I love details products and service businesses. I wish I might have started my personal entrepreneurship journey by concentrating on these two forms of businesses. Why do so many first time internet marketers fail? One reason is which they try to go too big! They try to build the next Facebook or Groupon. These entrepreneurs create businesses so complex that they’ll barely explain that themselves. In this post I will argue that very first time entrepreneurs and serial business owners without success need to check out starting info items or service dependent businesses.
What is the essential goal of entrepreneurship? Well there are an array of reasons people commence businesses but with its core entrepreneurship is about MAKING MONEY. Therefore entrepreneurs need to look at the quickest way to cash (at least initially). Too many internet marketers (myself integrated) get stuck about the details. My website will be ugly, I don’t have enough Facebook fans etc. The problem with obsessing in regards to the details is that you simply burn months and months dedicated to the wrong things. You need to be obsessed about the client and how you are you going to SELL. How will you reach the client etc? Set a product sales performance goal On a monthly basis. For our site I said we must sell 100 video courses every month. That is our “20 Mile March”. Meaning we may just keep mincing every month hoping to get to 100 revenue. After a few months once you’ve learned and improved upon your sales procedures maybe 100 sales inside a month becomes easy. Then you can bump the quantity up to 125. The big take-away here is 1) Work out how in your initial month of business you are able to close 10 revenue 2) Don’t obsess within the small details just begin.
You may end up being asking but where do info products and services fit into this kind of philosophy? Info products and services could be sold on DAY TIME ONE. Create an e book one morning and start selling it that afternoon! Throw up the Facebook page to your eBook or service to act as your website to start. The goal of the first business should be 1) To produce money 2) To ensure success. I believe wholeheartedly your best chance to succeed is with an info product or even a B2B service business.
Creating an info product has never been easier. Writing an eBook or developing a video course with iMovie is a terrific way to get started in the info products company. The margins will also be awesome. You create a good eBook and market it for $19. That $19 is nearly pure profit. You create the particular eBook once as well as sell it permanently!
B2B service companies are also easy and quick to get started. Think of a service that can be done for other businesses. Run their Twitting, Facebook, or YouTube profiles. Write sales copy for his or her website or assist them land interns. Whatever the support, it requires nearly zero startup money. The key with both info products is that 1) they might need little money to start 2) you could start selling on evening one.
As the entrepreneur there’s nothing better than controlling both product creation and also the sales of the product. You are inside complete control of your destiny. It is up to you if the company will succeed or fail. Yes, yes this requires a ton of WORK at the start but as you discover ways to create and sell your product start to bring about help. Make sure to document YOUR ENTIRE PROCESSES. Before hiring anyone you need to know the process inside and out. Also you have to have a detailed operations manual to hand the new employee on day one. You should not train the brand new employee personally. The manual should train the brand new employee.
In conclusion, as a entrepreneur there is a responsibility to your family to generate cashflow first. Check your ego in the door. Yes I know you would like to be on Forbes but before that will happen you have to build a business to settle the debts. Info products and also B2B service businesses will allow you to break into the entrepreneurship world. Once you do well at building your cash flow business or lean startup then you can go for the house run. Until then stay centered on quick cash movement businesses.