In a previous article I shared with you how I successfully produced my first information product which has made over $10,000 to date. But little did I know that it was beginners luck and there was still a lot I needed to learn.
The second product was one that my wife had already written previously that I tried to turn into a product without sufficient research as to the market that existed for the product. Big mistake! Make sure the market exists via keyword research tools like the free version of word tracker and good old Google itself.
The third product was a very good product but came to the market too late. It took me six months from concept to marketplace and by that time the UK Real Estate market had changed dramatically. This meant that many of the buyers had left the market, and secondly, that those that were left were not spending. The lesson learnt here was the importance of getting an info product to market quickly - even if it isn't 100% perfect. You can easily improve it and update the version once it is out there selling and making you money.
Having had a successful first product proved to me that info products do work. Had it happened the other way round it would have been easy to get despondent and give up. The lesson learnt here is that persistance is just as important online as offline.
Whilst ecommerce is a strategy that can be quite involved, if you have a passion and enjoy meeting and helping people then this is a fantastic way to make money online fast and brings people further into your marketing funnel - ready for the higher paying subscription strategies that I talk about in other articles I have written.
I still find it strange that my very first product turned out to be the best way to make money online for me. I have always liked sharing information, particularly in written form and interestingly it was far and away my best subject in an undistinguished school career. There was a lesson here for me in doing something that you are passionate about.
Finally, some quick tips on information products. They are low cost to produce but if you are relying on pay-per-click to promote them then be wary of the potential costs if you don't know what you are doing. Be aware that there is a high set up time, often including researching, writing and developing a product. In becoming successful with your info product, the biggest challenge is in finding a niche market that has a problem which you can solve. Once set up and produced, info products make very lucrative hands-off passive income streams.
Maverick Money Makers - Get Paid For Life! Click Here!
** Affiliates Making $20,000 In One Month!** Click Here!
Forex Autopilot - Robots Trading The Forex Market. Click Here!
Gamer Testing Ground. Click Here!
10 Minute Forex Wealth Builder! Click Here!
Diet Business Opportunity Click Here!
Paid Surveys at Home Click Here!
Get Paid To Submit Photos To The Internet! Click Here!
Forex Tracer! Click Here!
Maximum Paid Surveys. Click Here!
Showing posts with label auto websites. Show all posts
Showing posts with label auto websites. Show all posts
Tuesday, 30 December 2008
Sunday, 21 December 2008
5 Success Indicators to Knowing If You Have a Hobby or a Business
I'd like you to take a step back, look at your business as an outsider would and ask the question "Is this a hobby or a business?"
Put aside the anger that immediately boils to the surface because, after all, you are working 12 hours a day, 7 days a week; eating and non-sleeping this entity known as your business with little financial return and look at it objectively.
There will come a time (if it hasn't come already) when you get up one morning, exhausted and overwhelmed, and ask yourself "What happened to my vision of carefree self employment where I'm my own boss, there's plenty of money and I'm a raging success? Did I take a wrong turn on the road to success?"
Be thankful for that day. That is the day you realize you have a great opportunity: to step up and act like a business (and recognize the limitless possibilities) or keep playing with your "hobby" (and be realistic about your income potential). Up until that point, chances are you've been more focused on your specialty (bookkeeping, massage therapy, virtual assistance, etc.) than on running your business (think "technician" rather than "manager").
As a "business", you must focus on the future and look at planning and revenue. As a "hobby", you focus more on today.
If you wish to create a business, especially a successful one, you must have certain success indicators in place (just ask the IRS):
1. You have a business and marketing plan.
If you want your business to be successful for the longer term, you need to define what "successful" and "longer term" mean to you. Your business plan must be written and adaptable to the change that will happen.
I strongly recommend that you have a separate marketing plan which outlines the activities you will do to attract more clients. Your business and marketing plans should be living, breathing documents which you use to keep on track.
2. You act like a business.
Your business has its own identity or brand. You have a "look", possibly a tagline and cohesive marketing materials.
Your email address has your domain name in it (e.g., Sandy@SandraMartini.com) rather than you using a generic account such as yournamehere@yahoo.com.
And, most importantly, you are not mixing money between business and personal. You track your business income and expenses in a software such as QuickBooks and not in a shoebox timidly carried to your accountant each year.
3. You're making money.
Your business needs to be holding its own and then some. OR, at the very least, well on it's way to profitability. You can't be drawing out of your savings or racking up credit card debt with no idea of when you will actually start making money.
Hobbies can cost a lot with no hope of financial return aside from the sheer pleasure of engaging in them. Businesses can not.
