Tuesday, October 18, 2011

Importance of Knowing Your Target Market

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Businessman’s Target Market

What does most of successful Businessman have in common? Successful businesses become successful because they know their target market. Yes you read it right, it is important to know what exactly what product or services you are offering will help you find your target market. Understanding your target market will not only lessen the non-successful advertising rate but also to make sure that you are reaching your exact market. That is the reason why it is very important that you know your products well. By knowing the how your products or services will benefit your costumers will help you to advertise easily to your market.

Customers and Consumers Target Market

Knowing who your customers are and who our consumers are will also help you sustain your business. Who is the customer? Customers are those who spend the money, give cash or check in exchange for your products. Reaching your customers is very important in order to make some cash flow in your business. Who is the Consumer? Consumer is the one who uses or consumes your products. Knowing a lot about your customers and consumers will help you create an advertisement that will make a want in the consumer and also desire to purchase for the customer. A classic example of customer-consumer relationships are parents and children. The customer is the parents and the consumer is the children. If the child has no desire for the product like he doesn't want the taste of the vitamins than it won't be purchased. It is also the same at the part of the parent that doesn't see any benefit from that vitamins or any toy than they will also not buy it. It means that you must please both consumer and customer in your advertising campaign to make sure to hit that target market.

Starting Your Own Business with a Large Target Market

If you are just starting your own business, it is better to start a business where you can hit the large target market. What I mean is you mustn’t target not just the Class A market or rich market but also target the Class B, C, D, E market or the middle class, average and poor market. You must think of a business that is needed by a lot of people or should I say a necessity. Products like toothpaste, shampoo, soap, coffee, juices etc., are classic examples of products that needed by a lot of individual.

Thursday, October 6, 2011

Train your Children to be a Young Entrepreneur

Saving or making money is really the one of the most important things for us people, especially when you have a family that depends on you. This is the right timing to train our kids how to save and make money. Let us make them realize the importance and value of money at a younger age; how to spend and use the money in the right way. In this way, they will become prepared in making their lives better as they become adults. Make some simple ways of making and saving money that they will soon get used to it as they grow up as a young entrepreneur, like having a money jar. Instead of buying things that are not useful, why not condition their mind to save money first for their future needs like nice bags, nice shoes, nice dress and other school projects. 
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Developing them to become a Young Entrepreneur

We will only be a child once; it is a normal thing that a child is fond of buying toys. Remind them to take care of their toys and soon teach them how to buy and sell their old toys to make money. In this way, they will also enjoy their childhood and the good thing there is at the early age they start using their mind and developing their skills in making money. Like most successful Chinese entrepreneurs, during vacation they train their child to open up a stall to sell some stuff for them to become a young entrepreneur. Let them experience this kind of activities, it will develop their knowledge and giving drive to start having their own business at a younger age. You can also encourage them to make money on school to raise funds for their field trip or other school activities. My wife has a nephew named Nico, he makes money at school by selling candies and chocolate bars to his classmates.

Learning Experience as a Young Entrepreneur

I remember when I was a child, I that started to make money when I grade school. I was on my vacation in my mother’s province. One of my aunties is selling some “banana cue”. It is a Filipino street food that is similar to barbecue but the difference is instead of meat they used banana. I volunteer to sell those “banana cue” with a deal that she will give me some commission. That is the start where I always think of how to make money in my free time and dream of becoming a young entrepreneur. Before we can save money, we must first think on how to make money. It is a good idea to let our kids to experience and have more mistakes in making money, for this will give them a good learning experience which will make them to become financially free as they become adult and a good parent. 

Wednesday, September 28, 2011

Difference between Investing and Expense

A lot of individuals and business owners do not really know the difference between expenses and investment. This is the common mistake that many of new business owners and individuals don’t realize.  Let's define expenses; it lets money out of your pocket but it is important to conduct business, like mobile phone, telephone, office supplies, power and a lot more. Now, let's define investment; it lets acquire money in your pocket, like advertising, business meetings, networking and a lot more.

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Investing vs. Expenses for your Business

Before taking action in buying or paying something, ask yourself first “If it is an expense or investment?” For example, hiring someone to work in your office? Instead of hiring someone to work for you, you’ve decided to do all the work for yourself and thinking that hiring people will only add up to your expenses. This may be right, but you must also analyze the situation. What if you need to meet clients for expansion of your business? And you are too busy doing much work in your office. Always remember that “Time is Gold” you must learn to leverage your time.

