Starting A Home Based Business
Saturday, October 29, 2005
Residual Income - What It Is and Why You Need It
What exactly is residual income anyway? Simply put, residual income can be defined as any payment system where you receive regular, ongoing payments as a result of a single sale. The frequency of the payments may vary – they could be weekly, monthly, quarterly etc. – but they are regular and ongoing with no further selling activity once the initial sale has been made.
Some potential residual income opportunities are listed below:
There may also be some scope for residual income with disposable or consumable products. In this case, the mechanics of the reorder process have a critical bearing upon your earning capabilities. For true residual income, the reorder process should be automatic as described above. This is not simply a matter of semantics or a pedantic definition. There are several reasons why you should target genuine residual income.
Many people who set up their own small home business do so with the express intent of eventually replacing their salary. Due to the regular nature of the payments, residual income is ideal for this. In fact, it’s considerably better than having a salary as you continue to get paid for work that was done in the past.
With genuine residual income, the automated reorder process means that you don’t have to spend time servicing and supporting your existing customers. You can focus your energies on finding new customers and/or recruiting new distributors/affiliates, thereby continually growing your business at the fastest possible rate.
If your customer needs to take some action to reorder then, even with a consumable product that needs to be replenished periodically, there is a “break point” in the process. The customer may decide to economise and do without the product that month, they may decide to use one of your (many) competitors or they might just simply forget to order.
With an automated reorder system on the other hand, your customer needs to make a positive effort not to reorder. It’s a well known fact that customers who pay for products and services by subscription are much more loyal and less likely to cancel. Even if they do decide to opt out they tend to delay this for longer than they would otherwise.
Think about it for a moment. Have you ever kept a subscription running for longer than you intended, or do you know someone else who has? Perhaps you might even have some small but regular subscription running right now that you’ve completely forgotten about.
That, of course, is the reason why many companies will give you a reduction in the standard rate if you set up a subscription agreement. Reader’s digest know the value of this. So do telephone companies, electricity companies, internet service providers and software providers around the world. Now you know about it too – take advantage if you possibly can.
Finally – and let’s not kid ourselves here – many people don’t like selling. There are ways round this and it’s possible to minimise the discomfort some people feel – but it’s still there at some level for many of us.
Picture the scene. You’ve just made a sale, you feel great and you’re already thinking about how you’re going to spend you hard earned money. Then it hits you – you’ve got to do it all again this afternoon, tomorrow, next week. Takes the gloss off a bit – right?
Now think about a slightly different scenario. You’ve just made a sale. Your new customer has signed a repeat subscription agreement and you are going to benefit for months, if not years to come. Is that a better home movie? I think it is.
There are other benefits of residual income but, for the sake of brevity, I hope that those already discussed above provide sufficient compulsion for you to actively seek out at least one residual income stream.
To summarise, genuine residual income will help you maximise the returns on your efforts and build a solid, reliable and predictable income from your home business. You need it.
¶ 10:43 am 0 comments 
As you surf the net, you will come across a wide variety of business opportunities. Invariably, each one will claim to have the best compensation plan available and many will claim to offer “residual income”. However, a cursory examination of many of these pay plans will reveal that, although there may be a very real earning opportunity, it cannot truly be described as residual income.
What exactly is residual income anyway? Simply put, residual income can be defined as any payment system where you receive regular, ongoing payments as a result of a single sale. The frequency of the payments may vary – they could be weekly, monthly, quarterly etc. – but they are regular and ongoing with no further selling activity once the initial sale has been made.
Some potential residual income opportunities are listed below:
- Telephone calls and line rental
- Mobile phone supply, line rental and calls.
- Electricity supply .
- Gas supply.
- Web hosting supply.
- Autoresponder supply (monthly rental).
- Any software which is supplied based on a rental basis.
- Property rental.
These are just a few examples, there are plenty more. Any product or service which is provided on a lease or rental agreement has the potential to provide you with residual income. Ideally, your customer will automatically renew each week/month without any requirement for action (effort) by either your or your customer.
There may also be some scope for residual income with disposable or consumable products. In this case, the mechanics of the reorder process have a critical bearing upon your earning capabilities. For true residual income, the reorder process should be automatic as described above. This is not simply a matter of semantics or a pedantic definition. There are several reasons why you should target genuine residual income.
Many people who set up their own small home business do so with the express intent of eventually replacing their salary. Due to the regular nature of the payments, residual income is ideal for this. In fact, it’s considerably better than having a salary as you continue to get paid for work that was done in the past.
With genuine residual income, the automated reorder process means that you don’t have to spend time servicing and supporting your existing customers. You can focus your energies on finding new customers and/or recruiting new distributors/affiliates, thereby continually growing your business at the fastest possible rate.
If your customer needs to take some action to reorder then, even with a consumable product that needs to be replenished periodically, there is a “break point” in the process. The customer may decide to economise and do without the product that month, they may decide to use one of your (many) competitors or they might just simply forget to order.
