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October 31, 2005

Stress Management As A Small Business Idea

Stress management or stress relief is a highly searched keyword and therefore presents opportunities for small business entrepreneurs who are looking for small business ideas.

Search any of the major search engines and you'll find many searches around the keyword "stress management", "stress relief" and hundreds of other keywords, all related to people who are searching for information and ultimately solutions that are stress related.

Also consider this article on "Fear of stress discourages would-be entrepreneurs" . Based on a survey carried out in London, the majority of young Londoners would rather work at a paid job than start a business because of their fear of stress.

Imagine, if stress is such a major concern, it also offers opportunities for small business entrepreneurs who are savvy enough to spot an opportunity. Instead of reinventing the wheel in coming up with products and services that have not been tried and tested, here we have a ready market with tons of potential customers who are already looking for information on stress management and stress relief, plus going by the survey carried out by YouGov of young Londoners, the market can be segmented into different niches.

All it takes is to carry out research into the causes of stress, how to relieve and prevent the causes stress and to develop products (home study courses, videos, CDs, stress relieving music and audio, etc) that solves the needs of an already hungry market.

I hope this brief article will act as a stimulus and that you can see the possibilities of starting a business with this one small business idea.

David
Small Business Resource

Posted by David at 8:27 PM | Comments (0)

October 27, 2005

Internet Marketing News: Google Tests Personal Listings Service

Google is testing a new internet listing service that could eventually propel it into new markets on the web in competition with a wide range of existing internet companies, from ecommerce giants such as eBay to online listing sites.

News of Google's test caused eBay's share to fall by 4 per cent.

Known as Google Base, the service would let internet users submit information about a wide range of personal items, free of charge, to publicly searchable database maintained by Google.

The information could include things like a listing of your used car for sale or a database of protein structures, according to Google's test site. The website was not publicly available, but screen shots were posted on blog sites. While refusing to comment on future services, Google said: "We are testing new ways for content owners to easily send their content to Google.

By collecting personal listings and making them generally searchable without charging a fee, Google could pose a direct challenge to eBay, whose business is founded on the millions of listings it attracts from sellers. Ebay users pay an average of 7% of the value of sales they conduct through the auction site.

Many other companies, from online job sites to apartment rental services and Yellow Pages companies, also rely on listings and classified advertisements that could potentially fall within the range of Google Base.

Ebay and Google have appeared to be increasingly set on a collision course in recent months, as each company has moved further into territory occupied by the other. Ebay for instance has invested heavily in its own search engine, known as Magellan, to make it easier for buyers to pick their way through its massive database of items for sale.

Both companies have also rushed to add communications to their range of services, with eBay buying Skipe Internet phone service and Google creating its own instant messaging and voice service, Google Talk. Google's potential move into Ebay's markets has already led to tension between the two this year. After it emerged that the search company was looking into launching its own online payment system, Google quickly said it was not planning to a service that would directly compete with PayPal, which is owned by EBay. EBay is one of the largest advertisers on Google-pay-per-click.

By Richard Waters
FT

Posted by David at 2:46 PM | Comments (0)

October 14, 2005

Is Being A "We're A Better Small Business" The Worst Positioning Statement in the World?

Small companies that take time to develop their "Unique Selling Propositon" (USP) benefit from having a clearly defined target market for their products and services. Without a USP small companies have no defined purpose, positioning or uniqueness.

Here's a trick question: What's better - chopped liver or filet mignon?

Most people answer "filet mignon." But filet mignon isn't better than chopped liver. Nor is chopped liver better than filet mignon.

If you picked "filet mignon," what you SHOULD have said is "I LIKE filet mignon better" ... not "filet mignon IS better."

One is not inherently superior to the other. It's a matter of taste. You like filet mignon. So to you, filet mignon is better. But I like chopped liver ... so to me, it's not.

What does this have to do with your business? Plenty.

Every business needs to have a Unique Selling Proposition, or "USP" ... a reason why customers should buy from YOU instead of from your competitors.

Do you know what the weakest USP is? It's "We're better."

"Better," you see, is nonspecific ... and it's difficult to prove. You say you're better. I say I'm better. Just SAYING it - without being able to prove it - makes prospects disbelieve you.

