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January 23, 2009

Some Very Useful Skills In The Business World

Filed under: Offline Issues,Online Issues,Strategies — manuelcrc @ 1:31 pm

In the business world, success and failure(or near success) are separated by only a few habits repeated CONSISTENTLY over time.This is a two part article series.In this post, I will be telling you three qualities that can determine your success in the business sphere. Here we go.

1. Time Management

Time management is also known by some as life management. If you can manage your time, you will definitely be able to manage your life (which of course includes your business). Knowing how you spend time on specific aspects of your business can tell how productive you are. Basically, spending more time on your most important tasks increases productivity and the other way round also applies-you reduce productivity when you spend more time on less important tasks.

The 80/20 rule explains this a great deal and it applies to almost everything in business. The rule explains that 20 percent of work done accounts for 80 percent of the results.

This can also be put as, 20 percent of the time spent in business accounts for 80 percent of the results achieved. It can also mean, 80 percent of your customers  account for 80 percent of your sales.

The trick here is to decide which task is most important to you at the moment and to do it AT ONCE. The next most important task then comes in and the order goes on.

There is no way around it-focus on your most important “few” and record great results; focus on the less important “many” and record little  results.

2. Knowing When To Say “No”

Many of us have the problem of  saying “no.” We have the feeling that by saying no, we would lose a particular customer. This feeling is of course justified and no one is left out. But insome cases, it would be very unwise to go into a deal or accept an offer. One of such cases is when you and up being the loser. In a business deal, the best situation is a win-win situation.

3. Remaining Innovative

In the world we find ourselves now, innovation rules. The world rewards innovation. Being able to come up with something new frequently is an integral part of building a successful business especially if your niche is a  highly competitive one.

Talking about the online online business world, a person or business that offers the same product over and over again with no special or deluxe version, the same form of packaging, the same advert over and over again has a very high probability of experiencing dwindling sales or losing loyal customers. They’ve purchased it all and there is nothing else to buy. The picture often ends with disillusioned customers or buyers.

The second part of this article will be posted in a couple of days. Stay cool as always.

Emmanuel Olonade

Blogger and entrepreneur

Wealth and Lifestyle Blog.


December 16, 2008

Amazing Online Profits-Getting Paid(Part Six)

Filed under: Online Issues,Strategies — manuelcrc @ 12:36 pm

If you’re going to operate online, then you need a way to collect money. After all, what’s the point of having an online business, if you can’t make online sales and collect money?

The very best way to collect money is by setting up your own merchant account. A merchant account is your relationship with a bank that lets you accept Visa, Mastercard, American Express and Discover (here in the U.S.). You process those cards and get your money in 2-3 business days.

The processing bank will directly fund your chosen bank account so your money is available to you almost immediately.

If you’re just starting out, you may not want to deal with the small minimum expense of having your own merchant account, but this is a must for anyone doing a significant volume.

For example if you use the same company that set up my merchant account, you’re looking at this fee structure:

* 2.29% + $0.30 a transaction
* $10 statement fee
* $10 gateway fee
* $20 monthly minimum processing required
* $99 application fee

(Note: Those fees are discounted in a special deal for my customers and subscribers so you’ll probably find higher fees elsewhere if you start searching. I’ll tell you how to contact my service in a couple of minutes.)

Obviously, you have some minimum fees to deal with each month, but that cost is far outweighed by the benefits you received. The only cost structure that you’ll see come close is Paypal. Paypal can be a good way to start small, but I am personally aware of many people who have dealt with significant problems with Paypal when they started to process several thousand dollars a month. Since Paypal is not a bank, you are dealing with a private company that has a lot of rights given up by you in your user agreement.

Speaking of Paypal – they charge 2.9% + $0.30 per transaction. If you’re processing at least $1,000 per month, then having your own merchant account saves you money.

You can get set up quickly with Paypal because it’s automatic for a small volume. After your funds are cleared into your account, you can request that they transfer the funds from your Paypal account to your bank account. That will happen in a few days.

One order issue that concerns me with Paypal is that you can’t buy something through their system unless you register for a free Paypal account. To me, that creates a potential blockade to someone quickly completing an order. And I don’t want anything to slow down that process because I don’t want to lose orders that way.

If you’re selling a digital product, you can use Clickbank. Clickbank charges a 7.5% discount rate plus $1.00 per transaction. The application fee is $49.95. Clickbank sends out checks twice a month about 2 weeks after the previous 2 week sales period ends. That means you wait 3-4 weeks for your money.

One possible advantage of Clickbank is that you get automatic access to their large network of affiliates. Depending on the target market for your product and your ability to attract affiliates, that may or may not be helpful to you.

A fourth option is 2CheckOut.com. 2CheckOut.com charges a 5.5% discount rate plus $0.45 per transaction. The application fee is $49. Like Clickbank, they pay every 2 weeks so you have to wait a bit for your money.

So, what’s the bottom line?

Based on my personal experience and my research in talking with others, the very best option is using your own merchant account. No question.

I believe in your success,
Emmanuel Olonade
wealth creation tips

exerpts from shawn casey

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