The Mesaros Team

Posts Tagged ‘Idea’

Did you know that Famous Amos got rich simply by giving away free samples of his famous chocolate chip cookies? Here’s 10 reasons why giving things away for free can greatly increase your business profits or send your new home-based business idea into orbit.

1.) Free is the best form of advertising. People are naturally attracted to the word “free”. If you cannot give away samples another form of free is the “puppy dog” approach. Like a sports car, let a “qualified” prospect take it home for a day, like a new puppy and let them fall in love with it.

2.) Seeing is believing. Sometimes you cannot explain in words to people how great something is. You just have to show it to them to get their attention. Show people how great your home-based business idea is by giving them a sample.

3.) Giving away freebies lowers people’s defenses. It’s easier to give something away than it is to try to sell something. People don’t like to be sold. It triggers their natural radar defense mechanism.

4.) People love to give their opinion. Do you have a great home-based business idea for a product? Ask people to try it so you can get their opinion on it.

5.) With the right product, you can make up small samples that are dirt cheap. This means advertising can cost you next to nothing.

6.) The best form of advertising is word-of-mouth. If people love your freebies they will tell all their family, friends and associates about them – especially today with text messaging, Face Book and all the social online stuff going on.

7.) The best lead you can get is a referral lead. Giving away freebies can let others do the selling for you. And by highly recommending you, your product or your service prospects will be pre-sold on you and your home-based business idea or company.

8.) By giving away free stuff you’re building friendships. You’re not just building business relationships. You have the chance to build lasting friendships with people. This is a more relaxed way to work your home-based business idea.

9.) Giving away free stuff allows you to have more fun with your business. And when it’s fun you are more likely to succeed. Giving things away is less stressful to you and the prospect than trying to sell them something.

10.) Free done right, can be the most powerful form of advertising. Always try to include the word “Free” in all your advertising. It’s still the most powerful attention-getting word. Free can create a lot of “buzz”.

11.) Most importantly, giving things away for free creates a great way to follow up or get back with prospects. Statistics prove that with any home based business idea, 48% of sales people never follow up with a prospect and that 80% of sales are made on the fifth to twelfth contact.

Now you know how to get all the free advertising and free leads you can possibly handle to launch your home based business ideas successfully. Free advertising and free referrals are the most powerful ways to grow your business and these two things can be done easily through giving away free samples of your precious products. Now all you need to do is look forward to making money hand over fist!

Having made a decision to start a home based business, you will now have to identify your Best Home Based Business Idea. There are numerous home based businesses that you can think of, but will all these ideas work for you? Will you be able to make money? Most people who wish to venture out do not have sufficient funds to commence operations successfully. Hence money will be an important consideration.

In such a situation or otherwise, the smart way to pick the best home based business idea will be to consider all the assets you possess such as your house, vehicle, computer, the time you can spare and of course the Needs of the community you live in.

Time:

If you want to make money with your business ideas then time is an important factor. How much time can you spare for your business? Having time available whether in the week-ends, full day or even evenings, is a great asset.

Selling your time to people who simply cannot find the time to do things for themselves is one smart way of picking your best home based business idea. Such people are prepared to pay for you for helping them out in such tasks as Child Minding, Baby Sitting, Secretarial Work, Car Cleaning and Valeting or Walking their Dog.

Home:

Having a home is the biggest asset to get your best home based business idea going. There are many possibilities such as converting one of your rooms into a Home Office, your kitchen for Catering purposes and your garage for turning out some products. You could also consider taking in a lodger offering bed and breakfast.

The advantage of running a business from home is that you save on rent which is substantial and also get part of your running expenses set off against taxes.

Vehicle:

If you own a car or a van it can be considered as another great asset like a house.There are quite a few business ideas that can be started using a vehicle such as Home Delivery Service, Courier Service and Cleaning Service. Identify the best home based business idea that will be right for you and implement it. Trade-in your car for a van and get started if you need to do so.

Computer Fax and Telephone:

A good knowledge of the Computer and the Internet is very use full and helpful in implementing several home based business ideas such as Internet Marketing, Affiliate Marketing,Secretarial work, Copy Writing and Desk Top Publishing. A Fax machine and a Telephone are great assets for your business.

