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The conversion rate is the key stat for a website. As long as you are paying for clicks, the efficiency with which you convert those clicks to sales is really the only measure that counts in determining your website design. When I started my UK silk tie website it took a while to get enough data to start tracking and conversion rate as you need at least ten sales to get any sort of statistically valid result. It took a couple of weeks to make the first ten sales and I calculated my conversion rate at 0.5%. As I was paying 25p per click, this means that it was costing me £50 per customer. Even with an average order size of £30, this was a long way from profitability. Luckily, conversion rates can change quite dramatically with things like the website design, sales copy, products on the front page, range of products, product descriptions, guranatees, pricing, ease of payment etc. etc. In short there are many things you can do to get conversions up.

The great thing about internet businesses is that you can make a change, measure the result and if it doesn’t work, then change it back. I am constantly trying new things to see if it affects the figures. Initially I changed too many things too quickly and it was very hard to unpick the results of different factors. Also the Christmas period started when I was one month in and conversion rates rose strongly and then fell back after Christmas, it was hard then to unpick the seasonal effect from my changes.

One of the first thing I experimented with was pricing. From my initial prices of about £9 for a woven silk tie, I tried cutting them to £8 for a few weeks and then putting them up to £11 for a few weeks, then cutting back a bit, until settling on prices about 15% higher than my first try, just over £10 average price. Cutting prices below this point did not seem to increase sales.

I also looked at which ties sold well and put them on the featured products list which are then randomly selected on the front page. I worked a lot on the cataloging of the ties by colour, style etc. and added keywords so that people could find what they wanted easily.

I also experimented with my sales copy and have made the money back guarantee more and more prominent. One of the first things you need to establish when people visit your site is credibility. So I have the address at the top so that people know we are easy to physically track down, I have put the Visa and Mastercard symbols near the top for legitamcy, I have signed up to affiliate programs for upmarkets shirt makers so that I can display their ads to add credibility and as I started to get a few pieces of nice feedback from people, I added them to the site. All of these changes have pushed the conversion rate up to over 1% and I am now targeting 2% with my next wave of changes which will try and capture email addresses for follow up mailing by offering a free ebook on a mens fashion related subject. More about that another time.

There is a feature in both AdWords and Overture which, once you have inserted a piece of html code into your payment page (or, as I did got your web site supplier to do it) will allow you to track conversion rates by keyword. I am only now building enough data to do this justice, but it allows you to cut out keywords which don’t convert well. For example, I had been buying the keywords “how to tie a tie” and was getting 50 clicks a day at a bargain £0.02 each, however after 1700 clicks I still hadn’t made a sale, despite making sure there was sales text in with the tie instructions and ties shown either side. Not entirely surprising as people searching for tie instructions were not looking to buy ties, but clearly they do wear them and I thought some people would buy one. Not so. So now I am saving that money.

I recently received an email from a reader of my previous articles, Louis Roberts. It’s great to know that people are reading my blog already. Louis asks “I first read your article on “ezinearticles” and it brought me to your site; I like your online store. How are your online businesses doing? Are you hitting your goals of $1000 profit per site? I am very interested in opening a store myself. Since you seem to enjoy sharing advice; I was wondering of you could recommend some good products to sell, suppliers, dropshippers, etc. that carry as you would say “healthy margins”? “

These were good questions, so I have devoted this post to answering them.

Thanks for the note, glad someone reads the articles. In answer to your questions:

No I am not yet anywhere near reaching $1000 profit per site per week. I expect it to take a year to reach that figure. As my sites are less than four months and one month old respectively there is still a way to go. It is easy, reading some of the web business sales pitches out there to believe that instant riches are easily achievable. This is not true, it takes hard work and dedication to make money. I have reached the break even point on both sites which was the first milestone – initially I was losing $500 per site per week as the cost of advertising on Google AdWords way outran my sales.

It is hard for me to tell you what to sell, but I can recommend the criteria that I used to rate a product:

Niche product where there is not a major house hold name supplier (i.e. don’t go into the book business against Amazon)

Must be being sold on the internet already (you don’t want to have to create a whole new market by yourself)

Must have keywords that people searching for that product would use but that are not shared with other products (for example “silk ties” and “oil paintings” are good “gifts” would be bad)

Do a search on Google for the product. If less than 5 advertisers come up on the right hand side, then chances are you can get reasonably priced traffic

Must not need a support to get it working. Things that need technical support are too problematic. You want things that are easy to use and where you can sell and forget.

