Search
Home | Healthy | Wealthy | Wise | Products | Newsletters | About Us| Contact

Archive for February, 2008


The Truth About the Latest Diet Pill

Friday, February 29th, 2008

Do diet pills really work?

How much money have you wasted on fat-burning supplements? Whatever the dollar amount, I assure you that you wasted every penny. Whether it is calcium, CLA, HCA, or some pill loaded with caffeine, no supplement can help you lose inches.

Researchers from the Pennington Biomedical Research Center in Baton Rouge, LA looked at the latest weight-loss pill to come on the market – a combination of rhubarb, ginger, astragulus, red sage, and turmeric. Sounds exotic, doesn’t it? Well, the results were not impressive.

Twenty-four women followed a low-calorie diet and took either the supplement or a placebo for eight weeks. Both groups lost a little weight, but the placebo group lost more. Clearly, the supplement had no impact on the diet.

But you don’t have to wait around for a "real" miracle pill to come along. You can start changing your lifestyle today to lose fat and improve your health.

Here are three quick-start tips:

  1. Set aside one to two hours on the weekend to plan, shop, and prepare your meals for the week ahead. This will help you eat right and avoid junk food.
  2. Eliminate all sources of liquid calories. Drink water or unsweetened green tea.
  3. Schedule three 45-minute exercise sessions per week. Start with 20 minutes of strength training (you can even use bodyweight exercises only) and finish with 20 minutes of interval training and five minutes of stretching.

Consistency, not pills, will help you lose the weight.

[Ed. Note: Fitness expert Craig Ballantyne is the creator of the Turbulence Training for Fat Loss system. For a free online source of information, motivation, and social support to help you improve your health, lose weight, and get fit, sign up for ETR's free natural health e-letter.]


 

VN:F [1.6.9_936]
Rating: 0 (from 0 votes)

How to Get the Team to Buy Into Your Ideas

Friday, February 29th, 2008

The most important ideas in business – the ones that revolutionize processes – are usually met with resistance, resentment, skepticism, and misunderstanding. To help your best ideas succeed, take this four-step approach:

  1. Pre-sell the idea to the power mavens. Get feedback and make revisions.
  2. Re-sell the same idea to the same power mavens. Get feedback and make revisions.
  3. Make your big, formal presentation to the proper group.
  4. Follow up with multiple small meetings with all the implementers until you have their cooperation.

[Ed. Note: Get Michael Masterson's insights into becoming successful in your business and personal life, achieving financial independence, and accomplishing all your goals on his website. You'll find updates on Michael's books, news on upcoming ETR events, Michael's blog, and room to send in your comments and questions. Check it out today.]

VN:F [1.6.9_936]
Rating: 0 (from 0 votes)

How to Walk Up a Mountain: Exposing the Myth of Willpower

Friday, February 29th, 2008

What does it really take to be "great"?

In the movie Rocky, there’s that pivotal scene. You know the one. It’s cold. It’s early. And the Italian Stallion, Rocky Balboa, is bounding up the steps of the Philadelphia Art Museum.

Earlier in the story, he barely reached the top. But today, this day, we have the swelling of the trumpets… the soul-stirring chorus… and he’s been working hard. He’s strong. He’s ready. He’s… inspiring. Does he make it?

Here’s the thing.

I grew up in Philadelphia. I know those steps. In fact, the doors of my high school were a scant 1.3 miles from there. And from October until March, I ran that distance – and back again – almost every day after school. With about 50 other guys on our crew team. And with all of us playing that same Rocky theme in our heads. Only it wasn’t the same for us as it was on the big screen.

Our high school crew team was one of the best in the country – and one triumphant run up the steps wasn’t enough for us. On reaching the bottom of the steps, you would line up with the other guys and wait for a coxswain to jump on your back. (For those who don’t know, the coxswain is that annoying little guy with the bullhorn whose job it is to yell at you while you’re rowing the boat.) And then up the steps you’d go. And down again. And up. And down again. Over and over… and over. Until your legs turned to rubber and you were desperately sucking oxygen from the icy air.

It was grueling. And let me tell you, there were no trumpets.

So this is my message?

No, not yet. See, while my high school went on to win the nationals and all kinds of other races that year, I didn’t. I quit.

Given a second chance, would I have stuck it out? Maybe. Meanwhile, there was another guy on that same team named Rich G.

Rich was different. He worked harder. Not just harder than me, but harder than just about anybody. Even as a sophomore, he already had a captain’s slot on the senior varsity crew team. And when he wasn’t rowing, he was an emerging star on the football field too. No question, he was a born athlete. But he had a secret beyond that. One that eluded the rest of us.

Conventional wisdom would say that Rich had the willpower to be great. But I don’t think that was it. Not at all.

You might know Rich, by the way. After high school, he went on to college ball. And then turned pro. He ended up with the Oakland Raiders, where he really hit his stride. In 2001, they voted him Most Valuable Player (MVP) in the Pro Bowl. They did it again in 2002. That same year, Rich was voted MVP for the entire NFL. Nowadays, you can catch him – Rich Gannon is his full name – as a regular NFL analyst on CBS.

It plays like the American dream. Kid works hard, excels, and the rest of us are left to learn – yet again – that you can’t be a quitter if you want to get ahead. But like I said… I’ve come to realize that achieving something great, in sports or career or relationships or anything, is not just a question of willpower.

Let me explain…

The Myth of Willpower

No pain, no gain. Just do it. If it doesn’t taste good, it’s good for you. And I love that logic. It feels solid. It feels honorable. But here’s the problem: It doesn’t add up.

Think about it. How many enviably successful people hate every minute of doing what it takes to get ahead? How many runners grimace every time they strap on their running shoes? How many "A" students tear up when they crack open a textbook? How many entrepreneurs still complain about getting up early after years of growing a moneymaking business?

Not many at all.

Pick someone, anyone, in that position. They didn’t succeed because they’re masters at suppressing their displeasure. They don’t hate their lives or their choices. When they’re grunting their way up the mountain, they’re loving it. Every step of the way.

How often have you had to will yourself to do the things you love? Not often, I’m guessing. Maybe never.

So the next question is how they got there from here. And how we can get there ourselves, given what we want out of life.

I had a writing teacher who said, "You’re not a real writer until you can’t wait to get home to a blank page." I understand that now… because while I’m writing, time evaporates. And willpower has zilch to do with it. What makes it happen? I’m not sure myself. But if I had to guess, I can only pin it down to a simple but powerful shift in desire.

Throwing Sparks Across the "Desire Gap"

I see two lessons here.

First, if you’ve got a goal, forget about toughing your way toward it. You’ll need to work, sure. But you’ll never make it if that’s all the juice you’ve got powering your engine. Instead, take the time to embrace the process that’s going to get you there. How? By going past the superficial reasons you want to achieve that goal. ("To get rich.") By digging deeper to connect that goal to what it really means to you. ("My family will be so proud of me!")

In the abstract, lots of challenges don’t look worth the trouble. But in the details, the process becomes real… and rewarding in itself.

Now here’s the second lesson, and this one is more specific to us as marketers and business owners: What’s true for us is true for our customers too.

