4 Principles to A Money Making Business

If you want to create a very profitable money making business, make sure you avoid these next four mistakes! This is a part 2 of a four part series: Mistakes To Ensure Business Failure! Avoid These Like The Plague!

You can read the first four of 17 at Successful Home Business

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Most people are so focused on how to make money fast. No matter if its an internet business or a conventional brick and mortar business, people are always seeking a way to make the fast buck or a way to make money now!

What happens in my observations is I have witnessed these quick money tactics come and go with little to no results and in fact, at times, even causing the business owner to lose money!

Why?

Because impulsive and hasty actions with a lack of planning rarely succeed!
With lack of strategic planning comes impulsive and hasty actions and more often than not, leads to disappointment! Because there is no plan, ideas come to the table and are acted on immediately without any thought or consultation of the costs, no acknowledgment or consideration of possible error or no thought of possible risks or consquences.

Now, I’m not saying that there are not times when you need to act fast or move quickly on ideas, that’s not the issue. The issue is much like when someone flies off the handle and flips out in anger in a split second for no apparent reason. This is regarding situations that impact and affect the entire operation of the whole overall scheme of what you are trying to do in your business. If you don’t know why you are doing something, then why are you doing it? If you can’t take the time to plan and see how this action will affect the overall operations, then you have no reason to be upset when the thing crashes from negative consequences without thinking things through. Impulsive and hasty actions more often than not will lead to disaster and confusion without first seeing how it fits into the overall planning and strategy. Don’t make this mistake. Very rarely will you find hasty and impulsive actions will make quick money!

After all, anything worthwhile will take time to build. Avoid the get rich quick mentality in your business!

So many times I have seen companies spread themselves to thin across various projects. What happens is the latest and greatest money making idea comes up or they are presented with the latest ideas for making money in a new industry and they lose focus on the main objective and who they are and tehn start doing so many things that they get nothing accomplished.

There is such a thing as multi-tasking, but then there is a thing such as being overextended and being so busy with 10 different areas that you get nothing done and what you do get done isn’t really effective to the overall goal of what you’re trying to accomplish because you are trying to be all things to all people. Don’t make this mistake. Stay focused, on track and in tune with what you need to do and with who you are! Again, having a plan and well thought out strategy with well defined goals will help keep you from going down this path.

Stay focused on who you are and the tasks at hand at money making businesses will come to you naturally as it becomes a natural extension of who you are.

This is something that is a pet peave of mine. I have already touched on this within the first two points but the bottom line  mistake that many businesses make is they do not invest in their own assets. Many small businesses from mom and pop shops to fortune 500 companies have made this mistake! Don’t make this mistake!

Let me share a real life story. I once witnessed a small company who was struggling to get off the ground. This was a small company venturing off into the internet business and internet marketing world. They thought that just be releasing multiple sites that were merely clones of each other that they would be able to make money online FAST! When I say fast, I mean they thought just because they had these websites, they would make easy money as in get rich quick cash!

Nevertheless, this was completely erroneous thinking, they had no traffic to their web properties, and needless to say no money from them either.

Yet instead of building their assets and increasing the traffic and conversions to their sites, they were not  investing a dime in building those properties to drive that traffic. Instead what they did was to purchase several thousands of ink pens to hand out for free at a conference related to one of their web properties. They purchased several hundreds of tote bags to do the same and various things such as this.

Now, these were all a one shot blast, never to offer any real return on investment. Once those pens were gone, they were gone and once that money was gone from purchasing those pens, that was money  that was NEVER coming back. No return possible. Now, those pens costed over $3,000.00! Yet, the sites still sat there with still no traffic and still no income. That $3k could have went a long way to investing in the assets of those web properties that would have offered at least some type of return on investment.

What a foolish waste. Don’t be ignorant and do things like this. Always invest in the assets of your business on a daily basis! Anything from investing money, to investing in effort and work that will create a return on the time and money spent on your assets. If it isn’t going to bring you a return, then don’t do it, unless you are working for charity or branding yourself as a great person. But I think you get my point when it comes to building your assets.

If you want to create a solid business or simply a money making website, then invest in your asset on a daily basis!

Jim Collins wrote one of the best selling business books that is taught in many colleges and universities today, called:
"From Good To Great". In the book, he analyzes several similar companies in various decades across various industries to determine why some went on to dominate their industries while similar companies were mediocre at best and then eventually died or fell away struggling to survive.

Take special note that all money making business will adhere to this principle.

The end result was these companies, got the right people on the bus, and then they put the right people who were on the bus in the right places. They got the wrong people off the bus immediately, got the right people on the bus and put them where they function best. In your business, this is a good principle to model. If you have employees, whether, they are hourly employees or you outsource them, if they are not quality character people, or if they do not do quality work, get them off the bus. Surround yourself with the right people and then let them execute according to their strengths. Remember, business is not about being good to friends, it’s about making money and providing a higher standard of living. No matter if you work at home or have an office, get the right people on the bus and the wrong people off the bus.

Follow these four principles and keys to success to position your company as a money making business!

Here’s to your success!

Chad Maslak
Author: “THE “ULTIMATE” INSIDERS SURPLUS, LIQUIDATION & WHOLESALE BUYING TO RESELL FOR MEGA PROFITS GUIDE”