Category: Uncategorized

Mind Your Own Business!

The concept of minding your own business means that while you are grinding away at your day job you need to be investing in your future and minding your own business. Pretty soon you’ll be able to walk away from that day job and mind your own business full time.

The best way to do this is through the acquisition of real estate.

Let’s take a quick look at where you are losing all your money-taxes. Taxes have been around since 1913 in the U.S. (earlier in England). While the original intention was to only tax the wealthiest of the population, obviously that’s trickled down to the masses, including those in poverty.

Now, keep in mind the more money you make the more taxes you pay. The wealthy know a way of getting around this-form a corporation. Corporations offer tax benefits and protect you from lawsuits. To learn more about this talk with one of our business coaches or your attorney.

We’ve all heard the golden rule of: Pay Yourself First.

But many of us don’t do it. Until you learn and put this rule into effect, you won’t have any chance of getting out of the rat race. What this rule does is force you to come up with more income to pay your expenses.

There are some key areas of finance you should learn about, taking classes is one of the best ways to do this. Here are the basics you should learn:

Accounting

It pays to know how to read financial statements. When acquiring businesses or assets you need to quickly see the financial standing of the company you are acquiring.

Many grown adults do not know how to balance a balance sheet. In the long term, this knowledge will pay off for you and your business.

Investment Strategy

This skill will sharpen with experience. Talk to investors and observe how they play the game.

Market Behavior

Know the laws of Supply and Demand. No business owner can do without understanding these basic principles of the market. Bill Gates saw what people needed. Open your eyes to opportunities. Look at what sells and who buys.

Law

Do everything you can to grow your business within legal boundaries. Know your corporate, state, and accounting laws.

Once you know these areas of finances you can make them work for you. The rich practically invent money. You have to know where to find a great deal. Let’s continue with real estate. Look for houses in trouble or find the court in your area that handles foreclosed, police impound or other real estate situations. You can either renovate and sell or rent for residual income.

So, essentially there are two main types of investors:

  1. Those who buy pre-packaged investments
  2. Those who create their own investments

You know which are the most successful. In order to be one of those people you need to know what to look for and how to respond.

You must:

  1. Find a good deal other people have missed.
  2. Raise the capital needed for the transaction.
  3. Put together a high-performing team to execute the plan.

There is risk involved in every acquisition. The goal is not to avoid the risk, but to respond to the risk with confidence and a steady hand.

If you need help identifying potential money-makers, where to get the capital you need and how to put together a smart team, try our FREE test drive to gain access to our resources and tools.

Get Out of the Rat Race

We’ve all worked jobs we hated. We were underpaid, underappreciated and bored out of our minds. We either quit these jobs or were fired for poor performance because we just gave up. Instead of taking that approach you need to consider every job an opportunity to learn something new that you can apply down the line to find success.

When you give people the tools they need to come up with unordinary solutions, you are enhancing their lives for the long run. You need to take this approach. What if one of your terrible jobs had been one with no pay at all and you needed to come up with some ingenious ways of making money? I bet you could have found a diamond in that rough. This idea can also be used in your own company.

Now, I don’t recommend going into the next meeting declaring that no one will receive pay anymore, but you can tell them that their potential raises, bonuses and other perks are now dependent on their creativity in ways to enhance business.

Let’s talk about a great concept called financial literacy. This certainly isn’t something they taught you in school, but is still essential to know. So, what is financial literacy?

The old school way teaches people to be good employees and not employers. This mindset will never make you wealthy. You need to focus on becoming a good employer. You also need to learn how to not only attain wealth, but sustain wealth for generations. This is what financial literacy is all about.

So, how do you get out of the rat race and start working toward a wealthier future? You need to understand the difference between an asset and a liability. Take a look at your own life and you’ll probably find the following:

Assets

  • Real Estate
  • Stocks
  • Bonds
  • Intellectual Property

Liabilities

  • Mortgage
  • Consumer Loans
  • Credit Cards

 

You’ve probably been fooled into thinking things like your house, car and entertainment system are assets. They aren’t! Assets should be continuing to MAKE you money. When you continue to struggle, you are not building wealth. If you’re primary income is from wages and each time you make more money, you pay taxes-you’re not really creating wealth either, are you?

