Posts Tagged ‘mark so’

Money Leeches in the Family?

If you have not yet read Part 2 of this article, please click here to read it now

In the last article, I talked about being aware and effectively stopping your Money Leeches!  Should a Money Leech appear who is NOT Immediate family, I recommend that you only offer P50 and not a Centavo more. Although it may seem very harsh, this is the first real step in getting your money to stay with you. Also remember, if you think you can’t do it, think about the welfare of your immediate family. Money leeches are not your burden, they are not your problem. Instead, think of them as “Money Management Tests”. If you are able to stop your leeches, you pass the test and you immediately get to the next level. Fail the test, then you will stay stuck where you are.

But what if the “Money Leech” is from immediate family? Like a brother or a sister or a parent, what then?

First, let me define what an “immediate family money Leech” is. — This is the brother or sister or parent that will habitually ask you for money. Most of the time, they even feel entitled to it because of the blood relationship they have with you. You know the type right?

Well, this is where it gets very sensitive for a lot of people. Everybody has a different opinion on this, but this is my clear cut view on it. Not all members of your immediate family have the same weight. You must prioritize who within your immediate family to be generous to first.

In my life, this is my prioritization: My first priority is to my wife and children, then my parents and then my siblings. And with that in mind, I give 90% of my money to my wife and children first, then the next 5% goes to me and the remaining 5% goes to a special fund just in case an immediate family needs it.

Side note: If you give 90% of your money to your wife / husband and children, make sure that it is not siphoned off by a relative of your wife/husband because they too may have a money leech or leeches. This is a concern of many married people as well. –Sit down and talk to your wife / husband about this if this is indeed the case with you. Your objective is to teach your spouse about money leeches and have a unified front against them.

Now, should there be a money leech in my immediate family the maximum amount of cash I or my wife gives is only the 5% of whatever we have at the time. Now depending on how much money you have right now, that can be very little or that can be very big, the point is, even if it is immediate family (outside of my wife and children) our cash generosity is budgeted, controlled and managed.

Another side note: If you are single, I do not suggest offering 90% to your immediate family unless you plan to never marry, still budget it to 5 to 10% because of 2 reasons: 1.) If you give more than that, you might not have a money leech now, but if they get used to it, you would have created a money leech down the road; And 2.) You need money for when you get married someday. If there was a major regret I had in my life, it was that, I didn’t plan financially when the time to marry the love of my life came along. Even though it worked out in the end, I could have planned so much better.

Make no mistake; my life’s wealth is meant for my immediate family. Everything I make and have is meant to be shared with them, and to give them a better life BUT if I have a Money Leech problem and do not budget, and control it. The Money Leech will most definitely bleed me dry financially as well, especially if it is family –and let me add, if you are married, a money leech in the immediate family, if not managed will DESTROY your marriage. Trust me; I’ve seen it happen to those very dear to me. This is why I urge you to understand what I am sharing. If nothing else, I want all of you to have a great and happy marriage.

Be Generous in the Right Way

Now some of you who have read up to this point might be having a violent reaction right now saying “I can’t just abandon my brother, sister, parents and just give them 5% if they desperately need the money??? If I do, I am not being a good son/daughter/ brother/sister, I am a Filipino, they are my blood, I must give!”

Okay, calm down before you decide that I am a heartless scrooge.

Remember that we are just talking about Money Leeches in the immediate family who “habitually” ask for money and even feel entitled to it. If they are not “leeching” you dry and they desperately need help and you can afford to do so then give what you can. But I suggest that you only do so once because if you give more than that, you are creating a money leech down the road.

I am a very generous person by nature. The problem that I had before was that I was generous in the wrong way.  Being overly generous with money, especially if you do not know how to manage it, is extremely dangerous and is a clear recipe for money running away from you instead of towards you.

So instead, what I learned to do, and what I want you to learn to do as well is to be extremely generous in the right way, and that is to be generous in “kind”. To explain this further, I will give you 2 assignments today.

Assignment 1: Read my past article entitled “Business Reciprocity”. Click Here To Read That Article. Then Comment on either that article or this one. Complain to me about the problems you have in completing the assignments. Believe me, I will read every single one — even yours and I promise that I will not ban you or even get mad at you when you do. It is all part of the process.

