Profiled: Pick 'n' Drop

Ever heard of Pick 'N' Drop - "a new and innovative service which makes the hassle of drycleaning as easy as answering your door! No need to worry about when or where you send your drycleaning."

I wouldn't be surprised if you hadn't - because they've only been in operation two weeks! We were lucky enough to meet the three young entrepreneurs behind Pick 'N' Drop at our Young Entrepreneurs Workshop at the Sutherland Shire Hub for Economic Development just a couple of weeks ago.

Pick 'N' Drop will pick up your clothes for dry cleaning, and then drop them back when they're clean! They operate in the CBD, Eastern Suburbs and North Shore.

Nallakkumar Karunanithy, one of the three directors, explains below the motivation for starting up a business with his good friends and how the idea came about.

"The opportunity came to us during our brainstorming sessions, all three of us strive in challenging ourselves and we decided to start up our own business, regardless of the industry, just to gain the experience and thrill of doing something for our own benefit rather than working for a particular company or individual. We studied available markets and decided we needed to introduce something innovative and fresh, the Sydney business market/s is flooded with competition, so to start anything in one of those markets would have been near impossible without an endless supply of marketing capital...which we did not have. Our service is practically unheard of, so once we tap into the industry and spread the word, we have no doubt that our service will be useful. Pinpointing the idea was as easy as looking for a particular need in a market, that was not currently being satisfied, and the pick up and drop off idea really caught our attention as being a viable project to look into."

On the first week of operation:
"Things are slow, as always at the start of anything but we've had a few calls/orders and the people using the seem interested, so it looks promising."

And just a little bit about the three directors:
"We're all 23yr olds, known each other through university of Wollongong. I'm doing a Bachelor of Computer Science, my partner Amir does a Bachelor of Exercise Science and Rehabilitation. We're both graduate students who just completed our last semesters, and our third partner is Jay, who's doing a Bachelor of Medical Science and he completes his course at the end of the year. We're more like brothers than mates so its another reason as to why we decided to do this together."

Good luck guys!

http://www.pickndrop.com.au/

Profiled: Planning for Babe

From this week onwards, we're going to be profiling a different young entrepreneur on our blog every week! There's so many amazing young people that we meet, out there doing some really cool and inspiring things with their time and business skills - so we want to inspire you too!

This week we're profiling Amanda Jephtha, Founder of Plannng For Babe.

Are you feeling overwhelmed by the choice in baby products and services? Do you simply have no time to thoroughly research and decide which is best? Planning for Babe's baby planners exclusively tailor the most suitable baby products and services to your individual needs and lifestyle - like a wedding planner to a wedding. Planning for Babe gives you the most important luxury - the gift of time and confidence to enjoy your pregnancy.

Sounds like a great idea to me! It's awesome to see someone who spotted a market niche and acted on it!

To find out more, check out http://planningforbabe.com/ or e-mail Amanda at

amanda@planningforbabe.com.au

TOP 5 PITFALLS TO WATCH OUT FOR YOUNG ENTREPRENUERS JUST STARTING OUT

There is no such thing as a mistake, just mis-takes! So learn from them
and keep going. But watch out for:

1. MANAGE YOUR TIME
You still have to do your homework, sport, chores, friends, families - so manage your time to fit it all in. Use timetables and checklists.

2. DON'T BREAK THE LAW
Do your research, ask around and make sure you don't do something really wrong! There is still a lot of room for your awesome ideas, within the law!

3. GET THINGS IN WRITING
Any agreements you make with friends, family, customers, suppliers etc you should get in writing, contracts, quotes, prices, what you will deliver etc, to protect yourself and others.

4. CAREFULLY MANAGE YOUR MONEY
You have worked hard to make it, so look after it! It’s very easy to just go out and blow it all on yourself, but then how will your business have its doors open tomorrow for you to make more money?? So put aside money for bills and costs before you pay yourself, avoid debt early on, and regularly check your cashflow and where your money is coming from. Also shop around for the best bank account so that all your hard earned dosh is not being taken in charges!

5. DON'T STOP IF YOU FAIL
Failure is not a bad thing - ask any successful young person in business and they will tell you that failure and mistakes is what got them to where they are now! Work out why it didn't work, how it can be improved, learn and then try again.

TOP 5 TIPS FOR YOUNG ENTREPRENEURS JUST STARTING OUT

1. BE EXCITED & interested in your business idea
It takes a lot of hard work to make your idea happen so you want to make sure you really
enjoy it, whether it is food, computers, helping people, service etc, and your excitement
attracts people too! Being excited and energetic comes easy to young people, so use that
to your advantage.

