GlobalBX Entrepreneur Business Articles - January 2009

Marketing In A Poor Economy

There is no escaping the reality of the economy. These are not good times for most people. Many individuals and businesses are suffering.

However, in spite of that, many online businesses are still doing well. Online shopping was up over shopping in traditional retail stores (Cyber Monday was up 15% over the previous year).

People don’t stop searching the web just because times are bad, and the number of searches per person are on the rise, so there is still plenty of traffic to be had. Then it becomes the job of your website to convert that traffic.

What you need to know is that people tend to shop differently in a poor economy. They research more, they comparison shop more and they look for more value for the money they spend.

It’s true, individuals and businesses are trying to cut costs – but most people and businesses can’t stop buying. There are still supplies, inventory, services etc that we need – to function and to run our business. So when people go to purchase these products and services they are more likely to look for discounts/sales and to search and compare on multiple sites.

Now is the perfect time for websites to step up and provide potential customers with the information and incentives needed to get the sale. Do a marketing review of your website and make sure your site is compelling, informative and offers a great deal.

You should look at what special offers you can afford to make to entice people into doing business with you. You can also set a deadline on the special offer in hopes of getting people to just buy right then rather than comparison shopping.

If you know for sure you are cheaper than some competitors place your own price comparison chart on your site so they can compare you to others without leaving your site.

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Enhance Online Marketing With Backlinks

Looking for a way to drive more traffic to your website? One of the most powerful techniques for increasing visitors to your site is by getting other webmasters to place links to your website on their sites.

When other websites include links to yours, this can increase traffic in two ways. First, there is always a possibility that people who visit the other site will be interested in seeing what you have to offer and so will choose to click through to your website and browse around. Second, assuming the links are on appropriate websites, your website is likely to index higher in the search engines. The higher your site’s search engine ranking, the more targeted traffic you will attract to your website.

There are a number of different ways to build backlinks to your website, many of which are free or very inexpensive.

Forum Posting

One of the quickest and easiest ways to begin building backlinks to your website is to become an active participant in forum discussions that relate to your line of work. Include a link to your website in your signature line, and you’ll add another backlink each time you leave a comment on the forums you choose.

Make sure the forums you select are relevant to your business. Doing so ensures that the other participants might be interested in what you have to offer and might click through to your website. Relevancy also increases the odds that the link will benefit you in terms of search engine optimization.

Article Marketing

One of the most powerful things you can do to create backlinks for your website is to engage in article marketing. This technique involves creating informative articles related to your area of expertise and submitting them to online article directories.

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Identify Workforce Skill Gaps With Needs Assessment

As a small business owner, it’s important to take proactive steps toward making sure that your employees are ready and able to handle the technological and environmental changes that are likely to impact your business. It’s important to remember that employee training doesn’t stop with your new hire orientation procedures. Organizational training needs are ongoing, particularly in the rapidly changing 21st century workforce.

Needs Assessment for Strategic Planning
The best way to make sure that you are providing employees with the training needed to position your business for long term success is to engage in an ongoing needs assessment process at both the organizational and individual levels. The process of needs assessment involves developing an understanding of where your organization is now, in terms of employee skills, and where it needs to be in the future.

Individual needs assessment involves looking at your employees’ current skill levels and identifying any gaps that exist between their current abilities and what they need to be able to do, now and in the future. At the organizational level, strategic needs assessment involves identifying gaps between the skills that exist across the organization and the skills that need to be in place to accomplish the company’s long term strategic plans.

Targeted Training
Once you have conducted a thorough assessment of your organization’s training needs, you can identify which gaps are actually training issues.

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Is Your Workplace Safe?

Have you taken the appropriate steps to make sure that your workplace complies with all necessary OSHA regulations? As an employer, you have a duty to make sure that you are providing a save working environment for your employees. The Occupational Safety and Health Administration has very specific regulations and standards, and it’s your responsibility to make sure that your organization is compliant.

One of the most important things any small business owner or manager can do is educate him or herself about OSHA regulations. It’s easy and affordable to participate in OSHA safety training. When you complete formal safety training, you’ll have a much better understanding of how you can take steps to prevent accidents and injuries in the workplace, which can have an overall positive impact on your organization’s bottom line.

