Hustlenomics #8 How to Use Technology and Advances for Business

Hustlenomics #8 How to Use Technology and Advances for Business

If you don’t want to read it, you can watch this video.

I’m an early adapter. I love technology and I embrace it. A long time ago, I lived in Clayton County and I  was the first person in the neighborhood to get DSL. I couldn’t wait. I was breathing down Bell South’s neck, which is now AT&T.

You need the proper tools to evaluate technology. What this podcast will be about is how to design your own development map. I’ll give you an example. I use Ribbon for one run. Understand, when you see me put new stuff up, I’m testing to see how it works and if there are bugs.

You need the proper guidelines on how to do that. If you are a reseller, you should work more on marketing, Facebook integration, blogging, and whatever you can do to sell your products. Resale is very simple in terms of payment processing. You have your merchant account. You have Square for physical transactions. You have PayPal. All that stuff is there. A traditional merchant account is even safer. There are a lot of tools out there that will enable you to collect money for services and goods sold. So, getting paid is not a problem.

The biggest problem as a reseller is how to sell your stuff as fast as possible. Ribbon and Gumroad are not really going to help you with that. I get excited by new and shiny technology, but if you’re a reseller that’s not going to help you that much. As a reseller, you should be looking at how to improve efficiencies, build infrastructure and market because you buy stuff at a discount and sell it at a premium which gives you margin.

One of the reasons I know longer embrace the reseller model is it is under siege. You can still make a lot of scratch as a reseller. Don’t mistake me for saying it’s dead. It’s never going to die. It’s just going to become more and more challenging to make money. It’s puts you in the position where you are trading time for money. It can make a lot of money, and also reselling is fun.

Let’s talk about you. Let’s talk about developing your business development map. Those people that know how to connect online and offline will have a huge advantage in life and business. A virtual classroom is what I want to do. It’s coming.

Be learning how to greet people and how to talk to your friends and family, it helps your business. I do believe you can do business with friends and family. It is not always ideal. If something funky happens, someone has to power down.

You have to figure out you. Everybody doesn’t have the same level of motivation. Everybody does not want a big company. People are in different buckets.

I am a content creator at my core. I’m a mentor, trainer and teacher. That’s 90% of what I do. The other 10% is reselling. I do it because it is fun, but it is not my main gig.

The resale game has changed. You have to do far more to make the same money I was making my first year. There are more people in it now because of the economy. There are a lot of people with degrees who are hustling now because this disruptive nation we live in is no joke.

Let’s go back to the development map and figuring out what you want to do. Let’s say you are a parent and you have a spouse and you have 2.2 kids and one is still in the oven. Let’s talk about the challenges of that and creating your new business development map. If you’re making about $50K, after paying for childcare costs, living expenses, and taxes, it makes more sense for you to stay at home with the kids and save that childcare money while you build a part-time business or work a part-time job. Childcare costs alone are about $1000 a month. Taxes are about $18K on a $50K salary.

When you create your business development map based on your real life and the things you have and where you want to go, you’re going to have a better map. This works better than the “Get Money Hustler’s” arbitrary plan where they only focus on getting money without any rhyme or reason or strategic plan. When you go through that planning process with your spouse about what you want to do, you can come up with a better plan, taking into account what’s best for the entire family.

This brings me to my second point. You can’t flake out when you are building your business development map and have an experience that is not what you desire. You have to say, okay this didn’t work out so we’re going to have to move on to something else.

With this family scenario of 2.2 children, you want to shoot for $20K. The thing is, you’ll be able to double that by developing efficiency in your business. So, you can have a parent home with the kids making $40K to $50K per year. It’s a totally different ballgame at that point. Since this person owns a business, they also have a lot of tax breaks.

In the beginning, it’s going to take some time and effort. It won’t be easy.  That’s just the way it is.

You have to get in the game and keep your ear to the ground about new technology developments. There are people today who make a living writing for Kindle for example who could have never done that a few years ago. New advancements in this disruptive economy will bring many opportunities to flourish.

For your development map, you need income goals. Decide on exactly what you want in terms of a house and cars. Shop around and decide on specifics. Do you want a two-car garage? What neighborhood do you want to live in? Get accurate numbers and put that on your development map. After you do this exercise, start basing your income goals on what you want.

Write down your life goals. If you want to get married put that on the sheet. Put down the type of person you want to marry. If you plan on having kids. Put that on the sheet.

By writing things down, you dramatically increase your odds of getting it. In my life, I get what I write down nine times out of ten. That’s why it is so important to go through this process and write it down if you are serious about making it come true in your life.

That’s what you have to do to put together your business development map. As new technology is developed you can evaluate it to see if it fits for your business. Since you already had a roadmap, it is easier to make decisions about which technology and advances to adopt.

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