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THE ONLINE INVENTOR
since 1998

(c) 2003 Market Launchers, Inc.

http://www.marketlaunchers.com/customer-testimonials.html

Publisher: Paul Niemann

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PUBLISHER'S NOTES:

This issue begins with 3 short items:

1.    Market Launchers has recently been hired by a national manufacturer of home improvement products to help them locate tools and other new products used in exterior construction (primarily residential). The manufacturer sells their products in stores such as Home Depot, Lowe’s, Sears, etc.

This company WANTS TO LICENSE SOME NEW INVENTIONS -- as they have licensed products from other inventors in the past. Details, along with instructions on how to submit your product for review, will be e-mailed to you early next week and will also be posted on the home page at MarketLauncehrs.com.

2.    FOR SALE --

To all who DO NOT yet have a web page on the MarketLaunchers.com site, you can now purchase what our customers already have received:

*    A copy of "Web Sites for Inventors" 

*    A list of companies who have either licensed in new products from outside inventors in the past, or are believed to be open to looking at new products from outside

*    All of the articles written by MarketLaunchers.com for Inventors' Digest over the past year and a half.

Previously, this information was only made available to inventors who purchase a web page on MarketLaunchers.com; I'm now making it available to the general public for the first time.

The total cost is only $75 for all three valuable sources of information, and it comes with a 90-day money-back guarantee. That means that if you're not totally satisfied, you can return it for any reason, with no questions asked, within 90 days for a full refund. There's absolutely no risk to you. Best of all, the $75 purchase price will be deducted if & when you order a GOLD web page from us. For more details, click here.

3.    Occasionally, there are companies who I’m suspicious of that contact our customers and try to sell either their video production services, their list of companies, etc., which can cost upwards of $8,000 -- $13,000. Some of these companies offer to produce a videotape commercial or infomercial of your invention and run it on TV. I believe that most of these offers are worthless, and they go behind my back in approaching my customers. (If they were legitimate, they would contact me first, wouldn't they?) These companies come from Florida, Missouri, Texas and other states. If you get approached by any of these companies, PLEASE CALL ME FIRST, AND I’LL TELL YOU WHAT I KNOW ABOUT THEM. Many of you have called me (which I truly appreciate) to ask that I warn other customers about these companies.

I hope you enjoy this issue!

Best Regards,

Paul Niemann
http://www.marketlaunchers.com/customer-testimonials.html

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FAMOUS / INFAMOUS Quotes …

"Anyone who kneels before God can stand before any man" – sign at a church in Quincy, IL

"You don't take a photograph, you make it" – Photographer Ansel Adams

"The man that loves and laughs must sure do well" – Alexander Pope, as seen at famousquotes.com

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Article # 1:    "Everything You Wanted to Know About Money-Making Niches -- But Were Afraid to Ask!" by Roy J. Primm

Article # 2:    "5 Key Marketing Questions," by Bob Leduc

Article # 3:    "Tax Tips for Home-Based Business Owners," by Vishal P. Rao

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EDITOR’S NOTE: This article was written for entrepreneurs, but what is more entrepreneurial than inventing?

Article # 1: "Everything You Wanted to Know About Money-Making Niches -- But Were Afraid to Ask!" by Roy J. Primm

"Niches are like bathrooms; you never notice one until you need it!" – Roy J. Primm

A niche fills an unmet customer need. Niches are at the heart of every successful industry, business, product, or service.

Niche marketing is the opposite of mass (general) marketing. It targets specific people with specialized needs. Niches build industries, businesses, and jobs. Having a niche is the only way to eliminate competition.

Niches fill specific customer needs that have been ignored, overlooked, or neglected by others. The ability to create a niche is the quickest way to financial success. The ability to create a niche levels the playing field -- if you have little money, zero connections, or no experience.

The highest paying skills are the ones that focus on a niche segment of their industry, rather than the mass (general) market. People who specialize are paid the most.

Make it convenient for your customers by learning how to create a niche. Then you’ll make it more inconvenient for your competitors to compete with you. Don’t just wait to find a niche, create one! That’s the key.

There are always prospective customers that you or your competitors have never seen. The first one to create a niche that appeals to them will win them.

