Welcome to week 1 of this 3 week series on how to make more money in your business + a sweet GIVEAWAY. Today we will cover the first and most important aspect of becoming great at anything you set out to do – culture immersion.
Generating money requires complete devotion and dedication to earning.
Think back to when you first became a photographer. You somehow got the itch, started checking out cameras and blogs and before you knew it, you were in deep! When I (Zach) started shooting back in 2006, I got into photography almost overnight. I wanted to learn so bad that I pushed an A&R guy from Provident records to get me on the assistant list of the best commercial shooters in town and went out for free and carried gear bags just to see them shoot. I went to the library and read loads of books on lighting and shooting techniques, I poured over dozens of blogs, websites, YouTube videos and started making friends that were shooters with whom I spent hours talking shop about cameras and lenses, I spent hundreds and probably even thousands of hours learning, shooting and soaking it all up.
The result? Jody and I had photographers asking us to teach photography just 1 year into running our business. It seams like maybe that was premature for us to start teaching since we had only been “shooting” for a year, but the reality was that we had spent so much time previous to that learning and becoming good at what we did, we really were ready to start teaching. We were immersed in the culture of photography and it produced the desired result.
The same thing happened with a little known kid in Minnesota in the 70’s. He carried his guitar to school ever single day and played between classes. His peers thought he was a geek and made fun of him for doing nothing but playing his guitar. He then went on to write, produce and proficiently play over 100 instruments and sell millions of records because he decided to immerse himself in his craft.
His name is Prince. Music lovers, watch this video of Prince and Lenny Kravitz. (He happened to influence the entire career of Lenny).
You can do the exact same thing when it comes to earning, sales and blowing up your bottom line. In the same way that you dove deep into the culture of photography, you must become an expert and learn the language that high earners speak if you want to seriously win with money. But how?
Do you have your 5 favorite TV shows you watch each week? If you watch just 5 shows each week and spend 2.5 hours total watching them, then you watch 30 hours LESS TV than the average American. You have to decide to be more devoted to learning and business practices than to the cast of Modern Family if you want to win in business, and my guess is you already don’t have any extra time in your week as it is, so something has to go.
Would you rather have a huge retirement fund you can leave a legacy with, pay cash for your kids college, be in the top % of wage earners, become debt free, give like no one else to things that you believe in and feel secure with your finances? Or is it more important to know what New Girl did this week with her roomies? Think about that. Many of us give up the ability to impact the world with finances because we just can’t seem to find the time to leave a lasting impact. If you want to change the lives of those around you with your personal finances (money is simply a tool to get a job done), then we need to start becoming good stewards of the time we have, and invest ourselves into learning the language of money.
Step one is to start learning from those that are winning now and do what they do. Here is your homework. :)
- Read and start utilizing in your own personal life and in your business the principals in Total Money Makeover by Dave Ramsey and take his FPU class. Once we got on Dave’s plan and started making our money behave back in 2005, we felt like we got a raise. The more faithful we were with the little that we had back then, the more we were given. The further we stretched our dollars, the more dollars we had to use. Now, after living by Dave’s simple principals, we have been debt free for 7 years, put 20% down on our home and expect to pay it off within the next year, pay cash for everything including our cars and my motorcycle, give more than we have ever given to charity, our church and those in true need of help and owe all of that wisdom to Dave and what he has taught us. Thanks Dave!
- Devote just 1 hour each week at a minimum to educate yourself on finance instead of doing something less productive like watching TV (read business books about money, find a real CPA, find a real retirement investor, start planning for the unexpected by getting long-term disability and Fixed TERM life insurance etc.)
- Start spending 1 hour each week devoted to ideas that can increase your income. Brainstorming sessions and what came out of them is what built 90% of our business. When Jody and I took time out from managing our business, and decided to go BUILD our business, that is how we increased our bottom line. If you just keep shooting what you are shooting, charging what you are charging, and doing what you are doing with your finances, then you will keep getting the exact same results. If most people are doing it, you shouldn’t be, because most people are broke and not growing. Learning how to create value and sell is what will make you more money. Jody and I have our Sales Bundle available from our store and the principles and techniques in that bundle helped us and 100’s of other photographers increase their bottom line in a serious way.
- Start doing what people who win with money do. Read the Millionaire Next Door by Thomas J. Stanley. In that book, you will see why rich people have, and why most others don’t (Spoiler: it is not because the rich are lucky, greedy or anything of the like, but rather because they are willing to sacrifice).
Want to win our Sales Bundle and get your bottom line moving this year? Leave a comment below on what your giving up this next two weeks in order to win, then Tweet/Facebook
I need to win @zachandjody Sales Bundle to help blow up my bottom line! http://tinyurl.com/dx8gtlw
We hope you rock out this homework this week and next, then come back ready for more!! Tune in two weeks (next week is our Newsletter Tips and Tricks) when we talk about the next reason why most don’t win with finance in week 2, The Mind Gap.