February 24, 2010

Creating a Demand for Your Supply... $300 Million for Old
Washing Machines... The Rules for Entrepreneurial Success...
A How-to Guide for Creating "How-to" Info Marketing
Products... and More.

When starting your own business, there's one very important factor that has to be determined. And while having it won't guarantee success, not having it will almost surely guarantee failure.

And that factor is a market.

If there's no one who wants what you're selling, you won't be able to give it away. That's a cold, hard fact.

And as I've said before, there isn't one product or service that everyone needs. What you might think is a necessity of life could be totally useless for someone else. And that's one of the biggest mistakes of business start-ups: misjudging the marketplace because they're so "starstruck" by their own idea and how it would help them that they fail to do any research to see if anyone else is in need.

So, how do you determine your market?

The best way is to use Google. However, and this is important, do not Google your business idea. This is a common mistake people make. They Google their idea, see that there are minimal search results and think to themselves, "Great! I'm the only one doing this; I've got the entire market to myself."

On the flip side, they get a lot of results back and think, "Oh well, the competition is too steep. I better give up!"

The key isn't to Google your business idea, but rather to Google the problem that your business idea solves.

So, if you have an invention or idea that, let's say, helps senior citizens do everyday errands, don't Google "senior citizens assistance." Instead, Google "need help for my elderly mother" or something similar.

See what kind of buzz is going on about the problem you are attempting to solve. If there aren't any complaints about the problem, then there isn't a need to solve it.

Another thing to remember is to start locally. I know that, with the Internet, you can start marketing your business on a global scale. But when it comes to actually doing business, you might be in a bind over geography. I mean, let's say you start a vacuum repair business in Boston and you market around the globe and your first order comes from London, England.

Keep it local to start or, at the very least, stick to the largest metropolitan community closest to you that you'd have no problem traveling to at a moment's notice.

If you can find a solid amount of people in proximity to your location who have a genuine need for your business, then you're ready to take the next steps in determining if your business is viable.

"USAToday" reports that dozens of states are launching a "cash for clunkers" type program aimed at older, inefficient appliances.

As people make personal budget cuts, big-ticket replacement items like new refrigerators and stoves are rarely seen as a priority. That old fridge may make a few strange noises, but when money is tight, people will stick with the old one, because the cost to replace these items is often hundreds of dollars.

To help offset these costs, rebates of $50 to $75 are being offered in exchange for old appliances. The program has already launched in several states, including New York.

While $50 towards an appliance that will cost several hundred may not sound like a great deal, it is important to consider the other costs associated with large appliances.

Laundry machines, both washers and dryers, use a lot of energy. Older models often have longer wash and dry times and increase the already gluttonous amount of energy required. New models, which typically must be "Energy Star" certified, have decreased both the time required and energy needed to operate, which can translate into savings on your energy bills. That means, month after month, you will recoup your initial spending in savings and then continue to save more as time goes on.

Of course, if you have purchased new appliances in the past few years, it may not be time to upgrade what you have. So, before considering this rebate program, be sure to evaluate your current appliances. Ask yourself: are my current appliances "Energy Star" certified? Are they still working properly? Do I really need to replace them now?

For more information on this program in your state, go to http://www.energysavers.gov.

It's very rare you'll meet someone who has experienced success for their entire life. Many of the successful entrepreneurs of today have stumbled along their road to the top, taking careful notice of their failures and learning from their mistakes each step of the way. I know this because I'm one of them.

Although there is really no way to completely eliminate the risks facing an entrepreneur, there are ways to position yourself and your business to make success increasingly attainable at faster rates. Over the next couple of days, I'll cover some of the rules new entrepreneurs should follow as they pave their way to the top.

Be Afraid: It sounds strange, but being overconfident can impede your ability to succeed. When you possess a certain amount of anxiety or fear, you can find yourself increasingly motivated to make sure everything is taken care of, rather than assuming things will just fall in to place. That being said, you must have confidence in your business, and believe that whatever you're doing has the ability to change the world.