I have also made it a rule that I will not hold or carry stock at least until I have strong sales and good demand already. So need a drop shipper or a make to order product.

A final point that I have learned from trying to do ties, is that you need a $50+ margin per product. The cost of attracting customers for paintings or massage chairs is not much higher than the cost of getting customers for ties, although the conversion rates are lower. It is easier to reach break even with higher ticket price items.

It also helps if it is a product that you have bought yourself and get interested in and passionate about.

Based on these criteria I have gone for silk ties with www.tiespecialist.com, oil paintings with www.artspecialist.com and soon to be launched a massage chair website. I tried selling cuff links on my tie site but the AdWords competition was so fierce that I needed to pay 75c per click to be on the front page and there was no way to make money, I dropped that idea quickly.

As for good drop shippers, I search for reviews or feedback on any supplier I am thinking of using and then do a trial order with them to make sure the quality and service is good. However popular drop shippers will have lots of people selling their products and it will be hard to make money. Always check eBay to see what prices the products sell at.

Another option is to find suppliers in China of make to order or high value products I used www.alibaba.com to find suppliers and have dealt with them by email. I hope this helps. I hope you have found this useful.

When running a concession trailer business, there are several aspects to take into account. Many issues arise that need to be dealt with in order to make a food service business run smoothly. With a mobile concession business, one of the most important things to make a decision on is the location where you plan to set up to sell. There are several different things to keep in mind when you are choosing a location for the operation of your business. First you need to consider the population of the area you plan to sell in. Another important thing to consider is whether or not you are willing to pay to set up. One final thing you need to consider is getting permission to set up.

One of the first things to consider when you are trying to choose a location for your business to operate is the population of the area. In order for your business to run successfully, you need to make sure the location you choose is well trafficked and fairly densely populated. The more populated the location, the more potential customers you have. If you choose a location that only has a few houses and businesses, you might consider a location that has more houses and businesses. Businesses are great to be around because employees who need a quick lunch break can be a great source of income. They can also be a great source of word-of-mouth advertisement, getting friends and even fellow employees to come sample your culinary delights.

Another important thing to remember when choosing a location to sell from is finances. You have to determine how much money, if any, you are willing to pay for a spot on someone’s property. For the most part, to park on the property of another business or a private individual, you must expect to pay for the rental of the space. Prices for renting a spot are usually dependent upon the size and location of the space. Be on the look out for the least expensive place you can find that will still provide you with the customer base that is necessary to be able to make money at your business.

This brings us to another thing that must be kept in mind when choosing location is that you must have permission to set up on private property. You are not allowed to just set up anywhere there is a space. You must first check with your city and county about the laws that concern concession food sales. Once you know these requirements, when you decide to settle in a spot, you must always ask the owner of the property you would like to set up on if that is ok. Many times, the offer of a nice chunk of monthly space rent will convince a person to allow you to be on there property. Either way, written permission must be obtained to make sure that no legal problems arise.

Wherever you decide to set up your concession trailer food business, several details must be seen to before that can happen. Choosing a location for your business must include consideration of population, cost of space rental, and gaining permission of the city, county, and private party who owns the space. This can be a very profitable business. To make your chances of making money better finding a great location can certainly play a part.

What is a Blunder?

Definition of Blunder:

Main Entry: 1blun·der

Function: verb

1: to move unsteadily or confusedly

2: to make a mistake through stupidity, ignorance, or carelessness transitive senses

3: to utter stupidly, confusedly, or thoughtlessly

4: to make a stupid, careless, or thoughtless mistake in

- blun·der·er / noun

- blun·der·ing·ly / adverb

Source: Merriam Webster

First, why even focus on the blunders? Isn’t that kind of a negative focus?

The reality is that we all make mistakes. Most of us don’t like to re-live the mistake so we try our best to forget what happened. Worse yet, we sometimes blame our clients (bad client, bad, bad client).

But that same coaching blunder can be used to “sharpen” our coaching skills. The very thing that we worry will be the end of us (a blunder) can actually catapult us to a very different level of performance.

Learning to recognize and embrace our coaching blunders is the path to better coaching. We will continue to blunder, so let’s take advantage of the opportunities that present themselves!

