Business

2 Business Ideas Seeking Feedback

Garth Beyer

In this age of abnormal business ideas, if followed through correctly can attract the most attention (and revenue). Recently I have had a couple wild ideas for both a hotel business and a restaurant business. I would love to get your feedback. Let’s jump right into it.

Business Idea Number 1: Creating a new string of Hotels that will beat all competitors within 5 years

There are quite a few areas of business that are nearly impossible to create a start-up in because the competition is too completely monopolized. The hotel industry being one of them. As far back as I can recall, there are only about 5 different hotels that completely dominate. Now tell me if this idea will not raise that number to 6.

To begin, open up a few hotels whose prices would nearly consider them to be non-profit while providing the best service. While other hotels succeed by incorporating one of the three factors of a successful business: lowest price, best quality, best service, these hotels would incorporate the two easiest, cheapest and most significant of the factors. After all, you can’t complain about quality if the service is the greatest you have ever experienced in an inexpensive hotel business.

Back on subject, with the two factors of low cost and best service being incorporated from the beginning, the hotels would quickly gain attention and a reputation which leads to increased revenue. Also from the start of the business, every customer would be told to keep their key cards which they can show at any other hotel and pay the same price that they originally paid for. Every year, a new key card would be given as the price increases. This is sending the message that there will be expansion and improvements in the near future that will lead to increased prices. The focus is to hit the 3rd factor of business success – quality. As you know, quality costs more money.By notifying customers that the price will go up within a year, it motivates them to visit and pay the minimum amount while they can. This instant increase in customers would provide the money to increase the quality and price for the next year.

Imagine a single room originally cost $45 a night. By the 3rd year of business, it has now increased to $75 dollars. Those who stayed a night at the hotel during the first year of business and kept their card would still only pay $45 dollars a night. All the while, the new customers who have to pay $75 a night will be able to redeem their card next time they stay for the same price. By the fifth year of business, we could be charging the average hotel amount, if not more, for a one night stay.

The difference in revenue with other hotels would be that they have a constant value they can calculate. At this particular hotel, the profit could be within a $100 dollar range. Regardless, I guarantee by using this technique the year-end profit would be much more than a competing hotel.

What do you think?

The Second Business Idea: The Take Home Restaurant

I am sure you can connect with my hatred for taking home food from restaurants. It is never good warmed up. It either tastes different, doesn’t warm up properly or get’s all soggy by the time you warm it up. The majority of take home meals just get thrown away. So what if there was a restaurant that was specialized and based solely on providing food that when taken home can be reheated and taste just the same.

But it doesn’t just stop there.

We all know buying in bulk is cheaper. At this restaurant, any plate you order, I would guarantee you could not finish. Of course, the meal would be free if you could. Being able to buy in bulk would mean that the food could be sold cheaper to the customer as well.

What do you think of this simple restaurant idea that would only serve food that could be taken home, reheated and taste great?

 

Stay Positive and Criticize Please

Garth E. Beyer

Business Development: How To Handle Construction & Improvements

Garth Beyer

When you are doing construction on your business, blog or yourself you need to remember that construction is the biggest event that goes viral with word of mouth.

Do you notice that when there are road construction workers starting, you get notified by someone or you notify someone. Wait…

it’s not just one person who tells you or you tell, its everyone you see. Everyone at work, everyone that you think it may have the slightest effect on.

The same happens with your life and business, when you are under construction, not only can every see it, not only will everyone spread the word, but the worst…they will all detour.

The biggest difference between road construction and business/self construction? After the road is repaired, people go back to driving on it. After you finish your construction, very few will come back. Just like you have to plan when you are going to launch new products, you have to plan your construction periods. There are two times when you need to do construction and there are proper ways to handle both. After following through, you will not only see all your old customers and friends come back, but they will bring back with them other friends and prospects.

1. When you have a mishap that needs to be correct immediately.

You have to beat the word of mouth spreading that there has been a hiccup. Not only that, but the word of mouth you want to be spreading is that you were quick to make the correction and in doing so, used the opportunity to also make an improvement for all to benefit from. You can’t expect no one to notice the small bump in the road and the thing about small bumps is that the more people that notice it, the bigger it gets. It’s much more cost + time efficient to correct and improve the little matters immediately than having them lead to the second type of construction.

