Eighty-seven percent of new businesses fail within the first five years. In the next five years, a further 87% of the remaining 13% will also fail. Not surprisingly, this shocking statistic prevents many deserving people from acquiring financial independence through the wonder of entrepreneurship. Yet people still flock to the Franchise Shows and business brokers, they still risk their all, they still insist on doing what so many others do.
Added to that, many small and medium sized businesses never really make money; they survive just below and above the line, increasing their overhead along with their sales, and most entrepreneurs are simply self-employed salespeople: When they stop selling, they stop earning.
Most small and medium sized businesses suffer from the following: cash flow problems, selling time, competition, price cutting, low sales, high overhead, increasing cost of advertising, geographic restrictions, occurrences outside of their control, seasonality and changing technology/demographics and trends. Hiring employees is more risky than ever before. How can we escape this treadmill? How can we guarantee success?
By observing your business from an objective, rational perspective, you will probably agree that it makes sense to favor income that yields a 100% profit, which is not possible in a conventional business, but is possible through a Joint Venture.
It also makes sense not to sell your time, unless that results in passive, ongoing income streams. Leverage other peoples’ time. And to avoid seasonality, it is logical to create multiple streams of passive income from diverse geographical areas and from a variety of different products and services, wouldn’t you agree? How about reducing and removing your cost of sales and overhead? And when it comes to advertising, why not pay for results instead of promises? Consider firing all your employees and putting them all on a commission basis.
The five keys to success in business are the following:
1. Remove and reduce cost of sales, risk, and overhead.
2. Leverage other peoples’ resources to access massive markets and databases.
3. Stop selling and start solving problems.
4. Stop selling your time.
5. Remove all barriers to income and insist on 100% profit.
The above can be accomplished through brokering Joint Ventures. If you already have a business, you can gradually segue into the JV process, leveraging your existing resources and the resources of others and adding additional income streams, until you can make the final break from all income limitations, restrictions, and risk. 100% margin with no overhead or risk and unlimited potential may seem like pie in the sky to most hardened business owners, but to Joint Venture Brokers it’s as normal as a pancake at IHOP.
Joint Venture Brokers make their money by solving problems and linking supply with demand, triangulating deals and becoming, essentially, the tollgate on multiple ongoing business transactions. They create passive income streams and think like physicians instead of sales reps, solving problems and creating value. Their mindset is reciprocal and inclusive. They are strategic and proactive in all their business dealings, as opposed to reactive and tactical. No cost, no risk, no downside, no limitations, no barriers and no sleepless nights – that’s what a Joint Venture Broker creates – real money, real fast, in the real world.
Robin J. Elliott www.DollarMakers.com
Five Keys to Guarantee Success in Any Business - To learn more about this author, visit Robin Elliott's Website.
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