Blog Entrepreneur: Get Rich Slowly

This Entrepreneur is profiling Blog Entrepreneurs in a five part series in November. People who have found a niche online by providing information, education, and building a community of readers and followers to create a new kind of business model.

After accumulating $35,000 in consumer debt J.D. decided to do something about it; and he wanted to share his experience through a blog. J.D. Roth started Get Rich Slowly in April 2006 as an outlet and discussion as he tackled debt. The idea for the blog was born out of a post J.D. made on his personal site that attracted significant traffic.

J.D. grew up with a father who was a “Serial Entrepreneur”, and whose last venture employed J.D. after college. Not satisfied with his sales/marketing position he delved into hobbies, one of them being blogs and online communities. He had other blogs and has been involved and working on the Internet since the early 90’s. He had personal blogs and only thought of them as an interest and hobby. Since he launched Get Rich Slowly from a post on his personal blog he was able to start with a small built in audience.

So how does someone who likes to blog as a hobby and for fun become a business owner? Much like every other business owner, hard work, innovation, and some luck. J.D. started with a small audience, but fostered relationships online to build a larger community. He would not push the blog, but would bring it up naturally in conversation. He also wrote about topics he was passionate about. He found that when his content was the most sincere he would receive the most interest.

Get Rich Slowly was not started with a business plan or a marketing plan, but as an outlet and forum. It was not until a year into posting he realized there was business potential. J.D. has been able to leave his sales/marketing job and start a new one as a business owner.
Get Rich Slowly has allowed J.D. to tackle debt and help others find solutions to their financial questions. It took years of blogs and musings to find the right combination for success. It shows that if you are passionate about something that it can become a business. Make sure to look at for J.D.’s first book next year!

Take Away –
1. Content Is King – Readers will follow good content.
2. Become involved with an Online Community – Promote your business through an existing network.

Problems With A Home Office

I have an office that is 15 minutes away from my home. I have been debating keeping it because I am on the road and not in the office but several times a month. So I have taken a month to test out being at home. Most of the time it is great and convenient. There are drawbacks to the home office. Today as I rolled out of bed at 9:15 am I couldn't help but feel plagued by guilt. I realize that even when I worked in a cubicle I would usually not start working until then anyway. I just feel like I should always be working when I am home. I just wanted to start a pro's and con's list for having a home office.

Con's:

1. Less motivation in the morning to get started.
2. Unending guilt to always be working.
3. Less professional dress. I do not have to get dressed up so why should I is my argument?
4. Errands always get in the way. It is easy to make cleaning up a must do chore instead of the phone calls I need to make.
5. Personal and Business life have no boundaries. I was digging through personal tax documents this morning when I should have been working.
6. No sunlight. This is just my office, but I am in the basement and there is no sunlight, this is a long way from the corner office!

Pro's will be posted next!

Local Business

Finding a local business is often the first step for businesses. It appears to be easy and simple. Most often it is the hardest market. You know your local market better than anyone else, but you now have to think about it with fresh eyes. Where do people currently find your products or services? Where is your target market looking? How do you manage costs and find the right marketing and advertising vehicles?

1. Define your market - know who you are selling too.
2. Talk to friends - find out what they use to find and look up information
3. Take inventory of local advertising tools - pick up the neighborhood newspaper, scout out the local blogs.
3. Set a budget - Define how much you are willing to spend and fit into that space.
4. Track returns - put in tracking codes or qualifiers so you know where someone heard about your business.

I have found the best and most effective tools were the most reasonably priced. I have not seen a strong response from radio and television advertising for local and new startups. Be resourceful, talk to friends, and find your customers!

How To Build Cash Flow

Cash Flow has been keeping me awake the last three nights. I am worried I will not be able to make it out of the next three months. There is potential growth at the end, but making it there is what is worrying me. I am limiting my spending and tracking every penny. At this point I need to earn more. That is the hard part.
I have gone back to several prospects to determine a timeline and proposed payments. I know that this will get some money in the door, but it might not be enough. How do you increase revenue? What are the cash cows? I am trying to answer those questions and I juggle everything else.

The Right Lawyer For Entrepreneurs

I am currently in the process of closing out my year for the business and am trying to find a couple key documents. I do not seem to have records of them. I contacted my lawyers office yesterday in the early afternoon. At the end of the day I received a phone call from the head lawyer inquiring what my call was about. It was an eight minute conversation that left me feeling like lawyers might be the worst people on earth.
I understand that some lawyers can help people. I listened for eight minutes as this lawyer tried to tell this entrepreneur about our faults and why this was our problem, all of which I knew before I made the phone call. The funniest part of the conversation was when the lawyer told me my lack of detail. I understand and under other conditions would not think of it, but I happened to be looking at a corporate tax return, which they filed under a S Corp. This would not be a problem but, we happen to be a C Corp. It is hard to take criticism for detail when your own firm is not capable of the same detail.
This process just made me think more about Entrepreneurs and how no one is going to help your process. No one has admitted any mistakes sense I have started my business. It also made me realize in order to run a business you have to look at the details as much as the big picture. The big picture is easy for me to see and more fun for me to deal with, but the details will bring the company down. I left the conversations asking, what makes a good lawyer?

Google Test

How to rise in the Google Ranks?
1. Links.
Entrepreneur
Entrepreneur
Entrepreneur
Entrepreneur
Entrepreneur
Entrepreneur
And
Entreprenuer
This Entrepreneur

Can I get higher? I'll let you know!

Entrepreneur Tax Lessons

I am completing year end taxes for my business. I have a bookkeeper and an accountant. My bookkeeper has been helpful, and my accountant I have had minimal contact with. I learned earlier this year that my accountant sent in the wrong federal tax id number this year (2009), so my state taxes were filed incorrectly.

I was trying to complete year 2009, when in the middle of finding two expenses I was sidetracked by the IRS. I was told about missing filings between the years 2002-2005. There has been no filed completed and shows no record of one every being made. After an hour I hung up the phone.
At the end of the day I was contacted by the State Revenue office notifying me of fines due.

I believed that paying bookkeepers and accountants kept them doing the right thing. I was wrong. They are not liable for any fines. Make sure to double check any work and take control of your business.