Twelve Questions that can Double Your Profits

Take the time to relax in your study with a cup of tea and no interruptions, close the door, and seriously consider the answers to the following questions. Keep a notepad at hand. Then, run them by your Mastermind Group or your mentors. (Remember that your mentors should be a lot more successful than you are.) Think about these questions continuously for a week, so that your subconscious mind has time to bring you answers. And when you get the answers, TAKE ACTION.

1. What am I prepared to sacrifice/give up/pay to double my business profits? How badly do I want to double my profits? WHY do I want to double my profits?
3. What would have to happen to double the profits in my business?
4. What are my most profitable activities? How can I double them?
5. Whom do I need to meet in order to double my profits?
6. What resources do I need through Joint Ventures to double my profits?
7. Who can show me how to double my profits?
8. What limitations do I have and how can I remove them? What is stopping me?
9. What/whom can I remove from my life and business that will free up time and money?
10. What do I need to sell to double my profits? Who can help me sell that?
11. Who can expose my products/services to thousands of people for me?
12. How can I use multiple Joint Ventures at 100% profit to double my profits?

Robin J. Elliott www.DollarMakers.com

Business is a Numbers Game

See my article below on "What is a NO Worth to You?"
Smart people understand the numbers so they make a lot of money. Desperate people always look for the quick buck, the discount, the hard sell, and the immediate gratification. They operate on the Urgent instead of the Important. They're always putting out fires and making excuses. Winners are objective, systematic, and rational. Most businesses operate at around 10% of their potential net profit.

The best way to understand the numbers in your business is to stand back and take a good, hard, realistic look at your profits and potentials. Business is not about sales; it's about profit. Work backwards and you will understand the numbers game. Where did the bulk of you income come from last month? Where did most of your PROFIT come from? Where could it / should it come from? When you factor in the time required to make money, there is easy money and hard money. Something that takes a lot of time to make the same amount of profit as does somthing that took much less time, is hard money.

Look at the links and ratios in your business. Do people who buy product A also buy product B? What are your closing ratios? What is the Lifetime Value of one customer to you? What is your Customer Attrition Rate? What does it cost you to get a new customer / keep or upsell an exiting customer? Look at the 80/20 scenarios: What is the 20% that works? Can you reduce the 80%? What activities/ who are unproductive? What/who can be removed, reduced, improved upon, or increased?

Are you focusing your energy and resources on sales that earn you 20% profit with no back end, or are you concentrating on sales that make you 50% profit with a back end, or 10% profit with a larger back end? Is the money on the front end or the back end? What can you automate? What parasites can you remove? What costs can you cut? What is your back end profit margin?

Can you break even on the front end or even lose money on the front end to make a large profit on the back end? If your Joint Venture income is 100% profit, as it should be, how much effort goes into your Joint Ventures? What is your exact return on investment from every effort and expenditure? Are you selling your precious time, when it could be bought or delegated, outsourced or automated? What is your time worth?

Should you keep your business or close it? Does it generate a database that makes/could make you a lot of money from another source? What are your alternatives? YAHOO! You Always Have Other Options. If you were giving yourself advice and you could remove ego, pride, emotions, and fear from your evaluation, what advice would you give yourself?

Have you spread your risk by creating multiple income sources that take no time or effort and earn you 100% profit through Joint Ventures? If you have ten income sources and you increase each one by only 10%, you double your profits. What leverage do you use? Is your money leveraged? Are you leveraging your equity, database, reputation, access, and cashflow to the optimal degree? You can access any resource you want through Joint Ventures.

When the numbers make sense, the you get wealthy. Residual income, profit, leverage, ratios, and the source of business is what it's all about.

Robin J. Elliott www.DollarMakers.com

Beware of This Book!

Timothy Ferriss wrote a wonderful little book called the 4-Hour Work-week. He explained how he works and lives and makes money, and I learned a lot. Here's the danger: A few people who have read this book now feel justified in answering their e-mails sporadically, or even once a week! WAKE-UP CALL: YOU'RE NOT TIMOTHY FERRISS YET!

When you have structured your life and business like Mr. Ferriss, you might get away with ignoring emails, not getting back to people promptly, or making them wait. Until then, all you're doing is throwing your business and reputation down the toilet. I emailed someone last week with a hot referral, and received an automated e mail back to tell me she will only be available February 8th. The height of arrogance. Five weeks! That's the last time I will ever send her business, believe me.

You have to be very careful about implementing ideas you find in books, in the real world, without understanding the context and the dynamics that need to be in place around those ideas. This book is not an excuse for laziness or lack of self discipline. If you are not consistent, reliable, up-to-date and professional, what you have will be taken away from you and given to someone else. You might be very surprised if you knew how much business you already don't get because you don't respond promptly.

People expect you to be reliable, consistent, honest, on time, pro-active, and professional. They don't believe your excuses. The most successful people I know are very consistent. The wealthiest person I know responds to my calls within MINUTES. He doesn't have to, but that's who he is, and that's why he is wealthy. Winners are humble and they respond fast and walk their talk. They don't need reminders and they know that "if you snooze, you lose". Walk before you run.

Robin J. Elliott www.DollarMakers.com

What is a "NO" Worth to You?

That means that a NO or a YES is worth $20, regardless! That is wonderful news, because it means you're not losing or wasting time when you talk with people. You always make money. You're no longer offended or discouraged when you get a NO - you can always say, "Thank you for the $20!" Is it worth making a phone call for $20? Sure it is! Even for $10. Is it worth saying to someone, "You should attend our meeting Tuesday night" if you get paid $20 every time you do that? Of course!

Instead of looking for YES's, collect NO's! Now here's the best part. How many NO's can you get, if you're getting paid $20 for each one? You can make $20 in five minutes this way!

If your friend gets one YES in ten NO's, (10:1) and you only get one YES in twenty NO's (20:1), you can still beat him and make more money, by simply doing more work and talking to more people than he does! He only talks to, contacts, or phones ten people a day, but you contact thirty people, so you beat him hands down.

Selling is a numbers game, as you see. You can out-earn and outwork anyone when you understand this. There is no excuse. NO excuse. You can't lose when you realize the value of a NO. It means that you get paid for everything you do, regardless of the outcome. Naturally, if you present your case with professionalism, enthusiasm, and honesty, you will get more YES's, which makes the value of each NO increase. Also, the more you do it, the more YES's you will get, because of your increase in confidence and knowledge.

That means the more NO's you get, the more valuable those NO's will become. When you start, you get one YES and nine NO's. (10:1) A No might be worth $20. After a while, you get only five NO's before you get a YES (5:1), so now the NO is worth $40!

What if you got your friend to introduce your product or service or opportunity to 1,000 people in his database, and you shared your income with him? What if you talked with everyone you meet about your product or service? People in the line with you at the supermarket, at the bus stop, on the airplane, in the airport? Have you called everyone on your phone list? At $20 a call, it's easy money, isn't it? Why not call them every month?

Successful people understand the numbers in business and they're not afraid of working, because they understand how they get paid. I encourage you to establish the value you get from a NO - and go make a fortune!

Robin J. Elliott www.DollarMakers.com

Are You a Producer or a Parasite?

Click Here to find out.
VISIT MY NEW BLOG AT www.RobinJElliott.com