Business Lyceum

e-Letter
Practical Instruction in the Arts and Sciences of Making Money


Editor/Publisher:  J.F. (Jim) Straw

JANUARY 2006

Greetings & Salutations:

This month,  I'm  gonna tell  you ...

How to Double or Triple Your Profits
With Little or No Added Cost


With over 500 Million people and millions of businesses ... small, medium and  large ... in the U.S., Canada and Mexico, can any business know of all of the potential buyers for their products or services? -- Not on your life!

That's why you advertise, isn't it?

The problem is, as P.T. Barnum once said, "Only 50% of my advertising is effective,  I just don t know which 50%."

No matter how or where you advertise, or how many sales people you employ, there is absolutely no way you can find all of the potential buyers for your products or services.  There may be a major buyer sitting out in Podunk, who doesn't even know you exist. -- But ...

What if you had a set of "eyes and ears" in Podunk
who knew that buyer and also knew you?


For 50 years, I have served as the "eyes and ears" for a multitude of buyers, sellers, sources and resources around the world. -- I have been a "finder," putting buyers  and sellers together and collecting a small fee from the transaction.

Over the years, I have earned finder s fees for locating such things as a WWII German Nazi Bayonet for a collector ... buyers for Farm & Industrial Equipments ... spare parts for long-outdated machinery ... closeouts & liquidations ... unused & abandoned manufacturing tools & dies ... private investors for some very unique opportunities ... mergers & acquisitions for a variety of companies ... and a host of other products and services.

In the mid-1970s, I noticed that almost anyone who tried to find matching buyers for sellers; and vice versa, was able to do so, but the vast majority of those finders never got paid for their efforts.   Owing to the fact that most of the information available about earning Finder s Fees was pure, unadulterated hogwash, most of those people didn't even know what a "finder" was or how a fee should be negotiated.  -- So, in 1978, I wrote and published a complete course on how to get paid finder s fees; a systematic approach ... over 50,000 copies of that course have been sold and it has become the 'bible' of the industry.

Today, there are countless copy-cat courses on the market ... each in its own way trying hopelessly to improve on my proven methodology.

Over the years, four of the companies for whom I had acted as a finder approached me to assist them in developing a finder s fee program for their products and services.

One of the companies tripled their profits in less than one year, two of the companies doubled their profits, but one company failed miserably.

Going through my archives recently, I came across those old files and decided that I should share the concept with other businesses who are looking for ways to increase their market exposure and profits without increasing their costs.

To double or triple your profits, with little or no added costs, simply establish a finder s fee program for your products or services. -- To do that ...

1)  Clearly define the demographics of your customer base. -- This will give your finders a starting point for finding the customers you are seeking.

2)  Prepare a finder s fee agreement that specifically details the duties of the finder; prohibiting the finder from acting as an agent or representative or your company; limiting their advertising methods, annotating the fees to be paid to the finder and how and when those fees will be earned and paid; denying or limiting fees on any customers already in your files; establishing arbitration; etc., etc. -- Make it comprehensive but not overly verbose or legalistic ... simple English without convoluted sentence structure.

3)  Establish a method by which the finder is to provide leads to you. -- Include a method whereby the finder qualifies the lead and discloses how the lead was generated.

4)  Advertise for finders ... "Finder s Fees Paid" ... "Finders Wanted" ... "Finder s Fee Assignments Available."

CAVEAT:  Finders are "entrepreneurs" ... independent contractors ... NOT employees.  They will not, and should not be expected to, provide contacts (leads) on a consistent basis; only if and when they come upon a qualified lead.  It s a catch-as-catch-can deal, not an on-going marketing program. -- This is why one of the companies I assisted failed miserably.  That company tried to enforce quotas, territories and other employee-type standards and limitations on their finders.

An added benefit of having a finder s fee program is that one (or more) of your finders may well find alternate markets for your products or services.  That will provide a whole new customer base for you to which you can begin marketing. -- I've done it over 20 times for my clients. -- SO ...

To double or triple your profits, with little or no added costs, simply establish a finder s fee program for your products or services. -- Your bottom line will love it.

If you are interested in learning more about Finder s Fees, you may want to take a moment and read my FREE on-line article on the subject at:

finders.html


(This article may be reprinted with authorization upon written request.) 


Now, let's do some ...

Questions & Answers, Comments & Other Good Stuff!



Anony Mouse had a dilemma ...

"I have recently purchased your Finder's Fee course.  I need some clarifications on the same. -- 1) I am based in XXX.  This is primarily a trading economy. I have been asked by a manufacturer in YYY to look for potential importers for its products. I have located some Importers in XXX but they are asking for samples along with indicative price. -- My question is do I forward these contacts to the person in YYY or I ask for samples to give to the importers in XXX. -- This seems to be a very basic question, but everyone I have contacted has asked for samples along with the price. -- 2)  Have I chosen the wrong product?-- 3) What products do you suggest suitable in a trading economy like XXX."

Mouse:

Please re-read my Finder's Fee course ... I re-read it myself everytime I get involved in a new deal.

First ... I am assuming that you have an agreement in place with the YYY company to pay your fee.  If not, get it in writing before you do anything else.

Second ... NO.  You do NOT under any circumstances provide samples and price lists to those interested importers.  That is not your job.

