5 Rules to Make Money at Will
How would you like to be able to make money at will, in other words, each time you need or want it? Will you be interested in a formula or a recipe that, if followed correctly, will enable you to make money each and every single time you want to? Provided, you have or run a business.
If you answered yes, then read on.
However, before we dive in, let me make some disclaimers first so you can decide if you want to stay with me or leave. What I am about to share with you is not a get-rich-quick scheme or an easy way to money. I will provide you with some smart and hard work options.
These ideas are timely, proven and tested strategies and tactics used across hundreds of industries in dozens of countries in the world. They are not conventional and may appear too difficult to the majority, but if you are ready to accept them and work really hard to apply them in your business, you may end up with an ‘’unfair’’ advantage over your competitors.
“A Recipe to Create Income at Will”
Rule #1: There shall be a GOOD LIST of CONTACTS
As we used to say in the Internet Marketing community, money is on the list. The first step for you to be able to create money at will in your business is to start collecting, systematically, contacts of any and every single person that showed interest to your business: prospects and present clients.
It is amazing how many offline businesses don’t even have the contacts of their clients, those who sometimes are repeat buyers, who buy frequently. If you don’t have their addresses, how will you contact them when they stop showing up or buying from you?
They will be lost forever. Use a good business strategy (survey, data collection, loyalty programs, business networking events) to create a strong list of business contacts.
Rule #2: There shall be a RELATIONSHIP
…between you and your contact list! Once you have your contact list, the next thing is to communicate frequently with them by sending relevant information (gift cards, discount coupons, new products, thank you notes etc). Harvey Mackey, the author of How to Swim with Sharks without Being Eaten Alive, recommends you contact them at least 7 times per year. If you are on the internet, you should be doing more than that. He calls it “digging your wells before you are thirsty.”
The purpose of this constant contact or frequent communication is manifold: First, you want to build TRUST with them, by letting them know you have their best interest at heart, that you care about them, you appreciate their business and genuinely show them your love. Remember, love begets love!
Next, you want to position yourself as THE Best Source of whatsoever you provide, by educating them on the superiority of your services and products.
Third, you want them to feel privileged to do business with you and to start inviting their friends to come to your business. And finally, since you have already dug your wells, you can now draw from them at will, whenever you want. How? See Rule #4
Rule #3: Thou shalt keep NUMBERS
There is a saying in business that goes like this: “Numbers always tell the truth”, or “Stats never lie.” You should systematically and consistently collect, analyze and interpret data. Here is a few of the numbers I am talking about:
Cost of acquisition: How much is your average to gain a new customer or client from source A, B or C (segment it per customer’s source to know which one is the most profitable)? Ex: XAF 14 000
Retention rates: Which percentage of new clients or customers stays with you after their first purchase?
Client base: How many repeat permanent clients do you have? Ex: 100.
Average transaction value: What is the average purchase amount a customer or client makes when he does business with you or when they visit your store? Ex: XAF 70 000.
Margin: What is the percentage of money you get to keep on each sale? Ex: 40%
Average Transaction Frequency: How often do they come to you/buy from you in a year? Ex: 3 times per year.
How do you use those numbers? See below.
Rule #4: There shall be a SPECIAL OFFER
Now that you have their contacts and their trust, and know your numbers, you are all set to make money at will. Whenever you want money fast, you just create a special offer: a gift with an appointment, a gift with purchase, a special event, private sales, pre-release or a contest. Let me explain one of them.
It could be an invitation to a free workshop (if you sell services) and to encourage people to attend because you know that at the end you will be selling a subscription for a high-ticket Annual Coaching Program or Consulting Service. You offer them a gift like: “each attendee will receive a free copy of my Home Study Course on Time Management (value: XAF 98 500).”
The catch here is that it may cost you just 5000 to produce a copy while your Annual Coaching Program is 2 million per person. If you have 100 attendees and just one of them buys, you will make 1.5 million in profit, if 10 buy, you make 19.5 million. That’s money At Will. But you must know your numbers, in this case, the conversion rate.
There are dozens of ways or tactics you can make money at will once you have a list that trusts you, and you know your numbers. The common denominator is to make them an offer they can’t refuse. This is why I call my points rules, not tactics.
Rule #5: Thou shall learn HOW TO EFFECTIVELY SELL
…in person, on camera or in writing. Ben Feldman (1912- November 7, 1993) was an American Insurance Salesman and one of the most prolific salespersons that has ever lived. He sold $1,800,000,000 of insurance policies for New York Life from 1942 to his death in 1993. He once held the world’s record for the most sold products (by value) by a salesman in a career, a year ($100,000,000), and in a single day ($200,000,000). Near the end of his career, his annual commission totals were over $1,000,000 per year. That’s half a Billion FCFA per year.
At the time, he sold more insurance policies than 1,500 (out of 1,800 existent) companies. (Source: Willkipedia.com)
How can a man accomplish such prowess? He knew how to sell. I heard from Mark Victor Hansen that, usually, every night before he went to bed, he would write the name of 5 to 10 people he wants to sell the next day to, and write the amount in sales he would make to each of them, in front of their names. The next day, he would go and make the exact total amount in sales, even though he sometime missed person #6 and person #8.
So by learning or improving your ability to sell in person, you create for yourself and your family an immense power to make money at will. Whenever you want a certain amount of money, you just go out and sell. Contact me at firstname.lastname@example.org and I will send you ‘’The Feldman Method’’, a 24 pages eBook for FREE to help you start.
Till then, go work on these five rules to develop your capacity to make money at will. As the Bible says be ye doers of word, not hearers only!
POUDJOM Yannick (MBA)
The Business Growth Strategist