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Serving the global online business community since August 30, 2000 . . . . |
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Marketing
The Essential Contents of a Marketing Plan Every marketing plan has to fit the needs and situation. Even so, there are standard components you just can't do without. A marketing plan should always have a situation analysis, marketing strategy, sales forecast, and expense budget.
Are They Enough?
Include a Specific Action Plan
Marketing With Postcards http://www.DrNunley.com To be successful, your marketing plan needs to have two essential things. First, it must get attention. If it doesn't catch people's eye, it's not going to work, period. Second, it must be cheap enough for the long haul. If your marketing is too expensive, your profits will feel the pinch. Using postcards is an effective marketing strategy that is both affordable and attention-grabbing. Because a postcard doesn't need an envelope, your message has a head start at getting attention--it's in your customer's face right off the bat. Today's bright, full color postcards practically jump out of your prospect's stack of mail. Postcards are far cheaper to send than regular mail. You can make small, targeted postcard campaigns and get the same results as an expensive print or broadcast campaign might bring. Your postcard's main message needs to be simple and direct. If your message is too long or seems too complicated, your postcard will end up in the trash. Your card might double as a coupon, thank customers for purchases, advertise a sale, or simply remind people you're still there. Whatever you do, don't try to pile too much information on one postcard--focus on one objective. When writing your postcard, start with a great headline. Begin with an action word. Promise a main benefit customers will get when they buy from you. Cut out extra words. Headlines work best when they are black, bold type on a white background. White on a dark background works well, too. Avoid colored type. It can easily blend into the background, giving your headline less impact. Use a full-color photo to make your postcard look more impressive and stand out from the other mail. That used to be expensive, but now online suppliers can give you a vast catalogue of stock photos to choose from at a low price. Choose a photo that people who buy from you might identify with or find amusing. You can even send a series of cards. For example, your floral shop might first send a postcard to addresses in the neighborhood letting people know you're open for business. Next, try sending a second postcard advertising a sale or special item. When you target consumers, consider these ways of categorizing your audience: where they are located, what they do for a living, family size, income range, ages, men or women, how much education they have, and the lifestyle they embrace. Targeting your audience will get you better response and more bang for your advertising buck. Cheap, effective postcards are a great way for a very small business to gradually build its customer base and sales. Postcards are also a good way to augment a larger company's print and broadcast campaigns. By following these simple tips, you can insure your postcard gets noticed and brings results.
Kevin Nunley provides no-cost marketing advice. He also writes sales letters, web copy, and press releases fast and at low cost. See all his marketing and writing deals at http://DrNunley.com
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Financing 
Do I need a business plan? Not everyone who starts and runs a business begins with a business plan, but it certainly helps to have one. If you are seeking funding from a venture capitalist, you will certainly need a comprehensive business plan that is well thought out and demonstrates sound business reasoning. If you are approaching a banker for a loan for a start-up business, your loan officer may suggest a Small Business Administration (SBA) loan, which will require a business plan. If you have an existing business and are approaching a bank for capital to expand the business, they often will not require a business plan, but they may look more favorably on your application if you have one. Reasons for writing a business plan include:
What's in a business plan? If you are writing a business plan for a bank, your bank manager will want to see that your ideas are well thought out, but the most important aspect to him or her will be your financials. Are your assumptions realistic? And will the cash flow of the business be enough to ensure that you can make the monthly payments for the loan that you have requested? If your business is making $1,000 a month and your payments are $1,200 a month, the bank is likely to turn you away. When considering an investment opportunity, most venture capitalists look at the obvious trends and market niches. Transcending the business elements, however, the most important factor in a decision to invest in a company is the quality of the people. In real estate, the three biggest criteria are "location, location and location." The venture capital axiom is "people, people and people." VCs will ask, how experienced are the people that are going to run this business? Do they have knowledge of the industry? Have they started successful ventures in the past? What makes a successful business plan?
Bringing it all together...
A great business plan is the best way to show bankers, venture capitalists, and angel investors that you are worthy of financial support. Make sure that your plan is clear, focused and realistic. Then show them that you have the tools, talent and team to make it happen.
