If your Facebook feed is anything like mine, it’s easy to believe that money grows on trees. Or at least, the trees in select peoples’ gardens. And if you want one of these lucrative money trees? All you need to do is to pay an online guru and they’ll tell you how to get one.

I call this the six-figure business con.

Want to be a millionaire like me?

In reality, the only people who do get rich from these Facebook ads are usually the people placing them. The internet gurus promising to reveal the secret behind their alleged six-figure income (or more).

Each one claims to have stumbled on a unique process that is guaranteed to work every time, for everyone. And all you need to do is sign up to their course/watch their webinar/join their programme and they’ll show you how it works.

But the reality is often far from the truth.

Starting a business is rarely easy

The real truth is that starting a business, any business, is rarely easy. Indeed, as many as 50% of startups fail within the first two years.

The businesses that do succeed are usually built on passion, a clever idea solving a common problem, lots of planning, hard work and a huge dose of resilience.

And yes, there are some brilliant online courses out there that support aspiring entrepreneurs on their business journey. But there are many more that are not much more than a con.

Indeed, in some of the six-figure business models you simply pay a large fee to learn how to sell the programme onto other people! (Not too different from multi-level marketing.)

Find out why 99% of people who join MLMs are likely to make little to no money (and many will actually lose it)

Beware of the wolf in guru’s clothing

A few weeks ago, I attended a mastermind meeting of successful online entrepreneurs in London. At one point the conversation turned to a well-known guru behind some of these ads promising instant business success.

She claims to have built a successful six-figure business in less than a year, and her ads offer a free webinar, in which she sells you a programme costing thousands.

But her claim is a lie.

One of the women at that meeting knows her personally, and revealed that, far from holding the secret to instant wealth, she’s been bankrupt more than once. Her expensive programme also holds little clue to how you can achieve the mythical success promised.

Other people at the meeting (all of whom are successful in their field and none of whom use this form of marketing message) had their own tales of people fraudulently dressing themselves up as experts peddling the secrets of business wealth.

And, depressingly, too many eager entrepreneurs are giving their hard-earned savings (and hope) to these con men and women.

Is a six-figure business a myth?

So IS it possible to build a six-figure business in a year? Absolutely. But will most people achieve it? Unlikely. And do they even want to?

One of my personal problems with this type of marketing is that the focus is completely wrong. Or at least is it for me.

I’m not in business to become a millionaire overnight. I started Talented Ladies Club because I had a passion, and wanted to create something that would help women, and that I’d love to run.

And many of the women I speak to who run, or dream of running, their own businesses have similar motivations. They simply want to use their passions, talents and experience to build something for themselves. To earn a living working on their terms, and achieve a sustainable and rewarding lifestyle.

Do they want to be financially successful? Of course. But is their primary motivation to make a fast buck? No.

But that’s just what these ads focus on.

You’re drawn in by envy marketing

To compound their marketing message, many of these entrepreneurs parade the fruits of their success in front of prospective customers, saying ‘Look how wonderful my life is! Wouldn’t you love to be just like me?’

They’ll show you their holiday mansions, tell you about their amazing possessions and name drop their famous contacts.

It’s the marketing equivalent of the boastful Facebook friends sharing a carefully edited (and often inaccurate) version of their perfect lives. (To see just how ridiculous envy marketing is, watch this brilliant video parody by JP Sears.)

But again, who’s in business purely to buy a mansion?

Sometimes it feels like we’re living in a new gold rush era. Myths of get rich quick business ideas spread and people abandon perfectly reasonable life goals to invest money in hope of achieving the instant wealth promised. That fabled passive income that earns you money even while you sleep.

Not everyone has what it takes to be an entrepreneur

The truth that these gurus don’t tell you, is that not everyone has what it takes to run a business. (Or they’ll tell you that, but then convince you that you do.) And not every great business is going to be an instant financial success – online or otherwise.

Indeed, the reality for many startup entrepreneurs is a roller coaster ride of thrilling highs, and many weeks of hard work and frequent disappointments.

Which is why every business needs to be started for the right reasons (not just to get rich fast) and built on firm foundations.

And sometimes, the shortcut to success isn’t always the right way. In building your business organically from the ground up, and working on it yourself, you learn essential business lessons along the way.

You may start out knowing little about business, but you’ll soon earn your entrepreneurial stripes. And when you do, you’ll be a wise, more robust business leader, able to make the right decisions to grow your business even further.

Beware the six-figure con

So the next time you see one of those ads promising to reveal the secret of someone’s supposed instant success, tread with caution.

Watch their webinars by all means, but do so with a healthy dose of skepticism. And never part with your hard-earned money without thoroughly investigating what you’ll get back, and realistic expectations.

That’s not to say there aren’t marketeers out there sharing great advice and selling products that genuinely deliver what they promise. But there are just as many, if not more, selling not much more than a dream.

Indeed, I have met some people who have paid for these six-figure courses – and not one of them runs a six-figure business! In fact, none of them are making much money at all.

I’ve even met someone who’d paid for an expensive programme to get her business started with a well-known online personality, and after completing the programme she still didn’t know any of the basics of starting a business!

The much-promoted programme she’s paid several hundreds pounds for skimmed over everything you need to think about when starting a business without actually teaching the nuts and bolts of doing it. She’d have learned just as much from spending an hour or two reading free business blogs.

Where to go for genuine business help

So where do you go for help if you want to start a business? Personally I’d give any programme that offered instant success or used envy marketing a wide berth.

Instead look for common sense approaches that teach you the dull but essential basics. Even better if it’s a guided programme with a cohort, like our own Business Kickstart (you can see all our courses here).

We’ve just invested in a year-long marketing programme. It’s actually marketed as the opposite of a get-rich-quick scheme – you’re told not to expect any significant financial results from your work until nine months in.

Until then you’re working hard on laying the right foundations, which is what you should be doing when building a business. Think of it as the equivalent as the pig who builds his house from bricks – not straw. It takes longer, but is more likely to last.

