| F.A.Q's - FREQUENTLY ASKED QUESTIONS and Answers ! |
|
Below
are some of the common F.A.Q's we have come across. We will be adding
more at a later date.
|
| F.A.Q's - FREQUENTLY ASKED QUESTIONS and Answers ! |
|
Below
are some of the common F.A.Q's we have come across. We will be adding
more at a later date.
|
Am
I too young /old to start a business ?
| A. NO! Some of the most successful
people started very young by trading at school or getting involved with
their family business. Others took "enterprise studies" and practiced
how to set up and run a business usually with a business angel. They learned from their mistakes and grew their businesses from there. In the UK The Princes Youth Trust do some great work with young entrepreneurs training them and "pump priming" their businesses. They look at applications up to 31 years of age! If you are 50 or over, PRIME is the organisation for you. Colonel Sanders of Kentucky Fried Chicken was a "senior citizen" when he started his business. He was a millionaire by the time he was 70 and a billionaire by the time he was 80. He is quoted as saying "It's my business keeps me alive". As long as you have breath in your body you are not to old to experience new things - unless you think you are too old!!! I have been running hugely successful Seminars entitled "Business Begins @ 50+" Click here to find out when your Local Seminar is to be conducted. |
| A. NO! Not necessarily. In
its simplest form if you buy an item for a pound and sell it for two and
you're in business. If you then purchase two items and sell them for four
pounds and so on through eight, sixteen, thirty two Etc In only a few transactions
you are dealing in thousands of pounds. Whatever your business you MUST keep your costs to a minimum. If that means buying a fourth hand desk - providing the customer doesn't see it - it's OK.! The place to spend your money is where the customer can see it Eg Professionally designed stationary, wrapping, or shop front Etc. Build the business slowly to start (about a third more sales every year) and fund your expansion plans from this. Borrow very little. Use OPM (Other Peoples Money) only when they are not expecting it back in a hurry. |
| A. Sell matches - Providing
you sell enough of them! Tom Edge rule of two states: Rule #1 Find out what people want and supply it at a profit. The more often you do the more money you'll make. Rule #2 Charge as much as the market will stand while keeping your costs to a minimum. The difference between your costs and your selling price is the profit you'll make. |
| A. Poor market research. They
"think" they know enough about the market! This is an easy mistake to make if you've been in the business for a year or more. I know what I would want if I were a customer of mine - which is TOTALLY DIFFERENT to what the customer wants! When I write my own sales letters I get mediocre results. When I hire an outside professional I get superb results - and I teach this stuff! Large businesses get "Mystery Customers" and "Cool Hunters" as outsiders to enable them to see things from the customers point of view. |
| A. People employed to find out what's fashionable. Then the store stocks it knowing it will sell. |
| A. No goals. For years people will go around in circles working harder and harder and not getting anywhere. It is only when you know where you want to go that your brain will start to figure out H O W to get there. Your brain is an on board directional computer but it needs to be programmed with specific instructions for it to get you anywhere at all. |
MORE F.A.Q's LATER
To Contact Tom Personally - Click Here
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