Instead of doing all the jobs in your office, try to do some math and analyze the time that you might lose to find more client than wasting all of your time and effort doing all the office works. You don’t just need an employee to grow your business; you also need to invest on equipments for better production if needed. You also need to consider moving in a better and larger place soon.

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Investing vs. Expenses for Employees

For individuals who work as an employee and what to start investing for their retirement. You can also apply this system of asking yourself first “If it is an expense or investment?” For example, buying a house and lot or a condo unit and you were convinced to pay it on a monthly basis by a real estate agent. Sounds like an investment. But what if you were laid off at your job after a year and you don’t have any savings to pay all the monthly amortization. It’s either the unit will be repossessed by the bank or sell it at a lower price to save some of your money that you’ve paid for the unit.

Instead of buying a house and lot or a condo unit first, why not strengthen first the roots. Save money first in your bank, in this case your money is earning some interest but not that big. Try investing some of it in time deposit where your money will earn much interest than a regular savings account and roll it over or try putting up a business with small capital. Until you see that the interest on your savings are enough to pay for the monthly amortization of your dream house. Then it’s time for you to invest in buying houses and lot or condo unit and it’s like owning it for free, because you are paying the monthly amortization from the interest that you earn from your savings.

Sunday, September 11, 2011

Starting Your Buy And Sell Business

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We all know that a lot of people nowadays are finding ways to make extra cash to sustain their lifestyle or to pay their monthly obligations. In current situation where the value of money is lesser than the past few years, is the main reason why people need to find a sideline job.  Maybe you are thinking of alternative ways on how to make money without leaving your current job or at home.  Luckily, there is.

Finding Products for your Buy and Sell Business

Why not try the industry of Buy and Sell business?  You can do this business offline or online. The first thing that you must do is to find things like electric appliances, furniture, pets, health food supplements and even houses that you can sell. You can also find some items in your house that you don’t need any more; instead of letting it wear out by dirt and dust, you can start making profit out of it. You can also look at classified ads for bargain items, a lot of sellers out there don’t know about pricing their items or just disposing there items without knowing that they sell it on a much lower price than the actual price that their item should be. You can resell these items from 25-50% mark up profit.
You can also make a lot profits in buying items that needs repairs or restoration, you can buy those things with a very low price or should I say almost for free. Just make sure that you will not require yourself much money for repairs or restoring the items, you might end up losing money if you are not careful doing this.

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Promoting Your Buy and Sell Items

The next thing that you must do is to market the products online or offline. You can use mobile marketing like texting your friends, relatives or ask for referrals. You can also post some banners at home with a list of the products that you are selling along with your contact number.  You can also post a free online ad on a lot of free local advertising sites that you can find on the internet.  After you make your ad online, socialize with the people online; you can join in a lot of social networking sites, chat rooms or forums sites and expand your network of friends that might be interested in your product. You must also be familiar with the items that you are selling for customer service purposes. If you are in a buy and sell business, you would want to keep near to your local area to avoid large shipping costs.
With an extra effort and time you can make money out of it. Always be Honest to your buyers and maintain a good service, who knows you might expand your buy and sell business to the next level in the future.

Tuesday, September 6, 2011

Make money while doing your Hobbies

Do you know that you can make money and have fun at the same time? Are you wondering how? It is very simple. All of us have their own specialties, experience, hobbies or things that you like most which you can turn into a profitable business idea. Isn’t it great, to know that we can make money out of your hobbies? 

Turn your hobbies into profit

If you are a health conscious person and spending lots of time in the gym to work out, you can start your own business by opening a fitness center. But if you don't have that enough money to open up a fitness center, you can also try teaching or become a personal trainer to raise fund for your future business. You can also put up a store for health food supplements, which is now a big business and it grows fast. 

If you are an online gamer enthusiast or computer freak, you can try opening a computer shop. You can also try opening a store for computer accessories like keyboards, mouse, headset, video camera and etc., you can also start selling your goods online with a small capital and all you have to do is to socialize with the people in any social network that you like most.

