Why a Bad Economy is a Great Time To Make Money

A Bad Economy is one of the best times to start your new business! Just turn on the TV, sit back and watch as the media takes delight in spinning up and negativity twisting every piece of business news into more financial doom and gloom. This makes people financially paranoid and they begin to expect the worst as the norm.

On the bad side: This turns people into fearful victims running scared with every new piece of news they read or hear and causes everyone to start watching their expenses very closely.

On the Good Side: It also makes people evaluate their spending habits and stop spending where they see little value.

The result is that businesses that provide genuine value can actually do better during bad economic times. This is because people will increase their use of businesses that provide value and will avoid businesses that don’t do this well. This will cause these bad businesses to fail and thus open the door for your new value providing business.

The way to make money in bad economic times:

Just create and deliver value.

Don’t only focus on making money, but instead focus on creating and delivering value. If you provide good content that people can use, you will do well.

A Web site called, SeatGuru.com was started by a man who was flying frequently for business. As he flew he started observing the leg room and seat clearance that he had on the various planes and took notes so he could get a better seat on his next trip. His site is great because he keeps adding more and more value by adding new information about each model of airplane. He has added such things as how many bathrooms it has, where they are located, whether they serve any food or drinks and your choice options.  

Creating value means that you use your unique abilities in a way that benefits your customers.

Delivering value means ensuring that your customers actually receive the benefits from the value you’ve created.

Whatever you do, value delivery needs to be your primary focus for income generation. If you become skilled at creating and delivering value, you will go far with your endeavor and enjoy the fruits of your labor.

The simplest way to know if you are doing it right or wrong is to observe whether requests for your content or product go up or down. If they go down, you are doing it wrong! If they go up, stick with it! It’s really just that simple.  

You need to look at money for what it is. Money is the unit we use to exchange one value for another value. Money is what you receive in exchange for the value you create and deliver. If you can increase the amount of value you provide you should see an increase in the amount of “Money” or value you get back in return.

If you try to only increase your income “Money” without increasing the value delivered, you will fail. That is because people will know when they are getting ripped off and will avoid your business.

Just look at all those so called “Great buys” that are offered on TV that never work when you get them home! These are one time wonders and you surely don’t want to be one of them! You want to grow your business to be prosperous for years to come!

Another way your income can increase is as you become better at creating value, other people who are also creating value in their businesses will notice you and want to partnership in ventures with you. This allows your brand to be promoted not only by your business, but by the other business as well. This will increase your income streams exponentially.

As you review potential business opportunities that you are considering getting involved in, make sure the one that you decide on is based on creating and delivering value. If what you are thinking of doing seems like a good opportunity and it doesn’t require you to create and deliver value then it is not a beneficial opportunity to you or your customer and it is doomed to fail before you even set it up!

It has been my experience that creating and delivering value is much easier than working at a job for someone else!

 Why?

Because with a job you still have to provide some form of value to your employer but all of the residual benefits you produce turn into residual income for them.

So why not enjoy those benefits for yourself?

As you work creating and delivering value, you get to spend your time doing things you enjoy doing. You get to choose for yourself what you spend your time on. It becomes fun to spend your time doing something that is enjoyable to you, something you are passionate about.

 Whatever you do in your work life it is much harder to do work that is not interesting to you on a daily basis. It’s very rewarding to be engaged in work that can be valued by yourself and others.

So make sure that the business you pick to become involved in is one you will enjoy doing for many years to come! It helps if it’s already a hobby or an interest; we tend to sabotage ourselves if we have to force ourselves to do it. Just think of your last diet, how did that work out? If you are like me, all diets should start with the word “Yoyo” on there label.

As you get better at creating and delivering value these actions will become second nature to you and soon you will be attracting money that seems to flow in naturally with little effort. It won’t even feel like hard work. Now won’t that be great!

Remember to look within yourself and produce genuine and truly creative material and you will go far! 

Be aware that you will be challenged by the press, by your family, by friends and everyone else who are stuck on the “Bad Economy Blues Mantra”. They will tell you that it is the wrong time to be starting a new business. But if you deliver fair and good value, your business will grow! If you listen to them it will never be the right time and you will always be able to find reasons for not starting your new gratifying life’s work. 

I wish you success!

Mark

When Does What I Want Go On Sale?

A Month by Month list to when things go on sale. Since it's a New Year why not start it off right when making your purchases this year for your Business or personal use?

It may not always seem like it, but there is a rhythm to when things go on Sale! Each item has its time of year when it is at its lowest price and savvy shoppers can earn big profits in money saved or not spent by knowing when to buy and when to wait.

