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Archive for August, 2009

Posted by Robin Bal

A man walked into a bank in New York City one day and asked for the loan officer.

He told the loan officer that he was going to Philippines on business for two weeks and needed to borrow $5,000. The bank officer told him that the bank would need some form of security for the loan.

Then the man handed over the keys to a new Ferrari parked on the street in front of the bank. He produced the title and everything checked out The loan officer agreed to accept the car as collateral for the loan.The bank’s president and its officers all enjoyed a good laugh at the guy for using a $250,000 Ferrari as collateral against a $5,000 loan.

An employee of the bank then drove the Ferrari into the bank’s underground garage and parked it there.Two weeks later, the guy returned, repaid the $5,000 and the interest, which came to $15.41.

The loan officer said, “Sir, we are very happy to have had and this transaction has worked out very nicely, but we are a little puzzled. While you were away, we checked you out and found that you are a multi millionaire. What puzzles us is, why would you bother to borrow “$5,000″.

The millionaire replied: “Where else in New York City can I park my car for $15.41 and expect it to be there when I return”

Well thats how the rich stay rich, they know a lot more about Money Management. All the millionaires I have met in my life were penny wise. Look after your cents and the Dollars will look after themselves.

You may post your comments below for the lessons you have learned from this story.

Business Principle #4
Timing

It’s the Best of Times, the Worst of Times…How well you do depends on which side of the trends you are on.

Going Global

Going global means you have a business that has the ability for global diversification which provides worldwide expansion. Our takes all of the financial risks when opening in a new market and our compensation plan is seemless throughout the world. Someone can buy our products in Asia and you get paid in the currency from the country you reside.

Global Economic Meltdown

In February 2009, the US Labor Department reported that unemployment reached 7.6%. 11.6 million Americans are unemployed. Many of these people are professionals who are on the wrong side of trends. They are not going to find another job, because companies in their fields are not hiring!

As you may know, the economic meltdown has caused this.

Many of these very talented people will be forced into entrepreneurship and they will be looking for businesses. Are you going to be ready to profit from this large group of people?

Technology

The World is Flat has been a best-seller in book stores. It discusses how technology has changed everything. With computer, internet, and a phone line,

people are able to run multi-million dollar business from their home. The world is flat as a computer screen meaning you can video chat, present concepts, and talk through your computer and the other person can be on the other side of the planet.

Demographics

Every 8 seconds someone turns 60 years old. This group is referred to as baby-boomers. What products do baby-boomers want?

What I recommend you do is increase your financial IQ.

Business Principle #3
Using Leverage For Wealth Creation

“I would rather earn 1% of 100 people’s efforts than 100% of my own efforts.” – John Paul Getty, Renowned Billionaire

Trading Time For Money = No Leverage

Anyone who is an employee and working for someone else is trading time and expertise for money. Most people are “stuck” in this cycle and it is not the road to wealth.

Leverage Through Employees = Headaches

If you know anyone who is a business owner, you probably have heard them mention how their employees have caused them headaches. If you have ever worked with someone who drove you crazy, imagine how the owner of the business feels.

Leverage Through Agents

In the real estate industry, you will find the broker-agent relationship. On the surface, agents look like a solution, because you get leverage from someone

who isn’t your employee. The downside is when a broker trains an agent, the possibility is that the motivated agent will take that knowledge and training and

start their own business. The broker has lost all the time put into that agent and has gained a competitor. You just trained your competition.

Another problem with leverage throught agents is that you are limited by time meaning that you can train only so many agents at once, so you income is limited by the amount of agents you can train at once.

Broker Empowers Leadership

When a broker empowers leadership, he/she gets leverage. With this type of leverage, a broker can train agents and brokers. So, a broker could create agents and other brokers allowing them to get more leverage. Now, if you trained an agent to become a broker and that broker you train works harder than you, they make more money than you.

You always earn a percentage on what that broker generates. When a broker you train can earn more than you for working harder….what is that callled?…….that is called “fair.”

The broker will not have a need to break off from you and go into competition with you, because they have the ability to earn on their effort.

