You make money when you buy, not when you sell. Anyone can give something away for free.
Anyone can promise anything a customer asks, anyone can give free freight. There is no skill, no art, and no value, and therefore no profit in things anyone can do. The art is in selling what makes you unique. You want to create a transaction that makes both parties feel they have won.
Start Now. Your world needs action.
You spend 29 cents on a loaf of bread, you've still got seventeen grand. There's a math lesson for you. - Steve Martin
“If you've got a dollar and you spend 29 cents on a loaf of bread, you've got 71 cents left; But if you've got seventeen grand and you spend 29 cents on a loaf of bread, you've still got seventeen grand. There's a math lesson for you.”
― Steve Martin
Love this quote. Think about it.
Discipline matters on cash flow, particularly where money is tight.
You will want to spend the extra, but remember that you are generating money from the system you have the products you sell, from what you already own, and since you need money to grow, you need to spend less on things that do not generate income. For every dollar you spend you need what you bought to make two dollars or more. You have to keep the machine running.
Once you are ahead, put some aside for any future issues or growth, returns, system problems, etc. Always be looking for new opportunities, and always look for a way to make more and spend less. The best solution is something that you can make that is low cost to produce and low cost to ship and most importantly, people want. You can make more money, you can find new things to sell, but you cannot get more time, it is infinitely valuable. To create something that takes hours to create and then sell for pennies is to destroy any chance you have. Value your time.
My job is to know is to know why some process at a customer doesn't work and then find the easiest and most cost effective way to fix it, and each time, my first step is always the same. This tool only costs $.05 in materials, a child could do it and often does, and it solves the process problem almost every time.
Anyone can do it, everyone should do it, but most never do. They should, but usually overlook it as too simple or obvious.
It has worked for me in manufacturing plants, plant and warehouse layout problems, sap integrations, Microsoft AX integrations, paperwork flow, and many other applications. It is pretty much a universal tool. This tool is a Swiss army knife of business problem solving.
What is it?
It is simple. -
Draw your process out. A nice simple rough sketch.
Get a piece of paper and a pencil.
Draw the work flow.
Make sure that you have people with you who are involved in all steps in the process and they are helping you create the sketch. Make sure you get every move, every transaction, every single delay, every person, all the issues.
Your drawing will be messy and that is good, just make sure to draw out the flow of the process you are working on as accurately as possible, no editing until done.
Put it up on the wall.
Does anything in the process get handled twice?
If it does, there is a problem, because nothing should be handled twice.
Is there dead inventory, material stuck at stations? Draw it. Inventory is there to hide a problem, if everything is working, you do not need extra inventory.
Are there feedback loops so that people who aren't of the process know the results of their actions, and see when they are doing well, or not doing well? This important, because people need to know how they are doing, if there is no feedback, they think it doesn't matter.
Put times on your drawing, it will surprise you.
Draw your problem and every time the solution is there as well.
I am a visual learner, and I see structures where others hear words, but it works for every one. Once you see the problem, the answer is obvious, you need to fix a machine, train more, redo the process line, fix process errors that cause quality errors.
It is also makes you truly know your process.
if you’re organized, focused, and a stickler for taking names, there’s no one that’s out of reach to meet
As I go through this book, great tips just keep popping up. I have always struggled with how to capture my network and then read this........ D
"First, I sat down and established a ninety-day, one-year, and three-year mission in my Networking Action Plan. Each goal required me to connect with and develop different parts of my network.
To make these goals possible, I mapped out the most important players in both the online and games industries, from CEOs and journalists to programmers and academics. My goal was to get to know almost all of them within a year. To create excitement around our product, I wrote down a list of people I called “influentials”: the early adopters, journalists, and industry analysts that help spread the initial buzz about a product or service. Next, I made a list of potential customers, potential acquirers, and people who might be interested in funding us down the road. (In creating your own categories, each should correspond to your own goals.)
When you make such lists, it’s important you name the actual decision makers, and not just an organization. The point here is to have a readily accessible and specific list of names.
At the outset, concentrate on the people who are already part of your existing network. I bet you have no idea how vast and widespread it really is. As I noted in the previous chapter, take the time to list people such as:
Friends of relatives
All your spouse’s relatives and contacts
Members of professional and social organizations Current and former customers and clients
Parents of your children’s friends
Neighbors, past and present
People you went to school with
People you have worked with in the past
People in your religious congregation
Former teachers and employers
People you socialize with
People who provide services to you.