2. When it’s time to fix pot holes and make new improvements.

These construction events need to be planned and sometimes, even promoted. But you can’t stop there, on top of promoting the construction, to win the customers over, you have to provide the perfect detour plan for them while offering them rewards for their patience and for breaking their routine. Shame on you for letting it get that bad! Or… rather not. When you hear a business making huge improvements or incorporating a large update, not only do you get excited yourself for the new improvements, but you share that excitement. Of course, if the business follows through with the steps mentioned above, not only will you keep a connection with the business, not only will the people you tell and share the excitement with go and connect with the business but most importantly, with the new update the business will have more than doubled the word of mouth viral effect which promotes itself.

In the end, it does not matter what people read, it does not matter what people write – what does matter is what they say to each other. Are they telling each other to detour your business because you didn’t respond quickly enough to an accident (Customer service)? Or are they complaining to each other about the new update that took place that they didn’t hear about or get an incentive for (anyone still getting mad at all the Facebook updates)?

I mentioned it before and I’ll mention it again, there is no greater cause and effect than announcing, preparing, providing and rewarding people when you go under construction which results with the reverse domino affect; One overly-positive correction and improvement made by the business (you) will make all the other domino’s (people) find their way to you.

Stay Positive and Turn Your “Under Construction” Moments Into Tipping Points

Garth E. Beyer

Reverse Domino Effect

 

Be In It For The Long-Run: Product Longevity

Garth Beyer

You are the only one who wants instant benefits.

Everyone else is investing in long term results.

Quality has devoured quantity. Customers, employers, investors, marketers – they all expect the quality to last. That is what they are after.

Let’s look at the product life cycle and Mac’s for instance. Jef Raskin began by focusing on the market introduction and growth state, but it was Steve Jobs who maintained these two stages at the same time as the maturity stage of Apple which allowed them to continuously keep the lead. Their survival was the function of disciplined attention to brand identity and equity. While that was the marketing aspect, many fail to realize the product longevity attitude that was put into Mac’s. They were made to be in it for the long-run. The greatest selling point a product could have – longevity.

Convenience was the heart of the largest product sales, until it became standard in every sale of the product. Nothing will profit without convenience to the consumer. Now that there is no longer a competition of who is more convenient, it is a matter of what product will last the longest.

Neil Kokemuller of Demand Media says that, “Although predicting specific longevity of a product life cycle is impossible, businesses want a general idea of the expected length of the life cycle for optimized production and marketing planning. Technology life cycles tend to unfold fairly quickly as competition intensifies and technology evolves. Missing the timing of a prime market opportunity can mean your product fails in the market. Additionally, marketers and salespeople need to know whether they are promoting a stable, consistent and reputable brand with a longer life, or a new and improved, or cutting-edge product.”

 

The Dexterity Of “Product” Longevity – It’s Universal

Bloggers who receive the most views, are creating posts that can be read with even a larger impact 1-3 years from now.

Investors don’t care about the start-up price, they care about consistency in equity over the next 10 years.

Business’s cannot even start-up without the stability to last for 5+ years, and that number is steadily increasing.

Even the underrated occupations are falling victim to the rising standards of consumers.

Painters are being asked how long the paint job will last and people will pay more for the number of years.

Personal Fitness Trainers are expected to teach clients the lessons necessary to keep the body they want.

 

What other scenarios can you think of?

 

Stay Positive and Haul Long

Garth E. Beyer

An Interrelationship Trend To: Success, Business, Self-Growth

Garth Beyer

Success, Business, and Self-Growth magazines all incorporate a common trend.

Can you guess what it is? Hint: It is an advertisement.

I love learning new languages because of the joy of it but also the benefits of knowing more than one language. You may recall my blog post How To Become 3+ Billion Times More Connected, Successful, and Happy where I write about the idea that those who teach you how to speak, teach you how to think. Now can you guess what advertisement you will find in each type of magazine?

