How To Deliver A Perfect Selling Pitch?

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I have been trying to restrict my work towards one topic this week – Set up an Online Business. Once you know what you need to sell, be it a product or service, you must work your ass off to prepare a perfect selling pitch. But how the hell a simple combination of words describing what you do and what you have to offer to your customer become ‘perfect’?

Here’s how you can convert your simple ineffective selling pitch to a perfect selling pitch that can never be resisted.  Your selling pitch should be so good that your customers act as if you have bound them under a magical spell and come to you and buy what you’re selling. Here’s how you can make it REAL!

  1. Make it a conversation: did you ever like the lectures in your class? The long one-hour preaching is good enough to make you sleep and you can’t really do business while sleeping. Right? You need to make your customers interested in what you want to say. You need them to talk more than you do. Ask them questions. Beware! Twist your questions in such a way that one – it has an answer in either a yes or no, two – the answer always comes out to be what you want. Of course, such manipulations of words take time but you shouldn’t step on the ground before you get this done.
  2. Relate it to the customer: Do a thorough research about the needs and preferences of your customers. For example, I once represented an organization that provided the college students with an opportunity to gain valuable extra-curricular experience. In order to sell my product, I needed to relate it to what college students mostly aim for – Campus Placements. Once I understood that, my selling pitch was completely about getting them placed. And it worked like magic! You need to understand what your customer wants and blend your product in it in some way or the other.
  3. Keep it simple: Don’t try to be a Shakespeare with your selling pitch. The simple it is, the better it is. You need to explain even the most complex part of your business as if you’re talking to a kindergarten student. Get into the details but they must look as smooth as silk.
  4. Keep it short: Let’s say there are two competitors who are given a chance to present their business ideas. The number 1 is given 5 minutes while the number 2 is given 10 minutes to explain. Who do you think would deliver a better performance and has high chances of success? It would undoubtedly be number 1. Why? Because he took less time to explain. Less time also implies wiser choice of words. Human beings lose interest in a thing very quickly. It is difficult to make them stick till the end. It is better if you finish off before they start getting bored.
  5. Call to action: Maybe you’re delivering your selling pitch to the richest & wisest person in the world, but still you need to treat him like a child. Spoon feed him of what you want him to do once you stop speaking. If you have successfully implemented the last four points, the client would already be under a magical spell and would resonate to what you’re offering. Make sure you use this golden chance effectively. A call to action in simple and clear words is must.

Now you know how to deliver a perfect selling pitch. Don’t you? Go on… Start practicing. Remember! Keep it short and simple.

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5 Super Cool Advantages Of Working At A Startup

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Startup culture is taking off in many cities across the country. Especially prevalent in the IT industry, startups provide individuals with outstanding opportunities to showcase their talent to the world. Although big MNCs are great to work for, startups come with a bundle of advantages too. Since I am working for one, I will be able to tell you guys out of the experience. Read on to find out more.

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5 Best Blogs Every Entrepreneur Must Follow

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At their initial stages, most of the startup founders are often found in garages, dormitories, or even at Wifi enabled coffee shops. Now it may sound economical and cozy, but as the startup grows, it need more employees, and more employees need more space.

If we talk about a few years back for now, entrepreneurs, looking for their first office space, had no idea about how to proceed. Now, there is more flexibility and options available in market to help you secure an office space for your startup.

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10 Influential Bloggers Who Set The Trend of Problogging

I don’t believe in the ranking system, especially for the bloggers as I believe that if your blog has a good readership, you are surely a great blogger irrespective of your earnings, traffic stats or authority in the niche.

So, today I am focusing on a list that includes influential bloggers but of different styles and themes. Most of these people write about blogging yet each blog offers a different perspective on blogging.

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3 Crucial Tips for Manufacturing Start-ups

While there may be some who claim that the UK’s manufacturer sector has declined over the course of the last two decades, it still accounts for an estimated 54% of the nation’s exports. It is also part of a global industry that contributes £6.7 trillion to the world’s economy on an annual basis, so the marketplace remains extremely competitive and a key engine of growth and urban expansion. It is also integral to the development of society too, as we rely on man-made products and structures during everyday life.

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10 Books That Offer Best Startup Advice

Books are the perfect guide for us in all walks of life. Be it spiritual advice, some new art to be learnt, or an excellent informative guide on a subject, a book is a man’s best friend indeed.

