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How To Make Big Money In Your Own Small Business
- A Book Summary

This article is based on the following book:
How To Make Big Money In Your Own Small Business
By Jeffrey J. Fox
Vermilion, 2005
ISBN 0091900166
150 pages


The Big Idea

Today, more than 25 million Americans own small businesses and millions more dream of running their own. The fact
that a lot of people dream of owning a small business is
no surprise as the average income of small business owners
is above $400,000.

Author Jeffrey Fox uses his own experience to share to readers the secrets to having a profitable and successful small business. Whether you’re just starting out or have
had the business running for years, this book is for you.


There Is a Lot New Under the Sun
New ideas pop up in the market on a daily basis. You can always think of new products to sell, new marketing and
sales strategies to use, or new ways to make a customer happy. Ignore people who rain on your parade by telling
you that your idea as been done before.


One Difference Between Yes and No
If you are looking for new business ideas, seek out the
ideas that big corporations have dismissed. Often, corporations will throw out innovative ideas at the
slightest critical comment because corporate executives
are afraid to take risks.


Sources of New Business Ideas
Still looking for a new business idea? You might try looking:
1. Within yourself (what do you do well?).
2. Within your family (family business).
3. Within your current company.

You can also consider:
1. Providing ethnic products.
2. Healthcare services.
3. Buying a franchise.


The Small Business Owner’s Success Blueprint
1. Write down why your business will succeed.
2. Be aware that you have (or will have) customers.
3. Calculate your breakevens and the size of your market.
4. Know why you can generate enough revenue.
5. Find out how you can attract and maintain customers.
6. Know how much money you need to start and maintain operations.
7. Find out where to get the money and why the funding
source should give it to you.
8. Know the value of your product and service.
9. Know what kind of people you should hire.
10. Know where your business should be located.
11. Have come up with a good business name.
12. You must become your own company’s rainmaker.
13. Start selling.


Do What Comes Easy to You, but Is Hard for Others
Remember that if you can easily do something that others
find hard to do, you will be able to make money as long
as there is a need for that skill. People who find it
hard to do what you can do with ease become your
customers.

However, being good at something is only the starting
point. You must then work hard and practice hard.
After which, you must be willing to promote what you
can do and sell what you can do.


It’s Okay to Pick Fleas Off a Dog
Do not look down on business opportunities that may
seem beneath you. As long as it’s a decent, ethical
and moral business, it doesn’t matter if it may seem unglamorous.


First: Have a Customer
If you don’t have customers, your business idea will
surely fail. You have to be certain that people will
buy your products or avail of your services.

To determine whether or not you have a market for your business, you can use market research or your own
instincts. Remember though that it does not end with
having customers. You also have to get and keep
customers!


Small Business Owner’s Business Priorities
A business owner must be able to prioritize and allocate
both time and funds. These priorities include keeping a tremendous focus on marketing and sales; keeping and
growing existing businesses; starting new businesses;
doing pricing, billing, and collections; having enough
cash; meeting payroll; having excellent people and
training them; setting goals; and completing
administrative tasks.





By: Regine P. Azurin
Regine Azurin is the President of BusinessSummaries.com,
a company that provides business book summaries of the
latest bestsellers for busy executives and entrepreneurs.

http://www.bizsum.com
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