Freebie Seekers
Jul 4 by Marcus Hochstadt | Posted in Business
Freebie seekers are those looking for free stuff. And who doesn’t like getting something for nothing? Everyone has tried at some time or another to enter those sites that offer free samples, free reports or e-books. Who hasn’t put their contact information into some form so they will be entered into a contest to win a free vacation?
Apparently, the term “FREE” sells. People who do marketing know this. They put this word in headers of their site, and in all their ads. This goes to show there are lots of people out there searching for free stuff. I mean, doesn’t it tickle your fancy when you see: “I have something for you that will increase your profits by 500%. And you don’t have to pay a dime! It’s free! Click here!”
But consider this… When freebie seekers come to your site, whether contractors, partners, students, etc. and are looking for something free—it’s rare they do anything profitable for you. Studies show, it’s a sad fact but true, you will find complaints increase. Why do they complain about something they got for free? Who knows, but it happens. Besides, they aren’t motivated to take action.
I feel that those who seek things (like tools, advice, reports, etc) that cost nothing are a different kind of people. They’re a different breed of cat than someone looking for something they need and who are happy to pay money for targeted information and great products or services. I can say that even though I, too, was a freebie seeker myself. :-) But no more! Here’s why…
There are countless Web sites where you can download a “Free Report” for only signing up by entering your e-mail address. You may think, “Oh, I’ll get some emails from them, but what the heck.” Then you find your inbox deluged with junk mail offering a wide variety of products, all of them claiming you requested them. What really happened is that they harvested your email address by offering this report or e-book or whatever, and then they turn around and sell your address to others. Or at least upsell you on their more expensive products or services.
Not only that - but think about it… what happens with that Free Report you downloaded last week or 2 years ago? It’s still sitting there on your computer, taking up hard drive space and unread, isn’t it? That’s the crux… because you didn’t have to pay something for the item, generally you won’t put the tips and strategies revealed in the report(s) to use. You won’t act upon them. It seems as though you don’t feel as if they are truly valuable.
I’m sure people take to heart those things they pay money for. If you pay $30 or $100 or even $1,000 for something, you will have a different mindset. You are much more likely to act upon the information you paid for. You will take the tips and strategies and put them to use.
This is not to say there aren’t some freebies that are completely genuine, filled with great information that you can implement in your business. But the real question is—will you put them to use? Or will you let them sit there with their interesting icons on your desktop?
—Marcus Hochstadt
Good Internet Business Practice
Jun 25 by Marcus Hochstadt | Posted in Business, Strategies
When running an Internet business, it’s important to maintain good business practices, just like when having an offline storefront establishment. The major difference in operating online is that you have a much larger market—and therefore potentially can do many times the business that you would be doing locally. All the more reason to keep your business practices up to snuff! :-)
An example of how you can go off the rails in your business practices is this…
Say you are communicating to customers via email. You should treat email as if it was a handwritten letter. Sign it! Otherwise how does the person receiving it know who you are? Then how do they address you when they write back? “Dear Ghost”? Or “Dear you-won’t-reveal-your-name”? Or “Dear you-want-me-to-visit-your-web-site-and-search-for-your-name?”
You won’t be using letterhead with email, so the best way to handle that is to have not only your signature at the bottom, but the name of your company and your contact information, too. Or perhaps a great, catchy headline making them want to click through to your Web site.
The same goes for greetings. Don’t just start messages with “I wanted to write to you about your last purchase…” Use their name in a proper greeting, “Dear John,” and give them some respect. In your offline business, you would never write a letter to a business associate and fail to use a greeting at the head of the letter, would you?
In a store or office, when a customer comes in with a question or complaint, it gets answered right away. You can’t turn away someone standing there in front of you. Even phone calls are answered and you deal with the person on the other end.
The same goes for an Internet business. The communication methods will often be different. They will usually email you or fill out an online form. These have to be handled rapidly.
When you don’t answer communications right away, you can lose a good customer. They wonder if you are really there at all, or if you are really serious about your business.
Perhaps you went out of business. They don’t know. It’s not like calling a company and hearing a voice on the other end stating the company name and giving you the option of speaking with a live person.
Truthful and accurate descriptions of your products or services are a must, too. If someone can walk into a physical store, they can inspect the merchandise for themselves.
They can’t see the actual item online, so you must be able to substantiate whatever claim you make as to its appearance, ability to do any function, etc. To advertise a product otherwise would be misleading and can result in less sales and countless refund requests.
Offline, when a store gets unsolicited referrals from a “competitor” it is likely that competitor becomes a partner in that you also refer customers to that store. Do the same online.
Does someone recommend and link to one of your products? Recommend and link back to one of his/hers, at least to his or her Web site!
Bottom line? Run your Internet business with all the care of one offline, and you will be respected for your good Internet business practices… and likely get more business through word of mouth!
