Online Advertisement

Today, most people access the internet for information, products and services.  All entrepreneurs have turned their attention to the World Wide Web because it reaches so many people so quickly.  Sales are increased dramatically and expenses are not necessarily smaller, but different.  If a company had a small shop in a rural town, they would have employees and other expenses.  If this same company had an online business, they would probably not have as many employees on the clock.  They may have the same amount of expenses but they would be different.  There would be advertising costs, web design costs, search engine optimization costs, affiliate or joint venture costs, among others.

Nevertheless, selling products or services online has become very popular for many new entrepreneurs ranging in all ages, even as young as 15.  If you run a small business online where you sell an information product, such as an eBook, you can write the eBook yourself as a guru on the topic.  For example, let’s say you studied religion in college and got a PH.D in this subject.  You write up an eBook explaining a drastic point of view concerning scriptures.  You make sure it is information packed and very good quality.  You sell it for 14.95 dollars to whoever is interested and you get their email address so you can forward them new updated info.  You now have an email list so you can keep in contact with your buyers and possibly sell them other products in the future.  You keep track of all your sales, you take care of customer service, and you handle everything.  Guess what?  You keep 100 percent of the profits.

Obviously, some companies are MUCH more complicated than that.  But you get the picture; online marketing is a piece of cake. All you need is an idea and an internet marketing business plan of action.  In other words, you do not need millions to start up a company on the internet.  All you need is a great idea and the drive to do most of the work yourself.

When building your own website there are a few things to consider.  If you know nothing about web design, you will need to pay someone to design it exactly the way you want.  Make sure you use a reputable source so you are not wasting your money.  Be very picky about choosing your domain name.  Make sure it is short, sweet and memorable.   One popular site you can visit to check what domains are available is www.whois.sc This is also a good site to see who owns a particular domain you are interested.  If the owner is not using the domain, you can offer to purchase it from them.

Probably one of the most important factors in an internet company is choosing a very good web host.  If your web site goes down, you are completely out of business.  When searching for a web host company make sure they have secure server capabilities, fast servers, lots of space, unrestricted CGI access, SSH and FTP access, web-based administration, access to raw server logs, full email services, power and daily server backups, and no minimum contracts.  You may want to test their technical support and see if they offer services, scripts, and software.  Inquire about their downtime and how long they have been in business.  Make sure you are not being charged for the extra services.

When a customer visits your website, you want them to see professionalism, knowledge and fast connections.  If your visitors notice advertisements from your free or low cost web host server they will perceive your site to be unprofessional and very small time.  Slow connection speeds will definitely lose customers and cost you much money.  So, choose your web host server carefully and you will be well on your way to creating a website that will attract all types of visitors.

Budgets and personal finances are not most people’s favorite topics, and certainly not one of mine.  Even bank executives have problems in this area, but if you’re an entrepreneur so do you.  You’re concentrating so much time on your business, your personal checkbook takes a back seat.  Then one day you are met with the startling fact that you’re not saving enough for lean times and you panic.

Well, just apply your professional talents to the situation and become your own personal CFO.  By using your CFO eyes on the situation, it somehow tempers the pain of dealing with your own money.  To get started, here are 5 rules for treating your personal finances like a business:

1. Be Your Own Board of Directors.  To make good decisions, you must know what you’re trying to achieve. In business, Board of Directors write mission statements to keep the company on track with goals.  At home, it’s up to you to define your mission and make sure you’re fulfilling it by writing down your goals.  Not just your financial goals either, but your “life” goals.

1. Know Your Operating Costs.          Do you know what you spend every month on average?  Businesses do because they base their budgets on historic spending patterns.  Most people, however, don’t know what it costs to keep their lives running.  You can make out detailed budgets, but find out at the end of the month that you haven’t stuck to it.  So instead of doing a budget that dictates how much to spend, do a “cash flow statement” that records how much you actually spend each month broken into several categories.

1. Know Your Net Worth.     Companies measure progress toward goals through balance sheets which list their assets and liabilities.  Your net worth is your balance sheet where you list everything that you own.  That means your checking and savings accounts, investments, car, house, etc. minus everything you owe.  Track your net worth quarterly to make sure you’re moving toward your personal goals.  Without this step, you might not see the impact of your money decisions until it’s too late.

1. Forecast Money Decisions Results.  When a business makes important decisions, they use a process called “scenario planning”.  They look at the possible outcomes of one choice compare to another.  You can use the same process to make smart money decisions.  For any choice, pick two options, and then look at what each answer would do to your cash flow and net worth.  Remember, there are no “good” or “bad” choices – only choices that put you closer or farther from your goals.

1. Track Progress by Annual Reports.  Just as companies assess their progress in their annual reports, you need to review your list of priorities every year.  Have you accomplished any goals?  Have your spending patterns changed? Did you spend less than you earned?  Did you save as much as you planned?

You need to treat your money like you treat your business.  Give it the time it deserves, because in the end the time you spend is really an investment in yourself and your dreams.