Category: Target Market

Group Domination

One of the easiest ways to boost engagement, build a following and become a thought leader or influencer in your market is by creating a Facebook group.

Why?

A Facebook group serves as a communication channel between you and an ever-growing community of potential customers and joint venture partners.

With a Facebook group, you’re able to take advantage of the heavy traffic that Facebook provides, and you’ll be able to connect with your audience who finds you just by entering keywords relating to your niche.

Best of all, growing a Facebook group is easier than you may think and won’t cost you anything at all. In fact, you don’t have to set up one paid advertising campaign to attract thousands of
members.

In addition, you’ll learn how key influencers and thought leaders use Facebook groups as a springboard to further their brand exposure and skyrocket their income.

Without further delay, let’s get right to it!

Consulting Wizardry

If you’re looking to make some fast cash, or you’re interested in building a long-term sustainable business, consulting is one of the most lucrative opportunities available online. As a consultant or coach, you’ll be responsible for guiding your students or clients through a learning curve until they’ve accomplished a specific goal.

The dictionary defines consultant as: “a person who provides expert advice professionally.” The truth is, not every consultant is an expert and thankfully, you don’t have to have years of experience under your belt to make money in consulting. You just have to know more than the person you are teaching!

Sure, your existing skillset will help shape your consulting business. After all, the fastest way to make money is by offering to teach someone a skill that you already possess. Another great benefit to consulting is that you can build an income without a major following, or without having access to a massive audience.

This is one of those rare businesses where you don’t need a lot of clients to make a full-time income. Just a handful of regular clients will do the trick! And if you’re not yet convinced as to the many reasons why starting a consulting or coaching business is one of the easiest ways to build an online business, there’s yet another major benefit to getting involved in this industry.

You’ll be able to create a solid foundation for a future business that you will be able to scale as needed!

The clients who pay you for help, guidance and advice will likely be interested in other services that you offer in the future. Plus, since you’ll be working on-one-one with clients, you’ll get to know your niche or industry on a much deeper level. This will make it easier for you to create hot digital and physical products that are proven to sell.

You can’t build a successful business without a clear understanding of what your market wants. Consulting will give you the insight you need to help them achieve their goals.

And with consultants earning 6-figures a year, it’s one of the most profitable businesses to get involved in!

Are you ready to start building a successful business in consulting?

 

 

 

 

Outsource To Success

Face it; you can’t do everything yourself.

While it may seem like common sense, it’s not always so easy for new entrepreneurs to acknowledge. They tell themselves that they’ll save money if they just do it all themselves.

Perhaps it’s the control freak in us who wants to stay in charge of every aspect of our business, or the frugal shopper who wants to save money by just working on projects ourselves.

Regardless of how hard we may try to convince ourselves not to outsource, the bottom line is that delegating important tasks to qualified professionals is simply the fastest way to grow your business and skyrocket your income.

There’s another reason why outsourcing is important: when you try to do it all, you’re taking 2 big risks. The first is that some tasks and projects won’t be done as well as they could be if you had more time or the necessary training. This could lead to distributing inferior products or low-quality content that won’t help move the needle.

The second risk, and it’s a big one, is that you’ll simply burn out and not be able to stay on top of your market. No matter how many skills are in your arsenal, or how many years of experience you have, there are always tasks that can (and should) be done by seasoned professionals. As the old saying goes, just because you can do it yourself doesn’t mean you should.

With an outsourced team, you can get the help you need to grow your business faster than ever before, and without worrying about human resources and employment taxes.

Better yet, if you stick with hiring professionals who are experts in their field, you won’t even have to train anyone to complete the tasks you assign to them because they’ll already be experienced
and ready to take on all that you have to offer.

Outsourcing is the smart way of doing business, building an established presence in your industry quickly, and developing a life-long brand that stands out and apart in your niche.

Connecting to seasoned professionals gives you the leg up, allowing you to compete, head-on, with some of the biggest names in your niche.

In other words, it levels out the playing field!

Money Market Account Vs. Money Market Fund: What Are the Differences?