—Marcus Hochstadt
This Domain Name Has Expired
May 27 by Marcus Hochstadt | Posted in Business, Pickups
No, not mine, but I just visited a blog of someone I know and he has links in the sidebar to some of his products. When I clicked one of those links in order to visit that site (and to see the sales letter of that product), I was redirected to another domain which displayed the message: “This Domain Name Has Expired”.
Isn’t that nice? Imagine you create a product and start promoting its URL using different marketing techniques, and all of a sudden you stop making sales because “the domain name has expired”… Ouch!
It’s not the first blog I saw that happening. So may I ask you this…
Did you make sure to have your domain names set to auto renew? If auto renew is unavailable, did you mark your calendar as to when to renew the domain(s)? You may lose a lot of money otherwise.
Another message I see fairly often is “Bandwidth Limit Exceeded”. This is another thing that can kill your Internet Business. I would check your cPanel regularly as to how much bandwidth you usually use. And when you reach the limit, you may wanna use another hosting package or check another hosting company!
Besides, have someone to check your Web sites regularly, perhaps every day, to see if they are still live. Or use a hosting company that guarantees an uptime of at least 99% if not 100%.
Thought you wanna know and perhaps check the health of your Web sites now. ;-)
—Marcus Hochstadt
10 CommentsPermalink Tags: bandwidth limit exceeded, domain health, own domain
The Importance Of An Internet Business Plan
May 23 by Marcus Hochstadt | Posted in Business, Strategies
So, you have this wonderful new idea for an Internet business—many have one—but web development and technology move at breathtaking speeds. Do you really have time to put together a business plan?
Of the millions of Internet businesses that have opened in the last few years, how many of these put together a detailed business plan, or even a blueprint? It’s a small percentage. Most new online businesses think preparing a business plan is a waste of time, and by the same respect, over 80% of all new businesses fail, often in the first year.
You have the vision, you may have lofty expectations of what you want to achieve, but do you know how to get there?
There is no “one fits all” solution… Every business—and every one—is unique, even for companies within the same sector. Plus, if you have a successful business offline, that doesn’t guarantee the transition online will be easy, and there are extra considerations when you start any business on the internet.
The primary purpose of any business plan is to give your business direction. In order to move forward, you need vision, planning, research, and goals. Not only do you need to convince yourself that your idea is viable, but a business plan will also convince others. Let’s say you want to raise capital, then your bank manager or potential investors will also need to see a detailed business plan.
The Internet is also a valuable source for finding templates and advice for your Internet business plan, so here I am going to outline the need of a business plan rather than the content, and if you still think you don’t want a business plan, come back in one year and let’s see how you performed. ;-)
Writing a business plan forces you to analyze every aspect of your proposed business venture and whether you use ten or twenty sections to get you there, it puts your vision down on paper, proves your understanding of the business, highlights any hurdles you may not have expected, and ensures that the overall idea is realistic.
Key Issues To Outline
Your Mission
Explain your new business and what you want to achieve. What are you currently doing that makes you believe you can make a success of?
Explain in detail what your business does, detail your products & services and illustrate your goals. Developing a Web site also requires further planning. What do you want to achieve from the front end, your user interface? Is this an e-commerce business, or do you just want to promote your business or services? Do you want to generate hits or want users to sign up for membership? What do you want your clients to see and do?
Express your vision and the keys to its success. (I personally use and highly recommend Mindjet’s MindManager Pro for this.)
How Will You Get There?
What resources do you have available? Are you using your own expertise, or will you be using employers or outsourcing work? If you have a successful business away from the internet, how will you make that transition online, and what effect will it have on your existing business?
How will you create your Web site and what resources do you have available? When a web designer starts work on your site, you will need a blueprint of how your site comes together, and how the pages are organized and integrated.
Outline your marketing strategy, your pricing strategy, and your plan to promote sales.
Analyze your competitors and explain what will give you the edge, while at the same time list possible partners. Take the time to plan for contingencies, too. Show that you are aware of possible hurdles and how they can be overcome.
Include timelines, goals, and explain where your Internet business will be in one year, five years, and ten years time, or within a scale that suits your business.
Back Up Your Information
If you think there are thousands of customers for your business, prove this figure and provide an up-to-date market analysis. You must include projected sales figures, cash flow and profit and loss forecasts. Not only will you need this to raise capital (in case you want to), but it provides you with a budget and planning tool to measure your progress.
Finally, top it all off with an executive summary. This is like the blurb on the back page of a novel. Summarize your Internet business plan and explain it on one page, which will be the very first page. When approaching investors and bankers, it should encourage them to take the time and read through your Internet business plan. It ensures that you can encompass all your facts, figures, vision, and your mission into one statement.
—Marcus Hochstadt
11 CommentsPermalink Tags: blueprint, internet business plan, vision
The Anatomy Of Hurdles
May 21 by Marcus Hochstadt | Posted in Business, Strategies
On a daily basis, you may encounter several different hurdles… They distract you from the job at hand and frequently slow you down, but quite often they are an expected part of your working day.
