5 ways to increase your value

Jim RohnIn the video embedded in this post, the late, great Jim Rohn offers you five ways to increase your value.

If earning more money is your aim, then that doesn’t happen by accident of course.

Work is just doing stuff for other people in exchange for money. Essentially work is the transfer of value, so the value you have to offer really matters.

We don’t get paid for the hour of work, we get paid for the value we can deliver in that hour.

So the underlying point Jim Rohn makes in the video is that the amount you earn and the wealth you enjoy is dictated by how much value you bring to life and those for whom you are working.

I can tell you now that Jim Rohn is making an important point here and what he says is true.

Thus knowing how to increase your value is essential, if you’re to increase your income.

If you increase your value, you can have success in abundance; prosperity and wealth can be yours; and the law of attraction will work in your favour.

And remember; if your aim is to make the most of your life then listening to people like Jim Rohn is a habit worth forming. Listen to successful people and you can be successful too.

So take a moment or two now to listen to Jim Rohn and I promise you, you’ll feel it was well worth your time.

Five ways to increase your value:

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How to turn your yearly income into your monthly income

How to turn your yearly income into your monthly incomeAre you one of those people who feel you should be earning more than you do?

Would you like to know how to turn your yearly income into your monthly income?

To have enough money to enjoy the lifestyle you’d love?

You’d like a greater income but you don’t know how, right?

Perhaps you feel that big money never flows to people like you?

Well don’t you believe it. With the right approach you too can have a lot more money than you have right now. Yes, you can become truly wealthy.

The question is where do you begin?

Well you can start be understanding the Law of Compensation. In the video included here the American, self-help guru Bob Proctor explains that income is earned according to the Law of Compensation.

The Law of Compensation:

Bob explains that the Law of Compensation states that the amount of money you earn will always be in exact ratio to the following three points, namely:-

  1. The NEED for what you do.
  2. Your ABILITY to do it.
  3. The DIFFICULTY there would be in REPLACING YOU.

Now you have no control over points 1 and 3, so you must concentrate on point number 2. You must be constantly honing your skills and become a master of whatever you do.

That said, becoming a master of what you do is only part of the solution.

To earn more you must decide on your strategy for earning money. In the video Bob Proctor explains that there are in fact only three strategies for earning money.

The Strategies for Earning Money:

So what are they three income earning strategies? Bob Proctor describes these are M1; M2; and M3. In more detail that means:-

M1: Trading your time for money:

Essentially this is paid employment and it is the way that 96% of people earn an income.

The problem is that, unless you’re a Wall Street banker, you’re unlikely to get rich this way. In fact it probably explains why you’re not rich right now.

M2: Invest Money to Earn Money:

Assuming you’re working for the man as a salaried employee, you can start saving and gradually as your savings grow you can invest your money in stocks, bonds and property and over time your investments will start generating an income of their own.

That’s great but you need to know what you’re doing and, if you have nothing now, it will take some time before you can start generating anything approaching a useful extra income.

Of course should you have a large sum of money right now then this might be a solution but for most people it’s not really, which is why only around 3% of people make an income this way.

M3: Multiply your time with multiple sources of income:

How to turn your yearly income into your monthly incomeEstablishing multiple income streams is where you can start making serious money.

Even fewer people make an income this way, around 1%, but that has more to do with the fact that most people fail to recognize it’s potential.

Now let me make one thing clear, having multiple income streams does not mean working multiple jobs.

It means having income streams that will earn money for you even whilst you’re sleeping.

M3 is the income strategy that will help you earn far more than you earn now. Certainly it will if you do it right.

Bob Proctor offers the example of Network Marketing (also known as Multi-Level Marketing) whereby not only do you sell products but you also create your own network of sellers which means when they sell you get a part of the commission generated on those sales.

The best network marketers have made a lot of money this way but it’s not the only answer to generate multiple stream of income.

The internet offers multiple ways of getting rich on line nowadays.

For instance you can use Amazon as market place and sell products with fulfillment (delivery to customer) handled by Amazon.

You can also generate commissions through affiliate marketing with Amazon, as well as others like Clickbank and Commission Junction (CJ). These can be great ways to make money whilst you sleep.

Blogging and Vlogging are other ways of producing income streams too.

There are numerous ways for the ambitious and the determined. In fact it’s never been easier for people prepared to put in the effort.

So listen to what Bob Proctor has to say and be inspired to take action now.

Further Reading:

In the video, Bob Proctor makes reference to Think and Grow Rich by Napoleon Hill.

Think and Grow Rich is a classic of the financial education genre.

Originally written in the 1930s but it’s still around today and still very popular.

And it’s still around for a reason. It’s exceptional and definitely worth adding to your personal reference library. I have my own copy and you can take a look at the book if you CLICK HERE.

Bob Proctor himself has also produced some excellent self-help books too and you can take a look them if you CLICK HERE.

DISCLOSURE: This website is an Amazon affiliate. Should you click on any of the links included in the text above and you then make a purchase, you should be aware that this website will receive a small commission. These commissions serve only to cover the cost of maintaining this site. Your understanding is truly appreciated dear reader. Thank you.

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Why an investment in knowledge pays dividends

KnowledgeAn investment in knowledge pays the best interest. ~Benjamin Franklin

You don’t get paid for the hour; you get paid for the value you put into the hour. It’s important everyone understands that important distinction dear reader.

You get paid for the value you add.

The more value you can add the more you will get paid.

It’s that simple really.

If you can solve problems for people with the skills you’ve got then you can earn a very good living.

The question is what underpins your skills? The answer to that question would be knowledge of course.

Knowledge comes from learning and learning is a lifelong process.

The quote at the top of this post from the venerable Benjamin Franklin reminds us of the importance of learning. Learning is an investment in ourselves.

We all have enormous capacity to consume and retain knowledge in our heads and that knowledge is then a currency with which we can trade. The more knowledge we have the more value we can add.

