Sunday, February 7, 2016

Five Reasons Entrepreneurs and Savvy People Reach Time and Financial Freedom

Originally posted June 30, 2014

Time to cruise or share special time with friends… this life!

Remember that parcel of land you could have purchased 20 years ago, but you figured you couldn’t afford it, and then it tripled in price within three years? That happened to us and we’ve regretted it ever since, especially since the land is probably worth 10 or 20 times the amount today.  We weren’t entrepreneurs back then and our vision for the future was limited.

We remember reading a book by David Wilkerson that said to buy gold, which was worth $35 an ounce at the time, and he also said to store valuable jewelry, coins and silverware in your safety deposit box for the day when you may need to use it to barter. You already guessed that we didn’t do that entirely, although we do have a few items stashed away at the bank. We would be multi-­millionaires today if we had taken out a second mortgage on our home to buy $50,000 worth of gold coins back then.

1. So you already know from these examples that it pays to be savvy about what is happening in the marketplace and to take action quickly. Tune into trusted, well researched resources for advice, but also watch what’s happening around the world to make your own decisions. Successful entrepreneurs know a good deal when they see it and they find a way to work it to their advantage. Is there an opportunity sitting in front of you right now, where you could say “yes”?

2. Once you are your own boss, whether part time or full time, is the day you begin your journey to financial freedom. Every dollar you earn is your own dollar to keep, invest, spend or give away. Being your own boss includes leasing those items you can write off at tax time and buying the things that increase in value. Let your money work for you. Your money can disappear quickly in technical stores, with all the new gadgets, smart phones, 3D televisions etc.  Being your own boss also allows you to decide when to work out at the gym, go for a job or to cycle without permission.  You have extra income to buy organic foods, optimal nutritional supplements, yoga classes and so on.  You have time to make the health of yourself and your family a priority.

Are there changes you could make to multiply your income or to protect it?

3. With a job, you have a structured income, perhaps including some perks like bonus plans or profit sharing. When we stepped into entrepreneurship through the direct sales industry, we discovered the power of creating multiple streams of income, which is leveraged and residual, all without a ceiling on how much a person or business can earn. Do you have sources of residual income? Songwriters, authors, insurance agents, hair salons, direct sellers, have residual income or repeat customers. Think about talents you have that could be turned into recurring income.  In the referral industry, everyone has an equal opportunity to create residual income.

4. Those who declare that they don’t like to sell, will be left behind, because everything in life is about selling, often disguised as something else. When we refer people to a good restaurant, that’s a form of selling. When we express our excitement about a particular product, that’s sales promotion. We’ve noticed that when we pay attention to what is important to another person, then we can find where our product or opportunity would be of interest and add value to their lives. The more we relax in the conversation and put them at ease, the more open they are to what we have to offer.

5. Develop positive relationships and leave customers feeling good about their decisions. When I was the editor of a business journal, I noticed how the publisher immediately found common interests with a customer and established a good relationship in his conversations. When they chose to advertise in the magazine, they made the decision happily, because the publisher had created a positive, feel good atmosphere.

What are ways you could make your customers feel good about committing to your products, services or business opportunity?

Please leave your comments below.  I look forward to hearing from you.

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