Eric Tippetts

5 Tips For Breaking Into New Markets

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As entrepreneurs, we do not want to get into a stagnated state. While the business may be running smoothly, the revenue line looks like an EKG line of a person who has just died. The same customer base stays loyal but operating costs rise and the answer is new customers.

You have had brainstorming sessions with your team and some fabulous ideas have appeared. But these new product ideas will require breaking into new markets.

But how do you break into new markets?

I will start by telling you to take a look back in time. Remember how it worked when you started your current business.

You will use similar methods you used to gain a reputation with your current customer base. But you may need to use different approaches for breaking into new markets.

You may ask where my experience is on this subject. Not to “dive” into much detail, I have spent many days and nights in Hong Kong and Singapore breaking into a new market with great success.

So….

Here are 5 tips that will help you.

Breaking Into New Markets Tip #1: Surround Yourself With People Who Understand That New Market

You may want to consider partnering with another entrepreneur who has experience with the market you are attempting to break into.

You also should closely examine past experiences of your tribe. Which ones have been involved with the market you are considering?

Breaking Into New Markets Tip #2: Educate Yourself

I suggest that you read books, watch videos and talk to people who are in or have been involved with the market you are trying to break into.

You want to understand their culture, common phrases and what “turns them off.”

Before traveling to Asia, I read several books and high quality articles.

It helps to understand the people completely so you do not embarrass yourself or upset them.

Even within the United States, a market in the upper East coast is going to be different than a market in Montana.

Breaking Into New Markets Tip #3: Be Flexible

You have to find a measure of flexibility when you are attempting to break into a new market.

While you may have researched night and day, and you know that your idea will solve a current problem within that market, you may have overlooked something and the potential customers are requesting some slight changes.

While it may cut into your profits, it is still wise to be flexible.

Just as an example, let’s say you have designed a product that will help people in India always have clean water to drink in their homes. The product is loved but the color is hated. They want it to be gray and not red.

Sure, the gray may be more expensive but if it achieves a huge volume of sales, the end result will be fantastic!

Breaking Into New Markets Tip #4: Press Release

A well written press release can do wonders!

Journalists are always on the hunt for good stories and your new product or service can be just the news story they are searching for.

Breaking Into New Markets Tip #5: Study The Companies Who Have Already Entered That Market

You don’t have to learn how to do it from scratch. Just look at other businesses who have entered the market you are considering and use some of their methods and strategies.

I would say that you could even attempt to contact the company and explain your idea and ask if they would be willing to advise you; as long as they are not competitors.

Ask Yourself These Questions

I want to remind you, look back to when you first started.

Breaking into new markets is essentially the same thing… You are starting anew.

Try asking yourself these questions; they will help you determine the path you should take.

  1. Who, in this market, will be the potential customer?
  2. Have I done enough research about the market?
  3. What are the potential hurdles I will face to enter this market?
  4. Do I have the internal tools, and capabilities to succeed?
  5. Who is my competition?

When you have answered these, I suggest you draw up a plan of action. Move forward in pursuit of your dreams.

Track Expenses

In breaking into new markets, there are many tasks and duties. Keeping track of expenses is one. But I have a tool for you that can make that process much easier by automating it.

Several years ago, I developed the Expense Tracker. This handy tool will keep your finances in line with your budget and also show you where deductions on taxes can be found.

At under $20 per month, it is like having an accountant in your pocket.

Try a 7 day trial by clicking here.

Conclusion

I hope I provided you some valuable insight today. Please leave your comments telling me if this post helped you.

Will you also share it with others?

Thank you. May your business climb…

To The Top!

eric tippets

Countries Need Entrepreneurs, They Stimulate The Economy

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How Entrepreneurs Stimulate Economies And How They Should Be Helped

I recently heard a theory that entrepreneurs are harming the economy. The individual claimed that too many people are “jumping” into the entrepreneurial world and the economy is depleted of laborers.

While I am not one to debate against ignorance, I will say that if this is so true, why are unemployment rates still high?

If so many people were entrepreneurs, they would not be filing for unemployment.

Now those unemployment figures are lower than say, 1 year ago. And I believe that much of that is a direct result of economy stimulation from entrepreneurs.