“No one is the worse for knowing two languages” – Oliver Mowat

Rosetta Stone

It hit me in the head, like an unexpected gust of wind, one day when I was reading Success Magazine and saw the advertisement for Rosetta Stone. Of course, Rosetta Stone would purchase advertising space in these magazines in addition to Traveling magazines. Why?

  • Business Owners are in the top half of polyglot’s
  • Success comes to those who can connect with the most people – which is exactly what learning another language allows you to do
  • It takes a trained mind to focus and learn a new language
  • “Insert your own explanation here”

A Brian Tracy Story

If you have followed my blog, you know that I have joined Toastmasters and am constantly working at improving my public speaking abilities. Well, as a surprise, my friend filled out an application for Brian Tracy’s Speaking Academy without my knowledge. A few days ago she forwarded me the email that stated I was accepted into the limited class of 12. The director of events provided the details of the event and also added that it would cost over eight thousand dollars. As much as I would have loved to go to the Speaking Academy, it would be a stretch to get the money for tickets and a hotel to stay in San Diego while I attended. As odd as it may be, I was interested in the type of credentials that were necessary to get an employment position for Brian Tracy International – so I Googled the director of events’ name and found her LinkedIn profile. Who would have guessed?  Her specialties: Fluent in Spanish and Italian, and speak conversational French and Mandarin Chinese.

Coincidence?

I know not. It is not only a common trend in Success, Business and Self-Growth magazines, knowing more than one language is the most common trend in the majority of successful business CEO’s, directors, associates, etc.

What do you think?

Stay Positive and Polly-Wanna-Learn-A-New-Language

Garth E. Beyer

I do have to add that the advertisement stated the following “He was a hard working farm boy.     She was an Italian supermodel.    He knew he would have just one chance to impress her.” Would it be uncalled for to also say that those who know multiple languages, have the most beautiful arm candy?

Despite What They Say

Garth Beyer

Now is NOT the best time to become a Financial Adviser.

I have always loved hearing “Now is the greatest time to be doing *insert any career here.*” Simply because, if you believe it’s the greatest time, then it is. If you go into something thinking it will be easy, chances are it will be…hard. BUT, it will be much easier than if you go into something thinking it will be hard.

Zig always said, Positive thinking won’t let you do anything, But it will let you do everything better than negative thinking will.

Lately the biggest reference is that Now is the greatest time to start a business in this down economy. I however, have been mentally fixed on an echo of “Now is the greatest time to become a Financial Adviser!” Why? Simply because of World Financial Group/Transamerica Financial Advisers which I mention in my post The First Hand Fails: This Is How The Second Hand Succeeds In Sales

It wasn’t until the second time that I watched and listened to WFG/Transamerica’s introduction-presentation that I noticed a flaw. The flaw was in their backing of their statement, “Now is the perfect time to become a financial adviser, there has not been a more perfect time.” They began their backup of the statement by introducing a timeline of the baby boomer generation, first explaining how when the baby boomers began popping that the baby food business rocketed, then the car dealership business sky scraped when all the baby boomers started to turn 16, then real estate shot straight up when they wanted to buy their houses, and now they are saying that financial advising is going to explode because all the baby boomers are turning 65+ and need to have advisers to make sure their money lasts them until their deathbed.

Do you see the flaw? I could not stop thinking how slow minded WFG/Transamerica was in their sales presentation to not catch both their worst and biggest selling point. If you are reading this, then you know that very few baby boomers are going to seek financial advice this late in life. They have gone their entire lives without it, earned and worked hard and will not spend money to have someone else tell them how they should manage their money. With that, baby boomers are the most stubborn people on the planet . Not to mention, the baby boomers will be dyeing off soon, so how does a dead persons money get to you as a financial adviser? It doesn’t. This was one of the biggest mistakes of WFG/Transamerica.

The second biggest mistake was that they used the wrong example to really persuade people to take up a Financial Adviser career. Give me a shot, and if I don’t have you agreeing with me in just a few sentences, tell me so.

Maybe you have read that the baby boomers will be  inheriting over 11 trillion dollars over the next 20 or so years, by the time they have this money they will either definitely not want advising on it, they are going to live out their last days in glory or they won’t end up getting what they expected with the lack of funds for pensions, the failing of social security, the fact they will work until “the day they drop”, etc, the list goes on, or the last option, they will be dead by the time they receive the extra money. Which leads me to my next reasoning.

