It Takes Money To Make Money?
(With some creativity, you can eliminate many of these expenses. Save the money for where it is really needed!)
It takes money to make money. We have all heard that axiom before. Fortunately it does not apply to you! Or does it? What does that really mean?
There are several ways to look at it. The most obvious one is that you need money to invest in your business, maybe for your first project, for example. If you are a real estate investor you usually need money for that first purchase. You also need money to pay your employees until the first dollar comes in as well as for operating capital for office supplies and marketing expenses etc.
You Can Eliminate These Expenses
However, with some creativity, you can eliminate many of these expenses. Save the money for where it is really needed. Many people spend time and money setting up their office so that it is perfect. They get pretty business cards, glossy brochures, the multifunction printer, scanner, fax machine etc. What they really need to do is concentrate on making the sales. Worry about the fine details later. In the past, we have talked about ways to market your business very inexpensively. For example, attend the right association meetings for your industry, get the local newspaper to feature an article by you, and other ideas.
You Don't Want To Skimp On Training
When it comes to training and learning you do not want to skimp. The rule of thumb is that 10% of your revenue should go towards training. I have attended many seminars and have found that one thing to be true.
(Read archived eZine for related topic).
Those that are willing to invest in their training do very well. Those that think they already know it or complain they do not have the money to invest continue to complain. I have heard Loan Officer Success guru Brian Sacks reveal that he pays Dan Kennedy, a marketing expert, in the high 6 figures a year. He has said he would love pay him 8 figures.
Utilize Your Training Budget Wisely
You will want to utilize your training budget wisely to take advantage of as many resources as possible.
When it comes to training and learning, there are many ways to learn for free:
1) Read industry related materials, not the funnies or hobby sites - Get books from the library, business associates, the web. Sign up for newsletters, read blogs etc.
2) Sign Up for online teleseminars. There are many good ones online for free. Make sure you listen to them. Do not just sign up and forget about them,
3) Join industry related associations - Not just for your industry, but orthogonal associates. For example, if you are a mortgage broker, attend real estate and banking groups. If you are into reverse mortgages, go to some senior's group meetings.
Also plan on attending a few seminars a year. Although these may appear to be very costly at first, you can benefit from them in many ways:
1) You will meet very valuable contacts that will help you in ways you never thought of,
2) They will open your eyes to new processes and techniques,
3) They can be the basis for a great mastermind group.
(Hint: Plan your vacations around these seminars and part of your trip will be tax deductible!)
Helping your business Thrive NOW!
Richard Lazovick
Editor, MortgagePro News
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