How to gain power and confidence to make more money in your business
1. S How to Gain Power and Confidence to Make More Money in Your Business By Jordan Stockdale 2. 1st Goal in this Teaching To give you confidence in selling by discussing what you will run into when promoting and selling for your business. 3. 2nd Goal in this Teaching To inspire creative ways to capitalize on jobs and customers that youve already won. 4. 3rd Goal in this Teaching To make you a person of value 5. A Few Questions We Will Try and Answer: S How do I charge the right price? S How do I deal with the fear and uncertainty that comes with asking my customers or clients for a certain amount of money? S Will people think Im being unfair, unreasonable, unethical, or just flat out ripping them off? S Am I ripping myself off? S What are some expenses that I will deal with that Im not aware of that could really effect my pricing? 6. Confidence In Selling and Promoting: #1 A few ways to think differently before you sell and promote 1. Criticism, fear, uncertainty, worry, and frustration will always come. 2. Do not fear the latter 3. Knowledge will make you much more confident 4. Dont give up! 7. Confidence In Selling and Promoting: #2 Knowing what your expenses are before you begin 1. Separate your expenses into two categories: Personal and business 2. Personal expenses = Food, Clothing, home. (Some personal expenses are justifiable business deductions 3. Business Expenses = Expenses to keep you operating: Marketing, inventory, management costs, TAXES,etc * Pointers for new entrepreneur.If you dont know your business expenses, then spend some time with a business owner in your career field to go over their expenses. Dont be afraid to buy them lunch or pay for their timeits worth it! 8. Confidence In Selling and Promoting: #2 continued 1. A few things to consider: There are multiple ways for you to maximize your profits 2. What type of business are you in? 9. Confidence In Selling and Promoting: #3 Build your confidence by knowing what you want 1. You are in a place to build a lifestyle according to what YOU WANT. 2. When you build a business, it creates more than just potential to make more money. You also gain options: Time, how big do you want your to business to be, what are some things you would like to do? How much debt would you like to pay off. 10. Confidence In Selling and Promoting: #4 What type of people you will run in to 1. I have found that there are 4 types of people you will encounter: The real good people, the real good people who will ask a lot of questions, the people who will ask a lot of questions and will never buy and if they do, they will do everything in their power to get the lowest price, and lastly the person who will criticize you, question you, and make you feel like youre a terrible business person. Each person requires something. 2. Your business will grow stronger once you determine what category most of your customers will fall into, and how to do business with the better 2 types of customers. *Note: Customer service will demand most of your time and will effect your resources, and you may get frustrated if you get involved with difficult customers, but if you please the right (and reasonable) people, they will help grow your business and cut large marketing costs. 11. Confidence In Selling and Promoting: #5 A few ideas on how to close your customers at a price that is a win win 1. Ask as many questions as you can before you meet, and be ready to answer as many questions as you can. And, be ready to answer questions that you dont know. 2. Presentation is everything! Your words add value, and so do your lack of words. 3. It never hurts to ask what a customer or client is willing to spend 4. Make sure everything is in writing before you ever agree to work with someone. 5. A win/lose or a lose/win is not a win win and its ok to walk away. 12. Creative Ways to Capitalize on Jobs and Customers Youve Already Won: #1 Planning, spending time wisely, and holding tightly on to money youve got. 1. The longer you take to make things happen, then the more money you will lose 2. Planning will save you time and money. It may feel like planning is taking forever, but the execution will not take as long. Efficiency is the key to making lots of money! Inefficiency will cost you tons of money! 3. As a business owner, people will pull from you in every direction and will do everything to get your money. 13. Creative Ways to Capitalize on Jobs and Customers Youve Already Won: #2 Negotiating when you have power 1. Volume will be one of your best sources of negotiation power. *When you do not have volume, your best way to capitalize on money is to do most of the work yourself and save. 2. Using competitors that you purchase from to bid against each other for your service. 14. To Make You a Person of Value: #1 A few things I would have done differently 1. I would have said no more frequently 2. I would have taken better care of existing customers 3. Do not be concerned about your employees more than what you can provide 4. I would have marketed more aggressively, and sold more aggressively to things they were immediately in front of me 5. I would have paid attention to the details more closely 6. Dont sweep things under the rug especially when they can be done immediately 7. I would have realized that my biggest enemy wasnt time, but it was more about my own unrealistic expectations 15. To Make You a Person of Value: #2 Make difficult choices before they come. 1. It is better to do hard things now, with integrity, then to have them bother you for a long long time 2. Decide that you will always do the right thing before the wrong thing happens 3. Do the hard things first that will last a long time: working out, eating right, kindness, concessions where concessions can be made, and putting others first. 16. To Make You a Person of Value: #3 A good name is more desirable than great riches; to be esteemed is better than silver or gold. 17. Crash Course Accounting S P & L S Business Structure = Tax Impact S Whats Next? 18. P & L Gross Sales Gross Profit/Operating Profit Net Income Before Taxes 19. Tax Planning - Business S Capital Assets Section 179 Can expense up to $500K of capital assets immediately HUGE impact if financed S Simplified Employee Pension Deductable expense!!! S Business Structure 20. Business Structure Sole Proprietorship Not indistinguishable from owner Self employment tax Schedule C LLC/LLP Distinguishable, but still not separate legal entity Flexible Choose how to be taxed Schedule C or 1120S S-Corp Stock company with less than 100 people Benefits of Corporate Taxation w/o double taxation Regular income tax 1120S 21. P & L Gross Sales Gross Profit/Operating Profit Net Income Before Taxes NET INCOME AFTER TAXES 22. Individual Tax Planning S Eliminate taxable dividends and short-term capital gains S Cash Value Life Insurance Best tax shelter available S Business related travel S Home office use S Sometimes you can deduct too much Earned Income Credit (for those who qualify) S Credits 23. There is no reason to push the envelope when you plan ahead and use smart, conservative accounting and tax practices!!!