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The Good and the Bad of Email Marketing

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What marketing strategies do you use to promote your business? If you have not tried email marketing as an option, then this article is definitely for you – to help you understand what E-marketing is about and also to get a list of resources to get going on it.

The Good

One of the major pros of email marketing is that is cheap and effective (cheaper than direct mailing and effective in reducing the time to reach out to thousands in a matter of minutes). There are various email marketing tools and services which you can setup within a matter of hours and get going on your marketing plan – of course the list has to be your effort (or someone else’s if you are willing to pay for it).

The best part about email marketing is that you can reach out to your potential clients anywhere anytime. Your next customer could be the one at Singapore airport who had some time at hand before boarding the next flight, checked his email, saw your recent offer and happily clicked on the secure buy webpage to get your latest offer. Or it would be that person in Bergen, Norway who loved your latest template that you have recently promoted through your newsletter and is downloading it right now and it could be the middle of the night for you. Web marketing is effective in reaching out to thousands and millions in a matter of minutes and has a global coverage for a little cost involved.

Through the email newsletters you can promote your business by:

  • Sending out discounts and coupons for your products or services
  • Keeping your present customers informed about the latest releases of your products or information on upcoming ones
  • Sending out surveys that help improve your products or services or to gauge customer interest in new areas
  • And of course you can earn more income by promoting other’s businesses and products – known as affiliate marketing

The Bad

A major drawback of email marketing and especially if you are buying email lists to advertise your business is you could find yourself in the spammers list. And there goes a lot of credibility. Always give the users a chance to opt out of your email newsletters and listings, without a catch – always.

Another drawback of email marketing could be that you are not reaching out to the customers as effectively, either they are deleting your newsletters or not finding them informative enough or you have bombarded them with too much information too often and they are not interested anymore. However this “bad” factor is up to your marketing skills entirely. Always survey what the customers want and limit your emails to certain times of a week only.

Also when promoting affiliate products just don’t go overboard with promoting whatever comes your way or whoever pays you more, if there are people on your list they are there because they trust you, never betray their trust. The more honest you are with your customers the more money they will bring to you.

Strong ethics and credibility are essential to a sustainable business.

Where to get it?

If you are good at HTML programming and content management (and of course you have the time to create content, manage lists and post on regular intervals), then email marketing could be one of the cheapest advertising and marketing tool. If not then there are some pretty good options available at present which offer great value and support throughout the setup and after, you may want to check a few of these and decide which option works out the best for you. Here is a list of the bigwigs of email marketing:

Topica

Website: http://www.topica.com/
Free: Yes, 14 days
Cost: 0-5,000 Monthly cost $49.95 ((more pricing info on website also the pricing may be updated on the website, the one quoted here is not the final price) Trial

iContact

Website:  http://www.icontact.com/ 
Free Trial: Yes, 15 days
Cost: up to 250 – $9.95, up to 5000 – $47.00 (more pricing info on website also the pricing may be updated on the website, the one quoted here is not the final price)

Constant Contact

Website: http://www.constantcontact.com/ 
Free Trial: Yes, 60 days
Cost:  0-500 – $15.00, 2,501-5000 - $50.00 (more pricing info on website also the pricing may be updated on the website, the one quoted here is not the final price, also always check of there is a  contract or extra initial fees)

Vertical Response

Website:  http://www.verticalresponse.com/ 
Free Trial: Yes, 30 days
Cost: 0-500 – $10.00, 2001-4000 – $46.00 (more pricing info on website also the pricing may be updated on the website, the one quoted here is not the final price, also note there might be some contract or extra initial fees)

AWeber

Website: http://www.aweber.com/ 
Free Trial: First month for $1.00
Cost: 0-500 – $19.00, 2,501-5,000 – $49.00 (more pricing info on website also the pricing may be updated on the website, the one quoted here is not the final price, also note there might be some contract or extra initial fees)

MyEmma

Website: http://myemma.com/ 
Free Trial: hmm, did not see at this time, but there could be …
Cost:  http://myemma.com/pricing.php check the website for details

GroupMail

Website: http://www.group-mail.com/asp/common/default.asp 
Cost: They have custom plans for different user groups, see http://www.group-mail.com/asp/common/purchase.asp

The options do not end here, if you can manage the emails listing and content management yourself you can do all entirely for free or a bare minimum cost, check out these software and see if you can play around with them to come up with a personalized email newsletter for your client base:

PHPLIST

Website: http://www.phplist.com/

phplist is an open-source newsletter manager. phplist is free to download, install and use, and is easy to integrate with any website.