With an automated reorder system on the other hand, your customer needs to make a positive effort not to reorder. It’s a well known fact that customers who pay for products and services by subscription are much more loyal and less likely to cancel. Even if they do decide to opt out they tend to delay this for longer than they would otherwise.
Think about it for a moment. Have you ever kept a subscription running for longer than you intended, or do you know someone else who has? Perhaps you might even have some small but regular subscription running right now that you’ve completely forgotten about.
That, of course, is the reason why many companies will give you a reduction in the standard rate if you set up a subscription agreement. Reader’s digest know the value of this. So do telephone companies, electricity companies, internet service providers and software providers around the world. Now you know about it too – take advantage if you possibly can.
Finally – and let’s not kid ourselves here – many people don’t like selling. There are ways round this and it’s possible to minimise the discomfort some people feel – but it’s still there at some level for many of us.
Picture the scene. You’ve just made a sale, you feel great and you’re already thinking about how you’re going to spend you hard earned money. Then it hits you – you’ve got to do it all again this afternoon, tomorrow, next week. Takes the gloss off a bit – right?
Now think about a slightly different scenario. You’ve just made a sale. Your new customer has signed a repeat subscription agreement and you are going to benefit for months, if not years to come. Is that a better home movie? I think it is.
There are other benefits of residual income but, for the sake of brevity, I hope that those already discussed above provide sufficient compulsion for you to actively seek out at least one residual income stream.
To summarise, genuine residual income will help you maximise the returns on your efforts and build a solid, reliable and predictable income from your home business. You need it.
Wednesday, October 26, 2005
Pop-ups Work - Oh Yes They Do
Pop-ups – you hate them right? Not only that, but everybody you know hates them too – right? So they don’t work very well and you certainly shouldn’t use them on your website – right? Wrong (ish).
Pop-ups work wonderfully well if they’re used in the correct manner to advertise the correct product or service. Before you dismiss them out of hand, it’s worth taking a few moments to consider why they are so universally despised. Maybe then you might find an effective way to use them to promote your services.
So why, exactly, do you and the rest of the planet dislike pop-ups so much? Probably you haven’t thought about it much until now – but have a look at the list below and see if any of these reasons ring true.
· They are intrusive.
· They stop you doing what you’re doing and interrupt your train of thought.
· They appear at inappropriate times.
· You feel like you’re being manipulated.
· They offer you nothing new.
· You don’t want to see them – you have a pop-up blocker set up but they still get through!
I could add to this list, but really, those are enough reasons. More than enough. Many other possible additions would simply be sub-sets of those main headings.
Here’s an example of a typical pop-up experience:
Having just arrived at a website you start to read the copy – BANG – it’s pop-up time! You are now looking at a pop-up which is covering somewhere between a third and a half of the page (some of them are even bigger). You can’t see very much of the original text – however well written it is.
The pop-up contains information which is (and you’re working from memory here) pretty much the same as the main page but points out that the price of whatever it is will rise at midnight tonight. There are millions of people surfing the web, so it makes sense that somewhere or other there is someone stupid enough to believe this.
However, since you have seen this same ploy – and possibly this same ploy associated with the very same product – so many times before, you realise you’re being manipulated.
Before you can go back to reading the main site - and let’s not forget you made a conscious decision to visit it and view the copy on it - you have to close down the pop-up.
You have been interrupted, you have learned nothing new and your intelligence has been insulted. I bet you’re in just the right mood to buy something now.
Does that sum up your impression of pop-ups? It’s probably a fairly accurate representation for many people. However, it is possible for you, as an advertiser, to use pop-ups intelligently, in a way which will not annoy your website visitors and which will lead to increased signups for you.
Have a quick look at the tips below:
However, there is one example which could work. One well known marketer takes the opportunity to offer a cut-down version of the original product just in case the price was the problem. It is a genuine “lite-version” of the main product so the information is new and shouldn’t insult anyone – not even those who have bought the full spec item at the higher price. You might also want to try offering a completely different, but closely related, product – or a newsletter subscription. It’s worth a try.
So, if you’re not already doing so, think about using pop-ups as part of your online marketing strategy. If you are using them already, then think about whether or not you could make them less annoying – and therefore more effective. There’s no doubt that they can be a truly effective tool and could make a real difference to your results.
Hamish Hayward
Starting A Home Based Business?
Discover the 6 key factors you need to master for success - online or offline. Free e-books, newsletter, tools and resources. ¶ 4:06 pm 0 comments
Pop-ups work wonderfully well if they’re used in the correct manner to advertise the correct product or service. Before you dismiss them out of hand, it’s worth taking a few moments to consider why they are so universally despised. Maybe then you might find an effective way to use them to promote your services.
So why, exactly, do you and the rest of the planet dislike pop-ups so much? Probably you haven’t thought about it much until now – but have a look at the list below and see if any of these reasons ring true.
· They are intrusive.
· They stop you doing what you’re doing and interrupt your train of thought.
· They appear at inappropriate times.
· You feel like you’re being manipulated.
· They offer you nothing new.