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Tax Planning
Tax Magic:
How To Turn Taxable Income Into Tax-Free Income Believe it or not, there are ways to convert taxable income into non-taxable income, without any fear of an IRS audit. Here's one of my favorites. It's been part of our tax code for over 30 years, yet many still don't take advantage of it. What am I talking about? The IRA -- Individual Retirement Account. Now, before you say, "Oh, I know all about that one; what's so great about an IRA?", give me 10 minutes to explain 3 new benefits to the IRA rules that you may not realize. BENEFIT #1: How To Avoid Tax Rather Than Postpone Tax First, did you know that there are now 2 kinds of IRA's available? The so-called Traditional IRA is the one that first came out way back in the 1970's. But there's a newer incarnation of the IRA that's only a few years old -- it's called the Roth IRA. And the difference between these 2 IRA's is huge. Traditional IRA contributions are tax-deductible, resulting in immediate tax savings. The growth of those contributions is also tax-sheltered while the funds remain in the account. But eventually all tax-deductible Traditional IRA contributions, as well as the growth of those contributions, will be subject to income tax when the money is withdrawn from the account. In other words, Traditional IRA's offer the opportunity to temporarily postpone taxes. In contrast, the Roth IRA offers the opportunity to permanently avoid taxes. With a Roth IRA, you don't take a deduction for your contributions; instead, you make a contribution with "after-tax" dollars. Whatever you put in not only grows tax-free, but can also be withdrawn tax-free. Here's an example to illustrate: If you invest $2,000 per year for 20 years into a Roth IRA, you will have invested a total of $40,000. Now if that Roth IRA earns an average of 10% per year, that $40,000 will grow into $126,005. Now comes the fun part: Assuming the IRA has existed for at least 5 years and you are at least 59 ½ years old, you can withdraw the entire $126,005 tax free. In contrast, if this money had been invested in a Traditional IRA, the entire $126,005 would be subject to income tax as it is withdrawn. The $86,005 of growth is magically converted from taxable income to non-taxable income. Assuming you are in the 15% federal tax bracket, that's a savings of $12,901. Add any state income tax, and you could save over $15,000 in taxes. BENEFIT #2: Take An Extra 3 ½ Months To Fund Your IRA The deadline for contributing to your IRA is April 15 of the year AFTER the year for which the contribution made. So for Year 2003, you have until April 15, 2004 to put money into your IRA. If you've already invested the maximum (more about that in a moment) by December 31, 2003, then you're done. No more money can go into the IRA for 2003. But if you haven't maxed out your IRA, you have until April 15 to do so. Which brings me to . . . BENEFIT #3: The Maximum Contribution Amounts Have Increased For many years, the most you could put into an IRA was $2,000. Now, the maximum is $3,000 (assuming you have at least that much earned income from wages or self-employment income). And if you are over 49, you can put in another $500, bringing the total maximum to $3,500. A married couple, both age 50 or older, can put a whopping $7,000 per year into a Roth IRA. Not too shabby, eh? One final note about these Roth IRA rules: For married people, you can only contribute the maximum of $3,000 or $3,500 if your combined income is less than $150,000. If you are single or head of household, you can contribute the maximum if your income is less than $95,000. For most middle-class folks looking for a perfectly legal way to permanently avoid tax (rather then merely temporarily postpone tax), the Roth IRA fits the bill. Now comes the hard part -- how to actually implement this tax avoidance strategy. "Wayne", you say, "We'd like to save as much as we can for our golden years. But $7,000 a year? It's hard to put aside that kind of money. We need every dollar we make just to pay the bills." If that's your situation, I'm not going to get up on my "what-do-you-mean-you-can't-save-any-money-for-retirement" soapbox and start preaching at you. I will say this: You've got to start somewhere, and you've got to start saving something, don't you? People who have a problem saving for retirement usually have a budgeting problem. For an excellent resource on budgeting, I highly recommend the Budget Stretcher web site: http://www.homemoneyhelp.com. This site offers a free budget system complete with simple forms and worksheets to help you figure out how to put somemoney aside for a Roth IRA or other savings plan. Take advantage of this resource and get started today. Wayne M. Davies is author of the best-selling ebook, "The Tax Reduction Toolkit: 29 Little-Known Legal Loopholes That Will Reduce Your Taxes By Thousands" (For Small Business Owners and Self-Employed People Only!) Sign up below to receive valuable free daily tax tips and learn important money-saving, time-saving tactics such as: 4 simple steps to reduce your taxes, 5 tax myths that are costing you a bundle, and how to audit-proof your tax return forever! Privacy Policy: Your email will not be shared and you can cancel anytime. Your free subscription will also include the following helpful articles:
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