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I am new to selling online. If you own an online business, what % of income (from this online business) you would be using for online marketing? Is there a normal range — say 20-40% to keep the business running, and more than 80% to grow the business more aggressively?
Hi Teddy,
I don’t like very much the approach of focusing in "how much" before having a very good idea about "what", "to whom", "how", and "why".
The way I like doing this is:
1) I think about the target market (who do I want to send the message to?)
2) I think about ways to reach the target marketing: the media they use, the language they like, the keywords they use, etc.
Once I’ve defined the target public and the product, I can think about message options (what to say and how to say it). Each message option has its own cost and limitations and that is the point where I start thinking about budget.
As you see, each marketing action has its own cost and it doesn’t have much to do with your income. This situation is even worse at the very beginning when your income is expected to be lower.
Me and my family have a vending business that’s been going for just over 2 years. We are only just starting to get a bit of money out of the business as all the money made simply goes back into the business to build it up. We need to use the money we make to buy more vending machines etc to grow the business.
What type of business do you have and how long was it before you started getting a proper living from it?
We are over 2 yrs in and only just starting to take peanuts out of the business.
It’s difficult to say how long it can take. When we ran a business part-time it really didn’t pay its way. Another one took about 6 months to start producing good returns.
If you’re in the UK, it may be worth contacting your local Business Link. They offer a free business review and come up with helpful suggestions for moving your business forward. We did this for one of ours a couple of years ago and it was very helpful.
Good luck with your business!
I want to announce my new cleaning business. we do a great job or your money back. we work in sonoma county. please help I really want to make my business grow.
You don’t need to announce it just start looking for customers. Are you doing homes or businesses? For homes tell your friends you are available and put notes on bulletin boards. For business call the building management and offer to come do a bid make sure you are qualified to do floors since that is a specialty and the equipment is expensive.
Are you more concerned with if you are spending your money wisely? Or do you worry about how best to invest your money? How about how to market and/or grow your business?
I WORRY ABOUT HAVING MULTIBLE FLOWS OF INCOME, I OWN AND OPERATE 4 BUSINESS , AND TRY TO MAKE SURE THAT WHEN IM READY TO QUIT WORKING I CAN.
Is that a coincidence or do they know that if you use more revenue to grow your business you can exceed interest payments by the increase in revenue from your growing business.
microsoft.
Which company is it. I would really like to read up on them.
Edit: Thanks and that’s interesting.
You can find various book recommendations at Successful Home Based Business.com
It’s impossible to recommend a ‘best business book’ as it depends so much on each person’s circumstances. However, I’d suggest the following for new entrepreneurs.
The E-Myth by Michael Gerber
This book seeks to explain why most small (owner managed) businesses fail and what to do about it. It contains deceptively simple but very sound ideas. By the way, the E is for Entrepreneur – this book is nothing to do with the Internet.
Cash Flow Quadrant by Robert Kiyosaki
This book looks at the differences in thinking between people who are employed, self employed and business owners.
Good Fortune
Stuart Warner
Home Based Business Specialist
Could you be just as successful without the college degree?
When you plant seeds in the ground, they don’t ask for a botany degree to grow into a food, or a flower. They just need a certain amount of water, and a certain type of soil, and a certain amount of a specific lighting. These things will be learned, and studied in obtaining a botany degree. The seeds however: will grow if they are treated properly by a poor american who got all of the info out of a book at the library, and who hid them on federal, or state land.
Business: though, a degree can help a business person socially, and possibly give him or her a little more land to plant seeds on than they already have.
Running a small business can be a challenging task, especially in today’s economic environment. What are some ways you have grown or improved your business?
You should have an aggressive marketing plan to promote your company and your products or services. These days, competition is really tight in any field, and people are really looking for ways to save. You have to come up with something that is worth the customer’s time, effort, and money, and where they can get added value for what they are paying.
Use marketing materials like fliers, catalogs, posters to get your promotions across.
Was it a business contact who referred you to a big client? Or a friend who gave you a great business idea? Or a supportive family member? Who was that angel for your startup?
When my wife first started her medical transcription business about 8 months ago, she received a tremendous amount of help from a friend of hers who has had her own medical transcription business for about 12 years now – she also wrote a book about it. I also helped her some during the start-up process. She also received alot of good business advice from her former boss.