June 12, 2008

Buying Peace of Mind... Negotiating like a Pro When Making
a Purchase... How to Keep Control When Money Comes Your
Way... Being the Big Dog... and More.

** Buying Peace of Mind
By Adrian Newman, Founder of e-Wealth Daily

Over the last several decades, the power of brand names has grown to an outstanding level.

The biggest of the big are names like Nike and McDonald's, which appear in almost every country around the globe. When someone says they just picked up a new pair of "Nikes," you instantly know they are talking about running shoes. You see, these brand names have power. I'm often asked if I have a Kleenex, never a tissue. Around the office, people Xerox documents, rather than just make copies.

My point is that when starting your own business, buying into a franchise may help you acquire more customers than just going for it on your own.

The benefits are plenty when it comes to owning a franchise. The first and foremost is brand recognition. A national or international brand is instantly recognized, so you don't need to explain what it is that you do. Many people become loyal to certain brands throughout their lives, creating customers for life. And, as an owner of a franchise, you're supplied with many tools to help you run the business using a proven model.

Of course, there are some challenges. Buying into a franchise takes start-up cash. Smaller franchises can cost around $10,000, with bigger franchises sporting price tags in the millions. By buying the rights to a franchise, you're buying peace of mind, but the sticker shock can certainly be intimidating.

Now, before you get started, it is important that you research any franchise you are considering buying. You'll need to learn everything you can about where you could set up shop and who your potential customers are and find out what support you could get from the franchise. Of course, research is vital for any business, so whether you're going on your own or buying into a name, you're going to be hunting down this information anyways.

Take a look around your city. The main strip is probably populated with brand names. But, do you notice any of them missing? You never know; finding a way to fill in that missing brand could be your ticket to success.

** Negotiating like a Pro When Making a Purchase
By Doug D'Anna, the "Hundred-Million-Dollar Man"

If you want to create wealth for yourself, then you have to keep a few things in mind. You want to make money, and you also have to save money. Anytime you can save a dollar or two, take advantage of the situation. Those dollars add up over time, and the more you keep in your wallet, the better.

When you're in the market to make a purchase, you have to think about ways to save your money, and that means negotiating. You want to get the best price on an item that you can. You want to settle on a price that you can live with and that makes the purchase a real deal. 

When it comes to negotiating a new price on an item, there are seven tips you should keep in mind that could help make every deal a success. When you head into a negotiation with a salesperson, you want to be in control of the situation. You want the salesperson to know that you're not going to be taken advantage of and that you are prepared to negotiate.

Here are my seven rules for negotiating effectively:

Rule #1: Never fall in love with what you're buying; only fall in love with the deal. Look: If you fall in love with that car you want, then you'll be blind to the all the numbers the dealers throw at you. Don't let your desires get the best of you. Keep a cool head and you'll get what you want for the price that you want.

Rule #2: Forget the posted price. Even though the store price may be posted on an item, this does not mean that it is written in stone. Believe it or not, a lot of salespeople will be willing to negotiate the price of an item. Again, all you have to do is let them know that you would like to negotiate the price. Here's what I would say: "You want HOW much?" Say that and I guarantee they'll get all defensive, which is the reaction you want to see. You would be surprised at how quickly salespeople will make concessions in order to ensure a sale. Keep hamming on that point. To be sure, they will ask what you want to pay. But turn the tables on them. Remember that they want to make the sale more than you want to buy the item. And, at the very least, the salesperson will guide you to another item that is similar and will be lesser in price.

Rule #3: There is a lot more you can negotiate than just the price of an item. Just by letting a salesperson know that you want to negotiate the price of an item, you are immediately letting them know that you want more. Wanting more is totally acceptable, so even if the salesperson can't beat the price of an item for you, I can almost guarantee that he/she will want to compensate you in some other way to ensure your continued business. For example, they may offer you a discount, special customer shopping days, future sales, coupons, or even tips on
where to buy the item for less if they cannot give you a better price. Again, speak up and let the other person know that you are very receptive to getting something out of the negotiations.

On Saturday, June 14, 2008, I will share with you my remaining rules for becoming an expert negotiator.

** How to Keep Control When Money Comes Your Way
By John Hurd, Chief Wealth Researcher

Change is inevitable. It's important to always remember that nothing will stay the same forever, so you must accept change when it happens.

But, accepting change doesn't mean that you just let this force control you. In fact, you can control how you change and adapt. Let me explain:

Starting your own business is a very personal journey, at first. But, once you start seeing success and your business begins to grow, it will more than likely expand to where you can no longer run things on your own.

Now, this is certainly where you want to be headed. But, expanding requires money... and if you can't back the progress yourself, you're definitely going to need some outside help.

And here's when change really happens. An investor in your business is more than likely not going to just be a source of cash that is looking for a return on their investment. That's part of the equation; however, many investors are looking for something more. They want input into how the business is run and may start making demands.

Joanna Track is an entrepreneur who faced this same problem. The business she started in her apartment soon attracted the attention of a major investor. They made an offer, but she wasn't quick to say "yes." You see, she'd been approached before, but the terms proposed weren't a fit.

She was worried she'd lose the control she had over the direction in which her business was headed. She was also worried that this big investor would demand changes that fit more into their big-time corporate world and mess around with how she ran things.

So, Joanna hired a lawyer and laid out what she wanted from this new partnership. In the end, things have been working very well for her and her company. She still has control over her product and her partnership has helped her business grow at an outstanding rate, which has also brought with it much more money.

For your business pursuits, it is important to remember that change will happen, but how you let it affect you and your business is completely within your control.

Everybody likes to play the role of the big dog from time to time. After all, there's something about being the decision-maker and calling all the shots that serves up a feeling of power, authority and dominance over others. Of course, although you may traditionally be a leader, it's important not to let your power go to your head. When this happens, the results can leave you isolated and without the respect of your peers.

Of course you've got great ideas; that's why you're a leader. The thing that's important to remember is that your colleagues have great ideas too; ideas that should be invited, considered and respected. You see, no matter what you may think, you didn't get to where you are all by yourself; you were helped by numerous people along the way. And if they didn't listen to you, would you still be in the same place?

Possessing the ability to respect and relate to others is an important tactic for any leader or entrepreneur. It builds your business and creates a comfortable and respectful working environment where colleagues are more likely to perform at a higher level.

The key to being a great leader is your ability to work within the framework of a team. This means that you listen to your colleagues when they speak, opening up the floor for them to contribute as they see fit. After all, a good rap session can open up and uncover all kinds of opportunities you may not have considered had you been working alone.

Utilizing your authority in this fashion creates respect among your coworkers and makes you a pleasure to be around. The success of your business depends heavily on those you work with, and when they stop respecting you, they will likely stop putting in sufficient effort or employing your services. If you find you're too forward with your authority, try taking a step back and encouraging your team members to become more involved.