2. GET YOUR IDEAS ON PAPER
This will help you get structure to your idea, plan things out, you can show it to others, and
it will show you where to start. Keep it simple.

3. DO SOME RESEARCH
It doesn't need to be too much, just enough to get you started. Research costs, prices to
charge, what competitors are doing, what customers want, legalities etc.

4. START SMALL
Just build yourself 1 customer at a time, this way you don't need much money to start with
at all. Just make a small profit each time so that you can keep going, and get a little better
next time.

5. JUST GIVE IT A GO!
The easiest thing to do is to have a great idea, the hardest thing to do is to actually give it
a go and do something about it, and by giving it a go you will learn a lot about yourself
and money. So just get started, NOW!

Is Work Causing you to Stress?

If you’re feeling irritable at work, you can't sleep, you’re taking days off and you can't concentrate, chances are you’re suffering from work stress. The nature of work has gone through drastic changes over the last century and it’s still changing at whirlwind speed... and with change often comes stress!

What are the signs of work stress?
Typical symptoms of stress can be: insomnia; loss of mental concentration; anxiety; absenteeism; depression; substance abuse; extreme anger and frustration; family conflict; physical illness; headaches; and, stomach and back problems.

What can cause stress?
Some of the most obvious causes of workplace stress are: high demand for performance; job
insecurity; coping with technology; workplace culture; personal or family problems; and mental or physical harassment in the workplace.

The good news is, you can do something about it!

In today's biz climate, you need to be continually prepared for changes to avoid stress ...
SO:
o Find and protect whatever time you get to refresh, re-energise and re-motivate yourself.
o Be and feel happy by giving up negative mental behaviours such as fear, anger and revengeful
attitudes, which actually encourage stress. Instead try holistic relaxation such as meditation, breathing and exercises.
o Celebrate your own or your work mates accomplishments; however big or small!
o Re-evaluate your goals and prioritise them.
o Evaluate the demands placed on you and see how they fit in with your goals.
o Identify stressors in your life, such as work, or family. Get the support of your friends, family and even counselling to help reduce your stress.
o Ensure that you’re following a healthy lifestyle:
1. You’re getting enough sleep to keep your energy levels up
2. You’re eating a healthy, balanced diet
3. And try to recognise your spiritual needs - do you believe in what you are working for?
o Give yourself a break! Switch to another area within your organisation. If you come back later, you may find that you’ve started to enjoy the work again, and can take on only those commitments that you want. You may, however, find that you have absolutely no interest in continuing with what you’re doing. In which case, it may be best to drop it altogether.
o Exercise! Join a gym or get involved with a local sports team. If you’re feeling highly stressed and deeply de-motivated with your job or life - get into action today!

Adapted from an article at www.lifepositive.com

Congrats to Fred Schebesta and Callan Taylor - winners of 30under30!

Here at The FRANK Team, we'd love to extend a big CONGRATULATIONS to Callan Taylor (our SA facilitator) and Fred Schebesta (Director and occasional guest speaker/article contributor), who have been named as winners in Australian Anthill's 30under30 competition! This is for their amazing entrepreneurship, unique business ideas and approach, and ongoing great work! Keep it up :)

10 Secrets to Marketing Your Business Online

10 secrets to marketing small business online

Being online levels the playing field, as, big or small,everyone has the same chance to attract customers.

By following some basic principles, you can receive the same coverage as major players and see your business take off using savvy, affordable marketing.

