Friday, June 13, 2008

Sales and marketing terminology

Terminology / Acronyms
ABC figures: This is the independently audited sales figure for all recognised publications in the UK. By using the ABC figure, you can quickly establish how much the advertising will cost per 1,000 readers.

Account Managers: These are sales people who have great skills in getting repeat orders and maximising revenue returns from existing accounts. It is very rare that a good “Account Manager” will be good at winning new clients.

Blue Bird: This is an unexpected sales opportunity that has a high chance of turning into profitable business.

BRAD: This book lists every UK publication including magazines, newspapers, vertical publications etc. It also contains key information i.e. “ABC figures”, advertising deadlines etc and is one of the most useful tools available if you are looking to place advertising or embark on DIY PR.

Comfort Factor Statements: Also known as credibility statements they show that you can deliver exactly what you say you can. They must not be emotive i.e. include words like “the best”, “fantastic”, “amazing”, “superior” or contain anything that cannot be proven i.e. “high level of customer satisfaction”, “unparalleled support”, unless supported by facts.

Commission Plans: This is how a salesperson is paid for their efforts. It is strongly advised that you include a minimum contribution and ensure that if you plotted a graph of gross margin and percentage of target it would create an incremental curve.

CRM: “Customer Relationship Management” This is software that organises all your sales contacts, schedules activities and is used in targeted marketing campaigns. This is vital to all sales operations and there are many packages to choose from costing anything from £80.00 per user upwards i.e. ACT! Goldmine etc. Previously known as TCM.

Double Bubble: Sales slang for two people being paid out the full amount of commission on a specific deal / incentive or the same person being awarded double the amount of commission.

Elevator Pitch: This term comes from the theory that if you are in a lift on the 10 th floor of a building you should be able to explain what you do before it gets to the ground floor i.e. about 10 seconds. This is often the opening statement of any form of communication and is predominantly used in lead generation and marketing activities.

Farmers: These are sales people who have great skills in getting repeat orders and maximising revenue streams from existing accounts. It is very rare that a good “Farmer” will be good at winning new clients.

Gross Margin: The difference between your buy price and your sell price.

Hunters: These are sales people who are very good at winning new accounts and getting the first order but tend to lose interest when they know that the new customer will continue to buy, this often makes them very bad farmers. Also known as New Business Sales Exec’s.

Kick Back: This is when a company gets an extra soft margin when they buy sufficient numbers / value of a product. i.e. if you buy 10 cars we will give you / or the company free servicing.

Minimum Contribution: This is the account value that all sales staff are required to reach, in gross margin terms, before any commission. This is put in place to ensure that commission is not paid before staff have covered their basic salary plus all other costs i.e. NI, travel, phone, expenses etc.

New Business Sales Exec’s: These are sales people who are very good at winning new accounts and getting the first order but tend to lose interest when they know that the new customer will continue to buy, this often makes them very bad farmers. Also known as “Hunters”.

OTE: “On Target Earnings” This is how much the sales person will earn if they hit their sales target. Please note that when the person has achieved 50% of target they should not earn more than 30% of their OTE. By using this method it creates a further incentive for the salesperson to hit the their sales target.

Over Ride: This is the term used when a sales person over achieves his target and hence is given a large bonus. Remember the bigger the “over rider”, the bigger the incentive and hence this increases the motivation to over achieve the gross margin sales target.

PPC: “Pay Per Click” This is a much-targeted method of advertising and enables sponsored links to be placed at the top of search engine results when your particular key words or phrases are encountered. For each sponsored link placed you are charged from as little as 10 pence upwards.

Prospect: A company / person that you know will require your services and they are looking to purchase. Particularly if you have been asked to bid for the work

RTR: “Ready to Run” This is the term used mainly by advertising agencies or company’s for an advert which is ready to be placed. It is then common practice to place the advert on the deadline in order to get the lowest possible price.

Sales Forecast: The system that sales people and managers use to look at how much business is likely to be won each month, unfortunately these are often misleading due to sales processes that minimise inaccuracies not being implemented.

Sand Bagging: This is a tactic used by sales people who hold back orders so that as many as possible fall in the same month or quarter and hence they over achieve the target to win a large Over Rider. This is not only expensive because extra commission is paid but can also have very negative effects on cash flow. By having a properly implemented Sales Forecast it is very easy to establish if this is occurring.

SEO: “Search Engine Optimisation” This is the method of making sure that your website gets lots of traffic and enables your company to be listed higher in the search engines for specific key words and phrases i.e. car hire Newcastle, buy discount fishing rods, mortgage advice etc. The downside of this methodology is that it takes several months for your website to get a good position on the major search engines i.e. Google, Yahoo etc.

Soft Margin: This is most commonly found in the reseller market and generally provided by the manufacturer in form of marketing assistance i.e. for every £10,000 of product x sold we will provide you with y amount of money that must be spent on promoting our product / service.

Suspect: A company / person that you know will require your services but nothing else is known.

TCM: “Time Contact Management” This is software that organises all your sales contacts, schedules activities and is used in targeted marketing campaigns. This is vital to all sales operations and there are many packages to choose from costing anything from £80.00 per user upwards i.e. ACT, Goldmine etc. Now known as CRM.

TMUP: “Target Market User Profile” this is the type of company / person that would be a prime target for your business i.e. single male 30 – 40 and divorced or SME services based companies with staff of between 3-10 people based within 5 miles of central London etc. Finding and Targeting your prime TMUP will reduce the cost of sales and increase marketing and new business efficiency’s.

Tyre Kicker: This is a company / person who pretends to be interested in your product / service. This term comes from the motor trade when customers would kick the tyres to fain interest when they had no intention of buying a car and were just browsing / looking for a test drive. Sales people who are not performing and wish to give the impression that their sales pipeline is strong often put this type of prospect on their sales forecast.

USP’s: Unique Selling Points i.e. what makes your company different from its competitors. This is used predominantly in lead generation and marketing activities and therefore is a MUST HAVE for any sales strategy to work.

7 Easy Ways to Make More Money in Network Marketing

Hit a snag lately? Haven’t been able to recruit any new agents? Is you network marketing job paying less and less because you can’t generate any sales? You don’t have to fret! With these easy network marketing tips, you can revitalize your sales pitch and methods in no time at all!

1. Contacts
Remember that your contacts are your most valuable asset. Who are your contacts? The people you see on the streets? Your next door neighbor?

When considering whom to invite, try those closest to you first. This is because they are most likely to be more open to your suggestions and will be willing to do you a few favors (such as buying that detergent you are hawking). The great thing about this is that they will really mind plunking a few bucks to help jumpstart your business. And when they see that you are doing well, they could very well join you as well.

When you run through the whole list of you clan, what will that leave you with? You will of course have to go to those people that next in line with regards to closeness or affinity to you. And what if that gives out too?

You can always adopt a friendlier stance and chat up that neighbor you never talked to. You could meet new people on the bus and on the train. But remember, you have to like them as people first. Don’t go about and look at them like walking piggy banks. People will know if they are being looked upon as ‘things.’ Always regard them highly and get to know them. Build their trust. The truth is, the friendships you build will be the true reward, and the sales will be just a side dish.

Always ask for referrals from your contacts. This is another sure way to increase your prospects.

2. Believe
If you yourself do not believe in your product, chances are you won’t be able to sell it to others. Remember, nothing promotes a product better that a satisfied customer. Let others see you using the product. Say glowing things about it. And most of all, let all that you say be true. If your customer finds out you weren’t being honest, you could ruin your business relationship.

When you choose a network business, take into consideration their product. See if you can believe in it and pitch for it effectively.

3. Recruit the right people
Don’t just recruit anybody. Make sure the people you recruit share an unbridled passion, and tireless work ethic with like you. If you don’t chances are, they will drop out of the networking business and you will not be able to build your downline.

4. Don’t force the issue
When trying to close a sale, don’t force the issue. If you do, people will get suspicious as to why you are doing so. Are selling them counterfeit items? Are you only interested in your profit and not in your customer’s satisfaction? Always keep this in mind: the customer always comes first. Please them, and the profits and windfall from these relationships will follow.

5. Look the part
When recruiting others, you can’t say, “You will get rich with network marketing,” and look shabby all the while. They’d say, “I thought you got rich from this thing, why do you look like you didn’t.” People will want to see a visible sign of success. You are their only reference point. If you are not convincing as a successful networking agent,

6. Hang in there
Perseverance is a virtue. If money grew on trees, you’d still have to wait for them to grow. Remember the old adage: try and try, until you succeed. Remember that your goal is not to just to get money, but to build upon a good income generating business.

7. Evolve
Don’t be satisfied thinking that your techniques at recruiting will forever be effective. Although there are basic principles that should be followed, you can forever improve on your techniques. Today’s society is constantly evolving. If you want to catch up with them, you have to evolve in your marketing strategies as well.

