sales by the end of the year, has this advice for other aspiring entrepreneurs: "I had a vision of inventing something, [but] it didn't happen overnight. Don't give up, and don't take no for an answer."
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Tuesday, 20 November 2007
How To Make Millions From Happy Campers
http://www.bunk1.com/
Happy memories from his childhood days at summer camp inspired Ari Ackerman to come up with the idea for Bunk1.com. He originally wrote the business plan for the company for his MBA training, but it seemed like too good an idea to pass up.
His initial concept was to provide a Web service that parents could use to watch their children's camp activities online, with camp administrators posting photos for the parents to peruse. Ackerman then added an e-mail service (called BunkNotes) and an online newsletter service, as well as a search engine to help parents find a camp for their kids.
At first, says Ackerman, 33, the camp directors were difficult to persuade. "To sell them on this concept wasn't easy," he says. But with his camp background, he knew the market well. He knew parents would be willing to pay for this convenient connection to their kids—and he was right. The first camps he sold his service to got good response from parents immediately—and the number of concerned phone calls from parents (the "What's my child doing?" sort) to the camps decreased, as moms and dads had tangible evidence that their babies were alive and well.
Word-of-mouth started to build demand for the concept, and, to date, the Bunk1.com service is offered to close to 2,000 camps nationwide. Camp directors either purchase the service and include it in the price of the camp or simply offer parents the option to purchase Ackerman's Bunk1.com service a la carte.
Revenues are projected to reach more than $3 million, and Ackerman has already expanded into other Web services, like CampAlumni.com (a service to reconnect old summer camp friends).
Five Cool Things US Business Owners And Fre...
The Five Thousand Dollar Doodle ...
Making A Profit From Sleepy Co-Workers-Effective Business Idea
http://www.metronaps.com/
While working grueling hours as an investment banker in New York City three years ago, Arshad Chowdhury noticed his colleagues' heavy eyelids and bobbing heads during meetings.
"Everyone was tired all the time," he says. "Some people were even sneaking off to the bathrooms to take a nap."
Knowing there must be a better way to combat workplace drowsiness than sleeping in a toilet stall, Chowdhury created MetroNaps.
Located inside the Empire State Building, MetroNaps (http://www.metronaps.com) offers rows of futuristic-looking sleeping pods, specifically designed for 20-minute "powernaps." From a $14 one-day pass up to a $65 one-month unlimited pass, sleep-deprived New Yorkers can refresh during their workdays in an individual pod, which features ergonomic design and an upper hood for privacy. Nappers are gently awakened by a combination of light and vibration. Patrons can also opt to order lunch to be ready when they wake.
"When all of your employees are tired, your workforce is losing productivity," Chowdhury says. "But most people don't have the real estate or the culture to have a separate area for resting. So employers can send their employees here."
Neuroscientists agree. In a recent study at Harvard, researchers found that adults who take short midday naps experience heightened mental performance, better alertness and improved mood.
Chowdhury hopes to expand the business by selling the pods to offices that don't have a lot of extra room, but want to offer a way to boost productivity.
How To Make Money Creating Family Video Doc...
Not Your Regular Home Business ...
Iggy's House Success Story ...
Saturday, 17 November 2007
How To Make $300,000 A Year With Card Stunts.
http://www.cardstunts.com/
Have you ever wondered who's the brains behind those nifty card stunts at big stadiums-where each member of the audience holds up a card to create massive pictures and messages for the world to see? Joe Kivett, 40, organizes these fan-friendly events with his company, CardStunts.com. Kivett learned the card-stunt business as an employee of another company and branched out on his own in 1991 when word about his successful Super Bowl card stunts started to spread.
Armed with less than $1,000 in startup cash, he landed his first client by virtue of his reputation. Kivett says most of his startup money was for travel expenses to examine the site in Minneapolis where he was doing the card stunt.
His serious startup-cash coup was drafting an agreement with the organizers of Super Bowl XXVI to pay him half his fee upfront and half on the day of the event-this way, he was able to organize the event with no out-of-pocket costs. "I paid all my bills and had my little profit left over," he says. "I took that profit and used it to market my company."