4. You have a team.
As a solopreneur, there is only so much you can do. . .and do well. To build your business to the point where you are focusing only on your core strengths (which should be the same things that bring in the revenue), you need someone to delegate to.
5. You continue to learn and improve.
As a business owner, you must continuously review what's working and what's not in your business and make changes accordingly.
Personally, I do two things to insure that my business (and I) continue to improve: 1/ I invest in myself by hiring good coaches -- I currently belong to a very small, high end Mastermind program run by Alexandria Brown in addition to working with another coach who consistently challenges me and 2/ I created a "Flash Report" for my business -- one of my virtual assistants populates the report and sends it to me each Friday. It tells me what's working and what needs tweaking within my business (more on this coming soon).
If you dream of a business where you fulfill your passions, work less, yet make more while making a difference in the lives of your clients, these are just a few of the indicators that you want to insure are in place. The proper systems will do more for you than a thousand networking meetings. :-)
I challenge you to take a hard look at your business over the coming days and see where you can improve -- make a list and choose one indicator to work on over the next 90 days.
Maverick Money Makers - Get Paid For Life! Click Here!
** Affiliates Making $20,000 In One Month!** Click Here!
Forex Autopilot - Robots Trading The Forex Market. Click Here!
Gamer Testing Ground. Click Here!
10 Minute Forex Wealth Builder! Click Here!
Diet Business Opportunity Click Here!
Paid Surveys at Home Click Here!
Get Paid To Submit Photos To The Internet! Click Here!
Forex Tracer! Click Here!
Maximum Paid Surveys. Click Here!
Put aside the anger that immediately boils to the surface because, after all, you are working 12 hours a day, 7 days a week; eating and non-sleeping this entity known as your business with little financial return and look at it objectively.
There will come a time (if it hasn't come already) when you get up one morning, exhausted and overwhelmed, and ask yourself "What happened to my vision of carefree self employment where I'm my own boss, there's plenty of money and I'm a raging success? Did I take a wrong turn on the road to success?"
Be thankful for that day. That is the day you realize you have a great opportunity: to step up and act like a business (and recognize the limitless possibilities) or keep playing with your "hobby" (and be realistic about your income potential). Up until that point, chances are you've been more focused on your specialty (bookkeeping, massage therapy, virtual assistance, etc.) than on running your business (think "technician" rather than "manager").
As a "business", you must focus on the future and look at planning and revenue. As a "hobby", you focus more on today.
If you wish to create a business, especially a successful one, you must have certain success indicators in place (just ask the IRS):
1. You have a business and marketing plan.
If you want your business to be successful for the longer term, you need to define what "successful" and "longer term" mean to you. Your business plan must be written and adaptable to the change that will happen.
I strongly recommend that you have a separate marketing plan which outlines the activities you will do to attract more clients. Your business and marketing plans should be living, breathing documents which you use to keep on track.
2. You act like a business.
Your business has its own identity or brand. You have a "look", possibly a tagline and cohesive marketing materials.
Your email address has your domain name in it (e.g., Sandy@SandraMartini.com) rather than you using a generic account such as yournamehere@yahoo.com.
And, most importantly, you are not mixing money between business and personal. You track your business income and expenses in a software such as QuickBooks and not in a shoebox timidly carried to your accountant each year.
3. You're making money.
Your business needs to be holding its own and then some. OR, at the very least, well on it's way to profitability. You can't be drawing out of your savings or racking up credit card debt with no idea of when you will actually start making money.
Hobbies can cost a lot with no hope of financial return aside from the sheer pleasure of engaging in them. Businesses can not.
4. You have a team.
As a solopreneur, there is only so much you can do. . .and do well. To build your business to the point where you are focusing only on your core strengths (which should be the same things that bring in the revenue), you need someone to delegate to.
5. You continue to learn and improve.
As a business owner, you must continuously review what's working and what's not in your business and make changes accordingly.
Personally, I do two things to insure that my business (and I) continue to improve: 1/ I invest in myself by hiring good coaches -- I currently belong to a very small, high end Mastermind program run by Alexandria Brown in addition to working with another coach who consistently challenges me and 2/ I created a "Flash Report" for my business -- one of my virtual assistants populates the report and sends it to me each Friday. It tells me what's working and what needs tweaking within my business (more on this coming soon).
If you dream of a business where you fulfill your passions, work less, yet make more while making a difference in the lives of your clients, these are just a few of the indicators that you want to insure are in place. The proper systems will do more for you than a thousand networking meetings. :-)
I challenge you to take a hard look at your business over the coming days and see where you can improve -- make a list and choose one indicator to work on over the next 90 days.
