The Millionaire Mind Support Network

Part 4

Authors produce compelling publishing projects —
Entrepreneurs market, successfully distribute publishing projects — at a profit

If you don’t actively promote and sell your work, you have a hobby, not a business enterprise.

Author Entrepreneurs, like Joe Vitale and Jack Canfield, certainly write about those topics for which they have a passion. They write about what inspires them and what they think will be helpful to their readers. Joe Vitale, Jack Canfield, Wayne Dyer, and T. Harv Eker KNOW their readership, and understand what will motivate that readership to buy their books.

After my first Millionaire Mind Intensive weekend, I realized I had the research and writing skills to produce viable publishing projects. I also realized that I needed more information as to how to successfully market myself, and my publishing projects, if I wanted to develop residual income streams. In Secrets of the Millionaire Mind, T. Harv Eker tells his readers to find someone who is successful in the field you wish to master and model their behavior.

I signed up for Vitale and Canfield newsletters and marketing lists. I studied how they built interest for their latest projects. I also bought Vitale’s marketing books — I wanted to study an acknowledged “Master of Marketing and Self-Promotion”.

It was time well spent. I want to share a few of those ideas here.

The potential market for a book is a key factor in the decision process for all traditional publishers. If you have ever submitted a manuscript or book proposal to a mainstream publishing house, you are keenly aware of how target market considerations affect the probability of publication.

The issue of “who will by this book” is even more important to self-publishers.
Why? Well, for one thing, it’s your money and investment of time at risk.

From the inception of your publishing project, marketing must be a prime consideration. Before you commit to any print production expenses, you must have a firm marketing budget and implementation plan in place. In fact, your marketing program should start before your project has reached press. Publication promotion should start with the launch of the project.

For some self-published, Author Entrepreneurs the reality of working a marketing plan, hits when they hear the reverse beeper of the delivery truck as it is pulls up to the loading dock — the area formally known as their garage.

Author Entrepreneurs, who do not want to see several thousand unsold books every time they walk through garage, learn to instigate multiple guerrilla promotion techniques.

Having identified your target market…

Brainstorm the various ways you can reach them

As self-confessed folder-freak, I like to organize all my ideas by category. I also index the ideas on my computer. I also know that anal-retentive has a hyphen when used as a modifier, but I digress. Sample categories might consist of: magazines or catalogs your target market might read; press kits that include demographics and pricing; professional or membership organizations to reach your customers; on-line discussion groups; or newsletters. Consider how to effectively use social networking and viral marketing media to promote your publishing projects. Fellow Millionaire Mind Intensive alumnus, Chris Sherrod, whom I consider a ‘peer-mentor, is a social marketing Ninja!

Consider co-ventures; look seriously at premium and cross-promotional ideas. An old friend produced a Graphic Design Basics book. He worked a deal with a newly formed trade association to include his book as a membership premium. His book was great incentive to join an, as yet, untried organization; and the positive word of mouth about his book helped push it to best-seller status. It was an all round win/win situation.

Potential clients are also potential partners. Several years ago I self published a technical manual — The Fundamentals of Desktop Publishing. The book had been developed to support training seminars my company taught through out the United States and Canada. A Fortune 500 executive saw the publication and negotiated a license to publish the manual as an internal training tool. Additionally, a training firm based in Sweden paid for publishing rights, in the UK, Norway and Sweden.

The enthusiastic endorsement of these two nationally recognized organizations, made it easier to sell the next manual.

If you feel that developing information products is a viable path to developing streams of residual income, you have to learn all you can about marketing your product and master the art of self promotion. Treat your publishing projects as you would any other business venture.

You are a money magnet, and your publishing projects are your golden eggs.

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.

“Don’t measure busywork. Don’t measure activity. Measure accomplishment. It doesn’t matter what people do as much as it matters what they get done.”

— Larry Winget: professional speaker and bestselling author

What are YOU getting done today?

A recent survey revealed that about a third of most people’s workweek was unproductive. Think about how you spent your last workday. Were you on task, working toward a goal? Or did phone calls, emails, and meetings bog you down? Make a habit to start each day with a focus of what meaningful daily goal you want to accomplish. String together a few weeks, then a few months and a few years like that and you’ll become very successful as a business owner,

Millionaire Minds Start their day with focused intention and close their days with gratitude.

Recommended Millionaire Mind reading: The Power of Focus
by Jack Canfield, Mark Victor Hansen and Less Hewitt

…and Looking for Opportunities to Expand Existing Businesses

The message most Millionaire Mind Intensive graduates took away from our three-day experience was: if you don’t have a business, start one — if you have one, expand your business to produce both residual and passive income streams.

The Millionaire Mind Support Network™ site is designed to be a self-help resource for action-focused information we all need to master the inner and outer game of businesses and personal development. With that purpose in mind, I have gathered some resources to help our members make sound business decisions as we navigate through this invigorating and complex time.

Millionaire Minds ask questions, listen carefully to the answers, and develop a profitable plan forward.

POWER PRINCIPLE

You can always be more, have more and do more because you can always learn more.

Small Business Administration: where to find the answers for your most frequently asked questions.

Office of Advocacy Resources

Office of Advocacy Resources

The Small Business Economy: A Report to the President

Quarterly Indicators: The Economy and Small Business

Small Firm Lending Studies

State and Territory Small Business Economic Profiles

Regulatory Research

Research on Owner Demographics (women, minorities, veterans, etc.