It’s the bigger hurdles that present a challenge; they creep up through neglect, or bad planning, and can be extremely detrimental to your Internet businesses success.
So how do you define an Internet business hurdle? A challenge to one company can be a disaster to another. No wonder they are called a roadblock to success.
Let’s see… An Internet business hurdle may…
Impede Advancement
Unforeseen hurdles can slow down the progress of a project. They increase man hours, and affect its profitability, which has a continued effect throughout your Internet business, and the necessary excuses distill confidence with your customers.
Dictate Choices
A hurdle can force you into changing direction. When you plan and choose the direction your Internet business needs to move in, an unexpected hurdle limits those choices and may force your Internet business in a direction that would not be your ideal or first choice.
Block Avenues
A hurdle can also block avenues or possibilities completely. A roadblock to success is a common description for a business hurdle. For some hurdles, there may not be a way forward.
Cause Discouragement
When projects do not work as planned, or unforeseen hurdles block progress, the effects on morale are harsh. It’s very disheartening for managers and staff to not see a project through to fruition and can cause owners to neglect their Internet business rather than face further disappointment.
Affect Cash Flow
Most hurdles can have an effect on cash flow, when customers are slow to pay bills or sales drop, it’s increasingly difficult to pay your own suppliers and creditors. Bad financial management means that serious hurdles, like unforeseen tax bills, will also drain your resources, plus losing staff to sickness, family problems or other employers is another hurdle which slows down your advance and adds more expense with recruitment and training.
The Solution
To overcome Internet business hurdles, plan for them. When you create your initial Internet business plan, you have to implement plans for contingencies and analyze every potential hurdle. Risk Management needs to continue throughout the life span of your Internet business, and every new project and investment needs planning to control it and predict future outcomes.
The more you plan, the less Internet business hurdles you will face, or the smaller their impact will be. And when they appear, they are expected and you know the appropriate action.
Let’s look at the number one hurdle, lack of sales, and see how planning can prevent this problem:
How Well Do You Know Your Market?
In Internet business, you need to analyze your potential markets, and know how to reach them. If trends suddenly change, you need a plan to move with them. Your old marketing strategy may have worked once, but you need to keep up with the changing market. Never sit on your laurels. Reach out to your customers, reward loyalty, and actively promote and analyze new ventures.
Look At Your Performance.
If you cut corners on your production or service, your customers will soon realize. Plan your pricing strategy, and review and test it continuously. Is your price too expensive to be appealing, or are your prices too low? Most businesses do price themselves too low, which may win a short term popularity vote, but affects the performance of your overall Internet business and its “Net Worth” and can rarely be sustained.
Look at, and evaluate you customer services standards. These standards should be outlined in a plan and upheld regardless of the circumstances. Bad customer service is usually the number one reason your customer does not return.
Has Your Product Reached Its Lifespan?
Trends change continuously. The latest gadget on the market may earn you millions, but it will not be around forever. If you have based your business on one product, you will need to know what to do when this product reaches the end of its life-cycle. Do you have other products to replace it with? Or do you update old products to be “the latest” again?
Bottom Line
There are far too many hurdles to list here, as every Internet business is unique with its own set of risks, but planning and prevention are paramount.
You may not think you have the time, but that’s something else you need to overcome and plan. And when your Internet business stumbles over that last hurdle you failed to overcome, you will have all the time in the world to analyze it then and eventually start over.
Having said all this, I want you to remember a quote I use quite often…
If something doesn’t work, do not adjust your goal, adjust the action steps towards that goal.
—Marcus Hochstadt
I Made $13,692.59 In Profits Last Month, So What?
May 12 by Marcus Hochstadt | Posted in Business, Pickups
When we want to master something in life, we go to someone who is a proven master in what we want to master ourselves, right?
When we want to become good parents, we learn from people who have succeeded at raising kids. We wouldn’t be listening to people who haven’t had kids yet, would we?
When we want to learn how to get rich, we would learn from people who make the amount of money we want to make in the area that excites us. We wouldn’t listen to poor people would we, even when they are our best friends?
When we want to become healthier and substantially improve our fitness, we would hire a fitness coach, like Pat King, someone who has the body shape and fitness we are aiming for. We would not listen to people who are consistently overweight, would we?
When we want to succeed at picking up girls, we would seek advice from seduction experts, like Bobby Rio and Mike Stoute. We would not in the world ask someone who hasn’t had a girl in bed for the past three or so years, would we?
When we want to cook the most delicious food in town, we would learn from a master cook who won national prizes and competitions. We would not be asking someone who’s eating fast food every day, would we?
When we want to attract whatever we want in life, we would learn from someone who miraculously attracts whatever s/he wants and knows the secret, like Dr. Joe Vitale. We would not ask someone who has only unfulfilled wishes, would we?
While the above sounds familiar and makes perfect sense when reading it, why in the world do so many people NOT follow the above rules in their everyday life?