It’s also a good idea to encourage your employees to participate in OSHA safety training. Depending on the type of industry you work in, your staff members may be required to earn OSHA 10 hour or 30 hour cards, that provide evidence they’ve been properly trained. Even in industries where these specific courses aren’t required, sending your employees to relevant safety training can keep them safe, reduce downtime, and keep your productivity levels where they need to be.

In addition to completing OSHA safety training, you should also download your free copy of the OSHA Small Business Handbook, which provides guidelines for keeping your operation compliant with the standards and regulations established by the Occupational Safety and Health Administration.

When it comes to safety, you can’t know too much.

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Forum Marketing for Small Businesses

Looking for an inexpensive way to spread the word about your small business online? Forums can be a valuable resource for getting the word out about your company’s products and services, establishing credibility for yourself and your business, and driving traffic to your website.
Forum marketing has the perfect price tag for small business owners. It’s free to participate in forums, so this activity can easily fit into your expense budget. However, benefiting from forum marketing does require time, effort, and consistent activity.

Find the Right Forums
The first step to effectively market your business through forums is to identify the most appropriate forum websites for your purposes. Start out by conducting online research to identify established, heavily trafficked forums that are relevant to your business and that appeal to your target market.
The best way to identify appropriate forums for your marketing purposes is to spend some time surfing the Internet looking for forum websites relevant to your business. For example, if your business provides corporate logo embroidery services for small businesses, it’s a good idea for you too look for good small business marketing discussion boards.

Spend a few days monitoring the forums that appeal to you, and see what kinds of discussions take place on them. To start with, choose one forum that seems to be the most active and appropriate for your business, and register as a user.
Keep in mind that you are participating in this forum as a representative of your business, so choose an appropriate username. If your goal is to brand yourself or your company, it’s a good idea to your real name or your company’s name as your username.

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Should I Start a Blog for My Small Business?

If your company has an online presence, starting and maintaining a blog is a great way to grow your business by driving traffic to your website. Assuming that you have a good marketing-oriented website, increased traffic should result in new customers, increased sales, and a better bottom line.

When you want to grow your business, one of the best things you can do is start a blog that will appeal to members of your target audience. The blog shouldn’t be all about your company. No one is going to visit your blog more than once if it doesn’t provide information that is useful to them. Your blog content should focus on providing useful tips, advice, and information that will benefit the types of individuals that make up your primary customer base.

It’s important to remember that blogs must be updated with valuable content on a regular basis. There are several ways to approach populating your blog with content. Some bloggers feel that all blog content must be unique. Others take advantage of free reprint articles, feeling that frequency of publication is more important than unique content. Many business owners whose goal is to attract customers and keep them coming back choose to use a combination of both types of blog content.

It’s also important to let people know about your blog. Link it directly to the main page of your company’s website so that it’s easy for website visitors to find your blog. You also need to promote the blog to people who aren’t finding their way to your website on their own. After all, you want to attract new visitors to your company’s website.

There are many ways to promote your blog online, including social networking, using your blog’s URL in your e-mail signature line, and making posts with links to your blog on other relevant blogs and forums.

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Telephone Etiquette Tips for Professionals

Every time that your business telephone rings, there is an opportunity to build or damage a customer relationship. When an existing or prospective customer calls your company, the way that you address him or her plays a major role in whether or not the outcome of the conversation will be positive or negative.

No matter who answers the telephone in your business, that person’s words and actions form the basis of your company’s image among people who call your company. Regardless of the type of business you have, it’s important that you and every member of your team observe these basic telephone etiquette tips for professionals at all times.

1. Use The Equipment Properly
Don’t let new employees work the phones without first training with you or other experienced employees. Even if you’ve hired someone with years of multi-line telephone experience, you need to spend some time making sure that your new hire knows the ins and outs of how your system works. If not, you may end up with agitated customers and lost business from calls that get cut off accidentally, or that get transferred to the wrong extensions.

It’s important to keep in mind that new employees aren’t the only ones who can benefit from training on how to use the telephone equipment. It’s not uncommon for employees who work in a company for years to have very little practical knowledge of using any functions on the company telephones beyond simply taking calls. At a minimum, all employees should know the proper procedures for placing callers on hold and transferring calls to other extensions.

