“The best thing that happens to us is when a great company gets into temporary trouble… We want to buy them when they’re on the operating table.”
~ Warren Buffet
One of my favorite quotes about making money comes from Baron Rothschild, who said “the time to buy is when there’s blood in the streets.”
Of course I don’t enjoy seeing someone elses misfortune. But regardless there’s misfortune there – and selling to you or me is better than getting nothing.
When people think about making profit on a deal, they usually put all the focus on the exit point. They think about how much they’ll try to get the maximum price when they sell.
But equal focus should be put on the price at which they buy. Saving 20% on a land deal at the time of purchase can be compounded to an enormous gain over the holding period of the investment.
Saving 20% on a land deal at the time of purchase can be compounded to an enormous gain over the holding period of the investment.
Think of it getting a very low purchase price as your insurance, in case you’re not able to get a great selling price.
If you got the deal for cheap, then even an average fair market selling price can make you an enormous profit margin.
The moral of the story is that you should ALWAYS be looking for great investment opportunities.
You should always be on the look out.
Looking for a great investment should should not be looked at as an isolated event.
It should be looked at as a routine thing you do.
You’re always looking – and therefore you build up a large library of reference points which you can compare new investment opportunities to, so you can spot the truly great ones.
This is what separates people who build a lot of wealth over their lives, from the majority who finish up with very little.
| SCALE YOUR BUSINESS |
The 3 steps to scaling your business, regardless of your niche or market, are as follows:
1. Build your audience
2. Engage your audience
3. Sell to your audience
Every day and every week, if you perform activities to execute on those 3 steps, you will create success. For every activity you perform, ask yourself if it accomplishes one of the 3 steps, and that’s how you’ll know whether it’s worth your time.
Need to improve your margins? Don’t try to get cheaper traffic, or search for a “trick” that will grant you unlimited traffic for free.
Instead, focus on your sales funnel and its ability to convert traffic into money. If you can maximize the profitability of your sales funnel, the cost of traffic is no longer a problem to you.
The efficiency of your sales funnel is measured by earnings per click
| GROW YOUR WEALTH |
You might think success in business comes down to a complex set of factors – choosing the right business model, being in the right place at the right time, having the right team, knowing how to market…
Not to imply that any of those factors are not important, but don’t overlook the basics.
Simply by focusing on the basics – taking action, having a positive attitude, being pleasant towards others and remembering why you’re doing this – you will be surprised at how far they can take you.