EBay

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One of the quickest routes to business failure is to pick a niche that doesn’t have the potential to bring in the profits you’re looking for.

The way to discover which niche has the ability to make money is easy.

You have to do your research.

First, you’re going to want to select a niche that you’re personally interested in – even if it’s one that you don’t know a lot about.

You can always learn what you need to know, but if the niche is too technical or you consider it boring, you’re going to be as happy working on it as you would be getting a tooth pulled.

Choose a niche that not only interests you, but one that you feel excited about working on.

That way, you’ll stay pumped up and eagerly look forward to making money from home.

To find a niche that’ll bring in the kind of money you’re after, seek what the big companies look for.

What are the hot selling items?

You don’t have to know this off the top of your head. Look for these top selling items on sites such as Amazon or eBay or other market websites.

The bestsellers (just check to see what ranking the items have) will tell you what the pulse of the people buying is.

So for example, if you see that on Amazon, a product sells well enough to be in the top ten, you know you’re onto something.

Let’s say one of those products was a brand new fitness gadget and they were selling like hotcakes. You’d find plenty of potential by tapping into that market.

You’ll want to check out the self-help books to see what’s selling there. Books on depression, weight loss, and relationships always sell well and that’s a clue to let you know that the market is and always will be wide open for self help niches and the products that you can buy dealing with that subject.

If you become an affiliate, you’ll want to pay attention to the dollar amount you’ll earn by becoming an affiliate rather than the percent of commission. You’ll earn more money that way. Look for tangible products for your niche as well.

Make sure you don’t make the mistake of setting up a niche based on what’s considered a here today, gone tomorrow item.

Remember the Beanie Babies? They were all the rage and people just couldn’t get enough of them. But where are they now? They fell off the scene because they were just a fad. You want to seek out a niche that has long term potential so that your business will thrive now and for many years to come.

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Stress

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Have you felt the “overwhelm” of too much business and not enough time?

I have. In fact, recently I have begun a campaign for my own business to get all the bits and pieces organized and systematized.

It’s an interesting position to be in – You have much work because you haven’t learned to say “NO”!

A few years ago – I started a coaching project with someone who was at the end of her “proverbial” rope.

I gave her a few encouraging words… and that opened a flood gate of “What Should I Do??” questions.

It’s natural to look for help from those that have more business experience under their belt. She knows I am a coach… but never realized until today – she really needed coaching.

This gal thought she had it all under control. She continued to try to juggle all the balls – but those balls were all starting to get less attention. Once you stop paying attention to just one ball… you are likely to drop them all into one big heap. Then you have really got a mess.

It’s called “being reactive” instead of “proactive”. The best of all business practices is doing two things.

1. Work “ON” your business – instead of “In” your business.

2. Being Proactive – means that you will not have a huge amount of problems you will have to “react” to. It’s better to prevent fires than to try to put out the fires after they have started.

BTW- Her biggest problem is that she has to turn business away because she can’t get it all done. And yet… she isn’t making much of a profit.

My starting point in helping to resolve her business problems:

Note - she already has a bookkeeper – a guy to handle technical issues – someone to handle some of the easy, routine projects.

She offers many services (she did this to try to capture as many potential clients as possible) and she doesn’t charge enough.

One of the reasons she has people banging down her door – is that she is good at what she does. And… she is ridiculously under priced.

She does do some work for me… so I hesitated to mention the “under price” point. But… as she really needed my help… I had to come clean.

I asked her to list all the things she does for her online business clients. She actually had to create two lists.

1. The things that she really enjoys doing consistently, does well, people know her for these services. This is work she would never hand off for someone else to do. This is work that will potentially make her the most money for her time.

2. All the rest. These are all the things that someone else can do. The idea is for her to outsource all the routine projects. She makes a bit on each project for herself.

That’s it. That’s the first step in streamlining a business. Honest – I wouldn’t lead you astray.

You won’t know what you need to do – until you make these lists.

The idea is to take list number one and start pushing those products or services as your core business. Evaluate the pricing structure and adjust so that you are making the most profit for your time.

Working with list number two takes a bit of attitude adjustment. You are going to have to get over the fact that you are not the only one who can do this type of work.