In the world of financial advising, baby boomers are a lost cause, but not my generation (Y) and the generation after (Z). They are not. They are the hot button of financial advising. We are looking at two generations of poorly money management educated groups of young adults. Plus, you take the 11 trillion dollars baby boomers are getting and roll it over the second exchange of wealth to generation Y and Z and now you will have over 22 trillion dollars being handed down.

Even more so, my generation and generation Z are scared out of our freaking minds that the economy is going to blow up and become the next great disaster – the great depression’s depression. It is in that idea (fear) that Financial Advising will be the most prominent and income enriching career in the next 5 to 15 years. For once in time, Financial Advising will be looked on as a necessity and will receive the spotlight for its educating purposes. Financial Advisers will be able to teach those who will be handling the 22+ trillion dollars how to manage it for the next 50+ years instead of teaching 65 year old’s how to manage it for 5 years.

And I will end with, So what if teaching the youth how to manage money only earns Financial Advisers a large income for 5-10 years until money management becomes a part of the learning process in school and at home? With the average rate of people only staying at their jobs for 5 years before getting a new job, I see it as a perfect way to make big $$$ in a short period of time, teach the next generations money management so the world can prosper, and move to the next career path you want to try!

Final breakdown,

  • Now is NOT the best time to be a Financial Adviser
  • In 5-15 years will be the BEST time to be a Financial Adviser which includes being a teacher, a world changer, an economy improver, and all the other hats you get to wear
  • In a world that is set on fast pace, Financial Advising will make you money quick and allow you to move on to other things that you may really be passionate about.

 

Stay Positive and Do What YOU Think Is Best, Not What Someone Else Thinks Because It Will Always Be The Perfect Time

Garth E. Beyer

 

 

 

 

Business Networking

Garth Beyer

If you are into business or simply wanting to make connections with people who have similar interests as you, then you are out and about attending seminars, meetings, webinars, business brunches, team meetings and everything of the sort.

Now really, are you attending them? Or leading them?

In networking, you’re only as good as what you give away. – Mackay Maxim

When you go to a business gathering to network, you want to be on everyone’s mind. The easiest way to do that?

1 Give the best pitch

2 Promote the best product

3 Be the most energetic and outgoing

3.5 Act as if you are already a millionaire (And you will be…After you ignore these steps and pay attention to what you are going to read next)

The days of “Who’s Best” are long over. Sure I will take a glance over at the guy wearing the 500k ring, Rolex watch, and who owns the largest company, but that is not where my attention is. Nor is it anyone’s who is going to be successful at life — not just business. Because I saw a 500k ring, but not a wedding ring. I saw a Rolex watch, but I never noticed him look at the time, no doubt because he hasn’t any family he needs to get back home to or close friends to meet up with. Few men and women ended up owning the largest company and having everything else money couldn’t buy them (Faith, Friends, Family).

Until now… because they no longer follow the steps mentioned above.

And here we are.

“We were young, but we had good advice and good ideas and lots of enthusiasm.”
– Bill Gates, founder of Microsoft Corporation

The days of becoming financially successful AND winning at all areas of life are here. The greatest companies, people, organizations you read and hear about now, are not only making the most money — but they are continuously leaving the largest POSITIVE impact on all of their buyers, friends, competitors, family, associates and most importantly, You. Simply by giving.

So how does any of this have to do with the time you are investing in business networking?

The question now asked when going to a business gathering to network is “what is the BEST (not easiest) way to be on everyone’s mind?”