While both can be attractive options for parking your savings, money market accounts and money market funds offer different advantages. Money market accounts offer set interest rates on your savings in a bank or credit union. Meanwhile, a money market fund bundles relatively liquid investments like cash, treasury bills and certificates of deposit for a low-risk return. Money market account: Pros and cons Money market accounts may serve you well if your goals align with its advantages. Pros: Flexible linked accounts: You can link your money market account with your checking account savings accounts debit card You can link your money market account with your Competitive rates: Many money market accounts offer higher interest rates than other savings options.

However, certificates of deposit Many money market accounts offer higher interest rates than other savings options. However, Safety: Money market accounts are insured by the FDIC up to $250,000, so you won’t lose your money if the bank goes bankrupt. Cons: Access: Money market accounts are more liquid than certificates of deposit, but more restricted than money market funds.

Money market accounts are more liquid than certificates of deposit, but more restricted than money market funds. Minimum balance requirements: Many money market accounts require a minimum balance to earn interest, and that balance can be as high as $500. While there is no cost to hold a money market account although some financial institutions impose monthly maintenance fees if the minimum balance is not maintained. Many money market accounts require a minimum balance to earn interest, and that balance can be as high as $500. While there is no cost to hold a money market account although some financial institutions impose monthly maintenance fees if the minimum balance is not maintained.

Lower interest rates: Interest rates on money market accounts are lower than other savings options, including money market funds. Money market fund: Pros and cons Similarly, money market funds will only be suitable if the pros outweigh the cons for your situation. Pros: Low risk to principal: Money market funds invest in very low-risk instruments, like cash, cash equivalents and debt-backed securities. Money market funds invest in very low-risk instruments, like cash, cash equivalents and debt-backed securities. Liquidity: Unlike money market accounts, money market funds don’t restrict your withdrawals.

Unlike money market accounts, money market funds don’t restrict your withdrawals. Competitive rates: Money market funds typically offer higher interest rates than money market accounts, though they may deliver a lower return than riskier investments. Cons: Funds aren’t insured: Money in a money market fund is not protected by the FDIC. It is considered an investment, which is inherently riskier than saving your money in a money market account. Money in a money market fund is not protected by the FDIC.

It is considered an investment, which is inherently riskier than saving your money in a money market account. Fees: Potential fees can reduce returns on your investment. Make sure you know the specific terms of an account before applying. Similarities between money market funds and money market accounts As their names would suggest, there are a few commonalities between money market funds and money market accounts. While both are low-risk places to park your money, they both come with opportunity cost. It’s possible that you’d earn better returns in riskier investments, like common stock or index funds. And because of their relatively low return rates, both money market accounts and money market funds may not sufficiently protect your investment in a high-inflation environment. Any returns you do earn may be subject to tax, as well. You’ll have to report any interest or capital gains to the IRS.

The bottom line Money market accounts and money market funds both offer safety, liquidity and moderate yields which will vary depending on the account or fund. It is important to research and compare rates to find the best option, though you should also consider fees, account minimums and customer service.

Stop Wasting Your Resources!

Today you’re going to learn how to find a target market of potential customers so you aren’t wasting precious resources on blitz marketing. So, the two questions you have to ask yourself are:
  • What do people really want to buy from me?
  • What related products are they already buying?
Once you figure this out you will know who is more predisposed to purchase your products/services. Then, you find other businesses with the same customer base who you can customer share with. Come up with an incentive and great arrangement to encourage both of your customer bases to shop at both of your stores. The basic concept is this: You want to find existing businesses who have the customer profile that you are looking for to market your products/services to. Then strike up a relationship with those business owners to work out an incentive for customers to purchase from both businesses. As a result, you have an audience to market to and they generate an added value from their current base. So, how do you figure this out? There is a great formula from Jay Abraham you can follow with great success. LV = (P x F) x N – MC Here’s what it all means:
  • LV is the life time value of a customer
  • P is the average profit margin from each sale
  • F is the number of times a customer buys each year
  • N is the number of years customers stay with you
  • MC is the marketing cost per customer (total costs/number of customers)
Once you know how much you need to spend to attract a new customer, you will know how much of an incentive you can offer to a business to help attract new customers. So, here’s your step-by-step process:
  1. Find companies who already have the customer base you are looking for.
  2. Negotiate an incentive for them to share that customer base with you.
  3. Focus your marketing resources to this group of predisposed customers.
If you need help working through this process, please contact us and we’ll set you up with the most comprehensive system of marketing tools and resources.