Friday, August 21, 2009
This has been a very taxing week. I just started training for my new job, working about 11-12 hours a day all week long. But have no fear, I still managed to get my book read this week. It was The Millionaire Maker's Guide to Creating a Cash Machine for Life by Loral Langemeier. Langemeier has an interesting plan for jump starting a entrepreneurship venture.
The book's action plan can be jump started within 2 months. The order of the action plan starts with focusing on skills, then ideas, business model, revenue model, cash machine plan, team and then marketing and sales. Each of these steps should take about 1 week and with the guidelines introduced in this book there is very little guess-work involved. Langemeier explains things very well and all the details were explained with just the right amount of detail. Even if you have never done anything entrepreneurial before, this book will help you develop the skills necessary to succeed.
One area that I was surprised with was the "skills" portion. Langemeier says to focus on what your individual skills are... whether you can groom pets, or tutor kids, or make websites. This idea is simple, but so often people focus their entrepreneurship ventures on what is the "popular" item of the time. Those business's fail pretty consistently because when it comes to the actual operation of the business, the owner just doesn't have what it takes.
Langemeier also has great ideas on initiating guerrilla marketing, and how to effectively get the word out with a low budget. These tips include: email blasts, coupon mailers, guarantees, membership programs, and refer a friend. All of them are very simple and easy to do. I think the marketing portion of this book was one of the better sections. Langemeier knows a lot about taking a simple idea, that a lot of other people might already be doing, and gaining a good share of the market and eventually... turning it into a "cash machine."
If you have the itch for entrepreneurship, but don't really have a plan to get it off the ground... read this book. I was very impressed with the writing of this book, I will most likely pick up another book by Loral Langemeier in the future. Lastly, there is one final quote I want to share with you from the book "People don't live on buckets of cash, they live on cash flow." It is very true and that's why I am trying to inspire people to find their source for cash flow. If you have any questions on the book don't hesitate to ask. I would be more than happy to help anyone that wants it.
Amazon link to buy Cash Machine for Life by Loral Langemeier