That is, much as you’ll try, your advertising can never "trick" a customer into doing something he doesn’t want to do… or into buying something he doesn’t want to buy. But somewhere in the details of what you’re offering, you might find those things that connect your product or service to something he deeply desires. So much that, simply by making that connection, he’s going to enjoy giving you his money.

It’s that simple.

This is almost entirely what good salesmanship is all about – finding the spark that bridges the gap between a prospect’s most deeply held desires and what your product can do.

How to get there?

The secret is nearly as accessible. All you need to do is look beyond the cliches and beyond the superficial assumptions other lesser marketers will almost certainly leap to. And, instead, venture into the specifics, the details.

In his classic book Breakthrough Advertising, Gene Schwartz called this "picking out the vital fact from a maze of information."

"What you are looking for in this product and in this market," he wrote, "is the one element that makes them unique. The idea you want – the headline you want – the breakthrough you want – are all wrapped up inside that product and that market. Nowhere else."

In your advertising, paint the picture of your prospect feeling the way he wants to feel. Talk about it, develop it, let him enjoy that feeling… as you walk him subtly down the path that will lead him there. That’s all there is to it.

Sounds easy, don’t you think?

[Ed Note: John Forde, a published writer and a direct-mail copywriter since 1992, is a featured expert in The Magic Button, ETR's step-by-step guide to starting a profitable Internet business. Applying John's proven techniques for writing promotional copy will make every customer contact an opportunity for a sale, whether it's your company's homepage, sales letters, emails, ads, and even editorial content.

Sign up for John's free weekly e-zine, The Copywriter's Roundtable.]

VN:F [1.6.9_936]
Rating: 0 (from 0 votes)

Let the Market Reveal the Future

Friday, February 29th, 2008

There’s nothing good about a recession. It puts your job at risk. Your bonds earn lower interest. And your favorite stock investments turn to mush as corporate profits head south. If you’re not careful, your savings get smaller rather than larger.

Yet, the best thing you can do for your portfolio is to invest in stocks in the middle of a recession.

The reason is simple. The market runs ahead of the economy. While the economy is mired in a deep funk, the market is racing ahead – anticipating a recovery. Instead of continuing to drop, it breaks its fall, turns around, and heads back up.

But don’t try to predict when this will happen. Wait for it. See it with your own eyes. Then jump in. A good place to start would be with value companies or mutual funds specializing in value investing.

It’ll feel early. Just keep reminding yourself: We live in the present. The market lives in the future.

[Ed. Note: ETR's Investment Director, Andrew Gordon, is the editor of INCOME, a monthly financial advisory service that uncovers income-generating stocks that promise safety (first and foremost), along with much-higher-than-average profit potential.]

VN:F [1.6.9_936]
Rating: 0 (from 0 votes)

Word to the Wise: Malapropos

Friday, February 29th, 2008

"Malapropos" (mal-ap-ruh-POH) – from the French for "badly to the purpose" – means unseasonable, unsuitable, or inappropriate.

Example (as used by Gerry Forbes in The Calgary Sun): "As an on-air radio pronouncer, I am quite familiar with the hazard of opening the mouth before the brain is in gear. It is very easy to fire off a malapropos statement in the heat of trying to make a point, and the result is some funny things are said, but perhaps not meant."

[Ed. Note: Become a more persuasive writer and speaker ... build your self-confidence and intellect ... increase your attractiveness to others ... just by spending 10 VERY enjoyable minutes a day with ETR's new Words to the Wise CD Library.]

VN:F [1.6.9_936]
Rating: 0 (from 0 votes)

How to Walk Up a Mountain

Friday, February 29th, 2008

Issue #2291

  • WEALTHY: The best thing you can do for your investment portfolio? (Andrew Gordon)
  • HEALTHY: 3 ways to keep the weight off (Craig Ballantyne)
  • WISE: Mark Twain on exercise

ALSO IN THIS ISSUE:

  • What does it really take to be "great"? (John Forde)
  • A 4-step approach to selling your best ideas (Michael Masterson)
  • It’s Good to Know… new evidence about the origin of an epidemic
  • Add "malapropos" to your vocabulary

(more…)

VN:F [1.6.9_936]
Rating: 0 (from 0 votes)

A Small-Business Success Formula

Thursday, February 28th, 2008

Stuart and I clinked glasses, toasting our upcoming success. It was New Year’s Eve about 20 years ago. My entrepreneurial career had just begun. I was a college student living at home with my mom. I didn’t have much money, but I felt good about the $500 each of us had just invested.

About six weeks later, we’d lost our precious money.

We’d been suckered into investing in a poor business idea. The idea? Buying the rights to distribute video memberships where customers could rent videos through the mail for 35 cents. It sounded good, but there were a couple of catches. For one thing, the customer had to purchase an expensive membership. For another, the customer had to pay an exchange fee on every transaction. (Details that weren’t included in the sales literature we saw.)

Eventually, I picked myself up from the disappointment of that first business failure. But several other failures followed. And they all fit the same general pattern: Identifying a product that seemed great, trying to sell it, and then discovering it wasn’t all it was cracked up to be.

For the longest time, I couldn’t see what I was doing wrong. In fact, it took me several years before I figured it out and made a major change in the way I did business. That single change had an enormous effect on my success as an entrepreneur. By implementing it, I was able to create a string of profitable small businesses.

What I’m talking about here is a strategy I call the F.A.N. ("Fill A Need") Formula.

What I had been doing was first coming up with the product or service to sell, and then going out into the marketplace to see if anyone would buy it. But with the F.A.N. Formula, I first studied the marketplace to look for customer needs that were not being met. Only if I discovered a hole would I create or find something and try to sell it.

And it’s not hard. You don’t have to come with revolutionary new ideas. Sometimes you can find a need for a "bread and butter" type of business that just has to be tweaked a bit to make it stand out from the competition.

My first successful business was a pool maintenance service. I was cleaning my mom’s pool when a neighbor peeked over the fence and said, "Hey! You’re doing a good job!" Then he started complaining about how expensive and unreliable his pool company was.

A light bulb went off over my head. I realized that there was a big need right there in my own neighborhood. And where there is a need, there is an opportunity for an entrepreneur to make money.

I printed up some flyers advertising my "reliable pool cleaning services at good prices," and began distributing them. Within hours of posting the first ones, my phone was ringing. This led to what eventually became a six-figure business… a nice accomplishment for a college student with no capital.

Later in my entrepreneurial career, I became interested in the ballroom dance industry. While working in a dance studio, I discovered two holes in the market. First, virtually every dance studio in the area aggressively sold "packages" and persuaded clients to learn all the dances. Second, I noticed that it was hard for many busy people to make the time to get into the studio.

So I came up with the idea of "pay as you go" lessons. People didn’t have to buy a package, and they could learn only the dance or dances they were interested in. Plus, they didn’t have to come to a studio. They could take the lessons at home.

My approach was so novel that several major metropolitan newspapers did feature stories about me. (Free publicity!) And the business took off. I was soon earning $40,000-$50,000 a year with it. And since I was only working that business part-time, I was able to develop other businesses simultaneously.

