A Business Success Formula That You Can Teach Your Kids

In our previous article we shared Sean Rasmussen’s teachings around developing a healthy self image. This article follows on from that discussion as we share more of his valuable teachings around being successful in business.

How would you like to know Sean Rasmussen’s Business Success Formula?

Teaching these understandings to your children will set them on the path to being successful entrepreneurs.

Sean introduced a simple formula that will get results in business. The formula is…

(Training + Tools + Team) X Time = Results.

This formula can fit all business models, whether it be Network Marketing, conventional business or an Internet Based Businesses. This fits with what we have read about Robert Kiyosaki and his Business Builder model (as opposed to small business). He describes building a business system that will grow itself. Sean’s formula formed the bases of the whole Boot Camp of which we were taught how to address each aspect through Internet Marketing.

In our recent article about David Wood we discovered that he also uses this formula for business success and he taught us how to apply it to Network Marketing.
Training: Attend the boot camps, join a program, find a mentor and study the business system.

Tools: Use the tools provided by the business system. Use the tools that work, don’t be a tool trying to work it all out for yourself! Or as David Wood says, “Use the tools, don’t be a tool!”

Team: Build a team of experts around you who build your business. In internet marketing it may be virtual assistants, ghost writers and marketers whom you can contract very inexpensively from counties such as the Philippines or India. With Network Marketing it will be the people in your upline as well as those in your own network that form your team. You help them build their business and yours will naturally become successful as well.

Time: Give it your all! Without putting time into your business initially it simply won’t be successful. With businesses that grow and generate a passive income the amount of time you need to commit it great to begin with and the income is small, but as your business grows your work time will diminish, but your income will continue to grow!

Results: Your income generated from your business.

Teaching Kids the Business Success Formula

The Business Success Formula can easily be taught to kids. Firstly help them get started with an enterprise. This way they will learn all about it. For example my son Flynn has learned a huge amount about bee keeping, harvesting and processing honey and then marketing it.

Next teach them how they can make their business easier by utilizing the right tools. In Flynn’s case it was about borrowing the right extractor equipment and using an expert’s advice (his Grandad) which saves him time.

Then investigate ways of putting a team together to make the process less work and more profitable. Flynn utilized his friends to help bottle the honey, he had people selling his honey on consignment and he found people to take his honey to the market. He wasn’t doing all the work!

Explain to your kids about delayed gratification. That is: put the hard yards in now for a financial reward later. Once they see a result in their wallets/purses then they will fully grasp Sean’s formula for business success. Flynn has realized this. He used all his own money to buy his honey and he also paid for everything he required to bottle and market it He understood that he needed to make his business work in order to get his money back with profit. Once he experienced a result with his first batch of honey, he became much more focused and determined with his second batch, which by the way he invested twice the capital!

Three Reasons Why People Are Not Making Money Right Now!

Sean Rasmussen also pointed out three reasons why people are not making money right now. He emphasizes the importance of “Action, Intention and Value”. When people use the Business Success Formula, and also attend to and are clear on these three things, they are perfectly set up to make money in their chosen enterprise.

Action

Action is obvious. Take action straight away whenever an idea or opportunity presents. As soon as an idea presents itself, build upon it. Avoid killing the idea with all the “what ifs”.

Intention

To illustrate the point about Intention, Sean had us all write onto a small card what our intent was for the three days at the boot camp, and then we put the card in our pocket to be carried around where ever we went. The idea is… we thought about and put out to the universe our intent without trying to force an answer or outcome. Amazingly, by the end of the three days the answers to our intention were answered! Intention can also be aligned with having a plan.

Value

He refers to Value as being your highest values. Sean Rasmussen explains that your highest values dictate what you focus on. So it is crucial to ensure that what you want, whether it be health, money, family or whatever, is high up on your value list, otherwise it simply won’t happen.

Our Money Mastery mentor, Paul Counsel, also enlightened us to this very important distinction. For us we struggled with putting business ahead of family as our highest value. Our kids have always been our highest value and consequently take up all our time and energy. So what we learned was that we needed to align business with our highest value of family. Hence we have done that with this very blog and with other enterprise we are pursuing. By aligning our highest value with business, we then have better focus and desire, and our enterprise is moving forward and so are our entrepreneurial mindsets.

So there you have it… Sean Rasmussen’s Business Success Formula.

Flynn celebrating his business success!

In our next article we will talk more about the wonderful personalities we met whilst on our Boot Camp and the sorts of things they are doing to inspire others about the tremendous opportunity for our kids (and us grown ups!) with building a membership site on the internet. The figures possible… are mind-blowing!

The Best Home Business Ideas and Tips to Run Them Smoothly

To make a decision to start a home business is easy, but finding one is a bit more difficult. You can plan and start home business either offline or online. Here is a compilation of some of the best home businesses ideas and opportunities to invest your money, time and energy in.

Off-Line Home Based Business – Running a Home Daycare, pet sitting or pet walking, helping people organize their home and life, professional scrapbooking for others, photography for weddings or families and such other home based business are very interesting and can earn money for you.

On-Line Home Based Business – Selling online via eBay or amazon marketplace, teaching people how to use the internet and other computer related ideas, writing content as well as SEO articles for websites, affiliate marketing, mass emailing, scanning, medical and legal transcriptions and many more such businesses that you can do sitting at home via internet.

