In Show 065 – 10 Important Things to Consider when Buying a Property originally broadcast on Facebook Live on Monday 26 February 2018 we explore this interesting topic.
Today on Fast Fix Monday we continue our discussion about using property to invest in your business. We wanted to talk about ten things you need to consider before you finally decide to purchase a piece of property.
We started Business Legal Lifecycle to create a simple way for you to understand complex legal terms. Most importantly we want to help you to develop a plan to take your business successfully into the future. There’s a startling statistic the underscores the importance of developing a solid plan. The majority of business owners are just seven months away from losing everything. A single aspect of your business that is not set-up correctly can shut down your whole operation very quickly. Legal advice is not cheap and even when you can afford it there is often a divide between lawyers and their clients. We want to close that gap once and for all. We want to put legal knowledge and tools into your hand to prevent the worst from happening to you.
Twice a week we are going to deliver those tools right to your home or office with Business Legal Lifecycle TV. We’ll start the week with Fast Fix Monday, a short 5-10 minute video that will tackle a single issue that businesses have to deal with. Then on Wednesday’s our main show will feature with more fulsome discussions and interviews all delivered in a straightforward and easy to understand format.
In Show 064 – Accountant Partnership Plus – Starting a Franchise – What you need in place? originally broadcast on Facebook Live on Thursday 22 February 2018 we explore this interesting topic.
Today, as part of the Accountant Partnership Plus Program we’re going to continue our conversation about franchises. In Phase 7 of the BLL we detail how franchising works and we’re going to share some of that information with you in this edition of the show.
A franchise has a very broad definition under Australian law. Basically, a franchise means selling your system and branding to another person. A franchise agreement will cover all the details about what you are providing to the franchiser. The franchiser owns the brand and the system but the franchisee gains the right to use those things. In Australia there is something called the Franchise Code of Conduct. This legislation regulates things like what needs to be disclosed and the expectations of the ongoing relationship. The whole point of the code is to ensure that everyone acts in good faith.
There is a temptation among some business owners to simply license their intellectual property rather than pay the sometime hefty franchise fees required by law. We strongly counsel against doing this. If you want to exert any control over how your IP is used you have to franchise. If you simply use a license and then make demands on the licensee you could run afoul of the law.
Choosing the right franchisee is a critical decision.
You don’t want to allow someone access to you business model who is going to foul up your brand. You have to make sure the person you are entering into an agreement with has a good reputation and a solid track record in business. We had a client recently who set up a franchise system in the coffee business. He brought in anyone that wanted to buy the franchise license. The problem was that he wasn’t training and selecting the right people. He eventually amassed something like 50 franchises. Unfortunately he was having massive problems with a number of the franchisees. We had to go through a long process of revamping his franchise process. Once that was done he stopped having all those problems.
The franchiser also has to give a disclosure statement before the signing of the agreement. It’s very tempting to fill out the disclosure agreement yourself. That’s very dangerous. Mistakes can lead to legal headaches in the future. If you haven’t provided the right information you could end up in years of litigation. Among the things you are required to disclose include revealing all current and previous franchisees that have been in business with you. You also have to be clear about all payments that will be required of the franchisee. There are standard fees that are outlined in the Franchise Code of Conduct.
Disclosure
Among the things you are required to disclose include revealing all current and previous franchisees that have been in business with you. You also have to be clear about all payments that will be required of the franchisee. There are standard fees that are outlined in the Franchise Code of Conduct. Another common element of a franchise agreement is the marketing fund. All franchise members can pay into the fund in order to purchase advertising and other marketing services. You also need to be clear about what is going to happen at the end of the franchise agreement. The final thing you need to disclose is all your financial information. You have to provide access to your books so that that the franchisee knows how much the business is making.
Before you sell the franchise you first need to detail how your company works.
That’s going to require a manual. We recommend that the person who runs the company should write the manual. It should include a brief description of what the manual is and who it is for. That’s important because you want to have it ready for any prospective employee to pick up and take with them. Next up is a history of your business, a list of services you provide and the contact information for everyone involved in the business. This section should include everything that you need to do before opening the business. If you are already operating your business you might not think this is necessary but it will be if you ever expand or sell the business. In addition to the names of all your employees you should also write down their roles and responsibilities.