Word-of-mouth is still a key element of his marketing efforts, and the years have seen him grow CardStunts.com from planning one to two big card stunts per year to about 10 yearly today. In addition to doing card stunts for two Super Bowl half-time shows, he's coordinated events for the World Series and the Daytona 500. With about $350,000 in annual sales, Kivett is definitely playing his cards right.
Friday, 16 November 2007
Making Dough Selling To Fratboys - As an Effective Business Idea
http://www.greekgear.com/
Reading a business magazine in the doctor's office inspired Joseph Tantillo to try his hand at online retailing. At the time, he and his wife were expecting their first child and wanted to work from home. An article about starting an online store jumped out at him, he recalls—and, as a member of a fraternity in college, he decided to sell personalized Greek apparel to that market.
After setting up shop for just $79.95—the cost of a merchant account with Yahoo!— he began researching what kind of products his former fraternity brothers might like. Tantillo then located suppliers who would work with him on a drop-ship basis and began selling. He opened his online doors in May of 1999 and had his first three sales by June.
He and his wife moved into a farmhouse owned by their family so they didn't have to worry about a mortgage. That gave Tantillo the freedom to go full time and research the market. "I spent a lot of time online—hours, all through the night—e-mailing people about linking to our website, e-mailing people about our products, asking friends for criticism and suggestions," says Tantillo, 36.
His persistence helped him become the preferred vendor for a few national Greek organizations. Tantillo then secured partnerships that would allow him to advertise on their websites in exchange for a sales commission to the organizations for every click-through purchase.
Using the strong Greek network worked, as he's built GreekGear.com's yearly sales to $1.9 million. In addition, the company recently moved into its own 5,000-square-foot facility, complete with its own screening, embroidery and printing equipment. With success like this, Tantillo's frat brothers should be proud.
Friends are Better Than...
Six Figure Business Setting Up Pajama Parties.
http://www.craveparty.com/
Women want to network with other women while wearing pajamas, getting spa services and shopping—at least this is what Melody Biringer, 41, found out when she founded Crave Party.
Inspired by a pajama party at a friend's home, Biringer got the idea to create fun business networking events for women on a larger scale—at fancy hotels and ballrooms with champagne and strawberries. She secured local spa professionals (massage therapists, nail techs and so on) and merchants to provide the pampering services and shopping, and charged women a $35 fee to register. Her first three nights of Crave Parties sold out in two weeks.
Thanks to word-of-mouth marketing, her parties have grown in popularity. "[It's] networking in your pajamas in a swanky environment—that makes it even more fun to walk into this place," Biringer says. With parties under her belt in New Orleans; Phoenix; Portland, Oregon; and Seattle, Biringer would like to bring the concept to every major city—and even create annual parties themed around events such as holiday shopping or the Oscars—to push annual sales into the mid- to upper-six-figure range.
Shopping Cart 2.0 ...
Thursday, 15 November 2007
DNA, Your Ancestry And A Great Business Idea.
http://www.africanancestry.com/
As an African-American, Dr. Rick Kittles wanted to know who his ancestors were and their countries of origin. So the geneticist decided to create a database of African lineages.
After working on this database for several years, Kittles, 38, who holds a Ph.D. in molecular biology, joined forces with businesswoman Gina Paige, 38, to start a company that allows African-Americans to confidentially obtain information about their genealogy.
By using DNA technology, the company aids individuals in determining maternal or paternal ancestry. Customers go online (www.africanancestry.com) to order a $349 kit, use swabs to collect their cheek cells and then send their samples to the company via Express Mail. After the DNA is extracted from the swabs and sequenced, Kittles matches the sequence to his database of more than 25,000 African lineages and 389 ethnic groups.
Upon receiving their results, many clients feel they've received a priceless gift. "For many of [our clients], there's a sense of connectedness," says Paige, who adds they have a 95 percent success rate. "There's a sense of completion because this answers a question people thought they'd never be able to answer in their lifetimes."
