The best thing I ever did for myself as a business owner was to become a student of success. That meant plunking down some cash to get the knowledge I now have. I truly believe that small business owners must never stop learning. When we stop learning, we stop growing and our businesses typically follow.
Today, I’m consistently investing in 5-figure coaching programs and I have no doubt I’d be investing in coaches that cost 6 figures before long. Hard to believe, but I didn’t start out that way. I started out on a budget. Here are 5 budget-friendly ways to get some revenue-producing knowledge for your business.
Magazines cost very little. Typically $15-$30 a year (even less sometimes). Sign up for Entrepreneur Magazine or even better Millionaire Blueprints. Even my teenager is subscribed to the teen version of Millionaire Blueprints and he devours it. I recommend this magazine because it’s full of stories on how people created success. How they overcame the odds, how they remained persistent, and how they succeeded. Basically, success recipes. Feed you brain this kind of stuff every week and success will no-doubt become the way you think… and the way you are.
I remember constantly being on in my search for how to create a successful business. And there were times I’d search for a book on Amazon, check out the user-reviews, then call my local library to borrow it (zero dollars). Books like the Guerrilla Marketing book series and many others. I devoured them all because it was all I could afford at the time.
I didn’t complain that “I didn’t have time to read.” I just did. I found the time because I was determined to feed my brain recipes for success. Don’t forget books on success mindset as well like Think & Grow Rich and Who Switched Off My Brain. Also check out the No BS series of books by Dan Kennedy for some unique marketing advice.
Just do a Google search for free teleseminars. They are happening every single day. Sign up and learn something. You’ve got nothing to lose. If you don’t like it, you can get off their list just as easily as you got on. I listen to about 6 teleseminars a week. Some free and some are included in the coaching programs I’m in. But all of them teach me something. Even if I get just one idea, it was well worth it.
Home Study Systems
If you cannot invest in a high-priced coaching/mentoring programs, a great alternative is to get the home study version. It’s always less expensive and they are rich in content. Read the testimonials to get a sense of what is valuable about the product. Most have some kind of money-back guarantee so you can check it out risk free. “Do it Yourself” home-study options are a great low-cost way to boost your business knowledge and your revenue with profit-generating new ideas and strategies.
In every city, there are low-cost seminars. Typically 2 hours to half day and many are free. Sure, the free ones mean you’ll get a sales pitch at the end, but you can graciously decline. Even if you get just one idea to pump into your business, that’s one idea you didn’t have before. Check your Chamber of Commerce, or just Google “business seminars” in your area. Search around, you’ll find them.
Often people ask me how I found my 7-figure mentors or how I got the vast amount of business knowledge I share with them. The answer is sheer determination. A burning desire to succeed. Whether you have lots of cash to invest or very little, if you’ve got a burning desire, you’ll find countless ways to increase your business knowledge. And if that knowledge is translated into ACTION, you’ll see an increase in your revenue as well.…
“Cat: Where are you going?
Alice: Which way should I go?
Cat: That depends on where you are going.
Alice: I don’t know.
Cat: Then it doesn’t matter which way you go.”
– Lewis Carroll, Alice in Wonderland
Often the one thing which sets apart people who are successful and those who are not, is that the former will have clear goals in mind.
Without having a clear idea of what you want to achieve, you will lack the clarity and motivation to get to where you want to go. If you only have a vague idea of what you want, it’s like travelling to an address which has the first two lines missing.
An all too often little known fact is that the conscious mind is but a small part of the mind as a whole. When you’re solving a problem or being creative, it’s the subconscious mind which is working away. The conscious mind is good at posing questions, it’s the subconscious mind which can answer them.
Have you ever been trying to figure something out and the answer only appears once you stop thinking about it, or when you sleep on a problem, you wake up with the answer? Well that’s the reason why – you’ve given your subconscious a chance to get the job done, without the conscious mind trying to steal the show.
We often miss-allocate our resources in that we try to consciously do things which the subconscious is best at doing.
Some people will claim that they are not creative, but you can bet your bottom dollar that they are capable of dreaming vivid dreams. Entire worlds and stories can be created without the merest sense of effort spent and this is possible because the conscious mind is completely out of the way.
Now, back to the topic in hand – setting goals for your financial success. In order for the subconscious mind to do what it does best, creatively bringing your dreams in to reality, you need to prime it by understanding and communicating exactly what you want.
In order to do this, the best thing to do is to write down specifically what you want to achieve. Write it as if it’s already true, with as much detail as possible. Allow your subconscious to feel how it would feel, to experience it with as much richness as possible. Teach it what you want to experience and what you want to bring in to reality. Once you’ve written it down, re-read and re-write it until you’re happy. If you can’t think of what to write, just start and see what happens, or come back to it later after you’ve given yourself a break from thinking about it.
Once you’re happy with your goals, make it a habit to read them every night before you sleep, and then again when you wake up in the morning.
For some further reading on understanding why this is so important, I fully recommend the following books:
The Biology of Belief – Bruce Lipton.