When it comes to investing, nothing will pay you a better dividend than making sure you have a good education.

And it’s not about whether or not you go to college or university. Important as they may be, learning can be achieved in many ways.

Knowledge can be gained through reading books; listening to audio and video tutorials; and challenging yourself to master anything that appeals to you. Learning from hands-on experience, making mistakes and learning the lessons you can take from any mistakes you’ve made.

In particular, if you want to master the game of money and all matters financial then you need to become a seeker of financial knowledge and know-how.

You need to become a reader and a keen student of finance. To be successful in investing, of course you really need to know what you’re doing. You need a financial education.

Ignorance can prove to be very costly indeed. And that’s true in every aspect of your life.

Education may seem expensive but it’s nowhere near as expensive as ignorance.

So, if you’re not already, become a reader.

The investment in yourself is well worth the effort and it’ll pay you a handsome dividend.

As the late, great Jim Rohn once said, “Work harder on yourself than you do on your job.”

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Here’s why you should consider becoming self-employed

Becoming Self-employedThere are many ways to make money dear reader and they all have their merits.

For instance if you get a job with a big corporation potentially you’ll earn a decent income and you’ll enjoy a few fringe benefits too.

And if you get a job in the public sector the pay may not be quite so good but the pension scheme is usually the best you’ll find anywhere. And of course working for the Government is usually fairly secure employment too.

If you become a wage slave in any sector you can make a living, and sometimes that can even be a decent living too.

However unless you work on Wall Street or for an investment bank in the City of London, you’re unlikely to make a fortune. Unfortunately dear reader, that’s a fact.

So if your aim is to make serious money you should consider becoming self-employed.

We live in an age in which becoming self-employed has never been easier or cheaper. As a result of the Internet there are so many opportunities that were simply not available to previous generations.

And the best news is, you don’t even have to give up your day job, not initially anyway.

You can start your own business as a part-time venture and keep it that way until the income your business is generating for you is sufficient for you to live on.

You can even start one business to generate extra cash and as it makes money you can invest that cash into bigger and potentially more profitable opportunities. The possibilities are endless.

As an employee you’re trading your time for money and that’s fine.

However if your firm does well, you’re unlikely to benefit significantly from any extra profit they make. You might get a bonus but regardless of personal contribution, it’s more likely to be an incidental sum rather than life-changing money.

With your own business you can be making money whilst you’re sleeping.

In fact it you

 want to get seriously rich then you’ll have to start making money whilst you sleep.

Now dear reader I can hear you asking, but how do you make money whilst you sleep?

Let me give you some examples of online businesses that you could start with little or no money and start making money whilst you sleep:-

Selling Products Online:

Through the Internet potentially you can reach most of the people on the planet, wouldn’t you agree?

Think about that for a second.

If you create a website or an online store then billions of people around the world will have access to it. And those people can access it whilst you’re asleep.

So the potential is there for you to create something that can be generating money for you 24 hours a day 365 days every year.

Still not convinced? Let me give you some examples of businesses you could start to achieve this goal:-

Amazon:

If you’ve ever bought anything from Amazon you’ll probably have noticed that they are not always the actually seller of the item you’re seeking to purchase. Other suppliers sell their own products through Amazon via what is known as Amazon Marketplace.

And when third party suppliers sell products via Amazon they can also use a service known as Fulfilment by Amazon or FBA.

This means if you’re the seller, you simply deliver your stock of products to Amazon and they’ll handle all the logistics associated with product delivery to the buyer.

Fulfilment by Amazon:

If you want to sell products but you don’t want to handle your own packing, postage and delivery then you can get Amazon to handle it all for you using the solution known as Fulfilment by Amazon.

You can do it yourself of course but the point is that you really don’t have to because there’s an easier way.

So you can just focus on finding products that will offer solutions to the problems your target customers may have and then you just let Amazon do the rest.

And remember this; those products don’t even have to be new.

They can be ‘second hand‘ or used items too.

As long as you can find a suitable niche in second hand products then there’s money to be made there too.

Let me offer you an example.

Each year graduating students have textbooks to sell. Maybe you had that experience dear reader?

Essentially such students just want to get some cash back for those books they’re unlikely to read ever again.

The shrewd entrepreneurs recognize that there’ll be a ready market for those very textbooks at the start of the next academic year. New students are always looking for ways to obtain the course textbooks at a better price.

So entrepreneurs offer selling students a quick way to turn their textbooks into a little cash.

And then buying students will be sold those same textbooks at a rate which will save them money on the price for the same book had it been bought new.

Thus the entrepreneurial you can set up a website to attract book sellers and then through Amazon Marketplace the books you’ve bought cheaply can be sold at a profit.

And in that way you can create a profitable second hand book business.

You could repeat the same trick with music such as vinyl records and CDs, as well as films on DVD. Second-hand smartphones, tablet computers and other technology items offer another entrepreneurial possibility.

Alternatively you could source your own products, e.g. skin care products, cosmetics, household products and so on and then you simply sell those via Amazon.

Plenty of people have created successful businesses with this approach I can assure you. 

Becoming Self-employedeBay:

When people sell stuff at a boot sale or a yard sale, they usually sell at very low prices simply because they price items for a very quick sale.

This is stuff they need to get rid of as quickly as possible for whatever reason. And in that there’s a potential opportunity for those with an entrepreneurial spirit.

You buy these items cheaply and you then you resell them on eBay for profit.

More importantly people sometimes sell valuable stuff at boot sales and yard sales for ridiculously low prices because they didn’t realize the real value of the item.

On the British television show Flog It, I saw a woman sell an antique vase at auction for £800 having originally bought it at a boot sale for just £1. Now that’s a very nice profit.

Yes such examples would be the exception but shrewd people can and do make money this way and eBay is a great vehicle for doing so.

Affiliate Marketing:

Essentially affiliate marketing is ‘commission only’ selling.