The REAL TRUTH on How to Price Your eBook

You've written and compiled an ebook. Now you have to decide how much to charge for it. Finding the right price is essential to the success of your product. If you charge too little, people will think it's of little value, and they won't purchase it, or even it they do buy your book, you will have to sell thousands of copies to get to the point where you can begin to see a profit.

If you price it too high when compared with your competition, you will find yourself steadily lowering the price, which will cause you all kinds of new problems in the future. For example, if you sell your ebook at first for $39.99, and later reduce it to $24.95, don't you think the people who bought it for $39.99 are going to be PISSED?choosing the right price for your ebook is one of the most critical parts of the marketing process. The first rule of pricing ebooks is to never underprice. Determine the highest price your audience can afford, and then if you find your book isn’t selling, you can make sure you are promoting your book like crazy on the Internet and on websites.

The price should be aimed at bringing in profits, but you should never forget that price is one of the factors that people use in judging the value of your ebook ? before they buy it. So always start with the highest price, and Then launch a mega-marketing campaign.

Pricing an ebook is particularly difficult because ebooks are a fairly new commodity. Since they are digital, the value of an ebook is as confusing as the understanding of what digital actually is to the average layperson. This means that we must look at ebooks in a different light in order to determine their actual worth in this brave, new cyber world.

Let's look at the difference between a book in print and an ebook. A printed book is an object you can hold in your hand, store on your bookshelf, even hand down to the next generation. It is priced on factors such as paper stock, design and production costs, and marketing.

But the fact that unites ebooks and print books is that they are composed of ideas. It is the ideas in these books that have the ability to change, or possibly transform, people's lives.

What do you think an idea is worth when evaluated against the cost of paper and ink? It is the IDEAS that are valuable! That is how you determine the cost of your ebook. What should I charge for my ideas?

There are all different formulas and methods for determining the correct price for your ebook. Let's begin with honing in on your ultimate goals.

Decide if your goal is to get wide distribution and maximum exposure. This goal is aimed at drawing customers to your business or service, or to establishing the credibility of your reputation. If this is your main goal, you should aim to keep your price on the low side. Some authors have even priced their ebooks at a profit loss to draw a high number of new customers. The key is to find a price that maximizes your profits and the number of books you sell.

This is an excellent pricing strategy if you are looking to acquire long-term customers. Long-term customers are extremely likely to buy from you again and again ? as long as the first ebook they buy is of exceptional quality and beneficial to the customer.

However, if your book contains valuable ? and more importantly NEW information, references, or techniques? then you should aim to price it on the high end. After you figure out your goal, you must figure out what your audience's need is for your ebook. For example, does your book solve a particular problem? If it does, and solves it in a way that hasn't been written about in one hundred other ebooks, you will be able to achieve high sales at a high price.

If your book solves a problem or answers questions in a new and unique way, you should price your book as high as you can go. You will achieve larger profits this way, but bring in fewer customers.

Just make sure the question or problem that your book solves is one that is important and relevant to the majority of your market audience. If your ideas are not common knowledge, or you are presenting a brand new technique, you will be able to sell books at a high price. Just be prepared for your competition to undercut you on price as soon as they hear about your book.

Keep in mind that the above pricing strategy is temporary. Eventually, you will cease to sell books at this high price. So figure out in advance how long you plan to offer your ebook at this high price, and when that time is up, change your pricing strategy.

If you want to see large profits over customer draw, aim for an audience that is looking for easy solutions to their problems at a low price. If your book is aimed at solving one particular problem rather than general advice, then you can charge more. Start at the highest price the market will bear to bring in the largest profits, and plan to discount the book a number of times throughout the year.

Marketing Strategies:

The key that unlocks the sales potential of your ebook is to find a single sentence that becomes your selling handle. This sentence states what question or problem your book answers and the benefits your ebook can provide. Then be sure to use that sentence in every piece of sales and promotional material, and every time anyone asks you about your ebook.

Besides promoting your books assiduously online, there are several other strategies that can help you sell more books. One is to give something away for free with your book, such as a valuable bonus item. Or bundle several ebooks under one price, which lowers the price for each ebook if they were sold separately.

An effective technique for figuring out a price is to send out a survey to your current customers. If these customers have already bought an ebook from you, ask for their opinion in terms of price. Do this by creating a sales page for the new book, but don't include a price on that page. Instead, add a number of links to survey questions that ask pointed questions to aid you in assigning a price to your ebook. Another strategy is to test out prices by creating a number of duplicate sales pages with different prices on each page.

Make sure your sales copy is exactly the same on every page, and includes your selling-handle sentence. Then figure out for each page the conversion ratio between visitors to your site and sales of your book. This will tell you what your optimum price is.

Ultimately, if you've written a book that solves a problem or presents a new technique, your book will bring in both traffic and profits. So be sure to write that selling-handle sentence that sums up what problem your book solves and what the benefits of your book will be to the customers who purchase it. And then watch your market come to you!

Five Tips to Obtain Credit for Small Businesses

As many small business owners know, financing is crucial to the financial health of their enterprise. While some small business owners have the resources to launch their business, most look to the credit market for financial help. Indeed, the banking industry is an important source to gain necessary capital. However, many entrepreneurs may not realize that that applying for commercial credit requires a great deal of preparation. Here are five tips to assist entrepreneurs in improving their chances of getting credit approval.

Tip #1: Decide on the type of commercial loan that is needed. Loan options include short-term loans, intermediate loans, long-term loans, and lines of credit.

Short-term loans are usually for less than a year. They typically provide interim working capital for a business temporarily in need of cash.

Intermediate loans are often used for business set-up, the purchase of new equipment, expansion, or an increase in working capital. This loan can be anywhere from 1-3 years.

Long-term loans are for major capital improvements, acquiring fixed assists, and business start-ups. The loan term is usually from 3-5 years and repayment installments are on a monthly or quarterly basis.

A line of credit gives a small business the ability to borrow money repeatedly, up to the credit limit. The lender will usually perform a review once a year, at which time the borrower is asked to update financial statements.

Tip #2: Make sure all paper work is in order. Applying for commercial loans can be very tedious and requires much more documentation than applying for consumer credit. So, the key is to be prepared. In addition, entrepreneurs who have carefully put together the needed paperwork to include the loan purpose, the amount of money needed and for how long, and a repayment schedule proposal will be viewed more favorably by many lenders.

Tip #3: Develop a well thought out proposal. The proposal should include the loan purpose, the amount of money needed and for how long, and a repayment schedule proposal. Points to include are the business description that tells the nature of the business, product and service, a personal profile, and a business plan that outlines the corporate strategy for the next three to five years. Additional points to add are supporting documentation that supports the information outlined in the proposal, and collateral that will be used to secure the loan. Financial statements, both personal and for the business, are important as well.

Tip #4: Seek advice! It is important for entrepreneurs to talk with someone who has gone through the process of obtaining commercial credit before a lender is approached. This is especially important for the first time buyer. Entrepreneurs can approach mentors, qualified business counselors, business support groups, and the U.S. Small Business Administration. This step will increase the chances of getting a favorable credit decision.

Tip #5: Be prepared to pursue various options. Sometimes, financial institutions will say no. Once again, obtaining credit can be difficult, especially for entrepreneurs who are first-time borrowers. However, since financial institutions have different standards, an inability to meet the standard of one lender does not mean one fails the standards of all. It is highly possible that credit approvals can be gained with another lender. So, it is important to keep seeking until a lender is found.

Obtaining credit is necessary for many small businesses. Knowing what steps to take in this process can greatly increase an approval from a financial institution. Now, put these five tips into practice and be on your way to getting the credit you need for your business venture.

eBusiness - Small Business Necessity

The rapid growth of the internet commerce in recent years presents established small businesses with a serious dilemma. On the one hand, they can stick with the business model that has worked for them for the last number of years. On the other hand, they can make the shift to serious eBusiness.

Choosing to stand pat is usually much easier in the short term. But in the longer term this almost certainly means they will be left behind by technology, and lose many of their most important clients to more aggressive competitors.

But shifting to eBusiness may involve committing substantial resources to developing a new game plan. That usually means refining product lines to make them easier to sell online, upgrading computer systems and websites, and training personnel at all levels to be more web savvy. It also means developing or hiring staff to handle the administration of new marketing, sales, and delivery systems, and working with outside consultants and service providers to handle the technical aspects of the new program that cannot be handled by your own people.

Is adopting an eBusiness Solution worth the effort?

Are the short term difficulties involved in making the transition to eBusiness worth the effort?

In virtually all cases, Yes.

It is like any other investment in your business. Some businesses look at the cost of upgrading production equipment or of renovating their office or retail space and decide it is simply not worth the cost. They decide the future is too uncertain to risk moving ahead, so they opt to tread water until either circumstances change, or they simply cannot continue any longer in business.

In this sense, choosing to stay abreast of technological changes is a business necessity. And these days, deciding to get involved with eBusiness is the most important technological decision many current businesses will ever make.

Advantages of eBusiness

Here are some of the more important advantages of moving to eBusiness.