So what if you only make $15 for yourself on each of these “routine” work assignments? If you can outsource 50 of those assignments every week – you have added another $750 a week to your bottom line. And… the work on your part is just keeping track of the work and making sure it’s getting done – done well – and on time.

If you have an average of 50 weekly assignments and you can clear $15 each… you will have an extra $3000 in you pocket.

Plus… with this system… my student will have more time to do the creative work that makes her a much more per hour.

You’re going to *trade hours for dollars in any business. Choose to work on projects that give you the most profit for every hour. Let all the other work go to those that can’t do the creative stuff. They will do a fine job for you and be grateful for the work.

*Trading dollars for hours is what people in the “service” business do. My husband is a technical genius. He is good at his business. But he is getting really tired of it feeling like a JOB.

Me… on the other hand. I work my tail off. But I don’t get paid by the hour or the job. I get paid by multiple streams of income.

The idea is for you to be able to outsource as much of your business as you can. This way you make a tiny bit from a lot of other peoples work.

For instance… you will be trading one hour of your work time to monitor 50 “jobs” that others are doing for your clients – Instead of doing one hour of work for one hour’s payment. You can do one hour of work and leverage that into many multiple payments.

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How To Quit Your Real Job

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I quit my real job years ago… of course everyone calls it a “Real” job because it’s what we are supposed to be doing.

Getting up every morning – and hitting the rush hour traffic.

It’s what pays the bills and it’s what our parents taught us to do – Right?

That scenario was not what my parents taught me… really.  Oh – they talked about having a JOB as a good thing… but they were both self-employed for my entire life.

Leaving behind a job you’ve become accustomed to is never easy and there are many reasons that people say goodbye to a job.

  • Some leave a job because they’ve outgrown the work and are no longer challenged mentally.
  • Others leave because of office politics or poor pay despite all their hard work.
  • A few leave a job because they’ve decided that it’s time to be their own boss.

The allure of making money from home attracts many people.Maybe that’s you and you’re planning a new and exciting future away from the same old grind but you’re not quite sure how to exit gracefully.

Never burn bridges. Though it’s tempting to finally get everything you’ve been holding in off your chest, you never know when you might need that former boss as a reference or as a networking opportunity, so make sure that you leave gracefully.

Give a two-week notice and clear everything out of your to-do box to make the transition easier for the next person who will fill your shoes. Gather all of the contact information from colleagues and customers so that you can stay in touch with those you like and also to form new loyalties in the future with your own business.

Remember that timing is important. While it’s great to dream, you can’t pay the mortgage with a dream. So get the finances in order before you wave adios to your boss. Plus, you don’t want the stress of finances nipping at your heels.

Work hard before you quit to pay a few months ahead on all of your utilities and credit cards and other financial obligations. Tuck away enough money in savings to get support yourself while your business is in the start up phase. You’ll be glad you don’t have that pressure.

Being your own boss is exciting, but it can also be trying if you’ve never been responsible for a business before. First, do your homework. Have a focused marketing plan for your business and put it to work.

Remember that most businesses don’t see profit overnight. But with a steady dedication you will succeed.

Don’t buy into the myth that you have to spend a lot of money to make money. Your business budget shouldn’t be spent on fancy gadgets for the office or advertising. Instead, look for all of the free avenues you can take to build your business.

Being your own boss can be wonderful or a pain in the neck. Not everyone is going to be “good at it”.  Yes – working for yourself and learning to make money from home has a powerful pull for most of us that just don’t want to play the “game” any longer.  Remember that it’s still work.

You may not have a JOB – but you still have lot’s of work to do and you will be working many long hours for little or no pay.

I love my work at home lifestyle... but it’s not for everyone.  There are days that I sleep in or take a nap – and yet I still have to push ahead late into the night to get my work done. Otherwise – all that “stuff” is still going to be waiting for me tomorrow.

The “To Do List Fairy” has never visited my house and magically erased all the little tasks that must be accomplished every day.

Life will get in the way… it happens.

What you must remember is that Your Business Is The Most Important Thing On Your Plate.  Don’t let anyone or anything get in your way of success.

Remember – I’m here for ya…

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