Linked with the idea of content marketing, what this means is that if you can direct traffic to a product seller’s website which results in a sale then you will get paid a commission for that sale.

The amount of commission can be as low as 4% from the Amazon Affiliate Program to as much as 75% from some items offered through programs like Clickbank and Commission Junction (or CJ).

How do you achieve this in practice?

Well despite its relatively low commission rates Amazon offers the easiest opportunity for the beginner. You sign up for the Amazon Affiliate Program and then identify a suitable niche which interests you.

Let’s say that niche is sports shoes for women. The niche does need to be focused and quite narrow. The category ‘Shoes’ would be a bit too wide. You need to think about categories for which people will be searching via Google and other search engines.

Once you decide on a niche, you then create your own website publishing say reviews of a variety of those sports shoes for women.

And remember; those reviews don’t have to be your own necessarily. They could be a summary of various reviews you’ve read elsewhere with an overall rating based on what others have been saying. In other words you’ve done the hard work for readers by providing them with a comprehensive summary of all the reviews out there and then providing a convenient a link to Amazon so that they can easily make their purchase

Creating a review summary by curating input from other sources is perfectly legitimate as long as you acknowledge the different sources which form the basis of your article.

Why review sites are a good idea:

Review sites work with affiliate marketing because they capture buying intent and that’s important.

If someone searches for a review for an item on Google then the chances are they will buy if the reviews prove to be positive.

When producing your review articles the crucial action is to embed affiliate links within the text.

Getting readers to click on those links and taking them to Amazon is how you’ll make money. If they buy within 24 hours of clicking on a link then you will get paid a commission.

Amazon commissions vary from 4% to around 10% depending on the number and type of sales for which you are credited each month.

So in choosing a niche you must think about product value too. Generate low value sales and you won’t make much. However sales for items with a bigger price tag can prove very lucrative.

That said generating some low value sales can be a way of pushing subsequent bigger ticket sales into a higher commission rate. So don’t ignore them completely.

Content Marketing:

Essentially content marketing is the idea of publishing web content in order to provide the means for promoting products and services. Content marketing is closely linked with affiliate marketing but not exclusively so.

There are two types of content you can consider, as follows:-

(1) Written Content:

For instance, if you’re producing regular content and publishing it on your own blog then there’s the potential to generate an income through advertising.

Now selling advertising space on your blog or website is only possible if you have substantial amounts of traffic. If you’re just starting out you will not reach those levels for quite some time. However what is known as pay per click (CPC) advertising could generate money for you right from the start.

Perhaps the best known CPC program is one offered by Google Adsense. You sign up for this program, then embed Google’s links in your blog and they will insert advertising on your blog that is relevant to your content.

Every time a reader clicks on an Adsense advertisement you will get paid and it’s not purchase dependent. Readers only have to click for you to get paid.

The trick with Adsense is to have a very narrow focus for your blog.

Here’s an example. Let’s say your blog is about how to keep chickens and deal with blights like red mite. You’ll attract search engine generated traffic from people desperate to deal with the problem of red mite. Google will insert ads from companies offering products that will help with this problem and desperate people are likely to click on those ads to see what’s on offer. They click you get paid.

As long as your subject matter is focused and narrow, and ideally based on a highly searched keyword or phrase, then this can be a way to generate decent money. However the traffic levels to your blog will have an impact on how much money you can reasonably make.

(2) Video Content:

Another way to benefit from Google Adsense is to create your own YouTube channel, produce videos and again insert links from Google so that relevant pay per click advertising will appear on and around the video. Again if people click then you get paid.

Write eBooks:

Devices such as the iPad, the Kindle and other eReaders, provide you with the opportunity to self-publish your own eBooks and sell them through Amazon.

You may not be able to come up with the next Harry Potter work of fiction but there is good money to be made writing ‘How To’ books on just about any subject.

They don’t even need to be that long either.

As little as 50 pages or 8,000 – 10,000 words covering a topic of general interest can be enough to produce something that will sell for one dollar or one pound sterling. That might not seem like a lot but sell 1,000 of them and you’ve made a decent sum of money.

Write something on an evergreen topic and it could sell for years.

If you then write several eBooks like this, again on evergreen topics, that could become a decent income stream.

And what do I mean by evergreen?

These are topics for which people have always looked for solutions. That might be something like tips for good time management or how to lose weight, and so on.

And even if you’re not an expert you can research the necessary information and pull it together for people. Essentially you will be doing the work for them.

Develop Apps:

If you can learn to write code, and you can learn to write code, then you can also learn how to develop apps. If you can develop a killer app and sell it through the App Store then you can make serious money.

You’d love to but you don’t know where to start, right?

Well there are endless videos and tutorials on YouTube and from these you can learn how to code and develop apps.

Yes there’s some work to be done upfront of course.

However a good app will generate money for years to come. Just think about apps like Candy Crush Saga.

Produce something which becomes a real fad and there’s serious money to be made.

11 things to bear in mind:

If becoming self-employed appeals to you and you fancy making money as an online entrepreneur then here are 11 things you should bear in mind:-

  1. Know your target customers.
  2. Know your target niche or niches
  3. Know your strengths and interests?
  4. Apply your strengths and interests to serve customers
  5. Recognise that different markets need different strategies.
  6. Make sure you’re capturing buying intent.
  7. Create an image that will appeal to your target audience.
  8. With a website, traffic matters.
  9. Search engine optimization (SEO) will bring traffic.
  10. Getting back links from other websites will help with SEO.
  11. Be determined, work hard and learn as you go.

6 things you must do when you’re self-employed:

(1) Register with the tax authorities: Make money by all means but pay your taxes too. Upsetting the taxman is not a good idea dear reader wherever you live. In some countries tax regimes are more benign than in others but it’s always better to keep the tax authorities happy.

