Money and Business
This essential key is leverage. You have to look for ways to leverage what you do. Using technology allows you to do this brilliantly as you can automate your marketing. You can also have other people automate marketing on your behalf through joint ventures or affiliate marketing. So look for these relationships and how you can set them up.
Leverage is also about being ruthless with your time. I can re-call a conversation I had with a colleague a while ago about leverage and time. He’s someone who insisted on having his mobile on at all times and checking his emails incase his clients ‘needed him at anytime’. However, he was constantly being interrupted and feeling stressed that he never had sufficient time to do everything in his business.
Needless to say, his concentration was very low mainly due to the constant interruptions. I mean, did you know that it actually takes your brain up to 20 minutes to get back to the same level of concentration you had before you were interrupted? For him he never really got to concentrate at a higher level because of the interruptions.
On further questioning, many of the interruptions were non-emergencies and could have been answered at a later time in the day when all the concentrated work had been completed. This also proves a second point in that if you give out the message to people that it’s ‘okay to interrupt you and you will be at their beck and call’ then that’s precisely what happens.
So, switch your phone off when you want to do concentrated working. Check your emails at a set time each time and then switch them off. Work in time blocks on concentrated tasks. Aim to finish one task before you start with something else. This way of working really does make a difference.
The key message is to be ruthless. Leverage through other people and leverage the use of your time too. It will pay dividends.
This completes all seven of the keys to achieving a six-figure income from your business. I hope these keys have given you food for thought and that you will start to put these into your daily practice.
Is marketing, marketing and marketing! Many times people see marketing as an add-on activity to their business rather than something that needs to be an on-going daily activity.
I remember a few years ago sitting in a meeting with a number of different businesses. Each one was asked in turn what business they were in. And in turn each business owner stated ‘training’, ‘printing’, ‘computer design’ etc. The trouble was that each of these businesses were already experts in what they did but they were all also in a ‘marketing business’ as without it, they would not have had a business.
Those who complained on the state of the economy or not having any funding made available by the Government were being forced to the re-think that actually what they really should be doing is to concentrate on getting good at marketing.
So get used to as many marketing methods as you can. Try to introduce one new marketing activity each month of the year. You have to be obsessive with marketing activity.
Key number five is Internet Marketing. You really need to master this. Gone are the days when you set up a website and expected it to sell for you (did that ever really work for the majority of businesses?).
The purpose of your website today is to build a relationship with the end user. To do this you must have a big eye-catching offer to grab the attention of people landing on your home page. You want them to give you their name and email address in exchange for something of value.
So, look for something that will be of immense value and of great interest to your audience. Perhaps a free report, a video, a quiz. Anything that makes them think ‘I’ve got to grab this right now’.
There are things that you can add to your website such as a red flashing arrow directing people to your free item. A clear sign-in box making it easy for them to give you their details. And of course an auto-responder to make it easy to take their details and download the free report instantly as well as giving you the opportunity to follow up with numerous follow-on emails.
The big message is: Concentrate on building a relationship initially and give people an opportunity to get to know and trust you.
This key is relentlessness. Every successful person is relentless in wanting to make a success of their business. They will pursue success at every level regardless of whatever is happening around them.
Truth is that many people drop out when things get tough. When the pressure of the house being repossessed or the car payment is being missed. The fees for the school kids needing to be paid or the need for a much needed holiday and the begging from a partner to take a break. It’s understandable when the pressure builds up and things are not working out that the big dreams get slowly chipped away…and then they are gone.
Making the decision to have a six-figure income business (and beyond) is not enough. You have to be more than that. You need to be able to resolve things as they come up. Richard Branson has a great saying that “you have to grow bigger than your problem to be able to resolve it”.
Reality is that life, and the Universe, throws problems up all of the time for whatever reason. Maybe it’s trying to test us to be bigger than we are. Next time it happens see it as a challenge and when something comes up to throw you off course make a decision to resolve it…and to grow bigger than the problem.
This might seem quite a simple step but often it’s one that isn’t given enough priority. This is to grow and double your database.