Today I am going to share with you a list of books that are meant to kindle the entrepreneurial spirit in you. These are the perfect choice when it comes to the best startup advice. Read on to know what you should be reading; here we go!

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Changing your revenue model to be more passive

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There are a lot of businesses who charge an hourly rate for a service, working this way will enable you to make money and sometimes very good money as professionals charge quite high hourly rates, but at the end of the day you’re still exchanging time for money.

There’s an old saying, you’re never going to be rich until you can make money in your sleep, and it’s very true. Sure you might earn a lot charging an hourly rate and if you’re smart with your money you might become wealthy, or affluent, but never rich.

In order to make a lot of money you will have to work a lot of hours, losing work life balance, increasing stress and lowering your quality of life. So I want to talk to you today about a client I’m working with in order to help him stop exchanging time for money and instead working on creating more passive income streams.

Danny Kennedy is a personal trainer in Melbourne, for a long time he’s trained clients out of Albert Park and gotten them amazing results. He’s very good at what he does and works with some pretty high profile athletes.

But as a local personal trainer he is only ever exchanging time for money and he has to be present in order to train his clients. So what we’re doing is helping him create an online presence so that he can have a global exposure and create products where his time is not necessary. Products where the time is invested in creating the product but after that it doesn’t really matter whether we sell 1 or 1,000 it won’t require any extra time on his behalf. We’re also working on developing online personal training programs so that he can reach a larger audience and sell lower cost programs to more people that requires less of his time, enabling him to train more clients at once.

In order to do this Danny has set up a blog and is working on building his audience and his profile online. He’s doing this through creating in depth content resources aimed at helping people make changes in their life and teaching them about his philosophies. This increases his audience and exposure, impressing them enough to sign up to his mailing list where he can then provide more value and continue to promote his different products.

So far he has created some amazing content around how to lose weight, how to build muscle, DUP training, carb cycling and how to lose weight and drink alcohol. All of the information he provides gives a lot of value to the reader, which encourages them to follow him and eventually buy his products.

This change to his revenue model allows for Danny to stop exchanging time for money and to grow a business worth much more than a typical personal trainer. Sure it’s hard going at the start but in the long run it will be well worth it.

This type of thinking is appropriate to many types of businesses who charge by the hour, have a think about your business – how can you get out of the rat race and start making money while you sleep?

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How to Get An App Developed for Your Business

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Since the inauguration of mobile application development, many business, and upcoming entrepreneurs have joined the use of applications to take their businesses to the next level. Although many are not well aware of how to get their feet wet, but the rate at which applications are being generated shows it’s a lucrative business.

To develop an application for your business isn’t a facile affair. As you deliberate on how you can go about your application initiation, there are those already in the progress of instigation, marketing and even reaping from their apps. To help you navigate this bumpy ride, below are common ones that will help you develop a successful app.

Which App Idea to Start?

Perhaps you have many app ideas and you don’t know which one to follow. Successful entrepreneurs have built their business on multiple ideas. So, don’t hold yourself to a single app idea. Apps are like single music hit. You never know which one will hit. After you launch your app, give it a grace period of 6 months. If you see your user base isn’t growing, budge onto another idea

Where to Start

Jot down all your ideas as clearly as possible. Peruse the internet and note prototyping tools and create functional elements of your app. Look for an app developer that can design and develop your app once you are coherent about your essentials. In my personal experience I’ve used Production Media App Developers in Melbourne and they offered a great service at a reasonable price. But there are plenty out there

How to tell if Customers want your App

It’s desirable that you get into the market with a prototype. Design your app with core propositions and see if customers are ready to buy it. The moment they do, you will receive important feedback that will help you to modify your app to meet customers’ expectations and business as well.

Distinguish Between Mobile Website and Native App

Deciding whether you need an app or whether a cheaper mobile friendly website would do the job is an important decision, one that could save you a lot of money. There are thousands of applications in the Android App Store and iOS and you will be competing against the best-selling apps and the best to be seen and engaged with.

Should the App Development be in-house or outsourced?

If you look at popular products like Skype and Alibaba, they were outsourced during their initial days. In this case, you can keep the cost low by outsourcing your product to a provider who wholly understands your requirements. If your product continues to be in demand, you can then take over the development and maintenance in-house.

Should you submit your App to the App Store or Android Market?

