There are plenty of advertisements on TV, radio and the internet for becoming self-employed and all seem to highlight the same ideas- More money
- Less & more flexible hours
- Do the projects that you want to do
- Be your own bossIs this really for you? From the lines above I bet almost everyone is saying yes but there will be a few of you who are slightly more sceptical.Like the majority of you I said “yes” too, however I found that there were a number of pitfalls and I eventually had to concede defeat and admit I failed.My aim for this article is not to discourage you from trying self-employment but rather to try and highlight self employment from the other perspective and show the difficulties that can be faced rather than just stating the potential benefits. Hopefully this will help you to avoid the same mistakes I made and really make sure that you are ready for self-employment before jumping in with both feet.Is Self-Employment really for me? – The Job
One of the big selling points of self-employment is being able to do the projects that you enjoy and move away from doing the projects that you don’t enjoy. I was a web developer and I enjoyed the web site and database development but I’m not a good with public speaker and writing user manuals bores me to tears, therefore, when I turned self-employed I wanted to drop off the public speaking and user manuals and focus on the website and database development.This didn’t quite work as I expected because I ended up having to do a lot of public speaking in the form of phone calls and business meetings in order to try and sell my services and get work in. I also had to write up proposals and weekly progress reports about the tasks I had done for my clients.Looking back on it now it would appear that I didn’t drop off any of the work I disliked at all but instead it was all there, all the time, just with a different face on it. I bet that many of the tasks you would like to put drop off will still need done even if you change to being self-employed.In addition to not losing the work you disliked I found that a considerable amount was added on like proposals, invoicing, payroll, accountancy, tax returns to name but a few. This all needs on in excess of the hours you normally work and generally isn’t something you can bill for. You may spend half a considerable amount of time doing a decent proposal for a job but if in the end you don’t get the job you have to re-cover your losses from elsewhere.Is Self-Employment really for me? – The Hours
Everyone who is trying out to be self-employed says the same thing… they want to get away from working the 9am to 5pm and have more flexible hours so they can take the morning off, finish at lunchtime on a Friday or even have more 4 day weekends. I was looking forward to the same thing but 2 years down the line I’m still waiting to see any of these.With the additional work you needing done (as mentioned above) I found I had to do the normal 9am – 5pm on the billable work and then spend evenings or weekends doing the non-billable work. Finishing time slowly drifted from 5pm to 7pm to 9pm until it eventually got to the stage where the only time I wasn’t working was when I was sleeping.I have tried taking the odd long weekend off but for me this is when my clients choose to call you which resulted in the most amount of phone call I have ever received in a single day and it was supposed to be my day off. As a result I had my mobile to my ear for a large portion of the day and quite a few quid racked up at the nearest internet café.I realise it must be tempting to give out your mobile phone number so you’re clients can reach you easily but I recommend against it, or at least get a separate mobile number for your work calls. Giving out my mobile number only resulted in being called anytime a client feels like it including 10pm on a Friday night or 8am on a Sunday morning. Sometimes this would even be about home IT problems which have absolutely nothing to do with the projects I was doing for them. I would recommend only giving a business number out and then you can switch it to the answering machine at 5pm on Fridays and allow yourself a break and time to relax until Monday morning.One of the things we take for granted is the paid holiday that we receive in our employment. Being self-employed means you no longer get the benefit of paid holidays or sick days and you need to bring in enough money not only to pay for the holidays and sick days but to cover the income you will lose out on during these periods. Since my step into self-employment I don’t recall having a properly holiday and the longest I can recall is 5 days and that is including the weekend.Is Self-Employment really for me? – The Additional Expenses
The will be additional expenditure required regardless what type of business you try to start up but some types will obviously require more that others. For me I had the following additional expenditures:– Business Insurance (Public Liability & Professional Indemnity)
- Accountancy
- Reseller Hosting
- Travelling Expenses
- Computers & Software