There are a lot of hobbies that you can convert into a money making idea like photography, paintings, cooking, gardening, sports or writing. Just use your imagination and be creative if you want to succeed in your business. Now, there is no way you can quit in your business because you are doing what you want. But don’t just do what you want; you must love what you do.

Story of Pedro, Cooking hobby
I want to share with you a story that I heard when I was in college, a very inspiring story. It is a story of a guy named Pedro. Pedro loves to cook and the taste of his dishes is really awesome. Unfortunately, Pedro didn’t have a chance to go to school due to poverty. In other words Pedro can’t read and write. One day Pedro applied for a job as a garbage collector. During the interview, Pedro is given an application form to be filled up. He approaches the interviewer and said “Sir, I am very sorry but I don’t know how to read and write. I can’t fill up this form, can you please help me!” the interviewer got disappointed and said “I’m sorry Pedro; you are not qualified to be a garbage collector.” 

Pedro got home sad and starts thinking of ways to earn money, until he decided to make use of his talent in cooking and put up a banquet. The people were surprised and love Pedro’s delicious dishes, they invited their friends and relative to try to eat at Pedro’s Banquet. The banquet turns into a big franchise business and Pedro becomes a millionaire.  Pedro becomes famous and a lot of people got inspired of his success “A guy who can’t even write nor read became a millionaire.” He was set up for an interview for a business show. The reporter asks Pedro “You became a millionaire even you can’t read and write, what more if you can read and write?” Pedro answered back “If I can read and write, I am now a garbage collector.”
So, guys make use of your god given talent. Whatever business you are into now, be thankful and work hard to get your dreams.

Thursday, September 1, 2011

Where to Invest your Money?

Are you thinking of ways on where to invest your savings or your hard earned money? In this article I will give you some idea where to invest your money. In investing, we only need the proper knowledge and learning so that we will be familiarized in doing it. Without the proper knowledge in investing, you may lead yourself into losing money or fall into scams. Many people don't know where to invest their money in legal ways. Many people have already encountered a lot of Scam Company where they offer a big return of investment in a just a week without doing anything. Obviously, these kinds of investments are scams. Always keep in mind that when you invest your money in legal ways, the returns will be good soon.

Saving Money for Investing

The best thing to do before investing is to save money first. But don't put all of your savings into investment, you have to segregate some of your savings for emergency purposes and put the excess money into investments. Now, are you ready to know where to invest your money? Investing is a way or a system where you can make your money grow. 

Ways where to Invest your Money

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Here are the following ways where you can invest your money:

1.       Time Deposit
Investing your money in time deposits, will give you higher returns compare to a regular savings account. It is a sure way that the money you invested will gain profit and you have nothing to worry about losing your money.
2.       Mutual Funds
Mutual fund comes from combined money or investment from different investors. It is well managed by a professional mutual fund manager. A mutual fund is regulated and administered by the Securities and Exchange Commission. The first thing to do is to choose an investment company on where you can open a mutual fund account. You can choose from different types of mutual fund depending where it is invested; like equity, balanced, fixed-income and money market mutual fund.
3.       Stocks
One of the traditional ways on where to invest your money is to invest in stocks. A publicly listed company is sharing their ownership through stocks. Finding a stockbroker is needed before buying or selling stocks. Investing your money in stocks, involves high risk because the market is very volatile. If you don't have enough knowledge in the daily trending of stocks, I suggest going on long term investment. You can also receive a stock dividend given by the company.
4.       Business
You can invest your money in having a business. Like engaging in a Home-based business, franchising business, or create a system that you want. You need knowledge and determination to become successful in business.

Friday, August 26, 2011

How to Use Your Credit Card Wisely

Use of Credit Card 
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A lot of people are having problem how to manage their credit card, especially in today's economy. Credit cards are very useful and very convenient in today's era. It can help us out during unwanted situation, like when you ran out of cash in a grocery; instead of going out to withdraw money at an ATM (Automated Teller Machine) just use your credit card. You can also use it in your hospital bill, fast food chain, buying a gadget and a lot more. But the thing is we need to learn to use them correctly to avoid ourselves from drowning in debt. 

