October 7, 2009

How to Earn More When You've Cut All You Can... Use the
Pre-Authorized Payment Option to Your Advantage... Three
Fears That Should Never Stand in Your Way... Are You Listed
in the Info Marketing "Yellow Pages?"... and More.

You might be thinking of starting your own home business or you might already have one that's up and running. Even though your business is home-based, many of the essentials that come along with any other business remain the same.

Insurance is one of those essentials that all small business owners need to pay special attention to. Insurance protects you in case of unforeseen events and is extremely important for every business.

Many home-based business owners may be under the impression that, because they are covered by the insurance they have on their home, their business in the home is also completely covered. This is not the case. This assumption could end up being extremely costly — and it could get you into some real trouble.

Mistakes are what happen when you are hasty and don't take the time to become informed of everything involved in starting a business, be it home-based or otherwise. Business coverage under most homeowners' insurance plans is very limited. So, in the case that your computer is destroyed in a house fire, you might be disappointed to hear that your insurance company won't replace it.

You never know when something unexpected could occur, so make sure that you are prepared for the worst.

You should always ask your insurance provider about your coverage. Business property might be excluded from your policy, so, in the event of theft, your computer equipment might not be covered.

If you are unfortunate enough to experience a house fire, and didn't disclose to your insurance company that you have a home-based business, your coverage could be void. If a customer or associate has come to your home and injures himself or herself, you might not be covered the same way you are in the case of a friend slipping and falling at your property.

Business property also includes such things as your software, printer, fax machine, scanner, and any other special equipment that you might have for your business. Some software programs can cost hundreds of dollars, so you don't want to get stuck with having to cover all of the costs on your own.

You could add to your homeowner's policy in order to increase your coverage. Just make sure that it is sufficient enough to cover everything. Also, make sure that you consider the loss of your business' income as well. If you are looking for more extensive coverage, then you should look into getting separate home and business insurance policies.

Be sure to shop around, as you may be able to find a policy that adequately covers both your home and your home-based business simultaneously. Policies specifically catering to home-based businesses will not only protect your business property, but most policies will also reimburse you for the loss of your business records, accounts receivable, and offsite business property.

Some policies will pay for the income you lose if you aren't able to continue work due to damage to the premises. Some in- home business policies also allow a certain number of full-time employees, generally up to three.

Also think about whether or not you are going to be using your vehicle as part of your business. You might have to meet with clients or deliver something every now and then, so make sure that your car insurance covers you for business travel. Also, keep your provider informed. Though keeping certain details to yourself might seem to be a good way to save money on your insurance payments, keeping your insurance provider in the dark is always a poor decision.

If there does happen to be an accident and you lose all of your equipmen t, it will end up costing you a lot more money — not to mention personal anguish — in the long run.

While it may only be October, I know many entrepreneurs are already looking forward to stories of crazed holiday shoppers lined up at stores waiting to purchase one particular item. From dolls to games to electronics, there are always a few hot holiday items that we all feel the need to get our hands on. And at the end of these transactions are entrepreneurs cashing in.

What really amazes me is the marketing involved in selling these items; that companies truly can create such an amazing buzz that shoppers will happily line up overnight and do battle with each other in order to get their hands on the select few items on the shelves.

Companies love to create a buzz for their products. They take advantage of the holiday season by launching their new products at this time of year when we are all looking for the perfect gifts for our loved ones. The fact that they are s! elling a hot new item, which they are exclusively putting out before any other company, makes consumers salivate.

There is a type of psychology involved with positioning an item in such a way that people think they must purchase it. This is escalated by the idea of exclusivity — many companies only sell a limited number of their new hot item, so as to increase its value in the public eye. For example, when the "PlayStation 3" gaming console was first released, it was in limited numbers at only select stores across North America. As a result of a stellar marketing campaign, which generated some serious buzz well before the product's launch date, people were lining up at stores overnight just to be a part of the elite group of fortunate shoppers who were able to buy it in time for the holidays.

Companies market their products aggressively in order to make s! erious profits this time of year, and the fact of the ma! tter is that creating a buzz of exclusivity about their products could work wonders. If you own a business, you can also take advantage of this method for the items you sell. If you're selling a product you really want to move during the holiday season, then you'll want to send out a clear message of exclusivity. You want your customers to know that they are special in some way and that you are offering them — and only them — the opportunity to purchase a unique product.

You want people to think that they are part of an elite group of individuals, who are privileged enough to be able to buy the product from you. You want to create a buzz that shows your customers that they can't get your product anywhere else and that there is something different and special about what you're selling.

When you're using various marketing techniques, use words that will describe the exclusivity of your product. You want people to know why your product is special and why they need to buy it.

Say, if you're selling pictures frames, they probably have the same features as any other frames do, for example. They have four sides, you can hang them on a wall, and so forth — but what you'll want to do is focus on what makes your frames special and why the customer should be excited about buying them from you. For instance, are they handcrafted? Hand- painted? Made from recycled materials? Features such as these make your product stand out from the competition's offerings as being something interesting and exclusive. Enforce the idea that yours is the only business that offers the product. This will make customers realize that you are offering them a unique and exclusive shopping opportunity.