For example, I recently read a post by Bill from theblogentrepreneur.com claiming that blogging would be a bad way to make money online. What? He calls himself a blog entrepreneur making $1,000/month but states it would be a bad idea? Bill, nothing against you personally, really, but I suggest you go ahead and change your blog title. Not only that though…
Bill says he aims for time freedom (I agree) and that blogging would take too much time (I do not agree.)
I read that all the time. People make statements and have beliefs based on their own limited experiences and circumstances. For instance, Bill claims that “any Problogger will tell you that they probably work as much on a blog as they would at a regular job.” Oops! How many probloggers did he ask? It seems to me he didn’t ask any or else he would probably think differently.
From my own experience—and I did ask a problogger I personally know, my Mentor James Brausch—probloggers work much less on their blogs than you might think. James, for example, works only 1-3 (one to three) hours per week, sometimes even less (i.e., none!)
Now, you might be asking how is this possible, working only 3 hours per week while making tens of thousands of dollars at the same time? This question is commonly ask by people who still have employment thinking in their mind. I had this myself for many, many years, and I am so happy to finally get rid of it piece by piece.
I learned that in order to succeed online and make thousands, if not hundreds of thousands, of dollars per month you need to delegate as many tasks as possible. I call it High-Profile Outsourcing. (Frankly, I’m still working too many hours myself, but there’s light at the end of the tunnel! ;-)
Feeling intimidated at the thought of having to regularly write blog posts? Find and hire excellent ghostwriters! Have a task on your desk for a couple weeks that you hate to do? Get a virtual assistant! Would it take you days or even weeks setting up and maintaining a Web site? Get a good coder, someone who does it in hours instead of weeks!
Bill could turn his $1,000 into $10,000/month if he would go beyond his own circumstances and get rid of his limiting beliefs.
If something doesn’t work, don’t adjust your goals, adjust your action steps.
The dangerous thing is that Bill gives blogging advice in that he pretends blogging would be a bad way to make money online. It may be a bad way for him but surely not in general. Why not turn that belief into another direction?
For example, Collin LaHay recently changed his blog’s focus from make money online to Web site marketing strategies. I tend to agree with him. He gives excellent marketing tips which I follow regularly. Though, he says he lacks proper results when it comes to teaching how to make money online, since he makes only $500/month, hence the change in blog title and focus.
The thing I want you to take home is this… Follow advice from people who are successful in the area you want to master. Or in other words, when you want to master something, learn from a master, not a beginner.
Feel you’re not having enough time to do all the tasks at hand? Perhaps you should get rid of the tube! That alone will save most people several hours each day. The next step is to realize that multitasking is insane. Focusing on one task at a time is what moves you forward considerably.
Feel frustrated because you only make a mere $50 or $100/month while spending 320 hours at the same time? Perhaps having all those AdSense ads and affiliate links up is the wrong way to do it, or you present them in a barren way, or you just need more traffic. Or… perhaps you should create and sell your own products and build your own customer list instead.
Additionally, avoid the temptation of doing everything on your own and start to outsource!
If you feel you are not ready yet to teach someone something, think again. There is something you know that others don’t. The Internet is being used for finding information and products. People spend billions of dollars to get what they want. I know there is something you can help others with.
Create a Web site, get targeted traffic, and create and sell your own products or services, or recommend excellent products using the companie’s affiliate programs.
Don’t feel ashamed to sell something to your audience. Some people act as if it would be dishonoring to sell products to your readers. That’s an insane virus these people need to get rid of! Your audience does not only expect you to give them your “secrets,” you have the damn responsibility to do that and train them!
You know how to lose weight? Of course your audience is eagerly waiting for your products teaching them how to lose weight. Create them and sell them to your readers!
You know how to make money online? Of course your audience is eagerly waiting for (your) products teaching them how to make money online. Give them what they want or else they will buy them elsewhere!
You know how to build and enjoy an incredible relationship? You guessed it… Your audience is eager; they will buy your products on how to build and enjoy an unforgettable long-term relationship.
You love to travel and know a country or place from the inside out? … Exactly…
That is—in essence—how I made $13,692.59 in profits last month, and my blog has been a good part of it (which I run part time.)
—Marcus Hochstadt
43 CommentsPermalink Tags: making money online, outsourcing, profits
Fourth Month Results
May 8 by Marcus Hochstadt | Posted in Business
The fourth month of my blog has been a bit shaky if that is a targeted description. But in spite of shaking numbers, the Hochstadt.com Party Contest put that all behind and we focused on happiness and the good things in live nonetheless.
The party contest is over now, and as we can see people are happy about the uncommon and unique results. Great. :-)
Now, there is a very important topic I’m going to talk about soon here on my blog. It is crucial when you want to build a thriving Internet business including a serious amount of money.