Hobbies:

To many people, business ideas have originated from their hobbies and they have successfully converted their hobbies into money making ideas. Your hobbies clearly indicate that you have a keen interest and motivation. If there is a need for some of your skills such as Photography, Craft Work, Dress Making and Playing the Piano, in your community, you can without any hesitation convert your hobby into your best home based business idea.

Tools and Equipment:

The very tools you use in your home such as DIY Tools, garden and cleaning equipment can be successfully made use of to start your best home based business. With a van and with a few more additions to your equipment if necessary, several home based businesses can be started such as House Cleaning, Window Cleaning, Lawn Mowing and as Handyman.

Conclusion:

The smart way to identify the Best Home Based Business Idea is to make a serious study of the assets you possess and find out which of these you are good at and love doing. Assess the Needs of the local community and match them up. That’s it and you are done.

A basic idea can go on to be a lucrative money earner for the work at home business but it is where to find such ideas that is often the problem. The internet is huge and you may think that there is no further room for another work at home internet business. Don’t worry, there is plenty of room for a new idea to blossom.

The question of how to find work at home internet business ideas is the first you should ask yourself. Listed below are some helpful pointers and help for you to find a work at home internet business idea that will suit you.

1. Research for an idea – Look around you and see if you can spot an opportunity for a work at home internet business. Is there a problem that people have, yet the solution is not available? Is there a major want that is unsatisfied? The best reference base for ideas is of course the internet.

2. How to deliver the idea – How are you going to make your idea available to potential customers? You can sell through online auctions such as eBay, you can sell tangible goods on the internet, or you may sell a service to customers. You could also serve as a business to business product or service provider, otherwise known as B2B, and this might be another route you would like to take for your work at home internet business.

3. Sourcing the idea – you have an idea for your work at home internet business but where do you find products? You need to take a look at a couple of different websites to help you decide what might work for your work at home internet business. The first website is Clickbank. This website is effectively a market place with many different products that you can buy or choose to promote on a website. It is easy to locate which products are selling well and this may create ideas for you to improve the products potential even more.

Hot Tip – Internet marketing experts have made very good money by taking an existing product and putting a twist on it, this can allow you to be very successful with your work at home internet business.

4. Promote other peoples products/services – If you find that a product or service would be a very good idea for your work at home internet business, you can then promote that product as an affiliate. You will have to attract traffic to your website plus send leads to your particular affiliate page, but everything else related to the sale of the product is handled by the creator of the product.You will be paid a commission for each sale of the porduct.

Hot Tip – Another place to visit to get ideas for your work at home internet business is homebiz-direct.com. This website can prove to be very helpful to your work at home internet business because it lists different opportunities available in both products and services that you can sell.If you are rather new to internet business, then this might be a good site for you to visit to see the variety of products available.

Just remember, don’t try and re-invent the wheel.Your work at home internet business idea doesn’t necessarily have to be revolutionary. The options could be how to market an existing product more more effectively or how you can actually improve an existing product. Look at what other internet businesses have done and see if you can do it more effectively. Remember that you do not necessarily have to create the product but if you can locate a hungry unsatisfied market, you will have the opportunity to make a great deal of money for your work at home business.

The prospect of working from home encompasses a wide spectrum of ideas. In reality, if you know what you are doing and do the necessary research, you could turn just about anything into a business. The key to success is to find the business idea that works for you.

If you are the kind of person who gets cabin fever easily and who needs to interact with others, you may think that no home business idea will suit your personality. That’s not true. There are a host of ideas that incorporate using your home as a base but that allow you to interact with people at the same time. You could start a party planning business. You can field calls and do your party planning from home, but still meet with clients and visit venues and vendors. You get the best of both worlds!

For those who are a little more introverted or whose lifestyle dictates they work solely from home, there are a host of work from home business ideas to try. If you have a particular skill (financial planning, for example), then you can translate that skill to an at-home business. If your home is set up such that you could have a separate area for your clients, then that is ideal. If not, however, then you may run the risk of appearing unprofessional if your clients are subjected to tripping over your two-year-old’s toys while trying to plan for their retirement!