Create developers account with Google and Apple by registering through their websites. Pay yearly app store fee of $99 for Apple and $25 for Google. The process of transferring you app to the app store should be done by your developer.

What next after your app is ready?

Products don’t take themselves to customers, you need to do that. You have to tell customers where to find them. The same applies to your app. Although app-store optimization can help you to get discovered, you still need to take your app to market visibility.

Marketing your App

The best form of marketing for any business app is the use of a third-party endorsement where press coverage, reviews from bloggers and word of mouth should be a go for.

How much will it Cost to Develop an App?

Application development depends on several factors. But it ranges between $3,000 up to $100,000 or even more depending on complexity.

I believe you have been able to get something from this article. Now, go and get your app developed.

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It’s in your system

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Imagine you woke up one morning and decided you wanted to build a new garage in your backyard. So you hired a truck, picked up a few of your mates and went to one of those hardware outlets that look like an aircraft hanger. You bought sand, cement, steel, timber and bricks and by midday you were off and building.
This would be a dream with nightmare written all over it.

A garage may be a piffling structure, but every year tens of thousands of new businesses start up with virtually the same “go get a truck and some building supplies” attitude as our garage builder.
And what is even more surprising is that many people in micro-businesses, employing fewer than five workers, actually do pretty well for quite some time. But eventually the worlds collide and business problems ignite. A time bomb will explode. And if it doesn’t ruin the businesses, it can badly damage them and a hell of lot of relationships along the way.

I recently talked with an award-winning couple, who had set sales standards that few could match in their franchise system. They had great staff and plenty of business, but they had cash flow problems and they usually did their Business Activity Statement a couple of days before the deadline.
They knew something was wrong and were smart enough to go looking for experience to help them beat a growing problem.
Many of us have heard the cliche: “Small businesses don’t plan to fail but fail to plan.” And then there’s: “Small business people spend too much time working in their business and not enough time working on their business.”

There is a real-life difference between a business owner and an entrepreneur, and it’s that the business owner often works at the coalface. He or she is the shopkeeper, the plumber, the accountant, the consultant, the sandwich-maker or the service provider. They do the work of their business: put in the pipes, talk to the customer, solve their problems, send the bills and collect them as well. But they don’t think about the real product.
Most tradesmen try expanding and find being an employer and a paper shuffler for the federal and state governments extremely challenging. Many just pack it in and go back to being a one-man band.

The entrepreneur comes to see the business as the product he will grow. He or she uses systems to solve frustrating problems in the business and the systems, when they are put together, can define the business: the way a phone is answered, the way a complaint is handled, the way a customer is served and how transactions are recorded.
This is what a whole lot of smarties have done in creating franchise businesses. The guys at Gloria Jeans have a system that means both a school teacher and a journalist can throw in their jobs and become coffee shop owners with the minimum of training.

Last year I looked at the young entrepreneurs who started Sumo Salad and Wellbeing, young people who could see the customer shift to healthy food. The business owner would have created a shop and maybe opened another and then tried to manage both. But these entrepreneurs, from the outset, were looking to systematise the business so others could buy it from them. They worked on the business until it was a product they could sell.
This year the goal should be to systematise your business, not only to eliminate frustrating problems – which makes the business easier to grow and live with – but to make it easier to sell, like a franchise.

As with all things, such as building a garage, get a plan. And if you don’t have the skills to do the job yourself, find an expert to help.

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Business structure

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Want to read something boring? No? I think you better think again. What lies below is compulsory reading for anyone who does not want to go broke or be bounced by some government body designed to seek and destroy dodgy or amateur businesses.

Getting your structure right will ensure you don’t end up on the wrong side of the law and the all-important bottom line.

The starting point
Get accounting and/or legal advice especially if you are planning to enter a partnership or set up a company.
Choose your business structure with an accountant as it affects:
o The tax you’ll pay
o Your personal legal liability
o The availability of capital to establish and operate your business.

Types of structures
1. Sole trader – a one man band
My dad owned a business that supplied some of Sydney’s best restaurants with fruit and vegetables. While at University, I helped with deliveries. Dad ran the business on his own but he liked it that way. He’d get his brothers or a close mate to help him when things got hectic.

His accountant did his tax returns but little else — no advice, no business planning. He claimed business expenses but did not take advantage of splitting his income with mum, who did take orders and do other work in the business, so he could have taken advantage of her tax-free threshold.
Dad was a classic case of someone who worked hard IN his business but not ON his business.

Most businesses are sole traders. It can be the right choice when starting out. You may then be single, know the business is going to run on lean profits for a few years or prefer to keep things simple.
As you grow however, talk to your accountant about restructuring. A company may be, by that time, more suitable.

Advantages of a sole trader:
o Simple and cheap to set up
o No separate tax return required
o No registration if your name used
o Full control over business
o Owner takes all the profits
o Easy to wind up.

Disadvantages:
o Personally liable for all debts
o May be hard to sell if owner dies
o Hard to get time off for holidays.

2. Partnership – be careful!
Partnerships in business, I guess, like in normal life, are fraught with danger. In the top ten reasons for business failure, selecting partners for the wrong reasons is right up there.

A friend recently encountered a partnership story, straight out of the X Files, underlining how crazy business can get when desperate people are chasing money.

This friend was building her home and looking around for a kitchen company. A worker on site approached her (let’s call him Chris) and said his mate (Joe) was a highly skilled joiner.

They were going into partnership building kitchens.
Chris told her they were the best of friends and was excited by this business venture. He would do all the organisational work while finishing his apprenticeship and Jo would be the cabinetmaker. Their quote was good and Jo held a great reputation for his craftsmanship.

They started the kitchen. For the first few weeks they laughed as they worked. It was a marriage made in heaven. Then came the problems.

Chris was slow and inexperienced and Joe began to feel he was doing all the work. Communication problems started and the kitchen would be left for days with no work done.
My friend called Chris to see what was happening and spoke to his wife, who expressed disappointment about Joe’s casual attitude to business. The partnership was crumbling.
Joe turned up to finish off.

In the meantime, Chris called my friend to say he was working elsewhere but asked her a favour. He wanted a phone call before she made the last payment so she could write two cheques. My friend at first agreed but sensed problems. Joe did most of the work and was there to the end. Was she going to play mediator when a fight broke out about money on her property?

Chris had dropped out potentially jeopardising the whole contract. He now wanted my friend to play debt collector.
Joe turned up for the final payment. She told him about Chris’ request and he said he’d sort things out.

Joe had always been the recipient of other progress payments. My friend paid him in full and got a receipt.
Chris’s wife then started to call my friend and sent invoices demanding money and insulting letters upsetting my friend, who sought legal advice.

As you can see, this is crazy stuff and an innocent consumer has been dragged into a mess because two partners did not select each other for the right reasons.

To make matters worse, on setting up, they did not put in place an agreement on how to handle disputes, payments and bust ups. It was amateur hour from the outset and everyone connected suffered.

Solicitor, Nick Prassas of Comino Prassas, says the consumer in this case acted in accordance with her contractual agreement. “The dispute between the partners is a matter to be sorted out between them. The terms of the agreement should be the means for settling it,” he says.

This is commonsense but when people and money get mixed up with a bad partnership arrangement, no-one is safe. So get a partnership agreement drawn up, no matter how good a friend you have.

Advantages of a partnership:
o Easy and cheap to set up but a partnership agreement is needed
o Family partnerships have tax advantages eg income splitting
o Opportunity to take time off
o Combined experience and skills.

Disadvantages:
o Each personally responsible for debts incurred by any other partners
o Potential for clashes, disputes and relationship problems
o One can dissolve the partnership which could ruin the business.

3. Company – for the organised only!
You can buy a shelf company, which decreases the complexity of setting up. Ask you accountant about this. Inform the Australian Securities and Investments Commission (ASIC) you are a director or you’ll be fined. Directors have serious responsibilities and obligations, which are set out in the Corporations Law.

You should contact the Australian Institute of Company Directors as they have vital information and courses that will help you run your company properly.

If, as a director, you have been careless or dishonest with the company’s assets, which causes the company to owe money to others, or do not act in the interests of the company, you can be personally sued or prosecuted, sent to prison or face heavy fines. An undischarged bankrupt cannot be a director.

A director cannot say they:
o Didn’t have time to understand the details of the business
o Weren’t responsible for a part of it
o Let management solve the problem.

Like all professionals, directors must take care in carrying out their professional duties. Non-executive directors have an equally important role.