(2) Register for sales taxes and VAT: Again it’s all about paying your dues. If you do well financially then you have an obligation to share some of your wealth with the rest of society. Taxes are the price we pay to live in society and you can’t have a successful business without the society in which you live.

(3) Get a separate business bank account: Keep your business activities completely separate from your personal life. This is very important.

(4) Keep accurate and up-to-date records: You’ll need these in any dialogue with the tax authorities. You don’t want to end up paying more in tax than was necessary. Paying your dues is one thing; overpaying your dues is careless.

(5) Insure your business: When you’re in business, you’re required by law to have certain insurance policies in place. Exactly which policies you need depends on the nature of your business activities. Make sure you know your obligations and act accordingly.

(6) Keep it simple: In the early days you don’t want to be spending money you don’t have on things that are initially unnecessary. So keep everything as simple as possible for as long as possible.

Conclusion:

Self-employment can be an attractive proposition and for most people it is the only way you will ever make a fortune. It’s not easy of course but it can be done and you don’t have to ditch your day job to get started.

With an online business you can start small and build it up over time. And you can mix and match options. For instance you can start a website for making money with both Amazon affiliate marketing and Google Adsense.

A good review website can become quite profitable and once it’s generating revenues on ‘autopilot’ it can become an asset which you can sell for serious money. There are plenty of examples where such sites have sold for 6 and even 7 figure sums.

Don’t underestimate the challenges of course but it can be done and people do. Why not you? Think carefully about how best you can exploit the opportunities before you and then have a go.

Good luck and may you be the next Richard Branson.

DISCLOSURE: This website is an Amazon affiliate. Should you click on any of the links included in the text above and you then make a purchase, you should be aware that this website will receive a small commission. These commissions serve only to cover the cost of maintaining this site. Your understanding is truly appreciated dear reader. Thank you.

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What makes a great idea?

What makes a great ideaWhat makes a great idea?

How is it that one idea can be successful and another idea less so?

Why has the iPhone been so successful and yet the Blackberry has all but disappeared?

How do you know when one of your ideas might just make big a difference?

The key ingredient for a great idea is timing. Ideas are a dime a dozen. The trick is to know when one of your inspired thoughts is right for its time and therefore how hard to push it.

If you’re too far ahead of other peoples’ thinking, that inspired thought you believed was great will only be ignored because it won’t resonate with people.

If you’re too far behind, then it will be ignored because they’ve seen it all before.

However if you can hit that sweet spot between the two extremes then you can generate value from your idea because it will capture the imagination of the people who are ready for it.

An idea whose time has come is a truly great idea. Though coming up with one is not so easy, of course.

It’s because great ideas are so rare that they can become so valuable. And that value is why it’s worthwhile to seek out great ideas constantly.

Should you decide the world is not quite ready for your inspired thinking then don’t worry. Not ready now doesn’t mean the world will never be ready.

Keep a journal and make a note of all those flashes of inspiration. And add your journals to your own personal library. Never throw your journals away. Go through them occasionally and see what ideas you’ve had for which the time might now be right.

Your personal journals could be a source of pure gold in the future so make sure you buy quality notebooks that you can add to your personal library as you fill them with your thoughts and inspiration.

My personal preference is for the RHINO A4 160 Ruled NoteBook which can be purchased from a great selection of notebooks that Amazon has in stock.

You might consider this notebook to be a bit expensive of course but buying cheap notebooks is a false economy.

In keeping journals you’re creating value. And value starts with a good quality notebook which you can BUY HERE.

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Disclosure: This post includes Amazon Affiliate links, meaning I will receive a modest commission should you make a purchase from Amazon via one of the links included in the text. However there would be no additional cost to you in making any purchase. These commissions serve only to help with the cost of maintaining and operating this website. Your understanding in this matter is truly appreciated dear reader. Thank you.

© Roy Joseph Sutton and Mann Island Media Limited 2019. All Rights Reserved.

The secret to being a successful entrepreneur

The secret to being a successful entrepreneurHow often do you hear people say that they’d love to be an entrepreneur?

People will tell you that they’d love to be a success in business, making a difference to peoples’ lives with great products and services.

Then they’ll add the caveat that unfortunately the time’s not right for them at this moment. One day they’ll have a go but their circumstances won’t allow it at present.

However very few of those who say they’ll have a go, will ever actually have a go. They don’t really have the desire and they probably don’t understand the secret to being a successful entrepreneur anyway.

The only way to get rich:

As an entrepreneur, success is measured by the money you make. Let’s face it starting any business is all about making money for the owners. Otherwise why would anyone bother?

And starting your own business can be a fantastic thing to do and, for most people, it is the only way you’ll ever have the chance to make some serious money.

Certainly you’re unlikely to get seriously rich working for someone else.

However to succeed in business, first you must get started.

The critical ingredient to success in business is you getting off your butt and actually doing something about it. And the best time to do it is now. Last year or the year before might have been better but otherwise now is always the best possible time. It’s simple really.

The secret to making money:

Getting off your butt is one thing but how do you make money as an entrepreneur? Well dear reader pull up a chair and listen carefully for the secret is very simple.

The secret to making money as an entrepreneur is to solve problems for people. To make their lives easier in some way.

Solve problems; make money:

Every product you sell must solve a problem for the customer.

So if you can identify problems for which people need a solution and if you can offer those solutions, otherwise known as products, at value for money prices then you can make money and you can be successful.

Remember this too; you don’t necessarily have to be the first with a solution either. If you can improve on an existing solution in some way then you can still make some serious money. If you can ‘build a better mousetrap‘ then people will buy it.

For instance, Steve Jobs and Apple were not the first to offer cellular mobile phone handsets, and nor were Samsung. Yet these two companies both dominate the market for smartphones right now.

The secret to being a successful entrepreneurMake a difference:

Has your appetite for business been whetted dear reader?

Do you have any ideas you think might make a difference? You do? Then you have to be prepared to take action. Having ideas means nothing unless you take action.

