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A Fat Lip and a Skinny Pocketbook

pocketbookOur President got a fat lip while playing basketball over the weekend. Fortunately, it was a minor injury which won’t impact the President’s ability to do his job. Although, he may talk a little funny for a while!

But it got us thinking about work and our spare time activities. For example, a hair stylist we know broke her leg while skiing. She wasn’t able to maintain her full schedule for over a month.

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So entrepreneurs need to be particularly sensitive to this issue. Of course, as we learned from President Bush, even eating a pretzel can be dangerous.

While BIGG goal-getters certainly live a full life, you have to be conscious of the risks. Just like entrepreneurs manage risk at work, think about risk when you’re at play.

Here are 4 tips to keep a fat lip from leading to a skinny pocketbook: 

1. Put safety first
Just because there is no OSHA for our activities off-the job doesn’t mean they’re any less risky! No matter what your hobby is, be smart about it.

2. Maintain your financial safety net
Build up your cash reserves so you can go for at least three months without income. Entrepreneurs who have more erratic income probably may want to bump that up to at least six months.

3. Plan for it
What if you weren’t able to work for a period of time? Who would be in charge of your company? If you’re a solo entrepreneur, who would take care of your clients?

4. Purchase disability insurance
This one’s often overlooked, but the odds of not being able to work for a period of time make it worth checking into. The link above is to an independent organization that’s a great resource to help you with this.

As the entrepreneur of your life, think about the risks you face and find ways to keep a fat lip from leading to a skinny pocketbook. It leads to BIGG success!

What do you suggest?
 

Direct link to The Bigg Success Show audio file | podcast:
http://traffic.libsyn.com/biggsuccess/00650-112910.mp3

(Image in today's post from plex)

How to Start a Business

green_light.jpgA lot of people have an idea for a business, but they don’t know how to turn that idea into a money-making enterprise. Bigg success is life on your own terms. If that means owning your own business, we encourage you to get started – even if it’s just part-time.

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Talk with potential customers to find out if your idea might make money. Tell them about your product or service.

Ask questions. What do they think about it? Do they like it? What would they change? Is it priced correctly?

The difference between “would” and “will”

Imagine yourself being asked these two questions: Would you buy this product? Will you buy this product?

There really isn’t a consequence if you say “yes” to the first question. However, your pocketbook will take a hit if you respond affirmatively to the second one.

As you talk with potential customers, keep in mind that you’re getting hypothetical answers. It’s play money. Once you launch, you’re looking for real money.

Research is great, but it’s important to understand its limitations.

We have a friend who was a very successful business person before he retired. He had a great solution to the question, “How do I get started in business?” He said:

“Find a customer.”

If you have a customer, you’re in business! What do you do next? Get another customer!

You don’t want to depend on just one to support your business. When you have two customers, get a third.

His advice didn’t end there. Would you like to know when to hire an employee? When you’re too busy to do all the work yourself!

We love it! He had reduced this complex subject down to its core.

So do you want to start a business? Find a customer.

However, there’s something you must find before you try to find a customer:

Find an unmet need

We’ll discuss three ways you might go about doing that:

  • Do you need something?
    This is one of the best ways to find unmet needs. If there’s a product or service that you could really use, you might have discovered an opportunity!

    You may have purchased a similar product or service, but it’s not quite right. You’ll deliver a product that completely meets the need that you’ve noticed.

  • Does someone you know need something?
    It’s the same idea as the first one. The trick here is to listen closely to what people around you are saying.

    You may hear them register a complaint or show dissatisfaction with a product or service. Your two ears may help you find your business!

  • Does your area need something?
    When you travel to other regions of the country or even to other countries, are there products or services there that aren’t offered in your area? There are a lot of examples of people who have done this successfully.

    We caution you to be careful – there are differences in tastes and preferences between regions and countries. However, the world is getting smaller all the time!

So do you want to start a business? Find an unmet need. Then find a customer.

Getting your bigg start really doesn’t have to be any more complicated than that!

If you’re already in business, how did you find your bigg opportunity?

Please share that with us by leaving a comment below, calling us at 888.455.BIGG or sending us an e-mail at bigginfo@biggsuccess.com.

Thanks so much for sharing your time with us today!

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Get the tips and tools you need to be a BIGG success.
Subscribe to the Bigg Success Weekly – it’s FREE!

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Please join us next time when we’ll talk about fun time with family for free. Until then, here’s to your bigg success!

Subscribe to The Bigg Success Show in iTunes. 

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Direct link to The Bigg Success Show audio file:
http://media.libsyn.com/media/biggsuccess/00384-043009.mp3

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How Opportunity Often Presents Itself

Get in the Loop to Gain a Competitive Advantage

6 Factors to Help You Succeed When Opportunity Knocks

(Image in today's post by asifthebes)