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Hire Help

In instances where you can pay people to do the work rather than give them equity, pay them. Ownership of your
cash machine is precious.

Marketing
Where I see most entrepreneurs fail is in marketing their business. They don’t know how to get the word out. Or if
they do, they stop once they get some clients or customers and fail to fill the pipeline. Marketing usually takes time
to rally interest from the target audience, and then once the audience comes through the door, you’ve got to keep
those customers, and others, coming in. Sending out blast e-mails and creating her own compelling Web site,
Patricia marketed herself as a quick-turnaround, edgy design firm. She jumped on the connections she had in the
Web design field and introduced herself to a whole new sector by hiring her daughter to reach out to the younger
demographic of both contractors and customers. Patricia’s guerrilla marketing tactics allowed her to have nominal
start-up costs.

Selling
Bringing home the business and asking for the cash is key. I see great marketing efforts where the marketers get the
body in the door, but then there is no one there to seal the deal once they are inside.

Best Use of Time

I’ve noticed that for the business owners who can’t seem to make a buck, it’s usually one of two things. Either their
companies are structured poorly, with everything that comes in going right back out again in taxes, or they just don’t
know how to create more sales. This is where leadership becomes imperative. Most business owners do everything
themselves, but in order for the business to grow, you must delegate. No one is ever going to do it like you do, or be
as good as you are. Balls will get dropped, and so you need to train your team to drop the right balls. There’s not
enough of you to go around. If the task you’re doing at the time is not the highest, best use of your time, then it’s not
the right task. In trying to make money, your number one goal is marketing. You need to find orders, create
customers, and keep those customers coming back for more.
I had a client who was working on a business idea for a year. Each time I asked to see her progress, she’d show
me some colorful brochure or pricing sheet. And each time I asked her how much money she was making from her
business that day, her answer was zero. “But isn’t this brochure beautiful?” she asked. The Wealth Cycle Process is
not about great ideas or beautiful brochures. It’s about getting out on the street and making more money, as soon as
possible. Once you’ve started a business and learned the business skill set, you can start the process of pursuing your
bigger vision. If you don’t have a vision for a business, but you want to run one, you can learn about franchise,
licensing, or network marketing opportunities that might interest you.
With a five-month ramp-up, Patricia’s Web design firm would begin to add $8,000 a month of cash flow to her
Wealth Cycle. After earmarking a monthly portion to her Wealth Account, her Debt Management, and her
daughter’s educational savings account, Patricia would reach her one-year Freedom Day goal of $2,000 a month of
passive income.