ProBizTips Newsletter
** ISSUE #282 **

Monday, May 3rd, 2004

Fasten Your Seat Belt and Take A FREE Ride With Us!

A Word From Diane

ProBizTips Feature Article
Multiple Streams of Income: Internet Myth or Vital Business Strategy?

Ask Me Anything
Answers For Patric Chan

ProBizTips Guest Article
How the Part-time Netrepreneur Prioritizes Tasks For Maximum Profits

ProBizTips Pick of the Week
Make1Million.com

ProBizTips Business Tidbit
Words That Pull Orders Like MAD!

Discount Mania

Weekly F*R*E*E*B*I*E
101 Golden Keys to Success

Leaving With a Laugh

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Hey!

Good Day to you and I hope your day is going well so far! :)
Welcome to all our new subscribers this week and I hope you grow
to love us as so many have ... we couldn't do this without you!

It's my BIRTHDAY tomorrow! Look for a special mailing tomorrow celebrating my 28th birthday.... :)

I've still been spending a lot of time adding new things and updating my membership site, Net Profit Secrets. You HAVE to check it out if you haven't looked at it lately. There's TONS of new stuff and a bonus membership included that you can't miss out on!

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In the meantime ... sit back, relax and enjoy today's issue!

Your Friend,

Diane Hughes
ProBizTips Weekly

P.S. Just a reminder -- you can check out all the special deals, business
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Multiple Streams of Income: Internet Myth or Vital Business Strategy?
by Diane Hughes

So often we, as online business owners, fall victim to the hype surrounding the latest buzzword or idea. It’s a truly pitiful state of Internet affairs when we can’t distinguish sound truth from blurred theory. So what is the truth surrounding one of the most talked about Internet catch phrases, "multiple streams of income"?

In all actuality, the idea of multiple streams of income is not a new concept. Those who have been successful in business (in life for that matter) have long understood that you simply aren’t acting wisely if you place all your trust in one wealth-generating company, idea, or tool. Those in offline business refer to "multiple streams of income" as "diversification."

Take a look at the stock market for a moment. This is a prime example of diversification or "multiple streams of income" (MSI). For as long as it has been in existence, the stock market has thrived on diversification. Stockbrokers encourage (almost insist) that you keep your funds split between multiple companies. Why? Because if one company goes under, you’ll have additional sources of revenue through the dividends of other companies.

How about business purchasing? Professionals in business procurement will advise you to line up and use several vendors for the same products/services. Why? Again, to protect yourself should one or more of your vendors close their doors at the same time. If this happens, and you have other vendors lined up and ready to go, you won’t lose any time in getting the supplies you need to continue conducting your business.

These same proven tactics apply to MSI online. Just as you wouldn’t want to invest all of your savings with one retirement fund company, you wouldn’t want to derive all your income from one source. Just the opposite. You’ll want to ensure you have revenue coming in from as many different sources as possible.

MSI is a solid business principle that should be at the very foundation of your company. Whether you sell others’ products through affiliate programs or have a service-based business that you operate yourself, find multiple streams of income to back up your primary stream.

Don’t know where to look? Try these!

1. Add affiliate products to your site (or start a new site and offer them there).

2. Produce your own ebook, software product, or automated service that can be created once and sold over and over with little effort on your part.

3. Find others to partner with. Bring a combination of your products/services to market and give yourself twice as much income for half as much work.

The Same or Different?

Should you aim for adding MSI that are similar to your current offerings or different? There are pros and cons to each. You’ll need to examine both sides of the story and make that decision for yourself.

While products/services that are similar can be added to your current marketing plan more quickly, those that are different allow your company to expand and reach more target groups. Similar products/services integrate easily into your current business strategy, but different products/services help you achieve more security. The "correct" decision is one you can make according to your situation.

Regardless of whether you decide to go with products or services that are similar or diverse, affiliate or your own, give some serious thought to shoring up your finances through multiple streams of income. When you do, you can be rest assured knowing your future is secure.

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Diane C. Hughes * ProBizTips.com

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What is your secret of becoming one of the best ezines to advertise in? After researches in internet marketing forum, I found that many marketers recommend to advertise in your ezine.