There are a few misconceptions in the blogosphere by some folks who don’t know how to succeed but act as if they knew it, or state that making money online with blogging or building a content right Web site wouldn’t work whereas it has been proven thousands of times that it does work. Silly…
If your Web site is just a hobby for you and you use it, literally, as a replacement for watching TV, you probably don’t need that article. Continue sitting in front of the “Internet tube” and chitchat with the world.
However, if you’re wondering how to increase your income from $50 to, say, $5,000+/month then my article will be a must-read.
First though, here are the numbers of the fourth month of my blog as of April 30th. Again, numbers in parentheses represent those of the previous month…
- Alexa Rank: 174,666 (59,241)
- Compete Rank: 89,836 (123,803)
- Technorati Rank: 17,285 (33,205)
- Technorati Authority: 342 (179)
- Google PageRank: 3 (3)
- SEOMOZ Page Strength: 3.5 (4)
- 45n5 Rank: 96 (81)
Seeing the above, we remember again that Alexa changed its ranking algorithm which apparently also affected my 45n5 Rank. Nothing to worry about though as these are just two indicators, and many others are stunning and more than satisfying.
To be continued… :-)
—Marcus Hochstadt
Winners?
May 2 by Marcus Hochstadt | Posted in Business
Just a quick update for you all to know what’s going on.
First, we went to the hospital because my wife’s left body side fell asleep a bit (hope that’s the correct description.) She feels better now but still needs to visit another doctor tomorrow.
Then I obviously ate something that my stomach does not like. It’s rebelling for hours, constantly pulling me away from the computer, although I really need to finish the “Winner Post” so you all know who won what.
Sorry to say but my head starts to agree… It’s better I stay in bed for now, rather than trying to fool my body and dancing around like a victim. So…
Please bear with me… It’s not an easy task, but I’ll finish the “Winner Post” as soon as I can my stomach allows me to.
Thanks.
—Marcus Hochstadt
If You Build It They Will Come…
Apr 23 by Marcus Hochstadt | Posted in Business
Everyone you know seems to be running a Web site these days. Large corporations, the tiniest of local businesses, local clubs and societies, while there are long-dead celebrities on Facebook and teenagers networking on MySpace.
The Internet is relatively new. There is still that element of glamour and mystery attached to it, that magical element that created the dot.com millionaires, then snatched their success from under them, while a new wave of Internet success stories, such as social networking sites, are turning casual users into wide-eyed enthusiasts.
It’s easy to set up a business online. It’s like printing your own money they say.
Almost everywhere you look, someone is trying to make their fortune on the Internet. But when you compete against millions of online businesses you need to know what you’re doing, and there are some myths to being successful online…
If You Build It They Will Come
So, you’ve built your Web site. You uploaded it to the Internet and to your dismay, no one is visiting it.
The obvious question is: Do people know you are there? Have you marketed your new site, informed your new and existing customers, and did you offer any incentive to visit your site when it was launched? Don’t assume the Internet contains a wealth of untapped customers that will find you without direction.
What about your domain name? It should be short, sharp, and very easy to remember. Avoid using hyphens, as these are awkward to type and often forgotten, and preferably include your main keyword.
You also need to know what you’re doing in terms of SEO. Ensure that your Web site includes the keywords and content to attract the major Search Engines. SEO is something you start doing right from the beginning of your Internet businesses life. It takes ongoing campaigns and approaches to maintain and the rules are always changing.
I Already Have A Successful Business Offline
With careful planning many businesses find the transition from offline to online remarkably smooth, but this may not be ideal for everyone. Your customers may still want to visit a store or have that personal contact, or you may sell a product that they want to inspect before purchasing. A Web site is a great new store front opportunity that allows your customers to browse and investigate your products 24/7, but some may still want to make that purchase in person.
On the other side, too many offline businesses still underestimate the enormous profit potential and time freedom a thriving online business can bring. It just needs to be seriously and properly set up.
In Order To Make Money Online One Needs A Big Budget
Yes, there exist major corporations that spend hundreds of thousands of dollars on Web design and marketing campaigns, but they may not serve as a good example to look at.
Many of the overheads involved in setting up your own Internet business can be alleviated when you work online. You may only need a laptop, and never ever get caught up on creating a “professional” Web design. Sure thing, there exist enough companies and individuals coding you a professional looking design for a few thousand dollars.
But remember, it’s the content you provide that is more important, especially at the beginning. No one sees your site quite yet, and you can attract more visitors by providing high quality content rather than a flashy design.
Focus on simplicity and the words you put up.
So Is It All About Luck?
True, some businesses did get a lucky break creating the right Web site at the often quoted “right time,” but successful entrepreneurs do not rely on luck, nor did they start from a privileged background.
They were motivated by a desire to succeed and a determined belief in their abilities. They follow proven paths, increment big into very small steps, and take considerable action towards the fulfillment of their goals. They feel a huge desire to follow their dreams.
Surprise your followers with your determination and results.
Show them that it IS doable. Then help them achieve the same.
