Tag: solopreneur

Minding Your Own Business

The concept of minding your own business means that while you are grinding away at your day job you need to be investing in your future and minding your own business and working on your side hustle. Pretty soon you’ll be able to walk away from your day job and mind your own business full time.

The best way to do this is through the acquisition of real estate.

Let’s take a quick look at where you are losing all your money… taxes.

Taxes have been around since 1913 in the U.S. (earlier in England). While the original intention was to only tax the wealthiest of the population, obviously that’s trickled down to the masses, including those in poverty.

Now, keep in mind the more money you make the more taxes you pay. The wealthy know a way of getting around this-form a corporation. Corporations offer tax benefits and protect you from lawsuits. To learn more about this talk with one of our business coaches or your attorney.

We’ve all heard the golden rule of Pay Yourself First.

But, many of us don’t do it. Until you learn and put this rule into effect, you won’t have any chance of getting out of the rat race. What this rule does is force you to come up with more income to pay your expenses.

There are some key areas of finance you should learn about, taking classes is one of the best ways to do this. Here are the basics you should learn:

 

Accounting

It pays to know how to read financial statements. When acquiring businesses or assets you need to quickly see the financial standing of the company you are acquiring.

Many grown adults do not know how to balance a balance sheet. In the long term, this knowledge will pay off for you and your business.

 

Investment Strategy

This skill will sharpen with experience. Talk to investors and observe how they play the game.

 

Market Behavior

Know the laws of Supply and Demand. No business owner can do without understanding these basic principles of the market. Bill Gates saw what people needed. Open your eyes to opportunities. Look at what sells and who buys.

 

Law

Grow your business within legal boundaries. Know your corporate, state, and accounting laws.

Once you know these areas of finances you can make them work for you. The rich practically invent money. You have to know where to find a great deal. Let’s continue with real estate. Look for houses in trouble or find the court in your area that handles foreclosed, police impound or other real estate situations. You can either renovate and sell or rent for residual income.

So, essentially there are two main types of investors:

  1. Those who buy pre-packaged investments
  2. Those who create their own investments

You know which are the most successful. In order to be one of those people, you need to know what to look for and how to respond.

You must:

  1. Find a good deal other people have missed.
  2. Raise the capital needed for the transaction.
  3. Put together a svelte team to execute the plan.

There is risk involved in every acquisition. The goal is not to avoid the risk, but to respond to the risk with confidence and a steady hand.

If you need help identifying potential money-makers, where to get the capital you need, and how to put together a smart team, try our GUIDED TOUR to gain access to our resources and tools.

Regardless of what stage you are at with your business, one of the main things you must work on is your mindset. To find true success in your life, implement the strategies in Mindset Questions: The Real Secret to Success. You can also gain daily inspiration through these podcasts.

Maximize Your Resources – Part 3

In our recent post, “Maximize Your Resources – Part 2,” we talked about three more ways you can work on maximizing your current resources. They included:

  • Reveal your business’ soul
  • From breaking even to breaking the bank
  • Stand up and stand out

Today we’ll talk about the last three areas you can work on to maximize your current resources. They are:

  • An offer they can’t refuse
  • Would you like fries with that?
  • Stay away from the edge of the cliff

An Offer They Can’t Refuse

The secret to success is to stay ahead of your competitors – maintain a competitive edge. To do that you need to make it easier for your customers/clients to say “yes” rather than “no”. You do this by eliminating all the psychological, financial, physical, emotional and other roadblocks they may have.

You can take the risks for them by offering warranties and guarantees that make the customer feel more confident in you, your business and your products/services. You also must be serious about your offer and follow through if a situation does arise. The quickest way to the bottom is to play games or take back a warranty or guarantee.

Would You Like Fries With That?

It’s the oldest trick in the book. I mean, really, how many times a week do you fall for it? Every time you sell a product or service, you need to offer an add-on, upgrade or back-end product to go with it. These products must be complementary to the original product being purchased and must create a higher perceived value.

Avoid the Edge of the Cliff

Continuing to test and measure your systems, products, marketing methods and all other aspects of your business allow you to see problems before they happen and therefore avoid falling off the edge of the cliff.

Here are a few specific areas you can test for potential improvements:

  • Marketing
  • Sales Copy
  • Customer Service
  • Sales Letters
  • Sales Presentations
  • Employee-Customer Interaction

Through testing these different areas you will find products/services where you can raise the price, maybe others where you can lower the price or offer that product as an incentive item, and find many other areas for improvement that will better utilize your current resources.

This wraps up our series on how to maximize your current resources. If you need help working through any of these or the previous areas, try our GUIDED TOUR to learn about our amazing online coaching options. You can also explore our other options at www.JeffHeggie.comwhich includes our On Demand Business & Marketing Online Classes, our E-Learning Marketing System, our Inner Circle MastermindOne-on-One Coaching and more.

Today you can also get my popular Momentum Training Series for FREE! Click HERE to check it out.

Elizabeth Baker Interview

In this episode of The Jeff & Heidi Show we interview Elizabeth Baker from MOM Life Today and hear about her entrepreneurial journey.

Episode 007 Guest: Elizabeth Baker

Elizabeth Baker from MOM Life Today

Elizabeth was born and raised in a small village of 300 people in Southern Alberta, Canada. The moment she graduated High School at the age of 17, she was gone and hasn’t stopped moving since. Despite moving more times than she can possibly count, she has managed accomplish some great things in her 36 years of life. The list includes, but not limited to, a B.A in Social Studies Education form BYU-Idaho, served a full time mission in Kiev Ukraine for the Church of Jesus Christ of Latter Day Saints, married her husband after only 2 weeks of dating and a 3 month engagement, been blessed with 5 kids that are all currently under the age of 10, and has recently started her own business MOM Life Today. The journey that she took to accomplish each one of her accomplishments is anything but average. You see, she has ADHD. To most people it looks like she is always doing things the hard way, but she likes to say that she is doing things the creative way.

 

Sign up to get your Discover Your Roots exercise today HERE

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005 The Jeff & Heidi Show with Tori Gordon

In Episode 005 of The Jeff & Heidi Show, we interview Tori Gordon of Coachable LLC and host of You’re Welcome Radio.

https://youtu.be/73vD0lZL3Pg

Episode 005 Guest: Tori Gordon

Instagram: @coachtorigordon

Podcast: You’re Welcome Radio – https://open.spotify.com/show/4e62a5zpupdFpkErMiEimz

Facebook: https://www.facebook.com/groups/coachable/

Website launching in March 2020 – www.torigordon.com

Businesswoman, Podcast Host and Mindset Guru. Tori Gordon is an entrepreneur, keynote speaker, podcast host and master transformation coach who is committed to guiding people and organizations to their highest potential. She spent six years fitting in with societal norms and climbing the corporate ladder before leaving good for great and following her passion and to empower others to find their path, heal their past, and create a life they love. After being inspired by the unexpected loss of her sister and mother to cancer and years of transformational experiences, she realized her journey was indeed her destination. As founder and CEO of professional coaching agency, Coachable LLC, Tori’s mission is to guide and facilitate client’s authentic emergence as they learn radical self-acceptance and uncover their own inner power so that they can step out of the box they’ve been limited by and embrace new standards for living.

Hosted By:

D. Jeff Heggie

Heidi Anderson

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