Speed Wealth Principals
Wealth Principle #1: If You Want to Be Rich Your Primary Income Needs To Come From Your Business.
You can spend less than you earn or buy assets that you aren’t in control of and hope they appreciate in value, but the reality is that 80% of the world’s millionaires became so by building their business.
Your greatest opportunity for wealth and lifestyle freedom is in building your own business.
As a business owner, you get to create and design business to enhance your lifestyle and generate the income you desire.
Don’t fall trap to being seduced by practitioners selling Get Rich that you have no control over or don’t know anything about.
Real wealth comes when your business is set up and operating, so you get paid without having to do all of the… (In the Business Busy Work)
By investing in your own business and creating an asset that generates a combination of passive and intentional income means you are in control of your money and how hard it works for you.
Wealth Principle #2: One Thing Can Transform Failure Into Massive Success – Action!
Once you understand that there is no scarcity of wealth in the world, your mind will begin to accept that you too can be wealthy.
There are multiple opportunities that will present themselves to you, but they will do no good without one major thing.
ACTION! And when you talk about taking action in your business, you want to Take MASSIVE ACTION to get MASSIVE RESULTS.
You can’t afford to make little moves and get small results. Make the decision to do what it takes to change your financial picture and then take massive action to get there.
Wealth Principle #3: Own and Develop an Extraordinary Business Your business is a treasure chest of opportunity.
Once you have your core services running smoothly, then you can focus on creating multiple sources of income for your business.
The only way that you will ever have the time and energy to expand your business is to work on your business and not full time in your business.
You can accomplish this by having a solid plan, employing a capable team, and putting systems in place.
Creating an extraordinary business won’t happen on its own; you have to deliberately make it happen.
Find the areas in your business where you can expand into other markets within your industry. You may add a wholesale division or expand into delivery.
You could offer services to other business owners or just serve your customers in additional unique ways.
You can turn your ordinary business into an extraordinary one faster than you think.
Seek information that you are lacking instead of thinking that you are already doing and know everything.
Value the knowledge from people who have done it before you and appreciate everything that you learn. Then act on the information because if you don’t use and implement, it won’t work for you.
Wealth Principle #4: Develop a Speed Wealth Mindset. You have powerful potential within you, but if you are limiting your actions because of unresourceful beliefs, biases and programming, you will stay stuck.
Your mind has the power to keep you in a pit of despair or carry you to financial abundance.
First, you have to be willing to do what it takes to set your business apart from your competition.
Next, you have to be fully committed to changing your mindset.
If you think into your past memories and live there, you will entangle with your future and create more of the same there, and if you think into your future and live there, you’ll entangle with your past and create more of the same there.
The more you live in the past, and the more you dredge up those memories, the more you do negative emotions and negative thoughts, that’s negative feedback, and it starts a chain reaction of endless looping.
You want to think into the future, to design the life that you want. You want to think, “What do I want for my life and business?”
Think into the future, dream about it for a little bit.
Write it all down, then come back to this present moment take massive action by working on your goals.
Goals will keep you focused on what you can do to keep moving towards success. It will help you eliminate fear because writing down your goals and making a plan will let you see a clear path to the finish line.
Believe that success is possible and furthermore you have to believe that it is possible for you.
Wealth Principle #5: Choose Carefully, Timing is Everything Redefine your business based on what you know to be the wants, needs and desires of your market
It’s how you and I spend our money that determines who gets rich.
Although the government acts as though it controls financial markets, the truth is what the government, does, accounts for only about 17% of the gross national product.
The rest is accounted for by what you and I do. You will be handsomely rewarded for making an effort to identify and focus on the wants, needs, desires, fears and frustrations of your Ultimate Clients
Wealth Principle #6: Choose a Model and Mentor Understand that you are going to pay for your education one way or another.
The price will be in the form of money you are willing to spend or money you are willing to risk losing.
Take a lesson from great athletes and find someone who is living life and running business like you want to.
One of the quickest roads to success is to find a coach or mentor and model what they do.
There is no need to recreate the wheel or search for new methods of success. You will never find basketball players training without the advice of an experienced coach.
If you look at most great people, there is always someone more experienced working with them and guiding them along the path to massive success.
Modelling a successful person will include learning how they run their business, and you will also have to become a person who attracts success.
You have to have the mindset that allows success into your life, so negative attitudes and disbelief will have to be eliminated.
Wealth Principle Secret #7: Begin with the End in Mind You would never build a house without knowing what it would look like when it is completed.
You shouldn’t build a business without having a clear picture of what it will look like when you are ready to cash out or sell it either.
In order to develop your business to be where you want, you need to have a specific plan to do it.
Once you have a specific plan, you need to work backwards from the end result and assign milestones to every task that needs to be accomplished from day one.
Once you figure out each task that needs to be completed, delegate everything that you can.
Then don’t let anything slow you down. Keep moving until you build the business that you envisioned.
Wealth Principle #8: Deliver Massive Value What constitutes value in the eyes of the marketplace?
What are some of the factors?
Those factors are demand, supply, quality and quantity.
Obviously, we know what demand is, but do you know how much desire there is in the marketplace for your product or service?
Supply ‐ is how much is already out there.
Quality ‐ is how good it is and also how good you are at what you do
Quantity ‐ is how much of it you deliver from my experience; the quantity aspect is where most people face the biggest challenge.
They get stuck there.
Many people have excellent products and services, which they may even deliver to the marketplace, but not in enough quantity to create wealth.
It’s as simple as this ‐ if you want to get paid, you must deliver your value to people.
But if you want to get rich ‐ you must deliver your value to a lot of people. Better still deliver MASSIVE VALUE to a lot of people!!
Ways to Deliver Massive Value
(1) High-quality added-value products and services.
(2) Customisation to individual needs and services.
(3) Fast response and quick delivery.
(4) Personalised service.
Wealth Secret #9: Continue to Innovate and Tell the Story Marketing and innovation are the only tools available to businesses that want to set themselves apart!
Otherwise, your product or service is in danger of becoming a commodity, one that is bought on price alone. Marketing + innovation + distribution + production capability = competitive advantage
To be successful at marketing today, a change in strategy, purpose and mindset, is required.
You must see your business through your client’s eyes.
Ask yourself “If I were a customer, would I buy from my business and why or why not?”
Having a Unique Buying Advantage means your business has a unique and distinctive benefit or advantage to offer your customer or prospective client.
A benefit that is greater than that of your competitor, otherwise the customers have no motivation to do business with you instead of your competition.
Wealth Principle #10: Systemise and Duplicate The only way that you will be free to work on your business and not in your business is if you systemise and then duplicate your success.
Firstly, you create something that really works on a small scale, maybe one store, one office, one territory ‐ a sale to one person in a methodology that works and then you simply repeat the process again and again and again.
The word system could easily be described thus: Save Yourself Time Energy Money First and foremost, a sound system is one that works without you being ‘married’ to it 24 hours a day.
Systems deliver predictable and consistent results.
A marketing system is arguably the most crucial kind of system that an entrepreneur can introduce to the business.
There are four essential elements of business. If you have more, I think you should simplify.
There’s truth in the conclusion that ‐ business is simple; it’s the people who are complicated.
These four elements?
1. Marketing / Sales, 2. Team / Production Capability 3. Distribution 4. Operations Administration
Wealth Secret #11: Plan to Cash Out You don’t have to sell your business, but it is wise to put yourself in the position to have the option to cash out and become an instant millionaire if you should ever choose to do so.
The difference between the average business owner and the Speed Wealth Entrepreneur is that the Entrepreneur starts with the end in mind!
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