Increased profits are waiting for the person or business that can create the next niche in their chosen industry. People want products and services that cater more to their personal needs. The person or business that can be the first to cater to these specific niches (needs) will win this new breed of customer.

Focus on what specific niche you can fill or improve on that others won’t, can’t, or haven’t filled yet. This could fling you ahead of your competition literally overnight, before they know what hit them.

You can benefit by focusing on smaller (specialized) segments of your industry. This is niche marketing at its best. Take the bow and arrow approach, not the shotgun.

Remember, your competitors are constantly looking for ways to steal your customers, by appealing to the special needs you’re not filling. Your priority should be to find or create the niche first – and steal theirs.

Avoid trying to be all things to all people; this carries the most risk. The key is to "specialize." Create a niche -- and grow rich. Specialization of a niche in all fields of endeavor earns the most, including the business you’re in.

Listen to people’s problems, complaints, and irritations. Complaints are signs of niche opportunities.

Does creating unique market niches demand huge cost? No. But it does demand focused attention to your customers’ spoken and unspoken needs, problems and complaints. That costs nothing.

Get in the habit of seeking your customers’ problems, complaints, and issues about your product or service. These complaints and problems are your golden seeds of opportunity for creating niches -- if you know how to work them.

Potential niches are everywhere; it often takes a customer complaint to make a specific niche come alive in your mind. Take the time to think about the power of a niche, and you’ll suddenly find yourself creating more each day.

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Roy J. Primm (The Niche Man), is a freelance writer whose obsession is studying successful market niches. To read more on how you can triple your sales by improving your "niche creation skills" go to www.booklocker.com/books/1015.html

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EDITOR’S NOTE: This article applies more to people who are selling existing products at retail or on a web site, but you can adapt its message if you have a product that you’re trying to license.

Article # 2:    "5 Key Marketing Questions," by Bob Leduc

When you know the answers to these 5 key marketing questions, you can create effective web pages, sales letters and other sales generating communications. The answers to these 5 questions reveal how you can get your prospect's attention and motivate them to take the action you want.

Describe detailed characteristics of your ideal prospect. Be very specific.

Once you clearly define the characteristics your ideal prospect you can develop a powerful sales message appealing directly to their unique interests and needs. Prospects are more likely to respond when they feel you are talking directly to them about their individual needs.

Decide in advance what action you are trying to stimulate. Do you want to get inquiries for your product or service? Do you want to produce sales directly from your promotion? Or

do you want to build a list of qualified prospects willing to receive frequent offers from you?

You can develop an effective promotion in a short time when you have a clear understanding of the action you are trying to generate.

Identify why prospects should do business with you instead of with a competitor selling a similar product or service. For example, do you provide faster results, easier procedures, personal attention or a better guarantee? If you cannot think of a reason -- create one. Add something to your business you are not already doing.

Your competitive advantage can be responsible for fifty percent or more of your sales. Make sure you have one -- and don't lose it. Keep checking on your competition and make any changes necessary to keep your competitive advantage.

4.    HOW WILL I PROVE MY CLAIMS?

Don't expect prospects to believe what you say. Make sure you provide proof of any claim you make.

For example, collect and use testimonials from satisfied customers. Provide research data supporting your claims. Get endorsements from experts your prospects are likely to recognize.

Most prospects do not respond the first time they see your promotion. Instead, they delay making any response -- then often forget about you.

You can convert many of these procrastinators into buyers by giving them a compelling reason to respond immediately. For example, give them a special price if they order now -- or include a valuable bonus if they order by a specific deadline.

TIP: Develop a series of 4 or 5 different special offers. Use them one at a time with an expiration deadline. When one offer expires, replace it with the next offer and a new deadline. Continuously recycle through the same series of offers. This enables you to create urgency using special offers without taking time to create new ones.

You need to answer to these 5 key marketing questions before you can create a motivating web page, sales letter or other sales generating communication. The answers to these 5

questions will reveal how you can get your prospect's attention and stimulate them to take the action you want.

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Bob Leduc spent 20 years helping businesses just like yours find new customers and increase sales. He just released a New Edition of his manual, How To Build Your Small Business Fast With Simple Postcards and several other publications to help small businesses grow and prosper. For more information: E-mail: [email protected] Subject: "Postcards" Phone: 702-658-1707 After 10 AM Pacific Time/Las Vegas, NV

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EDITOR’S NOTE: The following article is not intended as tax advice. Please consult with your tax preparer. Thanks.

