Friday, June 30, 2017

4 Essentials for Achieving the Entrepreneurial Dream


Contributed By:
JOHN RAMPTON

VIP CONTRIBUTOR

Entrepreneur and Connector

Source: Entrepreneur

Lifestyle entrepreneurs are truly living the dream. They work, make money and thrive online. Most do not have an established physical location (beyond a couch, coffee shop or occasional home office), and they certainly don’t need one to succeed. A lifestyle entrepreneur just needs two tools: a laptop and a reliable Wi-Fi connection.
Of course, you need other entrepreneurial basics, too, like fantastic ideas, skills, and a jack-of-all-trades mentality. However, does it really matter where you do business, as long as it gets done?
Around 2.5 billion people go online every day, and by 2020 that figure will double, according to tech writer Kimanzi Constable. The Internet is a nearly endless source of potential customers and clients for entrepreneurs. Already, there are many lifestyle entrepreneurs, but few are maximizing their potential in this realm (and there are probably many more who haven’t yet figured out this alluring lifestyle).
Some entrepreneurs have figured out how to legally and ethically work the system, and are enjoying some choice perks. For example, moving to another country with much lower cost of living, scoring that foreign income exemption and maybe living a dream of working beach-side is very possible for some lifestyle entrepreneurs. Should they need to consult “in person” with a client or investor, video conferencing or a phone call usually suffices.
However, it isn’t easy to become a lifestyle entrepreneur, but it is possible for many. If this sounds like the right track for you, start by choosing the best, profitable demographic. This isn’t a plea to choose a niche, because that is not always a necessity. It is better to have a specific idea rather than a specific niche. To make money, your target audience has to have money (I've tried the broke route and it's a long one). If you have a great idea, but your target audience can’t afford it, it’s a long road ahead that won't make money for a while. In my opinion, income generation potential is a key metric that you should make sure is present.
Here are four more steps to becoming the ultimate lifestyle entrepreneur:

1. Start from the ground up.

Your website should be the beginning, but it is never complete. Don’t over-invest in this arena. Instead, build a thriving online presence, work towards an emergency fund, engage with your audience, and seek out tools that can help your business grow.

2. Study what works.

Keep in mind that what works for others may not work for you. Figuring out what works for your business and you will involve research, trial and error. Testing is your friend, and failure can be a great teacher.
Once you’ve achieved some success, evaluate it. Could it be made even better? Don’t let the white noise overwhelm you, but do acknowledge, evaluate your business and grow it.

3. Grow your audience.

The more exposure you get, the faster your audience will grow. Seek out different means, such as being a guest on a podcast, on other blogs or on authority sites. This will grow your lifestyle business daily.

4. Charge what you're worth.

Many entrepreneurs accept less-than-great pay to gain experience or exposure. This can be a savvy move in the beginning, but do not be guilted into staying with a client because they gave you a shot. Charge what you're worth, and realize that will steadily get higher as you gain more experience.
Being a lifestyle entrepreneur is likely more achievable than you think. However, it is not the best fit for everyone. Before even pursuing this track, make sure you’re the type of entrepreneur cut out for such a lifestyle, because otherwise you will stumble with every step.
Related: Do you desire to know how to buy an established business with very little capital and start making money right away? Then, see details here!
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Thursday, June 29, 2017

The 5 Daily Essentials for Building a Successful Online Business


Contributed By:
KIMANZI CONSTABLE

VIP CONTRIBUTOR

Author, Consultant, Owner of KimanziConstable.com

Source: Entrepreneur

When you look at the statistics of how many people log onto the Internet or social media, you get excited. Never has there been a time with so much opportunity concentrated in one place. Today, you don’t have to send your direct mail flyers or pay for ads in newspapers.
Today, you can pay for a Facebook ad and reach more people than any of your previous efforts combined. For those entrepreneurs who are just starting out, you don’t have to spend a dime, yet you can still grow an audience that will lead to new business.
Reaching the potential billions of people online is easier said than done, however. More than a few entrepreneurs have quit in frustration of the time and effort is takes to build a foundation online. Here are five tactics successful online entrepreneurs use to build a foundation and their business.

