10 Great Businesses to Start in 2011

Do you want to start a new business but don't have any great ideas? Well, that's great, because I have too many ideas but not enough time to start a business for each idea I have. So, in this blog post I'll share 10 great startup ideas. Just so you know, this is not a list of "leftover" ideas that I'm giving away because I don't believe in them; I'd start these businesses myself in a blink if I had the time. Unfortunately, I'm involved in five startups at the moment, so these ideas are for you to take. If you start any of these businesses, let me know. I'll be your first customer.

A Service that Allows Hotels and Airlines to Sell their Empty Rooms/Seats

The Problem: The cost of flying a plane from Denver to New York is almost the same whether the plane is full or there's only one passenger on it. If an airline gets for a seat that was selling for 0 the night before, it's not great for them, but it's a lot better than not getting anything. Same thing for hotels: every night that a hotel has an empty room, that's money that they're leaving on the table.

10 Great Businesses to Start in 2011

The Solution: What if there was a service that allowed people to place bids on hotel rooms and flights? Airlines and hotels could secretly accept the bids at the last minute. For example, let's say I want to go to Europe for a month. I'm willing to pay 0 for a one-way ticket and I require a 4-hour minimum notice from the airline. Airplanes leave to Europe with empty seats every day. The first airline willing to take my money would get it. The key here is to allow the airlines and hotels to accept bids secretly. After all, if you paid 0 for a flight, you wouldn't like knowing that the guy next to you paid only .

This service should be offered online and also through mobile phone apps, because most travelers use their mobile devices a lot while traveling.

A Smart Parking Assistant

The Problem: If you live in a big city, parking is probably a big problem for you. Finding an empty spot is probably very difficult and chances are you don't always have enough coins to pay for parking. And, even if you did, who likes walking half a block to the meter, get the receipt and then walk back to their car to put the receipt in it?

The Solution: An app that you can install on your GPS device or your Smart Phone (iPhone, Android, etc.) that:

Finds empty parking spots and tells your where they are so you don't have to drive around in circles until you find an empty spot. Uses BlueTooth technology or your phone's Internet connection to send your payment information to a central server that collects your payment and lets the city know your parking spot has been paid for.

Cool iPhone App to Buy Products from Affiliates

In case you don't know what affiliate marketing is, it's when a business pays their partners a commission for every sale they help them make. Amazon.com has a great affiliate program. What if you developed a really cool iPhone app that makes the experience of buying books on your phone a lot more enjoyable? You could use your affiliate link so every time someone buys a book from Amazon using your app, Amazon will pay you a commission. The best part? You'll get paid during the lifetime of that customer, not just once. This would probably make you a lot of money even if only 1,000 people used your app. And, don't limit yourself to Amazon! There are a lot of great companies that offer affiliate programs!

The key? Include a sharing component in your app so the users can share the items they buy on Facebook and Twitter so their friends can see them. This is a great way to get this app to go viral!

Video Content Indexing Service

The Problem: Let's say you're searching for a video about "growing yellow tomatoes". There's a guy in a video who mentions that exact same phrase: "growing yellow tomatoes", but he called the video "Gardening Tips" and "growing yellow tomatoes" is nowhere to be found in the video title, the description or the tags. Because YouTube doesn't automatically transcribe videos, you won't be able to find the yellow tomatoes video, even though that's exactly what you're looking for.

The Solution: A technology that converts spoken audio into indexable text. You could license or sell this technology to YouTube or their competitors, or charge companies to automatically add captions to any video. Even better: once an audio file has been converted into text, a translation engine can translate the content to several languages! And a text-to-speech engine could covert that Japanese text into Japanese audio! Imagine recording a video about gardening that gets automatically translated into Japanese!

A Tool for Remote Collaboration

The Problem: More and more people are working from their homes. This is great! They don't have to commute to work, they can eat healthier at home and spend more time with their families. There's a problem, though. Communicating with co-workers and clients over the phone and by email isn't as effective as communicating in person.

The Solution: A web app that emulates in-person interaction. It would allow you to:

Draw on a piece of paper that you and the rest of your team are looking at the same time. See each other's faces (because so much is said with body language). See each other's computer's screens (and, everybody should be able to work together on one screen, too). Real-time voice and text translation, as more and more companies have branches, employees and contractors overseas.

