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Work From Home
The advent of the Internet, and affiliate programs makes home-based business ventures more trendy than ever. This article seeks to identify strategy and information essential for any Internet, affiliate program or other home-based business venture.
Home based business ownership is a dream come true for millions of entrepreneurs, and a nightmare for more than twice as many . Half of all businesses fail during the first year of operation, this is a daunting statistic for anyone contemplating trading in, the relative security of their job, for the joys of self employment.
There are no guarantees in life, and the only sure bet, is death, taxes and “Murphy's Law”. To succeed, entrepreneurs need an abundance of cash, prudent planning, well honed organizational skills, and a steady diet of self discipline.
First things first, prospective entrepreneurs need a feasibility study, that identifies the likelyhood of their venture failing or succeeding. Venture feasibility begins with answering the following questions:
Are there businesses like your prospective venture, that are successful?
What are the differences between your prospective venture, and the venture you are comparing?
Are the location demographics simular?
Are your prospective client demographics simular to the successful venture?
Where will you find your clients?
What kind of revenue is generated from the successful venture?
Can you generate the same revenue and how?
What are the operating expenses of the venture you are comparing?
What are your projected operating expenses?
What happens if you have a unique service that cannot be compaired to another succeeding venture? If you cannot identify a succeeding venture like your venture, you must be able to identify and target a market for your product or service.
Telemarketing is an acceptable method of helping prospective entrepreneurs target a market for their product or service. Before you quit your job, find out how many people are likely to do business with you.
If this is starting to sound like you need a business plan before you go into business, you do.
Just as no building is constructed without extensive plans, in writing, no successful business can be established without a business plan.
Here is an outline for a business plan that is very simular to the outline used by the Small Business Administration:
Business Plan Outline
There are four basic sections to a business plan:
- Describe your prospective business
- How will you market your business
- How will you finance your venture and how much financing is needed
- What are the qualification of your management team
An executive summary along with supporting documentation, and revenue projection, should be included in your agenda. These key elements are covered in the following outline:Business Plan Basics:
- Cover Sheet – your name, name of your business and contact info
- Statement of business purpose – what kind of business are you proposing
- Table of Contents – what information is included in your business plan and on what page is the information located.
I. The Business Venture
A. Detailed description of your proposed business
B. Identify your complete marketing plan
C. Identify your competition – current and emerging
D. How will you operating your business, what are the daily procedures
E. What type of personnel will you need to hire
F. Identify exactly how much and what kind of business insurance your prospective company will need, including cost
II. Essential Financial Information
A. Copies of loan applications
B. Office supply and capital equipment list
C. Balance sheet
D. Breakeven analysis
E. Pro-forma income projections (profit & loss statements)
F. Three-year summary
G. Detail by month, first year
H. Detail by quarters, second and third years
I. Assumptions upon which projections were based
J. Pro-forma cash flow
III. Supporting Documents
A. Tax returns of principals for last three years Personal financial
statement (all banks have these forms)
B. For franchised businesses, a copy of franchise contract and all
supporting documents provided by the franchiser or affiliate program
C. Copy of proposed lease or purchase agreement for building space
D. Copy of licenses and other legal documents
E. Copy of resumes of all principals
F. Copies of letters of intent from suppliers, etc.
How much will it cost, to start your own business or join an affiliate program? Depends on the outcome of your business plan.Success does not happen by chance. Success is business is earned by planning, discipline and hard work. Success in an Internet business means Internet entrepreneurs must conduct extensive research on Internet, key words rules, and words that attract visitors that are looking for your product, service or an affiliate program. Pay per click campaigns are widely based on key words and the amount of traffic they generate.
Successful Internet, entrepreneurs consider every detail about their market and the prospective buyer demographics. Researching, targeting and identifying new markets is mandatory for the success, and growth of any venture.
Extensive research of new, targeted markets and sub markets with high demand for your products or service is required.
Of course, intensive research is the first important strategy you must do for your own home-based, Internet marketing business. Well organized entrepreneurs, will understand everything they must know for their markets, particularly the needs and wants of their targeted markets.
The Internet identifies many resources designed to assist you in the discovery of new niche markets and keywords. Search utilities generate an enormous list of keywords. Keyword list are designed to assist you in the analysis and evaluation of the markets, your competitors and keywords.
The success of your home-based Internet marketing business is contingent on discovering niche keywords and few competitors. The right keywords can generate significant, high quality traffic:
Enhance your search engine ranking
Assist you in developing content for articles, rich in keywords
Assist you in the creation of profitable pay-per-click campaigns
Support a profit generating blog online.
Develop an effective sales letter
A well written, easy to understand and motivating Internet sales letter is an essential element of your Internet marketing plan. An effective sales letter on your website will generate a high conversion rate and helps to establish your online mailing list.
Your dynamic sales letter posted on your website, should be the first content element of your web site. Your sales letter should identify your products, services and client testimonials. All relevant information should be identified in your letter, including what you are asking for, the sale of course.