· You don’t want to see them – you have a pop-up blocker set up but they still get through!
I could add to this list, but really, those are enough reasons. More than enough. Many other possible additions would simply be sub-sets of those main headings.
Here’s an example of a typical pop-up experience:
Having just arrived at a website you start to read the copy – BANG – it’s pop-up time! You are now looking at a pop-up which is covering somewhere between a third and a half of the page (some of them are even bigger). You can’t see very much of the original text – however well written it is.
The pop-up contains information which is (and you’re working from memory here) pretty much the same as the main page but points out that the price of whatever it is will rise at midnight tonight. There are millions of people surfing the web, so it makes sense that somewhere or other there is someone stupid enough to believe this.
However, since you have seen this same ploy – and possibly this same ploy associated with the very same product – so many times before, you realise you’re being manipulated.
Before you can go back to reading the main site - and let’s not forget you made a conscious decision to visit it and view the copy on it - you have to close down the pop-up.
You have been interrupted, you have learned nothing new and your intelligence has been insulted. I bet you’re in just the right mood to buy something now.
Does that sum up your impression of pop-ups? It’s probably a fairly accurate representation for many people. However, it is possible for you, as an advertiser, to use pop-ups intelligently, in a way which will not annoy your website visitors and which will lead to increased signups for you.
Have a quick look at the tips below:
- Have a delay between your visitor arriving at the site and your pop-up appearing.
Allow them a few seconds to take in what your site’s about. - Keep the size of your pop-up reasonable.
If it is filled with reams of information it won’t be effective. - Arrange your pop-up so that it covers a graphic or an advert when it has “landed”.
Your visitor will still be able to read whatever is on the main page. - Provide a genuine extra incentive in your pop-up.
A signup bonus not mentioned on the main page - or at least not on the part of the main page that’s currently visible when the pop-up is activated. Make this a good bonus and don’t insult their intelligence with a “time limited offer” unless this is 100% genuine. - Never use multiple pop-ups. Never. Just don't do it.
However, there is one example which could work. One well known marketer takes the opportunity to offer a cut-down version of the original product just in case the price was the problem. It is a genuine “lite-version” of the main product so the information is new and shouldn’t insult anyone – not even those who have bought the full spec item at the higher price. You might also want to try offering a completely different, but closely related, product – or a newsletter subscription. It’s worth a try.
So, if you’re not already doing so, think about using pop-ups as part of your online marketing strategy. If you are using them already, then think about whether or not you could make them less annoying – and therefore more effective. There’s no doubt that they can be a truly effective tool and could make a real difference to your results.
Hamish Hayward
Starting A Home Based Business?
Discover the 6 key factors you need to master for success - online or offline. Free e-books, newsletter, tools and resources. ¶ 4:06 pm 0 comments
Wednesday, October 19, 2005
Traffic Exchanges - Do They Work?
Traffic exchanges are a good method of getting low cost, albeit untargeted traffic. They can be very useful especially when you're just starting out. Here's an article that I published very recently which gives you a few tips on how to get the most benefit from using the traffic exchanges.
Traffic Exchanges - Do They Work?
Traffic exchanges, also known as hit exchanges and start exchanges, are a very simple means of driving traffic to a website.
Being in a traffic exchange is like being in a club. You surf, using a specially designed “surf bar” unique to the traffic exchange in question, and view the other club member’s websites. Every time you view a website you get a credit, or a point, and these are exchanged for visitors who view your website. Normally there is a “ratio” involved and - for free members - it is often one return visitor for every two websites that you view.
Most exchanges are free to join but many have a “pro upgrade” option where you can get a better view/return view ratio (say 1:1) for a monthly fee, typically a few dollars a month. The large majority of members in the typical exchange are free members.
Traffic exchanges are much maligned – there are many who will tell you that they don’t work. One of the main reasons cited for this is the fact that most of the traffic exchange members are members of the exchange primarily because they are already promoting a business opportunity or product of their own.
Whilst this is almost certainly true it does not necessarily mean that they will not be interested in what you are promoting. If you are offering either an informational product or any kind of tool which could be used to enhance an already existing business then the members of traffic exchanges could very well be an excellent target market for you.
For example, if you have an e-zine newsletter aimed at online marketers, then traffic exchanges could offer you very rich pickings indeed.
One of the most common mistakes is to sign up for an affiliate scheme and then use the standard website that comes with the program on traffic exchanges. This is a waste of time as the exchange members will not have enough time to view the typical information rich affiliate website. It is also likely that there will be several others promoting the exact same website on any given exchange – so your site will blend in to the background and will have little, if any, impact.
However, just by following the guidelines below you can use traffic exchanges to build your opt-in list and then follow up later with your affiliate offerings.
Hamish Hayward
Starting A home Based Business?
Discover the 6 key factors you need to master for success - online or offline. free e-books, newsletter, tools and resources. ¶ 4:16 pm 0 comments
Traffic Exchanges - Do They Work?
Traffic exchanges, also known as hit exchanges and start exchanges, are a very simple means of driving traffic to a website.
