Greetings & Salutations:
This month, we're gonna talk about ...
Getting Rich Publishing Your Own Newsletter!
Articles written on this subject have ranged ... as they always
do ... from the ridiculous to the sublime. Some were well-written
bits of wisdom covering the mechanics of producing a newsletter.
Others propounded upon the importance of graphics. A few
suggested topics and content to consider.
Having been a newsletter writer/publisher for 30 years, some
of the articles made me laugh with delight. Others just
about made me cry with disappointment. A few gave me gas-pains.
But, they all forgot the First Law of Business ...
Demand Creates Supply!
Supply DOES NOT Create Demand!
Think about it. -- If I have 1,000,000 widgets; valued at
$5 each, how much money will I make? -- Not a Penny ... unless
somebody else wants my widgets and is willing to pay the price.
-- If there is no demand, the supply is worthless.
By the way, if our ego-maniacal government would apply the
First Law of Business to the drug problem in this country, there
wouldn't be a drug problem. -- Eliminate the 'demand' and the
'supply' won't matter. -- Spend the Big-Tax-Bucks on educating
our children not to use drugs and arrest the 'users' (even the
so-called 'recreational' users) and send them to rehabilitation
camps paid-for with the tax-money now used to capture 'suppliers.'
-- Eliminating the 'supply' will never solve the problem.
Eliminate the 'demand' and the problem will solve itself.
No Demand = No Profit Motive = No Supply!
No matter what kind of 'business' endeavor you choose ...
including Newsletter Publishing ... the First Law of Business
always applies.
That law is succinctly expressed in the maxim ...
Find A Need & Fill It!
Therefore, before you entertain the thought of starting your
own newsletter, you must first determine that there is a 'need'
(demand) for the information you intend publishing.
In my book ... "Own Your Own Mailorder Business"
...
... I tell you how I started my first newsletter, the "Business
Intelligence Network." -- It came about because my readers
'demanded' more and more of the same kind of information. --
The 'need' found me, so I filled it ... profitably.
As a matter of fact, in all but one instance, that is the
story of my life in newsletter publishing. -- Twenty-eight years
ago, I purchased the "WorldWide Business Exchange,"
...
... after having been a paid-subscriber to it for well over 5
years. I 'knew' it was needed, because I, myself needed
it. -- In all the other cases, the 'need' found me.
In 1984, after writing the booklet, "Offshore Banking
Is Not Evil," my readers demanded more information on
the subject ... which lead to the creation of "Offshore
Banking News."
Although I wrote "The Burning Match" ...
a booklet about Stock Market Investing ... in 1987, it didn't
really catch-on until 1989. Then, the demand for more detailed
information generated "The Burning Match Newsletter"
and "The Burning Match Trading System" and "The
Burning Match Society."
"Mailorder Marketing," came into existence
because, before publishing my "Own Your Own Mailorder
Business" (OYOMB), in June, 1996, I sent and gave copies
of the final manuscript to a number of my friends and members
of my family. -- Each, in turn, asked for 'more.' So, in
anticipation of the demand the book would generate, I initiated
the newsletter. (I wasn't wrong.)
But ... I'm only telling you about the newsletters that were
successful and profitable.
During that same time period, I started no less than four
other newsletters. (I won't even mention their names because
they were such dismal failures.)
Why did they fail?
Well ... being a profit-motivated entrepreneur ... in each
of those failures, I had found what I thought was a 'need' and
proceeded to 'fill that perceived need' for a profit. -- In other
words, I created the supply with the greatest need being my profit!
With the "Business Intelligence Network," "Offshore
Banking News," "The Burning Match Newsletter,"
and "Mailorder Marketing," my sole intent and
purpose was to share something I had learned (the hard way) with
others who had a 'need' for that information ... without going
through the hard-won learning process I had.
Don't get me wrong. I am still profit-motivated - but
- I learned (the hard way) that my profit motivation must be
secondary to the 'need' of my readers.
Now ... if my short dissertation on the First Law of Business
... as it relates to newsletter publishing ... hasn't completely
turned-you-off, let's talk about ...
Starting Your Own Newsletter!
Having just read about the First Law of Business, you are
better prepared to start and operate a newsletter than 9 out
of 10 people who do.
By knowing and understanding that law, you should have come
to the realization that just because you can supply it doesn't
mean anyone is going to buy it! So, the first question
in your mind should be ...
Is There a 'Demand' for the Information I Can Supply?
One of the ways you can go about determining whether or not
there may be a 'demand,' is by researching the various "directories"
of newsletter publications. -- If there are a number of newsletters
offering information in the same field, there may be a big enough
demand ... if you can approach the subject from a slightly different
prospective.