Applying the F.A.N. Formula to Your Own Ventures

Here’s how to start a business with the F.A.N. Formula:

1. Pay careful attention to markets that interest you. Then search out information about customer needs that aren’t being served efficiently.

Keep your eyes open. Just look around for things that annoy YOU. Keep your ears open too. You can sometimes hear about a need that’s not being met straight from a disgruntled customer. (That’s what got me started on my pool cleaning service.) You should also read local newspapers, particularly stories about consumer problems. And articles in national magazines can help you identify trends that could inspire you to come up with a business idea.

2. Once you’ve pinpointed a need in the market, figure out how you can fill it. What will your product or service offer? How will it benefit the customer?

My dance instruction business had three main selling points:

  • No contracts to sign or packages to buy
  • Learn only the dances you’re interested in
  • Convenient, private in-home lessons available

3. Evaluate the feasibility of the business.

Just because you see a need for the product or service you intend to offer doesn’t mean you can sell it profitably. Sometimes, the reason nobody is doing it is because there’s not enough of a market for it. So crunch the numbers first.

With my pool cleaning business, I figured out that by being a "no frills" operator with little overhead I could undercut the competition by about 20 percent. And I found that I could still make an acceptable profit even if I hired other people to do the work.

Operating your own small business is rewarding in many ways. It offers you job security. (You’ll never be afraid of a boss letting you go.) It’s a good way to accumulate wealth. And it allows you to spend your days doing something you can enjoy and be proud of. By using the F.A.N. Formula, your odds of success will increase exponentially. Try it.

[Ed. Note: Paul Lawrence is the creator of the Quick and Easy Microbusiness System, ETR's program for starting a business for under $100. The F.A.N. Formula is just one of the techniques Paul teaches in his "Smallbiz Rocket Launcher Program." Check out the details here.]

VN:F [1.6.9_936]
Rating: 0 (from 0 votes)

How to Play Tech During a Recession

Thursday, February 28th, 2008

If you had invested $1,000 in semiconductors, you would have lost $840 in the last recession (2000 through 2002). Mobile telecoms would have made $910 disappear. And telecom companies (which encompass both mobile and fixed-line) would have stripped you of $920.

But avoiding tech stocks this time around would be a classic case of learning the wrong lesson.

In 2000, techs were at all-time highs. Their prices were absurdly expensive. The dot-com crash brought down the entire sector, deservedly or not.

It’s different now. The tech stock index, Nasdaq, has made much less progress than the Dow or S&P 500 in making up lost ground since 2002. And tech stocks are no longer so expensive. Yet, I’d understand if you were nervous about rushing into this sector, so I have a suggestion for you: Look at telecom and semiconductor stocks from overseas instead of the U.S.

My favorite telecom stock, France Telecom (FTE), is exceeding analysts’ expectations and had a great year in 2007. My semiconductor favorite is from Taiwan – Taiwan Semiconductor Manufacturing (TSM). And both companies give generous dividends. These are the safest tech plays with the most upside – even with a recession bearing down on us.

[Ed. Note: ETR's Investment Director, Andrew Gordon, is the editor of INCOME, a monthly financial advisory service that uncovers income-generating stocks that promise safety (first and foremost), along with much-higher-than-average profit potential.]

VN:F [1.6.9_936]
Rating: 0 (from 0 votes)

Word to the Wise: Bibulous

Thursday, February 28th, 2008

"Bibulous" (BIB-yuh-lus) – from the Latin for "to drink" – pertains to the consumption of alcohol.

Example (as used by Sally Chatterton in The Independent): " Ever since the joys of the fermented grape were discovered, the bibulous have been waking up feeling the worse for wear."

[Ed. Note: Become a more persuasive writer and speaker ... build your self-confidence and intellect ... increase your attractiveness to others ... just by spending 10 VERY enjoyable minutes a day with ETR's new Words to the Wise CD Library.]

VN:F [1.6.9_936]
Rating: 0 (from 0 votes)

A Crispy Way to Protect Your DNA

Thursday, February 28th, 2008

Preventing DNA damage and boosting the body’s antioxidant defenses at the cellular level may help lessen aging and reduce the risk of some cancers. And now it appears you can get that protection just by eating watercress.

This member of the cancer-fighting cruciferous family of vegetables was recently evaluated at the University of Ulster. The study, published in the American Journal of Clinical Nutrition , included 60 cancer-free adults, half of whom were smokers.

The researchers looked at the participants’ blood for levels of antioxidants and signs of DNA damage. They were then split into two groups.

For eight weeks, the first group ate three ounces of raw watercress each day in addition to their regular diet. The second group (the control group) ate no watercress. After the eight weeks, the participants provided blood samples and took a seven-week break. During that time, they ate what they wanted.

The groups were then switched. Those who previously ate watercress followed a normal diet; those in the original control group ate watercress.

After this second eight-week period, researchers took final blood samples and analyzed the data. They found that when each group ate watercress, they had higher levels of antioxidants and lower levels of chemicals indicating DNA damage. What’s more, the pattern was particularly strong in smokers.

So enjoy the crunch of watercress in salads and sandwiches… and guard against DNA damage at the same time.

[Ed. Note: Kelley Herring is the founder and CEO of Healing Gourmet (www.healinggourmet.com), and is editor-in-chief of the Healing Gourmet book series. Learn more about how simple lifestyle choices can improve your health by reading ETR's free natural health e-letter.]

VN:F [1.6.9_936]
Rating: 0 (from 0 votes)

A Small-Business Success Formula

Thursday, February 28th, 2008

Issue #2290

  • WEALTHY: Why you should give tech a chance (Andrew Gordon)
  • HEALTHY: How to lessen the effects of aging – and even prevent some cancers (Kelley Herring)
  • WISE: George Bernard Shaw on getting on in the world

ALSO IN THIS ISSUE:

  • 3 letters that can help you realize your entrepreneurial dreams (Paul Lawrence)
  • A "harmless" convenience that’s derailing your progress (Jason Holland)
  • It’s Fun to Know… about gold
  • Add "bibulous" to your vocabulary

(more…)

VN:F [1.6.9_936]
Rating: 0 (from 0 votes)

The Classics Aren’t What They Used to Be

Wednesday, February 27th, 2008

The S&P 500 has lost an average of 21 percent during past recessions. If that makes you nervous, it should. Good thing I have a solution for you on investing in an economic recession.

And it’s not investing in the classic recession-fighting sectors. The classics – utilities, health care companies, and consumer staples – earned their reputations by doing better than the markets during a recession.

So, what’s better than losing 21 percent? How about losing 15 percent (the typical performance of utilities in a recession)? Or losing 7.3 percent (like health care companies)? Or losing "only" 2.4 percent (like consumer staples, the classic of classics)?

The one thing all these traditional recession-beating investments have in common is that they lose money during an economic recession.

On the other hand, alcoholic beverage companies will make you 6 percent – going by their past record during recessions. And household product manufacturers will make you 1.8 percent. But the companies with the best track records during recessions belong to the tobacco sector. They’ve gone up an average of 9.6 percent.

So drop the classics. And invest in the three sectors that not only beat the market but can also make you money when times are tough.

VN:F [1.6.9_936]
Rating: 0 (from 0 votes)

What’s Your “Signature Dish”?

