The Millionaire Mind Support Network™

Part 3

How to choose a profitable publishing project

What about your publication will make a customer pick it out from a web site, or from a bookshelf?

What is that special something that makes your publishing project unique in your chosen market?

If your publication is not distinctive, what is your perceived marketing edge?
During this thought process, please bare in mind that there is a fine line between unique and totally unprofitable specialized market.

As an SBDC consultant, I had the opportunity to meet with many enthusiastic would-be entrepreneurs. After a rousing pitch of his or her leading-edge business concept, it was sometimes, my sad task to point out that the reason no one had done this before was that there simply wasn’t enough market share to support the venture.

The same cool-headed analysis needed to evaluate a potential business venture is needed to develop your alternative publishing venture. The ‘self’ in self-publishing can be the siren call to ’self’-destructive business behavior. Hard questions have to be asked fearlessly and answered honestly.

Is the topic of the proposed publishing project of interest to someone other than you?

Are there enough potential “someones” to represent a sizable (read profitable) market.

How will you determine if your proposed topic or story line has been done to death?

Based on the project’s content and competition, how will you position your project in the market?

Is your publishing project a one-shot deal, or your first step in establishing a multi-title, publishing venture? (Think Joe Vitale and ANYTHING about Marketing and the Law of Attraction)

How will you position and brand your publishing company?

Where to start your research?

How to do a fast competition search:
-Search Amazom.com
-Books in Print Subject Guide and Forthcoming Books in Print Subject

So, you did your research and you’re dazed at the number of books there are on your topic. That doesn’t mean there isn’t a market for your publishing project. It is your job to develop a book that is better than what is already available.

How?

can you present the material more clearly, more concisely?

Have you devised a more accessible, format or a more informative approach to the topic?

Have you perfected an amusing writing style that makes a topic easier to understand or not as intimidating?

Or is your ability to organize material so it is easily understood a way to brand your publishing project?

Right about now your thinking, hey these are the same type of questions I’d have to answer to develop a business or a marketing plan!

That would be correct. The difference between a Jack Canfield and a Joe Vitale is an unerring sense of what the market wants to read and the ability to let that same market know the “perfect” book is now ready to help them solve the problem that has been vexing them.

Author-Entrepreneurs build profitable enterprises based on valuable information products, accurately targeted and correctly marketed. The best way to be successful and stay successful is ask yourself the hard questions and develop publications that your market not only reads, but also recommends.

The Second in the Author Entrepreneur Series…

Step Two

Develop a clear description of your author entrepreneur enterprise

So, are you developing a publishing business that will build you a passive, residual, income stream or passionately pursuing a hobby?

Lets get down to Business

1. Have you chosen a name for your business enterprise? Does the name support your branding strategy and desired position?

2. Have you defined your company’s mission? What are your corresponding goals and objectives?

3. What exactly is your branding strategy and market position?

4. How will your publishing project meet the needs of your customers better than your competitor? (Please do not delude yourself that this is the fist book on this subject. It is the first written with your special talent, from your specific point of view; but the customer will have other books to choose from.)

5. What are the steps you need to follow to form a legal business?

6. How do you determine what type of business structure is appropriate for your venture? What are the key differences between a proprietorship, partnership, LLC, or a Corporation?

7. Are you a manufacturer, merchandiser, or a service business? If you answered all three, I am very, very pleased with you grasshopper. As a self-publisher, you have all the manufacturers project management responsibilities — shepherding raw resources into a finished product. As a merchandiser, you have the job of seeing that product successfully distributed and sold. As for service, you have the care and feeding of the distribution network, your clients, the bookstore owners and the end user, the readers. Oh yes, if you are starting a publishing venture with talent other than yourself, you have to keep your authors happy. Because if you don’t, your authors will be in the next wave of competitors. I just love the publishing business — I think its all that free-floating Darwinian energy.

8. How quickly can you reasonably grow sales? What will it take to reach profitability?

9. Are you planning to develop a whole new product line?

10. Do you have plans to expand your product line?

11. If you have more than one publishing project planned, do you have the metrics in place to measure sales performance?

9. Define the barriers to entering and exiting an alternate publishing entrprise. This goes back to honestly reviewing and recognizing your skill-set and resources. Example: the final price tag for a self-published, printed and professionally promoted book could run between $5000 and $10,000. Do you have the resources to carry the project to successful fruition? If not, that is a barrier to entry.

