If you’re serious about building your online business, you’ll be interested in learning more about Graham White below, but before diving in, just a little preamble.

I’ve noticed that some of the most popular work we do in the area of online business is in Rules of Thumb. These are benchmarks for what you can expect in your online business, based on our experience, and are wildly popular because we all like to know if we’re on the right track.

That said, there really is no science behind the benchmarks which is why we call them rules of ‘thumb’ - your results will vary depending on the size of your thumb! However they are our best guesses and can be hugely helpful in the absence of anything else.

For example:

Question: Andrea, when should I invest in a shopping cart system to collect money at my website?

Andrea’s Rule of Thumb: When you can fairly easily see charging about $1000 per month through your cart.

A little more background: If you aren’t collecting much money at all through a shopping cart, but are investing the $50, 60 or 100 each month to have one available, it can feel like a sunk cost - an investment that isn’t paying off.

However if you are very close to releasing products or getting some real traffic going, signing up for a shopping cart earlier rather than later can be a good ‘environment’ that pulls you forward. (The cost invigorates you to start making ‘having a cart worthwhile.’)

But strictly speaking from a benchmark point of view, if you don’t think you’re going to be doing at least a little regular business through a cart, there’s no real reason to get one. You can live with just Paypal, have your clients pay you by mailing a good-old-fashioned check, or indeed get a merchant account only, thereby allowing you to run credit cards at least manually. (If you’re wanting some more basic outlines of how the money collection process works online, post to the comments below and I’ll create another entry for you.)

To take a look at or actually try the cart that we and several dozen of our clients use, just click this link.

Today I’m excited to introduce a new rule of thumb. This one comes courtesy of my friend and colleague Graham White, who is the owner of Effective Ethical Marketing, a management consulting firm also here in Calgary.

Besides being a very sharp consultant, I like and respect Graham for many reasons, just one of which is knowing his pivotal part in birthing SuccessTracs, the coaching program at T. Harv Eker’s organization, Peak Potentials (of Millionaire Mind Intensive fame.) On a personal level he barbeques a great steak and his wife and children are dynamos in their own right…

In any case, if you’ve been looking for an Online Business or high-end Marketing Manager - and I know many of you are, based on how many requests my office gets - do consider Graham. My partner Tina Forsyth and I keep a longish waiting list of consulting clients and I must say I’m relieved to be able to suggest Graham for those of you who really don’t want to wait - and a virtual assistant alone just isn’t cutting it for you any longer.

By way of introduction to Graham, I asked him to extrapolate on a rule of thumb he’s publicized. Here are the results of the interview for your contemplation. Whether you are interested in Graham’s services or not, I think you’ll like what he has to say, just a little differently from how I usually put it.
—-begin interview—-

Andrea: Graham, on your website, you state that it should be possible to earn $2 per month for every subscriber on a given ezine or list.

Where does it come from, and why $2?

Graham: Well Andrea, I have lead a mastermind group with a dozen members who maintain lists from a few hundred to 20,000 for over a year. These numbers come from our actual results.

Some people I work with have lists with thousands of individuals. Strangely enough, often times they are reluctant to offer their list anything to purchase, or if they have found their list to be unresponsive to their own products and services, they are reluctant to offer the products and services of others for fear of offending people on their list.

My question then is, “So what is the purpose of your list? Do you have 1000 leads who you simply support energetically, or do you have a list of business prospects that you offer valuable goods and services to in exchange for payment?”

People become so attached to their list that they’re almost willing to go broke rather than offend one or two people because they had the audacity to make an offer that 1 in 500 might not appreciate.

Frankly, if your list doesn’t desire to purchase anything you or any affiliate might have to offer, it is costing you time money and energy to maintain it - is that what you want?

Each month you need to make at least one offer to your list for something to purchase - and that should translate into sales. If you have a list of 500 people, you should make $1000+.

If you don’t, you need to either do something different with your marketing or refine your list to become a group of eager prospects and get rid of the people who want everything for nothing.

If you have a big list and you’re making regular offers and you’re STILL not making any money - that is called market research and the market is telling you that you’re offering something they’re not interested in buying.

