Tag Archives: Small Business

Make More Money

Time To Make Money When You Sleep…

Making Money While You Sleep

Making Money While You Sleep…

In any career!

I meet 1,000s of business owners & entrepreneurs every single month and what most of us have to realize is that we are all truly self-employed. That means that we work for ourselves, yet if we stopped working tomorrow we would have no income because we truly are our business!

This means that we should start thinking about what we can create that makes us Passive Income. Passive Income is defined by Wikipedia as Earnings from a business that does not require direct involvement from the owner. So, I have put together some ideas and examples for you to really start thinking about this as it’s important that Passive Income becomes part of your business so that you can be working ON your business and not always IN your business.

Here are 25 great ideas of the kind of  things you can do:

  1. Invest your money and earn interest.2. Purchase assets like Real Estate, Equipment, Stocks, Bonds, Etc.3. License your product or service and earn royalties.4. Franchise your idea.5. Write books or e-books.6. Video tape what you do and sell DVDs.7. Video tape what you do and start an online membership site.8. Create CDs or MP3s that people can listen to while mobile.9. Create an online University (training) and create modules that people can join.10. Joint Venture with other companies.11. Create an affiliate program.12.  Referral & Loyalty Programs.13. Well trained Employees.14. Educate your Friends & Family.15. Networking Groups.16. Executive boards.17. Mastermind Groups.18. Website.19. Automated Social Media.20. Autoresponder campaigns.21. Conference calls.22. Webinars.23. Effective Advertising – Print, TV, Radio, Pay-per-click, Editorials, Advetorials, etc.
    24. Educated Vendors & suppliers.25. Automated video email.

The key is to always be thinking of a long term plan to ensure that you are creating products that will grow your passive income.

BLOG posts to e-book to DVD series

You have heard about how good it is for Search Engine Optimization (SEO) for you to be blogging about your business, products, services, etc. So, why not think big picture and spend time creating BLOG posts each and every week that you could easily collate into a book after a year. If you were BLOGGING once a week you would have 52 topics and you could launch an e-book or physical book called 52 Ways to ….

Similarly, you could video BLOG and create a DVD series called 52 Ways to….

You should always be thinking along the lines of “How can I turn what I am doing now into long term passive income for my business?”

Record all conference calls, seminars, webinars, etc. even if you do not have a plan today at least you will have the material available when you decide to create passive income in your business in the future.

What about Realtors, Mortgage Brokers, Financial Planners, Professional Services, etc.?

One thing that all the above careers have in common is that they are experts in their fields and can create so many different products and services that once they are experienced in their field that they could sell. Selling knowledge is huge and is now called InfoPreneuring and can make massive Passive Income. You can create training DVD, CDs or booklets on how you overcame the challenges in the 1st year, what to do and not to do in your first year, 2nd year and onwards… There are so  many opportunities… you just have to be incredibly creative.

Feel free to ask questions or leave comments as this topic is massive and you should be thinking passive!

you can email colin at Colinsprake@gmail.com

Author: Colin Sprake is the CEO of Make Your Mark, a Canadian company of live seminars, online entrepreneur academy and live accountability groups that have helped 10,000’s of Entrepreneurs achieve rapid results in small business growth and development. Colin is a best-selling author of ‘Entrepreneur Success Recipe’ and trains for BMO, Sun Life Financial, Scotia Bank, T.D. Bank and lives by the tagline Business With Soul – putting heart back into business!
.Click For Your Success Today!!

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http://events.mymsuccess.com/a/dream_for_success

The Top 10 Business Growth Secrets!!!

Top 10 Business Growth Secrets!

Explode YOUR Business!

Using Make YOUR Mark’s TOP 10 Growth Secrets!

Secret #1: Many of us as entrepreneurs start our business with incredible passion and eventually end up doing operations, production and management tasks that we truly do not enjoy. Always be passionate about your role in your business and hire people to do the rest.

Secret #2: Always have a plan for your business. If you fail to plan, you plan to fail. What are your personal goals and the goals for your business? Always know why you are in your business and keep reminding yourself of your goals. In fact, I say call goals “promises” instead, as they have a much stronger emotional impact and meaning. Keep true to your promises to yourself!

Secret #3: Do you know your market? Who are you selling to? You cannot be everything to everyone. So, what niche markets are you after? You may have a few product lines and/or services and each may have their own or similar niche markets. Determine exactly what they are for your business!

Secret #4: Do you truly know what your cash flow is in your business… and I mean truly know?

