Have you ever wanted money to come in automatically. Oh you know it does for people with fortunes saved because they can live off the interest but it seems impossible for the everyday small business owner who has most if not all of their money tied up in their business.
If this is you there is a way to make this happen and it is very different from what you have learned in the past.
From an engineering standpoint it is impossible to create a perpetual machine. A perpetual machine is something you create that once you start it the machine keeps running. Einstein’s theory of relativity states that matter can’t be created or destroyed it can only be transferred. While that may be true of matter and energy it is not true of money.
Money is simply a tool and tools are created every single day. They are created by using other materials readily available and transferring them into something more valuable than they were before.
In 1996 Wade Cook authored a book called The Wall Street Money Machine where explained in depth how to purchase stocks and then sell options on the stocks you owned referred to covered calls and covered puts. I’m not going to go into the book, or Wade Cook but what I would like to show you is how to turn your small business into a money machine.
For most small business owners they don’t think of their business as a source of wealth. They think of it as their source of income or eventual source of income but they do not look at it as a source of wealth. In order for it to be a source of wealth there has to be enough sales and profit to exceed the needs of the business and the needs of its owners. Once your business does this you have a money machine.
In 2002 I became the largest worldwide distributor of a surge protection product that we were selling. This event would change my life forever. Their company president called me and asked if I would like to take over worldwide distribution. Building a sales force is one thing but setting up distribution was a completely different animal and frankly, all I knew how to do at the time was to sell products to end users and teach others to do the same.
But as Richard Branson has been quoted as saying, “If someone offers you an amazing opportunity but you are not sure you can do it, say yes and learn how to do it later.” So that’s what I did, I said yes and then I went to work figuring out what to do.
Setting up distributors was hard because I knew they needed to have sufficient inventory to supply their customers. The manufacturer turn around to produce products in quantity was 8 to 12 weeks and that is absolute death in most sales environments because sales people want their money today. I knew I needed the distributors to start with a minimum of $25,000 of inventory, and this was an absolute minimum. If they wanted a large territory they needed at least $100,000 in inventory to start out. The next question was how on earth was I going to get people to cut me a check for $25,000 – $100,000 to sell our products?
Then it hit me, I would show them how do the same thing I had been doing very successfully for the past 4 years, build a sales force and sell the products to end users. I became very good at this and we grew over 100% per year or more from 2002 through 2010. Eight straight years of triple digit growth.
So what does this have to do with you turning your business into a money machine? Good question. You are in business and you want to grow. You are probably very qualified to do whatever it is you do (if you are not you need to fix that right away). The only problem is that not enough of your ideal prospects know about you.
I’ve heard from entrepreneurs who are livid because a good friend purchased the very same product from another company because they weren’t confident that their friend was really the expert in the industry. The only reason this happens is because you don’t know how to convey your message in a way that makes your prospects know that you are an expert. If your friends are buying from your competitors that’s your fault. But think of all of the other people who aren’t your friends who are buying from your competitors.
Turning your business into a money machine takes several things but it always includes the following 3 ingredients.
- Your ideal prospect must know who you are.
- They must believe that you are an expert in the industry.
- They must believe that you will give them more value than the value of the money it costs to buy from you.
That’s the 3 ingredients. You’re probably saying, but Dave, I have a website and I hand out brochures all the time. Brochures don’t work because they talk about all of the technobabble that no one understands and 97% of websites do the same. If you want to reach your prospects you have to figure out how your product or service will make the life of your prospect better or will solve their problem. If they believe that then there is only one thing left to do and it’s to knock out the last Jenga piece and they will buy. The last Jenga pieces is the one big objection they have left before they purchase. I don’t know your business, but you do.
Ask yourself what are all of the possible objections someone might have that would keep them from buying my products? These are often referred to as false belief patterns. Write down all of them you can come up with. Ask 5 of your friends to tell you what theirs would be. They will probably be different from yours. Then figure out the number one objection that if you can overcome, you take out the last Jenga piece and their objections all come crashing down and they buy from you.
For instance, I sold super high quality surge protection products and I was based in the lightning capital of the world, Florida. Our products were not the plug in type ours mount on your electric panels and protect everything. We sold to commercial and industrial customer because that is where the money was. The problem was up until now, none of the products worked. So the false belief was, surge protection didn’t work. I knew if I could knock down this one false belief a sale would be made. So I had to figure out how to do that. I found a company called Keytec, now Thermo Fisher Scientific. They had a surge generating machine that could generate 6000 volt, 3000 amp surges very 12 seconds. This is equivalent to a small lighting strike. Super powerful! If I attached the machine to your electric panel in your house every piece of electronic equipment that was plugged in would be fried in under a second.
So I purchased this machine for $59,000 which was a ton of money. I built and electric panel with our surge protector on it and attached a 100 watt incandescent light bulb to the electric panel. I used an incandescent light bulb because they are the most sensitive things to plug in. Everyone has turned on a light switch and had a light bulb blow. Then I generated surges into the panel, 1 surge every 12 seconds for 48 straight hours. I recorder everything on video. By that way, that is 14,400 category 1 lightning strikes into an electric panel over a 2 day period. At the end of 48 hours the light bulb was still shining bright. Then we turned off the surge protector and boom. The light bulb blew to pieces. Here’s the 1 ½ minute video.
This was the last Jenga piece that knocked down all of the others. Once people knew our surge protection worked and more importantly could protect their equipment they wanted to buy. All we had to do was find businesses that had problems with surges which was so easy to do once I built the right marketing platform. I had a money machine that lasted for many years.
What is your last Jenga piece? Figure this out and how to knock down your prospects largest objection and they will buy.
Do you want help figuring this out? I help clients to get more customers at a $0 customer acquisition cost. When you learn how to spend money on marketing and 100% or more of it comes back to you, you have a money machine.
What would that do for your business? I know what it did for mine.
Schedule a 15 minute call with me and we can discuss it. You can do that by clicking here.
Remember, you are only one customer away.
To your lifelong prosperity,
David Mulvaney