There are several things to keep in mind when deciding what kind of work from home business idea will translate into professional success for you. Ask yourself the following:

* What are my interests? If you aren’t interested in what you’re doing, then you won’t be successful. This is particularly true when there is no one looking over your shoulder to make sure you do the work. If you hate animals, then don’t be a dog walker. If you are passionate about paper and ribbons, then consider a gift-wrapping business.

* What are my marketable skills? For your home business to be successful, you need to consider your skills. There is no point in starting a business if you don’t have the skills necessary to make it work. Don’t start a catering business if you can’t boil water! You can have the greatest idea in the world, but if you don’t have the know-how to actually bring the idea to life then it’s not the right opportunity for you. Move on to something else.

* What are my lifestyle needs? Do you need to be able to work only when your children are at school? If so, then party planning won’t work since it will require a lot of evenings and weekends. Do you want to keep a day job while trying to make your home business work? You’ll need something that allows you to work after hours, so anything that involves calling other businesses is probably not the best idea. Perhaps something like creating gift baskets might be better because you can assemble them one evening and deliver them the next or on weekends. Maybe you want to do something entirely online. That’s a 24-hour-a-day idea!

When devising the perfect work from home business idea, you need to keep the above questions in mind. There is no point in brainstorming ideas that don’t fit your abilities, schedule, lifestyle or interests. Any business that grows out of those ideas will likely have a short lifespan. You want your business to have staying power, so make sure your business idea is one that fits who you are and how you live.

The Internet has brought various opportunities for making money online at home. It is now increasingly common for people to want to start a home based business and earn more money to supplement their main job’s income; or to have a better work-life balance by working from home and spending more time with family.

The internet is full of home based business ideas. Some of these ideas are proven, legitimate and profitable ways to make money. However, the Internet has also been inundated by many frauds and scams that promise people instance riches overnight. It is very important for anyone wanting to start a home based business to do their research on the opportunity before they join.

It is noteworthy that an online business is no different from any other business. You have to make the investment, in terms of time, money, effort and commitment. With any home based business idea, for it to succeed, you should be prepared to learn a lot, work hard and you must have lots of patience.

So with all these home based business ideas available online, how can you decide which one is good for you? What constitutes the best home business idea or opportunity?

1. The best home based business idea is one for which you feel the most comfortable with and are passionate about. The business idea must match your interests, so that you will enjoy working on it consistently. What are your interests? What products or services would you enjoy marketing, and be confident representing? By answering these questions, you will be able to identify what is the best home business idea for you. If you are passionate about your online business and the products or services you represent, then you will easily work hard at it, and you will easily succeed.

2. The best home based business idea must be a business that gives you a repeating income and does not rely solely on your own efforts. This is called residual income, and it means that for the effort you make today, you will continue getting paid for many years to come. Home based businesses with residual income give you any opportunity to earn money through sub-affiliates. Instead of making your online wealth from 100% of your own efforts, you can make it from 1% of 100 sub-affiliates. This means that as you continue growing your business, you will be building on the amount of money you will be earning in the future from your business.

3. The best home business idea is one which gives you multiple streams of income. Some business opportunities have multiple stream of income which allows you to earn money from various streams. An example of a good online business can be a combination of several affiliate programs which are in one ‘business opportunity package’, so that by simply promoting your business, you are growing various income streams.

4. The best home based business idea is one that gives you a secure and lasting way to earn a living online such as selling a product which you can develop or upgrade over time; or simply a business opportunity is established and stable. An online business is similar to any other business – long term security is important. It is therefore advisable that you focus on home based business ideas that have long term success potential.

5. The business must suit your skills and experience. If you start a business for which you do not have the necessary skills, then you must be prepared to work hard and learn a lot quickly; otherwise you will fail. As an example, for most people starting out to make money online, affiliate programs tend to be the easiest way to start with. They have minimal investment requirements and some very good ones come with a step-by-step guide to help you start making money with the affiliate programs. As your skills and experience develops, then you can start on other more advanced ways of making money online.

6. The best home business is one for which you can have a well executed marketing plan to grow that business opportunity. How you market any business can make or break that business, so the marketing plan you have for your business – whatever it is – and how effective that marketing plan is, will determine how good your online business will be for you. How you decide to promote what you choose to do online will make the difference. Key factors will be your marketing skills as well as your budget.