You can also find a wealth of free resources online, in blogs and webinars. Just watch them without the temptation of your credit card within reach!

Here are a few articles from our site that may help you get started:

• The first 10 steps to starting a business
• How to start a business when you have no money
• How to find the perfect business idea for YOUR startup
• Six business ideas for mums

The post Have you fallen for the six-figure business con? appeared first on Talented Ladies Club.

When you run your own business, you don’t have a manager setting you targets, or telling what what they want you to focus on this quarter. Instead, you get to steer your own ship.

Which is great, in many ways – and often a big part of the reason you may have become an entrepreneur. But it’s also hard.

Because, as much as you may start your business with a clear vision (I want to run a successful design business, I want to make and sell cakes from home etc), what your business looks and feels like on a day-to-day basis is often less clear.

And without clarity on what you want to be doing every day, and what direction you are driving your business in, it’s easy to get lost. And find yourself working without direction or beginning to loathe the tasks that eat into your time.

So how can you change this?

Design your perfect day

There are two important things you need to do, to ensure you steer your good ship enterprise in the right direction. And the first is to design your perfect day.

Designing your perfect day simply means considering what you’d like your average work day to look like. Questions to ask yourself include:

• What’s your morning routine?
• What time do you start work?
• Where are you working?
• Who are you working with?
• What are you working on?
• Are you working on one project or a mix of tasks?
• How do you feel about your work?
• What breaks are you taking?
• What are you listening to?
• How many hours do you work?
• What happens at lunch time?
• What time do you stop work?
• What do you do when you stop?
• Do you work in the evening?
• If so, what are you working on, and for how long?
• What time do you sleep?

As you can see, the questions aren’t solely work-focused. They’re concerned not just with what tasks you do, but with how you feel, and what’s happening outside work that day too.

The point is to get you to consider what you’d like your day to look and feel like. So rather than just happen to you, you take control of your work life, and actually manifest the one you want.

When you have thought about these questions, write down your perfect day, and consider how you feel about it. How does it differ from your reality now? You may find that actually, your average work day is already pretty perfect.

In which case, that’s fantastic. You can learn to appreciate what you have – and ensure that you don’t make changes that could lead to unhappiness.

Or you may find that actually your perfect day bears no resemblance at all to your life now. In which case, what changes can you make to bring you closer to it? Some may be easy and immediate, while others will require greater planning and work. The important thing is that you have a clear idea of what you want to work towards.

Create a vision for your business

The second important thing you need to do, if you haven’t already, is create a vision for your business.

What type of business do you want to run, not just now but in the short and medium term future? Being clear on your goals (and uncovering your unconscious ambitions) will help you to shape a business that fulfils your needs and brings you personal and professional satisfaction.

To help you create a vision for your business, consider these questions:

• What would you like your business to look like in one year?
• And in five years?
• What type of people do you want to work with?
• What type of customer or client do you want to attract?
• What are your main products or services?
• How much money do you want to earn this year?
• And in five years’ time?
• How many customers or accounts do you want to acquire?
• What do you want to be recognised for?
• Do you want to win any awards? Is so, which ones?
• How do you want to feel about your business in one year?
• And in five years?
• What three words best describe your business?

Bring your vision to life

If you want to take these exercises one step further, you could create a vision or dream board. This can be physical – go through newspapers, magazines and brochures to find pictures that reflect your vision and pin them to a board or stick them in a scrapbook.

Or you could create a vision Pinterest board and seek out photos that bring your vision to life for you.

Then, whenever you feel in need of motivation, or you need to lift your mood, you can revisit your vision beard, and remind yourself what you’re doing and why – and what you’re working towards.

Keeping these visions firmly front of mind also makes it easier to make decisions. If a new client approaches you who doesn’t fit your vision, you’ll find it easier to recognise they’re not someone you want to work with and say ‘no’.

Let your mind create the life you want

There’s one last, powerful exercise you can practise with your perfect day and business vision.

Every day, try to find some quiet time (I find this easiest in bed at night as I’m dropping off to sleep) to play a ‘video’ in your mind of your perfect day, running your perfect business.

Play this video over and over, noting how you look, feel, what you hear, what you say, what you do, how others respond to you etc. Make it vivid and multi-sensory – laying down a clear, positive vision in your mind of what you want to happen.

Why do this?

All too often, we spend our mental downtime worrying. Our thoughts dwell on things we fear happening, or ruminate over bad things that have already happened.

And not only does this leave us feeling pretty despondent, but it tells your mind that these are the important thoughts, so they’re the ones it keeps.

As this brilliant article by Judah Pollock and Olivia Fox Cabane explains:

“It’s the synaptic connections you don’t use that get marked for recycling [when you sleep]. The ones you do use are the ones that get watered and oxygenated. So be mindful of what you’re thinking about.”

It’s also widely accepted that your thoughts create your reality – what you think about, you unconsciously manifest. So if you want to live the perfect life, and grow a business you love, start filling your thoughts with what that looks like, and let your mind help you achieve it.

Ready to design YOUR perfect business and day?

So are you ready to take control of your life – and design the business and lifestyle you want?

If so, why not set aside time in the week ahead – block it out in your diary now – and follow the exercises in this article? Get a clear vision of your perfect day, and make any changes you need to get closer to it.

Then set yourself some SMART goals (specific, measurable, attainable, relevant and time-bound) for your business. If you want to have a bit of fun, we recommend writing a few goals for six months’ time and sealing them in an envelope.

In six months’ time, open the envelope and see how many you reached! When we’ve done this, we’ve been really surprised at how many we achieved (even ones we’d forgotten we set!). Here are some ideas of goals you may want to set:

• Profit goals.
• Traffic goals for your website.
• Media coverage goals.
• Goals for number of customers.

Read more on planning a business you love

You’ll find plenty of brilliant advice on planning a business you love on our site. To help you find it, we’ve picked four of our favourites:

• Three simple secrets to achieving your goals
• Six strategies to make sure your goals work
• Why isn’t your business working? How to get to the root of the problem
• The four biggest fears that could be holding you back from success

The post What’s your perfect day? How to create a business vision – and make it happen! appeared first on Talented Ladies Club.

