Business Lyceum
e-Letter
Practical
Instruction in the Arts and Sciences of Making Money
OCTOBER 2001
Greetings & Salutations:
Here are some ...
Secrets to Selling by Mail and on the Internet!
Over the past 30 years, I have (really) sold over $250 Million
worth of products and services -- everything from Beauty Supplies
to Heavy Equipment ... Burglar Alarms to Sleeping Bags ... Fishing
Lures to Women's Wigs ... Automobiles to Wheelchairs ... Seafood
to Investment Opportunities ... Consulting Services to "How-To"
Courses - all by mailorder.
During my lifetime, I have quaffed weak coffee from tin cans
in Hobo Jungles beneath railroad trestles, chugged warm beer
from canteen-cups in the jungles of Southeast Asia, and sipped
fine wine from exquisite crystal goblets in palatial homes around
the world ... instances befitting my station in life at the time.
-- I have had more money that I could carry and I have been completely
and total without money but I have never been poor. Poverty
is a state of mind ... not the state of your pocketbook.
As you can well imagine, when younger entrepreneurs learn
of my past successes they want to know "how did you do it?,"
"what are your secrets?."
Well ... my Daddy used to say, "There really aren't
any secrets in this old world. Only things you don't happen
to know right now" - but - over the past 40 years in the
business arenas of the world, I have added ...
"Even after you learn what you didn't know,
it still remains a SECRET until you actually do it successfully."
Without really trying, I could write a million (or more) words
about how to succeed in Mailorder or Internet Marketing but they
would only be the very same words you have read before.
Everything you need to know to succeed in Mailorder or Internet
Marketing has already been said. But, it will remain a
secret to you until you find one of the many techniques, methods,
applications, or approaches that works for you. When you
find that one (just one) successful, profitable application ...
and use it over & over & over to produce your fortune
... you will, at long last, know the "secret."
There is, however, one approach to success I can share with
you that I have never seen mentioned in any of the great tomes
of wisdom on success in business. That "secret"
is ...
It's NOT what you know ... It's NOT who you know
... Rather, it's ...
Who Knows You!
Think about it. -- You can know thousands of people but knowing
them won't really put any money in your pocket. But, if
people know you, they will be more willing to do business with
you or contribute to your success.
Consider an actor who is unknown. -- By letting themselves
be known ... not by knowing other people ... they will be offered
the opportunity to display their talents.
When that same actor becomes known to millions of moviegoers;
or teevee watchers, they become a "Star" ... able to
bring an audience with them and, thereby, demand higher and higher
pay for the display of their talents to "the people who
know them."
It's the same in the marketing world. Those who are
known to their potential customers are those who can demand higher
and higher rewards for their efforts ... unless, of course, they
are "known" for their dishonesty, lack of commitment,
neglectful attitude, or grasping personality. Then, they
will receive greater and greater punishments by and from those
who know them.
So ... to succeed in Mailorder, or Internet Marketing, let
yourself be know. Drop the barriers. Be what you
are perceived to be ... let the people (your potential customers)
"know you." -- That means you must ...
Be totally honest with the people you do business
with and, even more importantly, be brutally honest with yourself.
The "secret" is to get more and more people to know
you as an honest, trustworthy source for those things they need
or want. As the number of people who know you increases,
so will your fortunes.
Now, let's do some ...
Questions & Answers, Comments
& Other Good Stuff!
Back in 1999, I wrote:
Believe me, "The Ultimate Million-Dollar Idea Generator"
can get just about anyone started generating money-making ideas.
And, although Jeff Gardner promotes it for the purpose
of creating "Information Product Ideas", the same tricks
and techniques can be used to generate all kinds of ideas for
new services and products of any kind ... the system is the same,
only the output is changed. - Since it only takes one (just one)
good idea to make you filthy rich, "The Ultimate Million-Dollar
Idea Generator" should be in every entrepreneur's personal
library - and - it's cheap, too. If you can't generate a money-making
idea using the tools in this book, you can't be helped. Order
your personal copy today... even if you have to swipe the money
from the kids' piggy bank.
When Jeff sent me an email to tell me that "The Ultimate
Million-Dollar Idea Generator" was now available online,
I went to my bookshelf and pulled down the old dog-eared copy
I had read and reread in 1999 ... I even found myself generating
some new ideas (again); some of which you will be seeing on my
web site in the near future.
"The Ultimate Million-Dollar Idea Generator"
is as true today as it was then - but - now ... you can get
it on line. -- Do yourself a favor and add it to the MOST VALUABLE
BOOKS section of your personal success library. -- You can find
it at:
http://hop.clickbank.net/?doddy/wealthwrld
Susan L. Miller wanted to
know:
"Just wanted to send kudos for the latest newsletter.