Assignment 2: Set a budget for your Family Leeches and stick to it. Create a script on how you will say it to them. You can email it to me if you want. Email to: markso@zerocapitalclub.com

Good luck and see you in the next article!

Author Box:

Mark So is a fervent businessman, Investor and educator.  He is the Chairman and CEO of Businessmaker Academy—a business, finance and corporate training center.  He is the founder and Chief Forex Trainer of Forex Club Asia, A Trading club of Forex Traders across Asia. He is also the Founder and Chief Trainer of the Philippine Franchise Institute which specializes in training and growing existing Franchise businesses.  A sought after speaker for business, investing, You may email your comments and questions to: mhso@businessmaker-academy.com or call the office at 6874445 / 6873416 / 6874645 for a schedule of his seminars

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Hello Everyone, It’s been a while hasn’t it?

Well, today I want to teach those who have a Business or those thinking of starting a business a very simple, very powerful, and almost effortless way to increase profits. And although what I will explain is pretty obvious, most businesses would surprisingly go the complete opposite of what I will share. You might even be practicing this in your business or are planning to do this when you launch your business.

So if you want to increase your profits with minimal effort, then my dear reader, please read on.

Almost all businesses I know at one point in time will resort to discounting as a way to increase their sales.  In fact, this practice has become ‘gospel’ to starting and even growing businesses that it becomes the ‘go-to’ tactic when they want to get more sales. I myself have discounted a lot in the past and even though it gets additional sales, I slowly and painfully realized, that it does something that you will not immediately notice, it will inevitably decrease your overall profitability.

So over the years, I have learned how to increase sales and profitability without resorting to discounting. And believe me, this will be a lesson you would want to take to heart and try on your business soon. But first, let me share why you should take this simple lesson seriously by showing you the math.

Let’s say your product’s selling price is P50 with a profit margin of 30% or P15. Now, the number of people buying that product is 10 per day. So, if we do simple multiplication, your total profit for the day will be P150 (10 people X P50 X 30%) or ( 10 people  X P15 profit ).

Now you feel your sales are low and you want to increase it, and what do you immediately think of?  “let’s give a 10% off promo” or let’s do a “Buy 1 take 1 promo”, etc.  Am I right? Of course I am because I’ve done it myself many, many times 😉

So, let’s take a look at the 10% off promo. 10% off your selling price means your P50 now becomes P45 (P5 discount).  Now, let’s assume that your promo produces 1 more customer or 11 customers for the day, then your total profit will now be P110 (11 people  X  P10 profit). P10 because it used to be P15 but I discounted P5 so my new profit is now P10.

If you get 2 more customers for the day, then profit becomes P120 (12 people X P10 profit)

3 more customers, P130 profit

4 more customers, P140 profit

5 more customers, P150 profit

So what can we conclude in this simple example? If I give a 10% discount, then I would need to add at least 5 more people or 50% more buyers just to have the same profit of P150! What more if you do a buy 1 take 1 promo or a 50% discount? Well, you do the math and you’d be very depressed I assure you.

So here’s my first lesson for you to increase your profit without any effort at all. STOP giving discounts if you really dont need to.

Easier said than done you say? Well, read on as I’m not yet done. In fact, in my businesses, I will go a step further by doing the complete reverse of what most of my competitors will typically do, I increase my prices by at least 20%. Now I know what you are thinking — yikes! Less people will buy from me if I do that — Not necessarily true, but for the sake of argument, let’s take a look at the math again and see what happens when you start losing some customers:

The original profit = P150 with 10 people @ P50 @ P15 Profit. I increase my price to P60 (add 20%) @ P25 profit from P15.

If my volume drops by 1 person to 9 people/day then, my profit will STILL be P225 (9 people X P25)

8 people/day, P 200 profit

7 people/day, P175 profit

6 people/day, P150 profit still

Now even if I lose 4 people or 40% of my volume, I will still get the same original profit.

Okay and I know what you are thinking, increasing prices are in many, many cases viewed by a lot of businesses as “Taboo” or “Evil” or “Un-filipino-like”. And I would agree in some cases, but I do not in many. I do not agree that businesses have to resort to “I’m-a-good-guy-so-I’ll-price-it -just-to-get-by” pricing or “Buy-from-me-because-I’m-the-lowest-priced-in-the-universe”. Thinking that way will surely run your business to the ground sooner or later.

