How to make $1000?
The reason i pick up this book is because i read from an article on Instagram (hope is it true ) that Warren Buffet found this book when he was a kid in a library, then he follow some of the advice on the book and start his business journey. Of course i want to be 20% as good as Warren so lets see what we can learn from this book.
To start with , author remind us that making money is fun , not work. The price we have to pay for success is hard-work and we need to have a definite clear-cut objective. Also, our ability to make something of definite value to society which money want more than they want the money.
What is the first step of starting a business ? Read ! know something about it, read everything ever published about the business. There is never a single person start a business from himself, who did not short cut the time by reading what others have already done. Business is a put and take process, we cannot take out till we put in. If we just ask advice from everybody which its pretty sure we will end up doing nothing.
When we partner with other people, make sure we have the voting control. More partner we have, less control we have. The minority shareholder normally contribute little to business beyond initial capital.
When we are dealing with the customer, make about turn his objection into reason of buying, the tactics of ” sell your man with the weapon he hands you”. First thing about objection: Everyone need a little pushing to make decision. there is a necessity in persistence and pressure. Ask the order 5 times before you give up. First decide what you want to sell then you can sell, just keep on talking.
A good salesman can give himself a raise in pay anytime. When salesman, through their ability to educate, persuade, induce people to act, new prosperity, happiness , satisfaction into lives of million people. Always remember marketing and sales fail as talk too much than little.
If we can keep the focus of prospect’s attention on sample and keep it,m you will usually sell him. There is a “sandwich method” in selling , by listing 2 low price item , put a profit maker and another low price leader item. The objection can become selling point when probably analyzed. Leave your product with some deposit when hearing ” i have no money today.”
When we first start marking, write 100 stories, burn it and send the 101 to publisher. To be successful we have to stay on the main track all the time.
In developing our product, we have to find time market our product. Our product can also be skill, consider monopoly of certain skill, so we can do one little thing better than anyone else in the world can do it so we can assume our success. We can also monopolize location / rights etc. Be sure the market exist before spending time/money. Best way to make money is to invent something that is an improvement of things you use daily.
The key reason of a store closed: it did not render needed an useful service to the community he served. People will gone broke try to change buying habit, don’t make any your client do any step up / down, if you have a store make sure its exact level of path walk.
No matter how desirable the product we are selling maybe, our ability to sell is in direct proportion the number of people who know what you have to offer. Sometimes we need a certain showmanship to drive traffic to store.
How to make good sales letter ? First we have to understand human nature, then is our ability to express so you make good product with probable prospect. Always make sure we are doing “invite reading” but not “repel reading”. Write in short sentence and make it clear.
There are few emotions that make men act:
1. Love 2. Gain 3. Pride 4.Duty 5. Fear 6. Self-indulgence
A master sales letter always tone statement down to a point when there will be accepted on their face. As mentioned we need to tell the prospect what to do.
Never buy when there are more buyers than sellers. Never sell when there are more seller than buyers. Always buy from pessimist, always sell to optimist.
I don’t include some of the example here like raising cow or install a pinball machine here, i think its more useful to learn the general principle of business than read another 50 case studies ~ all the best on your financial success
Until next time !