Wednesday, February 27th, 2008

In his reality TV show Kitchen Nightmares , celebrity chef Gordon Ramsey rescues a different failing restaurant each week from the incompetence of its owner and staff. One of his techniques is to help the restaurant create a "signature dish."

Of course, he does lots of other things too – from revamping the menu and teaching the chef how to cook better to training inept managers and cleaning up filthy kitchens. But the signature dish – a dish the place becomes known for – is one of his favorite ploys for reviving a floundering restaurant.

The signature dish, more often than not, is something simple. For one restaurant, it was a salad. For another, a burger. For a third, meatballs. In each case, the restaurant not only got back on its feet, but became known in the neighborhood for the dish.

So what does this have to do with your business?

In most industries, there is more competition now than ever – more companies competing with each other for business. And in an age of choice, it’s difficult to compete by being all things to all people.

A much better strategy is to specialize – in an industry, a product, a service, a method, a system, a task. In other words, to have a "signature dish."

My colleague MS is a good example.

A very successful copywriter, MS can – and does – write many different kinds of copy for his clients. But his specialty… his signature dish… is writing white papers.

Early on, he saw an opportunity created by the huge volume of white papers being published. He cleverly moved in to position himself as the preeminent white paper guru. He did this by creating a separate website on white papers. He also published and gave away a free white paper on how to write white papers.

These days, MS has almost more business than he can handle – writing white papers and other marketing materials for his clients.

Now many other copywriters… including yours truly… can write good white papers. But all else being equal, wouldn’t you rather go to the copywriter who is known as "the white paper guy"?

Of course.

Your prospects, too, want to deal with experts – people who are perceived as knowing what they are doing. Since you can’t know everything… nor is it realistic to claim you do… the only way to be a credible expert is to specialize.

If you are a lawyer, you can specialize in forming offshore corporations. If you are a dentist, you can specialize in pediatric dentistry. If you are a contractor, you can specialize in building decks and sun porches.

How do you choose your specialty? Here are some of the deciding factors:

  • What’s in demand? What does the market need? What will they pay a premium price for?
  • What market niches are underserved? In what specialties is there a crying need for more vendors?
  • What education and knowledge do you possess or can you acquire in a short time with reasonable cost and effort?
  • What niches do you already have experience in?
  • What do you enjoy doing? What do you have an aptitude for? What skills do you possess? What are you best at?

One word of warning: Don’t pick a specialty you loathe or have no talent for simply because it looks lucrative or has little competition. Remember the words of Aristotle, who said: "Where your talents and the needs of the marketplace intersect, therein lies your vocation."


 

VN:F [1.6.9_936]
Rating: 0 (from 0 votes)

What’s Your "Signature Dish"?

Wednesday, February 27th, 2008

Issue #2289

  • WEALTHY: 3 sectors that beat the market… even during a recession (Andrew Gordon)
  • HEALTHY: How to be as fit as a Tiger (Craig Ballantyne)
  • WISE: Arthur Miller on specializing

ALSO IN THIS ISSUE:

  • 11 questions that will help you find a specialty (Bob Bly)
  • Applying the Ready, Fire, Aim principle to service businesses (Michael Masterson)
  • It’s Good to Know… how to navigate endless phone menus
  • Add "caterwaul" to your vocabulary

(more…)

VN:F [1.6.9_936]
Rating: 0 (from 0 votes)

Why You Should Be Concerned About Liability Protection

Tuesday, February 26th, 2008

One of the best ways to create massive, passive income is to invest in real estate. Even today, when real estate is in trouble in much of the country, you can still make a steady living as a real estate investor. But before you jump in, remember that – as with any business – you’ll want to set up your real estate business in way that not only maximizes your financial reward but also minimizes your risk.

Real estate requires you to deal with tenants, sellers, partners, investors, lenders, management companies, independent contractors, employees, and others. The more parties you deal with, the more likely it is that something may not go as planned.

The first step to protecting yourself is to learn how to run your business in a fair and careful manner, so you reduce the chances of getting sued. But it’s also essential to protect your personal assets by doing business as a corporation, limited liability company (LLC), or limited partnership.

Each of these structures creates a special legal relationship between the business owner(s) and the state and federal government. The idea behind them is to promote commerce by limiting an owner’s liability to the amount of money he invests in his business – and, thus, limiting his risk. And they have been around for centuries, some pre-dating the founding of this country.

In England during the colonial period, creating a corporation required a grant from the King or the Queen. It’s easier to form a corporation today, but it’s good to remember that this liability protection is still a privilege.

A corporation, LLC, or limited partnership is not an excuse to act in a careless or negligent manner. You need to be fair when dealing with all parties. You need to outline agreements with partners, vendors, contractors, etc. And you need to respond to tenants’ complaints. 

These are good business practices – what I call Lawsuit Avoidance 101, because they reduce your risk of getting sued.

But keep in mind that in your dealings with tenants, sellers, partners, investors, lenders, management companies, independent contractors, etc., you may occasionally need to take someone to court because your rights have been violated, a contract has been broken, or money has not been paid to you. 

And that’s where the protection of doing business as a corporate entity comes in.

When you assert your rights, it’s not uncommon to be sued in return by the other party. This is called a cross claim. Usually it happens because the other party’s attorney believes they have a claim or will be in a better position by using a cross claim – and it could put every asset available to your company at risk. But with the protection of a corporation, LLC, or limited partnership, your potential personal losses are limited to your investment in the business. Without that protection, you could lose your home, your car, your retirement savings, and anything else of value that you own.

So which of these business structures is right for you? Your individual situation will determine what works best, so be sure to consult with legal and financial advisors before you make a decision. But most real estate investors tend to fall into one of two categories:

  • Short-term buyers and sellers ("flippers")
  • Long-term investors in rental properties – what I call "buy-and-hold" investors

Short-term buyers and sellers will benefit most from an LLC taxed under Subchapter S of the IRS tax code. This structure allows you to minimize the self-employment taxes you’ll owe from active income (such as buying and selling properties) by re-classifying some of it as passive distributions that are taxed at a lower rate. Both a corporation and an LLC will protect you personally from business liabilities, but the LLC can protect your business from your personal liabilities as well.

Long-term buy-and-hold investors make most of their money from passive income (such as rents), so the self-employment tax isn’t as much of a burden. For them, a Subchapter K LLC usually has the most tax benefits. The primary benefit here is that many real estate investors borrow money to purchase rental property. The savvy investor wants to ensure that any debt or remaining balance owed on the property can be used to reduce other reportable income earned outside of the business. The S election does not allow this.

A business that operates under Subchapter K can usually choose between an LLC and a limited partnership. The LLC is simpler to run, cheaper, and costs less to set up.

Many new investors balk at the time and expense of setting up a corporate entity, but over the long term, the costs of not doing it are usually much higher. A properly structured business faces far less risk of an IRS audit, protects your personal assets, and can dramatically reduce your annual taxes. You owe it to yourself and your investing business to use these entities to your best advantage.