Article # 3:    "Tax Tips for Home-Based Business Owners," by Vishal P. Rao

As tax time approaches, many home-based business owners begin completing their forms or paying their accountants with trepidation. This nervousness comes from two sources: a fear of being audited and a fear of having to pay a lot. For the most part, both of these fears are unfounded.

For one, audits are rare. In fact, only 0.5% of taxpayers are subjected to audits every year. And if you do beat the odds, keeping good records and maintaining receipts will help you weather the IRS storm.

Obviously you have not control over whether or not your return is chosen for an audit, but you can control how much you are going to owe the government this year. Most people who own small or home-based businesses end up paying more than they should in taxes simply because they are not taking advantage of all their deduction possibilities, even those that are right around them every day.

You may not realize it, but one of your biggest potential tax savers is sitting in your garage right now. Most people realize that their car can be a tax write-off if it is used for advertising purposes, but the majority of home-based business owners don't realize that it they may also be eligible for deductions as well.

For example, if you drive your car to the post office to buy stamps for your business or if you drive to the office supply store to stock up on paper clips, you can claim that mileage on your taxes. You can even claim the mileage if your business-related stop was made on the way to picking your daughter up from ballet class or dropping your dog off at the vet.

In addition, you can write-off other automobile related expenses such as gas, insurance, and parking costs if they pertain to any business related activity. Be sure to keep records, however. You will want to have a small notebook in your car at all times so you can jot down your start and stop mileage as well as a note about the business activity in which you are engaged. Keep all gas, parking, and insurance receipts as well if you plan to claim those as business expenses.

If you pay your children an allowance, you can also count these as deductions if you hire them as part of your staff. Any business owner knows that the money he or she pays to employees does not count as part of their profit. The same is true for home-based businesses.

Most business owners also know they can find employees among their own family without raising any eyebrows. The same is true for home-based businesses. You can hire your fourteen year old to help you answer phones, file, or type up correspondence. You can offer your eight year old a job emptying wastebaskets, straightening your office, etc. Then you pay them a certain amount of money every week for their labor.

Again keeping records is essential. Keep track of the hours your children work for you as well as the activities they do. Pay them, if possible, by check from your business account. You can set up a checking or savings account for the children in which the money can be deposited.

Obviously if you worked in a small office building you could deduct the amount of rent you paid for that property from your taxes, as well as the costs of all the equipment and expenses. Well, just because you work out of your home that does not mean you lose out on those deductions.

Chances are you have a small area of your home that is set aside for your business purposes. Now while you cannot write-off the cost of your entire house, you can write-off the cost of that area.

What you do is determine what percentage of your home's total square feet is dedicated to your business. For example, if your office takes up 10% of your home's total area and you pay $600 per month for the property, you can claim $60 per month as a business expense which would be $720 per year.

The same formula works for your utilities, such as electricity, water, and telephone (unless you have a separate line just for business). All of your equipment -- your computer, printer, scanner, cell phone, printer ink, etc -- is also tax deductible. Remember to keep track of those expenses and hold on to your receipts in order to claim them on your taxes.

When it comes to tax time, no home-based business owner needs to feel afraid. By taking advantage of all your potential deductions and keeping thorough records, you can not only significantly reduce your yearly tax bill, but you can also prepare yourself in the rare event you may be chosen for an audit.

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Vishal P. Rao is the editor of Home Based Business Opportunities -- A web site dedicated to opportunities, ideas and resources to help you start a home based business. Visit him at: http://www.home-based-business-opportunities.com

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If you wish to distribute this issue of "THE ONLINE INVENTOR" to your local inventor group, as well as your fellow inventors, please send the *entire* issue by clicking Forward.

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Until next month, Successful Inventing To You!

Best Regards,

Paul Niemann -- http://www.marketlaunchers.com/customer-testimonials.html
(800) 337-5758 (within the U.S. and Canada)
(217) 224-7735 (outside the U.S.)
Copyright 1998 -- 2003
All Rights Reserved

Click here to read the November 2002 issue.