How To Get Success In Business

9 TIPS TO GROWING OUR BUSINESS TO SUCCESS

1. Get Organized

To be successful in business you need to be organized. Organization will help you complete tasks and stay on top of things to be done. A good way to do this is to create a to-do list each day. As you complete each item, check it off your list. This will ensure that you're not forgetting anything and you're completing all the tasks that are essential to the survival of your business.

2. Keep Detailed Records

All successful businesses keep detailed records. By keeping detailed records, you'll know where the business stands financially and what potential challenges you could be facing. Just knowing this gives you time to create strategies to overcome those challenges. 

3. Analyze Your Competition

Competition breeds the best results. To be successful, you can't be afraid to study and learn from your competitors. After all, they may be doing something right that you can implement in your business to make more money.(For related reading, see: How do I determine my company's competitive advantage?)

4. Understand the Risks and Rewards

The key to being successful is taking calculated risks to help your business grow. A good question to ask is "What's the downside?" If you can answer this question, then you know what the worst-case scenario is. This knowledge will allow you to take the kinds of calculated risks that can generate tremendous rewards.

5. Be Creative

Always be looking for ways to improve your business and to make it stand out from the competition. Recognize that you don't know everything and be open to new ideas and new approaches to your business. 

6. Stay Focused

The old saying, "Rome was not built in a day," applies here. Just because you open a business doesn't mean you're going to immediately start making money. It takes time to let people know who you are, so stay focused on achieving your short-term goals.

7. Prepare to Make Sacrifices

The lead-up to starting a business is hard work, but after you open your doors, your work has just begun. In many cases, you have to put in more time than you would if you were working for someone else, which may mean spending less time with family and friends to be successful.

8. Provide Great Service

There are many successful businesses that forget that providing great customer service is important. If you provide better service for your customers, they'll be more inclined to come to you the next time they need something instead of going to your competition.

9. Be Consistent

Consistency is a key component to making money in business. You have to consistently keep doing what is necessary to be successful day in and day out. This will create long-term positive habits that will help you make money in the long run.


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December 25, 2018 ·   0

10 of our favorite business books of 2019.

Here are 10 of our favorite business books of 2018.

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1. Broad Band: The Untold Story of the Women Who Made the Internet, by Claire L. Evans
What unites the female programmers, hackers, game designers, and others in this engaging counter-history is user empathy. "They are never so seduced by the box that they forget why it's there: to enrich human life," writes Evans, a reporter for Vice. Her account begins with familiar foundational figures of computer science, such as Ada Lovelace and Grace Hopper, before segueing into the age of networks. There we meet key contributors like information scientist Elizabeth "Jake" Feinler, who made the Arpanet navigable while finessing requests to make coffee. Stacy Horn founded the early, edgy online community Echo, where more than half the users were women, many chatting among themselves in private hangouts. The internet is a reflection of its makers, Evans reminds us. Female perspectives and attitude are in its DNA.

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2. Creative Selection: Inside Apple's Design Process During the Golden Age of Steve Jobs, by Ken Kocienda
Kocienda, a 15-year Apple veteran with a hand in the company's most iconic products, is a generous, self-deprecating guide to life under Jobs. The phrase "creative selection" riffs on Darwin: It casts product development as a long iterative process in which only the strongest design aspects survive. The book's "who"--that is, Jobs, as seen through Kocienda's interactions with him--matters less than the "how." Here Kocienda limns, through the lens of his own experience, the "essential elements" of Apple's innovation culture, which include dreaming big, combining complementary skills, making tough choices, and developing taste and empathy. This is a book about the poetry of software creation, and occasionally a thriller, as Kocienda and his team battle doubt and fear of failure to achieve something not just great but magical.

