Josiah Mackenzie

Spent most of today working on several little niche sites dealing with college textbooks. I can’t release the full details now, but rest assured I am going to change the entire textbook industry — bit by bit. Students are fed up with paying $150 per textbook.

My credit card processing company still hasn’t returned my call, so I wasn’t able to make any progress on the payment system for PalPad today. Instead I focused on building the main (sales) portion of the site. My graphic designer did a fantastic job, and I have a great lineup of content prepared for the site.

My biggest challenge is finding the perfect balance between selling and sharing knowledge. The best solution I’ve come across so far is providing a 5-day ecourse. I’m going to show entrepreneurs how they can launch a networking “campaign” that will produce better results than a marketing campaign could. In addition to providing useful information, I can incorporate a sales pitch at the end of each day’s material. Can’t wait to see how it turns out…

Spent today working with my credit card payment processor trying to create a billing solution for PalPad. I was able to figure out most of the system, but account activation takes forever. Hopefully tomorrow I can begin putting the code into the webpages.

The last couple days I’ve been planning my east coast [business] trip. I’m trying to meet up with many of my current internet business contacts to discuss entrepreneurship, strategy, and maybe do a couple interviews. As of now, my itinerary includes stops in Detroit, Toronto, Boston, New York City, Philadelphia, Pittsburgh, Chicago, and a few smaller places in between. I’m known for having a good time on business trips, and this one won’t be any exception. Hopefully I’ll accomplish some of my goals, including that NYC helicopter tour. Being an entrepreneur is a lifestyle, baby!

I’ll close with a couple links…

This whole week I’ll be guest blogging on the YoungEntrepreneur.com Blog on the topic of networking. At least read the first post.

Also, my buddy Jesse Lear launched a brand new countdown blog today: ThePomegranateGuy. He has an exciting site in the works, so be sure to check that out as well.

This article first appeared in my Young Wealth Weekly ezine. Make sure you’re signed up!

Bootstrapping means to start and grow a business using as little cash as possible. For many young entrepreneurs, cash is scarce — making bootstrapping an essential skill. It allows you to be free from the unneeded pressure of outside investors.

Here are some tips to keep in mind when starting a web-based business.

Tip 1: Know a little bit of everything

• Know the basics of programming. At the very least, you should be able to edit your own HTML webpages. Bonus points if you understand more advanced languages such as Javascript and PHP. Even if you end up hiring someone else to do the programming, you’ll be able to converse intelligently on what needs to be done.
• Know the basics of graphic design. Creating basic images, buttons, and banner ads isn’t really that hard. And with many graphic designers charging upwards of $75/hour, it’s a skill you need to know as a bootstrapper.
• Know the basics of website development. Be able to assemble an HTML webpage and basic website. Understand the fundamentals of page linking, site structure, and publishing your pages to the web.
• Know the fundamentals of web promotion and internet marketing. There’s a ton of free information on the internet that will teach you core marketing principles — things like pagerank, linking, keyword placement, and generating traffic. All it takes is a time commitment on your part to learn it.

You can always call in the experts when you have a large, time-consuming task, but you can save loads of money by doing the little things yourself. In Benjamin Franklin’s words, “A penny saved is a penny earned.”

Tip 2: Take advantage of internet-only free (or low cost) advertising
In many respects, entrepreneurs on the web have a big advantage in marketing over their brick and mortar counterparts. There are so many free or low cost marketing options available that there’s usually no need to spend massive dollars in an expensive campaign.

Some examples?

• Niche. I know you’ve heard it so many times before, but are you really doing it? Concentrated marketing to a very specific niche can save you lots of time and money. From what I know, it’s much easier to position yourself as a small niche expert on the web. By reaching a global audience, you can afford to have a very narrow focus.
• Blog. Maintaining an informative blog brings new visitors to your website, encourages linkbacks, and most importantly, positions yourself as an expert in the market. People buy from those who have helped and taught them.
• Linking. Ideally, your content will be so interesting that hundreds of people will voluntarily place one-way links to your website. But that’s quite rare, and most likely you’ll have to spend some time contacting other websites yourself. The best type of linkback you can get is from a website in a complimentary industry — such as a graphic designer linking to a printing company. Not only will that type of link increase your search engine position, it will also reach your target audience of potential customers.
• Articles. Writing articles and submitting them to databases such as eZineArticles can drive massive amounts of traffic to your site when others re-publish them with links to your website. Again, I’ve found that article distribution is much faster and easier on the web than with print publications.
• Viral Marketing. On the web, it’s relatively simple to set up a system where your customers can tell others about what you do. If done correctly, this method of marketing can increase your site traffic exponentially.

Tip 3: Joint venture with others
Making joint venture deals on the web is easy. You can discover, contact, and negotiate with people quickly through emails and web searches. Most likely, you’ll be able to find someone you can exchange skills with. Need a fresh website design for your consulting firm? Find a graphic artist in need of your marketing services, and you’re all set. No money is spent, and everyone wins.

