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Added for You - Diversify Your Home Based Business
If you run your own business like I do, you don’t have much time to spend fudging around with new programs. Here are some tricks I picked up while using Constant Contact's email marketing software to create my company newsletter.First things first: gather up some subscribers!Before you do anything, place the subscriber sign-up box on your website, and anywhere else that your portfolio is displayed online. You can’t send out a newsletter if you have no subscribers! By the t
Your site gets banned by the Search Engines Your website goes down
Someone comes up with a product/service similar to yours (and markets it better), or
A larger company comes up with the same services you provide
I was speaking with a potential client the other day and asked THAT question…”Who is your target market?” As a provider of telecommunications equipment, his response was, “Anyone who has a phone!” While that may seem like a good answer, the reality is that it is completely unfocused and undoubtedly wastes thousands of dollars in marketing costs and tens of thousands of dollars in opportunity costs. After all, would you rather spend your valuable time with a prospect who buys 70% of the time
In the history of business, all businesses (successful ones) offer more than one product or service, unless they are in a highly specialized niche and they offer services that only they can provide. We've all heard of diversifying when it comes to brick-and-mortar businesses and the stock market. The same concept applies when running your own online business, even more so. The reasoning here is simple. What if your product tanks for one reason or another? In particular, online home based business owners are even more vulnerable to the whims of the market and adverse business conditions for the following reasons:
Online business can be fairly unpredictable
Lack of deep pockets
Limited resources
For this reason, only investing in one line of business is a bad idea. First, it sets you up to be dependent on that one product or service, which you are probably selling via the Internet. Let's look at some of the things that could happen to affect your income if you do business this way:
Your site gets banned by the Search Engines Your website goes down
Someone comes up with a product/service similar to yours (and markets it better), or
A larger company comes up with the same services you provide a
Corporate gift baskets can be an effective and inexpensive way to build and strengthen relationships with both new and existing clients.In many cases the gesture of a gourmet gift basket can give you an advantage over your competitors by showing that you are willing to make that extra effort to earn their business.Gift baskets within your own company is another great way to strengthen bonds and help you build partnerships.Whether it's a holiday gift basket for a valued cli
Online business can be fairly unpredictable
Lack of deep pockets
Limited resources
For this reason, only investing in one line of business is a bad idea. First, it sets you up to be dependent on that one product or service, which you are probably selling via the Internet. Let's look at some of the things that could happen to affect your income if you do business this way:
Your site gets banned by the Search Engines Your website goes down
Someone comes up with a product/service similar to yours (and markets it better), or
A larger company comes up with the same services you provide
As a new small business computer consulting firm, you might ask what level of technical staff you can put on payroll. Don't get too excited yet; you have to be realistic about this.Of course, it varies by job market, but all things being equal, what kind of technical person will your small business computer consulting firm be able to find? Can you find someone that has the wide variety of intermediate to high end technical skills that are needed for larger small business clients if your
Online business can be fairly unpredictable
Lack of deep pockets
Limited resources
For this reason, only investing in one line of business is a bad idea. First, it sets you up to be dependent on that one product or service, which you are probably selling via the Internet. Let's look at some of the things that could happen to affect your income if you do business this way:
Your site gets banned by the Search Engines Your website goes down
Someone comes up with a product/service similar to yours (and markets it better), or
A larger company comes up with the same services you provide
When writing web copy for the all-too-noisy World Wide Web, nothing is more powerful than simplicity.As a result, your web copy messages need to be clearly defined and concise.Easier said than done.Entrepreneurs, like artists, tend to complicate things when they don’t have clear vision or direction.Musicians habitually add layers upon layers of heavily processed studio tracks to compensate for weak melodies, hooks or lyrics. Meanwhile, a well-written song comes thro
Lack of deep pockets
Limited resources
For this reason, only investing in one line of business is a bad idea. First, it sets you up to be dependent on that one product or service, which you are probably selling via the Internet. Let's look at some of the things that could happen to affect your income if you do business this way:
Your site gets banned by the Search Engines Your website goes down
Someone comes up with a product/service similar to yours (and markets it better), or
A larger company comes up with the same services you provide
The CEO of a worldwide business asked me to help him develop a talk he planned to give to several hundred of his top executives. He said, 'I feel as if I’m Daniel going into the lion's den.'Indeed, it was the business equivalent of a lion's den that he was entering. Hired from a competing firm, he was a stranger to the company, a company hobbled by declining market share and bad morale caused by the arbitrary actions of the previous CEO, an isolated dictator.'This is the first ti
Your site gets banned by the Search Engines Your website goes down
Someone comes up with a product/service similar to yours (and markets it better), or
A larger company comes up with the same services you provide and can price it lower
If you have only one product or service, and one of the above scenarios happens to you, you are in big trouble. At best, you could lose sales. At worse, you could be driven out of business. This is why, as an independent, online home based business owner, you should always strive to diversify. In Internet lingo, we call this developing multiple streams of income.
You could develop complementary products, or you could develop several entirely different, unrelated products and services. Whatever you decide to do, the key to remember is that in order to remain financially viable you have go to have your income coming from more than one product/service. To invest everything you in have all in one product is not smart. By diversifying, if one income stream dries up for one reason or another, you still have a few others to rely on, and time develop another if need be. Do you see the logic here?
In addition to diversifying your online home based business, you should also take a few other things in account that are unique to the problems that home based business owners face. Below are a few problems unique to online businesses and their soluti
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