Why your Business Opportunity won’t Succeed and Pitfalls to Making Money Online
If you’re in the market for a business opportunity, the chances are good that you’ve explored a variety of ways to making money online and work from home.
In truth, there are so many Internet business opportunities out there that it’s almost impossible to tell the best from the rest.
And the grim reality is that, while thousands of people launch online businesses in the hope of achieving financial freedom, the majority end up making very little money at all, or worse, paying out more money to their up lines than they’re ever able to recoup.
The good news is that, with the right partnership, you can promote your existing business while multiplying your revenue streams. That way, you don’t have to rely on a single, make-or-break source of income.
It’s a bit like planting a garden.
It would never cross your mind to plant a single seed in the spring and count on that to feed your family throughout the summer. Instead, you’d plant many varieties of seeds, knowing that one or more will bear fruit as the season’s progress.
The Internet business partner you choose should be one that can provide you the one thing that is the downfall of most work from home opportunities: training. All too often, people who intend to succeed come up against their own limitations and fail to properly market their products.
In our garden analogy, that’s like planting your seeds in a drought.
The company you select should have a proven track record of Internet marketing success, and give you the water faucet and hose you need to tend to your business garden.
So, make sure to look for a company that provides you with training on topics ranging from online and offline marketing to back office functionality and goal setting.
They should also be equipped to provide you with tutorials on a wide variety of powerful marketing techniques.
After all, there’s stiff competition on the Internet, and in order to successfully compete, you need to know all there is to know about methods such as article marketing, blogging, email marketing, banner advertising, press releases, pay-per-click advertising, and viral marketing.
Just to name a few.
At the same time, being knowledgeable about Internet marketing doesn’t mean that you need to reinvent the wheel.
Instead, look for a business opportunity that provides you with tools like professional lead capture pages, automated follow-up, a sales center, and a secure website.
Ideally, they should also provide you with highly sought after products that you can re-sell – items like audios, videos, software, templates, and guides.
This way, you can increase those revenue streams by earning a healthy commission on every sale, and still have the professional infrastructure in place to promote your existing business.
When you know what to look for, it’s not difficult to separate the best Internet business opportunities from the residue. And then you can realistically begin making money online.
In no time at all, your seeds will have germinated, your plants will bloom, and you’ll be reaping a plentiful harvest.
Often people look for the latest and greatest bells and whistles to market their company.
Fact is, one of the most powerful marketing strategies is one that many folks overlook.
Something that can make or break a person’s reputation and their ability to gain and maintain strong position is their IR or the Integrity Reading.
“Integrity is the ability to know we are doing the right thing in all situations. It is about accountability and responsibility.
Accountability is when others can count on what we agree to and responsibility is the ability to respond.
It has to do with following through on the agreements we make with others, even if following through is not the most convenient or comfortable thing to do.
And if we can’t follow through, have the willingness to be honest enough to let the other person know the reasons why.”
A quick read through in the newspaper will make one believe that for many people integrity, accountability and responsibility are viewed as foreign concepts.
How many people make purchases on credit with no intention of paying the lender back in the agreed upon timeframe, or worse yet, having no intention whatsoever of paying any of the debt back?
This doesn’t just apply to individuals, it also applies to companies who use the services of vendors and, through bad planning, overextend the company resources and write off the vendor’s bill to bad debt.
What about the individual who agrees to be at a meeting place at a specific time and due to bad planning shows up late?
Have you ever wondered how much money this can cost in lost production time?
Figure a staff meeting where there are going to be 10 people in attendance and the meeting is 15 minutes late getting started — that could literally cost the company thousands of dollars in lost productivity over the period of a year.
Or how often are people trying to get something for nothing?
Interestingly, these very people want to get paid for their services and yet, they are constantly looking for ways to get free services from others.
On the other hand, there are so many people who live with the utmost integrity and their life seems to work pretty well.
They are people, who can honestly look in the mirror and say,
“I feel good about the decisions I have made and the actions I have taken.”
What is your IR?
Take this simple test.
- Do you follow through on agreements?
- Do you deliver more than expected in your transactions?
- Do you honour your creditors need to get paid on time?
- Does your reputation help you or hinder your position in the market?
Your integrity reading can be one of the most powerful marketing tools you can have.
After all, word of mouth marketing is the greatest marketing strategy of all.
As you develop your company you will start to pick up clients online.
This is when you will start seeing the rewards of your efforts but also when you will start to learn the lessons that will shape your company and its success downs the line.
It is something that we all take for granted but will help make your company more successful and keep your clients happy.
It is as simple as just a few clicks of your mouse. Whether you check emails morning, noon or night you need to get into a routine that allows you to respond back in a reasonable amount of time.
So if you are going to respond back to clients in 1, 2, 5, 10, 12, 24 or 28 hours then you need to make sure you are consistent with this.
This will build trust in your clients.