At MYM we have a detailed 12 month cash flow analysis tool that lets us know exactly when our clients may encounter cash crunch or cash rich times in their businesses. Allowing you to relax and properly prepare every aspect of your business for growth this year.

Secret #5: Do you know exactly what your break-even is for your business?

The formula is very easy and is critical to truly knowing what revenue you have to make in order for your business to break-even every month. Take your revenue and minus the “cost of goods” from it and divide that number by the revenue again. This will yield your gross margin. Now, take your total overhead (salaries, expenses, rent, phones, etc.) and divide it by the gross margin and this is your true break-even.

Example: You sell computers for $500 each and they cost you $250. Your gross margin is ($500 – $250)/$500 = 0.50 (50%). If your salary and over head is $3,000 per month, your break-even is $3,000/0.50 = $6,000. This means you have to sell $6,000 worth of computers (product) just to cover your costs and only thereafter do you start making money!

Secret #6: Many entrepreneurs work extremely hard in the beginning of their businesses and do not take home any income. If you calculate your break-even above and do not include your income… you are truly not breaking-even. Always include your income as the company owner.

Secret #7: Always maintain full control over the bank accounts and cash in your business. Often we gain trust with our bookkeepers and start to let them take control. Here are the items to always control in your business:

  • Ensure that all cashed cheques that are returned to you by your bank are only opened by you as the company owner. This allows you to check all the signatures and ensure that each cheque is to a known vendor.
  • Never let anyone have blank cheques. Only give your bookkeeper the right number of cheques for each cheque run. Otherwise keep all cheques locked away.
  • Most important! If your bookkeeper will not take more than 7 days consecutive leave, this could be a flag that something may be up! Once a year hire a temp. bookkeeper that has no personal relationship with your bookkeeper to double check everything – very important!

Secret #8: In the 21st century many entrepreneurs and business owners want to give their key employees ownership in their businesses or have them earn a percentage of the company in order to keep them. Giving shares can become very complex especially if you start to have problems. Think of profit share which essentially gives them the same thing without them becoming a shareholder.

Secret #9: We are all in our own businesses to make money, change the lives of our family and most of all to have fun. When you first start out you are probably the most poorly paid person in your office, working many hours for very few dollars (working IN your business). With the proper plan in place you can see when this will switch over and give you incredible money for very few hours worked (working ON your business). Being in your own business is a tenacious game. Yet, with a plan in place and promises set, your future will be extremely exciting.

Secret #10: When putting your plan together always be looking at your exit strategy as the owner. If you are selling a product or service, how can you create an ongoing income stream (consumable or residual) that will build over the years so that eventually your monthly income is highly predictable and an easy asset to sell to a future buyer of your business? The key strategy here is that you should set your business up in the beginning with the intention of selling. Highly systematized business with good ongoing residual/consumables income is very attractive to a potential buyer.

Disclaimer: The views expressed in this report are that of Make YOUR Mark and not meant to be legal or accounting advice in any way or form. Please seek the correct advice from your local legal and accounting professionals.

you can email colin at Colinsprake@gmail.com

Author: Colin Sprake is the CEO of Make Your Mark, a Canadian company of live seminars, online entrepreneur academy and live accountability groups that have helped 10,000’s of Entrepreneurs achieve rapid results in small business growth and development. Colin is a best-selling author of ‘Entrepreneur Success Recipe’ and trains for BMO, Sun Life Financial, Scotia Bank, T.D. Bank and lives by the tagline Business With Soul – putting heart back into business!
.Click For Business Success.

Small Business – Winning Attitude

 

You need a very specific attitude to WIN in small business and as an Entrepreneur. Do you have what it takes? Colin Sprake takes you through understanding how attitude affects and impacts your results.

Learn more about Colin Sprake and Make Your Mark Training and Consulting Inc. by visiting them at: http://www.MYMSuccess.com http://www.FaceBook.com/MYMSuccess Register for one of our evenings at http://www.KnowledgeActionProfit.com Visit one of our business groups: http://www.BESTMindsets.com Make Your Mark Training and Consulting Inc. specializes in assisting entrepreneurs and business owners to achieve maximum profit, time-off and heart in their businesses. All Sales, Marketing and Business Courses, and 1-on-1 programs have been developed to ensure you achieve the desired results in your business. 1,000s have achieved extreme results using our systems and processes. All the business systems and processes are fully developed from life experiences – Colin Sprake does not teach or promote anything he does not do or use himself! His business, sales and marketing trainings all come from in the trenches life experiences. He is by far the best Business Transformation Specialist in the industry today – especially with his big focus on heart and soul in business! His students absolutely love his energy and authentic connection!

http://events.mymsuccess.com/a/register_here

Learn To Grow Your Business Leadership Skill & Maximize Sales & Profit Growth…

Successful leadership in small business!

