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This is our third issue available online. If you missed last week's issue, click here to view our archives.

This week's feature article is from Business Coach, Kimberly Stevens. It is the second of a total of 5 articles.

Kimberly will help us to discover the most common mistakes business owners make that ultimately lead to reduced profits, lost sales opportunities, and stress-producing situations.

Almost everyone I know either owns a business or dreams of
owning one someday. Those of us who have started down this
road know just how hard it can be at times. It's nice to get advice on what to do to have a successful business. However, knowing what NOT to do is just as important.

I hope you are finding the Success Secrets beneficial and
have been able to assess if/how they can help you run
your business more successfully.

The next third and fourth common mistakes she covers this week are:

3. Focusing on revenues instead of profits
4. Selling what you want instead of what the market needs

Learn and enjoy!


Lastly, be sure to support your fellow subscribers by
reviewing the offers and opportunities in this week's issue. They may be offering the services that you need to succeed in your own business.

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Canadian internet shopping is on the rise
An estimated 2.2 million households spent almost $2 billion shopping on the Internet in 2001, according to the electronic commerce component of the Household Internet Use Survey (HIUS). These households placed 13.4 million orders over the Internet from various locations... more from Statistics Canada...

Useful Canadian Links:

Canadian Internet Retailing Report
Overview of Canadian retail and the Internet, including
lessons learned

Electronic Commerce for Canadian Retailers
Designed for retailers interested in electronic commerce.

Internet Advertising Bureau of Canada
IAB Canada is a not-for-profit association representing its membership composed of publishers, advertisers, advertising agencies and service associates in the Canadian interactive marketing industry.
http://www.iabcanada.com

Canadian Institute of Marketing
The Canadian Institute of Marketing is the organization of and for marketing professionals in Canada.
http://www.cinstmarketing.ca/

GDSourcing - Research & Retrieval
Your Reference Point for Free Canadian Statistics on the Internet! http://www.gdsourcing.ca/

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The 10 Most Common Mistakes Business Owners Make
& How To Avoid Them

written by Kimberly Stevens

MISTAKE #3: Focusing On Revenues Instead Of Profits

In many cases, new businesses put all of their efforts into
getting clients and making sales. The problem with this
is that no matter how high your revenues, if your
company is not set up to be very profitable, you'll never
quite reach a threshold of success.

Even if you master the art of making sales, there are many
things that could impact your profitability: prices too low,
overhead too high, variable costs too high, cost of client
acquisition too high, etc.

New business owners need to start with the financial reserve
of at least 6 months of living expenses in addition to their
business start-up fund. You may need to set even more
than that aside if you are starting a business in an industry
in which you have no experience. The goal, then, is to
become profitable before your start-up fund and living
expenses have been depleted.

It is critical for you to focus on profitability and cash flow.

** SUCCESS SECRET ** Calculate your profit margins monthly

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

TIP: 'The Profitable Business Owner' ebook
includes 1-Year and 3-Year Lifestyle and
Business Budgets to help you build a profitable
business that gives you the financial ability
to pursue your dreams. For details, visit:
http://www.theprofitablebusinessowner.com
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

MISTAKE #4: Selling What You Want Not What The
Market Needs

Many business owners start their company with the goal of
making money while doing something they enjoy. They
conjure up a great idea, fashion a business around it, and
attempt to sell it. Only after they've faced rejection
numerous times, do they consider that their great idea
may not be something that the marketplace wants.

More times than not, the original version of the service or
product is not the same as the one that finally makes a hit
with the marketplace. The market will tell you what it
wants if you're willing to listen. Listen to what your
prospects say during sales calls. Listen to what reasons
they give for not buying your service/product. They are
telling you what you need to do in order to be successful
with them or others like them next time.

You can be comforted by the fact that this is all part of the
process of learning to be a business owner. Every business
owner out there has gone through this process on the way
to discovering the exact service/product that people
want, where those people are, how to best reach them
and how much they are willing to pay.

Rest assured, you CAN do what you want for a living AND
make money doing it. It's just a matter of having the time,
money and perseverance to go through the process of
discovering just how to do it.

** SUCCESS SECRET ** Let the market be your feedback loop

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

TIP: 'The Profitable Business Owner' ebook
provides you with the tools to conduct a
Competitive Analysis in order to identify
ways in which your prospects can distinguish
your business from your competitors. For
details, visit:
http://www.theprofitablebusinessowner.com

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~



---------------------------------------------------------

I hope you found these two Success Secrets beneficial.
Here’s the full line-up of what’s to come -- stay tuned for
the next week where I’ll discuss #5 & #6.

** The 10 Most Common Mistakes Business Owners Make **

1. Trying to be everything to everyone
2. Chasing every idea you have
3. Focusing on revenues instead of profits
4. Selling what you want instead of what the market needs
5. Working within your comfort zone
6. Trying to do it all by yourself
7. Focusing on client acquisition instead of client retention
8. Having unrealistic expectations
9. Running your business by the seat of your pants
10. Managing your business one day at a time


Best wishes for continued success!

Kimberly Stevens
Business Coach
Ask The Biz Coach, LLC
http://www.askthebizcoach.com
http://www.theprofitablebusinessowner.com

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Failure is the opportunity to begin again, more intelligently.
--Henry Ford

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If you found it useful, why not send it to
three of your closest friends? Don't have friends?
How about your clients or business associates?
Recommend it by clicking here:
http://www.recommend-it.com/l.z.e?s=877012

If you have any questions or comments, please feel free
to contact me.
Until next time, have a successful week!

Warmest regards,

Marisa Ramondo - Editor & Publisher
editor@canadianbusinessmarketingezine.net
http://www.canadianbusinessmarketingezine.net