You can develop a more cost-effective Communication and Marketing Strategy - The most obvious advantage of "upgrading" to eBusiness is that it gives you a vital web presence. In an upgraded "eBusiness environment" your company web site becomes the focal point of your communications and marketing strategy. And in an era when an increasingly large number of people are using the web as their first source of product and service information, "being there" 24/7 is extremely important.

You can reach New Markets World Wide - The internet offers exciting ways of reaching new markets that could only be dreamed of in the past. There are methods of promoting your products online that allow you to precisely target the customers you are after whether they are in your town or on the other side of the world.

You can reach Local Customers and Prospects more effectively - Until recently, companies offering a product or service to local customers could not see the benefits of having an online presence. But as more and more people become comfortable with using the internet instead of traditional advertising sources like classified ads or yellow pages, having an aggressive web presence makes better business sense even for local companies. This may also offer a springboard to developing new markets further afield.

You can cut Advertising and Marketing Costs - Online advertising is not only more efficient, but it is often less expensive than traditional advertising. After sales training expenses can also be reduced by utilizing online seminars, training videos and tutorials.

You can streamline the Ordering Process by taking orders online - Implementing an online ordering system allows you to eliminate manual paper work or telephone order taking. It also offers the possibility of integrating your sales order system with order fullfillment and delivery so customers can be up to speed on the progress of their orders at all times.

You can cut Communications and Telephone Costs - While the costs of voice communications using long distance telephone services have been coming down rapidly over the last few years, switching to an eBusiness model offers the possibility of totally eliminating many of these costs. Of course there is traditional email. But beyond that, there are systems like "Live Help" where customers can chat live with support or sales staff. And the most recent development is VoIP (Voice Over Internet) which promises to completely revolutionize telephone service.

Finding the right eBusiness Solution

Every business is unique, so every business will require a unique eBusiness solution. Chances are most small businesses will not have the resources inhouse to make the move. In that case they should find an eBusiness solution provider that takes a comprehensive approach to each situation. Rather than offering a pre-packaged program, they should be able to look carefully at a business and make recommendations based on its specific needs. That includes the ability to provide staff training and ongoing support long after the initial system is put in place.

Where To Find Products To Sell On Ebay

One key for business success using eBay is sourcing products to sell. The first questions eBay sellers should ask themselves are: "What can I sell?" and "Where can I buy?"

There are two kinds of sellers on eBay, garage sellers and business sellers. Garage sellers are people who sell products they are not going to use any more and that are usually not new. Garage sellers are not profit driven, their main objective is usually to get rid of some stuff they don't need. They will be happy to make some money by selling something that is no longer useful to them. On the other hand, business sellers are people who will buy and sell products for profit, they consider eBay a business and need to earn profit on the products they sell.

The first key to success for business sellers is an old marketing rule, RESEARCH. The products you need to sell are products that eBay buyers will want to buy. Apart from being a massive market place, eBay offers you a cheap source of research that you can conduct without moving from your computer.

If you are a business seller, it is fundamental that you spend some time researching before you decide which products you want to sell. Follow these research guidelines:

1. Search for the categories that are most popular. The first index is the number of listings that exist under each category. In addition, you need to look at how many bids the products have.

2. Look at the ratings of the sellers who are listing products in each category and study their profiles. See how many products they are selling and how many products they have sold in the past.

3. Analyze prices. You need to become an expert in your category and you need to know at which price a product is worth buying as well as the expected final winning price of your auction.

4. Select no more than one or two categories. "Specialization" is another basic rule of marketing. It is better to become an expert on something, as this will inspire confidence and trust in your potential customers. Online marketing is all about trust.

For conducting good research, you need time and organization. There are different software programs in the market that can help you save time as well as optimize your research.

Now that you are becoming an eBay expert and have conducted a proper search, you are almost ready to start your business. Before starting to sell, you need to buy! Here are some ideas from where you can source products:

1. Write your own e-book and sell it. If you have any passion or are an expert on a subject for which you can find a niche in eBay, do not hesitate to spend some time on writing your own book. The advantage of this is that after your initial time investment, you can sell and sell copies of the book without having any additional costs. Selling information products is one of the most profitable businesses. Even if you are not an expert writer, you can find other people who can write the book for you.

2. Use drop-shipping. There are wholesalers that will sell you products and send them to the address that you tell them. The advantage of this source is that you do not need to carry inventories, so your investments are minimized. After your auction is finished, you send them your customers address and they will do all the shipping. If you decide to use this kind of source, you need to make sure that your auctions winning price can be higher than the price you will pay for the articles. At minimum you should expect to double your costs.

3. Buy from eBay. Many eBayers success comes from knowing how to buy well on eBay and sell the same products at a higher price. If you know your category very well, you can easily find opportunities that will allow you to buy and resell making profit. Again, solid research is fundamental.

4. Buy Asiatic products. If you are willing to carry some inventories, you can invest on Asiatic products and buy them for a very cheap price. You can easily start importing Asiatic products from the Internet at www.alibaba.com.

5. Sell local products. If you live in an area that produces local products which can be bought at a cheap price and shipped to other areas where people would pay more, you should take advantage of the situation.

How to give your customers a choice between you and the competition and have them choose you.

Instead of giving your customers or potential customers a choice between you and your competition and having them choose the other guy, have them choose you.

Michelle Dunn’s new book” Become the Squeaky Wheel,” says creating a credit policy can have surprising results.

According to Dunn, a leader in the debt collection industry, some customers, when given the choice, between signing a credit application or paying at the time of sale, mostly choose the credit application regardless of who has the cheaper prices. It is true that some customers will buy more from you if they are approved for credit and have more time to pay. It makes it easy for them to place orders and receive a bill, rather than have to pay at the point of sale.

Like everything else, the easier you make it for the customer to buy from you the more sales you will have. Customers want things to be easy, fast and instant. If they are credit approved and can call and order and have the item quickly, then pay when they receive a bill, they will be more likely to order from you than someone who doesn’t offer that option. Resulting in your business making more money and more sales.

The REAL TRUTH on How to Write an eBook

The hardest part of writing is the first sentence. When you look at the whole project, it seems like an impossible task. That's why you have to break it down into manageable tasks. Think of climbing a mountain.

You are standing at the foot of it and looking up at its summit vanishing into the clouds. How can you possibly scale such an immense and dangerous mountain? There is only one way to climb a mountain ? step by step.

Now think of writing your ebook in the same light. You must create it step by step, and one day, you will take that last step and find yourself standing on the summit with your head in the clouds.

The first thing you have to do, as if you actually were a mountain climber, is to get organized. Instead of climbing gear, however, you must organize your thoughts. There are some steps you should take before you begin. Once you've gone through the following list, you will be ready to actually begin writing your ebook.

Beginning Steps to Writing an ebook:

First, figure out your ebook's working title. Jot down a few different titles, and eventually, you'll find that one that will grow on you. Titles help you to focus your writing on your topic; they guide you in anticipating and answering your reader's queries. Many non-fiction books also have subtitles. Aim for clarity in your titles, but cleverness always helps to sell books? as long as it's not too cute. For example, Remedies for Insomnia: twenty different ways to count sheep. Or: Get off that couch: fifteen exercise plans to whip you into shape.

Next, write out a thesis statement. Your thesis is a sentence or two stating exactly what problem you are addressing and how your book will solve that problem. All chapters spring forth from your thesis statement. Once you've got your thesis statement fine-tuned, you've built your foundation. From that foundation, your book will grow, chapter by chapter.

Your thesis will keep you focused while you write your ebook. Remember: all chapters must support your thesis statement. If they don't, they don't belong in your book. For example, your thesis statement could read: We've all experienced insomnia at times in our lives, but there are twenty proven techniques and methods to give you back a good night's sleep.

Once you have your thesis, before you start to write, make sure there is a good reason to write your book. Ask yourself some questions:

* Does your book present useful information and is that information currently relevant?

* Will you book positively affect the lives of your readers?

Is your book dynamic and will it keep the reader's attention?

* Does you book answer questions that are meaningful and significant?

If you can answer yes to these questions, you can feel confident about the potential of your ebook.

Another important step is to figure out who your target audience is. It is this group of people you will be writing to, and this group will dictate many elements of your book, such as style, tone, diction, and even length.

Figure out the age range of your readers, their general gender, what they are most interested in, and even the socio-economic group they primarily come from. Are they people who read fashion magazines or book reviews? Do they write letters in longhand or spend hours every day online. The more you can pin down your target audience, the easier it will be to write your book for them.

Next, make a list of the reasons you are writing your ebook. Do you want to promote your business? Do you want to bring quality traffic to your website? Do you want to enhance your reputation?

Then write down your goals in terms of publishing.Do you want to sell it as a product on your website, or do you want to offer it as a free gift for filling out a survey or for ordering a product? Do you want to use the chapters to create an e-course, or use your ebook to attract affiliates around the world? The more you know upfront, the easier the actual writing will be.

