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Doing the Work – Three Steps for Going the Extra Mile and Reaping the Reward

“Going the extra mile” is a phrase I hear all the time in business. “Do the work,” “work the hustle,” the list goes on and on – there are a ton of business ‘buzz phrases’ designed to motivate and inspire, and of course, designed to become fodder for a thousand memes and pic-quotes. But one thing I rarely see is information on HOW one goes the extra mile. HOW exactly do we “work the hustle?” What exactly does it look like when someone is willing to do today what others won’t so they can live tomorrow like others can’t?

The truth is, there are lots of different ways to “work the hustle,” but I decided it might be helpful to have some practical steps that you can take to really and truly go the extra mile – so, today’s focus is exactly that. Sometimes “going the extra mile” is easier said than done, especially if you have no idea what it looks like to go the extra mile.

Let’s talk about three practical ways you can go the extra mile, and while we’re at it – let’s get the creative juices flowing and come up with a whole list of ways! If you have ideas on what it really means to go the extra mile, please comment. We want to know – Share your wisdom!

PS – I should reiterate that Step Two should NOT take the place of your other important studies (for example, your Bible study or your academic studies).

Why Purpose-Driven Businesses Survive Economic Downturns

No two entrepreneurs are alike and each and every person who starts a new business does so with a different end goal in mind. While the exact reasons may differ, these can be boiled down until there are two prevailing themes left: making money and enriching people’s lives.

When the economy is stable and consumers feel as though they have ample access to money, average products can sell without much hassle. In times of economic uncertainty, like the recent recession, those average products have little chance of survival. So, what is it about a purpose-driven business that keeps customers coming back even though they feel more apprehensive about money than ever?

  • Customers like businesses that are there to help them. When, where and how consumers spend their money matters. They won’t spend their money on a product that doesn’t matter. If a company is only in the business of making profits, consumers are much more likely to turn to an alternate company with a purpose-driven attitude that is reflected in its products.

Customer loyalty is only one part of the equation for surviving difficult financial times. Business owners play a major role in determining whether a startup will weather the downturn or if it will ultimately succumb to the times. Here’s how:

  • Purpose-driven entrepreneurs are more determined to keep going. Admittedly, money is a decent motivator for most people, but it lacks the essential driving force behind a purpose. Money can only buy so much, whereas purpose-filled entrepreneurs find fulfillment and joy in tending to and growing their businesses. The profits are nice, of course, but the real meaning is in the work and the products. Sagging profit margins and a rough and tumble economy are not enough to bring these types of business owners to their knees.

Discovering purpose has never been more important for entrepreneurs. In order to succeed where others fail, creating a business built and supported by a clear and driven purpose is one of the first and most important steps.

Tips For New Entrepreneurs

Entrepreneurship - Living the Dream

Every person has the opportunity to chase the American dream, and for some, that means stepping into the world of entrepreneurship. It can be daunting to put action to a dream, but every successful entrepreneur is driven by the allure of success and seeing his or her vision come to life.

Get on on board the ship, the entrepreneurship.

Success is often hard won, bought with years of hard work, failures and disappointment. While successful entrepreneurs are often perceived as “overnight sensations,” many people fail to notice the perseverance that it takes to get to that point. These people are dreamers, motivated by the conviction that they have something to offer the world that is new, needed and exciting.Entrepreneurship

Aspiring entrepreneurs, or those who have been following their passions for years, may consider the following tips for their journey to success:

  • Never stop learning. If you have something to offer the world, you better be the premier expert on that product or service. Learn about everything related to your passion so that you can speak with conviction as you sell, inform or introduce.
  • Have a long-term vision. It is impossible to predict success, but you should always plan for it. Mapping out your vision for the month and year can be a visual reminder of what you need to do to meet that next goal.
  • Put strong people around you. It is very hard to have a successful one-person operation. Surround yourself with people who have strengths that compliment your weaknesses. Not good with grammar? Have a highly skilled individual write copy for your website. Not good with money? Hire a reputable accounting service. It is okay to admit that you cannot do everything alone. 