What makes a business idea great? And how do you know if your business idea has what it takes to go all the way? The only real way to find out is to put it to the test and start working on it. As Darren Fell from Crunch says:

“Don’t get caught up in waiting for the most amazing business idea in the world to come along. If you have a gut feeling or an idea, just go for it and tell as many people as possible what you’re doing. Often the real idea will come out of your original one in the process of trying to make it work.”

How to find the perfect business idea for your startup

But just where do you start when ‘trying to make it work’? To help you get your new business off to a positive start, we’ve identified six steps to finding the perfect business idea.

1) What are you truly passionate about?

Starting a business is often a roller coaster ride, with plenty of ups – and downs. And sometimes, the only thing that gets you through tough days or weeks is a genuine passion for (and belief in) what you are doing.

So it’s important that you start a business doing something you love. Not just like, but love. Something you could talk about all day, devour any information on, and naturally seek out experiences in.

Because it’s this passion that will give you an edge over other competitors, and keep you clinging on when others give up.

It’s also essential to be realistic about the wider responsibilities of running a business. You may start it because you want to work on your passion every day, but (especially in the san early days) you’ll also have to manage other, less exciting, aspects of running a business.

So you have to love your idea enough to put up with the admin, accounts, customer service, and other dull tasks that come with being a startup entrepreneur. If you have a passion for food and business, a food franchise could be an excellent way to combine both, giving you access to a proven business model while still allowing room for growth and innovation.

Need some business idea inspiration? Read:

• Six business ideas for mums
• Five ideas for businesses you can start at home
• The top 17 startups launched in 2016

2) Wait for the right business idea

Don’t worry if you’re not immediately inspired. Business ideas can take some time to emerge.

If you have decided on the passion or niche you want to pursue, concentrate on getting as much experience in it as possible. Immerse yourself in it. If you can get work or volunteer experience in it, do so.

If not, spend every spare minute learning as much about it as you can. And investigate other businesses that involve it. Can you see any opportunities for improvement? Problems not yet solved? Potential gaps in the market?

Speak too to the people who consume what you are passionate about. What would they love to see that doesn’t exist yet? Or what changes would make their lives easier or better?

Be patient and let the right idea percolate. And don’t be afraid to talk to people about any fledgling thoughts – the more you get ideas out into the world, the more you can build on and test them, and find out if they really have any possible potential.

3) Is your idea profitable?

The difference between a business and a hobby can simplistically be summed up in one word: profit.

In order for your passion to become your living it needs to make money. So before you start ordering business cards for your venture, you need to ensure your idea or niche is financially viable.

There are a few ways you can do this. First of all, check out your competitors. Are there any? You may think not having any competitors is a great starting point, but that’s not always the case.

If your chosen niche is SO niche that no other similar businesses exist, why is that? Could it be that there’s no market for what you are considering launching? Creating an entirely new market or niche isn’t impossible, but it’s usually a harder route than tapping into an existing audience.

Once you’re confident your niche exists, now look at how crowded the market is. Can you differentiate from what’s out there? Are you doing something different, better, cheaper or more conveniently than other businesses?

And what are they charging? Can you afford to compete against them and make a profit? And is there enough business to sustain you? (Read three easy ways to test if your business idea will make money.)

Finally, will people really pay for what you are doing? A good way to test this is by creating a minimum viable product and actually selling it.

4) Get to know everything about your product

If you want to make a success of selling something – product or service – you’ll stand a greater chance if you’re an expert in it. So take every opportunity you can, if you haven’t already, to experience and explore your niche.

What are the limitations and opportunities in your offering, and the marketplace as a whole? And how can you exploit them? If there are any possible potholes ahead, now is the time to identify, fix or plan to avoid them.

Be honest with yourself. When you find out more about your niche and/or product or service, do you see potential issues? Don’t ignore them, or assume that they’ll go away or people will buy anyway.

YOU may love and ‘get’ what you’re doing, but it doesn’t mean other people will too. So be honestly critical. Spending the time now to really explore your niche and idea will save you much time, money and heartache later on if it’s not realistically viable. Remember that hope alone isn’t enough to make a successful business.

5) Do your research

Once you know what path you want to follow in your business, you need to get a thorough understanding of all the additional aspects it involves. This includes:

• Your customers – you need to identify the people who would be interested in your product (read how to identify your target audience and learn how to write marketing personas for your different audiences).
• Your USP – why will your ideal customer buy from you? Why are your products or services relevant to them?
• Your competition – who else is in your market? And what do you do that is better or different to them? It’s much better to find out as much as you can about your competitors now.
• Your pricing – once you have identified your competition, look at their pricing. Can you afford to compete with them on their pricing? And where do you sit on the quality spectrum? Are you cheap and cheerful? Or are you an expensive luxury?

It’s also important to get out speaking to people about your idea – and really listen to their feedback. As Darren Fell from Crunch also says:

“Don’t think you need to keep your idea to yourself – surround yourself with brilliant people and listen to their advice. I work with lots of local businesses, and those that aren’t open or willing to listen are the ones who fail.”

6) Check you’re legal!

Last, but definitely not least, you need to make sure your idea is legally secure! Do you need any qualifications, training or special insurance? Are there any bodies you need to belong to, or codes of conduct you have to adhere to?

Can your business operate legally where you are? And, very importantly, do you have any intellectual property that should be protected? Don’t forget to ensure that you have fulfilled any accountancy/tax obligations too.

Don’t overlook this step. If you’re unsure about any of the above, it may be wise to get legal advice before launching.

Learn from your mistakes – and go for it

It may take a lot of trial and error to find the perfect niche for your business. So don’t be afraid to be brutally honest with yourself every step of the way, and always keep an eye out for new ways to improve your idea.

Expect your initial plan to go through a few changes along the way, and possibly even have a few false starts. Don’t get discouraged if you go through plan A, B, C or even Z before finding the perfect business.

