Comments on: Why Your Business Isn’t Doing As Well As It Could Be http://www.erica.biz/2008/why-your-business-isnt-doing-as-well-as-it-could-be/ Erica Douglass, "temporarily retired" after selling a successful business at age 26, writes thought-provoking blog entries challenging you to change your life and daring you to become more successful. Thu, 20 Nov 2008 14:22:10 +0000 http://wordpress.org/?v=2.6.3 By: Andrew http://www.erica.biz/2008/why-your-business-isnt-doing-as-well-as-it-could-be/#comment-128637 Andrew Fri, 05 Sep 2008 02:14:48 +0000 http://www.erica.biz/2008/why-your-business-isnt-doing-as-well-as-it-could-be/#comment-128637 Just recently opened up a quick serve snack franchise business in a inline mall. When doing the due dilligence, knew the mall was smaller and less traffic but was reflected in a lower rent. First few months projections where about 40% lower than projected (good first month, and tappered off in the next two, but picked up for back to school in august). Our brand is pretty strong, but we also have another established type of franchise right next to us doing 40% more revenue and foot traffic. We have a loyal following so far, but we need to do more volume and the mall doesn't seem to have enough foot traffic.We are breaking even without taking our own salaries, and my partner is working there full time as I am looking for a day job (seems very hard lately), to try to support the us and two small kids, while doing the administrative paper work for our store. We spent 200,000 from home equity to build to store. We do have enough savings to last about 1 year at this continued pace. 1)What should my priority be, the business or a day job search? 2)Sometimes you put in a lot of effort and the rewards is hard see, when do you know is the time to give up, or you never give up? We do have a good loyal following and niche, but since price points are usually low for our snack products, we need to do high volume and people don't go there mainly just to eat snack (usually an impulse buy)? Just recently opened up a quick serve snack franchise business in a inline mall. When doing the due dilligence, knew the mall was smaller and less traffic but was reflected in a lower rent. First few months projections where about 40% lower than projected (good first month, and tappered off in the next two, but picked up for back to school in august). Our brand is pretty strong, but we also have another established type of franchise right next to us doing 40% more revenue and foot traffic. We have a loyal following so far, but we need to do more volume and the mall doesn’t seem to have enough foot traffic.We are breaking even without taking our own salaries, and my partner is working there full time as I am looking for a day job (seems very hard lately), to try to support the us and two small kids, while doing the administrative paper work for our store. We spent 200,000 from home equity to build to store. We do have enough savings to last about 1 year at this continued pace.

1)What should my priority be, the business or a day job search?
2)Sometimes you put in a lot of effort and the rewards is hard see, when do you know is the time to give up, or you never give up? We do have a good loyal following and niche, but since price points are usually low for our snack products, we need to do high volume and people don’t go there mainly just to eat snack (usually an impulse buy)?

]]> By: Fabio Platero http://www.erica.biz/2008/why-your-business-isnt-doing-as-well-as-it-could-be/#comment-126700 Fabio Platero Sat, 16 Aug 2008 23:22:19 +0000 http://www.erica.biz/2008/why-your-business-isnt-doing-as-well-as-it-could-be/#comment-126700 In 1975 the Federal Trade Commission accused and sued Amway Corporation for operating as an illegal pyramid. After four years of litigation the court ruled that Amway’s multi-level-marketing program was a legitimate business and not a pyramid scheme. Perhaps there was a time prior to 1979 that someone could say, “MLM is a scam! It is an illegal pyramid scheme!” And they might have been correct because MLM hadn’t been tested and adjudicated in court. But since 1979, only the uneducated can claim that the MLM industry is illegal. This does not mean that ALL companies that claim to be an “MLM company” are legal. But, the INDUSTRY OF MLM IS LEGAL. In 1975 the Federal Trade Commission accused and sued Amway Corporation for operating as an illegal pyramid. After four years of litigation the court ruled that Amway’s multi-level-marketing program was a legitimate business and not a pyramid scheme.

Perhaps there was a time prior to 1979 that someone could say, “MLM is a scam! It is an illegal pyramid scheme!” And they might have been correct because MLM hadn’t been tested and adjudicated in court. But since 1979, only the uneducated can claim that the MLM industry is illegal.

This does not mean that ALL companies that claim to be an “MLM company” are legal. But, the INDUSTRY OF MLM IS LEGAL.