I've seen some OK collaboration tools out there, but, in my opinion, nothing comes even close to resembling the experience of in-person interaction so far.

Service that Offers You Discounts on What You're About to Buy

We all hate spammers. They flood us with offers for products we don't even want. But, what if when you're about to check out at the grocery store you were offered a coupon for the purchase you're about to make? What if when you're about to buy a pair of Nike shoes online this service alerted you that you can get the same pair for less on some other site? Even better, what if this software asked you a few questions and learned from your behavior so it could offer you discounts on the things you buy every day instead of things you don't need or want? Who doesn't like paying less for things we buy every day? What he hate are offers for things we don't want.

Online Grocery Shopping

Imagine if your grocery store offered you to buy your groceries online. You could order the same stuff you ordered last time (if you always buy the same stuff). You could search by keyword or browse categories. You could set up auto-purchases for certain items you need every week and get the orders delivered whenever it's convenient for you. The engine should make relevant recommendations, such as, "You're buying cereal, do you want to add milk?" or "Three months ago you bought a tooth brush. Do you need a new one?"

I'm actually surprised that the main grocery stores aren't offering this service already. You can buy anything you want online, so why not groceries from your favorite grocery store?

Other Ideas

People are a lot more conscious about what they eat than they were 10 years ago. A lot of people would only eat organic products if they were more affordable, but organic products are usually twice as expensive as their non-organic counterparts. Companies offering organic products at competitive prices are going to make a lot of money. When your car breaks, towing it costs a fortune and you don't have a car for a couple of days. What if a car repair shop picked up your car for free, gave you a car to drive while they fix yours and then bring your fixed car back to you? Posting photos and videos to a blog is very time-consuming. I just came back from a roadtrip and had hundreds of photos and videos. I wish I had had a software that could browse through my phone, upload all my content to the web and post it to my blog automatically.

As you can see, all these are things I wish existed so I COULD USE THEM. The best businesses start this way. Someone wishes something were done differently and a new product or service is born. These people usually do a really good job because they understand the pain and know what the perfect solution would look like. I love technology, so most of my business ideas are technology-related, but if you're a baker or a mailman, maybe you can think of a better/cheaper/more effective way to bake bread or deliver mail.

So, what do you think? Do some of these ideas already exist? Which of these ideas do you like the best? Which of these do you think won't work? Why?

10 Great Businesses to Start in 2011
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Teleseminars - How Improvements in Technology Can Overcome Physical Limitations

If you've been following me for long or visited my website at all, then you probably know that I'm disabled. Yes, I have problems putting two words together. No, no... I really do have a mobility limitation. As does my business partner. Which makes life as a course facilitator somewhat difficult.

In fact that's why we got into the internet based training business. Rather than fight the trend we realized that embracing technology would help us to continue to do what we both love doing - helping people succeed.

There can be no doubt that improvements in technology can overcome physical limitations not only for people with my problem (or similar) but for everyone. In fact when I was preparing for this article I realized that ideas for overcoming physical limitations which weren't disability based were coming every bit as fast as the ones for people with limitations. Faster if you add in how technology was improving teleseminar limitations.

Teleseminars - How Improvements in Technology Can Overcome Physical Limitations

Here are four examples of how improvements in technology can overcome physical limitations.

1. I am now able to teach without spending hours standing up. The biggest issue which my business partner and I both faced was that doing a live seminar meant spending two to four hours at a stretch without sitting. Teleseminars allow me to present a seminar while sitting, standing or doing a mix of both. You can't see me so I have a much greater freedom than I do in a live environment.

2. I am able to reach people around the world without having to travel. Now don't get me wrong. I love travelling. I enjoy meeting new people and experiencing new cultures. But travelling for business - especially the training business - gets old quick. And the enhanced security in the last ten years has made travel for business even more of a hassle.

3. I am now able to teach at any time of the day or night. When I was teaching for live audiences I would have to eat or sleep or just relax. And when I was doing that I couldn't teach. And even if I was available I could only teach for a limited amount of time. Teleseminars can be recorded and played back at any time. In fact, many courses run twenty four hours per day, seven days per week without ever stopping!