In this post, I am going to tell you several ways that entrepreneurs are stimulating the economy, and several ways that we should be helping them to do so.

How Entrepreneurs Stimulate The Economy #1: They Invest To Create

Economical stimulation requires spending. Entrepreneurs spend by investing in goods and services to create and build new businesses. They require:

  • Tools and equipment
  • Working areas
  • Office space
  • and the ingredients to create something new

How Entrepreneurs Stimulate The Economy #2: Jobs

Yes some entrepreneurs are doing everything solo, but many are creating jobs. Plus, many of the solopreneurs contract freelancers.

All in all, entrepreneurs are putting people to work and when those people are making money, they also spend money.

How Entrepreneurs Stimulate The Economy #3: The Taxes They Pay

No matter what country, there are taxes to be paid. The taxes governments gain from entrepreneurs are huge.

I would predict that entrepreneurs pay enough taxes to handle 90% of the maintenance on that country’s infrastructure (roads, water, electric, etc…).

How Entrepreneurs Stimulate The Economy #4: Regional And Global Economical Integration

It is entrepreneurs who have moved trade into regional and global areas that were at one time, off limits.

Face it, we are now moving into Chinese markets where it seemed impossible at one time.

We owe this global integration to entrepreneurs who have taken risks and negotiated with governments to enter these markets.

As we strengthen the global economy, we strengthen the local economy.

How Entrepreneurs Stimulate The Economy #5: With Greater Diversity

With entrepreneurs offering a greater range of products, consumers have more to choose from. Consumers therefore can choose by price, quality, brand name, etc…

Some may try to say this harms the economy, but I see it on the flip-side. More choices means greater spending.

Diversity helps the economy!

It creates a demand for products and services which creates more businesses and jobs.

How Entrepreneurs Stimulate The Economy #6: They Create New Technology

Going right along with diversity, entrepreneurs are the ones who develop new and helpful technologies that help consumers, businesses and other entrepreneurs prosper.

Just consider some of the new technologies created in the recent past and how they have helped create new jobs and send to market to spend their money.

  • Web-based office software
  • Touch kiosks
  • Smart grid technology
  • Voice activated software

And much more.

Not to brag, but I also helped in the technology entrepreneurship revolution with the help of some wise minds.

We developed a recruiting application for network marketers that has turned multilevel marketing upside down. It takes the rejection out and provides tools to make recruiting simple. Check out Rocket Recruiting here.

And Entrepreneurs Are Focused On Helping The Environment

Overall, it is entrepreneurs who are focused on helping the environment for future generations. They are making moves to combat climate change, lower greenhouse gasses and preserve biodiversity.

Finding ways to supply water to zones where water is as valuable as gold and keeping energy flowing consistently is a huge priority with many entrepreneurs.

How Can We Help Entrepreneurs?

We need to help entrepreneurs stay focused so the economy will continue to grow.

How?

Help Entrepreneurs Through Immigration Reform

While I try to stay clear of political subjects, this is one where we need to closely consider the consequences.

We allow citizens to travel here for education purposes and when finished with their education, we send them away to the war torn country they came from.

The thing is, that person desired to start a business here but because of immigration standards, the answer is no.

Immigrants are a huge percentage of entrepreneurial business start ups. We need to look at this closely.

Help Entrepreneurs By Halting University “Red Tape”

Many great ideas have come from research within Universities. But these ideas must go through an enormous amount of red tape to gain licensing for manufacture.

Instead of the University having any say over licensing, they should allow professors the ability to decide with the University still getting their “cut” of the royalties.

Help Entrepreneurs In Healthcare

The healthcare standards need to be evened out. Entrepreneurs should be able to have an affordable plan that is comparable to the salaried worker at a large corporation.

And costs need to come down on meds and services.

Help Entrepreneurs By Making The Legal Process Simple

Every State has a different process to start a business.

If the whole legal process was streamlined into a simple online format that will meet the needs of every State, the entrepreneur can simply go online and fill it out and not have the frustration of visiting multiple government or legal offices.

Conclusion

So do you agree that entrepreneurs help the economy?

Why or why not?

Please leave your views below.

And also please share it on social media.

Hey, have you read my book yet? You can get your FREE copy of To The Top here. Let me help you with this wealth blueprint.

