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By John Reese - 12 Of My Most Valuable Mini-Lessons For Your Business

Discussion in 'BlackHat Lounge' started by wookie85, Aug 20, 2010.

  1. wookie85

    wookie85 Regular Member

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    Just received this email from John Reese and I find it so true that I wanted to share it with all of you guys....

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    1. ALWAYS DO MORE THAN IS EXPECTED OF YOU

    I learned this at an early age from my Dad.
    He had a very successful career as a business
    executive and engineer, and this the core
    principle that created his success.

    You can apply this to your business in many
    ways... over-delivering to your customers,
    giving unexpected bonuses to your employees
    or outsourced workers, and more.

    Most people do just the bare minimum. Do
    more than is expected of you and it will do
    amazing things for your business.


    2. STOP DREAMING AND START DOING

    Too many entrepreneurs get caught up in the
    big dreams of how they will one day be rich
    and how their life will be amazing...

    ...but they never end up doing anything.

    They buy courses, read all they can, jot
    down little notes and ideas in a notebook,
    but nothing ever actually gets created.

    A web site doesn't get made. Advertising
    isn't run. Markets aren't tested. Nothing.

    If you want to make a lot of money the only
    way that happens is getting stuff done. Period.


    3. DON'T LET LEARNING DELAY ACTIVITY

    Most people that have studied Internet Marketing
    much already have the basic skills that are
    needed to build a million-dollar business.

    That's worth REPEATING...

    Most people that have studied IM much ALREADY
    HAVE the basic skills that are needed to build
    a million-dollar business.

    You can get stuck learning new stuff FOREVER.
    There will always be new methods and techniques
    that get discovered. The Internet changes on
    a DAILY BASIS. This is a given.

    Don't get caught in the trap of "I'm going to start
    building my business right after I go through this
    next course..."

    You can start building your business TODAY while
    you are studying and learning new things that you
    can easily apply TOMORROW.

    Things will NEVER perfectly align for you and
    your business. There's no such thing. So don't
    wait. Get started NOW and take action. Get some
    stuff going and go from there.


    4. MULTIPLE IDEAS CAN BE THE KISS OF DEATH

    It's okay to work on multiple projects and ideas.
    It's almost impossible to stop entrepreneurs
    from having tons of new ideas at the same time.

    BUT...

    No new money comes in the door until you get
    ONE project launched and making money.

    Something has to be launched FIRST.


    5. MAKE JUST ONE DOLLAR FIRST

    No one has ever made a million dollars in sales
    without generating $1 first.

    ALL successful businesses start with that first
    sale and then grow from there.

    It doesn't matter what your income goals are.
    The faster you make your first dollar, the faster
    you will reach your goals. PERIOD.


    6. DO THE IMMEDIATE CASH PROJECT FIRST

    What should you work on next? Whatever will
    bring in cash the fastest for your business -- and
    of course, I mean that in a moral/legal/ethical way.

    If you analyze all the great ideas you are probably
    sitting on, I bet you can realistically prioritize them
    in the order of which ones would actually make
    money come in the fastest (if it succeeds.)

    THAT is the project you need to focus on.

    Cash is the lifeblood of your business (and your life.)

    Save some of those "big" ideas for the future. Focus
    on the ones that stand the best chance of getting
    new money to come in right away. Once you have
    some stable ongoing cash flow in your business, then
    you can take a chance on that project that may take
    longer to pay off.


    7. EMAIL MARKETING KICKS THE CRAP OUT OF
    EVERYTHING ELSE

    When it comes to growing a business online, nothing
    generates long-term cash flow like an email list of
    engaged subscribers & customers.

    Email marketing is the best way to generate traffic.
    It's the best way to 'recycle' the same visitors again
    and again to any of your projects. It's also the best
    way to convert prospects into buyers.

    RSS, Twitter, Facebook, YouTube, BLAH BLAH BLAH

    Yes, those methods can generate leads. Yes, those
    methods can generate some sales. But time and time
    again little old email marketing kicks their butts -- by
    a long shot.

    So make building a list, and a solid relationship with
    it, a top priority in your business.


    8. RUN A LEAN OVERHEAD MACHINE

    I can't stress this one enough.

    When you start growing a successful business
    it's really easy for your overhead to get out of hand.
    It's easy to start hiring a bunch of people and
    committing to a bunch of expenses.

    Take it from me, when you have months where
    your fixed expenses (doesn't include advertising, etc.)
    are well over $100,000/MONTH (and growing) it can put
    you in a tough position to make healthy profits.

    I used to have fixed overhead that high but never again.
    I realized there were smarter ways to do things.

    What you need to realize is that REVENUE doesn't
    mean jack squat. It's your profit (income) that
    matters.