]]> By: Web hosting blog http://www.erica.biz/2008/why-your-business-isnt-doing-as-well-as-it-could-be/#comment-124546 Web hosting blog Wed, 23 Jul 2008 20:50:26 +0000 http://www.erica.biz/2008/why-your-business-isnt-doing-as-well-as-it-could-be/#comment-124546 Wow!! really gave me some nice tips...will definitely use it! Wow!! really gave me some nice tips…will definitely use it!

]]> By: Matthew http://www.erica.biz/2008/why-your-business-isnt-doing-as-well-as-it-could-be/#comment-114964 Matthew Fri, 22 Feb 2008 11:49:23 +0000 http://www.erica.biz/2008/why-your-business-isnt-doing-as-well-as-it-could-be/#comment-114964 I recently called a training company to do some MS certifications. We had a good chat the first time but they wouldn't leave me alone and kept setting dead lines saying "If you don't sign up now then you will have to wait a lot longer to do the course". I got the impression they just wanted to close that sale and take my money rather then think of my personal welfare, so I told them where to go. What you say is true. This was a classic example of them thinking of them rather then me first. Had they given me a list of course dates to choose from I would have said "I will take the one in March" rather then being forced in to taking the one in 2 days time. I would have signed up there and then for March had he not been so persistent in getting my bank details. I recently called a training company to do some MS certifications. We had a good chat the first time but they wouldn’t leave me alone and kept setting dead lines saying “If you don’t sign up now then you will have to wait a lot longer to do the course”. I got the impression they just wanted to close that sale and take my money rather then think of my personal welfare, so I told them where to go.

What you say is true. This was a classic example of them thinking of them rather then me first. Had they given me a list of course dates to choose from I would have said “I will take the one in March” rather then being forced in to taking the one in 2 days time. I would have signed up there and then for March had he not been so persistent in getting my bank details.

]]> By: ericabiz http://www.erica.biz/2008/why-your-business-isnt-doing-as-well-as-it-could-be/#comment-113405 ericabiz Tue, 05 Feb 2008 07:15:07 +0000 http://www.erica.biz/2008/why-your-business-isnt-doing-as-well-as-it-could-be/#comment-113405 @Matt - Thank you for starting off the discussion! I think this post is named poorly... I'll probably rehash some of the content later in other blog posts. "Me" is what I named the default category...so, yeah, I should probably go back and re-categorize most of those old ones. :) I'll definitely be blogging more about how folks can make money by doing what they love. Keep subscribed -- I promise you won't be disappointed. -Erica @Matt - Thank you for starting off the discussion! I think this post is named poorly… I’ll probably rehash some of the content later in other blog posts.

“Me” is what I named the default category…so, yeah, I should probably go back and re-categorize most of those old ones. :)

I’ll definitely be blogging more about how folks can make money by doing what they love. Keep subscribed — I promise you won’t be disappointed.

-Erica

]]> By: outsource staff http://www.erica.biz/2008/why-your-business-isnt-doing-as-well-as-it-could-be/#comment-113307 outsource staff Mon, 04 Feb 2008 11:54:43 +0000 http://www.erica.biz/2008/why-your-business-isnt-doing-as-well-as-it-could-be/#comment-113307 Nice post! Content is an excellent way to receive the finest quality for your site. Thus, focusing to your potential customer surely will help you convert your traffic into profit! :) Nice post!

Content is an excellent way to receive the finest quality for your site. Thus, focusing to your potential customer surely will help you convert your traffic into profit! :)

]]> By: Matt- CapForge.com http://www.erica.biz/2008/why-your-business-isnt-doing-as-well-as-it-could-be/#comment-113280 Matt- CapForge.com Sun, 03 Feb 2008 21:14:25 +0000 http://www.erica.biz/2008/why-your-business-isnt-doing-as-well-as-it-could-be/#comment-113280 I definitely agree with the point that focusing on your customers and not yourself is key. So it made me smile a tiny bit to see that your single biggest category on this blog is "Me". :) On a more serious note, I will certainly be interested to hear your thoughts on how to "make a million dollars a year by doing what you love". In my experience with many would be small business entrepreneurs, doing what they love doesn't turn out to be a viable market, or a business they can successfully run, or both. Care to share any ideas on how to reconcile that problem when it crops up? Matt I definitely agree with the point that focusing on your customers and not yourself is key. So it made me smile a tiny bit to see that your single biggest category on this blog is “Me”. :)

On a more serious note, I will certainly be interested to hear your thoughts on how to “make a million dollars a year by doing what you love”. In my experience with many would be small business entrepreneurs, doing what they love doesn’t turn out to be a viable market, or a business they can successfully run, or both. Care to share any ideas on how to reconcile that problem when it crops up?

Matt

]]>