Monthly Archives: April 2011

Spring Into Action – How To Reach That Million Dollar Mark

In my last post I discussed the two options you have for expansion – expanding your market, and expanding your product line.  Once you have a booklet on the market and it’s doing well, you’re on your way to your million dollar goal.  But, you’re not there yet.  You still have a ways to go.  So, what’s the next step?

Booklet Number Two

The most logical next step, once your first booklet is doing well, is to create a new product to sell to your audience.  This product could take any number of formats, but the easiest way to do it is simply to create a second booklet.

Why a second booklet?  Why not a workbook or cd or even a full size book?  The answer is three fold.  First, you have experience creating a booklet as opposed to other kinds of products.  That’s not to say you can’t expand into other products, but now may not be the best time to do that.  Second, a booklet will be less expensive to create than your other options.  Your company is still young and it’s best to conserve your resources at this point.  And third, and this is most important, your audience was highly receptive to your first booklet.  This means they like to recieve information in this format.

Cross Selling And Beyond

Once you’ve created your second booklet and it’s doing well in the market place, you will have the income from two distinct, yet related, products.  This will allow you to cross market the booklets to your audience so that they will not want to purchase one booklet WITHOUT the other.

From this point, you can begin to experiment with other types of formats, but it is best to make sure they are related to your booklets.  Now is the time to create that must have, add on cd; or that special mp3 download, or that full length book, or even a third booklet.  Your audience has purchased from you twice.  They know you, they trust you, and they are waiting for more.

What You Publish Determines Who You Sell To

As the main player in your booklet adventure (and probably still the only player at this point) you now have a major decision to make.  You must decide the future of your product line, and ultimately what your company will be known for.  Yours is a publishing company, but what will you publish?  Will you publish only booklets forever?  Or, will you publish information in a variety of formats?  The decision you make will not only determine what you will publish, but who you will sell to.

Your company can reach the million dollar mark selling booklets alone, but it will take much longer to get there if you’re selling single booklets to individuals.  If your plan is to stick to selling only booklets and you’re determined to grow your income into the seven figure bracket, your best bet is to sell your booklets to quantity buyers.

But, if you expand your product line into other formats which would interest your audience, you can sell to single product buyers and still hit your million dollar goal within a fairly short period of time, provided your audience is large enough.

There are thousands of companies who do this.  They create one or two products and then build on them to create multi-million dollar empires.  Their products run the gamut from laundry detergents to perfumes, toys and games to office equipment.  Some of them only have a small handful of products which they continually reinvent or improve.  It can be done.

Of course, I’ve always advocated going both routes, but some booklet adventurists simply prefer doing business one way over the other and this is perfectly alright.  After all, there is no right or wrong way to reach your million dollar goal, as long as you get there!

To your riches!

Kim Hillman

PS:  Would you like to reach that million dollar mark?  If you’ve decided to go for it, and you’re ready to begin your own booklet adventure click here!

PPS:  It only takes ONE idea to start the riches flowing to you!  Subscribe to this blog so you never miss a post.  Click here!

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Spring Into Action – Expanding Your Business And Growing Your Income

Most million dollar companies are not built upon one product.  While every company begins small, in order for the income to grow the company must either expand what it has to offer it’s market, or expand the market itself. Some companies do both.

The same holds true for your booklet adventure. After you’ve moved along the first few squares in the game, it’s time to make some decisions about where you’ll go next.

Your Two Choices

Once your first booklet is on the market and doing well, you may be tempted to sit quietly, rake in the dough, and pat yourself on the back for a job well done.  But, if you’re going to grow your new little enterprise to million dollar proportions, you can’t afford to sit still for long.

In order to make the big money, you need to expand your business – and under that umbrella of expansion you have two choices.  You can either expand your market and continue to offer the same booklet, or you can create new products to offer your current market.  Ideally, you should do both, but you will want to start with one option and get it going, and then move to the next option.

When Market Expansion Makes Sense

Expanding your market may, at the outset, seem like the most reasonable choice to pursue.  After all, you don’t need to develop any more products.  This choice makes sense if your current market is very small. You would simply need to let more people know about your booklet within your current market.

If your current market is already quite large, however, you will need to expand into a new market in order to make this option work.  There comes a time for every product when new markets must be found in order to continue growing the revenue that product produces. This is due to saturation of the current market for the product.  Once everyone has heard about it, and all who are going to buy have bought, the income from the current market will begin to dwindle.  However, the current market should continue to be maintained as new people will enter this market. But, a second market should also be pursued.

The problem with expanding into a new market is that it is not as easy as it seems.  Chances are your first market was an obvious one, and one which you knew how to reach easily, either because you are a part of that market yourself or because you have some first hand knowledge regarding it.  But, finding a second market for your booklet may proove more time consuming and costly than finding your first one did.

Why Product Expansion May Be Your Best Option

This brings us to your second option – expanding your product line.  If your current market is saturated, it means they liked your first booklet.  Now, they are poised to purchase whatever you offer them next – as long as it still falls within their interests.

There’s an old saying in business which says that it’s easier to keep a current customer than it is to find a new one. This is true.  Once you’ve got an audience for your booklet, it will be easier to sell to this same audience a second time than it will be to find a new audience.  Your current audience knows you and chances are your booklet, as great as it might be, didn’t completely satisfy their hunger, curiosity or need for the information you provided.  You gave them a taste, whetted their appetite, and now they’re ready for more.

You see this all the time in the world of books with volumes and series.  It’s also evident in other arenas, such as brand name fashions that offer their latest styles to the same market, TV gurus who offer a book today, and a workbook and DVD to go with it tomorrow, and even chocolatiers and green houses who offer something new every month to an exclusive market signed up to receive such offerings.