African Ancestry has more than 3,000 clients, including celebrities such as actor LeVar Burton, director Spike Lee and Congresswoman Diane Watson. The company earned $300,000 and they expect to increase sales by 50 percent this year.
Five Cool Things US Business Owners And Fre...
Celebrity Cookies? It Made A Million Dollars For This Person
http://www.likeums.com
When former investment analyst Chuck DiRocco noticed that cookies were missing from the wide variety of snacks sold in video stores and at theater concessions, he started searching for a way to link cookies to Hollywood. Then the idea hit him: Create cookies in the form of popular movie stars, such as Renйe Zellweger and Jack Nicholson. One cup of flour, two cups of sugar and three eggs later, the first cast of LikeUms was formed.
DiRocco, 33, spent months surveying moviegoers, analyzing feedback and researching the industry to find out which stars were most popular. Although theater and video chains were initially reluctant to carry his product, he continued to send samples and mass mailings to them in hopes of making his new cookies more recognizable. Before long, in July 2004, DiRocco landed a deal with Regal Entertainment Group, the world's largest motion picture exhibitor, to release LikeUms in select theaters.
As DiRocco continued to market aggressively nationwide, he managed to get LikeUms on the shelves of convenience stores and in amusement parks and gift baskets, pushing sales to more than $400,000 in the first year. Realizing the cookie characters had potential in other venues besides theaters, DiRocco began marketing them to international exporters, school fund-raisers, charity events and corporate offices. Some NBA teams have even sought to create a version of LikeUms to help market their athletes and sporting events.
With sales of more than $1 million in 2005, you can bet DiRocco is enjoying the sweet taste of success. Coming attractions: He plans to expand the line to include more celebrities, including pop singers, radio personalities and entertainers.
How To Make Money Creating Family Video Doc...
Not Your Regular Home Business ...
Iggy's House Success Story
Wednesday, 14 November 2007
How To Make $100000 A Year Uploading CDs To iPods.
http://www.hungrypod.com/
Apple Computer's iPods are everywhere these days, and they're hungry. Just ask Catherine Keane, 24, who started her business, HungryPod, shortly after an acquaintance offered her $500 to load his CD collection onto his iPod. Keane took the offer and determined that with two more customers paying similar prices, she could launch a business for $1,500--enough to buy a computer that could handle large volumes of data transfer.
Loosely based on what its first client paid, HungryPod charges $1.75 per CD for the first 50 CDs, and $1.50 for each additional CD. Keane will pick up both the CDs and iPods at her clients' homes or offices in Manhattan for an extra $15--unless they have more than 100 discs, in which case pickup is free.
Keane, who interned at a top 40 radio station in Florida prior to starting HungryPod, also recommends music to clients based on their collections for a fee. According to Keane, 1 in 4 customers requests this service.
Thanks in part to a small story in The New York Times, Keane's advertising efforts on Craigslist and word-of-mouth, HungryPod has expanded to three employees and four computers, and has annual sales that exceed $100,000. Now others want to get involved, so Keane has hired a marketing/sales employee and hopes to start HungryPod centers nationwide in the near future.
How Take On Apple's iPod And Make A Few Mil...
Shoeboxed.com - Think Inside The Box ...
Getting Rich From Dog Manikins
http://www.rescuecritters.com/
To many people in his inner circle, creating life-size models of pets seemed like a silly business for Craig Jones to start. But to him, it made perfect sense.
Jones, 41, sensed a business opportunity after completing a pet first-aid class with the American Red Cross. He discovered that the unrealistic dog manikin they used for training was offered by only one company in the U.S.
Jones, a former emergency response instructor, knew that his background in emergency medicine for humans, coupled with his contacts in the special-effects industry, were the resources he needed to create lifelike animal manikins. Together with his wife and co-founder, Jacqui Pruneda, 39, Jones began designing a true-to-life dog manikin that would fit the training needs of veterinary professionals. "We didn't want it to look like a stuffed animal you would buy at a toy store," he says. "We wanted it to look realistic."