1. They create engagement.

These days, you can buy a following if you want to. Twitter followers, Instagram followers and Facebook likes are all for sale. You can even buy email lists but buying an audience is pointless because there’s no engagement. A lot of times, these are people who won’t interact or care about what you’re doing. 
Successful online entrepreneurs create a conversation that gets people talking and sharing. When they post content on their website or social media their goal is for their community to interact. That interaction leads to new people checking out what they’re doing and what they have to offer.
You can have a huge following but it’s meaningless if there’s no engagement.

2. They continue to build their audience.

When you look at why entrepreneurs failed, it was because they were focused on the systems and not building an audience. They were always tweaking their website, releasing another e-book and creating custom graphics on Canva. They did all of the surface things, but they had no audience to see any of these efforts.
There are countless things you can do to help build your business, but they are pointless if you don’t have an audience. Successful online entrepreneurs spend most of their time building their audience through:
·         Guest posting.
·         Writing for large authority sites like this one.
·         Get interviewed on podcasts.
These are just a few strategies you can use build your following online. In its simplest form, if you don’t have an audience, go where your audience is and show them why they should follow you.

3. They don’t get sidetracked by envy. 

In our day and age, we’re exposed to the success of other entrepreneurs in a public way. It can be a Facebook friend or a podcast you’re listening to, but someone doing what you’re also doing had a victory where you didn’t. Envy starts to creep in and sidetracks you.
When you’re focused on someone or something else, you’ve lost focus on your mission and goals. If someone else is successful, congratulate them and get back to the hustle of building your business. You don’t have time to let envy distract.

4. They add undeniable value. 

No matter what content they put out, it’s quality. You can get exposure in other places, but when people come back to your website, they should see value. Your best efforts should be spent on the content on your website, email list and social channels. It should be so good people want to tell others about what you’re up to.

5. They are constantly learning. 

Information overload is a danger, but successful online entrepreneurs are always learning ways to hone their craft. They focus on learning what will help their next steps, not chasing shiny objects that are the fad of the week.
With focused effort and the right tactics, you can build an online business that gives you the benefit of location independence. You can operate a business you love from anywhere in the world. The goal of any business is freedom. Use these tactics to make that freedom a reality in your life.
The stats on an online business surviving and thriving are pretty grim. Beating the odds and creating a successful business takes time and hustle. When in doubt, focus on building your audience. When you have an audience, you can create products and services based on audience feedback, which is what they will buy the most. It doesn't happen the other way around.
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Wednesday, June 28, 2017

10 Ways You Can Gain Trust Online


Contributed By:
ADAM TOREN
VIP CONTRIBUTOR


Serial entrepreneur, mentor, advisor and co-founder of YoungEntrepreneur.com
Source: Entrepreneur

Trust is one of the most challenging things to earn and the easiest to break. When you’re first starting to build your brand, gaining the trust of your prospective new clients and keeping the trust of your current clients is life or death for your business.
When you add the extra dimension of building trust online, with a person you’ve never actually met or spoken with, establishing trust can be even more difficult. So what are some of the best ways to go about building trust? You might think it’s just a matter of having integrity, but there is a lot more to the complex relationship of trust than simply being honest. In fact, honesty is something your clients implicitly expect, so you’ll have to go beyond that basic building block.
Here are 10 ways you can gain more trust with your clients online. 

1. Be straightforward.

Nothing is more irritating than liking a product, going through the process of checkout and then finding some fine print that somehow significantly adds to the cost, puts you into a membership or subscription or in some other way isn’t transparent.
Be really clear with your prospective clients what you do, what you’re offering, how it works and what your cancelation or return policies are. All this information should be easy to find and navigate to and shouldn’t catch a first-time client by surprise. Those nasty surprises will the quickest way to lose credibility.