As long as you stay resilient and treat mistakes as an opportunity to learn and improve you should eventually find an idea that works for you. And then nothing will hold you back!

Harrisson Dawson from CustomerSurveyAssist is passionate about finding new ways to promote a business. He also likes to share his insights on native advertising and marketing, both digital and traditional, with entrepreneurs in order to help them make the right choices.

The post How to find the perfect business idea for YOUR startup appeared first on Talented Ladies Club.

You may be trapped in a 9-5 role but, like 10% of the female population, you may be dreaming of running your own business.

And if you are working 9-5 right now, and depending on your 9-5 salary, the chances are that any new venture will start out as a side business, at least in the early weeks or months.

Seven key steps to starting your side business

Linda Formichelli is the author of How to Do It All: The Revolutionary Plan to Create a Full, Meaningful Life — While Only Occasionally Wanting to Poke Your Eyes Out With a Sharpie.

Years ago, before the internet was a thing, Linda started a successful freelance translation business.Now, she’s sharing seven keys steps to take you’re planning to start a side business while working 9-5.

1) Look inside

What special skill or passion do you have that you wish you could share with the world? Look into your education, training, hobbies, and job experiences. You may be surprised at the skills you have that you never gave a second thought to.

For example, maybe you worked in retail as a teen and were pretty darned good at it, or you’re so funny you could make people pee their pants laughing at a funeral, or you really enjoyed the business class you took in college even though your major was in English literature, or you were brought up in a bilingual home.

Match up your newly-discovered skills or interests with one of the opportunities you read about in the many lists online, and voila! Side gig.

2) Read lists

Not sure what kind of side business you want to start? Google side business ideas, and you’ll be inundated with list after list of potential opportunities.

3) Spread the word

As long as you’re not afraid your employer will find out about your side business and hand you your P45, let everyone know you’re now doing X: Taking family photos, blogging, selling cupcakes, creating book trailers, whatever.

This is one time where Facebook can actually be helpful. You may be able to build a decent customer base among your friends and family, and if you’re ready for more, they can spread the word and introduce you to other potential customers.

4) Don’t get arrested

Check the laws and regulations in your area and your industry. Depending on your side business and where you live, you may need to apply for a business license, earn a certification, and so on.

It’s also important to make sure you’re properly registered for (and setting aside money for) tax. (Find out if you’re accidentally working illegally – and when you need to tell HMRC.)

5) Get expert advice

You may be an amazing painter or gifted life coach, but most self-employed people fall down when it comes to the actual business side of things.

Determining who your market is, marketing, advertising, offering stellar customer service, negotiating, networking, and figuring out finances, certifications, and taxes are critical activities for a business owner.

Try joining your local Chamber of Commerce, asking an entrepreneur friend for advice, attending local meetings for small business owners, or hiring a business coach, so you can blast through the learning curve and start raking it in.

6) Act first, plan later

A common issue I see with the writers I coach is that they won’t start marketing their services until they have the perfect website. And now they finally have a website, but realise they need to brush up on their punctuation skills. And now they’ve done that, but need to learn the art of the pitch.

The need for more skills, equipment, learning… it never ends because obsessing over these needs keeps you from actually starting your business, and possibly making a fool of yourself.

My advice is to start marketing your business even before you’re ready. When you land your first sale, then you can scramble to make it work. “Oh, jeez, now I have to figure out how to write this case study/make these 100 cupcakes/plan this event I just sold to a client!”

7) Develop a thick skin

What if you start a side business and fail? Welcome to the world of just about every business owner on the planet.

Don’t consider failure failure—consider it information gathering. Congratulations! You discovered something that won’t work, so now you can try something else that might.

Case in point: As a freelance writer, I’ve been rejected well over 500 times in my career, and yet here I am, still standing. And you will be, too, if you can persevere through the tough times.

Linda Formichelli is the author of How to Do It All: The Revolutionary Plan to Create a Full, Meaningful Life — While Only Occasionally Wanting to Poke Your Eyes Out With a Sharpie, a book for women whose motto is Life is not a dress rehearsal.

She’s also the co-founder of Renegade Writer Press, which publishes books on careers, personal development, frugality, and erotica (yes, erotica).

The post Seven key steps to starting your side business appeared first on Talented Ladies Club.

These are questions the NatWest Entrepreneurship Monitor seeks to answer. And according to 28% of respondents, there’s never been a better time to start a business.

However, while the time might be right, not everyone is confident about leaping in – 56% say they’re held back by a fear of failure, and 38% say they don’t know where to go to get information about starting up.

There’s also a marked difference in the way men and women answered some of Natwest’s questions. To give you some insights into what is stopping us, we’re publishing the following illustrated responses.

What does success look like to you?

If you were to start your own business, how will you know if it’s a success? What can you measure your business performance against to assess whether it’s all been worth it?

To find out, Natwest asked: “What does or would success look like for your business?” This is the result.

Who do you turn to for advice?

NatWest is Britain’s number one bank for small businesses, with 250 accredited Women in Business specialists across the UK. They also They’re also the only bank that supports free business accelerators across the UK with their partnership with Entrepreneurial Spark.

The post Men vs women – what’s stopping us starting a business? appeared first on Talented Ladies Club.

Launching a new business is exciting and exhilarating – with lots of firsts, highs and successes to be enjoyed along the way. But there will also be bumps in the road.

Product-based businesses face unique challenges

Running a product-based business has its own set of unique challenges. From careful stock management and precise forecasting, to sourcing and ordering raw materials, and creating/manufacturing enough product to meet demand – there are lots of hats you’ll need to juggle if sales (and profits!) are to be maximised. And that’s in addition to making sales, marketing your business and so on.

All of this can be highly challenging for a start-up or business with limited experience and no sales history to use as a benchmark for future forecasting.

So, how do you overcome these challenges to ensure a thriving business?

How three business owners have overcome their challenges

Paula Hutchings from Marketing Vision Consultancy has worked with numerous start-ups and small businesses in the UK and Australia, including a number of product-based entrepreneurs.