What are some reasons to focus on the blunders?

Here are 8 compelling reasons to embrace your mistakes and use them to your advantage:

1.   Become a more (polished) (sophisticated) (evolved) coach.

2.   Eliminate your rough edges while refining the sharpness with which you coach.

3.   Replace repetitive blunders with a stealth form of uber-coaching.

4.   Give your clients the gift of effective coaching on every call.

5.   Begin to learn the real reasons your clients leave (“fire”) you and what to do to turn that around. Coaches often have clients for 2-3 months and then they “fade” away. Now you can begin to learn why clients leave you.

6.   Discover how to love being “rated” by your clients in performance reviews.

7.   Learn how to self-assess, and self-coach, with honesty and compassion.

8.   Discover “real time” solutions for when you get stuck (and who doesn’t at one time or another).

What kind of Blunders do coaches make?

In the Coaching Blunders Series, available in audio with a workbook, we discuss different types of blunders and their value to us:

1.   Administrative Blunders

2.   Fearful Blunders

3.   Avoidance Blunders

4.   Communication Blunders

5.   Power and Empowerment Blunders

6.   Benefits of Blunders

What are the Top 10 Blunders that you see coaches make?

Although we identified close to 100 coaching blunders I feel that the Top 10 Coaching Blunders are:

1.   Waiting until you are ready to coach (new coaches) or waiting to coach the more challenging clients (experienced coaches).

Get clients now! Your coaching education will make more sense if you’re coaching. You’re never going to “have it” if you don’t “do it”. I highly recommend that you “dive in and get both feet wet”.

2.   Taking your client at face value.

This may sound shocking but the reality is that clients come to us because they are here, and want to get there. If they could do it on their own, they wouldn’t’ need us. Often, what a client says to us has to do with the client’s current paradigms and attitudes. If we take their goals and ideas at face value, we may be missing huge goals that they want to tap into but don’t yet know how to express. They are hiring us so we can tap into the goals with them.

3.   Going into solution mode.

Most coaches, particularly new ones, will jump right away to finding solutions and solving problems. Why do we tend to go to solution mode? What’s our motivation? We do this because we think it will justify our fees and prove our value as a coach. This is very limited thinking on the part of the coach.

4.   Not knowing your client.

a.   Do a thorough pre-hire interview. If you want to know how to do this successfully consider getting the eBook “Ten Step Buying Process: Converting Prospects to Clients” at http://discninja.com/products.htm.

b.   Have a complete intake form for your clients to complete.

c.   Use assessments. My favorite is the DISC Personal Profile System. To see a number of valuable coaching assessments visit www.InternetAssessments.com.

I prefer to have a complimentary collaborative interview with a potential new client instead of offering a complimentary free session. This way I get a clear understanding of the potential client. By using the DISC assessment, it helps me stay out of “solution mode” because I can deal with client behaviors and discover their motivations from there.

5.   Avoiding difficult or touchy subjects. Allowing client to avoid issues that are “hot” (and avoid they will).

Sometimes coaches inadvertently allow clients to avoid the touchy subjects. We have to be very watchful to know what the touchy subjects are for each client. If the client keeps avoiding a certain topic, it’s a blunder on the coach’s part to allow that to happen. Once you notice a client avoiding a touchy subject then bring this up in session. For instance, “Every time, I begin to ask you about this topic, you change the topic. I’d like us to take a few minutes and see what’s here.”

6.   Not having a system in place for the administration of our clients.

a.   Keeps us from serving our clients and growing our business.

b.   Client Compass software is a great administrative environment.

                     i. E-Caps that can be sent to your client directly after each call.

                     ii. Invoicing – Failing to manage the money and/or get paid on time. Payment can be handled directly through the premium version of Client Compass.

                     iii.     Keeping track of paid and volunteer time

                     iv. For more info visit http://www.clientcompass.com  

c.   Not having a well-written coaching policy that sets clear client expectations. If you would like to see my coaching package it is available as a part of the www.90DayMarketingMarathon.com as lesson #41. For your quick reference it is available at this link: www.90DayMarketingMarathon.com/coachingpackage.pdf.

If you set up systems, then tasks can be done automatically and you can spend more time coaching and earning a living and less time on administrivia.

