By | August 14, 2012

Do These Three Things BEFORE You Implement A New
Idea!

Idea-light-bulbOne
of the biggest problems facing stamping business owners today is the amount
of low-quality business-building information being passed around on
blogs, boards and lists
.

Sometimes, the information passes through so many sources, it's like the
game, 'telephone,' where what you finally hear is very different from the
original information.

Sometimes, you're only hearing part of the information.

Sometimes, the information is being advocated by someone who doesn't share
the same goals you do, or has a different business setup.

And, frankly, sometimes, the information is just wrong.

How do you address this?  Just make sure you do these three things
before you implement any new ideas into your business
:

1. Take Out A
Calclulator

It's amazing how few people crunch the numbers before they implement an idea,
but whenever you're thinking about doing something new, crunching the
numbers is the first thing you should do
.  You need to figure out your
revenue, costs and profit.  Then, you need to look at how much time it's going
to take.  Divide the number of hours into your projected profit and determine
whether or not its worth your time.

 

2. Ask the person sharing it how much
money they MADE

If you have the opportunity, you should ask the person sharing the
information for their numbers.  After expenses, how much did they MAKE? 
How much did they put into their pocket?  Remember, this is NOT
the same as how much money they took in OR how much product they sold.  You
should also ask how many hours they invested to determine whether or not they
were truly paid.

 

3. Ask the person sharing it HOW they
made the money

Many of the ideas I've seen lately are only profitable because they
lead to increased downline commission percentages
.  If you don't have a
large downline, however, an idea where you make your money on the back-end won't
work for you.  So, make sure the profitability of the idea is being made on the
front-end… directly because of the idea itself.

 

If you ask these three questions every time you hear a new business-building
idea, then the only ideas you'll actually incorporate into your stamping
business will be the ones that are truly profitable and pay you what you're
worth.

It takes just a few minutes to do this, but, when you do, the payoff is
incredible.

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