Next, I enter the gathered names into a database. (I tend to use Microsoft’s Outlook, but there are plenty of programs out there that are just as good.) I then create call sheets by region, listing the people I know and those I’d like to know. When I’m in a given town, I’ll try to phone as many people as I can. I have the numbers in my Palm and BlackBerry; both devices have unique and important functionality to me, so I’ve kept both.
I also print out and carry these lists around with me wherever I go. They focus my efforts in cabs between meetings. I have something palpable to encourage me to reach out. Some of the lists you create will be related to your action plans; others are more general, helping you to stay connected. The way you organize your lists can be fluid. I have lists by geographical location, by industry, by activity (other runners, for instance, or people who like to go out on the town), whether they’re an acquaintance or friend, and so on.
Adding to the names on your lists is simply a matter of looking in the right place. In the beginning stages at YaYa, I read all the trade magazines having to do with advertising and games. If I read about someone who fell into one of my categories, I’d put him on a list and find out his contact information. When you’re looking for people to reach out to, you’ll find them everywhere. One great resource for making lists is—it almost sounds absurd—other people’s lists. Newspapers and magazines do rankings of this sort all the time.
There’s another category you might want to add, something I call my “aspirational contacts.” There are those extremely high-level people who have nothing to do with my business at hand but are just, well, interesting or successful or both. The people on that list may be anyone from heads of state and media moguls, to artists and actors, to people others speak highly of. I list these people, too.
Remember, if you’re organized, focused, and a stickler for taking names, there’s no one that’s out of reach.
Never Eat Alone: And Other Secrets to Success, One Relationship at a Time by Keith Ferrazzi, Tahl Raz
“We make a living by what we get. We make a life by what we give.”
― Winston Churchill
"Whom you meet, how you meet them, and what they think of you afterward should not be left to chance.
As Winston Churchill would tell us, preparation is—if not the key to genius—then at least the key to sounding like a genius. Before I meet with any new people I’ve been thinking of introducing myself to, I research who they are and what their business is.
I find out what’s important to them: their hobbies, challenges, goals—inside their business and out. Before the meeting, I generally prepare, or have my assistant prepare, a one-page synopsis on the person I’m about to meet. The only criterion for what should be included is that I want to know what this person is like as a human being, what he or she feels strongly about, and what his or her proudest achievements are.
Sure, you should also be up-to-date on what’s happening within the company of a person you want to establish a relationship with. Did the person have a good or bad quarter? Do they have a new product? Trust me, all people naturally care, generally above and beyond anything else, about what it is they do. If you are informed enough to step comfortably into their world and talk knowledgeably, their appreciation will be tangible.
As William James wrote: “The deepest principle in human nature is the craving to be appreciated.
During mixers, I like to hang out near the bar. Virtually everyone gets a drink at some point. Throughout the day, I had also scouted out which rooms the people I wanted to meet were holding court in for the day, and arranged my schedule so I could be there as they were walking in or out. It sounds a bit manipulative, but really, it’s just putting yourself in the right position at the right time."
Never Eat Alone: And Other Secrets to Success, One Relationship at a Time by Keith Ferrazzi, Tahl Raz
Woody Allen says “If you work only three to five hours a day you become very productive. It’s the steadiness of it that counts. Getting to the typewriter every day is what makes productivity.”
There is enormous power in routine, and doing the work each day, even if for a short period.
Do the work each day, find ways to move forward each day.
The most productive thing to do is to wake up early if you can – get the work in before the day interferes and people call you, your email starts.
I can't do that, I am not a morning person, for me, it is night that I am most productive, when it is quiet, and the day is done and I can focus. I call it going internal.
Always do something every day, even if it is for a few minutes, because it builds every day you do it.
You need to do something constructive each day because it builds your future.
Customers don’t care about your costs. They care about how much value you deliver for their investment
Ideation Is Priority #1
Product creation is paramount to achieving massive success and, while execution is important, you first need an idea. Armand concentrates on satisfying market demand by creating products that:
• Makes tasks easier.
• Or, automates existing tasks. This formula consistently provides above-average returns.