Tip 4: Use freelance websites to locate independent contractors
Sites such as Guru.com and Elance.com can be a great resource while you’re bootstrapping. The service providers are usually talented and reliable, and the cost you pay is generally a fraction of what you’d pay elsewhere. In some of my past projects, I’ve only had to pay 1/4 of the price for programming and graphic design that my competitors were paying. As with any independent contractor, be sure to check their testamonials and work portfolio before proceeding. Unwary entrepreneurs can loose time and money by selecting the wrong person for the job.

By using the web to launch your business, you already have the advantage of low overhead costs. Exploit that by using the tips above, and you’ll be able to keep costs very low.

A big chunk of my time (and concentration!) is being spent trying to resolve an issue with my college. Private colleges can be so hard to work with since they’re private organizations with their own rules. I believe that I have been treated in a highly unethical manner — and could easily win a lawsuit if it was a public college — but my chances aren’t very good since it’s private. Plus, I really don’t want the stigma and negative publicity from a situation like this. It’s driving me crazy and becoming a major distraction from profitable pursuits, so hopefully I’ll get it resolved soon.

On a positive note, my brother came home today from 3 weeks in Ethiopia, so we had a good time talking about his experiences there. He got a chance to work in some orphanages there — sounded like a great learning experience. I can’t wait for the year I plan to spend volunteering in a situation like that. It makes all our problems here in the States so small in comparison.

I also received my car today, and spent a sizable amount of time negotiating a favorable insurance policy for it. Car insurance can be so expensive for younger drivers that’s it’s important to make sure you only pay for what you need. Wealth building isn’t only about earning money, it’s also about plugging those leaks in your wealth reservoir.

Crazy busy day today — and mostly not business related stuff. Among other things, I bought a new car! Car shopping seems to take me forever. I don’t know if it’s because I’m a huge car enthusiast or what — but I’m glad the search is over. The time can definitely be better spent elsewhere.

I settled on a model that is substantially “less” — in every sense of the word — than my previous vehicle. Virtually every wealth-building book reminds you to invest in assets that create money for you. And as big a car fan as I am, I realize that cars don’t make you more money. For me, it was a good chance to apply some wealth building theory.

So after all that was completed, I got a chance to sit down and re-read one of my favorite networking books of all time, Never Eat Alone. It seems the best books need to be read and re-read to get the full value from them. Anyway, I made up a list of things I can do to improve my relationships with business contacts in the next year. The overall theme? Provide value and give with no strings attached. Can’t wait to start!

PalPad began beta testing today! I’m trying something different this time. Instead of sending all invitations to beta test out at once, I’ll send them out gradually — 1 or 2 each day. For those of you that don’t have access to the site now, be sure to check out the sneak preview screenshots I posted on the pre-launch blog.

Also today I created accounts on “Web 2.0″ sites Flickr, YouTube, Digg, 43 Things, and 43 Places. I intend to use these sites extensively as I work toward my 100 life goals.

Today I spent alot of time maintaining my network of contacts. It’s so easy to let casual, yet important, contacts slip away by failing to continually follow up.

I am also in the process of aquiring a boatload of new domains, thanks to iPower’s domain sale ($2.95 for practically any name). I plan on launching several new websites over the next few months, so this was really the time to do it.

Today I finally sold my SUV! The transaction went very well, but all the things related to a car sale took up a large chunk of the day. I didn’t accomplish all of the day’s goals, but it’s very important to keep flexible.

One of the goals I did accomplish was to interview Matt Lauzon, an entrepreneur from Babson College. The interview will appear tomorrow morning on the PalPad Pre-launch Blog, so be sure to check it out.

Incredibly productive day today. Every had one of those? You sit back at the end of the day and say to yourself, “Wow. I got alot accomplished today!” It’s a great feeling to have.

In the past, I’ve tended to have only 4-5 very productive days each month. I usually get alot done each day, but there’s a difference between good and great.

What caused today to be such a great day? It all started with the night before.

My buddy Jesse Lear is finishing up a fascinating special report for Young Wealth Weekly members on personal development. You’re going to want to read it when he’s finished, because let me tell you: from reading the draft I know that report is HOT! Anyway, inside he shares a tip he’s learned for having productive days. Basically, you sit down each night, and plan the top 3 goals you have for the next day.

Last night, I did that. After reading the Scriptures, I made a cup of herbal tea, put on some chillaxing music, and planned the next day (today). I typically make a goal list each day, prioritize from hardest to easiest, then post it on Backpack to check off. But previously I did this in the morning — the whole key is to do it the night before. It’s amazing how your mind subconsciously plans a way to tackle the goals. You wake up rarin’ to go!

So what exactly did I do? Good question.

The first (hardest) thing on today’s goal list was to complete my special report for PalPad entitled, “How to Start and Develop a Conversation — With Anyone, Anywhere”. It contains some interesting things I’ve learned, so make sure you check that out.

Among other things, I also made Palpad ready for initial beta testing. The testing was set to begin tomorrow morning, but I’ve found that Thursday is the best day to do things like this. People have completed their major tasks early in the week, but it’s not yet the weekend. Hopefully the beta testing will go well, and I’ll be able to learn from the feedback so a useful, bug-free PalPad goes to market.

Alright, it’s time for another planning session….

Currently listening to:
Tropical Night by Blue Knights