Jannuary:
After Christmas Sales
Appliances
Baby Buggies
Books
Carpet & Rugs
China & Glassware
Jewelry
Furniture
Lingerie
Men's coats
Purses
Pre-inventory sales
Shoes
Toys
White sales (Sheets, Towels, etc.)

February:
Air Conditioners
Art Supplies
Bedding
China & Glassware (Again)
Curtains
Furniture (Again)
Housewares
Lamps
Men's Apparel
Silverware
Sportswear and Equipment
Windows
 Toys
 Used Cars

 March:
 Boys and girls shoes
 Garden supplies
 Housewares
 Ice skates
 Infants clothing
 Luggage
 Ski equipment
 Washer and dryer

April:
Lingerie
Paints & Painting Supplies
Woman shoes

May:  
Handbags
House coats
Linens
Jewelry
Luggage
Mother's Day specials
Outdoor furniture
Rugs
Shoes
Sportswear
Tires and auto accessories
TVs

June:
Betting
Boys clothing
Father's Day specials
Flooring
Lingerie sleepwear and hosiery
Men's clothing
Woman shoes

 July:
Air-conditioners and other appliances
Bathing suits
Children's clothes
Electronic equipment
Fuel
Furniture
Lingerie in sleepwear
Luggage
Men shirts
Men shoes
Purses
Rugs
Sportswear
Summer clothes
Summer sports equipment

August:
Back-to-school specials
Bathing suits
Carpeting
Cosmetics
Curtains and drapes
Electric fans and air-conditioners
Furniture
Men's coats
Tires
White goods
Women's coats

September:
Bicycles
Cars (Last year's models)
China and glassware
Garden equipment
Hardware
Lamps
Paint

October:
Cars (Last year's models)
China and glassware
Fishing equipment
Furniture
Lingerie and hosiery
Major appliances
School supplies
Storewide clearances
Women's coats

November:
Blankets and quilts
Boys suits and coats
Cars  (used)
Lingerie
Major appliances
Men's suits and coats
Shoes
White goods
Winter clothing

December:
Before and after Christmas cards gifts and toys sales
Blankets and quilts
Cars (used)
Children's clothes
Christmas promotions
Coats and hats
Men's furnishings
Shoes

So now you are ready to find some deals at the right time for the right price!


Mark

Are Personal Credit Card Readers for You?

Are Personal Credit Card Readers for you? We now have the ability to use Personal Credit Card Readers. These readers such as the "Square" or the PayPal version can be attached to almost any electronic device from our ipads to our Smart phones. These devices give great flexibility. But, we should be asking ourselves if we have a use or need for this in our own lives. You should want to know what the costs to use this new technology is and whether you will have enough use for this device to warrant its added cost to receive money from other people.


The Square Credit Card Reader
 

If you have a business you can sign up online and the Square is free. If you have already purchased  a Square reader the company will refund your money to your business. Why? Because Square is the brainchild of Twitter creator Jack Dorsey who very much wants you to use it. Because every time you run a payment using the Square he gets 2.75%. So now when you are running some one's credit card you may want to add that 2.75% to the sale price. This device is known as Square Register. The company says you will have your money on the next business day.

In the past, it use to be very prohibitive for individuals and small businesses to use a credit card reader to receive payments. But now, you can get this small reader which is about the size of a man's thumb and connect it into the headphone jack of your Smart phone or ipad. All you need is a Web Site and a bank account, there is not even any requirement for you to have a business or a business account and it comes with the App. These readers were only available at Target, Radio Shack, Best Buy, and Apple stores just a short time ago, but now they are available at Walmart for just $9.99. This pretty much puts them into almost every one's hands. The reader accepts payments with Visa, MasterCard, American Express and Discover cards. Square also has an App. to allow you to Make payments to others as well. Square calls this App. Square Wallet.

PayPal Credit Card Reader

PayPal not to be left out, started their own Card reader. It basically works the same way except, it only charges a user fee of 2.70% in order to get your business. Also, you are able to use it through PayPal. If you have a PayPal Merchant Credit card you can withdraw funds on the spot with your PayPal merchant debit card. It also has the added benefit of 1% cash back on eligible purchases made with your card.

If your business has multiple locations or you want to let your employees accept payments in the field or you want to offer additional in-store checkout locations for your customers, you can, by adding the Multiple PayPal Here^tm card reader App. to your account and letting your employees collect payments on your behalf using numerous card readers.

Need, Cost and Use

It's Your Money, so make wise choices!