Ideas are ten-a-penny. Plenty of people have good ideas that never see the light of day.

Occasionally people will have good ideas but just leave it all too long and then someone else comes along with the same idea and beats them to the draw.

Having ideas is easy. Implementation is the tough bit and there are too few people with the drive and determination to turn a good idea into a business opportunity and then make money from it.

So you must take action if you want to be a successful entrepreneur.

Not tomorrow; not next week; not next year; but right now.

Become a ‘doer’:

In my experience, true entrepreneurs are doers, they’re not dreamers.

So go on, get started right now.

Solve peoples’ problems and you’ll be on your way down the road to riches. Good luck.

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Rules for Business Success Simply Explained

Rules for Business SuccessAnyone can start their own business. You don’t need any special qualifications. You just need the desire and determination to succeed and a little appreciation of the basic rules for business success.

There are many attractions of running your own business too. When you make a profit it’s all yours. You will be building your own dream rather than helping someone else build their dream. And you will be calling the shots, rather than having to work with someone for whom you have little or no respect.

Now running your own business is not easy of course. However it’s the best chance you’re ever going to have to make some serious money. Look at any self-made millionaire and in all probability they’ve made their money by starting their own company. The chances of you getting rich as a salaried employee are slim to non-existent, unless you work on Wall Street perhaps.

Let me be honest here. There’s no easy formula for success in business; there’s no magic bullet. Business involves some risk and it also involves a lot hard work. You have to be prepared to work hard that’s for sure. Anyone suggesting there are easy ways to make money in business is either dishonest or deluded.

Nevertheless plenty of people do succeed in business, so why not you? If they can succeed then you can too with a little self-belief, surely? Believe you can and you will.

However there are some basic rules you should bear in mind. Here are 12 rules for business success that you must always bear in mind:-

  1. Always have target customers and their problems in mind
  2. Solve a problem for your customer
  3. Create a product around the solution to that problem
  4. You don’t have to be first, just build a ‘better mousetrap’
  5. Remember: Your customer is your boss
  6. Until money is coming in, spend as little as possible
  7. Money in must exceed money out to make a profit
  8. Success depends on making a profit consistently
  9. Your profit margin should be worth the risks you’re taking
  10. Use the skills and resources you’ve got
  11. Be flexible and adapt when necessary
  12. Go for activities where you can add the highest value

With self-belief and determination you can be as successful in business as anyone else. Don’t let negative talk by others put you off. Just go for it, if you think you have what it takes.

Even if you’re not quite sure whether you’ve got what it takes, it’s better to have a go and fail than to spend your life wondering what might have been. Life is too short to look back with regrets.

Business success can be achieved; people do and you can too.

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How to build wealth from nothing – 5 Top Tips

How to build wealth from nothingThere’s nothing anyone can do if you were born poor. That was just unfortunate. However you don’t have to go through life poor.

It is possible to build wealth over time and people do.

Many people born poor become very wealthy through their own efforts and you can too dear reader.

Here are five tips to help you build wealth from nothing.

How to build wealth from nothing:

1. Pay yourself first:

You’ll know I’m sure that making money can be relatively easy, whilst holding on to it is very, very hard.

We’re all constantly bombarded with reasons why we should spend our money in return for some fleeting sense of gratification. Would that be an experience you recognise dear reader?

It doesn’t have to be that way of course and rich people know that only too well.

So what do rich people do that’s different to everyone else? Simple! They always pay themselves first.

And what do I mean by paying yourself first?

I mean when you’re paid, you take a slice off the top of your income immediately and you put it away somewhere safe. And by a slice I mean say 10%.

And what do I mean by somewhere safe?

Well initially that would be depositing your money in an interest-bearing account.

However once your money starts building into a larger sum then you can start thinking about other forms of investment that’ll give you greater returns potentially. Stocks and bonds for instance.

Building a capital sum is important because as your money grows it starts to generate a second income stream for you. That may not seem important to you now but it will be as you get older.

So paying yourself first is a discipline to which you must adhere until it becomes a habit you do without thinking.

You must always put some money away and you must make that money work hard for you. You must grow and protect your investment portfolio with careful diversification and over time you’ll find yourself building a sizeable fortune.

So here’s today’s mantra for you: Pay Yourself First. Never forget that please dear reader.

2. Be an investor not a speculator:

You must understand that there’s a big difference between investing and speculation. They’re not the same thing at all.

I don’t wish to imply that there’s something wrong with speculation though. There isn’t.

In the world of finance speculation brings liquidity to the market and therefore it does have its place.

However speculation tends to operate on the ‘greater fool’ principle.

By that I mean someone is prepared to buy an asset for a given price in the hope that it can then be sold quickly to someone else, the greater fool, for a greater price.

This is what professional speculators do and they can make money this way because they know what they’re doing and they have sophisticated systems to support them.

However for ordinary people speculation is like gambling in a casino. And you should never invest your money as though you’re gambling in a casino.

You might get lucky occasionally of course but over time your losses will outstrip any gains you might make, and almost certainly by a significant margin.

So my recommendation to you dear reader is you should never speculate. Instead you should focus on becoming an investor.

By investing I mean buying stocks and shares in solid, well managed, cash-generative businesses which have the ability to pay good dividends on a sustained basis.

Buy stocks worth holding for the long term. This will provide you with a steady income stream from the dividends regardless of any short to medium term volatility in the market. And spread your risk by building a diversified portfolio.

If you reinvest your dividends then over time you will find that this approach should give you a good return on your money.

If you want to make money and build capital, then my advice to you dear reader is to be an investor not a speculator.

3. Focus on value not price:

The legendary investor Warren Buffett once said, “Price is what you pay; value is what you get.

With this observation he’s making a very important point. There’s a distinction between price and value.

A low price for an asset doesn’t necessarily mean you’d be getting value. And a high price doesn’t automatically mean you would not be getting value. Price in itself is not a measure of value. You must consider other factors to judge value.