If you are worried about those very thoughts, I want to assure you that you do not have to be a Bad guy when you raise your prices. Far from it actually, and you certainly do not have to be the lowest priced for you to have top sales. What I have learned throughout the years is that price is NOT the only thing that the customer is concerned with.  Customers for the most part are  concerned with 2 other things and sometimes even more so compared to price. 1.)  Quality /assurance and 2.) if it solves their problem.

And so, the 2nd lesson I will leave you with in this article will be this: have the courage and the strategy to increase your price by communicating and even going so far as to guarantee the quality of your product and making sure that it solves a problem that the customer is willing to pay a premium for. If you can do that, you are on your way to increasing your profits with minimal effort.

Author Box:

Mark So is a fervent businessman, Investor and educator.  He is the Chairman and CEO of Businessmaker Academy—a business, finance and corporate training center.  He is also the Founder and Chief Trainer of the Philippine Franchise Institute which specializes in training and growing existing Franchise businesses.  A sought after speaker for business, investing, Sales and Marketing he is inviting you to attend his 2 day course on Proactive Sales and Marketing to give solid strategies on increasing your sales through practical, no-nonsense marketing. To register for this please go call (632)6874645 or 6873416.  You may email your comments and questions to:   mhso@businessmaker-academy.com

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Over the past year, I’ve written a good number of business advice articles for Manila Bulletin and each of those articles were and still are meant to help as many people as possible. These articles are from my experience and discoveries through a lot of trial and error in “business making”, and to be honest, all of those articles contain a secret or two of mine on being successful in business, so in this particular piece, I’d like to summarize some of the more valuable lessons and what has made me who I am over the years. I do hope that you enjoy reading this as much as I enjoyed writing it.

Keep things simple

If there is one truth about what works in this world is that the simplest of solutions are all you really need. A lot of times, I find myself looking at an opportunity and immediately start thinking of all sorts of “creative” ways of making money with it. Most of the time, it becomes an exercise in creativity rather than making a decent profit. In my article entitled, “Do Not Overcomplicate Your Business” I talk about this incident where a student from an Ivy League school was over complicating what should be a very simple and straightforward business — printing and selling of t-shirts. (Go to my blog at http://www.markso.wordpress.com and search the title if you have not yet read it) I mean, come on, how complicated can that be right? Well, as the story turns out, you’d be amazed at how our train of thought can be so devoid of common sense.

Find the customer first

When I first heard this line from a successful entrepreneur (a close and dear friend) a long time ago, I was blown away at the simplicity of the logic. This is really not a secret in business making, just find and talk to a successful businessperson, they will instantly validate it, and many a times, that is most probably how they started in business in the first place. So to explain further, I used to think like the throngs of would-be entrepreneurs when it came to starting a business, find capital, put up the business, then make money. The problem with that logic is that in order to be in business, you needed capital first and in many, many cases that was the whole problem, the reason why you want to start a business in the first place was because you did not have money to begin with, so I experimented with that line “Find the customer first”, tried this and tried that until finally I figured it out. I discuss this a little bit more in my article: “How to Make Extra Money with Zero Capital” (again go to my blog and search for it if you have not read it yet).

Learn how to sell

Business in its purest form is selling. So naturally, if you want to be in business, you need to learn how to sell. Now the problem with this for a lot of people is that the mere mention of the word “sell” sends shivers up and down their spines, “can’t do it”, “don’t want to”, “I don’t think I can” would probably be the three phrases that just popped in your head right now. But the truth is, anyone, given the right motivation can sell, in fact, the people who you think can’t sell are actually the ones who can outsell even the most gifted of sales men. In my article series “The Tale of Two Salesmen Parts 1, 2, and 3” I unravel the mysteries and debunk the myth that sales and selling are only for a select few. When you get to read those articles on my blog, you will soon realize that sales is not a position, it’s a way of life.

Manage your money

Now, the thing about selling is that if you do it very well, money comes in. And I used to think that the more money coming in, the richer I will be. Well, it is true, but unfortunately that’s only half right. What I experienced was that, the more money that I made, the lesser there was of it remaining because I spent most of it on useless stuff. It took my wife and a huge knock on the head for me to realize that no matter how much money you made, what mattered more was what you did with it. In other words, how you spend is much more important than what you make. This is another key to my business success. In my article series “Money Management Simplified Parts 1, 2, and 3” I discuss step by step how you can spend properly and of course manage your money. So if you haven’t done so yet, go to my blog now and search those articles.