4. The sound quality of teleseminars has increased dramatically. So far I've given examples of how teleseminars have overcome physical limits for the disabled, for travel and for time shifting. But technology has helped teleseminars overcome their own limitations as well. At one time a teleseminar had to be done via a phone line using a telephone headset. Quality was frequently questionable. Now even an inexpensive headset can produce music quality using digitally perfect recording tools. And editing has become something even an amateur can do.

Teleseminars - How Improvements in Technology Can Overcome Physical Limitations
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Linear Regression Analysis - Interpreting the Intercept in a Regression Model

The intercept (often labeled the constant) is the expected mean value of Y when all X=0.

Start with a regression equation with one predictor, X.

If X sometimes = 0, the intercept is simply the expected mean value of Y at that value.

Linear Regression Analysis - Interpreting the Intercept in a Regression Model

If X never = 0, then the intercept has no intrinsic meaning. In scientific research, the purpose of a regression model is to understand the relationship between predictors and the response.  If so, and if X never = 0, there is no interest in the intercept. It doesn't tell you anything about the relationship between X and Y.

You do need it to calculate predicted values, though.  In market research, there is usually more interest in prediction, so the intercept is more important here.

When X never =0 is one reason for centering X. If you rescale X so that the mean or some other meaningful value = 0 (just subtract a constant from X), now the intercept has a meaning. It's the mean value of Y at the chosen value of X.

If you have dummy variables in  your model, though, the intercept has more meaning.  Dummy coded variables have values of 0 for the reference group and 1 for the comparison group. Since the intercept is the expected mean value when X=0, it is the mean value only for the reference group (when all other X=0).

This is especially important to consider when the dummy coded predictor is included in an interaction term.  Say for example that X1 is a continuous variable centered at its mean.  X2 is a dummy coded predictor, and the model contains an interaction term for X1*X2.

The B value for the intercept is the mean value of X1 only for the reference group.  The mean value of X1 for the comparison group is the intercept plus the coefficient for X2.

Linear Regression Analysis - Interpreting the Intercept in a Regression Model
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And now I would like to invite you to learn more about interpreting regression coefficients, including centered predictors, interactions, and more, in one of my FREE monthly Analysis Factor Teleseminars: "Interpreting Linear Regression Coefficients: A Walk Through Output." Visit http://www.analysisfactor.com/learning/teletraining4.html to get started today.

© 2008 Karen Grace-Martin â€" Statistical Consultant and founder of The Analysis Factor

Karen Grace-Martin has helped social science researchers practice statistics for 9 years, as a statistical consultant at Cornell University and at The Analysis Factor. She knows the kinds of resources and support that researchers need to practice statistics confidently, accurately, and efficiently, no matter what their statistical background. To get answers, advice, and a list of resources to help you learn and apply appropriate statistics to your data, visit http://www.analysisfactor.com

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Hyperlink How to - A Step-By-Step Guide to Link Text and Pictures Easily

Creating a hyperlink can be a quick and easy process. In this simple step-by-step "Hyperlink How to" article, I'm going to show you how to hyperlink text and pictures in emails, forum posts, and in your website editing software.

Hyperlink How to: Linking Text in Emails, on Forums and on Your Website

Step One:
Open the webpage you want to link to, and copy the full website address.

Hyperlink How to - A Step-By-Step Guide to Link Text and Pictures Easily

Step Two:
Type the text you want to be clickable, in the email, forum editor, or your website editor, and select it.

Step Three:
Look in the tool bar for a button with a picture of a chain link (it could also be a picture of the earth with a chain link). If you hover over it, it should say something like "create link". Click on it with your text selected, and paste the website address you copied, into the URL field.

Step Four:
Test your link to make sure it's working. In some emails and on some forums, you may need to send the email or preview the post, in order for the hyperlink to be clickable. In this case, send a copy of the email to yourself first so you can check the link is working.

That's it! Congratulations! You've created a text hyperlink!

Hyperlink How to: Hyperlink a Picture in Emails, on Forums and on Your Website

To hyperlink a picture, you need to either have the picture saved on your computer, or you need the website address of where the picture is hosted online. To hyperlink a picture that is saved on your computer:

Step One:
Copy the website address of the webpage you want to hyperlink to.

Step Two:
In the tool bar of your email or forum post editing window, click on the "Add Image" button - this usually looks like a picture of mountain.