Temptation of using Credit card  

Credit cards shall only be used to buy necessities and shall not be tempted to buy things that are out of your budget. I've seen a lot of new credit card users are having fun using their credit card for a reason that he or she has a big amount of credit limit, but end up struggling to pay their debt. Nevertheless, with some discipline and determination, we can avoid and control the temptation of using your credit card unwisely. The following tips are based on my experience and other peoples experience, it will help you learn to manage and take advantage of your credit cards. You can follow these tips and protect yourself from drowning to debt.

 Tips on How to Use Your Credit Card 

1)      Don't use more than 25-30% of your available credit line. Always keep in mind that your card is like real cash and budget that amount.

2)       Make it a habit to check your balance often. Every time your statement arrives, go ahead and double-check it. Be sure that there is no unknown purchase in your statement. If this happens report it immediately to your credit card provider.

   Take time to read your contract and make sure that there are no added services or features that may be charged to you.

4)       Prevent yourself not to go over your credit limit. If this happens, you will be out of control of your finances.

5)       Don't throw away your credit card receipts of your purchases. In this way you can easily prove that there is an error in your statement, if you've been overcharged.

6)       Take advantage of the promos and freebies that your provider offers. Like if you purchase a certain amount using your credit card you get a free coffee or burger. 

7)      Always pay the full amount that you used every month, think that you are just borrowing money that needs to be paid immediately. Don't borrow money more than you can afford or else, it will lead you to the credit card debt pit. In this way you can also avoid paying interest rates of your unpaid bills.

8)       Don't use another credit card to pay off another one. It is a bad move; you are putting yourself into trouble. Don't make a loan to pay your credit card, for me it is just the same thing. If your salary is not enough to pay your debt; the best thing to do is to look for an added source of income or sideline to have extra money to pay that debt.
9) Also ask your provider to waive the annual fee of your credit card, a lot of credit card users don't know that annual fee can be reversed (For Philippines only, I am not sure in other country). Some credit card providers instantly grant the request and some require you to avail one of their products or services before approving your reversal request, this is much better than paying charges getting nothing.

Thursday, August 18, 2011

Make Your own Money Jar

What is a Money Jar?
Have you ever wonder why you don’t have any savings or any investment? Even though you had worked in your company for a long time, you still not contented with what you have.  It doesn’t matter how big or how small is your monthly salary; it’s how you manage it. You can start managing your money with the help of Money Jar. This concept is a very old-fashioned way of storing some extra cash or coins in our pocket which we usually ignore, but with the help of Money Jar; you will notice the importance of that coin in your pocket. Money Jar is popularized by T Harv Eker’s author of the book, “Secrets of the Millionaire Mind.” If you haven’t read it, you should grab one and understand it.

How to Make a Money Jar?

Having a Money Jar doesn’t require you to buy it, remember every penny count. All you have to do is to look around at your house and look for some empty cans, empty candy jars or Plastic container. 

I usually used a plastic container, in this way you can also help our environment to lessen those plastic materials that usually blocks the sewerage and flood ways that causes water pollution. We are hitting two birds at the same time; we help our environment and save money. 
Cut an entry point in any part of the container, but I usually cut at the bottom and make sure that the coin fits on it. 

For final touches, put a Money Jar label on it or design it as you like; as long that it motivates you to place something on it every day or every time you got home and you have some coins in your pocket. Why? When you place money in your Money Jar daily, you will keep your attention on growing your money. It also practices yourself to learn the new Habit of Managing your Money.

What is the Purpose of Money jar?

Now, ask yourself what is your purpose in having a Money Jar. Saving money is not enough if you don’t know where to use it. It is like having a bow and arrow without a target or goal. So, set some goals!

Here are the Basic Purposes of Money Jar: 

1.        Necessity Account 

 This account is for managing your daily expenses and bills. This would include things like your rent, mortgage, utilities, bills, taxes, food, clothes, etc. Basically it includes anything that you need to live, the necessities.

2.        Financial Freedom Account 

This is for your investment. This jar is your ticket to financial freedom. The money that you put into this jar is used for investments and building your passive income streams. Never spend this money. The only time you would spend this money is once you become financially free. Even then you would only spend the returns on your investment. Never spend the principal or else you'll get bankrupt!

