How to Improve Your Existing Product Sales on Your Website
August 7, 2009 by Dr. Letitia Wright
Filed under Featured Articles, Wright Ideas
This article is for people considering a change for their products and offerings. You?ll look at 4 areas that are easily adjusted to give you more sales.
You may have a niche marketing website that just isn?t producing sales for you at the rate at which you had hoped it would. Perhaps it isn?t producing any income for you at all. One problem could be that you haven?t actually figured out that what you are selling is, in fact, a niche market product. You might need to do a little ?tweaking? and modify your strategies somewhat to get the site performing better. Here are a few things that you can do to improve your existing product sales.
Step #1: Bill Cosby, the famous entertainer, once said, “I don?t know what the secret of success is, but I know the secret of failure and that was trying to please everybody.” He was right. You can?t please everybody and you can?t sell to everybody either. It?s possible that you may simply need to narrow you market, identify you product as a niche marketing product and advertise it accordingly.
Step #2: To improve your existing product you have likely overlooked the most obvious solution of all. You could simply ask your customers what they think. They are, after all, the end users of the product or service that you are selling. There is nobody that knows how a product can be improved better than the people who are using the product.
Step #3: Analyze the competition. Take the time and put forth the effort to look at the product or service that your competitors are offering. Identify their strengths and weaknesses. Find out what your competition cannot do, will not do or does not do well. Then set about doing those very things yourself.
Step #4: Are you selling your product at the right price? Pricing a product too low makes people think it won?t be any good, pricing too high will discourage them from buying it. Every product has a sweet spot in sales price. You need to find yours.
How to Work with Less Small Business Loan Options
August 5, 2009 by Dr. Letitia Wright
Filed under Featured Articles, Wright Ideas
This article will give you some ideas on what loans are available for the small business owners and how you can use them to grow your business.
The hardest thing about being in business can be getting working capital in tough times. While more sales is ultimately the best way to work out of a tight money situation, many business owners look at getting business loans. It is exciting to think that President Obama is thinking about small business owners and trying to put something in place for us. Right now the reality is a little different. Business owners need to have a deeper understanding of what is going on around them.
Wright Place TV Show is located near Los Angeles and the Santa Ana SBA office serves us. They have admitted that only 10 out of the 250 banks registered with them have contacted them to say that they are participating in the ARC loan program. When I asked viewers for their personal experiences of trying to get an ARC loan, all of them related negative experiences. The bank personnel didn’t not know anything about ARC loans. One viewer says the bank he went to told him that they had no more applications. In the world where banking is run on computer, it is hard to think a paper application was the only way he could apply.
In the past, business owners have used Business Cash Advances, Equipment Collateral loans and SBA guaranteed loans. You can get a business cash advance loan even if you have tax liens and credit issues. A traditional bank will not want to work with that. Business cash advances are given without a personal guarantee or collateral. It can be expensive yet quick to get. A Streamlined Business loan is also known as a merchant cash advance. You use your personal guarantee to cut down the cost of the working capital loan significantly. For people with credit score of 690 or higher and 2 years of tax returns, the applications will be processed quickly.
If you opt for an equipment collateral loan, you will give a personal guarantee and the equipment for collateral. If you are buying brand new equipment, this is how you would finance it. Used or already owned equipment will get you about 50 % of the value in hard cash. Again, you must have good credit, the collateral and a personal guarantee.
Private money is an option which is often overlooked. Sometimes when only a small loan is needed this is a good way to go. For those still investing in real estate, private money is a fast way to go. Finding places through http://www.mywealthgiveaway.com can help you connect to the money and investors quickly.
Next Steps: Look at what is available to you from SBA, then look at private money at http://www.mywealthgiveaway.com. And grab your free EBook on private money at proof@getresponse.com
ARC Loan Mistakes
August 2, 2009 by Dr. Letitia Wright
Filed under Featured Articles, Wright Ideas
This article will cover the mistakes business owners make in trying to get and ARC loan and what you can do to avoid the same mistakes. Mistakes are time wasters and time is of the essence when it comes to getting the ARC Loans.
Mistake 1: Not understanding there is a time limit. Yes, ARC loans became available in June of 2009; however, there will not be there forever. By knowing the deadlines and anticipating how much time it will take you to apply, you can avoid rushing. Rushing your paperwork will cause you to forget or leave out important information. Information gathering will be vital to creating an application that will get you the money.
Mistake 2: Not asking for the top amount. You need to know the maximum amount you can ask for and ask for it. This will bring you up to date with a lot of other bills. People are afraid to ask for more than they ‘need’. If you business is to expand, you have to do more than just get enough to keep you going. You have to get enough to go past survival and into Thrive. Ask for the proper amounts.
Mistake 3: Applying to the wrong banks. Not every bank will be doing these loans. Many banks do not think these loans will help. They think of the loans as being a problem in the long run. Some banks who are saying they are doing the loans are not up and running yet. I have had people write me at the Wright Place
TV Show and tell me, the bank they called, didn’t have the paperwork and were not ready to take applications. Some banks, no one knows anything about the ARC loans, or who they work. So do not waste time running from bank to bank. Start with your own business bank. You have a relationship with them and you can easily speak with someone who will tell you, what your bank is willing to do.
For more information on ARC Loans, grab your free audio cd at http://wrightplacetv.com/arc-loans
