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Evaluating Your Business Product Or Idea 0

Posted on October 25, 2014 by admin

Evaluating Your Business Product or Idea
by Trina Newby

As you begin to develop your business idea, you need to determine its

strength and viability. Below is a checklist of criteria to help in

evaluating ideas that seem to match what you’re looking for. Ask

yourself the following questions when evaluating an idea for a business

or product:

1. Does it satisfy or create a market need? Introducing a new product

without first testing the market is like jumping off a cliff

blindfolded. In fact, many businesses fail because there is no adequate

market for their products or services. Before you risk your resources

on a new venture, it is necessary to get an objective picture of your

prospective market. Although accurately determining the customer

reaction to a new product is difficult, a new business owner must try

to get hold of as much information on the market as he or she can

either through a formal market research or through secondary research.

The rule is: find a need and fill it. To the extent possible, do not

offer a product or service so new or unusual that people cannot

understand why they should buy it – unless you want to spend most of

your time and resources educating the public. Big companies, with their

deep pockets, can afford to launch a massive educational campaign for

breakthrough products. Home businesses, given their size and nature,

often do not have the resources (capital, personnel, technology) to

mobilize such campaigns. Also, do not offer a product you love to make

but whose market potential is weak at best.

2. Will the product maintain market appeal? Beware of fads and fleeting

trends as these markets change quickly that your business cannot

achieve a sufficient volume or a sufficient share of the market. If

your product, however, is a fad, make sure that you can move fast

enough to capitalize on it before it dies. Also determine if your

product or service can be used nationally, or is it simply limited to

your geographical area. With the increasing globalization of business,

you may need to look at the international market and see if there is

significant foreign competition.

3. How unique is your product? The goal is to be able to differentiate

your product from your competitor. You need to show why your products

and services are unique, distinct, or of considerably superior than

your competitors. Every product in the world can be sold or presented

in a new way. If you seriously intend to capture a significant market

share, your potential customers must find more value from your product.

4. How useful is your product? Many new ideas and products are

successful because their creators identified an unmet need in the

market. Identify at the onset how your product or service will be used,

and determine the frequency of product use. Some business ideas fill a

real need, but in some cases the need have to be created through

promotional advertising and promotions. This information can help build

your marketing strategy.

5. How much competition exists? Remember, there is never a “no

competition” situation. You product will always have its competition.

Determine the kind of competition you will have – locally, regionally,

and nationally. Look for heavy or moderate competition – the fact that

competition exists in that market proves a demand, or at least a need

for what you offer. However, test for market saturation. Unless you are

offering a groundbreaking product, stay away from market with extremely

few competitors. Lack of competition could mean that your business idea

is not profitable to begin with, or that your idea is so new and unique

that no one has thought of it yet. Few players in the market could also

imply that the market may be controlled by a monopoly or a cartel, the

barriers to entry are too high for a small firm, or that the demand is

too limited to sustain another entrant in the market

6. Have you priced your product competitively? The right price for a

product or service is one of the essential elements in a solid business

model. Don’t do yourself injustice; the wrong price tag is like a

ticket to disaster. Economic survival is the primary consideration

underlying all pricing decisions. Ideally, a price should meet three

requirements: it should match the competition; it should be attractive

to your potential customers; and it should earn a profit for you. Set

your prices, not by competition, but based on the needs of your

business. Depending on your products, consider pricing yourself on the

higher side: the higher you price yourself, the higher you position


7. What is the level of difficulty in the creation or implementation of

the product? You need to consider the economic factors in the execution

of the product, such as time, capital investment required, and

marketing costs, personnel needed, among others. Also determine if you

have the engineering, production, sales, and distribution facilities

adequate for the product’s implementation. You may have an excellent

business idea, but if you do not have the economies of scale to produce

it, then you might be better off to consider other products (or at

least a scaled down version).

8. What are the growth possibilities? Your business model stands to

succeed if the demand for your products or services can be expected to

grow with a change in the economy. Check if your product can survive a

major technological surge or obsolescence.

9. Can I get backend sales? Back-end sales are all the products or

services you sell and resell to customers or clients after they have

made their initial purchasing transaction with you. Determine if your

product or service will warrant repeat sales. There is real business

value in building a pool of repeat customers. The bulk of the sales,

cash flow and current profit comes from utilizing and then better

utilizing a back end.