2. Answer Promptly
If the telephone rings so long that the customer on the other end wonders if he or she has dialed the wrong number, you are not practicing proper telephone etiquette.

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The Importance of Disaster Recovery Plans for Small Businesses

Disasters can strike any time or anywhere, and they can impact businesses of all sizes. Small business owners who think they don’t need disaster recovery plans are likely to find themselves struggling to recover in the event of a natural, economic, or other type of disaster.

Why Disaster Planning is Important

Disasters can strike any time or anywhere, and they can impact businesses of all sizes. Small business owners who think they don’t need disaster recovery plans are likely to find themselves struggling to recover in the event of a natural, economic, or other type of disaster.

The purpose of a disaster recovery plan is to spell out the actions that should be taken to protect the interests of the business, its employees, and its customers in the event that a serious problem impacting the company’s operations arises. Business owners who fail to plan for disaster recovery are at a loss regarding how to proceed when things go wrong.

Once a disaster strikes, it’s too late to stop and go through the planning process. To be effective, a disaster recovery plan must be in place before a problem arises. While it may not be possible to plan in advance for every possible situation that can harm a business, some problems are more likely to occur than others. By coming up with contingency plans for the most likely disasters, the negative effects of such events can often be mitigated.

Creating Your Disaster Recovery Plan

The first step in creating a disaster recovery plan is to create a list of the events that are most likely to interfere with the company’s operations. For example, businesses located along the Gulf of Mexico need to have plans in place for handling a hurricane strike.

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Project Management Training that Fits Your Schedule

Do you want to learn more about project management? Are you interested in preparing to sit for the PMP certification exam? Many people whose jobs involve project management want to further their skills and knowledge, a well as earn the PMP credentials that will help them stand out from others who work in the profession. However, finding the time to get the training necessary to advance in the field isn’t something that’s always easy for busy professionals to do. Fortunately, there are learning solutions that make it possible for even the busiest project management professionals to get the training they need.

Project Management Training Solution
Have you found that the available training programs are offered at inconvenient times or would require you to travel or spend several days out of town? Does your busy schedule prevent you from being able to participate in the only available options for PMP certification prep training? These are common problems faced by many individuals who want to pursue advanced project management study and professional development to improve their skills and advance in their careers.

If you’re like most people who want to improve their skills and knowledge in the field of project management, you already have a hectic schedule that involves juggling multiple professional and personal responsibilities. That’s why hybrid mentored learning project management training is such an excellent option for individuals interesting in improving their skills or preparing for the PMP certification exam. This type of training is the ideal solution for busy professionals who need flexible training solutions that go beyond the basic type of online learning programs.

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A Quick Guide To Buying A Bank

It is a known fact that money makes money and it certainly makes the world go round! However, clichés aside, banks actually provide a real investment opportunity for entrepreneurs looking to build a sizable business empire. There are plenty of banks for sale, believe it or not, as a result of the harsh global economic conditions. Many are going out of business or need an injection of cash because they cannot afford to keep going. However, there are a number of things to consider before buying a bank and much involved in the process, including the following:

Preparation
Do you have a financial background in terms of business? If the answer is no then you should avoid buying a bank. However, if you do have a strong financial background the in may be the opportunity you are looking for. You must have experience in investing and taxation, and have a strong business head for monitoring profits and loss if you want to succeed. Investment knowledge is perhaps the most crucial step because of the skills that come with it, including the ability to gage risk and potential.

Unlike investment in another business, you cannot take a back seat in the running of a bank so you must be prepared to devote time and energy into your new business. If you are an established entrepreneur then you may not want this commitment but it is essential if you are to succeed. Many banks will already have existing managerial and support staff in place but you should only draw on their experience at a later date and not rely on it.

Buying Your Bank
Now you have decided to devote your time to getting a bank off the ground you should find one. For this you will need specialist knowledge because many banks are generally not advertised for sale.

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Jeff Bezos: Entrepreneur And Founder Of Amazon.com

If any man, woman or child wants an icon to look up to and aspire to be then entrepreneur Jeff Bezos is the man. As the founder of Amazon.com, he is currently amongst the richest men in the world and is easily one of the most successful having survived the dot com bubble bursting at the turn of the millennium. As an entrepreneur, he offers inspiration and the notion that anything is possible if you are determined enough for long enough.