Being in a traffic exchange is like being in a club. You surf, using a specially designed “surf bar” unique to the traffic exchange in question, and view the other club member’s websites. Every time you view a website you get a credit, or a point, and these are exchanged for visitors who view your website. Normally there is a “ratio” involved and - for free members - it is often one return visitor for every two websites that you view.
Most exchanges are free to join but many have a “pro upgrade” option where you can get a better view/return view ratio (say 1:1) for a monthly fee, typically a few dollars a month. The large majority of members in the typical exchange are free members.
Traffic exchanges are much maligned – there are many who will tell you that they don’t work. One of the main reasons cited for this is the fact that most of the traffic exchange members are members of the exchange primarily because they are already promoting a business opportunity or product of their own.
Whilst this is almost certainly true it does not necessarily mean that they will not be interested in what you are promoting. If you are offering either an informational product or any kind of tool which could be used to enhance an already existing business then the members of traffic exchanges could very well be an excellent target market for you.
For example, if you have an e-zine newsletter aimed at online marketers, then traffic exchanges could offer you very rich pickings indeed.
One of the most common mistakes is to sign up for an affiliate scheme and then use the standard website that comes with the program on traffic exchanges. This is a waste of time as the exchange members will not have enough time to view the typical information rich affiliate website. It is also likely that there will be several others promoting the exact same website on any given exchange – so your site will blend in to the background and will have little, if any, impact.
However, just by following the guidelines below you can use traffic exchanges to build your opt-in list and then follow up later with your affiliate offerings.
- Don’t use the standard page that came with your affiliate programme.
It has too much information and will confuse viewers.
There are probably many other people advertising this page. - Use a specially designed gateway page unique to you.
Keep it clean and uncluttered
Focus on benefits.
Five or six bullet points only.
Stand out from the crowd. - Use a pop-up or pop-in for emphasis.
- Give away a free bonus for signing up.
A free e-book.
A free report.
A free newsletter. - Collect e-mail addresses for follow up.
Feed them into an autoresponder.
Put them into your newsletter list. - Customise your gateway page for the exchange you're using.
Have a special message for your visitor –
“Traffic Swarm user bonus….”
"Webmaster Quest bonus..." - Monitor your results and don’t waste time with exchanges that don’t deliver.
- Don’t persevere with an unproductive campaign for too long.
Let your campaign run for 4 weeks max and then experiment if you aren’t seeing results. - Advertise on a number of different exchanges to ensure a wide range of visitors.
Hamish Hayward
Starting A home Based Business?
Discover the 6 key factors you need to master for success - online or offline. free e-books, newsletter, tools and resources. ¶ 4:16 pm 0 comments
Friday, October 14, 2005
Starting A Home Based Business: Getting Paid
So it makes sense that, when you are deciding which of the many available network marketing opportunities to get involved in, that part of your evaluation process will consider the payment, or commission scheme in place.
At this point things can get a bit complex. Unsurprisingly, almost every network marketing company in business today will claim to have the best pay plan available. They probaly genuinely believe this (and they might be right) and will usually devote several sheets of paper or screens to prove this to you in all its glory. Expect to see the word "revolutionary" used at least once.
Some of these schemes can appear a bit complex to say the least. There will almost certainly be a matrix of some kind involved and there will probably be some kind of "ladder of success" where you earn new ranks and titles as you progress in the business.
It can seem a bit daunting, trying to work out how long it will take you to get from Space Cadet to Star Fleet Commander and what it all means in terms of money - but focus on a few simple questions and you can cut through the mumbo-jumbo.
You should also check if there is a "qualifying" level of sales that you need to make each month in order to get your commission. It can be very frustrating if, having built a large customer base and a healthy downline team, you miss out on your monthly cheque due to an insufficient number of personal sales.
How much will you get paid?
If you're selling relatively high price items and getting paid for the sale alone, then you will want a fairly high percentage as commission. A minimum of 25% would be reasonable and 50% is not out of the question for some types of product.
If, on the other hand, you're promoting something which will bring you a genuine residual income month after month then you might be happier to settle for a reasonable signup bonus followed by a relatively small percentage of the monthly fee thereafter. If you're confident that you offer a good value product that people will continue to use month after month, year in, year out, then you can accept a much lower percentage of the takings. In the long run you will make more money per customer and you may also find it easier to get customers who have to shell out a relatively small amount of money up front followed by ongoing monthly rental or leasing fees.
When you start in your network marketing business, most of your earnings will be as a result of your own efforts. However, later on, as you build your team, your personal earnings will be outstripped by the income you will make from your team's sales. So you should also make sure that you know how much profit you will be able to make from the efforts of your downline members. What percentage of their sales will you make and how deep (how many levels down) will this be paid out on?
When will you get paid?
How will you get paid?
Focus on the fundamentals and don't be distracted by the complexities of the pay plan. You'll avoid disappointment and might just find the ideal business for you.
There are many different reasons why people choose to get involved in network marketing. Although it may not be the primary reason for many people, getting paid will be rank high on most people's list.
