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Archives
May 19, 2010
Own a Business Without Spending Any of Your Own Money,
Part 2... How Much Should You Pay Yourself?... The Finishing
Touch for Info Products... Is Your Idea a Burger Joint or an
Empire State Building?... and More.
Own a Business Without Spending Any of Your Own
Money, Part 2
By Adrian Newman, Founder of e-Wealth Daily
On Monday, I discussed an alternative to starting and running
your own business. I looked at how you can find a business
opportunity that does not require any start-up or upfront
expenses. These are businesses that are already in operation
and are expanding while looking to offer instant partnerships to
people who can contribute their expertise to the next new phase
of the business.
You may think that opportunities such as these are a dime a
dozen. Think again. Many small businesses are run by one or
two people who built their enterprise on hard work and
determination. Instead of hiring a manager, they are more
interested in finding someone has an "owner mentality" and
can help take the company to new heights.
This could be you; so how do you find these rapidly expanding
companies?
The first place you should look is in the business or classified
section of your local paper. The owners of these small
businesses are facing a challenge when it comes to finding a
suitable business owner candidate, so it's quite likely that the
local paper is where they could begin their search.
Alternatively, you can place a small ad letting readers know
that you would make a great business partner. Perhaps you can
set up a small web site and direct people there. If you place an
ad, you may want to consider going with a newspaper or trade
publication that caters to business news. Don't be surprised,
though, if you end up getting some calls for job offers as well.
Business owners are always on the lookout for people with
ambition, progressive skills, and solid leadership qualities to
whom they can offer career opportunities.
In my opinion, the best way to find business ownership
opportunities is to meet business owners directly at places such
as your local chamber of commerce, during business events, or
at other business association functions. You have to pay to
become a member of these organizations, but the fees are not
normally expensive. These associations offer weekly get-togethers, power lunches, guest speaker engagements, and
other monthly events to get the business community
networking.
Remember, if you plan to network, bring along your business
cards and maybe even a brochure with a condensed version of
your proposal. Before anyone brings you on board, they first
have to like you and then get to know you. What better place
than at a function to break the ice and develop a relationship
that can lead to you becoming part owner of a business!
Here's a little-known secret from a close friend who works in
the franchising industry: growing franchise companies
sometimes offer free franchises to people who are willing to
move to an area where the company plans to expand. Visit an
online franchise directory such as www.franchisegator.com and
see which franchises do not have a location near you or in a
place that you think they should. Call them, write to them, e-mail them -- let them know that you are a leader and a
visionary, and that you can help them expand!
Here's one very important piece of advice: when it comes to
presenting yourself, be yourself. Don't put on an act or show in
order to stand out, because people will see right through you.
You want your potential future business partner(s) to know that
you are who you say you are and that you can do what you say
you can do. Don't expect a contract overnight. And don't be
surprised if you are asked to work for free at first in order to
determine if you mix well with their workplace chemistry. Use
this opportunity to make your credentials shine and to bring
your vision for career growth to life.
Is Your Idea a Burger Joint or an Empire State Building?
By John Hurd, Chief Wealth Researcher
It seems to me like there is a divide when it comes to people
with moneymaking ideas. It's a divide that seems to have
created two eager and determined groups separated by their
beliefs.
The first side is made up of people who are looking simply to
duplicate a successful model step-by-step. And, on the other
hand, there is a group of people who are not looking for a
proven idea, but are instead exploring new territory and
coming up with something brand new.
Now, both sides of this debate make some very good points.
When it comes to duplicating success, it seems like following a
proven model certainly is a good idea. With a model, you'll see
the steps it took to reach the final goal. The model shows you
what has worked in the past, and it certainly may work again in
the future.
When we look at the other side, creating something new also
has its benefits. Many models simply don't work any longer, or
maybe they just happened to work out one time only. Sure,
there are risks when creating something new, but, in the end,
you have something that is truly unique.
This brings us to the question: which side is better? Is it better
to follow the tried-and-true path, or is it better to break new
ground?
Well, if this were an easy question, then I'd have given the
answer right off the bat. Let me explain.
The most visible business models are franchises. Walk into any
McDonald's restaurant and it's pretty much the same as the last
one you were in. There are regional differences, but, for the
most part, the restaurants are the same.
For McDonald's, this system works. Customers expect an exact
product from the stores and they provide it again and again.
This model works because it can be duplicated anywhere in the
world and there is a demand for this product almost
everywhere.
Now, on the other hand, take something like the Empire State
Building. People travel from far and wide to see this incredible
work of architecture. There may be a replica in Las Vegas, but
it certainly pales in comparison to the original. That's because
it's extremely difficult to duplicate the Empire State Building.
