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Innovation for Small Businesses

Updated on June 19, 2013
An entrepreneur since 1989 I invite you to profit from my words.  Start and grow an innovative business and live the life you dream about - worry free!
An entrepreneur since 1989 I invite you to profit from my words. Start and grow an innovative business and live the life you dream about - worry free! | Source

Start and grow a small business that profits: Innovate

Thinking about starting a small business or have you already started one?

If so, congratulations!

You’ve joined or will join a club of more than 600,000 Americans that start small businesses each year. Sadly only half of those will be in business five years from now. Truth is a small business goes bankrupt every day in every work hour in America, but don't let that get your entrepreneurial spirits down. Many small businesses thrive. Stay with me and I'll show how you can join an elite club of successful entrepreneurs. Before we go there have a look at the statistics below;

Starts and Closures of Employer Firms, 2005-2009

(click column header to sort results)
Category  
2005  
2006  
2007  
2008  
2009  
Births
644,122
670,058
668,395
626,400e
552,600e
Closures
565,745
599,333,
592,410
663,900e
660,900e
Bankruptcies
39,201
19,695
19,695
28,322
60,837
Notes: e = Advocacy estimate.Bankruptcies include nonemployer firms. Source: U.S. Dept. of Commerce, Census Bureau; Administrative Office of the U.S. Courts; U.S. Dept. of Labor, Business Employment Dynamics (BED). Estimates based on Census data and

Why the bad news?

The numbers are grim and gruesome, but you need to understand the threat in order to embrace the opportunity. Pie-in-the-sky hopes will not get your business where it needs to be to be successful but a clear vision and strategy will.

According to the Small Business Administration there are currently more than 27 million small businesses operating in America.

If you want to succeed in business for years to come then you’ll need to stick out among all the new businesses in your industry, as well as the rest of them already in your industry.

Those of us who have been in business for a long time are not going to surrender our market share to you so easily. So if you plan on being a laudable competitor, listen up.

Entrepreneurship is the holy grail of financial freedom.

Besides enjoying all the benefits and potential of what an uncapped income can bring, entrepreneurs don’t have to worry about;

· Getting fired for calling in sick

· Missing their kids soccer games or events

· Working around or with people they don’t like or who don’t like them

Those are just some of the benefits.

Innovate! Be Different! Seize An Opportunity!

In order to grow my first business to a multimillion dollar company I innovated. I found a new way to provide my clients what they needed... skilled people fast... delivered via my own corporate branded transport.
In order to grow my first business to a multimillion dollar company I innovated. I found a new way to provide my clients what they needed... skilled people fast... delivered via my own corporate branded transport. | Source

Wondering how I know this stuff?

I founded my first company in 1989. At the height of my firm’s success, I employed more than 500 people throughout Mid-Michigan. Not only did I have to give it my all; my blood, sweat and tears, I also had to market and position myself and business differently than my competitors. Most were national companies like Manpower and Kelly Services with large marketing budgets. I committed to mission and refused to let their resources stymy the results I envisioned for my business.

My vision was to employ as many light industrial and technical workers from my hometown as I could, but even that wasn’t enough. Similar firms shared that same vision.

I knew I had to be different. If you want your business to live beyond the five year failure rate then, you’ll have to be different too.

Don't Fall For This Old School Trap That Will Trap You and Rob Your Pocket of Profits

Source

But You Have a Better Mousetrap

What entrepreneur doesn’t think they have a better mousetrap? If they all didn’t think that way why would they be in business anyway?

You’ll need to have more than a better mousetrap to beat the competition, reap profits from your work and create a legacy that will last beyond your years. Politics may be local, but today, competition is global.

You will need to innovate.

Innovation is more than building a bigger mousetrap, that's invention.

Innovation is bringing something new to the market in a new and different way.



The Sounds of Innovation

Innovative products and services make people say and ask things like: “Wow, I didn’t know that? Hmm, why didn’t I think of that? I didn’t know something like this existed? I didn’t know I had this problem? I didn’t know that I could solve this problem like this? Where have you, it or this been all my life?”

Does your product or service do that?

If not, perhaps you should go back to the drawing board.

If I don’t hear those words from a customer, I get really scared. Hearing those words from customers are music to my ears and money in my bank account.

When I launched Industro-Temps in the late 80’s no other agency did what I did. I innovated by introducing “Industro-Vans” to my client companies. Most were manufacturers located in the outskirts of major cities and because of their location they had a hard time recruiting skilled workers to work. If they did find people willing to work they didn't have reliable transportation to get to the work.

And then there was Industro-Temps…providing skilled, background check and experience workers to these firms via Industro-Vans.

It took my national competitors a long time to make a decision about whether to offer such a service. Corporate red tape is something small business owners usually don’t have to worry about. By the time my competitors could respond, I had a substantial market share and my customers loved me, my business and service.

Why would they go back to a national company that couldn’t meet their needs in the first place?


Let Innovation Ring In Your Business

Source

Get Your Business Tuned in to the ChaChing

Innovation is not rocket science; it’s seeing an opportunity and seizing it in a new way differently.

Innovate and join the elite club of successful small business owners that have survived more than 20 years in business.

Stay tuned for more start up and personal financial freedom tips like how I started my first business without going into debt or using my own money.

ChaChing!

Give and/or Get: Ask A Question About Innovation or Share One

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    • livelifeworryfree profile image
      Author

      Princess Clark 4 years ago from The DMV

      Thanks!

    • btrbell profile image

      Randi Benlulu 4 years ago from Mesa, AZ

      Very interesting and timely. Thank you for sharing this!

    • livelifeworryfree profile image
      Author

      Princess Clark 4 years ago from The DMV

      Thanks for your comment SaffronBlossom. Keep in mind that innovation doesn't just have to propel you forward you can use it to drive you digger. A targeted innovation strategy can add more profit in your pocket just by tweaking or narrowing your service or product. It's the bulls-eye approach that justifies premium pricing. You do the same work and make more money. Stay tune and I'll share the tips soon. Wishing you a worry-free week!

    • SaffronBlossom profile image

      SaffronBlossom 4 years ago from Dallas, Texas

      This is a pragmatic hub with very useful advice! I run my own small editing and proofreading business but so far I'm content with keeping it small and just as supplemental income. However, if I ever decide to go bigger I will keep all of this in mind and will definitely be looking out for your future articles. :)