When evaluating ideas, consider the correlation between the size of the problem your product solves and the amount you can charge for it. The bigger the problem, the higher the price tag. Too many companies price a product based on operational and marketing costs, and the desired return. That can create a substantial disconnect insofar as what that product is actually worth to its target audience. The overriding factor to consider is how much the market is willing to pay for the product or service.
Successful Internet marketers begin with addressing small problems and creating low-priced products. In fact, many argue the first touch-point should be providing valuable free content in exchange for a customer’s contact information. The objective is to entice a customer to enter your sales funnel, whereby a meaningful relationship is developed over time, and you proactively inspire her to purchase higher-priced products and services. Industry leaders recognize the first sale represents merely the beginning of the relationship, not the end.
Armand’s funnel is structured as follows:
• Free: An example is Armand’s Internet Marketing Newsletter, which has no subscription fee; you simply provide your name and email address.
• $27-$47: An entry-level product that solves a specific problem or provides information that can be leveraged for profit. Examples include an hour-long MP3 in which Armand reveals a game-changing process or a social media “white paper” delivered via PDF.
• $97: A low-end offering that adds value. Examples include many of Armand’s simple, yet effective software products.
• $197: This is Armand’s magic price point. The beauty of $197 is that it’s affordable for most, converts about as well as lower-priced options (e.g., $97), and huge numbers aren’t required to generate significant revenue. Examples of $197 offerings include live events and training products.
• $497-$9,997+: As the Internet has grown in popularity, so has a customer’s willingness to explore untraditional classroom environments and purchase high-end learning tools.
Regardless of whether someone purchases a product for $29 or $2,999, give that customer top support. You’re likely to be rewarded with years of repeat business. Most companies don’t do this. They fail to pay for adequate customer service, choosing short-term profit margins over long-term customer satisfaction. This is a foolish strategy as it costs them word of mouth recommendations and repeat business.
Machiavelli said, “A prudent man must always follow in the footsteps of great men and imitate those who have been outstanding.”
Great Ideas and Great Execution Matters
• Keep up with current trends and capitalize on what’s next.
• Recognize adversity as opportunity. Every trouble carries the seeds of triumph.
• Create products that make existing tasks easier or automate existing tasks.
• The bigger the problem, the higher the price tag. There is a direct correlation between the size of the problem your product solves and the amount you can charge for it.
• The market determines price. Customers don’t care about your costs. They care about how much value you deliver for their investment.
• Encourage customers to enter your sales funnel with free and inexpensive products, and then inspire them to purchase higher-priced products and services.
• Deliver value that far exceeds the price of your products.
• Strive for Six Sigma standards. Sell only outstanding products, and provide a level of service that cultivates loyalty and keeps them coming back for life.
Internet Prophets: The World's Leading Experts Reveal How to Profit Online by Steve Olsher
Need Product ideas?
Learn to find where to check:
First find local sources such as:
library used book stores
What do you like and buy?
What does your family and friends like and buy?
Get products from different niches.
People often forget what is unique about their part of the world. They see the things around them everyday, walk past it, until it becomes part of the background noise, lost.
Stop. Look around you. What is there that no one else has?
I have traveled and I know that every area of the world has its own unique flavor, its own food, clothes, spices, toys, and they have access to items that no one else has. These items are also cheaper there than anywhere. What is common with you is uncommon a thousand miles away.
So stop for a moment and think about the area you are in, what is unique about your area. What can you get there that others in the world cannot?
Those items are worth more in other parts of the world than where you are, and they will pay more than you currently pay. These items cheap to you can be sold for more money to others elsewhere in the world.
Stop the self editing for a moment, stop the how to questions, and just think of the item. What value does it have for others?
The Seven Success Principles of Click Millionaires - Scott Fox’s Foundation for Building a Lucrative Lifestyle Business Online
1. Help people. “If you serve a need outside of your own need to make money by helping people solve problems, make more money, lose weight, feel better, or enjoy their lives more, you will find recurring, profitable customers,” says Scott Fox, author of CLICK MILLIONAIRES. Dedication to helping people can help you market your business, too—through word-of-mouth from happy customers.
