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Do These Three Things BEFORE You Implement A New Idea! - Stamping Is My Business!

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August 14, 2012

Do These Three Things BEFORE You Implement A New Idea!

Idea-light-bulbOne of the biggest problems facing stamping business owners today is the amount of low-quality business-building information being passed around on blogs, boards and lists

Sometimes, the information passes through so many sources, it's like the game, 'telephone,' where what you finally hear is very different from the original information. 

Sometimes, you're only hearing part of the information. 

Sometimes, the information is being advocated by someone who doesn't share the same goals you do, or has a different business setup. 

And, frankly, sometimes, the information is just wrong.

How do you address this?  Just make sure you do these three things before you implement any new ideas into your business:

1. Take Out A Calclulator

It's amazing how few people crunch the numbers before they implement an idea, but whenever you're thinking about doing something new, crunching the numbers is the first thing you should do.  You need to figure out your revenue, costs and profit.  Then, you need to look at how much time it's going to take.  Divide the number of hours into your projected profit and determine whether or not its worth your time.

 

2. Ask the person sharing it how much money they MADE

If you have the opportunity, you should ask the person sharing the information for their numbers.  After expenses, how much did they MAKE?  How much did they put into their pocket?  Remember, this is NOT the same as how much money they took in OR how much product they sold.  You should also ask how many hours they invested to determine whether or not they were truly paid.

 

3. Ask the person sharing it HOW they made the money

Many of the ideas I've seen lately are only profitable because they lead to increased downline commission percentages.  If you don't have a large downline, however, an idea where you make your money on the back-end won't work for you.  So, make sure the profitability of the idea is being made on the front-end... directly because of the idea itself.

 

If you ask these three questions every time you hear a new business-building idea, then the only ideas you'll actually incorporate into your stamping business will be the ones that are truly profitable and pay you what you're worth.

It takes just a few minutes to do this, but, when you do, the payoff is incredible.

Please share this information with your downline, because if your downline are running profitable businesses, the odds are you'll be profitable, too!

If you have any questions or comments you'd like to share, please leave them in the Comments section below. 

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Comments

stamping is a wonderful business,

stamping is a good business for growth.

Great advice John!

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