Another example: you decide to self publish in the form of an e-book. Without the up-front printing costs, it seems like an affordable alternative to get in the publishing game; however, there is a significant technological barrier that you or someone on your payroll has to surmount. Do you have the creative capability to design and format the publication for electronic download? Which of several competing electronic publishing “standards” do you follow? Do you have the budget and/or technical capability to mount and promote an e-commerce enabled website to take advantage of print-on-demand-download technology?

Millionaire Minds Are Entrepreneurial

Many of us left the Millionaire Mind Intensive weekend, KNOWING, that we had to find ways to monetize our existing enterprises, or if we didn’t already own a business, start one. T. Harv Eker and the Peak Potentials trainers all stress the importance of reviewing and using, our personal and profession experiences and expertise, looking for opportunities to solve problems and sell the solutions. For many of us, writing and distributing self published e-Books or printed material based on our passion and purpose seemed like a good first step. Many of you have contacted Nick or myself asking for advise about how to publish your work, so I thought I’d summarize the Author Entrepreneur process in a series of Millionaire Mind Support Network™ Blog entries.

Step 1

Determining the market for your book

If you are moved to consider self-publishing, you are most likely dealing with a book of your heart … a book that you believe in. That makes it harder to step back and consider its position in the market place objectively.

Some are some points to consider in that process.

1. Who are the customers for your book?

2. What is the potential market (how many buyers) for your book?

3. Where are they? How will you reach them? (Internet marketing and website Search Engine Optimization, social networking, print media advertisements, direct mail campaigns, trades shows)

4. How will your publishing project meet the needs of your targeted customers?

5. How will it benefit them?

6. How is your book better than your competition’s…how do you maintain your edge?

7. Will emerging or changing technology affecting your publishing enterprise? How?

8. Have you budgeted for both time and money to market your publication project? Social and viral networks are two specific marketing trends that are being used successfully by Author Entrepreneurs. Both are inexpensive options, however the trade off is a significant investment of time and single-minded purpose. Our good friend and “Peer Mentor” Chris Sherrod is one of the best examples of success through focused intent and a complete commitment to the use of both social and viral networks to promote his work. Are you willing and able to commit the time needed to leverage social networks effectively to market your publications?

The next Millionaire Mind Support Network™ Blog will address Step Two of the Author Entrepreneur Process: Develop a clear description of your author entrepreneur enterprise.

Business Start-ups and a Recession Economy

Recently I’ve been thinking about the non-profit educational organization, Outward Bound. The group’s mission is to inspire character development and self-discovery in people of all ages and walks of life through challenge and adventure, and to impel them to achieve more than they ever thought possible. It has been said that one of the founders of Outward Bound noted that more, older, sailors survived shipwrecks than younger, more physically fit, sailors. He came to the conclusion that the older sailors had “experienced survival” and therefore had the expectation of rescue. Their young shipmates often just couldn’t see past the existing, life threatening situation and gave up.

As a business manager, I weathered the two “Oil Shock” recessions in 1973 through 1975, and 1981 through 1982. As a business owner, I had the opportunity to navigate through the “What were they thinking, Savings and Loan Debacle / Bailout” recession of the late eighties and early nineties.

Here is what I learned

Starting and growing a business during a recession is not impossible. In fact if you structure the right kind of business model, a recession economy can be a great incubator for creative problem solving. Local Economic Development Groups offer tax breaks for job creation, lower rent in specific impact zones; and in cooperation with local and state government agencies, they can offer specific business support services.

Show Me the Money

As an SBDC counselor, my client’s most frequently asked questions concerned start-up or expansion capital.

With a proven business model, product or service, and good credit, the entrepreneur would tap the “Usual Suspects” — SBA secured bank loan, Local Economic Development Agency grants or low interest loans, Friends and Family, Angel Investors, and Venture Capitalists to secure expansion capital.

I’ve got a great idea, where do I get start-up funding?

Here are my top suggestions for “go-to” sources of initial investment.
1. Customers
2. Suppliers/vendors
3. Competitors/strategic investors

It is important to note that these three sources don’t work in all situations.