While I enjoy the editorial content, I applaud your decision
to respond to and/or print the comments of your readers.
I found several of your answers helpful. I was wondering
if you might comment on a business that I am getting interested
in, which is the buying and selling of cashflow notes (mortgages,
mobile home, lottery winnings etc)? Any info/insight you
have would be greatly appreciated. Thanks so much!"
Susan:
Thank you for your kind remarks.
Having bought & sold notes during my banking days, I can
tell you that there is money to be made doing it - BUT - please
don't fall into one of the deals where you are paying a sizable
fee to work "with" the promoter ... where you find
the notes and the promoter buys the "good ones."
(In too many cases, nothing you bring to them will be "good
enough.")
The hardest part of the buying and selling of notes is the
"finding" of the notes to begin with. There are
a lot of them out there, but they are; by and large, invisible
... meaning you can't find them without spending an inordinate
amount of time. -- That's also why some legitimate note buyers
(the ones who actually have the money to buy the notes) offer
programs to people to "find" the notes for them ...
it ain't easy.
If you want to do a little trial run, go to your local county
court and spend a day going through the real estate records to
identify the "owner financed" properties. -- My baby
brother once spent 2 full days at the courthouse and didn't find
but one and that one was living off the monthly income from the
note and didn't want to sell it.
Running ads for "cash flow instruments" can produce
some results - BUT - again, it is a long time between meals if
you have to make a "living" buying and selling notes.
Please remember this ... "opportunities" in the
financial field are NOT for the average person. They are
best for people who have a sizable income and a good nest-egg
and want to spend hours and hours building a high income portfolio
for themselves.
On the other hand, "information" products about
"how to" get involved in those kind of financial activities
are always worth reading and studying in order to learn the ins
and outs. -- You might look for real how-to books on the subject
... instead of getting involved with the "opportunity"
promoters.
Over the years, I have given away dozens of copies of the
books, "The Magic of Believing" by Claude Bristol,
and "Think & Grow Rich" by Napoleon Hill,
to aspiring entrepreneurs who were seeking the secrets of success.
Recently, Rebecca Fine (one of my newsletter subscribers)
sent me information about an old (written in 1910) book that
she had discovered and is now making available FREE online. --
It is titled, "The Science of Getting Rich" by
Wallace D. Wattles.
After reading it, I printed copies for my two 17-year old
grandsons and will be giving copies to other members of my family
- and - since YOU are a member of my extended business family,
I highly recommend that you add it to your library.
You can get it FREE at: http://www.scienceofgettingrich.net
-- just click on the book download.
Tim Rice tried to stump the
ol'master with:
"I've heard a lot of people (Dan Kennedy, for one) say
that you could drop them in any city in the U.S.A. and they could
survive. -- Dan's details ... as I remember them ... $5 in pocket
and he'd have a business going by nightfall and money in his
pocket, living like a millionaire within a month. -- Others have
said similar stuff ... ranging from $0 to $100, having a place
to stay, car to drive, etc. -- Unfortunately, none has ever said
how he would do this. -- One guy did get taken up on his challenge
by the press and bought real estate. Now, oh master, how
would you do it?"
Tim:
When I received your question, I wracked my little grey cells
for an answer. -- I knew the answer but I also knew that you
wanted a specific methodology.
I, too, have made similar statements throughout my lifetime.
And, to my chagrin, there have been a few instances (not by choice)
where I have had to prove it to myself.
The reason that I and others like me have made such statements
is because we are secure in the knowledge that no matter what
may befall us, we can survive and succeed again ... and again
... and again ... even to a greater degree than before (given
enough time).
When the Real Estate Guru took up the challenge you mentioned,
his statement was that he could go into any city without money
and begin buying Real Estate immediately ... using his own no-money-down
method. -- He made that statement and proved it because he "knew"
his program worked.
Others who have made such statements have not been specific
because, like me, they are knowledgeable in a wide variety of
business disciplines and applications and would make money based
upon the prevailing conditions at the time and place. -- BUT
...
YOU wanted a "specific" situation ... probably so
you can use it yourself -- SO ... I thunk and I thunk.
Finally it dawned on me that I have already written the definitive
answers in the very reports I sell ... all written from my own
hands-on experience.
I would simply go "snooping" around the local area,
"find" an opportunity, and turn it into cash using
the tried and proven marketing methods I have developed and used
during my lifetime. (By the way, there are "opportunities"
in every city, town and village in this country. -- The larger
the town, the more; not necessarily better, opportunities.)
You see, Tim, the reason there is no single specific method
that I; or Dan Kennedy; or any other entrepreneur, would use
is because we look at EVERYTHING as an opportunity ... from children
playing on the school grounds to the local junkyard ... from
the ice cream parlor to the car wash ... from the used equipment
lot to the dollar stores ... from the local landfill to the luxury
apartment buildings. They each and every one; and everything
in between, represent an opportunity. -- It is just a matter
of pursuing an opportunity at hand in the local area under the
prevailing current conditions.