If you want the visitor to purchase your products or subscribe to your mailing list, spell it out in your letter, in a concise easy to read format.
Your sales letter should focus on how to convert website visitors to buyers or other affiliates. The primary function of your website is to generate enough revenue that results in profitable and sustained viability. Visitors to your website must be converted into sales. An affiliate program or Internet business must focus on conversion. Traffic alone to your site is just half the job, an effective sales letter, follow up, delivery and easy to follow instruction, assist in building the sales.
Your sales letter should also be design to capture your visitors’ information. Information on your website visitors is how you will follow up on their visit or their initial interest in our website. Without a plan or strategy to capture your visitors information, you are loosing money and the potential viability of your venture is at risk
A path to your success:
Design a compelling sales letter for your website
Implement a complete plan that facilitate a high conversion rate
Capture your visitors information for future follow up
If It’s not broken, don’t fix it:
If effective strategies already exist, that is designed to drive traffic to your site, capitalized on it.
Implement the strategies of winners and experts
Consulting with successful Internet entrepreneurs will keep you from making costly errors
The more you learn, the more you earn
Successful entrepreneurs are always willing to help serious professionals
Failure to automate your Internet business, will result in a loss of revenue:
Without automation, you will not have the time necessary to conduct vital research
Automation gives you time to research unexplored markets and new ideas
80% of your time should be spent operating your business and 20%, developing new business.
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Create Your Own Affiliate Program
Some affiliate programs will always be better then others. Determine what makes an affiliate program viable and why others fall short. Incorporate the best benefits and features into your program, and never stop growing.
Begin with a well developed marketing plan
Provide expert training and links to resources for your affiliates
Offer an above average commission to affiliates
Build quality relationships with your affiliates
Be consistent
Remain focused and follow your business plan
Continue to produce sales, don’t depend solely on your affiliates to generate your profits
Enhance your skills and knowledge base, never stop learning
Support the affiliates in your program
What determines a good or bad affiliate program:
A program that is easy to understand is a good place to start
Functional marketing and promotions contribute to a healthy program
How soon will you realize a profit from your sales
How soon will the program pay off
If blogging is involved, make sure you can generate the content or have a reliable resource for content
Insist on quality products in any affiliate program
Word of mouth is the best form of advertisement
Focus on building quality relationships with your buyers and affiliate merchants
Don’t join an affiliate program if you can’t verify that existing affiliates are generating a profit
Determine what the return will be on your investment
Select an affiliate program that offers products or services that cater to your target market
Utilize free resources and tools that analyze and identify the number of searches that are performed each month, on our product or service.
Are you looking to find a job that will pay you the kind of income that will allow you to quit your job or bring in extra cash?
The magic number of people that should be searching your site is 10,000
There are an impressive number of companies looking for off-site workers, full and part-time. A dominate software developer, with 35,000 employees, operates an impressive virtual workforce. There are many benefits for companies like technology ventures to hire off-site employees. The cost associated with off-site workers is lower and productivity is higher.
Another technology company has launched a program designed to get more on-site workers to work from home or other off-site locations. The number of companies joining the virtual-workplace is significant.
Approximately 14% of U.S. workers are working from home at least twice a week. By 2009, it is projected that 17% of U.S. workers will be working from home.
Benefits and Disadvantages
Fewer cars on congested roadways is a decided benefit from working off-site along with employee retention and increased productivity. The cost of office space and real estate cost helps to increase the companies profitibility.
A major equipment maker reports 42% of it’s 330,000 workers, perform their duties on the road, from home or the clients location.
An industry leader, estimates a savings of $100 million in real estate cost alone, due to off-site production.
The entire Internet company’s workforce, of customer service representatives, work from home. The employee retention rate at this company is 85% compared to 10% to 20% for call centers who’s staff work on-site. Virtual employees are approximately 16% more productive than on site workers.
There are disadvantages of virtual workers:
Not everyone wants to be free from reporting to the office. There is a fair amount of apprehension, from those seeking to climb the corporate ladder. Some workers thrive on a busy environment.
For various reasons, some managers are unconfrontable with data and employees scattered.
Communication breakdowns are not uncommon in virtual operations, impeding innovation, trust and training.The problems incured with a virtual workforce, have prompted companies like technology giants and others to implement creative solutions that include:
- Instant messaging
- Callaboration Software
In order to become a successful entrepreneur, you must have superior organizational skills. You must also separate your home life and family, from your home-based business operation.
If you have children, don’t expect to be product and profitable while babysitting, cooking or cleaning.
Prudent Business Management
Prepare as much as possible the night, week or even month before. Develop a realistic business plan and stick with it. There are experts at the Small Business Administration that will help you build a business plan at no cost to you.
Develop an exit plan before you hit bottom, even if it means seeking employment while you retool your business and plan.
Entrepreneurs don’t work when they want to, successful entrepreneurs, work first and play later. Be realistic in planning your workday and always build in enough time for the unexpected.