Maverick Money Makers - Get Paid For Life! Click Here!
** Affiliates Making $20,000 In One Month!** Click Here!
Forex Autopilot - Robots Trading The Forex Market. Click Here!
Gamer Testing Ground. Click Here!
10 Minute Forex Wealth Builder! Click Here!
Diet Business Opportunity Click Here!
Paid Surveys at Home Click Here!
Get Paid To Submit Photos To The Internet! Click Here!
Forex Tracer! Click Here!
Maximum Paid Surveys. Click Here!
Top 11 Myths of Home Businesses
I have a small business providing online business consultancy services which is based out of my home. Most days I LOVE it - it is consistently interesting and incredibly fulfilling. The thing that has surprised me the most is the difference between the perception and the reality of what it means to have your own home business. Here's what I've learned:
Top 11 home business myths:
11. You will not have enough work to make money from home
Alot of people are concerned that there will not be enough work for them to make money from home if they start their own home business. Before starting your own business look into the regional market for your skills (or check online if you are hoping to work remotely). Depending on the local market for your skills and experience you may find that there is an abundance of work available.
MY TAKE: One thing that I found useful during my start-up phase was to work with placement agencies and other contractors in order to find work. Generally you will make less money working with other contractors or employment agencies however you will make invaluable contacts and it will allow you to work consistently.
10. You will not be able to afford to take self employment vacations
It is a common misconception that owners of home based businesses can not afford to take self employment vacations. Contrary to popular belief, with proper planning and good fiscal planning self-employed individuals have a lot more flexibility in the timing and length of vacations that they can take. Employees generally have a limited amount of vacation available to them and get paid for vacation in one of two ways. Hourly employees often receive their vacation pay as an additional percentage on every paycheck, whereas salaried employees are often paid their salary as usual during their time off. Similar to hourly employees, contractors should include vacation pay in their hourly rates or job bids. While market rates and competing bids will sometimes determine the profit you make, there is some flexibility in the rates you charge and there are many factors to consider when setting your rates (more on this below).
MY TAKE: My personal experience has been that successful self-employed individuals must choose between the money they would make during a time period and their desire to have time off. I have prioritized having time away from full-time contracts periodically over the money I could earn during that time. It allows me to try out my own ideas and fully recharge before starting a new project.
9. You will not be able to get a mortgage or small business loan
It is a long held belief that home based business owners have a hard time getting mortgages or small business loans. This is not true. With small businesses and consulting firms on the rise, financial institutions have recognized the need to provide better services and comparable mortgages and loans to self-employed individuals.
MY TAKE: I was an employee when I applied for my mortgage however I have experience working with self-employed clients and friends to successfully apply for mortgages. The first thing I have learned is that it is important to shop around. Some people will be able to leverage their relationship with their bank to get a great mortgage that they couldn't get elsewhere but it is important to be sure that you are getting the best terms. Mortgage brokers are invaluable for shopping around as they can find out the terms a financial institution would offer you based on your specific circumstances. It is also very important that as an entrepreneur you are able to provide the bank with clear, organized business records that show consistent business activity for the past few years.
I have no personal experience obtaining a small business loan or grant. The best sources of information on this are the websites of the major financial institutions and government bodies.
8. You will not be able to get small business health insurance
Many people are hesitant to start a home based business for fear of living without small business health insurance. There are a lot of great benefits providers out there for people who are self-employed. Government and non-profit insurance providers are available for lower income individuals and many other insurance providers have begun offering reasonable health insurance for all self-employed individuals. The key, as with everything, is to do your research.
MY TAKE: My experience seeking benefits for myself has been that there are many companies offering insurance for self-employed individuals but there are some special considerations. Some companies insist that coverage for less than 3-5 individuals will only be offered based on the results of a physical and they may exclude pre-existing conditions from the coverage they offer. It can also be difficult to get coverage in areas such as dental, optical and for specialists such as chiropractors.
7. You will not be able to save for retirement with self employment
Often people fear that they will not be able to save for retirement from self employment without a company pension plan. Financial planning is the key to saving for retirement as an employee or a self-employed individual. Unfortunately many companies are no longer offering pension plans for their employees and therefore the burden of retirement savings on the employed individual is much higher now. Ironically, this shift has meant that self-employed individuals may have an advantage over employees. Most self-employed individuals make their cash up front and pay less in income tax installments and with-holding taxes. This provides them with the cash flow to invest more money in 401ks and RRSPs during the year than employees. Additionally, self-employed individuals often have the option of "soft retirement" by shifting to part-time work before retiring completely.
