Page 21 - Trading #101 Course – Part THREE: SETTING UP YOUR BUSINESS – www.traderscoach.com

TRADING #101 COURSE – PART THREE: SETTING UP YOUR BUSINESS – WWW.TRADERSCOACH.COM

Sam’s Club, do you really need to buy 24 pads of paper that may take you two
years to use? Get what you need right now, and only what you need right now.
14. Negotiate on everything.
If you don’t ask, you don’t get. So, pose the question: “Can you sell this to me for
less?” It costs nothing to ask.
15. Comparison shop.
Check with three vendors that have similar products and services and find out
which gives you the best value for your dollar.
16. Empty your storage unit.
If you have a storage unit and pay $200 per month just to store items you don’t
really need and haven’t looked at in years, get rid of it.

The best mind-set for every entrepreneur to be in is to “spend every dollar as if it
were your last dollar”. It is surprising what you can live without when you set your
mind to cutting costs. For example, imagine yourself stranded on a deserted island; how
would you survive if you only had only the bare minimum? The bare minimum would be
food, shelter, and clothing. It is a useful exercise, because that is how you can get
innovative in cutting costs without feeling any change in lifestyle or business style.

A Penny Saved Is 1½ Pennies Earned!

Good old Benjamin Franklin, he was a smart man. His saying that a penny saved is a
penny earned cuts right to the heart of this cutting costs thing we’re talking about.

When you think about it, today, it is more like saving a penny is like saving one and a
half pennies. Ben Franklin didn’t consider state, local, and federal tax on every penny
we earn. Then of course there is sales tax. It can add up, and if you earn a penny you
might only get to keep only half of that penny.

So, choose wisely how you spend your pennies.

Increasing Revenue

Generally, in this business, the more skilled you become in the trading business, the
more able you are to go from one winning trade to another. And yet, when there are
changing market cycles and market dynamics that catch even the most seasoned trader
off guard, it can be challenging to get back on track.

For this reason, the famous line of that “past performance does not guarantee future
results” rings true, and you must be sure to have safe guards in place so that you can
see a change in revenue activity early. Then adjust, and just like in cutting expenses,
use your creative ingenuity to capture unique and ever- abundant opportunities in the
marketplace to maximize revenue.

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