I was reading through the YE Forums and came across this post by ProLogic trying to get people to advertise on his website. My main business is selling online advertising - either Pay Per Click or sponsorship. Here is what I have found to be useful when trying to sell sponsorship advertising online:

1. Have a story to tell. You need to have something different, have a special angle. My website, for example, has the largest collection of famous entrepreneur profiles on the Internet, over 850 contributing writers, and 13,000 pages of content. What is your story to tell? Why should someone invest in your website over the millions of others?
2. Have something established. It is a lot harder to sell sponsorship for a website that is brand new. People are afraid to invest in a project that will be huge in 6 months. They want to see results - now. If you are just starting off, try to show that you have already accomplished a lot. Highlight the strong points about your website and demonstrate that this is something that is ready to go now and does not need another 12 months of development to get going.
3. Build a case study. Your first clients will be the hardest to get. Everyone wants to know how your existing sponsors are doing before they want to invest. Are your sponsors getting a return? Do they find your website valuable? Sponsors want to see what you have already done. If you do not yet have a sponsor offer a discounted rate to someone or start on a pay per click campaign so you can show the results of sponsorship.
4. Get testimonials. The more you can show that people love your website the better. Everyone wants to be a part of a popular company. Show potential sponsors that your website is different and has a loyal following by giving testimonials and stories from your visitors. Why do they like your website? What is the demographics of your visitors? If you can include a smiling picture of the person giving you the testimonial it is even better!
5. Go beyond sponsorship. Many advertisers are tired of being sold just a banner ad or text link. Think of ways you can get your sponsors involved beyond the traditional advertising methods. Can you involve them in a contest? Can you interview them and put them on your website? Can you put them in your newsletter? The more you can show them that you want to have them be an active part of your community and not just have a banner ad on your website, the more they will want to be involved.

These are my top 5 tips based on experience. What have you guys found works for you in selling online advertising?

Evan Carmichael

One of our links of the day yesterday was 10 Tips n’ Tricks to Raise Funds and Bootstrap Your Biz from MindPetals in which eBay was suggested as a source of financing for your business.

Today I was sent a press release from eBay Canada about a new contest they are having offering over $10,000 in prizes. A new category is the eBay Young Entrepreneur of the Year for eBay sellers aged 18-24.

According to their PR, there are over 32,000 Canadian entrepreneurs running successful small businesses on eBay either full time or part time. With over 222 million registered eBay users around the world it’s becoming a great way to reach new markets and promote your product.

I’ve used eBay as a buyer but never as a seller. This is partly because in my business I do not have a product to sell.

What have your experiences been selling with eBay? Have you found it to be a profitable channel worth exploring for young entrepreneurs?

• Young entrepreneurs help farmers harvest new profits from their fields - A revolutionary press devised by a pair of University of Waterloo students helps farmers cut costs for feed and fuel.
• Laois packed with the spirit of young entrepreneurs - THE entrepreneurial spirit is alive and well in Laois, judging by the quality of entries in the county finals of the Student Enterprise Awards which was sponsored by Laois County Enterprise Board (LCEB) last Wednesday.

Evan Carmichael

You can never succeed in a small business by going it alone. You need to have a network of people who you can call on for advice when you are dealing with challenges that are outside your comfort zone. The default advisers used to be accountants and lawyers but the tide is quickly changing.

According to the Accountancy Age blog, young entrepreneurs no longer trust accountants. In a recent survey, 73% of young people said that they do not trust accountants. Is it that we think we can do it all on our own or are we afraid to ask for help?

When I structured my most recent deal, I leaned heavily on both my lawyer and accountant. Together they saved me tens of thousands of dollars in taxes and I could not have done it without them. I also meet with my lawyer on a regular basis to ask her advice on where to take my business and how to structure new partnerships.

If you are not consulting with your lawyers or accountants, who are you turning to for advice to grow your business?

Evan Carmichael.

• 10 Tips n’ Tricks to Raise Funds and Bootstrap Your Biz - From jumping on the ebay wagon to pitching mommy and daddy and everything in between.
• Botswana: Portrait of a Young Artist As a Businessman - The story of a 23-year-old award-winning artist and art studio with 3 employees.
• Young Leaders Summit: Becoming a Global Health Entrepreneur - Young leaders are invited to apply for the Young Leaders Summit: Becoming a Global Health Entrepreneur taking place on April 21 at Stony Brook University in New York.
• Young entrepreneurs showcase their talents in Virginia Beach - In one room at the Virginia Beach Convention Center, dozens of student-run companies have set up shop.
• Cast Your BR!CK Awards Vote to Support Young Entrepreneurs - All the contestants are young leaders whose ideas have the potential to improve the world.
• Southern Capitol Ventures Open Doors for the Day… - Jason Caplain at Southeast VC is opening his doors on April 20th to any entrepreneur that wants to meet them–to help reduce the perception that VCs are difficult to reach…
• Location Isn’t Everything - Economic development agencies are given grants and money to fund young entrepreneurs and innovators which are a lot of times in combination with various college programs.
• Entrepreneur suggests students start saving while young - Start young. You’ll make out better with your entire financial life.
• BSU awards entrepreneur - What started as a recycling project in a garage is now an award-winning company that is being recognized for its accomplishments.
• Aydin Mizraee - Let’s not be too unkind to Aydin Mirzaee, the young entrepreneur who’s put his pitch to investors up on Youtube.

Evan Carmichael

I came across an interesting article from the Sun, one of England’s most read publications. It discussed how TV shows such as The Apprentice and Dragon’s Den have inspired young entrepreneurs to start businesses of their own.

