Rich Mintzer - Start Your Own Online Coupon or Daily Deal Business: Your Step-By-Step Guide to Success

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Table of Contents

Additional titles in Entrepreneurs Startup Series

Start Your Own

Arts and Crafts Business
Automobile Detailing Business
Bar and Club
Bed and Breakfast
Blogging Business
Business on eBay
Car Wash
Child-Care Service
Cleaning Service
Clothing Store and More
Coaching Business
Coin-Operated Laundry
Construction and Contracting Business
Consulting Business
Day Spa and More
e-Business
Event Planning Business
Executive Recruiting Business
Fashion Accessories Business
Florist Shop and Other Floral Businesses
Food Truck Business
Freelance Writing Business and More
Freight Brokerage Business
Gift Basket Service
Grant-Writing Business
Graphic Design Business
Green Business
Hair Salon and Day Spa
Home Inspection Service
Import/Export Business
Information Marketing Business
Kid-Focused Business
Lawn Care or Landscaping Business
Mail Order Business
Medical Claims Billing Service
Net Services Business
Online Coupon or Daily Deal Business
Online Education Business
Personal Concierge Service
Personal Training Business
Pet Business and More
Pet-Sitting Business and More
Photography Business
Public Relations Business
Restaurant and More
Retail Business and More
Self-Publishing Business
Seminar Production Business
Senior Services Business
Travel Business and More
Tutoring and Test Prep Business
Vending Business
Wedding Consultant Business
Wholesale Distribution Business

Acknowledgments

I would like to thank Mike Ludlum for giving me the opportunity to write this book and Karen Billipp for her fabulous editing and her usual support. Id also like to thank Darrell Ellens, an expert on the daily deal industry and a very helpful gentleman.

In addition, thank you to Bona, VP of Partnership Marketing at Access Development; Marc Horne, co-creator of Daily Deal Builder; David Teichner, CEO of Yowza!!; Darin Gislon, CEO of Savvi; Michael Fairbrother, CEO of Moonlight Meadery in Londonderry, New Hampshire; Barbara Antes, owner of Westchester Ballroom in Mount Kisco, New York; Jeff Langone, owner of Witch City Segway Tours in Salem, Massachusetts; and Brent Dedmon of FotoCabina in Orange County, California.

And finally, thank you to Dave Lipschitz and Jennifer Lipschitz, consultants and tutors in Excel; and Courtney Thurman, Startup Evangelist and Marketing Agency Founder, for their help on this book.

Preface

Two things that people seem to care very much about are saving money and spending time on the internet. As a business owner, by combining the two, you have a very good chance of success.

Of course it takes hard work to launch an online business and make it work. Business owners need to have the time commitment to start and grow their companies, including those that are strictly online.

The coupon and daily deal industries are extremely popular these days. The TV program Extreme Couponing on the TLC network, and the high-profile and visibility of websites such as Groupon and LivingSocial, have led the way to a new generation of people looking to find the best deals and save money. Not only that, but many of us enjoy sharing our great finds with others.

Coupon website owners, while not very outspoken nor, in some cases, transparent, manage to load up pages of manufacturers coupons to provide consumers with discounts at their favorite grocery stores. The owners of coupon websites range from stay-at-home moms who love finding a good deal to business owners who for years worked long and hard to produce coupon books or circulars. Since coupons have been around for many years, and the idea of offering them isnt new, just the means of delivering them to the consumers.

The daily deal websites are an offshoot of shopping clubs, only they are literally delivering deals to consumers through email and websites on a daily basis, hence the name. This rapidly growing industry is replete with business owners and merchants who are excited about providing win-win situations that deals can produce for all parties involved: customers, merchants, and you, the daily deal site owner. In essence, this would make it a win-win-win situation.

For an ethical, hard-working, passionate business owner, either a coupon or daily deal business can be lucrative. It can provide either a full-time or part-time income, depending on your time and monetary commitment, which does not need to be a lot of money. One of the best things about taking on such an online business is that startup costs, and even operational costs, do not need to be very high, especially if you, like hundreds of thousands of business owners, elect to start off from the comfort of your own home.

This book will provide the basics for starting a business in general. It will also provide information about the coupon and daily deal industries as well as many of the specifics you will need to know to run such a business. There are a lot of variables, such as how you will differentiate yourself from your competitors and how you will market your website. These, and many other areas of business, are discussed in the upcoming pages.

If you like saving money and passing on discounts and savings to your friends and family, you will likely be a great candidate to start either a coupon or daily deal business.

So enjoy reading, and I wish you great success if you take the plunge and launch your money-saving business.

What Is the Coupon, and Daily Deal Business, All About?

Online coupons and daily deals are among the hottest trends in recent years. The overriding theme of these hot new businesses is saving money, and that is a big hit with consumers. It is also a way of drawing new business to all sorts of new establishments, from spas to restaurants to yoga classes. Both coupon and daily deal websites, in their own ways, are serving the role of bringing merchants and customers together.

In this opening chapter well take a look at some of the basics of the coupon and daily deal industries, such as:

The overall industry

The newfound popularity

The history of coupons and daily deals

The three types of online discount website

Finding your niche

Merchants and costumers

The Overall Industry

Every day, several million people find the latest emails in their inboxes from places like LivingSocial, Groupon, or another of the many daily deal websites featuring discounts on all sorts of goods and services. In addition, millions of other cost-conscious consumers make a daily or weekly pilgrimage to find online coupons before they go shopping. Technically speaking, the daily deal and coupon industries are separate, yet their goals are similar, saving consumers money.

The recent success of the daily deal sites has been generating a lot of attention. In fact, led by Groupon, with over $1.2 billion in gross revenue, and LivingSocial, with $600 million (2011 numbers), the daily deal online coupon industry is booming. Other major staples of the internet, including social media sites such as Facebook, with its Deals, and search engines like Google, with its Offers, are adding to the mix of locations where millions of people are getting discounts. Meanwhile, the coupon industry is also going strong with websites including: coolsavings.com, save. com, coupons.com, couponmountain.com, couponcabin.com, coupons.smartsource. com, couponmom.com, ultimatecoupons.com, mycoupons.com, hotcouponworld. com, savings.com, and many more. There are also many new daily deal and coupon sites popping up on a regular basis, which indicates the industry is not yet saturated, but in fact, still growing.

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