Keep investing in yourself

I said this once, and I’ll say it a thousand times more. The real secret to becoming a success is to never be content to just stay where you are. You are a product of evolution, when times change, so must you, when times get tougher, so must you. In this world we live in, it is the strong that survive, and so the most basic and yet most potent advice I could ever give you my dear reader is to never stop investing in improving your self, expanding your knowledge, practicing until you understand, making mistakes and boo boos along the way are all the things that you need to do constantly to keep on growing and succeeding.

In the end, I hope that my business advices through my articles and my blog have helped you in some way, hope or form. If it has, do leave a comment on my blog on any or all of the articles that you read there. Good luck and God bless!

Author box:

Mark So is a fervent businessman, forex trader, marketer, sales consultant, and educator.  He is the Chairman and CEO of Businessmaker Academy—a business, finance and corporate training center.  He is also the Chief Forex Trainer of Forex Club Manila. Mr. So is slated to conduct his 7 Point Formula for Business Start Up and Expansion this November 13, 2010. If you are interested in attending this seminar, email Mark directly at markso@zerocapitalclub.com. To read more of Mark’s interesting and life enriching articles you can go to his blog at http://www.markso.wordpress.com

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FACT: “Everyone has problems. And almost everyone I know HATES having to deal with problems.”

This absolutely simple truth is the most basic formula for success in all of my businesses.

Because while everyone thinks of problems as unwanted nuisances that upset their well being and adds stress to their already stressful lives. I see profitable business opportunities just waiting to be started.

Let me ask you, my dear reader. If your problem was urgent enough, irritating enough, complicated enough, or time consuming enough, would you be willing to pay for your problem(s) to go away?

If you said yes, then someone in the world this very moment is already profiting from your problem(s) (It might even be me). Wouldn’t it be nicer if that someone who was profiting from your problem was you? In my article today, I’ll teach you how I do it in five very easy steps.

5 steps to make my problems produce profits for me

Step 1: I know that my problems, no matter how big or small are not unique to me, if I have these problems so does a whole bunch of other people. So let’s take this problem of mine as an example

“I need to eat healthy but I don’t know how to cook healthy food”

Now I’m willing to bet that this problem is shared by millions of people like me around the world.

Step 2: The next step of course would be to find a solution for it. And I’m not necessarily talking about having to invent a solution for it on my own unless of course I can or want to, I’m talking about finding a ready made existing solution to it — simply “google” it and chances are you will find  pretty good suggestions immediately.

So for the problem I wrote above I googled “I need to eat healthy but I don’t know how to cook healthy food” and what came up in the search was a Blog of someone giving me these suggestions:

  • If you are in a hurry and can’t cook, go to the grocery instead of the fast food and buy a rotisserie chicken its low in fat and tastes excellent. Just remember to remove the skin.
  • Buy pre-cut salad mixes from the vegetable section, break open a pack when you get home then toss with a light vinaigrette which can also be bought in the Grocery
  • Buy pre-seasoned lean meat in the meat department of the grocery and steam it when you get home.

And the suggestions go on and on.

Step 3: I will try and test the suggestions and see if it works for me. If it doesn’t then I go back to step 2 and find other suggestions or solutions then repeat until I find one that works. Now let’s say I like the suggestions already and it works absolutely fantastic for me. In other words, it solves my problem, AND there is a tangible result from this solution lets say I lost 20 pounds in a month and I completely stopped eating unhealthy fast food.

Step 4: This step is where I make a small business out of it by first creating a “product”. In this case my product will be my “Super healthy food system menu” — A menu of all the healthy food combinations I ate for one month that resulted in losing 20 pounds.

Then Once I complete my product which can be as simple as an Email, I create a super simple “offer” to people who have the same problem as me

The offer will look something like this:

“Do you need to eat healthy food but don’t know how to cook healthy food?

I had the same problem until I created and tested my super healthy food system that has absolutely no cooking time nor effort what so ever.

And these were my results:

  • I completely stopped eating unhealthy fast food
  • I lost 20 pounds in one month.
  • I can sleep better now.
  • I can move faster.
  • And best of all, I feel absolutely healthy!