MailChimp

Website: http://www.mailchimp.com/

Free for up to 500 subscribers, you can send up to 3,000 emails per month.

Has email marketing been effective for you? Do share your thoughts and comments.

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3 Important Short-term Goals of Entrepreneurship

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When planning your entrepreneurial venture, I am sure you have been given a lot of advice on measuring your short-term and long-term goals and have a vision of the same order from here on. There can be a lot said about these goals and they all differ in different circumstances. But here are the three main important short-term goals that I advice the budding entrepreneurs to have in mind and in writing as they begin on the exciting path to entrepreneurship.

First Break Down your Ideas
When you dream of seeing your ideas as a product or service, it is most often very difficult to curb the flow of what can be done. The idea is great and the possibilities are ever-expanding; but these things are also most often the reason for a “multi-directional” start to try out all possibilities and see what works. Or simply many diversions and fewer results. Sure enough you want to make a million at least in the second year revenue cycle or at least some profits this year. Great, but first break it down even further. Focus on the first three months first. What do you want to achieve, how you want to achieve and what tools you need to get it done – but just the plan for the first three months.

Not Success Not Failure Just Get it Done
In most practical situations do not expect any success or failure in the first three months of your starting a venture. It is too short a time to evaluate if you are either. The focus must be on how you went about your plan. Analyze your time frame of achievement of the set goals. What went well and what did not, again it is not success or failure but the analysis on how you carried on the first steps and what you learnt from them matters most. Your focus should be on getting on the ramp, well begun is half done; there is a lot of truth in this saying! Now accordingly set course for the next breakdown of your plan.
Remember: your goals should always be measurable.
There is a lot around on the Web to learn on goal setting but some good influential message comes from the “Goal Setting Guru” Zig Ziglar. I suggest that read some good articles on goal setting and also see this 5 minutes video:

Now Fuel Motivation
Often the startup phase is the most daunting period of any ideas’ evolution. Doubts, fears and lack of a concrete turnaround often can weaken momentum of achievement. Most often failures or just giving-up happens at the start-up phase. Be prepared for this phase – seek motivation internally and externally. Depending upon what type of a person you are you may seek motivation from within or through a group of friends or an entrepreneurial circle.
Internal Motivation is what you can do yourself to bring out the best in you. It may be the challenge to meet the target goals for the week or the month, or some incentives that you look forward to (want a new car with your first year revenue? Better work for it now and meet your goals).
External Motivation comes through friends, co-workers, family or a think-alike group. Although networking can be very time consuming, it is a good idea to start upfront and fuel your motivation. A lot can be achieved when two or more minds think together and the earlier you begin the better it could be. Else seek a mentor or a coach who can guide you through the first steps on the entrepreneurial path which can often be jittery.

Needless to say whenever you focus on the short-term planning always keep the long-term goals in mind but note that the long-term goals reaching depends on the success of your short-term achievements and with the changes and success and failure in your short-term goals the long-term ones might most probably change. Focus on the short-term first, always.

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Why Success Evades Me?

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Is success evading you or taking longer to arrive despite your best efforts?

Some of the new entrepreneurs cite this as one of their major concerns – How do I hang on to my dream when success is taking longer than anticipated to arrive?

The answer lies in:

  • Evaluation of your goals, your efforts
  • Understanding the present conflicts
  • Preparing conducive strategies
  • Being ready to change or evolve


When you look at the above statement (Can I hang…) you see three issues here – “hanging on” is closer to survival and “success” of course means success in your profession and “taking longer” is more in respect to today’s changing times or we may call it depressing times of economic downturn.
We must discuss these three issues separately to arrive any closer to a solution (which again is difficult to achieve because a “solution” is unique for all different situations, it cannot be generalized).