Of course, you don’t need to create several products at once to pull this off. You just need to create another product for your market – one at a time.  This is an affordable way to expand what you have to offer and continue making money and grow your empire.  And later, when your income is solid, you can expand into new markets too!

To your riches!

Kim Hillman

PS: Ready to begin YOUR booklet adventure?  Click here!

PPS: Remember, it only takes ONE idea to start the riches flowing to YOU!  Subscribe to this blog now so you never miss a post!  Click here!

Spring Into Action – How To Know Whether Your Booklet’s Topic Is A Winner Or A Dud

Sometimes the author who is just beginning their booklet adventure has no idea what they want to write about.  Other times, they have many ideas but the ideas are either incomplete or they aren’t sure which one to use.  Even if you know what you want to write about, how can you be sure that your topic will generate interest and make you money?

The Concept Of Business

Every business that makes money can be boiled down to a very simple concept – they have something people want or need. That’s it.  There is no exception to this rule.  If you have something I want or need you have my attention.  If not, I’m not interested.

The market for booklets works the same way.  In order for someone to buy your booklet, they must have a want or need for the information your booklet offers.   IF NOBODY WANTS OR NEEDS YOUR INFORMATION, THERE IS NO POINT IN WRITING YOUR BOOKLET.

What Are YOU Interested In?

So, where do you start?  How can you know whether someone will want or need your information enough to buy it from you?  You start with yourself, and what you know.

Look at your own interests and experiences and ask yourself whether anyone might benefit from your knowledge. If your knowledge is too specialized, you may not find a large enough audience for your booklet.  But, if you’ve come across other materials on the market that are in line with an area you have experience in, or if you’ve often been asked questions by others about something you know, or if you have heard about or attended classes having to do with a topic that interests you, or if you belong to any clubs or affiliations whose members have a common interest, these things can point you in the right direction to finding a topic to write your booklet about.

Why Your First Booklet Is So Important

One of the things to remember when choosing your first booklet’s topic is that it will set the pace for everything that follows.  That first booklet is your introduction to the world as an expert in something, so you want to make sure that whatever you write about interests you enough to stay with it for the long term.  You also want to make sure that know a great deal about your topic.  If you miss either of these two components, your booklet will be a dud.

After you write that first booklet and it’s doing well, your audience will be poised for whatever you have in store for them next, and that next thing will need to continue where your first booklet left off.  You might write another booklet, or decide to do some public speaking, or teach a class, or create a cd or dvd, but whatever you do, if your next product has absolutely nothing to do with the topic of your first booklet, your audience will NOT be interested.

The best way to create a million dollar a year booklet business is to sell your audience what they want or need OVER AND OVER AGAIN.  That first booklet is the most important product you will ever create in your business because it sets the pace and expectation for things to follow.  Make sure your topic will hold your interest for the long term, and that there is a market for what you want to write, and then you’ll have a winner!

To your riches!

Kim Hillman

PS: Would you like more information about how you can write and produce a booklet of your own?  Click here.

PPS: Remember, it only takes ONE idea to start the riches flowing to you.  Be sure to subscribe to this blog now so you never miss a post!  Click here.

 

Spring Into Action – The Million Dollar Test

Most authors don’t think of themselves as business owners, but whether you write a book or a booklet, that’s exactly what you are.  Like all business owners, you have a product to sell, and you want to sell as much of your product as you possibly can.  But, how do you get from nowhere to making real money? How can you build a million dollar a year (or more) business from scratch?

The Beginning Of Something Tangible

As a potential booklet author, there is an adventure that lies before you waiting for you to decide whether you will move forward, or step aside.  Your decision to move forward is the very beginning of something tangible, although you won’t see it for a while.

The decision to begin your adventure is a bold move that puts YOU in the drivers seat, and it is this first decision that gives a spark of life to your adventure.  You have taken the reins into your hands and embarked on a journey of creation – the creation of your booklet and, ultimately, the creation of a business.

Success = Making The Best Choice

Once you have stepped over the threshold of that first decision you are no longer nowhere.  You are now somewhere. You may not have a booklet yet, but you have a commitment to yourself to create one.  That commitment is something you didn’t have before you made the decision to move from where you were to where you are.

And now that you are past that first big decision, many more await you.  In fact, you might say that owning a business is simply going from one decision to the next, and owning a successful business is a matter of making the best choices most of the time.

Moving into uncharted territory

Everything on this planet began with an idea – from the very basics used to sustain life such as the homes we live in and the clothes we wear, to the McDonnalds and Starbucks down the road.  And, at some point, someone said YES to that idea.  They thought it over, and they made the decision to move forward into that adventure.

Without some kind of idea or choice, there can be no decision.  There is nothing to move forward to.  But, once an idea presents itself a choice must be made.  What will you do?  Will you continue on as you always have, or will you embark upon the new path before you?

Making the choice to take the new path is the beginning of the million dollar a year business. It means that you’re tired of the status quo and you’re ready for something more.  It means that you’ve got the right stuff to succeed because you were able to make this decision – the decision to go into new, uncharted territory.  This is the million dollar test because, if you don’t pass this one, you’ll never even have a business, let alone one that brings in a million dollars a year.

Not everyone can pass this test. Some people have a very difficult time making decisions even when the answer to the question is obvious!  And if too much is left to the unknown, most people would rather just forget about it.  So, congratulations!  By making the decision to embark upon your own booklet adventure you’ve proven yourself and taken the right action.  And now that you’ve passed this test, the next decision awaits you. But, we’ll save that one for the next post!

To your riches!

Kim Hillman

PS: Ready for more action?  Do you want to speed up the process and get that booklet done NOW?  Click here!

PPS: Don’t miss the next post!  Remember, it only takes one idea to start the riches flowing to YOU!  Subscribe to this blog today.  Click here!