Join a network marketing group or two or three. Remember word of mouth is the best form of advertisement and nothing succeeds like the appearance of success. Always dress for success. Keep your work area, home and even your car clean at all times, you never know who’s looking.
Save every receipt with a note attached and don’t depend on your accountant or income tax consultant to keep you informed on changes in income tax law, knowledge is power and time is money.
The key to viable self-employment with an affiliate program or another type of home-based business venture is a well-written and properly executed business plan. Don’t try to go into business with a good plan that makes sense.
Save enough money to support yourself or your family for 12 months before you quit your job, to work for yourself full time.
You may even want to keep your full time job until your business venture demonstrates PROFITABILITY!
The unexpected is ever present, your business plan should provide for as many contingencies as possible.
Developing a business plan for your affiliate program is highly recommended.
First check out and verify as many details about an affiliate program as possible. One of the best ways to check out, an affiliate program, is to type in the name of the program on the search engine. What you are looking for are comments from affiliates or customers, associated with that particular affiliate program. The chances are, if the affiliate program is a good one, there will not be any derogatory comments.
The absence of derogatory comments does not mean the affiliate program will be profitable. When considering an affiliate program, ask for references from affiliate members who have been successful working the program. If the affiliate doesn’t have references you can speak to or E-Mail directly, how can they prove viability?
Read carefully, every word in the agreement, if there is anything you don’t understand, ask for clarification.
There are numerous affiliate programs that provide marginal income for affiliate members. Affiliate program owners often retain 90% of the revenue generated by your marketing and advertising campaign.
Even if affiliate program participants follow the merchant’s plan and utilize the tools recommended to promote the program, they may still fail badly.
Website traffic has little to do with the success or failure of the affiliate program you join. There are very few true success stories, realized from affiliate program participation, based on website traffic alone. A good way to determine, affiliate program viability, is to analyze the keywords. A well, advertised program is a good sign of financial health.
Consistency is another good method of measuring affiliate program success. Has the program you are considering joining been around a long time?
There are many fly by night programs that promise you will be the next millionaire, only to fizzle, leaving you and others with nothing but promises.
Also look for a hierarchy that is transparent, with an E-Mail address and a customer service phone number.
The program owner must be easily reachable. Help desk without personnel to help you is also an indication, that there is no help for you, your customers or other affiliates.
What you should look for:
The ability to set up a system that allows you to bypass the merchant’s capture pages, using software that redirects, where you can capture website visitor details, is another positive factor.
You should be able to utilize software that redirects mask or hides your affiliate URL from prospects.
Products can be more affordable when purchased from your affiliate program. By masking you URL visitors get the impression that they are sent to the homepage, not an affiliate.
When a website visitor believes they have landed on a home page, not an affiliate page, the odds of a sale are increased.
Remember word of mouth is the best form of advertisement and nothing succeeds like the appearance of success. Always dress for success. Keep your work area, home and even your car clean at all times, you never know who’s looking.
Save every receipt with a note attached and don’t depend on your accountant or income tax consultant to keep you informed on changes in income tax law, knowledge is power and time is money.
The key to viable self-employment with an affiliate program or another type of home-based business venture is a well-written and properly executed business plan. Don’t try to go into business without a good plan that makes sense.
Save enough money to support yourself or your family for 12 months before you quit your job, to work for yourself full time.
You may even want to keep your full time job until your business venture demonstrates PROFITABILITY!
The unexpected is ever present, your business plan should provide for as many contingencies as possible.
One of the best ways to check out, an affiliate program, is to type in the name of the program on the search engine. What you are looking for are comments from affiliates or customers, associated with that particular affiliate program. The chances are if the affiliate program is a good one, there will not be any derogatory comments.
The absence of derogatory comments does not mean the affiliate program will be profitable. When considering an affiliate program, ask for references from affiliate members who have been successful working the program. If the affiliate doesn’t have references you can speak to or E-Mail directly, how can they prove viability?
Read carefully, every word in the agreement, if there is anything you don’t understand asks for clarification.
There are numerous affiliate programs that provide marginal income for affiliate members. Affiliate program owners often retain 90% of the revenue generated by your marketing and advertising campaign.
Prepare for Business Success
Affiliate programs can be extremely viable as a way to create wealth through business ownership. Successful entrepreneurs should prepare as much as possible the night, week or even month before. Develop a realistic business plan and stick with it. There are experts at the Small Business Administration that will help you build a business plan at no cost to you.
Develop a viable exit plan before you hit bottom, even if it means seeking employment while you retool your business and plan. Many business owners can work online as a contractor in web design, sales or ghostwriting.
Entrepreneurs don’t work when they want to, successful entrepreneurs, work first and play later. Be realistic in planning your workday and always build in enough time for the unexpected.
Join a network marketing group or two or three. Follow-up on the prospects from the network marketing meetings you attend. Plan to have frequent events once a month or even one event per quarter. Invite people you don’t know and encourage people you invite to bring someone new to the group.
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