Persistent Efforts

Evaluate your efforts – how persistent they have been, how focused you have been to achieve success? Nothing can happen if you don’t make continuous, focused efforts to make it happen. What have you done today that gets you closer to your short-term and long-term goals. Don;t fool yourself with half-hearted attempts, the results will not change. Put in more and put in more often.

Nothing in this world can take the place of persistence. Talent will not; nothing is more common than unsuccessful men with great talent. Genius will not. Un-rewarded genius is almost a proverb. Education will not. The world is full of educated derelicts. Persistence and determination alone are omnipotent.

~ President Calvin Coolidge

 

Survival of the Fittest

To survive tough times is what many around us are doing and no doubt it is tough for small businesses and start-ups. What would help you hang on and survive this downturn? Take time to write down what you are doing now that is not working and what could be a work around to help you hang on there for one year or more in your business.
You may have great ideas but with no funding and dwindling personal funds, there is no way you can hang on; so financial stability forms the basis of survival at present in addition to several others factors of course. Know what your present conflicts are and how can you focus on resolutions.

And while the law of competition may be sometimes hard for the individual, it is best for the race, because it ensures the survival of the fittest in every department.
~ Andrew Carnegie

 

Be Ready to Change

Stop being afraid of changes or to move on – that’s one major deterrent to success. Times change and requirements change be ready to change and learn from your failures or experiences.

For inspiration ponder on these quotes by Dr. Spencer Johnson author of the awesomely inspiring book “Who Moved My Cheese?”

1. Change Happens – They keep moving the Cheese

2. Anticipate Change – Get ready for the Cheese to move

3. Monitor Change – Smell the Cheese often so you know when it is getting old

4. Adapt to Change Quickly – The quicker you let go of Old Cheese, the sooner you can enjoy New Cheese

5. Change – Move with the Cheese

6. Enjoy Change – Savor the adventure and enjoy the taste of New Cheese

7. Be ready to change quickly and enjoy it again and again

 

Success as it means to YOU

What does success mean to you at present? It may be meeting the ends, or achieving a certain percentage of sales or reaching that one million revenue mark you had set for yourself at the onset of your venture. As said before, success is different for all. Take time to revisit your goals and vision of your company or venture, where you are now, how bad or good is it and how worse or better can it get in the coming year. It is time to evaluate, reassess and reorganize keeping in mind that still spending is low and sales are dismal.

Here apart from the statistics you need inspiration and I would recommend that you read Zig Zaglar. One of his books, “Success for Dummies” could be the one you can start with this season, you will be inspired and will be able to define what success means to you (oh yes, the emphasis very confidently is on “will”). Find it out for yourself!

“Success doesn’t come to you…you go to it.”
–Marva Collins


Success takes longer during RECESSION

This statement may or may not be true – again “success” cannot be generalized, there have been many instances in recent one or two years where quite a few small business owners have launched new successful ventures and those who had them for sometime are thriving and earning more than they expected. Do ask me if you want to read such success stories, will be glad to pass on some relevant links on this topic. (here is one such link I want to share with you: Recession Success Stories)
But let’s focus on why it is taking longer for the rest of us.

It is quite obvious by the definition of recession that we are in some troubled economic times for and success is very much tied to the amount to money you make from a business to survive or thrive. These are the times to reinvent and try out different things to see what can be done to make things better not just sit and lament that “recession is here, this is bound to happen”.

Do not generalize an outcome based on circumstances; motivate and inspire yourself to make the best of these times.
To do this please revisit the two questions asked in this post above and see if you see any answers to this particular question for your situation. Else write your comments to this post and let’s see how we all can put our heads together to find out a “near” solution.

But before you do so, here are some good tips from Daniel Kehrer on 7 Makeover Tips for Recession Success, worth a read.

“Success is not measured by what you accomplish, but by the opposition you have encountered, and the courage with which you have maintained the struggle against overwhelming odds.”
– Orison Swett Marden 


 

Some other Resources for inspiration:

“Celebrate your success and stand strong when adversity hits, for when the storm clouds come in, the eagles soar while the small birds take cover”

 

Question: What have you done to motivate yourself when you feel that success evades you?