It cost me a bit of money and a bit of time to experiment with different combinations but because I know it will help you, you can have my super healthy food system menu that you just have to follow at one super low price. And the best part is everything on the Menu is available at your local grocery store.

To get my super healthy menu for just P500 just email me at (email address) or call me at (Phone number) or visit my website at (website)”

Or something like that…

Step 5: This step is where I launch the small business. I send out this offer to the right target market or those who have the same problem that I have. Who are they? Well they are people who are just like me, busy people, mid thirties, doesn’t get much exercise because of too much work, etc. I know their profile because they are me, well not as handsome though ha ha, but you get the point.

So In my example above, the problem was a small one which really didn’t need me to spend anything outside of what I had to spend — I needed to spend on my food anyway during my “experimentation” phase and when it came to my “product” I can deliver it by email. Now if I apply the right marketing effort and know how, this “small problem” would easily produce me some very nice profits.

So I hope you’ve learned how I view problems in a different light. For most people, problems are stressful nuisances that they want to get rid of even if they need to pay someone to solve their problems for them. But for entrepreneurs like me, the very same problems given the right plan, exists to make me even more profits.

Want more of my Premium Articles like this one? Go to my blog at http://www.markso.wordpress.com now.

Author box:

Mark So is a fervent businessman, forex trader, marketer, sales consultant, and educator.  He is the Chairman and CEO of Businessmaker Academy—a business, finance and corporate training center.  He is also the Chief Forex Trainer of Forex Club Manila. Mr. So is slated to conduct his “7 Point Formula for Business Start up and Growth”  this September, 2010. If you are interested in attending this seminar, email Mark directly at markso@zerocapitalclub.com. or call (632)6874445 / 6873416 / 6874645 and look for Kenneth Dalen. To read more of Mark’s interesting and life enriching articles Mark is published twice a month at Manila Bulletin Classifieds Sections usually on Wednesdays and Sundays.

In my earlier years, I never really thought of myself as a manager of people, truth be told I never really understood how important managing people really was until I became an Entrepreneur. And even when I embraced entrepreneurship full time, I made many, many mistakes in this field which taught me huge lessons not just in business but in life over all.

You see, back in the day as an inexperienced Entrepreneur, I thought that people management was simple: “if you want your business to succeed, you must hire people who have the background to run your business for you.” Little did I know that those thoughts were the most devastating thoughts ever to cross my mind. Why? Because no matter how good the people you hire, or how much money you offer them, the truth is: No one can ever run your business better than you.

I learned the hard way that being a business owner did not mean that you hired people to think for you and run the day to day operations for you, it meant that you needed to first know what you really want your business to become, and to do that, you need to be Employee number 1. Because and remember Murphy’s Law: If something can go wrong, it usually will. And if you are not there to steer the business clear of problems, you should never expect Employee number 2, 3 or 4 to do it better than you.

The greatest mistake I made with my first business was to hire a General Manager and her managers (Employee number 2 and 3 and 4) to run the business. I was still working for a big multinational company back then and had the excuse of “I’m too busy to handle my own business”. So I relied on the salaries that I was paying my people to make them grow my business, solve problems and make me rich!

Of course, reality is never that easy. Because people that you pay but do not manage usually result in the people taking their salaries and end up making excuses for why things didn’t go as planned.

To read more about my problems on my first business and how I solved it, Click here to read: “Business and the start of a beautiful relationship parts 1 to 3”.

In hindsight, I realized that my biggest mistake was that I “abdicated” instead of “delegated”. Abdication is what happens when you are not there to guide people and as a result fail to fulfill your responsibility as the founder of the business. Delegation is when you slowly give some responsibility to the people you hire so that they can eventually do the work for you over time. Take note, the operative words here are “slowly” and “over time”.

So in my next business, I tried “delegating”. I was more hands on in the business. But there were still big glaring problems. The biggest problem of all was my attitude. I was either too nice, or too strict, or too tyrannical or all of the above. So as you can imagine, some of my people were complaining behind my back. I wasn’t consistent in my approach and my moods got the best of me, because and this is not an excuse: as an entrepreneur you are faced with an extreme amount of stress on a daily basis.

So how did I learn to manage my people better? Well, three things.