In that case, order (pay-for) sample copies of the various
newsletters in that information area. Read and study them.
Determine whether or not you can bring a new or better perspective
to the subject.
Then again, if there are no newsletters being published in
that information area, it could be no one has thought of it -
or - it may be there is no demand for that kind of information.
Either way ... the best way to determine whether or not there
is a 'demand' is by creating the first issue of your proposed
newsletter (without a date on it) and mail it ... FREE ... to
a list of people who should be interested in the subject matter.
Along with the FREE sample issue, put in a 'cover letter'
simply asking the reader if they would be interested in receiving
"free" information about the newsletter enclosed. --
Don't tell'em they're gonna have to pay for the newsletter ...
just ask them if they would like some more 'free' information
about the newsletter. -- Be sure to enclose a Postage Paid Reply
Envelope or a "Yes"/"No" Postcard ... so
they can respond effortlessly.
If you get a BIG response (20% or more), you probably have
a winner. -- If you get a Moderate response (10% to 20%), you
need to test a few more lists before you decide. -- If you get
a small response (less than 10%), go back to the drawing board.
By the way, that's the way "WorldWide Business Exchange"
came into existence back in 1963.
Note: All of my newsletters have been written
from my own personal, hands-on experience in the subject matter
- but - that doesn't mean you have to have personal, hands-on
experience in your chosen information area. Some of the
better newsletters on the market today are written and published
by people who have excellent 'research' skills and the ability
to give the readers what they want (which is the real secret
... if there is one ... to successful newsletter publishing).
Beyond testing the subject matter of your newsletter, you
also need to ...
Test The Title!
If your initial test results are moderate or small, instead
of changing your subject matter ... or content ... on your further
tests, try just changing the title.
You would be amazed at the importance of the right title.
I've seen poorly written newsletters with powerful titles make
money hand-over-glove -- while far better-written newsletters,
with a poor title, in the same information area have gone bankrupt.
So, before you give up on your idea ... test, retest, and
test your "title" some more.
But, what about ...
Mechanics & Graphics!
Although this is a much discussed topic in the newsletter
industry ... with as many different 'opinions' as there are Newsletter-Publishing-Gurus
... there is no right or wrong. The decisions as to the
mechanical layout of your newsletter and the graphics you choose
to use are dependent upon what your customers want and need from
you ... that's all that really counts.
Some of the most successful and profitable newsletters today,
are still published like the newsletters of 40 years ago ...
just white pages with typewriter style printing in an informal
"letter" style. Then again, other successful
and profitable newsletters are almost magazines ... with pictures
and 4-color printing.
How do you find out which is best for your newsletter? --
Aha! Gotcha! -- You guessed it ... test, retest and test
some more. (Remember: That's what separates the 'pros'
from the 'amateurs.')
Of course, even after you have chosen your subject matter,
mechanical layout and graphic design, the only way your newsletter
is gonna survive is by ...
Selling Subscriptions to Your Newsletter!
Ouch! -- No matter how you approach it, selling subscriptions
to newsletters can only be accomplished by mailorder methods
... there aren't very many 'stores' that sell newsletter subscriptions
over the counter. And, in 1984, when Publisher's Clearing
House put out a letter to over 500 newsletters; hoping to include
a sheet of 'newsletter stamps' in their mailings, only five of
us accepted their offer.
That means you either have to learn the "art" of
mailorder, or hire the best mailorder copywriter you can find.
-- Newsletters live or die on their subscription revenue ...
they don't, usually, sell advertising - and - those newsletters
that do sell advertising most often just cover their cost of
producing the ad-pages (because they don't have big enough circulations
to justify charging the big-bucks necessary to make a profit
from advertising revenue).
Which means ... you can have the absolute best content, with
the finest graphics - but - if you don't spend the money necessary
to sell subscriptions, your newsletter will bury you alive in
printing and mailing costs. -- Far from the rosy picture painted
by those who tell you, unequivocally, you can Get Rich Publishing
Your Own Newsletter!
Remember: Demand creates supply! (Not the other
way around.)
Contrary to popular belief, even the best of advertising can
not "create" demand. The 'need' (demand) must
already exist before your advertising can be effective.
All your advertising can do is tell your potential customers
why and how your product or service can fill their need uniquely,
better, cheaper, more efficiently, or without the drawbacks of
someone else's. -- Advertising can not create a demand where
no demand exists.
Now, it's ...
Bubble Bustin' Time!
Believe it or not ... the vast majority of newsletters in
this country (well over 75% of them) have less than 1,000 paid
subscribers. -- Successful newsletters have from 2,000 to 8,000
paid subscribers. -- Less than 10% of the newsletters on the
market have over 10,000 paid subscribers. And ...
