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The Two Sides of a Successful Small Business

yin-yangWe often encourage business owners to mentally step outside their business. You may find it helpful to look at your business through the lens of another industry.

For example, what if you thought of your business like the real estate business? Real estate has traditionally been one of the greatest creators of wealth.

Of course, there are many ways to make your money in real estate. We’ll use real estate development as our model because it’s the best analogy for start-up entrepreneurs and existing small business owners.

Listen to the audio version of this post. Click the player to hear Geore & Mary-Lynn on the BIGG Success Show podcast

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Development and management

The two sides of the business are development and property management.

The development side is about locating the property, preparing it for construction and actually building it.

The management side is about leasing the property and maintaining it.

Both sides are essential

It doesn’t do you any good to develop a site if you can’t find any tenants. Of course, without the building, you don’t have anything to show the tenants so it’s a moot point.

Wealth and income, today and tomorrow

Development creates wealth in the future.

Management creates income today.

The problem we see with so many small business owners is that they’re stuck on today. Management consumes all their time. They don’t do anything to create wealth tomorrow.

It’s hard to do. We’ve walked a thousand miles in those shows.

We’ve learned that you have to work presently in the future. You have to spend a certain amount of time as a developer. Otherwise, your business will stagnate.

Develop the habit of spending some time today on tomorrow:

  • Start small – maybe 15 minutes a day just thinking.
  • At some point, you’ll find a project – a new market to pursue, a new product or service to create, a new business to start or buy. You may need to find a little more time each day to develop it. That’s okay – you’ll know you’re setting yourself up for more income tomorrow.
  • Of course, don’t forget to keep your current customers happy. You’ll count on this income to help you keep building your business.

It’s the yin and yang of entrepreneuring. Doing two things at once leads to BIGG success!

Would you like some help developing the next phase of your business? E-mail us at bigginfo@biggsuccess.com or leave a voice message at 877.988.2444.

Direct link to The Bigg Success Show audio file:
http://traffic.libsyn.com/biggsuccess/00688-041211.mp3

Image in this post from Noir

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4 Types of Free Agents

freedomThis is the final installment of our five-part series on freedom. In the first three parts, we discussed the 3 levels of freedom – freedom of, freedom from, and freedom to. Last time we talked about financial freedom.

Now we want to talk about the freedom to spend your time however you want. If you can do that, we think you’re a free agent. We’ll identify four types of free agents today:

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The Aggressive Passive

Aggressive Passives let their money work for them so they don’t have to work. They make enough money from their investments to pay for their desired standard of living. So they are free to spend their time however they want.

The amount of money you need to be an Aggressive Passive is a lot less if you’re perfectly content not living lavishly than if you want to live large. But it’s life on your own terms, go for what you want.

In our last post, we discussed paths to financial freedom. If you want to be an Aggressive Passive – and you want it sooner rather than later – you’re going to focus on the wealth building path. Maximize income, minimize costs and build Assets – most likely your own business or real estate.

The Passion Player

Passion Players love what they do so much that they don’t feel like they’re working. In many cases, their hobby is their craft and their craft is their hobby.

We have a friend who had built up an incredible business and sold it off. Now he’s back in the same type of business only this time he’s doing it with no employees. He chooses his clients very carefully. He takes plenty of time off, yet he’s still doing very well money-wise. He’s thrilled!

You may choose to work inside a corporation and be a Passion Player. Just keep in mind that, in addition to your work, you must love working for and with the people around you. Since you only have one client – your employer – that may be difficult at times.

Inside or outside of a company, your focus as a Passion Player is building up your personal brand. It may make sense to do this while you have the security of a full-time job. But there’s also some real security – as well as freedom – in moving from an employer (which is like having only one client) to multiple clients.

The Automatic Pilot

Automatic Pilots don’t just sell a product or a service. They don’t just create a brand. These free agents build a business.

In that business, they develop systems and controls. The systems insure a consistent standard of the product or service they offer. The controls allow these free agents to step away from their business without fear of it falling apart.

While they develop their systems and controls, they also train a protégé who can run the business in their absence. Once the protégé is fully trained, the entrepreneur is a free agent!

The Synergizer Bunny

These free agents sit at the hub of a network. They tap that network to bring the best people to the table.

Synergizer bunnies don’t just do projects with others. Bigg success comes to them by creating entire businesses through strategic alliances. Everyone involved is well compensated and the customers receive a great value. It’s a win all the way around.

That’s the key to becoming a free agent of any type: Help others find ways to improve their lives and you’ll be a bigg success.

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Would you like more tips and tools to live your life on your own terms?
Subscribe to the Bigg Success Weekly – it’s FREE!

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Thanks so much for checking in on us today. Please join us next time when we’ll discuss one of the best assets to have today. Until then, here’s to your bigg success!

 

Direct link to The Bigg Success Show audio file:
http://media.libsyn.com/media/biggsuccess/00430-070609.mp3

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25 Ways to Have More Money at the End of the Month

By Bigg Success Staff
05-14-08

Bigg Success with Money 

twenty-five 

Here are links to five great articles that each offer five great tips to help you have more money at the end of the month. We’ve listed the five points for your perusal along with a link to the actual article.


5 Ways to Improve Your Credit Score

#1 – Get copies of your credit report and make sure the information is correct.

#2 – Pay your bills on time.

#3 – Understand how your credit score is determined.

#4 – Learn the legal steps you must take to improve your credit report.

#5 – Beware of credit report scams.

These five tips come from the Federal Reserve itself. Check out their detailed explanation of how to improve your credit score.