- Running CapitalThe first 3 amounts to about £200 a month for me and travelling expense varies wildly from month to month and it all has to come out of your pocket (at least initially until you’ve got a project to invoice). Previously your employer would have had to take care of all that and you would just submit your expense claim at the end of the month and got all your business expense back.Running Capital is another problem I faced. Usually I had enough coming in to cover the bills and expenses but if a client wanted a new PC installed I would have to get them to purchase the PC directly as my funds could not strech to have that kind of expense put on it. This poses 2 problems:– This does not give the impression of a successful company
- As the client is purchasing direct you cannot add any mark up on these items.Is Self-Employment really for me? – The Person
One of the other aspects to consider is the personality of the individual going into self-employment. If you get a difficult client that comes back with your invoice and says “I’m not paying that” then are you able to follow through and chase it up and get the relevant collection agencies involved if required or would you just write it off?If you are the latter then you may well find a lot of people will try and take advantage of your nature and push down your rate or demand you cut your invoice total even though there is nothing wrong with the value you quoted. You will have to ensure you are able to commit and not back down otherwise your clients could have you working for peanuts and throwing in extra things all over the place that weren’t part of the original project specification and expect it for free.One of the best examples I’ve come across is when I was doing a few home PC repairs when I was previously employed. My friends would ask me to come round after work and fix problems with their computers and in return I would buy me a pint when we went to the pub. This continued after I became self employed with exactly the same in terms of payment (1 pint) even though I could be there 5 minutes or 5 hours… they had just come to expect it that way even though every job I now did had to contribute to my income that month.At some point I spoke to them about this arrangement and told them I would have to start charging now since this is where my income comes from and from that day forth they’ve never asked me to fix their computer again.This may seem like I’ve lost a potential client but they were the ones reaping the benefits while I got nothing in return and they were clearly not interested in paying for the services they were receiving.Is Self-Employment really for me? – The Sales Call
This is partly associated with the person (see section above) again. About 2 hours after I got my business phone line installed I got a phone call from a business directory trying to get me to purchase their services and they succeeded but as it turns out the service didn’t do my business any good. Unfortunately I was one of the individuals who could be talked into something fairly easily and more than one company managed to get their talons into my because of that.What I’ve taken away from those experiences is a process I now follow with each conversation of that nature.Firstly, if I have the time, I listen to what is being offered and then I take the contact details and tell them I will contact them back at a time convenient with me. This allows me to research the product or services without the pressure of someone trying to hard sell it to me.Secondly I ask the following questions:– Do I need the service?
- Can I afford the service?
- Do they want me to make a decision right now?If the answer to either of the first 2 are no then I don’t bother calling back and if they call me back then I firmly stick to my answer, regardless how they try and spin their product.If they are offering a special discount to try and entice you but they insist you make a decision right now then again that’s when I say no and stick to it. If they are trying to get you to commit to something which is only available if you accept right now then it’s most likely something that not going to be useful.At the end of the day their job is to make money out of your company and they don’t care if you need it or not. Your job is to make money for your company so you will have to learn how to deal with these call very quickly otherwise you will have companies talking you into buying their products even though you don’t have any use for them.Is Self Employment really for me? – The Home Life
I think one of the most important things to bear in mind is to manage to keep a home life too but this can be hard to do, especially if you are working from home. The long hours and stress can put a lot of strain on your home life and create problems between you and the rest of your family so you will need to create boundaries to help keep everything balanced.Although you have to work hard to become self-employed, especially when you are trying to establish yourself, you should make sure that you don’t put the work over the family.Conclusion
Although this seems to portray a negative image of self-employment this is simply highlight some of the problems I encountered as I tried my hand at self-employment. Everyone will have different experiences, successes and failures and I strongly believe if you have the drive to start your own business then you will succeed and certainly no-one should stop you from trying!If you do intend to try self-employment I would like to wish you the very best of luck and I hope you succeed in whatever venture you decide to try. I also hope that this article helps you think about what may be involved and helps you avoid some of the problem I’ve faced.
Is Self-Employment Really For Me?
