As a small business owner it is imperative that you study the supply and demand of any particular niche for which you feel you want to be involved. In addition, choosing a smaller niche market can allow your business to avoid competing with huge businesses that can afford to put out less expensive items.
As a smaller business owner you can charge higher prices for specialized and differentiated products or services that you promote to smaller audiences, giving higher profitability. In contrast, a larger business isn’t going to touch the smaller niches because they want to make much larger profits than the smaller niches will allow.
The trick is to learn how to analyze the supply and demand of any particular niche to ensure that you want to enter that market.
In order to make all this work together it’s important to:
Bringing all these points together will ensure that you understand how supply and demand relates to the profitability of your niche. If there aren’t enough customers, or enough demand, and you can’t sell at a price point that fits with your income needs, you can then know it’s time to move on to another idea.
Every business needs a vision. A vision is like the big daydream you have in the middle of the afternoon after paying all your bills. It’s about sitting on the balcony of your beach-side resort room watching the sunset while working from your laptop. It’s the fanciful but possible potential of your business dreams. It’s not going to happen today, but if you reach for the stars, and work toward it, it could happen.
Here are some questions to ask yourself:
Use this information to figure out where you’ll be in five years from now or ten years from now. That is your business vision.
Acme VA Services will be the top grossing, premier virtual administrative providers in North America by providing reliable, consistent and knowledgeable administrative and author services to six-figure e-book authors.
Once you write a business vision, use it to take action, create a strategy, and formulate tactics to actually reach your vision. Use the vision to motivate yourself, employees and contractors. You know how they say to dress for the part you want? Well, it’s the same with your business vision. If you have the vision to be the top-selling Kindle e-book seller, then you need to act like you already are and do the things it takes to make it a reality.
Maybe money isn’t the most important thing to you. Maybe something else is important to you. If that’s the case, this should show up in your business vision as well. What’s right for one business might not be right for another. Perhaps you want to be able to donate millions of dollars to charity by giving away 10 percent of your profit each year. If that’s the case, and your dream, write it down.
Your vision can include dreams about:
You can include any number of other issues that you find important within your business vision. Not everyone is in business only to make money. After all, this is about a vision that you have and it’s personal to you about your path in the world and with your business.
Almost everyone reading this has experienced microtargeting in the form of paid political “robo” calls, personal phone calls, and emails from political campaigns. This is simply taking the idea of the customer of one to new heights. While you may be bothered by the political phone calls, the truth is microtargeting works. If it did not work they would not spend billions on doing it. As a small business you can also take advantage of microtargeting, and you should.
No, you don’t need to make irritating calls at dinnertime, but you can use microtargeting in several ways as part of your overall online marketing campaigns. Probably one of the best known ways that you can engage in microtargeting is via Facebook Ads and Retargeting Ads. These types of ads are directed to you due to activity that you took, or due to the advertiser singling you out using your demographics.
Your business can take advantage of microtargeting using your email marketing software too, if you send out a poll to your audience to collect more information. You can also look at their behavior to make some assumptions about future behavior. All microtargeting really is, is using the consumer’s behavior to predict future behavior, or their demographics to single them out for specific specials and sales.
Using the consumer data that you can gather to identify and influence smaller groups of people toward purchasing your products and using your services isn’t really anything new. What is new is the technology that makes this one of the most powerful forms of marketing the world has ever known. Microtargeting can improve your sales dramatically, and is not something that you should avoid.
Remember, if it’s good enough for political campaigns, and by the way, Visa (who also microtargets consumers), then it’s good enough for you. Imagine bringing back visitors who came to your site with an appropriate Facebook Ad, or sending ads only to a select group of people who are likely to respond positively, without wasting money on people who won’t.
Joining together in a joint venture (JV) agreement with another person or business entity is a common way to join forces without changing the structure of either business. When you join with another business temporarily, you can share resources in terms of people, technology and finances. This can make the combination stronger than each individual business.
There are many reasons to enter a JV agreement with the right person. But, before you get started, know why you want to do it so that you understand, based on your goals, who you should work with. Remember - join with someone who has a complementary business to yours, not your direct competition, and not when it has to do with your main source of bread and butter.
When people see the term “passive” income, they often think of earning money with no work. However, nothing can be further from the truth. The fact is, it does require work to make passive income. However, the work you do is done once, and then you keep making money later on the work you did before. It’s different from service-based work where you must do the work each time to produce income. With passive income you create something today that keeps earning money later.
Examples of Passive Income
Some examples of passive income that you may be aware of are savings accounts, investments, and real estate; all of these enable you to spend money one time, or spend some money one time, and keep earning income into infinity. But, you can also earn passive income online today. Some examples are information products, membership websites, eCourses, and eBook sales.
The Benefits of Passive Income
People who want to earn money from passive income understand how trading hours for dollars can be limiting. They want to put their time and money to use one time and keep earning from those efforts. It's the way insurance sales people have made money for years. They earn a little commission from each person that buys and keeps paying for insurance; then the more people they sell the insurance to, the bigger and bigger their monthly income becomes. It might take a lot of work to get there, but eventually through momentum it seems like everything becomes a lot easier.
The Two Types of Passive Income
If you would like to earn an income via passive income, there are several ways to do so online. However, mostly you can break it down to two different ways.
The main question now is who your audience is, and which way you'll go. Most people actually choose both methods. They sell other people's products, and they create their own. Most people start with selling other people's products, then eventually create their own after they get some experience with building a list and other marketing methods.
Most shoppers are picky these days. People are turned off by the hard sale and by many of the tactics used by professional sellers. But, the fact is that some of the tactics work. If they did not work, people wouldn’t do them. Here are a few tried-and-true practices you can use to turn shoppers into buyers.
Turning picky shoppers into buyers will work on all your customers and future customers. It's important to know your audience and then leave no stone unturned to make those sales effortless.
Launching a product doesn’t start on the actual day of the product launch. It starts weeks in advance, building up to the day of the launch – sometimes even before the actual product is actually ready for prime time. Shoot for starting 8 to 12 weeks prior to the date you’ve chosen for your product launch and you’ll have that much more of a successful launch day.
Aside from creating the product, you have to plan and organize all the events surrounding the product. These activities can take some time to create, and it’s always better to build up to the big launch date. To start, choose a launch date based on how long you think it’ll take you to create and finalize your product. Next, organize the creation of all the content, reviews, webinars and bonus products that will accompany your product launch.
Move through your calendar, creating the dates that each item must be finalized. Some things will be done simultaneously but others have to be done in a particular order. You’ll need to organize all the parties involved including your vendors, affiliates, and reviewers. What’s more, things don’t end with the launch date. Keep producing more content about your product or service and keep the buzz going for the best results in the days, weeks and months to come.
All parts of a business work together. I like to break it down into People, Process, and Technology. They need to do more than co-exist, in such a way that it is seamless. Whether it is planning, marketing, sales, delivery, or customer service, it all needs to work together so that you can please customers and make more sales. All businesses must figure out the following for themselves.
The aim is to put together the strategy, operations, finance and marketing of your business in a way that each works together seamlessly. When you make a list of everything you need to do in your business, it is important to then seek out solutions that help these items work together. Remember, it’s all People, Process, and Technology.