1 Present the best ideas

2 Promote all of the products

3 Be the most passionate and influential

3.5 Act as if you can make everyone a millionaire (If you can’t do that, at least make them FEEL like a millionaire)

It seems to me that giving is the prime factor in all of the tactics. You are not only giving all of your mind, but also all of your heart to the wide variety of products. You are not remaining selfish but helpful by promoting products that you did not create. You are portraying and setting an example of the two biggest qualities of a leader rather than someone who just made a 30,000 dollar close. -And yes, if it were up to me. I would take being a leader to the 20 companies that I am networking with over making a 30,000 dollar sale- Lastly, you are networking to create success in others instead of yourself. Because “you can have everything you want in life, if you simply help enough other people get what they want in life” – Zig Zigler

Stay Positive and These Concepts Have Been Held True Since 1992

Garth E. Beyer

Business Bonus:To make the most of business networking when different companies come together to socialize and create a think tank, have a business card box upon entry. Everyone that attends will deposit their business card into the box. When the meeting is over, everyone will take a business card from the box (not their own) and will do business with the company on the card. Whether they call them to get a quote, refer a friend to their company, or use the company themselves, as long as it gives the other business person experience and an opportunity to prosper. It’s all about making connections and both benefiting from it.

Slap In The Face Elevator Speech

Garth Beyer

For everyone who does not know, an Elevator Speech is like taking an entire encyclopedia book set and turning it into a one page slap in the face. I call it a slap in the face race because those who can summarize themselves or their business to get their listener to act the quickest, wins. The typical elevator speech summarizes

1 everything you do*

2 everything you are made of*

3 everything the listener should consider

4 everything you envision*

5 everything you achieved*

5.5 every reason the person you’re talking to should quit whatever job they have and come work for you

*Note: I always remind people that an elevator speech should encompass both your business and yourself because the listener may love your business but not like you and vise-verse. It is not only about getting someone to fall in love with your business — winning them over and having them fall in love with your purpose is just as important.

How To Start Writing An Elevator Speech

Molly Gordon advises you to jot down words and phrases that stand out most to you and promote yourself and your business. She then has you pick two of the words or phrases and reflect upon them to create part of your elevator speech. Almost the same as breaking down an encyclopedia isn’t it? Just as you, if I were given enough time to use a thesaurus to find words that made my blog sound as if it were rated #1 in all countries of the world, I could. Unlike Molly, I don’t want you to choose two out of the hundred words you think of. I want you to choose two words that encompass the hundred words you wrote down and the thousand you didn’t. Once you have accomplished this, you have the basis of your elevator speech. Now you can do the same for the 5.5 variables of an elevator speech that I provided above. Make a list for each variable and then finding two words or phrases that encompass everything on your list, do not use the best two achievements. Why not? Because you can gloat about specifics after your elevator speech is up.

How To Get Off The Elevator… With Your Investor

Personally, I do not have an elevator speech, not because I hate time limits and restrictions. I think having time restrictions on everything in life allows you to live it to the fullest (Pareto Principle). I do not have one because I do not see an elevator speech as being a pitch to sell an idea. I do not see it as a challenge which the only reward is getting a chance to have a longer conversation at a later time. The true point of an elevator speech is to get your listeners to forget about the thirty seconds. What I bring to the table with every new idea is the goal of forgetting the time limit. Every meeting I go to, especially the ones with a time limit of 15 min, 30 min, or an hour, I make it a goal to be there longer. Whether I am with there along with the other members, or just the boss — I am there after the meeting “ends”.

At one job interview I had, I was told that I had 30 minutes because they were meeting others to interview as well. Before the day of the interview, I told myself that I was going to be there for 45 minutes. I told other people as well because I know the power in telling people that you are going to do something. (Fear of disappointing the ones you love is a strong motivator) The next day I checked my phone for the time as I left the Coffee shop where the interview was held… 45 minutes exactly. I promoted myself and connected with the employer enough to get them to forget about the time limit. Success

Why Bother Having An Elevator Speech

If it does not make sense to you yet, an elevator speech is “one of the most effective methods available to reach new buyers and clients with a winning message”, says Bloomberg BusinessWeek. You might be thinking how you are going to work hard for everything in life and there are no easy rides to success like an elevator. I was once told that the elevator in life is always broken — I was going to have to take the stairs. How true is that? We will always have to work for our success, hence the “stairs to success” or “steps to success”. Although I look up to the one who told me that, I have to argue that the elevator is always there but someone is always on it already. You can’t argue that you wont get your chance to take the elevator at a hotel no matter how many people are using it. Your time will come. I am positive that each and every one of us gets at least one chance to use the elevator..

Will you be ready to go on?

Stay Positive and Prepared

Garth E. Beyer