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You Deserve Answers...And Now You're Going to Get Them
If you haven't gained the wealth you crave, you need to do something differently.
Why? Because all change, all progress begins with a single decision, a single action.
Are you ready to seize the final piece of the puzzle? The missing ingredient to coast you all the way to financial freedom? You deserve answers and now you're going to get them.
In just 30 days from today your life could be in an entirely different place. Don't delay.
- Charlie Byrne
"If you don't risk anything, you risk even more."
-Erica Jong
Subleasing: A Low-Risk Way to Go Into Business for Yourself
By Larry Fredericks
Bebe wanted to strike out on her own as a manicurist, but she didn't have the capital to lease a shop, outfit it with the needed equipment, or deal with the other expenses associated with opening a brick-and-mortar business.
The solution she found was to sublease a small portion of someone else's already existing operation.
Bebe started by searching for a geographic location that appeared to have the right demographics for the service she provides (manicuring). She approached compatible businesses that were not in direct competition with hers, found one beauty salon in particular that fit her needs, and struck a deal with the owner.
There are many types of businesses that are compatible with subleasing. If you're interested in the restaurant business, for example, you could lease space in a commercial kitchen and become the food vendor in a bar or nightclub. If you create handmade jewelry, you could lease counter space in the gift shop of an upscale spa. All you need to do is find an existing operation that your business will complement - or at least not compete with.
Subleasing is an excellent way to take part in many retail businesses without facing some of the problems usually associated with retail. In Michael Masterson's book, Automatic Wealth for Grads…and Anyone Else Just Starting Out, he notes two distinct disadvantages to retailing in general:
1. A retail business requires you to be in one place for regular periods of time, which doesn't allow for a great deal of flexibility in terms of hours or travel.
2. A retail business is heavily dependent on location. If the city you are in decides to do six months' worth of roadwork right in front of your store, you may go bankrupt waiting for them to finish. Your customers can find somewhere else to go, but you can't. You're chained to that location. While this is going on, you still have to pay all your bills, including rent, utilities, and employee expenses.
In addition to those disadvantages, opening a retail business usually requires a substantial financial investment.
Subleasing cannot change the fact that you will likely have to spend a lot of your time in one location. And even if you do find good help, you'll more than likely run into "emergencies" where you'll have to work late or on the weekend. But if hard work doesn't scare you and you're the kind of person who likes dealing with the public, there are some major advantages to subleasing that can outweigh some of the downside of standard retailing:
If you're coming into an existing retail store, it is quite likely that you will only need to make minimal investments to set up your business.
You'll have the advantage of customers - from day one - who are already visiting the location.
- An "out" if the business isn't working
If you sign a lease with a landlord, you could be on the hook for the entire term of the lease (or until the landlord leases the property to someone else). If your business doesn't work out as you'd planned, you can leave much more easily when you sublease.
If your business is successful, you can easily expand into your own location ... knowing you've got a proven business idea.
While subleasing can be an excellent way to enter into a retail business while minimizing the expense and the risks, there is one other thing to consider: Your rights can be minimal.
For example, if your landlord doesn't pay his rent, you could end up being evicted along with him. To protect yourself, Meislik and Meislik, a business and commercial real estate law firm, recommends having a formal agreement with your landlord's landlord saying that you will become his tenant should your landlord default on the lease.
If you're interested in subleasing, these are the steps to take:
- Create a list of the kind of businesses that could be compatible with yours.
- Determine a suitable geographic location for your business based on the demographics of the people who live there.
- Survey the area for possible businesses to sublease from.
- Approach the owners, and see if you can work out a deal.
[Ed. Note: Larry Fredericks is an entrepreneur with a history of successful business dealings in retail, direct mail, the Internet, and real estate. Subleasing is just one of the techniques to give the small entrepreneur a competitive edge that are covered in Larry's Street Smart Business Program.]
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Are Your Investments Paying You $70,000 Cash a Year?
According to a recent report from Pepperdine University, you will need 70% of your pre-retirement income to maintain your current standard of living.
To trigger a steady flow of $2,000.. $5,000... or even $10,000 a month in privately funded "pension checks"
Creating Content for Your Website
By Patrick Coffey, ETR's Internet Marketing Director
One of the biggest challenges for an Internet entrepreneur is to create useful content for his website. And you know how important good content is. It can attract potential customers to your site. It can get you a good ranking on search engines. And it can convince readers that they do, indeed, want to buy your product or service.