 

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5 Essential Tips you MUST KNOW Before Launching Your Business

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Seven out of ten new employer firms last at least two years, and about half survive five years. More specifically, according to new Census data, 69 percent of new employer establishments born to new firms in 2000 survived at least two years, and 51 percent survived five or more years.

Source: U.S Dept. of Commerce, Bureau of the Census, Business Dynamics Statistics.

Looking at the above statistics the probability of your business being a success or a failure in say 5 years from now is pretty much 50/50!

You have that special big idea and are all set to start your own businees, but looking at the above stats and depending on where you want to see yourself in 5 years, it is time to get set and know these essential tips before you launch your business.

1. Read Research Research

Emphasis on knowledge is a very important step towards building any skill set or starting a business. What you are about to do has been done over and over again somewhere sometime (in all likelihood, of course your ideas may be new or truly path breaking but some inspiration can be derived from other’s previous experiences). And where do you get this knowledge and inspiration?

  • Read relevant magazines for example: Entrepreneur, Inc. and if you want something readymade then there are solutions around, for example the Entrepreneur magazine’s Startup Guides give you all the information you need to start your dream business (see link: http://www.smallbizbooks.com/ )
  • Read the newspapers and information on websites like SBA.gov which assist you with detailed information from putting your plan on paper to legal assistance to your local resources. Look up this FAQ page which might answer many questions you have right now http://www.sba.gov/ADVO/stats/sbfaq.txt
  • SCORE (in the US) is “the counselor to American Small Business”, the website (http://score.org/ ) provides very detailed how-to guides and business tools to guide you through the planning and execution process of your dream venture. A very cool page is that of Resources for Young Entrepreneurs. And if you want a personal touch there are various SCORE centers around the nation which provide free and confidential small business mentoring.

2. Business Plan and Goals

Before you even dream about having an empire or making that first million in whatever time frame you have set – make sure that your plans and time frame for execution are practical and doable. A solid planning is the key to success in whatever you do. Must read article on Inc. columns: How to Structure a Business Plan. This article goes through a step by step process in helping you develop the business plan that can be the foundation for your success.While preparing your business plan make sure that you focus separately on your short-term and long-term goals. When on the way to achieving your short-term goals never lose sight of the long-term ones. The short –term goals must strengthen your vision of success and achievement of your dream venture.

3. Legal Awareness

There is this one very good info article on Entrepreneur.com which talks about the legal tips as an outline, good way to start here – gain knowledge on what is being discussed here and then delve deeper into whatever topic is most relevant to your business type. Read the tips at SCORE’s Top Legal Tips. (The legal matters and taxes are different in different countries, if you are not in the US or starting a business worldwide, ensure that you spend some time gaining knowledge on your particular country (or the country where you are planning to start your business); it is also strongly advised to seek an attorney in your country of business to understand and deal with any legal matters that might crop up now or later.

4. Financial Planning

Financial awareness and planning is a very essential skill to master if you want to be a survivor in the tough business sector. You may have a great idea, valuable skills and a team to execute your plans to action, but without a sound financial backing and a plan to sustain in the long-term your venture might not see the light of the day. Some very good tips on this topic are here (please take time to read and apply to your situation):

5. Work Hard

There may be many alluring stories around of how people are making hundred and thousands of dollars by “working on two hours a day” or the easy money without “any work”. Remember that there is no shortcut to success. Be prepared to work long hours and also work hard to reach the benchmarks you set for yourself along the way. Breaking down large tasks into small steps can be the ideal way to celebrate your “first achievement” or reaching that first benchmark that seems like an unreachable rugged mountain. Don’t take short cut to success – your careful planning and hard work will reap long-lasting results. A lot has been said about it but still it features in the first 5 steps you must know about when launching your business.

