How to Make Big Money in Your Own Small Business – Jeffrey J Fox [Book Summary]

by Nick

If you want to start your own small business or are already the owner of a small company – the book “How to Make Big Money in Your Own Small Business ” is for you.

The book of world-famous consultant Jeffrey Fox will help you achieve business success and avoid dangerous pitfalls. The book contains concise and easy to implement recommendations that will be useful to both experienced and novice entrepreneurs.

Running your own business gives the entrepreneur enormous opportunities to realize his personal potential and material ambitions.

No bank deposits, high salaries, and bonuses can be compared in terms of their potential income with the results of their own successful business..

This book is available as:

AudiobookeBook | Print

Jeffrey Fox is the founder and CEO of Fox & Co., a strategic marketing consultancy. Before starting his own company, he held high positions in a number of large companies – he was vice president and director of marketing at Loctite Corp., Pillsbury, Heublein. Fox was awarded a number of professional awards – he received the Sales and Marketing Management Magazine Award “For Outstanding Marketing Achievements”, was awarded by the National Association of Industrial Distributors as “The Best Marketing Director”.

The professional experience of Fox, a graduate of Harvard Business School, provided material for one of the best case studies of this school, which was recognized as the most popular marketing case in the practice of teaching business schools around the world.

There is a Lot of New Under the Sun

It is amazing how often we hear the old expression “There is nothing new under the sun.” It is doubly surprising how many people who, having heard this stupidity, thoughtfully nods “There is nothing new under the sun” – an excuse that justifies the reluctance to think. This is an underestimation of the possibilities of innovation and those who are looking for the unknown and the advanced.

This statement is the deepest error! Do not let this demoralizing thought confuse you.

There is More Than Enough New Under the Sun. Every Day New Ideas Appear on the Market.

New products, new ways of their implementation and customer service contain the unlimited potential for innovation. For centuries, people have brewed coffee and served it to customers, but Starbucks made a real revolution in the coffee business. From generation to generation, babies dropped their bottles until one of the mothers invented a bottle with two handles. Auctions have existed since trading began, but eBay has taken this business to the next level by organizing online auctions. (Or maybe it was

 The one who put the suitcases on wheels, also certainly became a millionaire. All these simple ideas became the basis for a new business.

If you think that you have found a new way to provide the consumer with what he really needs, most likely it is. Do not listen to those who say: “It has already been” or “It has already been tried.” Such thoughts kill new ideas. Avoid them.

Under the sun, the abyss of the unknown. Your idea can start a small business. Strive for it! May it bear fruit and help you find your place in the sun. A different approach to yes and no, or why the ideas that were rejected by a large company can start your business.

Sources of Ideas for Small Businesses

Opportunities for small businesses are many. Ways to find ideas are listed below.

  1. Look in the mirror. What can you do? Your gift can start a business and bring you a lot of money.
  2. What is being done in your family? Is there any family business that could be yours? Maybe you should work in a family business, study the matter thoroughly and start your own business?
  3. Take a closer look at the company in which you work. Maybe it’s worth doing what your company is not doing? Is there a market that your company could serve, but which remains unreached?
  4. Explore ideas that have been rejected or not implemented by your company. Often they are very promising for small businesses.
  5. Read franchising magazines. Buy or create a company in a rapidly growing industry, for example, open a gym for women over thirty. There are a lot of opportunities for franchising.
  6. Supply goods and services for a specific ethnic group. Identify a group that is growing rapidly and sell what these people need and the way they want.
  7.  As people age, they need more and more diverse health services.
  8. Watch TV shows where they talk about a variety of skills and abilities – repair, gardening, interior decoration. This will allow us to keep abreast of current trends and popular ideas. Is there a company that provides consumers with garages? Is there a company that supplies planting plans for garden flowers and shrubs over the Internet? Is there a company that manages the personal affairs of busy people, if both spouses work, are constantly on the move, have several houses, or have a different lifestyle that requires planning and organization?
  9. Buy the company you work for. This can be a buyback using borrowed funds or a buyout by a management company.
  10. At the companies put up for sale, you can bring auditors, lawyers, credit managers, professional brokers and announcements. Buy such a company.
  11. Evaluate this business from the following point of view: can you organize a similar business a little better? Remember what caught your attention during one of your recent trips: is there a similar business where you live, and is there a need for it?
  12. Try to realize one of your old ideas, the one that you have been telling people about for years. Implement your school project, which proposed the idea of ​​a new business.

How to Outline the Path to Success Plan of Action for the Future Entrepreneur

To start your own business and succeed, you need:

  • – To state clearly on one page why your business will succeed. Read what you wrote to people between the ages of fifteen and eighty-five, and if what they hear is convincing to them, you have what you need.
  • – Make sure your business has or will have consumers.
  • – Calculate the payback period (when sales are equal to the number of expenses).
  • – Calculate market capacity.
  • – Decide how to attract the necessary minimum of consumers or achieve the minimum level of income necessary for the prosperity of the business.
  • – Know how you intend to identify, attract and retain consumers.
  • – Decide how much money you need to start a business and stay afloat.
  • – Determine who will give you money and why.
  • – Make a clear idea of ​​the distinctive features of their products or services and determine the price based on their advantages for the consumer (and not on the cost).
  • – Know how you will provide consumers with products or services.
  • – Determine whether we need hired workers, which ones, and how do you plan to hire them?
  • – Decide where your business will be located.
  • – To come up with a good name for your company.
  • – Draw a sword and, having gathered courage, hurry into battle, to the market.
  • – And finally, the most important thing is that you should become the one who makes the weather for your company. You must start selling and not stop! Do what is easy for you, but not easy for others.

You can earn money by doing what is easy for you, but difficult for the rest if your talent is in demand.

You can give the consumer what he needs because you have an advantage over those who work in this market. Your gift may be an exceptional sense of color, the ability to intelligently explain, a talent to calm people or a phenomenal memory. Whatever it is, it will allow us to produce high-quality products or services; respond more quickly to consumer requests; get into the market faster; reduce costs or get benefits in several aspects at once.

So, if you write excellent advertising texts, and this is a rare talent, you can set up an advertising agency or become a highly paid freelance copywriter. If you have a flair for fishing spots, you can become a paid fishing spot instructor. If you have unrivaled organizational skills, you can do business by preparing parties or charity events to collect cash donations (for the device of which you will be paid). If you have mathematical abilities, you can sell shared property on jet planes, open a gambling house or do tutoring by teaching children about algebra.

Do not bury your talent in the ground. Too many mistakenly believe that if something is given to them easily, everyone can do it. Or consider that in their abilities there is nothing outstanding. Assuming that your talent is nothing special, you: (a) do not work on it and do not improve, or (b) do not consider it as something that the consumer is willing to pay money for, or (c) both at the same time.

To make money, you need to work tirelessly on what is easy for you. You must constantly train, improving your natural inclinations. Abilities alone will not bring you wealth. The fact that you easily learn useful skills does not mean that you can take them lightly.

First You Need to Identify Your Talent, but This is Only the Beginning. Work on Yourself. Exercise. Improve Your Skill. Advertise It. Appreciate It. Sell ​​it. Build Your Business on It.

To catch fleas on a dog is quite a worthy occupation

It doesn’t matter what your company does if this business does not contradict the law, ethics, and morality. Any activity deserves respect. There is nothing wrong with collecting manure, removing dead animals from the motorways, or keeping a lodging house and renting rooms to tramps. Any business is quite acceptable if it meets the needs of the consumer, does not contradict the law and does not allow St. Peter (or anyone who meets you at the gates of paradise) to reproach you for what you did.

There is nothing wrong with catching fleas on a dog, especially if it is your own dog. There is nothing wrong if your small business is that you catch fleas or sell them. There is nothing wrong with washing dishes, cleaning toilets, cleaning shoes, working as a waiter, cleaning stables or making money on camels.

Any consumer service work deserves respect because every work can be done with dignity. You can engage in small business, producing any products or services. Let your company be engaged in a very prosaic affair, let it seem routine, boring and not prestigious to others, you are the owner of this business, which means that you treat it completely differently.

Catch fleas for your pleasure. These are your fleas. This is your dog. This is your business. Be proud of them!

First: you need a consumer.

The most important factor in the success of your business (small or large) is the presence of a consumer. It is more important than the idea of ​​business, management, planning, financing and everything else. This is the number one rule that is unacceptable to forget or break.

Having a consumer means that one or more people are ready to buy your product immediately or when it becomes available.

Rule number two is to attract the consumer.

