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How to Make Big Money in Your Own Small Business BIZ

How to Make Big Money in Your Own Small Business BIZ

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Published by: puneetdubey on Feb 11, 2009
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Today, more than 25 million Americans own small businesses andmillions more dream of running their own. The fact that a lot ofpeople dream of owning a small business is no surprise as theaverage income of small business owners is above $400,000.Author Jeffrey Fox uses his own experience to share to readers thesecrets to having a profitable and successful small business.Whether you're just starting out or have had the business runningfor years, this book is for you.New ideas pop up in the market on a daily basis. You can alwaysthink of new products to sell, new marketing and sales strategies touse, or new ways to make a customer happy. Ignore people whorain on your parade by telling you that your idea as been donebefore.If you are looking for new business ideas, seek out the ideas thatbig corporations have dismissed. Often, corporations will throwout innovative ideas at the slightest critical comment becausecorporate executives are afraid to take risks.Still looking for a new business idea? You might try looking:
How to Make Big Money InYour Own Small Business
How to Make Big Money InYour Own Small Business
Date of Publication:
Number of Pages:
150 pages
Jeffrey J. Fo
About the Author
bout the Author
The Big Idea
he Big Idea
There Is a Lot New Under the Sun
here Is a Lot New Under the Sun
Jeffrey J. Fox
effrey J. Fox
Jeffrey J. Fox, is the bestsellingauthor of
How to Become a Rainmaker 
How to Become CEO 
and the founder of Fox & Co., apremier marketing consultingcompany in Avon, CT. Prior tostarting Fox & Co., he was VPMarketing and Corporate VP ofLoctite Corporation. Fox is thesubject of a top 100 HarvardBusiness School case study that isalso thought to be the most widelytaught marketing case study in theworld. A frequent speaker to largeorganizations and groups of seniorexecutives, he is a graduate ofTrinity College in Hartford, CT, andhas an MBA from Harvard BusinessSchool. He currently lives in NewHampshire. His most recent book,
How to Become a Great Boss,
is thebook I have chosen for my report.For more information, visit:http://www.foxandcompany.com/. 
Published by BusinessSummaries, Building 3005 Unit 258, 4440 NW 73rd Ave, Miami, Florida 33166 ©2003 BusinessSummaries All rights reserved. No part of this summary may be reproduced or transmittedin any form or by any means, electronic, photocopying, or otherwise, without prior notice ofBusinessSummaries.com
One Difference Between Yes and No
ne Difference Between Yes and No
Sources of New Business Ideas
ources of New Business Ideas
How to Make Big Money In Your Own Small Business by Jeffrey J. Fox
ow to Make Big Money In Your Own Small Business by Jeffrey J. Fox
1.Within yourself (what do you do well?).2.Within your family (family business).3.Within your current company.You can also consider:1.Providing ethnic products.2.Healthcare services.3.Buying a franchise.1.Write down why your business will succeed.2.Be aware that you have (or will have) customers.3.Calculate your breakevens and the size of your market.4.Know why you can generate enough revenue.5.Find out how you can attract and maintain customers.6.Know how much money you need to start and maintain operations.7.Find out where to get the money and why the funding source should give it toyou.8.Know the value of your product and service.9.Know what kind of people you should hire.10.Know where your business should be located.11.Have come up with a good business name.12.You must become your own company's rainmaker.13.Start selling.Remember that if you can easily do something that others find hard to do, you will beable to make money as long as there is a need for that skill. People who find it hard todo what you can do with ease become your customers.However, being good at something is only the starting point. You must then workhard and practice hard. After which, you must be willing to promote what you can doand sell what you can do.Do not look down on business opportunities that may seem beneath you. As long asit's a decent, ethical and moral business, it doesn't matter if it may seemunglamorous.If you don't have customers, your business idea will surely fail. You have to becertain that people will buy your products or avail of your services.To determine whether or not you have a market for your business, you can use
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The Small Business Owner’s Success Blueprint
he Small Business Owner’s Success Blueprint
Do What Comes Easy to You, but Is Hard for Others
o What Comes Easy to You, but Is Hard for Others
It’s Okay to Pick Fleas Off a Dog
t’s Okay to Pick Fleas Off a Dog
First: Have a Customer
irst: Have a Customer
Market research or your own instincts. Remember though that it does not end withhaving customers. You also have to
customers!A business owner must be able to prioritize and allocate both time and funds. Thesepriorities include keeping a tremendous focus on marketing and sales; keeping andgrowing existing businesses; starting new businesses; doing pricing, billing, andcollections; having enough cash; meeting payroll; having excellent people andtraining them; setting goals; and completing administrative tasks.What is a rainmaker? A rainmaker:1.Brings in new customers.2.Brings in revenue from new and existing customers.3.Keeps customers.You must spend a large portion of your time getting and keeping customers.Remember, the only reason your company exists is to provide products and servicesto customers.Remember that even with a fantastic business idea, you will have nothing if you don'tbring in revenues from sales. Hence, you must be willing to sell and/or hire peopleto sell your product or service.Find ways to attract customers. Advertise and promote both through conventionalmethods and word-of-mouth. Get leads, referrals and appointments.If you are not a fantastic salesperson, the first think you must do is to hire someone tosell for you. In fact, it is right to prioritize hiring someone who can sell the product;rather than hiring someone who can create the product.In your small business, make sure that both you and your staff know that everyone'smain priority is to get and keep revenue-paying customers.Don't hesitate to pay top dollar for the best talent. If you need people with specialskills or solid experience, be prepared to pay them what they are worth. If need be,pay them more than you pay yourself. After all, when your business succeeds, youwill reap far greater rewards.
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Small Business Owner’s Business Priorities
mall Business Owner’s Business Priorities
The Small Business Owner, aka “The Rainmaker”
he Small Business Owner, aka “The Rainmaker”
Selling Is Job 1
elling Is Job 1
Hire a Salesperson First
ire a Salesperson First
Pay Steak and Eat Hotdogs
ay Steak and Eat Hotdogs
How to Make Big Money In Your Own Small Business by Jeffrey J. Fox
ow to Make Big Money In Your Own Small Business by Jeffrey J. Fox

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