3.       3. Education Account 

Money in this jar is intended to further your education and personal growth. An investment in yourself is a fantastic way to use your money. You are your most important asset. Never forget this. I have used education money to buy books, CD's, attending courses or anything else that has educational value.

4.       Long Term Saving for Spending Account 

The money in this jar is for the bigger nice to have purchases. This is for your long term spending like car maintenance, laptop, furniture and gadgets.

5.        Play Account 

This is my most wanted account. Play money is spent every month on purchases you wouldn't normally make. The purpose of this jar is to cherish you. You could buy a high-priced bottle of wine at dinner, get a massage in a health spa or go on a weekend getaway. Play can be anything your heart wishes. 

6.        Give Account 

The money in this account is for charity. You can use this account to help other people or to give to family and friends on birthdays, special occasions and holidays. Money is not everything you can also give away your time instead of giving money. Help your family, friends or neighbors in their household chores or volunteer in your community. I remember the movie “Pay it Forward” if you help other people don’t let them pay you back; teach them to pay it forward.

Thursday, June 30, 2011

Get Motivated By Listening To Your Favorite Music

Each person has its favorite music to play. Some people love Classical music, some want Trance music, and some want Rock music. Based on my experience, Different types of music play a big role in our life! Music makes us more in love when you listen to your favorite love songs. It can make you laugh and cry sometimes. It can make you Dance or even gave you Encouragement to do more. Should I say Music can motivates us in different aspects of our lives?
Ever notice yourself finishing task with your type of music? And compare it working without any sounds, Find it boring or sleepy?
For me, I can finish more tasks listening to my favorite music likes when you are cleaning your house play a Dance music or Rock music. It is more fun when you are dancing or banging your heads while doing household chores.
While in the office, listening to music really helps to do the paper works while tapping your feet and are nagging your head unconsciously.
In your room, while thinking your girl friend, boy friend or even your loved ones and suddenly your favorite love song played. It brings back happiness and good memories that you shared with them that makes you smile and get more in love.
In boxing gym, doing work out or some punches with a music likes "eye of the tiger" by Survivor, makes you feel like Rocky Balboa or even Manny Pacquiao.
When I am feeling down I listen to motivational music likes "when you believe" by Mariah Carey, it recharges me and makes me believe in myself that gets me going, to do more with my dreams in life.
Music gives us heat in our heart and awakens our body and soul. So, guys make your daily life with your favorite kinds of music. Go ahead try it and get motivated.

Wednesday, June 29, 2011

The Power Of Mind

"Anything the mind can conceive, the body can achieve" by Napoleon Hill

This is the quotes that I always say whenever I am into challenges, I also say this when I am down and when I want to achieve some of my goals. I believe success starts with a proper mindset! Success in term of relationship, attitude, or financial. If you think you are a failure you will become a failure. If you think you will be successful then it will happen. Our mind is like a garden either you plant trees, vegetable, plants etc. or its either you put junks on it. If you feed your mind with a positive information you will get positive results but, if you feed it with negative information you get yourself the negative results!

We have the two kinds of mind the conscious and the sub-conscious. What is the difference within the two? The conscious mind works every time we write, read, doing something, listening to music, driving etc., using this brain we develop our skills in anything that we want to learn. The majority of us is concentrates in developing their conscious mind. But let me ask you have you encounter a person with a talent or skills but not applying it! I want to tell you a story of mine I got a friend with a talent in singing and playing a musical instrument. I know he got potentials and really can compete. I asked him "why do not you join in a really show contest which makes way to show their talent" He told me "I'm shy and I might lose".

See! What the mind can conceive the body can achieve! My friend did not develop his sub-conscious mind, resulting to give him the fear to try, and never realizing that the time he decided not to try he already a loser. Because of his sub-conscious mind hinders it! That is why his body or actions follow. The sub-conscious mind controls our emotions, fears and doubts it generates 12,000 words in an hour but most of them are negative! Try to stay inside the house and do not do anything your sub-conscious will work negatively! But it depends if you develop your sub-conscious mind to think positively! And then your body will react to what you think is will be done!!!

Bernard Hopkins (professional boxer) says, whenever you loss in a game, it's just that your opponent just works harder than you. So, I guess excellence is just a matter of hard work and discipline. If you want to be successful in life you have to defeat your greatest enemy, Yourself!