My Success in Business: Ten Things To Do
Posted on April 3, 2022
I've been self-employed for the past 42 years. I've made a lot of money and have lost a lot of money. Working exceedingly long and hard (and smart,) and taking some "bet the farm" risks, and having a little bit of creativity has left me as a target whom Elizabeth Warren is out there looking for to pay her proposed wealth-tax!
Here are ten 'things' that have worked for me.
1. The old saying that "You can get or be anything in life you want if you are willing to give up everything else" is NOT TRUE. Life balance is of major importance to avoid becoming a burned-out 'shell' of a human being... usually resulting in a failed marriage, substance abuse, depression, and a rather short, joyless life. No one on their death-bed every said "I wish I had spent more time at the office." A good marriage or stable relationship will help 'balance' you as well as give you support you might need on those dark, scary nights after you have put all of your life savings on the line... and in panic wonder "OMG, what have I done!"
2. After being an expert at your craft or creations, marketing and selling combined is the second most important skill you can have.. and will absolutely need. Nothing happens until a 'sale' is made. If you can't sell or won't learn how to sell, don't quit your day job because the odds are long against you succeeding.
3. Reading books on selling is important because unless you are a natural salesperson (as I am... an inheritance from my father who could sell sand to the Arabs!) you need the training to develop the skillset. The book that changed my life was High Probability Selling. Read the first few chapters of this PDF and it will change your sales-life forever.
4. Just as important as books are the many blogs and seminars on selling. Pay for them and take them. Many will be a waste of your time. But some will be highly valuable. Since you won't know up-front which are which, just take them all. (Even (actually especially) by those written by left-wing progressive Democrats who run FB venues like this!! Shell is a PITA but he has forgotten more about sales/marketing than I'll ever know.)
5. Learn the numbers of business... like supply and demand, time-value of money, marginal cost/marginal revenue, risk/reward ratios. Also learn about taxes. Taxes will be the largest number on your personal balance sheet. Use a tax advisor, preferably a CPA to do your returns. Most will save you more than they cost you... and even if they don't, they won't make errors that you will probably make... and will take the burden off of your back giving you time to do what ever it is you do.
6. Learn a lot about investments so you will know what to do with all that money you make. Stick with stocks, and bonds, and low expense-ratio index ETFs. Some mutual funds can "kill" your bottom line with management fees and cap gains but don't buy in to the old (and incorrect) adage that index funds always beat managed funds... because it is not true. I have some 'expensive' managed funds that 'kill' the indexes on most years. Use an investment advisor... don't do this yourself... unless you have the same expertise that the professionals have. (I use an advisor from Edward Jones but I like Raymond James as well. EJ will take a small portfolio, not sure about RJ.)
7. Read the major stories in USA Today and Wall Street Journal EACH and EVERY day. (I also get the New York Times on Sunday only.) Don't live in the vacuum of your specific service or industry. Just as 'cash is king' it is also true that 'knowledge is power.'
8. After knowing how to sell, having the ability to take a risk is the third most important attribute you need to have. I don't think you can teach or learn 'risk.' Either you have the 'stomach' for it... or you don't. If you don't, again, don't quit your day job... self-employment/entrepreneurship is not for you. It is that simple
9. Give back. A 'fun' part of being financially successful is being able to be philanthropic. Support the causes and charities you feel strongly about. You will feel good about it. I like to support the small organizations that don't get much money... many of them are local church programs, some are food-bans, several are animal shelters, another is the discretionary funds that most religious leaders have. Also, give to the services you use. For me that that is NPR and their local radio station and PBS and their local TV station (but I hate the many 'beg weeks' they hold!)
10. Do your research. If you are going to provide a business service, find one that is not over-subscribed in your area or region. Realize that it is hard to get rich in a service biz... there are only so many hours in a day and clients will only pay 'so much' for your service.... unless that service is going to make them far more money than you cost them... in which case they will pay anything you ask. It is easier to become mega-successful in a product business. "Find a need... and fill it." For me it was books on specific topics to a specific high-paying audience as well as software to a specific sector.
About the Author
Alan Canton has been a writer and a publisher in addition to his lifetime work as high-tech consultant. He is the author of several books (long out of print) as well as the author of the long-running Saturday Rant blog (also now dormant.)
Alan Canton has spent just over 40 years as a high-tech consultant... have ticked all the buzz-word checkboxes... programmer, analyst, system engineer, systems architect and the latest... full-stack engineer. If it has to do with computer code, he has done it... or at least most of it.
He is the managing partner of NewMedia Create which designs websites for authors, publishers, and small businesses... most often for small biz people who have "no money" but who want a simple but nice site at an reasonable price.
Ham radio is his main hobby. His callsign is K6AAI. You can see his station at his QRZ webpage.
He also runs a QSL card company and has hams from all over the country as customers. See RadioQSL.com. His favorite ham radio quote is:
"I am often asked how radio works. Well, you see, wire telegraphy is like a very long cat. You yank his tail in New York and he meows in Los Angeles. Do you understand this? Now, radio is exactly the same, except that there is no cat."
- Attributed to Albert Einstein