1. Create a Website of course! - Without a web presence you don't exist online. So the first and most obvious step is to create one! The key to keeping customers happy in the online environment is to design a website that is both aesthetically and functionally pleasing. When you’re designing your website, create a situation where every page drives a consumer action and generates a sales lead for your business.
2. Convert Visitors to Leads - To turn your website from a passive, "brochure-ware" site that delivers a lot of information but doesn't deliver results, you need to refocus your strategy from delivering free information and content, to providing relevant content that drives consumer action. Supplying information is both necessary and helpful to readers and handy in raising your search engine rankings. Always ask yourself, "what is my call to action" - these can take the form of links to downloads, requesting consumer information, advertising, offers or promotions. At the very least, encourage users to make contact with you, either by phone or email.
3. Build Trust & Credibility - Being open and transparent is crucial to success in online marketing. Prove you are a concrete, reliable business by including as many of the following as possible: clear contact details including a physical address and landline phone number, photos and images of employees, location and equipment, third party endorsements and verification of your authenticity including ‘approved’ stamps and/or testimonials. Also, be sure to reply to all contact enquiries promptly with an acknowledgement of emails sent by users and/or response to phone messages.
4. Search Engine Leads - the first step to finding what you need on the internet is running a search on a company name, product name, service or activity. Research shows that high search engine rankings are a major predictor of online business success. After 30 results, users stop looking, so it’s vital you sit within this top percentile. So to optimise your business’ search engine ranking, use search engine optimisation (ie: having key words associated with the content on your
site so people find you when searching) and search engine marketing (you can pay to have your site link featured on the right hand side of search results pages).
5. Email Market/eDM - The power of online can be summed up by email marketing. It’s a cost-effective, efficient, traceable, relationship-building tool for regularly communicating with your existing and potential consumers. We have all heard of the 80:20 rule in marketing: 80% of your business comes from 20% of your customers. Email marketing is the easiest way to continue an ongoing, targeted dialogue with them. 5 top secrets for Email Marketing Success are: regularity, short punchy content, calls to action, personalisation, and maintaining a clean list (database).
6. Affiliate Market - As well as buying listings in search engine results, you can buy or trade listings on relevant directories and/or cross-promotional websites. Reciprocal link-backs improve both websites' natural search engine listings.
7. Partnerships & Links - As with affiliate marketing, the success of this tactic lies in increasing your exposure through both cross-promotion on related websites, and also through upping your search engine listing thanks to increased link-backs. There are many avenues to increasing your presence, for free or at a low cost on related websites. Submit articles to other websites and free PR websites, submit sites to directories, buy links, buy partnerships e.g.
Emailcash, List on Shopferret and price comparision websites.
8. Blogging - Running a business, you are clearly an expert in your field. Invite potential and current customers to share your expertise and get a taste of how your knowledge will positively impact them, by creating a blog. Blogs create a community around those with common interests and become a tool for sharing and developing ideas. Their major advantage is creating an open, accessible channel to boost consumer involvement. They can be used to encourage trials,
conduct on-the-ground research, and develop ongoing customer relationships. Plus there’s stacks of software online to set up your blog - all for free! We use www.blogger.com but there’s a huge range out there to choose from.
9. Email Signature - Think about how many emails you send out each day, each week, each month. Now multiply that by the emails sent by your employees and/or subcontractors. Every one of those emails is an opportunity to market your business. As well as including your standard contact details, and always, always your website URL; the smart online marketer also uses this opportunity to promote their latest offer, promotion, or release. Alternately it can be used to build your brand identity or value-add to consumers, and grow your relationships.
10. Track & Respond - Every web host keeps detailed statistics of activities occurring on your website; from the number of visitors, to downloads, where people landed and left the site,how long they stayed, to where they spent most of their time. Analyse this information and use it to continually improve your site's performance based on this silent customer feedback. The beauty of the Internet is that you can change your marketing and track its effects immediately. If something is working, stick with it. If not, change it again.

Going Forward
While you may not have the financial resources of the big guns, you do share access to the same technology: online. Use it to your advantage, and watch your small business grow!

This article was provided by Fred Schebesta, Director of Freestyle Media.

Keeping an Eye on Australia

A recent study - the 2008 Eye on Australia report (compiled by Grey & Sweeney research) has found the following things that we thought were pretty interesting:

- 67% of people say their job gives them a sense of identity (but is it the sense of identity they really want?)
- Australians are working longer hours than ever before (39% work more than 40 hours each week on average)
- 24% of people are "very satisfied" with what they do for a job
- 54% are "somewhat satisfied" with what they do for a job
- only 54% of Australians rate themselves as innovative

In regards to the environment:
- most Australians are concerned about the environment - 53% of respondents said that it is one of the biggest issues Australia will need to face within five years
- 87% of people surveyed think companies should tell people what they're doing to help the environment
- 68% of respondents said they're more likely to trust a company that looks after the environment

Yet only 49% would be willing to pay more for a good/service that is seen to be environmentally friendly.

Some other findings we found interesting:
- those surveyed trust Google as much as the police force
- those surveyed trust Google more than the ABC
- 91% of people are more likely than not to trust a company that's willing to admit it's mistakes

So, all you young entrepreneurs out there, what can you be doing to better serve your customers, create trust, and improve your business model?