Mark

The Truth About Working for Yourself

The truth about working for yourself. Did you know that Self-employed people really do NOT have to work long hours.

Well this is an individual’s free choice whereas some people enjoy their work so much that they want to put in long hours. But, when you are self employed you have the control. So, you and only you decide your hours. This will however depend on the type of business you engage in.

If you conduct Professional or Personal Service type business such as: Lawyer, Accountant or Dog Groomer you will only be generating income while you are doing the service, when you are someplace else or at home you are receiving no income.

But, if you have an automated business such as an Internet business, Vending Machines or Commercial Property you can be generating income 24/7 without having to be there.

The type of business that you choose is up to you, so if you don’t like working long hours, you certainly don’t have to.

You can also run multiple businesses at the same time.  This might sound too complicated, but once you’ve been running a business for a while it’s not that hard to repeat the process and start another one.  This should be fun if you are enjoying yourself.

 

Self-employment is less risky than getting a job:

Self employment gives you safety nets that you will never have with a job!

You have control over your income because if you want more money you can just raise your prices.

No one else can fire you or lay you off as you will have many sources of income, especially if you create several ways to market or even grow other businesses off your original one.

If you need to make extra cash quickly, that’s very tough to do as an employee.  But as an owner who controls all the business assets, you have the ability to rechannel resources to increase income in a pinch.  Having control makes a huge difference.

Employees take the biggest risk of all.  You learn how risky it is when you unexpectedly hear the words…“we’re letting you go”…while the owners enjoy the spoils of record profits.

 

Being Self-employed you will have more than one source of income:

As an employee it only takes two simple words from your boss and guess what they are? “You’re fired!” Suddenly you have no income!

As a self employed person you will have many customers or sources of income, so if one dries up there are many more to cover the loss.

You don’t lose all of your income at once the way you could as an employee. This is especially true if you have more than one business, known as “Multiple Streams of Income”. This could be several online businesses or a service type business plus an automated one.

So, self-employed people enjoy much greater flexibility and elasticity on pay sources than their employee counterparts!  

  

Being Self-employed is less Stressful:

Again, this all comes back to control. People feel way less pressure and stress if they have control over their time and their life. When you are self-employed you have the freedom to say when you are or are not going to do something.

As an employee you are told what you can and can’t do by being told: What you can wear (a Dress Code)…Items you can have on your desk…When you must come to work…How long your break is and sometimes even Who you can or can’t talk to.

Then there is the work itself. Is it over demanding? Is it something you are interested in doing? Do you have any say or control on your assignments or your work expectations?

On the other hand, when you are self-employed you control everything! Hey…you’re the Boss!

So it’s up to you to decide how relaxing your place of work is: You decide your hours and if you need to take some time off to relax, you can do so. 

No one can force you to do anything you don’t want to do!

 

Being self-employed does not mean you have to be socially isolated:

As an employee you are usually discouraged from socializing with other people during your work day and often you can be fired for this.

As a self-employed person not only can you socialize when and how you desire but, this may even offer increased income for your business.

I have made some of my greatest business advancements through that chance meeting with the right person at a place I did not even plan to be!

 

Self-employed people do not have to do everything themselves:

Just because you’re self-employed does not mean that you must do everything yourself!

If you are conducting an Internet type business you have multiple automated options that you can and should be using.

If you are doing any non-internet type of business, you should be using a service for help with your daily mundane management tasks, so you can concentrate on the technical or artistic part of the business. This should be your goal. Hey, that’s why you are working for yourself, to be able to do what you love and have control over it.

Self-employed people may be responsible for making sure everything gets done, but it’s usually foolish for them to do everything themselves.  That would be way too much work.

 

Self-employment does not have to be complicated:

It does take awhile to learn the basics, but most of it isn’t particularly difficult.

Don’t let the initial learning curve get you down.  You only need to learn this info once… and only for your first business.  If you start a second business later, you’ll be up and running much more quickly.

If you set things up right, the ongoing maintenance of a business doesn’t have to be a nightmare.

 

You do not need lots of money to start a new business:

It depends on the type of business you are starting. But, you can start an online business for less than $20 and about $100 in annual costs. That includes getting your Domain name registered and getting your internet Hosting set up. You don’t need to pour your life savings into your first business and technology can do most of the work for you.

 

Try it, you will like it!

Most people who I’ve met say that becoming self-employed was the smartest thing that they ever did and wondered why they did not pursue it sooner. I’ve even heard this from friends who have had business failures the first time around. Self employment offers tremendous “Personal Growth” opportunities that you can’t get from just being an employee.

