Uncover Your Passion For Ultimate Success - Part 2!
By admin | January 19, 2008
My belief is that when you do something you really enjoy doing and you find a way to help others while doing it, making money is just a natural end result.However, if you are not yet as confident of the above beliefs as I am, you can always check to see if there’s a demand for the subject you chose in part one before you go any further.Just go to www.yahoo.com and do a search for whatever it is you’ve decided to do. Let’s say that we decided to sell recipes and cookbooks. In which case, we would run a search for words such as: recipes, recipe book, cookbook, cooking, etc. If you don’t find any sites dealing with recipes and cooking and you’d rather not take a chance pursuing that, you can move on to the next choice on your list. If you do find many sites about them, you have established that people are in fact interested in recipes and cookbooks.The reason I picked Yahoo to search on is this: getting a good listing on Yahoo is not easy. It can also get very expensive. That means, if there are companies who have gone through the trouble of getting good listings on Yahoo, they have probably done so for very good reasons. In other words, there is money to be made with recipes and cookbooks.You can also run a search on www.amazon.com for recipe books and/or even step into your local Barnes & Noble bookstore to check out their front shelves.While we’re on the subject of ‘doing what you love,’ let me take this opportunity to share something else of importance.Most new marketers tend to start by selling marketing products. And while there is still money to be made in marketing products, it’s not like it used to be. These days, the competition in the marketing field is fierce and I don’t see it letting up anytime soon.You will have a much easier time succeeding with non-marketing products. In other words, “niche marketing” - doing what you love, what you enjoy, what you have a passion for.Let me also point out that I’ve made more money with special-interest ‘niche’ products than with all of my other marketing products combined! And I have quite a few marketing products out there. I hope that gives you some idea of the importance of pursuing a market that you have a love, passion or interest for, instead of going after something that seems to be making other people money.If you absolutely love marketing and showing others how to market, then by all means sell marketing products. Otherwise, stick with what you enjoy and love, and become the king (or queen) of that niche!
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How To Uncover Your Passion For Ultimate Success - Part 1!
By admin | January 19, 2008
Once you have prepared your body and mind for success, it’s time for the next step and to choose the right target to shoot for. The more clear you are on what you’re shooting for, the better your chances will be of hitting the mark.I would lock myself in my room and take the phone off the hook…or even better, find a place away from your normal environment, a quiet peaceful place, preferably around nature - in the woods or a nice park, etc.Once I’m there, I would take a few moments to relax and soak it all in. Get your mind to a calm, comfortable, relaxed state. Then, I would start by making a list of all the things I enjoy doing, all of my interests and hobbies, all of my passions. Since we’re starting from scratch, we might as well pick a subject/business that we would enjoy doing, right?I would spend at least a good few hours on really getting this information out of myself. Think of what your ideal jobs or careers are. What have you enjoyed doing in the past? What did you enjoy a lot as a kid? What are the things that really make you come alive? Add everything to the list. Don’t worry about how you’re going to make money doing those things yet. Just put together as thorough a list as you can.See…you want to do what you enjoy, what you love.Pick the kind of lifestyle you want first - then build the business around that!Only after your list is done, should you think of turning those hobbies/interests/passions into a business. Pick the top 5 choices out of your list and think of how you can help others by doing them. For example, if you really enjoy cooking and that was one of your top 5 choices, you can now start thinking of ways to turn that into a business.You could, for example, share your recipes with others, teach them to cook like you, or you could even cook for them. Personally, I love selling information. So, I would probably decide to sell an informational product, say a book of recipes, a ‘learn-to-cook’ type of manual, or something along those lines.My belief is that when you do something you really enjoy doing and you find a way to help others while doing it, making money is just a natural end result.(Feel free to use this article online and in your email newsletters as long as you leave it intact and do not alter it in anyway. The by-line and resource box must remain in the article all links must be active hyperlinks.)
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10 Dynamic Traits Of Over-Achievers
By admin | January 19, 2008
Are you a successful over-achiever? Considerable research has been done about the characteristics that typify the successful business owner. Most experts who have studied the subject tend to agree that the most important single factor is an overpowering need to achieve. In other words, a person’s attitude seems to be the main determinant of success in business, more so than education, intelligence, physical attributes, or having a pleasing personality. The key characteristics that have been found to be part of the makeup of all successful over-achievers are:1. Powerful need to achieve — which should not be confused with a mere need to exercise power or be liked or admired; the way in which different entrepreneurs “keep score” in assessing their level of achievement varies, and may range from accumulating great wealth to creating a better mouse trap;2. Perseverance — the characteristic trait of following through on commitments and not abandoning objectives when difficulties are encountered;3. Positive mental attitude — the self-confidence in one’s abilities that allows a person to remain optimistic in new, unfamiliar and unexpectedly difficult situations;4. Objectivity — an ability to accurately assess the risks associated with a particular course of action, including a realistic understanding of one’s own capabilities and limitations. This includes being willing and able to abandon an ill-advised project without having ones’ ego get in the way.5. Foresight — the ability to anticipate developments and be proactive, rather than constantly having to react to problems after they arise;6. Well-developed personal relations skills — being cheerful and cooperative and able to easily get along with people, but often without being close to employees and associates;7. Strong communication skills — the ability to communicate well in written form and in making effective oral presentations, either one-on-one or before groups;8. Resourcefulness — an ability to solve one-of-a-kind problems in unique or creative ways, including the ability to handle problems for which you might not have had previous training or experience to call upon;9. Technical knowledge — broad and well-rounded technical knowledge and understanding, especially with regard to the nuts-and-bolts physical processes of producing goods and services;10. A respectful attitude towards money — a tendency not to look upon it as an end in itself, but to view it as a means of making things happen and accomplishing business goals, or as a type of objective feedback from the outside world, which lets the entrepreneur know if is on the right track with the business.So, there you have it…10 successful business traits. If you see yourself in this list, then we will be seeing you at the top!
