Business Alone

I thought today I would follow up with a few more of Ben Franklin's ideas about money and work. (Please see the previous post)

I have included a number of his sayings or quotes. All have to do with money, finance, debt, saving, work, and similar topics that are especially appropriate to entrepreneurs.

The solo business owner will find great wisdom in Franklin's messages.

Even though Franklin lived over 200 years ago, his advice is still prudent in today's business world. We all would do well to follow his suggestions.

I am a firm believer that anything can be sold online.

Granted, some types or products and services are a better fit for Internet selling than others; however, I believe that every business needs to have an online presence online.

If you don't believe what I'm saying, think about this: What product or service couldn't be marketed online? What business couldn't include their name, address, phone number, fax number, web site URL, and product or service description online? What business type couldn't advertise what they do online and benefit from it?

Sure, there are some businesses (like car sellers) that can deliver their product as a download or mail order item. However, product or service delivery isn't a prerequisite for an online business. There are still lots of other aspects of every business that can be conducted online.

I would be surprised if there are any major car dealerships in your region that don't have a web site.

Let's spend a minute and see what kinds of businesses thrive online. If we can identify these, they may be a great starting point from which you might decide upon a business niche to enter solo business for yourself.

We all fear the unknown, don't we?

Maybe that's why we tend to shy away from digging into web site analytics.

Many web owners that have been online running a solo business for years have never really bothered to look into their site stats to analyze where their traffic is coming from and what those visitors are actually doing on their web site.

Maybe these owners feel like doing web analytics is akin to filling out your income tax return - it's something to fear ... to put off as long as possible. After all, it seems like a pretty boring and tedious thing to use numbers to analyze something.

The difference between the two, however, is that there are penalties and the law that will come after you if you don't file your taxes.

If you don't look at your analytics, there is no one that is going to force you to "comply" - to make your business stronger and more profitable.

List building is one of the greatest keys to establishing a viable and lucrative solo business online.

When you think about it, communicating with your prospects and customers is one of the best and most effective ways to build a relationship with them.

You need the trust and confidence of your customers. If you don't have it, they won't give you money for your products or services, and they will only allow you a short amount of time to prove to them that you are worth dealing with in your niche.

Building a list of prospects, and possibly a different list of buying customers, allows you to make contact with them repeatedly so that you can share your knowledge, products, and advice for their benefit.

A list is simply a data base of customer names and email addresses. It is possible to add additional customer information items (like address, phone number, age, etc) but typically that is only done for your best customers that give you such information as part of an order for your products.

This past week has been an especially difficult one for those of us who subscribe to many of the largest Internet Marketing mailing lists.

Some of you can relate, I'm sure.

It seems that every would-be guru trying to hawk his wares decided to flood the niche this particular week with junk product launches and phony money-making products that are designed for just one thing: sales to unsuspecting and eager consumers that have the misfortune of having their names on someone's email list.

I feel sorry for the masses that are trying to carve out a spot for business online.

Yea, yea, I know that most of us gave up our virginity (innocence) without being forced and we offered our email addresses in exchange for a delectable freebie in a moment of weakness.

Sure, no one is forcing anybody to make a purchase or even read a 30-page direct sales letter.

We subscribe to mailing lists to learn how the big boys build their relationships with prospects, right? We subscribe because we want to keep our finger on the pulse of the IM online world. We are all waiting for that easy, automatic, and fool-proof system that floods our bank account with non-stop Franklins.

Like many of my fellow Internet marketers, there was a time when I was very enamored with the thought of owning and operating a large PLR business.

It seemed like a great way to make money.

Other people did the work of creating products (mostly e-books) and all I had to do was gather them up, feature them on a large "catalog" type e-commerce site, and sell them to a hungry crowd of business owners looking for content.

Or so I thought ...

I purchased my share of digital resale rights products; and to this day, most sit on my hard drive collecting fairy dust because I never did get around to using them.

There are some notable exceptions, mind you, but that is a discussion for another day.

I love the PLR model of selling digital information. Think about how perfect it is . . .

Every solo business owner has a set of core principles or values that determine how his/her business is operated.

Some owners are very methodical and precise. Others tend to fly by the seat of their pants, so to speak.

No two businesses are run exactly the same.

But regardless of your methods and strategies, there are some very fundamental execution principles that all successful solo businesses seem to adopt.

Some business owners catch onto these ideas quickly. They learn them early on in their business career and adopt them as a daily method of operation.

Others gradually move toward these ideas through trial and error as they learn in their own business exactly what works and what doesn't.

Many times the experience of a newcomer to Internet selling is not what a business owner expects or wants.

Most often, new owners are surprised at the lack of sales they experience in the beginning of their web business career.

Selling online can be tough, especially for those that have no mentor or coach who can point out the usual pitfalls and obstacles to avoid.

Even then, markets change, demand for a product ebbs and flows, and niches get saturated with too many sellers.

More often than not, however, lack of sales early on is a symptom of one or two things that need to be fixed by the owner before he can expect success. Here is what those two challenges involve:

Often I am asked something like the following:

"Where do you look for answers if your web site and business are not successful?"

It seems that lots of business owners these days are moving to the Internet as a way to make a living. No doubt they've heard all the hype and raves about how much money there is waiting for those who want to extract it from the Internet.

Business is a complex thing and any one trouble spot could be to blame for an under-performing entity. And if many trouble spots are present, the task of identifying them all and fixing them becomes a major undertaking.

If your business isn't performing ... or if it is performing but not at the level you expect, here are the ten areas of your business that I would first analyze in order to remove potential trouble spots: