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Building Your Business
Building a $10 Million Company by Accident!
Nov 3rd
I just read “Instant Company, Croc Edition” by Diane Anderson. Talk about getting rich in a niche. The Schmelzer’s were not lucky; they deserve every bit of credit for recognizing and monetizing an opportunity. The market rewarded them and placed a premium on their product (born out of a simple idea). This article should also serve as an inspiration for those of us who have been thinking about starting a business but never acted on it.
So, what’s stopping you?
Everything I Learned About Comes From Google
Oct 26th
I was browsing the Google corporate information and found an interesting page describing Google’s philosophy. As I continued to read this, I thought it would be interesting to see how much this applies to business.
- Focus on the user and all else will follow – Absolutely true. Other business and marketing textbooks emphasize a relentless focus on the customer.
- It’s best to do one thing really, really well – True too. We’ve heard the saying, “Jack of all trades; master of none.”
- Faster is better than slow – This depends on the situation. Faster is not always better.
- Democracy of the web works – My spin on this is the power of the community and networking absolutely works.
- You don’t need to be at your desk to need an answer – I’m guessing this could be a number of things. The likely candidate is offer customer choices and do not constrain to just one particular method (continuous innovation). Yeah, this one is a stretch!
- You can make money without doing evil - SO TRUE. Enough said.
- There’s always more information out there - My interpretation is the answer is out there; you just have to take action to seek the answer.
- The need for information crosses all borders – Think globally (but act locally)!
- You can be serious without a suit – Have fun (or work hard, play hard).
- Great just isn’t good enough – This one sounds like Good to Great: Why Some Companies Make the Leap… and Others Don’t
by Jim Collins or The Innovator’s Dilemma: The Revolutionary Book that Will Change the Way You Do Business (Collins Business Essentials)
by Clayton Christensen.
Well, there you have it. You decide if Google’s philosophy can teach you everything you need to know about business and success.
Stop Paying Retail – Part 2
Oct 23rd
This article is the follow up to “Stop Paying Retail – Part 1″ written on Oct. 17, 2006. Building on the concepts discussed in the previous article, the following personal finance strategies are more complex and not necessarily appropriate for everyone:
- Affiliate Programs – Also known as referral marketing, many retailers offer incentives for sending business their way. Normally, if we find a product or service we really like, we’ll tell all our friends and family about it. However, we don’t always receive compensation for that recommendation. The good news is there are several affiliate marketing programs such as Commission Junction, LinkShare.com
, and Shareasale.com are free to join and offer lucrative commissions for sales of various products and services (including your own purchases).
How does this help one avoid retail price? First, using your cash back credit card such as Blue Cash®
from American Express, I make a purchase through your affiliation with a retailer such as Petsmart.com. Not only do I get cash back from my credit card company, I also receive a “rebate” through my affiliation with the retailer. In other words, I get paid twice!
- Form a Business – Having a business entitles you to additional legitimate tax write offs. Since I am not a tax advisor, you should consult your accountant or tax advisor to assess applicability to your individual situation. However, in my case, I can now legitimately write off expenses that were not deductible before I formed a business. In other words, many of my former personal expenses are now legitimate business expenses of Financial Fintess Pro.
Here’s to your wealth and success!
Disclaimer: Any information shared on the Financial Fitness Pro Forum does not constitute financial advice. The Website is intended to provide general information only and does not attempt to give you advice that relates to your specific circumstances. You are advised to discuss your specific requirements with an independent financial adviser.
It’s Never Too Late to Start
Oct 18th
I just read an article by Anne Fisher entitled, “Launch a business after 50″. The interesting part of this article is the advice from Jeff Williams, president of BizStarters, a firm that helps people launch their own enterprises. While these tips were targeted primarily at the over 50 crowd, most tips are generally applicable to anyone looking to start their own business.
- Find a business and industry that “…will truly engage you”.
- Determine the income potential and whether or not it matches how much you’re willing to invest. According to Fisher, most new businesses take at least three years to break even, assuming they even last that long!
- Match the physical demands of your chosen business to your energy level.
- If day-to-day variety is important, don’t do something that involves the same routine.
- Evaluate the extent which you’ll need to use technology in your chosen venture. Are you comfortable with this or will you need to hire technical assistance?
- If you’re looking at a franchise opportunity, determine the total expected investment for the first two years.
If you’re in the over-50 crowd, Fisher also recommends checking out Too Young to Retire: An Off-The Road Map to the Rest of Your Life
Are Blogs Becoming Serious Businesses?
Oct 5th
by Brion Lau
I read an interesting article in the Wall Street Journal today called, “How Demon Wife Became a Media Star and Other Tales of the ‘Blook’ in Japan” by Yukari Iwantani Kane. The gist of this article is that blogs, chat rooms, and personal web pages are providing the inspiration and, in many cases, verbatim content for books, television shows, and other products in Japan.
The question is whether or not this trend will make its way across the Pacific Ocean and unfold the same way it has in Japan. Based on what I’ve seen over the past few months, US bloggers attempt to generate revenue through advertising such as Google Adsense and/or affiliate programs that provide commission from referral sales (i.e. Amazon or Commission Junction affiliate programs).
The problem with these two business models is that blogging then becomes a job. A blogger needs to constantly update his/her site to generate new readers as well as cater to existing loyal readers & fans. It would be far more profitable to leverage your original content so it is working for you. For instance, if you blog on a particular subject matter area, why not publish a book (or eBook)? This is exactly the path Financial Fitness Pro is heading; I expect to release the first published title within a month with more to follow soon after. Wouldn’t it be better to collect royalties off your original content that many would pay to read?
Whether or not the trends outlined in the WSJ article hold true for the US, I do believe blogging and other forms of social networking will challenge existing business models (i.e. traditional news media corporations). In doing so, this will create numerous opportunities for infopreneurs (aka information age entrepreneurs) who take action and create wealth out of mere ideas.
Here’s to your wealth and success!
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