Check out http://www.eyeonaustralia.com.au/summary/home.aspx for more info

The Importance of Mentoring

A recent report issued by Deloitte found that chief execs of companies rate mentoring as the second most useful method of improving staff skills. It's also one of the cheapest.

And yet, it's only the fourth most used method. So why isn't it being used more? Particularly considering the skills shortages affecting many businesses of all sizes. Why not take advantage of the expert knowledge, experince and different perspective of those more experienced to increase your skills? You don't need to be mentored by someone within the business - external mentors with relevant skills can be just as, if not more, useful and valuable.

Rated first is in-house training.

Source: BRW May 1-7, 2008, pg. 12.

Cashflow!

There’s no denying that cashflow is absolutely vital to a business, particularly one just starting out.

We’ve come up with a few tips for cashflow management, from our own experience over the past 6 1/2 years:

1. Clearly state on your invoices when the money is due. Give a date – not just a number of days. Then no one can make the excuse ‘I didn’t know.’
2. Make sure your customers understand your payment terms. If you expect payment within 7 days, let them know. That’s part of the condition of them working with you.
3. Don’t be afraid to chase up outstanding money. It may not be the most fun job, but it is really important, and often the accounts payable person of the company you’re dealing with may have overlooked the invoice (or will say they have) and will be happy to pay up pretty quickly.
4. Keep track of when money is due to you, so that you know when it’s overdue. If your customers know you expect prompt payment terms, they’re more likely to pay up on time.
5. Understand other people’s cashflow issues – if they’re an established customer and they’re having a little bit of trouble paying right now, let them know you understand and give them a little longer. That way you won’t damage the relationship, and next time you need help, they’re going to be more likely to help you out.
6. Make it easy for your customers to pay you. Make sure you clearly state your bank account details, or link to a paypal payment option, or whatever it is that you use.
7. If money is a bit tight, plan your cashflow. Know what’s going to who and when, so that you can prioritise.

What are some cashflow tips and tricks that you use?

Awesome Marketing Quotes

Three of our favourite marketing quotes are:

“Marketing is not an event, but a process . . . It has a beginning, a middle, but never an end, for it is a process. You improve it, perfect it, change it, even pause it. But you never stop it completely.” ~Jay Conrad Levinson

"Sell to their needs, not yours." ~ Earl G. Graves

“The aim of marketing is to know and understand the customer so well the product or service fits him and sells itself.” ~Peter F. Drucker

What's your favourite marketing quote?

Great Business Ideas That Are Way Too Easy!

Start your own business by:

- signing and promoting local bands to high school and uni crowds

-teaching older people how to use modern technologies - computers, the internet, mobile phones, blogs

Both quick, relatively easy and using skills you might just have, hiding inside you...

What's your simple business idea that's way too easy?

Another Amazing Young Entrepreneur

It never ceases to amaze us here at The FRANK Team the potential in young entrepreneurs. Check out this article on a young entrepreneur from South Australia, Shane Yeend, who started his own business at 15 and (in no particular order) brought the E-Entertainment television network to Australia, created a board game that outsold Monopoly in Australia in 90 days and is now a global market leader in DVD games, among other things!

Who's the most amazing young entrepreneur you know? Or know of? We'd love to hear your opinions!

What's in it for me?

This is a question probably asked too often by some of us... but if being an enterprising young person doesn’t leave you much time to be generous with, then it’s a question you feel is worth asking. Consider this though - Work experience (giving your time + skills + knowledge) = plenty for you in return. Like that equation? Read on to see how factoring some work experience into your week can help you get places faster!

At FRANK Team HQ over the years we’ve had a few work experience students and volunteers dropping in to get some experience and lend a hand. It’s awesome - we get to meet some great young people who are willing to help out, and they are developing their skills and getting some valuable experience to add to their resumes! It’s a win win situation!

So what’s so good about volunteering VS hanging out for the job you want, I hear you say? There is actually a lot in it for you. It’s not just working for nothing.