For instance, using your experience and contacts as a corporate event planner you are opening up a Catering and Events company focused on corporate and charity events. You happen to know a wealthy individual, who respects your managerial skills and who attends a number of social and charity events — they may be a relevant investor. Likewise, the food distributor from which you plan to purchase hundreds of thousands of dollars worth of catering supplies over the next year might be interested.

Conversely, the Catering and Events company across town surely will not invest in you. Likewise, if you are launching a company targeting teens, your customers aren’t going to have the ability to invest in you. Or if your venture exploits weaknesses of other companies in your sector, looking for competitors/strategic investors may tip everyone else off regarding what you are doing.

However, in many instances, at least one of these sources might be relevant for companies seeking capital. In addition, these sources of capital may help in referring other investors and/or be able to provide additional capital in the future should it be needed.

Since capital is the fuel that new ventures need to grow, the entrepreneurs that run them must always think creatively about financing, and never miss out on good potential capital sources.

Millionaire Minds always find a way!

Live Well and Prosper,

Helpful Business Links For Your Million Dollar Idea

Patents, Copyrights and Trademarks:

The USPTO
The USPTO is the United States Patent and Trademark Office. It is a vast and reliable resource for protecting your idea. From finding the correct forms you need to finding the right patent for you, the USPTO is an invaluable resource. Spend some time sifting through the pages and doing your patent homework!

Inventor Resources and Information

Find a Registered Patent Attorney In Your Area
Protecting your idea is always the biggest first step you can take. The questions everyone has is “How do I protect my idea?” or “Can I even patent this?”… as everyone’s situation and idea is different the best way to get information catered to your idea is to visit a patent attorney. It’s their JOB to give advice and make sure your idea is protected by US and international law, and you can be sure that any USPTO-registered attorney is not out to steal your idea. Also, MOST attorneys will offer a FREE exploratory meeting to determine what sorts of protection you need, how much it will cost and whether there is already an existing product out there. For any personalized patent questions, the best resource for your needs is most likely a skilled patent attorney! Start searching now!

The Library of Congress Copyright Office
A Copyright is a form of protection provided by the laws of the United States (title 17, U. S. Code) to the authors of “original works of authorship,” including literary, dramatic, musical, artistic, and certain other intellectual works. This protection is available to both published and unpublished works.

Copyright FAQ

Trademark Central
A trademark includes any word, name, symbol, or device, or any combination used, or intended to be used, in commerce to identify and distinguish the goods of one manufacturer or seller from goods manufactured or sold by others, and to indicate the source of the goods. In short, a trademark is a brand name.

Helpful Resources For Finding Trade Shows:

“The Ultimate Trade Show Directory”

the world’s leading online resource for the trade show, exhibition and event industry since 1996. The Trade Show News Network (TSNN) owns and operates the most widely consulted event database on the Internet, containing data on more than 15,000 trade shows, exhibitions, public events and conferences. It also offers over 360,000 seminars through a strategic partnership.

Biz Trade Shows

It is Largest Online Directory of trade fairs and business events which brings you a comprehensive coverage of exhibitions, trade shows, expositions, conferences and seminars for various industries worldwide. This dedicated platform having more then 1000 tradeshows organizers with their 6000+ live trade events.

Trade Show Week

For over 36 years, Tradeshow Week® has been the voice of the exhibition industry, serving thousands of global companies and business leaders around the world.

Financing Help For Your Small Business:

US Small Business Administration
About The SBA: The U.S. Small Business Administration (SBA) was created in 1953 as an independent agency of the federal government to aid, counsel, assist and protect the interests of small business concerns, to preserve free competitive enterprise and to maintain and strengthen the overall economy of our nation

SBA Grants

SBA Loans

Government Grants

National Venture Capital Association

Helpful Manufacturing Tools:

US Government’s Manufacturer’s Toolbox

Manufacturing and Services (MAS) is a unit of the International Trade Administration, and is dedicated to enhancing the global competitiveness of U.S. industry, expanding its market access, and increasing exports.

ThomasNet

Alibaba.com
An independent website that allows you to connect with international manufacturers to begin production and manfacturing of your product on a larger scale.