7.   Not building an environment that allows more people to know about you as a coach. In the www.90DayMarketingMarathon.com program, we create just such an environment for you.

a.   Selling people or talking people into coaching. Once again, I recommend reviewing the Ten Step Buying Process: Converting Prospects to Clients (see #4 above)

b.   Coaching any one other than your “ideal” client.

c.   Not letting enough people get to know you.

A lot of coaches love to coach, but they don’t love to market. If you’re not marketing and people don’t know about you, you won’t have the business you want. Consider joining the www.90DayMarketingMarathoncom.  It will help you be clear on your ideal client. And I guarantee that you will be a much better coach when you are coaching your ideal client. 

8.   Coaching around topics we should avoid

a.   Legal

b.   Financial

c.   Medical

d.   Therapeutic

We know this and yet it’s so easy to get sucked into it. Hold clear boundaries and coach your clients to contact the appropriate contacts – such as their employee assistance program (EAP), therapist, attorney, etc. Our job as coaches is to not get “sucked into it” but to have strong and clear boundaries and to hold the right space for coaching our clients. 

9.   Constantly asking questions and/or not allowing clients to answer before asking a new question.

Silence tends to make most of us very uncomfortable. So, if the coach becomes uncomfortable we often ask new questions before the previous one was answered. This is a serious blunder. That same silence can also put your client into a certain discomfort, which can be a good thing. It teases something deeper out of them. Don’t let clients “off the hook” because of your discomfort!

10.  Raising fees before we are ready.

If we don’t feel worthy, it will not work. Clients will sense this like dogs sense fear!

One option is to create coaching programs with a specific focus as well as a beginning, middle and end. There is less risk for the prospect or client in both time and money. And, you can often convert people who have taken one of your coaching programs into a one-on-one client.

This is because they have had a chance to get to know you and trust you. You have developed a relationship with them and they will feel more confident in working with you.

You can create your own program or purchase a license for a coaching program from a third party such as CoachVille. I am also offering several licensing programs so feel free to contact me for more information.  

Parting Words of Wisdom:

The key is to embrace your own “blunderella or blunderfella”. Embrace them and you will learn much more quickly than when you are in resistance.

Resist the negative words of people that will move you from business ownership. There has not been a more suitable world to end the debate and move toward owning a franchise. This is the place to learn more about the swell business franchises.

Long hours and fear of failure restrain some from capturing their desire for franchise ownership of the franchise. If you are going to make it in business you do have to work hard but this can be greatly reduced with a franchise for sale. A franchising opportunity is simply a business that provides a company’s merchandise in a territory contracted between the franchisor and the franchisee.

Franchise owners benefit from what has been learned of people that have given many hours of their lives creating a successful business organization. When you start a business on your own with no help you can only guess at the difficulties ahead, but if you decide to buy a franchise instead of going it all alone, the problems that entrepreneurs run into have already been worked through by the franchisor. Often said in franchise Opp commercials is that you go into business “for yourself, not by yourself,” and nothing can be truer.

From the franchise company you also get the best training in the business world. A common way to learn a skill is from a master, but how often are you able to get to the very best? If you buy a franchise opportunity you get educational training from the most skilled people in your franchise industry; a group that has done it all and know how to handle the rough times. The educational methods for every franchising opportunity diverge, however. Many include training on the best methods for good sales of the product or service, finding the best employees, bookkeeping and inventorying, and all other techniques needed for running a profitable franchise. Excellent franchisors will send human support to instruct and support you as you get everything in place to open your new business and will remain by your side until you are comfortable managing the day to day tasks without constant help. The franchisor wants you to succeed just as much as you do so any franchise will have an excellent training program.

One important advantage of owning a franchise business is that you get help in the marketing area, so that you don’t have to become a marketing expert. When you own your own business you need to keep up with the day to day affairs of the business, so you don’t have to be a marketing expert because the franchise opportunity takes care of it for you. A portion of the fees you pay as a franchisee go towards marketing. That doesn’t mean that you still can’t be a student of marketing. In fact, a lot franchise opportunities help out with plenty of free market research and info to the franchise owners and a lot of how to information from your franchise education and from then on out. A benefit of owning a franchise is the marketing assistance. Don’t forget that as you consider a franchise.

