Raymond Jewell: [00:01] Build your business the way the historic, wealthy people did years ago. These are the best-kept secrets the wealthy have not wanted you to hear for years. Stay tuned.
Announcer: [00:14] From Philadelphia, the home of the Liberty Bell, Financial Freedom Radio starts now. Here’s your host, Raymond Jewell!
Raymond Jewell: [00:28] Welcome back everyone to FinancialFreedomRadio.com. Years ago, we had a .net and so it’s .com now. FinancialFreedomRadio.com. Build your business for the same reason the historic wealthy people did and do. We’re going to go through that. We’re going to have a little background check on what we’ve talked about in the past few episodes, but first let me say hit to my favorite producer. Hey Steve.
Steve Bailey: [00:56] Hey there Ray. How are you?
Raymond Jewell: [00:59] I’m good. You have a nice weekend?
Steve Bailey: [01:04] It was a stressful weekend. It was tax weekend for me so I was a little stressed out about it, but good weekend. How about you?
Raymond Jewell: [01:09] Oh. Yeah it was great. My cousin was here and so he got to visit for a while and then he left. We had the Chubb Classic playing in my backyard. We went back up to a golf course and I was watching the Chubb Classic play and that was quite interesting.
Steve Bailey: [01:30] Was your cousin with you?
Raymond Jewell: [01:32] No he left on Friday. I want to ask you folks to please like, subscribe and share this podcast with others. We work strictly off referrals. Whatever organic traffic we can get, we want to get this information out so we need your help, if you don’t mind. We would be very thankful and grateful if you did that. So, let’s go through last week’s show. We’re gonna review use and growth simultaneously. Let me give you some backstory on use and growth simultaneously. We all know from listening to the show that we ended up. Imaging and visualization are key. We want to always know that the universe is always in forward motion. I’ve got a slide here I want to pull up here. If you could pull that up, Steve. This is very important. You have to find a way to be alright with thriving, that means growing, because you’re always wanting to thrive. That is our human nature to want to thrive in our lives. The economy is always moving forward in response to the desires of people. Forward motion. It’s never going backwards.
[02:58] Depriving yourself of something does not make more money for someone else to spend. If there were not people who were purchasing things, then all of the people who are working at manufacturing and marketing would have to find other ways of making their living. So we need to understand that marketing and running a business is always in forward motion, never in reverse. When we look at the backstory of what we’ve brought up to this period, we’ve talked about imaging and visualization, we’ve talked about how the wealthy people have done it for years. We’ve talked about use and growth simultaneously means if you get use and you get growth and you get use and grow simultaneously then that is a good thing to do. We talked about when you put that to the test with real estate, you get use, you get growth, you get use and growth simultaneously. We talked about art. We talked about gold. We talked about silver. We talked about antiques.
[04:11] Now we’re going to talk about business because this is the vehicle that the wealthy used to build their wealth. They built their wealth. They would then take their money and they would put it into other areas. They would never let it rest in cash. They always wanted to get use and growth simultaneously. So when we run a business, we want to ask the questions, are we getting use, are we getting growth, and are we getting use and growth simultaneously? The answer is yes. So building a business is the core of building wealth. Now, if you’re working for somebody, you want to make that business as if it’s your own and work for that person like you own that business and internalize that business into your heart and into your life. But if you’re owning your own business, you want to focus on getting use and growth simultaneously.
[05:11] Now owning your own business, there’s several keys and there’s a secret that 90% of the people don’t do and I’m gonna tell you that secret today as we get further into this, but you have to understand the laws of economics. As we saw in that last slide that the world, our universe, is always in forward motion, never in reverse. So it is in your favor. All you have to do is tap into that forward motion and most people running a business don’t do it. So let’s look at that and we’ll dissect the business and look at how you can run a successful business. I’ve got notes here. You want to get products. You want to produce that product for a low price and sell it for a high price. That’s very simple. That’s an asset. You want to pay employees a good wage, but expect them to produce value far greater than you’re paying them. That’s an asset. How did the wealthy do it? They seem to know something that most people today don’t know. It’s very simple, but it’s difficult. Simple can be difficult sometimes, if you don’t do it. It can be very very costly. So how do they do it? They built a business using an elaborate scale. I’ll get into that. Use and growth simultaneously.