In 1998, Jerry, Rescue Critters' first dog manikin, was born in the couple's garage. The American Red Cross became their first customer, and response to Jerry was so positive that word soon spread throughout the veterinary field. Other manikins quickly followed: Fluffy the cat; Lucky, a life-size rescue training horse; and Critical Care Jerry and Fluffy, more advanced versions of the originals that train students in life-saving techniques such as IV insertion, suturing wounds, intubation, and listening for heart and breath sounds. Primate manikins, birds with real feathers for trimming, and manikins that let users draw blood are in the works.
Rescue Critters has since moved from its garage location to a storefront and now sells its manikins to customers worldwide, including veterinary technician programs, fire departments, U.S. Army canine hospital units and police department K-9 units. Each animal model is made to order, and customers can add features to base-priced models according to their needs. With 20 to 25 requests per year for manikins and projected sales of $1.3 million, it seems like Jones' idea wasn't so silly after all.
Profiting From Visas And Passports ...
Tuesday, 13 November 2007
Wedding Insurance Millionaires.
Karen and Roger Sandau Story
http://www.wedsafe.com/
When planning their wedding in late 1999, Karen and Roger Sandau were struck by how risky it was to give large, nonrefundable cash deposits to vendors without any protection if something were to go away on the wedding day. From a vendor going out of business to an important family member being stricken ill and unable to attend, the Sandaus thought of all the things that could possibly go wrong on their wedding day and wished they could find some way to protect their investment.
Finding wedding insurance available overseas but not in the United States gave the couple a great idea—they figured there were many people like themselves who would feel much more calm before the big day if they knew they were covered for unforeseen circumstances. Karen, had a background in catering and event planning, and had heard of event cancellation insurance; and Roger, had a background as an entertainment attorney, so he knew the ins and outs of events in general.
The newlyweds combined their expertise and started detailing the types of things the insurance would cover, such as severe weather emergencies on the wedding day, a damaged or stolen wedding gown, and lost or damaged wedding rings, to name just a few. They also decided to offer liability insurance for any damages incurred at the wedding site (something many venues require).
They went about finding an underwriter for the policy as well as developing software that would enable them to organize and sell their insurance cheaply. Their product has resonated with couples and especially wedding planners.
In fact, marketing to wedding professionals has helped the Sandaus grow their business to between $2.25 million and $2.5 million in sales. "Everyone has heard of a wedding story gone awry," Roger says. But now, with WedSafe at the helm, mishaps don't have to spell catastrophe.
Friday, 2 November 2007
How To Sell $1.2 Million Worth Of Product In 40 Minutes
Denis Simioni Story
http://www.ojonhaircare.com/
Denis Simioni, 38, had owned an advertising and graphic design firm for 15 years in his native Oakville, Ont., when he first happened upon a substance called "ojon." Seven years later that little word has transformed his life, along with the lives of thousands of indigenous Hondurans, who supply ojon oil to his hair-care company, Ojon. Simioni, whose company employs 32 people full-time and projects $40 million in sales this year, says managing an operation with employees spread all over the globe is both exhausting and rewarding.
Here is his story:
How did you go from advertising to hair care?
My ad agency specialized in the beauty industry, so I learned all about launching a brand in this industry. One Saturday my wife came across a little jar in the bathroom with something in it that looked like peanut butter. It had been sitting on our shelf for two years. She called her grandmother, who lives in Tegucigalpa, Honduras, and is always sending us natural cures and native remedies. Silvana's grandma told us that the product was ojon oil she'd purchased from an Indian. Silvana's hair was really brittle and broken from swimming and coloring it, so she put some of this stuff in and with just one treatment the difference was incredible.
So you decided to figure out what exactly this mystery goo was?
