I was in T. Harv Eker’s Guerilla Business School in Singapore for a week, and I got a ton of new ideas and great concepts from the seminar that I can’t wait to start implementing.
It was a crazy 5 days of non-stop work, with the seminar was great and finishing at 10pm each day. There was no time to go out or even see the city…and it was AWESOME. His first session was Guerilla Wealth Tactics, in which he taught several ways of thinking to get rich faster.
1. Results Lead To Strategy
The lesson here: don’t think conventionally. Think outside the box. For example, if you are a cab driver, and you earn 1000 per month on an 8-hour shift, if you want to double your salary, you could work 16-hour shifts everyday to achieve your goal. If you wanted to triple your salary, you could– by working 24 hours a day. But if you wanted to quadruple your income, it would be almost impossible.
Don’t limit your capacity by thinking in terms of using your resources, but set a goal and then find ways to achieve it.
2. Business Is As Simple As To ‘K.I.S.S.’
Business, according to Harv Eker, is as easy as KISS.
In other words, Keep It Short & Simple. You can break it down into 3 components:
1. produce/buy/create (content/product)
2. sell
3. operations/admin
How much time do you spend on each of these things – how much time do you spend on what brings results? The ideal breakdown of your resource and time allocation should be:
* create - 20%
* sell - 60%
* admin - 20%
If you are not selling, you won’t make money. If this means that you have to reduce your operations, or outsource, then you should because you only get paid when you sell, not before.
3. The Rich Are Experts
Like Chet Holmes and Joel Roberts have said, find one area of specialty and focus on it. Find one thing and become really good at it. For example, not every project manager should have to spend time figuring out the site structure, setting up an email auto responder, and writing copy. You should professionals for each area of expertise. This way, your company can get more done, in a shorter time, with better quality.
Many of the richest and most successful people started out by making it big in one industry or by becoming an expert in one area, and after their success, they branch out.
4. Create High Price Ticket Items
Let me give an example. Take John and Peter, who are in the same industry. John has 100 customers per day, he makes 30 sales per day, and he has a 30% conversion rate. Peter, on the other hand, has 10 customers per day; Peter makes 2 sales per day, and his conversion rate is 20%.
Yet, Peter is richer and happier than John. Why? Because Peter has chosen to supply good to a market with low competition and more money. If John is selling a standard iPod, and Peter is selling a diamond-plated iPod shuffle, then Peter has a far better deal because even if he sells very little to a few people, he still makes enough to
What expensive products are you selling? You can give an exclusive seminar or a personal coaching program, and use these as your high price ticket items.
5. Piggy Backing Concept
Find someone in your field (or in a similar field) who is willing to buy a large volume of your product at one time, minimizing your marketing efforts and maximizing your income in a short time. They can sell your product in large volumes, for example, if they sell yours complementary with theirs. You can ask them to give away your free samples, and when these customers visit your site, you can upsell them on the back end.
6. Sell Them Before They Buy
By building a list of interested people, you have higher negotiation power when looking for partners/affiliates. It also means that you can move faster because you can go straight into creating a squeeze page for your already existent and interested list. This is similar to Bob Serling’s Tollgate Method and uses similar advanced JV tactics. By connecting your list to the products they are interested in, you act as a broker.
Harv Eker, for example, offers and charges for seminars a year in advance – a form of ‘selling’ without products, and using the revenue to create/fund products.
7. Focus vs. Scatter
Focus on completing one task at a time. This is not rocket science, but you’ll find that successful and rich people focus on completing one task at a time, then expanding and moving on to the next project. Idea evaluation is very important because without it, opportunities can become obstacles. Every morning, choose to accomplish 3 main goals that will contribute most to your revenue.
8. Processes and Automation
Systemize things and emphasize on processes and automation. Find all the repetitive tasks that take up your time and find a way to automate or outsource them. The definition of a successful business is one that can run without you.
8 Wealth Tactics from T. Harv Eker’s Guerrilla Business Intensive Seminar - To learn more about this author, visit Michael Reining's Website.
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Michael Reining
(Visit Michael's Website)
Prior to MindValley Media, Mike was the
Head of New Ventures Strategy at eBay
where he conceived of the strategies that
led to the investment in Craigslist, the
launch of Kijiji.com and the acquisition
of Skype. Mike has an MBA from Stanford
and previously worked for the Boston
Consulting Group. He is also a certified
Google AdWords Professional.
MindValleyLabs Internet Marketing Blog: bl
og.mindvalleylabs.com/
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