[06:58] Now, what is the business? What is the business secret? The business secret is a business plan. You could see on the screen here, it looks tedious, but you could go all over the Internet and you can find templates to fill out. This is key to why businesses fail. Most people will start a business with the plan in their head. You ask them if they have a business plan. Oh yeah, I’ve got a business plan. Where is it? That’s in my head. No it’s gotta be written down. When you put a business plan on paper it becomes real. It’s the next best thing to reality that you can get. You have to work on that plan diligently because if you don’t, your business is going to fail and there’s some horrible statistics that I’m going to show you in just a second, but you want to take your time and make your plan. Mimic the actual business in real life. Having a real-life business plan is important. We touch on that. I wrote a book and I know this is a shameless plug and I’m going to catch grief from my producer, but Why the Rich are Rich and Life in Financial Imaging. It guides you to produce that business plan, that life’s plan. Because our business is our life. As a small business owner, that business is your life. You’ve got your heart, your blood, and your soul in that business and that becomes your life. So you want to be able to have a life’s plan. In that life’s plan, is a business plan, but if you don’t want to do it the way I outlined it in my Life in Financial Imaging workbook, you could go to the Internet and you can get templates all over the Internet for free. But no matter what you do, you have to do a business plan.
[09:21] Now I’ve got a video that’s gonna give you some really horrible stats here as to why you want to do a business plan and we’re gonna talk about them. I want you to see this and internalize these numbers. Steve.
Narrator [09:44] If you’re thinking of starting a business, you should know how to write a business plan. It is usually observed that despite having a great startup idea, most businesses are not successful. According to common statistics, within the first five years of operations, 90% of businesses fail and of the remaining 10%, only 1/10 businesses last past the first five years. So what makes some businesses fail while others prosper? There may be several reasons including but not limited to, poor customer service, poor logistics and cost management, and inadequate product, but the major reason is the lack of a business plan. Business plans help define goals and achieve them. If you take out time to set concrete, but achievable goals and chart a plan to success, it can help you realize your dream and make your business flourish.
Raymond Jewell: [10:40] One in 10 businesses survive 5 years. Those are horrible statistics. Just think of people that start a business and they leverage their house, they take money out of their house and they go and they start a business and it fails and now they’ve lost money. This is the main reason why businesses don’t work and you’re hearing it here. You can watch this video over and over and over again if you go to Financial Freedom Radio on YouTube. Excuse me, Financial Freedom Radio on YouTube and watch it. It is key to your success. If you do it, you’ll be successful. If you don’t, you’re going to fail because in our mind is a perfect world. There are no inefficiencies in our brain. Everything is working and everything works to our imagination. So what occurs in our life is we start with a business plan up here and we try to execute it and it’s not executed simultaneously. It’s not executed in perfect order. It’s hodgepodge all over the place. Well I got to do this. I gotta do this thing. I gotta do this today. I gotta do this thing. You get the point. It’s scattered and it’s not going to give you the results if you have it down on paper. I always use the analogy that if you were driving from here to Cali, I’m in Naples, Florida. If you were driving from Naples, Florida to California, you’d have a map. You’d have a GPS. If you didn’t, it would take forever to get there. Even if you did, you may not even get there. The old settlers that just went west into the sun had no maps and some of them didn’t get there. Majority of them didn’t get there. The ones that did kept going, but you’ve got to have the plan because the fatality rate is huge and take that fatality rate seriously. Without a plan, your chance of success is minimal at best.
[12:51] So a business plan has to be a true story. It has to be all of the unforeseen negatives that will get in your way. The unforeseen negatives that will occur and you have to take time and plan it out. I am told that Robert Mondavi, when he created his wine brand, sat in the wine fields with a card table for six months working on his business plan. That business plan was all inclusive. Now that slide that we had. Steve, can you pull that slide number two back up? See all the facets in that slide? A product solution target. Don’t let that frustrate you because that all gets touched upon when you start working out your plan, but when you’ve got all of that in order, then your business is ready to execute. But most people don’t do it because they’re lazy. They want to jump right to the end result. We want immediate gratification and it’s not going to work. I’m being a little harsh here today, but it’s important. I don’t want you to go away thinking this is pie in the sky, but if you want to build your business you have to be serious about it. So let’s take a look at the second video. This will give you some key points in how to fill it out.