The British version of The Apprentice stars Sir Alan Sugar instead of Donald Trump but it has a similar style and format as the popular American counterpart. Dragon’s Den is a show where entrepreneurs looking for funding can pitch their ideas to a panel of angel investors after which the angels either tear the business owner to pieces or make an offer to invest.

According to the Sun:

Nearly 2,000 new businesses are now created in Britain EVERY DAY, with one in ten entrepreneurs leaving school at 16 to work for themselves.

Have business television shows like The Apprentice inspired you to get your business started or take it to the next step?

Evan Carmichael

Many of the young entrepreneurs that I meet come to me excited about an opportunity to start a business and make a lot of money. They come back a month later with a brand new idea and are equally excited about it. The next month, it’s the same deal all over again. Why is it so hard for young entrepreneurs to stick with an idea and run with it?

The problem is all the enthusiasm and energy gets put into the business for a short amount of time and the entrepreneur does not leave enough time to let things develop. Sometimes you do not realize the benefits from the actions you put in until months later - and by that time your company is closed and you’ve moved on to try 5 different new ideas which are all failing.

I give presentations on starting businesses and tell people that if you have 24 hours to spend you will get more bang for your buck to put in one hour a day for 24 days than spend 24 hours straight working on your business and then quitting.

So how do you find your calling and get into something you stick with?

Fast Company wrote an article that can serve as an intro to the topic. The mentioned 3 important steps:

1. Ask yourself 2 tough questions:  What do I want? and How will I know when I get it?
2. Write a master dream list: List all the things you dream of doing before you die. Let yourself go. Quantity is the key. List as many of your dreams as you can without heed to limitations.
3. Talk with a partner: Dreaming and scheming can place stress upon your closest relationships. Practice this exercise along with a partner in order to share the experience and learn each other’s dreams.

Once you get focused and stay with your business you will greatly increase your chance of success. Nathan Waters, a budding young entrepreneur, recently realized this and posted in his blog:

Overall I think (hope) I’ve now moved past the typical stage of an aspiring young entrepreneurs’ life where they try all sorts of small, poorly-thought-out business ideas - mainly websites in my case. I’m now all about focusing on just a few big, but low-risk (at this stage) ideas and really putting a lot of effort into making them long-term successes.

Have you found your calling yet or are you still bouncing around from idea to idea?

Evan Carmichael.

John Perry III is a young entrepreneur with a lot of ambition. Recently profiled in the Herarld-Dispatch, Perry is the owner of Grass Busters Lawn Care. While he’s still in university, the 21 year old has 3 employees, made $40,000 last year and plans to make enough money to buy his own home before he graduates.

Entrepreneurship in the Blood

John’s father, John Perry II, is also an entrepreneur. He founded DirtBusters Janitorial Services and boasts the same cartoon figure as a logo - except Perry II’s character is holding a mop and a bucket.

You Are Never too Young

Perry III started off in the lawn care business at the age of 13. He went to work for his uncle’s company. When he was 15, he went off on his own and created the Grass Busters name the next year. In his first year he had 34 clients. By the next summer he had 60 and the following summer he graduated high school and counted 95 households as customers. After a 2 year break, John is back and plans to do 200 lawns this summer.

His Secrets To Success

• Pay your people well. John hires young people into his business and pays them better than what they would make doing similar work at a different company.
• Lead by example. John tries to instill a culture of hard work and leads by example. Some days he leaves at 8 in the morning and does not return until 10pm.
• Get the job done. Customers hate excuses and John does not offer any. If the weather is going to bring rain and prevent him from mowing the grass, John sometimes has to do 30 lawns in one day to stay on schedule.

Did you have a business that you started at a young age and then continue building it?

Evan Carmichael

When I was younger I tried many different ways to make money. I made and sold art. I set up garage sales. I had a baseball card collection that I added to and sold for a profit. And of course I had a lemonade stand. The lemonade stand is a North American classic tradition for aspiring young entrepreneurs and reading the Landing the Deal blog by Dan Tudor this afternoon brought back a lot of memories.
Dan came across a lemonade stand in his neighborhood and highlighted that many valuable sales lessons can be learned from these simple, early ventures. Dan was impressed with the stand operators when they asked him a question that many professional sales people forget to ask - “How many would you like?” Instead of assuming that Dan wanted just one glass of lemonade, they asked the question and he ended up buying three - one for himself and two for his daughters.

Some of the other lessons Dan pointed out:

• You never know who’s listening to your sales pitch. But if you don’t pitch it, it’s guaranteed that they won’t hear it and won’t buy anything.
• You gotta know when to slash prices, and when to hold firm.
• Always smile and be friendly. It attracts people (including new customers).
• Not only should you “ask for the sale”, but you should also ask how much your customer wants. The lemonade saleswoman asked me that question, and tripled her sales total.

Do you have any lessons learned from your earliest ventures that stick with you today?

Evan Carmichael

I came across a story from the Williamsport Sun-Gazette about successful business owners sharing their secrets to success with young entrepreneurs. An event was organized to provide young people with information about entrepreneurship so they could decide if it was for them and how they could succeed.

Some of the advice that came back was:

- Never allow anybody to tell you that you can’t do it

- Set goals for yourself and don’t stop until you achieve them

- Trust the people you go into business with

- There is nothing better than going to work for yourself

- Take time to write your business plan

- Whenever you feel yourself going off track remind yourself of why you got into business for yourself

- It’s important to love what you do

- Take your business plan seriously if you want to get bank financing

What advice would you give to a young person thinking of starting a new business?

Evan Carmichael