So it makes sense that, when you are deciding which of the many available network marketing opportunities to get involved in, that part of your evaluation process will consider the payment, or commission scheme in place.
At this point things can get a bit complex. Unsurprisingly, almost every network marketing company in business today will claim to have the best pay plan available. They probaly genuinely believe this (and they might be right) and will usually devote several sheets of paper or screens to prove this to you in all its glory. Expect to see the word "revolutionary" used at least once.
Some of these schemes can appear a bit complex to say the least. There will almost certainly be a matrix of some kind involved and there will probably be some kind of "ladder of success" where you earn new ranks and titles as you progress in the business.
It can seem a bit daunting, trying to work out how long it will take you to get from Space Cadet to Star Fleet Commander and what it all means in terms of money - but focus on a few simple questions and you can cut through the mumbo-jumbo.
- What will you get paid for?
- How much will you get paid?
- When will you get paid?
- How will you get paid?
What will you get paid for?
Surprisingly enough, this is a (slightly) more important question than "how much?" - for one simple reason. If your main, or only, source of income results from recruiting other people into the business, then there's a very high possibility that you may be involved in a pyramid scheme.
Your main income should arise when you sell a product or service to a customer, not when you recruit someone. There's absolutely nothing wrong with profiting whenever someone who you have introduced to the business makes a sale - but you shouldn't be making significant income just for recruiting them.
Your main income should arise when you sell a product or service to a customer, not when you recruit someone. There's absolutely nothing wrong with profiting whenever someone who you have introduced to the business makes a sale - but you shouldn't be making significant income just for recruiting them.
You should also check if there is a "qualifying" level of sales that you need to make each month in order to get your commission. It can be very frustrating if, having built a large customer base and a healthy downline team, you miss out on your monthly cheque due to an insufficient number of personal sales.
How much will you get paid?
Having satisfied yourself that you're getting paid for moving a genuine product or service, you can now focus on how much you'll be earning. Obviously you want to make as much as you can - but how much is enough will depend upon the type of product you're going to be marketing.
If you're selling relatively high price items and getting paid for the sale alone, then you will want a fairly high percentage as commission. A minimum of 25% would be reasonable and 50% is not out of the question for some types of product.
If, on the other hand, you're promoting something which will bring you a genuine residual income month after month then you might be happier to settle for a reasonable signup bonus followed by a relatively small percentage of the monthly fee thereafter. If you're confident that you offer a good value product that people will continue to use month after month, year in, year out, then you can accept a much lower percentage of the takings. In the long run you will make more money per customer and you may also find it easier to get customers who have to shell out a relatively small amount of money up front followed by ongoing monthly rental or leasing fees.
When you start in your network marketing business, most of your earnings will be as a result of your own efforts. However, later on, as you build your team, your personal earnings will be outstripped by the income you will make from your team's sales. So you should also make sure that you know how much profit you will be able to make from the efforts of your downline members. What percentage of their sales will you make and how deep (how many levels down) will this be paid out on?
When will you get paid?
You should get paid pretty quickly after the customer has paid the company you're working with. Payment processing on the internet is very rapid and you should be paid once a month, no more than a month in arrears. After all, the idea is to supplement or replace your monthly salary - isn't it?
How will you get paid?
In an ideal world, you should receive your monthly commission directly into your bank account (via PayPal perhaps), paid in your local currency. If this isn't possible, payment in dollars is the next best thing.
Focus on the fundamentals and don't be distracted by the complexities of the pay plan. You'll avoid disappointment and might just find the ideal business for you.
Free newsletter, hints, tips tools and resources. Discover the 6 key elements you must master for business success - online or offline.
¶ 12:18 pm 0 comments
Sunday, October 09, 2005
Starting A Home Based Business: Keep Admin To A Minimum
Simply put, in network marketing as in many more traditional businesses, the only activities which will make you money are selling and recruiting. If you’re not doing one or other of those then you’re not making money and you’re involved in administration.
In order to maximise your earnings, and to grow your business as rapidly as possible, you need to minimise the amount of time you spend on non-value adding activities and focus on the important aspects of your business.
The selling process should be simplicity itself. You should have a website provided which allows your customers to place orders online. Depending upon the product or service that you provide, there should also be a suitable way to take orders off-line - a freephone order hotline number or, at worst, a simple single page order form which can be mailed to HQ or the despatch warehouse.
The product or service should be supplied directly to the customer. There should be absolutely no need for the product to be delivered to you and then shipped or hand delivered to the customer. Think about it - do you really want your spare bedroom full to the rafters with crates and boxes? Being involved in the delivery process might also tend to limit you to a geographical area - and why would you want that?
The same goes for returns. Obviously you want to have a good product which will have a low return rate - but a small percentage is inevitable. These should be returned directly to the company, not via you. After all, what value does handling returns add?
Handling cash is another big no-no. It’s a real time waster and full of problems. Will you have the correct change? Is it safe to walk around with that much money? What if you get robbed or burgled - will your insurance cover the loss? The only cash you want to be handling is your commission cheque at the end of the month.