The next question you ask addresses what to do if and when you realize your list is really just a market research vehicle. I address that it my 30 minute consultation which your readers are most welcome to try - you know how effective this can be Andrea, as my style is very direct and results-oriented.

Andrea: Yes, I can definitely vouch for you in that way Graham which is why I’m so glad to be able to recommend you to those who are ready for a business manager. The only thing I think will be an issue is how long you will continue to have room for new clients, quite honestly!

In any case, if you wouldn’t mind continuing to share for our readers…in your experience making online businesses work, what are the most effective, ethical ways to generate more dollars per subscriber? Since that is the name of your business.

Graham: It’s simple, you ask your subscriber to tell you exactly what they want, how they would like it and specifically what that would be worth to them.

As obvious as that sounds, you wouldn’t believe all of the people I meet who have never asked and are trying to sell the market something they have never done any real research on.

Give people more than they asked for in precisely the format they asked for it in at a price that is a fraction of what they’re prepared to pay for it and you WILL make money.

There is one other critical piece - be sure you’re showing up and doing business in an area where people want to pay money for what you’re offering and that you’re dealing with people who can afford what you’re offering.

Far too often I see people trying to sell what they feel people “need” or offering what they have to people who “need” it the most. This may be good for karma, but to have a successful business you need to offer
what people “want” to purchase and can offord.

Andrea: Yes, this is a great point, especially for business owners who are particularly committed to making both money AND meaning in their ventures. I like to think of it as ‘giving people what they want, and earning the right (and building the trust required) to invite them to consider what they need.’ This isn’t a bait and switch, it’s about relationship building…

Finally Graham, would you tell us about your services in your own words? I want to make it very clear why I’m introducing you at my website.

Graham: Sure. As a marketer I know I have to sell myself but as a heart-centered business person I prefer focusing on my clients so you’ll see a lot of their stories at my webiste. But let me provide a brief description of my background so that your readers know where I’m coming from.

I’ve been a business and marketing consultant for over 15 years. I have worked with over 2000 clients. I help successful business owners increase profits by 500% or more. I’m also the former Head Coach for Peak Potentials - the world’s largest personal and financial training company.

I’m a self-made millionaire and have helped many, many people become embarassingly successful in business. I have dozens of free resources available at the link below which I welcome everyone to take a look at, and implement.

Andrea, you know that I tell it like it is. I am very direct when I speak to a business owner and try to tell them precisely what I believe they should expect in the form of results and exactly how much time, energy and money it will take for them to get those results.

In fact, I spell all of that out before they spend a dime to work with me. I only want to work with people who have a high likelihood of success and I hate to see anyone throwing money at something I just don’t think they can win.

Andrea: Yes, I know sometimes you can almost seem too direct at times!
Graham: I think it’s important to be right up front since it’s not a small investment, and people are putting their heart and soul into their businesses - they have families to support - I know what that’s like! So I take a look at every business question I am sent and provide my response at no cost, just at my website, as a place to start.

If I think the business idea has the potential to be profitable, I’ll pick up the phone and explain what I believe will be the best way to ensure this happens.

To be frank, anyone who has a question about business and marketing that doesn’t take advantage of this opportunity before investing in it would be foolish because I do give real value even though it’s no cost.

Andrea: Alright Graham. As I always say, hiring someone whether they are a virtual assistant, an associate coach, or a business manager/consultant - a lot comes down to fit, style and chemistry. So I do encourage everyone reading to bear that in mind.

In the meantime, thanks very much Graham for your contribution to our collection of Rules of Thumb. I know the $2 rule will come in handy as I measure results going forward.

—–end interview—–

To be in touch with Graham to ask questions about the ‘$2 per subscriber per month’ Rule of Thumb, or any other aspect of your online business, you are welcome (and I encourage you) to ask via his website by clicking here.

You’ll also see some interesting layout at his website - particularly at the ‘internet consulting’ link.

Finally, as with all the posts here on the Money and Meaning Blog, I don’t recommend anything lightly, and that goes even more for people who do just about exactly what I do for a living! So do let me know how it goes with Graham. He lives not ten minutes away from me so you can bet I’ll pass along your comments the next time we’re over for supper. Cheers!