If you're not a writer yourself, here are three ways to find high-quality content for your website:
1. Take advantage of article submission sites. You can pull free articles for your website from sites like ArticleCity and EzineArticles.
2. Outsource your content creation. You can find freelance writers and editors to create custom content for your website at sites like Guru and Elance. Another idea is to contact people who write for your favorite industry publications. Who knows? They could be looking for some extra work.
3. Get top content from Early to Rise. If you see an article in ETR that you think would work well on your site, you can get permission to use it. E-mail us at UseOurContent@ETRFeedback.Com for the details.
Once you've got a website with great content, you're sure to see plenty of traffic. And that means more sales and bigger profits for your company.
[Ed. Note: Patrick Coffey will be presenting more techniques to make your website appealing to potential customers at this year's Information Marketing Bootcamp: "Making a Fast Fortune on the Information Revolution." Come with an idea for just about anything that interests you ... and leave with a powerhouse online business.]
Don't "Treat" Your Ulcer ... Cure It
By Jon Herring
Thirty years ago, a young medical student named Barry Marshall bucked the establishment by claiming ulcers are caused by bacterial infections, not stress or emotional problems. When he introduced his theory, he was promptly ridiculed by skeptical colleagues. But then he proved that he was right.
One night in 1984, he swallowed a liquid containing the ulcer-causing bacteria. Within three days, he was in agony. He had given himself clinical gastritis, the precursor to an ulcer. And then he quickly reversed his condition with antibiotics.
After winning the Nobel Prize in medicine, Dr. Marshall is finally getting the recognition he deserves. His understanding about the source of ulcers has been accepted by science - though 90 percent of doctors are not aware of it.
Most doctors are still treating ulcers with antacids. These drugs may work, but only temporarily. And merely "treating" ulcers will keep you dependent on both the drugs and your doctor. To wipe out ulcers for good, consider taking antibiotics. Nothing else will do the trick.(Resource: Real Health Breakthroughs)
Dear Michael Masterson: "Is it wiser to buy a used car or lease a new one?"
"Dear Michael Masterson,
"I have enjoyed reading your articles on real estate, and all of your other financial advice has really been a benefit to me since I subscribed to ETR. I have a question that I hope you will address in the newsletter: Is it wiser to buy a used car or lease a new one? I'm weighing cost and convenience, and I'm coming up with so many pros and cons on each side. I'm eager to hear how you feel about this."
Kelley Ann Hornyak
Southgate, MI
Kelley,
This is an easy question to answer. It is always smarter to buy a late-model used car than to lease (or buy) a new one. The reason is simple: You get a much better financial value. Cars depreciate dramatically as soon as they roll off the lot. And they continue to depreciate strongly for the first two or three years (as much as 45 percent, according to Consumer Reports). Even if you're leasing a new car (rather than buying one), a portion of every payment goes down the drain, lost to depreciation.
It's not difficult to find a one- or two-year-old car in near perfect condition. It may not have that new-car smell, but if everything else is in good shape, you will be getting a nearly new car for a greatly reduced fare.
Keep in mind: That new-car experience goes away in about a week. After that, nobody (including you) will be able to tell whether your car was bought new or slightly used. (And if it's that new-car smell that turns you on, you can buy it in a spray can.)
Look for a vehicle that has less than 20,000 miles on it. And before buying it, pay a mechanic to give it a quick once-over.
You'll be happy with your used-car purchase long-term if you select a model that has a good repair record. To make sure you pay the right price for your used car, check fair market value for the vintage/mileage of the one you're looking at in a rating guide like Kelley Blue Book.
Leasing versus buying is a different question, really. If you run a business and use a car a lot for business purposes, it can make sense to lease it. But you can lease a used car too - simply by buying it yourself and leasing it back to your business.
The bottom line is this: The longer you drive any car, the cheaper it will be to own it.
- Michael Masterson
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Word
to the Wise: Venial
Yesterday's Word to the Wise was "venal." Don't confuse it with "venial," which has an entirely different meaning.
Something that's "venial" (VEE-nee-ul) is capable of being forgiven. The word is derived from the Latin for "grace, indulgence, favor."
Example (as used by Sheryl McCarthy in Newsday): "Committing adultery was a mortal sin, while eating meat on Fridays was a venial sin."