Who Is Jeffrey Preston Bezos?

Jeff P. Bezos was born in Albuquerque, New Mexico in 1964 and had a relatively privileged childhood thanks to his grandfather’s success as a rancher and his stepfather’s engineering expertise, and an education to match. Unlike many successful entrepreneurs that succeeded with no formal education, Bezos had a distinguished educational career. Inspired by his stepfather, Bezos became interested in mechanics and engineering at an early age. In fact, he was mesmerised by the sciences. This carried through to his university days.

He was accepted at Princeton University to study physics but ended up majoring in computer science and electrical engineering. It was there that he began to enter the world of modern communications, including the Internet. Bezos discovered that his passion lay with developing the applications and systems that would later revolutionize his life. As such, he decided to make his fortune doing something that he loved, which is most definitely a quality that should be admired and offer an example to other budding entrepreneurs everywhere.

The Internet Years

Bezos’s career started in earnest as he entered the world of computer science via Wall Street. His first job was as a financial analyst at D.E. Shaw & Co., where he further developed his talent and passion for computer engineering and electronics.

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Blended Learning: A Cost-Effective Corporate Training Solution

Employee development training is critical to the long term success of any organization. Making plans to help employees keep up with and fully utilize technology is part of any sound strategic plan. It’s also necessary for business leaders to identify employees who have the potential to grow with the organization and develop them to fill critical roles that are likely to become available in the future.

Practicalities of Employee Training

However, it’s one thing to know that employee training is important and quite another to find the time to incorporate a comprehensive training program into already busy scheduled. The day-to-day challenges of running a successful business often take precedence over implementation of cross training, succession planning, and other things necessary to fulfill long term strategic goals. 

Finding a way to balance the need for employee development and current work demands is a real challenge for many businesses. It’s becoming more and more common for companies to look toward non-traditional options for providing training to employees. Providing blended learning opportunities for employees is one way that companies are rising to the challenge of finding time to fit needed training into the busy work day. 

What is Blended Learning?

As companies are finding it more difficult to schedule groups of employees to attend training sessions during the day, many are turning to solutions that provide a more flexible means of delivery. Blended learning is often described as hybrid learning. This increasingly popular approach to employee training combines online learning and face-to-face instructor led training.

Utilizing a blended approach to employee training involves making both traditional employee training classes and opportunities for online learning available to employees.

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Which is More Valuable, Large Profit Margins or Large Revenue?

It is not a mistake to always be thinking of the day you implement your exit strategy and sell your business as you are in the process of growing it.  Many years before you go to sell your business, you are making decisions on new product lines, strategies, or new customers.  There are many factors you consider to make such decisions including risk, capacity, opportunity costs, etc.  One question you might ask yourself is the effect that decision will have on the value of your business some time in the future.  How will a Business Broker or M&A Intermediary value your Business for Sale?

A critical trade off with many product lines, customers, or strategies is the age old revenue vs. margin argument.  Is it better to start a product line that will increase revenue, but have a detrimental effect on your profit margin?  Is it better to take on a large customer, even though they demand a steep discount on your products?

When it comes to the value of your company, the answer is clear.  Revenue wins.  The positive effect that higher gross sales will have on the value of your business to a buyer is proportionally higher than the the detrimental effect on the value of your business which will come from a lower margin percentage.  In other words, a buyer will value a bigger revenue number more than a larger profit margin.

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Top 5 Reasons to Improve Business Writing Skills

Effective communication has always been an important factor in career success, and the role of writing is more important today that ever before. The ability to write is one of the most important communication skills in the modern business world. Because so much business communication takes place via written methods of communication, writing skills are essential in virtually every field.

While it’s true that some people are naturally talented when it comes to writing, it’s a fact that writing skills can be learned. You don’t have to be a creative writing guru to create professional business documentation. Effective business writing involves the proper use of grammar, language, tone, and style. These skills can be improved with proper training and practice.

5 Reasons to Brush Up Your Business Writing Skills
There are many reasons to focus on improving your writing skills, particularly if career advancement is something that you are striving to accomplish.

1. Increasing Role of Writing in the Workplace
Historically, writing was viewed as a very formal type of workplace communication, taking the form of letters, reports, and other detailed documentation. Today, a great deal of customer and co-worker communication takes place via e-mail, instant messenger, text messages, and more. Many times, modern workers engage in written communication more than spoken interactions.