But it’s not that simple. Because people who are really successful in business (and I’m referring to successful businesses that grow using the internet as well as traditional methods) not only set out to grow their list but they set out to double their database several times over…and they aim to keep doing that.
They will move from 5,000 to 10,000. Then from 10,000 to 20,000 and from 20,000 to 40,000…and they will continue to do that so they have hundreds of people on their database.
Why would you want to do this? Well, when you have a ready made database of warm leads (people who know you and you’ve taken time to nurture a relationship with), when you launch a product then you already have people to market it too.
As with everything, there is a system and there is a formula to follow. The principle is to grow your business with multiple marketing methods. That is doing things such as teleseminars, webinars, working with other people, referrals, pay per click, speaking at events, social media, article submissions etc. etc. etc.
The short of it is that you have to develop a powerful referral strategy, implement a system and a process that works for you. And keep on doing it.
Set an absolute goal for you to double your customer database and concentrate time and effort to do so.
This key is on pricing. If you do your sums then you will not reap a million dollar business with average pricing (do the sums and you’ll see how hard that is).
There are three things to consider here:
- The 80/20 rule which says that 80% of your income will come from around 20% of your clients. And 20% of your income will come from 80% of your clients (and be much harder work too).If you re-apply the 80/20 rule to the top 20% of your market then this means that the top 4% will be paying you up to 10 times what the others will. All successful businesses know how to work this out and consequently will market to attract their top income generating clients. This makes total sense as this frees you up to really deliver a top-notch service to these clients.
- The second thing to consider is that people don’t actually buy on price (although many people think they do). People buy on ‘value’ based on what it will do for them.
- Finally, everyone I know who concentrates on top fee paying clients find that they really appreciate your help a whole lot more than many people who only want to pay bargain bucket prices and then don’t implement the knowledge or appreciate the expertise shared with them. That can be a whole of lot of agro.
So take a look at your current customer base and work out your 80/20 to find out your top 4% of fee paying clients. Aim to market to these people.
How do they do it? How do they get to 6 figures and beyond? I’ve been looking at this and there are 7 key steps. Here’s the first one:
Key No. 1
Key step number one is a shift in your thinking. This is a big mind shift and for many people it is an on-going battle with your mind as you progress. It’s also having a strong belief that you can ‘model’ success.
For instance, if you look at great tennis players, sports players, successful people, they all use modeling. They observe and model the actions, behaviours, psychology, mindset, sales behaviours and traits of successful people. They model people who are already where they want to be. They model it so they can do what successful people do and they aim to duplicate it.
Until you adapt this mindset that you can duplicate and model success, you fall into listening to all those other negative stories by the majority of people who aren’t doing well (because they don’t follow a model of success).
Here’s some of what very successful people know and follow as basic principles:
- They understand that people, who earn lots of money, sell lots more than the average sales person. It’s a simple equation. They have a strategy to follow up with people 5, 10, 15, 20 times or more until they get the sale.
- They know that if you basically follow other businesses that are generally around you, that you’ll get the same results. So successful businesses follow other successful businesses. If you look around you and most of those businesses you are associating with are struggling, then it’s likely you will be too. You need to move on and look to work with and model those businesses which are not struggling and are consequently very successful.
- Similarly, they know that with pricing, if you copy what most others do which is to look for what they think people will want to pay and what others are charging for a similar product or service, that’s all you will get – mediocre or average results. Pricing is very important. You need to set your price based on the value you deliver to your customer. Build on the value and increase your price – but always, always, over deliver.
- They also spend a lot of time working on and observing people psychology and understanding your beliefs around failure and what that is. Failure is an integral part of success because failing implies you’re taking actions that will eventually lead to your success.
This is Key No.1 in the 7 steps to a 6-figure income. I will share the other 6 keys with you in the following articles so look out for these too.
I heard this principle a few years ago and came across it again just the other day, and it is so relevant to anyone who wants to make money in business.