- Experience is sometimes valued over a qualification. So you might have a diploma or degree, but employers like to hire people who have some experience up their sleeves as well.
- Put your degree or diploma to work. If you are studying, why not put your learning to use straight away, who says you have to wait until you graduate and get a job?
- You could get a job out of it. If you make a good impression, you'you've got your foot in the door!
- Try before you buy. If you're considering an industry, but not sure and you don't want to commit to study yet, do some work experience first - this will help you decide if you are interested in pursuing that career, or if you need to do some more thinking.
- It's a great way to meet people who are in the industry you want to be in. This can help you get the job you want faster through networking - they will all find out what a hard worker you are. Plus you will be learning from professionals.
- You could find a mentor. You might meet someone in the workplace who inspires you, and embodies who you want to be in your career - support from them will help you succeed.
- It’s an opportunity to develop your skills, and find out what you're good at. Or use the skills you have to help others - we know we've learnt a thing or two from our work experience girls

So... you’re convinced now aren’t you?? Here’s how you can get yourself a work experience opportunity...
- Do some research. Find some local organisations, businesses etc who are in the industry you want to work in. Give them a call to see if they have any work experience positions. If they do, ask if you can go in to meet with them and see if you would like to do some volunteering there. If you don’t have any luck, keep searching... or check out the volunteer opportunities @ seek.com
- If you go in to meet with people and suss out an opportunity, put together a resume so you can show you are serious about having a go and you can display some of your assets!

So what are you waiting for?

Better Business, Better Balance

Check out this recent publication called “Better Business Better Balance.” It contains lots of practical advice and a whole range of tips for female entrepreneurs and workers, by creating more family friendly workplaces.

Women now own approximately 30% of small businesses in Australia, and family-friendly practices are helping them to retain skilled workers, reduce costs associated with high employee turnover, and maintain workforce motivation and higher levels of productivity, according to WIRE (the Women’s Information & Referral Exchange), which initiated the project with assistance from Industrial Relations Victoria.

http://www.qvwc.org.au/infohub/better_balance_better_business

One entrepreneurial type?

Again and again, we come up against the belief that there is a ‘type’ of person who would make a good entrepreneur. One type. That’s it. End of story. We’re here to tell you that that’s WRONG – there is no ONE type of person who makes a good entrepreneur.

Is there one type of person who makes a good salesperson? Is there one type of person who makes a good parent? No, there isn’t. So why would there be one type of person who makes a good entrepreneur? There may be certain traits that many successful entrepreneurs have in common, such as a need for independence, the ability to sell yourself and your business, or a need for constant new challenges, but there is by no means an exhaustive list which you must meet.

Here’s what we reckon, if you’ve got a fab idea you have always wanted to make happen, even better if you have made some of your ideas happen and you’re thirsting for more, if you’ve dreamt of bigger and better in terms of your goals career and lifestyle, if you’re passionate about what you do and always on the lookout for more things to try out and experience to add to that list, then there is some entrepreneur in you, you just have to unleash it! So what are you waiting for?

Staff management

Staff management can be tricky, and as a young entrepreneur with not much experience it can be hard to know what to do. What you should know, is that you should always be looking for ways to make your staff feel valued. Because hey, no one can run a business without other people helping them! Check out these suggestions from BRW on what some organisations are doing:

• Laptops
• Bottles of wine
• Mobile phones
• Housekeeping for a weekend
• Crystal glasses
• Gym membership
• Lifetime Qantas Club membership
• Football tickets
• A set of golf clubs
• A frozen turkey

Who knows what the frozen turkey was for!

Homepreneurs, the Myths and Facts

Check out the great article below, by Amanda Gome!!!

*/Homepreneurs, the myths and facts /*
Thursday, 10 May 2007

By Amanda Gome

When I told people I had left a big corporate to start SmartCompany

I was asked many times whether I would be “working from home”.

The patronising tone was always a shock. For the past 10 ten years

I had been researching and writing about the quiet revolution occurring

in the workplace and had observed highly innovative companies

starting or working from home.

The revolution was kick-started by the growth in the service industry

in the 1980s and gathered pace through the 1990s as big corporates

downsized, forcing people out clutching retrenchment packages. Aided by

technology, they make up many of the 110,000 people who start up

businesses every year.

Yet the home-based business sector of the economy continues to be

misunderstood. People think of home-based business people as cottage

industries or trades people.

Worse, they consider them drop outs, unsuccessful, “mompreneurs” or

women with a hobby earning enough for a trip to Noosa. Sure, some are

home-based business hobbyists. Many of these will never make enough

money to file a tax return.

But many of the almost one million home-based businesses are successful.

By far the most misunderstood group at home are the “homepreneurs”.

Homepreneurs employ at least one other staff member and usually aim to

grow. They also make up a sizeable part of the workforce: of the 1.2

million small businesses, about 30% are homepreneurs.

Homepreneurs fall into two groups. First are the business builders who

are at home as a temporary measure before being forced, by staff

numbers, to move into larger offices.

