The Mesaros Team

Posts Tagged ‘Easy’

What we do to earn a living is a very big part of our lives and therefore it is equally important that we should enjoy what we do and look forward to every morning as we get out of bed. If you are one of those persons who have to force themselves to go to work then you should consider becoming your own boss. I know starting a business can be a very expensive and time consuming affair but there are many small business ideas, which are relatively easy and inexpensive to set up.

We are after all living in the twenty first century and the internet has brought many things within very easy reach of the average individual and there are many small business ideas that can be set up over the internet. Many of these small business ideas require very little capitol and time to set up and then it’s up to the individual to work and make the business as big as they want it to be. You don’t have to be a computer nerd or an internet guru to make these businesses a success because many of these small business ideas can also be set up with very little technical knowledge of computers.

Let me give you a few examples of small business ideas that can be easily set up over the internet. You could start your own web business selling custom jewelry, you could become acquainted with the stock market and trade from home, you could offer a resume writing service, you could repair laptops, you could become a web publisher and build websites to earn revenue, and you could even open a dessert catering business out of your home. There’s no end in sight when it comes to small business ideas that you can set up on the internet.

One of the easiest small business ideas to set up on the internet is affiliate marketing. With this business idea you don’t even have to create your own product because you are simply helping to sell other peoples products and getting paid commission to do so. Google Ad sense is another small business idea that is very easy to set up and the best thing about this business is that, once it is up and running then there’s very little you need to do to maintain it. If there is a small business idea that is as simple and effective as this, then I would like to hear about it as quickly as possible.

It is almost impossible to list here all the small business ideas that you can set up on the internet. All you need is the desire to leave the rat race and do something different. You just need to sit down and brainstorm and you will come up with many small business ideas that you can set on the internet. You need to do your research and decide what you will enjoy doing the most, this is the key to making any business a success because the more you enjoy it the more you will work at it and then may be you could also become one of those people whose life has been changed by the internet. 

 

Once you get an inkling of a business idea in your head, it is very tempting to jump right into investing your time and money.

But, to help you avoid putting your time and money behind the wrong idea, I’ve developed a simple 5-step process for evaluating the financial potential of your business idea.

I use a real-world example to illustrate how to complete the process – my friend Jim, an expert in corporate strategic planning who actually used my process before deciding which way to take his new consulting business.

The Challenge: How to make a living from knowledge of strategic planning.

Step One – Define the need to be satisfied or problem to be solved.

From his experience as a member of several corporate strategic planning committees, Jim had learned that many companies end up dissatisfied with the outcome of their planning because they improperly define the key issues, select the wrong committee members, and don’t show discipline in implementing their results.

Step Two – Determine the different revenue-producing opportunities that arise from solving the identified need/problem.

Jim used his experience, personal interests and some research to identify three possible initial revenue-producing opportunities:

#1 – Write a strategic planning workbook.

#2 – Create and market a one-day strategic planning workshop.

#3 – Sell strategic planning consultation.

Step Three: Part One – Determine the resources* required to bring each opportunity to life.

#1 – Writing Workbook

Needs:

Writing Skills

Money to Print Books – est. $10,000

Distribution channels

#2 – Presenting Workshop

Needs:

Knowledge of live, interactive training methods

Promotional literature and plan

Starting capital – est. $5,000 – $15,000

* Common resources include: money, industry contacts, technical knowledge, a mentor, time, and space.

  

#3 – Sell Planning Consultation

Needs:

Knowledge of several target markets (industries)

A proposal-generating and follow-up system

Direct selling skills

Step Three: Part Two – Evaluate Needed Resources vs. Available Resources.

1. Jim is a novice writer, and may have to hire a “ghost writer” which would cost up to $5,000 additional.

2. Start-up costs for a live workshop series can be substantial. A joint-marketing partner would be very attractive.

3. Jim has never started and run the complete planning process. He would need some practice running the whole planning process.

Step Four – Determine the Expected Financial Return for Each Opportunity

#1 – Writing Workbook

This type of book could sell for $49.00 retail, with 45% minimum discount for wholesale cost. This leaves $26.95+ of revenue per book. A 200-page book would cost about $5 – $7 each to print, which leaves $21.95 – $19.95 each per book in profit.

#2 – Presenting Workshops

Workshop can be sold for $495 per person for one-day, less a materials cost of $15, leaving $480 revenue per person.  Costs: advertising – $2,000 per location; room and a/v rental – $1,000 per location; travel and administrative support – $2,000 per location for a total of $5,000. 11 participants would cover all costs.

 

#3 – Selling Consulting

Experienced strategic planning consultants can charge $200 per hour, or about $1,500 per day of consulting. New consultants usally can bill out only 40% of their time (known as “billable time” in consulting). Presenting a “Fortune 500″ appearance will require monthly expenses of around $2,500 – for rented space, promotional expenses and travel.

Step Five – Compare the Resources Required and the Expected Return of Each Opportunity.

You can use a 1-3-5 scale for initial evaluation (1= low level of resources or return;   3 = medium level of resources or return; 5 = high level of resources or return).

When one revenue opportunity is selected, you must determine through experience and research actual dollars of cost, sales and profit.

Opportunity #1 – Write Workbook

Resources: 1 (3) 5 Return: (1) 3 5

Opportunity #2 – Present Workshops

Resources: 1 3 (5) Return: 1 (3) 5

 

Opportunity #3 – Sell Consulting

Resources: 1 (3) 5 Return: 1 3 (5)

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