So, if buying a house isn’t an asset (and, it’s not because you spend about 30 years of your life paying it off), then what is. Here are some of the best assets to attain and when you can start to actually see wealth being created because of it:

Average time of holding on to an asset before selling it for a higher value:

1 year

  • Stocks (Startups and small companies are good investments)
  • Bonds
  • Mutual funds

 

7 years

  • Real estate
  • Notes (IOUs)
  • Royalties on intellectual property
  • Valuables that produce income or appreciate

 

So, here are the steps to getting out of the rat race and onto your journey of creating wealth:

  1. Understand the difference between an asset and a liability.
  2. Concentrate your efforts on buying income-earning assets.
  3. Focus on keeping liabilities and expenses at a minimum.
  4. Mind your own business.

If you need help getting out of the poor mindset and into the wealthy one, try our GUIDED TOUR and work with one of our experienced business coaches today.

We went through the first three and next time we’ll talk about how to mind your own business to keep your eye on the prize.

COVID-19 Relief

Covid-19 has impacted all of us in some way. I am working in conjunction with the small business administration and the covid relief act to find ways to better serve small business in the future. I am asking everyone who is small business owner to take a short survey so we as a nation can be better prepared if a similar type of pandemic strikes us in the future. . I am giving away $2000 in business value to anyone who takes the survey.

Please take the survey by clicking here

 

Sincerely,

 

Brian L. Whitehouse

 

CEO / Author / International Speaker /Business Coach

The Profit Coaches | TheProfitCoaches.com

 +1 239.677.9811 |brian@theprofitcoaches.com | brian@weswflorida.com

Twitter.com/brianwhithou13 | Linkedin.com/in/brian-whitehouse-97470b8 | Facebook.com/theprofitcoaches

 

Established clients click here to reschedule your appointment

New clients click here to schedule a consultation

 

 

Enroll in my FREE Marketing Course where I reveal the truth about what the large corporate companies and those dominating your industry work hard to keep you from knowing. I show you what their REAL GAME is! Enroll now at http://theprofitcoaches.com

Virtual Business Development Webinar

Has The Coronavirus Severely Impacted Your Business’s Revenue And Profits?

Small Business Breakthroughs Magazine Is Hosting A Local No-Cost Business Development Workshop To Show Local Business Owners How To Increase Their 2020 Revenue By MORE Than $100,000… WITHOUT Spending A Dollar On Marketing Or Advertising


Small Business Breakthroughs Magazine’s primary mission is to provide training, resources and support to small business owners making less than $2 million in annual revenue.
Due to the current economic crisis, the magazine is hosting a special 1-hour workshop to help small business owners obtain specific strategies they can use to quickly recover revenues lost during the Coronavirus shutdown.


Most business owners are completely unaware that there are simple, easy-to-implement cost-free strategies they can use right now to not only stabilize their revenue, but to see HUGE increases in their leads, sales and income.


If your business’s revenue has been severely impacted due to Covid-19, let us provide you with several financial breakthrough strategies you can immediately deploy to begin recapturing badly needed revenue lost during the shutdown.


If you implement the strategies we’ll teach you, you should realistically expect to see revenue increases that exceed $25,000 over the next 90 days and $100,000 within 12 months once the lockdown ends.
The workshop will be on Tuesday, May30th from 7:00pm – 8:00apm Eastern time online, and there’s NO cost to attend. 


Register online at https://focusgroup.theprofitcoaches.com/registration or email me at brian@theprofitcoaches.com. You can also reach me by phone at (810) 207-6637.
This is a NO BS workshop so come prepared to learn and take notes. Hope to see you there.

The Perfect Bait

In the last post we talked about how to learn about your big fish and prepare for the first contact you’ll make with them. This first contact is essential to your success. You need to instill confidence in them. They need to know you can fulfill exactly what you are offering on time, at a good price and at the quality you promise.


Today we’ll actually go through the big approach and how to make that perfect first impression. Before you put together your approach plan, you need to choose with big fish you’re going after. Take a look at your notes and the research you’ve done about prospective fish. Then decide which one will be the easiest approach to start out with.


There are a series of things to go through in choosing which fish to start with. They are:
• Position Your Business
• Compile Your Hit List
• Select the Best Target

Position Your Business
You need to position your business to make the first move by listing your revenue streams, id and list your operational procedures, where your fish is initially positioned, your big-customer research, and putting it all together.