MY TAKE: Personally, my switch to self-employment has sparked me to be more cognizant of saving for my retirement. In fact, my pension savings more than doubled in my first year as a contractor and have continued to grow steadily since then.
6. Your self employment income will be too sporadic to cover your costs
It is common for employed people to fear the fluctuations in self employment income that many people experience. With good budgeting and planning most contractors are able to spread their income over the full year. In fact as an employee your income is fixed but as a self employed individual you can tailor your work schedule to earn more or less money as you need it. Many entrepreneurs find themselves filling downtime or earning "overtime" with smaller ventures such as project or interim work.
MY TAKE: Since I started my consulting company I have not had any downtime that I did not plan out as vacation, training or transitional time. Personally I enjoy having one to two weeks off between major projects to work on my own projects and take some time away - therefore I plan for this with both my work schedule and my budgeting.
5. Self employment will look bad on your resume
Truthfully, there are still some places that would frown on some self employment experience on your resume as they may see this as a sign that the person is not suited to be an employee. However, many companies recognize the value of having an employee who shows initiative and has a well-rounded variety of experience. Successful business owners demonstrate many skills that potential employers are looking for such as: leadership; project management; accounting and budgeting; initiative and entrepreneurial spirit.
MY TAKE: In my experience recruiters for full-time jobs will often spread this myth in order to convince you to apply for jobs with their clients. Contracting recruiters will claim that the opposite is true. My experience with employers and human resource professionals has been that they recognize the value of hiring people with the diverse and well-rounded backgrounds that self-employment allows. The main questions that potential employers have are: why did you become self-employed? why do you want to return to being an employee? why now? why here? If you can answer these four questions satisfactorily then even the most skeptical employers will consider your application without reserve.
4. You will make more money with small business earnings
Typically small business earnings are based on higher hourly rates than the effective hourly rate earned by employees and therefore people often assume that contractors make more money for the same amount of work. The truth is that the rates charged by self employed individuals include a premium to compensate consultants for the added risk to the contractor; the convenience factor for the hirer; the costs normally covered by an employer (benefits, pension, some government remittances, vacation, statutory holidays, bonus, double-time, training, supplies, overhead, professional dues and medical or maternity leave); and the cost savings to the employer (administrative and human resource costs such as hiring, termination and severance costs). The larger monetary benefits of working as a contractor seldom come from higher hourly rates but come from lower taxes, more cash flow for pension spending and the ability to control your income by working more or less hours.
MY TAKE: My earnings as a contract worker have been similar to the "all-in" salary and benefits+ amount that I was paid as an employee (with the same growth as my employed contemporaries). The main non-monetary benefit to me has been the ability to work less or more depending on my desire and having more choice over whom I work with and what I work on. The main monetary benefit have been the tax savings I have experienced due to both the additional deductions as a contractor and the additional RRSP (401k) contributions I have been able to make due to the up-front cash I have received.
3. You will be your own boss
You probably want to start your own business in order to be your own boss and truthfully there are many areas of work that contractors have more control over than employees however contractors are not entirely without oversight. As a contractor instead of having just one boss you have many bosses. Every client you have is also your "boss" - they determine what you work on, when you work on it, how you work on it and where you work on it. Further, when working on-site for clients it is necessary to comply with all their office rules and guidelines. The other aspect of being your own boss is the responsibility that comes with it. As your own boss you are the one solely responsible for every aspect of your business from beginning to end. You must be comfortable pursuing new work, applying and interviewing for new projects, working at different places on different tasks, and taking care of customer billing and collections.
MY TAKE: As a contractor I can often negotiate my hours, the location of my work, the type of work I do, the companies/people I will or will not work with and the amount of money I get paid. Unfortunately this does not always mean that in the short-term I never have to compromise for a client or project. Some projects dictate that you work longer hours or work outside your region. The main difference is that I have the choice to reject the project or discontinue the work at anytime without legal repercussions.
2. You will set your own hours and work less
Many people start their own businesses in order to have control over how many hours they work but contractors aren't guaranteed to work less than employees. It is true that once you have established your business you can pursue contracts and projects that allow for more flexible hours and less overtime. There is not guarantee, however, that you will always be able to find such projects. Further, as the one who is solely responsible for every aspect of your business, people often find that they are required to work additional hours in order to establish and maintain their business.
MY TAKE: Personally I have chosen to take contracts with longer hours in past due to other considerations (experience, networking, higher rates, great location, etc...) however for the most part I have strived to find positions with flexible hours and little or no overtime. This has given me the freedom to pursue my own projects and spend more time with my family. This has required a lot of planning and budgeting and has generally led to lower annual incomes then I might otherwise earn however the improvement in my quality of life has made this more than worth it.
and the biggest myth of home based businesses...
