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Small Business Success Secrets

I gave you pointers on starting a successful eBay business in a previous column also found in this page

Market Your Services Online

Are you a computer programmer? A writer or editor ? A graphics artist or website designer ? If so, you can market your services to customers around the world and it doesn’t cost you admire. You can offer your services to customers on websites .Basically you register with these sites and when someone posts a job that falls within your area of expertise you can bid on the work. For example, I needed a logo for one of my online businesses . I sifted through the profiles of everyone who bid on my job and picked a graphic artist who did the logo for less than $50. Granted, I did not pay top dollar for the logo (to get it done locally would have cost ten times the amount I paid), but the designer probably spent an hour or two knocking out the 5 designs I got back and the work came to him, he did not have to spend a dime on marketing his services. These are just a few ways to create multiple streams of income. There are hundreds of other ways to make money online. No matter which ones you pursue, just remember, the more streams of income you have, the bigger your money lake becomes.

How To Create Multiple Streams of Online Income

One of my favorite things about being an Internet Entrepreneur is that I can literally wake up in the morning with an idea for a new product and have it become a reality by the afternoon. Or I can find new ways to promote an existing product. Or I can join a new affiliate program or pursue a joint venture. Every time I repeat this process I create a new stream of income to add to my existing revenue base. I firmly believe that the key to business success is this: Don’t put all your eggs in one basket. What do eggs and multiple streams of income have to do with each other? If you spread your eggs across many baskets you can still make omelets even if one of those baskets goes away. Similarly, if you have multiple streams of income, the loss of one income stream will not devastate you the way losing your only stream would. If you rely on only one source of income and that single income source goes away (ever been downsized, laid off or fired?), you are left broke and desperate. This is why every success Internet Entrepreneur that I know has multiple streams of income. This is also why I encourage my readers, newsletter subscribers, and business clients to establish multiple streams of income, which is extremely easy to do online. Here are a few pointers to get you started.

Create Your Own Info Product

Regular readers of this column have heard me preach this sermon before. Creating your own info product is the best way to generate a new income stream because it is so easy to do, so easy to distribute, and offers maximum profit potential. I can wake up with a topic in mind, sit down at my computer and within hours have a short book or report that I can turn into a downloadable ebook and immediately offer for sale on my website. Anyone can create an info product themselves or farm out the actual writing to someone more adept. If you’ve got an idea it’s easy to find someone to do the writing for you. I’ve covered this topic before, but it’s worth visiting again because it is one of the best ways that I know to create a new stream of income.

Become An Affiliate Marketer

This is one of my favorite ways to create multiple streams of income because there are hundreds (if not thousands) of affiliate programs that you can sign on with and begin making money immediately. As an affiliate marketer you market a company’s product or service and when you send them a customer or make a sale you are paid a commission. You can sign on with as many affiliate programs as you like and each one has the potential of creating another stream of income for you. Many Internet Entrepreneurs have become millionaires without ever having a product of their own. They did it by promoting affiliate programs I talked about affiliate programs in a previous column and you should refer to that column for an in-depth discussion of affiliate programs.

Start An eBay Business

Selling on eBay continues to be one of the more popular ways to make money online, though very few people are getting rich with an eBay business alone. Many Power sellers don’t make enough profit to cover their costs.

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10 Tips to consider before starting up a new business

1) Why are you starting up a business?

Setting up and running a business is a time consuming task - you need to be dedicated and focused and able to structure your time in order to be successful. The rewards of starting up your own business can be great, but think carefully if you have the attributes and right sort of personality to cope with going it alone.

2) Company Structure

You will need to decide what business structure you will trade under (sole trader, limited company, LLP or partnership) and what obligations and responsibilities you will have as the owner of a new business. Read more about these business structures.

3) Skills

Identify your skills and particularly your weaknesses. Be honest and ask friends and colleagues for input. If you are less hot in certain areas, hire people with complimentary skills or seek professional advice when you need it.

4) Funding

Even if you have the best idea in the world, you are unlikely to make a killing instantly. Be conservative with your funding estimates and either save enough money to keep you going while the business goes through its initial stages, or present your bank manager with a well thought out business plan and request sufficient start up funds. You can read about all the available funding options in our business finance section.

5) Competition

Never underestimate it. Thoroughly research the competitors in your chosen industry. Identify any weaknesses they may have and try to ensure your product or service is a cut above theirs. Competition is a very healthy thing, but you need to do constant research and never be complacent.

6) Marketplace

Make sure that there is a market for your product or service. Just as Texaco wouldn't build a petrol station next door to two others, a startup business should ensure that the market for buyers or users is strong in the area he intends to set up in.

7) Business Plan

Never underestimate how helpful this stage can be. Even if you never consult the plan again, it is amazing how many thoughts and ideas can evolve if you put all your thoughts down on paper in a structured format. Not only will you require a well thought-out plan when seeking funding or new business partners, but a decent plan will help you focus on your goals and ensure you are less likely to stray from your real priorities. You can read our Business Plan Guides for ideas.

8) Staff

As your business expands, you may well need to hire people to manage certain aspects of your operation. You need to ensure they have the right skills for the job. Above all, you need to be able to "click" with the people you work with - this simply cannot be underestimated.

9) Seek Professional Advice

When running your business, a few words with a trusted adviser (accountant, lawyer, business adviser) can make the difference between success and failure. Before hiring a professional, you should visit several to compare and don't necessarily make the decision based purely on price.

10) Biggest causes of failure

The biggest causes of failure for start ups are - setting your sights too high, not researching your market thoroughly, hiring the wrong staff and not putting enough funds aside for contingency. Keep an eye on these potential pitfalls at all times!