The economy is adapting and no matter how much a company appreciates their employees the bosses can’t guarantee a future. The only way to secure your destiny is to grab life by the horns. After you own a franchise the hard work you do is realized in your profits. When owning a business franchise you create a future for the ones you love that will be appreciated for generations. A franchise is the way toward success, so don’t let the financial instability keep you from becoming one of those that have beat fear and found business ownership.

Every year millions of people answer “Yes” to that question and every year that answer costs many of them money, time, confidence, and heartbreak. The Small Business Administration estimates there are 580,900 new small businesses opening each year and that number does not include the small one-person entrepreneurships that pop up every day. However even if you are your business’s sole employee then there is still something to be learned from the SBA’s numbers.

According to the SBA, two-thirds of new businesses survive at least two years and 44 percent survive at least four years. Two of the key factors in the businesses survival and ability to thrive: the owner’s education level and the owner’s reason for starting the firm in the first place.

How can you make sure that you are among the winners rather than the losers in this high stakes game? The answer is inside of you. You must ask yourself four key questions to determine whether your own small business will survive and thrive.

1. Are You Ready

Have you mentally prepared yourself for the switch from employee (or student or whatever label fits you currently) to boss. You are going to be the one making decisions now about everything from office products to product line. This total control is one of the driving forces behind many people who take the plunge into starting their ownbusiness but it is also one of the elements that drives new entreprenurs crazy. When you start out there is an endless list of decisions that need to be made and new questions crop up every day.

Even more important you will need to remember that in a small business you will wear many hats. Even if you manage to start out with one or more employees you will each fulfill more than one role in your new business. And if you are running a one-man or one-woman show then you serve in every capacity from file clerk to maintenance crew to salesman to CEO. Can you handle switching from task to task and role to role like that? Are you willing to make those switches?

Similarly, have you prepared your family and friends for this switch in attitude. Your life is going to change — probably pretty drastically — and that change can have a positive or negative impact on your family life and social interactions. It will make things much easier if your friends and family are supportive going into the process.

2. Where Is Your Niche?

Have you identified your niche yet? One of the reasons many businesses fail is that they fail to focus on a target audience. Yes if you are a major discount chain then you can sell everything from peanuts to wallpaper but this type of business requires vast resources that just aren’t available to the small business. But small businesses dominate the marketplace (creating more than 50 percent of the private gross domestic product last year) by finding a different approach — a niche.

Knowing your niche means you are better able to find, target, and maintain your customers as well as provide the best possible goods and services to that customer base. That focus is one of your best chances to not only survive but to thrive in a very competitive marketplace.

3. What Is Your Plan Of Action?

Another key factor in the survival and ultimate success of your business is how much planning you do before you open your electronic or physical doors. You need to decide if your business will be based on the internet or include more traditional models. Are you going to work full-time or part-time at your new business? Are you going to hire help or go solo? Have you written (or at least outlined) your business plan? Dreaming, thinking and planning can save you much trouble and waste later when things are hectic and problems strike. Planning can also help keep you focused and to balance your spending and time.

4. Who Are You Going To Call?

At some point, no matter how experienced a business person you are, you will need help. You will need support, advice, tools, or information — or all of the above. One of the beautiful, and most frightening, aspects of growth is that it can lead you to places you never imagined. No matter how much planning and experience you bring to your new position as CEO the unexpected will arise. How will you cope with this? It is important to recognize that no business is an island. It is not failure to seek help. Failure is when your business shuts down because you didn’t get the help you needed.

The best way to get timely help is to work on your support system while you work on building your business. That way you will already have a ready list of resources available that you can quickly tap into when emergencies strike. In today’s world there are many marvelous resources available to you no matter what your business model may be. These include:

~ Publications (newsletters, magazines, books)

~ People (professional advisors, mentors, teachers, consultants)

~ Networks (organizations and forums in your niche as well as general business and marketing)

~ Education and training (tutorials, courses, and seminars)

After you have answered these four key questions you are now ready to ask yourself that one big question again — are you ready to start your own business?

If you are just starting your business, or if you have just developed a new product or service for an existing business, one of the first questions you need to answer is, “What should I name it?” And while you may feel pressure to make this decision quickly, I caution you to not make it lightly. What kind of things should you take into consideration when choosing a name?