Statistically, the cost of advertising for new subscribers
eats-up over 80% of the first-year subscription revenue ... fulfillment
costs average over 20% of subscription revenue ... leaving little,
or nothing, from the subscription price paid by first-time and
one-time subscribers. Meaning, without a significant 'renewal'
rate, even a "successful" newsletter could be operating
in the 'red' for at least the first year ... or until the renewals
start coming-in.
But ... what the hey ... if you can survive through the first
year; get your 'renewal' rate established; stomach the time constraints
of monthly deadlines; live with your calendar turned two months
ahead; suffer the other 'slings and arrows of outrageous fortune'
inherent in the small business community; and enjoy the shear
delight of meeting satisfied customers everywhere you go, it's
a wonderful way to make a fortune ... I should know, I've been
doing it for 30 years.
Making a Living: Without a Job
Is one of the BEST dessertations on the subject I've ever
read.
Written by my ol'friend, Bruce David, it would be cheap at
any cost - BUT - Bruce has decided to give it away FREE. -- All
ya gotta do is send him an email with "No Job" in the
subject & he'll get the report back to you within a day or
so.
Hey ... do it, today ... Bruce might change his mind.
Robert Leong needed to know ...
"I enjoyed reading your newsletter. Do you have
any experience in networking marketing? It seems that network
marketers' modus operandi is 3 way calls and home parties. I
haven't seen any internet activities by MLM organizations like
Mary Kay, Amway, etc."
Bob:
My first experience with MLM was wa-a-a-ay back ... with William
Penn Patrick's Holiday Magic. At the time, I was selling "Avon"
(I was a ding-dong Avon "lady" out in the farm lands
of Kansas) at the time.
Holiday Magic was as good as Avon but their commissions were
better, so I picked up the line. Then, I started getting
extra commission checks when some of my satisfied customers bought
into the opportunity.
Some years later, I signed up for the "Koscot Interplanetary
Cosmetics" Mink Oil line (Glenn Turner). -- At the time,
I owned a chain of Women's Wig Shops across the Southeast and
simply wanted to sell the cosmetics in my shops. -- The first
month, the girls who managed my wig shops turned in over $25,000
worth of orders from the counter displays I had installed in
each of the shops. BUT ... I couldn't buy any of the cosmetics
from Koscot. All of the cosmetics were being used up to
make sales kits so there were none left over to "retail."
In 1978 (or was it 1979), I sold "subscriptions"
to the first business opps newsletter sold by MLM. -- I just
sold subscriptions to a good newsletter ... the customers signed
up for the opportunity ... I was making over $20,000 per month;
even after the newsletter quit publishing (which put the company
out of business for accepting payment for something they weren't
delivering).
Over 8 years ago, I was approached by literally DOZENS of
promoters wanting me to help them create MLM plans for their
products, that's when I learned what the industry was becoming.
-- None of them really wanted to sell their products. All they
wanted was to "do a MLM" to make some big bucks. --
Unfortunately, that experience threw me into personal contact
with some of the big name MLM con-men and left a very bad taste
in my marketing mouth.
That's when I wrote the article entitled, "MLM:
What it was. What it became. What it is today."
-- I recommend that you read it at: mlm.html
... before you get involved.
John Shreeve wanted me to tell
you ...
"In case you are interested, I'm alerting you to my new
affiliate program that pays 45% commission on every sale. You
might feel it is worth mentioning in your Business Lyceum e-Letter.
-- The affiliate program is free to join. And is for my e-report
and e-course for sufferers from Tinnitus, the "incurable"
ringing ears condition that afflicts 20% of the population (and
probably 20% of your mailing list). -- The powerful thing about
these products is they are by an ex.sufferer and provide a proven
solution to Tinnitus. The e-course is called "Beat Tinnitus
Now," ($49.97), and the e-report is called "Discover
The Truth About Tinnitus," ($9.97). -- As I said, the affiliate
program for these products pays 45% commission on each sale you
make. What's more, even if you refer people to my free "Beat
Tinnitus" ezine, but they buy later, you still earn your
full commission. -- The key advantage of this affiliate program
is my e-products are generating a lot of interest around the
Web. Why? Because doctors say ... and most Tinnitus sufferers
think ... there is no cure for Tinnitus. Yet here I am, an ex.sufferer,
with a solution. -- This is a very powerful selling point. Market
it well and you stand to make good money referring my products
over the Internet or by e-mail."
Okay, John ...
I told my readers about it.