Compile Your Hit List

Start with a list of all the companies you’ve been considering. Then narrow it down to the ones who know could use your products or services. Don’t overlook obvious choices, whether they are big or small. Even small companies could be big fish in the future.


Select the Best Target

Once you’ve got your list narrowed down, you need to decide which one is the best fish to start with. You need to consider a couple of things:


• Which have the most purchasing resources to spend?
• Does their company vision compliment yours?
• What are their employee incentive programs as they relate to your products/services?
• What’s the company’s real need for you?
• Will the partnership lead you off-course?

Now you should have a target in mind to start with. It’s time to plan your approach and execute that plan. Here’s the step-by-step plan to help you make a good first impression:


1. Build and analyze your database. Divide your leads into three different categories: hot leads, great fits and secondary leads.
2. Send out introductory mailings to your target to introduce yourself, your company, services, products, and vision. They need to be short, clean and concise.
3. Follow up with your first phone call 2-3 days after they would have received the mailings. During the phone call find out whom you need to be speaking with in the future and try to set up a meet with the right person.
4. Follow up your phone call with another mailing that thanks them for taking the time to speak with you and offer more details about your products/services. Use this letter and opportunity to set up a meeting to do a presentation.
5. Follow up the letter with another phone call a couple of days after they would have received the letter. This phone call is to help you further develop your relationship with the prospective client. You should also be able to set up a presentation meeting with them.
6. Call again a week later if they haven’t agreed to a meeting or presentation. Ask if they received your creative letter (the second one) and if they have a minute when you can stop by and introduce yourself in person.


Now, don’t be upset if you don’t seal the deal right away. Some people simply take a little longer to woo. This can all be a little intimidating at first, but when you know you are offering a quality product/service, you can’t go wrong.


Once you’ve gone through this process and make first contact (and hopefully a good first impression) it’s time to put your best face forward, which means sending the right salesperson to seal the deal.
If you need help putting together your approach and make a good first impression, try our GUIDED TOUR to work with a coach and have access to a wealth of great resources and tools.

More Bitcoin


Your ONE COACHING THING today is:
‘More Bitcoin’

I’ve been asked hundreds of questions, about Bitcoin, over the last 90 days.

My answer was a long and in-depth one but part of it was that money is a game of doubles.’

Double a dollar 20 times and you get a million.

Double $1000 ten times and you get a million.

Double a million ten times and you get a billion.

Bitcoin as I write this is at $56,000….

In order to double your money you’d need it to hit $112,000.

Maybe it’ll get there and maybe it won’t…. reality is you have ZERO control over whether that happens.

Here are 3 simple but powerful reasons I’m not actively buying Bitcoin… regardless of its highs, lows or the insane hype.

1. “I invest in what I understand”

I’m not totally up to speed in BTC and even though Elon Musk is banking on it… the Warren Buffett’s, Ray Dalio’s etc…. are not.

Why?

I don’t have time or the desire to work it out. Other things occupy my time, focus and those are things I can CONTROL.

I’m investing in MY OWN BUSINESS… my software and the business coaching industry.

“A Feedback Loop” which you might remember me explaining when I told you how to go from $100k to $500k with your coaching business.

*To save myself a million more questions… Yes, I own some crypto and got in many many moons ago, I do not check it regularly, I’m not dollar cost averaging it, won’t be selling it any time soon… it’s the furthest thing from my mind.

2. “No called strikes environment”

Warren Buffett explains that baseball is a “called strikes environment”… as in you get three pitches over the plate and you don’t swing… the umpire calls you out and you go sit down.

Investing, however, is a ‘no called strikes environment’…

You can watch perfect pitches sail by and never take a swing… and you get to keep standing there and wait for YOUR pitch.

In other words…. Even if Bitcoin is the homerun on steroids its passionate investors say it is… I don’t need to swing at that pitch.

3. “Value Investing”

Future Value = Speculation.

As an advanced investor, I focus on making a profit at the time of purchase… the way I do that is by buying fundamentally undervalued assets.

Not ‘technically’ undervalued.

‘ll give you an example, when the pandemic hit the USD strengthened against the CAD (Canadian dollar) by 13%.