Employment agreements, job applications and recruitment methods should also be written down in this section. You might well have a marketing strategy laid out for your business and it’s a good idea to have that written down. Local marketing, public relations and obtaining marketing approval should all be included here. You will find that there will be plenty of information that you will discover about your business while going through this process. It will also be a good refresher for your employees about what is expected of them. For more detail about how to write a manual we have more information on our website.
Franchise Model
The franchise model was developed in the United States and other Western countries to allow entrepreneurs to expand a business by essentially leasing the intellectual property to another operator. The IP and branding remains under the control of the original businessperson while the new business is operated by the franchisee. The Franchising Code of Conduct details how the relationship between the franchiser and franchisee should operate. If you fail to live up to those standards there could penalties. Royalty fees will be paid to the franchiser each month and there are other fees during the start-up phase.
Licensing, meanwhile, allows another businessperson access to your IP and branding. The difference is that the original owner maintain very little control over the new business. If you are going to license your IP to a new business but demand a lot of control over that new business you are actually a franchisee. You can be liable for any disputes in the future. It can be tempting to get around the franchise fees by using a license but that is risky. You can end up paying a lot more in penalties.
We started Business Legal Lifecycle to create a simple way for you to understand complex legal terms. Most importantly we want to help you to develop a plan to take your business successfully into the future. There’s a startling statistic the underscores the importance of developing a solid plan. The majority of business owners are just seven months away from losing everything. A single aspect of your business that is not set-up correctly can shut down your whole operation very quickly. Legal advice is not cheap and even when you can afford it there is often a divide between lawyers and their clients. We want to close that gap once and for all. We want to put legal knowledge and tools into your hand to prevent the worst from happening to you.
Twice a week we are going to deliver those tools right to your home or office with Business Legal Lifecycle TV. We’ll start the week with Fast Fix Monday, a short 5-10 minute video that will tackle a single issue that businesses have to deal with. Then on Wednesday’s our main show will feature with more fulsome discussions and interviews all delivered in a straightforward and easy to understand format.
In Show 063 – Choosing a Financial Advisor with Jason Cook originally broadcast on Facebook Live on Wednesday 21 February 2018 we explore this interesting topic.
Download the worksheet here: 063 – Worksheet
Investing in property is a major decisions. It can have huge implications for you and your business going forward. A sound investment strategy can reap big benefits. But if you don’t do it right it could cost you your livelihood. That’s why we invited Jason Cook to join us for this edition of the show. Jason works as a financial advisor with WB Financial in Queensland. He is also the author of the book Bulletproof Business. We’ve worked with Jason on a number of deals over the years and we are really excited to welcome him onto this edition of the show.
Jason first started working in the banking industry and eventually ended up lending to several high net-worth clients. He decided to leave the lending industry because he wanted to develop longer term relationships with his clients. He learned a lot from his years in the banking industry. But Jason feels that the bank’s focus on selling as much as possible took away from the customer experience.
Jason says that everyone should be thinking about investing but only 50% of people do it at the right time. He often gets a lot of clients in their 50’s who are starting too late. A lot of people think that they don’t have enough money to invest but Jason says as long as you have an income you can invest.
“It’s not rocket science.” He says. “If you start early the power of compounding takes care of it for you.”
Jason feels strongly that people should invest with an end goal in mind. Investing in property or shares is not the end goal. It’s what those things will ultimately be able to provide in the future. That might be the ability to take a lengthy vacation every year or to provide financial stability for retirement. Not many people actually make that plan. It’s all about what the investment can do for you. Not what the thing actually is.
The process of starting at investment portfolio should begin before you ever meet with your advisor. You need to understand your cash flow, your expenses and have a monthly budget worked out. Car repairs, house renovations and the upcoming vacation all need to be priced out.
When you’re considering who you want to hire as your financial advisor Jason says you shouldn’t be afraid to ask what their fee is. Finding out if they’re competent is important, of course. But in the course of the meeting you need to find out how much that competence is going to cost you every month.