Step Three:
Choose the picture from your computer files, and click upload or ok.

Step Four:
In the editing window, select the picture by clicking on it, and click on the "Add Link" button (see above).

Step Five:
Paste the URL of the webpage you want to link to, into the website address field, and click okay.

Step Six:
Test your link to make sure it's working.

Some editors won't let you upload a picture from your computer. In this case you need to upload the picture to either your own website, or to one of the many free picture hosting sites (do a search for "free picture hosting"). Then follow the step below...

Hyperlink How to: Hyperlink a picture which is not saved on your computer

Step One:
Right click on the picture, and then click on properties.

Step Two:
Copy and paste the URL of the picture into the "Add Image" dialogue box.

Step Three:
Select the picture and click on the "Add Link" button as above, and enter the URL of the destination webpage.

That's it. You've just managed to hyperlink a picture! Remember to test your link to make sure it's working and that it's leading to the right webpage. Have fun!

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Linear Regression Analysis - When NOT to Center a Continuous Predictor Variable

There are two reasons to center predictor variables in any time of regression analysis - linear, logistic, multilevel, etc.

1. To lessen the correlation between a multiplicative term (interaction or polynomial term) and its component variables (the ones that were multiplied).
2. To make interpretation of parameter estimates easier.

But when is centering NOT a good idea?

Linear Regression Analysis - When NOT to Center a Continuous Predictor Variable

Well, basically when it doesn't help.

For reason #1, it will only help if you have multiplicative terms in a model. If you don't have any multiplicative terms - no interactions or polynomials - centering isn't going to help.

For reason #2, centering especially helps interpretation of parameter estimates (coefficients) when:

a) you have an interaction in the model
b) particularly if that interaction includes a continuous and a dummy coded categorical variable and
c) if the continuous variable does not contain a meaningful value of 0
d) even if 0 is a real value, if there is another more meaningful value, such as a threshold point. (For example, if you're doing a study on the amount of time parents work, with a predictor of Age of Youngest Child, an Age of 0 is meaningful and will be in the data set, but centering at 5, when kids enter school, might be more meaningful).

So when NOT to center:

1. If all continuous predictors have a meaningful value of 0.
2. If you have no interaction terms involving any continuous predictors with categorical ones.
3. And if there are no values that are particularly meaningful.

All three of these criteria should apply before you choose to not center. If any one is false, centering will help you interpret your coefficients.

Linear Regression Analysis - When NOT to Center a Continuous Predictor Variable
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And now I'd like to invite you to learn more about linear regression analysis, including interpreting interactions, centered predictors, polynomials, and more in one of my FREE monthly Analysis Factor Teleseminars: "Interpreting Linear Regression Parameters: A Walk Through Output." Visit Teletraining 4 to get started today.

© 2008 Karen Grace-Martin -- Statistical Consultant and founder of The Analysis Factor

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Sales Training Tips - 7 Ideas Proven To Boost Sales

Many people, including some in the sales profession, believe that sales training is a waste of time and money. A popular belief is that sales people are born to sell, and that an individual either "has it" or they don't, and nothing can be done to change it.

This belief has been proven to be wrong. Selling is a learned skill. Many of the beliefs about the skills required for success are much different than those actually necessary.

Below is a list of truths about the sales profession:

Sales Training Tips - 7 Ideas Proven To Boost Sales

Sales is a learned skill. A sales rep will never reach their true potential until this fact is accepted. True professionals study and practice the skills proven to be effective and continue sales training throughout their career.

Sales calls can be made any time. Many sales reps actually believe sales calls can only be made after 9:00 or before 3:00. The professional knows someone prefers 7:00 a.m. and others work evenings. Professionals find people to see them for a full day every day.

The minds controls most sales. This is why many sales come in succession. It's often called a lucky streak, but it isn't. It is the sales rep "assuming the sale" without faking it. The previous sale programs the brain to believe the next one will buy also, and it often happens as a result. It is a 100% true belief the buyer is going to buy today.

Good telemarketing is critical. Work backwards and determine how many calls are necessary to develop a full week of appointments. This number is the amount of calls that must be made each week.