When you’re buying any financial asset, says stocks and shares, you should always focus on value and you must establish metrics by which you can adequately judge the intrinsic value within that asset.

Judged in isolation price is just a number, nothing more.

A lower price means absolutely nothing if you’re getting little or no value in return for your money.

Never, ever forget that it’s the intrinsic value that will determine whether something is really worth buying or not.

Get real value at the right price and then you can get a decent return over time from an investment.

4. Create a personal private income:

Much as we all aspire to do work we love, you must never forget dear reader that ultimately work is simply a means to an end.

Essentially work is just doing stuff for other people in exchange for money. In turn that money is then the fuel on which we run our lives.

Money provides us with the means to put bread on the table, a roof over our heads and clothes on our backs and those of our loved ones of course.

If you work hard enough you can earn a lot of money.

Manage that money wisely and you can build capital. Invest that capital intelligently and you can create your own personal private income streams.

When you have a decent private income in your own right then you can truly pick and choose the work you do.

Then you only have to do what you enjoy doing; that thing that gives you a genuine sense of purpose.

Creating a personal private income is a worthy goal and it’s well worth the effort.

That way you’re in control of your own life and no one else can dictate what you should and shouldn’t do.

You’ll be in control of the good ship ‘Me’ and only you then decide where it goes.

The message here is, work hard so you don’t have to work hard.

5. Never forget what matters most:

It would be very easy to believe that a life filled with lots of money and materiality will make you blissfully happy. Well let me tell you dear reader, in isolation, it won’t.

I’m not suggesting that these things are not important but you must get your priorities right.

Yes of course, go out there and make money. Manage it carefully. Buy nice things and enjoy some of that money too.

However to be truly happy you must never lose sight of the most important thing in your life and that is family and friends. People are social animals; we’re not solitary like cats. We need other people and most of all we need our loved ones.

So make time for your loved ones, especially your children. Enjoy their company and make the most of every minute with them.

Never focus on work to the exclusion of your family and friends. Without them you have nothing. Money is important of course but people are much more important.

Never lose sight of the people in your life.

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8 Top Business Tips for Success

Tips for Business SuccessIntroduction:

I read an article recently about a guy with a college degree who was feeling disillusioned because he couldn’t find a job. At least not one that met his expectations relative to the type of job he felt his degree merited.

Well it’s a tough world out there, as I’m sure you know only too well dear reader, and despite what some people may think, the world doesn’t owe us a living. The world owes us nothing and it’s down to us to make a life for ourselves.

Work is just doing stuff for other people in return for money and there will always be people with stuff that needs doing. So rather than seeking a job, perhaps we’d all be better off if we focused on seeking customers for the services we could provide.

That’s at the heart of what business is all about, providing people with solutions to their problems for profit, and there is much to be said for becoming an entrepreneur.

The advantages of self-employment:

There are many advantages to being self-employed.

For instance, not having to deal with office politics is a big advantage for a start.

And of course being the beneficiary of all of the proceeds of your efforts is another good reason.

Instead of making a lot of money for other people, you make it all for yourself. The harder you work the more you make for yourself too.

Unless you’re a lawyer or an investment banker, the chances are the only way you’ll ever make serious money is through building your own business. Building a business that one day you’ll be able to sell for a lot of money.

However remember this; you might think that if you’re self-employed then you’re your own boss. Well that’s not true. The customer is the boss.

Serve customers badly and you won’t be serving them for very long, that’s for sure.

The first rule of business is that you must ‘know thy customer’.

You must gain a deep understanding of the products, services and marketing that will appeal to your target customer.

One size will not fit all and each market will require a different approach.

Now going into business is not for the faint-hearted. You must be prepared to work very hard, at least in the early days.

However, if you can provide your target customers with real solutions to real problems then you can make serious money.

If someone else is already offering a solution to the target problem then your solution must be better than theirs in some way if it is to sell.

Creating great products and offering great customer service is the route to business success. However never forget your reputation and image. These things matter too.

Make sure you create an image that will appeal to as wide an audience as possible. Running your own business will be a challenge but it can also be extremely rewarding, both financially and in terms of a sense of achievement.

Remember also that running a small business is not a whole lot different to running a large business. The only real difference is one of scale. The key issues are always the same.

So here are some tips for would-be entrepreneurs:-

Business Tips for Success:

1. Control your costs:

Money comes into your business and money goes out. It’s that simple.

However fail to ensure that the former is always greater than the latter and trouble will follow at some point, whatever the size of your business.

A bigger business might be able to weather the storm a bit longer but the consequences of expenditure consistently exceeding income will be the exactly same. Keep losing money and eventually your business will go bust.

Take every opportunity to maximize your revenue and always keep your costs as low as you can. And never, ever lose sight of cash flow.

Don’t spend money unless it is absolutely necessary.

Ask yourself, do I really need to spend this money? What will I get in return? Can I achieve the same result at less or even no cost?

It might surprise you to learn how frequently it is possible to avoid cost, whilst still doing all the things big businesses do.

The key message here is that you must keep an iron-grip on costs and you must manage the flow of money carefully.

2. Do your own market research:

Every product should solve a problem for your customer and you should have some idea of what that problem is and how your product will solve it relative to the products offered by your competition.

Just because you think you’ve got a great product, doesn’t mean you have in the eyes of customers. Your opinion means nothing if there are not enough people willing to buy your product at the price you’re trying to charge for it.

If your product won’t sell then potentially your business could be in trouble.

Perhaps you think you’ve spotted a gap in the market?

If it’s a genuine gap then you might be on to a winner. However a gap in the market doesn’t always guarantee that there is a market within that gap. Maybe there’s a reason for the gap which you’ve yet to understand.

In business, the trick is to find out what people really want and then offer it to them.

How do you find that out?

One very good way is simply to ask them yourself.

I’m not referring to your family and friends here. They’ll be far too polite to give you any meaningful feedback.