I knew the sudden shift meant the currency was undervalued and exchanging USD for CAD meant an automatic win… IF I WAS CORRECT.

I have American and Canadian bank accounts so I exchanged a large chunk of funds.

Within 45 days the normal exchange rate returned and I earned 13% over 45 days which means I earned about a 150% annual return (It’s 1 am and I’m not about to do the exact math so please don’t send me the correct calculation).

A 150% return is a homerun on steroids and something I was far more in CONTROL of.

I could have been wrong but I know this investment well and therefore I wasn’t.

If I were to illustrate this in another way…

If a house is for sale in my neighbourhood and I KNOW I can get it for $100,000 less than its worth… I make $100,000 when I sign the papers.

Or… the accounting firm that doesn’t do consulting hires an in-house consultant.

The 60k it’ll cost to hire the consultant is a calculated risk when the Accountant knows his clients keep asking for business advice, help, and direction and he’ll get a minimum, $120,000 per annum revenue out of it.

If the accountant has any clue whatsoever… it’ll be FAR greater than that.

The realtor knows he can buy a house… spend $20,000 and turn it around for an extra $40,000 profit on the house.

The experienced restaurant owner knows that if he spends money on software to manage the till and inventory… he’ll turn a $20,000 investment into a minimum, $40,000 per annum return.

When I spend $10,000 on advertising, I know that I’ll get a minimum, $20,000 return over time.

If not $100,000.

Therefore…

Money is a game of doubles.

Bitcoin is something you and your high-end coaching clients likely know VERY LITTLE about…

But what you should know is that it needs to hit $112,000 for you to double your money if you buy today.

The secret to ignoring the hype, hysteria, and nonsense… is to know EXACTLY where you’re going.

Your time, effort money, and FOCUS are likely far better spent on something you can CONTROL and to finally STOP betting on someone else.

You heard it here first.

Obsessed with your business coaching success,
Brian Whitehouse aka The Profit Coach

PS. Laugh at yourself and you’ll never run out of things to laugh about.

PPS. Marriages break up from lack of money… over lack of love X 100.

Business failures lead to destruction, addiction, depression, anxiety, suicides, and unfortunately, far more.

As good business coaches we save marriages, save families, save kids from self-destruction… we save lives!

A true life of purpose.

PPPS. If you’re looking for a proven system to follow for your business…. I have business growth academy with an automated lead generation system to do the heavy lifting while you sleep coupled with and high-end step-by-step training to support it…

It’ll teach you ‘How to find your business over $100,000 in 45 minutes without them spending an extra dollar on marketing or advertising.’

Register now for my next upcoming Business Growth Webinar !
https://theprofitcoaches.comhttps://theprofitcoaches.com

Virtual Business Development Focus Group

Virtual Business Development Focus Group

2/23/2021 at 2:00 PM Eastern

UNCOVER $100k In Your Business Guaranteed

Let me show you how you can TRIPLE your leads, DOUBLE your sales and dramatically INCREASE your annual revenue by MORE than $100,000 – while your competition struggles just to keep their doors open.

YOUR PRESENCE AND INVOLVEMENT IS ALL WE ASK

There is NO COST to attend this exclusive, invitation-only event and ONLY ONE BUSINESS OWNER PER PROFESSION IS PERMITTED.

Be aware this will be a NO B.S. webinar – I DON’T do fluff and I DON’T deal in “generalities” that leave you guessing what to do next.

This training will literally be a step-by-step implementation of specific strategies that you can use to instantly see more leads, more sales and more revenue. Register Now

Bring Them Flowers

There are a few things you need to do and consider to prepare for your first face to face meeting:

  • Make a list of what you want to accomplish during the meeting.
  • Anticipate potential concerns from the client.
  • Check to make sure you are completely prepared.
  • Listen more than you talk.
  • Bring support staff with you.
  • Use and respect the clients’ format.
  • Always follow through.
  • Ask for what you need and seal the deal.
  • Simplify your prospects life.
  • Find ways to boost your credibility.
  • Build and nurture relationships.
  • Learn from “no”. Find out what didn’t work so you know how to change it for the next time.

    These are all important things to do both before and during your presentation. With confidence behind your company and product you will catch that big fish. The next step of the process is negotiation. This can seem a little intimidating but with a few tips and tricks can become natural to you.

