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Welcome {!name_fix}, and all new subscribers to another edition of My
IBiz Weekly.
This ezine is here to help all Newbies become successful Webmasters,
Publishers, and Entrepreneurs online. I am here to help you help
yourself.
Today's Articles:
Exclusive
Interview: Robert Evans, http://www.market4profit.net
Feature Article: Beyond Startup - Are You Stunting
the Growth of Your Home-Based Business? By Elena Fawkner
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Editor's
Notes:
Hello Everyone and welcome to the Wednesday
Edition of MIBW.
Do you ever feel like you will never be
able to get your business on track? Sometimes its hard not feel like you
are drowning. It sounded so simple when you first got started: Set up a
website, and start your own ezine. Then come up with a product to sell. Oh
yeah sure, and let me just find the cure for the common cold while I'm at
it..
I have been running my site and ezine for
almost a year now and I still don't have all the methods down yet. One of
the main reasons like a lot of you as well, is to pay more attention to
spur of the moment goals instead of your long term goals. But isn't it
hard when you see those " this is for you, make money the easy
way" headlines in your email and on websites, it is confusing..
But eventually the fog clears up and you
see things a lot better. That's where I am now, lifting the fog and doing
what has to be done. My main focus now is to rebuild my website. You can't
just let your list define you. You need an all around presence..
Today I have another exclusive interview
with Robert Evans from Market 4 Profit.net He has some pretty good
information for everyone, plus I have an article from Elena Fawkner
dealing with how to maintain your business once you get started. This is
very useful for everyone. Whether you are having a one person business or
a family business, maintenance is a big part of your success.
I also have two new responses from our Voice
Your Opinion column, as well as the new question for next week, so
read and enjoy...
I hope you have a great day {!name_fix},
and I will see you on Friday for our classified edition.
Donesia Muhammad
http://EzineAdHelper.com
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Voice
Your Opinion !
What do You Look For In An Ezine?
Last week I asked the question What do You look for in an
Ezine? What makes you stay and what makes you leave?
I have two more comments on this subject
and they are quite helpful for everyone who already has a list and for
those who are just starting a newsletter, this can always help you.
By
the way, if you are looking for a tutorial on how to start your own ezine,
read my tutorial Creating
an Ezine
Here are the responses:
From Marion
Stearns
I like ezines that have a contact email address at the bottom of the
edition. One reason that people hesitate to give feedback, is that they have to scroll all the way UP to the top of the ezine, to make comments.
It's easier to delete the ezine than dig for a contact email address. Time
constraints are always a factor when one reads a lot of ezines. Bottom contact
addresses can and DO provide more feedback.
I am also a fan of Sunday classified editions.
Since advertising is my business, I read a lot of ads to see what is
being offered daily. If I read at my leisure on a Sunday, ads provide me with insight about what my competition has available. Ads can give a
valuable insight about the pulse of global e-business, when I don't rush through them. I learn
as much from the ads as I learn from the articles. I credit a LOT of my business success to reading ads.
Wanna be a good ad writer ? Read all the ads that you possibly have time for...
Marketers are always whining about not having good headlines and
ads....why delete solo ads when you can adapt many of the good ones to your OWN material ? Last Sunday, I collected 40 headlines that I can
adapt to my own material. Ezines that run a lot of ads are a Goldmine of useful information.
I also can't stand to see articles that are mini-e-books. Not many
people have the time to read 2 long articles when they read a large
number of ezines. Article "size" does matter. Ezines that cram in 2 or more articles , in the name of good, original
content, defeat their objectives when they send out " information" overload.
I have a few more pet peeves but I'll save them for another day because I also dislike long,
long commentaries, like this one:)
Marion Stearns
AdMistress Advertising
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From Jeff Neil
Hi Donesia,
I think original content is a big plus in an ezine. But it's not an
actual must. Back when I first started my first ezine I didn't write
my own articles.
I was scared, or believed no one would want to read them.
But what is important is personality. In today's market, to get read
without having rare, helpful content, it takes creating a relationship.
Because if I know you (and I do, LOL) I am more apt to read what
you have to say. And in my opinion, the more personal the better.
I won't mention the name of my favorite ezine, but I'll tell you why it is.
I know the editor's wife, dog, children, grandfather, sister, etc.
I don't really. But I've been told enough about them, and I've seen pictures
that he show his subscribers.
