Knowledge is NOT Implementation
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In this Issue:
*Knowledge is NOT Implementation
*Paying in Advance
I’m writing my next book on small business marketing and I just covered a couple of topics I thought you would find interesting.
Knowledge is Not Implementation
Whenever I do a seminar, people always wonder why I “give away” so much valuable information at the events. Having attended a lot of other people’s seminars I understand what they mean. Most people give you a few barely useful nuggets.
I on the other hand bill myself as the KING OF CONTENT. And I deliver on that name every time I do an event. Do I risk losing coaching and consulting business doing this? In my opinion, not at all.
Two reasons I believe I’m right. First, when people would hire me (or you) as a coach or consultant it would be to give them SPECIFIC information about their individual problem or issue. At a seminar I am giving them great information that is NOT specific to them. Secondly, the fact that people KNOW something is very different from their DOING anything about it.
I know a lot of things. Do I do all that I know? Of course not. I’m like everybody else, I pick and choose to do or not do certain things.
When I do a seminar or bootcamp I’d guess that less than 10% of all the people actually do something with the information. Sad, but true.
So, that’s why I don’t mind, and you should also, give as much as you can when you’re speaking at an event. Don’t hold back.
What about when people call me on the phone? Do I give away information there?
That leads to the next topic.
Giving Away Tiny Shoes
Years ago at my consulting seminar (www.ConsultingExpert.com) I started using a story that people still remind me about 15+ years later. Back then I started (and continue to tell) the story
I always get asked what I do with my money. First off, I’m an extremely frugal guy. I love to make money but hate to spend it. I’m not cheap though. There are some things I’ll willingly spend lots of cash on.
I will spend cash on a good vacation. One that I want to take. A trip to somewhere warm when it’s cold outside is a big one for me. I won’t go for the fancy 5 star hotel because frankly I wouldn’t be able to tolerate the people around me.
I’ll spend virtually any amount on a worthwhile educational event. I’ve been to events and willingly dropped $5k on an event I thought would make me that money back in the same year. I’m about to sign up for a publishing course at Stanford University that will run over $1300 for a few days. No problem here.
What do I do with my money when I make it? Simple. I like to legally pay the least amount of money I can on taxes so I REINVEST the money into my current or another business.
As some of you know, I recently started, and am spending a bunch of money on a piece of software that will become the best membership site software on the market. Check out www.MemberScript.com.
By taking money I make now and putting it into businesses like MemberScript I’m not only deferring taxes, I’m also setting myself up to receive a future income stream from this business. I expect, quite a decent stream.
I’ve done this once with WebMarketingMagic. I paid money up front to “private label” this software and it’s now paying me a monthly dividend.
I suggest you follow my lead. Maybe not on being frugal, although that has a LOT of benefits! Not least of which is being able to tell potential customers or prospects to SHOVE IT if I don’t like them or find them difficult to work with. No, I suggest you follow my lead by taking money that you can afford to bank now and “bank it” into a product, service or business that will pay you money now and into the future.
Here’s how I look at investments like these. I hope you’ll find this helpful to analyzing a business that YOU may consider buying into.
I look first at whether or not I can afford the money they are asking. Given my frugal nature, the answer is often yes.
I then ask (if it’s an existing business) to verify their NET MONTHLY cash flow. If I can make the money that I put out up front back in the next 18-24 months I’ll consider it. If I can make back the money in less than 12 months I’ll JUMP on it.
That’s how I do it. This may help you as well.
Paying in Advance
As I’m writing this email I got a call from the Finance department in my local town here in West New York, NJ. I went in and paid my tax bill for the next two quarters. Only one problem. I was paying them a second time. What they sent me was a DUPLICATE bill. Silly me!
I asked them if they could just apply it to the two quarters after which I had already paid for. The very nice lady said NO, you can only pay two quarters in advance.
I like having my bills paid. In fact, when I have a few extra bucks I pay bills in advance. Many say this is stupid because I’m losing the interest on the money. They’re right! BUT, the psychic benefit I receive from seeing bills come in the mail that require no payment and have a credit balance makes me FEEL GOOD. This works for me.
Recently, there was a problem with my cable bill out here in Jersey. I moved and cut off cable and had a $500+ remaining credit balance. It took me over 4 months to get that money back and only after I had called the local consumer reporter for the local ABC radio station here in the New York Area. You probably have a consumer reporter in your area. Make sure to use them if you ever have a problem. They’re usually pretty effective at getting stupid merchants to pay up.
My New Book/Seminars
My new book will be out in hard copy form in the next few weeks. To get an advanced copy of HOW TO DOUBLE YOUR SALES ON THE WEB click on this link:
That’s all for now. Think of “my” city on
Saturday, Sept. 11th!