Don’t Use Your Own Name

Well, first of all, use a name other than your own name. I often see service business professionals opening up shop and simply using their name, and the title of the service

they offer. For example: Joe Smith, Accountant. I made this mistake myself, early on in my business, operating as Debbie LaChusa, Marketing Consultant. Why don’t I recommend this? Because your name means absolutely nothing to your prospects. Often you only have a split second

to get a prospect’s attention. Make the most of that split second by having a name that communicates something of value about your business. Or a name that tells your prospects what your business is all about, or represents

a benefit you offer, or how you deliver your service differently or better than your competitors.

Create A Meaningful Name for Your Business

When I was operating without a business name, I remember calling prospects and clients, and having the receptionist ask, “Debbie with what company?” I realized relatively soon that if I wanted to be taken seriously, and I wanted to be quickly understood, I needed a company name. I was trying to build a business after all, and I wanted people to recognize who I was and what I offered. So I started using the name, DLC Marketing and I incorporated to make it official. Now I at least had a real business name, and when I contacted prospects they took me seriously. It was amazing the difference it made in the number and caliber of clients I was able to land. All of a sudden, I was a company, not an individual. Mind you, nothing else had changed. My services were still the same. I still worked out of my home. I still did not have a staff (although I had to hire partners to help out with all of the work!). But suddenly I came across differently when calling on prospects.

But even then I thought, DLC Marketing, Inc. still isn’t a great name. What does it tell people about what I do? It tells them I do marketing, and certainly I, or my web site copy, could explain my services and how I was unique. But what if they never got past the still somewhat nondescript name?

Choose A Name That Communicates An Idea

So I started thinking about how I could name my business differently to communicate my unique selling proposition more clearly. And that is when I came up with the name 10stepmarketing. To avoid having to re-incorporate, and because 10stepmarketing is a service I am offering

that is closely related to the marketing consulting services I offer through DLC Marketing, Inc. I have chosen not to

re-name my business, but to rather just market using the 10stepmarketing name. The initial response has been amazing. Suddenly people instantly want to know more about what I do. They ask questions and they want an explanation. That never happened with the other names

I was using.

You see, the name 10stepmarketing communicates

an idea. Something the other names did not do. So the prospects I encounter that resonate with the idea it represents immediately want to know more. Is 10stepmarketing a great name? I don’t know. But I do know it is strategically

focused on the services I deliver, and I am almost embarrassed to say that my previous business names were not (I am a marketing consultant after all. I should know better!). And I can’t argue with the response I have received thus far.

There are three basic ways of earning money which include trading time for money, trading money for money and trading expertise/value for money.

Society and the formal education system promote the first method of earning money which involves trading time for money. In other words, you work for someone else for a specific amount of time and then they pay you. Working for someone else drains your energy and you don’t make much money.

The second way to earn money is utilized by a small portion of the population and involves trading money for money. In other words, you are earning money through investing. Investing can be risky because if you lack additional funds then how can you invest any money in the first place? Therefore, many people can’t even try this option because they only have enough money to pay their bills.

The third way to earn money is the best option. This entrepreneurial option involves trading expertise/value for money. This is the strategy of entrepreneurial experts. You have a flexible schedule, work less, and earn more. You can make thousands of dollars a day in this option.

In order to earn money through trading expertise/value for money you need to first figure out who you are and what you can give to others. What information do you know that could help others? You can find value from previous work experience or even from your hobbies. From this you can create your intellectual property.

What is Intellectual property? How big is the market for Intellectual property? Is there room for you in the Intellectual property market? These may be a few of the questions you have when you are investigating the information marketing business. First of all, anyone can create intellectual property. You don’t need to be a Rocket Scientist. You just need to have an area or expertise, or access to an expert, and a drive to succeed.

Intellectual property combines e-commerce and book publishing. For example, you can write and sell an eBook. Recent research has found that approximately 6 out of every 10 American adults surf the Internet on a daily basis seeking out entertainment, education, and to shop for products. People are more comfortable buying online then in the past. The market through the Internet is global and encompasses millions of people. Therefore, the information marketing business has room for everyone!

When you market on the Internet, you market to your niche. Therefore, you don’t have to worry whether or not your neighbor will want to buy your product. The Internet opens the niche market for you.

If creating and selling intellectual property on the Internet is so simple, why isn’t everyone doing this? The formal educational system and previous societal beliefs are to blame. In school, we are taught to finish school and then become an employee at a company. The entrepreneurial spirit is not promoted; in fact it is almost shunned.

