THE ONLINE ENTREPRUENER Leadership types in the digital age. Opening the right accounting entity. Defining the business model and marketing methodology. Defining your self as an SME. Financial structuring. Hiring and delegating. Understanding search engines: ad campaigns Measurement of social media metrics Product sourcing and business evaluation.
LEADER TYPES Classical character-trait definitions The Institutional type Usually in a job Derives authority from the institution: royalty, CEOs, managers etc. The Dynamic type Strong character traits Makes a change within oneself and in the environment Charismatic The entrepreneur Generally the dynamic type Someone who repeats the process of assessing risk, investing, accepting a profit or a loss, sells the business when appropriate. Visualises an exit strategy.
LTA Model of leading analysis LeadTrain Administer Leader
Apply three key aspects to every business ServiceAmbiance Culinary TrafficCredibility Product Restaurant e-commerce
Motivation Apply attributes on the triangle to yourself excluding the skills that you have: Determination: grow through small goals Time management: recognise time wasting activities Risk appetite: technical and fundamental analysis, availability of capital Differentiate between desire and goals “Dreams are not those which come while we are sleeping, but dreams are those that don't allow you to sleep before fulfilling them.” (APJ Kalam) Make a triangle of three things you want to do and haven’t done so far Set a date to accomplish them
Teachers, Gurus and Coaches Tony Robbins- motivational leader The leaders of the internet business world are declared by statistical yardsticks such as number of followers, page rank, and analytics. Darren Rowse Seth Godin John Chow Patt Flynn Neil Patel Most of them make money by teaching you how to make money through blogging, or some blueprint system. They are SMEs (Subject Matter Experts)
Does one need a teacher, an advisor? One size doesn’t fit all A teacher for each subject A businessman will have a CA, a lawyer, a doctor, but invariably no teacher or counsel Belief Spiritual Partnerships? Our abilities to learn, from others, the environment, ourselves
Accounting entities The need to define the accounting entity helps the exit strategy: Adds credibility to your company: sole trader, pty ltd, or heading for an IPO! Opening an IBC (International Business Company): tax saving and not tax evasion Orient the business to work as a corporate with management and governance teams Need for collaboration, partnerships, affiliations Tax returns help giving the business credibility with lending institutions. AIM: turnover >60K
Marketing suggestions Brand development Digital marketing: landing pages, funnels, conversion marketing, blogs Networking events, fairs, seminars etc. Memberships http://www.accessusa.com.au/ (Access USA) http://www.accessusa.com.au/ http://www.export.org.au/eca/events/events-calendar http://www.ipaustralia.gov.au/ (trade marks) http://www.ipaustralia.gov.au/ http://www.appea.com.au/ (oil and natural gas) http://www.appea.com.au/ http://www.austrade.gov.au/About-Austrade/default.aspx http://www.acbc.com.au/default.asp?id=1&op=apply $375.00 (aus-china biz council) Rotary, Lions, Toastmasters etc. Radio (start your own), local newspapers etc. (http://mixstream.net/streaming/autodj/) costs about less than $200 pa.http://mixstream.net/streaming/autodj/
Assume expertise Define your value proposition- your expertise: don’t narrow it Understand the leadership traits to gain self confidence Small goal achievements e.g.: 10 km run in 6 weeks or make small gains in defined periods of time to gain confidence Know difference between social media adulation and real respect Understand compassion, belief Time management, decision making, developing positive images Lead-train-administer Publish a book, eBook, papers, a digital product Requires commitment Provides accomplishment Get interviewed in local papers Attend and later present at seminars Collaborate to present in joint seminars Advertise in local newspapers Develop yourself as a brand and ‘promote-promote-promote’!
Approximate investment General costs AnnualPercentage HostingRecurring $ 150.001 Auto responderRecurring $ 240.002 SSL and securityRecurring $ 240.002 Design etc $ 500.004 Software and licences $ 400.004 WordPress or CMS time $ 200.002 GoogleRecurring $ 3,600.0032 Other adsRecurring $ 1,200.0011 SEORecurring $ 3,600.0032 Marketing CollateralsRecurring $ 1,000.009 Approximate costs $ 11,130.00
Taxes Registering for GST can help claim home office expenses Losses are expected in a start up, they can offset taxes in future years Earnings from exports are exempt from taxes Structuring of company can help save and provide cash flow, needs to be done under advice of a CA (costs usually around $1300.00) Registering a company with ASIC (around $450 to $500 and annual fees)
Outsourcing and hiring Goals will determine revenue and investment Hiring experts and services to maintain has advantages, and you can devote your time to scaling the business and expanding it. Sources such as Fiverr have advantages and disadvantages There are other professional sources that are more than $5.00 a gig, but one can hire confidently through a process of communication. Draw up a contract Establish progress payments A clear cut job description Insist on Skype calls to know the persons personality, deal with corporates
Understanding search engines Averages, standard deviations and median values help in understanding: Competition Quality score CPC, CPM etc. Google can change algorithms to suit their requirements Worth becoming a google partner even without certification Importance of quality score, keywords, long-tail keywords Facebook is less expensive than Google Use a site like statcounter.com to understand your keywords
Product sourcing What to sell? Accessories Clothing Digital products Affiliate products Medical Supplier: going through Austrade and Accessus may help Profit margins Run multiple sites on single products to see demand
Measurement of social media metrics Facebook likes: real and plastic, both have a relevance Back filling services and products Customer likes to visit established shop Reviews, stars, comments Services that increase traffic, likes, … google clones White and black hat Affiliate link survival Linked in, Twitter, follow and followers Back linking PR
Evaluating progress Establish milestones in your project Review progress Measure conversion rate Understand Google webmaster tools Evaluate demographics Analysis product wise, by placing tracking code for each product Window dressing, discount and sale strategy by product Have a management and governing committee (however small or paid for): understand that we are all prone to not recognising our own incompetence! (Dunning and Kruger)
Conclusion IM, ecommerce are definite businesses and need structure Time spent in researching is never wasted Build the brand Collaborate, learn from masters, clone successful models A three year horizon is the minimum, before which technology changes Know ‘why’ which is the difficult part. ‘How’ is all on the internet!