Now she’s sharing the experience, advice and practical steps taken by three women to overcome the challenges they have faced.

So, if you’re a product-based business looking for inspiration, grab a cuppa, read on and be assured that you’re not alone in your struggles!

Challenge 1) Tracking sales and managing stock

Carol Lovell, founder of luxury leather accessories brand Stow London, sells through a number of prestigious retailers including Harrods and Fortnum and Mason. Carol advises that it has been imperative to track sales carefully and to create an operations manual for each area of operations. Here’s her advice:

Keep accurate track of sales by sku (stock keeping unit code) and write an operations manual. From day one I would recommend these are two things you must start and keep up-to-date as the business grows. They will become vital to future success for ordering correct stock quantities and building a strong team.

The first is keep spreadsheets to track and forecast sales by product line and in our case, colour. From day one. Allocate each line an in-house sku and EAN (bar) code if you are selling to retailers. Add your sales channels to the top of the spreadsheet and products down the left hand side. Track them weekly.

Keep weekly stock spread sheets too: Our plan is to invest in a software package that will speak to our various online and retail sales channels and quickly update and analyse both stock and sales on a minute by minute basis.

But for now, good visual spreadsheets suffice and have insured we don’t over-order a particular line as we now have three years of trading history to rely on, where we can see peaks and troughs by line and by month.

Create an operations manual from day one: As the business grows, and we get involved in new processes we now keep and update an operations manual for each part of Stow’s operations. When someone new (full-time or part-time) starts they receive usual induction training, but can also refer to the manual for a specific process.

This is especially helpful for the fulfilment process but can also be related to any area of the day to day functions of the business, such as receiving stock, sending stock out, responding to enquiries, taking payments etc. It saves huge amounts of man hours and can be written by any staff member currently doing that role.

Challenge 2) Managing seasonal fluctuations in product orders

Martha Keith, founder of delightfully illustrated personalised gifts and stationery brand Love Give Ink, has put systems in place that enable them to manage seasonal variations in product orders. Here’s her experience:

As a personalised product-based business, one of our biggest challenges is coping with the seasonal fluctuations in orders. At certain times of the year, for example Christmas or Valentine’s Day, orders can increase by 10 fold, which puts huge pressure on our production capacity.

To manage this, as well as re-forecasting weekly sales on a regular basis, preparing products during quieter periods and outsourcing where possible, I put a huge focus on the skills and flexibility of our production team.

As well as having a core team of permanent production staff who are trained on multiple processes and recently employing a Production Manager, we have built a network of local self-employed people who are happy to help on an ad hoc basis. This way our team can expand at very short notice to cope with
demand.

It is a constant balancing act, and we are already planning now for this Christmas to make sure we get it right!

Challenge 3) Structuring your day to maximise productivity (and profitability!)

Kate Box, founder of independent knitwear label Kate Box Knitwear uses her mornings to tackle the tasks she likes least! Fresh from a good night’s sleep, Kate is at her best first thing in the morning and can whizz through things. This approach frees Kate up for the rest of the day to be able to work on the aspects that she most enjoys. She says:

My biggest challenge is the juggling act between the creation of my product (every item is handmade by myself), and managing all the other of aspects of running a business such as admin, marketing, PR and the part I love most, the designing.

The best way for me to cope with this constant juggling act is to work on the bits I find the hardest (for example the admin and PR) in the mornings. Mornings are when I’m at my best and I’m able to complete these tasks confidently and efficiently. I save jobs that I know I am good at (designing and production) for the evenings, as its work that I enjoy and can savour.

Another big eye opener for me has been outsourcing work as and when I can afford it. There are always going to be facets of running a business that I’m not good at and will be best left to someone experienced in that specific area”.

Have you got a question about your product-based business? Tweet Paula or contact her through her website – she’d love to hear from you!

The post How to start a product-based business – three case studies appeared first on Talented Ladies Club.

So, you have a brilliant business idea. Or at least you think it’s brilliant. But how can you genuinely tell? How can you test the robustness of your idea, and check it’s really worth investing time, hope and money in?

To help you establish the true potential of your new business idea, Josie Cornhill from Mumpreneur Inspiration reveals five questions you need to ask yourself.

Five questions you need to ask to test a new business idea

Often when considering a business we only think about it’s potential for financial success. But we also need to consider whether it’s a good fit for us personally, too.

After all, if we start a business that we’re not suited for, or will come to hate, we’ll never be able to make a true success of it – because even if it’s financially rewarding, if it’s consuming our life and emotions then it’s not a true ‘success’.

1) How will this business impact my lifestyle?

You want to enjoy running your business. And while you might be happy working on it 50 hours a week in the beginning, you do need work-life balance. Without it, you risk burning out very fast.

So you need to to think about when you’ll be working. Are you committed to set times, or do you have flexibility? Will you need to work in the evenings or at weekends? Would you need to be on call some or all of the time to make it successful?

If you’re planning to run it around your children, think about how it will impact on your parenting. Will you need childcare or can you work around them? Running a business often means you’re distracted a lot of the time by phone calls and emails, so think about how you’ll manage that.

You should also consider your health. Do you have any underlying issues that the business might exacerbate? Is it likely to be stressful and how will you handle that?

2) Who will I spend my time with (and what kind of relationship will I have with them?)

In some businesses, usually online ones, you might be working completely alone. If you’re an introvert that might sound appealing, but realistically we all need some human interaction. So you’ll need to think of where that will come from, be it friends, family or networking.

Are you likely to be employing staff? If so, how do you feel about being their manager? If it’s something you haven’t done before, think about how you’d feel about being the boss rather than a colleague.

If you’re looking at a franchise, consider your relationship with the franchisor. Would you be happy following their rules, or are you looking for total control over what you do? You’ll also need to think about the other franchisees, who you may or may not get along with.

What kind of relationship will you have with your customers? You might have many, short integrations with different people if you’re in a retail type environment. Or you might be developing ongoing relationships with them if you’re doing something like coaching. Does your business idea suit your preference?

