Posts Tagged ‘Future of Business’
The Future Of Business – Making Money Slow
The Future Of Business – Making Money Slow. What do I mean by this, keep it simple. Most who tackle the online world of making money think in terms of getting rich quick, I would suggest you make money slow. Also, make your money goals achievable, trying to make a million in year one is not realistic. The future of business is about building, it takes time to build something bigger than yourself, start small and start building with the end in mind.
I get asked all the time, how do I make money online? In many ways, it’s not much different than offline, solve a problem, fill a need, provide awesome service, and be honest. Building trust offline is easier than building it online, mostly because it’s easier to hide.
When I started making money online (2007) I started with something I was interested in, something I could manage alone, and knew people need my service. I started with a private webhosting company, I serve clients and friends, it’s grown away from that model, but it’s still a size I can manage on my own. But I started with one question…do you know what it might be?
I asked myself how much I wanted to make per year from my webhosting, just using simple math, I did this:
$30,000 ÷ 365 days per year = $82.19 per day
That number is not only reasonable but achievable, that’s 7 days per week. Keep in mind, this is online hours not traditional business hours. You may have loftier goals, but I felt starting with something achievable was a better goal. It wasn’t about how fast or much, it was a building block, and then I would add another building block.
If you only want to work Monday – Friday, break the math out again:
$30,000 ÷ 312 days per year = $96.15 per day
It takes time and persistence, most people don’t want to wait, making money slow is better for a couple reasons. One, it’s easy to manage, and number two, it pays for itself rather than taking money from your household budget. In other words, I didn’t use my own money, the clients covered costs out of the gate. I still build business that way today.
I share this with you for one reason only, to help you stop making ridiculous goals. Don’t worry, if you stay the course and make money slow, your bigger dream and goals will most likely take care of themselves. It still comes down to simple math, providing incredible service, having a product or service people need, and then provide them with unbelievable support.
The old saying of “Keep It Simple” comes to mind, I once heard some say it differently, “Keep it simple, because simple is hard enough”. I hope this helps when you feel overwelmed, especially when you aren’t meeting your financial goals. This method may seem over simplified, but it works for me, it keeps me from getting out of balance, small moves are easier to overcome when they don’t work out, and sometimes that means investing smaller amounts of money. I always ask myself two questions before spending money or starting something new, what’s the worst thing that could happen, and could I survive it? If the answer is yes, I move forward, if it’s no, wait.
That to me is The Future Of Business – Making Money Slow.
Freedom At 50!
I have a confession to make, sometimes, I just don’t know how to help you. Why? It’s because you don’t know what I know, and you can’t see what I see. It’s not your fault, you have been conditioned, blinded, and even had the wool pulled over your eyes by the industrial age of business. But today, you don’t have anywhere to hide, you already know too much, and that’s why you are afraid.
I was asked why I do what I do, why do I work so hard to help business owners and entrepreneurs that don’t seem to want to be helped? My answer was a little confusing to this person, I said, it’s what I do, I don’t really have a choice. You see, I feel it’s a calling, a voice in my head, my conscience, my deep concern for the business community, and my heart for people. I can’t not do this blog, I can’t stop reaching out to my business community, and I have to continually share what I know and see. You see, it’s not about me, it’s about you.
In my workshops, I do an hour long presentation, a look at what’s happening, and then I share what I see happening, and then I try to teach what to do about what’s happening. I try to help you create new ideas or deliverables for your business, maybe help you find the business you want to start, or one of the many passions fighting like hell to be let out of yourself.
I’m turning 55 this November, not sure how I feel about it but, 5 years ago I found myself suddenly free, yep, freedom at 50! It wasn’t because I was financially independent, it was simply this, the industrial age had spit me out on the curb, it was a blessing, although at the time it didn’t feel like it. I had a choice, pay attention to what was happening and figure out how to adopt it, or…be comfortable in the industrial age cocoon and the lie it is, was, and had told me. The truth was talking to me, and I was fighting against it.
I knew that day was going to come, January 27th, 2007. The harder I ignored what I knew was happening, the direction business was headed, the work situation seemed to get worse and worse, until one day it came to an end. You see, it wasn’t working for them or for me, I just couldn’t tow their party line another day. There was a lot going on behind the scenes I didn’t know about, and that’s fine, on February 1st, 2007, the company I used to work for, was sold. It was a kick in the butt, and seat on the curb. I even felt used, taken advantage of, but that’s not what this story is about.
So why am I sharing my story, its simple, I know many of you have similar stories, and you’re afraid just like I was, but I knew I was going to be OK, I didn’t know why, but I did. I know you will be too. Like you, the call in me was strong, that force was very strong, my passion was screaming at me to let it out, to take a chance and learn how to live with ambiguity. There I said it, ambiguity. That’s what most of us fear, we have this deep need to know what’s going to happen next, where the next meal is going to come from, and worse yet, when is the next payday going to happen. And it needs to happen religiously every two weeks!