First I had to learn to be better than the normal guy. As an Entrepreneur, you will really face a lot of hard and stressful times but even during those times, I had to learn how to become more “presidential” which meant I needed to stop being dramatic, learn to act from my head and not from my heart. It wasn’t easy, but I (with my wife) realized that the solution to achieving this was to slowly and painstakingly build a system to address the needs of our people. This is where my wife, Jhoanna really excelled, she built our Human Resource System almost single handedly which did not just address concerns of our people but also replaced impulsiveness and drama with solid procedures for addressing our people’s problems.

Second, and simultaneously, I had to weed out the bad apples in the bunch. You see I believe that the business owner has to do his / her part in becoming better at managing people but the people themselves must be willing to be honed to become even better for the sake of the Business. Unfortunately there are those who just do not have the right attitude and the only answer is to remove them from the equation. Once I cleared the ranks, replacing them with “better” people was the next task, and to do this, we created a criteria for hiring people, and that criteria was the most important of all, it was to hire those that believed in what the business wanted to achieve. This unified belief is what bonded our people together to act as one with the owners themselves. Without this bond you can never really build a team with a common purpose.

Third, and finally, I realized that the first two things will not matter at all if I did not show them exactly what it was that the business wanted to achieve. So the last and final ingredient of how I learned how to manage people is to lead by example. I am Employee number 1 and as such I must show the rest of the team how to do it the first time, the second time, the third time, until they can do it on their own. Today, I can honestly say that I have come a long way when it comes to managing people. Today I can honestly say I together with my wife are better managers of people.

Author box:

Mark So is a fervent businessman, forex trader, marketer, sales consultant, and educator.  He is the Chairman and CEO of Businessmaker Academy—a business, finance and corporate training center.  He is also the Chief Forex Trainer of Forex Club Manila. Attend Businessmaker Academy’s Business Operations and People Management this August 7, 2010 at Businessmaker Academy. If you are interested in attending this seminar, email Mark directly at markso@zerocapitalclub.com or call 6874445 / 6873416 / 6874645 and look for Kenneth Dalen

My wife and I used to live in a condo unit when we were newly married. At first, the condo was pretty spacious and needed some furniture so we got a little bit of this, and a little bit of that, then gifts would come from friends and family on special occasions and over time the stuff we had would pile up. I remember one time feeling claustrophobic already, I literally couldn’t breathe anymore and no matter how many times we would donate, or purge we would feel that the condo was magically getting smaller and smaller.

Now this is not because we keep buying stuff, we actually live (then and now) a very simple life. We do not buy anything we do not need and we donate and “purge” regularly, the fact is everyone will eventually have more “stuff” over time. This is what I call “the power of accumulation” and what I wanted to share with you today is how I use this power in businesses. And how you too can build something small first then slowly, over time, accumulate not just “stuff” but wealth.

Before I start, I’m sure you are thinking right now: “I can’t start a business yet, I don’t know anything about businesses”. So I want to let you know one powerful truth:

“Everyone starts at ZERO.”

Every successful business owner starts by not knowing much about business. Sure, some of them might have studied about starting a business whether in college, grad school, books and even through seminars. And I wholeheartedly believe in education, but let me tell you another powerful truth:

“Experience is the best teacher of all”.

Let me explain further. If I were to tell a 5 year old child to stay away from the stove because he/she might get burned, then show the child pictures of what a burn looks like and tell her that it is very, very painful then the child has been educated on how not to get burned right?

Now, the child will listen to you…for a while that is.  But when you are not looking and the stove is on, chances are, the child will still go near the stove and accidentally burn her hand anyway. Because the child needs to fulfill her curiosity on what the word “burn” is and understand what you meant about how painful it can really be. Now, the moment she gets hurt and realizes that she never wants to get burned again, she has gained experience.

Likewise, the best way to learn about business is to experience doing business and find out first hand what it is like to go through the pains and gains of being in business.

