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How to Make Big Money from Small Change

It is possible to make a fortune with big investments, such as real estate, energy, and hotels. However, what few people learn, is that it is also possible to make lots of money by going small. In fact, it is just as easy to make money from small amounts then from big investments.

For example, consider the humble candy. You can buy one for a few cents, and it is so affordable that any person can have one. However, there are huge fortunes that have been created by smart entrepreneurs selling candy. Some companies that create and distribute candy have become big corporations.

Starting Small

In the same way, you can start making lots of money by starting small. How small? If every one of your clients pay you only $1, you still can make a huge fortune. Just think that there are 6 billion people in the world! Moreover, from the people that would be interested in your product, a lot will buy not only once, but several time.

In fact, there are several ways to make small quantities matter, and turn them to your favor:

Repetition

Getting just a few cents doesn’t sound very good, but if you can repeat this process several times, then you can make a lot of money. If a client like your product or service, this can just happens. The same person may buy your product several times, and the total money spent in your web site may become a lot. Repeated business is the best one, because you need to sell only once. You client you use your product several times just because he or she likes it.

Product Reach

Your client may not buy repeatedly, but you may be selling something that a lot of people are interested. In a country like ours, even if you are of interest for just a fraction of people you may end up with millions of clients. If you consider other countries, the number is even bigger.

You can create a product that will generate a lot of interest and end up making millions — even though payment is small.

As you see, selling inexpensive products may be a good way of doing business. After all, it may be just a start, because you can create many other products with prices a little higher, once you have a client to sell. You just need to be creative and start selling your products!

 

Improving Your Personal Wealth Performance

When creating a new business, checking your performance periodically is of great importance. It allows you to determining if you are achieving your dreams or if you are just losing your time with a low performance system.

Wealth generation and business development are a process, not a one-time event, and you need to keep improving as a personal and as a business leader.

But once you determine you have a problem, there are several ways to improve the operation of your business and your personal performance. Here are a few suggestions that you can use on your personal performance evaluation.

Try to Concentrate on a Particular Aspect of your Life

Generating wealth though a business may become a complex experience. In the process, you may lose track of important parts of the business that need attention. For example, you may be too concentrated on creating a new product, and is not paying careful attention to lead generation. This is a common theme for several new entrepreneurs.

A possible solution when this happens is to concentrate on a particular aspect of the business that needs improvement. For example, if you problem is lead generation, you may take more time each day to make this part of the business work better. After a few weeks of concentrated effort you will see that this area will be in much better shape, and you can turn your attention to other areas.

A concentrated effort may be the difference between doing something poorly and become a real pro in a particular area of your company. You will see that your capacity of performing something will improve, as well as for the people working on your company. It is just a matter of focus.

Measure What you Want to Improve

Another aspect of improving wealth generation is measuring success. For each area of your wealth generation, you need to figure out how well you are doing.

For example, if you plan for wealth is to invest in stocks, you need to measure how your stocks are doing against the general market, and agains some indices, such as the sp500, for example. Once your determine how well you are doing, you can do the necessary changes to your current situation.

Measuring is so important because without knowing where you’re going there is no way to know if you’re achieving the right goals. Also, when you start measuring something you unconsciously try to achieve better on that particular goal. It is something that happens every time you measure your results.

Check what is Working for Others and Adapt

This is another strategy that is used by the pros. If you want to improve your business and wealth generation performance, look at what others are doing. But don’t stop there: a lot of what others do may not be appropriate for your situation. What you need is to adapt what you observed into your current situation. This is a creative way of copying somebody else’s results.

Just trying to blindly repeat what others do is not the best way to improve yourself. The reason is that everyone is different. What works for Donald Trump, for example, will not be the best for me. However, you can always take a few elements of what someone successful is doing, and apply it to your life.

This way, you can pick successful ideas from everyone an try to apply to yourself, with great results. To be able to do this, you need to study success. For example, read biographies of great leaders. Read newspapers for good strategies, instead of keeping reading only bad news about what is happening in the world.

Applying these three strategies will eventually pay off, and you will increase your wealth creation capabilities beyond anything your imagined.

Defining Milestones for Wealth

Wealth generation  is a process, not a single event. It is not something that you will achieve overnight, unless you play the lottery, that is. Even if you are lucky with the lottery, though, you will probably need to buy tickets overtime, which shows that even this requires some planning.

Real wealth requires that you commit to a plan, and perform it to the desired goal. The planning process is of great importance. Even more important, however, is to determine if you are on track on your plan.

The reason why measuring success is so important is that plan cannot be fixed. Reality changes, and sometimes a plan that looked good enough may prove a big no-no after some time. However, in the middle of such changes, how can you determine if a plan works or not?

This is when you need to apply specific techniques to measure your success. Are you achieving your goals? If yes, then what can be done to get even more successful? In the other hand, if things are not going according to the script, what is wrong: the plan or the implementation? How can you know what to improve?

Separate the Plan from the Implementation

Sometimes, you may notice that the results of your work are not going according to what you expected. This is the situation when you need to determine exactly what is going wrong. The first step, though, is to determine what is really going wrong.

Without a clear indication of what might be wrong, you may just be taking the wrong steps and getting even further from your destination. And without directions, there is no way to see where you’re going.

There are two things that might be wrong. First, your plan may at fault. This may occur for several reasons, including lack of information on your part when you started the business; the appearance of new competitors, or even the fact that your product sucks! All of these are valid reasons for lack or success, but you need to know if the plan is the  cause for your situation.

Check Your Performance Level

The second reason for you problem may be a deficiency in implementation. For example, you may have planned for a product to be finished in 3 months, but you were not able to complete it in the established time. When this happens, there is a failure in implementation: something that you or your collaborators should have done was not concluded.

Solving implementation issues usually requires a reality check. You may be overestimating your capacity of finishing something, when in fact you are not capable to perform the function at that level. You probably need people that have the right capabilities working for you. Sometimes you just need to hire someone else to perform the job correctly.

What all of this means is that you need a good plan for the job, but above all you need to track how the plan is developing. As a business owner, you are the person that needs to do this monitoring. Therefore, checking your milestones can make the big difference between wealth and failure.

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