Prosper Newsletter: March 2007 > Entrepreneurship
You understand that the following information is educational in nature and is not intended to be legal, accounting, or tax advice. You are responsible for your own financial decisions and should consult your own legal, accounting, and tax advisors before making your financial decisions.
Real Teaching
Several months ago I decided I needed help in getting a stream of income from my Internet Marketing activity. When Prosper Learning called and asked if I was interested in becoming a student of theirs I agreed and signed up for the program. We finally agreed on what kind of a web site I preferred and we started to work with the help of my coach. The basically sells advertising to Alaska Fishing Lodges. Our coach was very knowledgeable and helpful on the technical set up of the site. This site was kind of a challenge as it had so many aspects to it. Once the advertising part was set up we began thinking about further monetizing the site with products. I was then introduced to marketing coach and we all decided that rather than signing up for affiliate sites we would set up our product page selling products from Drop Shippers.
Tech Support was extremely helpful with all aspects of getting the site set up and working properly. It was especially challenging getting the merchant pictures set to the product pages. Next it was decided I needed articles on the site to make it stronger for the visitor and SEO and with my limited time available it was suggested I go to www.getafreelancer.com/ and hire someone to write the articles. I was shown how to go about this entire process and we received 25 articles at a reasonable price and installed them on the site.
The site is almost finished and we all are looking forward to start contacting the Alaska Fishing Lodge owners and have them sign up with us to promote their facilities. One of the things I really liked about Prosper Learning is that they actually teach you how to do all the necessary functions rather that doing them for you and you trying to remember what they did. I have two homes one near Branson Missouri for the winter and one is on our ranch in northern Minnesota and from the MN location I only had dial up connections and Prosper learning were really great about working around that as about one half of the work on the site was done while I was on the MN ranch and busy with ranch work I was even able to maintain my call schedule.
- Don R.
In the course of business it is normal to work long hours and put more than your fair share of effort into your enterprise. Such is the life of an entrepreneur. Sometimes we have a tendency to forget who may be on the proverbial "other end of the line." Whether it is a phone call or email or contact form request you must be careful about your phone and email etiquette. Treat every customer interaction as gold. That's what it really is. It is a warm contact who has taken additional time and effort to inquire about your product or service. Don't let technology separation lull you into bad habits of short abrupt communication, which may be perceived as rudeness. Every position interaction prospects and customers have with your business tethers them tightly to you. Don't let a lack of sleep or lapse in proper communication etiquette be the reason you let the big fish get away!
Success!!!
There are ten steps to open up and create a business:
First, decide what it is that you would like to do. To do this you need to create a life plan. To create a life plan, ask yourself some questions. What is your current position? What funds do you have available? What are your expenses and debts? What are the things that make you happy and unhappy? Consider your skills, capabilities, experiences, accomplishments, successes, and strengths. Construct a snapshot of what your perfect life would be. Also consider your work style and the levels of risk you are willing to take.
Create a manifesto. This will be your vision statement, your motto, your principles, and your values all summed up into one page. Place a copy where you can frequently see it, and carry a copy around with you to consult often. Write down an actual plan. Don't be afraid to revise and amend your plan and goals as your situations evolve and change. Keep your goals in alignment with your values.
Second, choose a business model. You can choose from options such as a home-based business, an office or storefront location, an e-commerce business where you sell through a website, franchising, licensing and inventing, and multi-level marketing.
Third, create a business plan. To do this, write out an Executive Summary. This will include a few paragraphs explaining your business, the idea behind it, the strategy, etc. You will also need a Business Description. This includes the details, the missions, the goals, and the values of your company. Also construct a Market Analysis. This will explain the needs and wants of the customers in the market, and will also explain the competition, marketing, and distribution. Have a time line to achieve your marketing goals. You also need to consider the kind of people that you want to have working with you. You also need to construct an exit strategy as well, which explains exactly how you can get out of the business if you choose to do so.
Fourth, select a business structure. Decide whether you are going to be a sole proprietor, a business partner, a corporation, or a limited liability corporation. The type of business you want to start will play a big part in deciding your business structure.
Fifth, create key business assets. These are the things that set you apart from all other businesses. For example, your web address, the domain name, trademarks, logos, copyrights, patents, slogans, etc.
Sixth, you need to find the funding to create your business. Decide what type of funding is right for your business. Your options include providing the funding yourself, debt financing, grants, angel investors, or venture capitalists.
Seventh, organize logistics. These are the basics that will keep your business afloat. Consider accountants, lawyers, bankers, and insurance agents. Make sure your professionals match what business you are in.
Eighth, find great people to help drive your business forward. Keep them happy. Also, find a mentor that can help to lead and guide you towards your goals.
Ninth, establish a brand. A brand is the culmination of who you are, why you are different from the competition, and why the buyer should do business with you. Establish this early on so that you can get recognized and people can identify who you are.
Tenth, have a plan to market and sell. Choose from grassroots marketing, public relations, affiliate marketing, online marketing, and traditional advertising.