Decide on the format of your chapters. In non-fiction, keep the format from chapter to chapter fairly consistent. Perhaps you plan to use an introduction to your chapter topic, and then divide it into four subhead topics. Or you may plan to divide it into five parts, each one beginning with a relevant anecdote.

How to make your ebook "user friendly".

You must figure out how to keep your writing engaging. Often anecdotes, testimonials, little stories, photos, graphs, advice, and tips will keep the reader turning the pages. Sidebars are useful for quick, accessible information and they break up the density of the page.

Write with a casual, conversational tone rather than a formal tone such as textbook diction. Reader's respond to the feeling that you are having a conversation with them. Break up the length and structure of your sentences so you don?t hypnotize your readers into sleep. Sentences that are all the same length and structure tend to be a good aid for insomnia!

Good writing takes practice. It takes lots and lots of practice. Make a schedule to write at least a page a day. Read books and magazines about the process of writing, and jot down tips that jump out at you. The art of writing is a lifetime process; the more you write (and read), the better your writing will become.The better your writing becomes, the bigger your sales figures.

In an ebook that is read on the screen, be aware that you must give your reader's eye a break. You can do this by utilizing white space. In art classes, white space is usually referred to as "negative space." Reader's eyes need to rest in the cool white oasises you create on your page. If your page is too dense, your reader will quit out of it as soon as their eyes begin to tear.

Make use of lists, both bulleted and numbered. This makes your information easy to absorb, and gives the reader a mental break from dissecting your paragraphs one after the other.

Finally, decide on an easy-to-read design. Find a font that's easy on the eyes, and stick to that font family. Using dozens of fonts will only tire your readers out before they've gotten past your introduction. Use at least one and a half line spacing, and text large enough to be read easily on the screen, but small enough so that the whole page can be seen on a computer screen. You will have to experiment with this to find the right combination.

Of course, don't forget to run a spell and grammar check. You are judged by something as minor as correct punctuation, so don?t mess up a great book by tossing out semicolons randomly, or stringing sentences together with commas. (By the way, that's called a "comma splice".)

Last of all, create an index and a bibliography. That's it! You've written a book! Now all you have to do is publish your ebook online, and wait for download request from your website visitors.

Home Cleaning Business Plan

Until about 10 years ago, business advice guru’s used to say that the best business to be in was the one you knew most about!

That statement is disputable. And, even if it were true then, it certainly is not true today! Here’s why:

No matter what skills you have or what trade or profession you are in, the amount of money you can earn is severely limited by the number of hours in the day you can work. Aha!

So now we can say:

A better business is one in which you can recruit and train others to do what you can do. This leaves you free to manage and grow the business,

Even so, we still can’t say that it is best business to be in. We can’t say it because some trades and professions have much higher billable hourly rates than others.

Copywriting, and especially direct-response copywriting, is undoubtedly one of the highest paid professions in the world!

Copywriters tend to be pretty smart. A copywriter and an attorney are discussing fees:

Lawyer: “My fees start at $150 an hour.”
Copywriter: “I charge from $1 a word.”
Lawyer: “Wow! I can't think of any word worth a $1.Gimme an example?”
Copywriter: “Gimme a $1.”
Lawyer: “Okay. Here's your $1.”
Copywriter: “THANKS!”

So, is copywriting the world’s best business to be in?

I say NO!

I say Info-Marketing on the Internet is undoubtedly the world’s best business to be in!

It doesn’t necessarily have to be an e-book that reveals copywriting
secrets and a list of words that sell. Although that would sell well to a
business-2-business market. But it does have to be an info-product that’s designed to satisfy the needs and wants of a specific niche market.

Simple, huh?

Well, not exactly. If it were that simple, everybody with a how-to info-book and a direct-response website would be rich.

As I see it, only about 5% of Internet sites make millions. The remaining bunch of hopefuls is still struggling.

Jeff Walker, Product Launch a leading Internet marketing expert, says:

“Everyone has heard the story of the Internet being paved with gold... but only a precious few are bringing home that gold. There are thousands of websites that won't even break even. Most of those sites are moribund... sitting there with products that don't sell. They will wither away, and then get blown off the Internet like some dried-up piece of tumbleweed.”

Internet marketing expert, Cody Maya, Private Label Books, says,

“The average cost of a copywriting project is $5,000--and that’s just for one sales letter. You need three things to succeed on the Internet:

#1. You need a great product.
#2. You need to be able to get traffic to your site.
#3. You need to be able to convert those prospects into customers.”

Internet marketing is great. It is not cheap. It is not easy and the learning curve for the average Joe Schmoe is mind-boggling.

It takes a high degree of sophistication, and a lot of money to buy the kind of tools that will enable you to put your business on Auto-Pilot, “while you lie on the beach in Hawaii with your laptop and make a ton of money even while you sleep.”

Yanik Silver, one of the top guns in Internet Marketing told me he spent nearly $50,000 (a ton of money) on new products and doing research last year!

So, I need to qualify what I said earlier about selling an info-product on the Internet. Here’s my revised statement:

“Selling an info-product on the Internet to a well-defined niche market is the world’s best business to be in--for those who know what they are doing and have the money to do it.”

So, you can’t just fly into flying.
You think big but you start small!
You have to learn to walk before you can learn to run!

Some 30 years ago, self-made multi-millionaire Joe Karbo stated a very simple truth:

“Most people are too busy working to make
a living to ever make more than just a living.”

In his book, “How to Be Rich,” the late billionaire J. Paul Getty said that the only way to get rich is to start your own business and work at making yourself rich, rather than your employer!

For over 20 years I have been searching to find an “idiot proof” business that could be launched by the average Jack or Jill--and with no previous business experience and little or no capital to invest.

I managed to identify seven businesses that fit that bill.
Here’s my list--not necessarily in order of merit or profitability:

1. Home and Office Cleaning
2. Handy Person Service
3. Window Washing Service
4. Publishing a Local Ad Magazine
5. Computer Instruction and Repairs
6. Painting and Decorating
7. Leaflet Distribution
8. Mobile Haircutting and Beauty Service
9. Lawn Cutting and Yard Maintenance
10. Taking Care of Snowbird Vacation Homes

I have written a how-to business instruction plan for each of the above.
Here’s what I have to say about the Home and Office Cleaning Biz:

You could be your own boss--starting today!

"10 Powerful Reasons Why Home and Office Cleaning
is One of the World's Best Businesses to Be In”

1. Low start-up cost.

2. You can work part-time or full time.
Keep your day job if you have one. Work evenings and weekends. Don’t quit your day job until you are sure you can make more working for yourself than your employer.

3. No Hard Selling Involved
The service virtually sells itself because 98% of housewives hate housework so much they jump at the chance of having a “maid” come in to the do all the dirty work.

4. Unlimited Demand For the Service
Today, as more and more women go out to work, they have less and less time to do housework and look after a husband and a family. If they can afford it, they jump at the chance of hiring a trustworthy and reliable home cleaner.

5. High Hourly Rates
The standard minimum age is a miserly $5.15 an hour. The average hourly rate for cleaners is $25 an hour. That’s more than four times the minimum wage. Average means that some cleaners charge a low of $20 an hour and others charge a high of $30 an hour.

6. No Special Skills or Training Required
Either you know what to do or the house owner tells you what she wants done.

7. The Target Market is Local and Very Easy to Contact

8. Hot Prospects are Easy to Identify
People who can afford to hire a cleaning maid live busy lives. They own large homes with two or more garages. They reside in up-market suburban areas.

9. Very Simple and Inexpensive Marketing Plan
The three best ways to get new customers as regulars are:

One: Referrals from existing customers.
Two: Leaflet Distribution.
Three: Using a tested and proven telephone script designed not to sell the service, but to make an appointment to call and give a free estimate. Done right, the level of acceptance is a high 86%.

10. Unlimited Growth Potential
While you can make $1,000 a week doing two, four-hour jobs a day for
five days a week, the way to make really big money is not to do any of
the work yourself!

The trick is to hire others to do all the cleaning work.
This leaves you free to concentrate on managing and growing the business.

As the Holly Noble, owner of a San Diego based cleaning business, says,
“You can’t be soliciting new customers when you are cleaning a toilet.”

John‘s “Home Cleaning Business Plan” is a fact-packed, step-by-step,
do-it-by-the-numbers guide that tells you all you need to know about starting up and succeeding in a home-based business of your own.

While it includes a lot of his own advice on how to promote and manage
the business, the real value of the Plan is that it contains in-depth interviews with nine successful cleaning business owners who revealed their most closely guarded trade secrets.

Maintain Focus to achieve real success!

I think maintaining “focus" is probably one of the most important and the most difficult "challenges" we face when running an online business and trying to establish what will make us successful. Especially when you consider how many different opportunities we are bombarded with each and every day that can so easily distract us from what we are trying to achieve.