Quiz: What Kind of Leader Are You?

Rate yourself on a scale of 1-10 on how you live these characteristics of a leader:

Leaders take responsibility… they:

    1. Look for opportunities to be responsible.
    2. Are willing to be judged on performance
    3. Are willing to take responsibility for the actions of their team
    4. Do not blame of make excuses when things go wrong.
    5. Are accountable to their actions

Rate yourself on a scale of 1-10: _____

Leaders have clear vision… they

    1. Are clear about where they are going
    2. They know what they want from each situation
    3. They take action to make their vision come true
    4. Give a sense of meaning and direction to those around them.

Rate yourself on a scale of 1-10: _____

  1. Leaders have confidence… they
    1. Believe in themselves
    2. Say, “we CAN do it and we WILL do it.”
    3. Build confidence and bring out the best thing those who are on their team.

Rate yourself on a scale of 1-10: _____

Leaders are competent… they

    1. Have a high level of experience and a solid track record in their area of expertise
    2. Have a level of mastery that builds the respect of others and also gives leaders the ability to deliver on the things they promise.

Rate yourself on a scale of 1-10: _____

Leaders are action-oriented… they

    1. Are always in motion
    2. Usually doing more than one thing at a time
    3. Are very results-oriented
    4. Have a “ready fire aim” approach
    5. Take action even when they are uncertain

Rate yourself on a scale of 1-10: _____

Leaders and good communicators… they

    1. Make it easy for others to understand their current situation, their vision and their plan of action
    2. Communicate their message in a way that is clearly understood and that inspires those around them.

Rate yourself on a scale of 1-10: _____

Leaders and trustworthy… they

    1. Trust and are trustworthy
    2. They know that trust can take time to be earned but can be destroyed in a moment
    3. Value the trust of others and treat their leadership role as a privilege.

Rate yourself on a scale of 1-10: _____

Leaders make others feel important… they

    1. Are compassionate
    2. Are empathetic
    3. Care about people and have an ability to make people feel like they belong and that they are important and have something valuable to offer.
    4. Know that every person is special and unique and they respect each individual.

Rate yourself on a scale of 1-10: _____

Leaders are decisive… they

    1. Make decisions quickly
    2. They gather the info they need, trust their intuition and make decisions in a timely manner
    3. DO NOT PROCRASTINATE
    4. Prefer to keep moving now and make corrections later than to bring things to a halt while a decision is made.

Rate yourself on a scale of 1-10: _____

Leaders have strong commitment… they

    1. Are willing to take a stand for what they believe in

    2. Will do everything in their power to make things work

    3. Naturally attract followers because of their high level of commitment

    4. Are virtually unstoppable in reaching their goals.

Rate yourself on a scale of 1-10: _____

Now, look at the areas where you scored an 8 or above. These are the areas in which you excel the most. What are some examples of where you live these characteristics with your business?

Look at the scores where you scored less than 8. These are the areas where you could improve. Which areas need the most improvement?

How can you implement change in these areas?

What benefit would there be to your business if you were to practice these characteristics more regularly?

you can email colin at Colinsprake@gmail.com

Author: Colin Sprake is the CEO of Make Your Mark, a Canadian company of live seminars, online entrepreneur academy and live accountability groups that have helped 10,000’s of Entrepreneurs achieve rapid results in small business growth and development. Colin is a best-selling author of ‘Entrepreneur Success Recipe’ and trains for BMO, Sun Life Financial, Scotia Bank, T.D. Bank and lives by the tagline Business With Soul – putting heart back into business!
.Click To Grow Your Business Skills Today…

Small Business – Challenges in Business & Effective Follow-Up

 

Colin Sprake takes you through understanding the key challenges in small business and as an entrepreneur. Colin Sprake also walks you through how to double your sales easily by doing effective follow-up – he talks about the gold mine that you are sitting on that you are not mining! Learn more about Colin Sprake and Make Your Mark Training and Consulting Inc. by visiting them at: http://www.MYMSuccess.com http://www.FaceBook.com/MYMSuccess Register for one of our evenings at http://www.KnowledgeActionProfit.com Visit one of our business groups: http://www.BESTMindsets.com Make Your Mark Training and Consulting Inc. specializes in assisting entrepreneurs and business owners to achieve maximum profit, time-off and heart in their businesses. All Sales, Marketing and Business Courses, and 1-on-1 programs have been developed to ensure you achieve the desired results in your business. 1,000s have achieved extreme results using our systems and processes. All the business systems and processes are fully developed from life experiences – Colin Sprake does not teach or promote anything he does not do or use himself! His business, sales and marketing trainings all come from in the trenches life experiences. He is by far the best Business Transformation Specialist in the industry today – especially with his big focus on heart and soul in business! His students absolutely love his energy and authentic connection!

http://events.mymsuccess.com/a/register_here

Are You A Business Expert?