Some other articles and resources you must read:
The Basics of Starting a Home-Based Business


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Down Economy Sprouts Entrepreneurial Bloom

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“Your time is limited, so don’t waste it living someone else’s life. Don’t be trapped by dogma – which is living with the results of other people’s thinking. Don’t let the noise of other’s opinions drown out your own inner voice. And most important, have the courage to follow your heart and intuition. They somehow already know what you truly want to become. Everything else is secondary.” – Steve Jobs

 The quote above is one strong inspiration to quit your job and to follow your dreams – to be on the adventurous entrepreneurial path. The slowdown in the worldwide economy is resulting in a job drought but even in the dry scenario there are blossoms of entrepreneurial spirit all around the world. For some of these budding entrepreneurs, it is a “lets-try-and-see” approach for many it was an urge suppressed somewhere beneath which had earlier been unable to surface because our day to day routine and the full-time job fills up the time and the creative bubble never found time enough to shape into an idea or action. But since there are not many jobs around and those in the layoff have that extra time at hand; it presents an exciting opportunity to live with your own thinking and time to bring your own creation to life!

Then long-term and short-term goals of these budding entrepreneurs might be different. For some it is a wonderful learning experience, but they are not so sure whether it could be a long-term commitment mainly because they are not seeing the revenue stream as yet. And for some it has been more profitable than their full-time job.

Patrick May puts it all together on the Mercury News columns:

Their motives are all over the map. Some are looking for a little income during their job search. As David Noel scanned the job market’s bleak horizon earlier this year, he recalled this week, “I felt I had a better chance of creating my own job than of finding one.” So the San Mateo software-product manager started rechargeablebatteryservices.com to address — and profit from — the prodigious use of double- and triple-A batteries by government and industry.
Others are simply bored to death with online résumés and figure they’ve got nothing to lose by starting a small-time enterprise fueled by a big-time passion. After she lost her job with an East Bay nonprofit, Shannon Bowen went into her swing-dance default mode, launching a dance business.

Not only in the Silicon Valley or the US, the new sprouts are all over the world. 60% of Canadian entrepreneurs believe the current global recession is creating new opportunities for small business.

Daily Commercial News reports:

Canada’s entrepreneurs are looking ahead to the next year with expectations for improvement. One in four entrepreneurs surveyed reported having sold fewer products or services in the past 12 months, but one in three now expect to sell more products or services in the coming year. Thirty-nine percent of entrepreneurs surveyed expect to create a new product, service or technology.
“These findings prove that the entrepreneurial spirit is still alive and well in Canada, no matter the economic climate,” said Dr. Roberts.

You may or may not be successful in what you have begun now, but the journey itself is well worth it and more so the job market may be down and under but the entrepreneur in you looks positively to the blooms ahead. Ultimately, what is satisfying on walking the entrepreneurial path is not the end result but the exciting journey itself. It is that special journey which teaches you how to create, how to innovate, how to manage, how to inspire and then how to make money on your own. To do all this every day – is exciting; each day to look forward to something new and exciting – that is what the entrepreneurial spirit is all about.’

“Unemployment is custom-made for starting a new venture,” says Chris Gill, president of the Silicon Valley Association of Startup Entrepreneurs. “You’ve got the time, and if you’ve got the passion, you can start a business. And while only 50 percent of them survive five years, if you’re lucky the money can start to add up.”

 

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As an Entrepreneur, I am like a Mom – Always Busy, Never Done

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The beauty and attraction of getting to run ones own business is that it is yours and you can take it where you want it on your own time. You might have the cool notion of working on your time and knowing when to get off; but in reality there is always so much to be done that you always have the feeling of never having done enough!
It is hard to draw boundaries between work and personal time especially when a lot is going around especially in the initial and mid stages of a growing venture. For an entrepreneur it is not easy to strike that “balance” which we all talk about because most of the time, the mind is full of ideas on what to do next. If you were a 9 to 5 employee and your work is task assigned of course it is easy to shut off and get on the next day, but an entrepreneur is a super multi takers – a self-marketer, financial planner and expert, management guru and a looked-upon leader. Expectations rise and so does work.

But believe me it is not as bad and stressful as it might sound above; everyday is exciting and you are on an adventure trail trying out new ideas and leaning all along. It is simply amazing to create something and see it grow (very similar for a mother seeing her little ones grow and thrive). Thus of course, there are birth and growth pangs but the joy of the journey and arriving ‘there’ is worth all of it!

Sure enough as an entrepreneur I have always felt that my business is my baby and so I am always busy and never done and that is exciting!