2. Fix problems immediately.

If a client has a problem with your product or service -- fix it without delay. You don’t have to be perfect in business to be successful, but you do have to be honest and responsive.
Ordering or purchasing a product or service online can be scary the first time. If someone purchases from you and then has a problem, but can’t find a way to reach you or doesn’t get a response -- that is a trust breaker.
I recently read about a startup that offers a way to track social mentions and shares of your business. I won’t name any names here, but I was really excited about the prospect. I immediately went to the company's site and struggled to find any contact info. I was reviewing the pricing section, trying to answer my own question, when a chat box popped up and asked to help. Awesome! I submitted my question. And waited. And waited.
After about 10 minutes I left the site. I never did get a response on the chat feature, which asked for email and in which I left my contact info, so why bother to have it there? I followed up with a tweet and contact-form submission and after four days gave up. After six days I got an email response from the company … sorry. My trust was long gone at that point.

3. Try video.

A great way to give your customers a reason to trust you and get to know you without actually being in front of them is to record video. Instead of just recording a welcome video, answer common questions or in some way frame up your expertise to help your potential website visitors and viewers. This gives you a chance to showcase your knowledge and personality while giving online visitors an opportunity to “meet” you.

4. Host webinars or teleconferences.

This is an even better solution for building trust than static video alone. By hosting a free monthly webinar packed with great content, you’ll be able to speak to your visitors while presenting your topic and after for some live Q&A. Don’t worry about the cost. Webinar sites such as JoinMe are free and teleconference call lines such as FreeConferenceCall.com offer small party-free conference lines.


 

5. Personalize emails.

A personalized-email drip campaign is a great way to nurture your relationships with potential and current clients. By offering services such as the free webinar, you will be able to access email-address lists of attendees. Don’t spam them, but if you build up a really resourceful guide to send or share that’s personalized to the topic of the webinar, there’s a great chance you can build trust by providing value.
Again, be cautious you don’t spam anyone on your list, but a well-directed, personalized offer can help build a relationship with clients.

6. Add testimonials.

People want to know that other people have worked with you. Of course, everyone understands you aren’t going to post bad reviews on your own site, but if well known or respected people in your community and industry are vouching for you, that goes a long way to add credibility to you and your business.

7. Post credentials.

Utilize any credentials you have to help boost trust. Are you a member of any local community organizations? Do you belong to any professional organizations? Does your business require or recommend you be licensed, bonded or insured? All those credentials help assure a potential client that you’re regulated, vetted and can be trusted.

8. Provide case studies.

Don’t just rely on testimonials, for successful campaigns you’ve created with clients in the past, ask to turn their stories into case studies. If you post even one great case study on your site, you’ll be able to walk potential clients through the process of how you helped someone else succeed. That’s great insight into your business approach, what it’s like to work with you, the kind of innovative solutions you provide and it will help color a full picture for your site visitors.

9. Get a rating.

Business-rating systems help to establish your credibility by proving you’ve been measured and tested by high standards. Think of the whole premise for Yelp’s rating program, Michelin’s four stars or others such as the Better Business Bureau. Getting involved with the various rating groups relevant to your industry will help to boost trust with your organization.

10. Get published.

It’s said you can’t believe everything you read in print, but the truth is that the majority of people will trust someone they read in the paper, speaking on the news or in some other way demonstrating accolades. Getting yourself into the press doesn’t have to mean pitching yourself. You can always pitch the media on a great topic or story that can provide tremendous value to its audience and to your business.
Don’t just look for ways to be in the press, look for ways to contribute content to the press to be published or produced. It’s a great boost for building trust online.

