Download pdf - How to gain power and confidence to make more money in your business

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How to Gain Power and

Confidence to Make More Money in

Your Business

By Jordan Stockdale

1st Goal in this Teaching

To give you confidence in selling by discussing

what you will run into when promoting and selling

for your business.

2nd Goal in this Teaching

To inspire creative ways to capitalize on jobs and

customers that you’ve already won.

3rd Goal in this Teaching

To make you a person of value

A Few Questions We Will Try

and Answer:

S How do I charge the right price?

S How do I deal with the fear and uncertainty that comes with asking my customers or clients for a certain amount of money?

S Will people think I’m being unfair, unreasonable, unethical, or just flat out ripping them off?

S Am I ripping myself off?

S What are some expenses that I will deal with that I’m not aware of that could really effect my pricing?

Confidence In Selling and

Promoting: #1

A few ways to think differently before you sell and

promote

1. Criticism, fear, uncertainty, worry, and frustration will always come.

2. Do not fear the latter

3. Knowledge will make you much more confident

4. Don’t give up!


Promoting: #2

Knowing what your expenses are before you begin

1. Separate your expenses into two categories: Personal and business

2. Personal expenses = Food, Clothing, home. (Some personal expenses are justifiable business deductions

3. Business Expenses = Expenses to keep you operating: Marketing, inventory, management costs, TAXES,etc…

* Pointers for new entrepreneur….If you don’t know your business expenses, then spend some time with a business owner in your career field to go over their expenses. Don’t be afraid to buy them lunch or pay for their time…it’s worth it!


Promoting: #2 continued……

1. A few things to consider: There are multiple ways for you to maximize your

profits

2. What type of business are you in?


Promoting: #3

Build your confidence by knowing what you want

1. You are in a place to build a lifestyle according to what YOU WANT.

2. When you build a business, it creates more than just potential to make

more money. You also gain options: Time, how big do you want your to

business to be, what are some things you would like to do? How much

debt would you like to pay off.


Promoting: #4

What type of people you will run in to

1. I have found that there are 4 types of people you will encounter: The real good people, the real good people who will ask a lot of questions, the people who will ask a lot of questions and will never buy and if they do, they will do everything in their power to get the lowest price, and lastly the person who will criticize you, question you, and make you feel like you’re a terrible business person. Each person requires something.

2. Your business will grow stronger once you determine what category most of your customers will fall into, and how to do business with the better 2 types of customers. *Note: Customer service will demand most of your time and will effect your resources, and you may get frustrated if you get involved with difficult customers, but if you please the right (and reasonable) people, they will help grow your business and cut large marketing costs.


Promoting: #5

A few idea’s on how to close your customers at a price that is a win – win

1. Ask as many questions as you can before you meet, and be ready to answer as many questions as you can. And, be ready to answer questions that you don’t know.

2. Presentation is everything! Your words add value, and so do your lack of words.

3. It never hurts to ask what a customer or client is willing to spend

4. Make sure everything is in writing before you ever agree to work with someone.

5. A win/lose or a lose/win is not a win win and it’s ok to walk away.

Creative Ways to Capitalize on

Jobs and Customers You’ve

Already Won: #1

Planning, spending time wisely, and holding tightly on

to money you’ve got.

1. The longer you take to make things happen, then the more money you will lose

2. Planning will save you time and money. It may feel like planning is taking

forever, but the execution will not take as long. Efficiency is the key to making

lots of money! Inefficiency will cost you tons of money!

3. As a business owner, people will pull from you in every direction and will do

everything to get your money.

Creative Ways to Capitalize on

Jobs and Customers You’ve

Already Won: #2

Negotiating when you have power

1. Volume will be one of your best sources of negotiation power. *When you do

not have volume, your best way to capitalize on money is to do most of the

work yourself and save.

2. Using competitors that you purchase from to bid against each other for your

service.

To Make You a Person of

Value: #1

A few things I would have done differently

1. I would have said no more frequently

2. I would have taken better care of existing customers

3. Do not be concerned about your employees more than what you can provide

4. I would have marketed more aggressively, and sold more aggressively to things they were immediately in front of me

5. I would have paid attention to the details more closely

6. Don’t sweep things under the rug especially when they can be done immediately

7. I would have realized that my biggest enemy wasn’t time, but it was more about my own unrealistic expectations


Value: #2

Make difficult choices before they come.

1. It is better to do hard things now, with integrity, then to have them bother

you for a long long time

2. Decide that you will always do the right thing before the wrong thing

happens

3. Do the hard things first that will last a long time: working out, eating

right, kindness, concessions where concessions can be made, and

putting others first.


Value: #3

A good name is more desirable than great riches;

to be esteemed is better than silver or gold.

Crash Course Accounting

S P & L

S Business Structure = Tax Impact

S What’s Next?

P & L

Gross Sales

<Cost of Goods Sold>

Gross Profit/Operating Profit

<Operating Expenses>

Net Income Before Taxes

<Taxes>

Tax Planning - Business

S Capital Assets – Section 179 – Can expense up to $500K

of capital assets immediately – HUGE impact if financed

S Simplified Employee Pension – Deductable expense!!!

S Business Structure

Business Structure

Sole Proprietorship

• Not indistinguishable from owner

• Self employment tax

• Schedule C

LLC/LLP

• Distinguishable, but still not separate legal entity

• Flexible – Choose how to be taxed

• Schedule C or 1120S

S-Corp

• Stock company with less than 100 people

• Benefits of Corporate Taxation w/o double taxation

• Regular income tax

• 1120S

P & L

Gross Sales

<Cost of Goods Sold>

Gross Profit/Operating Profit

<Operating Expenses>

Net Income Before Taxes

<Taxes>

NET INCOME AFTER TAXES

Individual Tax Planning

S Eliminate taxable dividends and short-term capital gains

S Cash Value Life Insurance – Best tax shelter available

S Business related travel

S Home office use

S Sometimes you can deduct too much – Earned Income Credit (for those who qualify)

S Credits

There is no reason to push the envelope when you

plan ahead and use smart, conservative

accounting and tax practices!!!