Entrepreneur Chick knows her marketing- oh yes ,she does. Which is why I decided to put an image of a very sexy girl next to this one to make you want to read it. Pretty slick.
Nonetheless, I only do 3 things ever to be successful and I thought I'd share them with you today.
1. Keep Expenses Low
2. Buy Assets instead of Liabilities
3. Never Do Yourself What You Can Pay Someone Else Less Money to Do
That's it and there you have it, class dismissed! You may all now go home and enjoy all your new found freedom and control to your heart's content.
What's that? You need further clarification? Oh... okay.
1. Keep Expenses Low
I know, what a drag, but this one is the real humdinger, the real fly in the ointment, the big enchilada.
When a business (or a person for that matter) takes on debt they can not truly service, it's all over with. Granted, it might take a little time to adequately feel the effects of this; i.e. the American Economy, but when one is building a business, it's absolutely imperative that this point is both understood and executed.
2. Buy Assets Instead of Liabilities
This is so easy- and yet can be such a stumbling block if you aren't sure of the difference.
Asset= Puts money in my pocket.
Liability= Takes money out of my pocket.
I work hard at building assets- developing a replicated system whereby I plug in people far more talented than myself.
If I'm taking on a liability, I make sure someone else is paying for it.
See "Timeshare a Donkey" post.
At first, this Timeshare A Donkey concept started out as rather a joke, but I have four interested families who'd like to get on board with the timeshare idea. They'd enjoy for their children to come out and experience animals and nature and surroundings that are not part of city life. We will go forward with the purchase as soon as I find a "grey" donkey and not a black (this is where my husband likes to raise his fist up in triumph) or spotted, or miniature donkeys, which are more expensive.
Last week, after an incredibly wonderful business mixer at The Boardroom for Men, in Highland Village Tx http://theboardroomsalon.com/ and as a rather large group of us sat around the table at Wings Pizza & Things http://wpntflowermound.com/ Eve had an insightfully funny yet stunning comment.
"You see," she said, "You can make all your money back at Christmastime when you rent him out to be in plays and nativity scenes!"
"Girl," I responded, "Gimme a lil' somethin' somethin'". And we high-fived from across the table. Eve gets it perfectly.
The poor and middle class want to own, rich people don't own, they just have access to it.
Plenty good. N'uff said.
3. Never Do Yourself What You Can Pay Someone Else Less to Do
The absolute truth is, sometimes, when your business is new, you have to wear more hats, and so sometimes, you end up doing what you'd rather not. I'm not going to lie to you.
But, having a long term strategy that allows you to slide out of that position or positions and place someone in your slot, that's perfect.
Last year, 2008, I actually only worked IN my business three times- I am so thankful and blessed to say I have a wonderfully talented, capable, responsible staff.
And I hate to admit it to you that one of those three times, I had a blazin' bitchin' bad attitude that I needed divine help to correct! (I'd use another more wholesome adjective but, there's not one.)
In one of my companies, if I had to, I could execute the work.
In two of my other companies, if I had to, I could not.
The two other companies are so highly specialized and take such a great deal of skill- there's no way!
Neil, in California, is the freakishly talented art director for both companies and me, well, I can draw three things reliably.
Oh, yeah- there's a big demand for that.