Thursday, October 30, 2008

Elvis is No. 1

Here is an inspiring fact about Elvis. Among dead celebrities he is still number one in annual income. More then thirty years after his death in 1976, he is still earning in excess of $50 million a year! (OK, he's not earning it, his heirs and successors are.)

An impressive example of building a business model that ensures recurring income long after the initial work is delivered. It works for recording artists, authors and others that receive continuing royalties or sell continuity programs, memberships, subscriptions. Some of the highest earning consultants, advisors and coaches are the ones that are smart enough to sell their services with a percentage override on future sales revenue or cost savings.

Is there an opportunity that you're missing in your business? After selling the product or service are you selling the add-on warranty support or technical service?

Wouldn't your kids be pleased to know they'll still be getting cheques from you long after you're gone?

Friday, October 17, 2008

Running into a burning building.

Another exciting week for investors.

Was it the bottom finally? Did you have the nerve to jump back in and was your timing right?

The advice of most so-called experts was either to stop watching and worrying or start buying at the bargain prices available. The latter advice sounds to me like being at a big game when someone yells "Fire!" and thousands panic and run for the exits, but your buddy suggests now is a good time to buy front row tickets from someone on their way out; then head back in.

That's a good plan if the fire is out and the game is back on. Not so good if its getting worse before it gets better. Maybe if you can grab a season ticket at a good price then be patient until everyone comes back in again.

Who knows?

It's a good time to remember it was always a risky investment and we've been here before. This too shall pass.