If you are already in business it is hardly likely that you will agree with my title. Aren’t all businsesses different?
When you think in broader terms, yes, of course you’re right. I want you, however, to look , for the moment, only at the basics. All businesses are about turnover, profit margins and overheads. Basically that is all there is to it. All three must come together in perfect harmony for a business to succeed. No matter what the experts say, and no matter what anti spam filters are in place, running a business on the web is basically the same as running any other business.
In any business, turnover comes from the numbers who buy the goods or services. With a small retailer, the numbers that walk past the shop. An accountant, the numbers that find him in the yellow page, or whatever. So despite the difficulties of modern internet marketing, we have to drive sufficent numbers past our premises. If less e-mails get through, you have to send more e-mails. To send more e-mails, you need to find more prospects and that means doing more advertising.
Recently, I started a new campaign. I had no list; I started from scratch. Five days later my list numbered over 400. If I am lucky 4 will buy one of my products. That’s not fantastic, but a much better start than most internet marketers manage. The point is, that I am really driving potential customers past my shop window. How did I manage such good results in only five days? Take a look here and you will see.
Make them enter the shop
In business image is important. A retailer usually has an attractive shop front, a factory a business-like reception area. Your shop front is your web-page. A badly designed page is a turn-off and professionally designed pages cost an arm an a leg. It generates valuable business for me 24 hours a day, seven days a week. No matter what I’m doing, it is making money for me.
How did I mange to have this site created professionally and not pay a penny? Look here for your answer:
Suspects, Prospects and Customers. When they are walking past the shop they are suspects. When they enter they are prospects. What turns them into customers? That’s right, you’ve got it; superior products.
If normally you are an off-line trader and you want to expand through the web, you really need to keep a close eye on your profit margins. It is amazing how many business-people don’t know the difference between mark-up and profit-margin. Make sure you’re not one of them. It reminds me of a little story; not true but with a moral. A retired teacher was out walking and met one of his old students. This young man was about the most stupid student he had ever met, he wasn’t any good at anything. Couldn’t count to save his life.
The ex-teacher asked him how he was doing and he answered that he was now a multi-millionaire. But you could never even count at school, how did you manage that. Very easy said the young man. I buy this item for $1 and sell it for $10. I live on that 10%. Now, if you want to trade without worrying too much about profit margins, the answer is to sell electronic products; e-books, software etc. All you have to do is search the web and you will find them.
When you’re working from home your overheads are much reduced, but there is still plenty on which you can spend your money. Keep a close eye on your expenditure; monthly payments are particularly dangerous. Keep it all under control. Please excuse the cliche, but we are indeed now all global players and one area that can eat up your profits is international telephone expenditure.
So business is business the world over!