There is no way of telling what that "specific"
opportunity might be until we are in that place and time.
Then, we do what most people never do ... we TAKE ACTION, keeping
in mind the prime directive of business: We must sell something
to someone.
Look around you. -- There are "opportunities" oozing
from every doorway. Just pick one you like, commit yourself
to that opportunity, and enjoy your success. -- That's what I
would do.
Steven Reece asked:
"Thanks for the guidance on following up on the deal,
it puts my mind at rest. I do have a couple of more general
questions: (1.) I have started looking through trade
magazines, so as to find potential buyers/sellers. I have
seen very few "Wanted" ads (actually only two in eight
magazines), but lots of sellers. How do you find enough
buyers to make the process viable? (2.) The ads that
I did find asked for specific equipment, which I believe you
would have to be familiar with in order to "sound convincing"
when dealing with the buyer / seller. Can you recommend
a few industries that would be good starting points without industry
knowledge, or would I need to use/develop an expertise in a particular
area?"
Steven:
First, "wanted" ads are usually few & far between
... even in my "WorldWide Business Exchange."
Therefore, although those listings are to be prized, they should
NOT be your main objective. -- If you only wait for the "buyers"
to advertise what they want or need, you'll have a long, long
wait. -- Just add those buyers who advertise their wants or needs
to your "catalog" of contacts.
Earning Finder's Fees is a lot like being a door-to-door salesman.
-- People who have things to sell just don't do it ... they don't
go door-to-door looking for a buyer. YOU, as a professional
Finder must do what they won't. Go door-to-door (figuratively),
knocking on doors until you find someone who needs what your
client has to sell. -- That's your job. That's what you
get paid for doing.
It is always best to deal in areas where you are knowledgeable
- but - that isn't always possible -- so ...
NEVER try to "sound convincing" about something
you know nothing about. Simply tell your contact that,
"I have a client who wants ... (whatever is being sought)
... but, to be quite frank with you, not being in the industry,
I really don't know exactly what he is looking for." --
Don't try to bluff your way through. Let your contact tell
you what you are really looking for. (Best re-read the
section of my Finder's Fee course about "The Ego Thing"
- page #44.)
Add the "wanted" advertisers to your catalog ...
you might just find what they want as you go door-to-door in
that industry.
By the way, there is no way I can recommend any specific industries
in which you could or should start. All industries are
about the same ... only the jargon changes. -- Just use "The
Ego Thing" and be honest about not knowing. -- As a matter
of fact, even when I am reasonably well versed in an industry,
I usually play it dumb so everyone wants to help me with their
expertise.
Philip Gomez wrote:
"I don't know if you'll want to quote these questions
in your e-letter or not, but here goes: -- In your home-businesses
report, in the Machinery & Equipment chapter, you say that
one should ask potential sellers if they will authorize a commission
if you sell their items for them (Hint #2). But in Finder's
Fee course, you say (strongly) that one should not ask for a
commission until they have found a buyer first. Did I miss something
or is Machinery and Equipment a special case? -- Also, let's
say that I have a finder's fee deal in the works, with a seller
ready to go and a potential buyer that I found who has expressed
interest. If the seller and I cannot reach an agreement (i.e.,
he/she refuses to pay a fee), then what would you recommend that
I tell the buyer if the buyer is eager for the deal? -- Should
I ask him/her for a fee or should I just say that the seller
and I could not reach a satisfactory agreement?"
Philip:
Why wouldn't I want to quote your questions in the e-Letter?
There is nothing untoward in what you are asking.
In the home-businesses report, I am telling the readers how
to act as a "pre-seller" ... adding a commission to
the asking price ... or as a "commission agent" ...
selling the Machinery or Equipment for the owner, for a commission.
-- It isn't about earning a Finder's Fee.
As a Finder, you do not approach the owner/seller for a commission
before you have a buyer because you are NOT going to be acting
as a "pre-seller" or a "commission agent."
Therefore, you should have your buyer in hand before you ask
for the commission. (Please refer to the section in my
Finder's Fee course titled, "Non-Advertised Finder's Fee
Opportunities" ... starting on page #12 ... and the included
sample letters.)
If you ever find a "seller" who isn't willing to
pay a commission (fee), you can bet your bippy you are dealing
with a rank amateur ... not a 'real' business person. -- RUN;
don't walk, away from the deal as fast as you can. Tell
the buyer that the item you offered is no longer available.
Then, go looking for a legitimate seller.
Don Evans needed some marketing
advice:
"I recently became a licensed public adjuster in New
Jersey. A public adjuster is a person who represents residential
and commercial property owners in the preparation and settlement
of property losses against the insurance company. In other words
we level the playing field for the property owner. -- Do you
have any suggestions on the best method(s) to get customers?
