How to own a profitable business?

Owning A Profitable Business

You may be a building your business for a while or would have just started. The whole
purpose of doing business is to earn profits, to run a successful profitable business. By doing
some simple things you can have a huge profitable business. These don’t even require
any skill; it’s just a matter of a decision. We will talk about volume and profitability, after all that is all a
business is all about, even in a traditional business.

To start your business you need to identify your dreams and goals. You need to have clear goals as they are the reasons why you are building your business. Write them down and share them with your coach/mentor. This will
allow you to achieve them quicker. Your coach/mentor will help you map out your road map to
your dreams and goals.

“ When your goals are bigger than the obstacles there is nothing that can stop you“

You will have mentors to guide you but its you; you are the key to your business. If you
cant find your goals in life, just ask your self  “When you lay on your death bed, will you regret the things you did not get to do or accomplish?

4 THINGS THAT MAKES ANY BUSINESS SUCCESSFUL

    • Have to get trained in all aspects of the business (Many good doctors fail to have
      a profitable practice, they are trained to be good doctors but not a businessmen)
    • Have to have council and advisor. (That’s why every company has Board of
      Directors.)
    • Get and keep customers and IBOs/distributors.
    • If you don’t have customers, you don’t have a business.

 

“If you don’t have volume, you don’t have a business”

Bonuses are paid on points you earn when you or someone in your network buys a product.

So, the more points you make, more the bonus you earn, more the income, the closer you
get to your goals.

 

CHANGE IN MENTALITY

As a buisness owner you need to change your consumer mentality into a business owner mentality.

Consumer:   How much discount will I get?
Business owner: What’s my profit margin?

Consumer: How much can I save?
Business owner: How much can I make?

Consumer: What is the price?
Business owner: What is my investment?

Many people think and will fail in business because they think that in order for them to succeed and compete in the marketplace their product prices have got to be the cheapest.

WRONG !   With that attitude you will never have a profitable business.

There is a large market for BMWs, Mercedes, and all the high end products. Just because they are
premium priced the company does not go bankrupt. They attract customers who love quality, service and value.

You can get a gallon of milk cheaper anywhere than at a 7 eleven,  but people still buy milk from 7 eleven. Because of its convenience. The market is driven by convenience. Internet is predominantly driven by convenience, that’s why people shop on
the internet. People shop where they get great service, quality and convenience. Our business gives all
that, which is why our business model delivers value.

As a business owner you must shop from your own business..

“If you want to fail in business, shop from a competitor”

If you are advertising and promoting a particular product and the client sees you buying
the same product (you were trying to sell) in a mall or shop, needless to say you
lost the customer for good. For example: If you had a Shell gas station, and you got gas for your car from an Exxon,..
Your customers will think – either you’re an idiot or Shell gas is inferior.

By using your products you will not only gain credibility but also acquire product knowledge. Having
product knowledge will in turn also increase credibility when you are promoting the
product hence increasing your profit. If you are on a short on your budget, learn how to
shop in exclusives. I won’t go in detail, but if you are new ask your upline for their help.

CONSEQUENCES OF NOT THINKING LIKE A BUSINESS OWNER

I will take an example of Jack n Jill, new IBOs. Jack has started showing the plan and
registering new IBOs in their group. Jill is also placing her orders, and changing her
buying habits slowly. Jill is looking for a DVD player on her shopping portal and even looking in
our partner stores. In her search for a “GOOD DEAL” she starts looking on websites out side
of our network. She finds a deal on X.com where she saves $10. She buys and saves $10.
Assuming the brand the quality is the same for the DVD that is available on our portal. But
she looses the 40 PV that she would have got. Buys the DVD, thinking like a consumer to
save her $10. Now lets look at the impact of this.

As she gave her business else where, they are at 60PV as compared to 100PV if she
would have bought from her own business. At 60 PV they get no bonus as compare to the $6 that
they would have got at 100PV. But she saved $10 and so net gain is $4.

If they were at 260 PV they got a bonus of $15.60 as compare to the $36 that they would have got at 300PV. But she saved $10 and so now the net loss is $10.40.

If they were at 560 PV they got a bonus of $67.20 as compare to the $108 that they would
have got at 600PV. But she saved $10 and so net loss is $30.80.

If they were at 960 PV they got a bonus of $172.80 as compare to the $240 that they
would have got at 1000PV. But she saved $10 and so net loss is $57.20.

At 2460 PV, business had a net loss is $152.
At 3960 PV, business had a net loss is $244.44.
At 7460 PV, business had a net loss is $308.

You may have multiple Jill’s in your team and the multiplication effect would have a
much larger effect. If you have 100 people in your team and they all think as customers, 100 x 40 will mean that you had a loss of 4000PV. If you are at 4000 PV the extra 4000PV will bring you in Platinum qualification.

100 people @ 60 PV = 6000PV   <—– not even a silver  (income approx $2000)

100 people @ 100PV = 10000PV  <— Platinum  (income approx $3500)

100 people @ 150PV = 15000PV  <— Ruby  (income approx $5500)

The business is about duplication. You acting like Jill will result in having multiples Jill’s
in your team and loss for your business..

Success in Business Hinges on doing the Basics.

Buying from YOUR OWN BUSINESS is the first basic change you must make to have a very large profitable business.

 


Best regards,

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