Elance.com

Elance is a place where businesses connect with professionals to get work done now. With the largest network of rated and certified business professionals, Elance facilitates the entire work process from hiring to collaboration to payment.Businesses use Elance to achieve more by finding great people and getting work done in a new way.

Popular Business Networking Sites:

StarupNation

StartupNation is a free service founded by entrepreneurs for entrepreneurs. The site was created to be your one-stop shop for entrepreneurial success, and we’re thrilled that StartupNation has grown to be the leading online content and community resource for entrepreneurs.It’s our belief that everyone can —and should—own a business, whether full-time or part-time. Our mission is to help you do just that!

Linkedin

Your professional relationships are key to your professional success. Our mission is to help you be more effective in your daily work and open doors to opportunities using the professional relationships you already have.This isn’t networking—it’s what networking should be.

Zoominfo
ZoomInfo is the premier business information search engine, with profiles on more than 37 million people and 3.5 million companies. ZoomInfo delivers fresh and organized information on industries, companies, people, products, services and jobs.

Do you have a favorite business resource? Share it with your fellow millionaire minded entrepreneurs.

Millionaire Minds Support Each Others Business Growth!

Live Well and Prosper

Microtrends: The Small Forces Behind Tomorrow’s Big Changes

by Mark Penn, and E. Kinney Zalesne

I first heard about “Microtrends: The Small Forces Behind Tomorrow’s Big Changes” from Jim Cramer during his ‘Mad Money’ show — CNBC weekdays 6 &11pm EST. Watching Mad Money should be a daily ritual for those of us whose part-time business is managing and investing our money, and creating passive income streams. Crammer touted the book as a great research source for spotting hidden value in the market. Once I read the book, I realized it offered the exact type of business insight and information that Millionaire Minds need to establish or expand successful business ventures.

The Washington Post once referred to MicroTrends’ author, Mark Penn as “the most powerful man in Washington you’ve never heard of.” Mark Penn, the man who identified “Soccer Moms” as a crucial constituency in President Clinton’s 1996 reelection campaign, is known for his ability to detect relatively small patterns of behavior in our culture — microtrends, that are wielding great influence on business, politics, and our personal lives. Bill Clinton recognized Penn’s “keen mind and fascinating sense of what makes America tick.” Penn has become one of the most respected and sought-after analysts in the world because he can define and articulate a clear understanding of social insights and identify related “trends” that could well be turned to profit.

Information Week credited Penn with sifting “the sociological sands to come up with a fine-grained view of where we’re headed.” Millionaire Mind Intensive graduates will find this ‘Microtrends Factoid’ relevant: Only one percent of the public, or three million people, is enough to launch a business or social movement. Entrepreneurs are using the Internet, viral marketing, and social networking to identify and profitably promote their products and services in a ways not possible only a few years ago.

A recent example, with which we are all familiar, is ‘The Secret’. The brilliant use of all the marketing tools the internet has to offer helped producer, Rhonda Byrne take The Secret from a personal, heart-felt intention to multi-million dollar marketing and social phenomenon.

In Microtrends, Penn analyzes significant business opportunities that were enabled by trends involving as little as one-percent of the population. He identifies over seventy such mini-waves, explaining the forces behind them and the implications for entrepreneurs. For instance, there are about 11 million more American women seeking husbands than there are men available to marry. Penn says that means opportunity for industries such as home repair and investment management.

Penn’s interpretation of his research data indicates that America is no longer a melting pot.

We are a collection of communities with many individual tastes and lifestyles. Entrepreneurs and investors who recognize these emerging groups will prosper. Penn shows readers how to identify the Microtrends that can transform a business enterprise, tip an election, spark a movement, or change your life. In today’s world, small groups can have the biggest impact.

Penn identifies tends in religion, leisure, politics, and family life that are changing the way we live. How would the knowledge that women are driving technology changes and that although folks are “retiring”, they are continuing to ‘work’ affect your BIG IDEA for a business or a passive income stream? Whatever businesses you’re in, these mini-trends suggest possibilities for a targeted approach that gives you the edge on your competition.

Penn’s nano-sociology guides his readers through the ever-splintering societal subsets with which Americans are increasingly identifying and offers an analysis of the implications and opportunities of each Microtrend. By the end of the book we start to understand movements that are transforming today’s world are being driven by small trends that started well below the radar of the elite media. The Millionaire Minded entrepreneur is also aware that independent analysis of a market, before investing time, talent and treasure is one way to play the money game to win!