7. The best home business is one for which you will commit to work on consistently to grow it. The key to making an online business succeed is to work the opportunity every day without fail, and to stick to it. A lot of people come across good online business opportunities, but most of them quit before finding financial freedom, and they jump onto the next online business opportunity. This is mainly because the internet is full of ‘business opportunities’ some of which are scams, and also, some wealth seekers think that there are some easy and quick ways to make money online. Pick a proven online business that suits your interests and experience, focus on it long enough, do not get distracted, and you’ll make money.

While you do your search for the best home based idea, assess each opportunity using the 7 factors outline above, and you will be able to identify the best opportunity for you. A home based business idea that offer you many benefits and good potential for you to earn money is what you need to look for, and then invest your total commitment and effort to make it successful.

In reading this article, in a short few minutes, you will discover what makes a profitable home business idea. Ideas are a dime a dozen, but finding which is profitable can be difficult. Luckily there are a few fundamentals, which you will soon discover. These 3 keys are a good measure of knowing what ideas are profitable home business ideas.

Sometimes we all have had occasion where we come up with ideas. These ideas seem great in the moment. As a whole, everyone has ideas, and so few take action on them. Without action, these ideas soon become distant dreams. Often we will find that these ideas have been turned to reality by others, and now they reap the big results. So, how do we turn the tables, so you can get more of these results?

The first step in discovering if an idea really is a profitable home business idea is by looking at demand first. Now this applies to home business opportunities with some other person’s idea, as well as your own profitable home business idea.

The looking at demand is essential. Without demand a product, an idea or anything else is not a profitable home business idea. This means the first step is a bit of research. Some people can become stuck here, because they fear telling others of there profitable home business idea, just in case others try to take it. But, with this view, you will never get your idea created into a product, service or business, and ultimately you will never know if it is a profitable home business idea.

The demand research can take time. First it requires finding information about the industry, then looking at peoples needs. What are people having a problem with? And can your idea fulfill that need with a solution? This is by far the best way to discover if an idea is a profitable home business idea.

Next is looking at the supply factor. Making a Star Trek – ‘beam me up Scotty’ teleportation device is all good and likely to be popular, but is there supply there? Is the technology there? Though the supply issue is not as dramatic as this, it is important to consider. Not being able to source products which you will inevitably need in making your profitable home business idea profitable is not the best way to go.

Another consideration is cost. I have a friend who is a wood machinist, and creates some great wood work – tables, etc. However, because of his lack of sources at sourcing the wood, he is unable to make it a profitable venture. The key is where there is a will, there is a way. So keep searching.

The next step is the marketing. All too often a business fails because it forgets about the marketing aspect. How it applies in producing a profitable home business idea to reality, and into a real business is having a way to access that demand. Several years ago I was in a adult entertainment business, selling adult entertainment products. The lack of a way to access that demand caused a failed business.

You can find success by simply finding where that demand is, and giving it to them. In the beginning, you can do great market research when you discover the way to access that demand. It is easy to place an advert and see the demand. In your response you could say we are testing the demand, and will contact you when the xyz widget is ready.

To drive your Home Based Business Idea to success, you need to know the secrets, tips, and tricks of the Home Based Business, and once you learn them, you need to handle your Home Based Business Idea in a way that can be duplicable, in order to have a downline that does the same that you do (if you belong to a MLM Network).

Most of people haven’t got a clear Home Based Business Idea and know nothing or almost nothing about MLM Networks, they just like the idea of having a second income stream, and many dream with saying good bye to their boss and become their own boss, and that’s why they would like to give their Home Based Business Idea a try.

HOME BASED BUSINESS BUILDING STEPS

First you have to decide if you want to have Your Own Home Based Business or join one of the Best Home Base Business Affiliate Programs on The Net, and most of all you need a Good Sponsor

Then you have to create The Best Easy Home Business Site you can create

Choose The Right Price for your products or services

Learn How to Manage Your Home Based Business Idea

Write the best Headlines for your promotion campaign

Learn how to use Words That Sell

Write The Best Ads, ads that sell!

