A Business Success Formula That You Can Teach Your Kids

In our previous article we shared Sean Rasmussen’s teachings around developing a healthy self image. This article follows on from that discussion as we share more of his valuable teachings around being successful in business.

How would you like to know Sean Rasmussen’s Business Success Formula?

Teaching these understandings to your children will set them on the path to being successful entrepreneurs.

Sean introduced a simple formula that will get results in business. The formula is…

(Training + Tools + Team) X Time = Results.

This formula can fit all business models, whether it be Network Marketing, conventional business or an Internet Based Businesses. This fits with what we have read about Robert Kiyosaki and his Business Builder model (as opposed to small business). He describes building a business system that will grow itself. Sean’s formula formed the bases of the whole Boot Camp of which we were taught how to address each aspect through Internet Marketing.

In our recent article about David Wood we discovered that he also uses this formula for business success and he taught us how to apply it to Network Marketing.
Training: Attend the boot camps, join a program, find a mentor and study the business system.

Tools: Use the tools provided by the business system. Use the tools that work, don’t be a tool trying to work it all out for yourself! Or as David Wood says, “Use the tools, don’t be a tool!”

Team: Build a team of experts around you who build your business. In internet marketing it may be virtual assistants, ghost writers and marketers whom you can contract very inexpensively from counties such as the Philippines or India. With Network Marketing it will be the people in your upline as well as those in your own network that form your team. You help them build their business and yours will naturally become successful as well.

Time: Give it your all! Without putting time into your business initially it simply won’t be successful. With businesses that grow and generate a passive income the amount of time you need to commit it great to begin with and the income is small, but as your business grows your work time will diminish, but your income will continue to grow!

Results: Your income generated from your business.

Teaching Kids the Business Success Formula

The Business Success Formula can easily be taught to kids. Firstly help them get started with an enterprise. This way they will learn all about it. For example my son Flynn has learned a huge amount about bee keeping, harvesting and processing honey and then marketing it.

Next teach them how they can make their business easier by utilizing the right tools. In Flynn’s case it was about borrowing the right extractor equipment and using an expert’s advice (his Grandad) which saves him time.

Then investigate ways of putting a team together to make the process less work and more profitable. Flynn utilized his friends to help bottle the honey, he had people selling his honey on consignment and he found people to take his honey to the market. He wasn’t doing all the work!

Explain to your kids about delayed gratification. That is: put the hard yards in now for a financial reward later. Once they see a result in their wallets/purses then they will fully grasp Sean’s formula for business success. Flynn has realized this. He used all his own money to buy his honey and he also paid for everything he required to bottle and market it He understood that he needed to make his business work in order to get his money back with profit. Once he experienced a result with his first batch of honey, he became much more focused and determined with his second batch, which by the way he invested twice the capital!

Three Reasons Why People Are Not Making Money Right Now!

Sean Rasmussen also pointed out three reasons why people are not making money right now. He emphasizes the importance of “Action, Intention and Value”. When people use the Business Success Formula, and also attend to and are clear on these three things, they are perfectly set up to make money in their chosen enterprise.

Action

Action is obvious. Take action straight away whenever an idea or opportunity presents. As soon as an idea presents itself, build upon it. Avoid killing the idea with all the “what ifs”.

Intention

To illustrate the point about Intention, Sean had us all write onto a small card what our intent was for the three days at the boot camp, and then we put the card in our pocket to be carried around where ever we went. The idea is… we thought about and put out to the universe our intent without trying to force an answer or outcome. Amazingly, by the end of the three days the answers to our intention were answered! Intention can also be aligned with having a plan.

Value

He refers to Value as being your highest values. Sean Rasmussen explains that your highest values dictate what you focus on. So it is crucial to ensure that what you want, whether it be health, money, family or whatever, is high up on your value list, otherwise it simply won’t happen.

Our Money Mastery mentor, Paul Counsel, also enlightened us to this very important distinction. For us we struggled with putting business ahead of family as our highest value. Our kids have always been our highest value and consequently take up all our time and energy. So what we learned was that we needed to align business with our highest value of family. Hence we have done that with this very blog and with other enterprise we are pursuing. By aligning our highest value with business, we then have better focus and desire, and our enterprise is moving forward and so are our entrepreneurial mindsets.

So there you have it… Sean Rasmussen’s Business Success Formula.

Flynn celebrating his business success!

In our next article we will talk more about the wonderful personalities we met whilst on our Boot Camp and the sorts of things they are doing to inspire others about the tremendous opportunity for our kids (and us grown ups!) with building a membership site on the internet. The figures possible… are mind-blowing!

The Real Ways To Advertise Your Business Online

eBay – It generates massive traffic.

You may think that this is a mistake and that eBay is only any good for selling off your old set of golf clubs. However tens of thousands of people register with eBay daily and over a billion page views were registered in 2007 alone! eBay is one of the most visited sites on the internet.

There are several ways you can advertise on eBay:

Online Auctions: Sell your products on eBay and drive customers to your personal website by including links to your About ME page. The About ME page is the one place on eBay that you are allowed to place external links, provided the site is the seller’s own personal site, not part of a larger site.