One of the tactics that I have found works is to be very clear about what I am doing and ensuring that what I am doing right now is contributing to the achievement of my vision/goals. So each time we do some work on our business we need to ask ourselves “What is it contributing to the achievement of my goals?” If my goal for this week is to make let's say £1,000 then is what I am doing right now helping me to achieve that or am I doing things because I enjoy them and they are actually adding nothing? Do you have a list of tasks which will lead to the achievement of your goal for today/this week/this month etc? If you don’t then what are you actually going to achieve this during this period? Will you succeed or will you end the period feeling frustrated because despite keeping busy you have not achieved?

So, just by way of example, if you spend hours and hours posting to forums are you absolutely certain that is contributing to the achievement of your goals? Do you do it to increase your profile and drive potential buyers/partners etc to your website; is it to help you learn, is it because you like to help others or is it a way of avoiding doing something i.e. the age old enemy of invention (action) called procrastination? If someone asked you to "justify" what you are doing (assuming you are doing something related to your business!) right now in terms of the achievement of your goal for today/this week/this month would you be able to?

A friend of mine has a framed set of his goals on his desk (which is a desk he uses purely for his online business)with the picture of the boat he wants to buy when he is successful! Every time he feels that he is starting to get distracted he looks at that framed set of goals and the boat and asks himself - is what I am doing right now going to get me on that boat?

Now that's what I call focus.

Common Courtesy Isn’t So Common – 10 Telephone Blunders in Everyday Business

As youngsters, many of us were taught basic telephone
etiquette. These lessons taught us the basic components of
conducting a phone conversation - politeness,
attentiveness, respect, and common courtesy.
Unfortunately, it seems these lessons have been forgotten
by many of today’s companies. For many, the philosophy
seems to say that it’s easier to forgo these practices and,
instead, choose to deal with the customer service
consequences later. It seems the true cost to the bottom line
is of not of any consequence. Why in a time of ever
increasing competition locally and abroad, along with the
knowledge of customers’ high expectations, would anyone
be willing to overlook and undervalue this most basic
customer service skill?

Common Sense
Common sense and logic aren’t so common. Common sense
says solid telephone skills cannot be taken for granted and
shows our customers we value them and their business.
Here are some common telephone blunders and common
sense solutions to keep your company on track. Even if you
have been guilty of practicing some or all of these blunders,
take charge now and reshape your focus to create a
customer-focused organization.

1. No Call Back
I am referring to calls from a co-worker, business associate,
vendor, or someone with which you have a standing
business relationship. The reasons people choose not to
return a call may include the following:

* “I don’t have any new information to share.”
* “I’m waiting for so-and-so to return my call or answer my
e-mail.”
* “I don’t have a need for this service right now.” (Though I
may in the future).
* “I’m not the person with whom they need to speak.”
* “I haven’t made a decision yet.”

Unfortunately, when you realize you were negligent and
overdue for a call back, panic and embarrassment set in and
you feel it’s easier to duck, dodge, and dance around rather
than make the call. This only compounds the problem and
doesn’t alleviate your uneasiness.

The solution is to pick up the phone. Begin by apologizing
for not calling back. Do not make excuses such as, “I was
busy.” Instead, be honest and forthright, which goes a long
way to building and maintaining solid business relationships
and your reputation. Next, proceed to resolve the business
at hand. In the future, begin with the positive intention of
answering calls in a timely fashion. If you don’t have any
news or there is no change in circumstances, let the caller
know. Inform him or her when you plan to call back, or
provide a future date when the caller can contact you – and
be sure to pick up the phone.

2. Untimely Voice Mail
Imagine you call a business the day after Labor Day and hear
the following message, “Thank you for calling ABC
Company. You have reached the desk of Jane Doe. I’ll be
out of the office on business from July 3 through July 15th.
Please leave a message.” What does this outdated message
really say about you to your customers? For one, it says I’m
too busy to change a voice message, so, perhaps, I’m too
busy to meet and service your business needs. Remember,
your message represents you in your absence. Be sure all
messages are timely and reflect a professional image. If the
customer needs immediate assistance, be sure to state whom
they can contact, along with a phone number.

Another voicemail blunder is allowing a mailbox to fill to
capacity so the box won’t accept any more messages. I
know people who purposefully do this just so they won’t
receive any more calls, which translates in their mind to not
having more work. This is a very unprofessional and
unacceptable practice. Check your voice mail periodically
throughout the business day. Save messages when
necessary. If you expect you will not be available for an
extended period of time, state when you expect to check
messages and return calls. If you find your mailbox often
fills up faster than you can keep up, consider having a live
operator accept your calls.

3. Unpreparedness
Have you ever had a caller phone and say, “I need so-and-
so’s number.” You offer the information off the top of your
head only to have the caller interrupt you and say, “Hold on
a minute. Let me get a something to write with.” Why do
people call for specific information and yet are unprepared to
take the information down? The caller has now wasted
his/her time and yours. Every telephone needs always to
have three items beside it: a pen, paper, and a mirror. (See
the next item as to why you need the mirror.)

4. No Mirror
What you see is what the customer gets. Keeping a mirror
next to your phone lets you see what your customers hear.
A warm smile can be heard over the phone. If a call has
come at a bad moment, better to allow the caller to leave a
message than risk taking out your frustrations on the caller.

5. Hanging Up Before The Customer
When you hang up the phone before the customer does,
you risk the client hearing comments that aren’t meant for
his/her ears. “That Jim is such an idiot. How dare he try to
haggle over price after three months of negotiations! Oh, hi,
Jim. I didn’t realize you were still on the line.” Oops, how
embarrassing! I have personally heard some very interesting
and embarrassing conversations begun before I hung up,
and I can assure you I took my business elsewhere because
of it.

6. The Noisy Hang Up
You’ve heard the crackle before –a page is sent over the
public address system and at the end of the message you
hear what sounds like a shot put thrown at the Olympic
games. When the phone is disconnected, it sounds as if the
handset was thrown halfway across the room. A better and
quieter solution is to click the release or switch hook button
first and then put the handset down into place.

7. Phone Tag
A great game of phone tag not only wastes time, it can be
downright frustrating. Cut down on the number of “tags”
and leave a message that tells callers specifically when you
can be reached or when you’ll be out of the office (so they
don’t call then). Believe it or not, some people call on
purpose when you’re out – now why would they ever want
to do that?

8. Fast Talking
I’m a former New Yorker and I usually have no problem
understanding the swiftest speaker. However, I’ve had
people I have never met leave me a message with a phone
number that is spoken as fast as an auctioneer. Slow down!
Leave a message assuming the other person doesn’t know
how to spell your name or already know your number. A
proper message includes your name and number stated twice
– once in the beginning of the message and again at the very
end. This way if I can’t understand or want to confirm the
information, I can do so without replaying the message over
and over again. Be sure to speak slowly and clearly. Don’t
be shy about spelling any piece of information for clarity.

9. Choosing Not to Invest in a Headset
Juggling a pen, paper, and handset, while typing on a
keyboard with the phone cradled in the crook of your stiff
shoulder and aching neck, just isn’t productive. Ease your
pain and invest in a quality headset and make life easier.
You’ll find you can locate information, write, or simply listen
with ease. While you’re at it, pick up an extra one for your
cell phone, too.

10. Misusing the Speakerphone
The use of a speakerphone is useful when dialing, waiting on
hold, and conference calls. There are times, however, when
it is misused and abused. Examples of this are when private
information is shouted into the speaker box so loudly that
everyone in a one-mile radius can hear or having a
speakerphone conversation without informing the caller that
others are in the room. Don’t ever assume the caller doesn’t
mind being on the speaker. Ask for permission first. Also,
always inform callers before they utter a word that someone
(if appropriate, who) is present in the room with you to give
fair warning.

Telephone blunders are overlooked and all too common.
Starting today get back to basics. Identify and correct
telephone blunders and you’ll shine as a world-class
customer service provider.

How to Make Money in the Golf Industry

The golf industry is a multi-billion dollar market with a global presence. It is responsible for the employment of many tens of thousands of people around the world, and it provides pleasure to millions who love to play or watch the game of golf.

From the management of international golf clubs to the sale of golf-related products, there is a vast array of business opportunities to be found in the golf industry. If you own or manage a business related to the golf industry then you'll already know what it takes to stake a claim to a share of this market.

However, if you're just starting up a golf business or perhaps your golf business is not generating the revenue that you originally envisaged, your next (or first) move should be to power-up some joint ventures.

The Power of Joint Ventures in the Golf Industry

Joint ventures are a very powerful concept in any business. In the golf industry joint ventures can boost sales, create multiple streams of income, help you launch a new golf product and provide you access to a greater proportion of your target market. Not only will joint ventures propel your golf business towards success than knows no bounds, but they give you the potential to achieve personal wealth too!

So, just how do joint ventures work in the golf industry? Here are some suggestions on how joint ventures can generate massive growth for you and your golf business.

1) Sell another company's golf products: Why not utilize the customer database that you have and arrange a joint venture to sell another company's golf-related products to your clients in exchange for a share of the profits? This way you expand your product range and generate more revenue with minimal effort.

2) Sell your golf products through another company: Joint ventures work the other way round too! Why not establish joint ventures where other companies sell your golf products for a slice of the commission? This way you could break into new geographical markets with your golf products and access more clients.

