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What Should I Sell Online?

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www.SteveBrowneDirect.comMany would-be entrepreneurs get stuck on the most basic of questions before they’re even out of the gate with a new business.  They know they want to make money online but they have absolutely no idea how they’re going to do it.

Often these same entrepreneurs will have a list of niches and maybe business models that they’ve been thinking about trying but they’re not sure how to narrow that list down to the top choice that they’ll eventually focus on for their new business.

When you get right down to it, this same stumbling point and resulting paralysis is actually felt by most people when they contemplate going into business for themselves.  They ask questions like:

  • Am I getting into the right niche?
  • Am I choosing the right business model?
  • Is this something I am going to enjoy?
  • What kind of income can I expect from this niche?
  • How much competition is there going to be?
  • How much time will I have to spend to reach my income goal?
  • Will I be able to establish myself as an expert in this niche?
  • How much is it going to cost to start my business?

These are fundamental questions that you’d better answer before you think about products to sell or you start building a web site or spending money on promoting your business idea.

So here are my suggestions to begin narrowing down the field if you haven’t decided on your business topic yet.  These ideas aren’t new, they’re not secrets and they are not my original ideas . . . but they are universally effective:

1- Have you visualized what kind of business you want to create?

Are you going after a million dollar business or will you be happy making $5,000/month?  Do you visualize having employees working with you or are you a committed solo entrepreneur?  Do you see yourself working 50-60 hours per week in your business or do you want a lifestyle business that takes 20 hours per week or less to run?  You see, the answers to these questions are going to allow you to cross some subject ideas off your list right now.

2- Have you done your niche research?

If you haven’t, you’re not starting in the right place.  Some niches will support the kind of business you envision; other niches won’t.  Some niches are extremely competitive and present a great challenge to entry.  Others will be easier to break into.  Again, the likelihood of success in any of the topics you’ve been considering will become more apparent as you thoroughly research the niche market.  I would think a 30-minute dive into niche research in each of your subject markets would be time well spent and you will see where the best opportunity lies.  After you’ve identified the one niche that you’re going to enter you should jump into the marketplace again and do more thorough research knowing that this is the place you’ll be setting up shop.

3- What do you really enjoy doing?

Could you be happy immersing yourself in every one of the topics you’ve included on your list?  Surely, some of these topics hold your interest better than others.  You see, entering a subject niche that you really enjoy will help you to focus on becoming an expert in that topic without feeling like it’s an agonizing drudgery.  You will look forward to working in the niche every day.  It’s critical that you keep up your spirits and enthusiasm for the subject … especially in the early lean times when the business isn’t producing much and as a new entrepreneur you are more likely to give up or question if this career is really for you!

4- Where does your past training, schooling, and work experience lead you?

One of the key elements of a great business is owner knowledge and expertise for his/her business subject.  Granted, you can learn what you need to know in most niches in order to become an expert.  But believe me, it really does help and give you a tremendous head start if you already know and understand the topic.  Do you already speak the industry jargon?  Do you have experiences and dealings in the niche that you can share with other?  Do you have friends, contacts, sources of information in the niche that could be an advantage to you as a business owner?  If so, the niche is a prime candidate for your consideration.  But don’t be blinded by your mastery of the subject because lots of people have specialized knowledge in subjects that don’t monetize well.

5- Where does your passion lie?

This is related to #3 above, but a little different.  Are you really jazzed up and excited to get going on a particular business?  Is it something you like to delve into anyway (despite wanting to create a business in the topic)?  The fact is this: business owners that really have a passion for what they do seem to be contagious.  It’s easy for prospects to get excited about something if they see the genuine love and excitement that an owner has for what he/she does!  Passion for your subject means you’ll willingly keep up with the latest news, events, changes, and happenings in the niche and want to share those with your like-minded customers and prospects.

6- What is the outlook and trend for each of your potential topics into the future?

You don’t want to sign on as the captain of the Titanic in your chosen niche!  You don’t want to invest you time, energy, and resources into creating and running a business in a niche that is dying or even slowly drying up.  If you’re really in business for the long haul, you need to understand that your efforts are going to be rewarded for years to come.  Some niches are evergreen.  Subjects like health, exercise, travel, relationships, dating and marriage, small business, self improvement, making money, etc, are always on people’s minds.  A great resource for determining subject appeal to the masses is Google Trends.

7- What are the barriers to entry in these niches?

Finally, it’s critical to be aware of barriers that could potentially thwart your business creation hopes in particular niches.  Are there licenses that need to be gained in order to become respected or qualified in the niche?  Is the cost of entry for needed software or product creation going to be more than I can comfortably handle?  Is the niche already saturated to the point that I can’t identify a unique position in which to place my business?  Is the business subject seasonal, limited in any way (geographic, cultural, etc), or not socially acceptable?  Is the business subject something that is blackhat, underground, sleazy, hateful, discriminatory or of bad taste?  (I would caution everyone to stay far away from subjects like porn, gambling, lotteries, anything illegal, immoral, or in any way in poor taste.)