3) Are there bits that I won’t enjoy?

Like jobs, all businesses will have bits you don’t like. So before you start, identify what they are and how you can deal with them. How much of your time are you likely to spend on them? Consider whether it might be possible to outsource them, if not at the start, then once you’re established.

Think too about whether your dislike of any element is going to have a negative impact on the success of the business. If you don’t like admin then, as long as you get it done somehow, it’s unlikely to impact your business too much.

But if you’re running a nursery, for example, and hate dealing with the parents, they are likely to pick up on that and be less keen to use and recommend your services.

4) Do I have (or can I get) the skills I need?

It’s important to identify the skills needed to run your business idea successfully, and then evaluate your own skills against those needed. If you don’t have them, it doesn’t necessarily mean the idea is a no-go.

You’ll need to decide if you can learn them, taking in to account the time and cost that will be involved. Alternatively, is it something that you could outsource?

If you do have the skills that you need, it’s worth considering whether or not they are skills that you want to use. When looking for a business idea it’s tempting to do what you know, but often people are starting a business because they are unhappy in what they’re currently doing. If that’s the case you may want to reconsider the type of business you want to start.

5) Where do I want to be in five years’ time?

And finally, you may be just starting out but it’s still good to consider your exit strategy. If you’re looking for a business that you can grow into an empire, you’ll need to decide if the idea is scalable – either through expansion or perhaps franchising or licensing.

If this is something short term, for example just when the children are small, would you be able to sell it on when the time came? Or is it something that only you can run because it relays on your expertise or artistic skills?

If it’s something you want to do until you retire, does it have enough variety to keep you interested in the long term? Or will you be bored in a few years?

Ready to take the next step?

When considering a business it’s really useful to spend some time thinking about these questions. Because if you don’t love running your business, it’s far less likely to be successful.

If, however, your business idea has passed all three questions with flying colours, what next? You’ll find plenty of tips to help you take the first steps in starting a successful business in these articles:

• How to start a business – your first 10 steps
• 10 things you should never do when starting a business
• Five reasons why mums’ businesses fail – and how to ensure you succeed
• Three easy ways to test if your business idea will make money

Mumpreneur Inspiration shares the stories of mums’ businesses to inspire others on their journey.

The post Five questions you need to ask to test a new business idea appeared first on Talented Ladies Club.

What activities do you get up to in your free time? Having a hobby can be great for reducing stress, learning new skills, meeting different people and for general peace of mind and wellbeing.

But, pick your hobby wisely, and it can also help you in other ways too – including boosting your career.

Five hobbies that can help your career

Jenny Winslow Senior Marketing Executive at Intouch Accounting reveals the top five hobbies every woman should consider and the professional benefits they can provide.

1) Travelling to destinations off the beaten track

We’re not talking about all-inclusive trips that cater to your every need, but those journeys that create memories you’ll never forget. It’s those experiences that broaden your mind, expose you to new cultures and makes you learn new things about your personality.

Not only is travel a fantastic way to learn and grow, it also showcases to clients and organisations that you’re confident, inquisitive, open minded and engaged.

It’s not just about going on holiday, but actually travelling to a location that’s going to give you more than just a good time. So arrange that trip of a lifetime – what better excuse do you need?!

2) Photography

These days everybody has a camera in some shape or form, be it a professional DSLR, a simple point and shoot, or even the camera in your smartphone.

Photography can showcase to employers a whole host of skills. Regardless of the quality of the pictures you take, the hobby can develop your discipline, patience, persistence and creativity. These skills all translate into helping analyse problems, progress projects and develop ideas within the workplace.

Plus, you could get some really fantastic shots and plenty of fresh air. So what are you waiting for? Grab your camera and take it on your next ramble or day trip.

3) Blogging

In today’s world our minds move at a million miles an hour, and on average we have 50,000-70,000 thoughts per day. But how many of those thoughts do we actually write down?

Blogging can develop your communication and writing skills, which in turn help you articulate and communicate your position and goals at work. Plus if you blog about your career, it can give you a greater understanding of your industry and showcase the passions you have for what you do.

(Want help to get started? Read our top 10 stories on starting a blog.)

4) Amateur dramatics

Now this one can take guts, but the rewards can be great. Joining an amatuer dramatics group can boost your confidence levels, improve public speaking and overall make you feel more courageous in your day to day professional life.

This can especially be useful when presenting your ideas to clients or colleagues, winning your next contract or big project, or even just looking to make a connection with a colleague.

It also shows employers that you can adapt to different situations and work in a whole range of environments, without being fazed.

5) Giving something back

Imagine a hobby that improves your health, well being and overall happiness.

Volunteering can do all this and so much more, but how can it help you professionally? By giving your time freely, you’re showing employers that your passions are worth more to you than financial gain and that you’re willing to put in effort for something you truly believe in.

You are also able to showcase your project management skills if you manage a volunteer project from start to finish. (Read more about why volunteering could be the perfect career choice for mums.)

Which hobby will YOU choose?

So there you have it, five fantastic hobbies that will not only enrich your personal life, but your professional life too.

What’s your experience of hobbies? Have any given you skills that have helped to progress your career?

Jenny Winslow works for Intouch Accounting, the expert contractor accountancy for Limited Company contractors.

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Running your own business is exciting, liberating and wonderfully rewarding. But it can also be immensely challenging.

You may be familiar with the a day in the life as an entrepreneur image that often pops up on social media – a heart-warming (and reassuring!) graphical representation of the ups and downs of life as an entrepreneur.

One minute you are flying, the next you are full of self-doubt and struggling with set-backs. Then you bounce back and feel elated… and so it goes on.

Service-based businesses face unique challenges

It’s comforting to know that all entrepreneurs face problems in their start-up journey. But how do you navigate past them? And importantly, how do you tackle the problems unique to your industry or sector?

