Starting an Internet Company
Interview with Entrepreneur Mukul Verma
Mukul Verma has his hands in many different internet businesses. Learn from his valuable exeriences as an entrepreneur.
Mukul Verma became an internet entrepreneur with the help of a worldwide online team.
Tell me about yourself and your businesses?
I consider us a business team, where we have specialty, not specialized only on a single website. My team works on several websites including Global Unlock, Seminar Insiders, Video Marketing Intensive which does quite well.
We have a writer, bookmarker, designer, product creator, customer service rep, on call programmer etc.... We are a small team that basically works together in order to run all the functions of the business. A very important aspect is automation, 90% of customer orders, we do not have to fill since it is automatically done.
I basically am the idea creator, I try to leave 30% or more of my time to growing the business, coming up with news and expending our business into new markets or growing existing websites.
When did you start the business?
I start my first online business in early 2004 as a one man show while working a job. My motivation was that I looked at my job salary and amount I was owing in student loans and they were about equal, so I knew if I wanted to pay it off fast, I would have to do something else and years later it took over the job.
What were you doing before this, and is this your first business?
I was working as a banker for a major Canadian financial bank.
What advice would you give to somebody else who wanted to start a similar business?
Work on it step by step, we are in a society where results are wanted right away and we see other people are enjoy something we want. What we don't see it the time, effort and sweat gone into create that reality. If you want to build a HUGE house, ask how you will lay the foundation, dream on how you will design your master bedroom.
Did you operate your business from your home? What were the challenges and benefits to this strategy?
The business has always been from home, with the internet, no office is needed. The benefit is you do not have to commute, lower overhead expenses, and your hours can be flexible.
Do you own a business with family members? What do you think are the benefits and challenges to running a family owned business?
My wife and I now run the business. The benefits is the time freedom, she left her job since it we were restricted to travel. For example I am going to the Olympics in Feb, 2010. We can both work less then an hour a day mostly for issues and have the business running smoothly. Downside is that you will find if you have work issues to resolve, you may work on it at any hours of the day, while driving or at anytime around the clock.
Have you outsourced any portion of your business? Has that worked for your business?
Yes, outsourcing is quite amazing, specially for the small business owner. When you start as a one man business, it is hard to expand, this allows you that middle ground to remove some of the tasks that fill your time, however can be done by someone else. Outsourcing has done exactly that for me in freeing my time and allowing others to work in areas I may not be strong at. I am working on a new outsourcing training project to train other business owners on how to do outsourcing right.
Social marketing is consistently being written about in the small business space. Has it worked generating business for you?
Yes, I have had a lot of success with Video Marketing. I recently past 1.5 million views on one of my You Tube accounts which is 100% commercial videos. It does work very well, it is a simple process you need to follow and constantly be working on it.
Temporary labor can be a great asset to an entrepreneur. Have you ever hired temps or contractors? Would you suggest this as a strategy for new business owners?
Yes, this is a great way to test out a new position. For example with social marketing, I hired someone on a monthly basis, then found it to be effective, I now have that as a full time position on my team.
Mukul, what's next for you?
I find I meet a lot of online teachers who have not made real money outside the make money online niche, I have been asked several times to do teaching and have turned it down, I recently added coaching on my website at www.mukulverma.com. As well currently working on the outsourcing project and a few others, keep checking my website and join my email list to findout what I am up to.
Sounds like you are a very busy entrepreneur! Mukul, we will continue to check up on you to see what your latest venture is. Thank you!
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