1. You will always be able to work at home
The words "home based business" bring to mind images of working at home while wearing your pajamas. Home based businesses often require travel and/or visitation of external offices. Sales and service jobs typically require meetings with clients. Even remote IT personnel often need to visit their head office periodically. The flip side of this is that, the majority of the time, home based businesses can be run from anywhere - with only a phone and laptop.
MY TAKE: I have taken on contracts which require me to work off-site everyday, four days a week or once a week. I have also done work that was completely remote but I find this to be the exception rather than the rule for my field (chartered accountant).As mentioned above though I have also enjoyed being able to work at home, at the cottage, at campgrounds, at family members houses and many other beautiful places. There is definitely a lot more freedom as to where you work when you have a home based business - but you should not rely on the idea that you can run things without ever leaving your home.
Overall, the best way to know what you are getting into is to do some research. If possible talk to someone in your field who has an established business, talk to local recruiters and businesses about the availability of work, look for contract or project listings online. It is also a good idea to sit down and calculate the amount of money you need to earn every month in order to maintain your desired lifestyle - this will provide you with a benchmark to compare expected earnings to. Whether you decide to take the leap or not it pays to be informed.
Maverick Money Makers - Get Paid For Life! Click Here!
** Affiliates Making $20,000 In One Month!** Click Here!
Forex Autopilot - Robots Trading The Forex Market. Click Here!
Gamer Testing Ground. Click Here!
10 Minute Forex Wealth Builder! Click Here!
Diet Business Opportunity Click Here!
Paid Surveys at Home Click Here!
Get Paid To Submit Photos To The Internet! Click Here!
Forex Tracer! Click Here!
Maximum Paid Surveys. Click Here!
Top 11 home business myths:
11. You will not have enough work to make money from home
Alot of people are concerned that there will not be enough work for them to make money from home if they start their own home business. Before starting your own business look into the regional market for your skills (or check online if you are hoping to work remotely). Depending on the local market for your skills and experience you may find that there is an abundance of work available.
MY TAKE: One thing that I found useful during my start-up phase was to work with placement agencies and other contractors in order to find work. Generally you will make less money working with other contractors or employment agencies however you will make invaluable contacts and it will allow you to work consistently.
10. You will not be able to afford to take self employment vacations
It is a common misconception that owners of home based businesses can not afford to take self employment vacations. Contrary to popular belief, with proper planning and good fiscal planning self-employed individuals have a lot more flexibility in the timing and length of vacations that they can take. Employees generally have a limited amount of vacation available to them and get paid for vacation in one of two ways. Hourly employees often receive their vacation pay as an additional percentage on every paycheck, whereas salaried employees are often paid their salary as usual during their time off. Similar to hourly employees, contractors should include vacation pay in their hourly rates or job bids. While market rates and competing bids will sometimes determine the profit you make, there is some flexibility in the rates you charge and there are many factors to consider when setting your rates (more on this below).
MY TAKE: My personal experience has been that successful self-employed individuals must choose between the money they would make during a time period and their desire to have time off. I have prioritized having time away from full-time contracts periodically over the money I could earn during that time. It allows me to try out my own ideas and fully recharge before starting a new project.
9. You will not be able to get a mortgage or small business loan
It is a long held belief that home based business owners have a hard time getting mortgages or small business loans. This is not true. With small businesses and consulting firms on the rise, financial institutions have recognized the need to provide better services and comparable mortgages and loans to self-employed individuals.
MY TAKE: I was an employee when I applied for my mortgage however I have experience working with self-employed clients and friends to successfully apply for mortgages. The first thing I have learned is that it is important to shop around. Some people will be able to leverage their relationship with their bank to get a great mortgage that they couldn't get elsewhere but it is important to be sure that you are getting the best terms. Mortgage brokers are invaluable for shopping around as they can find out the terms a financial institution would offer you based on your specific circumstances. It is also very important that as an entrepreneur you are able to provide the bank with clear, organized business records that show consistent business activity for the past few years.
I have no personal experience obtaining a small business loan or grant. The best sources of information on this are the websites of the major financial institutions and government bodies.
8. You will not be able to get small business health insurance
Many people are hesitant to start a home based business for fear of living without small business health insurance. There are a lot of great benefits providers out there for people who are self-employed. Government and non-profit insurance providers are available for lower income individuals and many other insurance providers have begun offering reasonable health insurance for all self-employed individuals. The key, as with everything, is to do your research.