We changed our vacation from Disneyland (DIS) to Honduras that year so I could track down this Indian. Turns out he was from the Caribbean side of the country, from a Mosquitia rain forest. I contacted a nonprofit group called Mopawi that helps preserve the rain forest and the indigenous tribes who live there. They agreed to take me to meet the Tawira people, whose name actually means "the people of beautiful hair." You could hardly get a better testimonial. What was even better was that I flew into the jungle and was traveling downriver in a mahogany canoe for 5½ hours. Suddenly, we started to see people who weren't wearing any hats. All the other tribes use hats to protect their hair from the sun, but the Tawira put ojon oil in their hair and don't need hats. I met them, saw the process they've used for centuries to collect nuts from the ojon tree and produce the oil. The women unraveled their long hair and showed me how beautiful it was.
Did you know immediately that you could commercialize this product?
Yes. It took several years to secure intellectual-property protection and collaborate on the formula with some skin-care manufacturers from Italy that I'd known from the ad agency. I had fallen in love with this company, Origin Italian, because they were all about passion and purity of ingredients. They didn't have any experience making hair-care products, but they had a laboratory and a boutique manufacturing facility and they specialized in organic ingredients. We formed a partnership with them covering manufacturing costs, and we self-financed the startup.
How did you get the word out about your new product, given how saturated the hair-care market is already?
I had a friend who had a relationship with QVC. I got me a meeting with them, they loved our story and invited us to launch our first product on Dec. 27, 2004, at 10 p.m. As soon as the show aired, we sold out our initial inventory and had a wait list of 3,100 units. A year later, on the same day, we launched our first one-hour show on QVC, and within 40 minutes we sold out $1.2 million of product.
Why has television been so successful for you?
I realized that TV is the medium we need to tell our story and the story of the Tawira. Being on QVC drives our sales month-to-month. We're now their fastest-growing hair brand.
The story of the indigenous people is key to your sales and marketing. Do people ever wonder if you are exploiting these natives?
Yes, we're always fighting that perception because of all the past exploitation. That's why we've continued to work through the nonprofit organization, whose president is a Tawira himself and speaks their language. Because we are buying so much product from them, at a price about 230% higher than what they used to get, we've provided full-time work for more than 1,000 Tawira in about 30 villages in Honduras, Nicaragua, and Panama. We've also provided them with scholarships, safety equipment, and education. They have elected indigenous committees to negotiate with Mopawi and with Ojon Corp., mostly made up of the women who produce 80% of the oil. Now they are purchasing land in one of the larger villages that has schools and a hospital, so their kids can have better lives.
How much have their lives changed because of your company?
They are still incredibly, incredibly poor and their development is decades behind what we know. But they used to support themselves by subsistence farming and deep-sea diving for lobsters, which was very dangerous. The children used to dive instead of going to school. Now that each of them can earn about $300 a year making ojon oil (they made about $67 annually in the past), a lot of them have switched over to that. I'm looking into building schools in their villages. I want to do that in partnership with the government, so that they'll have qualified teachers and materials.
You could have set up an operation to harvest the ojon nuts and produce the oil with modern technology, bypassing the indigenous producers. Why not do that?
I fell in love with these people. They have absolutely nothing in the world, but spend a week with them and you'll see that they are always smiling, calm, and peaceful. It's difficult because of the language barriers, their lack of education, and their remote locations. There's no telephone in these villages, and everything moves slower there. They're not on any time clock. But they believe that I was sent by God to help them and they've put me on this pedestal. I feel it's my calling to live up to that.
How To Make Money Creating Family Video Doc...
Not Your Regular Home Business
T-Shirt Sellers That Make Over 30 Million Dollars A Year
T-Shirt Sellers That Make Over 30 Million Dollars A Year
http://www.fatface.com/
Founded: 1988
Annual turnover: £25 million
At first glance they are not the most likely people to become successful entrepreneurs, but when two skiers decided to sell T-shirts at a ski resort to finance their lifestyle, they laid the foundations of a very successful clothing empire. That was in 1988. Today, Jules Leaver and Tim Slade have just opened their 50th Fat Face shop, selling outdoor clothes and leisurewear. The company is estimated to turnover in the region of £25 million this year and is recognised as one of the fastest growing companies in Britain in The Sunday Times Fast Track 100.