You must talk to real customers, if and when you have them, and potential customers.

You can conduct some of your own market research in your local shopping mall or wherever you think your target customers might congregate. And don’t be shy. Only by actually talking to people can you confirm whether your ideas have real potential.

So identify some basic questions, stand there with a clipboard and just start asking people, as politely as possible.

Often they’ll be far more helpful than you might expect.

And don’t forget you can always use the Internet too.

Search engines like Google have keyword search tools which are free to use. These tools allow you to get a ‘rough and ready’ measure of what people are searching for and how frequently.

Market research doesn’t have to be expensive. As a small business entrepreneur it is possible to do it yourself. You don’t have to spend a lot of money on this activity but it’s essential that you do it.

Your results might not be quite as scientific as those produced by the professional market research people but they will provide you with a rough guide and that’ll be good enough in the first instance.

3. Advertising costs money: is there a better way?

It’s true that visibility matters. For your business and your products it’s essential.

Your products might be the best in the world but they won’t sell at all if potential customers have no idea they exist. Surely that much is obvious.

The question is, how does any business ensure that customers have visibility of its products? The obvious answer is advertising of course.

However media advertising can be very expensive and it’s a cost which new businesses often cannot afford.

One small advert in the back of a glossy magazine can cost you a lot of money and yet you have to ask yourself whether that would be money well spent?

How often do you notice the small advertisements in the back of a magazine? In my case, the answer is not very often.

With so many advertisements competing for my attention I tend to filter them all out. I’m willing to bet that you do too dear reader.

So, if you’re not careful, money spent on advertising can be money wasted in my experience.

A better approach might be to use some creative thinking with a focus on public relations.

Smart entrepreneurs know that business is show business. It’s all about getting noticed.

For example the entrepreneur Richard Branson is a brilliant exponent at getting media attention at little or no financial cost to his business.

It helps that he’s a likeable guy of course but he’s also clever and creative in his approach.

If you have an interesting back story perhaps the local press, local radio or even television might be willing to run a story on you and your business and the products you have to offer?

Social media can be a very powerful medium for gaining attention for your business too.

Social media is also a useful way of driving traffic to your company’s website, particularly Pinterest which is an incredible tool.

Then there’s using search engine optimization (SEO) techniques on your website content to ensure you drive traffic to your site from the search engines.

Let’s face it you do need to appear on the first page of a Google search if there’s to be any chance of anyone noticing you and your business. However if you can make that happen you can get enormous amounts for traffic from Google and other search engines, like Bing and Yahoo.

Make sure you offer visitors to your company website the opportunity for signing up to a regular email newsletter. And give them an incentive to sign up.

This could be a free report or perhaps a discount code for one of your products.

How about running a competition using your company’s fan page on Facebook or your company website?

The price of say a smartphone or a Kindle or other electronic device as a prize would be cheaper than the cost of a small advert in a glossy magazine but it’s more likely to get noticed and it’ll probably generate a lot more excitement.

If you have a car or van; don’t forget that it can be emblazoned with your company logo, your website details and product information on the back, sides and front. Even on the roof.

It would be free advertising as you’re driving around.

Park your vehicle at a big event attended by thousands of people and you’re beginning to master the art of guerrilla marketing.

The bottom line is that creative thinking and public relations can produce powerful results in your quest for visibility at a fraction of the cost of advertising. The key message is; be creative.

4. Don’t make yourself indispensable:

The biggest mistake any entrepreneur or business manager can make is to think that every decision should be made by them.

If you’ve started a business from scratch you tend to form an emotional bond with it. It becomes your baby and you become very protective of it.

That’s natural of course but as the business grows you’ll have so many things to do that you couldn’t possibly do them all. You could try, of course. However if you try to do everything you’ll find yourself falling behind in key areas like product sourcing, sales and keeping your accounts up to date.

Fall behind and it becomes very hard to catch up. Potentially it is also very damaging for the business.

So you have to learn the art of delegation.

A good start would be to document every task and process within the business and then create an Operations Manual. This can include everything from the preferred method for answering the phone to completing invoices and dealing with complaints.

It can also include the degree of flexibility which you are delegating to staff, so they can get on with basic tasks allowing you to get on with those activities which are much more important for achieving business success.

No business should be dependent solely on one person.

If it is and that person gets seriously ill or has an accident then obviously the business would be in trouble very quickly and it would struggle.

Delegate basic activities to your staff and you can be sure that the business will continue to function even when you’re not around.

It will also give you a bit more thinking time for steering to the company towards bigger and better things.

The key message here is that you must delegate. Never delude yourself into thinking that only you can do a particular task.

5. Charge sensible prices:

It’s easy when you’re a small business to undervalue your products and your time. The result is that you undercharge for what you have to offer.

This is particularly true when professionals are selling their expertise and time on the basis of a consultancy arrangement.

It’s common for first-timers to lack the confidence to charge what they might perceive to be a high rate for their services.

The problem is that selling things cheaply can be counter-productive because customers then think they’re getting an inferior product or service and can be put off.

It is a fact that price can often be used as a proxy measure for quality when your business is being judged.

You have to be very business-like when considering the pricing of your products and services.

So look at what your competitors are charging and then analyse where you think your products and services fit into the market.

If you struggle with that idea then you can always seek guidance from someone else, like a fellow business owner or your accountant.

However you must always remember that you must believe in your products and services. If you don’t then why should anyone else?

You must project confidence.

If you don’t have the courage of your convictions then the chances are that your business will never succeed.

Believe in yourself and charge what you’re really worth. Sell yourself on the basis of the value you bring.

6. Make the best use of technology:

Sometimes small business owners think that because they are small they can act in a small way. However that can be a mistake.

Don’t be afraid to invest in your business. For instance investing in up-to-date technology like the right phone system and websites do not have to be expensive but they can be the difference between a customer contacting you or not.

These days no business, large or small, can operate without a website.

