My Business Coach

An idea is that which exists in the mind as the result of mental activity; a thought or a concept. It is a plan, intention or scheme for doing something; Your idea might result in you developing a product or a service.

We will be looking at creating multiple streams of income from one idea or product i.e. Growing a money tree.

What is a MONEY TREE, it stands for

• M – Multiple streams of Income

• O – Outstanding product

• N – Not much Cash outlay

• E – Essential Product or Service

• Y – Yeild

• T – Trends and Time

• R – Residual Income

• E – Employee resistance

• E –  Enthusiasm

M – Multiple streams of Income – The reason for becoming an entrepreneur is to have another stream of Income. Your idea, Product or Service, should not only be a source of income but streams of Income. For example, a cake designer would have making celebration cakes as the primary source of income, but might develop a training classes on cake decorating, write a book for sale on cake decorating, produce a “how to” DVD on cake decorating and become an event organizer/consultant by having a directory of other complimentary services she can offer with her taking a percentage of the sales.

O – Outstanding product – In business, you’re going to sell either

(1) Information (2) Product or (3) Service., to succeed and create a money tree, whatever you get involved in must be in the top 5%, i.e. outstanding. If it is not outstanding, it will become a casualty of competition, Your product or service must have the possibility to be permanently & perpetually profitable.

N – Not much Cash outlay – Your product or service should not require excessive cash outlay. Think outside the box and be creative in your thought process. It is not advisable to go into debt while creating your product. Use your six personal wealth resources to develop your product or service i.e. Your mind, Body, Spirit, time, people and money.

E – Essential Product or Service

Find a product / service that has perpetual relevance to everybody. A product that will continually be in demand regardless of the economic situation

Y – Yeild - The return on the business should cover expenses and a return on investment with possibility of increasing the yield. A minimum yield of 10% should be the target, however aim for a 15% or more yield.

T – Trends and Time – Select a business on trend at the right time. Move with the trend, update yourself. Trends for the future * healthcare * Investment Advice* Information technology* Speciality retailing e.g. home service * Entertainment * retirement planning. Other topics that can lead to a lucrative info-products business include

•   Generic business how-to topics covering activities or challenges all businesses face

•   Income-generation strategies for different types of businesses and consumers

•   Personal finance topics

•   Personal growth and self-help topics such as success strategies, health, relationships

•   Life skills such as parenting, mental health and religious lifestyle

•   Professional training and career development

R – Residual Income – Create money streams that flow to you even after you stop working. This would call for a mind shift from linear income mentality to residual income mentality. You should no longer be willing to rent out your brain and body to the highest bidder, X hours equals £Y of salary in linear fashion. Now when you produce something, you must own part of it. This is shifting from “monkey trap income “to Money tree income”

E – Employee resistance – Create monetary business that require not too many employees or if possible, have your employees on contract. Try to create a virtual Corporation. eBook on creating a virtual corporation available for $7. (Contact me)

E – Enthusiasm – You have to love what you do as it’s easier to become successful in whatever you love doing. It will also be easier to convince people to buy your product.

Your Recommended “Money Tree” Pyramid

Ideally, any product for the money tree pyramid includes a lower-priced, entry level product, with successively increasing prices for increasingly intensive "experiences" with you. For instance, an audio cd product on the book written by you, Then, a full audio book with you or someone else reading the book, a  multi-media package containing  a workbook + audio + video product as a home study course. Following up with a weekend seminar product, a training program with live seminar + coaching, and so on. Ideally, you should have a corporate training program, as well.

Your Money Tree can be divided into 5 different business units —publishing; training; licensing; media and PR; and ancillary revenues. Within those five units, you could develop as many as 52 different income streams

Bibi Apampa is a top Business Coach / Mentor. She has helped many people start and grow their own business and create multiple streams of income with an exclusive Business Mentoring program. Visit www.MyBusinessCoach.biz  to download free eBooks on Home Business ideas and Newbies Guide to Internet Business

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