Non-executive directors must:
o Be informed about the business
o Monitor its activities
o Get independent advice if needed.
You are responsible because, while the company is a ‘person’ in its own right, it only acts through decisions and actions of its directors.

How must you act?
o With honesty
o With due care, skill and diligence.

And your responsibilities?
o Know what the company is doing
o Know all financial commitments
o Get professional advice if needed
o Ask management about business
o Be involved in directors’ meetings
o Never rubber stamp decisions
o Disclose any conflicting interest
o Understand the Corporations Law
o Act in accordance with the spirit of the Trade Practices Act
o Ensure the company has necessary insurance to protect office holders, employees, customers and clients.

When will you be liable?
Your legal duty to ensure the health, safety and welfare of all your employees means the workplace must be operated without putting anyone at risk of injury or disease. You can be held personally liable if you breach this.

If proper accounts are not kept and the company is wound up, its affairs are investigated, stops carrying on business or is unable to pay debts, you can be personally liable.

You are at risk if you act irresponsibly or fail to carry out obligations you have accepted as a director. The Trade Practices Act makes it easier to sue directors personally and you can be liable up to the full extent of your personal assets.

Keep records and books
You have a duty to keep these records at your registered office:
o Minutes of any general meetings
o Minutes of meetings of directors
o Accounting/other records
o Members register (shareholders)
o Option holders (if you have them)
o Debenture holders
o Register of charges created by the company over company property
o Hold proper GST records.

Duty to report changes
To keep the database of companies accurate, you must inform ASIC if the company changes:
o Registered office or business hours
o The company name
o Directors/secretary or their address
o Allots new shares or divides or converts shares to a different class
o Creates a charge on company assets or assigns or varies a charge on company property
Each change has a form which must be lodged with ASIC.

Keep financial information
Generally small companies don’t have to lodge audited financial statements with ASIC. The Corporations Law defines a small propriety company as having any two of the following:
o Less than $10m turnover in the financial year
o Less than $5m assets at end of the financial year
o Less than 50 workers at end F/Y.
Any companies controlled by the small company must be included.

You must still keep records so accounts can be prepared and audited. There must be a systematic record of the financial transactions — not simply a collection of receipts, invoices, bank statements and cheque butts. If a computerised accounting system is used, information stored electronically must relate to records.

Advantages of a company:
o Owners not responsible for debts of company unless personal guarantees
o Greater access to finance
o Can be owned and operated by one shareholder and director
o Income splitting opportunities
o Superannuation opportunities.

Disadvantages:
o High establishment accounting costs
o Directors subject to legal responsibilities
o Higher annual accounting costs
o Compliance costs in terms of money and time are higher.

What are your duties?
Directors must:
o Consider the welfare of the company, its shareholders and creditors even before your own
o Never use information gained as a director to your own personal advantage. An example of insider trading is when a director of a company buys or sells shares before the release of a company announcement. The penalty for insider trading is five years’ gaol, a $200,000 fine or both
o If the company cannot pay a debt, you must provide a report to an externally appointed administrator within seven to 14 days.

As soon as you become a company, you MUST put in place various things.
o Put the company name on invoices, receipts, stationery, etc.
o Open a bank account in the company name. A bank will ask for a copy of the Memorandum and Articles of Association. Ask your accountant for these
o Bank all company monies into this account
o Where possible, pay all company expenses from this account
o Separate private from company expenses
o Keep company records (cash books, invoices and receipts received, petty cash vouchers, letters, sales invoices etc) for five years. The Australian Tax Office does audits to see if business records are adequately kept and that deductions claimed are business related and allowable
o Register as a group employer. Ask your accountant to help here
o Consider FBT and GST liabilities
o If your business is ever sold, Capital Gains Tax could apply
o Take out Workers Compensation for employees
o Any lease in your name must be assigned to the company.

A director may be liable to pay compensation to a company if they were a director when their company incurred debt while insolvent or went into insolvency by incurring the debt. A company may be insolvent if it is unable to pay debts. Penalties for insolvent trading are severe.

Trusts and your business

Seek advice from your accountant about which form of business structure best suits your business — sole trader, partnership, company, or trust.

You may be at a stage of business growth where it’s time to form a company. Seek help from an accountant specialising in small business about the advantages and disadvantages of incorporating.

Recent changes to the corporations law have lightened the load for small businesses when it comes to filing accounts with ASIC.

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