Thanks.

To The Top!

eric tippets

What A Business Plan Must Have

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I must say that any entrepreneur who wants to gear their self for success must have a plan. It need not be a 100 page document… As a matter of fact, I encourage you to keep your business plan as short as possible. It needs to be easy to read.

In many ways, a business plan should read much like an SEO friendly blog post. That means headers, bullet points, numbered lists, short sentences and paragraphs, etc…

You don’t want your business plan to look and read like a college thesis you authored on the political climate in Southeast Asia.

You want your business plan made that a person could scan it and grab the key points.

The Key Ingredients In A Business Plan

I am going to explain the main ingredients in the business plan and I am going to provide examples of each.

I am going to use a fictional entrepreneur who has created a solar heated sleeping bag.

  1. Executive Summary – This essentially gives a brief synopsis of key points from all other ingredients. It is wise to go back and write this after you have finished all other ingredients.
  2. Business Description – In this area you will want to explain what the business does, your mission statement, your business structure, ownership, location and the market needs you are going to meet.
  3. A Market Analysis – This is where you will want to explain your target market and the competition.
  4. Product or Service Description – A description of the products or services your business will offer.
  5. Business Management – A description of who will manage what in the business.
  6. Marketing Plan – You will want to describe how you plan on marketing and selling your product.
  7. Finances – This is where you will want to cover start-up costs and projections.
  8. Appendix – This is the area where you add any extra information such as licenses, permits and even your resume. This is an optional addition.

A Business Plan Example

As I mentioned earlier, I am going to give you brief examples. Now these will be short and condensed. When you develop your business plan, I do suggest you have a mentor read it and offer their critique.

Executive Summary

Heated Core Camping is designed to offer those who use camping equipment the most technologically advanced equipment available.

We will be adding new products on a consistent basis.

The competition offers high quality equipment but not with the advances we have made and still keeping prices affordable.

Being a family owned business, we all have vested interest in that the business is meant to carry on through many generations.

Having family with many various talents allows us to run a “tight-ship” and with talents we do not have, we will outsource those needs.

We see a steady growth and plans to construct another facility on our property is in the business blueprint.

Business Description

Heated Core Camping has designed a patented solar sleeping bag that will be the primary product offered. We have also partnered with a manufacturer who is going to provide wholesale equipment that includes:

  • Tents
  • Camp-stoves
  • Outdoor cookware
  • Fire starting supplies
  • Etc…

Our mission statement says: Heated Core Camping will keep campers warm and safe so they can enjoy nature in any conditions.

We have a manufacturing and storage facility on our farm in Northwest Iowa. We have designed an easy to use website and mobile application so customers can order easily.

We have attained an LLC designation and ownership is my wife and me: Henrietta and Carl Moore.

Campers, hunters and even military personnel will benefit from our products.

Market Analysis

While we understand there are a great many camping supply businesses, we could fine no one who makes any type of heated sleeping bag.

The solar heated bag we sell comes at a retail price that is comparable to down-filled sleeping bags.

Because of the unique design, we have attracted military buyers and as such, consumers are drawn to purchase products the military uses.

We will continue to approach government, hunters, fishing enthusiasts and organizations such as the Boy Scouts.

Product Description

The SPSB (solar powered sleeping bag) has 12 solar lenses that will grab the sun’s energy and store it until it reads a human body has entered the bag. It will provide a low level heat that will keep the person warm in the coldest of conditions.

There is a simple switch at the foot of the bag to turn the heat function off if so desired.

Along with our primary product, we will be selling various other camping supplies and we are also designing other solar powered equipment that can be used by campers, military, etc…

Business Management

The business is a family operation. I will control manufacturing, shipping and receiving while my wife will manage the administrative side of the business.

Our 2 sons and their wives will also have various duties in the business.

Marketing Plan

With our oldest son having a B.S. in marketing, he has developed an advertising system that consists of:

  • A website and blog
  • A mobile application
  • Trade magazine ads
  • He has set up various trade shows
  • And he has been approaching the U.S. Military as well as various organizations that use supplies such as we offer.

We know that marketing methods will always be evolving and we will keep pace with them.