Business builders can end up running global businesses. RMIT

University’s Kosmas Smyrnios, who researches high-growth companies, says

more than half start from home, usually because of the low cost.

The second group are business lifestylers – and are committed to staying

at home unless forced out. They still work extremely hard, employ staff

and want to be successful but their lifestyle is very important and they

build their business around it.

Yet myths abound about this sector. Here are the top nine facts about

successful homepreneurs.

*1. Most homepreneurs are ambitious males who want to run successful

businesses:*

Many people believe home based businesses are run by women running

cottage industries or e-Bay businesses. But ABS figures show that only

17% of home-based businesses are run predominantly by women. There has

been huge growth in the home-based business operators (57%) aged 30–50,

particularly males. Ross Cameron, who has researched home-based

businesses, says this is the age when men get retrenched and set up a

home business. Many are in classic white-collar areas and include

management consultants, copywriters, finance brokers, lawyers,

accountants, IT nerds and management consultants.

*2. Most homepreneurs work very long hours and run established businesses. *

Many people assume home businesses are hobbies. Some are. But ABS data

shows the majority of people are home work more than a 35-hour week and

one-third employ staff. The majority of home businesses are also more

than five years old. While some – the business builders – move out after

a few years, most do not want to move from the home base.

*3. Homepreneurs are technologically very savvy. *

Many people still carry the picture of the cottage industry or tradesman

working from home. But ABS data shoes us home-based businesses are more

likely to be computerised than non-home-based businesses. In fact, this

is the reason they can operate from home.

*4. Homepreneurs are more likely to be extroverted.*

Doesn’t make sense? Think about it. If you don’t have the skills and

personality to network as a homepreneur, you will fail. Executives in

big corporates who have been put out to pasture for no longer fitting in

with the corporate culture often make lousy homepreneurs because they

take their problems with people in the workplace with them. Homepreneurs

also need to make new contacts.

*5. Homepreneurs are comfortable parting with money.*

Homepreneurs watch every cent; that’s partly why they are home – because

it is cheap. But they must also be comfortable paying for the best

technology and the “appearance” of being successful to overcome the

“home” image. There are also a huge amount of unexpected costs that

arise, which are a surprise to the corporate refugee who has never paid

for a color printing cartridge in his life.

*6. Homepreneurs are chasing opportunities.*

The assumption that people start home-based businesses out of necessity

because they can’t get a job elsewhere is not true of homepreneurs.

People in this group are opportunity entrepreneurs. While they are

seeking greater personal freedom, they also are pursuing an idea and the

chance to make something of their lives, says Jane Shelton, managing

director of policy group Marshall Place associates.

*7. Homepreneurs are an extremely attractive target for marketers and

advertisers.*

Many advertisers ignore the home-based business market because it is so

diverse and difficult to reach. But Shelton’s research into the home

worker (which also includes people working from home that are employed

by large corporations) shows they are a very attractive target. She

estimates there are 2.8 million home workers and 45% belong to a higher

socio-economic segment. They are twice as likely to be managers and

administrators with professional qualifications and six out of 10 are

big spenders, with almost half owning and trading shares. They also seek

a constant supply of information on business opportunities and

investment decisions.

*8. Homepreneurs are big risk takers.*

Home is often seen as a soft option. It is anything but. A whole new set

of challenges present themselves. Homepreneurs must overcome solitude,

develop sales, marketing and networking skills, learn to multiskill and

juggle plus overcome the shock of having to do everything such as buying

the stationery until they hire that first employee.

*9. Homepreneurs dress for success.*

Forget the image of the SOHO office with the business owner in tracky

daks. Homepreneurs are extremely disciplined and become expert at

shutting the front door in well-meaning friends’ faces. They start the

day in cafes with their laptops or newspapers, dressed for work.

Testing Your Business or Project Idea

So you’ve had an idea! You think it would make a really great business and are thinking about starting up. So what are some “tests” you should put that idea through to really work out if it’s “the one” you should pursue with all of your time, energy & money? Try these:

Excitement levels
When you think of your idea and turning it into a business, how excited does that thought make you? Starting and running a business takes a lot of heart and soul to make it truly successful, so if the idea doesn’t “rock your boat” in some way then it’s probably not right. The most successful business people will always tell you that passion for your idea and business is essential. So really ask yourself right now, does this idea wake me up at night? Does this idea fill my belly with butterflies when I think of where I can take it? Does this idea lead directly to thoughts of who you could work with on it? If you answered yes to these, then your idea has passed its 1st test!!