Don’t let societal beliefs stop you. The intellectual property market is wide, diverse, and ready to fill your pocket book with cash.

If there ever was a living, breathing version of the American Dream, it would be Farrah Gray.

A self-made millionaire by age 14, Gray is now an internationally known and respected entrepreneur and business leader who addresses more than half a million people per year on topics such as leadership, personal development, diversity, business development and financial management.

His newest venture, with First Premier Bank and Diamond Financial Products, is the “goFarr” card, a prepaid MasterCard featuring his likeness. The card is designed to increase financial literacy and freedom for those without a credit history or who are unable to get access to a line of credit.

Because the card is prepaid, there are no interest payments, credit checks or employment requirements, and unlike most prepaid cards, the goFarr card has no monthly fees. It can be used anywhere debit MasterCard is accepted, including ATMs, and cardholders can use the card to pay bills online or get employers to do a direct deposit onto the card.

Cardholders can monitor when, where and how much they spend 24 hours a day through Web and telephone access to account information. They soon will also get financial tips from Gray through live chats, podcasts and e-mail discussions.

“When I look at the fact that one-quarter of 18- to 24-year-olds are ‘un-banked,’ I see that it is also a problem that plagues low-income people of all ages,” Gray said. “This card can be an empowering tool that will instill valuable budgeting habits and responsible money-management skills.”

Gray became an entrepreneur at age 6, selling body lotion door-to-door. At age 7, he carried a business card that read “21st Century CEO.” At 13, he started Farr-Out Foods, a specialty foods company in New York. He became a published author at 19 with his financial self-help book “Reallionaire.”

“Farrah Gray is one of the great business minds and icons of his generation,” said Keith Byrd, chief operating officer of Diamond Financial Products. “At the age of 21, he has achieved more than many achieve in a lifetime. To those who become cardholders and are able to access financial advice from Farrah Gray, you too have the possibility to ‘goFarr.’”

Business ownership can be one of life’s most rewarding experiences – under the right circumstances and at the right time! It’s not necessarily “better” than having a job – it’s just different. For some, self-employment is the ideal career solution. How about you?

The exercises below are designed to help you ask the “tough questions,” and quickly discover whether self-employment would be right for you or not. So, take out paper and pen – or get comfortable in front of your computer – because you’re about to do some important “homework!”

If you’re seriously considering the self-employment option, there are two main questions to ask yourself:

1. Is self-employment potentially right for you?

2. If so, which of the four paths to business ownership would be most appropriate for you?

Let’s address both of these important questions.

In the world of work, you have two main career paths: Self-Employment and “Getting a Job.” You’ve probably already gone the “getting a job” route. If you’re reading this article, chances are that you’ve found your jobs unsatisfying. So, now you’re probably asking yourself, “Could self-employment be right for me?”

The following three questions will provide some direction:

1. Why are you exploring entrepreneurial alternatives at this time?

2. Rate your desire/motivation/commitment to have your own business, 1 to 10 (10 being the highest)?

3. If you could land the ideal job OR start your ideal business, which would you choose TODAY?

Focus now on the first of these three questions, because you must first understand your core motivators:

- What’s your WHY? (Lifestyle, income, image/prestige, leave a legacy, control, build equity, self-expression, independence, make a difference, passionate interest, etc.??) Unless you identify and hold onto your deepest need and desire, you will not have a strong likelihood of succeeding. So, spend some time writing about your WHY!

There are Four Paths to Business Ownership:

1. Become a Consultant

2. Buy an Existing Business

3. Start a New Business

4. Buy a Franchise

Below, you will see the “unique considerations” for each of these entrepreneurial pathways. Take some time to answer all the questions in the four categories.

BECOME A CONSULTANT – UNIQUE CONSIDERATIONS

- What markets will you serve?

- What services will you offer?

- Who will be your competition?

- How will you price your services?

- How will you market and sell your services?

BUY AN EXISTING BUSINESS – UNIQUE CONSIDERATIONS

- What type of business do you want to buy?

- How do you envision your own role?

- How will you finance the purchase?

- What will you expect of the seller?

START A NEW BUSINESS – UNIQUE CONSIDERATIONS

- What markets will the business serve?

- What products or services will you offer?

- Who will be your competition?