“I believe in auditioning financial advisors.” He says. “Talk with three different professionals and decide which one you like. Don’t take the first person you meet.”
When Jason meets a new client he likes to know what level of risk they are comfortable with. Certain types of risk will achieve certain goals. The outcome you want to achieve may require more or less risk. More risk doesn’t mean the potential of losing all your money. It’s all about volatility. How big are the swings going to be? A low risk portfolio will have lots of cash and bonds. Those assets have very predictable values. That’s less true with certain kinds of stocks that can swing dramatically over the course of a year. A more aggressive investment strategy will perform better over time. But the key here is the phrase over time.
If you’re trying to decide whether to invest in property or shares Jason says there is now simple advice. He likes both of those assets. If its possible he likes to ensure that his clients have both in their portfolios. Each has different qualities. The biggest difference is the upfront cost. Property usually costs hundreds of thousands of dollars. Stocks can cost as little as a few hundred dollars. You can buy as much or as little stock as you want. Property isn’t a liquid asset – it takes a while to sell. Stocks can be sold instantly. There are also differences in the tax costs for each. There is one similarity, however. If you look at Aussie stocks or Aussie property over time – they have both increased at an almost identical rate.
We started Business Legal Lifecycle to create a simple way for you to understand complex legal terms. Most importantly we want to help you to develop a plan to take your business successfully into the future. There’s a startling statistic the underscores the importance of developing a solid plan. The majority of business owners are just seven months away from losing everything. A single aspect of your business that is not set-up correctly can shut down your whole operation very quickly. Legal advice is not cheap and even when you can afford it there is often a divide between lawyers and their clients. We want to close that gap once and for all. We want to put legal knowledge and tools into your hand to prevent the worst from happening to you.
Twice a week we are going to deliver those tools right to your home or office with Business Legal Lifecycle TV. We’ll start the week with Fast Fix Monday, a short 5-10 minute video that will tackle a single issue that businesses have to deal with. Then on Wednesday’s our main show will feature with more fulsome discussions and interviews all delivered in a straightforward and easy to understand format.
In Show 062 – 5 things to do before you Sell a Property originally broadcast on Facebook Live on Monday 19 February 2018 we explore this interesting topic.
Before you sell that property you’ve invested so much time and effort into you’ve got to make sure everything is in order. Phase 9: Investing in property is all about maximizing the return on your investment. So before you begin the sometimes arduous sales process here are the top five things you need to have in order before the sale.
We started Business Legal Lifecycle to create a simple way for you to understand complex legal terms. Most importantly we want to help you to develop a plan to take your business successfully into the future. There’s a startling statistic the underscores the importance of developing a solid plan. The majority of business owners are just seven months away from losing everything. A single aspect of your business that is not set-up correctly can shut down your whole operation very quickly. Legal advice is not cheap and even when you can afford it there is often a divide between lawyers and their clients. We want to close that gap once and for all. We want to put legal knowledge and tools into your hand to prevent the worst from happening to you.
Twice a week we are going to deliver those tools right to your home or office with Business Legal Lifecycle TV. We’ll start the week with Fast Fix Monday, a short 5-10 minute video that will tackle a single issue that businesses have to deal with. Then on Wednesday’s our main show will feature with more fulsome discussions and interviews all delivered in a straightforward and easy to understand format.
In Show 061- The Secrets of Buying Property with Adam Jones originally broadcast on Facebook Live on Wednesday 14 February 2018 we explore this interesting topic.
Download workbook 061 – The secret to buying property with Adam Jones.
We’ve been discussing property as part of your overall business strategy. In this episode of BLL we welcome Adam Jones onto the show. Adam is the founder with Black Bear Investment Group, a property developer based in Brisbane. Adam is a former lawyer who has worked for many years managing and developing properties around Australia. We’ve worked with Adam and the rest of the team at Black Bear for many years and are excited to have him on the show.
Adam worked for several years as a lawyer but quickly found himself drawn to the property investment.
“It took less time, I made more money and I was having more fun.” He says.
Adam was fortunate to have entered the industry just as interest rates came down to nearly 0% in 2008-9. Holding property became much more affordable. His strategy at the time was building properties to hold for the long term. His first property was a splitter. He had learned enough to understand how profitable subdividing property could be. He made about $150 thousand on that property – which convinced him that this property game was pretty easy.