Outsiders
Have you told anyone else about the idea? What do they think of it? Of course, you may be worried about people “stealing” your amazing idea, so put due processes in place to protect yourself (MOUs or confidentiality agreements or get some legal advice if you’re truly worried), but then get out there and ask everyone you know what they think! Get them to pick it apart and ask you a million questions. This will help you to see what research still needs to be done, where the holes in the idea are, where there is more potential in the idea and perhaps will show you if the idea is not right in its current form. Of course, “advisers” have been proven wrong before, but no one has built a successful business without the advice of others. If your idea has withstood this barrage, you are doing really well.

Anyone done it before? Why not?
If your idea looks like it will be the “first of its kind” or “too good to be true”, ask yourself, why has no one else had this idea or done something with this idea before. Often the reason why no one has done it before is because it is not a really great idea, or its time has not yet come. Do your research in your industry to really find out why no one has done this before. It could be that the idea is so simple that no one has seen it yet, and it is truly brilliant. Or it could be that others have not seen any value or money in the idea. You need to find that answer for yourself too, to pass this test.

Uniqueness
Every customer you will get, generally, means you are taking them away from someone else! So what is going to make yours stand out such that customers will come to you rather than anyone else? How well do you then know your potential competitors, direct and indirect? Do a SWOT not only on yourself, but also on your competitors. You will learn a lot about your idea with this test.

Start up costs
How much is it going to cost you, and thus how much may you have to risk to get it started? Can you put together a 6 month budget to see what you are going to have to put on the line to start it up? How does that amount make you feel? Perhaps you can get out and sell some of your idea (product or service) at cost or for free to really test your market. Just starting small is a great test for your idea – just selling 1 tutoring lesson, 1 new computer mouse, 1 piece of clothing on ebay – what was the experience like, what was the demand like, get your customer to give you feedback, learn, learn and learn more. This will provide a huge wealth of information that will help to direct your next move in testing your idea further. And by the way, if you do this you have started your business!!!

The market
Of course a general look at your individual industry market and the general economic market can help to test your idea. How are other businesses doing in your area? Are they growing, stable or contracting? Get out there and look at trends, read industry magazines, talk to people in the industry, go to networking events – really submerge yourself in the market you are thinking about. You will get a sense of the vibe and energy around your area. Good vibes = good idea!

The numbers
Now depending on the type of entrepreneur you are and why you are starting, the financial numbers can also help to test your idea. For those of you just wanting to get out there, and get started and see how it goes – do just that, just start now. Others want to see that the “numbers” all add up – that is, that there is going to be profit and good profit in this idea. This will mean putting together at least a 1 year budget backed up with your research of the industry, competitors and market information. Get someone on your team who is really good at all of this stuff, and put your idea up against the toughest test, financial! Here at The FRANK Team we just got started, and then looked at the numbers as the phones started ringing, it has been purely organic from that point onwards

Of course this is all just some general guidance based on our experiences here at The FRANK Team and how we test our ideas as we come up with them – and the tests we have learnt the hard way that you should put your ideas through before going ahead with them. You need to do your own research and then ultimately it is going to be your decision.

And remember, there is no one way or right way when it comes to business. Just make it up!

So what is your great idea? How have you tested it so far?

Jessica Kiely
The FRANK Team

Young Entrepreneurs Workshop!!!

Do you want to start your own business?
Do you want to learn from other young people running their own business?
Do you want to take your business further?

Come along to the Young Entrepreneurs event The FRANK Team is putting on this June!!!

The SSHED- Sutherland Shire Hub for Economic Development is a world class biz incubator helping out biz's in the Sutherland area and they're hosting another Young Entrepreneurs Workshop on the 2nd June from 10am-2pm.

This is a great opportunity for skills training, facilitated networking, and self promotion! It’s run by young people, for young people and it’s free!

We have a great line up of speakers and guests at this year’s workshop, with Luke Janssen from Tigerspike as our key note speaker! And throughout the day you will also hear from other young entrepreneurs, including Jessica Kiely, Director of The FRANK Team!

Plus you: - attend a skills workshop, either:
Effective and fun biz planning for those just starting out!
OR
Another exciting new workshop to be announced
- get feedback on your business ideas from a panel of successful young entrepreneurs
- and there's lots of opportunities for you to make new contacts.