As a "finder" it is only your responsibility  to "find" potential  buyers.  Then, let the YYY company contact those potential buyers with samples, etc. - but, be sure you have an agreement from them to pay your fee on any sales to those contacts.

To get the importers to put their request for samples in writing, simply tell them that the manufacturer needs a written request in order to respond.

When you are sure you have an agreement with the YYY company, send them the names and address of the interested  importers (use the method in my Finder's Fee course).  Then, step back and let them make any deals.

You must already have a viable product since the importers in your country are interested in seeing samples.


Jack Peters needed to know ...

"I have finished reading your course on Finder's Fees and wanted to know if you had any updates on this material.  You had mentioned ways to get information but at the time you wrote this, I am sure the Internet was not a big factor. -- How can one use the Internet to make this effort successful? -- Will there ever be a time when a client will ask us how much we charge for our services instead of telling me how much he is willing to pay?  If so, how should we handle the fee structure? -- I believe in the program and will be working on supplementing what I do now with this.  I have been doing it to some degree in this past year but anticipate stepping up my efforts now."

Jack:

Sorry ...  there haven't been any updates but, check the archives of the eLetter.  There are a ho'bunch of questions & answers about earning Finder's Fees. -- archives.html

Use the Internet just as you would the telephone ... for information gathering only.

When a client doesn't know what to offer, start high and be willing to  negotiate.  Then, when  you  have a meeting of  the minds get it in writing; put it  in writing.


Bob Dean "Maverick" Stanford wanted me to tell you ...

"My new website for Finder's is now active. All Professional Finders are invited to post FREE listings and a free Directory listing. -- This has just become effective."

Okay, Gang ...

I checked it out ... it should be a great profit generator for professional finders.

You'll find the site at: http://stanfordtc.com

There aren't any postings, yet - but, you can be one of the first at:

http://www.stanfordtc.com/cgi-bin/classifieds/classifieds.cgi



Ina Moci wanted to know...

"I would like to start a business selling on ebay, buying from wholesale companies which are drop shippers - but - I do not understand how I can buy and directly send the products to the person I sell to on ebay.  Do I have to personally contact the drop shippers for every purchase I make?"

Ina:

First, contact companies and ASK if they drop ship their products.

When you find a company that drop ships, ASK them what you need to do to transmit the orders to them.

Yes ... you will have to forward each & every order to them with the proper remittance so they can drop ship the product to your customer.




Need a video production for your  product or service ... John Kumpunen ... can handle it for you.

Take a look a his website at:

http://ProductVideoProduction.com




Anony Mouse II wanted to know ...

"I am interested in starting an Internet wig selling business, however, I seem to be having some difficulty in identifying manufacturers in Korea.  I understand from your previous emails that you dealt extensively with wigs. -- Can you point me in the right direction of locating possible wig manufacturers in Korea?"

Mouse:

The best way to find  any kind  of manufacturers in any country is by contacting the embassy for that country.

The Korean embassy will be more than happy to put you in contact with the wig manufacturers in their country.




After about 10 years, my ol'friend Bob Meyer found me on the Internet. -- It was good renewing our long friendship.

Bob has been publishing the "Barter News" for over 25 years. -- It is only "real" source of news, contacts, sources and resources for  people involved in barter trade. -- So, let me tell you for a fact ...

No Matter What Business You're In, Barter Is A Powerful Money-Making Strategy
Find  out for yourself at ...

http://www.BarterNews.com



Well ... that's it for this month. -- In order to make every issue responsive to YOUR needs, please send me your questions; or tell me what sources or resources you need to build your business; or give me any thoughts you want to share with your fellow members.

Believe it or don't ... I ain t a mind-reader. -- If n you doesn't tell me what you need, I may never touch upon the information, sources or resources you need.

This is your publication for you to use to your benefit ... I am just your moderator.

 Until next month, keep well ...

J.F. (Jim) STRAW
Grande Panjandrum


Thoughts For The Month!

"If you tell the truth you don't have to remember anything." --Mark Twain

"Confidence on the outside begins by living with integrity on the inside." --Brian Tracy


Can you stump the old master? -- Betcha can't!

Over the past 40 years (man and boy), I have made bundles of money in direct selling, service contracting, wholesale merchandising, entertainment (I was a professional Trumpet player, vocalist & Radio Announcer), freight forwarding, import/export, retail merchandising, warehousing, real estate, electronics manufacturing, finder's fees, closeout merchandising, financial brokerage, business consulting, steel fabrication, gold and coal mining, offshore banking, mailorder, writing, and publishing. -- That being the case ...

No matter what business you're in ... whether you're just starting, well on your way, or at the top of the heap ... I've probably been where you are, done what you are doing. -- So ...

Anytime you have a question about 'how' to do something in your business - or - if you have any comments about anything I've said in issues of this e-Letter; or if you want to add your 2 cents worth ... just "ask" me or "tell" me.

Send your Questions, Comments or 2 Cents Worth to ...

with "Question" - "Comment" - or, "2 Cents Worth" in the SUBJECT.

If I, personally, don't have an answer to any question you may ask, I will contact some of the professionals in your field of endeavor (I will probably know one or more personally) to get the real 'skinny' for you.

Note: If you want to ask a question anonymously just tell me so when you send in the question. -- Nobody but you and I will know who asked the question.


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