    So while running a $10,000,000/year business (sales)
    is impressive, I know people running a $1,000,000/year
    business that nets MORE than the person that owns
    the $10MM/year business.

    It all comes down to your expenses.

    Sometimes it certainly DOES take heavy expenses
    in order to make a lot of money. But that's not my point...

    My point is, your overhead can really get away
    from you. If your sales experience some dips,
    and it's almost guaranteed they will at some point,
    then you can LOSE YOUR BUTT very quickly.

    So add to your overhead as a last resort.


    9. MAKE ACCOUNTING A PRIORITY

    This is a big mistake that most entrepreneurs
    make -- and I've been guilty of it as well.

    Keeping the books and doing accounting work
    is the LAST thing that most entrepreneurs want
    to mess with. We have more fun by coming up
    with new ideas and trying to make them grow --
    not spending hours of our time inputting receipts
    and figures into QuickBooks.

    If you don't like accounting, immediately pay
    someone a few bucks to handle it for you. Just
    make sure your accounting is always up to date.
    It's very important.

    As an extension of this, make paying your taxes
    a priority -- even if you pay them in advance.

    I have paid a small fortune in tax penalties because
    of being lazy and filing late. And it's too easy to
    let one delay turn into another and for the problem
    to get worse. So make it a priority.

    Don't "rob Peter to pay Paul." This is a trap
    most entrepreneurs fall into -- again,
    I've been guilty of it in the past myself.

    It's easy to start making a bunch of money
    and think "I'll just use this money to make
    more money instead of paying my taxes
    on it now and I'll just pay the taxes later
    after I've made even more money."

    Or the same thinking is applied towards
    delaying payments to a vendor, or some other
    expense that needs to get paid.

    This is probably the #1 mistake entrepreneurs
    make that can create problems and a lot of
    wasted money in paying penalties and interest.
    So make sure your accounting is taken care
    of and your taxes get paid on-time for you.


    10. DON'T LEASE OFFICE SPACE

    (If possible.)

    As tempting as this might become if your
    business starts to grow, avoid it at all costs.

    If you're like me, what will happen is that you
    will eventually stop going to the office and just
    work from home where you always were
    more comfortable anyway. And/or you will
    end up realizing you really didn't need it.

    Having an "office" is not required to have
    a successful business. We live in a
    Digital World now and it's just not important
    anymore.

    Even if your business grows and you need
    employees, you still don't necessarily need
    an office. There are people out there running
    $20MM+/year businesses with no office; the
    employees all just work virtually. This is
    becoming more and more common.

    * There certainly are exceptions to this. My
    team in the Philippines works out of an office
    I leased. But they are collaborating on software
    projects and NEED to work in the same location.
    And, of course, it's also very inexpensive.

    Most office leases are thousands of dollars
    per month and usually don't turn out to be
    a good use of cash.


    11. ALMOST EVERYTHING TAKES LONGER

    When creating new projects, or having some software
    made for you, or having an ebook ghostwritten, or
    anything else, know that things almost always
    take more time than originally expected.

    This is the #1 reason why you need to act TODAY
    to start putting things in motion to grow your
    business. The longer you wait, the more into
    the future you push your potential of getting
    money to come in the door.


    12. THE MONEY IS IN THE MARKETING

    Don't get caught up in trying to make Web pages and learn
    HTML, or studying how to create javascript, or learning to
    master Linux so you can administer your own server, or
    how to use Photoshop to create little logos, etc.

    You can certainly do that stuff if you want, but know that
    it will most likely just be a HOBBY.

    It's no surprise that some of the most successful entrepreneurs
    I know are also some of the LEAST TECHNICAL people I know.
    The main thing they do right is to simply pay others to do all
    the "nuts & bolts" stuff that makes online business work.

    It allows them to spend all their time on the marketing -- which
    is where the money comes from.


    *** BONUS LESSON ***

    * See how I'm over-delivering as mentioned in the first lesson? :)

    SPENDING TIME ONLINE ISN'T NECESSARILY WORKING
    ON YOUR BUSINESS


    Just because you spend hours a day online doesn't mean
    you're working on your business.

    You can do 'research' forever and never make a cent.

    You need to be spending most of your time on:

    - Generating Traffic
    - Communicating With Your Customers (i.e. blog, list, etc.)
    - Creating Content

    Don't fall into the trap of reading blogs & forums, chatting
    on Facebook or Twitter, checking stats, reading news,
    etc. for hours upon hours.

    Just know that almost all of that stuff (with rare exception)
    is LOSING YOU MONEY more than making you money.
     
  2. MaxWeber

    MaxWeber Regular Member

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    I also read this email from John, as I respect him a lot actually.

    I would also just add....

    DO NOT CONFUSE ACTIVITY WITH ACTION