Financial Plan

While I am not taking the time to provide an example, you will want to show start up costs and financial projections showing projected revenues and costs for 1 year, 3 years, 5 years and past.

Appendix

Attached to this plan is a copy of current patents and our business license. There are also resumes from my wife and I and our family members who will be involved in this business.

Conclusion

The basic template of this business plan should be followed but please understand that the examples are short and your plan will need to have complete information.

This is just meant to give you a good idea on how your business plan should work.

You may have questions, so feel free to ask.

I want to offer you another resource that can help you immensely. The Home Business Success Kit will provide you with 3 tools that will help you grow your business to great heights. Visit this link to get your success kit.

Thank you for visiting today. Please share this with your social media friends.

To The Top!

eric tippets

Failed Their Way To Success – To The Top Tuesday

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4 Entrepreneurs Who Did So

We hear the stories of how an entrepreneur created some miraculous item and became a millionaire seemingly overnight. What we usually will not hear is the multiple failures… The stress and working hours upon hours, only to discover that their method and idea failed.

These entrepreneurs hit the limelight because they failed their way to success. They didn’t give up; they may have changed direction, but these entrepreneurs never quit.

We have heard about their success, but to enlighten you to the road they traveled to get that success, I am going to share some of the failing along the path.

Let this inspire you when you may think of giving up. Entrepreneurs don’t quit, they keep striving forward.

#1: Walt Disney

“I think it’s important to have a good hard failure when you’re young. I learned a lot out of that. Because it makes you kind of aware of what can happen to you. Because of it I’ve never had any fear in my whole life when we’ve been near collapse and all of that. I’ve never been afraid. I’ve never had the feeling I couldn’t walk out and get a job doing something.” Walt Disney

walt disney

The great Mr. Disney failed several times before he attained success.

  • A newspaper fired young Walt saying he was not creative.
  • Walt’s first animation company started with a bang, but quickly died when a partner went bankrupt. The name of Walt’s first animation company was Laugh-O-Gram Films.
  • Walt was broke and somehow made it to Hollywood where he was criticized often.

With determination, Walt Disney created films that caught the public’s hearts and success was had.

#2: George Steinbrenner

“I haven’t always done a good job, and I haven’t always been successful – but I know that I have tried.” George Steinbrenner

George SteinbrennerThis is the man who has built a dynasty with the New York Yankees professional baseball team.

But no one talks about another team George owned… The Cleveland Pipers.

The Cleveland Pipers were a professional basketball team in the early 1960’s. George mismanaged the Pipers’ budget and the entire franchise went bankrupt.

#3: Thomas Edison

“When you have exhausted all possibilities, remember this – you haven’t.” Thomas Edison

The inventor of the light bulb managed through many failures. He had difficulty in school and teachers claimed he was stupid and unmanageable.

He was also fired from several jobs because he supposedly was not productive enough.

The count is probably outrageous on how many failed attempts he had until that light bulb actually worked.

#4: Peter Thiel

“One of my first investments was $100,000 in a Web-based calendar startup – and I lost every dollar.” Peter Thiel

 

He is the man and the money behind Paypal and he also invested in Facebook, Peter is revered as an investing genius.

But few people know about a failed investment trip Peter made. Clarium Capital was a hedge fund Peter was knee-deep in and it lost 90% of its assets in bad investments.

That didn’t stop Peter though.

Fail, Learn and Grow

Failed lessons are not something entrepreneurs usually like discussing. It is similar to bringing up death at a family gathering.

But there are lessons to be learned from failure. It is not something we like, but it is reality.

To succeed you will fail! That is a fact and I highly doubt you will find any successful entrepreneur who has not failed along the path.

There are 2 types of people:

  1. Those who failed and quit.
  2. Those who failed and picked up the pieces, changed directions and moved forward.

Wait!

There is one other type… The person who doesn’t even try because they are afraid to fail.

Fail Up!

As long as we learn and grow from failed attempts, we are moving forward on a path toward success.

It is a fun journey if you allow it to be. Or you can allow it to depress you.

Some people may tell you to embrace failure but I won’t. I simply will tell you to learn from it and keep moving on a path that will ultimately lead to success.

I have had my failed attempts too. I want to help you learn and grow from them so you do not make the same mistakes I have made.

