Welcome Solopreneurs! Today we’ve got an extra exciting show for you. I’m finally spilling the beans on the big announcement I’ve been hinting at. (Wish us luck!) And we also knock down your Q’s one at a time!
As you probably know most Fridays we do a Q&A show. I ask you for questions on Thursday and then I answer them on the following day’s show, and that’s exactly what’s in store for you on episode 315 of The Solopreneur Hour.
More About Our Q&A Solopreneur Coaching
If you want to hear the big news you’ve got to listen, I’m not going to let the cat out of the bag here. 🙂 And trust me it’s pretty darn great!
But if you want to partake in the questions on our weekly episodes join us on the Proudly Unemployable group and look for my question-requesting post, then drop yours in. Now let’s get to some answers for this week’s questions and some solopreneur coaching!
Q: I’m currently a homeowner but recently quit my job to pursue my business, while working a paycheck job I obviously had my w2 which made me eligible for a mortgage, what are things we should do being entrepreneurs to still be able to have viable income for larger purchases?
A: I just went through this today; I’m trying to finance a new car and want to finance some of it because it’s good to have rolling credit. It is difficult; the strategy is to set yourself up as an S-corp then you can pay yourself as a regular employee so you can show you have a regular steady income. Definitely check with your tax accountant though – this isn’t my area of expertise!! Try CPA on Fire.
Q: First I’d like to say thank you for having Q&A Friday! I bought a domain name. I hired an Elancer to create the site for me. Unfortunately they did everything except complete the site in English.
Here are my questions:
1. Should I pay someone else to complete the site in English and try to see if the site can make money? (The purpose of the site is to automate the job application process. (ihateapplyingforjobs.com)
2. Should I forgo completing the site and try to sell the domain?
3. Should take a completely different route and I try to learn how to buy and sell domains by signing up for a course?
A: I think #1 is the best thing – pay someone to finish it in English and see if it can make money. I think it’s a great brand. I just checked your site and it needs a professional designer to tweak it a bit. Get an English speaker and finish it.
Start with a creative brief: your audience, avatar, etc – and what you’re going to do for them. How are you different than Monster.com? It feels like your brand is meant to simplify things for the job seeker and their job application process in a different way than Monster or LinkedIn. If that’s not your intention then we need to dig back into the branding process. Answer the questions why you’re different and you’re qualified to do this.
Q: First off, thanks for always reading my name right. yes it is Reichl read like Michael. Anyway, my question is where does the subtitle in libsyn appear in itunes?
And if I may contribute so I won’t feel like an askhole, I learned that you can only stuff 255 characters in your “episode title” in libsyn that will be recognized by itunes as a search engine. 30 characters will appear as your episode title using an iphone 5.
50 characters in itunes using a laptop and 126 characters of your episode title will appear in the information icon and of course the complete description. That I still have to count how many characters can fit in. Hope I shared something of value to other podcasters out there.
Oh and thank you as always Michael, your content has forced me to keep on pushing out content until people drop off their stools.
A: When you’re doing the title of your show you want to frontload it. It gets cut off on various platforms earlier than you think it does, so you want to pay attention to the number of characters you use. I like what you’re doing and I think you’re getting a good number of downloads so keep at it, and don’t second guess yourself!
Q: Read like Seinfeld: What is the deal with “teaching internet business” as people’s default entry into internet business?
A: People do it all the time, it’s a great question! That’s pandemic among internet marketer types, it’s one of the things that held me back at the beginning of this podcast.
So there are two sides of this: one – you don’t need to be the de facto expert in something to teach people. Second to call yourself an expert you need to back it up (Instagram is a great place to see this – someone says they’ll help you crush it and only have 500 followers themselves), or just frame yourself as who you are and where you are in your journey.
Karen Lock Kolp
Q: Hi Michael, I’m halfway through your Social Media Ninja Tactics online course and loving it! It’s making me think about the power of video, and I notice that you start each module off with a few minutes of you talking to us/the camera.
My question is: what kind of set up is required for that kind of filming? While I’d like to have the quality be the best possible, I’m still pre-financially-free and would like to get maximum quality with minimum cash… Does my iPhone 5 have enough video quality for something like that? Thanks.
