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Spreading Yourself too Thin

Written by: Donald F. Pooley

Article Overview: One of the things that amazed me about the last survey was how many of you are trying to run 3 different businesses: life insurance, mutual funds, and financial planning---all at the same time! I could never do that.

Spreading Yourself too Thin

One of the things that amazed me about the last survey was how many of you are trying to run 3 different businesses: life insurance, mutual funds, and financial planning---all at the same time! I could never do that.
No wonder many of you are exasperated with compliance, and trying to stay abreast of the changes in rules, laws, etc. It leaves you with less time for more important things.
It must be hard. I could never do it. Had a fund licence for a year when my primary business was life insurance. Let it lapse when I decided the rewards didn't compensate for the restrictions. That the year was 1987 helped me decide.
But what about you? Which of your three businesses do you find least rewarding, least satisfying, or most frustrating?
Would you be a happier person if you dumped it, and spent your time on building up the other two?
It's the end of the year. A good time to take stock, and consider which licence you could allow to lapse.
Are you afraid you'll earn less by getting rid of one of your three arms? It's more likely that you'll make more, because you'll specialize more in the businesses you prefer.
In other professions the specialists make more than the general practitioner. Ours is no different.
And with more time to spend on building your professional image, and getting referrals, you'll also get more clients.
If you wondering what to do with your present book in the business you're thinking of dropping? Don't.
Work a quid-pro-quo with someone else who likes the one you dislike, and doesn't want to work in the ones you like. For example, give them your fund business, on the understanding that they give you all their life insurance business.
And devote the time you save to planned prospecting.

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Getting Started In Your New Internet Business - I always think it’s fun and exciting to start a new Internet business. I know for me that I would do something that I’m interested and passionate about. Otherwise the new venture doesn’t last for long. As it’s just as important to have passion, motivation and interest, there are a few areas that help me succeed in business. Promoting Your Internet Business I would call this the “show me the money” part of the business. Without money or income, there is no business. Therefore it’s important to promote your business and turn your promotional activities into sales. At every opportunity, try to promote your business through passive means: e.g. through your stationary, letterheads, emails, brochures and any other promotional material you may use. Even if it’s just an article you write for a directory, remember to put your website address at the bottom of it. In the past, I made stickers of my logo that I could easily stick on my products. Also I made sure that every email I sent out to a customer had a company logo in it. This all helps with creating the brand for the business. It’s crucial to develop a marketing plan that will not only sell your products, but also your brand. Here are some other articles I recommend to read to help you promote your Internet business: * Spreading The Word: Turbocharge Your Traffic * Converting Traffic Into Sales Part 1: Generating Leads * Converting Traffic Into Sales Part 2: Profiting From The Back-End * 12 Sales Effective Marketing Tips Operating Your Business This is the “lifeblood” of the business and I’m amazed at the amount of businesses that still operate without having good systems in place. An electrician I use from time to time asked me how I maintain my book work and said he doesn’t know how to do it. I was shocked because I’d known him to be trading for over 2 years and he probably doesn’t know how much money is being made in his business or let alone lost. What I am saying is to not be like my Electrician friend and make sure you buy an accounting software to track all your accounts and paperwork. I would suggest hiring a book keeper because it will save you the hassle and time of doing it all yourself. Some good software packages out there that are under $500 like MYOB Accounting and QuickBooks will be more than sufficient when you start out. Another area that most people forget or get caught out on are getting the appropriate insurances for your business. The most common are public liability insurance, fire, burglary, vehicle and workers compensation insurance. All these can be easily found via a quick search on Google. I would recommend ensuring both public liability and fire insurances are in place before even running your business. Keeping Pace And Staying Up To Date This may sound all too overwhelming when you have to promote, operate your business and keep up to date with your industry. Believe me it’s not as hard as it sounds. Take the first step and join a trade association or your local Chamber of Commerce. You will find it both informative and beneficial to your business. To know what is happening in your area and within your industry can help you make better decisions for promoting your product or service. Whether it may be time to change a product line or add more services to your business, you will be keeping up with the industry and making sure you are not missing out on opportunities. Also it’s a great way to network and promote within your trade associations and Chamber of Commerce. Simply write an article to contribute and it can be used as great public relations (P.R) for your business. Also I emphasise to have a well prepared business plan created before starting your business, because this will be your starting point. A business plan is useful for so many areas for your business from sourcing finance to implementing a growth strategy for the next 5 years. Once it’s written down, it will become a living breathing document that you can update and review over time. I’ve just finished preparing my business plan for this business which took nearly 3 weeks to complete but I can tell you that it is well worth the time and effort to do. Learn how to put your own business plan together and I can guarantee you that you’ll get finance and negotiate business deals much easier. The Future Of Your Internet Business Starting your Internet Business is rewarding and if you look into those areas I have mentioned, then you will have a good foundation to running a successful Internet Business. Take action today and know that you deserve to live your dream. Tyrone Shum Internet Business Coach


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