Adam sometimes feels like he wasted his five years at university. But he does recognize that law school provided him with some important skills. Knowing your way around a contract is hugely important in the property development industry. And the connections he was able to make as a law student and young lawyer proved invaluable once he shifted his focus to business. Most of what he has learned over the last decade has come from simply doing it. Because every project is so different it’s only by doing it that you can learn.
There’s a range of things Adam wants to see before he enters into a new project. He needs to have the right legal advice in place as well as the right accountants. The costs involved have to be well understood and he says he needs to fully understand what his current capacity is. The terms available from lenders is constantly shifting. What was true six months ago may no longer be the case. There’s no point in making bids on properties unless he fully understands all those numbers.
There are plenty of pitfalls when starting a new property development. Lenders suddenly changing the terms of a loan can impact more than just single project. Unexpectedly having to pay hundreds of thousands of dollars could have a catastrophic impact on his entire business. But getting electricians, plumbers and carpenters to complete projects in a timely manner can also be very tricky. It could take as much as six months to get a phone line installed. Careful planning is critical to making sure projects are completed on time.
Adam has been a pioneer in the use of syndicates to finance new projects. He started using this structure after realizing that his company had the capacity to develop more projects but lacked the funding.
“The cash requirements for a lot of new projects can be pretty intense.” He says.
A syndicate allows Black Bear to develop those new projects that wouldn’t be possible if they were only using their money. The syndicate is structured so that Black Bear develops the project, gets all the approvals needed and carries to completion. For the investors it’s largely a passive role but Adam makes sure to keep them updates throughout the process. They have developed eight projects using this structure.
Adam says that the best advice he has ever heard comes from the stock market wizard Warren Buffet.
“Be greedy when others and fearful.” Buffet said. “And be fearful when others are greedy.
Buffet was referring to the stock market but Adam thinks that lesson is very much applicable to the real estate world.
Adam’s advice for people thinking about investing in property is simple.
“Don’t take advice from me.” He says.
You have to find the right people to help develop a strategy that works for you. Everyone has a different tolerance for risk. Developing a good strategy with competent lawyers, accountants and real estate professionals is the key to success. If you’re not an expert find someone who is.
We started Business Legal Lifecycle to create a simple way for you to understand complex legal terms. Most importantly we want to help you to develop a plan to take your business successfully into the future. There’s a startling statistic the underscores the importance of developing a solid plan. The majority of business owners are just seven months away from losing everything. A single aspect of your business that is not set-up correctly can shut down your whole operation very quickly. Legal advice is not cheap and even when you can afford it there is often a divide between lawyers and their clients. We want to close that gap once and for all. We want to put legal knowledge and tools into your hand to prevent the worst from happening to you.
Twice a week we are going to deliver those tools right to your home or office with Business Legal Lifecycle TV. We’ll start the week with Fast Fix Monday, a short 5-10 minute video that will tackle a single issue that businesses have to deal with. Then on Wednesday’s our main show will feature with more fulsome discussions and interviews all delivered in a straightforward and easy to understand format.
In Show 060 – What Questions to Ask a Real Estate Agent when you Buy originally broadcast on Facebook Live on Monday 12 February 2018 we explore this interesting topic.
As part of our series on investing in property we wanted to give you some tips about how to deal with a real estate agent. There are a ton of questions you’re going to want to ask. Make sure you ask them before you sign the contract! We’ve helped many people navigate the sometimes tricky world of real estate. Over that time we’ve come up with the top 5 questions you need to ask.
Some people disagree that this is an important question but it really does matter. If the property has been on the market for a long time the owner may be much more eager to make a deal. The same goes for the real estate agent.
This might sound faintly ridiculous. After all, everyone wants the most money they can. You might not always get the answer you want but it will allow you to glean some information you can use in later negotiations.
If you know why they’re selling and if there is a deadline attached to that sale you will be able to tell just how eager they are. If you find out that they are moving out of town or overseas you’ll know that they are eager to sell as quickly as possible.