After completing a business degree at 21, Leaver decided to indulge his love of skiing by becoming a "self-confessed" ski bum in Meribel, France. But rising early to get the best skiing and working late in a bar to earn enough to live on was not a viable lifestyle for a long period of time. Together with fellow bar worker, former policeman and friend, Tim Slade, Leaver decided to exploit the gap in the market for 'been there done that' T-shirts to sell to holidaymakers.
The pair chose to manufacture their own T-shirts to enhance appeal, rather than buying them off the shelf, and found a company in Leicester that did short runs at a reasonable price. The T-shirts were then printed up with the 'Meribel 88' back prints at a company in East London. While Leaver stayed in Meribel to sell the merchandise behind the bar, Slade travelled back and forth transporting the goods.
"We began by getting small batches of 100 or 200 T-shirts printed, based on the minimal capital we had to invest," said Leaver. "They sold well because no-one else was doing anything similar, and we gradually increased the quantity to 400 then 800 and so on." Their bold approach paid off and when they left Meribel to travel the world they continued to sell T-shirts, and later fleeces, at different ports of call.
"It wasn't until we got back to the UK in 1993 that we realised what a good business idea it was," explained Leaver. "So I sold my VW Combi van and Tim cashed in some shares, and with £12k we opened our first shop in Fulham."
Leaver and Slade knew that by appealing predominantly to the skiing and snowboarding market they would only be in business for half of every year - not a viable option. So the pair built on the success of their T-shirts and fleeces by developing a range based on another interest of theirs - sailing and windsurfing. It proved to be a successful formula. "Having a mixture of High Street and activity-based portfolio has worked very well for us, yet it isn't something that would fit most brands," said Leaver.
The nature of its target audience also carried with it inherent benefits. "The average age is early 30's, with an even split between men and women. Because people at this sort of age are often into a profession, coupled with the fact that watersports and snowsports and generally enjoyed by people with more disposable income, it has kept us in good stead. We are reasonably recession-proof because of that. When the cards start to fall it takes a while to get to us."
But while Leaver makes it sound like a fairly seamless rags to riches transition, there have been problems along the way. "It's been a rollercoaster ride and the hardest part is probably the first few years when you don't have any track record. You have ultimate belief in both yourself and the business concept and you know you can make it. But you are the only person on the planet that does.
"Banks want guarantees on your house or your father's house, every supplier believes you won't pay them and every landlord tells you they also want a personal guarantee - there's no way round it. In fact, I still have one that is a hangover from those early days."
The gamble paid off for Leaver and Slade, but how have they managed to sustain the appeal of their brand to a relatively fashion-conscious audience over a decade of change? "By continuing to understand your customer," believes Leaver. "At the beginning you are very close to what you do, but as you grow it is easy to lose touch. We gather feedback from customers by email, panels, face-to-face or whatever and the info comes straight to the design team and myself. We discuss it as soon as it comes in - we don't believe in waiting for monthly meetings - and reflect it in our product. By being disciplined about this we have built up a reputation as an approachable company that listens. Tim and I still take direct calls too - it's amazing what you learn."
How Take On Apple's iPod And Make A Few Mil...
Shoeboxed.com - Think Inside The Box ...
Wednesday, 31 October 2007
Veterinarian Makes $3 Million A Year With A Crazy Pet Fountain Idea
Veterinarian Makes $3 Million A Year With A Crazy Pet Fountain Idea
Mary Burns Story
http://www.petfountain.com/
Dr. Mary Burns, 49, is a former veterinarian and the founder of Veterinary Ventures Inc. based in Union, Kentucky.
The Drinkwell is a pet fountain with free-falling water, a one-gallon-plus water reservoir, a pump and a charcoal filter for removing bad tastes and odors. Burns initially got the idea because her cat, Buckwheat, would only drink running water from a faucet. Tired of getting up during the night to give Buckwheat a drink, Burns created the Drinkwell after observing a decorative desktop water fountain that seemed to offer a solution for faucet-drinking cats.
