March 5, 2009
Creating a Demand for Your Supply... Benefit From the New
Tax Plan... How to Hone Your Personal Focus... Something
Made out of Wood —The Physical Information Product...
and More.
** Creating a Demand for Your Supply
By Adrian Newman, Founder of e-Wealth Daily
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 thateveryone 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.
** Something Made out of Wood — The Physical Information
Product
By James Burt, Online Marketing Specialist
Not so long ago, mogul Sir Richard Branson stated in an interview that, with the rise of digital formats and file sharing, it is quite possible that society could see the end of CDs, records, and all other physical forms of recorded music.
Is this good or bad? If you asked a teenage kid with little money, he'd give you one positive answer. If you asked a high-ranking official of Sony Music, he'd give you one direct negative reply. But what is important is this: it doesn't matter for the information marketer.
That's right. While it is important to utilize all modern tools of the information age, it is even more important not to forget the other profitable avenues of your business. People still like the physical products, and you can provide these products to them. Often, a print version of an information product can result in 30% to 40% in profit increase.
As an information marketer here are some physical information products you can offer to your clients:
- A book: Once you accumulate a large amount of
information, you should think about compiling it into book
form. Break it down into chapters, provide lots of detail, and
even show some examples. For example, at IMI, we have
offered business start-up books with everything from "getting
started" information to who to go to for help, and have even
provided a back page appendix of legal documents to assist
entrepreneurs.
- A special report: You can also consolidate a skills or how-to
package into a special report. Reports should be only a few
pages and the content should be very direct. As I have
mentioned before, my colleague Mathew Lecompte is a writing
ace. If we get stuck with product ideas, we shoot him an e-
mail. He has a backlog of small reports on product and ad copy writing skills that have proven very successful.
- A transcript: If you hold a seminar or conference, it's
understandable that not a lot of your clients will be able to
attend. Why not offer a transcript? Include all the important
dialogues of your session in paragraph form, with chapter
breakdowns and overhead examples. At IMI, we've often used Gary Bencivenga's seminar transcripts for information and
have had great success with them.
- Mailings: If you want to advertise special offers or
newsletters, try sending out a special mailing to your clients.
This can be very effective, with some great responses, even
with the prevalence of e-mail. While my superior Michael
Lombardi has taken up the online route to promote his
publications, he has not given up on his direct mail and print
campaigns. They still generate a large amount of revenue for
him and have had a constant client response.
I heard a graphic designer on television once say that, in the digital age, with everyone behind computer terminals all day and all over the world, they are going to want to go home and surround themselves with things made of wood. They will want to sit in a comfortable chair, at an oak table or desk, under a potted tree, and read a paper product they can hold in their hands. As an information marketer, do not forget this. See how you can integrate this philosophy into your business.
More to come, so stay tuned!
** How to Hone Your Personal Focus
By John Hurd, Chief Wealth Researcher
There are times when you feel your energy start to fade and the motivation to keep working towards your goals gets harder to sustain. Maybe this happens after a few too many challenges spring up in your way. Or maybe you just aren't that excited about your pursuits anymore.
Now, this isn't the time to throw in the towel. There are plenty of reasons why you don't feel as energetic as you once did. There are numerous distractions when it comes to running your own business or reaching a personal goal. And these distractions can all take away from the energy and zeal you once had.
The good news is: getting back this energy is very possible and not very hard to do.
All it can take is just a few simple steps that can help you identify your strongest motivators and integrate them into your daily routine:
- Know your motivations. What is it that first brought out
energy bursts every time you did that action or had that
thought? Is it your friends and family? Is it a singular personal
or financial goal? Whatever it may be, you should identify your
motivating thought and clearly define it.
- Identify major distractions. With bills to pay, sales to make,
people to contact and everything else that goes into making
more money, you're going to have countless distractions at all
times. Some of these are bigger than others and your goal here
isn't to list what stands in your way; it is to understand how
these distractions take away from your motivation. Some can
bring on thoughts of self-doubt and concern, while others are
simply speed bumps that can't be avoided.
- Focus on your motivation. Now that you've identified both
your motivations and your distractions, it's time to put them
together. Focus on the motivations that bring out your energy
in times of stress. Even something as simple as developing a
personal mantra such as, "I'm doing this for..." can help you see
beyond the doubt and focus on your goals.
** Benefit From the New Tax Plan
By Michael Newman, Self-made Millionaire
For this year and the next, you could be in for quite the savings on your tax bill. In fact, there is a good chance you'll be able to take advantage of some serious tax breaks for the next number of years.
Every American household earning less than $500,000 is poised for a tax cut and rebate under Obama's new tax plan, and it will even pay out to those who had an income too low to tax in the first place. The goal here is to help the people who need it most right now, and into the future.
If you were in the income segment that earned between $10,000 and $20,000, you are immediately in line for an increase in after-tax income of just over seven percent, on average. This equals roughly an additional $1,019 in your pocket at the end of every year. If you're a little further up the income scale, earning anywhere from $50,000-$70,000, you can expect an extra six percent of your after-tax income to stick around; coming out to an average of $1,201.
Furthermore, low-income earners who didn't make enough money to be taxed (roughly 57 million Americans) will not only be eligible to receive formerly unavailable tax credits, but they will also be able to take advantage of $1,000 child tax credit. This tax credit allows for families with children to collect $1,000 per child from the government. This credit was formerly unavailable to these families.
Obama's tax plan is working to limit the recession on the country's struggling population by redistributing the tax burden on them, and allowing them access to the money they need. The taxation structure is being altered so that those making the most money end up taking on a larger share of tax burden, with their money then being redistributed into less advantaged hands.
The plan is to decrease the ever-growing disparity between rich and poor, while reestablishing a disappearing American middle-class.
The extra money that could be coming your way can be a great help, especially right now. The question is: what should you do with it? If you're looking to invest, consider something safe that is tax-free — usually some kind of government savings bond at any level. Putting it towards living expenses like debt, groceries or paying bills is another good option. If you can, put it away for a rainy day as a windfall.
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