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3. Dying for a Paycheck: How Modern Management Harms Employee Health and Company Performance--and What We Can Do About It, by Jeffrey Pfeffer
The Oxford Dictionaries' word of the year is toxic. That's an apt description of the workplaces in Pfeffer's disturbing, important book. Pfeffer, a professor at Stanford's Graduate School of Business, explains how overwork, stress, lack of control, and insecurity impair employees' health--and even shorten their lives. One study found 41 percent of people say work-related stress made them sick, and 7 percent had been hospitalized. Office wellness programs alone won't cut it when offices themselves contribute to addiction, depression, obesity, and other ills. Drawing on examples from such companies as Patagonia and Google, Pfeffer suggests how a humans-first philosophy is also good for business.

4. Frenemies: The Epic Disruption of the Ad Business (and Everything Else), by Ken Auletta​
Most people don't like advertising. But they do like the media that advertising makes possible. And businesses legitimately need a way to get out their messages. So the advertising industry makes a reasonable protagonist--call it an anti-hero--for this saga of technological, social, and business model disruption told colorfully by New Yorker communications writer Auletta. The frenemies besetting traditional players are obvious suspects like Facebook and Google, but also the in-house agencies of media clients, global consultancies, and consumers protective of their time and privacy. The phrase was popularized by Martin Sorrell, the blunt, combative founder of WPP who is one of Auletta's principle characters. Sorrell resigned as CEO in April following investigations into his conduct. Thus the personal crisis of an industry titan plays out against the existential crisis of an industry.

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5. Leap: How to Thrive in a World Where Everything Can Be Copied, by Howard Yu
This deeply researched mix of strategy guide and business history is a strike against complacency. Competitive advantage comes and goes with the tide. And, in fact, Tide detergent encountered strong resistance from P&G executives anxious to protect the Ivory Soap legacy before triumphing in the market with synthetics. That need to cannibalize your own products is just one lesson from Yu, a professor at IMD in Switzerland, who draws on examples ranging from Southern textile mills to WeChat to demonstrate his principles of constant reevaluation, reinvention, and repositioning. Being best at what you do has never been enough, Yu says. Being best at something different--over and over--is key to flourishing over generations.

6. Lost and Founder: A Painfully Honest Field Guide to the Startup World, by Rand Fishkin
In February, when Fishkin stepped away from Moz, the SEO business he co-founded in 2004 with his mother, he described the experience on his blog: "On a scale of 0-10, where 0 is 'fired and escorted out of the building by security' and 10 is 'left entirely of his own accord on wonderful terms,' my departure is around a 4." That gives you a sense of the candor and humor with which Fishkin (whose new startup is SparkToro) approaches entrepreneurship and that animates this tale of a founder's bumpy ride. More important, the book abounds with hard-earned insights, some of which take down conventional Silicon Valley wisdom. Among them: Successful full-scale pivots are almost nonexistent; and great products are rarely minimally viable.

7. The Meaning Revolution: The Power of Transcendent Leadership, by Fred Kofman

Too many leadership books blather on about meaning and mission without explaining what they are or how they work. Kofman, LinkedIn's "leadership philosopher," makes those amorphous ideas concrete. The book contains useful tactics for improving motivation and satisfaction. For example, "escalating collaboration," an approach to defusing conflict by involving all parties in creative problem-solving; and forging an effective culture by weaving together consensus, intensity, adoptability, and attitudes and behaviors. Kofman's writing is informed by his experience working with leaders in the most challenging situations, including LinkedIn's Reid Hoffman (who supplies the foreword), Facebook's Sheryl Sandberg, and Microsoft's Satya Nadella.

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8. New Power: How Power Works in Our Hyperconnected World--and How to Make It Work for You, by Jeremy Heimans and Henry Timms
The best book of its kind since Clay Shirky's Here Comes Everybody, New Power explains the mechanisms and implications of technology-enabled movements. Old power acts like a currency: It is closed and held by a few. New power, by contrast, is a current: open, made by many, and most effective when it surges. The transition from old to new power unleashes potent effects that business and political leaders can use for good, both their own and others'. The Scottish beer company BrewDog, for example, has raised money from tens of thousands of its "equity punk" customers. Buurtzorg, a home care organization in the Netherlands, improves community health care by giving power to small, self-directed teams of nurses. Heimans, an activist, and Timms, CEO of the 92nd Street Y, demonstrate how to lead virtuously in this hashtag age.