2. Expert credibility. People tend to buy from people they perceive as “experts.” Expert status, however, is no longer exclusive to those with formal degrees or certifications. A new type of expert—the “trusted friend”—is emerging. “You can use your own real-life experiences and expertise to position yourself as one of this new breed of experts online,” Fox assures, “even if you don’t have ‘official’ expert credibility.”
3. Automation. Take advantage of software to automate many routine business functions. Set up your website to take and deliver orders. Offer FAQ pages to help customers solve their own problems. Have autoresponder email messages follow up with prospects. With Web-based tools, you can run your business and generate revenue around the clock!
4. Outsourcing. Hiring contractors for each specific project can be a lot more efficient and cheaper than hiring employees. With a few clicks on sites like Elance.com and Guru.com, you can hire copywriters, graphic artists, social media marketers, customer service reps, and more, as well as virtual assistants to handle repetitive tasks that can’t be automated. Paying others to handle the “small stuff” pays off in valuable time for bigger priorities.
5. Audience content creation. Comments on your blog. Discussion board conversations. Photo or video sharing uploads. Reviews of products. These are just some examples of how your audience can contribute to growing your business. Such audience contributions are valuable because they create more content to attract more potential customers to your site—and more money from advertisers, too.
6. Scalability. When “scaled well,” a business will grow without continually requiring more money and toil. While you’ll need to work hard to get your first sale, or first 100 sales, design your business so that, once it’s established, attracting customers takes little effort. “This is where the software and automated marketing techniques of the Internet can kick in to build truly profitable lifestyle businesses,” Fox stresses.
7. Recurring revenues. A great way to make more money more easily online is to replace one-time sales with automatically renewing subscriptions—whether to a weekly newsletter or a yearly contract. With a stable base of subscribers, this can mean thousands of dollars of income each month, effortlessly....simply because most people don’t cancel!
Click Millionaires: Work Less, Live More with an Internet Business You Love by Scott Fox
I like these rules of thumb from Never Eat Alone. Important to remember you are not building a network, you are making friends. D
1. Don’t schmooze. Have something to say, and say it with passion. Make sure you have something to offer when you speak, and offer it with sincerity. Most people haven’t figured out that it’s better to spend more time with fewer people at a one-hour get-together, and have one or two meaningful dialogues, than engage in the wandering-eye routine and lose the respect of most of the people you meet.
2. Don’t rely on the currency of gossip. Of course, using gossip is easier. Most people lap up such information. But it won’t do you any good in the long run. Eventually the information well will run dry as more and more people realize you’re not to be trusted.
3. Don’t come to the party empty-handed. Who are the stars of today’s Internet world? Bloggers. Those freewheeling cybernauts who set up sites and online journals to provide information, links, or just empathy to a community of like-minded individuals. They do it for free, and they’re often rewarded with a devout following of people who, in return, offer as much as they receive.
4. Don’t treat those under you poorly. Soon enough, some of them will become “overlings.” In business, the food chain is transient.
5. Be transparent. “I am what I am,” the cartoon character Popeye used to say. In the information age, openness—whether it concerns your intentions, the information you provide, or even your admiration—has become a valuable and much-sought-after attribute. People respond with trust when they know you’re dealing straight with them.
6. Don’t be too efficient. Nothing comes off as less sincere than receiving a mass e-mail addressed to a long list of recipients. Reaching out to others is not a numbers game. Your goal is to make genuine connections with people you can count on.
All of which reveals an inner truth about the skill of reaching out to others: Those who are best at it don’t network—they make friends. They gain admirers and win trust precisely because their amicable overtures extend to everyone. A widening circle of influence is an unintended result, not a calculated aim.
Never Eat Alone: And Other Secrets to Success, One Relationship at a Time by Keith Ferrazzi, Tahl Raz
“We all are learning, modifying, or destroying ideas all the time. Rapid destruction of your ideas when the time is right is one of the most valuable qualities you can acquire. You must force yourself to consider arguments on the other side.
— Charles T. Munger”
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Disclosure of Material Connection:
Some of the links in the post above are “affiliate links.” This means if you click on the link and purchase the item, I will receive an affiliate commission. Regardless, I only recommend products or services I use personally and believe will add value to my readers. I am disclosing this in accordance with the Federal Trade Commission’s 16 CFR, Part 255: “Guides Concerning the Use of Endorsements and Testimonials in Advertising.”