- How will you market and sell your products or services?

- How will you finance the business?

BUY A FRANCHISE – UNIQUE CONSIDERATIONS

- What type of business do you want to be in?

- How do you envision your own role?

- What will you expect from the Franchisor?

- How will you finance the purchase?

Go back now, and review all your answers. Then address the questions below, as thoroughly as you can.

What are your “Pros and Cons” for each entrepreneurial option?

1. Become a Consultant

Pros:

Cons:

2. Buy an Existing Business

Pros:

Cons:

3. Start a New Business

Pros:

Cons:

4. Buy a Franchise

Pros:

Cons:

In reviewing this brief list of “Pros and Cons” for each of the four business options, which choice seems best for you right now? Why?

Another way to determine if self-employment could work for you is to consider your own qualifications and preferences. Many people THINK they could successfully own and manage a business – but in reality, this takes a particular kind of person with a specific set of skills. This section will help you do an honest self-assessment.

YOUR QUALIFICATIONS FOR OWNING A BUSINESS

The main categories of ability include:

- Marketing and Sales

- Financial Management

- Operations and Administration

- Human Resources

- General Management

For each category above, answer these questions:

- What results will the business require each year to become and remain successful?

- What education, training or experience do you have to indicate that you will be capable of producing desired results?

- Are you personally interested in, and willing to do, the required tasks?

- If you do not plan to lead specific parts of the business, who will manage them, and how much will you need to pay those people?

Every business has its challenges, but some of the biggest challenges of self-employment often come from “the inside.” Here are some of the most common personal issues faced by new entrepreneurs.

PREDICTABLE CHALLENGES

- Do you feel certain or doubtful about becoming self-employed?

- What are the major challenges or obstacles you will face?

- What are your biggest concerns or fears?

- What questions or issues do you still have?

There are definitely answers to your questions, and there is help to get you through the transition effectively!

Here are five more questions for you to consider:

1. Two years from now, the qualities that you want most in your work/career are:

2. Will you have those qualities in your work if you continue doing what you’ve been doing?

3. If not, what changes must you make in order to make these qualities a reality?

4. Could business ownership or franchising help you create these desired qualities in your work/career? How?

5. If you’re still interested in business ownership, what are the next steps you will take (include approximate dates for completion):

If these exercises have made you decide that self-employment is NOT for you, that’s actually a positive outcome. Think of all the time, frustration and money you’ll save by not going into business! On the other hand, if the questions above have crystallized and clarified your intention to own a business, then nothing should hold you back from the great entrepreneurial adventure.

May you achieve success greater than your dreams!

The sweet spot of the IT consulting business requires more skills than needed for micro business IT consulting. Sweet spot companies have anywhere from 10-50 computers. This level of business is where you should be focusing most of your IT consulting efforts.

These sweet spot businesses generally use Microsoft Windows based systems. They have anywhere from 10-100 employees. In terms of annual revenue, in U.S. Dollars, usually equates to annual earnings of 1 million up to 10 million. The big thing that puts them into the sweet spot is that they have graduated from peer to peer and they need one or two real dedicated servers.

Hardware Skills You Need for the Sweet Spot

You need to know all the IT consulting skills a micro small business would hire you for plus about 8 or 10 other things. You should be familiar with server hardware, such as working with multi processor servers, should be familiar with how RAID works, Zero One Five, you should be familiar with how multiport communications applications adapters work for setting up remote access servers and serial port sharing.

You should have familiarity with attached storage systems, network attached storage, more sophisticated back up solutions like digital audio tape digital linear tape, and the hybrids, etc.

Other Skills for Sweet Spot IT Consulting

You should be really comfortable with sophisticated battery back up solutions, routers, the CSU/DSUs to connect you up to the telecommunications lines. And you should start to get some familiarity with some of the more advanced Y-5 hardware, the stuff that is not quite commodity level, where you start being able to get into Roam successfully between your access points and being able to do some management and SMP tasks.

Networking Skills for IT Consulting

In terms of networking software, you need to know all the basic desktop software and have the ability to do all the networking skills that are required for micro small business. For the sweet spot, you should also be comfortable with some of the popular server operating systems out there.

These include Microsoft Windows Server, Microsoft Small Business Server, Novell NetWare, Novell Small Business Suite, and Linux which is starting to pick up some traction among small businesses.