Prosper Newsletter: Sept 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.

Becoming An Authority - Part III of III

In continuation from the July and August newsletters, here are four additional tips to becoming an authority in your industry:

Conducting a public relations campaign involves writing two different press releases, one for a local market and one for a national market. There are a variety of magazines and publications that you can submit a press release to for editorial consideration. There are also Internet sources where you can submit your press release for mass distribution. PRWeb.com is a popular tool used for publishing press releases which helps build links to your own website.

A website will help you build credibility. A website will also provide an opportunity to recruit more visitors, establish connections, collect emails and turn visitors into regular buyers.

Another key is to establish yourself as an expert to recruit a critical mass of people buying your product. Guru status is when you don't have to go out and get more business because you already have a steady clientele. You simply go back to your previous customers and sell them another product or service. The key is to exceed people's expectations the first time they purchase from you so that they will be willing to come back for more.

With that it is important to maintain your guru status. It could be described as a professorship that never reaches tenure. For example, Donald Trump is the name that most people think of when they think of commercial real estate. Although he built the Taj Mahal in Atlantic City, Trump Tower, and redeveloped lower Manhattan, people most often associate Donald Trump with his television show. It is the ultimate speaking event for him. Once you reach guru status, keep doing what you do best to maintain your status.

Additionally, try promoting yourself using joint ventures. For example, suppose that there is a free teleclass available. Approach the directors and see if they would be willing to let you teach a teleclass and use it for public relations purposes, then offer to let them have percentage of your revenue.

Make a list with two columns. Use one column for products and one column for services. Then think about all the companies that are selling these products and services to your clientele. These are the companies that you can form joint ventures with and collaborate. For example, software for Internet businesses. To do business on the Internet, you would need a host, so you could contact several hosting companies to form an alliance. Say your product costs $50.00. You could tell the other company that if you form a venture together, you could knock $10.00 off the product, and then split the $40.00 between the two of you. You could potentially make $3,000 for sending your product out to a list of 10,000 email addresses.

To do this, you would need to construct two emails. The first one would be a proposal for a percentage or a revenue share split. The second email they would send out to the people on their lists. In this way, your customers receive an email from someone that they trust recommending your product to them.

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Tip of the Month

Making a "What NOT To Do" List

Often in life, and in business, you can become consumed by all the tasks you need to accomplish that you approach goal-setting with reluctance and even dread. Yet, entrepreneurs should remember that occasionally it is just as important to concentrate on your "What Not To Do List" as it is to focus on your "To Do List". Weeding out all of the things that you don't need to be focusing on or reallocating resources may help you be more productive and, in turn, achieve more long-term success. Prioritizing and keeping a handle on resource management may put you miles ahead of the game. And it is important for entrepreneurs to stay ahead of the game!

For more info