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How To Determine Your Customer’s Value
By admin | January 19, 2008
This literally can be the most profitable thing you’ll ever do for your business and that is to understand exploiting the actual value of your customer. It’s been called the Marginal Net Worth and the Lifetime Value.What is the current worth of one of your customers or prospects? It’s the total profit of an average customer over the lifetime that they do business with you. That includes all subsequent sales minus advertising/marketing and your fulfillment expenses.Let’s say the average customer brings you $75 per sale. They re-purchase 3 more times in a year. Their average order amount is $300. On each $300 reorder, you make $150 gross profit The average life lasts 2 years. Every new customer is worth $975.You reach the 975 by adding the $75 initial profit to the 3 other purchases each year of $300. Only $150 is profit, so $150 times 3 equals $450. If they do that for 2 straight years, that’s $900 plus the original $75.If this is our average customer and they’re worth $975 in profit and it only costs you $30 through your advertising/marketing expenses to get them, every time you spend $30 you receive $975 back.You would be foolish not to increase your advertising/marketing and promotional budget to produce as many of these $30 cost customers so you would spend $30 over and over and over again to get $975 backTheoretically, you could spend $975 to get that customer because you know they will come back and spend $975 and you will break-even. Of course, we don’t want to do this. Remember, this is an average customer. Some will buy more and some will buy less This is an average number.Now you “know you can spend up to $975. You could just as easily be spending 100% of your $75 profit just to get that first sale because that’s just the first sale’s profit, and you’ll still end up with $975 over the next 2 years.If you offered to give that $75 service for free and it doubles your customers, it “would double your profits over the next 2 years.One in 100 business owners think about this You want to spend everything you can justify to bring in a customer as long as that customer costs you less than they earn you. If you can’t afford to spend more than the entire profit from the first sale, remember you’ll be making money just in a few months from them. Start out spending what your cash flow can justify. After a quarter or several months after their re-order profits come in, then you can step up your ad budget.
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The Strangest Investment Strategy Ever Created
By admin | January 19, 2008
“Asset rebalancing” may be the strangest investment strategy ever created and unfortunately, this a strategy we are seeing more frequently in 401k plans, 403b annuities, as well as in section 457 deferred compensation plans that we advise on for our clients. Don’t use it!”Asset rebalancing” means setting your portfolio parameters?say you plan to have 15% each of your portfolio in certain areas?healthcare, 15% in technology, 15% in consumer goods, 15% in financial stocks like banks and insurance companies. Or you could have 20% in large cap stocks, 20% in small cap stocks, 20% international?you get the picture.Now, according to the asset re-balancing program, every quarter, you re-examine these parameters. If, for example, the technology portion of your allocation has grown significantly and now represents say 22% of your portfolio, instead of the original 15%, the computerized program would sell enough to get that portion back in line, and also move money into the other sectors which have not kept up, to balance everything again.The concept is to get investors to take gains off the table (a good idea, in theory) and also re-allocate it to the sectors that are not working. “The pitch” with asset rebalancing is that you would essentially be selling a group when things get high and putting money in other sectors when they are low.It is totally acceptable to take “some” money off the table when things work really well. My clients know our game plan for taking money off the table before we even begin. But putting money into areas of the market that are not working? Hmm. A few questions pop into my mind:1. Why are you investing in an area of the market that is not working to begin with?2. Why would you put more money into it?There is an easier way to keep your assets in the right areas of the markets, without re-balancing your assets every quarter. And it has been at our disposal for over 50 years, but very few people use it. In the 1940’s, Earnest Staby (an early point and figure chart pioneer) came to the conclusion that when the markets were frothy, it seemed that every chart he examined looked great. And when the markets were low, all the charts looked abysmal. Staby wanted some indicator that would tell him when the risk in the market was high and also when the risk was low. What Staby came up with was the concept of the “bullish percent indicator.” The bullish percent indicator is merely the PERCENTAGE of stocks in a group that are on point & figure buy signals.When the bullish percent for a group of stocks is high, that means most of the stocks in that group are already on buy signals. There are only a few stocks left in the group that could generate new buy signals?only a few names left that could continue propelling that group higher.Another way of explaining a very high bullish percent reading for a group of stocks is that all the money that is going into that group of stocks?is probably already in it.And when you see the percentage of stocks on buy signals in that group falling, the risk is that supply (not demand) is in control. Then the risk becomes greater for a loss of principal.Using the bullish percent indicator can tell us when a group of stocks moves in favor and when a group falls out of favor. In the year 2000, the bullish percent charts were telling us to avoid large cap stocks and also to move into small cap stocks. These indicators can also tell us what sectors of the market remain low risk and other sectors that are now becoming higher risk. That should be pretty useful information!Using the bullish percent indicator will tell us what sectors to STAY in and what to get OUT of?instead of letting a computer automatically “rebalance” our assets every quarter! This way we permit ourselves to stay in a sector that continues to run higher.Here is a good example: throughout this year 2005, as oil has tracked higher & higher, a computerized asset rebalancing program would have been taking progressively more & more OFF the table, instead of sticking with a winning sector!
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Hello world!
By admin | January 19, 2008
Welcome to Actualblog.net. This is your first post. Edit or delete it, then start blogging!
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