MY TAKE: My experience seeking benefits for myself has been that there are many companies offering insurance for self-employed individuals but there are some special considerations. Some companies insist that coverage for less than 3-5 individuals will only be offered based on the results of a physical and they may exclude pre-existing conditions from the coverage they offer. It can also be difficult to get coverage in areas such as dental, optical and for specialists such as chiropractors.
7. You will not be able to save for retirement with self employment
Often people fear that they will not be able to save for retirement from self employment without a company pension plan. Financial planning is the key to saving for retirement as an employee or a self-employed individual. Unfortunately many companies are no longer offering pension plans for their employees and therefore the burden of retirement savings on the employed individual is much higher now. Ironically, this shift has meant that self-employed individuals may have an advantage over employees. Most self-employed individuals make their cash up front and pay less in income tax installments and with-holding taxes. This provides them with the cash flow to invest more money in 401ks and RRSPs during the year than employees. Additionally, self-employed individuals often have the option of "soft retirement" by shifting to part-time work before retiring completely.
MY TAKE: Personally, my switch to self-employment has sparked me to be more cognizant of saving for my retirement. In fact, my pension savings more than doubled in my first year as a contractor and have continued to grow steadily since then.
6. Your self employment income will be too sporadic to cover your costs
It is common for employed people to fear the fluctuations in self employment income that many people experience. With good budgeting and planning most contractors are able to spread their income over the full year. In fact as an employee your income is fixed but as a self employed individual you can tailor your work schedule to earn more or less money as you need it. Many entrepreneurs find themselves filling downtime or earning "overtime" with smaller ventures such as project or interim work.
MY TAKE: Since I started my consulting company I have not had any downtime that I did not plan out as vacation, training or transitional time. Personally I enjoy having one to two weeks off between major projects to work on my own projects and take some time away - therefore I plan for this with both my work schedule and my budgeting.
5. Self employment will look bad on your resume
Truthfully, there are still some places that would frown on some self employment experience on your resume as they may see this as a sign that the person is not suited to be an employee. However, many companies recognize the value of having an employee who shows initiative and has a well-rounded variety of experience. Successful business owners demonstrate many skills that potential employers are looking for such as: leadership; project management; accounting and budgeting; initiative and entrepreneurial spirit.
MY TAKE: In my experience recruiters for full-time jobs will often spread this myth in order to convince you to apply for jobs with their clients. Contracting recruiters will claim that the opposite is true. My experience with employers and human resource professionals has been that they recognize the value of hiring people with the diverse and well-rounded backgrounds that self-employment allows. The main questions that potential employers have are: why did you become self-employed? why do you want to return to being an employee? why now? why here? If you can answer these four questions satisfactorily then even the most skeptical employers will consider your application without reserve.
4. You will make more money with small business earnings
Typically small business earnings are based on higher hourly rates than the effective hourly rate earned by employees and therefore people often assume that contractors make more money for the same amount of work. The truth is that the rates charged by self employed individuals include a premium to compensate consultants for the added risk to the contractor; the convenience factor for the hirer; the costs normally covered by an employer (benefits, pension, some government remittances, vacation, statutory holidays, bonus, double-time, training, supplies, overhead, professional dues and medical or maternity leave); and the cost savings to the employer (administrative and human resource costs such as hiring, termination and severance costs). The larger monetary benefits of working as a contractor seldom come from higher hourly rates but come from lower taxes, more cash flow for pension spending and the ability to control your income by working more or less hours.
MY TAKE: My earnings as a contract worker have been similar to the "all-in" salary and benefits+ amount that I was paid as an employee (with the same growth as my employed contemporaries). The main non-monetary benefit to me has been the ability to work less or more depending on my desire and having more choice over whom I work with and what I work on. The main monetary benefit have been the tax savings I have experienced due to both the additional deductions as a contractor and the additional RRSP (401k) contributions I have been able to make due to the up-front cash I have received.
3. You will be your own boss
You probably want to start your own business in order to be your own boss and truthfully there are many areas of work that contractors have more control over than employees however contractors are not entirely without oversight. As a contractor instead of having just one boss you have many bosses. Every client you have is also your "boss" - they determine what you work on, when you work on it, how you work on it and where you work on it. Further, when working on-site for clients it is necessary to comply with all their office rules and guidelines. The other aspect of being your own boss is the responsibility that comes with it. As your own boss you are the one solely responsible for every aspect of your business from beginning to end. You must be comfortable pursuing new work, applying and interviewing for new projects, working at different places on different tasks, and taking care of customer billing and collections.