Here are the URLs:
Main product page: http://www.freefromtinnitus.com
Affiliate program: http://www.freefromtinnitus.com/join_affiliate_program.htm
Willie Allen asked ...
"I have a friend that has invented a unit that
is installed on a water heater that will protect the home
from fire damage if the unit develops a problem. My question
is where to start in looking for outlet for sales."
Bill:
Believe it or not ... if I were doing it, I would try to interest
the Fire Departments in marketing the device. They regularly
offer products to protect residents from fires.
Give it a try.
Brian Morgan asked for your
help ...
"My name is Brian Morgan. I'm 39 years old and I've just
made a decision to work from home full time. -- I live in the
United Kingdom, and I'd be really grateful to know if any of
your subscribers are in the position that I want to be and might
want to offer me some good advice. My main issues are about being
self employed and any tax issues, etc,etc... -- I'd like to say
that since I found your newsletter, I feel that I can really
do it! People are surprised that I want to work from home,
but I am very confident and reading the newsletter is really
encouraging."
Thank You, Brian ...
I truly appreciate your kind remarks.
I have passed your query along to my readers.
Chuck Huckaby offers
you a chance for FREE Publicity ...
"I always love reading BUSINESS LYCEUM. -- I'm getting
back in the publishing world after being out for a few years
for personal reasons. -- I've decided to profile "rags to
riches" stories both on my local radio show on WLX here
in South Central Tennessee and ALSO through my electronic eletter
"Official New Rules" to help encourage people to get
into business for themselves now that all of "yesterday's"
rules for being successful have changed! -- If your readers would
like free information by email about how to get free publicity,
have them email my autoresponder for details instantly. -- It
also tells them how to receive a $199 bonus simply for subscribing
to the new ezine!"
Thank You, Chuck ...
I signed-up for your ezine.
John Longmore wanted you to
know ...
"I have just created a Club called the Cyber Digital
Club. -- The Club sources it's members digital products they
can have, which come with resell rights and in most cases websites
to sell the products from. -- Anyway, membership is $9.97 per
month or $59 per annum and for that they get more than 20 products
right away (as a join-up bonus -- value $500 plus) and then each
month they get a new (sometimes more than one) product -- in
the next two months we will be giving a $250 + value product
as one of the 'give aways' -- but, we don't only give ebooks
-- we also give software like sitemaker, affiliate guard, etc.
and we have got in quite a lot of audio stuff now, like the one
hour and 20 minute interviews with Internet experts. In fact
Members can request (or suggest) their monthly product -- also
nearly all products do carry re-sale rights."
If you're interested, you can find out all about it at:
http://www.webdazzlers.com
Well ... that's it for this month. -- In order to make every
issue responsive to YOUR needs, please send me your questions;
or tell me what sources or resources you need to build your business;
or give me any thoughts you want to share with your fellow members.
Believe it or don't ... I ain't a mind-reader. -- If'n you
doesn't tell me what you need, I may never touch upon the information,
sources or resources you need.
This is your publication for you to use to your benefit ...
I am just your moderator.
Until next month, keep well ...
J.F. (Jim) STRAW
Grande Panjandrum
Thought For The Month!
An "opportunity" is just an "opportunity"
- but - "information" is the seed from which a multitude
of opportunities may be generated. -- J.F. (Jim) Straw
Can you stump the old master? --
Betcha can't!
Over the past 40 years (man and boy), I have made bundles
of money in direct selling, service contracting, wholesale merchandising,
entertainment (I was a professional Trumpet player, vocalist
& Radio Announcer), freight forwarding, import/export, retail
merchandising, warehousing, real estate, electronics manufacturing,
finder's fees, closeout merchandising, financial brokerage, business
consulting, steel fabrication, gold and coal mining, offshore
banking, mailorder, writing, and publishing. -- That being the
case ...
No matter what business you're in ... whether you're just
starting, well on your way, or at the top of the heap ... I've
probably been where you are, done what you are doing. -- So ...
Anytime you have a question about 'how' to do something in
your business - or - if you have any comments about anything
I've said in issues of this e-Letter; or if you want to add your
2 cents worth ... just "ask" me or "tell"
me.
Send your Questions, Comments or 2 Cents Worth
to ...
with "Question" - "Comment"
- or, "2 Cents Worth" in the SUBJECT.
If I, personally, don't have an answer to any question you
may ask, I will contact some of the professionals in your field
of endeavor (I will probably know one or more personally) to
get the real 'skinny' for you.
Note: If you want to ask a question anonymously
just tell me so when you send in the question. -- Nobody but
you and I will know who asked the question.
Return to the Archives
Copyright - 2003, J.F. (Jim) Straw. All rights reserved.