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Entrepreneur Series – Lesson 8 – The Marketing Plan

Marketing your products and services is the lifeblood of a new business.   While you can ultimately have all kinds of long term business strategies, without having a steady stream of new revenue your new business venture can close up in a short period of time.   In my opinion, if you look at the three big areas of business: marketing, the actual product or service you are offering, and client service, marketing is the one driver that can help sustain a business even if the other two areas are slightly subpar.    There are really two parts to the marketing plan.   One section involves dealing with implementing strategies that will specifically drive new client acquisition.   The other arena is building the brand of your new company. Many new entrepreneurs substantially underestimate the time and money it will take do marketing in the first year of their business.    From a time perspective, your networking functions, community involvement, and meeting face to face with ...

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The Drug Of Buying ‘Stuff’

The weather is warm and in the United States we are about to start enjoying some of the national pastimes of our country.   We love things like baseball, apple pie, the 4th of July, and grilling out in our backyards.    Oh yeah, and we also LOVE spending money.    In recent years, I’ve noticed that spending is more than just making a purchase here and there.  It’s almost a ‘crack’ like addiction, whether you wait for that Amazon package at the door or to take a photo of your tricked out new ride to post up on Facebook.   Like it or not, many Americans are addicted to the drug of buying ‘stuff’.    Why is this and how can you get your patterns changed on the home front? It seems pretty apparent that ease of access to drugs can make a user want more of them.  In our spending patterns, the ease of credit, access to our cash, and online transactions with ...

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Is It Time To Rent A Friend?

Sometimes I wonder whether the internet is a good thing or a bad thing.   When it comes to making smart money moves, the internet has opened up a realm of possibilities making it easy for people to buy, rent, barter, or sell their goods on the internet to almost anyone anywhere in the world.  I hear people comment sometimes that they think the internet can be creepy with all of the social media and access people have to personal information at the touch of their fingertips. With websites like eBay and Craigslist, the buying and selling of goods became painfully easy.  You really only need a decent digital camera and some imagination to get people excited about the piece of merchandise you are selling, and you can make money on just about anything in a short period of time.   However, we quickly realized that people on Craigslist may have opened an invitation to sell other things that the website wasn’t ...

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Entrepreneur Series – Lesson 8 – The Marketing Plan

Marketing your products and services is the lifeblood of a new business.   While you can ultimately have all kinds of long term business strategies, without having a steady stream of new revenue your new business venture can close up in a short period of time.   In my opinion, if you look at the three big areas of business including marketing, the actual product or service you are offering, and client service, marketing is the one driver that can help sustain a business even if the other two areas are slightly sub par.    There are really two parts to the marketing plan.   One section involves dealing with implementing strategies that will specifically drive new client acquisition.   The other arena is building the brand of your new company. Many new entrepreneurs substantially underestimate the time and money it will take do marketing in the first year of their business.    From a time perspective, your networking functions, community involvement, and meeting face to ...

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Do you need disability insurance?

There are many types of insurance programs to manage these days. Yet, one of the programs most misunderstood by employees of companies and small business owners is the need for disability insurance. Since there are so many nuances of disability insurance, here are some key questions to ask yourself regarding your personal situation. What percentage of my income will you replace if I become disabled? At most employer programs it will be between 50% and 66%.  Will you cover commissions or bonuses on top of a base salary? In most cases, your employer will only cover your base salary. If you have a large bonus program or work commissions, you need to really review the fine print of your group policy.  What about 401(k) or other retirement contributions? Generally, this is not covered. The big question then is how will you continue to fund your retirement goals? Can the payout go up as my income goes up in the future? ...

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