—Marcus Hochstadt
Protecting Your WordPress Blog
Apr 22 by Marcus Hochstadt | Posted in Business, Pickups
Turnip has a great post about protecting your WordPress blog and the entire installation, so to speak. It’s a excellent addition to a post by Matt Cutts I read earlier this year giving 3 tips on protecting your WordPress installation.
To add something to this, what I personally also use is a WordPress plugin called Login LockDown by Michael VanDeMar. It may be similar to creating a particular .htaccess file discussed on the above blogs but may be easier to create using this plugin.
Besides this, I strongly encourage everyone to upgrade to the newest WordPress version whenever available (currently v2.5) so you close old security leaks and ban attackers.
—Marcus Hochstadt
Myths And Truths About Internet Business Success
Apr 15 by Marcus Hochstadt | Posted in Business
Making millions over the internet in the span of a single day might sound like a clichéd online business opportunity provider’s slogan, but countless people are drawn towards the same—each and every day—in hope of making lots of money in an instant. (Ever heard the term Instant Gratification?)
There are numerous myths surrounding the online business arena, and the most popular one has to be the idea that you can start an online business today, and wake up to be a millionaire the next morning.
It is true that the Internet allows for a quicker profit making than in the traditional offline business world because of its tremendous market potential and ease of use, but these profits are definitely not instant when you’re just getting started. You have to learn and work for your business; delegating enough time to build the basics, only then can you hope for success.
The foundation of any successful Internet business is laid once you have definitive goals for your business and a proper business plan (i.e., “Blueprint”) for achieving the same. For an online business to take off, you need to spend time creating Web sites for your company’s products or services and introduce the same to the Internet market in an effective manner. You should embark on intensive market research, look at similar businesses, gauge your competition, and build your own system of delivering products so as to ensure that you put that part on autopilot.
All this does not happen overnight; it takes time and patience. However, with the right approach and attitude, you are sure to gain initial success in the span of a few months or 1-2 years time.
Don’t let that discourage you though! Most people set short-term goals that are too high and long-term goals that are too low (or some even don’t have any long-term goal anymore because they haven’t accomplished their “too high” short-term goals!)
Have a BIG vision and then cut that down by creating small, VERY small short-term goals, tasks that seem to be too small to actually consider as goals!
Setting up your own business online means that you gain a lot of time for yourself. So the freedom and flexibility of work hours are definitely the most attractive aspects of building an Internet business. Apart from this, you are able to work literally from any part of the world, which means that you never have to look at work from any office again. You can work from the comforts of your own home, or from a holiday resort in the most distant parts of the world for that matter (like I myself currently from beautiful sunny north-east Brazil,) which means that work will not seem like work at all—it’s pure fun!
So the flexibility and convenience that an online business gives you are definitely true and not just myths.
However, when you’re just starting up your own online business, use a discerning intelligence to be able to differentiate between the myths and the truths. Learn from those who walk the talk and you will soon be on your way to owing a successful Internet business, too. :-)
—Marcus Hochstadt
6 CommentsPermalink Tags: internet business, myths, success, truths
Condolences To Anna
Apr 14 by Marcus Hochstadt | Posted in Business
Would you please send your condolences to Anna, a fellow blogger…
http://www.mycornerstonetrio.com/?p=84
She’s a very nice and special woman, and she could need it these days.
Thank you very much!
—Marcus Hochstadt
Wrong Security Thinking
Apr 11 by Marcus Hochstadt | Posted in Business, Challenges
When Do You Quit Your Job? It’s The Ultimate Leap Of Faith.
You have a new business in mind; you may have the contracts waiting and eager clients knocking on your door, but are you ready to take that leap into the unknown? That giant leap of faith that launches your transition from employed to self employed?
The majority of workers welcome the stability and “security” obtained from being employed.
In an ideal world, they can keep their home life and work completely separate. They have regulated hours, a pension plan, holiday pay, paid sickness and other benefits, and then receive a monthly or weekly wage for their efforts.
Or in modern words, they trade hours for money.
Of course, the real working world can be very different, with dissent from your colleagues, an over demanding boss, unsociable working hours, stress, little advancement or lack of recognition for your efforts, but still you continue.
Regardless what your job does or doesn’t do for you, at least it brings you security… really?
Successful entrepreneurs would never consider returning to the rat race. Despite the hurdles they have faced throughout their career, wild horses could not drag them back to the fortress of a full time employment.
The benefits of running your own successful Internet business far outweigh the fear of losing your “security,” or I rather call it supposed security. No matter how secure your employment feels, you cannot be naive enough to think you would never face the risk of redundancy, unemployment, or that final eventuality we all have to reach—retirement.
It is something I faced myself in 2003. I was so sure I would never lose my 6-year old Sales Manager job that I even planned to stay in the company 3-4 more years. And then, out of nowhere, the company’s French Headquarters decided to get rid of 70% of their German sales team—within two weeks…
BANG!
That time made me realize nothing is more secure than being your own boss and running your own business.
