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[L504]Long Term Business Planning

by Groshan Fabiola, Gro

Plunging into the business world, surviving in it and running your business successfully may be a lot harder than you thought. The hard work that you put into developing your business, the great business ideas, and all the money you invest might just not be enough, as there are so many aspects related business that you have to juggle with. However this should not make you think twice before diving into the business world as there are always going to be people to point you into the right direction and coach you along the way. There are times when business owners strive so much to make their business work that they find themselves in a position where they have very little time for their personal life. The reason is very simple; they have the talent and the eye for business but not the experience. However talented you may be, you need somebody to teach you how to make the best of your business talent and, as every great player needs a great coach, so does every businessman. The whole purpose of running a business is not to sell your soul, but your work and in order to do that you need the best help you can get.

Better results and more success in your business do not necessarily mean more time or more investments. A good business coach can help you make the breakthrough you have so long worked for or take your business to the next level, without having to invest more time and money. A business coach will help you improve the competitiveness of your business, as business coaching and company performance go together like Google and search.

The lack of information from the outside world that business owners are usually confronted with makes expansion quite difficult. Furthermore, gaining insight on the most effective ways to manage a company requires time, and time is something that most business owners do not have. Business coaches come to their rescue, for behind every great success story there is a great coach and the business world is no exception.

Business coaching will prove very useful in many aspects related to managing and taking your business to the next level. For instance, a good business coach will help you establish long-term results, develop clarity and redefine your role in your company. An eye for business should be enough if you want a small business, but when you aim for worldwide acknowledgement, you need a coach to guide you.

Would you have ever heard about Tiger Woods if it had not been for his coach? Maybe his inborn talent would have helped him become famous, but certainly not to this extent. Working with a business coach represents a valuable experience, as he or she has the necessary expertise and experience gained from hundreds of successful businesses. A business coach learns from his ?players?, gains the necessary experience and when she or he meets the ?player ? with the extraordinary potential, wonders happen. You could be that player! The perspective that you have on your business development may be the problem. A business coach will help you see everything from a broader perspective and gain valuable insights. A business coach will provide you with the support you need to make changes, when they are needed or advisable, as well as help you make the right decisions for your business.

Do not mistake business coaching for consulting, mentoring or counseling. Business coaching focuses on the future of your company, and is concerned with pruning your business to success. A business coach will not tell you what steps to follow in order to be successful. Instead, he or she will represent the catalyst that will help you define your own way forward. The business coach will make whatever inquiries he or she considers necessary, followed by thorough analysis of your situation, contemplation and resolution, all with the purpose of leading your business to success.

Would you rather make one sale for a one-time $65, or one sale for a monthly subscription at $10 per month? I would rather have the monthly subscription, because after the seventh month I will have made more than the $65 from the first sale, and the money will keep coming! It is possible that you can still be making money three years down the road from one sale.

Here is another example to show you the power of residual income: You work everyday for a company. Your paycheck is dependent upon your working. If you don't work on a given day and you are paid hourly, you will not be paid for that day. If your job is to make widgets on an assembly line, you must make those widgets to get paid.

But what if you were the one who patented the widget? Then you would receive income over and over again any time someone made or bought one of your widgets. You don't have to make the widget anymore, but you get paid every time someone buys a widget! This is residual income: it is income that you make over and over again from working one time. There are many great affiliate programs that you can market that can bring you residual income. You can also start your own subscription or membership website.

A related concept to residual income is leveraged income. Leveraged income is similar in that it can be residual. More importantly, leveraged income is money that you make from other people's efforts!

To use the same widgets example, if you make widgets on an assembly line for your job, you have to do that to get paid. But if you were the one who patented the widget or the technology to make the widget, you would continually receive income every time someone made or bought one of your widgets.

As this related to leveraged income, imagine that in addition to you working on the assembly line, you could train others to do the same work and make a percentage of each person's income that you trained?

For example, you work the assembly line and earn $1000 each month. What if you could earn 10% of the income for each person you trained to do the same assembly-line work? You would do the work (training) one time and be paid over and over again (residual income that is leveraged via other people's work).

Suppose you trained ten new people each month, for three months. Your monthly income would begin to look like this:

1st month: You make $1000 and each of the ten people you train earn $1000. In addition, you earn 10% of their monthly income (10% of $1000 = $100 x 10 people = $1000 + your $1000 = $2000 total).

2nd month: You still make your $1000, but now you have 20 people who each make $1000. Your income is thus: 10% of $1000 = $100 x 20 people = $2000 + your $1000 = $3000 total).

3rd month: You still make your $1000, but now you have 30 people who each make $1000. Your income is thus: 10% of $1000 = $100 x 30 people = $3000 + your $1000 = $4000 total).

But wait! In your third month, 10 of the thirty that you trained each trained 5 more people. Another part of your business agreement said that you would receive 5% of the income of anyone that was trained by someone you trained. So, you have 50 more people each earning $1000, and you earn 5% of that --> 5% of $1000 = $50 x 50 people = $2500 + your month 3 total of $4000 = $6500 total in month 3!

This is the beauty of leveraged and residual income! By your one act of training someone to do the work, you will get paid over and over again from their efforts, and again if they train someone else to do the work!

This specific example may not work for where you are, but look at how acts like Kiss use it. Pretty soon, this group won't have ANY original members...they'll just put unknown musicians in makeup and send them on tour.

But you, the average musician, can make a ton of money with a newsletter of subscription site. If you've been playing for any length of time, you've probably got tons of content, whether it be songs, pictures, or even blog entries, that members will pay for. And it wouldn't be hard to get $5/month from fans to access this.

$5/month might not sound like a lot, but it's $60/year and most bands are lucky to get $20/year from a fan. That's a 300% increase income...and just think if you charge $10/month or more.

Some of the larger acts that I work with are doing membership sites and making a killing. Why aren't you?

Article Source : Pg. 31

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Both Groshan Fabiola & David Hooper are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.

Groshan Fabiola has sinced written about articles on various topics from Woman Menopause, Medical Condition and Health. For more resources about or even about . Groshan Fabiola's top article generates over 6120000 views. to your Favourites.

David Hooper has sinced written about articles on various topics from Keyboard Synthesizer, Entertainment Guide and Keyboard Synthesizer. . David Hooper's top article generates over 22200 views. to your Favourites.