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9. Regulatory Hacking: A Playbook for Startups, by Evan Burfield with J.D. Harrison
Yes, the Trump administration is taking an ax to regulations. But its emphasis is on rules pestering large corporations. Burfield, an investor who works with startups around the world, shows entrepreneurs--who can't afford lobbyists--how to maneuver in markets where the government's hand is heavy or their innovations don't fit existing frameworks. Among other advice, Burfield suggests founders create "power maps" to uncover sources of influence that might advance their causes. 23andMe, for example, built relationships with scientists who had longstanding ties to the FDA. Airbnb mustered the support of its grassroots users. Rules are made to be broken--or at least tweaked, Burfield says. But he cautions: Sometimes it is easiest to comply.

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10. When: The Scientific Secrets of Perfect Timing, by Daniel H. Pink
The question "when" ranks fourth on that list of the "Five W's" that famously govern problem solving and decision making. Popular writer Pink, whose previous books explore subjects like motivation and sales, argues for the primacy of temporal considerations. Timing is a science, writes Pink. Understanding how it works can improve performance and outcomes in business and in life. Afternoons, for example, bring out the worst in us. Midpoints of projects are similarly dour. Coffee followed by a 10- to 20-minute nap is the secret to rejuvenation. And how you end matters almost as much as that you end.


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December 25, 2018 ·   0

Top 20 Best Small Business Ideas

1 – Yoga Center. These are hot right now and springing up in neighborhoods everywhere. You are helping people become more healthy and fit. The key is to have certified instructors, a safe environment, and competitive pricing. 2 – Catering Business. Look for niches you can help fill instead of being a “one all, be all.” Just left a career in the real estate business because the grind was too much? Look to handle the catering needs of realtors which was something that is a stress for most realtors. 3 – Travel Agency. Everyone loves to travel. If they know they can SAVE money and allow someone else to handle all the details, they will gladly let you do it. 4 – Fast Food Shop. Having a locally owned shop instead of a franchise will help you save on costs that you can put into having quality food and service. 5 – Chocolate Cafes. Probably reserved for larger cities with a significant amount of foot traffic to feed off the love of chocolate. Unlike traditional cafes, you aren’t going to get repeat business daily, so you need access to a large group of customers. 6 – Fitness Programs. People are busy and want to be more healthy. The problem is, they just don’t know how. Create specialized programs for people to help them make their goals more manageable. 7 – One Product Restaurants. Focus on one type of food and capitalize on it. Again, just like #5, you will need to be in a large city and be in a district that is trendy for this to work. 8 – Hosted Security Provider. Get paid to help keep company’s websites, computers, and servers safe from hackers, spyware, trojans, worms, and viruses. 9 – Data Backup. This is one area that most people just forget to do or think it is too much of a hassle. Make it simple and affordable. 10 – Surveillance Camera. These are hot, and demand is rising. With all the crazy people out there and many areas seeing a rise in break-ins, especially with theft of Amazon packages, surveillance cameras are the affordable solution. 11 – Massage Business. In an era of high-stress, affordable massage is highly sought after by the general public. It is vital that your providers be certified to avoid lawsuits from injured clients. 12 – Home Improvement and Handyman Services. If you have the talent, you can be the provider. You could also use your management skills to control many providers for your clients. 13 – Children’s Educational Programs and Services. As the time for parents continues to get squeezed by corporate America, the more needs are for their children to get the help they need for their school work. 14 – Software Products & Application Development. If you have a programming background, this could be the perfect place to showcase your skills. The negative is you won’t be boxed in by upper management. That’s a positive! 15 – Consulting Services. Using your skills and expertise for a wide-range of clients for a premium price. Do this so you work fewer hours for the same pay of your old job. 16 – Selling Car & Machinery Spare Parts. In this niche area, you will rely on your ability to get the right relationships to fulfill demand. 17 – Professional Car Washing Business. While many cities have self-serve car washes or gas stations that offer free car washes with a fillup, most people want a car wash done by hand. 18 – Internet Connection Provider Services. With more services becoming available, you can act as a broker and help people get the right service for their needs and collect a monthly fee. 19 – Furniture Business. People are looking for quality furniture. If you are a top carpenter, or you can find one, you have the basics needed to start this business. 20 – Purified Water Production. It isn’t as tricky as it sounds and you can offer the water not just as bottles, but in many deliverable ways.