Step Out of Line: Don't be scared to challenge the status quo. If you have a new idea of doing something at your current job, let it be known. The truth is, a lot of things are the way they are just because that's the way they've been done for years. Most people just accept how things are and go through the motions. As an entrepreneur, however, your success will be attributed to innovation, so shed your fear of sharing your ideas and let them be heard.

Wheeling and Dealing: Before you start up your business, you'll have to master the art of negotiating. Being a seasoned negotiator can help you greatly not only in business, but also in life. Negotiating skills are extremely important in your business' primary stages, because money can be quite hard to come by, so you'll need to find creative ways to get what you need. Some key negotiating tips are to listen carefully to the other party, never come out too high or too low, and be able to add services that will cost you very little, while allowing you to get more of what you need.

Know How to Sell: If you're going to be running a business, you'll have to be a competent salesperson, no question about it. After all, you can't make money without sales. The key to selling is creating a problem or a need for your customer, then showing them how you can fulfill or fix it. Sell them on the dreams and possibilities that can result from a purchase, not just the product.

Adaptability: When you're managing or running a company, you'll have to be ready to adapt to the multiple situations that arise. It could be anything from your internal operations, to competition or even payment options. There is no facet of your business that will be immune to change, so, when it arises, you must be ready to adapt.

Well, we're halfway there. Tomorrow, I'll return with the rest of my list.

** A How-to Guide for Creating "How-to" Info Marketing
Products
By James Burt, Online Marketing Expert

With every new gadget and gizmo, there comes a long list of jargon words meant to explain their use. Quite frankly, this can
get pretty confusing, pretty quick. However, all of this often confusing techno mumbo jumbo can be great for info marketers.

Technical information about tech products can make for a good info product. If your areas of info expertise are things like car repair or newfangled electronic goods like computers or "iPods," a well-written, clearly instructive manual or article is something your clients would appreciate. The truth is that a lot of goods out there are pretty simple to operate, but consumers are intimidated or confused on how to use them properly, especially people who are older or are not technically savvy.

To write a tech info product, here are some things to consider:

--- Know the product(s) thoroughly: Like I said, a lot of info marketers deal with different subjects. But info marketers who deal with mechanical things -- cars, electronics, etc. -- already have an advantage, as their clients expect them not to only give out info on the products, but also how on how they work. I've written before about getting all of the "specs" or specific information about whatever information you are writing about. But in this case it is especially important. Good info tech writing requires you to get all of the information about consumer products, right from the factory components to how to assemble and/or operate the final product. It's also important to watch consumer trends and put your focus on what products are being used the most these days.

--- Go step-by-step: Once you've got all of the product information, it's time to do your tech writing. A good way is the step-by-step method. Start with what happens when the consumer gets the product in their hand, then move to how they should be operating it once they get it working properly. Consider all things that have to be done to get the product operating properly, what special materials are needed, any special tips you can add, etc. This step-by-step process will help your clients understand exactly how their new "toy" will work and make them appreciate you laying out a bare-bones, well-written plan to do just that.

--- Don't plagiarize the manual -- create your own: For a tech, "how to" info product, it's very important that you don't plagiarize. A new "iPod" or GPS system comes with an instruction manual already, so be sure to check that you have not copied any of its material. Instead, think of how your tech product is going to look. Write all of your own info in easy prose and think about the info's format. Will it be a short newsletter-type publication or more of small pamphlet? You can have some creative fun writing and designing a unique tech info product that is all yours.

--- Edit, edit, edit: Like I've said before, even the most seasoned tech writers can't always do the proper writing as clear they might want. Make it your job to outdo them and make your tech info product as clear and straightforward as possible. Keep it error-free and comprehensive each step of the way.

--- Make the offer: Once you are done creating the product, think about who is going to want it. You could offer it as a special product to specific clients or as a general special offer to all of your clients. A lot or only a few of your clients might be hip to the latest gizmos, so it doesn't hurt to consider how and to whom you will direct this new tech info product.

A final note comes from a tech writer acquaintance, who told me: "You just want stereo instructions not to read like stereo instructions." In other words, you want to create an info product that your clients will enjoy reading and that will help them understand their favorite consumer products as well. This kind of info product is valuable to your clients and very profitable for you, too!