It may come with risks, but to the successful businessman and -woman they are planned and calculated. The benefits and new-found security from owning your own business far outweighs the meager rewards found in a full time employment. Speaking of which…
Building Confidence And Control
When you have the confidence in your products, skills and abilities, your possibilities are endless. You don’t have to run anything by the boss but take on full responsibility for your actions.
Every day presents a new learning curve. By taking on and conquering all challenges, the confidence you acquire is boundless. Suddenly you have the control over your own business and the direction in which you are going to take it. The decision making is in your hands and not forced upon you.
It Is Self Governing
You can set your own working hours, salary, holiday time and overall working policies. Running your own Internet business allows you to flexible with your time and achieve a rewarding work and home balance. If you want to work over the weekend and have time off in the week when the masses are all in their offices, it’s your choice. You have the freedom.
By the same respect, you cannot run wild. Owning your own business requires discipline and unlimited motivation, and you have to govern your own progress to ensure your success.
You Can Choose Your Own Direction
Many successful entrepreneurs move from business to business. They rarely stay on one track for the rest of their careers. If one idea does not work for them, they are free to move on to another, and constantly explore new avenues for success.
The life span of your career is also your own choosing. You can retire early, or continue to enjoy working long after retirement age, rather than go by the restrictions of your employer.
Creating A New Network
There is life outside your old office. Successful business entrepreneurs are expert networkers. They enjoy meeting new people and discovering new opportunities.
You are no longer confined to your colleagues or old employer’s network, but able to meet new, dynamic and likeminded people many of whom have also thrown off those shackles of employment.
Of course, every new business needs planning. You cannot resign immediately then run before you can walk.
Take time to plan your new career. If you can, run it alongside your existing employment on a part-time basis. Once it starts bearing fruit, you have the funds to make the final leap, or switch your employment to part-time and use your free hours to bring your new Internet business to the next level.
And do take advice. Not from the detractors who want the security of their employment though, but listen to those who have made that leap and have succeeded.
Find and learn from those who walk the talk.
—Marcus Hochstadt
Success Circles And The Law Of Influence
Apr 10 by Marcus Hochstadt | Posted in Business
It’s Not What You Know, It’s Who You Know
With the advent of the Internet the world is certainly getting smaller, but before you spend thousands of dollars on advertising or dedicating resources to Search Engine Optimization (”SEO”), you can start your marketing strategy with one person.
One person has the potential to reach a network of thousands. Is this really possible?
Guglielmo Marconi came up with one hypothesis. The Noble Prize winner who broke down barriers of communication with his radiotelegraph invention also pioneered the theory of Six Degrees of Separation, which suggested that every person on the earth can be connected though a chain of only six people.
An idealistic notion, but not one that can be easily managed in networking terms. It’s easier to start with who you know—your success circle.
A success circle immediately outlines who you can reach to promote your business and this starts with your social network. Tell your friends about your new business, tell your family, and get them to tell others. If you can think of 40 friends and 20 family members, you already have 60 people who know about your business. Then if your friends and family tell another 60 people each, you are already looking at an additional 3600 and the figures inflate as the circles expand.
Of course, success circles intercept too, as many of your friends and family do know one another, but you see the basic principle… Start with who you know.
When your friends and family promote your business directly, and their outlying networks do the same, this is known as an active referral or word-of-mouth, the ideal way to network your product. When they offer the information if asked, this is known as a passive referral. We would certainly ask our friends to recommend a local electrician or plumber if needed.
As an example, a garden designer starting out on his own will initially be offered by work by people he knows, who will then recommend him to others in their circles and his outreach and business expands.
Another huge factor in promoting business sales is the Law of Influence, established by Dr. Robert Cialdini, social psychologist and author of the best-selling book Influence: The Psychology of Persuasion.
Dr. Cialdini determined six principles of influence, which need to be considered when you want to persuade your customers to buy from you.
Describing them as weapons, Cialdini’s six laws of influence are…
- Reciprocity – This law of influence maintains our need to feel reciprocate, or give back what we have received from another. Businessmen may offer one another leads or business openings in return of a similar favor they were provided with. In social circles, if one friend takes you out to dinner, you are obliged to return the favor. This law also applies when a person is refused something, or you are making an apology; you give back as a way of saying sorry.
- Commitment and Consistency – When you sign a contract, commit to a verbal agreement, or simply pick up an item to purchase in a store, you continue to honor the agreement and see it through. Sometimes the terms of the contract may change, there may be additional extras for the buyer or the seller, but the need to be consistent with the contract continues.
- Social Proof – A classic case of keeping up with the Jones’. If everyone has an iPod then I need one as well. This law of influence highlights the need to conform. The greater the number of people that share one idea or action only verifies it as correct, the right thing to do. (Although I personally do not count myself to these sort of humans, the mass does.)