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Tuesday, June 27, 2017

4 Ways to Find an Online Business for Sale


Contributed By:
THOMAS SMALE

CONTRIBUTOR

Founder of FE International

Source: Entrepreneur

Online business is booming, and there has never been a better time to build, or buy, a business of your own.
Buying is a particularly attractive option, because a lot of the legwork is already done for you. You don't have to go through the often long and grueling process of figuring out your business model and monetization methods, which means you can go straight to expanding the business and increasing its profits.
Of course, if you do acquire a business, whether you take it to the next level or drive it into the ground is contingent upon your experience and ability to run it. If you are new to the process, buying and running a business could be more of a learning experience than anything else.
Nevertheless, if you're going to be searching for an online business for sale, having a focus is extremely important. This will allow you to narrow your search from the get-go, and eliminate the need to sift through sites that don't match your interests and other key criteria. Whether building or buying, the same principle applies: focus is critical.
Naturally, finding a business to buy can also be a challenge, because you have to know where to look. Here are four ways to find an online business for sale.

1. Directly

It may be worth approaching businesses independently if you know exactly what you're after. Of course, you'll still want to go through the appropriate channels to do your research, prepare a business plan to demonstrate your ability to run a business and pitch the business owner, whether directly or through an intermediary.
You'll want to analyze the website's traffic and backlink profile using tools such as Alexa and Ahrefs. Doing your due diligence at this stage is absolutely crucial, because if you discover any off-putting trends, you may want to broaden your search and find other businesses worth approaching. If a site still looks attractive after you've done your research, you can move forward with the pitch. The key thing to remember is to communicate that you are serious about buying the business. This is why having a plan is so important.
If you aren't sure who the website belongs to, you can often find details by running a simple Google search or Whois lookup.


2. Online marketplaces

There are many online business marketplaces out there, and there are a lot of buyers that begin their searches on one of these sites, as it is one of the more obvious places to start. Buyers can look at a variety of available listings in their chosen industry to find the most viable opportunities. Buyers can also ask for additional information on any listing, which will alert the seller of your potential interest.
Although getting an account set up, scanning the listings and interacting with sellers is a relatively straightforward process. One marketplace doesn't necessarily have any more credibility than the other, and are generally only as good as the brokers and sellers that are using them to sell their businesses.
It is certainly possible to find desirable sites using marketplaces, but you will still need to use your best judgment in finding sites that make sense for you.

3. Auction sites

Auction sites are similar to business marketplaces with the main difference being that potential buyers can bid on sites. Using this system, sellers have the opportunity to attract more interest in their websites, drive up the price of their businesses and earn more money. At other times, sellers may auction off a site without having a firm grasp of its value, which gives the market the chance to cast a vote with their bids.
The large number of listings makes auction sites an attractive option for willing buyers. However, you should be aware that businesses on auction sites haven't necessarily been vetted. Therefore, buyers assume more risk, as there is less of a focus on operational and income verification, and there is always the chance that some listings are being misrepresented.
Due diligence therefore lies with the buyer. If you aren't familiar with best practices, purchasing a business through an auction site should be approached with some caution. Quality listings are harder to determine, and shill bidding -- the practice of creating fake buyer accounts to bid on the site --  can artificially inflate the price of businesses that may not be worth the asking value.

4. Website brokers

Website brokers (such as my company) are experienced in the sale of online businesses, have knowledge and expertise, tools and a broad network to draw from. Broker listings are usually pre-vetted using their due-diligence process, and they specifically look for legitimate, established sites with a stable income -- everything you should be looking for as a buyer.
Brokers make the buying process easier on buyers. They can rely on their experience, work with them to resolve issues that may arise and can benefit from their advice and guidance when going through their structured sales process.
Brokers are only paid when the sale goes through, and therefore have a vested interest in overseeing the deal from beginning to end. This is also why they are committed to curating high-quality listings.
As a buyer, you still need to be on the lookout for trustworthy brokers, as it is a relatively new industry. Focus on building relationships, as this is how you will find the best website brokers.