If there have been previous offers and you know how much they were you can alter your offer to meet or beat it.
A good agent will never answer this question but luckily not everyone is a good agent. You’d be surprised how often you will get this question answered.
This isn’t an exhaustive list by any measure. There are tons of other questions you”re going to want to ask. But this is the five that you should start with in order to get a good sense of what negotiating strategy will be most successful.
We started Business Legal Lifecycle to create a simple way for you to understand complex legal terms. Most importantly we want to help you to develop a plan to take your business successfully into the future. There’s a startling statistic the underscores the importance of developing a solid plan. The majority of business owners are just seven months away from losing everything. A single aspect of your business that is not set-up correctly can shut down your whole operation very quickly. Legal advice is not cheap and even when you can afford it there is often a divide between lawyers and their clients. We want to close that gap once and for all. We want to put legal knowledge and tools into your hand to prevent the worst from happening to you.
Twice a week we are going to deliver those tools right to your home or office with Business Legal Lifecycle TV. We’ll start the week with Fast Fix Monday, a short 5-10 minute video that will tackle a single issue that businesses have to deal with. Then on Wednesday’s our main show will feature with more fulsome discussions and interviews all delivered in a straightforward and easy to understand format.
In Show 059 – Buying Property 101 originally broadcast on Facebook Live on Wednesday 7 February 2018 we explore this interesting topic.
You can download the workbook here 059 – Workbook.
Your business is taking off and now you have to park those profits somewhere. That’s what Phase 9: Investing in property is all about. In this episode we discuss the different types of property you can invest in, what you need to think about before you sign and the due diligence process.
You would me amazed how many people purchase property with out ever having seen it. They simply take the word of their agent. A visual search will confirm that there are no obvious problems with the property but will also give you a sense of the neighbourhood. You should also conduct a pest inspection to make sure the property is vermin free.
There are many different tactics you can after you’ve made your initial offer. Steve Jobs would have a red line worked out before the negotiations even started and worked back from that. Others just start with their best offer right out of the gate.
You need to make sure you have someone on your side that knows what their talking about. A good lawyer will do all the right searches – from contaminated land to encroachments. A property transaction is a legal one and there are many government forms and duties that have to be dealt with correctly.
This is by far the simplest (and most fun) part of the process. It basically involves a bunch of people meeting and exchanging cheques. All the hard word has been done by the time you reach this stage of the process.
Your documents have to be registered with land titles or whomever handles the registry of land in your jurisdiction.
There are many different kinds of property that are available for purchase. Residential, industrial, general commercial, rural properties and retail shops. There are an increasing number of industrial properties being developed in large urban centres. Rural property is usually a more long term investment. You may have the hope that it will be rezoned or annexed in the near future but otherwise unless you’re planning on starting a cattle ranch this will be property you hold onto for a long time. A retail shop is a popular investment but you need to make sure all the zoning and other regulatory requirements are in order.
As we’ve discussed in previous episodes you can structure your business in a number of ways. The primary question is why are you buying this property? The answer to that question will dictate what entity you use. If you’re buying your primary residence you will likely do that under your individual name because of all the tax benefits you will accrue. If you’re buying an investment property, though, you might want to use a trust if it’s a positively geared property. There are many ways to do this but you have to get the right advice from your team.
We started Business Legal Lifecycle to create a simple way for you to understand complex legal terms. Most importantly we want to help you to develop a plan to take your business successfully into the future. There’s a startling statistic the underscores the importance of developing a solid plan. The majority of business owners are just seven months away from losing everything. A single aspect of your business that is not set-up correctly can shut down your whole operation very quickly. Legal advice is not cheap and even when you can afford it there is often a divide between lawyers and their clients. We want to close that gap once and for all. We want to put legal knowledge and tools into your hand to prevent the worst from happening to you.
Twice a week we are going to deliver those tools right to your home or office with Business Legal Lifecycle TV. We’ll start the week with Fast Fix Monday, a short 5-10 minute video that will tackle a single issue that businesses have to deal with. Then on Wednesday’s our main show will feature with more fulsome discussions and interviews all delivered in a straightforward and easy to understand format.