Put Free Classifieds

Once your Home Based Business Idea is built and working, start joining new members to your downline, and Follow Up your prospects until they become clients

Finally Build and Train Your MLM Downline and affiliates and teach them to repeat what you have done!

As you can see is all as easy as to read all our web pages, and once you have your own down line, tell them to do the same.

IMPORTANT TOPICS TO REMEMBER

YOUR HOME BASED BUSINESS IDEA MUST BE WORTHWHILE AND MUST BE YOU!

Your idea of a home business will be a good Home Based Business Idea when you choose something people will pay for, but your work at home must be something you love to do, if you choose it just because it’s a good business, unless you’re a very cold blooded person, it won’t be easy.

If you enjoy your job, not only will be a good Home Based Business Idea, it will be a hobby!

So “What People Will Pay For?”… That’s easy to answer, they will pay for what they need!

And how can you know what’s people’s best Home Based Business Idea?… You can’t know what everybody needs, (unless you plan to teach how to earn money), but you know what YOU need!

So just focus on your needs and offer to others what you would like to find as an easy Home Based Business Idea.

This won’t be good for everybody but will be good for people like you. And you’ll be working with an easy Home Based Business Idea built with the things you like and believe.

So your Home Based Business Idea should be something you love to do (AND you know how to do), think in your hobbies and interests and you’ll be in the right truck.

And if you don’t feel so sure in anything that you love, you only need a little help to discover how to have an easy Home Based Business Idea with YOUR knowledge!

YOUR HOME BASED BUSINESS IDEA SHOULD GIVE YOU AS MUCH AS YOU DESERVE!

So you worked a lot to offer the best Home Based Business Idea there is? Then don’t sell yourself short!

You deserve to charge the right price!

Of course no one automatically knows what to charge; but as a general idea:

You must put the price that makes it the best and easy Home Based Business Idea for you, and…

You must put the price that makes it the best Home Based Business Idea for your customer

You will always try to charge as much as you can, and your customer will always try to pay as less as he cans, so you both must meet the best Home Based Business in the middle.

But how can you find the middle, how can you find the best price that will be the best Home Based Business Idea for you and your customer?

I can help you with some ideas:

Your price must both be appropriate and competitive.

Can someone currently obtain this product or service elsewhere? If you are the only one and your product or service is really the best Home Based Business Idea of it’s kind, there’s a wide range of prices that might be right for you.

How much do your competitors charge?

Which price is enough high to give the idea that your offer is the best Home Based Business Idea?

Which price is so high that you will end up without a sale?

Which price is low enough to make your offer a bargain?

Which price is so low that customers might get worried for an inferior quality?

So you must choose a price that gives a good perceived value, but you mustn’t sell yourself short.

What are the pricing formula components?

Direct Costs

Overhead

Profit

Your Price is the result of adding the three of them.

Direct Costs are the costs you incur in doing your job: your time, telephone calls, postage, gas, printing, and your salary. You must assign a salary to yourself (time is money). In your salary remember to add enough to cover the hours of un billable time you spend marketing and administering.

Overhead are the general costs of doing business, like: office supplies, software, equipment, utilities, administrative costs, advertising and marketing expenses. If you are not sure you can multiply your hourly wage by two or three to cover overhead.

Profit is the amount that goes over and above Direct Costs and Overhead. Many experts say that once you have calculated all your direct and indirect cost you can add 15 to 20 percent or more.

Of course after this guide you are still guessing, so if you really want to go professional for your easy Home Based Business Idea you must Choose a Price That Sells

YOU MUST GIVE A PROFESSIONAL HOME BASED BUSINESS IMAGE!

Image building is not so much a matter of big budget but an attention to details attitude.

Create your own custom designed logo (avoid choosing one from a standard catalog)

Use your logo in a consistent way, use it on your business cards, e-mail, faxes, invoices, stationery and any other visual communications elements.

Use top quality paper for letterhead and your easy Home Based Business Idea cards.

Pay attention to the places where you meet with clients. If they come to your home, avoid having them walk through personal or family areas. If you can, meet them at restaurants or hotel lobbies.

Use professionally written ads. What’s the use of spending time and money with ads if they don’t attract customers? They must attract traffic to your web site.!