And that website needs to be as user-friendly as it possibly can be.

Make sure your website provides customers and potential customers with the opportunity to sign up for a regular email newsletter. And as suggested earlier, offer them encouragement so they do sign up.

Ensure also that your telephone system allows customers to reach you at their first attempt. Certainly customers won’t make too many attempts to call you before they will simply go elsewhere.

If you don’t know how to do all this yourself then go on a course or seek guidance from someone with the right expertise.

Good communications will pay handsome dividends over time.

7. Set goals:

You have to know what it is you’re trying to achieve, if you are to have any chance of successfully achieving it.

Never set your sights too low either. Set yourself a challenge and then put all your energy into achieving it.

Once you’ve set a goal then you need to establish a plan as to how it is going to be achieved.

For instance if your goal is to achieve a certain level of turnover over the next year, you have to break that down into the small steps you will need to take for it to be achieved.

How many sales will you need to achieve each day, each week and each month?

What implications will those sales targets have for production?

Do you have enough sales staff to generate that amount of business?

And so on.

Always create a plan and review it regularly making adjustments as and when necessary.

8. If you got a great idea then do something with it:

How many great ideas never see the light of day because the person with the idea fails to do anything about it?

And how many times does someone with an idea see someone else come along with the same idea and beat them to market?

Procrastination stops many entrepreneurs from cashing in on a great idea. Don’t let this be you.

If you’re waiting for the perfect time to do anything you will be waiting for the rest of your life.

Now is always the perfect time.

Don’t wait until you think the economy will be better or your children have left home or some other arbitrary barrier.

The right time to start your business is right now.

So go for it. Yes you’ll make mistakes. You won’t get everything right first time. You won’t become an instant millionaire either.

However by getting started you will be heading in the right direction and you will learn along the way.

Hard work combined with implementing good ideas will get you there eventually.

Concluding Remarks:

I hope these tips prove useful to you dear reader.

It was not intended to be a comprehensive guide for entrepreneurs and I recognise that you may many of your own ideas.

I love to hear them, so please feel free to share them with our readers.

Polite request:

If you found this article useful then please share it on social media with your friends. When you share, everyone wins.

Please share it now and I’ll be ever so grateful. You’ll be helping a keen blogger reach a wider audience.

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Other articles you might also find interesting:

© Roy J Sutton and Mann Island Media Limited 2019. All Rights Reserved.

How to find the right job for you: Simply Explained

Do you enjoy your work? Do you have a job you love? Do you wake-up each morning filled with enthusiasm for the day ahead? Alternatively maybe you just feel your job allows you to earn an income but beyond that you can’t wait until 5pm when the working day is over? Perhaps you’re constantly asking how to find the right job for you? If that’s you then you’re not alone.

The acid test when you’re not sure is to ask yourself the lottery question. What does that mean? If means you ask yourself this, “If I won the lottery and money ceased to be an issue; would I continue to do the work I’m doing now or would I try something else?

Yes of course if you won the lottery you’d have a little fun with the money first, but eventually your life would need a sense of purpose and routine again. So how would you fill your time then?

If you enjoy what you do, and you are recognized as being very good at it, then you’ll do your job well and you’ll be successful at what you do. And if you enjoy what you do, you’ll never have to work a day in your life. Now how good would that be?

So if you’re not happy with your job right now, the next question to ask yourself is, “What do I really want to be?

To answer that question, you really need to consider:-

  1. What are you good at?
  2. What do you enjoy doing?

These are quite different things but if you can find the sweet spot between them then you have the basis for finding a job you’ll love. So the steps to job heaven are as follows:-

STEP 1: What are you good at?

Not merely competent but really good at? Think about that question carefully and be honest with yourself.

What activities are intuitive to you? Things you can do easily and readily without having to give them too much thought?

Ask friends and colleagues for their views, and ask them to be really honest with you. Ask people you work with about the tasks they consider you the absolutely, first choice ‘go to’ person?

Gather together this information and make a list.

STEP 2: What do you enjoy doing?

Then make a list of all the things you really enjoy doing.

Which activities really give you a buzz? What activities get you so absorbed that you really lose track of time? What activities would you do for free or as a hobby, if you couldn’t make a living at them?

Paul McCartney once said that if he couldn’t have made a living out of writing songs and playing music, he’d have done it as a hobby, simply because he loved it so much.

What activities make you feel the same way? Make that list and don’t be reasonable.

All this requires time for reflection and careful thought, as well as feedback from other people. So do give it the time it deserves.

Don’t jump to conclusions. You do want to ensure you get it right don’t you?

STEP 3: Where is the common ground between your lists?

When you have your two lists ready, the final step is to identify the common ground between them, the point at which the two lists intersect.

If you find an item that is contained on both lists then you have found the Holy Grail. Finding something you’re genuinely good at and have a real talent for, and which is also something you’d really enjoy, will give you the greatest chance of success.

It is essential you find the common ground between your lists because:-

  1. If you really enjoy it, you’ll stick with it.
  2. If you’re really good at it, someone will notice

And if you get it right, sometimes people will sprinkle fairy dust on you too.

Finding job heaven is never about luck. If you’re doing something you enjoy doing and you’re doing it well, you’ll stick with it long enough to get someone’s attention. And when you get their attention, you’ll dazzle them because you’re doing it well.

That’s not luck; it’s hard work, perseverance and timing.

Once you’ve identified what you want, the next question is, “How do you get it?” That will be the subject of another post.

Have you managed to find job heaven? If so, how did you succeed?

If you’ve any ideas you can share then that will really help your fellow readers.

Polite request:

If you found this article useful then please share it on social media with your friends. When you share, everyone wins.

Please share it now and I’ll be ever so grateful. You’ll be helping a keen blogger reach a wider audience.

Thank you.

Other articles you might also find interesting:

© Roy J Sutton and Mann Island Media Limited 2019. All Rights Reserved.