Chronic underemployment creates long term opportunities!
(How Thinking Like An Entrepreneur Can Help Transform Your Best Employees And Associates Into Incredible Assets Right Now!)
Who else wants to discover how to turn the advantages of being an entrepreneur into an incredible asset?
Every business (including) yours has hidden or previously untapped resources. Even if you’re just starting out. Say what?
This particular post is going to try and address Joint Ventures (JV) arrangements, in a way (an angle) if you will, that you may not have ever seriously considered before.
For ex; suppose you have been consistently building your list (on or offline) for a while.
And you’re making some sales and you’ve even managed to put together a few mildly successful joint venture ( strategic alliances.) Good for you! But here is the real point.
Even though you are definitely on the right track. There is still a potential untapped goldmine that’s currently hidden in your business and or service. The following example is for illustration purposes only.
How Your Best Employees And Associates Can Turn The Advantages Of Being Entrepreneur Into A Major Asset!
This first example will focus on how a savvy employee that has previously (untapped) entrepreneurial ambitions can inexpensively tap into them like never before; and how some other savvy business owner can benefit because of it.
Take your typical cab driver, be they full or part time. They are trying to maximize their income correct? And no matter how hard they work, within any giving shift, they can only pickup so many fares correct?
And no matter how good or bad any given night or week is; they still have (just like) any other traditional business, certain set expenses, do they not?
Meaning- they still have to pay (typically) upfront to lease the cab for the week and they pay their own gas expenses as well.
Even if it’s summer time and their typical well paying college student fares have go home until the fall semester! Ouch. Needless to say, their business takes a hit. Which means there is less business to go around and even more potential price wars ahead, right?
Untapped Potential Marketing Opportunities Are Waiting To Be Discovered And Utilized!
Well… why not become a little more entrepreneurial then? Huh? How about this.
Again, this is just an example merely to illustrate an extremely simple long term potential money making joint venture concept.Just waiting to happen.
What if the savvy cab driver approached, (and it may take several approaches) in order to find the right fit and a small business owner you can trust!
Let’s suppose you eventually find a respected high end jeweler. And propose the following strategic alliance, aka joint venture with them.
A Dip In The Economy Is The Perfect Time To Start Developing Your Entrepreneurial Employee Relationships…
The jeweler will print up say 500 to start with, (special two sided business cards) in order to inexpensively test this concept.
And they’ll offer any new first time- walk in- visitor to their store, (or online visitor) that goes to their special lead capture page- in order to enter their free drawing, simply by joining their VIP opt in email/mobile marketing list!
And by doing so, they instantly save X percent off of any purchase over X amount of dollars. For example; the holder of this card is entitled to 25% off the purchase of any item that cost $500 dollars or more!
The amount will just depend on whatever their typical customer spends. But here is the kicker. On the back side of the card, the cab driver or who ever the source is, will have their unique ID info of some kind written on it.
So the jeweler knows exactly who referred this new business to them! And who to pay 10 (or X% ) of the purchase price to in either cash or credit!
Being An Entrepreneur Is Definitely A Whole Lot Easier When You Have A Workable plan Of Action!
Meaning-if the buyer spends $700 dollars, the cab driver just made $70.00 extra dollars on top of the money they made on the cab fare.
But here’s the thing. The cabbie will only offer this card, (in other words) the cabbie will strategically target fares that seem (at least) semi affluent!
So that means whenever they pickup a fare in an obviously affluent neighborhood. Before the fare exists the cab, they’ll offer them the card as an extra special way of saying “Thank you” for your business.
So probably 85% of their fares will never receive this card, but of the remaining 15% that do, whenever the card holder does decide to buy some jewelry from jeweler X; and they bring in the card, the entrepreneurial cabbie will be leveraging their exposure to these new potential customers, without increasing the jewelers expenses by one nickel!
There Are A Ton Of Offline Local Companies That Would Love The Chance To Generate New Business For Pennies On The Dollar!
Couldn’t the cabbie (especially) if they’re female, make this same arrangement with an upscale hair salon? And maybe instead of receiving cash, just get credit for hair salon services?
And when her friends want to know who does her hair, just hand them the discount card for’ new first time customers only’ and keep this deal going?
But here is the real point of the cabbie making an arrangement with the jeweler.
What do you think will happen when the cabbie’s in the break room explaining to their fellow cabbie’s, how they earned an extra $1,100. dollars cash last month.
Simply because four of their referrals came in and spent a total $11,000.00 dollars and they received $1,100.00 in cash!
Hello! What do you think at least some of the inquiring entrepreneurial minds will definitely want to know? Right!
And now the jeweler can become very select and only allow the cabbies in good standing the opportunity to participate in their extra income producing program.
Part Time Employees With Little Or No Benefits Are Prime Prospects To Approach About Earning More Money For The Same Amount Of Work!
And if things were to really start heating up, the jeweler could hire a part time sales team that routinely went around to the various cab companies, and parking lot companies (that have hourly attendants.)
And do free 45-60 minute presentations on how the best employees (in good standing) could earn some nice extra income, especially around Xmas and New Year’s.
Simply by making sure that the people that drive upscale cars, got one of these first time customer discount incentive business and or two sided index cards!
Are You Finally Starting To Appreciate Just How Many Untapped Marketing Possibilities There Truly Are!
If need be the jeweler could offer a combination of cash and bonus gift incentives for their participants. Could they not?
Meaning-in the case of the cabbie’s they may offer 25% in gas card credits and the remaining 75% in hard core cash. Or whatever their JV partners prefer.
The jeweler only pays the 10% referral fee whenever the cards are actually redeemed. So other than their traditional upfront cost of the two sided business cards.
Look Around And Start Leveraging Nontraditional Assets And Or Resources!