2. Writing Skills Reflect Professionalism
It’s a fact that there’s a strong association between writing skills and professionalism. People who are able to write clear, concise, and effective business messages tend to be viewed more favorably in the workplace than those who are less skilled in this area. To be seen as competent, the written messages that you create need to reflect both solid substance and proper form.

3.

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Why Everyone Needs a Professional Network

Many people make the mistake of thinking that networking is something that only people who work in sales need to worry about. Even though this is a common misconception, the fact is that it just is not true. No matter what line of work you are in, it’s important to cultivate relationships with likeminded professionals that you can help, and who may also be of assistance to you at some point in your career.

How Can Networking Benefit You?

Referrals: Many business and employment opportunities are passed via referral. When you need a new contact, don’t you ask people you know and trust for referrals? You’re not the only one. It’s human nature to seek out those that our friends and colleagues speak highly of rather than people that are unfamiliar to us and to the people we trust.

Resources: There are going to be times that you need to find people to help you locate resources or assist you with projects. It’s much easier to reach out and ask for help when you have existing relationships with people who can assist you, or who know people who can. If you’ve demonstrated a willingness to help others, there’s a much greater chance you’ll be able to find people to pitch in when you need them to.

Reputation: No matter what type of business you are in, having a good reputation will serve you well throughout your career. When you cultivate a strong network of people who know the quality of your work (assuming it is good), your reputation will benefit. Make sure that people come to recognize you as someone who can be counted on to follow through with what you promise and who is willing to lend a helping hand to others.

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What Are My Business Values?

Have you ever stopped to think about your business values and how important they are to you in your business? They can help you decide whether or not to take on a project; help keep you motivated and focused; and values give you guidance for your business that can help keep staff and you on track.

But, what the heck do I mean by values?

Well, values are first of all, very personal to you. My values and your values are unlikely to be the same as each other because values are what we strive to live our life by; what’s important to us personally as well as in business. They are the things that stop us from taking on illegal projects or make us turn up on time for meetings.

My values for my business are:

  • That we should go out of our way to make customers feel special and treat them like they’re our only client.
  • That we thrive on coming up with ideas and making them happen.
  • That we want to make our client’s business a success for them.
  • That our staff should be happy and have fun working for Exceptional Thinking.
  • That we will always be honest and communicate well with our customers and staff.

Now, my values will probably tell you something about me as a person too. They might indicate to you that I get frustrated if phones are not answered straight away or if we’re late for a customer meeting because that breaks my first value. And that if I’m not coming up with ideas occasionally and getting that light bulb feeling then I feel de-motivated.

So, what are your values for your business? Have a go at defining them for yourself. Here’s how. Think about the last time you felt really great (it doesn’t matter if you have to go back a while) and write that moment down. Then think about how you felt at the time and write these emotions down too.

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How to Buy an Accounting or Law Firm

So you want to buy an accounting or law firm?  There are many details that you will need to attend to in order to take over a law firm for sale or other type of legal business for sale.  Locating a CPA firm for sale or accounting companies for sale can be quite a challenge.  However, it is not impossible and you can be quite successful in this industry.

Legal Background
It is important to have some sort of legal background before you even begin to think about finding a legal service business for sale or buying a law firm.  If you do not know the workings of the legal system, you will have trouble making the best decisions for the firm and to operate it efficiently to make a profit.

Accounting or Business Background
If you want to buy a CPA firm for sale or other accounting companies for sale, it is important to have an accounting or business background.  This will ensure that you can make operate and run the new company with the ease and with profitability.

Finding a Law Firm
Finding a law firm may be somewhat difficult.   Typically not a large number of firms go up for sale.  Most law firms that are established are usually operated and run by a partnership.  If one person wants out of the partnership, the other person traditionally continues the legal practice.

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Rachael Ray – Entrepreneur And Food Network Superstar

Rachael Ray is an unlikely entrepreneur, but a successful one nevertheless. Born in New York on August 25, 1968 she is known throughout the US for her culinary abilities and her TV show. Although Rachael Ray did initially set out to make a living out of her hobby, the way it has snowballed took even her by surprise. As such, the entrepreneur has made millions from doing what she loves and is an inspiration to budding entrepreneurs who would like to do the same.