EntrepreneurshipEntrepreneurship is not a ticket to overnight success. Instead, it is a journey of hard work and passion to see a dream eventually come to life. For those brave enough to keep going, take heart–your moment could be just around the corner.

Entrepreneurs Academy

Saving Money Isn’t Always the Answer, and Here’s Why

It is just about time that we toss out the old phrase “A penny saved is a penny earned.” This mindset might have been relevant and even helpful in the past, but today’s business owner needs to take a different and more daring approach.

Pop Quiz

Is money reinvested into your business considered spent money?

If you answered no, congratulations, you earned an A. If not, well, let’s take a moment to evaluate exactly what is going on in your profit margins.

Startups might not climb out of the red for the first several months of being in business. Depending on a variety of factors, some businesses might not ever see a profit until after the first year. This is fairly normal in the early days of any entrepreneurial adventure, but it can make it even more tempting to begin stashing away profits as soon as they begin to roll in.

But what exactly is all that money doing in an account? Chances are that a typical savings account will not yield an appreciable interest rate, so all of that hard-earned cash is mostly languishing there, unused. And your profits? Steady, but plateaued.

Now, imagine what would happen to those profit margins if a percentage of monthly profits was immediately reinvested back into the business. Product development, employee benefits, marketing and customer satisfaction can all see improvement from something as simple as taking 20 percent of your profit and putting it to work in your company.

For most business owners, 20 percent is a good rule of thumb. If your profit margins were $1,000 for the previous month, take at least $200 of that and put it right back into your operations. This still leaves you with $800 to do with as you’d like, although there is certainly no limit to the percentage that you can reinvest.

So, how long should you continue reinvesting at that 20 percent rate? For the answer to this question, you’ll need to consider what your desired level of wealth looks like. When your business reaches your ideal profit margin and you are satisfied with its operations, take the same 20 percent and consider outside investments. A steady monthly profit from your business combined with a solid investment portfolio can create a continuously growing fountain of wealth for dedicated entrepreneurs.

Use Videos to Double your Affiliate Sales

Successful blogs thrive because of a variety of reasons, including building trust with readers and providing engaging content. However, a blog for any topic cannot thrive without one very important factor — excellent writing skills. A keyboard and word processor are the domain in which most pro bloggers have built their empires, which can make stepping out of that comfort zone difficult.
However, there are enormous advantages to including videos in affiliate blog posts. Reading truthful and thorough reviews of an affiliate market is enough to get a percentage of visitors to follow a link, but the rest might need a more visual approach. If you’re still uncertain about adding a visual component to your affiliate reviews, consider the following:

 

  • Some consumers only like to purchase products that they are certain work as advertised. Watching a video of a reviewer actually using a product can be hugely encouraging.
  • Providing both written and visual reviews of a product helps grow your position as a dedicated affiliate marketer who provides valuable content.
  • Seeing the person behind the blog can strengthen visitors’ trust. Not only are they reading what you have to say, but they get to hear it straight from your mouth too. Trust, as we all know, is necessary to continuing to operate any affiliate sales business.

 

Videos do not have to be long, fancy or in-depth, but they should still be informative and on point. Address your readers directly before launching in to your review and make sure you also close out the video with a farewell. Helpful tip: don’t be shy about making eye contact with the camera!

Stop Wasting Time Using These 3 Tips

Not enough hours in the day? Heading to bed despite still having unfinished tasks? Still wasting time? Time is not just for figuring out when your favorite TV show will be on, and, in the world of online business, time is a precious commodity. Wasting time on unimportant tasks or rushing through tasks due to poor time management is a recipe for disaster. Whether you are in the early days of your startup or a seasoned pro, no one is immune to the distractions of life. If you’ve fallen off track, here are a few quick tips to get yourself back into the groove of time management:

Yes, you do need a to-do list.