When you're deciding whether to innovate or imitate a model
for success, evaluate your idea. Consider your personal needs
and the desires of the market you're hoping to enter. Some
markets want a McDonald's and some want the Empire State
Building; it's up to you to uncover the right one for you.
How Much Should You Pay Yourself?
By Michael Newman, Self-made Millionaire
Growing a business can be a very exciting time. Watching
sales boom and seeing more and more money coming in is a
great feeling -- it means you're accomplishing your goals. At
the same time, growth offers the opportunity to make a lot of
big decisions. These decisions can have a huge impact on how
your company continues to grow and how much money you'll
make in the future.
For new entrepreneurs, seeing an influx of sales dollars and
profits is a good thing no matter how you look at it. Of course,
there are a number of different things you can do with that
cash.
For many, this profit means one thing: a bigger salary. This
seems fair, after all, because you've worked hard and now it's
starting to pay off. Why not reward yourself and start living the
good life?
Of course, doing this may not always be the right decision.
You may now be able to afford the nice home, car and all the
other toys that you've always wanted, but your business may
become stagnant.
The best way to grow a business, especially as sales pick up, is
to reinvest that money into the company. Keep a low salary and
continue to reinvest and grow your business. Improve your
product, increase production and do all the things that let you
maximize your services and grow your market. After all, the
more you invest, the quicker you will grow and the more
money you can make. Furthermore, a commitment to
reinvestment helps to ensure your business' longevity and
success. The longer you can earn, the better.
The key to reinvestment and keeping your own salary low is to
focus on the future and know that, by pumping more money
into the business, it will stay relevant and produce greater
returns. Once you've expanded to a comfortable level, start
bumping up your salary a bit. However, even when you do this,
be sure to keep pouring cash into the business.
Keep focused on growing your business and you should be
rewarded. Remember: the good life will be there at the end
waiting for you!
The Finishing Touch for Info Products
By James Burt, Online Marketing Expert
Info marketing is an entrepreneurial business where editing is
essential. I've seen many info marketers who are great at the
info part, but create products that are sub par, because they
never took that final bit of time to make sure their spelling,
grammar and formats are correct. They don't enjoy it. But they
need to know that it really is a must at that stage of the game.
But how do you become good at editing in info marketing?
You don't want to shell out cash to someone else to do it if you
can it yourself. There must be some tricks to the trade. Well,
there are, and here are a few:
--- Take notes, then transcribe: A lot of writers boast about
doing only one draft of their work and handing it in, claiming
that they get paid the big bucks to do so. That must be a nice
arrangement. Yet most people aren't so lucky. Most publishers
will print whatever they are submitted, expecting it to be in its
polished form once they receive it. From the beginning, it's
best to make whatever errors you are going to make at the
beginning. When you are dealing with info sources or
gathering sources to create your content, feel free to take notes.
You can be rough, use shorthand, and not worry about
grammar at that stage. Make sure you can understand it though,
as, once you transcribe it into nicer content, you have to know
what you have written.
--- Write with care: Whenever I used to make small grammar
and spelling error on my essays in school, my mom would
coyly comment: "Well, don't make so many errors and you'll
have no problem." As smart-alecky as that comment is, it is
pretty accurate. When you write your info content, write it with
care. Take your time and even go over it as your write it. I
would also suggest laying off excess coffee or energy drinks
whenever you are doing your writing. Those stimulants can
speed things up, but create more errors along the way. It's
happened to me!
--- Print and read: Most often these days, editing is done in
front of a computer screen. For those with good eyes, this
method works great. However, if you've stared at a computer
screen long enough, you know how blurry and tired your eyes
can get. If this is the case with you, don't be afraid to print your
proofs onto a stack of paper and do editing the old-fashioned
way. Line by line, word by word, with your pen in hand, you
can go through all of your proofs and make manual corrections.
Even though I do most of my work on screen these days, there
are many times when I make prints of what I've done to edit by
hand. Maybe this old-fashioned way can work for you, too.
--- No frills: Info marketing really is a just-the-facts type
business. You need good, well-written info that is informative.
But be sure to trim the fat on what you don't need. Keep it
simple and remove unnecessary bits of content that are not
relevant to your overall topic. Your customers will always
appreciate good info that is enjoyable to read but gets to the
point.
Editing is a skill that takes a long time to master. As someone
who has done it repeatedly, it's safe to say that the early stages
of learning it as a skill are the toughest. But it can become
something you get better at with time. Develop the skills you
need to make sure info content is always at its best and you
will develop one of the biggest info marketing skills you will
ever use, time and again.
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