Some key points to consider are listed below:
Internet based businesses are ideal for this team building process and you should be able to advertise for your own team using a simple website and have them sign up online.
Use a simple website to capture the names and email addresses of potential recruits and then send them a series of emails explaining the details of your opportunity automatically using an autoresponder. At the end of the series, invite them to vist your signup page.
This puts your recruiting virtually on autopilot and allows you to focus on making money.
Hamish Hayward
Starting A Home Based Business
Discover the 6 key criteria you must research to ensure business success - online or offline. Free e-books, tools, resources, tips and newsletter.
Start Your Own Internet Business
Find out everything you need to know before you launch your business online. ¶ 4:53 pm 0 comments
In order to maximise your earnings, and to grow your business as rapidly as possible, you need to minimise the amount of time you spend on non-value adding activities and focus on the important aspects of your business.
The selling process should be simplicity itself. You should have a website provided which allows your customers to place orders online. Depending upon the product or service that you provide, there should also be a suitable way to take orders off-line - a freephone order hotline number or, at worst, a simple single page order form which can be mailed to HQ or the despatch warehouse.
The product or service should be supplied directly to the customer. There should be absolutely no need for the product to be delivered to you and then shipped or hand delivered to the customer. Think about it - do you really want your spare bedroom full to the rafters with crates and boxes? Being involved in the delivery process might also tend to limit you to a geographical area - and why would you want that?
The same goes for returns. Obviously you want to have a good product which will have a low return rate - but a small percentage is inevitable. These should be returned directly to the company, not via you. After all, what value does handling returns add?
Handling cash is another big no-no. It’s a real time waster and full of problems. Will you have the correct change? Is it safe to walk around with that much money? What if you get robbed or burgled - will your insurance cover the loss? The only cash you want to be handling is your commission cheque at the end of the month.
Some key points to consider are listed below:
- Accept orders on the net.
- Accept orders offline with a simple system.
- No need to get involved in the delivery process.
- No need to get involved in returns.
Internet based businesses are ideal for this team building process and you should be able to advertise for your own team using a simple website and have them sign up online.
Use a simple website to capture the names and email addresses of potential recruits and then send them a series of emails explaining the details of your opportunity automatically using an autoresponder. At the end of the series, invite them to vist your signup page.
This puts your recruiting virtually on autopilot and allows you to focus on making money.
Hamish Hayward
Starting A Home Based Business
Discover the 6 key criteria you must research to ensure business success - online or offline. Free e-books, tools, resources, tips and newsletter.
Start Your Own Internet Business
Find out everything you need to know before you launch your business online. ¶ 4:53 pm 0 comments
Saturday, October 08, 2005
Starting A Home Based Business: Sales
Sales are essential for any business to survive. That’s no stunning revelation - everybody knows this. However, even although most people are well aware of this, many of them profess an almost pathological dislike for selling and the sales process.
Face facts - if you want to work for yourself, you will have to sell - somehow or another. And that’s the key - somehow or another.
A lot of people who fear selling have an image of trudging around from door to door (in the rain) carrying a battered suitcase in their hand. Knocking on doors, disturbing people and getting those doors slammed in their faces. Or maybe they’re just afraid that someone will laugh at them and belittle their efforts.
Rejection. Nobody likes it - many people are afraid of it, that’s just human nature. If you share this viewpoint there’s nothing wrong with you - you’re only human. More importantly, it certainly doesn’t mean that you aren’t suited to running your own business.
There are many different ways to sell - some of them are automatic and others minimise contact with the prospects to what most people would consider an acceptable level. Make sure that the opportunity you’re evaluating is suitable for use with at least one or two sales techniques that you feel comfortable with.
Also check on what sales and marketing materials are available. If you don’t like those which are provided then be sure that you are allowed to produce your own (possibly subject to approval).
Here are some possible sales techniques that you could employ:
If you really can’t envisage yourself engaging in some sort of selling activity then all is not lost. You could consider partnering with someone who would be more adapted to the selling side of a business (maybe this could be your spouse).
Certainly, before you give up on your business dream because of a distaste for selling, you should investigate the possibilities for selling and recruiting using the internet. You might be surprised at just how easy this can be and the extremely high level of automation that can be achieved if you use the right system.
Hamish Hayward
Starting A Home Based Business
Discover the 6 key areas you must master to ensure business success - online or offline. Free newsletter, tools, hints, tips and resources. ¶ 5:53 pm 0 comments
Face facts - if you want to work for yourself, you will have to sell - somehow or another. And that’s the key - somehow or another.
A lot of people who fear selling have an image of trudging around from door to door (in the rain) carrying a battered suitcase in their hand. Knocking on doors, disturbing people and getting those doors slammed in their faces. Or maybe they’re just afraid that someone will laugh at them and belittle their efforts.
Rejection. Nobody likes it - many people are afraid of it, that’s just human nature. If you share this viewpoint there’s nothing wrong with you - you’re only human. More importantly, it certainly doesn’t mean that you aren’t suited to running your own business.