Use a professionally created Home Based Business web site design. What’s the purpose of attracting lots of visitors if once on your web site they go away. Your web content must induce visitors to believe that yours is the best and easyest Home Based * Business Idea they can find, and become customers!

Use a professionally created name for your Home Based Business and your web site. Does your Home Based Business name and your web site name give a clear idea of what you’re offering?

When I use the word professional, you mustn’t understand that for earning money with your Home Based Business Idea, you need to hire professional services, what I mean is that you must learn how to Sell Like a Professional, and if you agree with this idea read this: http://www.easy-home-business.com/improve/internet-home-business-opportunity.php

Written by Dr. Roberto A. Bonomi

So, you’re looking for a great home business idea for woman, are you?

Whether you’re a mom with little ones at home or have teens who are about to leave home soon; whether you are a single parent frustrated with the current job market or a stay at home mom who’s looking for the means to contribute to your family’s income, building a web based business through a theme based content site could be exactly what you’ve been searching for.

If you already have a service business, a product to sell or you’re thinking of starting from scratch, creating an information rich web site can provide you with the flexibility to set your own pace and schedule while building a stable and fulfilling source of income for you and your family.

So, how does one choose a great home business idea for woman?

No matter what your particular family situation might be, the flexibility to spend as much time as needed with your family probably ranks fairly high on your list of priorities. Also, making sure that the time you do spend away from loved ones is worth while may also prove to be of singular importance to you.

It is typically concerns such as these along with a general lack of control over work hours that make most work opportunities outside the home less than appealing for many moms. The choice for many women often boils down to a decision between having a well paying professional career and being there for family. Perhaps a tougher decision for some women to make than others, either way there seems to be a great deal of sacrifice involved.

What if you weren’t forced to choose between the two? What if you could have both a family and a successful business without feeling spread too thin for comfort?

Out of the thousands of business start ups we see each year, home based businesses tend to have one of the highest success rates just one year later. Also, of those successful home based businesses, online business models are among the least costly to start as well as providing some of the greatest opportunities for growth and profit.

Are you frustrated writing simple articles and making money from your internet home business idea? If yes, you have come to the right place.

The purpose of this article is to show you killer tactics that I personally use to write my articles and make money out of them on continuous basis.

If you apply the tactics laid down in this article you will surely see sales and traffic rolling into your website all day long.

The very first thing you need to do is figure out a group of people who are interested in your product.

Then figure out the kind of information the group is interested in. Once you know this write down the topics that will get your targeted market interested.

Once you have these list of topics you can start writing articles quickly and easily covering all the topics that interest your target market.

Then the next thing you need to do is research content that you will include in your articles.

There are various ways to do this. You can visit search engines like google and type in your niche keyword. You will find various websites that will cover up your article topic.

Read few web pages in the search results and get ideas about the topic. You can even visit article directories and read few articles out there on the topic.

The most important thing is to remember that you do not copy anyone’s content. Make sure you take ideas and then write an article in your own words.

You can write your article easily in point format. Here’s how you can structure your article. Write down…

1. Article headline.

2. Article introduction.

3. Article content in point format with one sub-headline for every point.

4. Article conclusion.

5. Article resource box.

You can create a quality article using the above steps very easily.

Make sure you include your niche keyword in the article title as well as in the body copy of your article. This will rank your article on searching engines for your keyword.

It is extremely important to write a quality article in your niche. On the other side it is also extremely important to write down a killer call to action in your resource box.

Never try to sell anything in your resource box. Make sure that you give a free gift to your article readers in your resource box.

This will help you to attract traffic to your website. Focus on building your list and then you can sell your product through your follow-up system.

Here is how to funnel your website visitor. The very first thing you need to do is give them something for free in your resource box.

When they subscribe to your list to get this free gift focus on selling a low-cost product.

Once they purchase this low-cost product then focus on selling a higher-priced back-end product.

Continue creating new products and offers and send them to your list on continuous basis. This will help you to create consistent lifetime profits.

The purpose of this article is to show you how to write simple articles and make killer income online from your internet home business idea.

Whatever you do make sure you learn and apply these tactics to write quality articles and see your profits explode from your internet home business idea.

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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