The problem wasn’t doing it, the problem was, how do I do it? When you step outside the industrial age system, pay days are a reward for your faith walk, for your commitment to the call you feel inside, there is nothing the industrial age can offer that matches the reward of heeding your call, and the feeling of freedom you possess.
Freedom at 50 is hard when it doesn’t come on your terms, and most of us will have to work at something well past the age of 65 and even 70, what will you do, and what will it be. Will it be what the world and the industrial age tells you it should be, or will you learn to live another way, learn a new business model. Whichever you choose, you will have to work, it’s part of the curse of having the life you want to live.
I am writing this to you because my heart is aching, it’s even breaking, because you are struggling just as I did 5 years ago. You should know, I still struggle, but I am not controlled by it, my call and my passion make the struggle fade away.
So if you find yourself sitting on the side-lines (curb), or you know you have to make a change, don’t let fear control to call inside you, it could be the call is telling what to do and you’re simply ignoring it. If you do anything do this, always seek counsel from someone you trust, someone with perspective, from someone who can teach you how to live in the new age of business, from someone who is doing it, from someone who can show you how to become the passion inside you.
For years I fought against my passions, my desires, and simply did what the education system industrial age told me to do, I was wrong to listen. I teach an open & free business model because it works, it takes commitment, it takes patience, and it takes work….but it works. I’m selling ideas, I’m selling you the truth about what’s happening, and I’m selling a message of freedom. Freedom at 50 wasn’t my choice, but I’m grateful that it happened, it’s like Morpheus pulled me out of the Matrix. Which pill will you take, the industrial age lie, or the open & free business model
I hope sharing bits of my story helps you, will you have freedom at 50? If so, what are you doing, what do you want to do, and do you plan to do it?
Related articles
- The Future Of Business – If I Were A Carpenter (owengreaves.com)
- The industrial age has finally run out of gas (Don Tapscott) (mediafuturist.com)
- The forever recession (and the coming revolution) (sethgodin.typepad.com)
The Value Of A Fan, Like Or Follow
For whatever reason we seem to need to assign a dollar value for anything and everything, maybe there isn’t one, but we just have to have one. I’m not going to layout the proper conditions or equation in this post, I’ll let you do you own research, but let’s spend some time getting it right.
Yesterday I talked about Barking At Shadows, where we put far too much stock in the number of fans, likes and followers. Those indicators make you feel good but are really a false sense of security, it just means someone came knocking, they probably didn’t do anything else. So we start asking the question, what’s the value of a follower, a fan and a like…what’s the ROI?
The question of Social Media ROI comes up all the time, and immediately everyone points to the number of followers, likes and fans, but that would be the wrong thing to do right? In my last post I said I would introduce you to someone far smarter than I, he knows this stuff, he lives it. You will love his directness, he calls it as he sees it, so be prepared to learn Social Media ROI with passion. My good friend and author, Olivier Blanchard understands Social Media ROI metrics, he has clear and definite thoughts on how to plug Social Media into your business as well. I am a little biased but I highly recommend you read his book called Social Media ROI, you will be amazed at what you don’t know. I was in an exchange with Olivier and friends on FaceBook the other day in reference to this Mashable story posted on Olivier’s FaceBook wall called, “4 Ways to Convert Facebook Fans Into Super Fans”.
Olivier said with the above link:
Actually, no. Don’t. Attract fans with ads? Create advocates with… contests? Seriously? Who writes this crap? I wonder what the folks at Brains on Fire think about this garbage.
Owen said:
The problem with the “FAN” & the “LIKE” or the “FOLLOWER”, there is no real accurate way of measuring its value, it’s similar to KLOUT trying to accurately measure ones influence. Individually they don’t matter, but the SUM of these inaccurate metrics is more important. The SUM leads to a perceived value, not a real value that can be manipulated. The “SUPER FAN” is one more attempt to bring value to a single digit, WOM is hard enough to measure, the total number of those WOM messages matters more than the single blabber mouth being a SUPER FAN. But what do I know, I’m Canadian.
Olivier responded with:
You know how they do it, right? The CPF (cost per fan) gets magically transformed into fan value:
Because the fan cost $4 to acquire, that fan’s value is now estimated at $4. So the media buyer’s ROI equation, based on media equivalency models, becomes a factor of average acquisition cost – actual acquisition cost. It works like this:
“The average (cost) value of a fan is $4. Our CPF is $2. We acquired 100,000 fans, for a total fan value of $400,000. Your acquisition cost was $200,000. We provided an ROI of 200% with this campaign.
Whether the agency’s fees were included in that $200,000 depends on the agency. Sometimes it is, sometimes it isn’t. That’s the scam.
I responded with:
Its all scam, whomever scams best…. wins.
The conversation ended there, but almost everyone tries to game the Social Media Fan, Like and or follower, its barking at shadows.
The ultimate place to be is for you (your business) to bring extreme value, powerful solutions, backed by qualified data, and that might actually include the shadows, but it’s the lessor of all the metrics to be watching.