3) Swap resources: Joint ventures can provide your company with access to resources owned by other companies. These 'resources' could be anything from manpower and sales know-how to storage space and state-of-the-art machinery. Basically, anything you need to maximize your sales efforts. In return you could offer the company access to your customer database or advertising space on your web site.

4) Diversify: All successful companies do it! Diversification, whether through product range or customer type, is the key to long-term business success. Joint ventures allow you to find business partners through whom you can bring diversity to your business.

How to Create Your Own Information Product Even If You Are a Hopeless Writer!

You have been longing to have your own information product in your own name. However, you learn that you are just plain hopeless when it comes to writing that you are ready to resign to accept the fact that you just don’t have the flair for writing!

Maybe writing is not your forte. Or maybe English is not your first language. Perhaps, you’ve been living the life of a jack of all trades; you have almost every skill but for once, you wish you were a master of something.

Whatever the reason is, creating your own information product is a plain mission impossible. Or is it? What if I tell you that you can still create your own information product even if you are NOT an expert of any kind and above all, you DON’T have to write?

No, I’m not talking about being an affiliate or reseller here. We are going to get you an information product with YOUR name on it. Comforting to know there is a door to possibility all wide open now?

Great! And I’m just about to tell you how you can do just that! Here are three fantastic ways you can have your own quality information product WITHOUT having to write and in some cases, not even a single word!

The first two ways cost money. The last way can be done free.

[1] Hire a ghostwriter.

Quite simply, you hire a ghostwriter to create the information product on a subject or topic of your choice (or more accurately, on demand!) but it the product would appear under your name. Normally, ghostwriters don’t take any credit at all and hence the term “ghostwriting”.

Hiring a ghostwriter to write for you can be costly. However, if you have the money to compensate your inability to write a good report, this is for you.

You can go to http://www.elance.com/ and search for a writer who can help with creating your own information product.

[2] Buy Private Label Rights to a collection of articles or product.

Quite simply, you buy raw contents (which can come in the form of articles or .doc files which you can edit in Word program) from the original authors or authorized resellers. You can then edit them anyway you like and most importantly, put your name on them and claim authorship!

Private Label Rights seem to be the “in-thing” in Internet Marketing now, though Private Label Rights, in nature, has been on Earth for a very long time, which I suspect dates way back to very long time ago.

This method costs money, too, but it does not cost near as much as hiring your own ghostwriter to get the task done in most cases.

The drawback however, is that if the Private Label Rights to the products or articles are being sold in large numbers, it can dilute the value and quality of the same products or articles as there would literally be many purchasers using the same content at the same time.

If you have limited writing skills, you can still make substantial changes to the raw contents. You will do well to also choose Private Label Right to articles or products on sale with limited copies on sale.

[3] Get someone else to write for you… through an interview!

The above two methods cost money on your part. Now, here’s the third and free method. You get someone else to create the product for you.

Sounds hard? No, it sounds impossible! Not only are you going to get other people to write for you, you are also not going to pay them! How? Easy. Conduct an interview. It’s free, and it puts your interviewees in the limelight. More often than not, people are glad to be interviewed, even if it’s free.

If you are planning to create an information product on copywriting, you can approach practicing copywriters for an interview. You can remind them that it won’t take much of their time and you may name some benefits from working with you on this project.

If you know of any experts offline, you can arrange for a verbal interview in person or by phone and sell your information product in BOTH text and audio format!

In return, you can thank your interview candidates for participating by giving them some free valuable gifts. Maybe you can get your interview candidates to strike up a Joint Venture with you in selling the complete information product created by everyone with you being the compiler and facilitator. Perhaps you can convey special Resell Rights to the information product just for your candidates if they are marketers.

At least and above all, you’d better be successful with marketing your product!

With three powerful methods to choose from, creating your own information product without having to write on your part is now possible, even for a hopeless writer like you!

When you make your first bucks from your Internet Business, you may want to take me out for a meal if we happen to be nearby.

Double Your Business Results Using The Penny Model

Doubling your business results is much easier than many you realize. Especially, when you can implement a simpler process, you CHANGE how you THINK. Before explaining how to double your business results, I would like to share with you the penny model. Using this approach YOUR business results DOUBLE in 30 days.

Beginning on Day 30, you now have a penny. By Day 60, your one penny has grown to 2. Within 3 months or 90 Days, you have 4 pennies. Are you starting to get the picture?

Continuing on with the Penny Model, your fortune starts to look something like this:

Day 120 – 8 pennies
Day 150 – 16 pennies
Day 180 – 32 pennies

Six months have now flown by and you have increased your penny 32 times. Wow! And you thought doubling your business was not possible.

Day 210 – 64 pennies
Day 240 – 128 pennies
Day 270 – 256 pennies
Day 300 – 512 pennies

Ten months later your efforts are now securing a 512 return from that initial first penny. Yet, the best is still to come.

Day 330 – 1024 pennies
Day 360 – 2048 pennies

A year has now passed and that one, single penny now has the value of 2,408 pennies, far more than doubled. And even if for some reason, you didn’t achieve 2,408 pennies, would you complain if you only had 128 or even 32? I think not.

Okay, “So what does that mean for my business?” you may be asking yourself right now? Plenty and let me explain why.

Let the penny represent your daily actions or activity. For example, you call 100 people, speak to 20 of them, schedule 5 appointments and receive one sale. By increasing your calls on a daily basis for the next two weeks to reach another 10 people each day, you will have another sale at the end of two weeks.

Or maybe you currently schedule only 3 appointments per week and it took you 50 dial ups (number of time attempting to contact a potential sales lead) from the previous week to secure those 3 appointments. By doubling your dial-ups to 100 per week, you would now have double the appointments to 6. Given your close ratio, you could easily double or triple your business within a very short time.

Even if you believe that you can’t double your phone calls (your belief system may be another reason why you can’t double your results and that’s an entirely different article), consider what would happen if you increased your performance by just 10%. A 10% increase in effort, which isn’t that much more, can be compared to a penny to a dime or a dime to a dollar.

If I am currently averaging $52,000 in sales per year, 10% would mean an additional $5,200 or just $100 more per week. Using your sales and tracking numbers, which I am sure that you have, you will know exactly how many calls you will have to make to increase your weekly sales. Maybe it is just a case of up-selling or even asking a good client for a referral.

The Penny Model is a very simple way to see how quickly your activity can double your business results. All you need to do is to keep an open mind and look to the possibilities instead of limitations. Of course, a proven goal setting and goal achievement action plan probably wouldn’t hurt either.

The Secret That Will Help You Make More Money On eBay

It was the middle of the afternoon and I was hungry. Nothing decent in the kitchen to eat so I had to go out and get some food.

There was a new book shop just opened in the city, one of those massive places with a Starbucks and a café on the upper floors. Since I had not read a book for some time, I could kill two birds with one stone ( I hate that saying) and go there to eat and read.


I hit the business section. After getting past the pile of Trump books, I found what I was looking for:

The 80-20 Principle, by Richard Koch.

Reading the back cover, it says that... 80 per cent of the output of an activity comes from 20 per cent of the inputs.


So how can this help you make more money on eBay?


Well, the applications of the 80-20 principle will depend on the approach towards eBay that you're using. Let's say that you are dealing in a 'niche' market, trading in antiques of a certain kind. I don't know much about antiques, but let's say you are buying and selling ancient Chinese antiques. Now, what you might find here is that you'll have the same people buying these antiques repeatedly. In other words...
80 per cent of your business comes from 20 per cent of your customers.
The implications of this? Firstly, suiting your products to these 20 per cent. If they're buying X, give them more of X.

Plus, make sure you keep these customers very happy indeed, because thats one way to make more money on eBay and where the biggest profits lie. So think more of what they want, more freebies just for them, constant communication just for them and so on.


Also, you might also find that 80 per cent of your great products come from 20 per cent of your supplier base.
Furthermore, you might find that 80 per cent of your hassle comes from 20 per cent of your products, and within that figure, 80 per cent of the hassle comes from 20 per cent of the hasslers! Or, generally, 80 per cent of hassles come from 20 per cent of your customers. Also, you might find that 80 per cent of your profit in a given year comes from a selection of items - maybe 20 per cent of your items produce the profits, the rest only mediocre.

But here's the interesting thing.

You see, the intuitive thing to do - if you have products that are losing, and some that are winning - is to try and 'work' the losers so they come up to speed. Not so, according to the 80-20 principle. Because rather than bothering with these losers, we'd want to do more with those few that are winning.

Sounds strange, huh?

Because most people would try and work with the losers...they'd try to bring them up to speed. Well, the author of this book says that, instead, you should concentrate your efforts on what's working best:

The 20 per cent that's producing 80 per cent of the results.

That's right. You DON'T concentrate on improving the 20 per cent... you simply work harder with the 20 per cent that is producing 80 per cent of the results!
That may sound a bit well, silly - and counter-intuitive. You'd think that if you had ten products, and eight were performing badly... well, most people's natural reaction is to try and boost the results of the bottom eight. Uh-uh. Go the other way. Try and boost the results of your best two.