Because there is always hidden money in your business but in many cases you either can’t see it or can’t access it. So try using the Acres of Diamonds principle …it works like this …
Lets begin with the story, which is about a farmer who lived in Africa. He became excited about the stories of people becoming rich by finding diamonds and got excited about looking for them. Infact, he was so excited about the idea of becoming rich in this way that he sold his farm and headed out to the diamond line.
He spent many years, travelling many miles in the search for diamonds and wealth, which he never found. Eventually he was completely broke and gave up on life.
Meanwhile back on the farm the new owner had become intrigued by the odd looking rocks he kept finding on his farm. Infact, he kept one on his mantle as a curiosity. One day a visitor picked up this rock and exclaimed “that rock is the biggest diamond I have seen”. The new owner looked astounded and said, “Heavens, this whole farm is covered with these” and it most certainly was.
The farm became the Kimberley Diamond Mine which is the richest the world has ever seen. The original owner of the farm was literally standing on ‘Acres’ of Diamonds’ but he didn’t see them or even know what to look for.
The moral of this story is that each and everyone of us is right now right in the middle of our own Acres of Diamonds’ if only we could realise it. What we really need to do is to develop what’s right there beneath our feet and nurture our immediate customers, rather than racing off into pastures new.
If you want some help to find your acres of diamonds then complete this questionnaire online and book your free 60 minute session. Go here now: http://www.grow-training.com/wealth/askquestions.htm
High ticket sales success … can anyone do it?
And if so, how?
All the gurus and well-paid coaches do it don’t they. They develop a high-end coaching product or service and manage to quickly and easily fill those places. While others… despite being well-qualified and who work tremendously hard don’t even get a bite of the cherry.
So what is it that makes the difference?
Having studied this long and hard and interviewed a number of leading experts who do just that it all boils down to a few key things:
Point 1: Your mindset must be in the right place to create and promote your own big ticket products or services. You must be disciplined and give 100% to achieve your intended outcome.
Point 2: You must ‘walk you talk’ and ‘do what you teach’. This is turn will move your mindset to believing that you are worthy. Plus you will appear more charismatic when you come from the heart.
Point 3: Decide on the ultimate financial amount you want to make. This must have meaning to you for instance, what would ‘X amount’ do for you? Would you buy a new car? Educate your children? Eat at best restaurants every week? Give the amount you want a reason for you to achieve it.
Point 4: Set yourself some stretch goals to help you challenge and overcome any negative beliefs about money. Think of the most money you have ever earned in any month of the year. Now think beyond that and stretch your thinking to the maximum you can see yourself getting. Write this figure down. You may need to keep working on this as you progress but in doing so, it will accelerate your success.
Point 5: You must be congruent with the prices you are charging. Don’t just pull a huge figure out of thin air and expect it to happen as people will see right through this. People don’t just pay high fees because you’ve set them. Your mindset must be congruent with the price you charge. In the beginning when you work this way, set a price that you feel comfortable working towards.
Point 6: If you are still in the mindset of trading time for money or working on the principle of what people will pay based on what your job is worth, then you won’t be in the right place to charge high-end prices. You must base your worth on the result your end user will get from your product or service. What value it will bring to them.
Point 7: Think carefully about the kind of client of you want. Look out for places where these types of people hang out and are already involved or attending courses to help with their self-development. Look for people who want your help and are willing to spend to get it.
Point 8: Don’t waste your time, money or energy trying to shoe-horn people in or convince them into converts. Instead, focus on finding people who have already demonstrated they want help in your area of expertise.
Point 9: Learn from people who have already made high-end ticket sales. Look to being around or working with people who already make a lot more money than you do. Conversely avoid working with people who don’t earn as much or about the same as you as you won’t be learning anything.
Point 10: Aim to build trust, an intimate relationship where people can get to know you well and what it is that you do. Always be authentic.
One final point, high-end sales are all about relationship building and nurturing a relationship on a deeper and more meaningful level.
Begin the relationship today by downloading your free report at www.spiritofvenus.co.uk or by booking a free 60 minute ‘Can I help You?’ consultation by going here: http://www.grow-training.com/wealth/askquestions.htm
It’s a double-edged sword isn’t it? You start your business with the intention of making so much money that it’ll change your life …
Then … clients don’t flock to your doors, sales are not as you expected and people don’t want to pay you what you’re really worth.
