APRIL 7, 2008

** It's Never too Late 
By Adrian Newman, Founder of e-Wealth Daily

I recently came across a news article from CNN detailing the
life of Alferd Williams. Alferd is learning to read with the
other first-graders at Edison Elementary School in St. Joseph,
Missouri.

The only difference between Alferd and his classmates is that
Alferd is 70 years old.

He never got an education when he was younger because he
had to work on his family farm. However, he did promise his
mother that, one day, he would get the education she always
wanted for him.

And now, he's reinventing himself at the still quite young age
of 70 years old.

Alferd should be an inspiration to anyone out there who is
stuck in a rut and feels like they can't achieve anything because
they think that their time has come and gone.

This is the furthest thing from the truth. In fact, every day I
seem to hear another story of a so-called "golden ager" doing
something remarkable.

For example, not an hour ago did an associate of mine come
into my office and recount to me how, last night, his 67-year-
old mother surprised his entire family by inviting all of them to
her karate class graduation.

She kept the class secret from everyone because she didn't
want anyone to worry about her health problems (she has
osteoporosis) and how a karate class might negatively affect
her health.

An even more remarkable footnote: she's not the oldest person
in the class. One of her karate classmates is 75 years old and,
believe it or not, before the class, used a walker on a semi-
regular basis.

You see, it's never too late to start something remarkable.
Whether it's learning to read like Alferd Williams, taking a
karate class at 75, or starting a new dream business, your age
shouldn't keep you from doing anything you want to do.

Most budding entrepreneurs curse the competition and see
them as the only thing standing between them and ultimate
success. But truth be told, your competition can be a big asset
when you're starting out.

It can be a daunting task to research the market and determine
how you're going to run your business. However, if somebody
else has already done the work, then you can use what they
have already accomplished as a starting point for your business
model.

Not sure how to price your products? Well, what does the
competition charge? If they are successful, then obviously
they're doing something right, so why not take a look at their
pricing? Not only do you not want to price too low and risk
losing money, but you also want to know how high you can go
with your pricing so that people will still pay. The competition
already knows all about workable price ranges, so take their
lead.

Use their strengths as a springboard and add your own unique
skills to help your business rise above theirs. For instance, what
services do they provide and what products are they selling?
This will make your work a lot easier if you know what you
need to provide your customers with in order to make money.
If you know what elements are making your competition
successful, then use that knowledge and copycat their actions.

Also find out what they're not selling. This is important
because you can potentially corner a market that they haven't
yet touched upon. Find out their reasons for not selling certain
products before you go ahead with this. If you find that there is
no reason for why you cannot proceed, then go ahead and beat
your competition to the punch.

Remember that competition breeds sales and this can be a good
thing. Think about it this way: They already have customers, so
you know that the business you're thinking of can work. You
know that there is a market for your product or service and that
you can make money. Also keep in mind that customers want
choices.

If there's a new kid on the block, then customers will check out
what they have to offer. If your prices are lower -- and your
customer service is better -- then you can steal away the
competition's customers. Just remember to use the competition
to your advantage by putting your own unique spin on their
success.

** It's Time to Look Beyond 9 to 5
By John Hurd, Chief Wealth Researcher

Working 9-to-5 from Monday to Friday is certainly considered
the norm. And if you do work these hours, you know that it's
difficult to get certain errands finished on lunch breaks and
after you end your workday.

Sure, there are grocery stores and malls that are open until 9
p.m. or later. But, when it comes to going to the doctor for
appointments or doing your banking, it can be really tough to
fit those into your schedule.

Just think; have you ever tried to run in and out of your bank
during a lunch break? Since you're not the only one who
thought they'd make a quick pit stop, this quick trip has now
turned into a time-wasting trudge through a long line-up.
 
But there's good news. Although it's taken some time, big
businesses are starting to realize that they are missing out on a
huge section of their customer base by holding on to the 9-to-5
workday hours.

For example, many banks now offer extended evening hours as
well as Saturday banking hours to accommodate those
customers that simply can't make it in during the week.

Now, what does this mean for you?

Since you're serious about pursuing your dreams of running
your own business, you may have the choice as to what
operating hours you are going to have. Here's where your
market research is going to come in handy.

You should already be narrowing down your niche market -- a
select group of consumers you target exclusively -- and you
should also be uncovering their working hours, as this is very
important.

For example, if you're opening a store that sells, say, learning
aids, and you target elementary school teachers, you have to
consider their workday. As most teachers can't just duck out to
run to your store during the day, you can't expect to get a lot of
business during school hours.

So, in this instance, you'd want your business to have hours
that take into consideration those of your target market. That
means after school hours and weekend hours may be the best
for this scenario.

Now, every market has different needs. So, take the time and
consider each of them carefully. You could find yourself in a
far more profitable position just by changing the hours you work.

** Maintaining Momentum in a Slow Season
By Michael Newman, Self-made Millionaire

Now that spring has arrived, many of us are eagerly awaiting
summer and gearing up for a season of fun in the sun. For those
of us on the northeast coast, the warm weather will be a
welcome change after the cold, snowy winter of 2007-2008.

Some of us, however, will be sad to see the winter months left
behind because it means business will slow down, causing
greater difficulty in making ends meet.

Now, there is no easy remedy to this situation, but there are a
couple of things you can do to help pay the bills in the slow
season.

The first is to keep your operating costs down. This means you
should try to minimize the amount of full-time employees you
have on staff, if you decide to keep any at all. In a seasonal
business, it's best if you only hire seasonal employees.

Beefing up, or at least continuing, your marketing efforts
through the off-season is also an essential part of a seasonal
business. Remember, just because your customers might not be
around, doesn't mean they are no longer customers. It's your
job to keep them in the loop about new products, new services
and other deals you'll be offering. Doing this will hopefully
boost sales when the season finally arrives and even bring in
customers during the off-season to take advantage of your
offers.

Make sure to focus your efforts on preparing for your high
season, so that you're able to pull in as much cash as you can.
Your off-season marketing should help with this. You are
going to want to focus on having a superior product when
business picks up again, so getting everything prepared in the
off-season is of high importance. A way to boost sales during
the season is by sending out special offers, coupons or
newsletters to customers; priming them to spend when the
season rolls around. The result of doing this will hopefully lead
to increased seasonal revenue, so that when the season comes
to an end, you'll have enough money to survive comfortably.

Taking on a part-time job in the off-season may also be an
idea. This way you can make some extra cash to help with the
bills without taking too much time from focusing on your
business.

Of course, the key to surviving the off-season is money
management during the high season. Doing this takes
discipline, but trust me, it pays dividends. When the season
picks up, set aside a percentage of sales in a reserve account,
and possibly take out a line of credit. This way, you'll have
readily available cash when you need it. Be sure to pay all your
bills on time to boost your credit, making any relationship with
the bank much easier.

Survival in the off-season doesn't have to be a struggle if you
use the time wisely. Now come join the rest of us counting the
days until summer!