What are you doing with your drop-shipping profits? I hope you’re investing some of it to grow your business.
I know it can be tempting to use your earnings to pay some bills that have been accumulating. Maybe you just want to buy yourself something pretty.
Here are some ideas of how a real business handles their cash-flow, and how you should too.
Let’s say you have been building your drop-shipping business, and you are now generating $400 per month.
*Take 25% or $100, in this case. Put that money into a separate saving account. Name this account “Assets Column.”
*Take another 25% and put that in a separate saving account. Name this account “Taxes Column.”
*Use the remaining 50% or $200 for business expenses. These can be office supplies, internet service, or even business-related education.
*Never touch the money in your “Assets Column.” Even if you have an emergency. Pay for the emergency with a credit card if you have to.
The only time you use the money in your “Assets Column” is when you’re ready to invest in yourself. Maybe you have an idea for a website.
Take the money from your “Assets Column” and bring your website to life.
Maybe, you have an idea for a niche product. Proving your niche’s concept will take some money. This is what the “Assets Column” is for.
The general ideas shared above are ideas shared in Robert Kiyosaki’s Rich dad, Poor dad. Or maybe it was Rich Dad’s CASHFLOW Quadrant. Both books are must reads, if you’re serious about building wealth.
Speaking of investing in yourself, I’d like to thank several of you who signed up for Steve Chou’s Create a profitable online store course through my affiliate link.
This is a great way to use your profits from drop-shipping to Amazon from eBay. This is what investing in yourself is all about.
Since you’re already investing in yourself, there’s no better way to ensure success than to join a “mastermind group.”
First, let’s understand what a mastermind group really is.
*It is NOT a group for socializing.
*It is a group for brainstorming business-development ideas.
Let’s face it, the biggest obstacle we have as entrepreneurs is ourselves. You know, that sense of resistance that keeps us from accomplishing our goals.
A mastermind group helps you defeat resistance.
When you have a group of like-minded individuals; who are there to encourage you and hold you accountable, your odds of success skyrocket.
Let’s set some ground rules for a successful mastermind group…
Meet at least once a week. The meeting should last for about an hour. Make this an important part of your week.
Don’t take it lightly. Set a rule, where if someone in the group is absent 2 consecutive times, they’re out of the group.
Pick a moderator. Rotate the moderator every week. The moderator’s job is to keep the meeting in flow, make sure everyone gets to share, and move things forward.
Take the first 10 minutes of your meeting to share a win. Something you accomplished throughout the week. No matter how small. If you set goals the previous week, this is a good time to share what you accomplished.
Choose someone from the group to be in the “hot seat.” The person in the “hot seat” is the focus for the week. They will be sharing their biggest challenges and obstacles. The “hot seat” rotates every week.
The group is there to offer a sincere critique of the challenges in question. Honesty is key. Even if being honest might seem a little brutal, at first. Be honest with yourself, as well as with everyone else in the group.
It’s important to ask a lot of questions.
***What’s shared in the group, stays in the group. This is business. Let’s treat it as such.
All in all, the mastermind group is there for encouragement, support, and to hold eachother accountable.
These ideas were taken out of the video below. Pat Flynn and his guest, Chris Ducker really break down the ins and outs of the mastermind group.
Where to find a mastermind group?
Well, our facebook group is a great place to start looking for like-minded entrepreneurs. At least you know everyone in there has similar goals.
This is also a great video by Pat Flynn. He shares 7 awesome tips on building a successful mastermind group.
The idea of a mastermind group isn’t new. This idea was first widely shared in 1937 by Napolean Hill in the world-famous “Think and Grow Rich“. Read this book as part of your personal growth and development.
We’re not reinventing the wheel folks. We’re simply applying modern technology to it.
Thank you for being you.