The initial investment was less than $3,000 for a vacuum-formed mold, some initial inventory and an ad in Cat Fancy magazine
The sales really took off, with just over $3 million a year. Most sales are made through pet superstores such as Petco and Petsmart, and through independent pet stores, as well as specialty and pet catalogs nationwide
Pets can be an important part of people's lives, so it's not surprising that every year, individual inventors come up with dozens of new pet inventions. But the days of the independent pet store are over--and nearly all small shops have been replaced by category-dominating stores like Petco and Petsmart. Inventors can enjoy big-time success once they learn how to penetrate the big pet-store chains.
"I knew the key feature on the Drinkwell was the free-flowing water," says Burns. "I started by reading the book Patent It Yourself by David Pressman. I wrote up much of the patent description myself, but I had an attorney write up the actual claim to be sure I had strong protection." Burns' protection paid off--she sold the product without competition from 1995 to 2001 and, even after a competing fountain was introduced by a major pet-products company, the Drinkwell held its sales level because she had the market's only free-flowing water fountain.
Burns explains her sales success: "I started out in December 1995, selling directly to consumers through small ads in Cat Fancy, Cats and I Love Cats magazines. Then, in 1996, Hammacher Schlemmer called and wanted to carry the product, and Alsto's Handy Helper catalog picked the product up at the end of 1997. In 2000, I started to promote the product in trade magazines like Pet Age and started to pick up independent pet stores." Burns didn't just have some initial success; she had $2.2 million in 2002 sales, which also included Petco sales of her product.
Burns started with a functional product that was not stylish. "My initial vacuum-formed tool was very cheap (less than $1,500), but the product didn't have aesthetic appeal," she says. "In 1999, before approaching pet retailers, I decided to convert to an injection-molded product, which had a six-figure tooling cost, but which also provided a professional-looking product. That look was essential to Petco and Petsmart."
Burns' growing business was starting to overwhelm her in 2000. "My investment counselor suggested I contact Howard Consulting [a business management consulting firm in Reno, Nevada, now called Meridian Business Advisers], who initially provided help with my financial books," she says. "But they came to my rescue when dealing with Petco and Petsmart. I didn't know how to fill out vendor qualification forms, deal with allowances and discounts, or negotiate final agreements."
Howard Consulting helped Burns get the initial orders, and Burns went one step further in 2002. "I ended up selling the company to [Meridian's parent company] for an upfront fee and ongoing royalties. I felt that I was out of my league negotiating with the big retailers, and was also overwhelmed by the concepts of producing the product overseas and dealing with a major pet-company competitor," Burns says. "I felt turning the company over to experienced businesspeople was my best choice."
Big retailers will want at least a 50 percent discount from the suggested retail price, and they will also want allowances, which are a percentage of their purchases--typically 2 to 6 percent--to cover the costs of damaged products and advertising. You won't make any money if your manufacturing costs are greater than 30 percent of the suggested retail price.
Profiting From Visas And Passports ...
How Take On Apple's iPod And Make A Few Mil...
Shoeboxed.com - Think Inside The Box ...
Monday, 29 October 2007
Millionaires Who Started Out With Nothing-Effective Business Ideas
Millionaires Who Started Out With Nothing
Joe Bushey Storyhttp://www.posworld.com/
Company name: POS World Inc.
Location: Atlanta
Estimated annual sales volume: $10.8 million
Description: Point-of-sale online retailer
This IT manager for a concessions management company loved working in the POS field, but was so burnt out by the intense work hours that his doctor recommended a career change. One day, while reading a catalog with reseller pricing for receipt printers, cash drawers, bar-code scanners and other POS items, Bushey realized that not only was the markup outrageous, but also that there was nowhere to purchase POS hardware online. His vision: to create an online marketplace offering fair pricing on these items to the end user. "I wanted to be the Dell of POS," says Bushey.
"I didn't have a dime to spare," says Bushey, who continued at his full-time job while starting POS World in 1999 in his off time at home. "It was a virtually no-cost startup." Early on, he focused on establishing vendor relationships and developing a website. His brother Jim moved into his apartment to handle website maintenance.
