Taxicab Secrets to Business Success

Become an Expert, Explode Your Profits

I was floored this week when I got back a survey from hundreds of business owners. 80% of them said that becoming an expert would likely mean an increase in profits of $60,000 or more this year!

I'm not as amazed at that part because I know the benefits. What I'm amazed about is that very few business owners are making any effort to become an expert in their fields.

For $7 this Monday I'll show you exactly what to do.

By the way, I'm really passionate about helping you and I'm donating 100% of the revenue to the Haitian Children's Home.

Bad Economy, Great Business Ideas

Campbell’s Chicken Noodle soup, McDonald’s, the Hula Hoop, UPC codes, Diet Coke and Apple Computer; these companies and products are so ingrained in our minds that we fail to think of them as brand new ideas that could either make it or break it. At one time people and companies bet their livelihoods on bringing all of them to market and all were introduced in bad economies.

Campbell’s Chicken Noodle soup was introduced in 1934 right in the midst of the Great Depression. Ray Kroc opened the first McDonald’s during the 1955 Eisenhower recession. During the same recession the Hula Hoop debuted in 1958. UPC codes were introduced during the Vietnam War and an oil crisis. Diet Coke came to market during the most severe recession since the Great Depression in 1982. Apple introduced the first iPod in 2001 while many other technology companies were crumbling.

There is a lesson to be learned here. You can either bury your head in the sand when times are tough or you can take your great idea, use it to change people’s lives and make a fortune doing it. The choice is yours.

Here are a few tips if you truly do want to bring your great idea to market.

1. Take a chance. The bigger the chance the greater the rewards.
2. Once you make a decision be confident about it and don’t look back. Hindsight is 20/20. You are where you are now because of the decisions you’ve made. Right or wrong, deal with it and move on.
3. Quit worrying. Matthew says “So don’t worry about tomorrow, for tomorrow will bring its own worries. Today’s trouble is enough for today.”
4. There are no mistakes. The lessons you learn by doing are invaluable and usually less costly than going to college.
5. Ask yourself “What’s the worst that can happen?” It’s usually not that bad so why worry?
6. Step out of your comfort zone. Nothing great is ever accomplished with taking a risk.
7. Do. What’s holding you back? The missing ingredient between a great idea and the money it could bring you and your family is action.

"All men dream, but not equally. Those who dream by night in the dusty recesses of their minds wake in the day to find that it was vanity: but the dreamers of the day are dangerous men, for they may act their dream with open eyes, to make it possible." – T. E. Lawrence (of Arabia)

Reason #6 for not making at least $10,000 per month in your business

You are the same as all of the other businesses around you.

Stop and think for a moment about why someone would buy your product or service instead of from the company down the street or in another state. In other words, what makes you different? If during this exercise you determine that you are just about the same as all of the other businesses then you certainly are not unique.

Every business that wishes to turn a 6-figure profit must determine their unique selling proposition or USP. The difference between you and the competition should set you apart and make your ideal customer beg to do business with you.

If you remain the same then most prospects will purchase based on price. Do you really want to market your services to someone that will leave just as soon as your product or service is offered for dollars cheaper somewhere else?

My USP in the financial coaching realm is that I do not sell investments, insurance or anything magic software that makes getting out of debt any easier as most companies do. My focus with my business clients across the country is to help their businesses turn a six-figure income in 24 months or less.

Some great things that could set you apart from your competition and have customers knocking down your door could be fast delivery, uncommon results for your clients, quickly returned phone calls, stellar customer service, overnight service, no-hassle guarantees or no-pain dentistry or doctor.

Whatever your USP make sure you convey it to your customer base. It is likely the main reason they will do business with you. Domino’s Pizza is not known for great pizza, but if you want it there fast, everyone still remembers their “30-minutes or less or your pizza is free” slogan.

Reason #5 for not making at least $10,000 per month in your business

Marketing to yourself instead of your target market

Picture yourself as a business owner with a problem. You have a problem because your company, which has been successful in the past, has been experiencing a downturn. If you are a business owner you probably do not have to use much imagination because this business owner is probably you.

When you begin to analyze the reasons of a downturn in business it is very easy to blame the economy. “All businesses are doing bad, just look at the economy!” I hear this one all too often. But what if we thought different? What if, instead of blaming the economy for our business downturn, we embrace it and actually use a slowing economy to our benefit? What would it look like for your business to be thriving in a down period?

That is exactly what I have been coaching business owners to do. In fact, I think that now is a great time to start a business. You heard it right. Instead of blaming external factors, how about we embrace them!

If the economy has changed, that’s perfectly ok. If your business is suffering now, the market has somehow changed. My question to you is what have you not changed either your marketing plan or your entire business model to keep up with the change? If you are not marketing to consumers who need your product or service then in the long run, you are really only marketing to yourself. I for one am willing to bet that you will not be able to purchase enough from your company to stay in business. Why not change?

Reason #4 for not making at least $10,000 per month in your business

Having only one source of referrals

I coach with many coaches across the country to help them build their practices. A common problem most of them have in their business is having only one source of referrals. Many of the Dave Ramsey coaches I talk with rely solely on Dave’s company to send them all of their referrals. This is also a problem that I see not only in services businesses, but also with businesses selling traditional products.