So are you ready to gain experience and accumulate businesses? Alright then here’s the simple formula / plan that you must start doing now to start accumulating wealth through businesses: “S+R+A” = Power of Accumulation

S = “Start small”

There are many ways to start a business, but my method is the one that you can do right now. First off, know that no one can ever be sure if a business will succeed or not. So, common sense would dictate that you start small. If you have a small business already, good! If you don’t, then start one now by starting a sideline or racket. If you need some suggestions on creating a business without adding any costs, go to my blog at http://www.markso.wordpress.com and search this phrase: “Money Management Simplified Part 3”. In that article are two incredibly simple ways to start a small sideline business with Zero Costs. I would also suggest that you read the whole series (parts 1 to 3) to learn how to manage your money for businesses.

As my readers already know, when I start businesses I start them with Zero costs, to me that is the ultimate way of starting small.

R = “Remain Small”

When I start a small business, and it becomes a success, I do not hire a lot of people, I keep it small and manageable. But I do something “special” inside the business to make it even more profitable. I call it “Multiple Streaming”. It’s a technique that I teach in my 7 point formula seminar. What Multiple Streaming does is that it takes an ordinary sideline or racket and it “doubles” the income streams of that business every year. Now, if I increase my income stream per business and keep my staff small and manageable, the business becomes a lot more profitable even without becoming too big. Why do I like keeping my businesses small? Well, lots of reasons but the most important reason is that small businesses can move a lot faster than bigger businesses and the relationship between the customers, the staff and me are more direct and personal, no red tape.

A = “Accumulate”

Now, once my small business’ income stream stabilizes. I do it all over again with the same process, I start another small business, then I “Multiple Stream it” until profitable, then add another when ready. I simply keep adding small, profitable businesses over time that accumulate into true wealth. Imagine money coming in from multiple sources — when you wake up, when you are asleep, when you are eating, when you are on vacation. It’s an incredible feeling I assure you.

“The Power of Accumulation”

So going back to the introduction of this article when my wife and I started out in a small condominium, the fact is, you will always accumulate more “stuff” no matter what. So I learned to apply this incredible power into businesses and instead of the awful feeling of Claustrophobia, I achieve something else- “freedom from financial worry”. So now, you too can accumulate more wealth by just following the simple plan that I just outlined for you and of course gaining as much experience in the process. All the best! Good luck and God bless!

Author box:

Mark So is a fervent businessman, forex trader, marketer, sales consultant, and educator.  He is the Chairman and CEO of Businessmaker Academy—a business, finance and corporate training center.  He is also the Chief Forex Trainer of Forex Club Manila. Mr. So is slated to conduct his “7 Point Formula Seminar” this July 31, 2010. If you are interested in attending this seminar, email Mark directly at markso@zerocapitalclub.com. To read more of Mark’s interesting and life enriching articles you can go to his blog at http://www.markso.wordpress.com

So in this concluding article I will explain that being a great sales person is NOT just about developing a skill or transforming yourself from Yin to Yang or Yang to Yin. Instead, evolving as a salesperson is simpler than you think.

Money Money Money

Money Money Money

In my Sales and Marketing Seminars I ask my students what their motivation for selling is. Can you guess what their three main answers are? Correct:

1.) Money

2.) Recognition, and

3.) More Money.

To which I reply, “That’s very honest of all of you, but you see Money and Recognition can be achieved through some other means, you don’t need to engage in selling to achieve those. You can inherit wealth for Money, or you can learn to Invest and grow your money, or you can invent a new gadget or write an article for a newspaper for recognition, in other words what you mentioned were indeed motivations, but not really motivations to make you sell better.” Does that make sense? the crowd nods in agreement. So I continue, “You see the best sales people in the world, whether Yin or Yang are motivated by only two things when they start selling. these two things are what I call the 2 core sales motivations that you must develop to be better at selling. These are:

CORE MOTIVATION # 1.) Great Sales People are Excited and motivated by the product itself; And

CORE MOTIVATION #2.) Great Sales People absolutely CARE about the people that they sell to, their customers.”

Ok, so let’s talk about these 2 core sales motivations a little more shall we? In the world of selling, there is a simple but often forgotten rule which is:

“You Can’t Sell Properly What You Don’t Believe In”

If you remember, my wife, Jhoanna is as I mentioned a Super Yin, she absolutely gets freaked out when she needs to do the selling herself, but not when it comes to our seminars and our real estate properties.