 

5 Tips to Commuting for Less

#1 – Calculate alternatives.

#2 – Improve your mileage.

#3 – Look to your employer.

#4 – Find a buddy.

#5 – Call your insurance company.

Get the full scoop on cutting your commuting costs at CNN Money. Gerri Willis did a great job with this timely article. And speaking of cutting your costs of commuting …

  

5 Ways to Find Cheap Gas

On your computer
#1 – Widgets

#2 – The interweb

On your phone
#3 – SMS text messages

#4 – Mobile web browser

In your car
#5 – GPS system

You can get all the details to find the best price for gas. LifeClever, the place that helps you design, work, and live better.

  

5 Tips for First Time Investors

#1 – Invest with small amounts of money.

#2 – Don’t invest what you can’t afford to lose.

#3 – Try not to let your emotions control you.

#4 – Be realistic.

#5 – Embrace your failures.

Adam Freedman wrote this fantastic post as a guest of the Silicon Valley Blogger. Check out all the full explanation of these great tips for first time investors.

And now some financial tips for all of us …

 

5 Simple Tips for Financial Success

#1 – Don’t pay interest on anything except your home mortgage and other investments.

#2 – No instant gratification.

#3 – Pay minimum income tax and invest the difference.

#4 – Raise financially independent children.

#5 – Convert your salary into securities and real estate.

These are rather self-explanatory, but you can get some more details on financial success at Squidoo.

Find out when we post new articles. Subscribe to the Bigg Success Weekly.

Hear today's lesson and laugh on The Bigg Success Show.

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9 Questions to Answer Before You Make Extra Mortgage Payments

Bigg Challenge
One of our listeners, Randy, is considering making paying his mortgage every two weeks instead of every month so he can pay it off faster. He wants to know if this is a good idea..

Bigg Advice
We can’t give you a direct answer, Randy, but we will give you nine questions that will help you determine if you should make the extra payments.

#1 – Do you have any other debt?
Chances are your mortgage is the cheapest debt you’ll ever find, after taxes are considered. So if that’s the case, you should pay off your other debt first.

#2 – Do you have an emergency cash reserve?
The general wisdom among financial planners is that you should have somewhere between three months to a year of living expenses in an account that’s readily available.

#3 – How good is your credit rating?
The better your credit rating, the better chance you have to borrow in the future at a reasonable cost should the need arise. When you make extra payments, you’re essentially investing in an illiquid asset. So if your credit score needs some improvement, work on that first.

#4 – How do you feel about debt?

Some people don’t like having any debt at all. If you’re one of them, and if you’re happy with the answer to the first three questions, then make extra payments!

#5 – What’s your interest rate?
This question gets you ready to determine your best financial move. There are two things you need to know:

  • the interest rate on your mortgage
  • your tax bracket (i.e. how much you’ll pay in taxes on your next dollar of income, that’s called your marginal tax rate).

Multiply your interest rate by (1 – your marginal tax rate) to get your after-tax cost of interest.

#6 – How disciplined are you?

If you’re likely to just spend the extra money if you don’t make extra mortgage payments, then by all means just make extra payments. If you’re disciplined
(or 686 set it up so you don’t have to be]), then you’re ready for the next question.

#7 – When do you plan to retire?

In general, the longer you have until you retire, the more aggressive you can be. So if you plan to retire in a relatively short time, lean toward extra payments. If you have a relatively long time before you retire, you’re probably better off investing.

#8 – What could you earn if you didn’t pay off your mortgage early?
You figured out your after-tax interest cost in Question 5. That’s your cost of money. Now you’re going to look at how much you can make from your investments. That’s your projected return. If the return on your portfolio is greater than your cost of money, that’s a sign you shouldn’t make extra payments on your mortgage.

#9 – Will your current portfolio support your desired lifestyle?

If you already have enough money to keep you happy for the rest of your life, why do anything risky? Just pay off your mortgage and reduce your risk even more.

We’ve offered some general advice here. Find a certified financial planner or CPA to help you with your specific situation. 

Want to read more? Here are the
310 9 questions you should ask before paying off your mortgage]
in more detail.

Our bigg quote today comes from Walter Savage Landor:

“We talk on principle, but we act on interest.”

But you shouldn’t pay down your principal unless it’s in your best interest.

Next time, we’ll share a love story with lessons. Until then, here’s to your bigg success!

 

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Remain Flexible to Sell Your House Faster

By Bigg Success Staff
04-15-08

Life Changes

sold 

As we’ve said before, we highly recommend that you sell your house through a qualified realtor. They will help you sell your house faster than it otherwise would.

As part of listing your house for sale, discuss contingency plans with your realtor. Specifically, discuss “what if”. Here are a few scenarios you may consider, depending on the circumstances at the time you list your house for sale:

  • What if enough people aren’t looking at it?
  • What if it doesn’t sell by a certain time?
  • What if the whole market is weak?
  • What if financing is tough to get?

Answering these questions upfront helps you plan logically. If you wait until you’re into the sales process to think about them, you may respond emotionally and against your best interests.

You should also discuss these alternatives, as well as new possibilities, as part of your 505 weekly report from your realtor].  He or she may suggest that you drop your price, offer an additional incentive to the buyers, spruce something up, and more.

These things may entice more people to look at your house and the more people who look at it, the more likely one of them will buy it. It is definitely a numbers game!

Your house is likely to sell faster if you listen to your realtor’s advice and remain flexible. As you gain new insight into market conditions, you can adapt your offering to find the buyer you need. 

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