So I’ve given you seven “filters” to run your ideas through.  If you are serious about starting a real business, apply each of these filters to your list of potential subjects and it will soon become quite apparent which topics you should eliminate and which you can confidently move to the top of your list.

After you finish this little exercise, you may still have two or three ideas that have risen to the top and pass all the tests.  Don’t fret.  It may be that any of them that you choose will lead you into a nice profitable business.  What you’ll have confirmed is that any of these remaining topics can serve you well.  Just choose one and be on with doing some detailed market research!

A word of caution:  Don’t try to juggle two or more new businesses at the same time.  Sure, you can add multiple streams of income later, but only focus on one until it is running profitably and giving you the income you want.  Don’t dilute or water down your efforts at the outset.  It’s very difficult to divide your attention and become profitable when you’re trying to figure out how online business works!

To your online business success!

Steve Browne

www.stevebrownedirect.com

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Mentor or Coach? Which Do You Need?

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www.SteveBrowneDirect.comI can tell you how to get any successful business owner to mentor you!

It’s very simple . . . don’t ask him to be your mentor or coach. If you do, he will nearly always turn you down.

Let me explain by first clearing the air a little about online mentors and business coaches.

To me, at least, mentors and coaches are not the same thing. I realize, however, that the two terms are confused and used interchangeably online all the time.

I believe a mentor is a friend, a teacher, a supporter, and an advisor.

I believe a coach is a something different. To me, a coach is a private tutor or trainer, someone who is typically retained under contract to give one-on-one direction and specialized training fit to the needs of the client in order to get that client to a higher level of output or performance. A coach is also a motivator and a cheerleader that sees the client/coach progress as a team effort.

Certainly, I acknowledge that there is some cross-over in the roles and functions of mentors and coaches.

Why does all this matter? Let me explain my thinking here.

If you want to hire someone to help you individually in your business, IMO, you should go out into the marketplace specifically looking for a successful business owner that does paid coaching.

If you ask most successful business owners to be your mentor they will almost always turn you down. They will worry that if they become an “official” mentor:

  • it will become a major time drain for them – time away from their own business
  • they may not be able to provide you with what you really need
  • they will let you down when they can’t constantly hold your hand
  • you are just one more “iron in the fire” that complicates their business day
  • named association with you may not be in their best interest
  • they may not appreciate your valued time by being themselves lazy, unteachable, or unwilling to follow the advise that you are genuinely giving – in essence, they are a waste of your time.

Can you hire or pay a mentor to do that? IMO, you are confusing terms again and what you really want is a paid coach. When compensation, or contracts, or specific time commitments, or performance measures are involved, we’re in the realm of coaching.

So if you want a mentor (a teacher or advisor), here is what I suggest:

  1. Befriend a wise and successful business owner but don’t abuse your relationship by expecting handholding, specific time commitments, or special “preferred” status of any kind
  2. Be willing to observe how your mentor does his business without personally taking up his time. Watch and learn how he runs his business, dissect his selling system, his lead generating activities, his funnels, his web site, his email list, his newsletter, his follow-up. If you can, buy his product(s) and become his subscriber and see what he does for you, his customer.
  3. Offer to help him in any way you can with no reciprocation needed (or expected) on his part
  4. Cultivate your relationship in various professional ways without being a stalker, a groupy, or like a clinging child under foot. Offer to give him time in your specialty, take him to lunch occasionally (if you are nearby), give him credit for your successes, support his business.
  5. Very important: don’t abuse your relationship or “expect” anything beyond friendship.

I have often heard people describe how much their wonderful mentors have helped them, but if you were to ask that mentor what they had done, they may looked puzzled . . . as though they hadn’t really done anything special for that person except to be a friend.

If you ask me to be your coach or mentor . . . I will say “No thanks – nothing personal , but I turn down all such requests.” But I am happy to talk to friends about business, my own experiences, and what I believe or have learned about best practices, tools, and approaches in IM. I even try to help strangers when I can (ever read any of my blog or forum posts?).

Is this post making sense?  I hope so.  Contrasting views are always welcome.

To your online business success,

Steve Browne

www.SteveBrowneDirect.com

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Advertising

Direct Sales Marketing

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www.SteveBrowneDirect.comDirect sales advertising and the Internet”

The other day I spent some time at the bookstore, the giant bookseller franchise that I often frequent when I’m searching for some Internet selling tips and advice that I can’t find in the books on my own bookshelf.

Large retail book stores are cool places, much like a mini library where the atmosphere is pretty laid back and browsers are free to pull a book from the shelf and sit down to read a chapter or two.

I must admit that their intentions are obviously to sell books rather than play the role of a library for the cheapskates (like myself) who usually purchase books online at Amazon. But still, they don’t seem to mind too much if I’m there and sometimes walk out empty-handed.

Anyway, I was in this local book store checking out the latest books on marketing and advertising on the Internet. I was a little surprised at what I found.

