TMBA 54 (LBP54) – 7 Ways Location Independence Can Make You Cash

Today, Dan and Ian talk about 7 ways how you (and your business) can profit from going location independent. Thanks to the Internet, globalization and tools that weren't available a couple of years ago (e.g. Skype), it's easier than ever before to go location independent. Not only is it fun to be location independent, it also has the potential to make you a bunch of cash.

Have fun. Leave a comment. Give us a ring. 888-554-8428. Go make it happen! :)

News

Our next live Podcast on Ustream will be Next Sunday evening: Feb 20th 7:15PM PST
Check out the next Tropical MBA internship which is going down in Bali.

People

This post is a discussion based on an article I originally posted at Thrilling Heroics by @CodyMcKibb
@dougfath from Investing in Cashflow
@GreenbackTax: David from Greenback Tax Services
@JosephRooks from JosephRooks.com. Joe produced a Transcript of Episode 53.
John from Maverick Media
@sgblank (Steve Blank), check out "What’s A Startup? First Principles"
@sproutingseed (Ian Borders), check out "The vCEO’s Guide to Labuan: Setting up Your Tax Free Offshore Business (free ebook)"

Products/Services/Stuff

Focus Booster App
Highrise
Quickbooks
Google Docs
Skype
Grasshopper
Peachtree
Foreign Earned Income Exclusion - Requirements (IRS)
How Should I Incorporate My Business in the Philippines?

Quick Tips

Posterous and Dan’s Posterous Blog
Mechanical Turk

People in this episode:

@anythingIan (Ian, CEO of the Company)
@TropicalMBA (Dan, Partner and Web Guy)
@DansPodcast (Show news and notes)

Call us with your questions or comments at 888-554-8428.

Episode length: 22:49

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Video Production Hack (Read this before hiring a production company for your online videos) by John from Maverick Media

So I have a hack that might help folks looking to get quality video production at a reduced rate. The challenge with video production is two fold...

1) it tends to be kind of expensive and

2) you really need to find someone with real talent to shoot and edit a compelling piece about you and/or your business, particularly if it is going to have any viral equity to it.

And you don’t necessarily want it to look like it was shot in your basement. I encourage those looking for compelling video to call up their local broadcast television stations and talk to either the production department or program director. Sometimes the production department will get a percentage for work they bring in themselves...so it is better if you can develop a relationship with these creative folks directly without sales department interference.

Try to avoid the sales department if possible...It is likely a sales rep will not get a commission on a production only sale anyway. Do not bother calling the station and pitching them on a content idea in hopes they will air it for free...it will not work and they are approached all the time...start talking money with them and you will make progress.

Ideally you want the station that does not necessarily get the highest ratings in the market because

1) you are not after viewer ratings in the local market for your on-line video

2) these “lower tier” stations tend to be more competitive in pricing

3) Local Television stations still tend to attract really talented video producers who probably have experience shooting real news segments and editing compelling stories that don’t take half a day to put together. Ideally you want an independent station too (as opposed to a FOX, NBC etc affiliate) because they are going to be more flexible on their pricing. This is really important.

4) Chances are the TV station is also looking for additional streaming content to drive more traffic to their station sites too.

As far a content, some formats that are pretty standard are “look live” pieces which look like they were shot and broadcasted live but are actually pre- recorded and “advertorial pieces” which have the look and feel of a local news piece or mini-documentary.

One interesting thing about local media like Radio, Broadcast TV and especially Newspapers is the need for compelling content...but local content is expensive...that is why your local newspapers have gotten smaller over the years and why we get the same news stories from one channel to the next.

Here in lies the opportunity! Build a relationship with your local media company as a local expert and work out a deal for them to produce short format 1 to 3 minute paid-advertorial messages with you as the expert or subject....that will allow them to broadcast meaningful content to their viewers while also generating some revenue from it. You can then “re-appropriate” this content to the web and gain some equity from a credible relationship with a local, more conventional Broadcast TV station.

One idea is to shoot a reoccurring 1-3 minute video mini-show/blog with you as the host or guest... shoot a series of videos all at once and release them over time to give a real time element to your campaign, just be sure to wear different clothes in each episode. (It is cheaper to shoot and edit them all at once)

Try to get the producer to put the station bug/logo in the piece. Just keep in mind airing the piece in your local market will not have much value if your business is not in that market. So don’t pay for airtime unless it is “included” in the price. The main thing is to explore the pricing of local production in your area...the price per hour could be half of what you might get at a production house for basically the same thing, because unlike a production house...your local TV stations make their money not from production but from selling airtime.

In short, CONTENT IS KING!....both on-line and off...And don’t under value your expertise...Hope this info will be helpful...I just wanted to give back in some way to the community you’ve created and that has helped me. Cheers and look forward to the next cast!

John