It seems so simple. Write a booklet, build a business, get paid. And it is simple. But, there are two HUGE mistakes you absolutely must avoid in order to succeed. Make these mistakes and your booklet publishing business is doomed to fail. What are they?
First, don’t invest in your business.
Even the simplest business is going to require a little money to get it going and keep it rolling. As a new booklet author, your expenses will be minimal, but there will be some – such as graphic design services, printing, and long distance.
As your business grows you’ll find that you need website hosting, autoresponder services, merchant account services, and possibly other services such a those of a virtual assistant.
If you’re not willing to invest in these services, you won’t be able to run your business or you’ll stunt its growth.
Don’t look at the cost of the service as something you have to pay. What you want to look at is the return you’ll receive for that investment. For example, if your website hosting costs you $10.00 a month, but it allows you to have a website and you are able to make sales through that website of $500.00 a month, then you have to weigh that $10.00 against the $500.00. If you don’t pay the $10.00, then you won’t make the $500.00.
A lot of new business owners don’t think this way. They look at the $10.00 as being too expensive or as an ongoing fee they don’t want to pay, and they hesitate to sign up for the service. But, by not signing up they’re missing out on $500.00 of ongoing income per month.
Does it make sense to keep paying $10.00 to keep getting $500.00? You bet it does!
You need to be willing to invest in the services your business needs to operate. If you’re not, then there’s no point in starting your business because it’s going to fail.
Of course, you do want to keep your expenses to a minimum. You will need to weigh every expense carefully, making sure that it really is needed. But, if it is and there’s no getting around it, then you’re either going to invest or watch your business shrivel up.
There’s an old saying that goes it takes money to make money. I have personally found this to be true. And while you don’t need a lot of money to write a booklet, you’re going to need to be willing to invest some in your business.
Second, don’t invest in yourself.
This is another area where many entrepreneurs fail. They start out excited about their business, and after a while they either quit or have to close their doors because they’ve gone as far as they can and they’ve lost their enthusiasm.
This does not have to happen to you!
Nobody is born knowing it all. Everyone had to learn in order to get wherever they are in business. Every online guru and every expert you see on TV has had to make an investment in themselves of both time and money, and if they’re selling a product they’ve had to invest in that as well.
You’ve probably got knowledge in your head already from which you can write a salable booklet, and maybe even more than one. But, what happens when you’ve written all you know? How can you continue to create new booklets and other products?
And, what about advertising, marketing, and sales? Do you know enough about those things to make the best profit you possibly can? And even if you do, the game is constantly changing – especially online. How will you keep up?
That answer is you’re going to need to invest some time and probably a few dollars into learning what you need to know.
I have to do this too, as does every business owner. If you look at the big businesses – like corporations and franchises – they’ve got tons of competition. They have to continually learn and re-invent and create to stay ahead of the pack. But they know that it’s an investment well worth making because they’re focused on the return, not on how much they’re going to need to spend.
Every entrepreneur, from the kid with the lemonade stand to Oprah and Donald Trump must invest in their business and their knowledge. Not doing so is business suicide.
If you invest in your business and yourself, your business will grow accordingly!
To your riches!
PS: I welcome your comments as always!
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