Most of the books seemed to be focused on the cool advertising campaigns of Madison Avenue, those that had probably won some award for creativity, style, or unusualness.

Book after book contained mostly examples of graphic designer’s work and the reasons why that particular ad had been singled out for mention or praise. It almost appeared to me that “winning” advertising was all about cleverness, coolness, and being nominated for some obscure little designer award.

My personal reaction to all this glitz and glamour was simply, “I wonder if any of these fancy ads actually made any money for the sponsor?”

Yes, I realize there are multiple reasons to advertise: building brand, creating buzz, developing product credibility, and other things all are important outcomes hoped for in an ad campaign.

But on the Internet, in direct sales advertising like many small online businesses do, it’s my opinion that glitz and glamour usually distract a prospect more than they convince him to buy.

Which brings me to the question: “What is your ad attempting to do?” Do you know what you hope to gain from launching an ad online? Are you designing and writing the ad to win some creativity award or are you just trying to make as much money as you can?

If your answer is the latter, I believe you need to keep the ad straightforward, simple, and without the confusion of numerous graphics, flashing banners, twirly things, and cutesy sayings.

You’re not trying to impress an art director or entertain a crowd of customers with your HTML and JAVA skills. Your narrative is not written to appeal only to techno-geeks, industry insiders, and the few people that can speak the jargon of the technical experts.

Direct sales marketing is all about grabbing attention, pulling the reader into the story with emotional involvement, ushering him down a narrowing path and ending with his credit card action on your behalf.

Ad copy and carefully chosen words accomplish this task much better than distracting and annoying graphics.

Remember that selling direct to the customer is best accomplished with simplicity of purpose, focus on benefits, engaging dialogue, and a call to action right then and there.

To your online business success,

Steve Browne

www.SteveBrowneDirect

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Learning Entrepreneurship

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www.SteveBrowneDirect.comHow do high school and college students learn to become entrepreneurs?

Does the current public school system do an adequate job of training young people to become business owners?

Years ago I made a new friend in Chris Elliott who found my blog and decided to subscribe.  Chris was a high school senior about to make a choice between colleges and was interested in entering the business world after school was completed.

Chris reminded me that there was a legion of potential small business candidates among us – the future business leaders that will blossom in the coming generation. Most of the attention I pay to solo business owners goes to those who have a wealth of knowledge and experience under the belt.  Chris was eager to learn, bright, and anxious to dive into operating his own business someday … hopefully, sooner than later.

Really and practically, there is no logical reason why young online business owners can’t follow their dreams, and even thrive in today’s online business environment. In fact, it will become harder and harder to distinguish the age of the business owner as time goes on because the demographics of the work force are changing significantly.

There was a time not long ago that conventional wisdom taught us all to land a good job with a solid company, build up tenure and longevity, move vertically through the ranks with a progression of promotions, accumulate personal wealth through saving and investing in a 401K, and retire at 65 with a pension and a nice little savings nest egg to spend in the golden years.

Oh, how times are changing!  The old way of working for one company all one’s life is probably gone forever for almost everyone!

Solid companies are going bankrupt, being folded into mega multi-nationals, and experiencing downsizes in employment and reductions in employee retirement packages, even for the company elite.  Pensions are rapidly disappearing as are golden parachutes for long-time tenured employees and management.

Entire industries and marketplaces come and go at a blistering pace in today’s economy. The ride is dizzying and the stakes are high for anyone that steps off the curb into the business fast lane.

It’s amazing to me that the curriculum in most high schools, and even in colleges (to a lesser extent), barely includes education and training in small business development. With the number of new small businesses popping up all over the globe now and in the near future, it seems to me that our educational system is letting our young people down in many ways.

Small business development education is typically a hands-on, learn as you go, on-the-job training type of learning. But there is a set of basic business principles and skills that could very effectively be taught to young people, regardless of the business subject, that would help them avoid common pitfalls and learn the “correct” or accepted methods of business operation.

Young people like my friend Chris are hungry for helpful information. They recognize that their life’s path probably won’t be set or controlled by a large corporation. They want help, guidance, and information now that will allow them to chart their own course and succeed and profit from their own ideas and hard work.

I am continually amazed at the strength, creativity and resourcefulness of today’s young people. As I look at them, and compare what I see to my own carefree (more like careless) attitude when I was in high school, I have every hope and reason to believe that the world will be a much better and kinder place with the coming generation at the helm.

Before it’s too late, and as we prepare to hand the business ball off, it’s my hope that successful entrepreneurs with a wealth of personal knowledge and experience will step forward and offer their insights and wisdom to next wave of entrepreneurs standing in the wings soon to be taking center stage.

Ask yourself the question:  What can I do to help a young person get ahead in life and business?  Can I be a mentor or coach to my own children/grandchildren in finding their own unique career path as they exit the public school system?  Going to college may not be the very best option anymore (as it used to be) for graduating seniors.

I would be interested in your take on this subject.

To your online business success,

Steve Browne

www.SteveBrowneDirect.com

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