If you are an entrepreneur, how are you enjoying or dealing with your journey?

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5 Ways to find out if Entrepreneurship is for you

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If the answer to these is yes, then entrepreneurship can be for you:

  1. You are brimming with numerous innovative (or at least a couple) ideas and you can visualize how to translate your dreams into practical ideas and above all you are passionate and persistent to work towards making your dreams see the daylight.
  2. You can take control of managing your time and do not need anyone else to monitor your tasks and goals. You are self-directed and motivated when working solo.
  3. You understand and are hands on the basic financial management – preferably mid-level if not expert. You understand what cash-flow and marketing plans mean to the survival of a business.
  4. You may be an introvert or an extrovert but will not shy away from self-promotion and learning cutting edge marketing and sales pitch.
  5. Are not easily discouraged by failures and know how to bounce back from set-backs.

If you scored a yes on all 5, then go ahead and plan more on how to be an entrepreneur.


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What do you want to be when you grow up?

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Where do you see yourself in your present job say 6 years from now?

Where are you at present in regards to your career aspirations?

If you are planning a career change what would you rather do – Join another company in similar field but with different responsibilities – either to earn more than you do at present or for power position opportunity?
Or
Just do what inspires you and was a cherished dream somewhere back down the lane when making a dough pile was not the incentive to work?

What did you want to be when you were young and what do you want to be when you grow up?

 

People have always asked us when we were growing up what we want to be when we grow up – right now the questions should more be what all do you want be when you grow up? And perhaps even add another element of truth – just keep growing and keeping being something or the other - learning and evolving is a continuous process not in a search for an end but in search for fulfillment. And as a lot of older workers find new career curves ahead – the process to evolve continues in present times.

 

Layoffs are forcing many of us in entrepreneurship and personal ventures for which we never had time before. A recent AARP study provides new evidence that suggests career changes work out well for the overwhelming majority of older workers because of reduced stress and flexible work schedules.

According to an article titled “Older workers embrace career change, less stress” in USAToday:

Mal Krinn made the switch when he had the chance to turn a hobby into a second profession.
Not many people would willingly leave the security of an established doctor’s practice for a job in a kitchen.
Krinn did that at age 62, going to work for his son, a chef and restaurateur. Seven years later, he has no regrets about having given up doctor’s dough to create and knead bread dough, which he does at Jonathan’s chic restaurant Inox in Tysons Corner, Va.

“One day I was in the office and the next day I was a full-time breadmaker,” he said.
Krinn had enjoyed cooking and baking bread for his family for decades. If his son hadn’t gone into business, he figures he’d still be doing that, along with practicing ophthalmology.
But like the study subjects, a change for a new occupation presented itself and he embraced it. Now his transition may serve to inspire older workers who are looking for a new career with different challenges.

“If you pursue things that interest you when you’re younger, who knows where it can lead to?” he said. “You find out that you could actually go into what you got a kick out of all those years.”

 

David Perry of BalanceQuest describes himself as someone who at midlife has decided to get out of the corporate life style and use his accumulated knowledge, wisdom and friendships to build a better life for themselves. It’s time to nourish your Body, Mind and Spirit.

 

And of course there are many others who are quitting the rat-race to breathe in what they believe in even if the money they make is much lesser than their previous jobs.

 

Often we have to give some to get some and it is also the other way round, to get more we give away of something precious as well – to earn more money we have to (usually) spend more time at work and that results in less time for personal interests pursuits and less family time. When you are ready to give up on the larger dough you make; there is a higher probability that you might get time to enjoy more – the time you have with your loved ones and also perhaps just watching time pass by instead of always in a rush to catch the handful of time you get every day that seems to always slip between the fingers like a handful of sand.

 
Now what do you want to be when you grow up?

 

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How to Generate Income and stay Positive when you have no Job – Part 2

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In part 1 of this article you have read about how to remain positive in these negative economic times; here I carry on the next step –towards generating income when you have no job.
Here are some ideas: (Your ideas are also welcome to supplement the following list)

Temporary Placements and Part-time Jobs
It is the best time to find some freelancing work since you know that full-time jobs might not be coming your way easily this year.