VN:F [1.6.9_936]
Rating: 0 (from 0 votes)

Why You Should Be Concerned About Liability Protection

Tuesday, February 26th, 2008

Issue #2288

  • WEALTHY: Lawsuit Avoidance 101 for real estate investors (Darius M. Barazandeh)
  • HEALTHY: Can you blame your genes for your weight gain? (Craig Ballantyne)
  • WISE: Anthony Trollope on owning land

ALSO IN THIS ISSUE:

  • The leap from steel-belted radials to babies inside tires (Malcolm Smith)
  • How "real" permission marketing works (Seth Godin)
  • It’s Fun to Know… about monkeys
  • Add "cockamamie" to your vocabulary

(more…)

VN:F [1.6.9_936]
Rating: 0 (from 0 votes)

Calorie-Burning Foods

Monday, February 25th, 2008

How would you like to get the benefits of one cardio session per week, without having to do any work? Sounds great, doesn’t it? Well, all you have to do is eat more protein.

That’s right, eat to burn calories.

Greek researchers gave 30 women a meal rich in either protein or fat in tests spaced one week apart. And they found that diet-induced thermogenesis (DIT – calorie-burning caused by the digestive process) was three times greater after the protein meal than after the fat meal. The scientists concluded that, over the long term, a low DIT associated with eating fat may contribute to the development and maintenance of obesity.

To benefit from this information, base your meals on lean protein sources and fruits and vegetables. Substitute broiled chicken breasts for fried chicken, grass-fed beef for ordinary hamburger, and poached fish filets for breaded shrimp.

Don’t forget to subcribe to our free daily health & wealth newsletter!


VN:F [1.6.9_936]
Rating: 0 (from 0 votes)

Using Daily Task Lists to Accomplish Your Goals

Monday, February 25th, 2008

I didn’t always plan my days. For most of my career, in fact, I didn’t.

I had written goals. And I referred to them regularly. My goals kept me pointed in the right direction, but I was always moving back and forth. Often for no good reason.

Driving to work in the morning, I would think about my goals. That helped motivate me and often gave me specific ideas about what tasks I should accomplish that day. I’d walk into work meaning to complete those tasks… but by the end of the day, many of them were not done.

What happened? The same thing that may be happening to you right now. You sit down at your desk, and there is a pile of new mail in your inbox. You pick up the phone, and 15 messages are waiting for you. You open your computer, and find that you’ve received 50 new e-mails since you last checked. You tell yourself that you will get to your important tasks later. Right now, you have to "clean up" all these little emergencies.

Before you know it, the day is over and you haven’t taken a single step toward achieving your important goals. You make an effort to do something, but you are tired. Tomorrow, you tell yourself, you will do better.

Does that sound familiar?

If so, don’t feel bad. You are in good company. Most people deal with their work that way. Even people who set goals and achieve them. Over the long term, they get everything done. But on a day-to-day basis, they are constantly frustrated.

You can be successful without planning your days… but you will have to work a lot longer and harder. The reason? When you don’t plan your days, you end up working for other people – not just for yourself. You feel that before you get to your own work, you should first deal with their requests.

Starting your day by clearing out your inbox, voicemail inbox, and e-mail inbox is just plain dumb. Most of what is waiting for you every morning has nothing to do with your goals and aspirations. It is work that other people want you to do for them.

If you want to be the captain of your soul and the master of your future, you have to be in charge of your time. And the best way to be in charge of your time is to structure your day around a task list that you, and only you, create.

As I said, simply writing down my goals helped me accomplish a good deal. But my productivity quadrupled when I started managing my schedule with a daily task list. If you use the system I’m going to recommend, I’ll bet you see the same improvement.

I have used many standard organizing systems over the years, but was never entirely satisfied with any of them. The system I use now is my own – based on the best of what I found elsewhere.

At the beginning of the year, I lay out my goals for the next 12 months. I ask myself "What do I need to achieve in January, February, etc. to keep myself on track?" Then, at the beginning of each month, I lay out my weekly objectives. Finally, every day, I create a very specific daily task list.

Here’s how I do it…

My Personal Daily Task List

I begin each day the day before.

What I mean by that is that I create my daily task list at the end of the prior day. I create Tuesday’s task list at the end of Monday’s workday. I create Wednesday’s at the end of Tuesday’s workday.

I begin by reviewing the current day’s list. I note which tasks I’ve done and which I have failed to do. My new list – the next day’s task list – begins with those uncompleted tasks. I then look at my weekly objectives to see if there are any other tasks that I want to add. Then I look through my inbox and decide what to do with what’s there. I may schedule some of those items for the following day. Most of them, I schedule for later or trash or redirect to someone else.

I do all this in pen on a 6" x 9" pad of lined paper. I divide the paper vertically to create columns for the tasks, for the time I estimate it will take to do each one, and for the actual time it takes me to complete it. I also create a column for tasks I will delegate to my assistant.

On most days, I end up with about 20 15-minute to one-hour tasks.

Here is a typical daily list.

I like doing this by hand, in pen and ink. You may prefer to do it on your computer. The point is to enjoy the process.

Because longer tasks tend to be fatiguing, I seldom schedule anything that will take more than an hour. If you have a task that will take several hours, break it up into pieces and do it over a few days. It will be easier to accomplish. Plus, you will probably do a better job because you’ll be doing it with more energy and with time to review and revise your work as you go.

A typical day for me includes two or three one-hour tasks, three or four half-hour tasks, and a dozen or so 15-minute tasks. The kind of work you do may be different, but I like that balance. It gives me flexibility. I can match my energy level throughout the day to my task list.

Ideally, you should get all of your important tasks and most of your less important tasks done almost every day. You want to accomplish a lot so you can achieve your long-term goals as quickly as possible. But you also want to feel good about yourself at the end of the day.

You may find, as I did, that when you begin using this system you will be overzealous – scheduling more tasks than you can possibly handle. So set realistic time estimates when you write down your tasks. And double-check them at the end of the day by filling in the actual time you spent on each one.

When you complete a task, scratch it off your list. One task done! On to the next one! I’ve been doing this for years, and I still get a little burst of pleasure every time.

Creating each daily task list should take you less than 15 minutes. The secret is to work from your weekly objectives – which are based on your monthly and yearly goals.

This system may not work for you, but I urge you to give it a try. I think you’ll like it.

Before your colleagues, competitors, and coworkers are even sipping their first cup of coffee, you’ll have figured out everything you need to do that day to make you healthier, wealthier, and wiser. You will know what to do, you will know what your priorities are, and you will already be thinking about some of them. You will not have to worry about forgetting something important. And you will have a strong sense of energy and excitement, confident that your day is going to be a productive one.

VN:F [1.6.9_936]
Rating: 0 (from 0 votes)

Borrowing Your Own Money

Monday, February 25th, 2008

Walk in with your W-2 and walk out minutes later with your tax refund. This service is available from many tax preparation companies. It may sound too good to be true. That’s because it is. 

That speedy refund is costing you big time. You see, it’s not really your tax refund. You are actually borrowing your own money and paying interest on it. It’s called the refund anticipation loan (RAL).

RALs are trotted out every year by tax preparers like H&R Block and Jackson Hewitt. These companies front you the money you expect to get back from the IRS. Then you don’t have to suffer through the one- or two-week wait if you file online directly with the IRS.