As a Certified Dave Ramsey Coach myself, my market is a very small one for Dave Ramsey. As a result I have had to build models and streams of referrals that do not depend entirely on one organization sending prospects to me. I even consider anything that Dave’s company sends directly to me as icing on the cake, where many others rely nearly 100% on this one source.

When working directly with any Dave Ramsey Coach, I would prefer they be in a small market for Dave Ramsey because they must quickly learn to rely on building their business on more than one referral stream. Any time you are reliant on one source for anything in a business, risk enters the picture. What if someone else comes into your market that was trained by Dave Ramsey? Immediately your referrals could be cut in half. What if Dave Ramsey’s company decides to no longer send prospects to you? Again, your business dries up. What if your one buyer decides to branch out and find a cheaper product?

The importance of having more than one stream of referrals has never been more important. Take a look at where the majority of clients and customers in your business come from. Can you expand to reach other areas? As you do I guarantee your income will soar.

Reason #1 for not making at least $10,000 per month in your business

Teaching or helping your client with a task that you're unqualified to teach.

I would never hire a coach to help me reach a place they have never been. In my practice I think it's even unethical to work with a client that wants to go somewhere I have never been. I point those people in another direction where they will get the service they need.

Nothing prepares you to help others better than having lived something out in your own life. As I always say, find someone at the level you want to be at and learn from them.

Would you take financial advice from someone who has been broke all of their life and never seems to be able to get it together? What about weight-loss advice from your friend who never leaves the couch and weighs 300 pounds? Not a chance!

I don't want investment advice from someone fresh out of school with no money in the market. I am sure they have a certain amount of perspective they can add to to my investments, but I want the best, and I'm willing to pay for it.

For the same reason, if your business is a marriage counselor, but you have been married three times, I am guessing you are not making much money. If you offer auto repair but you have to constantly bum rides to work because your car is on blocks, there is a problem.

Find something you have experience in and excel at doing. Can you shape a business around that? I promise you the money will be there.

Struggling With Business in a Down Economy?

I recently posted this question openly on LinkedIn. While the responses varied, the overwhelming majority of business folks who answered said the downturn in the economy was the biggest problem holding their company back from being great.

Mary answered simply “UM...the economy! :P”.

A few nights ago my family and I were leaving a friend’s home around 7 pm. As we drove down the interstate our 2-year old daughter said “Mommy; Target.” Sure enough, there along the interstate was the side of Target. What is interesting about this story is that at two years old our daughter cannot read. Even more interesting is the fact that the word “Target” could not even be seen from the road; only the graphical part of their bull’s eye.

My first reaction was to ask my wife how much time she honestly spends there each day. Then I wondered what it would look like if kids recognized other businesses as much as my daughter recognized Target.

Our economy is changing, I do not deny that. Ask Best Buy how much they are hurting and they will quickly tell you that big-screen TVs are at an all-time high for sales. As much as we want to blame our problems on the economy, as business owners, the problem often falls on us.

How have you adapted your business to the changing economy? The businesses I coach with have not noticed a downturn in business simply because the economy has changed. Many of them have actually noticed an increase in their business.

You must continually be adapting to the changing market. If not, you are being left behind. Target has done a great job of branding itself to its market. My guess is “the economy” is not hurting their business model. How could you benefit from adapting to the marketplace rather than complaining about it?

Here are all the answers on LinkedIn.

Don't limit yourself

If you own a small business, open your eyes up to things that you may not have thought of before.

Stay narrow in what you offer and who you offer it to, but consider doing things that may be out of your norm. You should always have something that you can invite your clients and everyone you meet to.

I host a radio show each week that I invite people to listen to. I also interview experts that line up with what I teach in our Tuesday Teleseminar Series. These events keep me in front of the people I'm trying to reach and help change their lives.

If doing the same old thing in your business hasn't caused your business to grow, consider new ways to not only reach, but also to help people. Do you have a resources page on your website? If you do, make sure that it is great content that people can really use. Update it often and add to it.

The more varied things you do, the faster your business will grow and thrive.

Generate a buzz

If you own a business or work in marketing you probably struggle with getting the best bang-for-your-buck when you're trying to get your name out there. You probably even struggle with this on a personal level if you're trying to get a promotion or a new job.

You always have to be thinking about what you can do to generate word-of-mouth for your business. It is the cheapest and most cost effective form of marketing that exists today.

When people talk about you or your business to their friends, you not only have a sales force working for you and your business, but the people your customers are talking to usually value the person they hear it from, and trust their judgment.


You immediately jump to top-of-mind positioning with your future customers, for very little cost. If you want to pay for referrals or generate more buzz, then do so. But don't just offer money. Develop something creative to get people talking. I friend of mine sells insurance and offer a monthly and yearly drawing for big prizes. You are automatically entered to win a flat screen TV at the end of the year each time you refer someone to him. That would get me talking.

You have the choice

The end of the year is near, and so is the decade. What have you done to make the last 10 years meaningful?

Did you get out of debt, lose weight, start a business or new career? Or did you do the same thing you've been doing and are still sitting around complaining about it?

2 years is a long time, but not so long that you'll notice that it has passed by. When 2010 arrives, don't you want to be debt free? Have a paid-for home? Married to the spouse of your dreams? Have lost 50 pounds?

I don't know what it is, but you do. Make a decision today to stop worrying, whining, and complaining about how bad things are in your life and do something about it. The decision begins with you.