Monday, October 24, 2011

The words we choose can determine our success...

A couple of weeks ago we discussed creating multiple streams of revenue. This is such an important concept and foundation of your business. It is critical for your success. If you haven't yet figured out how to add this to your business, please get together with your mastermind group and brainstorm ideas or call me and we will sit down to determine how to create multiple streams of income as well as passive income in your business.
Today, I want to share a powerful concept that I was studying last week. Often times the thing that holds us back the most is ourselves. We are often our greatest obstacle to success. It is so important to constantly be developing oneself as a person. Read and listen to the personal growth coaches, and that will directly impact your business. In the book, Cash in a Flash, by Robert Allen and Mark Victor Hansen they discuss the power of the words we speak to ourselves and out load. Do you use positive or negative words and language? The words you choose can enable or disable you. They can energize or weaken you. They can take you to great heights or keep you in dark valleys.

They shared an exercise that I have found to be very powerful. I remember we did this exercise with my soccer team when they were 11 years old. Every time one of the kids made a mistake and started to get upset at themselves another player or one of the coaches would say CANCEL. It was amazing the impact it made over the season. This exercise is very similar. I want you to really listen to what you are saying to yourself and how you are speaking. Every time you hear yourself thinking or speaking a negative thought say SWITCH. 

And, then replace it with a positive thought. I am not saying that bad things don't happen, but I am saying that there is positive and good things in almost everything.

Let me give you some examples of positive and negative words:


As you say the words, how do they make you feel?

Finally, let me give you an example of the SWITCH exercise in practice.

a problema challenge
a job that I hatea job that I don't love
he is a real jerkhe is not a nice person
I have so much credit card debtI had too much fun using my credit cards
Now, it's time to pay the piperNow I have to learn to be more financially savvy.
I'm stuck in a dead end jobI'm in a place where I don't have the freedom I'd like to have.

These are just a few examples of changing your language. This can have a real impact on your outlook, your business and your relationships. Do the exercise for one week, and I'd love to hear your experiences.

Listen to this powerful song by Nina Landis, Greatest Weapon:

Committed to increasing your profits!

Thursday, October 13, 2011

Multiple Streams of Income - Part 2

Last week we discussed creating multiple streams of income/revenue for you and your business. And, ultimately we want to create passive streams of income. The first stage of wealth building is to create a passive income stream that will cover all your expenses. Think about this for a minute. So often I have read books on buying property, shares, assets, or paying down debt, or increasing my income; but the first step to wealth creation is creating a passive income that will cover all your expenses. When you have done this, then you are in a position to accelerate your wealth creation. Whether you work or not, all your expenses are covered.
So, how can we create passive income streams, and really what is a passive income stream. The crux of passive income stream is that you make something once that you can sell once and get paid over and over again for the one effort. Most people have a product or service that you are required to continually resale to get paid so if they don't work they don't get paid. Are you in that situation? Here are a few ideas that lead to passive income:
  • Write a book, audio recording, or video recording. (Create it once, find a vehicle to sell it and get paid for the one effort over and over again.)
  • Build your business around a system, and then franchise it. (The initial franchise fees and the ongoing fees are an incredible source of passive income.)
  • Direct sales or network marketing. (I know this may have a bad rap, but with the right research this is a legitimate way of creating an incredible passive income for the right person.)
  • Products that are consumable and need to be purchased over and over again.
  • Internet businesses that resale information. (Discover a niche that is underserviced, set up a website correctly, and you can create a cash cow.)
  • Membership based services.
  • Build a large sales team that you override a small percentage on the production. (Key point here is that they should not be salary based because this can kill your cashflow. Let the team get the lion's share of commission, and you take a overriding percentage for the training and support you provide.)
There are so many other ways to achieve a passive income. These are just a few to spark your creative juices. I have learned over the years that this is the most crucial step in creating a stable business. I am more than happy to sit down with you, look at your business, and make some suggestions on ways you can create a passive income stream over the next 6 - 18 months. Think about it - if you do not already have this in your business, how would it feel if you knew that every expense was covered before you even started working? 

Do you think you would be more excited, productive and effective?

Tuesday, October 4, 2011

Create multiple streams of revenue

The weather in Grapevine is incredible after an entire summer of 100+, isn't it? I am loving it. I want share with you an important component to building a successful business, but I want to start with two questions. 
  • How many income buckets do you have? Do you have 1, 2, 3 or 10? This is an incredibly important question to ask yourself.
  • And, do your income buckets require active selling to generate any revenue?
It is an important component of business for you to have multiple streams of income or multiple buckets, and some of those buckets need to generate income residually. As an exercise for you to work on, I want to ask you to spend an hour over the next week brainstorming other ways you can generate income through your clients and relationships by bringing more value to them.
Next week, I will share with you several strategies to creating multiple income buckets. And, the reason this is so important is that all markets fluctuate to a certain degree. You do not want to be held hostage by one product or service. Develop multiple streams of income starting today!