February 20, 2008

Own a Business Without Spending Any of Your Own
Money... Dealing with Challenging Customers Effectively...
Clearing Out the Clutter for Profits, Part 1... The Five
Millionaire Traits You Should Know... and More.

** Own a Business Without Spending Any of Your Own Money, Part 1
By Adrian Newman, Founder of e-Wealth Daily

Starting and running your own business can be a great way to improve your lifestyle, because you can set your own hours and have more free time to do the things you couldn't do at a nine-to-five job. You could even make more money being your own boss. But business success isn't cheap — you have to dish out a lot of cash at the start and hope you can make a go of it until your business begins to turn a profit.

For those of you who are not prepared to take this leap, there is an alternative. Businesses that are already up and running — and in the process of growing or expanding — are on the lookout for two types of people: new work staff to support the growing demand for service and executive management to take the company to the next level. In other words, they could need someone like you to help them grow their business. You could be the missing link they need in order to take their business to the next level and beyond.

Lots of businesses are becoming more innovative these days.
They would rather offer a business partnership than just a salaried position to the right person who can help them grow their company. The key here is motivation and performance.

As a co-owner of a business, you would see the company from a different perspective than that of an employee. You would no longer wake up in the morning hating the fact that you have to go to work, because it wouldn't feel like work. You would feel like an important member of the team and, in turn, your performance, ideas, energy, motivation and desire to succeed would shine through all that you do.

Now, how can you find an opportunity like this?

First, you have to assess what you are really good at — and I mean really good at. And only you know what that is. You have to tie this quality, skill or expertise into a business that could use it. Of course, you have to love the business itself!

Try to define an industry you really like and stick to it. You want to be the jack of only one trade and the master of it.

Next, you have to prepare a business proposal that will read like a business plan, but that is all about you. It doesn't have to be as long as a business plan, but your proposal should outline your skills, experience, industry knowledge, ideas about how you can effect change and improvement, and any other related material. Remember, your goal is to convince the owners of a business to take you in and offer you a piece of their pie without charging you a nickel for it. They absorbed the initial risk, so what you write down in your business proposal had better pack a strong punch.

Now that you have outlined on paper the innovation, ideas and vision that you could bring to someone's business, you have to start pounding the pavement and knocking on some doors, setting up some lunch meetings, and presenting your proposal.

What if you're not emotionally ready to take on a portion of an existing business right away because you haven't done anything like this before? You may have a case of stage fright. Well, find a way to get over it, because businesses everywhere are on the lookout for potential superstar business partners — and you could be that person!

Tomorrow, I'm going to show you how to present yourself as the perfect candidate for partnership in an existing business and other ways of finding partnership-ready opportunities that can be just around the corner. Even if it ends up becoming just a part-time venture, you will still come out ahead: not only will you be a business owner, but you'll have a new stream of income to take advantage of as well.

Some people like being difficult just for the sake of it. Anybody working in the service industry can tell you that. There will be people who cause you problems, especially when it comes to paying you what they owe.

No matter how well you know a client, you can never be 100% certain that he will pay you when he agreed to. However, extending credit between businesses is something that will help you to get customers, so it can be worth the hassle.

If you are going to extend credit to a customer, then you need to be prepared for potential problems arising. You have to know how to deal with difficult people, how to get your money, and how to resolve a situation without causing a bigger problem as a result.

You should have a credit policy in place well before you extend credit to anyone. Make sure that you put together the terms that you are comfortable with, in regards to when you need to be paid, in order to cover your own bills.

Have something in your policy to deter people from missing payments, such as a penalty for being late, for example.
Deterring customers from being tardy with their payment by applying a penalty is one way to get paid on time. Giving them an incentive to pay you early is another. You might catch more bees with honey by offering them an early payment discount, for example.

Keeping good records can also help you to stay on top of your customers' needs. If you allow customers leeway, then they might take advantage of you. Give an inch and they will indeed take a mile from you.

One of the most important things to remember is that if someone is, in fact, late with a payment, then you must get on his case right away. Do not hesitate to take action, no matter how important the account is. Most of the time, the problem is solved with a simple and professional phone call.

Staying focused is essential. If you lose control of your emotions, you might say something that you will regret later on
— and you might potentially lose the customer. Remaining calm will allow them to see that you are willing to hear them out and they will, in turn, also calm down.

If this is a situation where you have a customer that isn't paying his bill, then you need to be firm with your policy and let him know that you're not budging. You can resolve a situation without compromising your business.

The best way to feed someone's fire is to treat him badly. You have to be professional at all times. Insulting someone and acting unprofessionally will only have him lose respect for you.
If this is the way that they are treating you, then ignore it. Do not play the insult game with someone because it won't get you anywhere.

If all else fails, you can always take up the matter with a collection agency. However, keep in mind that you will have to pay the agency to get your money, so you will lose out either way.

** Clearing Out the Clutter for Profits, Part 1
By John Hurd, Chief Wealth Researcher

Up here on the East Coast, it may seem like spring is never going to arrive. However, by the end of the month, we'll be digging through our closets in search of some short sleeves and lighter sweaters. The days will finally get longer again and winter will soon fade to being just a memory.

Now, when you start to dig through your closets, take a look at the items you're pushing aside and the boxes you've long forgotten about. If you're not using this stuff in the winter and you're not about to use it in the warmer months, then what are you holding on to all of that stuff for?

If you have no definite answer, then it's time to get rid of that clutter. Not only will you have more space in your closets, basement and attic, but there are also two other great benefits to clearing out your clutter.

The first benefit to clearing out your clutter is the potential of extra money. Here are a couple of ways to get rid of your items for a profit:

Sell it on eBay: If your items are in usable condition, consider listing them on eBay. Be sure to consider shipping costs so it doesn't cost you more to send your items out than you get for selling them. You can also opt for pick-up only in your auction, although this will greatly reduce your potential of starting a bidding war for your items.

Scan the classifieds: While all the talk these days is about selling things online, there's still huge potential in using more traditional methods. Not only can you list your items in the classifieds (sometimes for free), but you may also find people who have advertised wanting to buy what you have.

You can also donate your goods. While this may not help you make a little extra money, the great feelings that come with knowing you're helping someone in need are worth it on their own.

Now, not only does clearing out your clutter have the potential to bring in a little more cash, it also has a second benefit you may not be aware of. In my next article, I'll discuss this little-known benefit and how it could start helping you right away.

It's a common misconception that all millionaires enjoy the lifestyle depicted on television shows like "Lifestyles of the Rich and Famous." Well, guess what? There's a reason that show is not on the air anymore; and it's that they ran out of material.

The fact is that only a very, very small percentage of people with sizeable amounts of money live a lavish lifestyle. After all, if they chose to live the kind if life displayed on that show, they wouldn't be rich for very long, would they?

Most millionaires, me included, were not born that way. We built our fortunes by being smart about how we spent money and made calculated decisions about building wealth. I have developed 10 key personality traits that anyone can apply to bring wealth into their lives. I will disclose five today, with the rest coming in tomorrow's e-bulletin.

Stay tuned for Thursday's e-bulletin, when I disclose the final five millionaire traits.