How To Be The Expert in Your Small Business!

Small Business Solutions…

Be the EXPERT is really getting YOU to realize that you need to sell your products and/or services with confidence and RIGHTSELL the customer.

What’s RIGHT-SELLING?

Some people call this upselling, at Make Your Mark Training, we call it right-selling – making sure you sell your customer the right products and/or services to ensure they get the results or the solution that they want.

At Make Your Mark we say, “When you have a great product or service, you owe it to your customer to sell it to them well!”

In many instances we do not think about the opposite of not selling somebody the most appropriate combination of products and/or services that best suits their needs, and have clients returning or going somewhere else disgruntled because you did not deliver the RESULTS or SOLUTIONS they were looking for!

A few good examples to get your creative juices flowing:

A SERVICE: Chiropractor

When you go to see a Chiropractor and they do their evaluation and give you only the one treatment you are looking for and then let you leave their rooms, knowing that according to the injury you had, that 5 treatments would be ideal to get you back on track, they are doing you a disservice by allowing you to leave their practice. If you ask the Chiropractor WHEN should I book next and they say… maybe 1 – 2 weeks from now… they have done you a disservice.

They know what is ideal for you and should be informing you that according to your injury and after the initial treatment  that you need to return each week for the next 5 weeks to ensure the injury is easily overcome and that no further damage is done.

If they demand only one treatment and that’s it. It’s your choice to treat them knowing that it’s your reputation on the line. You may turn them away or convince them otherwise, but if you do just a single treatment and let them go… you have done them a disservice that could hurt your businesses reputation.

Of course this has to be done with integrity and heart – you only sell a package when you know it’s the RIGHT thing to sell your clients!

What packages can you sell in your business?

A PRODUCT: Migraine Product

If you sell a migraine product and only sell customers what they ask for, you are not right-selling them, especially if you know that people that suffer from migraines often suffer from insomnia and lethargy. By packaging products in groups you can let them know you are the expert by selling them the Migraine Relief Package that consists of 3 products; Migraine, Sleep and Energy – this is truly being the EXPERT and RIGHT-SELLING the clients.

A SERVICE: Bookkeeper/Accountant

As a bookkeeper you know that it’s best for a client to have their books done weekly or monthly or daily dependent on the size and type of business. If you ask a client how frequently they would like their books checked and updated, and you know it should be weekly, you are doing them a disservice.

What are some of the KEY things to focus on – starting NOW!

  1. What can you do to RIGHT-SELL your clients?

  2. What packages can you create that you believe you can sell? Remember to keep your packages simple, create VALUE and make them a better price than individual units, sessions, etc.

  3. It’s also recommended to keep the number of packages to 3 – too many creates confusion.

  4. Think about what your product or service does for the customer in terms of days/weeks/months after they have used it. What could they be experiencing that you could call and check-in with them about? Example: If you start a body cleanse and you drink a lot of coffee you will possibly experience headaches – you can call 48 hours after the start of the program and check-in with the client. Let them know you are the expert and what they may be experiencing. It’s amazing.

What can you do to increase your CONFIDENCE in what you sell?

  1. You are an EXPERTS in your own right – own it!

Finally, remember that packages, programs, etc. do not sell themselves… FOLLOW-UP is critical!

you can email colin at Colinsprake@gmail.com

Author: Colin Sprake is the CEO of Make Your Mark, a Canadian company of live seminars, online entrepreneur academy and live accountability groups that have helped 10,000’s of Entrepreneurs achieve rapid results in small business growth and development. Colin is a best-selling author of ‘Entrepreneur Success Recipe’ and trains for BMO, Sun Life Financial, Scotia Bank, T.D. Bank and lives by the tagline Business With Soul – putting heart back into business!
.Click For Your Business Success!!

http://events.mymsuccess.com/a/register_here

Colin is the master trainer at Make Your Mark Training and Consulting and is devoted to people achieving huge success in their businesses. His purpose is to assist business owners to dramatically improve the number of businesses that succeed. After all, failing businesses affect us all in negative ways.