Every industry comes with it’s own unique set of challenges. And in this article, we explore some of the particular issues faced by service-based businesses, including:

• Setting rates for services.
• Getting paid fairly for time spent on projects.
• Building a strong pipeline of work.
• Managing busy periods.
• Maintaining self-belief during quiet times.

How three business owners have overcome their challenges

Paula Hutchings from Marketing Vision Consultancy has worked with many start-ups and small business owners, including a number of service-based entrepreneurs.

Now she’s sharing the experience, advice and practical steps taken by three women to overcome the challenges they have faced.

So if you’re a service-based business owner looking for inspiration, grab a cuppa, read on, and be assured that you’re not alone in your struggles!

1) How a copywriter built trust

One way a service-based business owner can encourage a strong pipeline of business, is to generate trust-building word-of-mouth referrals.

Rachel Hodges, content strategist and copywriter, dedicates time to building up trust with her customer-base to ensure a regular flow of work:

“A major challenge of running a successful, service-based business is identifying where your work is going to come from. It’s worth spending time researching possible channels and the networks you can be part of.

In the creative field that I work in, as a copywriter and content strategist, my clients can be businesses of any size looking for my skills to meet their needs or creative digital agents that bring me in as a third party to assist their own clients.

Because my clients are very interested in how the quality and relevance of my work will benefit them and their business, word of mouth referrals are very effective for me. I also identify key influencers, such as digital agencies, that come to me to support their own clients when the need arises.

That’s why it’s important I leverage my work to show other potential clients what I do. My website has a body of case studies that I regularly refresh with recent projects.

It is also really important to devise methods to build repeat business. This may be retaining the same client over a long time or could be through devising a service you develop once but reuse again and again for multiple clients. Whichever way you choose you’re building up customer trust, great for building word-of-mouth referrals.”

Learn how to turn happy customers into your best advert by writing powerful case studies, with this quick and easy guide!

2) How a social media manager traded skills (and won business)

Being flexible and embracing skills trading can help kick-start a customer base.

For Victoria Hill, co-founder of start-up South London Social, flexibility in their rates and being open to skills-trading has enabled them to build a flourishing customer base in their local community:

“South London Social is small, friendly social media agency based in South East London offering social media management, workshops and masterclasses to small businesses in the community.  

The challenge we face as a small start-up ourselves is setting rates and prices for other small local businesses. Often business owners aren’t aware how time-consuming managing a social media channel can be.

We use our expertise to advise them how much to invest in social media to get the best results. We overcome this challenge by being really honest, open and of course flexible.

Initially we will have a phone conversation with a new client and then a face-to-face meeting before rates and prices are agreed. We really get to know them and their business and then work together to develop a bespoke social media solution that right’s for everyone.

We are firm believers in also swapping skill sets instead of money with local businesses. We love the idea of helping a really small business with social media advice or support in return for something that will benefit our business. It helps us to work within our community and build that local feel that we want for South London Social.”

Fancy swapping skills to get your business off the ground? Find out how to successfully start skills trading.

3) How a PR consultant used time logging to set her rates

Logging the time you spend on client projects can help you set your rates with confidence – as Ros Morgan, founder of Morgan Fraser PR, found out.

When Ros first set out on her own, keeping a detailed log of the time she spent on each project helped her to overcome the struggle of setting her service rates:

“The most challenging aspect of running my own business has been knowing what to charge for my services. In the past I handled new business accounts and knew what the market was charging. This also meant I knew what people were willing to pay, or would expect to be charged.

However, I found this didn’t help at all when I set up on my own. Why? Because Morgan Fraser PR (MFRP) is a completely different PR company to any I have had worked at – in terms of size, resources, time available to each client, location and so forth – and so I had to figure out what MFPR would charge, and in doing so, figure out what I was worth (which is tricky enough!).

The first thing I did was talk things through with another professional outside of my industry. I then considered all the services I was offering and what made MFPR unique. Thirdly, and most importantly, I began logging the time I spent on each client or administrative exercise, per day in order to understand exactly how I was spending my working time.

After a few weeks I used this information to determine what my hourly rate was really worth (taking my experience into account too) and as a result, I’m now better informed when proposing fees for a campaign.

To be fully conscious of how I was spending my working day was like changing the habit of a lifetime. I even set myself an alarm to remind me to log the hours at the end of the day.

But like most things, once something becomes routine (after weeks of reluctant data input!) I had my result, and I was thrilled and relieved.

I now feel in a comfortable place when discussing fees and whilst I’m still very open to negotiation, I have an informed understanding of what my services are worth and can discuss this confidentially with prospective clients.”

Do you struggle with money and setting your rates? Read how to charge what you’re worth, and our complete guide to raising your freelance rates.

Have you got a question about your service-based business? Tweet Paula @MarketingVC or contact her through her website – she’d love to hear from you.

The post How to start a service-based business – three case studies appeared first on Talented Ladies Club.

Think you can’t afford to start a business? You’re wrong! According to a survey by freelancer website PeoplePerHour, 76% of micro-businesses launched with less than £2,000. And in fact the average cost of starting a business in the UK is just £314.

So how do you start a business with such little investment? To help you, we’ve put together the skint guide to starting a business, packed with tips and links to resources to help you get your start-up off the ground without a big budget (or indeed any budget at all!).

Think about your finances

The less money you have, the more careful you need to be with it. So make financial planning a priority from the start.

Understand where your profit comes from, and have a system for managing your money. We recommend getting some kind of accounting help from the start, as it can save you money.

Also think about whether you want to be self-employed or a Ltd company (you can find out if it’s right for you and learn how to start one without paying a fortune in this free guide).

Borrow money if you need it

It may be that you need help to get your business off the ground – maybe you need to invest in equipment, staff or a premises before you can launch your idea.

But where will that money come from? If you don’t have money to invest yourself, and friends and family can’t help, where do you go?

The days of banks offering you a blank cheque appear to be over (if they ever did!) but that doesn’t mean it’s completely hopeless.