There is much to learn, and much more to unlearn when it comes to the future of business, but you should start with Olivier’s book, then his blog, then my blog. I am more about a new of changing, Olivier wants you to be honest and realistic about what you measure, and he’ll get in your face if you or I start spewing a bad message. We’ve talked about this value before, over and over again, it keeps coming back to the table. All it means is, many still don’t understand what it is and where it should go.
The Fan, the Like & the follower do have a value, but let’s put that value in perspective, and most importantly, let’s put that value in the right place in the equation.
Related articles
- Barking At Shadows (owengreaves.com)
- Which are the most important social media metrics? (Hint: they’re nothing to do with social media) (brendancooper.com)
- Be careful what you ask for, you might just measure it (briansolis.com)
Is This One Of Your Goals For 2012?
It’s midnight, I’m thinking about the past year, wondering if I made a difference to any business owner in my community, my Twitter followers, my blog readers and….. It’s a fair question, you probably ask yourself the same question many times. In fact, you may spend too much time asking yourself that question. If you truly want to make a difference, Go and make a difference! Go, do that thing you are passionate about, you will touch someone’s life and you probably won’t even know it.
I attend many events in my community, most are surprised when I show up, but I need the interaction with smart people. You can only speak from a stage, from a microphone, a blog, or even a workshop for so long. Eventually, you’ll want to see eyeballs, hear real stories directly from the sources, maybe in their own surroundings. The words Social Media don’t really say enough about what it really means, we tend to forget the “Social” part, but it’s the best part, it’s the awesome sauce.
I have a few social engagements in my calendar for December, maybe we’ll run into each other, and I’ll bet there’s a great story to share. Make sure you step away from the keyboard, better yet, go master the deadlock on your front door and get out and see the people. The people are what makes the Social in Social Media, media is actually cold and unfeeling, why would you want to just do that?
Social Networks are environments, cultures, and places to learn, because that’s where the people are, and no matter how much you avoid it, the Future Of Business means people. You will never have success without them, and what they want from you is simple, they want access to you. They want to know you, even spend time with you, that’s where the real value is, and eventually, the Gold.
When you get around the people, and you are doing what you were meant to do, you are making a difference. So GO! Be a human business, one that connects with others, one that connects businesses, Go and be with the people, help them achieve their goals, and you will be blessed beyond your wildest dreams. Make that your goal for 2012, I hope you do because I can’t wait to hear your story when you do.
The Future Of Business – What Could The Hardcore Hockey Fan Tell You?
I know the question is odd when talking about the future of business, but I ask you to play along. Let’s see where I take you : )
If you were hired by your local hockey team (In my case, the Abbotsford Heat) to market the club in the digital realm, what might be there first question out of your mouth? No it’s not how much do I make. If the resources were in place, funding and say personnel, what would you ask?
Lets consider that all the questions are not dumb questions, no matter how obvious they might be, what would you ask?
I would most likely ask what the current cost is for customer acquisition, there is a cost with online marketing, so what is it?
Knowing that number would tell you at least two things, what they have been doing and, what they aren’t doing, that is provided you understand some simple marketing metrics and the overall understanding of what the strategy be.
You might even ask where the marketing dollars have been spent, like Google Ad Words and so on. Make a list. But there are two more important issues or questions I would be asking. Because frankly, I don’t care where the money is spent unless I know the answer to one primary question, and if I don’t get that answer, we are going to get it through some due diligence.
My first question is more about what the hardcore hockey fan wants, do the fans want free tickets to games, food or beer, or would they want dedicated, intimate free time with their favorite Player / Coach/ or even Executive?
It’s an Access over Ownership question, if we don’t know the answer, we better find out, and fast, because everything else that follows will be based on that data. I’m certain the average fan will pay the ticket price, but how much would they pay to have one-on-one time with their favorite hockey player? Maybe over a nice meal, I mean dedicated time, an intimate time to just be. What would you pay for that? A better question to ask yourself would be, would we be willing to give that access away for FREE?
You see, it’s easy to sell tickets, it’s even easier to sell club merchandise, but give the hardcore hockey fan access, and you have something really exciting.
The digital strategy will be built around what the hardcore fan really wants, and I’m willing to bet access is the secret sauce to your marketing efforts. The future of business as I have researched it, over the next 3 – 5 years will be Access over Ownership. Fill that need, and your hockey club will have a whole new set of marketing tactics to play with, a new view of the community, and a great way to Connect With Fans. Add that with a Reason To Buy, and you have a thing called revenue. (CWF + RTB = $$$$)
There are many, many more questions to ask, and this is a very low level, very loose post, but I’m flying at 50,000 feet and blue skying it.
If you knew access was the key, what other great ideas come to mind? Share them here in the comments, it would be great fun.
Related articles
- The Future Of Business – Social Is A Feature Not A Platform (owengreaves.com)
- The Future Of Business – Fight Off The Mainstream Media & Big Business (owengreaves.com)