And their other, traditional upfront expenses,(which currently) they already spend an enormous upfront fortune on, via expensive local radio, newspaper, yellow page ads and or, prime time local TV ads etc.
To find the exact same prospects, now for a mere fraction of the typical upfront cost, they can pay a JV partner like a cabbie in good standing.
Or a paid by the hour ( and not too good by the way) parking lot attendant for strategically directing them to a potential long term customer for peanuts!
Have you considered the advantages of being an entrepreneur?
You Can And Should Use High Powered Performance Bonuses To Stimulate More Productivity….Part Two
Hopefully these incredibly simple examples are starting to stir some of your creative marketing juices.
Are they not?
Because hopefully, you can see that if you’re a cash starved, struggling small business owner and or service provider, you don’t have to be able to offer 10-25% cash incentives in order to play this game! Not at all.
For example; what if you own a mid level Mom & Pop restaurant. You could approach a reputable day care center, maybe one operated out of someone’s home and offer special discount coupons, they can give to their best customers that either pre-pay or pay by money order and or credit card etc. In other words, as long as they don’t pay by check!
Ethically Bribing Your Very Best Customers And Or Clients Is Definitely A Proven Strategy To Compel Them Into Action!
A coupon that says; for a limited time bring in any kid 10 years old and younger and they pay what they weigh! Meaning- if the 10 year old weighs 69 lbs, then their meal only cost .69 cents. Limit it to just two kids 10 and under per family!
And only offer it on your traditionally slowest days! Bare in mine, kids (especially) 10 year old’s can’t come to your restaurant by themselves now can they? Nope!
You could also make this same arrangement with a few cabbie’s and they could pass them out to any fares they pickup that has kids. And as the coupons are redeemed and your keeping track.
Who Says You Can’t Build A Successful Brand Unless You Have Access To A Seven Or Eight Figure Promotional Budget!
If or once it starts paying off, you can simply allow the cabbie to come and eat either breakfast, lunch or dinner and charge them either your actual cost, or for a greatly reduced price or for free!
And don’t forget to include special guest passes that you could give to the cabbie that says as long as they bring at least one new guest (over 18) per visit, the cabbie eats at your actual cost or for free! Test, it’s definitely worth it.
All that in exchange for helping you inexpensively promote your business, product or services. Any questions?
Hopefully you can see how this type of low cost entrepreneurial JV arrangement helps everybody win! Especially during down turns in the economy.
Be Sure That Your Expectations Are Realistic…
Finally. Before you attempt this particular strategy, just be sure that your long term expectations are realistic.
Just for illustration purposes; let’s run some hypothetical numbers. Let’s say that the typical full time cab driver will pick up about (give or take) 2,500 fares per year. Minus 14 days of vacation time.
And out of the those 2,500 fares about 15% or 375 fares (2,500 x.15% =375 fares) are the cabbies most likely prospects that will ultimately buy at least one nice piece of designer jewelry.
But keep in mine; only about 1-15% of that 375 or 56 people (375 x .15% =56 real potential long term buyers.)
And depending on how much they actually spend, the cabbie will receive at least a 10% referral fee/JV split.
Increasing Your Income
Here is the other concept that you must come to grips with. It really doesn’t matter if you were attempting to use this strategy with an upscale hair salon owner or a cab driver.
You cannot create entrepreneurs! In other words, the men and women that decide to JV with a small business owner simply have to be able to see opportunity, you (meaning the small business owner) cannot transform a person with an employee’s mind set into an entrepreneur.
So don’t try! Instead look for them and stop trying to create them. Which means on average (on or offline) only a maximum of two people (2%) out of every one hundred really have an entrepreneurs mind set!
They Say You Can Make Lots Of Money Or Make Excuses! (But Definitely Not Both!)
So if you read this and other posts and you can only see the specific examples and not the overall concepts, then (sadly) you’re part of the 98% (which means) you are strictly a reader and not part of the two% that is a doer!!
Here Is Your Must Complete Homework Assignment:
1.) Quickly figure out at least two ways that you or your potential JV partners can use this incredibly simple proven low cost marketing ploy to help you create a bare bones minimum of 15-25% more gross profit in the next 90 days or less. And return to this blog asap and share your insights with the rest of us! It’s greatly appreciated!
(Hopefully now, you can see the incredible of being an entrepreneur and not just a small business owner and or service provider.) No matter what your particular niche is.
2.) Refer at least three other small business owners that you know and respect to this blog post asap! You can also tweet this too! Thanks! And be sure you grab your explosive free 22 step small business marketing idea kit series.
P.S. Now as is customary during this part of our show. Please share your extremely valuable comments (in the comments section below)
that you can apply to your business, product or service in the next 30 days or less!
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Extremely important note: And if by chance, you happen to know any of the lesser known podcasters,(or radio show host)
who also target small business owners, service providers or aspiring startups entrepreneurs etc.
Extremely important note: And if by chance, you happen to know any of the lesser known podcasters,(or radio show host)
who also target small business owners, service providers or aspiring startups entrepreneurs etc.
And they’re pro-actively looking for potential guest speakers. Please don’t hesitate to-either- pass their name and contact information directly
to me or vice versa! Thanks!
(Click the link just below, and watch the first video at the top of the page, if you’d like to see the entire 33 minute replay, of a guest podcast on
marketing your small business or service. I Recently appeared on.)
(And speaking of you consistently generating some type of reliable passive income. This may just be what you need right now. Click the link to
to “discover” the real secret of the ultimate insiders.)
And be sure you grab your explosive free 22 step small business marketing idea kit series, because it will help you increase your gross profits by
as much as 25% in the next 90 days or less.
And help you master your effective communication in marketing skills.(No matter what your particular niche market is.) It’s a $97 dollar value and it’s FREE! Please note some links on this page are affiliate (income producing) links.