Module 1 Chapter 4 How to Plan Your Marketing Funnel
MODULE 1CHAPTER 4 HOW TO PLAN YOUR MARKETING FUNNEL1.0 INTRODUCTION2.0 OBJECTIVES3.0 MAIN CONTENT3.1 What is Marketing Funnel?3.2 Awareness3.3 Consideration3.4 Conversion3.5 Loyalty3.6 Advocacy4.0 CONCLUSION5.0 SUMMARY6.0 ASSIGNMENT1.0 INTRODUCTIONThe next thing that naturally follows Market Research is the process of setting up your Marketing Funnel. This chapter will focus on how to do just that.2.0 OBJECTIVES- To highlight what a strategic marketing funnel is- To demonstrate how to tactically set it up- To encourage each student to set her own in her chosen market niche.3.0 MAIN CONTENTBefore we go in to discuss how to plan your Marketing Funnel, there is a need to define it.3.1 What is a marketing funnel?It is an overall plan to channel new prospects into your business with the aim of developing a relationship, a sale, repeat sales and finally turning them to become not only your clients, but also your raving Fans for life.It has also been defined by other authorities as a simple marketing system that you set up to collect email addresses of your prospects in such a way that you can market to them automatically.There are two types namely: a lead-driven and a sales-driven marketing funnel.After securing a purchase from your prospect, the former puts the customer in your list, your control for further marketing while the later puts them in the affiliate merchants’ control, gone forever out of your hands.For beginners I recommend lead-driven marketing funnel as it is very useful for affiliate marketing, but sales-driven marketing funnel is good if you have your own product as a merchant in ClickBank etc. where other affiliate are selling for you. At the end you get the money and the list for further marketing.When you are setting up your lead-driven marketing funnel, you need 2 things namely: a free offer and an autoresponder. I will deliberate on them in other parts of this eCourse.However, strategically, a marketing Funnel is usually depicted as an inverted pyramid (or funnel), with 5 connected parts:
The top broad inverted base =>
The middle small part =>
The smaller underneath vertex =>
The smallest tip that opens into the funnel channel =>
The channel.
The inverted Pyramid (or Funnel) portions described above can then be labelled in that order as listed:
Awareness
Consideration
Conversion
Loyalty
Advocacy
3.2 AwarenessThe top broad zenith (in the inverted pyramid) represents all the ways you attempt to create awareness for your brand, product or website; to attract and lead the people to your website. This include over 5-10 free and paid ways that you will regularly use to attract prospects to your website and finally to your products.Top and easiest among them are the Social Media – Facebook, YouTube, Twitter, Google+, Squidoo Lens, Classified Ads, Press Releases, HubPages, Answer Sites, Forum, etc.There are simple ways of placing ads on those sites – those kind of ads you often see on sites like Facebook and Yahoo Answers, etc.The major aim is to create public/market awareness of your brand, products and services.3.3 ConsiderationThe middle portion called consideration. It is where you offer to them valuable goods and services as baits and pecks to get them involved in doing business with you.The goal here is to make a calculated attempt to convince them to join your list.Thus, whatever you are offering must be very relevant to your market niche, but quite different from what you are putting up for sale.If you are selling Affiliate products, the vendor will more often than not provide you with products that will serve as Free Offers which you can use here as baits to get people into your lists. If they don’t, you can create them by yourself using free but relevant downloads or free products from other sources.3.4 ConversionThe bottom portion represents the period that you have successfully convince them to join your list. This is called conversion.Two things may happen immediately they have join your list. They will either buy your product or fail to do so.As a savvy marketer, you must know that the game is not yet over till (and even after) they have bought from you.The next thing is to get them on your educational series by sending to them lessons on the relevant niche. More often than not, they will later end up buying from you (if they did not, initially).Thus, for most prospects, they need some kind of education on what they are about to get involved.Email series of at least 7 lessons can help the prospect pass over this stage to become a customer.3.5 LoyaltyLoyalty is when your customer shows up repeatedly to buy your related products in connection with the initial purchase.3.6 AdvocacyIf you did the above groundwork well, your customers by now will be recommending your products and services to other customers – his friends, relations, acquaintances, etc. It is a sign of Loyalty and what every Marketer that knows his Onions should be aiming at.This is the ultimate level of Internet Marketing!Planning your marketing funnel:Tactically, here is a simple and straightforward way to plan your marketing funnel.From top to bottom Marketing Funnel typically contains:
Freebies
Sign up
One Time Offers (OTOs) often at a very minimal initial prices
Free eCourse
Sales Promotion
Membership Site Offer or
Another OTO, all at reduced initial prices
These positions may vary slightly depending on your goal for setting up the marketing funnel
4.0 CONCLUSIONIt is only when you set up a marketing funnel for your niche market that you have really start business – online business. Otherwise, Internet Marketing is just your hobby and not yet a Business for you.5.0 SUMMARYThe conduct of this aspect of business is also influenced by the approach of the marketer, some prefers a Soft Approach while others use the Hard Approach to Marketing.I will return to this topic with more details when I will be discussing on setting up the Autoresponder Messages.What do you think you should do next after this?Did I heard you say: Domain Name Registration and Hosting?You are absolutely right, and that is what I will be talking about in the next chapter.6.0 ASSIGNMENTCan you plan and set up your own funnel in your chosen market niche before you go unto the next eCourse?