How does this whole wealth thing really work? Business owners know that you get paid in direct proportion to the amount of value you create. If you help five people get a sandwich, you will make a little money. Help five people get a Lear Jet, and you make a lot more. But it’s easy to sell sandwiches and hard to sell Lear Jets. How about if you help more people each spend a little money – spread your value? More people with a little value each adds up.
The Dollar Store sells volume at a dollar per purchase, and they make money. Problem is, they also have overheads, and these costs eat into their profits. So the less costs you have, the better, right? You get to keep more of what you make. Selling a thousand sandwiches is fine, but your food cost alone is 32 cents in the dollar.
I have met business owners who are making millions in sales but going bankrupt because of their overheads – rents, leases, payroll, cost of sales, inventory, and so on. The answer is to sell volume with low or no cost. But is that possible? What if you’re not a salesperson? Isn’t that why people like stores and food outlets?
Also, wealth is created from residual income – that is repeat sales. People don’t buy a new Lear Jet or house every month, like they do consumables, like sandwiches or deodorant. But then sandwiches and deodorant cost money, and the competition is enormous, isn’t it?
So what is the solution? You don’t want to sell, you don’t want high costs / overhead, you don’t want too much competition, you do want repeat sales, and you do want volume. And of course you want to keep your customers, as well. No good getting one for two months and then having to replace him, right? And if you’re REALLY smart, you will create multiple, diverse residual income streams.
Consider this solution. Business owners say, “Find a need and fill it. Sell food to hungry people.” OK, here we go:
Nearly one-third of Canadians that responded to a recent survey backed by a major Canadian bank said they didn’t have enough money to cover living expenses. Another 30 per cent of the respondents said they had enough money saved to cover living expenses for at least four months. That means that 60% of Canadians have money problems.
Let me introduce you to the solutions that I have found – contact me.
Robin Elliott LeverageAdvantage.com