There are many different ways to sell - some of them are automatic and others minimise contact with the prospects to what most people would consider an acceptable level. Make sure that the opportunity you’re evaluating is suitable for use with at least one or two sales techniques that you feel comfortable with.
Also check on what sales and marketing materials are available. If you don’t like those which are provided then be sure that you are allowed to produce your own (possibly subject to approval).
Here are some possible sales techniques that you could employ:
- Selling on the internet
- Selling over the phone
- Selling door to door
- Putting fliers through doors
- Advertising in the press
- Handing out leaflets in shopping centres
- Approaching your family and friends
- Setting up a stall at local events
- Attending car boot sales
- Party evenings
If you really can’t envisage yourself engaging in some sort of selling activity then all is not lost. You could consider partnering with someone who would be more adapted to the selling side of a business (maybe this could be your spouse).
Certainly, before you give up on your business dream because of a distaste for selling, you should investigate the possibilities for selling and recruiting using the internet. You might be surprised at just how easy this can be and the extremely high level of automation that can be achieved if you use the right system.
Hamish Hayward
Starting A Home Based Business
Discover the 6 key areas you must master to ensure business success - online or offline. Free newsletter, tools, hints, tips and resources. ¶ 5:53 pm 0 comments
Tuesday, October 04, 2005
Starting A Home Based Business: Control Your Costs
Any business, whether online or traditional, will have costs associated with it. Initially there will be start up costs and there will also be ongoing operational costs. One of the major advantages of network marketing is that both startup and running costs can be kept to a very low level.
Most people who decide to get involved in network marketing work from home (for many this is their goal) so, as a general rule, there will be no additional cost incurred for business premises, employee salaries, telephone and electricity supply etc.
However, there is normally some cost associated with starting your network marketing business. This is perfectly acceptable provided that you get something of value in return. Some of the things that you might expect to receive are listed below.
You should also be covered by an unconditional money back guarantee for at least the first 90 days. Regardless of how committed you are and how certain you are that you have found the right opportunity for you, it is still possible that something in your circumstances could change which would make it unfeasible for you to continue.
If you're happy with what is provided in your startup package, then take a moment to consider any other items that you might need and which aren't included. You might need to buy business cards, order stationary, obtain additional webhosting or buy your own unique URL.
All of these costs can mount up and may surprise you if you're not careful. Of course, these are discretionary items and you can control them. Do your best to keep the cost low by spending only on items which will provide you with genuine benefits in terms of new sales or recruits.
Don't forget to make some assessment, however approximate, of your likely ongoing operating costs. You may have repeating monthly costs, website hosting, autoresponders etc. and these should be budgeted for. If you use brochures and catalogues then these will almost certainly need to be replenished at some point. Even if you don't run out of them, product lines will be revised, prices will change etc.
You should also allow yourself some advertising budget, however small. There are many ways to get free advertising on the web but these often require a significant investment of your time - time which cannot then be spent on growing your new business by different methods.
Finally, don't forget that many of your costs will be tax deductible. Keep receipts of all your expenses as you will need these to support any claim you make.
Hamish Hayward
Starting A Home Based Business ¶ 12:17 pm 0 comments
Most people who decide to get involved in network marketing work from home (for many this is their goal) so, as a general rule, there will be no additional cost incurred for business premises, employee salaries, telephone and electricity supply etc.
However, there is normally some cost associated with starting your network marketing business. This is perfectly acceptable provided that you get something of value in return. Some of the things that you might expect to receive are listed below.
- A website for marketing your product/service, the business opportunity or both.
- Marketing materials, brochures, catalogues, downloadable banners, posters etc.
- Training resources - audio tapes/CDs, written material, dedicated training events.
- Any paperwork required to take orders offline (if appropriate).
- Product samples and demonstration items.
You should also be covered by an unconditional money back guarantee for at least the first 90 days. Regardless of how committed you are and how certain you are that you have found the right opportunity for you, it is still possible that something in your circumstances could change which would make it unfeasible for you to continue.
If you're happy with what is provided in your startup package, then take a moment to consider any other items that you might need and which aren't included. You might need to buy business cards, order stationary, obtain additional webhosting or buy your own unique URL.
All of these costs can mount up and may surprise you if you're not careful. Of course, these are discretionary items and you can control them. Do your best to keep the cost low by spending only on items which will provide you with genuine benefits in terms of new sales or recruits.
Don't forget to make some assessment, however approximate, of your likely ongoing operating costs. You may have repeating monthly costs, website hosting, autoresponders etc. and these should be budgeted for. If you use brochures and catalogues then these will almost certainly need to be replenished at some point. Even if you don't run out of them, product lines will be revised, prices will change etc.
You should also allow yourself some advertising budget, however small. There are many ways to get free advertising on the web but these often require a significant investment of your time - time which cannot then be spent on growing your new business by different methods.
Finally, don't forget that many of your costs will be tax deductible. Keep receipts of all your expenses as you will need these to support any claim you make.
