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Individuals Making Money: You, Yourself and Money

by Dan on October 31, 2011

A lot of my posts on here have been business-centric, but what of the vast numbers of people that work from home on their own? Well, this is article is to them: the intrepid, but solitary, entrepreneurs who fight a lonely battle for financial security.

How do you expand into more profitable ventures without risking what you’ve already worked so hard to achieve?

Well, CEO of SOLTD wisely states that:

A risk free expansion is very hard to do. However, if you reinvest wisely in new ideas, you shouldn’t risk losing too much. You’ll have to put in a bit of extra time to keep on top of everything you’ve already got going on, but in my experience it’s all worth it. That’s because once you get everything started and ticking over nicely, it’s easier to keep on top of things.

As a businessperson working from home, therefore, you should always aim to expand step by step. Network with your suppliers or affiliate networks, as they’ll help you to negotiate lower CPLs and CPMs, which will help you get more return on your investment.

Make sure you document everything you do and take a few hours out of one day to review how everything is doing. This will help you identify the profitable from the loss-makers and will ensure that you can cut the ones making losses as soon as possible.

As mentioned before, I can’t stress how important it is to network with your suppliers or affiliates.

If you’re dealing with an affiliate network:

Usually the affiliate dashboard will have an account manager’s name and contact details. If you contact them and start to build a working relationship it will be easier for you to negotiate deals on the cost of advertising and the money you get from each lead. This can help improve your profit margins and can even help you make profits on things currently making a loss.

If you’re dealing with a product/service:

Go the extra mile to find out the contact details of the appropriate client manager, with whom you’ll be able to negotiate beneficial deals. Perhaps a few freebies here and there, or a discount on shipping. It all adds up to reduce your costs and increase your profit margins.

As with any networking, be gutsy, but don’t be greedy. You don’t want to annoy the network manager by being too pushy, but neither can you afford to not be persistent. It’s a fine art, but you’ll have to use your discretion on what’s acceptable according to each individual account manager.

Sincerely,

Dan Little

Related posts:

Making Money with Mobile Apps – Part 2

Making Money with Mobile Apps – Part 1

Making Money Online Is Not A Myth

Affiliate Money Making

Making money by finding it!

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