If you are looking for a captive market, look no further than the prison system. Prison has become more than a place to lockup felons, criminals and other misfits of society (including those wrongly accused, of course). The prison system is a hot growing market full of business potentials, estimated to be about $37 billion serving more than 2 million inmates. States spend more than $30 billion annually for their prison system and about $5 billion is spent for the federal inmates. This is a sector that never runs out of customers — in fact, a study showed that 52

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I’ve always known that the home business market is wide, which the latest Survey of Business Owners conducted by the Bureau of Census confirmed. According to their study, almost half or 49 percent of the nation’s businesses are operated from home. Imagine that — almost half! Other very interesting statistics on home businesses: Home-based businesses made up 56 percent of American Indian- and Alaska Native-owned firms, 56 percent of women-owned firms, 53 percent of black-owned firms, 53 percent of Native Hawaiian- and Pacific Islander-owned firms, and 45 percent of Hispanic-owned firms. In contrast, 2-in-3 Asian-owned firms reported they conducted business

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In the recent issue of Forbes Magazine, they tackled the growing market of the gay, lesbian, bisexual and transgender (GLBT) in both the corporate and consumer marketplaces. According to the article “Courting the Gay Consumer,” 175 Fortune 500 brands advertise specifically to gay and lesbian audiences. Big companies such as American Airlines’ AAVacations.com, Volvo, American Express and others are no longer ignoring the power of the gay consumer because: Gay buying power is estimated to be about $641 billion in 2006 While on average they do not earn more than other Americans, this market has more disposable income (hence bigger

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I am almost done with my online shopping for Christmas, 100% of which was done online. I just find it so much easier to jump from one website to another and shop — something that is very hard to do in the mall when you have 2 toddlers pulling you in all directions. But the shopping season is still underway. If you are operating an ecommerce site and want a piece of the increasingly massive online shopping ca-ching, we have some tips to grow your holiday selling by leaps and bounds: 1. Analyze your past holiday selling experiences.2. Plan your

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I have heard of the Maui Mastermind seminars where you pay some $30,000 or so to attend this seminar on wealth in Maui. Haven’t really bought into it, but the new book by the founders of this seminar has got me looking at this program more closely. I recently got a copy of the book “The Maui Millionaires: Discover the Secrets Behind the World’s Most Exclusive Wealth Retreat and Become Financially Free” by David Finkel and Diane Kennedy. I haven’t finished reading the book, but the authors provide a view that allows you to rethink the process of attracting wealth,

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ChiefMarketer.com has an interesting article on brand and marketing trends for next year. The trends are more relevant to big marketers, but we small businesses can always learn from the big boys. Here are the seven trends that marketing firm Brand Keys predict: 1. An ongoing emphasis on “engagement,” which is defined as “turning on a prospect to a brand idea enhanced by the surrounding context.” 2. More reliance on consumer-generated content. 3. More, more branded entertainment. 4. Media planning will become more “touch point” focused.5. Using technology and engagement to better communicate with consumer expectations. 6. Expanding the potential

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The year is coming to an end, and it is time to close your books. Unfortunately, you may have late-paying or deadbeat clients who need to pay you. Here are some tips on how to improve your receivables collection and avoid delinquent accounts: 1. The first step is to institute controls in your receivables to make sure that you collect everything that is owed to you. Send your client an invoice immediately after the completion of the contract or delivery of product. Track carefully your receivables to make sure you catch which those that are about to become overdue. 2.

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According to the USPS, the Mail Moment “defines the highly interative daily ritual that consumers devote to bringing in their mail and discovering what it offers” from sorting and organizing to allocating and reading. Hence, marketers should always consider including mail as one of the channels to be used for reaching customers. Aside from the obvious benefits USPS derives if every businesses embark on direct mail, I can totally relate to this so-called “mail moment.” When I’m out of the house around lunchtime (the mail delivery time in our neighborhood) and calls home to check on the kids, one of

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Nine out of ten new products introduced into the marketplace fails. And this is because business organizations rely on a random and disorganized system of brainstorming, focus groups and quantitative consumer research. The new book ” Lightning in a Bottle: The Proven System to Create New Ideas that Work” by David Minter and Micheal Reid introduces the concept of Idea Engineering as a much better way to create new ideas. Idea Engineering is a 7-step system that enjoys a success rate of 1 in 2. It includes the following steps: Learn = how to effectively research, compile and sift, relevant

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If you’re thinking of ways to reach your target market, the first step is to determine the right strategy you will use. And the right strategy is one that will allow you reach your audience at a very cost-effective manner, especially if you have tight resources. Knowing the response rates for each strategy can help you understand how consumers react to the various medium, thus helping you determine the best marketing tactic for you. According to the Direct Mail Association (DMA) in their The DMA 2005 Response Rate Report, the overall response rates of the various marketing strategies used are

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I have been selling on eBay for years on an off-again, on-again basis, selling vintage postcards, pearls and various other items. So I was glad to receive a copy of the new edition of the book “eBay Business The Smart Way: Maximize Your Profits on the Web’s #1 Auction Site” by Joseph Sinclair. The book offers 10 tips for beginning sellers to establish and operate a business on eBay: Financial Needs. Determine your personal financial needs. Profit Model. Create a product profit model. Niche. Find a niche with products that satisfy your product profit model, and if applicable, your personal

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Happy Thanksgiving to everyone! In this day of giving thanks, spending time with family and yes, eating, it has made me think of all the benefits and joys having my own business has given me and my family. Entrepreneurship has given me so much, and I am a better person because of it. Here’s my list of the joys and benefits of self employment: The freedom to pursue your own vision The control and flexibility you have over your own time. The opportunity to learn and gain knowledge. The highs and lows of self-employment. The sense of pride and fulfillment

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