In exchange for your rapid refund, you pay significant up-front interest charges. Those charges can eat away as much 10 percent of your total refund, according to a Georgetown University study. On top of that, you pay fees for the privilege of having a temp fill out your tax return and file it with the IRS. If you choose to have your loan deposited directly in your back account, that’s another fee. Put the loan on a debit card? Another fee, plus usage fees.

RALs are perfect for the impatient and the broke. Low-income earners make up the biggest part of this market. And it’s no surprise that college students are targeted heavily in ads for this "service." People turn to tax prep companies when they don’t understand IRS forms. They often don’t realize they are signing up for a loan, let alone that they are paying huge fees.

If you have a complicated financial situation, you should probably contact a CPA. Otherwise, there are plenty of helpful free resources available in your community and online. Then you can file your own return, at no charge, with the IRS at IRS.gov, with either eFile or Free File. You’ll have your refund in your bank account in as little as a week. 

Two tax prep resources to look into are:

  • Volunteer Income Tax Assistance: Call 1-800-TAX-1040 or go to tax-coalition.org to find trained volunteers in your area.
  • AARP’s Tax-Aide program for seniors: Go to aarp.org/money/taxaide/.
VN:F [1.6.9_936]
Rating: 0 (from 0 votes)

Using Daily Task Lists to Accomplish Your Goals

Monday, February 25th, 2008

Issue #2287

  • WEALTHY: Are you making this tax refund mistake? (Jason Holland)
  • HEALTHY: Eat to burn calories (Craig Ballantyne)
  • WISE: Paul J. Meyer on productivity

ALSO IN THIS ISSUE:

  • How to quadruple your productivity… as soon as tomorrow! (Michael Masterson)
  • A simple trick for getting people to read your headlines (Suzanne Richardson)
  • It’s Good to Know… about the photic sneeze reflex
  • Add "avidity" to your vocabulary

(more…)

VN:F [1.6.9_936]
Rating: 0 (from 0 votes)

Get Stuck on This All-Natural Sweetener – Agave Nectar

Saturday, February 23rd, 2008

Previously, I told you about luo han guo. Today, I’ve got another sweetener that won’t spike your blood sugar.

Derived from the prickly blue agave cactus (the same plant that gives us tequilla), agave nectar is gaining popularity. Despite its sweet taste, it has just 11 calories and four grams of carbohydrate (which is mainly insulin) per teaspoon. It is also a low-glycemic food – sranking just 19 on the glycemic index.

Because this golden syrup is composed primarily of fructose (92 percent), it is nearly 25 percent sweeter than table sugar (sucrose). That means you can use a lot less to achieve the same level of sweetness.

So go ahead and sweeten up with this safe, delicious, all-natural product. It can be used anywhere you would use sugar. If you use agave nectar for baking, the following adjustments are recommended:

  • For every cup of sugar, use 3/4 cup of agave nectar.
  • Reduce the liquids in the recipe by one-third.
  • Reduce the oven temperature by 25 degrees.
VN:F [1.6.9_936]
Rating: 0 (from 0 votes)

When Easy Money Doesn’t Mean Easy Times

Saturday, February 23rd, 2008

Easy money and tight credit. Who woulda thunk? It’s like the lion lying with the lamb. It shouldn’t happen. But instead of the usual combination of easy money and easy credit, that’s what we’ve got.

Borrowing money is still pretty cheap (hence the term "easy money"). But in the middle of massive write-downs amounting to over $150 billion and climbing, banks are experiencing a serious credit crisis.

They don’t have as much to lend as before. They need more capital to cover lending. And they’re being very careful about who they lend to. The banks have gone from one extreme (lending to anybody with a heartbeat) to the other (lending to only highly rated borrowers). So credit is tight.

Many businesses that want to borrow for legitimate reasons – to put money into expansion, for example – won’t be able to. Individuals face the same constraints. The borrowed money that used to build houses and factories is disappearing.

Banking problems aside, the economy isn’t doing great. But it’s the banks that have created the biggest mess and will force us into a recession. When banks stop lending, the economy stops growing.

Don’t invest in banks and companies with big debts. They won’t be able to refinance them. Instead, put your money in companies with exceptional cash holdings and cash flows (categories that you’ll find in Yahoo/Finance "Key Statistics"). Look at their total debt to equity ratio. It shouldn’t be more than 0.5 (except for capital-intensive industries like auto manufacturing, which can have ratios as high as 2).

VN:F [1.6.9_936]
Rating: 0 (from 0 votes)

10 Travel Treasures

Saturday, February 23rd, 2008

Issue #2286

  • WEALTHY: Steer your investments clear of these companies (Andrew Gordon)
  • HEALTHY: Would you like some cactus with your coffee? (Kelley Herring)
  • WISE: St. Augustine on travel

ALSO IN THIS ISSUE:

  • Dracula’s castle, "dancing" horses, and Champagne beaches (Steenie Harvey)
  • Avoid this overused and misleading word in your writing (Don Hauptman)
  • It’s Fun to Know… about snowclones
  • Add "fulminate" to your vocabulary

(more…)

VN:F [1.6.9_936]
Rating: 0 (from 0 votes)

How to Find Customers in a Web 2.0 World

Friday, February 22nd, 2008

You’ve probably heard about Web 2.0. It’s all the rage these days. But do you really know what it is? More important, do you know how to use it to your advantage?

Today, I’m going to reveal one Web 2.0 technique you can use to help attract targeted, qualified prospective customers to your website. But first, here’s the 411.

Web 2.0 isn’t a newfangled Internet technology or software. And it’s not a marketing tactic, per se. It’s simply the evolution of the Internet into an environment of interactivity, reader participation, and usability. This, in effect, changes users’ Web behavior. As Tim O’Reilly – founder of O’Reilly Media and the guy who coined the term "Web 2.0" – puts it… it’s "harnessing collective intelligence" through user-generated content.

Web 2.0 opens up the dialog between user and website or blog. This connection can help generate traffic and a viral buzz. Patrick Coffey pointed out in a recent ETR article that not all Web 2.0 traffic is a good thing. But from a search engine marketing (SEM) standpoint, the benefits are clear and measurable: More traffic and frequent interactivity (or posts) equal better organic (free) rankings in search engine results.

Getting good organic rankings is a powerful way to find qualified prospective customers. A recent eye-tracking survey of people doing an Internet search showed that 70 percent of the time their eyes go to the upper-left side of the search results (the organic listings). Their eyes go to the right side of the search results (the paid listings) only 30 percent of the time.

One way to increase your organic rankings – and take advantage of Web 2.0 user behavior – is with targeted online acquisition polls.

Online polls can help you collect names and e-mail addresses, gauge general market (or subscriber) sentiment, and generate sales via a redirect to a promotional page. They also allow for interactivity, where a user can sound off about a hot topic. I’ve been including polls in my online marketing strategy for at least six years now, and have rarely been disappointed with the results.

Some websites, like surveymonkey.com, allow members to set up free or low-cost surveys and polls. However, they may not allow you to include a name-collection component or a redirect to a promotional offer. If that’s the case, either ask your Webmaster to build you a proprietary poll platform or use a poll script. (You’ll find examples at hotscripts.com, bgpoll.com/, ballot-box.net/faq.php, micropoll.com, and 2enetworx.com.)

