How Turn A Money Making Idea From Failure To Success
© Bruce Carter 2009
There is nothing more sickening and stressful in business than a weak money making opportunity that is dragging you down.
Bruce Carter
How do you turn the situation around?
I have a pit in my stomach telling you this but for years I kidded myself about how I was doing business and it cost me dearly. I paid for it in stress and this weak business thinking robbed me financially. I would tell myself I was making money when one good deal come in and then live on optimism when business was slow. I thought somehow I’d get through and make money. Guess what! I went broke.
Then a 75 year old, highly wealthy entrepreneur changed my life with one piece of advice. He told me the #1 rule in business is to detach from your product customers and marketing.
What if you are not making enough money to pay your bills?
There was guy in US struggling to sell fried donuts in a large shopping mall with big over heads and the painful realisation he was going broke was starting to sink in. There was only 2 weeks before the land lord will force him to close. He decided to try one more idea with everything he had left. Overnight he changed direction by rebranding his shop to sell spicy fried chicken. By end of the first day he sold out of all his stock and then went onto build the second biggest chain of fried chicken shops in the US, Colonel Sanders from Kentucky Fried Chicken was the largest.
“In my experience one of the secrets to success is to embrace failure “
Barry Diller who started up the Fox Network in the US
The biggest advantage a small business has over medium or a large company is flexibility. It may surprise or even challenge you that business building is a very creative process that usually requires development of your business thinking to make it successful. If you have just left a brain numbing job or have been employed in the same role for a long time, you will need to think and act very differently to create your dream company.
If you want to become highly successful and wealthy business person you will need to develop an effective business mindset and faster than you think.
So what if the pressure is on, I mean really on and you need results fast, you can’t wait! How do you find breakthrough ideas that will save you and get money flowing into your bank account?
The first thing you need to do is recognise that the external circumstances are not creating your result, you are or your business mindset is. I fully know that it may feel like it’s there are no customers out there or you have taken on a dud product or it’s too expensive or the competition is more attractive to prospects or you need a track record to win business etc etc.
Highly wealthy entrepreneurs know that blaming external forces will only keep you stuck or make you go broke and probably fairly quickly too.
If you want to save your business or super charge it to another level of growth and profitability you will need to find game breaking ideas and TAKE ACTION ON THEM!
Here’s how to get your brain working, creative again and more importantly get money flowing into your business. Like any new skill you need to use it, and use it until is naturally integrated into your normal effortless thinking. I learned this process from $100 Million businessman Brain Tracy.
How to find Game Breaking Business ideas
There was some research done by 4 university professors at Waikato University in New Zealand* on the world’s top 10 consistently performing elite sports teams. The teams consistently their beat competition over many seasons, included in the research were Williams F1, Chicago bulls, The Australian Netball team and of course the New Zealand All Blacks.
One of the key concepts they discovered was all the teams had Peak Focus on their greatest imaginable goal e.g. a goal to win every game they played. They also all applied intellectual pressure to the goal so they could create game breaking ideas. This concept spectacularly found ideas or improved processes that beat competition, consistently over long periods of time.
Essentially this is what Brian Tracy’s process does; it takes your thinking to higher creative level to breakthrough to innovative new ideas. It is as if you are in a life or death situation that demanded your upmost attention to make it through alive. So the goal here is train to your mind to get back to creative match fitness so you can generate highly creative solutions to business problems.
Step 1 Identify what you want with absolute clarity. Do you want a monthly turnover of $100k, double your margin from $150 to $300 or find 10 new customers every week. Create a goal and make the goal crystal clear.
Step 2 Brain storm 20 ideas to achieve your goal. The first few ideas will come easy but you want to get your mind to creatively create 20 stay with the brain storming process until you get 20 ideas. Force your mind to think of more ideas. Do it again the next day and next day until you discover ideas that are actionable and can be achieved. Watch out and record in a note book all the ideas that come to you. Some ideas may also come to you spontaneously during the day.
Step 3 Act on the best ideas, remember to stay detached from your current business model and repeat the process as many times necessary until you succeed at finding the game breaking business making ideas.
There was a small business owner who had a website company that was going broke. The average 15 page website he build was sold for $1800 but he could not sell and design faster enough to survive. He was facing a mountain of debt, and an ongoing commercial lease that had a further 8 months to run under a personal guarantee. He was so stressed at the thought of going back to full time employment again that it was also most unbearable. He needed to sell websites at a higher to margin to grow and stay in business. From this process he discovered 4 game breaking ideas.
1. His telephone script would not be about building websites anymore but helping companies grow their business on line.
2. He would educate prospects how to grow a business on using the internet first before selling them a new website.
3. He created a professional proposal document template outlining how to grow a business on line showing high return on investment with ongoing benefits to the business.
4. He added high value, low cost, plug in backend products e.g. software to capture email addresses and create email marketing campaigns.
With his new ideas the same 15 page website that sold for $1800 now averaged at $5400 with little or no extra work. He went from losing money to making over 5k a week profit within 14 Days.
So let’s give the process a go! Detach and create new business ideas.
“If you desire something you also have the talent, resources, strengths and time to achieve it. Desire is nothing more than unexpressed human potential.”
I think this quote sums up the point that I really want to make. Can you remember finding a solution to a problem you thought was impossible to solve? Well now you have one of best tools to help you do it any time you have a challenge, so you can manifest the business and life of your dreams. I always love to hear about your success stories so remember to email me.
*Peak Performance (Harper Collins) by Clive Gilson, Mike Pratt, Kevin Roberts and Ed Weymes.