Increase selling time. The only time that is real "value added" is the time spent with the prospect or customer. The time getting an appointment, traveling to and from locations, completing paper work, and attending meetings is an incidental necessity, but not value added. Do all of these tasks outside of the high value added hours. Increasing value added selling time can be learned using lean manufacturing and six sigma principles.

Learn to Close. Closing is the most learned skill in the profession. When a prospect objects about the price, color, service, or anything else, the sales pro knows exactly how to respond down to the specific words. At the point of the objection, there is no time to think. All thought should be directed toward body language and preparing the next 3-4 steps in the sales cycle.

Learn sales techniques. Techniques are not tricks, and no sales rep would be effective trying to trick someone into buying. Some believe closing is using tricks but it is not true. It is simply being an effective negotiator helping the customer make a buying decision. For example, with a service objection such as the length of after-sale service being too short, the sales rep should use a "right angle close". This negotiation is simply stating the answer with a buying question, such as "If I can get the two week service changed to four, will you give us a try today"?

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Linear Regression Analysis - Interpreting Regression Coefficients

So what do those regression coefficients really mean?  It can actually get quite tricky--unless you have a very straightforward, textbook-like example with all continuous predictors.  (And almost no one has those if they're using real data).

A linear regression model with two predictor variables will look something like this:

Y = B0 %2B  B1*X1 %2B B2*X2 %2B E.

Linear Regression Analysis - Interpreting Regression Coefficients

Y is the response variable; X1, the first predictor variable; X2, the second predictor variable; and E, the residual error. The parameters in the model are B0, the Y-intercept; B1, the first regression coefficient; and B2, the second regression coefficient.

One example would be a model of an overall physical health score (Y) based on years of education (X1) and whether the individual is or is not in poverty (X2 ). Poverty status is a dummy coded variable, coded 0 for respondents who are not in poverty, and coded 1 for respondents who are in poverty.  Let us say it turned out that the regression equation was estimated as follows:

Y = 42 %2B 2.3*Education - 11*Poverty

Interpreting the Intercept

42, the Y-intercept, can be interpreted as the mean value of Y if both Education and Poverty = 0. We would expect an average physical health score of 42 people not in poverty with no education.  In this model, as is often the case, this isn't a meaningful value, since Education never really equals 0.  So in a model like this, the only use of B0 is in calculating predicted values.  It has no real interpretation.

Interpreting Coefficients of Continuous Predictor Variables

Since Education is a continuous variable, its coefficient, 2.3, is the difference in the mean physical health score for each one-year difference in Education across all levels of Poverty Status. This means that if two groups of people all had the same poverty status, but differed on education by one year, the group with one more year of education would have a mean physical health score that's 2.3 points higher. 

Interpreting Coefficients of Categorical Predictor Variables

Similarly, the coefficient for Poverty Status, -11, is interpreted as the difference in the mean physical health score for each one-unit difference in Poverty Status, if Education remains constant. However, since Poverty Status is a categorical variable coded as 0 or 1, a one unit difference represents switching from one category to the other.  The coefficient is then the average difference in physical health for people not in poverty (Poverty = 0) and people in poverty (Poverty = 1).   So compared to people not in poverty, we would expect people in poverty to have physical health scores 11 points lower, on average, at the same level of education. 

Interpreting Coefficients of Correlated Predictor Variables

It is really, really important to keep in mind that each coefficient is influenced by the other variables in a regression model. Because predictor variables are nearly always correlated, two or more variables may explain the same variation in Y. Therefore, each coefficient does not explain the total effect on Y of its corresponding variable, as it would if it were the only variable in the model. Rather, each coefficient represents the additional effect of adding that variable to the model, if the effects of all other variables in the model are already accounted for. This means each coefficient will change when other variables are added to or deleted from the model.

It is also important to remember that all these interpretations change when the model gets more complicated.  Centering, interactions, and polynomial terms all affect the meaning of the regression coefficients.

Linear Regression Analysis - Interpreting Regression Coefficients
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And now I would like to invite you to learn more about interpreting regression coefficients, including interactions, centered predictors, and more in one of my FREE monthly Analysis Factor Teleseminars: "Interpreting Linear Regression Parameters: A Walk Through Output." Visit http://www.analysisfactor.com/learning/teletraining4.html to get started today.

© 2008 Karen Grace-Martin -- Statistical Consultant and founder of The Analysis Factor

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