About ME: This page is the ticket to driving traffic from eBay to your own site. Place a well-placed link on your About ME page, and tell your visitors why they should visit. Please, make sure it complies with all eBay policies! Your account can be suspended for not abiding by eBay’s rules. Use your best copy-writing skills to draw in traffic to your About ME page, then to your site. Also, be sure to have a link on your personal site that allows users to sign up for a newsletter. This way, if they aren’t going to purchase, you can keep in touch. Learn more about creating an about us page for your eBay store, website or blog here.

My World Page: This page is also highly indexed by Google and the rest of the search engines. A quick example: Google your own eBay user ID. The My World page often is listed first! Use this page to advertise your items, talk about your business, and customize the best way to persuade viewers to visit your About ME page.

Social Bookmarking: There are many social websites that let you join a community and gain a following and the number is increasing every day. Two of the largest are Facebook and Twitter. Facebook allow you to advertise and have an advertising account. The potential is great for getting targeted traffic to your website. StumblUpon is a link sharing website that brings your favourite websites to you based on your interests. It has the potential to bring hundreds of thousands of visitors, but your content needs to be exceptional.

The thing about social bookmarking is that you can’t just drop your links into a social networking website and expect to generate traffic and you may be better off investing your time in writing articles. However, these websites can provide a useful back-link to your website and the opportunity should not be overlooked to use them.

How to Run a Baking Business From Home

The idea of being self employed may be appealing but you may be second guessing your ability on how to start your own small business from home. However, many people have found their niche on how to run a small business from home including baking.

Just take inspiration in knowing that everybody loves fresh baked goodies. It reminds them of their childhood and it can be extremely comforting. So if you have a talent for baking, it would certainly make sense to turn it into a business idea.

Plenty of people like to eat freshly baked food especially in the morning for their breakfast. Unfortunately, not many people actually like or have the time to bake themselves. This is where your baking business from home would come in extremely handy.

A legitimate work from home business idea may cause a higher level of uncertainty than an already established business model. A business startup might require a lot of effort from you.You might need to study the market, getting the right equipment, and charging the right price. It is also worthwhile to consider what kinds of baked goods you will supply or will specialize in depending on your location and target market.

Baking businesses are no different from other small home based ones. They have to be thoroughly researched and you need to figure out how your target market is getting their needs met right now, are they satisfied with the products of competitors, are they getting quality goods and how much is the current price for the same baked goods the other baking stores are offering. If these needs are met, then it’s more likely that your business will earn and attract more customers.

If you have decided on what kind of bakery goods you are going to supply, then you can now determine the different bakery equipment and facilities that you need. If you choose to specialize in whole grain breads and/or pies and specialty cakes, you may need to acquire dough dividers, molders, rolling pins, cake pans.

You may need to invest on a baking oven and a laptop where you can also market your goods. Think of a name for you home baking business and register it. The cost of licensing is only minimal and it will allow you to maintain a business bank account as well as take advantage of wholesale supply discounts.

So, how to start your own small business from home? There are three important things to remember,first is to determine which cluster of people will greatly benefit from your business.

Focus your efforts on the line of market your business will serve. Will it fit the busy mothers who want their children to snack on freshly baked goodies with nutritional value? Or are they better suited for busy executives who want to throw an event for their staff and include a delectable home baked treat for the entire office?

Making this choice upfront will save you lots of time and energy. Remember, your business does not exist to serve everybody; it only exists to make the lives of a specific subset of people better. The quicker you come to grips with this reality, the better your chances are for business survival.

Your business has to have a purpose and be centered on making a difference in the lives of a niched cluster of people who you hope will go absolutely crazy with your products.

Second, you need to look at your competition. Who else is serving your target market’s needs? What are they charging? Is your target market satisfied with their product choices? Third, you need to pay attention to pricing. You will need to look at the competition and determine whether the prices you want to charge are reasonable.

The basic procedures to follow to start a baking business from home would be the following:

1. Decide what kind of baked goods you will supply.Your decision may weigh upon the baking facilities available to you, your baking experience and the amount of time you have to dedicate to the business.

2. Think of a name for your home baking business and register. The cost of licensing is usually minimal.

3. Find your customers. Bring sample baked goods to local offices, civic clubs, delicatessens, restaurants and even catering firms. These are the types of accounts that result in consistent orders and high volume profits.

4. Keep up with needed supplies. You’ll likely want to replenish perishables weekly and staples monthly, preferably through a food co-op or a wholesale baking supply vendor.

5. Keep good track of the “bread” coming in as income. This process also includes tracking the cost of supplies to do business, advertising fees and operating expenses.

If you want to make this a full time home based baking business, just make sure to maintain a healthy business life balance. It is very easy to maintain this type of business once you get used to how to run a business from home. You may also want to consider if you will get the assistance of family members who are able to work with you during their free time.

If it gets bigger, you need also to consider hiring additional help. You need to practice knowing your limits and build a business in such a way that it will work for you, your family, and the customer demand.