As we found out when we interviewed Apprentice winner Yasmina Siadatan, Start Up Loans were set up to help entrepreneurs just like you. You can borrow up to £25,000 (the average loan is around £6,000). The loan is unsecured and it’s repayable over five years at an annual interest rate of 6%.

As well as money, if your loan is approved, you get a business mentor to help you. You can find out more about the loans and apply here.

Another avenue is approaching independent investors or raising money through crowd-funding platforms. There are a number of organisations that can put you in touch with investors or help you raise money through crowd-funding, such as The F-Crowd, who specialise in female start-ups. (Or, if all else fails, there’s always Dragons Den!)

Consider a DIY website

Ideally, we’d recommend getting a professional to help you plan, design and build a website. But what if you can’t afford one?

Until your business has the finances to pay for an all-singing, all-dancing website, you need to do it yourself. And it’s not as daunting as you may think.

In fact to test just how easy (or not) it was, we had a go ourselves. And were pleasantly surprised at how relatively simple it was for someone distinctly un-techy to create a website for under £80 (the only money we paid was for the domain name and two years of hosting, which worked out the most cost-effective way to buy it – you can get a shorter time span for less if you’re really poor).

You can read a step-by-step guide to what we did, and what resources we used here. If you want something a bit more ambitious you can also read how to create your own website for less than £150 here.

And don’t forget the copywriting! Find out how to write SEO copy here (and get your business found by Google).

Look for free marketing opportunities

Despite what many business owners believe, marketing doesn’t have to be expensive, especially if you learn how to do it yourself.

You can give yourself a mini-education in marketing by reading our top 10 marketing stories from the past two years here. They cover everything from:

• What to put in your marketing plan.
• How to write brilliant newsletters.
• How to target your marketing.
• How to use customer service as a marketing tool.
• The reasons why people don’t but from you.
• How to use content marketing.

You can also read some creative but simple (and most importantly, free!) marketing ideas in this article, and learn how to market your business locally for free here.

Make the most of social media

In the very early days of Talented Ladies Club, we spent time understanding and using our social media profiles to spread the word about what we were doing, and connect with influential brands and people.

Indeed, used properly, social media can offer you huge opportunities to reach out to the right people without investing in advertising you can’t afford. To help you get started, here are our top social media tips:

• Focus your time and energy on a maximum of two social media channels.
• Choose the sites where your audience are (do some research to check first).
• Learn best practice/tips for your chosen channels.
• Research your competition. What sites are they on? And what do they do well?
• Give more than you take – focus on being helpful and sharing.
• Be proactive and follow and engage with other users (don’t wait for them to find you).

You’ll also find a wealth of useful advice in these articles:

• Your beginner’s guide to using Twitter for business
• Four secret tactics to increase your Twitter followers (video)
• The advanced guide to selling on Pinterest
• 10 brilliant Facebook features you may be missing out on
• Six quick tips to get amazing results from your business Facebook page
• Seven tips to help you unleash the power of Instagram

Get the help you need – for free!

Few businesses can operate effectively without some kind of help. But how do you manage that when your budget is not much above zero?

There are two ways of approaching this dilemma. The first is quite simple – consider a skills swap! There may be skills you have (or even products) that someone else wants or needs, and will be happy to exchange their own skills or products for.

So think about what specific help you need, and who offers it. Then consider what you could possibly offer them in return for that skill or product. If you present your proposition properly you may be pleasantly surprised by the reception you get – after all, what business doesn’t like to save money?

It’s also a great way to build relationships and partnerships with other businesses. You can read more about how to go about skill swapping here.

And learn when to pay for it if you can’t

The second way to afford the help you need is to think about it tactically. Yes, your budget may be minuscule, but if you plan your outsourcing carefully, you can consider it more of an investment than a cost.

Outsource well, and rather than being a drain on your finances, it could actually boost them. The secret to successful outsourcing is to pick tasks you’re not good at, or aren’t currently the driving force behind your business growth.

This enables you to work more productively on the tasks you ARE good at – the ones that will help you expand your business – while delegating tasks that are eating up too much of your time to someone else.

Importantly, it also means assigning certain key tasks to someone who is an expert in them. For example, if you can afford to hire a marketing freelancer, you may find this is an investment that pays off hugely in dividends. Likewise, getting a professional designer to produce a logo for you can help your business leap up a level and attract more of the business you want.

The secret is to learn what to outsource. And if you’re still not convinced, read four reasons why you should outsource before you need to.

Spend time on your branding

If there’s one thing that elevates one business above another, it’s branding. Get it right, and you’ll attract the right type of customer and build a valuable reputation – it can even open doors for you by presenting a professional image.

So what do we mean by ‘branding’? At it’s most simple, it’s your company’s image and personality – it’s how you look and sound. Things that convey your company brand include:

• Your logo.
• Your website.
• Your social media profiles, pages and interactions.
• Your shop, stand, office or restaurant (or other physical location).
• Your newsletters.

If you can’t afford to pay someone to help you shape your brand, it’s important that you do it yourself – this is such a vital step in building a successful business it can’t be overlooked, even in the beginning. To help you, consider these questions:

• What do you want to be known as or for?
• Who is your perfect customer?
• What other brands do they like? What can you learn from them?
• What brands do you NOT want to be like?
• If you had to describe your business in three words, what would they be?
• If your brand was a celebrity, who would it be? What do they sound like?

If you do have the budget, it’s worth investing in a professional logo. They don’t have to cost the earth, but a brilliant logo can be the difference between attracting customers and winning a sale and not at the start.

If there was one golden rule you need to abide by in branding it’s that, whatever brand you create, be consistent. Make sure you sound and look the same across your website and social media profiles. Use the same logo, images, copy and type of writing.

This will help people to recognise and remember your brand, and make you look more professional (and even more successful). Need more tips? Read three ways you can bring out your brand’s personality.

Start your business today – even if you’re broke

So you see, starting a business doesn’t have to cost the earth. There are plenty of ways you can save money and make smart, strategic decisions with the funds you do have. And who knows? Get your business right and you could eventually go from broke to billionaire!

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