To-do lists get a bad rap from TV shows and movies where they are often seen in the context of an overbearing spouse, boss or friend. But, do you remember when you forgot to take your grocery list to the store with you the other week and then had to go back twice for things that you forgot? Not only was it a waste of your time, but it was also a waste of gas and, subsequently, money. The same concept applies to business. Your time is money, so make sure it gets directed in the right places. Start the day off by making a to-do list of the most important objectives for the day.

Take breaks when you need them.

A lot of people seem to find taking breaks counterintuitive to being productive. Instead, people like to charge straight through task after task on productive campaigns until their to-do list is entirely completed, but this type of behavior can only hold up for so long. Eventually, exhaustion (either physical or mental) will set in and those same forward-charging people will be back at square one. Productivity is not about racing through one item after another but is instead more of a focus on pacing. Plan and allot time for the items that need doing, but remember that you are a human being and schedule in those breaks for yourself.

Don’t start the day with email.

Considering that reading and replying to emails tends to be the one of the most-hated tasks of the day, don’t make it the first task of the day. Beginning the day with a more pleasant or well-liked activity is an easy way to get yourself pumped and going for the day. Of course, if you like email, then by all means hunker down with it first thing, but if not, pick another task on your list to be the first of the day. Maintaining steam and focus can be difficult even for those who have been in the game for years. Creating daily lists, taking a few minutes a day for yourself and knocking the easy tasks out first are just a few simple ways to get yourself right back on track.

It Takes More Than “Want To” To Be Successful

Have you ever heard someone say that all you need to succeed is the belief that success is possible? Well, I’m sorry – but I beg to differ. Yes, I fully believe faith is required to achieve full success. But faith alone just won’t do it. Faith MUST be backed with action if we expect to see real results. This is especially true when it comes to business and career — but applies to every single goal we set for ourselves.

Work was God’s idea – it’s part of God’s economy – and it’s woven into the laws of the universe. If we want to reap, we must sow. Period. And our work ethic will have a direct effect on our level of success.

PS, in this video, I refer to my “Success is a Choice” video training series for success habits, you’ll see the form in the sidebar.

4 Steps to Creating Excellent Business Credit

Limited liability companies (LLCs) are one of the most popular business structures for online entrepreneurs who want to shield their personal assets from being up for grabs in the event that a new business venture goes south. There are many advantages to choosing an LLC over a sole proprietorship but, unlike the latter, LLC businesses will have to start from scratch with credit scores.

Even if your business is not in dire need of credit at the moment, establishing business credit early on is an excellent strategy for growth down the road. Unsure of how you can actually start building that business credit? Here are some steps to take:

1.Did you get your federal tax identification number? Also referred to as an EIN, you’ll need this before you can open a business bank account or file federal taxes. EINs are also important when making financial transactions between two companies. Sometimes, payment cannot even be rendered to another company without first ascertaining its EIN.

2.Open a bank account for your business (and use it). Just because your business does not have a ton of expenses yet does not mean that you should be using your personal account for business transactions. Establish an account in the business’s name, and then make sure all financial transactions take place through that account.

3.Don’t forget your personal credit rating. You might be a savvy business owner, but banks will still want to take a good look at your personal credit score before making any decisions on a business loan. Keep a close eye on your personal finances, and you will definitely be better off for it.

4.Apply for credit before you need it, but use it anyway. Many people consider credit to be something that should not be used until necessary. This is a terrible assumption, as there is no time to build and maintain good credit when a situation arises where your business actually needs it. Business credit cards are a good starter for small businesses, just make sure you are careful to establish a favorable payment history. Ultimately, your business should even qualify for an increased credit limit.

Even the biggest and most successful companies utilize credit as a strategy for continuing to build and grow business. With a favorable business credit rating, a world of opportunity with products and vendors can open up, making your business a thriving entity.