Advocacy Working Paper Series

Advocacy Conference Proceedings

Small Business Journals

Entrepreneurship Theory and Practice

International Small Business Journal

Venture Capital: An International Journal of Entrepreneurial Finance

Journal of Applied Management and Entrepreneurship

Journal of Entrepreneurial Finance and Business Ventures

Journal of Business Venturing

Journal of Small Business Management

Small Business Economics

Web-Based Resources

Center for Women’s Business Research

Kauffman Entrepreneurial Research

Kauffman-RAND Center for Study of Small Business and Regulation

National Bureau of Economic Research Working Paper Series

National Women’s Business Council

Organization for Economic Cooperation and Development, SMEs and Entrepreneurship Dep’t

Research Papers in Economics

Social Science Research Network

The World Bank’s Doing Business Project

Data Sources

U.S. Department of Commerce, Bureau of the Census 1997 Economic Census

2002 Economic Census (Survey of Business Owners

American FactFinder

Nonemployer Statistics

Center for Economic Studies (CES) Data and Working Papers
CES Data is available at Research Data Centers for approved research proposals.

Statistics of U.S. Businesses — partially funded by Advocacy

County Business Patterns

Survey of Income and Program Participation

Business Employment Dynamics

Current Population Survey

Federal Reserve Board

Survey of Small Business Finances

Survey of Consumer Finances

Senior Loan Officer Survey on Bank Lending Practices

Internal Revenue Service/Statistics of Income Division

Ewing Marion Kauffman Foundation/Kauffman Index of Entrepreneurial Activity

National Federation of Independent Business Small Business Economic Trends

Small Business Polls

Global Entrepreneurship Monitor

Panel Study on Entrepreneurial Dynamic

Live Well and Prosper

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,

Big Success Requires BIG CHANGES!

It is no secret that I’m a big fan of Donny Deutsch’s The Big Idea on CNBC and his inspiring series, The Millionaire Inside.

Deutsch has interviewed many millionaires, including Robert Kiyosaki, John Paul DeJoria, Bill Bartman, Larry Winger, and Keith Ferrazi. During these interviews, millionaires have discussed what they believe are the primary ingredients to business success.

1. Relationships. Successful entrepreneurs manage and nurture their business and personal relationships. Relationships drive success. Surround yourself with successful people. Find three people you want to model and two accountability partners.

2. Be willing to change every aspect of your life. This could include changing the people in your life that are not supporting your new direction. Clean up your environment to get rid of physical and emotional clutter, creating a safe, comfortable place of your millionaire mind vision.

3. Be willing to take risks. In order to excel, security can’t be your primary focus.

4. Do not become a CRAP MAGNET. Stop whining and do something.

5. Learn from your mistakes and make plenty of them.

6. Attitude is a choice. Make a decision to be happy.

7. Take responsibility for every aspect of your life. Refuse to play the blame game.

8. Millionaire Minds are constant learners. Model rich and successful people by read motivating books and listen to audios. Let successful entrepreneurs guide you to success. (Visit your local library for FREE inspiration.)

9. PLAN DO CHECK ACT! Pay close attention to your personal financial blue print. Your personal and business finances reflect your belief system. To experience continuously improving financial success, actively monitor your state of mind.

Millionaire Minds Model Rich and Successful People

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

I recently discovered a great website that offers FREE PR information as well as a very reasonably priced PR service for small businesses. The site is called PR Toolkit

In addition to the many helpful articles the site offers a newsletter subscription to their PR 101 newsletter.

From the PR Toolkit for Small Business home page:

At PR Newswire we understand the challenges small businesses and entrepreneurs face.  You’re wearing multiple hats throughout the day and after you’re done wearing the president, bookkeeper and webmaster hats it can be difficult to find the time to promote your small business.  The reality is, by finding the time to issue a simple news release you can help your small business grow faster.

News releases? You mean those exclusive notices that major corporations send out to newspapers, radio and television in hopes of getting their name in print? Sure, you may be thinking, that’s fine for Microsoft and General Motors but who’s interested in me and my small business? The answer: thousands of media, investors and potential customers.

PR Newswire sends thousands of news releases out every year—many for small businesses and entrepreneurs just like you.  These companies benefit because their releases get read by media across the country and, very often, result in a written article.  Additionally, if you’re interested in a Web audience you can distribute your news releases to more than 4,000 Web sites, databases and online services like Yahoo!, MSN.com, and AOL.com– giving your release a potential audience of millions. This is great news for entrepreneurs and small business owners.

The PR Toolkit is designed to help you understand the basics of public relations and how PR Newswire can help you cost-effectively create visibility for your small business, products or services.  Please enjoy the valuable small business resources (tips and educational articles) contained in this site, and if at any time you would like to speak to a PR Newswire representative, please select Request Information.

Priced for small and emerging businesses

The cost of distributing your news release is determined by the newsline you select and the length of your news release. Each newsline covers a specific geographical area ranging from local, regional, national and international. Prices start at $180 for a city/metro or statewide distribution. A national distribution starts at $680.

Small Business Advice and Tips

Below you will find small business advice and resources, which have been created with small business owners and entrepreneurs in mind. The advice and tips section includes writing tips, photo tips, guidelines for formatting your release and common pitfalls to avoid. Visit the small business advice and tips page regularly for updates and new content.