December 05, 2018 ·   0

How to Properly Manage Your Money Like

so how many of you how many of you were raised perhaps like me where in your family maybe there was some split mentalities around money how many of you know what I'm talking about you know like maybe mom at a certain way of thinking and dad at a certain way of thinking so how many of you guys know who my dad is my mom and dad got married when they were like 22 years old my dad flunked out of college right as a speech and communication major which is pretty awesome considering he's like one of the greatest motivational and real estate training speakers ever right and his mindset because his mentor this is what his mentor said to him you want to make a lot of money go buy a rolls-royce go get a big fancy watch and go get a really expensive car and a real expensive house and you will be motivated like crazy and you will go do whatever it takes to be successful and guess what my dad did he went up a big fancy car big watch you know Rob rolls-royce the whole nine yards and every day he was like this holy shit I gotta make money my mom on the other hand grew up in an environment with a few more kids my grandfather my mom's mom passed away when she was very young and she immediately had to go to work at like 14 years old by the time she was 16 she was working at Disneyland as a Mouseketeer you know Orange County California and she's doing great but all of her money went back into the family so she would work only to basically have no for herself benefit from it so in her mind every cookie in the cookie jar mattered you should be very mindful with every single dollar imagine growing up in that house this one is like it's not how much money you just need to make sure there's at least one cookie in the cookie jar we could divide it up six ways and my dad's like we should start a cookie factory and finance the entire thing well no surprise that relationship did not last long right my dad actually ended up marrying somebody who was ridiculously financially savvy and I think she's somewhere inside the room who are you inside the realm my my other mom somewhere inside her maybe you're running around the room the bottom line was this I grew up with a completely messed up psychology when it came to money and it wasn't until in my mid-20s when I met one of my mentors who he showed me something which I'm gonna show you the bottom line is this guy's money is a tool nothing more nothing less say that out loud nothing more nothing less listen if you're a jerk money makes you more of a jerk if you are mother Teresa money makes you more mother Teresa it is just a tool but this is what I know how many of you know someone that doesn't have enough money I don't know about you guys I don't want to be that person and not that I feel bad for them or less them all I think to myself is that person was never taught what I'm about to teach you they never understood that your money is a tool and just like an app on a phone if you don't use it and play the game right and follow the steps you don't get the results it's not how much money you earn it is what you do with the money that matters you guys with me on this so I want you to write in your notes the following there's been a lot of research on this and you've probably seen something like this before especially if you've ever met with a financial planner or you know you've watched CNN financial they all say the same thing write down five 15 and 85 15 and 85 percent 15 percent and 80 percent five percent 15 percent and 80 percent and as all the studies show it says five percent of the planet are basically generational wealth they have created generational wealth it's not the top one percent guys somebody who is worth five million dollars who has paid off their home and when they pass on they transfer all that wealth over that's generational wealth you with me on this some of them are worth millions some events ten some of them are hundreds some of them are now billions but that's the 5% the 15% write this in your notes you ready they are the middle class they got a house they got a little savings they go on a few vacations and they're comfortable and there's nothing wrong with that 15% but where do you think the 80% sets Darcy the 80% 80% 80% look around the room potentially 80 percent of this room I don't think so but potentially with the numbers 80 percent of this room when they are older either a have to work to make money or be are dependent upon the government or their family to subsidize their lifestyle 80% 80% 80% some of your think of yourself my kids better be successful 5% generational wealth and it starts at five million dollars and above fifteen percent comfortable my in-laws are 93 and 90 years old they have a million dollar net worth there in that 15 percent house is paid for that they bought for $11 300 years ago right in Anaheim California on Bruce Street paid that sucker off every time I talked to my father law you see my Ford stock right he's not he started buying Ford stock like in 1948 you with me like I had a dollar that I had two shares than three shares but over time guess what he's in that 15% how many of you know someone right now though that based upon their money behaviors and their money psychology they're clearly going to end up in the 80% don't