I’m sure you heard that investing all your money on one thing is too risky. But there is another currency that is a lot more valuable then money, and that is your time. You can never get that time back, and every mistake takes it’s toll. I’m not telling you not to take risks. I’m telling you to diversify, to split your focus to a few projects at the same time. That way if one or two tank, the third will make up for them.
You don’t want to start three websites at the same time because they will take some time to show you profit. What you do want is to take on three different projects within three different areas. For example: a site, an online retail store and an offline project.
Take your time to plan how you will be working on each of the projects and stick to that schedule. break down the steps you need to take into small easy to achieve chunks. And divide the projects into different boards, you can use a tool like Trello.
As you proceed keep tabs on your projects, you need to be able to know at any given time witch of them are inline with your goals. Find the most profitable at focus most of your time on it. But don’t drop your other projects unless you absolutely have to. Weather it’s a matter of time or funds.
Remember every business has it’s ups and downs. The project that’s doing poorly now, might be you main cash flow in a few months. Drop a project only when it disturbs the others.
Keep collecting as many projects as you can, hire a team when necessary (when you can afford to pay them from the profits of that project). Another tip I can give you is to make sure at least one of those projects is evergreen.
Evergreen is basically information that will always be relevant. As apposed to something that is only relevant right now like the news.
When you just start out, your doing all the work. The sales, the marketing and the managing. But with time you have to find team members or employees to do certain jobs that will take a load off you. The problem with that is that every one of the team members is looking out for himself, not taking into account the the company as a whole needs to get it’s goals.
You will find this contest happening between sales and marketing. Both departments seem to think they are separate from each other and both seem to be offering the same deals. If a customer gets a deal from the marketing department, getting the same deal from the sales isn’t going to help you close the sale. And it get even worse, in some companies certain sales reps give out better deals then others. Allowing them to make more sales, and it’s understandable.
If someone offered you the same product or service for less money, would you still pay more? I don’t think so!
Make sure your entire team is on the same page. Don’t look like an idiot in front of your customers.
Do you have to deal with annoying clients? Do you feel that you’re giving them way more than they deserve? Did you ever wonder why that is?
There will always be clients who complain, criticize, and Basically just waste your time. These clients have nothing better to do then to make sure they got the most they possibly can for the price they paid. But you have a secret weapon. One that repels them like kryptonite, you’re pricing structure.
You see, those clients are so good at complaining that they have little time for anything else. There for, if you raise you’re prices they can’t afford to work with you. Notice that when you go to an expensive restaurant you will not see people complaining or behaving in a manner that is not suitable. Clients that can afford the higher prices don’t have the time to complain, they won’t take the time. If they don’t like what you have to offer they will not come back.
Although this is not the result you’re looking for, this will give you the time and space you need to progress.
How can you find just the right price?
Having a higher price range will get you better customers, but if you’re prices are too high you might not have any customers at all. So how do you know what the sweet spot is? Test it.
When you just start out you will want to have a price that will attract new customers. That price will most likely be low. start increasing the price gradually, allowing your good customers to keep paying the lower price to keep them happy (feel free to increase the price for unwanted customers). This system will filter out the customers that waist your time and allow them to waist you’re competitors time (killing two birds with one stone).
Keep this up, increasing the price just a little each time (no more the 5% to 10%). Until you feel you have the client base you’re looking for. From that points increase the price only when it’s necessary.
Do you find yourself switching jobs more often than you change socks? If so, you probably have an entrepreneurs mindset. And while it is a good thing, it’s going to make working for somebody else a living hell.
People with an entrepreneur’s mindset read and learn regularly. Something that your employer may not do. Forcing you to take orders from someone with way less knowledge. I know that you still need to put food on the table, and I’m not telling you to leave your job. But it is going to be hard for you, seeing other people implement things that Have not worked for you in the past.
I have run into that situation more times and I would care to admit. And ultimately I found some of the managers I left working as employees in my next job. It’s not because I’m the ultimate salesman. It simply because the numbers didn’t make sense.
So what do you do about it?
You can get along with an eight hour shift, biting your tongue just getting through the day. You have to have a side project. Even if that’s side project isn’t making you any money. You need it simply to vent.
Another thing you can do, is invest. Whether it’s your time or your money. Do something that will allow you to leave that workplace.