Excerpt from Retiredat32

Business Principle #2
Unique, Consumable Product

Why a CONSUMABLE Product?

There’s a saying in business – “You’re only as good as your last sale.”

In normal market conditions, car salesman and realtors can make good commissions, but they are unemployed until their next sale…they have to keep selling and finding new customers to make money. Think about it from this prospective….how many cars and houses do you buy a year?

A consumable product is one that people buy, use, then then buy again. Food, gas, and personal care products are examples of consumable products. When people  run out, they have to buy more product creating a repeat, automatic business.

Why a UNIQUE product?

A product that has a “special thing” about it makes it unique. If you are the company that has created that product, people have to come to you. Apple created that with the iPod and iPhone.

If you don’t have a unique product, you end up competing on price. People will spend more money and often times go out of their way to purchase unique products.

So if you end up with a product that isn’t unique, then you compete on price. Imagine trying to compete with Wal Mart…that is what will happen, if you end up competing on price.

A patent can be one way keeping a product unique. If you get a U.S. Government and/or Worldwide patent, your product remains unique, because only your can produce that product with that method.

Excerpt from Retiredat32

Business Principle #1
Huge Expanding Market

Real Estate is a HUGE market, but it’s NOT expanding. Real estate is actually shrinking or contracting.

If you are in a market that is shrinking or contracting, your way of making money could look a lot like the real estate job market as shown in this graph below.

A huge, expanding market demonstrates the importance of evaluating the industry you are in with this principle in mind, because it doesn’t matter how good you are at what you do, if you are in an industry that is dying.

A perfect example is vinyl records. Do you remember vinyl records? If you are over 40, you probably do. If you are not, you might not even know what we are talking about. That is the definition of a dead market. When a product is so dead, some of the population doesn’t even remember it.

So, if you want to know the secret to Business Principle #1, then here it is: don’t be attached to your education, your current career, or your prior experience when you chose your future income. If you had been in the vinyl record industry, you wouldn’t have had a job in very short order. This industry went from $7 billion to zero in seven years.

Coming soon the Secrets of Millionaires: Business Principle # 2. Keep visiting.

Excerpt from Retiredat32

Report from moneywatch.com:

ALLYSON AMES
President and co-founder of Wonderland Bakery
http://wonderlandbakery.com

Wonderland Bakery’s president and co-founder, Celebrity Chef Allyson Ames, was named one of the richest kids in America by Mark Victor Hansen, respected authority in the area of human potential and creator of the best-selling Chicken Soup for the Soul series.

ALLYSON AMES

Hansen’s new book, The Richest Kids in America, is the result of a three-year research project in which he set out to chronicle the journeys of North America’s most successful young entrepreneurial superstars.

Hansen tells the inspiring story of Ames, 23, who has steadfastly pursued her passion for baking and childhood dream of having her own “wonderland.”

Allyson Ames will begin a media tour sharing her story including NBC’s The Today Show, August 3rd at 10:00am and CNBC’s Squawk on the Street, August 11th at 7:00am.

Ames has created Wonderland Bakery, a unique retail bakery concept specializing in cupcakes, cookies, artistic cakes and whimsical gifts. An enchanting mix of equal parts Willy Wonka’s Chocolate Factory, Alice’s Wonderland and Candyland, Ames and Wonderland Bakery’s celebrity following has earned national media attention.

She has created cookies for President Barack Obama’s inauguration day events, baked the reigning “Best Gingerbread Cookie” according to Whoopi Goldberg and The View, and Governor Arnold Schwarzenegger honored Wonderland Bakery with the 2008 California Business of the Year Award.

Ames is a culinary prodigy who started cooking and baking at age five, and was named The Best Young Chef in America at age 17. She is the Official Sweet Ambassador for Newport Beach and has been tapped as one of the hottest Hollywood celebrities under the age of 25 by Variety magazine.

She has recently added to her brand a collection of “Bake Memories at Home” desserts, a mesmerizing line of merchandise, a best-selling book, Wonderlicious The Enchanting and Delicious Wonderland Bakery Adventure, a read-a-long book for the animated Allyson Wonderland bear by Gund.