MLM Home Based Business – By definition, multi-level marketing or MLM is a marketing strategy by which the marketer is compensated not only for personal sales generated, but also for the sales of the marketer’s recruit, thereby, creating a down line of distributors and a tier of several levels of compensation. There are many different MLM companies to choose from.

Choosing the wrong home business ideas and opportunities can be disastrous. Do your research thoroughly before making your choice of what kind of business to open.

Expanding Your Home Business on a Budget:

Now that you have started and established your home based business, you may desire to expand and take your business to higher level. Those who try to expand any business often run into problems with infrastructure, cash flow, and personnel. Though expanding your home business can be difficult, it is possible to expand a business with a minimum amount of problems, so long as care is taken to smooth out the rough spots.

• Upgrade your website and hire some help.

• Sell your business system to others and partner with other small business people.

• Get a secured loan to raise capital and expand into new markets.

• Make extensive use of online advertisements and marketing; and avoid common expansion pitfalls.

If you run headlong into expanding your business without proper planning, you could lose thousands of dollars or even run your home based business into the ground. Carefully plan and execute each phase of your expansion plan to gain new customers while keeping your existing customers happy.

Distinguishing Home Life from Business Life:

It can be disconcerting trying to separate your personal life from your professional life, especially if the boundaries are set within your own home.

• Make border line of priorities between your family or your business and come up with ways that the two do not coincide.

• Use an isolated room to work and separate yourself from your family, constant interaction causes loss of focus.

• Keep a neat and tidy area and restrict your children from touching your work materials.

• If you must, time and regulate the amount of time you spend “in office.”

It’s understandably difficult to split away from your family, but at the same time it serves no benefit to you to have two conflicting areas of your life converging at one point.

5 Qualities Your Next Business Coach Should Possess

If you have a desire to build a solid, thriving business, you’ve (or at least you will) likely conclude that you can’t do it by yourself.

Enter the infamous quote: “It’s hard to see the picture when you are the frame.” Think about it, if you are the frame, you have no idea what’s going on with your picture. To that end, I think we can agree that it’s safe to say that you will need to engage someone else to review your picture.

Enter a coach. Now, I am of the belief that you should have a coach for every area of your life. And seldom can one coach effectively transform you in every area.

So, when the time comes for you to hire a coach (trust me it will) what will determine who you choose? I received this question and I was pretty excited because I feel that enough people don’t ask this question. Seriously, they jump on the bandwagon with little to no evaluation of whether their choice will get them the results they truly desire.

Before I go there, however, I feel the need to define coaching vs. mentorship. Coaching is an intuitive process by which the coach asks you deep and probing questions to help you discover the right solutions within yourself. Coaches should help you realize that you already possess the answers but required help to find them. Mentoring on the other hand is the process by which someone who has already done what you desire to do tells and shows you how to do it as well.

I am going to objectively share, what, in my opinion, your next business coach/mentor should possess in the qualities department.

Fair enough?

Okay, here we go:

1. Your next coach or mentor should be experienced. They should have been where you are and successfully transitioned to where you want to go. In other words, they should be the “after” to your “before.” I am of the belief that you can’t lead where you haven’t gone. If you haven’t experienced it, it’s just theory. And I would not recommend that you hire a coach or anyone for that matter based on theory. They should be able to speak to their own path of growth and discovery. They should have already done what you endeavor to do now.

2. They should be ACTIVELY doing what you want to do. Not 3 years ago. Not in the days of their youth. Today, every day in their business they should be doing what you are looking to do in yours. You see, a good coach or mentor will be actively working their business even as they show you how to grow yours. That way they can give real life examples during your coaching.

3. Their results should speak for them. They should have tons of social proof to validate the results they assert they can help you achieve. You should talk to some of their clients. You should be able to read tons of testimonials. It should be obvious after reading or watching their testimonials that they are good at what they do and they can help you.

4. Their values and beliefs should be in alignment with yours. This is an important one. In order to be motivated and held accountable, you have to want to learn and respond to the person who is in that position. You should like them. Something about them should resonate with you on a deep level. Dare I say it, a spiritual level? Building a business is, in my opinion, a spiritual journey and having a coach or mentor who aligns with you this way is important because faith and finance can and should co-exist.

5. They should challenge you. My favorite quote is “a coach tells you what you don’t want to hear and shows you what you don’t want to see so that they can help you to become who you were created to be.” Your coach should not be your friend; they should be your mirror. They should hold up the image of who you really are before your fears and doubts and successfully transform you to the belief that you can and will do anything.

I think being honest, in integrity, transparent, results-oriented, process oriented, authentic and knowledgeable all go without saying but just in case you needed me to say it, here they are.

At the end of the day, choose a person who meets the above criteria, who makes you feel like you can fly and then you can visualize your business (and life) bloom and blossom in record time.

There are many coaches to choose from and I just recommend that you take the time to find the right one for you so that you get what you need and avoid making an investment in the “hype.”

***Sidebar (again): if they have a problem producing results or answering your questions… RUN, FORREST, RUN! Seriously, coaches should be in business to help others experience transformation. If someone gets defensive this is a good indication that they have something to hide.

I also feel compelled to share that as of this article coaching is a de-regulated profession. That means anybody can call themselves a coach. In my opinion, a real coach will have experience in a coaching related position (there are many) or have completed some form of training so that they can learn how to usher their clients to transformation. I’m sure that there are exceptions to every rule but the person should know how to lead people to results from a job, volunteer work or formal training.