That's more than many readers want to know. But, if you want to stand out,
that's a great way to do it, because it builds a relationship, and
readership.
I use this same principle in my Network Marketing email campaigns because it does help.
Jeff Neil
800-216-2245
http://www.4mlm.com
Just who is this Maniac (Maine Native) called Jeff Neil?
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So What's Your Opinion?
Voice Your Opinion Here, Or Submit a
Question For Everyone mailto:donesia@ezineadhelper.com?subject=voiceopinion
Question For Next Week:
How Do You Handle Your Affiliate Programs?
How do you keep track of all the affiliate
programs ?
Which Programs work for you?
What do you look for when joining an
affiliate program?
As an owner of two different affiliate
programs, I am interested in reading the responses. I am new to affiliate
programs ( ownership) so I am always learning something new.
As someone who is a member of several
affiliate programs, you try not to promote a million different programs at
a time, you try to weed them out to see which are more profitable.
Sometimes it just depends on how soon you signed up for a program.
Some programs get over saturated so quickly, you feel lost in cyberspace.
I know I am not the only one who feels this way so send in your comments
and especially for those who are new to affiliate marketing, you can learn
a trick or two!
Voice Your Opinion Here, Or Submit a
Question For Everyone mailto:donesia@ezineadhelper.com?subject=voiceopinion
Exclusive
Interview: Robert Evans
Robert Evans, http://www.market4profit.net
URL (s) (Plus Date Started)
http://www.market4profit.net
(started 1st Sept 2002)
Ezine Name And Subscribe Url (Plus Date Started)
No ezine yet but will launch soon
Business License (Yes, No)?
No
Web Host
http://Host4u2.com
Web Software:
Front Page
List Software Or Service
Mailman
Any Other Time Saving Scripts Or Software That Helps You Handle
Your Daily Duties Quicker.
I use good ol' Notepad and create templates of messages and ads that I
use regularly. Whenever I start an internet session I open these text files
and modify, copy and paste whatever I need. I also use PHP Affiliate to sign up new
affiliates and World Cast to send messages to my opt in lists - I find this bulk
mailer much more efficient than Group Mail
Questions
MIBW: What Inspired You To Start Your Business Online?
I started off with a Business Guide I created for Mail
Order customers. I then decided that I could put this
online and reach a much wider prospect base. I was
drawn by the simplicity of customer order fulfillment. A
couple of clicks, a few seconds, and the product is paid
for and in their "hands"
MIBW: How has your present or former professions helped you online?
I spent about 10 years as a teacher of English as a Foreign Language
and I have found this to be very beneficial. I am always a bit put off
when I read Ad Copy or emails that are not properly formatted or are
full of misspelled words. It is not very professional.
MIBW: What Problems Did You Face Early On?
In the beginning I think most people face similar problems - they don't
know how to put together a site that does the job. They don't know how to market what they are offering. I put too much into the sites
I created in the early days - too many images, DHTML, dancing text etc It was only quite recently that I really understood the importance of
"keeping it simple"
MIBW: How Has Working On The Internet Affected Your Family Life Or
Outside Employment?
I am very lucky in that I have a very understanding wife. She knows
this is something I have to do - for all of us. I try to balance it as
much as I can and make sure I spend time with her and the children. Of
course it is not easy - after all I am working towards my goal of retiring
next year on my 45th birthday
MIBW: Are There Any Scams Or Schemes That You Have Encountered That You Feel People Should Avoid?
Oh definitely! Rather too many. I've joined more than one myself in the
past! I think people should be wary of joining anything that claims it will
make you rich without you having to do ANY work. I stopped believing in
get-rich-quick quite a long time ago. Also, I don't trust programs
that omit a contact email or postal address, or that don't seem to explain
their offer properly.
MIBW: Are You Happy With The Work That You Have Done So Far?
Yes, I am, but there is always more I want to do, a lot more that I
want to learn. The biggest kicks I get out of doing business online
come from knowing that I have helped someone. My main business
now (with a team of four specialists) is a "People Helping People"
business that I know has a lot to offer.
MIBW: Honestly, How Long Did It Take For You To See A Profit?
A LONG time. I started online in 1998-1999. I didn't break even
until well into 2001. Now I have my nose just out of the water in
terms of profit - it's been a long learning curve, but well worth it!
MIBW: What Forms Of Promotion Online Or Offline Have Helped To
Promote Your Business?
