How To Make Money From Passions

To make money online many people jump right in before they are properly prepared. You know that to be a rocket scientist, a doctor, a brick layer, a construction worker, an office worker, a teacher there are prerequisites, things you must learn, before you can be successful, you don't just jump right in unprepared.

The same applies to the Internet marketing industry even though there are unsavory people out there who'd have you believe it's a "Walk in the Park" and requires no more than the belief that you can just do it.

And I'll have to admit, it is a walk in the park compared to what you have to put up with in the working world punching a clock being a subordinate to someone who does not have your interests in mind, but there are still rules you have to follow and pitfalls you must avoid to actually make Internet marketing work for you.

Most people will not make a dime online and yet there are others who will make more in one month than most people make in a whole year. Why is that?

My answer begins with the age-old chicken or egg question, "what comes first the chicken or the egg"? Personally I vote for, well never mind, each argument you or I make comes back to the same old conclusion - I have no clue and I don't think many of us do either.

But one thing I do have a clue about and know for sure is that to make money online you must first have Passion for the company products and/or service of any Internet business from which you expect to make money.

Passion in this sense simply means that you've researched and like the company and products or services. It is then that you translate that like (or Passion) into the education, excitement and work that usually accompany Passion.

I will have to say that many online entrepreneurs are so good at what they do that they ignore passion because they can sell anything. But I'm concerned about those of you who are not so knowledgeable at working an online business successfully.

Now, I'm not trying to make anyone believe that Passion is the only thing necessary. Because to be successful you must also have a good website, good marketing, widespread advertising, company support, effective keywords, and etc. Those things are often learned from the company you join - but sidestep Passion and you reduce your chances for success dramatically.

It therefore follows that, if you have no Passion for the company and the products and services provided by that company, again, you won't attempt to do the work you are being taught.
Internet marketing work is typically not all that difficult or time consuming but it does take motivation caused by Passion to get you off and running with a sustained effort so that you won't stumble.

You have a great resource in the Internet search engines to search about the Internet Marketing industry for business opportunities, USE IT!

Your research should uncover a company that you like and have confidence in. It should be solid, founded on great principles, and easy to understand with great products and services that are sell-able for which you can have Passion. If you don't find it move on,
You can find the right opportunity containing the attributes identified above.

Comments like, well, that one sounds good and the compensation plan is excellent so I guess I'll start that business - does not sound like a decision based on anything near Passion. And remember when you hear that an Internet "guru" does that, don't be tempted, because as I said earlier they are experienced and can sell just about anything, without being Passionate about the company products and services.

Note: By the way it's your goal to get to the point where you can sell about anything online. That end skill and goal is a worthy one indeed.

Remember, there are other steps you must make before you step into Internet Marketing but if you don't first find the right company products and services to be passionate about, all of those other steps may just cause you a lot of frustration instead of bringing you great success.
Not being Passionate about a company and products and services that has market proof that it will sell is a pitfall you simply must avoid.

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Smart Cashflow Management

For a lot of businesses, especially new ones, success is a matter of survival more than anything else and in order to survive it’s important to remember this one principal. Cash is King!

Without a ready stockpile of cash, the ability to meet ongoing operating expenses will become problematic. The reality of why so many small businesses have not survived the recent recession is because they did not have access to cash when their income suddenly nosedived.

First of all what is cashflow? It’s important to not confuse cashflow with profits. Profit will support the growth of your business, contribute to the value of your business and pay back long term debt. Cash is what you need to pay those everyday expenses such as suppliers and employees. As an example; if your customers pay you 30 days after purchasing, then you will not receive that useable cash until the following month, yet that sale will still register as profit.

In order to control your cashflow you need to take to do the following.

- Make sure your accounts are up to date. This should be a daily task.

- To boost cashflow you can raise prices and increase sales.

- Sell off surplus assets and equipment.

- Get rid of slow moving stock by discounting.

- Make sure you invoice your customers as soon as possible.

- Follow up on invoices as soon as they are due. Some business’s will not pay unless they are chased, so it’s perfectly acceptable to start calling your customers the day they are due to remind them.

- Keep a close eye on your debtors. If you have debtors regularly falling behind in their payments change the way you bill them, by insisting on payment up front or stop dealing with them until their accounts are cleared. Remember you are effectively loaning other business’s your cash interest free.

- Make sure your customers understand your payment terms by making it a central part of the supply contract.

- Cash cheques as soon as you receive them.

There are other effective methods to get customers to pay on time or even better, early. Offer a prompt payment discount, perhaps for payment within seven days or payment at time of purchase. This might just be a short term fix to get cashflow moving, but it’s a common tool for business’s to use and a quite attractive way for your supplier’s to save money, especially if you point out on their monthly statements how much they could have saved had they used the facility.

Probably the easiest, and most neglected, way of solving cashflow problems, is to review the cash that is leaving your business. Keeping an eye on costs, especially during difficult times, can be an extremely effective way of keeping the bank account under control.

- If times are difficult, the easiest and perhaps least painful cost (from the business’s point of view) that can be targeted is your own drawings or salary. You might not like the idea much, but remember; short term pain for long term gain.

- Review your employee expenses. Reducing employees is never an easy step, however during difficult times it is a necessity that cannot be avoided. Start by reducing the number of hours you have them working or maybe look at linking performance more closely to pay.

- Try and negotiate better terms with your own suppliers.

Remember that most businesses that do fail, fail because they do not have the cash to meet their financial commitments, and not necessarily because they are unprofitable. Keep a healthy cash reserve aside for rainy days and above all, make sure you maintain a good relationship with your bank, because it will be they that you turn to as a last resort.

MLM and PYRAMID SCHEMES

Pyramid schemes are illegal in most countries; unfortunately it can be quite difficult to tell the difference between an illegal pyramid scheme and a genuine MLM scheme. However the main difference is, an MLM scheme is designed to sell product and a pyramid scheme is designed to recruit new members.

The questions you need to ask to determine the legitimacy of the scheme should be;

1. Is there a large amount of upfront money required? A legitimate MLM business should not require large start up costs.

2. Will the company buy back unsold inventory? You might not get back what you paid, but you should get back at least 75%.

3. What sort of emphasis is placed upon the market you will be selling to? If there doesn’t seem to be much emphasis on customers then chances are their main business is recruitment.

4. Is there a lot of emphasis placed on recruitment? Are incentives or commissions offered to recruit new members? Does the plan suggest you will make more money through recruitment rather than selling?

This is an extract from a larger online article that can be found at http://www.bbbcubed.com