Read some tips at: Alternatives to a Permanent Full Time Job

Career in Sales
Some of the jobs that might pay off your bills and also give you the recently lost self-worth might be in the life-insurance and other financial products. The positive aspects of such jobs are that the company hiring you provides you complete training, benefits and options to work part-time or full time. You could explore job possibilities at the reputed insurance giants as New York Life and MetLife or explore those in your local area.

 

Your Hobbies Your Passion Your New Business
People may not have lots of money to spend on new clothes or eat out at a restaurant, but when it comes to spending on their kids skills development, education and even recreation or for that matter in just keeping them busy; they would be willing to spare a few bucks by cutting on other non-essential expenses. Now what that means towards generating an income for you depends on your current skills and experience.
No not necessarily your professional skills but your non-academic may come to use if you are passionate enough. Explore the possibilities of a home based business and it can very well be taken to a multi-million dollar business with proper planning and insight. Alright, here we are not talking about multi-million dollars flowing in anyone’s pocket right now but having a long-term vision pays off eventually. There is an interesting article you might enjoy reading on CNN Money titled: 6 companies born during downturns.

Some ideas here:
Do you play the piano well, or the guitar, or know a special dance form, or good at tutoring – Maths, Science etc., do you know a language that people in your area might be interested in learning, or how about cooking, sewing, or soccer – are you good at it?
The point is first know what you are best at and what you love doing? If you can teach something interesting or in demand – you have a home business up and running at the same time.
Think about how can you turn your passion/hobby into a new home based business?
Always remember the three “P”s that can help you succeed: Passion, Perspective, Persistence, Plan and Patience. 

  • “Nothing great in the world has been accomplished without passion”
  • There has never been a short cut to success – be persistent.
  • Always have a broader perspective on your idea and where you want to go; expand your outlook and find out how viable or in demand are your ideas.
  • Plan your actions; plan your day; prepare a plan on revenue generation. “If you fail to plan you plan to fail”.
  • “He that can have Patience, can have what he will”

For more information on how to set up a home business covering all legal issues check out these websites (some are country specific, you might want to first check on what support your government provides in setting up a small or home-based business):

 

 

Have a Well kept House and a Good Location? Why not Start a Bed n’ Breakfast
Of course this is a big job too; one of your best bets is to start with reading something like “The Complete Idiot’s Guide to Running a Bed and Breakfast”, you might get an idea if it is a viable solution and whether this is what you want to do.

 

Online Cash
There is money in internet business and other web based jobs if you have the skills to harness this exciting frontier. People make money blogging, filling surveys, selling stuff or running an eBay business, selling your own products or someone else’s online etc. and can diversify quickly into multiple stream of income. But howsoever exciting and easy it may sound, you still have to put in a lot of time and effort and also the income that you generate might not be enough to sustain your financial needs. But again if you have spousal help and expertise towards technical knowhow then this could be a good source of so called ‘passive’ income, but again, do not assume that the return would be instant or you shall see good profits in 3-6 months. Read and research before spending a lot of time on any one particular income generation stream.

 

Get Ready to Explore the New Industries
The job market condition is deplorable and very few companies are hiring nationwide. What does it mean to you? Some new industries are thriving in the current economic downturn and perhaps more federal funds may be diverted to the ‘clean tech’ or ‘green jobs’ try out the new industries and see how you can reapply your skills in these industries. Also this could be a good time to start honing your skills towards the new jobs of the future.

 

Network to Explore Possibilities
Often new ideas come to us when we discuss with other like-minded or sometimes even completely opposite-minded people. It is not the time to hole yourself in the house and double your stress level, make sure that you step out, meet with friends and find other opportunities to network with others, for example career seminars and job fairs in your city and other workshops that the employment agencies are coming up with.
And another piece of advice – be ready to recreate and diversify and, if possible relocate where the jobs are.

 

What has been your experience, would appreciate if you can also pitch in some ideas to supplement the following list, please add your ideas and suggestions to the comments below.

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Filed Under: Career Self-Help, Entrepreneurship, Job Search, Layoff Tagged With: , , , , ,

Running a Service based Business – Pros and Cons Guest Article

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All of us have our own set of skills and areas of expertise—all you really need to possess is the drive, dedication and the desire to turn your skills into a revenue generating opportunity.