MY TAKE: As a contractor I can often negotiate my hours, the location of my work, the type of work I do, the companies/people I will or will not work with and the amount of money I get paid. Unfortunately this does not always mean that in the short-term I never have to compromise for a client or project. Some projects dictate that you work longer hours or work outside your region. The main difference is that I have the choice to reject the project or discontinue the work at anytime without legal repercussions.
2. You will set your own hours and work less
Many people start their own businesses in order to have control over how many hours they work but contractors aren't guaranteed to work less than employees. It is true that once you have established your business you can pursue contracts and projects that allow for more flexible hours and less overtime. There is not guarantee, however, that you will always be able to find such projects. Further, as the one who is solely responsible for every aspect of your business, people often find that they are required to work additional hours in order to establish and maintain their business.
MY TAKE: Personally I have chosen to take contracts with longer hours in past due to other considerations (experience, networking, higher rates, great location, etc...) however for the most part I have strived to find positions with flexible hours and little or no overtime. This has given me the freedom to pursue my own projects and spend more time with my family. This has required a lot of planning and budgeting and has generally led to lower annual incomes then I might otherwise earn however the improvement in my quality of life has made this more than worth it.
and the biggest myth of home based businesses...
1. You will always be able to work at home
The words "home based business" bring to mind images of working at home while wearing your pajamas. Home based businesses often require travel and/or visitation of external offices. Sales and service jobs typically require meetings with clients. Even remote IT personnel often need to visit their head office periodically. The flip side of this is that, the majority of the time, home based businesses can be run from anywhere - with only a phone and laptop.
MY TAKE: I have taken on contracts which require me to work off-site everyday, four days a week or once a week. I have also done work that was completely remote but I find this to be the exception rather than the rule for my field (chartered accountant).As mentioned above though I have also enjoyed being able to work at home, at the cottage, at campgrounds, at family members houses and many other beautiful places. There is definitely a lot more freedom as to where you work when you have a home based business - but you should not rely on the idea that you can run things without ever leaving your home.
Overall, the best way to know what you are getting into is to do some research. If possible talk to someone in your field who has an established business, talk to local recruiters and businesses about the availability of work, look for contract or project listings online. It is also a good idea to sit down and calculate the amount of money you need to earn every month in order to maintain your desired lifestyle - this will provide you with a benchmark to compare expected earnings to. Whether you decide to take the leap or not it pays to be informed.
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How To Make Money Online
There are tons of methods you can learn about how to make great money online. The sad part is most methods will make you zero money to just a little money. What I am going to share with you in this article is an excellent method to use to actually make great money online within a reasonable time frame.
Let me start by saying you are going to have to actually work. Also taking action is mandatory if you really want to make great money. If you thought this would be a get rich quick scheme you are reading the wrong article. If you are the type that truly wants to learn how to make great money online then continue on.
The method I'll be discussing is known as affiliate marketing. What you will be doing is making small websites that you will use to market different products and services that pay you a commission for every sale your sites generate. The affiliate programs you join will provide you with specially coded links to use to send them traffic. This way they can track the sales you produce.
The first step is to select a subject for your website. I would highly recommend sticking to an already profitable niche. Here are a few hot niches that make money.
Dieting
Getting Dates
How To Make Money
Self Improvement
By choosing a niche in one of the above listed niches you are going to greatly improve your chance to make great money online.
Your next step will be to select the type of site you want to build. The two types of sites I recommend are the blog and the review site. I like these two site types because they are well suited to attract people that have already chosen a product or service that interests them and are searching for that final answer to a question before they buy.
The best way to provide content on your site is to discuss personal experiences or experiences of others concerning specific products or services. You can compare one product to another or write product or service reviews. If you can get product or service testimonials from satisfied customers I would place them on your site.
Your goal is to answer the last few questions a buyer is asking. Once you answer their questions you want to provide them with an affiliate link so they can easily go make the purchase and earn you a commission.
Now that you know the basics on how to make great money online, it's time for you to start taking action. You need to take action to start making money.
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Let me start by saying you are going to have to actually work. Also taking action is mandatory if you really want to make great money. If you thought this would be a get rich quick scheme you are reading the wrong article. If you are the type that truly wants to learn how to make great money online then continue on.
The method I'll be discussing is known as affiliate marketing. What you will be doing is making small websites that you will use to market different products and services that pay you a commission for every sale your sites generate. The affiliate programs you join will provide you with specially coded links to use to send them traffic. This way they can track the sales you produce.
The first step is to select a subject for your website. I would highly recommend sticking to an already profitable niche. Here are a few hot niches that make money.
Dieting
Getting Dates
How To Make Money
Self Improvement
By choosing a niche in one of the above listed niches you are going to greatly improve your chance to make great money online.