Patric Chan
http://www.internetmarketing-tactics.com

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Hi, Patric -- To tell you the truth, I have no real secret. I don't promote my ezine advertising. Much to my delight, it's all come by word of mouth. :)

My subscribers are responsive because first of all, they are not harvested or purchased email addresses. They all opted in (double optin) by their choice. Most of them are past customers or people who have heard of me through other sources. This is important -- they know me and they trust me.

I treat my customers and subscribers well by giving... I give first. I also make it a point that I want to get to know them and I want THEM to know ME. I think this is why so many subscribers trust me and my recommendations -- making advertising in my ezine very valuable...

Hope this helps!

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Just as the name implies, ask me anything.
If I don't know the answer, I'll find it.

How the Part-time Netrepreneur Prioritizes Tasks For Maximum Profits
by Karl Augustine

Because their time is limited, part-time netrepreneurs have the difficult challenge of prioritizing the many tasks that need to be accomplished in order to maximize profits in an online business. Truthfully, making a living online can be a full-time job if you are serious about being a success.

Since their time is limited, how does the part-time netrepreneur make sure that his/her time is spent in such a way that profits will be maximized?

Through categorization and prioritization of tasks.

Once the netrepreneur categorizes tasks based on the USP, the prioritization of those tasks and the execution of them becomes more streamlined. And, since the part-time netrepreneur has limited time to work on their online business, this system limits opportunity their costs and allows them to hopefully maximize profitability.

The following categories and details aren't static and don't necessarily apply to anyone with an online business, and the examples in these categories could potentially overlap. But, all online businesses encompass most, if not all, of these examples and more. The tasks outlined below are "ongoing" for a netrepreneur who wants to have sustained growth.

The part-time netrepreneur who already has a product to sell and has set up a business and marketing plan, could categorize tasks as follows:

1. Website Maintenance and General Operations - This can include making simple updates, adding links, setting up locked pages, changing passwords, uploading new web pages, installing scripts for marketing or affiliate tracking, negotiating contracts, assessing products and services, organizing the Inbox of the mail client, and more.

These "website maintenance" and "general operations" tasks are necessary to the success of the netrepreneurs business but should only represent a fraction of the overall time allotted to all tasks of operating the business.

2. Enhancing the USP - This can include adding bonuses, writing articles, changing or tweaking sales copy, developing graphics, updating an existing product, adding a complimentary product or service, and more.

These tasks that "enhance the USP" are vital to the long-term success of the business because they will come as extensions of testing and marketing.  

Example: If it is determined through testing that the Value Per Visitor (VPV) for a given site is 40 cents and the desired VPV is 60 cents, then something will need to be added most likely to enhance the USP to substantiate a price increase given the same line of traffic to that site. The only way this information can be obtained is through testing, a subset or "task" of marketing.

3. Marketing Execution - This can include generating targeted traffic, setting up JV's, establishing pricing, testing, networking, running ads, nurturing the list through mailings, surveying, list building, and more.

Tasks that fall under this category are by far the most important of any category because they are essentially "the money makers". Of course, the preliminary work needs to be done in order for these marketing tasks to show profit. No amount of marketing in the world will give any online business owner wealth if the product or service isn't quality and isn't
delivered properly to a market willing to pay for that product or service.

The way these tasks are prioritized will differ to some degree based on the timelines established in the business plan as it was laid out by the netrepreneur. Common sense and general prudence will lead the part-time netrepreneur down the right path of prioritization for the execution of these tasks.

As a good general rule of thumb, the part-time netrepreneur should spend as much time as possible on all marketing tasks. If there are other tasks that need to be done that aren't categorized as "marketing" tasks, the part-timer should do what's necessary to finish those tasks so the main focus can be "marketing".

Be humble, keep it simple.

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Words That Pull Orders Like MAD!
by Larry Dotson

1) Use the word "free" in your ad. People want free incentives before they do business with you. They could be free books, accessories, services, etc. For example, you could say. "Free shipping with every order over $50!" Another example would be, "Order within the next 5 minutes to get 3 extra bonuses free!"

2) Use the words "you/your" in your ad. People want to know that you are talking to them. This'll make them feel important and attract them to read the whole ad. For example, you could say, "You could be the winner in our next contest!" Another example would be, "You are experiencing the benefits already, aren't you?"

3) Use the word "new" in your ad. People want new products or services that will improve their lives like new information, tastes, technology, results, etc. For example, you could say, "Learn a new revolutionary way to lose weight! Another example would be, New! Just Released!..."

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