A: Yes it does, is the short answer. I think I shot that entire thing with my iPhone 5 on a tripod and used my ATR 2020 microphone (a $25 wired lavalier microphone). The iPhone 6 is phenomenal for video – get a ring light that attaches to your phone for optimal light. Screenflow on your Mac works well too; just remember to take it seriously. And thank you for the book!
Scott W. Mulvaney
Q: If you aren’t a big writer, yet, but you know the blog piece for a wordpress site setup is powerful for SEO, do you still incorporate the blog component? And if so how do you do it in an effective manner, making it the main focal point, or just another page, etc?
A: Yes you incorporate it. I’m not sure if you’re doing anything else like a podcast. If you are then you can make the blog secondary. If not then your blog is the focal point. You can always dictate your post if you’d rather go that route. It really depends on the intention of your site so figure that out and go from there.
Q: I’m a baby boomer–would it be advantageous to try to market to a specific age group or would you try to appeal to the general population with your internet business? Thanks.
A: This depends on your business and who your audience is. Think about the hobbies you have and who you can market to in that universe.
Q: What was the first online business you attempted? When was the aha moment that set you off?
I know you were a designer in your previous business life but what catapulted you to where there was no return to the business life you previously had? Were you very passionate about your first business venture or was it just something that you told yourself that you could do? Did you explain this in your early podcasts– I haven’t heard your first ones– maybe I should give a listen?
I’ve been doing b2b sales most of my professional life. Working as a b2b salesman has always been something I did for a living, not something I was passionate about. I believe I have natural people skills and I’m an ok salesperson but being resourceful and persistence have kept me in my jobs. I wish I had more passion or could develop more passion for business. I have always hoped that if I could find some kind of service or product that I could provide, I wouldn’t mind the business side.
For the past couple of months I’ve been trying to educate myself about internet marketing, social media and developing a good business idea. I’ve always had an interest in sports and photography, particularly sports, and that’s where my passions have been but I’m really not sure if they’re good niches to pursue now. Very crowded niches.
I have a very small sports photography business that’s mainly a hobby business. I shoot for a photowire company called Icon SportsWire (my website is tommylaporte.com) and get published but I haven’t really done much marketing for it. As you know (btw, nice interview with Chase Jarvis), photography has gone through monumental changes in the last 10 years and gigs are drying up quicker than water in California.
I don’t want to throw away money at marketing something where my ROI is going to be minimal. (I’ve got a professional camera, Nikon D3s, and several professional lens –pretty expensive hobby) I’m not sure where I could go with a sports photography business or sports business as a full time gig.
I tried writing a blog for my website but I had no idea where I wanted to take it. Podcasting would probably be very difficult for a field like sports photography but podcasting would probably be an option for a business about sports. Am I chickenshit for not diving into the sports and photography niches even though that’s where my true passions are?
So, I’ve been racking my brain trying to figure out what else I could do. I’m pretty lost right now. I’ve been trying to come up with a business idea that I could become passion about.
What I do know is that I would like to develop a business model similar to yours. The most important thing for me is having a business that could fit into a lifestyle where I could do it anywhere in the world and I could probably do the rest of my life. I don’t need to get rich. I just want to live comfortably. I have no kids and it’s just the wife and me. I figure I got 20 good years left of trying to build something for myself that I could look back on as my legacy.
Well that ‘s where I’m at with my business. I’m in between sales jobs right now so this time would be advantageous for starting a gig but I don’t have a solid business idea that I could passionately focus on.
Your feedback back would be much appreciated. Thanks for letting me spill out my guts to you. Right now, I’m going out for a walk and binge listen to your podcasts from the last week. Hope things are going well with you.
A: I guess it was my social media course, and I had already gotten great feedback on it from the live audiences I offered it to. I knew it was good, how I taught and my teaching was effective. I’d suggest you listen to my first episode which explains the journey I’m on and it will give you more insight into your questions.
To answer your other question (can you make sports and photography into profitable businesses) – look at combing them. For example how about parents? You can approach a few parents about shooting their kids’ games and you’ll offer them a package deal; get a few parents of kids on the same teams.
Anything where a parent is involved or where someone is super patient about their hobby like cars, and jump in and offer them a package deal for a photo shoot. Do a couple for free and have those as your show pieces so people know your talent and what you offer. You’ve got to do some real rubber meets the road kind of stuff right now.
QUESTION OF THE DAY: What other questions would you like answered? Let us know in the comments below!
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