In my years of failing up, I have discovered some simple steps to create wealth. And I put that together in an audio book so you can partake in the wealth blueprint.

I meet many people who have difficulty stopping to read a book, but having an audio version allows you to listen while performing other day-to-day tasks. So for only $14.99, you can have my audio version of the book To The Top – A Wealth Blueprint. Just click here to reserve your copy.

Conclusion

I hope this post inspired you to let go of any failed attempts to keep moving forward.

Sure, you may fail again but how you react is the key to your success. Play it right and you are moving closer to being…

At The Top!

eric tippets

You CAN Change The World!

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There are many people who have this assumption that they are just one person and they have no say in the operations of this world. They believe they have no input on change but I am here to tell you, you can change the world.

Small movements by entrepreneurs that, at the moment, seemed like nothing have developed into marvels that have amazed the human population.

After all in the 1700’s, who would have ever thought we wouldn’t need a horse and buggy to move from point A to point B?

Or what about that roll of film you had to deliver to the store to get developed and hope all the pictures from your Grand Canyon vacation came good? The digital camera solved that.

And then that crazy guy who invented a way to light rooms without a kerosene lantern.

If any of these people would have assumed they could not change the world, would we be where we are today?

So if you are in that “I can’t” thought pattern…

Change Your Mindset!

Here are a variety of ideas on how you can change the world.

Change The World By Starting In Your Corner Of It

While you may have a dream of solving starvation in the Sahara Desert region, have you considered the problems that exist in your local area?

Most entrepreneurs who made major changes in the world started small. They started locally and found problems they could solve right there in their little corner.

Often, these entrepreneurs solved a local problem that was actually bigger than local. They gained trust and respect and ended up changing the world.

Change The World With Positivism

No matter where we look, it seems that negative is the primary ingredient.

While I believe humans have the right to debate and attempt to change political stances, I just cannot fall into that negative “pit.”

If you are one of the positive people who consistently shares the good, the value and the benefits instead of focusing on the negatives, YOU ARE CHANGING THE WORLD!

Change The World With Hugs

I am going to say this to all those “Macho Men” out there…

Real men give hugs!

It is okay! Each hug you give is changing the world. You see, we all need hugs and if you have ever studied what is known as the Butterfly Effect, you will realize that 1 hug you give can make a huge difference.

The Butterfly Effect simply explains how one flap of a butterfly’s wings can effect weather patterns thousands of miles away.

So I challenge you… Hug 3 people each day. Heck, hug more than 3.

Change The World By Participating In A Volunteer Project

Just simple volunteer projects such as cleaning a polluted water channel or park, or possibly helping to remodel a low income elderly person’s home can make a huge impact in the world as we know it.

Just make some time to volunteer and watch the world change around you.

Change The World With Your Heart, Kidneys, Lungs, Etc…

Our lives are just a split second in the scheme of all things.

At any given moment it can be over, but you can still change the world even at that moment in time.

How?

Donate your organs to save other lives.

Change The World By Boycotting The Bad And Supporting The Good

We all have our values and we must live by those values.

I am not going to tell you what your values should be. But I will tell you you should stand strong on them.

If a business is breaking the values you live by, you should boycott that business, and I on the flip side, if a business follows the values that are instilled in you, you should support that business.

I also do believe you need to speak up and tell a business why you are either boycotting or supporting them. If they don’t hear, how will they know what customers think?

Change The World By Refusing To Allow Others To Steal Your Dreams

There are many people who will try to say you can’t, won’t or shouldn’t. Before you listen to these people, try taking a close look at what they have accomplished. I believe you will discover that most of the people using that terminology have never even tried to reach a dream.

I suggest that, if it is not illegal, you go for it. It is your dream and if you don’t go for it, you will regret it forever.

If the Wright brothers would have listened to all the negatives, we would not be flying today.

So Get Out There And Change The World

Pretend you are that butterfly who flaps your wing and changes the weather far away… You CAN!

You know, that is why I wrote and published the book To The Top. I am giving secrets to create an amazing life of health and wealth and in doing so, you will change the world.

Get your free copy of To The Top here.

So with that let me ask you, have you been hugged today?

Well here is my virtual hug to you…

To The Top!

eric tippets

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