10. Is the product safe? The safety of a product use is an important

consideration for many consumers, particularly for manufactured

products. If you are in the service business, you need to make sure

that your personnel are properly trained with the goal of satisfying

your customers foremost in their minds. Educate your consumers on how

best to use the product and include clear instructions to avoid costly

legal entanglements. Make sure that your business is insured against

various forms of liabilities that may arise.

11. Can my product be promoted with strong advertising copy? Emotion

sells. People are often motivated to buy a product or service because

of some emotion, whether it is greed, fear or want. Response to

advertisements often increases whenever you inject these elements into

your ad. Sit down before you write the ad and ask yourself what you

want to feel. Then translate these feelings to written words for your

advertising copy. Stress what people can gain from ordering your

product or service (financial reward, becoming the envy of others,

knowledge to get ahead in life) or tell them what they lose if they do

not order (loss of time and convenience, discounts for ordering before

a deadline).

12. Will you be left with an inventory? Avoid inventory risk; make sure

that even you will buy the product. If you have inventory, consider

getting homeowner’s or renter’s insurance policy to protect your

business against all possible disasters, be it fire, tornado, hurricane

or earthquake.

About the Author:
Trina Newby is President and Founder of Women About Biz, a powerful and

effective membership-based network for Businesswomen. Let us show you

how to grow your business at Women

About Biz.

How To Reduce Product Defects In The Interlining Industry 0

Posted on October 18, 2014 by admin

For any manufacturer, the most important goal is to reduce product defects, and thus improve profitability. There are lots of ways to achieve this goal, however, the methods are supposed to come from the specific industry itself. You may apply quality control process or Six Sigma to reduce defects. However, the product defects will not be eliminated no matter which process improvement strategy is utilized. You may be infinitely close to 100% defect free for the interlining products like woven interlining, non-woven interlining and fusible interlining, but most probably you will never achieve the goal of 0% of product defects rate. With the improvement on reducing product defects, an interlining manufacturer may gain auxiliary benefits, such as lowering costs and increasing productivity, which finally turn into saving money in the business.

Reducing product defects for interlining products like woven interlining, non-woven interlining and fusible interlining is not the sole task for the managerial team in the company, but it is a collaboration of each individual in the organization. The involvement of the employees, especially those on the production line is the key to the success of reducing product defects. You will be open-minded when you have your staff directly involved. Indeed, with the contribution made by the employees, fewer errors and mistakes will happen during the production cycle, which in turn results in lowering the product defects.

The primary thing is to identify the changes we want to make, after you decide to reduce the defect rate for interlining products like woven interlining, non-woven interlining and fusible interlining. You can start with asking the employees in the company for what the problems are. You should also spend time on viewing the issue from every angle with the ideas got from the employees. This approach is insightful since the employees are in the manufacturing cycle with the interlining products, and may have ideas that the administrative staff have never come across. When implementing reducing product defects, the leader should bear in mind the basic principle of cost effectiveness. In other words, measures and actions should be taken under the full use of available resources. No matter which process improvement strategies you are applying, you may consider hiring professionals from consulting company that utilize Six Sigma. These professionals will help you identify the changes that need to be made.

Once you have target the changes need to be made, the subsequent step is to analyze the approach to the changes. At this stage, you should form a team to analyze how to deal with the changes. Documenting the measures or steps is essential to the success of reducing product defects. When analyzing the approach to the changes, the team should spend time on listing all the possibilities and have a comprehensive check on the running machine. It is also pointed out that the team should take the time to check whether the machines to produce interlining products like woven interlining, non-woven interlining and fusible interlining are on correct status, which is a crucial step in the process improvement strategy. Defects will be cut back and money will be saved if the machines are running at a correct status. If appropriate information on the machines is available, you will know how to adjust the change to benefit the company most, and thus reduce product defects.

After the implementation on the changes, a review process is needed to evaluate the outcome. You should constantly review the outcomes to ensure whether they are beneficial at all. You should always talk with the employees on the production line. They operate or monitor the machines every day, and get the firsthand results on the outcome of interlining products like woven interlining, non-woven interlining and fusible interlining. Indeed, employees will be able to provide useful ideas and suggestions to further improve the situation on the production line. If the company is looking for continuous effects on reducing the product defects, you can simply start from the identifying procedure and focus on the implementation of another change.