In Show 058 – 3 Top Things to Think About When Buying Property originally broadcast on Facebook Live on Monday 5 February 2018 we explore this interesting topic.
As we move into February we are starting Phase 9: Investing in property. As your company continues to grow investing your profits is going to become a paramount concern. This months we’re going to examine the best ways to use property as an investment vehicle.
To start things off here are the top 3 things you need to know before considering buying a property.
As we’ve discussed in previous episodes you can structure your business in a number of ways. The primary question is why are you buying this property? The answer to that question will dictate what entity you use. If you’re buying your primary residence you will likely do that under your individual name because of all the tax benefits you will accrue. If you’re buying an investment property, though, you might want to use the trust of it’s a positively geared property. There are many ways to do this but you have to get the right advice from your team.
It may seem silly but checking the title on the property will make sure the person selling actually owns it. The potential of fraud is a very real one. Council searches and approval searches are really important to make sure that any changes made have actually been given the go-ahead. A Contaminated land search is hugely important too. You’re making a large investment so make sure you have all the information you need!
Many people think that encroachments won’t apply to them unless they live in the inner city. That’s not that case. When you do your plan search you should take special care to ensure that the boundaries of the property are in the right place. It doesn’t matter if you’re in the city or in the suburbs you don’t want to get a nasty surprise.
We started Business Legal Lifecycle to create a simple way for you to understand complex legal terms. Most importantly we want to help you to develop a plan to take your business successfully into the future. There’s a startling statistic the underscores the importance of developing a solid plan. The majority of business owners are just seven months away from losing everything. A single aspect of your business that is not set-up correctly can shut down your whole operation very quickly. Legal advice is not cheap and even when you can afford it there is often a divide between lawyers and their clients. We want to close that gap once and for all. We want to put legal knowledge and tools into your hand to prevent the worst from happening to you.
Twice a week we are going to deliver those tools right to your home or office with Business Legal Lifecycle TV. We’ll start the week with Fast Fix Monday, a short 5-10 minute video that will tackle a single issue that businesses have to deal with. Then on Wednesday’s our main show will feature with more fulsome discussions and interviews all delivered in a straightforward and easy to understand format.
In Show 056 – A World of Abundance With David Dugan originally broadcast on Facebook Live on Monday 31 January 2018 we explore this interesting topic.
You can download the worksheet from todays episode here 056 – Worksheet.
Today a BLL special interview with David Dugan, founder of The Elite 500 Mastermind mentorship program. He is also the author of the Amazon bestselling book Bulletproof Business. We’ve known David for a number of years and he has been tremendously helpful to us. David fist became interested in coaching and mentoring after he hired a coach in the early 2000’s. He was a tank commander in the Australian military and was in a tremendously high-stress environment. He had always had an interest in small business as well and after retiring from the Navy he put those two interests together.
David wanted to create a community that would grow and succeed together. His goal was to get 500 thousand businesses each making $500 thousand in revenue. It’s not just about making money. It’s about building a group that could change the world.
One of the big lessons David emphasizes is how to go from an operator to an owner. That process starts by asking how much money you want to make. Often people will say something like “a million dollars” but they have no idea what they would do with that money. You want to setup right from the start how much money you want to get out of the company and what kind of lifestyle it will produce. You also need to ask yourself who you want to impact with your company. Is just about money or do you want to create something to pass on to the next generation.
Moving from being an operator to an owner is a mindset shift. Being an operator is all about producing great products or services that give you constant affirmation. The only reason to be in business is to solve peoples problems. People fall in love with their products. You should be asking yourself what problem are you trying solve? What business are you in and whose problems are you trying to solve? These are questions you should be asking yourself in a serious way at least once a year. You have to be ahead of the game and thinking strategically.
People often talk about time management but that’s a term David finds very problematic. You can’t really manage time. Everyone in the world has the same amount of time to use. What you can manage though is your focus. Where focus goes energy flows. Too often people are putting their focus into stupid things. You need to think strategically. You should think of your time in three different chunks. The first is gold time. The second is blue time. And the third is black time. Gold time refers to those things that can be accomplished as long as you get to them very quickly. For a business owners that is critical thinking and strategic planning. Blue time is the time spent making money for the business. The things that you are getting paid for right now. Black time is spent on administration and finance. At the end of each week you should calculate how much time you are spending on each of these categories. Then look ahead and set a goal of how much time you should spending on each.
