Has anyone every told you it’s not possible to earn significant income after just six months in a new business?
There are a lot of reasons why they are right. Start up costs, employee salaries, the time it takes to put billing and fulfillment systems into place. Those are all good, valid reasons why earning a multiple five-figure income per month in your first six months in business doesn’t seem possible. But if you combine the Internet with a Deep Product Line, it could be that the only thing keeping you or me or anyone from reaching financial goals is outdated thinking.
Let’s take a look at some of the reasons why traditional new business entrepreneurs do not earn large incomes in their first six months in business.
Start up costs – the amount of money you need to invest in order to get your building, your inventory, your systems and your employees in place and paid for.
This may have been (and may still be) a major concern in the bricks and mortar world. But with the advent of the Internet and several very solid direct sales companies, you can truly be the sole owner of a one-person home business today. And while legitimate, reputable companies will have investment costs, you can find some outstanding opportunities for less than $5000 – without worrying about lease payments, employee salaries or inventory costs.
Support Systems – The systems and processes needed to keep the business running. They include billing customers, collecting payments, packaging products and shipping them. It also includes help lines and training for you.
This used to be a major investment in terms of time and money. But, again, if you choose a home business opportunity with a solid company, billing, fulfillment and support are usually included. The best companies know that when you are free to focus on revenue generation, you are more successful. And when you make money they make money.
Choose your home business opportunity wisely. Check out the company’s customer support systems, and whether they provide training and mentorship (again, the best of the best will include this in your business). And you will avoid those 80 hour workweeks and the headaches of “traditional” business start ups.
Getting new customers – The time and money you will spend to attract and win new customers.
Any successful business entrepreneur (and most of the unsuccessful ones, as well) will tell you that the most expensive and time-consuming part of doing business is earning new customers. If you have a Web site, it includes marketing your site so potential clients can see what you have to offer. And it includes setting up advertising and sales campaigns within your site to highlight your offering. It also includes answering individual e-mails and phone calls from people who are interested in your product.
The best way to overcome new customer costs is to do business with existing customers. That may sound funny. But consider it this way. If you have amazing, outstanding products (and I hope that you do), your customers will CRAVE more.
And when that happens, you no longer have to work so hard or spend so much money to win their business. In fact, they are very likely to be asking you where they can get more.
There are two kinds of business models – Flat or Deep
A lot of entrepreneurs use a flat business model and see only marginal success. The reason is because the flat model is based on a single product. So when the entrepreneur sells that product, they think to themselves, “Great. I made a sale. Now back to advertising and marketing and answering questions, so I can make my next sale.”
With a deep model, you will have a selection of products on the “back end” that continue to EXCEED the client’s expectations. The key, though, is that your first product MUST absolutely and completely amaze and astonish your client, so much so that she says “Wow! That was fantastic! Where can I get more?”
And because you have a selection of back end products to offer, you need do nothing more than take her order (your central business operation does the rest)!
That in a nutshell is how you reach financial freedom for yourself as a home business entrepreneur today. Choose a business opportunity with a company that has a complete support system for both you and your customer AND a selection of outstanding back end products.
To receive a FREE Special Report and free ongoing training on how to succeed as a home business entrepreneur, visit http://www.yourhomebusinessguru.com/.
Zenaida Lorenzo is one of the top home business entrepreneurs in the country. If you would like to contact her about this article, visit http://www.yourhomebusinessguru.com/.
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