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Secrets For Serious Wealth Creators

By Charles Kangethe Copyright © 2003

Living the life of your dreams is about to become reality.

The principles are presented as a set of strategies. Clearly, everyone will not use all strategies. However, the more of these strategies you can bring into your life, the more successful you will be in achieving your goals.

Strategy - 1 Choose The Right Business

Choosing the right business to be in is the single most important wealth creating decision you are ever going to make.

Burn this simple statement into your brain and from now on let it be the guiding principle whenever you are faced with evaluating a new "business opportunity."

Your business choice has to match your skill set, it has to fall within the limits of your capital resources and it must above all else compliment your character and personality.

When you have this optimum set of circumstances then your business will be a pleasure and not toil. This is a clear recipe for enjoyment and success.

Characteristics Of "The Right Business"

 

  • The business must service a large market - Niche markets can also be very profitable but require specialist products and customer service. Unless you have access to such specialist products and can deliver the specialist customer care it is best to steer clear of highly targeted markets until you are more confident in your business abilities.
  • The business must adapt and change with the market. However, beware faddish businesses can be very difficult to operate because of the rapid rate at which market perceptions change. Nevertheless "The Right Business" must be able to predict, lead and dance to the market tune.
  • Capital outlay must be minimal in order to maximize margins, cash flow and profits.

What Business Fits These Characteristics ?

A home based, direct response marketing business, dealing in Information has all these characteristics and offers unparalleled flexibility for the serious Wealth Creator.

If you take this a stage further and link this business to a presence on the Internet then the opportunities to make serious money increase almost exponentially.

What is Direct Response Marketing ?

Direct response marketing entails the targeting of a specific market by use of direct mail shots.

These can be sent in paper copy by snail mail as in the offline world of marketing lists or by e-mail as happens in the online Internet world.

Now lets get specific and see how direct response fulfills the characteristics of "The Right Business."

-> Large Market

Direct Response is a multi billion dollar industry and growing. For a statistical analysis see http://www.sherpastore.com/store/page.cfm/1988.

The US leads the world as a market place, principally due to the geographical spread of the country, the acceptance of direct response marketing as a valid means of buying and selling products.

The UK is a very sophisticated direct marketers environment, where many US trends manifest themselves as a result of the close cultural, economic and political ties between the two countries.

Why Should You Start An Information Direct Marketing Business ?

 

  • People like Information. They seek it everywhere. On the TV, on radio at the cinema, in newspapers, in books and reports and since the mid 1990's increasingly on the Internet.
  • The need for Information seems insatiable - the more a person knows about a particular subject, the more they want to know. It is also true that the less someone knows about something which is of some interest to them the more they will seek out information to expand their knowledge.
  • Advances in technology in the computing and electronics worlds means it is now unbelievably easy and cost effective to engage in the Information provision business.
  • People will pay money for access to good, useful sources of information. They have little time to do the required research themselves and will pay someone else to distil the information they require into usable forms.
  • There are numerous Information product types and it is more than likely you will find one or more of the following financially rewarding.E-zines (Internet name for Newsletters), audio tapes, video tapes, CD, DVD, Live tele-conferences, workshops and Seminars.

-> Adaptable Business

A direct marketing business working with Information affords you the opportunity to change with your market as quickly as it takes to produce a new Information product.

This can literally range from a few hours for news, short shelf life information products to a few days or weeks for longer lasting Information items.

In some cases the changes you need to make to your products to stay ahead of changing market trends may be as simple as title changes and a few amended paragraphs in the content.

-> Low Capital Outlay

Many of your good ideas go by the wayside for one simple reason. It costs too much to successfully float the idea, and then to sustain it through the early years as it becomes established.

An Online direct response information product business can be started for less than $300 per annum in the USA or £200 per annum in the UK.

At the very minimum, you will require an Autoresponder service to serialise your Information product. An autoresponder is an e-mail service that sends out your information to your e-mail list at pre-defined intervals.

For those with a little bit more cash a secure e-book publishing tool will help safeguard your hard work against cyber theft. After you have compiled your material, the last thing you want is for it to be "stolen." Secure tools exist to help protect you against cyber fraud and theft.

Finally, you will require some means for accepting payment for your Information Product.

One of the truly remarkable things about this business is that all these requirements can be achieved for the low capital outlay described above.

It's all very well to be able to start your new business on a shoestring, but adverse cash flow causes more startup businesses to fail than failure to make a profit.

When it comes to money there is one golden rule - Your business must generate more cash, than you pay out !! Long term survival is more dependent on this "law" than it is on making profits.

How then do you ensure that the business you started up on a shoestring doesn't become a bottomless pit, swallowing up more money than it generates ?

Information marketing via direct response offers you the perfect Business setup to ensure a positive cashflow.

This is the one business in which you can test your product for profitability using a subset of the large market you have identified. If it proves successful you then roll it out to the rest of the market.

If, however, the initial small scale, inexpensive test indicates that the product is wrong, or the market is not ready then you ditch the product and move onto something else.

The key message here is Test your product before you commit money to the project.

I can hear you asking - And how exactly do I do that ?

The simplest way to conduct a test is to

 

  • Identify a large, hungry, market
  • Using a sample from that market ask what information products they would like or
  • Generate your own idea for an Information product and then write to a sample of the market and solicit their views as to it's usefulness and value.

About the Author:

Charles Kangethe has published various articles and e-zines showing YOU exactly how you can turn your dreams into reality. This article is the introduction to a series of over 50 wealth creating strategies.visit www.simplyeasier.com for more information.

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