- Authority – You may not believe what your friends and family tell you, but when the same statement comes from a legitimate authority, you will take notice. No one believed smoking could be that bad for you until the Surgeon General placed notices on cigarette packages. Coming from a respected authority, people will listen. A person in authority works hard to attain their status and therefore, in theory, can be trusted.
- Liking – If you were given the choice of two salesmen to buy from, would you buy from the rude, obnoxious salesman that could barely crack a smile, or would you buy from the friendlier chatty salesman? Physical attractiveness also plays a role here. This law of influence shows that a smart appearance and building a rapport is essential: smile, be friendly to your customers and make sure it’s genuine.
- Scarcity – If an item appears limited, it increases demand. When a store has a closing down sale, the customers come from nowhere, even if they have never purchased there before. And on a greater scale, if supplies of food appeared threatened people would panic to buy. Good businessmen know how to use this law of influence to their advantage, with limited edition products and promotions.
There you have it. My hope is you take advantage of your own success circles and the Law of Influence. It makes building and maintaining your Internet business a bit easier.
—Marcus Hochstadt
1 CommentPermalink Tags: influence, persuasion, success circles
“Don’t Worry, I’ll Do That Tomorrow”
Apr 9 by Marcus Hochstadt | Posted in Business
![\"Don\'t Worry, I\'ll Do That Tomorrow\"](http://www.hochstadt.com/wp-content/uploads/2008/04/procrastination.jpg "\\"Don\'t Worry, I\'ll Do That Tomorrow\\"")
Are you reading this article when you should be doing something else? It is very likely that a deadline is looming, but you work better under pressure, right?
Excuses, excuses, that’s all you hear from the great procrastinators. A procrastinator, loves a hurdle, welcomes a problem, and takes on any excuse to deny responsibility for their actions.
When you question a procrastinator, they always have a valid reason for their actions, or inaction, and it’s never their fault. There are just many opportunities, so many distractions that can keep a procrastinator from doing the job in hand. Even when they claim they are overwhelmed with work, they will always stop for e-mails, coffee breaks, phone calls, and there’s always the internet—the greatest distraction of them all.
How do you spot a procrastinator? More often than not, they are very good at covering up their tracks. And their constant reasoning behind every action means that they do not even recognize the trait in themselves.
Procrastinators are habitual.
Avoiders
Procrastinators are best known for the doctrine that they can always put off until tomorrow what they didn’t do today. They will always tell you that they work best under pressure, but that’s not the case, it’s only an excuse for rushing the project and quite often missing their deadline, but still they have valid reasons. Away from the office, they send Christmas cards and birthday presents far too late, buy tickets at the last minute, let the household chores build up, but surprisingly, they will always manage to book a holiday and never miss their favorite TV show, but both of which are also an escape.
Saboteurs
Never put your business or your key projects in the hands of a procrastinator. You will hear countless excuses why things didn’t materialize as planned. They can also cause mistrust in the work place for never admitting their mistakes and can sabotage the cooperation of a working team.
They are also the worst managers of their own life and career, which is littered with missed opportunities, hurdles to their success, and all of their own making.
Perfectionists
What may sound like an enterprising business trait is seriously flawed when it belongs to a procrastinator, as they are habitual perfectionists, quite often fuelled by a fear of rejection. From small tasks to undertaking large projects, the fear that they may do something wrong, or may not be able to complete the work as arranged, holds them back. In fact, they will try to ignore the fact that the project is looming.
Optimists
Ignorance is bliss, to the point of delusion where a procrastinator is concerned. Problems are swept under the carpet, so they don’t really exist, but if you challenge a procrastinator, they are always the optimist.
“Don’t worry; I will have your project ready on time.”
Chronic blamers, excuse makers, all of the above make the procrastinator sound like your worst business nightmare. Or worse, you could be reading about yourself! (Frankly, I was one myself some time ago…)
The answer is to take responsibility for your actions, visualize and enjoy the success of your business or project and don’t look for excuses to qualify its failures. Accepting responsibility encompasses a whole new range of skills that the procrastinator has to learn and make habit forming.
The number one skill a procrastinator needs to practice is Time Management. Using “To Do” lists and prioritizing work means that the important tasks are handled first. If projects are finished early, there is time remaining to review them, if they are finished at the last minute you may be handing over substandard work.
Set Rewards And Goals
To break the habit, procrastinators often need rewards. If you cannot bear to start work on that impending project which will take several hours or days, break the project down into smaller stages and reward yourself when you reach the end of a certain stage. Take a break, have a coffee, just don’t do those things before you start!
Own your work and have pride in what you have achieved and change your thinking from “Have To” to “Want To.” On those few occasions when you finish a project ahead of time, look back and think how great this made you feel. How much more could you enjoy your job if you had that same satisfaction all the time, and pride in the fact that you completed your work to the very best of your ability?
In taking responsibility for your actions you will also weaken the blame culture that procrastinators are well-known for. Build confidence with your colleagues and customers and achieve those results you probably imagined, but just never got round to doing.
—Marcus Hochstadt
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