Or, in the case of suppliers, concentrate more on the best two. Or, if you've got a mailing list of buyers, concentrate on the top 20 per cent. How? As I've said, by treating them right... maybe rewarding them with free gifts and so on.
And what if you're selling products wholesale? And what if you're selling the same product over and over?
Then what? Do you concentrate on the losers and try and improve them? Uh-uh. Probably wrong. Try the winners... and try to boost the results of what's already working.

I'll give you a practical, real-world current example. I tried a listing for a product. It went pretty well. In fact, it went really well, better than I expected. Now, it just so happens that I was selling the same product over and over again - the wholesale approach. But what could I do to expand? The logical thing would be to get more products.


But no. Instead of doing that, I listed the same product AGAIN - right alongside the identical product!

That's right. I simply listed the same product again, at virtually the same time (i.e. running them simultaneously) but with a different picture. And it sold nearly as well. It's all about getting more out of the winning 80 per cent.

See, instead of diversifying, the implication of the 80/20 principle is actually one of anti-diversification. Because instead of going into new markets and the like, perhaps I should concentrate more on the current niche that's working very well for me, and yes - working with the current one product that's working so well. So after the current product is 'hammered', and I've listed it as many ways as I can (concentrating on what's working), then I can try other products in that SAME market that's already producing great results for me.

Make sense?

What we're doing here is the opposite of diversifying our eBay business. It's concentrating purely on what's most effective at the current time, and working out ways to boost the current good results.

What's your best performing listing right now? Try listing more of it. Try new categories, new approaches, different descriptions and pictures.

Who are your best customers now? Sell them more, and make sure they're well looked after.

Where are your profits the biggest right now? Instead of trying to expand out in the logical way, try a different approach and concentrate on what's currently most effective.

Most eBayers don't think about these things! Very few do! If you stop to think about it for a moment, you might be surprised. If you analyse it, you'll probably be even more surprised. You might find just ONE product is carrying your business, and it's that product that deserves a great deal more attention.

How to Start Your Home Based Business and Quit Your Day Job

Ever dream of leaving that daily commute, nagging boss, and finding your freedom in running your own home based business? Can’t wait until the day you can walk out the door and work at home? Well, the key is finding the right home based business that will allow your dream to become a reality, and quickly.

No one wants to feel forced to stay in a job they do not like. If you already have a part time home based business that you believe can make you enough money, go for it. However, if you have no idea what to do in your business, then you first want to find a home based business that will pay you a continuous residual income on a monthly basis. This way you do not have to stress about selling enough to live on each month.

You will also want to find a consumable product for your home based business. Some of the most lucrative businesses are those in which the consumer needs to replenish a supply of it on a monthly basis. This way you only have to build a small base of repeat consumers, and you don’t have to work so hard to build a new consumer base.

Also, you will want to find a product that is easy to market. Complicated products are hard to sell, because consumers don’t want to think that hard about what they are going to purchase. Make sure that the service or product your home based business is selling is not only simple to understand but reliable and easy to use. People want to buy a product that will work on a regular basis. Create a great reputation for your home based business by choosing a quality product.

Selling an exclusive product or service is key to making money in your home based business. If it cannot be found anywhere else, you’ve found your niche. Make sure your clients feel like they just have to get the product or service from you. Many companies start up and sell a product that people can find almost everywhere. Find your uniqueness in your home based business product and use it to your advantage.

Hard work and a great product are two components that spell success for the home based business owner. One without the owner makes success very difficult. Find your niche. Then sooner than later you’ll be able to put in your notice and find your financial freedom in your home based business.

Thursday, June 12, 2008

Preparing Yourself Mentally for Business

People say that starting your own business is difficult. Guess what? They’re not kidding. Starting a business, in many ways, is a lot like having a child – and would you just have a child without thinking it through first? Before you get started, there are lots of things you need to think about and discuss with anyone you can.

Can You Afford to Fail?

You might have heard the old saying ‘only gamble what you can afford to lose’. Well, however you approach it, starting your own business is still gambling. A massive percentage of businesses fail in their first year. If your financial situation is such that you agonise over every small amount you spend, starting a business is probably a bad idea.

Put it this way: do not expect to succeed. Expect that you will fail, and always try your hardest not to. You’ll be pleasantly surprised if things go your way. Note that this doesn’t mean that you shouldn’t believe in yourself and your business – simply that you have to realise the kind of odds you’re up against, and stay realistic.

Will You Stick at It?

You can’t get halfway through all this and have a sudden change of heart, or feel like you’re doomed to fail. All successful business spend plenty of time doing badly before they start to pick up. You need to prepare yourself for a steady stream of failure being slowly replaced by success. Don’t expect the world all at once.

Could You Take the Stress?

Starting a business is one of the most stressful things you can do. It will affect you mentally, physically and emotionally. You need to be strong to deal with this kind of stress, and you need to have someone to turn to for support.

Are You a Survivor?

There are some people who always seem to make it in the end, regardless of what life throws at them. You need to be the kind of person whose response to things going wrong is to work harder and get it fixed, not someone who cries and goes into hiding.

Many entrepreneurs say that this, more than anything, is the secret of success. You need to be a ‘never say die’ kind of person. You need to be always ready to try again, no matter what gets thrown at you. Remember that it’s not when things start to go wrong that you fail – you haven’t failed until you’ve given up.

Be Prepared to Work Hard.

If you’ve been doing a standard nine-to-five job, you’re probably used to a world where it’s someone else’s responsibility if the work doesn’t get done – you work as fast as you can for the hours you’re told to, and if it’s not done on time then it’s the manager’s fault for not hiring enough people. When you work on your own, though, there’s no-one to blame – the buck stops where it starts, with you.

You Need to Satisfy Every Customer.

When you run a home business, you can’t afford to lose any customers. You need to always be nice to them, trying to meet their needs. You have to remember that you’re the most senior person they can talk to in this organisation, and you have to act like it – when there’s no-one other than you to handle complaints, you have to either give in to customers at every opportunity or watch them take their business elsewhere.

Do You Really Love What You Do?

If you don’t love what you do, then sooner or later you’re going to want to stop doing it – and when you run a home business, that’s difficult. Besides, you can’t run a home business if you’re always sitting and thinking about how great it’ll be when it’s the weekend. No, the only way to succeed in home business is to be absolutely sure that you really love what you’re doing. If you can think of another job you’d rather have, then you’re in trouble.

Think of it this way: could you run up to someone on the street with a leaflet about your business, and tell them all about it in a way that would really leave an impression? It doesn’t matter whether you actually could or not – if you think everyone will be interested, then, believe me, they will be.

How to retain good talent for your business?

The employment market for IT related professions is finally back in full swing. After 4-5 years of outsourcing, downsizing and complete company shutdowns the employees in Information Technology finally have a choice again. Many IT employees were holding on to existing jobs to wait out the drought and the storm out there. Others were not so lucky and had to find a new job - either in the same field or in a different career path. In most cases an employee ended up with less money and a smaller benefits package. Employers had the choice and could push their requirements and options knowing that the employees had not much choice.

But now things are changing again and if an employer was using the low salary with no benefits approach for the last few years he better is prepared for the backfire. Employees read the same publications and the same statistics as the employers does. The IT employees know everything about outsourcing, right sourcing or best sourcing or whatever acronym employers came up with to disguise the fact that work can eventually be done for less by someone else. Employees also know when the market starts picking up again and an employer turning a blind eye to that fact can shoot himself in the foot this way.

So, what can employers do to retain talented people when the market picks up again? In some cases there is nothing they can do. If the employer added insult to injury (meaning: treating the employees like slaves during the market downturn) the employees will leave as soon as a better opportunity comes their way - especially if the opportunity is provided by a company that treats employees with respect and offers a fair salary. If the losing employer thinks they can fix the problem by now offering a little more money they are in for a surprise. If you kick a dog into the guts for 5 years he will still shy back even if you are mow offering a cookie. The money saved by offering no benefits and low salaries will now have to be spend on hiring a new employee for a higher market value (remember: the market picked up already) and the loss of productivity for a while until the new employee is properly trained cuts into the margins. It would have been cheaper and better to avoid low-balling right from the beginning.

Companies that value their employees usually have fewer problems retaining the talent. They even get new employees referred by existing ones which often proves to be a good choice when hiring new talent. Small treats during hard times can pay off easily. If an employer explains that overall money is tight due to market conditions, but then shows appreciation when the market picks up gains much more respect than somebody trying to squeeze employees to the last drop. Free pizza lunches every once in a while or a gift certificate for Best Buy or the movie theatre help in keeping morale high and people motivated during hard market conditions, too.

The Number One Reason For Business Failure!

Ralph Waldo Emerson said, "Build a better mousetrap, and the world will beat a path to your door."

But when you're starting your own business, there's no guarantee that your "mousetrap" is going to survive, especially in today's fast-paced business world.

