The woman I’m working with today once introduced me as, “the woman who could find money under rocks.” While I’m not sure about that, more than once I’ve been compared to a “depression child” regarding my quick eye for identifying both waste and opportunity.
As a side note, this only applies to my approach to business… not at home. =)
Bottom line: I talk to a lot of business owners who could use some immediate income strategies. They could use the experience of “finding money under rocks.” If this is you — and let’s face it, unless your chief problem is having TOO MUCH MONEY to store, it’s you — this blog post may just be one worth printing and displaying in your office somewhere.
The basic formula for instant income is simple: identify waste and sell it.
I’ll identify 7 ways this simplistic formula is used and then we’ll delve into how to apply it in your business.
- In my own practice, I’ve sold 1/2 price VIP days when a formerly scheduled VIP day is cancelled at the last minute. Catch: I only announce these VIP days to my existing clients, paying members, and those on my “official” waiting list.
- A service-based business with a retail store front had extra space and leased it to local artisans to sell goods on consignment.
- A teahouse had a converted attic they rented to a photographer who turned it into a studio.
- An attorney who’d been taking Mondays off for three years decided to offer consulting services to other, less experienced attorneys during that time. This was something he was doing for free anyway in his small town. This same exact model has been used by my clients who are therapists and chiropractors as well.
- A dentist was working only 3 days a week in the multi-dentist and multi-chair practice he owned opened a dental assistant school in his existing practice.
- An intensive I used to offer during a 3-day LIVE event was uber-profitable but required me to have 3 days in a row to deliver it. BUT, rather than let the content go to waste, I now have a group of people going through the program virtually. They save on travel and hotel. I save on time and live event expense. It’s a win-win. Same material delivered. New product created.
- Un-filled hours of an OBGYN physician who no longer wanted to do OB work created a vacuum that he cheerfully filled with patients wanting botox and other filler injections. No more late nights in the delivery room, and a whole slew of ideal, fun, cash-only clients.
Identify waste and sell it.
Look around your business. What’s going to waste? What are you under-utilizing? What are you doing for free anyway?
Space?
Cancelled appointment times?
Man hours of your staff?
Skill sets?
Make a list. Many things you overlook DAILY have tremendous value.
Be creative. I know some businesses who “rent out ” the use of their mailing address ONLY — for businesses who want to “appear” that they have an office outside of their homes. Right now, I’m in the very beginnings of a project that will put my experience in the justice system and courtroom to use to create a profit. (This experience isn’t something I talk about often, but I’m uniquely “prepared” for such a side venture.)
Next, who is this identified waste valuable to?
And, finally, be creative with how you monetize it.
Sam Beckford used to say, “There’s never a lack of money. Only a lack of creativity.” I believe this is particularly true when you’re creating your own income anyway — as a self bosser. This is the good news.
The bad news is that we’ll need to get more vigilant in coming years about income, profit and monetizing whenever and whatever we can. The economic news from the increasingly polarized and decreasingly objective news stations tell a story about our economy that is simplistic and superficial. I’m no doomsday-er, but there are facts we should pay attention to and plan our profit accordingly:
— Massive consolidations are happening in the banking and financial services field. The result, jobs are being cut. 800 by Zurich. 8000 by Chase. 30,000 jobs cut by RBS. Bank of America closed 183 branches between 2012 and 2013. Suntrust closed 127.
— Radio shack is closing over 1000 stores. Best Buy is cutting jobs.
— Restaurants serving middle-income Americans are struggling greatly to keep up and reporting consistent loss.
This isn’t to say that the economy isn’t ripe and ready to support you as you profit wildly. With ALL of these challenges, there are inherent and impressive and exciting opportunities for the rebellious entrepreneur. BUT these trends are facts to be ignored at your own peril. We’re to be aware of them, learn about them, and then — craftily devise a plan to refuse to participate in them.
For the rest of the month, you’ll see me dispensing the best advice I know — that will directly impact and influence your own profit in coming months and years — regardless of industry.
So, come back and stay a while, will ya?