Getting involved again for the third year in a row are Sutherland Shire Council, the SSHED, GROW Sydney, University of Wollongong and the workshop is being run by The FRANK Team.

If you would like more info about the event, a flyer or an agenda, if you've got any questions, or you'd like to register please email me anna@frankteam.com.au or check out our website
http://www.frankteam.com.au/


Hope to see you there!

Frank Team in the Media

http://www.news.com.au/dailytelegraph/story/0,22049,21686930-36437,00.html

Always nice to get some PR! Thanks to our PR Champ Catriona Pollard for setting it up for us. Hopefully this helps to inspire more young entrepreneurs to get out there and give their ideas a go. It's a wild ride, and you never stop getting tested, but you're the one in control (mostly!).

Wanna-Be's VS Real Entrepreneurs

Check out the twelve differences between those who dream and those who act, according to InfusionMail:


1-Wanna-be's obsess about ideas. Entrepreneurs obsess about implementation.

2-Wanna-be's want more web traffic. Enrepreneurs focus on sales conversion.

3-Wanna-be's focus on positive thinking. Entrepreneurs plan for multiple contingencies.

4-Wanna-be's want to get on TV and get "famous." Entrepreneurs build their list.

5-Wanna-be's seek a perfect plan. Entrepreneurs execute and adjust the plan later.

6-Wanna-be's wait for their lucky break. Entrepreneurs engineer four, five, six plans and execute them in tandem, wagering that at least one plan will get traction.

7-Wanna-be's fear looking stupid in front of their friends. Entrepreneurs willingly risk making fools of themselves, knowing that long-term success is a good trade for short-term loss of dignity.

8-Wanna-be's shield their precious ideas from harsh reality, postponing the verdict of success or failure until 'someday.' Entrepreneurs expose their ideas to cold reality as soon as reasonably possible.

9-Wanna-be's put off practicing basketball until they've got Air Jordans. Entrepreneurs practice barefoot behind the garage.

10-Wanna-be's believe what they're told, believe their own assumptions. Entrepreneurs do original research and determine what paths have been already trod.

11-Wanna-be's believe they can do anything. Entrepreneurs do what they're gifted for and delegate the rest.

12-Wanna-be's think about the world in terms of COULD and SHOULD. Entrepreneurs think in terms of IS and CAN BE.

Financial Health of Your Business

For all you entrepreneurs out there, check out this link to Trump University blog! It outlines a quick way to check the financial health of your business – something that is vital to staying in operation!

http://www.trumpuniversity.com/blog/index.cfm?blogpost_id=882

Job Satisfaction

A recent article by Ross Gittins in the SMH outlined three different approaches to job satisfaction.

1. Job - done for nothing more than a pay cheque.

2. Career – achievements are marked through money AND advancement, involving a deeper personal investment in what you are doing. Promotions are accompanied by more prestige and more power, as well as more money.

3. Calling/Vocation- a passionate commitment to work for its own sake. There is little regard for money or promotion, as the work is fulfilling in its’ own right.

Here at The Frank Team, we think we’ve found our calling! As entrepreneurs, we create the opportunity to follow our calling. We’d love to hear from you – job, career or calling and why?

Check out the article at http://www.smh.com.au/news/opinion/job-satisfaction-go-with-the-flow/2007/02/27/1172338622609.html?page=2

The Average Entrepreneur

I came across an article in BRW (March 1-7, 2007) that details stats on the “average” Australian entrepreneur – if any entrepreneur can be labeled average. Some interesting points were:

- average entrepreneur is an Australian born male (just over 60%)

- more than 80% of all entrepreneurs are within the 30-59 years age bracket

- two thirds of entrepreneurs are running their businesses from home

- the most common level of education attained is high school or a trade qualification

So as us young entrepreneurs start taking over, we can start being the majority hey!

Let’s turn those stats around together!

Entrepreneurial & Success Tips from Greg Norman

I was doing some reading over the weekend and thought I would share with you some key learnings from the awesome Greg Norman – highly successful sportsman and business person:

“Some of the principles and values that define Greg Norman
1. Dreams are the blueprints of reality
2. Find a better way, but don’t take short cuts
3. Always tell the truth
4. Separate yourself from the crowd
5. Control your emotions
6. Get anger out of your system as soon as possible
7. Set high standards. They will drive you to achieve.
8. DIN and DIP (Do it now. Do it properly)
9. You are judged by the company you keep.
10. Learn the value of preparation”

I especially like Number 1 and 8 ! Which ones do you like?