Final thoughts

If you're looking to buy an online business, there are a variety of different channels available to you, and one isn't necessarily better than the other. They all have their upsides and downsides, and you have to check your overall experience against the channel you're looking to utilize.
If the due-diligence process is new to you, and you've never bought a business before, then online marketplaces and auction sites may not be the best options for you. On the other hand, even if you do have a great deal of experience with the sale of online businesses, there are times when working with a broker is still the smartest thing you can do.
If you're looking for more information on buying an online business, here's my company's guide: The Advanced Guide to Buying an Online Business.
Related: Do you desire to know how to buy an established business with very little capital and start making money right away? Then, see details here!
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Monday, June 26, 2017

5 Areas to Assess When Evaluating a Website for Sale


Contributed By:
THOMAS SMALE

CONTRIBUTOR

Founder of FE International

Source: Entrepreneur

Buying a website is a great way to get into the world of business -- or to diversify your business endeavors -- without having to spend months or even years of your time making a plan, choosing a niche and experimenting with different monetization models to figure out what works.
However, it is still important to evaluate individual websites to determine if the opportunities are actually worth pursuing.
Experienced investors usually have a well-defined auditing process that they follow to assess the websites they're interested in purchasing. Having a structured process can really speed things up, though it really depends on the website. Some will only require a quick review while others will necessitate a more in-depth look.
If you aren't sure where to get started, here are five areas you should be looking at when you're deciding whether to buy a website.

1. Assess the website's niche.

Do you have experience in a given niche? Are you passionate about it? Do you have the right skills to do well in it?
These are important questions to ask when you're going through the process of website evaluation. Even if you find a website for sale that you are particularly excited about, you still need to try to remain objective in your evaluation.
Consider whether the niche is actually growing, and if there are any reasons to believe that it may be a passing fad. Think about any external factors that could have an impact on the future of the niche. Also, take a look at how competitive the niche and its keywords are.
These are also important factors from an operations standpoint, but we'll be taking a closer look at that a little later.

2. Assess the website's traffic.

As you are evaluating websites for purchase, traffic is a something you should always be exploring in detail.
Is the website's traffic coming from a variety of different sources? How sustainable are these sources? How high is the website's overall bounce rate, and are its users engaged? Is the traffic trending towards an upwards or downwards direction? What devices are its visitors using to access it? Does the website rank for any keywords? Does it have a strong back-link profile? How are the referring domains stacking up?
Keep in mind that a website's weaknesses aren't necessarily a deal-breaker, especially if you are skilled in user experience, conversion-rate optimization and search engine optimization. There are plenty of free SEO tools available, and by taking advantage of these, you can positively affect a website's traffic volume.


3. Assess the website's penalties.

Evaluating a website's traffic goes more or less hand-in-hand with identifying any penalties it may have against it.
Google updates its algorithm on an ongoing basis. More recently, we have seen numerous updates related to low-quality content as well as mobile-friendliness.
Any website that has penalties against it is sure to be underperforming in terms of traffic, and by extension, revenue. Again, if you are well-versed in SEO best practices and are well-acquainted with making the appropriate changes to a website, the opportunity may be worth pursuing.
However, it is still advisable to do your due diligence and proceed with caution. It may prove challenging to restore a website to its former glory if there are too many issues with it.

4. Assess the website's financials.

When assessing a website's financials, it's important to evaluate their accuracy and to spot trends. A business could be doing better in certain seasons compared to others. Its revenue could also be trending upwards or downwards.
You also need to take a close look at a business' overhead and ensure that all costs have been included in financial statements. You need to know exactly how much it would cost to run the business.
Here is an overview of what to look for in terms of a business' financials:
·         A stable source of income: Is the monthly revenue growing, declining or staying about the same?
·         Seasonality: Is the website's traffic and income subject to change during certain seasons?
·         A well-diversified income: Keep in mind that its main source of revenue should be stable.
·         Whether owner-specific revenue generation relationships are in place: If the business changes hands, would these still remain, or would they go away?
·         Whether the business valuation accurately reflects its financial performance.
·         Whether the seller discretionary earnings (SDE) seem reasonable.
Remember to look at a website's financials and traffic side by side to flesh out a big-picture story.