Here are some tips to help you negotiated successfully:

1. Build a pricing strategy and stick with it.
2. Prioritize what you plan to offer. This should include what really matters to you and what you are willing to give in on.
3. Don’t give in too quickly.
4. Negotiated with a person, not a “company”. Don’t let their answer be that they would like to, but can’t.
5. Don’t sell yourself short.
6. Mitigate your pricing. If you go to low you won’t be able to raise it back up and you need to make a profit.
7. Don’t sacrifice quality for the deal.
8. Your services should always count as costs.
9. Boost margins with add-ons.
10. Handle request for proposals with the utmost care.


These are the ways you make sure that both parties are getting the best possible situation from the partnership. Once you start meeting or working together, it’s important to continue to build your relationship so that that representative becomes a big of an ally for you. They are more likely to vouch for you and build on the partnership you have with their company.
We like to call this person a champion. They are champion for your company and can bring a stronger, brighter future to your company. Here are the characteristics of a great champion:


• They are respected by supervisors.
• They are socially networked.
• They think in the best interest of their company’s long run.
• They are able to quickly navigate through the company to get things done.
• They are willing to give credit to another person.
• They share the same business philosophy, values and vision as you.

Now, that you know how to negotiate for what is best for both parties and build on relationships, we’re going to talk about how to use your fish’ power to the best of your benefit.


If you like to learn more, attend our  next  Virtual Mastermind Focus Group  to get access to a wealth of great tools and resources to help you be successful.

Keep Up the Momentum

In the last post we talked about negotiating with your big fish and how to nurture and build on the relationships you are creating. Today we’ll talk about the power your fish has and how to utilize that for your benefit.

One of the most important aspects of this is to keep your cheerleader cheering. This refers to the ally you created in the company and who needs to stay loyal to you for you to continue a profitable partnership with your fish. You can keep your champion going by offering or doing a number of things to show appreciation. Some of these things are:

  • Share the limelight.
  • Help them thank their company with new products and services.
  • Emotionally connect them to your company.
  • Know when to leave them alone.
  • Keep your “family” happy.
  • Stay on the front lines.

 

Now that you have some ideas of how to build solid relationships, you need to seek out people to build these relationships with. These alliances will help you get bigger clients that stay with you forever. You can often get in the door by offering them something in exchange for something they need:

  1. Power
  2. Information
  3. Better work experience

These are all great ways to feed your alliance. You need to go into a relationship considering the things a big fish can offer you besides money. These can include:

  • The opportunity for your business to expand
  • The opportunity to learn from the experience and find ways to grow
  • The opportunity to improve your processes, systems and other means of doing business

 

These are some of the best ways to keep your alliances going strong and your partnerships fresh and content.

If you need help with any of these tactics, try our GUIDED TOUR for great tools and resources that can help you every step of the way.

Management Operating Systems

Management Operating Systems: Effectively managing your operations for enhanced performance.

All kinds of companies – from freshly formed high-tech operations and fast-growing retail chains, to mature firms in chemicals and utilities – have improved their operations. Odds are your company has made substantial investments in process improvement, the latest and greatest technology, and training for your people. Hopefully, you have realized significant gains in profitability and competitiveness as a result.

But even the best companies are never satisfied. They always search for new ways to hone their operations, whether global or simply local. This article is written for such companies. In fact, it points the way to a whole new level of operational performance, achieved by using a comprehensive approach The Profit Coaches calls Management Operating Systems (MOS).

MOS reaches deep into your operations’ potential, much deeper than most companies have gone to date, to deliver sustained behavior change and startlingly substantial gains in corporate performance. For example, a major electronics retailer freed up more than $200 million in working capital via new supply chain efficiencies within one year after installing its MOS, with no technology investments. A major manufacturer eliminated $5.3 million in non-value-added activities, saved $4.2 million in railcar leases, and another $13.3 million from inventory right-sizing and product rationalization. A commercial aircraft maintenance and supply firm achieved a $19 million inventory reduction and trimmed more than $1 million per annum from its storage costs. A global specialty chemicals company reduced its supply chain operating costs by 30%. Best of all, the gains achieved via MOS are permanent, because MOS changes the culture of your organization, which in turn changes how your people think, make choices, and behave on the job.


Brian Whitehouse
brian@theprofitcoaches.com