Email and Ezine marketing, without a doubt online. One or two good
traffic generators (start page exchanges mainly). I was also once at
number 9 or 10 on a major Search Engine with the keywords Free Ebooks.
That was fantastic!
MIBW: What Advice Can You Give To The Newbies Out There To Help
Them Succeed?
First of all - create an ultimate goal! Think about this goal every day.
Believe in it. Work towards achieving it. Find a niche or a subject
through which you are going to achieve your goal. Find out all you can about your
chosen or preferred subject. If you are going to promote other people's
products or services then find a good one and work this for all you are
worth. Don't jump from one programs to another.
Tell yourself that you will have to do a lot of work in order to succeed. Don't give up after a couple of
months. If you are going to create and promote your own products or services then
study how others are doing it. Be prepared to devote your time and effort for at least a year before you start questioning whether it is worth it.
Think about your goal every day. Tell yourself you are going to succeed. Work. Don't
give up!
MIBW: With The Knowledge That You Have Now What Would You Do
Differently?
I think I would have set up a much better web site, employed the
sequential follow up systems that I use now, put the credit card processing system
in place, instigated an affiliate program and automated as much as I
could.
MIBW: What Tips Do You Have to Help New Publishers Increase Your
Subscriber List?
Give potential subscribers something for free as an incentive for signing
up. Write short informative articles and submit them to multiple ezines.
Create ebooks containing articles, resources etc and give them away.
Encourage others to give them away too.
Thank you Robert
Copyright (c) 2002
Donesia Muhammad
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Beyond Startup
- Are You Stunting
the Growth of Your Home-Based Business?
© 2002 Elena Fawkner
If you’ve left the corporate world to strike out on your own in
your own home-based business, you'll be acutely aware that
your financial success is up to you and you alone, perhaps
for the first time in your life. For obvious reasons, therefore,
your home-based business is probably run on a shoestring.
This means, of course, that you do everything. Although you
are now CEO, you are also secretary, marketing director,
receptionist and gopher. But hey, that’s the way you like it,
right? Just as well too since when you’re just starting out you
don’t have much of a choice anyway.
But sooner or later, if you keep doing everything yourself you’ll
necessarily curtail the growth of your business. It will grow to
a certain point but no further because you’re only one person
and there are, after all, only 24 hours in a day.
Now, if you’re satisfied with making a little money on the side,
that’s fine. But if your business is your only source of income,
you must move beyond start-up if you are to become financially
successful and avoid stunting the growth of your business.
This article looks at the growth stages of a typical one-person
home-based business and how to gradually grow your business
without being run over in the process.
INITIAL GROWTH
=> One-(Wo)Man Band
As already stated, when you first start out, you do everything
yourself. You’re both chief cook and bottle-washer. And you
can continue like this for quite some time because, initially,
you are unlikely to be fully stretched. This is exactly what
you should be doing.
This is NOT the time to go out and spend money with
advertising agencies and hiring employees. For so long as
you CAN do everything yourself and everything that needs to
be done is getting done, this is the most efficient use of your
current resources.
=> Don’t Overcommit Yourself
During this stage, however, it is important to be careful not
to over commit yourself. You are a fledgling. You must learn
to fly like a sparrow before you can soar like an eagle. So,
when you first start out, under promise and over deliver.
Also, don’t embark on an aggressive marketing campaign
until you have the business resources to satisfy the demand
you will create. Let your advertising grow in line with the
growth of your business, the addition of employees and
increased financial capacity.
=> Pay Yourself
Be extremely careful with your pricing during this stage also.
Make sure you include a wage for yourself in your overhead
costs and add a realistic profit margin (say 15-20%).
Remember, price equals costs plus profit margin. Costs
include direct, indirect and overhead costs. For a more
detailed treatment on pricing, read “Pricing Yourself to Get,
and Stay In, Business” at http://www.ahbbo.com/pricing.html
.
=> Profits Belong to Your Business
Plough your profit back into your business. This is most
important. This is where your funds for expansion during
the next growth phase of your business come from. NEVER
use your business’s profits to pay personal expenses. This
is what you pay yourself a wage for. Your business’s profit
does not belong to you. It belongs to your business. There
IS a difference!
=> Avoid Premature Expenditure
During your shoestring days, look for lower-cost substitutes
before incurring substantial expenditure. For example, don’t
go out and buy a new fax machine, a new answering machine,
a new photocopier. Get one of those three in one jobs that
sits on your desktop and only costs a few hundred dollars.