A service based business is difficult to start and continue simply because in essence, you will be basically selling yourself and not a product. And in a consumer conscious world, your biggest challenge as a service based business owner will be in building and providing a tangible experience of your services to a customer.

The entire crux of a service based business is centered on your ability to not only reach the right customers, but to also maintain your clientele.

Everything from your skills, to your professional competence to your customer service and relationship building abilities to how well you can package yourself and your services to suit the needs of your customers will be under the glare and yes scrutinized by your potential clients. In the service based business it helps to remember at all times that the product that you will be selling your customers primarily, is you.

However if you can get past the initial hiccups of starting your service business, the rewards can be more than satisfactory. The time, effort and hard work will pay of rich dividends in the form of a thriving business, good revenue and in the opportunity of letting loose your creative skills and interests.

Every business is subject to volatile market trends, various degrees of customer satisfaction and expectations and the numerous laws of marketing and publicity etc. However in the service business the onus of success almost always is placed with the customer. Since a service business is where you are offering your customer some form of service, the only way he/she can access your expertise or skills is by actually giving you a try. And if you are new or unknown, getting set into the business can be difficult.

Although this should not deter you if your mind is made up, one of the best ways of assessing any situation or as is the case a business, is to consider the pros and the cons very carefully and based on that one can chart out a further course of action.

Pros of the service business

Undoubtedly there are several advantages of starting out your own service business. Here are some of the most obvious ones-

You get to be your own boss: This is one of the top reasons of getting not just into the service business, but any business. Being the boss, you are in effect in control of your time, resources and future, your destiny. No more being answerable to higher authorities, no more having to adhere to rules and regulations laid out by someone else. You can plan and organize your life according to your wishes.

A major selling point of the service business is that there is no end to the kinds of service based business ideas to choose from. From child care, to pet care, VA services to resume writing or domestic services such as housekeeping or errand service the list just goes on and on. If you have a skill or are good with anything and you feel that there is a market for selling it, then it is an option definitely worth exploring.

In most instances, the ease of setting up the business and the relatively low investment required especially if you are running it out of your home is a major contributing factor. If you have some spare space or room, then with a few adjustments and changes you can easily run your business. For example if you are planning on becoming a VA, all you really need is a computer with internet connection, a phone and fax machine, a desk and chair and some basic office stationary.

Money: On the top of most people’s list, a service business has the potential of providing you with good revenue. If you plan your business well, you sit to gain income that can even surpass your expectations!

Cons of the service business

Risk- One of the biggest drawbacks to this business is the risk involved. You may be skilled at your job or service, but without the backing of a good business plan and marketing strategies the chances of your business succeeding is almost zero. Another risk factor is the off hand chance that even after careful planning and analysis, the market that you intend to break into will not respond favorably.

Another drawback to the service business is the lack of a tangible product for the customer can see or touch making it difficult for a customer to accept your skills based only on your word. It can be especially difficult to convince a new customer of your skills and superiority of service.

Uncertainty: this is something that comes with the job. Yes, it is not easy being a business owner, and while it is the perfect opportunity to showcase and utilize your talents and skills the sheer uncertainty of whether or not you will succeed requires a strong and positive mindset. Not a lot of people have the tenacity to weather storms.

No guarantees of a steady source of income/ no benefits- your income will be dependant of the work available only. Besides this, you will be responsible for paying out your health insurance premium or life insurance.

Conclusion
Starting your own service business can be a dream come true. However if you really want to succeed in this business, the best way forward would be through careful consideration of all contributing factors. Condition yourself to look at the bigger picture in the future, while not loosing focus of what is required in the present.

Contributed by Bizymoms.com:
Bizymoms.com has been helping moms work from home for over 10 years. Visit today to enjoy best home based business ideas, free resources including live chats, interactive message boards and informative articles. Still don’t have a home business? Start your business the easy way with a Bizymoms’ Career Kit! Lifetime Website included! http://www.bizymoms.com/cart/careers/index.html

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Filed Under: Career Self-Help, Entrepreneurship
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