One investment--a high-end Nortel phone system with voice mail--presented a professional image to callers, even though Bushey was handling calls for every department. It seemed to work--in 2001, when the Los Alamos National Laboratory's hard drives containing sensitive material went missing, they contacted POS World for recommendations on item-tracking technology. "I realized then we really had a presence," says Bushey, who moved to an office and hired his first nonfamily employees in 2000.
Most customers do business through POSWorld.com, but they can also visit the office or call in. Customers include many Fortune 100 companies, the Federal Reserve Board, Lockheed Martin and the U.S. court system. POS World is expanding into auto ID, warehouse operations and the biomedical field, and will partner with Microsoft to sell retail-management software in combination with the company's hardware.
Profiting From Visas And Passports ...
How Take On Apple's iPod And Make A Few Mil...
Tuesday, 23 October 2007
Why Small Houses Can Make Your Rich?
Jay Shafer Story
http://www.tumbleweedhouses.com/
Bigger isn't always better. Just ask Jay Shafer, founder and owner of Tumbleweed Tiny House Company (http://www.tumbleweedhouses.com), who lives in a 70-square-foot freestanding home. No, that's not a typo-his entire house has less space than most people's bathrooms.
"I had a hard time finding a place that suited my needs without exceeding my needs," says Shafer, who built his first tiny house in 1997. "So many American houses are so huge-they're oversized for the actual needs of the occupants."
Longing for less space, Shafer first designed a 100-square-foot house that was recognized in a home of the year contest by Better Homes and Gardens magazine. Exposure from the award prompted Shafer to go into business-suddenly he found a market for miniature mansions. Today, Tumbleweed offers more than 20 floorplans ranging from 70- to 500-square-feet. Half the customers use the buildings as their primary residences. Others buy them as freestanding additions to their existing homes, for use as an office or studio.
"Almost no assembly is required," says Shafer. "The houses arrive in one piece. All you have to do is connect the utilities."
A bonus to living so little: It forces you to be neater, says Shafer, who even works out of his 70-square-foot abode. Downsizing also makes you reevaluate your concept of home sweet home.
How To Make Money With Unwanted Mattrasses.
Sunday, 21 October 2007
Homebusiness Millionaires: Jennifer Gonzales and John Gonzales
http://www.procharms.com
Company name: Procharms Inc.
Location: Sacramento, California
Estimated sales: $2.5 million
Description: Sports charm wholesaler
Courting period: When Jennifer Gonzales' husband, John, gave her an Italian charm bracelet for Valentine's Day in 2002, Jennifer--a huge Sacramento Kings fan--searched in vain for a Kings charm before deciding to create one herself. Jennifer visited the Team Store at Arco Arena (home of the Kings) to ask about licensing, and a helpful employee called Kings' co-owner Gavin Maloof and let Jennifer leave a message. She was stunned when Maloof returned her call and directed her to someone at Arco, eventually leading to a $7,000 order.
Sports nut: After talking to local jewelry-makers and suppliers and doing many hours of online research, Jennifer found a company that could manufacture the charms and was a licensee for Major League Baseball, the NBA, NFL, NHL and professional players associations. Jennifer recruited her first rep--a charm-store business owner--and collected a 20 percent deposit from interested charm retailers. The deposit, in addition to maxed-out credit cards, paid for ProCharms' first shipment.
Domestic charm: Jennifer and John set up a work space in their living room and placed shelves on the wall for the charms. "Everyone who knew us thought we were crazy," says Jennifer. But in addition to the advantage of keeping costs low, operating from home also allowed the mother of three to stay close to her children throughout the workday, with the eventual assistance of a nanny. After four months, they moved into a small office and began hiring employees. John handles ordering, inventory and product development, while Jennifer oversees everything as president.
Team spirit: ProCharms now sells to charm retailers, e-tailers and approximately 20 professional sports teams/venues. The company has also done very well expanding into the collegiate sports market, counting 65 college bookstores as customers. New products include a silver-toned, Tiffany-style heart bracelet; cell phone charms; and leather cuff bracelets, all with team logos.