For The Love Of Food

Rachael Ray’s entire working life has been spent around food. She initially entered the food industry by working in her family’s restaurant in Cape Cod, Massachusetts before branching out on her own. After managing a bar and opening a market, the entrepreneur began working as a buyer at the renowned Crown & Lobel market in Albany, New York. It was there that she really came into her own. She found many people were reluctant to cook and so established her own cookery class to teach them. Her “30 Minute Meals” caught on so much that they soon captured the attention of CBS affiliate WRGB.

Not long after the entrepreneur began to appear on WRGB, the Food Network also expressed interest in her, as did a local radio station. Ray’s cooking and likeable personality soon meant that her popularity grew virtually overnight. She was doing what she loved and getting handsomely paid for it.

Cooking And Beyond

Rachael Ray soon began appearing on the Food Network and even published her own book. Her face had become extremely marketable despite the fact that she had no formal training. It was this fact though that made the entrepreneur popular because she was simply like everyone else at home. This ensured her move from cooking to daytime TV was fairly seamless when the time came.

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Robert Kiyosaki: Rich Dad, Poor Dad Biography

Robert Kiyosaki has many labels applied to him day after day. He is known as an investor, a businessman, a motivational speaker and a self-help author, and a combination of all of those have led to him amassing a fortune. Taking inspiration from his father, Robert Kiyosaki always believed his role in life was as an educator so as to make the lives of people all over the world a lot better. He has achieved just that and created his own entrepreneurial empire at the same time.

Who Is Robert Kiyosaki?

Born in Hilo, Hawaii on April 8, 1947, Robert Kiyosaki chose a military education rather than a conventional one and belonged to the US Merchant Marine Academy until he graduated in 1969 before joining the Marine Corps. He enjoyed his military career and learned vital skills, such as discipline and leadership, which were to help him in his entrepreneurial ventures later on. However, his entrepreneurial ventures were not to start until 1977, when he was aged 30.

Kiyosaki initially sold Xerox machines in 1974 after leaving the Marines. It was only after three years of saving that he started his own business, or the first in a long line of businesses that ultimately failed. His first venture was selling surfer wallets, which lasted only a few years before he was forced to declare it bankrupt. That was followed by a licensing business for rock T-shirts, which again failed, but in the early 1980s, he found his true calling.

The Entrepreneurial Empire

Robert Kiyosaki gained inspiration from Marshall Thurber, whose “Money & You” seminar really struck a chord with him. When the opportunity came up, the entrepreneur took over Thurber’s business and moved it from the USA to Australia. There it really flourished and Robert Kiyosaki became a household name.

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Jenny Craig: Biography Of Jenny Craig Inc. Weight Loss Guru

When it comes to the world of weight loss products, Jenny Craig is the one name that is associated with the industry over and above all others. Everybody in the United States has heard of her and knows exactly what her products have to offer. As such, she has become one of the most esteemed weight loss gurus and entrepreneurs in the country at the moment, and with good reason.

Birth And Marriage

Jenny Craig was actually born Genevieve Guidroz in Berwick, Louisiana in 1932. Very little is actually known of her childhood given that she likes to keep that aspect of her life private, but it is known that she was actually raised in New Orleans. She had no desire to have anything to do with the health and fitness industry when she was growing up. In fact, she reportedly had no desire to be an entrepreneur either. It was only after her marriage to an Australian, Sidney Craig, that she began to formulate plans for a weight loss program that was easy to follow and to lose weight on.

A Diet Is Born

Jenny Craig worked for Nutrisystem for some years and so had a working knowledge of how diets worked. Although she had absolutely no training at all in regards exercise and nutrition, the Craigs thought that the entrepreneur had enough experience to be able to formulate her own plan and so Jenny Craig Inc., the weight loss company, was born. At the time, there were few other companies to rival it and so Jenny Craig took full advantage of the niche available to make a lot of money.

The first Jenny Craig centre was opened in Melbourne, Australia in 1983. It took only a few weeks for the diet plan to catch on and the facilities had to grow in order to accommodate it. Realising just how successful Jenny Craig Inc. could be, the entrepreneur took her company to the United States just two years later. La Jolla, California was the new headquarters of Jenny Craig Inc.

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