point out him if they're in this room and don't like you know make them wrong but I'd like you to consider maybe they just never heard what I'm about to share with you so I'm gonna show you guys a business strategy for your money you guys have for that a business strategy I'm not gonna tell you what to invest in that's not my role I'm going to show you ideas of what the very best people do I'm gonna put it up on the big screen which means the team's gonna keep it here the whole time and you're gonna take detailed copious notes so here's the first thing I want to show you this is what 80% of real estate professionals do 80% of real estate professionals they get a commission check and that check goes into their personal account their personal account 80% they get a check and it goes into their personal account they go home and maybe they say here honey or here on by myself and I put it in my account but this personal account is not an LLC an S corp a limited light you know limited partnership it's not a corporation it's a personal thing now I'm not gonna ask you to raise your hands if that's you but I am gonna say this you I would like to thank you for paying lots in taxes thank you very much I really appreciate you overpaying what you should be paying keep up the good work so what's rule number one should I have a corporation yes or yes yes or yes so check this out guys if you answered this don't feel bad I teach this stuff at conferences and I'm blown away by ten people in the room 10,000 people in the room the number of people to go yeah I thought about doing that but like I don't know like which one do I pick I'm no expert here's what you do you call your accountant and say I think I need to get incorporated which you recommend based on where I lived what country what state etc but rule number one is no one leaves this conference in 30 days if you are not incorporated and you don't own your business and now your checks come to blankety-blank LLC not you personally cuz now you get all the tax advantages yes or no guys but I got to tell you this is what the 80% does and this is clearly bad let me show you what the 15% do I want you to draw this out I want you to imagine a world where and by the way did you guys notice the subtle little difference this one says check this one says checks because people that get checks understand the following I get the check it goes directly into my business account right I get it wired in from escrow I don't get physical checks anymore the money just gets transferred over you with me oh my a scroll company my title coming up won't do it great get the physical check but it goes into a business account which means now as you can see I'm gonna have four different accounts at my bank four different accounts at my bank I'm get out my business account I'm gonna have my tax account to me three accounts tax account business account and my home account my personal account here's the reality my friends if I if I can encourage and inspire you know every single one of you to just do that and then follow the rule you ready write this in your notes above the tax account I want you to write down let's let's do an imaginary check and I want you to show you how much money goes where so at the top let's say that's a $10,000 check just for easy numbers $10,000 check so all of a sudden $10,000 hits my business account and the first thing that happens is instantaneously 3,300 of the 10,000 goes directly into my tax account 3300 automatically into my tax account because some of you think when you get a check for 10 grand that you actually have 10 grand how many of you are in the state of California or New York or in the country of Canada you get a check for 10 grand and you're lucky if you get 4,500 that's the real deal now you're an entrepreneur you own your own business you're gonna start taking better write-offs you're gonna pay more attention to your accountant you're probably gonna have your uncle Larry who's done your taxes forever stop and actually hire a CPA who's gonna pay attention but 3,300 bucks automatically goes there then 3,300 or goes into your business account and this is where I run my business a check comes in I've got marketing a check comes in I've got expenses a check comes in I've got my MLS dues everything that I need to run my business every check 3,300 3,300 and then what goes over here 3,400 bucks to my home now it sounds like you might need a home budget what do you guys think because many times what do we do we get a check and we just start spending the money by the way if you look at this the very first one this is the the cardinal sin this is what poor people do they get a check and they just start spending who knows someone like that say I matter of fact the bigger the check the more they start spending and they never think about debt reduction because they'll do that later because I've worked so hard and this was such a challenging transaction and that's why I'm going to overindulge and over and spend on myself and we know the financial rollercoaster you're actually putting yourself through this my friends is what the people do that take care of their money they know Uncle Sam or Revenue Canada or Mexico they're taking their money no matter what so when I come it that Chuck comes in I don't say to myself I get