Why small business owners should close the doors, find a job let some one else screw with recession headaches.
What are we going to do now? We have owned our own businesses for years, done pretty well and this recession has really tightened things up. The feds are going to screw things up for us, increase our operating costs, taxes and may end up regulating our small businesses too. Now what?
As a small business owner for the last 25 years, I find myself asking myself these questions: Could I work for someone else … no not really, I am almost unemployable. Could I sell my business .. maybe, but not for the value it was worth 3 years ago. The economy has always come back before so can I hang on long enough to turn the corner? How deep in debt do I go? Who will extend more credit in times like this?
Personally, I have cut my overhead back by 20% by reducing personnel. The economy will come back and my business may be just small enough to slip under the radar of the feds massive mandates. Tax increases will be another story. So how do we play the next 12 – 20 months? I must tell you though, today I am doing better than ever before. I just changed my strategy.
You and I have many things in common. We are both looking for new or better ways to improve our revenues. Two years ago I had a feeling, some gnawing sense to start looking for additional revenue streams, multiple sources of income, something passive. I still have my business, but should the new income source, be tied to the day to day or should I create a new business?
I studied. I read. I searched the web. All looking for business owners like me. What, where, who and when? Come up with a plan. What I found to be the most common link between wealthy entrepreneurs was Real Estate. So I spent 16 months buying rental properties which will pay a modest passive income as long as you can keep paying tenants in the property. This goes for residential or commercial property. As we all know now, the residential market crashed and commercial properties are next. Businesses are closing, stores have little revenue, and the upcoming holiday sales are going to be extremely lean. That will put the commercial property owners in the same situation as homeowners.
My research also lead me to learn to market my product differently. At 52, I don’t really know how to use the internet yet! I told myself “I can learn” and so can you, so lets go. Don’t close your doors yet!
The biggest wealth generator is Info-Marketing. Information marketing on the web. Creating lists of buyers wanting to buy your product. Selling products electronically to buyers all over the country and around the world. We can focus on a smaller product line and deeper penetration into our niche market. The niche markets are so much easier to create when we now have online buyers wanting to buy our product. Our product can simply be an ebook on the “How To Run a Successful Small Business” or a monthly newsletter, business coaching or marketing someone else’s information. The subject doesn’t really matter because there is a market for just about anything.
What does matter is the system to deliver the information or product. There are many systems on the internet that will deliver your product to buyers with credit cards in hand. I have found several concepts that do just this.
1 – Blogging. Write about things that you are an expert on in a blog. Create a following (a list) of people that want to know more of what you know. Then monetizing that list with your “product”.
2 – Author. Write an ebook on any subject that you know something about and marketing that book on the web to your list that will buy the book online from you. The book could actually be just about any product you can imagine. An ebook just doesn’t have the over head expenses of manufacturing.
3 – Affiliate Marketing. Becoming an affiliate marketer of someone else’s products. You make a commission every time someone buys the product through your referral id for as long as your ad is on the internet.
4 – Article marketing. Write article and have them posted to many different article directories and e-zines and the like. This is one of my favorites and is easy to learn. Use links back to your blog or website.
5 – Network marketing. Creating a network of people selling or referring your products or a funded proposal while earning a commission. This gives an entrepreneur the greatest leverage of all as you build a network of people distributing product while all profit along the way. This is the biggest residual income producer of all.
All five of these opportunities are good, all by themselves, for creating a list of people to work with. Consider this, combine 2 or 3 or maybe 4 of these marketing ideas together. I have mentors and friends that are making 5 and 6 figure monthly incomes by combining these together. I had to open my mind to new techniques, to get my mind around ideas that will provide more income in a month than I ever made in a year. No it wasn’t the traditional brick and mortar businesses that I was used to with salesman on the street, but simply an idea on the internet turned into a profitable revenue source month after month. Growing month over month.
Don’t close your doors yet. Step out of your comfort zone, have faith in your God and know that you are not just reading these comments by accident. You clicked on this page by design. You can count on my resource links taking you to new heights and they will provide you with all that you can imagine. We will assist you, train you, and teach you the intricacies of info marketing. In just a few short weeks you can be on your way.
To your massive abundance,
Gary