The Spontaneous Healing of Belief – Gregg Braden.…
When business schools teach entrepreneurship, too much time is spent on writing a business plan geared towards throwing darts at venture capital firms and getting interest in a company before it is even built.
This is hardly an effective plan because it wastes valuable time that could be spent on the business. Moreover, there is no reason for the entrepreneur to start a business only to give it over to 3rd party bankers who could and will pull the plug at first sight of turmoil.
Instead of chasing investors, the entrepreneur should be learning about business via getting their website up and diving in.
Until actual business and subsequent revenue is coming in, there is no real reason for the entrepreneur to take days speaking to an accountant or spend hours blogging about whether they should register their company as a LLC or a corporation. Taking others’ advice is the last thing the entrepreneur ought to do.
This advice is not coming from a columnist. It is coming from someone who started a highly successful company that is consistently eating up market share and now has multiple talented employees from a studio apartment in New York City.
If the entrepreneur wants their business to grow, they must start today. Forget a long, drawn out business plan, here is what the entrepreneur needs – 2 traits that must be quickly acquired:
Thick Skin – people are sensitive to rejection and human beings do their best to avoid rejection at all costs. Conversely, the entrepreneur must become completely desensitized to rejection as they must quickly come to terms with the fact that they are going to encounter resistance and judgment from others every step of the way.
Although I hate the term, entrepreneurs must “put themselves out there” and must buck the trend by ceasing to worry about what others think or what others say. Only if the entrepreneur develops a think skin, can they make a successful run at seeing the other side of the rainbow.
It’s great if the entrepreneur is born with this, however is not necessary as if the entrepreneur wants to be successful, they learn to desensitize themselves to resistance and this can be acquired over time.
Risk Tolerance – in college, too many entrepreneurs are taught to focus on controlling numbers and because of this focus, they don’t learn how to tolerate mass amounts of risk. Managing a high amount of risk is not easy nor is it fun, but it is necessary.
Entrepreneurs, until the business is completely done with its growth phase and can no longer grow at a fast pace, are going to have to live with a gut feeling that is indescribable.
Inevitably, there are certain periods in a company’s growth that will put excessive stress on the entrepreneur.
These company growth stages that tend to induce a large amount of stress include the transition to an office, the hiring of multiple highly paid employees who are crucial to the success of the business and also training these individuals as the entrepreneur must learn that they cannot control everything.
The ability to step back and “let go” cannot be taught anywhere. It is a feeling that can make the entrepreneur dizzy.
Regardless of how mentality taxing giving over control to employees can be for the entrepreneur, it must be done. It has become evident to me that entrepreneurs must gain an excessive amount of risk tolerance in order to succeed.…
This article speaks directly to your personality. I don’t discuss planning and budgeting but you should be aware that you will need to plan, plan, plan but don’t get caught up in “paralysis by analysis” and no matter how good your business plan you will not receive money from “angel investors” or banks unless you’ve already started your business and have a proven track record with a large upside – which you don’t have if you are a business startup.
First, here’s the quick synopsis of opening your own business
Register with your county or state as a business.
Start doing business.
Really? That’s all there is to it? Yes, that’s all there is to it. Unfortunately, its so easy that many businesses fail because they do exactly like what’s above. There are a few skills that complement success and generally you’ll either have those skills or will develop those skills over time. Here’s what you can expect.
You’ll work crazy hours.
You’ll be a salesperson.
You’ll always worry about your business.
You’ll become an expert on many things because you can’t afford to hire experts – especially in the beginning.
What many don’t realize is that you are always a salesperson. If you don’t like sales then having a business of your own is not for you. If you don’t have an outgoing personality you’ll need to develop one quickly. Whether you’re set up a booth at a county fair, open a retail mall location, or work from home you will be a “people-person”. You will network with others, attend events, and more. Sounds like fun? For many it is but remember while you’re somewhere having fun someone has to run the business. Here come the crazy hours.
If you’ve got customers or clients then you’ve got projects that you haven’t been working on while you’re out selling yourself and your company. So now after the fun is over you will begin your day’s work. Remember that while you were out networking you were creating your future (and probably spending money) but now you’ve got the present to think about. How do you pay your bills? What about the customer that is late with the payment? Now the worrying begins.
You’ve got bills to pay and customers to satisfy. You may have a payroll to meet or at least you’ll need to make ends meet. Is there enough cash flow or have you extended credit because you are new and the thought of work, any work was too much to pass up? How do you collect on unpaid invoices without offending and thereby cause other problems? Oh the fun never ends.
Lastly (for this article), you’ll need to learn how to be an expert. There’s nobody to do the day to day accounting but you or hopefully, a significant other so you’ll become a bookkeeper and bill payer. There’s nobody to design graphics for your marketing materials so you’ll learn software programs and design principles for creating brochures, flyers, and business cards because those first few you did were not exactly professional quality.