You can create buzz for your product through various marketing techniques, word-of-mouth advertising, and even by emphasizing exclusivity to your customers when you're selling it to them. Make people feel as though they're getting something really special that will make for a gift that will excite their friends and family. Get your family and friends to help you spread the word about your product and focus your marketing materials on the message of exclusivity.

We all love to find hidden gems and we all love to give unique, hard-to-find gifts that dazzle the recipient. Your products and your business could become the great secret that many people around this time of year will want to get in on. The next thing you'll know is that the secret will be out and success will right around the corner for you.

Recently, I've talked about the importance of strong negotiation skills and all of the things they can do for you. From saving money to increasing the value of what you get, negotiation skills are an extremely valuable asset. Some areas, however, are better suited towards negotiation than others. They allow more of an opportunity to capitalize and get what you need, for less. Here are some of the places where negotiations can save you all kinds of money:

The Doctor's Office: I recently saw a news special reporting on how people are choosing to stay away from the doctor these days because of the cost. With the recession hitting people where it hurts, trips to the doctor have become an expendable expense. However, what many people don't realize is that a doctor is willing to negotiate the cost of their work. Why?

Well, for starters, they know that times are tough. Second, it can be quite a hassle to deal with insurance companies. By offering to pay for your treatment upfront, thus saving them the hassle, you may be able to negotiate yourself a 10%-20% savings.

Small Businesses: The recession has made it much harder on small businesses these days, no question about that. Because of this, however, they are more liable to offer deals to customers through negotiations. The fact of the matter is that some cash coming in is better than no cash. If you frequent a small business in your area, use the fact that you're a regular in hopes of getting a discounted price. Assess how much you spend at the business on a monthly basis and try to work out a deal for yourself. It's important, however, to negotiate your discounts in private and not in front of other customers. If you do it in front of other customers, you're likely to be unsuccessful, because the owner doesn't want to offer a discount to everyone!

Hotels: People simply aren't traveling these days, and hotels are pretty much willing to do whatever it takes to attract customers. In fact, CNN recently reported that hotel occupancy is expected to be less than 55% (average) this year. To negotiate a good rate on a hotel room, call the hotel directly instead of an 800 number or a booking agency. Talk to the manager and see what you can do. Mention rates you've seen on last-minute sites like Hotwire to give yourself a little leverage. If they won't budge on the price, inquire about upgrades and included amenities like breakfast. You'll likely be able to get some extras thrown in if the price doesn't change.

** Hotwire Ideas to Your Info Marketing Business
By James Burt, Online Marketing Expert

I keep in touch with a writer I met at a now-defunct magazine's conference some time ago. He's a seasoned pro, having written everything from ad copy, to journalism articles, to a full book on Scotch whiskey. He's a good guy to keep in touch with for when I am having issues writing my content or getting new ideas.

He mentioned that, when he started writing back in the early '90s, he never worked so hard in his life. Part of this was meeting deadlines, and the other part was keeping up-to-date on new information. He had to cover sports scores, local events, news from government and, of course, the latest news from his favorite Scotch brewers. It was tough. He had something like six magazine subscriptions and even got a police scanner for news updates. But now things have changed.

"It's pretty cool. I can keep updated from home and get new updates as soon as they are available." And he does it all from his home.

Information marketing is dependent on this sort of necessity for being up-to-date. Like it or not, no subject these days is static. Whether it's information about antique furniture or the fast- paced world of computer or new automotive technology, it's your job to keep updated on every bit of change for your information marketing business. When you give the clients the newest goods on your info topic, they are only too happy to dig down into their pockets to pay for it.

My friend's not afraid to share his sources and I think some of them are great for information marketing. Here are the best ones and ones you can access online:

• A good homepage: When you get hooked up to the Internet, you should bookmark a good homepage that is updated regularly. These homepages are updated on a constant basis with breaking news and events. A colleague who writes on automotive information gets a lot of news on automotive technology from his homepage. In short, a good homepage is something that is informative that you can access by simply logging onto the Internet.
  
  
• Newsfeeds: Although this might be related to having a good homepage, I think having one or two separate news feeds is good as well. As I mentioned earlier, my colleague went so far as to get a police scanner back in the day. Obviously, you don't have to do this and often you can subscribe to a good news feed like "Reuters" or "BBC News" right online and get updates sent to your browser or e-mail inbox. Be sure to select what news you want to receive and check your feed regularly.
  
  
• Mailing lists: Probably like you, I dislike junk mail and e- mail spam. A lot of people think that when you get on certain mailing lists for info updates, you will be inundated with spam. Well, yes and no. Some are better than others. But the point is that, in information marketing, being on certain mailing lists is often necessary. You can get immediate news from your info sources that you yourself can incorporate into your info marketing business. Be selective and add yourself to the necessary mailing lists from good info sources. It's really worth it.
  
  
• Online trade sites and publications: Newspapers and magazines are changing a lot these days. A lot of info is going right to the Web before it goes anywhere else these days. Be sure to get hooked up with the best online trade publications, magazines, message boards, and even blogs related to your info content. While often not as quick as a newsfeed, these sites often get odd, interesting tidbits of info that are ignored by other sources and are still very useful to your info marketing business.

For some, info marketing seems like a lax "hobby" type business. But that's hardly the case. If you are able to stay up- to-date using modern digital media, there is no reason why info marketing can't be both exciting AND profitable for you.

Never stay out of the loop and you will always see the cash flow coming in.