Post written by Rob Minton
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I've
been wanting to write this post for sometime. I've held back for
various reasons – until now. I'm going to really open up and give you
the real deal in this post. I hope that it helps you in some fashion.
The
majority businesses are struggling here in the States because of the
recession. The credit crises has had a major impact on almost every
industry, including real estate.
My primary business, just like most
others, has been negatively impacted by these events. Over the last 12
months, one of the largest new revenue sources for my business
disappeared.This may have happened to you too.
When this happens, we have two basic choices:
1. Throw in the towel and surrender.
We
do this by giving up each day. We don't pursue opportunities because we
feel that they won't work out. Our thought process is: "What is the
use?" Most real estate agents will not admit it, but this is the
decision they've made. I see it every single day.
2. Work harder to replace lost revenue.
This
decision requires that we step back and study the market for
opportunities that we can successfully turn into money. We then must
work very hard to implement action steps to take advantage of the
opportunities identified.
Last year, I teetered on the fence with this
decision within my primary businesses. Prior to 2008, I had some success
and squirreled away a great deal of money. I also had created multiple
income streams and successfully implemented my $4,000,000 Wealth
Blueprint. This simply means that I could have decided to sit back and
coast through the recession.
For some reason, I saw the
recession as a challenge. I decided on choice number 2. This was a big
decision because it forced me to completely reinvent my business. My
business, Minton Publishing, Inc., was engineered around a high end
coaching program for real estate agents. Agents could no longer afford
high end coaching because of the sudden drop in home sales.
I began surveying my database of real estate agents asking them two
questions. The first question I asked was: "What is your biggest
challenge?" The second question I asked was: "If I could create one step-by-step guide that would help you overcome your challenge, what should the guide be?"
The answers I received pointed to several new business
opportunities. I narrowed the list by testing a few ideas and
decided to launch a new lower priced membership helping agents solve
their biggest problem. This membership is Renegade Reports. Since the
launch, the membership has gone gang busters. This new membership
entailed a great deal of work to launch and still requires a great deal
of work each week to maintain.
This membership sold so well that I decided to launch another new
lower priced membership. This membership is engineered around my
personal financial wealth building plan. It's called the $4,000,000 Wealth Blueprint.
This just recently launched and it is starting to grow just like
Renegade Reports did. Guess what? This new membership entailed a great
deal of work, too.
I share all of this because I'm trying to show you what you must do to build a business during a recession. You cannot continue to do the same things if they aren't working anymore. You've got to look for market demand and then create new products or services around this demand.
To be 100% completely honest, I'm working harder now than I've ever worked before. You should be too.
Change is required in business. The good news is that we have the ability to quickly change our businesses. Large companies with thousands of employees cannot change so quickly. They have layers of management and must spend hours in meetings before taking action. We don't.
We can decide today to launch a new product or service and have it in the market within a week. We don't have to push our ideas through any committee. We don't need board approval. Its just you and the decision to take immediate action.That's it.
When one of your income streams decreases or disappears, go replace it.
Don't sit back and be a victim. Life is what you make of it. I worked
way too hard to sit back and watch my revenue disappear. So have you.