Most people that have property damage don't know that they are
covered by their insurance."
Don:
Sad, but true. -- I have long been aware of the fact that
most people don't even know what their Homeowner's Insurance
policy covers.
That being the case, in order to best market your services,
I would create a comprehensive list of those things that are
covered ... with a little explanation of each.
Once you have that list prepared, you could just mail it with
a cover letter to homeowners in your area The letter
could say something like, "Did You Know ... Your Homeowner's
Insurance Policy covers a great deal more than you might imagine.
The enclosed Free Report lists the things most insurance policies
cover. -- If you ever have anything on the list happen, give
us a call. Protect yourself from the insurance company
adjustor."
Make up a similar letter to business owners about their commercial
coverage.
As effective as that might be, I think it would be more effective
if you wrote a short "News Release" about the things
most homeowners overlook in their insurance policy. -- Send it
to the newspapers and TeeVee stations in your area. -- Offer
to send a "FREE" copy of your list to anyone who wants
it. -- You might even try to get on a local TeeVee talk program
discussing the overlooked claims that most homeowners miss.
Of course, if you've got some bucks, you could do what the
ambulance chasing attorneys do ... run a TeeVee ad along the
same lines they use ... "Don't get ripped off by your insurance
company. When you have a claim, let us protect you from
them." (You get the idea.)
Hope that helps in some small way.
Brij Madan wrote:
"I have been looking to start a loan brokerage in California
specializing in business loans.. Lots of people want to sell
me manuals. However, nobody can give a definitive answer on whether
or not a license is required for being a loan broker for business
loans. They say "anyone can become a loan broker."
However I am quite sure there are licensing requirements for
real estate but are there so for business loans. Obviously the
problem is that most business loans will have a real estate content.
There is not a single mention of license requirements by any
of these people wanting to show the glory of being a loan
broker; they just want to sell manuals. -- Finally, after much
searching, I have come across a company called xxxxx run
by xxxxx. He runs a $3,400 course teaching course and says in
his manual that to become a loan broker in CA, all that is needed
is a license called Consumer Finance Lenders from the Dept of
Real Estate in CA. -- I found that such license exists as opposed
to going trough the whole long process of passing Real estate
exams. -- With your contacts and savvy and knowledge of these
things, I was wondering if you can provide any guidance on xxxx
and indeed the whole business of being a loan broker focusing
on business loans AND HOW TO GO ABOUT IT. -- Sometimes I wonder
why a businessperson would not just go to his or her local bank
and is there really scope for a business loan brokerage. I had
some related experience in consulting and this seems like a great
fit. -- Thanks, your publication is just great."
Brij:
Thank You for your kind remarks.
I have never heard of xxxxx, or the xxxxx Corp. -- but --
there are hundreds of such outfits around and it is impossible
to know all of them.
To give you a little insight into being a Loan Broker, you
might want to read my FREE report about Business Financing at:
finance.html
In your email you asked two questions ... how to go about
being a Loan Broker and why would business people need a loan
broker when they could go to their own bank. -- Actually, the
answer to both questions is the same.
A "Loan Broker" is the person who knows how to "assemble"
a loan package to be presented to a lender. Since most
business people really don't know how to do it, they need a good
Loan Broker to make sure they have everything the lender needs.
-- Just knowing "who" the lenders are is less than
10% of it. Knowing what the lenders need from the potential
borrowers, gathering that information from the borrower, and
presenting it to the lender in the proper form is the 90% that
earns your fees. (After you read my FREE report about Business
Financing, you will understand that better.)
Before paying someone a substantial fee to teach you how to
become a Loan Broker, do yourself a favor and read all of the
books on business lending & loan documentation available
in your library; local bookstore; at Amazon.com; and on the various
"banking" web sites.
After you have a working knowledge of the subject, then (and
only then) should you consider enrolling in one of the high-priced
courses. -- When you know the subject, you will also be able
to separate the wheat from the chaff in the offers from the various,
and many, Loan Broker promoters.
When it comes to "licensing" for Loan Brokers, there
are only a few states who require that kind of licensing; unless
you are involved almost exclusively in Real Estate Financing
(even in those states, Real Estate as part of a "business
plan" isn't considered to be dealing in Real Estate Financing).
-- In most states, Loan Brokers aren't specifically required
to be licensed.
Be wise, check with an attorney before you jump to conclusions.
-- Tell the attorney what you are going to be doing and ASK if
there are any licensing requirements in your state; what those
requirements are; and how to comply with those requirements.
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
Just Doin' My Best
Thought For The Month!
"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.
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Copyright - 2001, J.F. (Jim) Straw. All rights reserved.