Use a good accounting software program rather than hiring
an accountant and hire from your family first if you need
temporary help. Another good idea is to negotiate with family
members to take over some household chores you would
normally do yourself to free your time to work on your business.
This works especially well with pocket-money age children
and teenagers.
During times of temporary overload, hire temporary staff from
a staffing agency if no family members or members of your
social circle can do the job.
=> The Glass Ceiling
After a while, somewhere between the two year and five
year mark, you will notice that your business is beginning to
stagnate. At this point, you've stretched yourself and your
resources as far as they can go. You've hit the glass
ceiling, in other words.
At this point, if you want your business to grow further, you'll
have to grow it. It won't happen as part of an evolutionary
process beyond this point.
BEYOND THE GLASS CEILING
=> Hire Permanent Employees
The time to hire permanent employees is when you reach the
point that you can’t complete all tasks alone (or with the help
of family members) and/or your time is worth more than it would
cost to hire someone to complete your less complicated tasks.
Before adding employees, carry out an inventory of the
necessary tasks required to operate your business. Once
you’ve identified all necessary tasks, assign primary
responsibility for each task to one person. Although one
person will be assigned more than one task, make sure no two
people are assigned the same tasks.
Also, make sure at least one other person knows how to do
each task to cover yourself during times of staff shortages,
whether due to temporary absence due to illness, or when an
employee resigns and it takes you a while to find a replacement.
Finally, and most importantly, when assigning tasks, assign
yourself the tasks you do best (NOT just what you like to do).
=> Capital
To grow beyond the start-up and initial growth phases, you will
need capital to inject into your business. Now this,
unfortunately, is easier said than done. Banks can be leery of
entrepreneurial ventures and venture capital is not easy to
obtain. But, although obtaining borrowed capital is difficult, it
is by no means impossible. Here are the main sources of funds:
* Banks
Cultivate a good relationship with your banker. The more he or
she understands your business and knows you, the more
likely it is that your application will be approved. And this means
more than just fronting up when you need money. Keep your
banker informed of all significant developments in your business
and routinely provide copies of your annual business plans.
Be prepared to demonstrate that your business is capable of
generating cash flow and think about what collateral you have
available to put up if necessary.
* Venture Capital
In addition to a solid business plan and track record, venture
capital providers want to see that you understand your
customers and how your business is a good fit with their
needs. So arm yourself with competitive intelligence and
satisfied customers as references. Also, be prepared to
show you have access to experienced management staff.
These individuals need not be on your payroll but you should
expect to show that you have a depth of experience and
talent available to you at least in an advisory capacity.
* Revenue Stream
Instead of selling equity to raise capital, consider selling part
of the revenue of the business. In other words, investors
advance loan capital and get repaid by way of a percentage
of the sales of the business. This preserves your equity in
the business and is attractive to investors because they
receive an immediate cash return.
This method has the considerable advantage of avoiding
securities laws (it's a loan rather than a sale of securities)
but it's only viable for businesses with high margins and
strong sales.
* Angel Capital Electronic Network
ACE-Net brings companies looking for capital together
with angel investors. You can find links to ACE-Net at
http://www.sba.gov/ADVO .
* Direct Public Offering
If your business has a strong relationship with its constituents
(employees, customers, vendors and community), consider
selling stock via a direct public offering. The securities laws
involved in such an offering are complex though so be prepared
for some pretty hefty legal fees if going down this road.
* Miscellaneous
Other miscellaneous sources of funding include 401(k) plans
and provision of loan guarantees by the Small Business
Administration ( http://www.sba.gov
), family members or friends.
=> Work On the Business, Not In the Business
The third and final point to note about breaking through the
glass ceiling is that you must make the mental transition from
working IN the business, to working ON the business.
Until your business hit the glass ceiling, you were effectively
working in the business, much as an employee would. In this
sense, the business was your job, a place to go to work. But
beyond the glass ceiling, your business becomes an entity
unto itself. It is no longer your “job” to work at the tasks that
make up the business’s operation. Instead, your role is to
work “on” the business as a separate entity, leaving the tasks
to your paid employees.
Hopefully you can see that shifting your perspective in this
way is the key to the long-term growth of your business and
the difference between true autonomy and indentured servitude.
Elena Fawkner is editor of A Home-Based Business Online ...
practical business ideas, opportunities and solutions for the
work-from-home entrepreneur.
http://www.ahbbo.com
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