If you ask someone what they want their life to be like. They will just tell you what they don’t want. Sadly they keep getting those same things. Did you ever stop to think why?
Our internal GPS system
Our subconscious mind is literally a super computer, there to do what ever we ask of it. But what do we do with it? We feed it with all the things we don’t want. And just like a computer it doesn’t filter our commends just brings them to us. The subconscious mind does not filter good or bad, right and wrong it just does what it’s told.
Why do we focus on the things we don’t want?
While it’s the weaker and slower part of our brain. The conscious mind controls us most of the time. Basically we have to deal with poor logic (like the dmv). And the conscious mind focuses on keeping us alive. So all it cares about is what we don’t want.
All it focuses on is “what if I fall down the stairs, what if that check bounces” and keeps those fears in our mind like a broken record.
So how do we get past the bouncer?
Misdirection is the best way to get through the conscious mind and give orders directly to the subconscious. We do that by tiring the conscious mind. We do things that seem repetitive allowing the conscious mind to let it’s guard down. One way to do this is by writing down your positive affirmations.
Another way is to keep asking questions. When meeting something that seems impossible, asking if it really is impossible, why, how can you change that etc. Shows the conscious mind that your stuck in one place and if not in immediate danger it will stop monitoring your thoughts allowing them to access the subconscious.
The subconscious being at our service is now faced with the task of finding answers. And ultimately bring the things we want back to us. And it’s power is limitless, it can attract money, people, jobs what ever you can think of. Just tell your subconscious what you want and notice how things start to work out.
Another tip I can offer you is to be patient. Things don’t always happen as fast as you may want. But keep focusing on what you want and if you are persistent long enough you will get it.
We have many fears, and sadly many of them trigger our fight or flight mechanism. They cause us to fold just when we need to focus. And miss out on many opportunities. People think that high achievers don’t feel fear but that’s not true. They simply condition themselves to feel the fear and do what is needed anyway.
One of the best ways to do that is to decrease the fear’s effect on you. To do that you need to look to the future and think what is the worst that can happen. Imagine that the worst situation happened. What would you do now? You still have all your experience, you can get back up on your feet faster then you did before. So the worst case is something you can always come to terms with.
I don’t know if you’re a religious person. But it is said that you only get challenges you can handle. Looking at it from that point of view will help you understand that you are stronger then you think.
Now that you have come to terms with it, you have to start working on a backup plan. Knowing that you can handle anything isn’t enough, you have to calculate what you’re going to do after the worst has happened. Will you need to change jobs? pivot in your business?
Having a clear plan will make you unstoppable. So make sure to have a backup plan for anything.
When you’re in the hole borrowing money from the bank is the worst thing you can do. Lets break that down for a minute so we can understand just why it’s such a bad idea.
When you owe money in most cases either you bought something you can’t comfortably afford or you have stacked up debt because you are earning enough to cover you expenses. I’m not here to judge I’m only here to help. So let’s set aside for moment the reason you’re in this debt. And focus on how to fix the problem.
Why is borrowing money from the bank the worst thing you can do
The money you return on that loan carries with it tremendous interest. Even worse most of the loans you take from banks are structured in a way the Charges the interest upfront. So if you take a loan for $10,000 and you have to return $12,000 over a period of let’s say three years. Those $2000 are going to be charged upfront.
The way the bank does this is they charge the $2000 in the first few installments. So if you were to go to the bank and say that you want to return the loan ahead of time so that you can save interest. You will still be paying the full $12,000. In addition to that they will charge you late fees for every day you are late with an installment.
You would think this would be common knowledge. But most people don’t know that the banks do this. Most people think that the bank employee is their friend. They have a few laughs, they ask for a loan and more times than not they get it.
The bank is not your friend, the bank is simply a store that buys money cheap and sells it expensive. When you look at it this way you start viewing the bank employee as you would do a used car salesman.
That’s exactly the attitude I would advise you to have when working with the bank. You work hard for the money you earn and you shouldn’t have to blow it off because somebody takes advantage of you.
Start saving money even if you feel you can’t afford it. Start saving 10% if everything you earn for just such a situation. In cases that a client pays late and you still have to pay your taxes. In case an unexpected expense comes up. And hey if everything works out, you can take the money and go on vacation once in a while.