The book is carefully and completely indexed. That may sound like a minor feature —its not. When some wisp of information is flirting just beyond memory, and that one bit of insight will help with your decision making process, searching your business books by their index pages is more efficient than thumbing through the chapters, hoping to find what you need.

Millionaire Mind Resources

Jim Cramer’s Mad Money

Cramer’s Newsletter, The Street

BIG IDEA with Donny Deutsch

Millionaire Minds Are ALWAYS Learning More
So they can MAKE MORE!

Copyright © Millionaire Minds, LLC 2007
All writings here are copyrighted. You may not use them without written permission but you may link to the posts or give out a link to the posts. And remember, You Have a Millionaire Mind!

The Fearless Trade Show Warrior
And the the Enchanted Perfect Sales Letter

“The Industry trade show was really worth the expense, the customer response was great; but I can’t follow up on these leads yet because my sales letter isn’t ready.”

OK this statement rates a double “WHAT??”

I sometimes refer to this as “Spanky and the Gang” marketing. “Hey kids, lets do a show.” Enough people have famously pulled this off this gambit, to make it an almost irresistible lure. Entrepreneurs see an annual Industry Show as the perfect way to show case the marvelous WIZBANG-2007.

Sometimes the gamble is worth it, IF you follow up.

In April of 1977, Jobs and Wozniak did not have the perfect sales letter to follow up the debut of the first personal computer at West Coast Computer Faire. But they followed up every sales lead that trade show floor generated, by phone and in person…an started an industry or two.

The Enchanted Perfect Sales Letter

The quest for the enchanted perfect sales letter often finishes the mighty entrepreneurial enterprise before it really starts. The lack of this fabled marketing tool stops many of us from reaching out to prospective clients.

IS there such a thing as the Enchanted Perfect Sales Letter –the one that results in eager clients clamoring for your product; filling your email, voice mail and inbox with orders as soon as they receive it? That would be a no.

Forget marketing’s holy grail — the Enchanted Perfect Sales Letter. Just contact your leads before they grow stale. Time is never on the side of small business. When Joe Vitale says money loves speed, he is not using a metaphor. He is being perfectly serious. The faster small business owners move, the more money they make.

So instead of focusing so much on the content of your sales letters, put your emphasis on repeat contacts using multiple channels over time. Place a call, then send a note, call again, and then send an e-mail. You could make contact with a prospect four times over a two-week span in less time than it takes you to write and rewrite one “perfect” letter. A series of action steps like this will have much more likelihood of resulting in a live conversation than almost any letter you could write.

Our SBDC small business marketing case studies continues Aug 31st with, “I can’t start marketing; my website isn’t done yet.”

I’m a very capable marketing technician. I’ve been trained to know what to do, and why, to what probable result. Over the years I’ve had lots of practice and plenty of lessons learned. Joe Vitale, however is a “Guru status, marketing maven. He knows all of the above and executes with panache. Any marketing book by Joe is a good business investment.

As a retired SBDC counselor, I know where to find business-related information — both online and IRL. In this case my marketing source Is years and years as a business counselor and mentor. For individual business support with any aspect of your business contact the nearest SBA-sponsored Small Business Development Center.

Millionaire Minds Love to Market!

Copyright © Millionaire Minds, LLC 2007
All writings here are copyrighted. You may not use them without written permission but you may link to the posts or give out a link to the posts. And remember, You Have a Millionaire Mind!

You are attending a business mixer…

Having secured a glass of wine and a dish of nibbles, you paste your smile on and sail forth to network.

Are you psyched? Are you ready?

You may have your game face on, your business cards ready, but are you really ready to answer the charming fellow who just looked you in the eye and asked, “Whatcha Do?”

As a business owner this can be a great opening to tell a potential client why they need you product or service

— OR

The most dreaded gambit since Gallipoli.

When my partner Nick and I were just starting out, we were lucky enough to have our business, Serendal Research Institute, included in the inaugural Fast Track — a fourteen-week business development program sponsored by the Greater Denver Chamber of Commerce and the Downtown Development Group. Seventy-five business (less than fifty of us actually made it to graduation) were chosen from the over five hundred applicants. The Fast Trackers received intensive general business training, individual business mentorship and a crack at low interest loans for seed money to expand our products and services.