David thinks that there is unprecedented change coming and few of us are prepared. In the US, for example, 9 million drivers will be out of work in the next few years because of automated vehicles. From a healthcare perspective by 2030 for every year you are alive you will extend your life by a year. Extending our intelligence using digital technology will revolutionize the way we think. Projects like Project Loon are going to bring internet connectivity to more than half the globe within the next few years. And digital technologies like Blockchain and Bitcoin are going to totally change the world economy. Massive shifts are coming and preparing for those changes will be the key to riding the wave.
David’s goal is to help people to create intergenerational wealth which in turn will create healthy communities and a world of abundance.
We started Business Legal Lifecycle to create a simple way for you to understand complex legal terms. Most importantly we want to help you to develop a plan to take your business successfully into the future. There’s a startling statistic the underscores the importance of developing a solid plan. The majority of business owners are just seven months away from losing everything. A single aspect of your business that is not set-up correctly can shut down your whole operation very quickly. Legal advice is not cheap and even when you can afford it there is often a divide between lawyers and their clients. We want to close that gap once and for all. We want to put legal knowledge and tools into your hand to prevent the worst from happening to you.
Twice a week we are going to deliver those tools right to your home or office with Business Legal Lifecycle TV. We’ll start the week with Fast Fix Monday, a short 5-10 minute video that will tackle a single issue that businesses have to deal with. Then on Wednesday’s our main show will feature with more fulsome discussions and interviews all delivered in a straightforward and easy to understand format.
In Show 055 – 6 Ways to Maximise your Business Profits originally broadcast on Facebook Live on Monday 29 January 2018 we explore this interesting topic.
On Fast Fix Monday we discuss the Top 6 ways to maximize your business profits.
We have a worksheet for todays episode, Download the Show 055 Worksheet here.
You’ll be surprised to know that it’s 90% cheaper to convert an existing client than finding a new one. From a marketing perspective it’s 6-9 times cheaper. If you can convert your one time clients into recurring clients you just saved a ton of money.
It might not feel entirely comfortable but asking your existing clients for referrals is a great way to drum up more business. You can do this in a number of ways. You should have a structure in place that regularly solicits referrals – through emails for example.
Slot your various clients into three different groups. Your A clients are your top-tier money makers. You B clients are those that have some growth potential to move into the A slot. Finally your C clients are those that suck up most of your time with little money to show for it. Once that’s done you should drop your C clients. They’re taking too much of your time – time that could be better invested elsewhere.
If you have a product or service that you can easily tack on to some existing work – do it! Up-sell things that will combine well with your current work. It’s easy to do, offers more for your clients and will increase your revenue.
The Western Union wire service has been a notorious method for scammers to take advantage of the public. Fake prizes, loans, jobs and discounted products are just part of the myriad ways criminals fooled people into wiring them money. The Department of Justice in the United States ordered the company to pay a $586 million fine. Part of that money will be used for restitution for victims – including those in Australia.
The more people you can get your product or service to the better chance you have of getting new clients.
We started Business Legal Lifecycle to create a simple way for you to understand complex legal terms. Most importantly we want to help you to develop a plan to take your business successfully into the future. There’s a startling statistic the underscores the importance of developing a solid plan. The majority of business owners are just seven months away from losing everything. A single aspect of your business that is not set-up correctly can shut down your whole operation very quickly. Legal advice is not cheap and even when you can afford it there is often a divide between lawyers and their clients. We want to close that gap once and for all. We want to put legal knowledge and tools into your hand to prevent the worst from happening to you.
Twice a week we are going to deliver those tools right to your home or office with Business Legal Lifecycle TV. We’ll start the week with Fast Fix Monday, a short 5-10 minute video that will tackle a single issue that businesses have to deal with. Then on Wednesday’s our main show will feature with more fulsome discussions and interviews all delivered in a straightforward and easy to understand format.
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Your friends or family will thank you later.