Here are eight ways to help make your Web 2.0 poll a success:

1. Make it engaging.

Your poll question should engage the reader, encourage participation, pique interest, and tie into a current event. And be sure to have a "comments" field where people can make additional remarks. Sample topics: politics, the economy, health, consumer breakthroughs, the stock market, foreign affairs. Sites that highlight the most talked-about (and searched) topics on the Web include buzz.yahoo.com/, 50.lycos.com/, and google.com/press/zeitgeist.html.

2. Be relevant.

Your poll question should also be related to your product, free e-zine topic, or free bonus report topic. This will greatly improve your conversion rate (the number of people who actually participate in your poll) and your up-sell rate. Let’s say your free offer is a sign-up for an investment e-zine and your up-sell is a redirect landing page promotion for a paid investment newsletter. In that case, your poll question should be something like "Do you think the Dow will rise or fall in 2008?"

3. Offer an incentive.

After people take your poll, tell them that to thank them for their participation you’re automatically signing them up for your free e-zine or e-alerts… which they can opt out of at any time. To reduce the number of bogus e-mail addresses you get, offer a free "must-read" e-report too. And assuming it’s your policy not to sell or rent e-mail names to third parties (and it should be), indicate that next to the sign-up button. This will reassure people that it’s safe to give you their e-mail address.

4. Tag the responses.

Having your poll question somehow tie into your product line makes the names you collect extremely qualified for future offers. Each name should be "tagged" by your database folks according to the answer they gave. Segmenting the names into such categories will make it easier for you to send targeted offers to them later.

Let’s say your product line includes an investment e-zine on equities. In that case, your poll question might ask people which investment product they think has the best returns: money market, gold, equities, or options. Those who answer "equities" will be prime candidates for a promotion for the e-zine.

5. Use the results for new initiatives.

In addition to collecting names, online polls will help you gauge general market opinion – and could help you come up with new products. Keeping with our above example, you would flag all of the responses that come in. Then, if an overwhelming number of responders indicate an interest in an investment product you don’t have – maybe one on gold – you should consider developing one. Because you now have an instant market of people to sell that product to.

6. Strengthen your new relationships.

You need to reinforce the connection between the poll people just participated in and your e-zine or e-alerts. So make sure each name that comes in gets an immediate "thank you" (for taking the poll). Then send an automatically generated e-mail with the link for the downloadable free e-report you promised. Consider sending a series of "bonding" e-mails to them too – to help them get to know who you are, what you do, and how it will benefit them. This will help improve their lifetime customer value.

7. Gratify participants with the results.

Don’t just leave poll participants hanging. Make sure you tell them that the results will be published in your free e-zine or on your website (to encourage them to check it regularly). This will help increase readership and website traffic.

8. Publish the best reader comments.

On your poll landing page, mention that some user feedback may be published (anonymously) in your e-zine or on your website. Pick the very best, most powerful responses to use. Republishing user feedback is fundamental to the Web 2.0 concept. And it has been extremely successful for social networking communities and blogs.

Marketers have used polls to collect names for years. However, with the recent surge in (and buzz about) Web 2.0, now – more than ever – polls should be included in your online marketing mix.

Polls aren’t just for finding new customers. They allow you to measure customer sentiment – which, in turn, can impact customer retention and service

[Ed. Note: Wendy Montes de Oca is ETR’s Vice President of Marketing & Business Development. For step-by-step instructions on starting your own Internet business, get ETR’s Magic Button program. Click here to learn more.]

VN:F [1.6.9_936]
Rating: 0 (from 0 votes)

How to Find Customers in a Web 2.0 World

Friday, February 22nd, 2008

Issue #2285

  • WEALTHY: Dirt-cheap stocks to buy now (Rick Pendergraft)
  • HEALTHY: An all-natural sugar replacement (Kelley Herring)
  • WISE: Steve Ballmer on staying in touch

ALSO IN THIS ISSUE:

  • 8 keys to getting your customers to tell you what they want (Wendy Montes de Oca)
  • Does every new product have to be unique? (Michael Masterson)
  • It’s Good to Know… about pollution concerns for the Beijing Olympics
  • Add "moil" to your vocabulary

(more…)

VN:F [1.6.9_936]
Rating: 0 (from 0 votes)

What Health Benefits Do Cherries Provide?

Thursday, February 21st, 2008

Inflammation is (or should be) a serious concern. It is the cornerstone of cellular aging and the root of chronic disease, which now affects more than 100 million people in the U.S. alone. But new research shows that eating many of your favorite foods, including cherries, may help quell inflammation and forestall the ravages of aging.

A recent study published in the Journal of Nutrition evaluated the effect of cherries on inflammation. Eighteen healthy men and women supplemented their diets with bing cherries (280 grams/day, or just less than two cups of pitted cherries) for 28 days. Blood samples were drawn and analyzed before and during the cherry noshing, as well as 28 days afterward.

After 28 days, the subjects’ plasma concentrations of CRP, a primary marker of inflammation, decreased by 25 percent. Then, after the subjects abstained from cherries for 28 days, their circulating concentrations of CRP increased by approximately 10 percent.

Choose cherries for a sweet treat with real health benefits. My favorite way to enjoy them is in my Chocolate Covered Cherry Smoothie. Just blend one cup of organic milk, one scoop of Jay Robb’s Chocolate Whey (all-natural, pasture-grazed, grass-fed whey protein isolate made from cows not treated with the synthetic bovine growth hormone rBGH), and one cup of frozen organic cherries. In minutes, you’ll have an antioxidant-rich dessert for breakfast that will keep you full till lunch and keep inflammation at bay.

VN:F [1.6.9_936]
Rating: 0 (from 0 votes)

Abstract Phenomena

Thursday, February 21st, 2008

Issue #2284

  • WEALTHY: A 3-step process to becoming successful – at whatever you do (Michael Masterson)
  • HEALTHY: A sweet treat with anti-aging benefits (Kelley Herring)
  • WISE: Ralph Waldo Emerson on the power of nature

ALSO IN THIS ISSUE:

  • How to turn an abstract idea into personal power (Robert Ringer)
  • Keeping cool with The Donald
  • It’s Fun to Know… about ladies-only buses
  • Add "brio" to your vocabulary

(more…)

VN:F [1.6.9_936]
Rating: 0 (from 0 votes)

The Value in the Email List

Wednesday, February 20th, 2008

Two jewelers have stores next door to each other. At night, Jeweler #1 locks his jewelry in his safe and leaves his list of customers in his office. Jeweler #2 leaves his jewelry out, but locks up his customer list. One night, a burglar breaks into both stores and steals everything in sight. After the insurance payout, only Jeweler #2 is able to rebuild his business.

The moral here? It’s fairly simple to replace material objects. Finding customers is more difficult.

I was reminded of how important a customer list is while listening to NPR the other day. A newsperson reported that along with John Kerry’s endorsement of Barack Obama comes Mr. Kerry’s e-mail list of three million supporters. That’s three million new people Obama can now use for canvassing and fundraising.