It was a big deal.

The exercise that really made a big impression on all of us was the “elevator pitch”.

In front of the class, we introduced ourselves to a facilitator, handed him our card, described our business and pitched our product or service in under two-minutes.

If the review team could not accurately understand what we did and how they would use our product or service, we failed that assignment, but got to try again the following week. In the real world of one-on-one marketing, there is rarely on opportunity to “do-over.”

Believe it or not, it took Nick and I days to wordsmith the “back of the business card” description of our business.

“Serendal Research Institute specializes in the practical application of science and technology to assist business owners, managers and corporate executives with decision-making, policy formulation, or other managerial functions. Our professional researchers and technologists conduct client-sponsored research, product development feasibility studies, competition and market analysis; and provide reports, white papers, press releases as well as copy for optimized websites.”

All of our hopes, dreams and personal savings, summarized in 58-words. I felt more trepidation making our “elevator pitch” in front of that class than I felt delivering a training session in front of 1500 people at a Publishing Conference.

How Do You Define Your Business?

Developing a written mission statement is often a first step in defining your business enterprise. A primary concern in developing a mission statement is addressing the question, “What business are you in?”

Although answering this question may seem deceptively easy — it can be a complex task. Determining the nature of your business ought not be rigorously tied to the specific product or service you currently produce. It should also include the result of your output and the competencies you have developed in producing that output.

A mission statement is a brief statement of the purpose of a company or organization, it summarizes the goals and objectives of the enterprise. An organization’s mission statement defines the company as it is presently; it defines the clientele, critical processes and it describes the desired level of performance. The primary intention of a mission statement is to keep all the stakeholders in alignment with the organization’s purpose. Organizations find that a shared, written mission statement is a reliable tool for maintaining focus on core competencies and enables execution of new initiatives that are consistent with the company’s purpose and values.

And, a well-written mission statement can be used as an effective marketing tool — the elevator pitch.

Take a few minutes, a few days, or maybe a week, carefully craft your “elevator pitch”, then go out and share it with someone in your personal or business network. An acquaintance used the fellowship time after church to fine-tune her presentation. By nature she was shy and was not as intimidated in the supportive environment of her church-family as she would have been during a professional networking meeting. She got comfortable with her two-minute marketing pitch, and by introducing herself and her business is such a friendly and BRIEF fashion, she found some new clients who were happy to hear about her services. Now she works professional, network mixers like a pro and is happily expanding her ability to serve more people.

One last thought about personal and professional networks…

Interestingly, the most lasting benefit of the Fast Track program was the life-long friendships amongst the Tracker grads. Decades later, we still support each other personally and professionally. Over the years we have celebrated business successes, attended weddings, christenings, and unfortunately a few funerals. Your business and personal network is a critical factor in not only in your long-term success, but is a key to your personal health and happiness.

Copyright © Millionaire Minds, LLC 2007
All writings here are copyrighted. You may not use them without written permission but you may link to the posts or give out a link to the posts. And remember, You Have a Millionaire Mind!

Product Development

Why is it important to understand my product’s features and benefits?

Understanding product features and benefits allows you to:

• Describe your products in terms relevant to your customers.
• Differentiate - explain how your product is different than the competition’s.
• Effectively choose pricing and positioning strategies.

Differentiation

Products may be highly unique (specialty products), virtually indistinguishable from competitors’ products (commodity products), or in between these extremes. No level of uniqueness is necessarily better than any other, but they do require different marketing strategies.

A potentially important strategy for specialty products is differentiation, which sets them apart from the competitors’ products in the minds of customers. A thorough understanding of how your product’s benefits compare to your competitors’ allows you to compete effectively with them through differentiation.

• Commodity Products - Few, if any, perceived differences among competing products.
• Specialty Products - Highly unique features compared to other products competing for buyers’ dollars.

Strategies that are based upon features

Introducing - Identifying yourself as the first to offer a new product feature is a proven competitive strategy. For example, specifying a product as the first organic body lotion containing Vitamin E will position your company as a leader, at least for a while.