Narrator [14:42] Writing a business plan to help you direct and manage your company is a key part of starting your new company. Also, a business plan will help lead you and your company to success. Creating a living and breathing business plan makes that success even easier to reach. Many people feel that the sole purpose of a business plan is to get funding and write a plan that is targeted to that audience. This plan should be considered a piece of your fund guest documentation, but should not necessarily be edited to meet each funding source. What is a living and breathing business plan? It is a short document that outlines your company. It’s product or products and the development stages of these products, competition, market or industry, marketing strategies, sales strategies, including key clients you want to target and your financial needs and goals.
Raymond Jewell: [15:34] I call it financial wants and goals because we want to build a business, our needs. If you go back through a lot of my podcast, you’ll see that our wants are dreams that haven’t happened yet. So let’s replace that with wants and goals, but your business plan has to be a true story on paper. It has to be what you’re expecting to have happen over time. It’s not hard. You can go through all of the Internet, you can find all sorts of videos on business plans and watch them and learn how to build that business plan. Because if you don’t, you’re gonna be that one in 10 that survives, maybe. Then the next five years, that number warps down even more. So it’s serious and a business plan has to be real, not fake. You can’t assume everything in your business plan is going to have a positive ending because when it hits reality, that’s not going to be the case.
[16:53] So we want to summarize this and review what we went over. We talked about using growth simultaneously. Go back to some other videos and you can watch that. I think the last video that we did will give you insight into how to apply the use and growth simultaneously test. I developed that test years ago and all of my clients have used it and it’s worked extremely well. If I call them up, I haven’t talked to them for awhile, and I ask them what they remember, they go the use and growth simultaneously test. You want your business to succeed, because if not, without a plan, it’s gonna fail. You don’t want to waste your money. If you’re not willing to put together a business plan, don’t do it. Don’t even go into business. Now a lot of people will do a home-based business. It still is a must to have a business plan in place. In a home-based business, the business that you’re representing has a business plan, but what they don’t tell you is that if you’re going to build the business, you have to have your own mini plan. You have to understand contingencies for product failure or for the company going out of business, you have to understand marketing. You have to understand the revenue streams. There’s so much that goes into it. Do you have to be as involved as if you’re building your own hardcore business? No, but you have to have a plan. You have to have that roadmap and you have to execute it.
[18:36] So I hope this information has helped you. Sorry for being a little forceful here, but I want you to succeed, your parents want you to. I’m passionate. I want you to be all you can be. What’s that the Marine Corps or something the army.
Steve Bailey: [18:59] That’s the army. You should know that
Raymond Jewell: [19:05] Be all you can be. I want you to be successful. At the end of this podcast, you’ll get directions on how to go get the book. The e-book is free. There’s a small charge for the workbook that will help you and we will give you guidance all the way through it, but it’s important to get that life’s plan and get that thing down on paper. That workbook will guide you every step of the way. I want to thank you all for coming and listening to Financial Freedom Radio. Financial Freedom Radio on YouTube. Please like and subscribe and share. Share this information. Don’t hold it back. There’s plenty of money in the universe and when you share it, you’re going to help somebody else. A share is kind of like paying it forward, right Steve? When you pay it forward, you give other people a chance to be exposed to new information.
Steve Bailey: [20:08] Yeah.
Raymond Jewell: [20:09] What do they say? Albert Einstein says “the mind that opens to a new idea never comes back to its original size.” So, when you share with people, that’s really helping them live a bitter life. So thank you all for coming. We’ll see you here next week. FinancialFreedomRadio.com.
Announcer: [20:32] Thanks for listening! Please remember to subscribe to the podcast. If you want to learn how to create real sustainable wealth like the extremely rich people do, or maybe you just want to sustain the wealth you already have, you need to check out Dr. Ray’s new book “Why the Rich are Rich”. Ray’s been coaching clients for 35 years and has completely unlocked the secret strategies that rich people use day in and day out to grow and sustain their wealth, regardless of what’s going on in the economy. His book is completely free, and you can get it by going to https://whythericharerich.com and entering in your email address. Again, that’s https://whythericharerich.com. Head over there now.