It will also let them know when to look for mails from you. Always try to respond back in 48 hours or less.
The sooner the better!
It will make your clients feel safe with their decision to use your company but it will also let them know that you are there for them and that you care about them.
Now you may be thinking that I am making too much out of your response time. Well you could be right and I could be wrong, but more than likely I am right.
I know, I hate it when I am right too.
I speak on this from personal experience of dealing with clients as well as being a client.
Responding back in a timely manner will save your clients frustration as well as worries that they won’t hear back from you ever again(you will be surprised how many will think this way).
It will also show that you are a professional running a smooth operation.
This is show to be especially true when ever they send you a payment.
Never wait more than 12 hours to respond back to your clients when you have received a payment. As soon as they send the payment a little bit of doubt will creep into their mind wondering if you are trustworthy, prove that you are.
Unless you have told them otherwise of why your response may be late, get back to them the same day if you can.
This will build trust in them as well as their confidence in you and will only make your working relationship better down the line.
This information and practice will prove most valuable when you are dealing with more than one client. You will be able to organize yourself so that you will follow the proper protocols to handle each situation.
Your business will run smoothly, your clients will be happy and most important you will be successful!
“I don’t know the key to success, but the key to failure is trying to please everybody.”–Bill Cosby
Have you ever had a client/customer that was more trouble than they were worth?
Maybe they were always late to pay, or didn’t do what they said they’d do. Maybe you just had a personality clash, or they expected more than you were able to offer.
Whatever the situation, chances are you had an inkling when you first met that client…a tiny voice that you didn’t listen to, that was probably overshadowed by the bigger voice that said,
“Hey, it’s business; I’ll take it!”
Learn to say no to those clients, before they start exhausting your energy!
The key to being able to do this is understanding your ideal client.
Once you know how to recognize who is ideal and who is not, you can practice turning down business from the latter.
If you have trouble saying no, you’ll need to learn this critical business skill
If you have a coach, ask them to help you complete the Ideal Client exercise, or to role-play those “saying no” conversations.
How to discover YOUR Ideal Client
There are many ways to approach the Ideal Client/Customer Profile.
You can sit down and imagine the best, most wonderful client you could have…whether that is an abstract entity, a celebrity (what writer wouldn’t want Oprah as a customer, for example), or a specific demographic profile.
If your customers are more likely to be companies, you could look at your current client list, and pick the company that gives you the most business, the most joy, the least heartburn.
The Ideal Client Profile
Whoever you pick, start a profile matrix with two columns:
“My Ideal Client Is:” on the left;
“My Ideal Client is not:” on the right.
In the column on the left, list all the characteristics of that type of person or company. Use the questions below as prompts to get you thinking about all the different aspects that client might have.
Then, either thinks of the opposite of all those aspects, or picks the “client from hell” and fills in corresponding traits in the right-hand column.
Be really honest with this exercise!
If you’d rather only have clients who make over $500,000, put that down!
Write your clients who don’t fit your Ideal characteristics, so you will eventually get to know it.
May as well get that over with early!
Consider these aspects of your Ideal Customer or Client:
- What career or business are they in?
- What demographics do they fit? (Age, sex, race, religion, income, marital status, etc.)
- What do they think is important in business? In your life?
- What do they like most about you and your business, products and services?
- What is the nature of their relationship with you? (Transactional, long-time customer, acquaintance, friend, refers others to you, etc.)
- How do they do business with you? (Phone/in person/on the Web; quick transactions/takes time to negotiate; pays early/on-time/at 30 days; etc.)
- What personality characteristics do they have?
- What do you get from them (besides payment)?
Compare your current client list to the two columns in The Ideal Client Profile. How many have the characteristics of your Ideal Client?
If the answer is “not many,” you may need to work on firing some of your clients! Check out some resources below on how to do this.
Next, post your Ideal Client Profile somewhere you will see it often.
Every time a new potential client comes along, start looking for those Ideal characteristics…and beware the non-ideal!
If that little voice starts to tell you something might be wrong, check in with the non-ideal list–and be ready with some ways to turn away non-ideal clients.
Offer them other options–refer them to someone else who is a better fit, and make two people happier!
Ideal Clients–For Life
There are many ways to leverage the work you have just done with the Ideal Client Profile. Here are some ideas:
Audit your marketing materials.
Do your business cards, brochures, ads and website appeal to your Ideal Client?
Are you sending the right message, to the right potential clients?
Hone your materials, and start seeing better-qualified potential clients walk in the door.
Consider your marketing channels.
Based on your Ideal Client profile, where would you expect to find these clients?
Is that where your marketing efforts are focused?
If not, figure out a way to get in front of them!
Review your contracts, policies, terms and conditions.
Are they set up to be friendly to your Ideal Clients?
Do they give you clear avenues for dealing with non-ideal clients?
If not, update them, and you might see non-ideal clients take care of themselves.
Start attracting your Ideal Clients today! And begin making money online.