Improving/Modifying - Instead of being at the head of the pack with a totally new feature, you might modify or improve your product’s features, which creates the impression that your company cares about satisfying its customers. Modifying product features is a strategy many businesses use when a competitor has lowered prices. For example, if the maker of one organic body lotion lowers its price, the maker of another may add Vitamin E as a new and improved feature but keep its price the same. It is important to remember that modifying features usually leads to changes in benefits. Stay aware of the evolution of perceived benefits your product offers so you can use them in your marketing.

Grouping - Often, features are grouped into different product models — and prices — escalating from a basic model to a fully loaded model. Automobiles, electronic devices, and vacation packages each offer features that may be added to a basic product model. Services can also be grouped in this fashion. For example, an accountant might offer a certain fee for preparing annual tax returns, another fee to also process payroll, and another to manage all of a client’s financial affairs.

So how do Millionaire Minds identify, develop and market products and services. Share your insights. The folks that read this blog and visit the Millionaire Mind Support Network™ site are a great place to practice your market outreach. We want to hear from you.

Sources: SBA Publications

Copyright © Millionaire Minds, LLC 2007
All writings here are copyrighted. You may not use them without written permission but you may link to the posts or give out a link to the posts. And remember, You Have a Millionaire Mind!

After our Millionaire Mind Intensive Weekend and working through T. Harv Eker’s 90-day Wealth Conditioning Program we all know the answer our Financial Freedom is developing a personal business enterprise. That enterprise can take the many forms, but whatever type and size business you decide to pursue, follow T. Harv’s constant advice and pursue continuing business development education. Identify successful models and look for ways to copy those aspects of their business model that works for your enterprise. Identify mentors and ask for help.

Building a successful business is a team sport, even If you work home alone — especially if you are home alone. Dr. W. Edwards Deming, father of the modern quality management movement, famously stated that, “All profound knowledge comes from outside the organization.”

What does that mean to you?

Think about how energized you were during the Millionaire Mind Intensive. Think about the scores of new insights that came to you over those few days. All of us need someone to share and analyze business solutions. We all need a network — that is how the idea of the Millionaire Mind Support Network™ was born.

In a time, not so long and not that far away, I was a Small Business Development Center Circuit Rider for the State of Colorado Small Business Development Office. A Circuit Rider is a business specialist that visits the various SBDCs to help their identified constituents. My specialty was Minority and Women’s business enterprise start up, state and federal procurement systems and SBA funding processes. For those of you who feel like they might need some support starting or expanding a business, there is a great SBDC resource here in Austin.

The City of Austin Economic Growth and Redevelopment Services created the Business Solutions Center as a resource center for existing small business owners or those considering entrepreneurship. Its hours of operation are, 8:30-11:30 a.m.; 1:00-4:30 p.m. (M-F) It is located in the One Texas Center
1st Floor at 505 Barton Springs Road, Austin, TX 78704 and the phone number is 512.974.7786

The services offered to clients are incredible even by SBDC standards.

• High speed Internet access to conduct market research, create web sites or establish email accessibility.
• Twelve workstations with software linking small business owners or potential entrepreneurs and construction contractors to public and private contract and bid opportunities throughout the state of Texas.
• Business plan software is available for the small business owner to chart direction for their business and to present for business loan application.
• Desktop publishing software and Microsoft Office Suite assists the entrepreneur in creating professional business documents.
• Construction contractors can view open bids and specification for upcoming public or private construction or service projects throughout the state of Texas.
• Contractors can print specs and plot plan prints on a state of the art printer.
High-end laser jet printers in color and black and white, a copier, fax machine, scanner and telephones are additional resources.
• Access to a collection of business books, periodicals, journals, newspapers and reference materials to aid the small business owner in pursuit of establishing or growing their business.
• A number of industry specific start up manuals are available for use within the Center or for sale at a discounted price.
• Information and referral for area small business owners to additional organizations that may be of benefit to them.
• Brochures and literature from various business assistance organizations are available at no price.

For our Millionaire Mind Support Network™ members who live outside of Austin, there are SBDC offices in every state, in big city’s and small towns. Just Google your state or Towns name + Small Business Development Center, or contact the SBA for their nearest SCORE office for additional mentoring support.

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