This holiday season, Ames will commence an expansion plan that includes whimsically designed point-of-sale displays that will be placed in retail locations from coast to coast. She is in negotiations to host a children’s cooking show; internationally license the Wonderland Bakery brand of toys, games and products; and will expand with five new Wonderlicious party, cafe and retail stores in major markets, with the first stores in Los Angeles and Las Vegas.

“Allyson Ames has an amazing story that will inspire other entrepreneurs to dream big, make it work and build a commanding brand,” said Hansen.

TOP 20 ONLINE BUSINESS SUCCESS TIPS
by Gail Buckley

1. Do something you love.
2. Believe in yourself and think positive.
3. Even though it’s home-based, it’s still work.
4. Only fools rush in – don’t be one of them.
5. Your computer is your lifeline, make sure it’s reliable.
6. Don’t jump the gun in deciding what you’re going to sell.
7. Plan, plan… and then plan some more.
8. Stand out from the crowd.
9. Design a content rich, customer-friendly site around your USP (or have one designed for you).
10. Pick a domain name that is catchy and easy to remember.
11. Don’t scrimp when it comes to selecting a hosting service.
12. Make it easy for your prospects to purchase from you.
13. Keep your site up-to-date.
14. Establish your presence online.
15. Keep track of your successes and failures.
16. Build your own opt-in list.
17. Consistently follow-up with all your customers.
18. Be patient and consistent in your promotional efforts.
19. Don’t rest on your laurels.
20. Above all, stay committed to your plans and goals -regardless of how long it takes to realize them.

Here is a few suggestions I got in the Volusions active staff:

Jennifer S.
“Solidify your design by making it more consistent through your site. If you already have a consistent design, try taking it a step further into your advertising and just add some little things to make your store feel more like an experience.”

Jeri B.
“Maintain a simplified color palette throughout your entire site. It will add a harmonious look and feel to your site, and make it appear more professional and easy to navigate.”

Jon B.
Get familiar with the many design tools on the web. Here are just a few I suggest:
http://www.modernlifeisrubbish.co.uk Modern Design Tips
http://www.dafont.com Free fonts that won’t lock up Photoshop
http://www.colorschemer.com Give your site color harmony
http://www.resizr.com A free way to resize your photos
http://www.istockphoto.com Stock photos for $1

Sandra N.
“Execute more mini projects. Divide a main project into smaller projects with a smaller scope so that each “mini” project can be easily completed in a shorter amount of time. This leads to a better sense of accomplishment, don’t you think?”

Michelle B.
“Make it more of a point to get feedback from family and friends to evaluate your site regularly. Your goal could be to ask someone for feedback once a week, five times a month, or any schedule that will work for you. Start with a specific area (design, navigation, product descriptions, images, etc.) and ask for comments in that specific area. This will allow you to focus on one area at a time, and create a specific “To-Do” List for that section before moving on to the next.”

Kate P.
“Add to your credibility as an online company in the eyes of potential customers. Have a clear return policy/money back guarantee posted, and make sure that customers can readily find it before they order. There’s nothing worse than feeling like you were duped by a company because they hid their policies or made it nearly impossible for you to return items.”

AmyLynn K.
“Make it a point to improve your on-page SEO. A lot of people just put sizes into their product descriptions, but is that really describing the product? You could describe its various sizes, what it’s for, and so much more about it. This in and of itself will make search engine spiders like your site a whole lot more.”

Stacie L.
“If you haven’t done so already, now’s the time to start running online ads. It’s a great way to gain exposure and possible sales, especially if your site isn’t ranking well in search engines. A few quick tips: direct campaigns to landing pages to better target traffic, monitor campaigns often and write ad text that is relevant to what the searcher is looking for. Always keep in mind that those reaching your site have already searched, so don’t make them search more after clicking on your ad. See the Search Engine Marketing section for more tips on setting up online ad campaigns.”

Adam H.
“Off page SEO is huge for improving your search engine rankings. Create a blog to link back to your store. Write articles or ask bloggers to review your products. Making a point this year to increase your backlinks can pay huge dividends in the end for your business.”

Let’s continue doing business! Good luck!