Also, "better" is such a general term that it has little meaning.

Same thing with the overused word "quality."

So how do you create a Unique Selling Proposition that actually makes people want to buy your product instead of the competition's? There are many methods, but let me describe just three of them here.

1. The first is to focus on a feature of your product - one that is not only different or unique but also delivers an important benefit to the user.

Examples:

Crispix cereal. They didn't say it "tastes better." They said Crispix "stays crisp in milk" ... a benefit consumers want.

Wonder Bread "helps build strong bodies 12 ways." They didn't say it's better tasting or more nutritious. They just said that Wonder Bread builds strong bodies in 12 ways.

2. The second way to create a USP with selling power is to narrow your target market - that is, to focus on a specific market niche.

For example, there are thousands of business consultants out there, all fighting for clients. But my old high school chum, Gary Gerber, is a consultant who doesn't fight for clients. He has all he can handle ... and potential clients waiting in line to hire him.

Why?

Because Gary is not just a business consultant. He is a business-development consultant specializing in eye doctors. And it doesn't hurt that he once owned the largest and most successful optometry practice in New Jersey.

If you were an eye doctor looking to build your practice, who would you want to work with? Gary ... or a consultant who says he can help you but has never worked with an eye doctor before?

3. The third way to create a winning USP is with branding. The branding approach usually takes a massive, costly advertising campaign that small businesses cannot afford.

A great example is the George Foreman grill.

This is clearly not the world's best grill, nor do I recall the manufacturer ever claiming that it is in their commercials. But it is the ONLY grill you can buy with the name "George Foreman" on it.

So if you want a grill that cooks good food, you can get one in lots of places. But if you want a "George Foreman" grill, you can ONLY get it from the George Foreman grill company.

You can't confidently promote and sell yourself without a strong USP. After all, if you don't have the reason why someone should buy your product on the tip of your tongue ... how will you persuade prospects to buy what you're selling instead of going to your competitors?

When formulating a USP, start by asking yourself these questions:

What is different about my product that delivers an important benefit to the user?

Is there an industry, application, or other niche I can specialize in?

Is there a way to brand my company or product in a unique fashion with appeal to consumers?

Bob Bly

Posted by David at 2:23 PM | Comments (0)

October 9, 2005

Small Business Ideas For The Future

Two small business ideas based on new trends that small business entrepreneurs can profit from.

Small Business Idea #1

I was interested to read a survey by the research company DBM who were asked to look at which professional jobs or small businesses ideas are likely to be in greatest demand in the next ten years.

The survey appeared in Fortune magazine in March 2005 and here are the conclusions:

1. The greatest increase in demand by far will be for people who know how to clean up 'spaceship earth'. This is because an increasingly healthy-conscious public is eager to find environmental engineers who can prevent problems rather than simply control those that already exist. Indeed, it is anticipated that over the demand for environmental engineers will grow by at least 50%.

2. The next key area of growth is anticipated to be network systems and data com analysts followed by personal financial advisors.

3. Number eight on the list was PR Specialists.

If you are trying to decide what small business to start, it might well be worth your while to have a look at this survey. If there's going to be a demand for environmental engineers, there is also going to be demand for the businesses that employ them.

Small Business Idea #2

Starting A Business Based On New Trends

Speaking of new trends, when you get a moment why not check out a company called NatureWorks based in Nebraska?

The company runs a factory that can produce 300 million pounds of a polymer called Gylatic acid, derived from bacteria that feed on corn kernels. What is so big about this? Poly-lactic acid is basically a biodegradable corn plastic that degrades, within weeks, into water and carbon dioxide in the humid, 140 degrees heat of a compressed landfill site.

With escalating oil prices, corn plastic is much cheaper alternative. Also, with growing concern about the damage being caused to the environment, biodegradable corn plastic is better for the environment.

Corn plastic is going to be a giant thing in the years ahead. Furthermore, it is clearly going to offer eco-entrepreneurs some extremely exciting opportunities.

David Davis
Small Business Resource

Posted by David at 4:40 AM | Comments (0)