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[G546]Grow Rich While You Sleep

by R.d. Smith, R.d

New studies show the average person in the average big city is spending 240 hours per year commuting. That's a LOT of time just looking out the window, time you could be putting to very good use.

Recently I created a monthly series of audio CDs that feature interviews with self-made millionaires and business leaders. People listen to the CDs while driving to work. Many of the ideas, strategies, and tips in the series are revolutionary for most people.

The rich usually got where they are because they know and believe things the rest of us don't. Let me share a few of those important thoughts with you:

(1) You will never earn a LOT of money as an employee. Unless you're the CEO of a large company, or even the top level manager of a large mid-sized business, government statistics reveal the vast majority of us will never earn more than a modest living.

I know, there are all kinds of stories floating around about this person or that who are getting paid big bucks, but extensive studies show big paychecks are the rare exception.

(2) To earn BIG money, you MUST own your own business. It's that simple. The rich are almost always business owners. Billionaires are ALWAYS business owners. It's the ONLY way, short of winning the lottery, to earn a great deal of money.

(3) You don't need your own money to make money. One thing I quickly learned after interviewing countless wealthy individuals is they insist on running their businesses on OTHER people's money. They even have a term for it -- OPM -- Other People's Money. Along with that belief are a whole system of skills used to find and enlist investors who pay for your business.

(4) Don't buy the things you want and need. The wealthy often have simple ways to get much of what they want for free. They get free stuff from suppliers, free advertising from media, even free trips and vacations to the world's top destinations.

(5) Most important, keep in mind becoming wealthy is largely a state of mind. If you can THINK like a wealthy person, you will become wealthy.

I also want to stress there is more to being wealthy than just having a lot of money. All that cash will do little good if you're still unhappy, or have bad relationships, or don't feel good about yourself. Right along with learning how to make money, also discover the methods to insure a highly successful life.

Do you run a business? Is your product so unique that it cannot be bought from anywhere else? Is your price the lowest customer can pay in the market place? Is there any other reason why your customer must speak to you fist before placing order with any one else? May be you provide a great service? may be you give your customer a satisfaction guarantee that your competitors cannot beat or come any where near to.

As a business owner, you probably recognise one fact ? competition is fierce. It is not getting easier to do business and prosper unless you offer your customer that no one can. In other words you must differentiate yourself from your competitors so that when they think of buying the service or product that you offer they think of you.

Business consultants offer many recommendations for doing that. Competitor analysis? branding? product-sourcing strategies so that you get them cheap?and so on and so forth!

From my experience working with small to medium sized business owners, I am certain that the following one strategy works better than any other consultant speak. Make your customer want to give you more business. If your customer is willing to come to you fist before going elsewhere, you have foundations of a very profitable business. But how do you do that? Surely it is easier said than done, right?

It is in fact easier done than said. A small business I know of operates in insurance industry. He has been in business for years so he had plenty of experience of closing the deals. Because he knows his way around the industry, he can get good deal according to the requirements of his clients for them to put pen to paper. He was doing fine but he wanted to grow faster than his competitors. So his problem was to generate leads on the front end.

Every one in his industry was advertising in newspapers and other media outlets to generate leads. He took a creative approach. He stopped advertising and started to approach his existing customers for referrals. He offered them an inducement that not many could refuse ? free week long vacation for two to almost anywhere in the country in return for introductions to their friends who may be interested in his services. His existing customers were already happy with the service they got and didn't mind introducing friends. His new customer acquisition costs came to halt and customer database started to swell. His costs of give away vacation incentives: None! This was a win-win situation all around.

Businesses do not have to come up with large advertising or marketing budgets to generate fresh business. If you already have existing customers than they can be the best source ore business. In a study published in Harvard Business Review not very long ago, it was concluded that 5% increase in retained customers increased the profitability by an average 80% for most industries. Existing customers are your gold pot. By being creative you can use that resource to get even more customers.

And yet most marketing departments spend more than 50% of their budget on new customer acquisition who are least profitable in the first place.

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Both R.d. Smith & P Shukla 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.

R.d. Smith has sinced written about articles on various topics from . . R.d. Smith's top article generates over 590 views. to your Favourites.

P Shukla has sinced written about articles on various topics from Grow Online Business, Home Management and Debts Loans. Strategies on how to acquire swarms of new customers can be found on Peter Shukla's website . Peter's propositions have helped businesses incr. P Shukla's top article generates over 720 views. to your Favourites.