it all it automatically goes there I leave a piece here and the balance goes here makes sense so tell your buddy are you gonna do this yes or no yes or no now here's what I know look up here guys the number of clients that have done this and then I see them a year later and they go I have $15,000 and my savings kind of never had that but more importantly I paid all my taxes like I'm on time and I have money inside my business account and it's the end of the year and my accountant said I need to take a dividend so I'm getting a big chunk of change at the end of the year this is awesome now I don't know about you guys but I like is anybody like nice things you know family trips vacations memories holidays you know maybe a new outfit the challenge is if you keep that psychology without requiring or putting in the discipline you know what you end up with a bunch of nice things and a shit ton of debt so do me a favor tell your buddy do you know someone personally that has too much debt anybody's anybody inside this room now listen there's smart Denton there's bad debt and I'm not gonna go too in depth with you on this but you know the difference you know credit card debt at nineteen percent is dumb debt buying a house and getting a mortgage with three-and-a-half percent is really good debt so we all know the difference and I just want you to be mindful I want you to take care of your money but now did you guys get a photo of this did you capture it are you sure are you promising to do this okay do you want to know what the wealthy agents do this is what the wealthy agents do it's a little more complex it's a little more complex I would get it up on the big screen over there guys and take a photo of it but more importantly I want you to draw the whole thing out in your notes draw the whole thing out on your notes this is what the wealthy do this is the stuff that no one taught me so all until Bill Mitchell pulled me aside and said what do you do with your money and I'm like I don't know I just get the check and I throw it inside my account and I spend it like crazy and I never have any cash and I'm always in trouble draw this out so play a game with me you get a $10,000 check the $10,000 check goes to what account to what account and 33% of it goes automatically where to my tax account because I don't really have 10,000 I really have like you know 6,000 and change that's the real deal so 3300 automatically here then I take another 3300 over here or less because I don't know your business expenses but by the way guys here Marketing costs should be no more than 10% of your expected gross revenue your marketing cost should be no more than 10% of your expected gross revenue so a percentage that 3300 is gonna go for your direct mail and your marketing and your email and your Zillow leads and your Facebook ads and the prints and the brochures and everything else but no more than 10% no more than 10% got it because you're incorporated now your car and a piece of your house and all kinds of other things get written off into or from this account so we like that but you might also have inside there ready guys a virtual assistant an assistant well where is that person gonna be paid from you got a check for 10 grand you didn't actually get 10 grand you got 6730 300 goes inside here now I can pay my assistant it starts to work like clockwork you with me but you can see this is where it gets interesting some people call this other account your investment account I like to think of it as my financial hub it's where the money comes in and then it gets divided again now I'm not a financial planner nor do I you know even would even attempt to be but I'm giving you just an example of what that extra thirty four hundred dollars could go towards so maybe you need because you do two deals a month you're like I need four grand a month to come into the home expenses so I'm gonna take you know two grand of my thirty three hundred or the thirty four hundred where does the rest go do you have a retirement account do you put money in the stock market or in bonds or whatever you believe in 401 K do you have an account where you just put cash to buy real estate why not on every check take five percent of every check put into an account called cash for real estate and you just watch that sucker grow like crazy over two I'm two years and also you're like I got 185 thousand bucks in cash sitting inside that account I should go buy a duplex I should go buy a four-plex I now have the money to go do these deals retirement account real estate cash account I use this because I did it you know with my kids a 529 B account which is a college fund cash account since we did real estate cash what do we call this the fun account the fun account you know the I'm gonna go spend this money on stupid stuff and throw it away later and not care or I'm gonna take this money and I'm gonna use it for vacations and holidays what action are you going to take in the next 30 days around this conversation there's no more information that's it tell your buddy what actions are you gonna take in the next 30 days do it right now Kate thanks so much for watching we have a number of events coming up and we'd love to have you there visit tom ferry comm forward slash events and reserve your spot today

December 04, 2018 ·   0