The list goes on but the point is made. It’s not easy to be a business startup. it’s not easy to stay in business. But along with the pressure comes a rush of excitement that you can’t get working for someone else. That feeling of excitement knowing that you are in control of your own future and nobody can take that away from you. So if you’ve got what it takes then go for it.…Read more
How to start a small home based business? Many people ask this question every day. In fact more people are going into business for themselves now more than ever before. Read on to find out how to start a small home based business.
The First step is to Brainstorm
Sit down in a quiet area and really think about what you want to do. Ask yourself what are your likes, dislikes, and talents? What do you do well and not so well. What would you like your business to be about? What are your passions?
Now that you have a better understanding of what kind of business you want to start, you are prepared for this journey.
Why do you want to start a business
You have to make sure this is truly what you want to do. what are the reasons for starting your own company. The perks are nice but can you handle the responsibility?
Reasons most people start a business
More control of work hours, to make more money, being your own boss, controlling your destiny. They prefer working from home, the list goes on and on. Be clear about why you want to be your own boss
What kind of company will it be
Now that we have brainstormed some ideas and know why we want to start a company what kind of business do you want to start? Are you good at gardening? You can write how to garden ebook. There are a lot of people who can use your talents whatever they may be.
Write a plan
Your next step is to sit down and write a step by step plan. How can you get anywhere if you don’t have directions to get there? Once you have a detailed plan you will be on your way to financial freedom.…
There is a great deal of help available when you start in business. You will get help from your bank manager – remember he will be looking after the banks interests first. Business Link is there to help when start ups, depending on what your business there may be funding available to help you obtain a web site or marketing etc. From my experience with both banks and Business Link the people who are advising you have never been in business before – they advise newcomers to business what they should be doing without ever having been in your position.
Will I get help if I start a business? That is a question I hear time and time again when people are thinking about starting up. The answer to the question is YES, help comes in many forms and from many different sources. I have mentioned help from the bank and Business Link. There are other organisations such as the Chamber of Commerce or the Federation of Small Businesses and local business organisations. With these organisations in most cases there will be a fee to join, they will organise monthly meetings giving various information to those in business and with the view of networking.
These days if I am asked the question ‘What help is available” I would always tell people my suggestion would be that they start a business where you have a mentor. You may ask what is a mentor, how will a mentor help me? A mentor has been in the business longer than you so is someone you can turn to if you have a problem because they will have encountered the problem before. A mentor will help you from as your start your enterprise, helping you grow, bringing new ideas to help you move forward. you. In this day and age because of the internet we can have a mentor who lives miles away, we can communicate by phone, mobile, e mail or by Skype. What a great way to start a business with someone to turn to for help along the way. Starting a business hasn’t been so easy.
Having been in business for many years the one thing I like about today’s opportunities is the help you get from a mentor, recently I started a business in internet marketing. Not a field I was familiar with but realised that this is the way forward in business. Having taken the first step I was amazed how much help and guidance I was given from my mentor. I only wish this help had been available years ago.…
Many people do not consider the amount of time that must be invested in a start-up internet business. If you are looking at business opportunities on the internet, narrowing down the opportunities may be very difficult. Many business opportunities look as though you will not have to invest time or money in the effort except for an initial start-up. However, starting a business on the internet is just as time-consuming as starting a land-based business and it will be important that you follow a few tips for deciding on the most lucrative and satisfying venture for you.
If you are the type of person who would not get involved with an MLM in a land-based business, you will probably not want to invest the time required to start an MLM online. Remember, that the basic structure of an MLM is the same whether you are doing it in your local neighborhood or doing it online. You must both sell products and recruit a downline to take full advantage of the financial opportunities available.
There are many MLM opportunities offered on the internet and if this is a business you are considering, it will be important to research the company carefully before committing to the business. Some MLMs on the internet walk a very thin grey line between being a legitimate MLM and being a Pyramid scheme. An easy way to tell if the MLM opportunity is legitimate is to look at the products. The products that are sold should be able to stand on their own, be tangible, and be made of quality materials.
The cost of joining an MLM will vary, but should not exceed the cost of the products that you receive. And, you should “receive” products. An MLM that sells “education” or “information” is not selling a tangible product and must be researched thoroughly to make sure your income will not be dependent on recruiting a downline.
Some people find that they can develop a very lucrative business by selling other people’s product through a web-store. When you are considering starting this type of business, you will make more money and be able to develop a greater customer base if you keep your products in a specific niche market. For instance, selling products that are related to your hobbies or interests will make marketing your website through articles and advertising much more enjoyable.
Marketing your website is critical in establishing your presence and visibility on the internet. Developing an effective marketing strategy is going to take time and, if you choose to use an article distribution service, money. Calculating your budget for your business and defining your goals before starting your website will help you to establish a good foundation for growth.
By thoroughly investigating business opportunities that are related to your areas of interest and passions, you can effectively incorporate those things you enjoy doing most with your business. The internet is a great way to reach a global audience that has the same interests as you and will benefit from the information you have to share about your products or services.…