Nearly half of all small businesses fail within the first two years of operation. The number one reason for business failure is inadequate planning. The second reason is under-capitalization.

So before you mortgage your house, or go into debt financing your business, you need to know if your business is going to do more than survive -- you want to know if it's good enough to thrive! Here are three things successful businesses that have stayed in business for five years or longer have in common:

1. The idea. A successful business start-up always starts with an idea. Something that makes your business stand out from all the rest. So how do you know if you've got a good idea?

You've probably got a good idea if you can answer yes to any of the following questions: Does your idea provide the solution to a significant problem for your target market? Does it satisfy a need or want? Does it create an opportunity?

The most successful businesses either fix problems (either real or perceived), or they increase your customer's pleasure. They create a repeat need for a product or service among the target market.

2. The market. Your chances of survival are better if you can answer the following questions with a yes: Is there already a market for your product or service? (It's much easier to fill a need than trying to create an entirely new market.) Can your target market afford to buy your products or services? (If they can't afford it, it doesn't matter how great it is, you won't sell any!) Will your target market perceive your product or service as valuable? (If they want it, but don't think it's worth what you're selling it for, you won't make any sales.)

3. Your ability. Do you have the people, the resources and the knowledge to be able to consistently provide your products or services to your target market? Can you maintain a competitive advantage? Do you have enough manpower? Can you purchase the supplies and materials you need over the long run?

Your first step always is to create a solid business plan. Your business plan is more than an essay on "Why I deserve to get funding for my idea" however. Don't spend all the time creating a business plan and then toss it in the bottom drawer of your desk. Your business plan should be a living, breathing roadmap that helps you make sure you're on course and reaching the goals that you set for your business.

The second step to business survival is getting enough financing. Although the term "bootstrap entrepreneur" describes most small business owners, having enough capital to be able to keep your business afloat is vital to your survival.

When you're creating your financial analysis of your business, make sure you're being realistic about costs and expenditures, so that you give yourself the cushion you need to succeed.

If finding financing is a problem, either because you don't have enough credit or equity, or there are other problems, take the time to look into the resources that are available in your community. There are a wide variety of grants and loans (including microloans) for entrepreneurs, if you know where to look.

Some great resources will be:
-The Small Business Administration
-Local Small Business Development Centers
-Women's Organizations
-Local University or Community College
-Chamber of Commerce
-SCORE (The Association for Retired Executives)
-Nonprofit organizations that work on economic development in your area

Use other successful business models as a guide. When you're getting started, look around. What businesses are successful? Why? What is it they're doing that is working? What attributes do you admire, and why? You stand a better chance of succeeding if you're modeling someone who is already successful.

Find a mentor. Most entrepreneurs have great skills and abilities, but no one does everything well. You probably already know what your strengths and weaknesses are. (If not, there are many resources and tools that can help you figure it out!) Rather than ignoring your weaknesses, find a mentor who can help you either build your skills in your weaker areas, or offer advice for getting what you need.

If you take the time to plan to succeed, you could be creating a legacy that will be enjoyed by future generations, and that other entrepreneurs will look at as a model for building their own businesses.

20 Small Business Tips, For Success

These are just some general tips to keep in mind as you design/operate your small business:

1. Take the time out to explore and understand whether or not you are compatible with running our own business. Some people are just plain happier and better off financially on the other end of the paycheck.

2.Get your personal finances in order. Before you jump into the entrepreneurship world, get your own money matters squared away.

3. Pick your niche. Many small business owners succeed in businesses that are hardly unique or innovative. Take stock of your skills, interests, and employment history to select the business that is best suited for you.

4. Benefit from your business plan. The exercise of creating a business plan is what pays the dividends. Answer the tough questions now before the meter starts running.

5. Do not think you need bankers and investors at the outset of your business. The vast majority of small businesses are bootstrapped.

6. Acquire the proper background. In the early months and years of your business, you will have to acquire many skills. Gain the background you need to oversee all facets of your business well, but determine what tasks you should outsource or hire employees.

7. Remember that nothing happens until a sale is made – How many good products go nowhere because they do not reach the shelves? Sales drive your business. You will need a good marketing plan to sell your product or service.

8. You have to see a customer to know one. N o matter how busy you are, spend at least 25% of your time with customers. You cannot make the proper business decision without understanding their viewpoint.

9. Solve your customers’ problems. The best way to satisfy your customers is not by selling them products but by giving solutions to their problems. There is a big difference.

10.Quality takes minutes to lose but years to regain. Quality is not a destination, it is a never ending journey. After you have strayed from quality’s path, your journey maybe sidetracked forever.

11. Put profitability first, rewards seconds. In small businesses, profitability must come first. Find out how to measure your cash flow and understand key financial ratios.

12. Hire supporters. If you intend to create a growing business, your number one duty is to assemble a great team of employees.

13. Do not do it alone. Find such help from small business peers, a mentor, even trade associations. They can help take some of the trial and error of beginning your business.
14. Vendors are partners too! Treat your vendors like customers and watch your partnership grow.

15. Make use of benefits. Understand how to provide insurance and other benefits for your employees and cut your tax bill at the same time.

16. Ignore regulatory issues at your peril. Federal, state, and local governments require licenses, registrations, and permits. Obey them or face losing your business.

17. Know the tax laws. Invest in understanding tax issues that affect your small business.

18. It’s the people! Whatever happens to a small business happens at the hands of the people who work for it. The evolution of the business is a result of their efforts.

19. Fast, good, cheap. Pick any two. Serious trouble awaits those who attempt to be all three in the market place. Stick with what you do best.

20. Develop a passion for learning. As your business grows, you need to change and grow along with it. One common denominator can be found in all successful business owners and that is a passion for learning.

Top Business Leaders Reveal the Secrets of Success

Out of the bevy of reality television shows today, no TV show affects the business minds and goals of entrepreneurs everywhere more than “The Apprentice”. The show stars Donald Trump, the famous, wealthy real estate and business icon that has become a household name. Donald Trump has been in business for several decades and knows the secrets to becoming a highly successful businessman.

In the past, public indications of his success were mainly found on buildings in New York City such as Trump Towers. He has been a major player in New York City and in the business world for the past few decades. However, the general public didn’t always have intimate access to his world like they do now through “The Apprentice” television show. On the show he interviews several candidates for a highly coveted position in his company. The candidates work on various tasks over several weeks. They rely on their education and experience to help them succeed.

The candidates and any business professional would benefit from learning the secrets of Donald Trump’s success. You might not have the opportunity to be on the show, but you can listen your way to success instead. Invest in your future by listening to Trump: How to Get Rich by Donald J. Trump. Donald Trump provides valuable insights on how to become a champion in business and reap financial rewards previously unimaginable. He covers a wide range of topics from investing to hiring the best employees.

Donald Trump is not the only business guru dispensing advice and anecdotes about his personal success. Steve Jobs revitalized Apple and returned it to dominance among technology companies. Jack Welch brought General Electric to new levels of success through innovative and unique business methods. Experience their business journeys by listening to The Second Coming of Steve Jobs by Alan Deutschman and Jack: Straight from the Gut by Jack Welch.

Interested in a business success story rifled with scandal? Listening to The Rockefellers by Peter Collier will suit your fancy. The Rockefeller family created a dynasty that built a mountain of wealth, but also evoked family of problems. Learn the affects of success that were both beneficial and detrimental to the Rockefellers.

Want to hear about other entrepreneurs? Check out the Venture Voice Podcast by Gregory Galant or the InfoTalk podcast from Podtech.net. Take an inside look at how to start a business, where technology is headed and other entrepreneurial issues.

Pop in these audio books on your car drive or train commute to work. Listen while you are working on paperwork at home or exercising in the gym. Take the time to become business savvy and learn from the pros. You’ll be glad you did as your bank account swells and your business takes off.

Why Should You Incorporate Your Business?

If you do well with your business, you may want to incorporate it. There are many advantages gained by incorporating. For one, if (and this is a BIG if, but you never know), if you are ever sued, your personal assets will be considered separate from your business assets. On the off chance that anything like that ever happens, you will be immensely thankful that you incorporated.

It works the other way too, if you are ever personally sued, all your business assets are safe. Legally, you and your corporation are two entirely separate entities.

Another reason for incorporating is to save money on taxes. Talk to an accountant about the different ways to incorporate – if you qualify for an S-corporation or an LLC, you may save considerably in taxes. Plus, it’s always nice to pay your taxes on a monthly or at least a quarterly basis rather than owe one giant, lump sum to Uncle Sam on April 15th.

Many a business has gone bankrupt due to unpaid taxes.

Another benefit of incorporating is to convey professionalism. Most people recognize that the abbreviation of Inc or LLC after a company name is evidence of incorporation. Your prospects may take you more seriously. And every little bit helps.

You may get a few more sales just due to the fact that you look like a real company!

So talk to your accountant today and find out if incorporating is the right move for you to make. It takes some time to start the process, but can be well worth it in many instances.