Hamish Hayward
Starting A Home Based Business ¶ 12:17 pm 0 comments
Monday, October 03, 2005
Starting A Home Based Business: The Right Product
Okay - you've decided to take the plunge and get involved in network marketing. One of the key criteria that you will need to evaluate is the product that you will be marketing.
First of all - and this is not as blindingly obvious as it may seem - there should definitely be a genuine product. It should be possible to become a customer without joining as an affiliate/distributor. If there is no product, or if the "product" is only available to those entering the business, then the "opportunity" might well be a pyramid scheme.
Having established that there is a genuine product, the next question you need to ask is whether or not there is likely to be a genuine demand for it. Part of that answer will be decided by the price of the product. It need not be the cheapest on the market but it should certainly offer value for money when considering the specified features in comparison with similar competing items.
The acid test is to ask yourself "Would I buy this if I weren't a distributor?". Then ask "Who else would buy this?".
Assuming that you've achieved positive answers thus far, you now need to consider some of the more practical aspects associated with your potential product. For example, how is it delivered? Ideally, you are not going to be involved in the delivery process. This is a waste of your time - and it might limit you to a geographical area or cost you money in postage that could be better spent on advertising.
There are plenty of products which can be downloaded direct from a website. Many others can be shipped by mail or courier direct from the parent company to the customer - no need for you to get involved.
Finally, in an ideal world, the product should be consumable or disposable. It should have a finite lifespan which necessitates the customer to reorder if they wish to continue to enjoy the benefits. If the reorder process is by an automatic weekly or monthly subscription then so much the better.
Think about it - most people don't enjoy selling. Even some professional sales people regard it as a necessary evil rather than as an enjoyable experience. So it makes sense that, having stepped outside your comfort zone to make a sale, you benefit from this not just once but on an ongoing basis.
This is genuine residual income - and it's very nice. If you have a suitable product, reordered on a regular basis, then you can have a good idea of what your minimum income is likely to be each month. Any extra sales that you make are a bonus and mean that your business is growing - but you have a base level to build upon.
Some genuine residual income products and services are listed below:
This is not an exhaustive list - I'm sure that you can think of a few more additions. Virtually any product or service which is supplied on a weekly or monthly lease/rental basis would qualify.
Here are the key attributes that you should consider when selecting your perfect product:
http://www.perfectsystem.co.uk
http://www.discount-arena.com ¶ 2:55 pm 0 comments
First of all - and this is not as blindingly obvious as it may seem - there should definitely be a genuine product. It should be possible to become a customer without joining as an affiliate/distributor. If there is no product, or if the "product" is only available to those entering the business, then the "opportunity" might well be a pyramid scheme.
Having established that there is a genuine product, the next question you need to ask is whether or not there is likely to be a genuine demand for it. Part of that answer will be decided by the price of the product. It need not be the cheapest on the market but it should certainly offer value for money when considering the specified features in comparison with similar competing items.
The acid test is to ask yourself "Would I buy this if I weren't a distributor?". Then ask "Who else would buy this?".
Assuming that you've achieved positive answers thus far, you now need to consider some of the more practical aspects associated with your potential product. For example, how is it delivered? Ideally, you are not going to be involved in the delivery process. This is a waste of your time - and it might limit you to a geographical area or cost you money in postage that could be better spent on advertising.
There are plenty of products which can be downloaded direct from a website. Many others can be shipped by mail or courier direct from the parent company to the customer - no need for you to get involved.
Finally, in an ideal world, the product should be consumable or disposable. It should have a finite lifespan which necessitates the customer to reorder if they wish to continue to enjoy the benefits. If the reorder process is by an automatic weekly or monthly subscription then so much the better.
Think about it - most people don't enjoy selling. Even some professional sales people regard it as a necessary evil rather than as an enjoyable experience. So it makes sense that, having stepped outside your comfort zone to make a sale, you benefit from this not just once but on an ongoing basis.
This is genuine residual income - and it's very nice. If you have a suitable product, reordered on a regular basis, then you can have a good idea of what your minimum income is likely to be each month. Any extra sales that you make are a bonus and mean that your business is growing - but you have a base level to build upon.
Some genuine residual income products and services are listed below:
- Telephone calls and line rental.
- Mobile phone supply, line rental and calls.
- Electricity supply.
- Web hosting supply.
- Autoresponder supply.
- Supply of any software which is rented or leased.
- Property rental.
This is not an exhaustive list - I'm sure that you can think of a few more additions. Virtually any product or service which is supplied on a weekly or monthly lease/rental basis would qualify.
Here are the key attributes that you should consider when selecting your perfect product:
- It should be disposable or consumable - providing you with residual income.
- There should be a high demand for the product.
- It should be easy to deliver - you don't want to see it far less touch it.
- It should be competitively priced compared to similar available items.
- It should be of a high quality with a low return rate.
http://www.perfectsystem.co.uk
http://www.discount-arena.com ¶ 2:55 pm 0 comments