Time to explode these money myths:
There’s A Ceiling On What You Can Charge
This is a biggie! You set a ceiling on what you think people will pay based what others’ are charging for a similar service. Big mistake.
Yes, there might be a limit on the price you can ask for in some industries such as a supermarket, but in most businesses that’s not the case.
Research shows that almost 95% of people do NOT buy on price. They buy on ‘value’ and what ‘it will do for them’. If people are quibbling about your prices then you aren’t charging enough and/or you’re not finding the right people.
I Need To Discount To Get Business
People like bargains and offering a discount to clench the business is often the way it goes. However, selling yourself down the river just to get the job isn’t good. If someone is trying to pin you to the floor over price (and who hasn’t been there at some point?) don’t offer a discount. Offer a value based incentive instead.
Myth No. 3
It’s Morally Wrong To Set High Prices
“I can’t charge that much! How can I expect people to pay me that?” When I hear this it’s often from people who are either struggling or have not yet established what they’re really in business for.
The problem is that if you don’t set higher priced options for people then you will continue to struggle. It has nothing to do with the money you are asking. It is however to do with the value you place on yourself and your product or service.
You have huge personal value in your past experience and the money, time and effort you’ve already invested in your own personal development. Don’t under value that.
No-one else has your experience … only you. Anyone who sets a high price knows who they truly are, the value they place on what they have to offer and their true self-worth. This is reflected in their pricing. You need to do the same.
Myth No. 4
I Can Lose Money In Business
Yes you can … but only if you didn’t learn the lesson. Money in business is never lost unless you choose it to be so. Let me explain. Every successful entrepreneur will have a host of bad mistakes which have cost them money.
It’s how you deal with it that makes the difference. What you need to do is to look for ‘the lesson’ that the lost money opportunity gave you. What is it that you can learn from the experience? There’s true value in that.
Myth No. 5
People I Work With Can’t Afford To Pay Me More
If you’re in this situation I’ve got to say that money or lack of it, really isn’t the issue. This is a mind-set problem. Those same people who can’t afford to pay you more all have a choice in how they spend however money they do have. In doing so, they will still buy whatever it is they want to buy whether that’s essentials or other indulgences such as smoking, drinking or eating out.
Money is simply an exchange for something of value that you want to receive. If your customers’ perceived value is higher than the money you’re asking them for, then people will be happy to make an exchange.
Myth No. 6
I Can’t Afford To Pay Myself A Huge Salary … Or One At All!
Depending on where you are with your business will of course dictate the amount of money available for paying yourself. However, I see this mistake happening a lot with new businesses or those who haven’t been trading for very long. And it’s that the owner priorities everything else before they pay themselves.
What happens is that there is no money or very little money left for the business owner. Can you relate to that? When this happens it’s likely you will continue to be the last person to get paid, if at all. That’s not good.
I suggest that right from the start you pay yourself a regular amount each month and keep to that regardless of any fluctuations in business. Give yourself a pay rise and a bonus each year too.– no matter how small that is. This conditions your mind to receiving money and expecting money from your business. In doing so you will subconsciously be attracting money into your business. If you don’t believe me … try it!
Myth No. 7
It’s Not The Right Time to Invest
Whether it’s to upgrade equipment, go on a course, or pay someone else for their expertise, it’s a decision that takes money. Do you struggle on and try to do it by yourself in the belief that you’re saving money? Do you work with a friend who might know something you don’t? Or do you invest in someone who’s expensive but an expert?
Reality is that it costs you more in time and energy doing something you’re not good at or working with someone who doesn’t know enough of what you need to know. That’s expensive!
How do you know when it’s the right time to invest in someone else’s services to get your business to the next level? I find this quite easy … it’s the time the problem arises and becomes a block if you let it.
The knowledge, the expertise, the know-how is already there. You just need to make the decision first and the ‘how to find the money’ will eventually make an appearance.