Remember when you are striving for reducing product defects in a business, your base line is that your company is saving money. The efforts on reducing product defects may become meaningless if the cost on interlining products like woven interlining, non-woven interlining and fusible interlining increases. On the contrary, the more money you save, the more benefits your company will receive.

With your efforts to reducing product defects by the changes, you may start to set a new goal to avoid making the same errors in the future. This is the direction to be infinitely close to 100% defect free. However, the set goal must be realistic, and all staff in the company should be involved. Under the current fierce competition in the interlining industry, reducing product defects should be a continuing strategic planning to save the business money, and improve the productivity.

How to Succeed in Seacret Direct 0

Posted on October 16, 2014 by admin

Could Seacret Direct be a Scam?

If you have found thisSeacret Direct article, you are no doubt either someone that is considering joining theSeacret Directbusiness opportunity and looking to see if it is ascam or not,or a current Seacret Directrep looking for information on how to take your business to the next level. Well, In either case you are in the right place. In this Seacret Direct Scam Reviewarticle, we will examine the 4 points that you need to consider before joining, and at the end we will share with you exactly what you need to be successful in this business.

Seacret DirectReview: Company Background

Seacret Direct was formed from its mother company Seacret Spa. That company was established in 2005 and since then has become the leader in the dead sea cosmetics industry. It’s incredible success of 500 MILLION dollars these past few years have led it to expand into a new horizon.

They currently operate in over 1000 kiosks at malls around the world.

Seacret DirectReview: Product Offerings

They sell skin care products that are made by Loreal.Some of the products include products for the face and the body that are suppose to make your skin look and feel a lot younger. According to the company site what makes the products different is that the minerals that are used in the products are from the Dead Sea which are very rich in Minerals. The Categories of the products of Seacret Direct include:
BODY SKIN CARE PRODUCTS: There are diverse skin care products by Seacret Direct. One in many of them is the SEACRET’S BODY BUTTER. This locks in the moisture after taking a bath or shower which will make your skin feel silky smooth afterwards.
FACIAL SKIN CARE PRODUCTS:There is the morning facial peeling milk or the Mud Soap. You use this to rub away all the dry skin from your face and you’ll feel this from the tiny apricot seeds gently scrubbing your face. There is Seacret’s Anti Wrinkle Cream which you use at night for skinrejuvenation. Now there is the Seacret’s Facial Mud Mask.
AGE DEFYING SKIN CARE PRODUCTS: One of Seacret Direct’s age defying skin care product is the age defying mask. It can be used to exfoliate and clean deeply. After you use the mask, you can use the Restore Serum to give your skin the much needed nutrition it needs! Once the serum has been fully absorbed, the products called the Refresh Moisturizer and the Regain Eye Cream can be used to complete the process for healthier younger skin.

Seacret Direct products range in price from $14.95 to $699.95. All Seacret products contain minerals from the Dead Sea in proprietary formulations and are not tested on animals. Seacret DirectReview: The Seacret DirectBusiness Opportunity

It costs $49.00 to purchase a Seacret Agent Launch Kit. The Launch Kit includes a personalized retail website and the ability to purchase Seacret products at wholesale prices.

Seacret Agents are not required to have an autoship in order to earn retail commissions, but they must have an autoship of $49.00 or more per month in order to participate fully in the compensation plan. Once an Agent has personally enrolled two people who each have an autoship of $49.00 per month, he or she may cancel their autoship and still participate in the compensation plan.

Seacret Direct has a binary compensation plan. Seacret distributors (-Seacret Agents-) earn retail sales profit on products they sell. They can also earn income from a preferred customer program, team commissions, and several different bonuses.

Seacret Direct Review: How to Succeed In TheSeacret Direct Business Opportunity

There is really no secret to achieve success inSeacret Direct, but there are certain key points you need to consider; the biggest of which is marketing. Instead of chasing, begging and bugging friends and family in the hopes of making a few sales, top marketers have developed ways to have potential prospects coming to them instead. You can do the same.

Imagine if you could have HUNDREDS of people every single week contacting YOU aboutSeacret Direct. Imagine that you could reach these people without ever having to meet them in person, or even speak the same language as them. Imagine that instead of you spending your life trying to persuade people to join your Seacret Direct business, people would be begging YOU to be allowed to join your business.

This is not a pipe dream. This is what all the top and potential leaders of Seacret Directreps are doing right now, and it is why they are making a fortune.

