What threats does your business face? Where do those threats come from? We’ve talked about three other forces that can have a huge impact on the success of our business. Each of these forces is based on the current business environment. But the last two forces are based on the threat of future competitors. More…
How strong is your business compared to your competition? Or take it even one step back and tell me, who is your competition? In any business situation, it’s important to understand who your competition is. Let me give you three main types of competitors to help you identify who your competitors really are. Rivals—Are there other businesses…
Have you ever just scrolled through the free section on Craigslist? It’s crazy the kind of stuff you can find on there. You’ll find a lot of things that aren’t worth the drive to go get them, but you’ll also find some stuff that’s pretty cool. It’s stuff that the owner doesn’t want or need…
How much power do you have in negotiating with your suppliers and customers? The first and fifth of the Five Forces described by Michael Porter are Buyer Bargaining Power and Supplier Bargaining Power. If this is the first time you’ve heard about Porter’s Five Forces, check out my previous article here. So bargaining power… What…
Think about your business. Where does it fit into its space? How does your business operate relative to your competitors, suppliers, customers, etc. Who are your competitors? Do you even have suppliers? Well, of course you do, but have you thought about it? Who holds the power? There’s a simple framework that I want to introduce…
How much do you think you could make trimming people’s trees? Almost two year ago, I moved into our house in Irving, Texas. Shortly before I bought the house, I found out that a big tree branch had broken off one of the huge trees in the yard and was resting on the roof. My…
For those who are stay-at-home parents, I tip my hat. What you do is hard, important, and can be extremely rewarding. So what do you do as a stay-at-home parent if your current income just isn’t cutting it? How do you go about increasing your income while holding down the fort at home? We at Income…
Business ethics… Is that a paradox? Isn’t business all about making money, no matter what it takes? I mean, within the limits of the law, or course. But barring illegal activity, are all options on the table? Paradox? The Answer is No Business isn’t just about making money. I mean, it kind of is, but…
Hustle It! First of all, the term hustle can have some pretty negative meanings, including “a fraud or swindle”. That’s now what we’re talking about here. Hustle has come to mean “doing what it takes to make money”. And that’s what we’re talking about! So let’s do it. Hustling takes little more than desire and…
Let me tell you a story… A few days ago my wife heard a knock on the door late in the afternoon. Upon opening the door she saw a man standing there with a clipboard and shirt with a logo for a cable/internet provider. When she inquired how she may help him, he looked down…