Rule number three is to keep the consumer.

Sale is the Number One Task

Realizing this is vital for a small business owner. You must sell it yourself or find someone who will sell your product. Without sales revenue, you won’t get anything. For the smallest enterprises, this means that you need to go to potential consumers, pay them visits, ask questions, demonstrate your advantages and seek orders.

To attract a consumer, you have to go to it yourself and do everything to sell your product: advertise yourself, post ads, make phone calls. A small business owner does the weather himself. He must sell so that the cash register pops incessantly.

Task number one is not quality at all. Quality is determined by the consumer, not the seller, and the consumer believes that it is consistent with the advertisement or the seller’s statements.

The level of quality acceptable to the consumer is a condition of the game. Reasonable price and appropriate product quality are necessary in order to work in business.

The consumer takes the acceptable quality for granted, therefore, lengthy statements about this property of the product or service are ignored.

Number one challenge is selling, and if no one is selling, the business is dying. Do not indulge in despondency. Do not think that you have been rejected. Do not languish idle. Pick up the phone and call. Your customers and potential customers are waiting for this. Do not put off in a long box! Call them right now! Arrange a meeting with them without delay! Talk to one of them right away!

Sagre Diem

Sagra Diem is a delightful, inspiring commandment for a small business owner. It means seize the moment, live for today. Sagre Diem – encourages the small business owner to get the most out of today, from the present. Yesterday does not change. But you can improve your business today and tomorrow. Act! Carpe diem – seize the opportunity, do not miss the chance! If we have a good business opportunity, use it. Think of her. Talk about her. If it is real – carpe diem. This is a rule that will come in handy in life: cherish the present day.

Find something good in it, even if it’s tight. Live today to the fullest.

And, no doubt, every small business owner who finds himself in a hopeless situation will be supported by the Latin phrase: Illigitimi non carborundum – don’t back down, hold on, the rougher translation is the following recommendation: “Don’t follow the bastards!”

To succeed in business, you must be consistent, stubborn, hardy, persistent. Do not let failures, hard times, annoying creditors, bad luck, bad weather, bad news or the fact that the consumer has turned away from you, break yourself. You must not allow illigitimi, whoever they are, to humiliate you. Illigitimi will whisper

to you that your plans will fail. They will say that you have no experience.

They will warn that you are at risk and may lose money. Illigitimi will convince you that you are too young or too old, too modest or too cheeky. They will roll their eyes and smile indulgently at our enthusiasm. Illigitimi is sad and strives to bring you back to earth. Illigitimi is a loser.

Glory or wealth? Choose wealth

You seek glory. Seek wealth. Money is above medals. Profits above orders. Money is better than monuments, Reward is better than honorable knowledge. Cash is better than differences.

If you are a product of your own company or are 100 percent responsible for the final result – for example, you are an artist, a lawyer who practices private practice, an architect, then fame (wide fame) can be an effective marketing tool.

If you are not a product of your own company, do not seek fame. Gain popularity for your company or for its products and services. You do not need your photo to appear on the cover of Rolling Stone or Time magazines; much better if a picture of your product appears there. Personal fame will not make the cash register ring. Rather, the fame that your products use will contribute to this, since such fame provides sales of products.

Do not waste time and money on something that does not help attract and retain consumers. If fame is not an integral part of the marketing plan, then it means that only your pride needs it. But you can’t put the vanity in the bank.

Always Price to Consumer Value

Whatever your products or services are, you will have to charge them a price, that is, decide how much to ask from the consumer. Books on this topic will be enough for a whole library. Before reading them and evaluating what you offer with traditional methods, listen to a simple tip: determine the price based on consumer value!

There are a huge number of pricing methods. You can evaluate a product or service by making a surcharge to cost. You can set target gross margins of, say, 40 percent, and set a price based on this indicator. You can observe competitors and maintain, knockdown or raise existing prices.

Three of these approaches overlook one thing – understanding the real consumer value of your products.

Pricing based on consumer value means that you set prices based on the value of your product or service to the consumer.

Before you do this, you must understand what this value is and what it gives the consumer.

Considering consumer value in pricing, pay attention to areas where your business can have the greatest impact on consumers. If you do not take advantage of the opportunities that the price will give you, most likely you are offering what you can buy at every corner. But if you create value for the consumer and set the appropriate price, both the consumer and your business benefit. This is BIG money.