Your next step will be to select the type of site you want to build. The two types of sites I recommend are the blog and the review site. I like these two site types because they are well suited to attract people that have already chosen a product or service that interests them and are searching for that final answer to a question before they buy.
The best way to provide content on your site is to discuss personal experiences or experiences of others concerning specific products or services. You can compare one product to another or write product or service reviews. If you can get product or service testimonials from satisfied customers I would place them on your site.
Your goal is to answer the last few questions a buyer is asking. Once you answer their questions you want to provide them with an affiliate link so they can easily go make the purchase and earn you a commission.
Now that you know the basics on how to make great money online, it's time for you to start taking action. You need to take action to start making money.
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Sunday, 14 December 2008
Marketing Your Site
Make Your Website Famous
Marketing your site on and offline can be just as important as marketing your actual product or service.
The question used to be, Do you have a website? Now, the more relevant question is, How do you market your website? It truly isn't a "Build it and they will come" scenario.
If people don't know about your website, they can't visit--and learn about what you have to offer. That's why marketing your website online and offline is just as important as marketing your product or service.
Promoting your site can be simpler than you think. Here are some suggestions:
Offline Marketing
Many website owners forget about the offline options for marketing. But you need to make yourself visible in the places your target market lives and that means the offline world as well.
All marketing communication materials should emphasize your URL and entice readers to visit your site. This includes business cards, letterhead, envelopes, brochures, flyers, folders and newsletters.
Print your web address boldly on the front side of direct mail postcards. Sometimes simply printing your URL in a large, attention-getting style will cause the recipient to turn the postcard over and read the other information you want to share with them.
You can issue a press release announcing anything new or newsworthy on your site. Maybe you're offering a free report, a free e-course or a unique approach to the marketplace that the media will be interested in.
On-hold messages are now very popular for directing people to a website, especially with phone systems that use automatic attendants. But live attendants can direct people to your website, too. Make sure they know what information is available and relevant for the caller.
If you ever get the opportunity to be interviewed on the radio, make sure you find ways to drop your URL. You can say things like, "On my website, www.UpMarketUrls.com, I offer free marketing articles and products for sale to help grow businesses." Don't just say, "On my website ..." without mentioning the URL. This applies to any interviews you might do with a reporter, editor or producer.
Some publications will ask you to write a guest column or a feature article related to your expertise. At the end of the column or article they'll usually let you include a few sentences related to your experience and ways to contact you. Obviously mention your website and e-mail there.
Advertising specialties are great ways to distribute your web address. They include key chains, coffee mugs, mouse pads, pens and pencils, as well as any apparel that might carry your logo or identity.
You can also promote your URL offline with the following: fax cover sheets, vehicles, billboards, license plate frames, Yellow Page ads, other printed ads, T-shirts, and golf balls and bags.
Online Marketing
Online marketing should be done in conjunction with the offline marketing mentioned above. Here are some ideas to get you started:
Even though people are at your site, mention it often within the text of your web copy. This will reinforce it in the readers' minds and help with search engine optimization.
Mention your website or include it in your signature for all news group, discussion group or forum postings.
Ask your fusion marketing partners, board members, advisors or other business partners to mention your website on their sites.
Use online press releases and articles just like the offline method mentioned above.
Pay-per-click marketing
Banner advertising on your site, as well as other related sites that your target market visits
Online directories
E-mail signatures
Be creative with both your offline and online marketing. Sometimes the best marketing comes from the wild, crazy, extreme or unique ideas that your competition hasn't thought of. Remember the guy who auctioned off his forehead as advertising space for a URL, or the pregnant lady who offered her pronounced stomach for URL placement for a Super Bowl ad website? Now that's guerrilla marketing.
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This really is an excellent product, If you wish to easily create instant revenue making websites I'd seriously consider purchasing this product.
By opening an online money making website you avoid the expense of leasing a physical storefront – your site is set up for you instantly on the Internet. You will have millions of potential customers as soon as you activate your new website.
During this Limited Time Introductory Period, the $1497 franchise fee has been waived. Saving You over a thousand dollars! Don't miss out on this limited time offer.
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By opening an online money making website you avoid the expense of leasing a physical storefront – your site is set up for you instantly on the Internet. You will have millions of potential customers as soon as you activate your new website.
During this Limited Time Introductory Period, the $1497 franchise fee has been waived. Saving You over a thousand dollars! Don't miss out on this limited time offer.
Once you setup your website you can soon start receiving commission checks just like the check below. You will get paid for every sale your website makes. You can start earning a full or part-time income with your website.
Find Out More Click Here!
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