Jhoanna absolutely believes in practical education, she has read “self-help” and “How to” books all her life and has become a maven of information, the Seminars we hold at Businessmaker Academy is the product of her beliefs (and mine of course), which she is very proud of and will be willing to sell to anyone who inquires about it. When she is in the office and answers a phone call inquiring about any one of our seminars, her face lights up and she can sell very naturally and easily. (She closes 99% of them literally) The same goes for Real Estate, yes she loves real estate, in fact ever since she was 7 years old, she would regularly encircle with a red marker the properties for rent or sale in the classifieds section of the Manila Bulletin and ask her parents to call and inquire how much it was. She would even insist on going with her family every Sunday to see some of the properties they owned at that time. She was and still is obsessed with Real Estate, so when one of our condominium units was turned over to us, she was able to rent it out on the first day we opened the door (I am not exaggerating). This is the power of believing in your product.

How about you? Are you motivated by the product you are selling? If you never saw it that way, here’s a simple exercise that you can do right now. Get a piece of paper and write on the top part: “I LOVE my product because…” then create a list, make the list as long as possible. Once you finish, I want you to read that list every morning before you start your selling day, do it everyday until you memorize it. The moment you see your product in a different light, the moment you start loving your product, you will immediately see your sales increase.

Ok, you are half-way there, now lets talk about the other core motivation of selling, which I believe to be a crucial ingredient in the sales process:

“You Should Not Sell If You Do Not Care For The People You Sell To”

Notice that I said “should not”, and not “cannot” because you can sell to people you don’t care about, but they (the customers) will know that you are not selling for their benefit but for yours only. And this is the other “Must have” ingredient when it comes to selling very well. You must “Love” your customers for you to be able to gain their trust and their loyalty. It is easy to fake sincerity, but if you do, your customers will know. And without sincerity there can never be trust. If the customer trusts you, the customer will buy from you, if the customer doesn’t trust you, they may buy from you once but maybe never again. It’s really that simple. So when you sell, be sincere, do not say what you think the customer wants to hear, instead, say the things that are true no matter if it may hurt the sale.

I honestly can tell you that I care for my customers, I sincerely do and they know it. But it is not just about what I say, it is about what I do that make my customers understand that I and my businesses are here for them. In my seminars I tell my students that I am sincerely excited to be here today to teach them, and indeed I am excited and thrilled, I always am because at the end of the day I love the feeling of being able to help, inspire, and provide a means for a better life for all of them. After my seminars, they would walk up to me and say “thank you” and the next time they would come over, I would shake their hands and ask about their family or how their start-up business is doing, I would mention the details of our meeting several weeks ago and they get surprised that I even remembered. These small things, these sincere things that I do over time show my customers that I care.

But I go several steps further, I don’t just sell to my customers, I build businesses around them to provide them what they need. And my customers would gladly buy from me, almost any product that I offer them because number 1.) I believe and trust in the product that I’m selling and 2.) All my long time customers know, I am selling something that I know that would be for their best interest.

Would you like to become more sincere? Here’s another exercise that will help with that. I want you to go and get a picture of a person that you would never ever lie to. Someone that you respect too much to just “sell to” It could be anyone. Go ahead and get that picture now. Got it? Great, now I want you to tell that picture why you would never want to lie to him/her. Go ahead, “I won’t lie to you because…” Done? Great, how did it feel? Feels honest right? Did you feel a bit liberated? You see, this exercise is meant to make you understand that customers are not just “people”. Customers can be your Mom, your wife, your Husband, your teacher, anyone that you care for and respect a whole lot. In that frame of mind, would you agree that you will only “sell” them something that will benefit them? Yes? Great, you are on your way to becoming a better sales person.

So in my examples and exercises above, Jhoanna and I, together with our growing businesses continue to strive to be better sales people using these two core motivations, 2 very simple truths in selling. I truly and sincerely hope it will help you too in your quest to be even better as a sales person now and in the future. Good Luck and God Bless!

Author box:

Mark So is a fervent businessman, forex trader, marketer, sales consultant, and educator.  He is the Chairman and CEO of Businessmaker Academy—a business, finance and corporate training center.  He is also the Chief Forex Trainer of Forex Club Manila. Mr. So is slated to conduct his Proactive Sales and Marketing Course this July 10, 2010. If you are interested in attending this seminar, email Mark directly at markso@zerocapitalclub.com. To read more of Mark’s interesting and life enriching articles you can go to his blog at http://www.markso.wordpress.com