Every direct marketer understands how valuable his list of customers and prospects is. But for a new Internet entrepreneur, the job of getting a list started can seem daunting. And the thought of growing that list into the thousands can seem all but impossible.

I’ve found that the best way to start is with pay-per-click (PPC) ads on the major search engines. This allows you to manage every aspect of your marketing campaigns. You can choose the demographics of your audience. You can choose to advertise in particular regions, countries, or worldwide. You can limit the amount of money you spend on your ads. You can decide which messages certain people will see. PPC advertising is a very flexible way to target specific people.

One of your best resources is Google’s own AdWords advertising center. (google.com/adwords/) You will not only find many great tips there, you’ll be able to share and discuss ideas with other advertisers and Google support staff in the AdWords online discussion group.

Read Patrick Coffey’s article "Mastering Google AdWords in 3 Easy Steps" for easy-to-follow directions on creating great PPC ads. And follow that up with Alexis Siemon’s article "Rev Up Your Sales With Google AdWords" for three simple ways to get the most out of your PPC campaigns.

With a good combination of ad and offer, you can easily build a list of a few thousand qualified e-mail prospects within a few short months. In fact, building a list of 10,000+ names in a year is a realistic goal.

VN:F [1.6.9_936]
Rating: 0 (from 0 votes)

How a Simple "Thank You" Can Make You More Money

Wednesday, February 20th, 2008

I’m going to share with you a business-building technique that is extremely powerful, yet almost totally overlooked (or used improperly).

It’s simply… saying "thank you" to your customers.

You might be thinking, "Saying thank you to our customers for their business is not any big secret. What are you trying to pull here?"

Just hold onto your horses, and I think you’ll see how wonderful this can be.

You might be sending out some kind of a thank-you note to your customers – maybe with a special "gift" offer attached to it. But unless you have a strategic use for the sales those notes generate, it’s usually not worth it to send them out. Remember, you want to elicit direct actions from your customers. The stuff that results in dollars being directly deposited into your account.

That said, let me show you what I’m talking about.

A few years ago, I completed a series of teleseminars. The people who listened to this "Web Copy Secrets Mastery" series live each paid $397 to be on the calls. I thought that would make them good prospects for some of our other higher-end Internet marketing training programs.

Now, as you know from reading ETR, a customer is a better prospect for another similar product right after they make a purchase than if you wait weeks or months to contact them. Which means that the sooner you contact a customer to thank them (and offer them something else), the better.

So when the Web Copy Secrets sessions were over, I sent the 65 people who had initially signed up a simple postcard. When I say simple, I mean it. I did it with a service called "Amazing Mail" (amazingmail.com) that sends out color postcards for you. It costs about a buck each. (Of course, that’s higher than what it would cost to have postcards printed up locally and mail them yourself. But with this service, you can do it with just the click of a mouse. And you can do only one postcard, if that’s all you want.)

It was very cool. It took me about 10 minutes to get the 65 postcards out. I just picked one of their pre-done designs – one with a colorful ocean scene that said "Thanks" across the top. And then, on the back, I wrote this:

"Thanks so much for being part of the recently completed ‘Web Copy Secrets Mastery’ course. I really hope you got a lot out of it. In fact, I learned a lot just by moderating and interviewing all of our wonderful guests! :)

"Now, as a special thank you, I want to give you a discount on a terrific new product we’ve recently released, called ‘Yanik Silver’s Internet Marketing Secrets Exposed.’ It’s a 3-volume video set from my presentation at the sold-out, $4,995/per person ‘Internet Marketing Lab’ in Washington, DC.

"Here’s the special link for your $50 savings: XXXXXXXXXX

"Best, Yanik"

Could it be any easier?

I don’t think so. It cost me $65 to send out my 65 thank-you postcards. And I wound up making three sales for $750. Figuring in my cost to fulfill the product (the video set), I made about $625. That’s more than a 1,000 percent return on my money. Not bad for something that took me 10 minutes.

Ready to try your own thank-you postcard to make more sales? Here’s a little template any business can use…

"Thanks so much for {your recent purchase of ­­­­_____, taking part in _____, having your gutters cleaned, etc.}. I really hope you _____. {Say something about the benefit your product/service provides.}

"Now, as a special thank you, I want to give you a discount on a terrific new product/service we’ve recently released, ­­­­_____. {Give the name of the product/service, and add just a sentence or two about it.}

"Here’s how you can get your $XX savings: {Give instructions on how the customer can get the deal – by going to a website address, calling a specific number, etc. What action do they need to take?}"

Thank-you notes like this work well for several fundamental reasons.

First, they make your customers feel appreciated. By thanking them, you’re showing that you really do care about their business.

Second, thank-you notes that include a discount or other deal trigger a feeling of obligation in your customer. By giving them something (that’s for real), they want to reciprocate by buying something.

Finally, they work because of a solid direct-marketing principle: "A buyer is a buyer is a buyer."

Here are the five easy steps you can take to use thank-you notes to build your business:

  1. Right now, gather up the names of your best customers – those who just bought something from you. They are excellent prospects for another one of your products/services.
  2. Create a simple spreadsheet file with their names and addresses.
  3. Come up with a preferential deal you can offer them.
  4. Go to amazingmail.com and sign up for an account.
  5. Send these customers a simple postcard using the template above.
VN:F [1.6.9_936]
Rating: 0 (from 0 votes)

Word to the Wise: Irascible

Wednesday, February 20th, 2008

Someone who’s "irascible" (ih-RAS-uh-bul) is hot-tempered. The word is from the Latin for "prone to anger."

Example (as used by Jack Olsen in Hastened to the Grave): "The lawyer described his client as an irascible eighty-two-year-old eccentric who alternated between spinning fascinating tales about her past and cussing him out."


 

VN:F [1.6.9_936]
Rating: 0 (from 0 votes)

Sign Up for our Free Newsletter




$2.3 Trillion Floats by You Every Year...
Billions of dollars every month... millions every week... go right by you through your phone, TV, computer, and mailbox... The problem is those dollars are invisible. There is a $2.3 trillion dollar industry all around us. You've seen its products and ads, but you probably couldn't put a name to it. The profit opportunities for normal people just like you are enormous and easy to tap into... if you know how to get your “foot in the door.”

Worlds Highest Paid "Bad Boy" Copywriter Disclose
This "bad boy" has secret. One that has pulled in as much as $3.6 million in sales over a weekend... $5 million in a few weeks... and $16 MILLION in a single month!




Home | Healthy Living | Wealth Creation | Success Secrets | Products | About Us | Useful Links | Contact Us | Past Issues | Meet the Experts | Meet the Staff | Speak Out Forum | Success Books | Success Stories| Vocabulary Words | Partner With Us | Join the Team | RSS | Site Map

Republish ETR's Powerful Content On Your Website Or Blog Without Charge!
Get the no-hassle details, today!

Early To Rise 245 NE 4th Ave., Suite 201, Delray Beach, FL 33483 | Phone 800-718-2269 or visit our help desk.

Content Disclaimer | Whitelist Information | Resources | RSS News Feed | Press Releases

We respect your privacy. View our privacy policy.

©Copyright ETR, LLC, 2001-2009