To Learn How To Be Really Successful in YourSeacret DirectBusiness Without Chasing and Begging Friends and Family-CLICK HERE How to Make Money with Seacret Direct

Home Business $500-$2000 a Month Part Time. 0

Posted on October 15, 2014 by admin

In today’s economy many are looking to start a home business to bring in some extra money. An easy $500-$2000 a month part time and $5-$10000 a month full time. I have a way for you to start your own home business with no risk, no capital or money of your own with a product that sells itself. Not only do you not have any risk to start your home business, but you are going to walk away with a $100 bill in your pocket regardless.

Here is how getting your home business started works. You will set up a home workshop for me to come (no matter where you are in the country) and share the product with your friends and allow you to see the presentation. The presentation will only be an hour. I require you to have at least six people . There is no obligation for you to buy anything and no obligation for those you invite to purchase. There is no hard selling. Like I said the product will do all the work. I will explain more after I give a brief introduction to the products.

The products for the home based business are Certified Pure Therapeutic Grade (CPTG) Essential Oils. They are powerful, potent and they have immediate effects. I am not going to take the time to tell you everything about them here, but know that you can treat everything from headaches (migraines as well) to cancer. Because of it’s molecular structure, it can also kill viruses (colds, flu, allergies etc.) I make my own anit-biotics and haven’t been to the doctor since I started using them. I know it sounds to good to be true, but the business is booming, it is still in its infancy and there is a lot of money to be made and it will be the easiest thing you ever shared.

The great news about your home based business is that I am going to do nearly everything for you until you feel you are ready. Of course you will be making money off my work until you think you can do it yourself. It is amazingly easy and you will see the checks coming in a couple weeks after the initial workshop. Any commission made will go to you if you chose to make it a business or simply learn how to get the product for free yourself. I have found that if I have a room of ten people at least five of them will buy every single time. The product is that good. The only reason people don’t purchase the product is because their spouse (who didn’t attend the workshop) says they can’t.

If you want more information on starting your own home business, Please Visit our Site at: http://www.virabacbegone.com

Advantages Of Twitter For Business 0

Posted on October 12, 2014 by admin

Many think of social networking sites as being solely for the purpose of socializing. However, businesses are increasing their usage of social networking websites. In fact, many are seeing the advantages of using them and are reaping many benefits as a result. One advantage is free advertising or promotion.

Twitter is a site that has only a few simple features but can be a very effective means of announcing new developments in your business. Perhaps youre a manufacturer and want to announce a new product that is being released. Maybe you have old products that have features or uses people arent aware of. Those are the kind of things you can tweet on Twitter.

Lets say you run a print ad in a newspaper. The costs will obviously vary depending upon the size of the ad, the circulation of the publication and other factors. It could, however cost you approximately forty dollars or more a week to run a small 2 inch by 2 inch ad, one day a week. Thats for a publication with a circulation of about 10,000 readers. The cost of tweeting a message to 10,000 people is zero.

What is not being implied here, though, is to drop print advertising. This article is just making the case for using Twitter and possibly using it in conjunction with other means of promotion, marketing and advertising. It is also an attempt to present the case for the cost effectiveness of using Twitter for marketing and advertising purposes.

Any business having a Twitter account should provide their Twitter web address as part of any contact information they list, anywhere. The Twitter address should be listed on their web sites, on any publication they publish, and can even be included with their product manuals.

Studies have shown that it is easier to sell something to a previous customer than it is to sell to a new one. Thats operating under the assumption that the previous customer is a satisfied customer. So, if that satisfied customer is a follower of your business on Twitter, he could become aware of your newest product releases or new services your company is providing, through a tweet. Even retailers can tweet whats on sale for the week.

It can take a while to build a large following on Twitter. However, it will be well worth it in the long run. Thats what makes it all the more important to list your companys twitter address as often as you can. The number of tweets a day should be limited though. You should not tweet too many messages in one day. Some people may stop following you if they feel they are just being barraged with too many annoying tweets. So, sometimes less is more and you should obviously prioritize on what you plan to tweet.

One thing you could do to get things started is to have some employees sign on as followers. That way, when someone checks out your Twitter page and they see that others have already signed on, they are more likely to do so themselves. Just creating a profile and hoping people stumble on to it will not work effectively. Getting started with your employees as followers and list your Twitter address as part of your business contact information is a great way to get the ball rolling.

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