 

Mark

Changing Self-Limiting Financial Beliefs

 How you can change self-limiting financial beliefs. People in general will form their “Mind-set” on financial beliefs by the way their parents, guardians, school, neighborhood that they grew up in, the culture that they are surrounded by and their religious affiliations and upbringing. All of these will make a difference in how they feel about money.

Many people seem to have an aversion to wealth as if wealth itself were bad. If this were the case there would be No United States of America because the Founding Fathers had money and power and were able to use their money and influence to build this great nation that we enjoy today. The other part of this point is without someone having money, how would inventions go from the drawing board to usable products? Who would build the cars that we drive, the cell phones that we make our calls on or hundreds of creations all around us?

We usually form our beliefs in childhood and they become so much a part of our consciousness that we never stop to think if they are interfering with our financial growth.

I don’t know about you, but this scares the heck out of me! So, I have started to teach this idea  about money and how to utilize money to produce Residual Income. To help with this, I give this scenario. Buy a Gum Ball Machine and have your child price out the Gum Balls so that they  get a profit from each Gum Ball when sold. Have everyone in the house buy them. After all of the Gum Balls are sold, add it up, subtract the cost to buy more Gum Balls and save the profit. Then inform the child that this is not just Residual Income but Leverage as well. Where unlike other adventures, such as a Lemonade Stand; The child did not have to be present while They were making money! 

A job has its value in what it does; it brings in income and gives you the seeds for future ventures. The problem arises when we stop at the job part and close our eyes to anything else that we could pursue to increase our wealth. What many people think of as investing is often handing our money over to brokers who very frequently have little financial training and usually don’t even own the products that they are selling. When we put our money into stocks we are engaging in Passive Investing. We are letting someone else, who quit frankly could care less about us use our money. Why not create something where you control the price and therefore the profits you make. This is known as Active Investing and this is a lot less risky than betting that a stock will go up. You have no way to control if that stock goes up or down, you are just in it for the ride. 

Because of negative beliefs that we carry about gaining wealth we often pass by opportunities that come our way because we either fail to notice them or program ourselves to ignore them.

 Our schools have trained us to be worker ants. We fall in line to be Doers for our income instead of Creators of our income.

When you work at a job where you receive a fixed income for a fixed amount of time it is Linear Income. This is a good base but it will never allow for real growth of your income because you must be physically present during every increment of the money making process.

When you create something once or do it seldom and you receive income from it over and over again this is Residual Income. It is also known as leveraging yourself. This allows you to multiply yourself or be in more than one place at a time. An example of this that I like to use is Vending Machines. You fill them up and they will continue to earn you money no matter where you are. But more importantly, you control how much you earn by the pricing you set for each item. Good luck doing that at your job. 

Try this Exercise:

Go to a quite place and write down your beliefs on wealth and money.

How much money do you believe needs to be coming in to be considered wealthy?   

Does your belief about money require you to work hard or work smart?

What do you consider work?

 Are you a Doer or a creator?

How do you feel about creating something new or original that will benefit you financially?

What beliefs have you gained from the authority figures in your life (Parents, guardians, School Religion and Culture)?

How have these effected your money decisions?

Have these beliefs helped or hurt your financial outcome?

 

Now take these answers and examine them to determine which of these beliefs are helping which are interfering with your growth and achievement of your greater financial success. “Reflect on how this wealth will improve your family and your community.” Keep this thought in your mind as you look for and engage in ventures that you did not notice before.

You will be amazed at how changing your thoughts will open up opportunities that are right in front of you waiting to be discovered and acted on.

Your next step should be to go online and to your local library and read and learn everything you can about Money, Income and Finance. Educate yourself then “open up your mind” look around and ask yourself. What can I Create that other people would pay to have that would bring me income many times over and over again without me having to be there all the time in order for it to function?

There are many opportunities out there where you could be using your money to make Residual Income and leverage yourself.

Some examples are: starting an Internet Business – (selling products or your knowledge online), pooling your money with others in a Venture Capital Group to buy commercial entities, buying Vending Machines and adding more as you go, buying Commercial Real Estate or joining with others to buy. These are just a few examples. Everyone will have different answers and see their own unique opportunities.

If you change your beliefs and open your mind to growing your wealth you will be surprised at what you will discover and you will be able to create what people need and design it so it keeps paying you without you having to be there yourself.

Only you will be able to see these opportunities. But to do this you must have a positive view on making money and growing and achieving wealth.

I wish you much success and happiness in your new found acceptance of wealth!

Mark