5. Assess the website's operations.

Assuming the business looks healthy on paper, you still need to be able to run it for it to be a worthwhile investment. Do you have the right skill-set and experience? Do you actually have the time to run the business?
You need to take a look at:
·         Whether the website is built on a well-known platform such as WordPress, Joomla or ModX.
·         Whether the website has high-performance requirements.
·         What experience or technical skills are required to run the website.
·         Whether you can outsource the required work inexpensively.
Businesses that don't have staff or infrastructure can be maintained without a huge investment in time. However, operations are something you absolutely need to audit before committing to purchasing an online business. A site's niche, traffic and financials could all be perfectly in line with your decision-making process, but if the business requires a large time commitment and is difficult to run, you may want to consider other options.

Final thoughts

Going through a broker has many advantages, as they vet websites before making them available for sale. However, it is still advisable to do your due diligence and to have a process -- like the one described above -- in place for auditing a website.
There is usually plenty of back and forth between the buyer and the seller when it comes time to an online business transaction. Make sure to put together a list of questions, and talk to the broker or the seller to get a holistic view of a website before diving in and making the purchase.
Related: 8 Factors That Determine the Financial Health of a Business
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Friday, June 23, 2017

6 Reasons Your Online Business Won't Make Money Any Time Soon


Contributed By:
KIMANZI CONSTABLE

VIP CONTRIBUTOR

Author, Consultant, Owner of KimanziConstable.com

Source: Entrepreneur

When you think about the opportunity to make money from an online business, you should get excited. From the comfort of your home, you can sell digital information products and create passive income -- you literally can make money while you sleep. 2.5 billion people worldwide log onto the Internet every day and that number will only increase as the world grows, and access grows in different countries.
While the opportunity to earn an income online is real, most people that start an online business quit before they reach $1,000 in income. There are many online businesses and entrepreneurs talking about the same things and going after the same audience. If you want to make sustainable income in your online business, make sure you have mastered these six areas.

1. Your website is confusing.

When someone comes to your website, you have about seven to thirty-seven seconds to convince them to stay and look around. If your website is too confusing, they are gone and possibly forever. A simple and clean website without too many tabs is the best for conversions. It should be very clear what you want people to do once they visit your website.

2. Your about page turns people off.

More than anything, people are looking for a real connection. One of the best places to make that connection is on your about page. When you write your about page in the third person, and make it one long lost of your accomplishments, you miss the chance to make that connection. Most people will know you wrote your about page, so they will think you’re putting yourself on a pedestal. Write your about page in the first person and tell the story behind your business -- you will make a connection that turns into business later.

3. You are not building your email list.

Nowadays, building a huge social media following and social media marketing are a priority. While social media plays a huge role in marketing and in business today, it is not the best way to build your audience online. When you rely on social media, you are setting yourself up disappointment when the social media platforms decide to make a change. When someone is signed up for your email list, you have a more intimate and controllable opportunity to talk to them. The organic reach of email is a lot higher than social media.
4. You are not actively building an audience.
The lifeblood of any business is new business -- it works the same way online. You have to actively build your audience through methods such as getting interviewed on podcasts, writing for large media publications, getting exposure on YouTube, and so many more methods. There are some great options for anyone to build a following and to do it quickly.

5. You are not selling enough.

Selling doesn’t feel natural at times, but is necessary and especially with an online business. The reason too many online businesses don’t make money is because the entrepreneurs don’t sell enough. Keep in mind that it will take someone seeing what you offer more than a few times before it clicks in his or her mind. While it feels like you are always selling, the reality is you don’t really know who has seen what.

6. You don’t have multiple streams of income.

Relying on any one thing for your income is dangerous. The most common way for online business entrepreneurs to make money is actually through services such as coaching. The passive side of an online business is a mystery to many online. When the coaching clients stop coming, your business could die. Having multiple streams of income helps you deliver stability and peace of mind. As much as possible, diversify the way you make money online and grow each part.
Making money online doesn’t have to be rare. You can start and grow a profitable online business and scale it. Online business is great because it allows you to live a location free life. I am writing this article from a cafĂ© in Medellin, Colombia. Next month I’ll be in Germany and the whole time my online business will be generating income for me. This can be a reality for you if you build your business avoiding these six mistakes. 

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