Quote: “Your income is directly related to your philosophy, not the economy.”
Friday: Big Money Small Change
What is your Infinity Product? Since I’m spending the week reviewing a few of my favorite posts – I thought this one would be fun… the Infinity Product mixed with the concept of profit centers will help insulate you from economic forces… so read on and enjoy!
Repost from 8/11/17 – E157
What you believe, you achieve. If you believe you have money, you will. If you believe you are poor, you are. And remember there is a huge difference between being broke and being poor. This all comes down to what you believe.
Well, what you believe and the action you take based on that belief.
Think about it, if income were based on the economy, no one would make money in an economic downturn. There are people that make money regardless of if the economy is good or bad. In fact some make a tremendous amount when the economy is bad. And by economy, every business has a national economy and a local economy. If you are a weather dependent business, you realize that the national economy could be stellar, but if there’s no snow and you own a ski resort… your local economy sucks. Which begs the point, how is it your philosophy?
Profit Centers are the ability to get all those eggs out of one basket.
It is today’s reality that we can reach unlimited local economies. Granted you can’t move your ski resort (or make it show). So, what can you do? Sell season passes prior to the start of the season, think of it like a subscription based business, you pay regardless of if you use the product. Next, enhance your online presence. If you have a retail store with wholesale relationships, sell online. Start to diversify so weather is less of a factor. During a good weather season the main profit center feeds the others, but in a bad weather season, the secondary profit centers need to mitigate the risk.
Finally, if you want to elevate your income potential you have to become an Infinity Product business. This is not just making money while you sleep. We all can do that. Put a product online and the next morning you wake up to sales. That’s cool. And I love it. But you still need to make the product and ship it. There’s a lot of work that goes into that “money while you sleep” concept.
What I’m talking about is your business needs a component that grows unlimited. Stop for a moment and think about Amazon. It is unlimited in it’s size potential, it’s kind of like the joke… “I was surfing the internet and reached the end”. It’s impossible to reach the end of the internet, much like it’s impossible for Amazon to stop growing. Amazon does not have a stopping point because more vendors will continue to join and sell things. They are not inhibited by physical limitations. They are different from a physical shopping mall… when all 100 store fronts filled up, the mall’s income potential (via rent) is reached. What is your Amazon product?
Just to be clear, I’m not saying “what is the product you are going to sell on Amazon?” I’m saying, “what is the product you are going to create to add to your business that has an unlimited in growth potential such as Amazon?”
To stir your creative juices… I have a real estate broker’s license in Illinois. I live out of the State. To participate in the continuing education requirement it used to involve my physically traveling to Illinois to sit in classroom training. Therefore, the course was taught by one instructor with 30 students at $250 each. OR… $7,500 per day ($250 x 30)…
The real estate school is a small business owned by the instructor who travels from area to area renting a classroom in cities around the State. So in addition to promotion he has travel expenses, room rental cost, and a max number of students that fit in a class. I took his class a couple years ago and I did not travel to Illinois. He added a webinar format in compliance with Illinois license requirements. Are you ready for the fun part? The webinar was a simple video camera at the back of the classroom focused on him while he taught the standard course. He had his 30 students in the room, but online there were 184 enrollees!!!! He picked up an extra $46,000 (184 x $250) just by adding an unlimited growth product, otherwise known as an Infinity Product.
So I ask the question again…
What is your Infinity Product?
Tomorrow… come back for my episode on “Try This”!
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Infinity Marketing Machine Daily Topics:
Monday – Character (Subject Matter Expert)
Tuesday – Content & Consistency
Wednesday – Midweek Motivation
Thursday – Infinity Customers
Friday – Big Money
Saturday – Try This!
Sunday – Week in Review