Sell ​​benefits, Not Products

Consumers do not buy products or services – they acquire what opens up some opportunities for them. Paying, the consumer does not buy medicine, but healing, not a blanket, but heat, not gaskets, but the absence of leaks and a working engine.

Heat, healing, and lack of leakage in the engine are a monetary expression of the consumer value of medicine, blankets and pads. Consumers buy products for one of two reasons:

  1. To solve a problem.
  2. To enjoy either one or the other at the same time.

Sell ​​benefits, not products, and your sales will be huge.

The last word is up to the consumer

You can be the owner of the company, but the boss is still not you. You can be the only employee of your company and not be its boss. You have a lot of bosses.

Your first boss is a consumer. You work for the consumer. A profitable client tells you what he wants, and you fulfill his desires. If he wants shiny apples, put a gloss on the apples. If the consumer asks for a weekly update, do it every Friday. If a consumer wishes to pay with an American Express card, accept payment with an American Express card. Do what the consumer who earns you income desires.

You work for your employees. You eliminate interference that prevents them from working well. You train your employees. You make their life, work and workplace better, richer and more interesting. You listen to them and realize their ideas.

Perhaps you have lenders, investors, or partners. You have certain obligations to them. You must return them their money with profit. You may have signed contracts, for example, a lease for a store. This also imposes obligations on you.

Small business owners have to deal with many laws, regulations and tax requirements. Too many government decrees are restrictive, discourage competition, incur additional costs, and are outright stupid, but they exist, and all of them together are also your absurd and powerful boss.

You work for the consumer. You work for your employees, for lenders and shareholders. You work for a tax inspector. But you work for yourself, and you are worth it.

Work Not Only in Business but Also on Business

Working in business means doing what needs to be done. For example, if you are the owner of a dry cleaning service, this means that you must bind clients ’clothes, write receipts, clean clothes, iron trousers, fold shirts, wipe the counter, clear the walkway, accept money, pay suppliers, lock doors for the night.

Many small business owners initially spend 100 percent of their time working in the business. Often they do not have employees or assistants. They have to do everything to start a business and ensure its existence. It is necessary to work in business in order to study business and grow a business.

Working on business means planning for the future, planning the succession of management, selecting the best employees, training employees, expanding their authority, introducing new products and new services, organizing financing, looking for new markets, building a new building. To work on a business, it’s not enough just to do, you need to study, reflect and plan.

There are obstacles that prevent business owners from working. But he continues to work in the business. Sometimes it seems to him that no one will be able to do the work as well as he himself. If this is so, then this business will never exceed the limits of the productivity of its owner. It may seem to him that he cannot afford to hire workers to do more. The owner may consider that he does not have time for anything, in addition, what is he doing.

All these considerations are quite reasonable, but if the owner of a small business wants to earn more, he should strive to ensure that the work in which less cost is created is performed by employees who receive less pay. He must invest time and money in productivity, improving people and / or technology.

Small Business Owner’s Daily to-do List

  • Develop.
  • Connect with new customers.
  • Communicate with existing customers.
  • Sell.
  • Solve one important problem.
  • Conduct a marketing event.
  • Do one important thing.
  • Engage in training one of the employees.
  • Listen to all employees. Chat with them.
  • Check product quality.
  • Check how the assigned work is performed.
  • Check how you are moving towards your goal.
  • Answer all calls.

But there are things of extreme, paramount importance. Never forget to think about these nine positions!

  • Consumer. Without a consumer who pays money, your business will perish.
  • Cash. Always have a cash supply.
  • Accumulation. Collect cash.
  • Trust. Trust turns into cash.
  • Costs. Do not waste your money. Cut costs. Save money.
  • Implementation. It is about fulfilling orders and concluding deals.
  • Confidence in your strength. Everyone loves the winners.
  • Calm.No matter what happens, no matter how desperate the situation, no matter what alteration you fall into, keep calm.
  • Call of Duty. You started your business – do not back down!

The Final Words

If you are a business owner, you have to think about a thousand different things at the same time.

But there are things of extreme, paramount importance.

Never forget to think about these things!

Why You Should Read “How to Make Big Money in Your Own Small Business”

  • To build a successful small business
  • To be able to grow your small business
  • To become a highly-paid entrepreneur

This book is available as:

AudiobookeBook | Print