If you are looking to start your own business, one thing to keep in mind is where will you get the money? Before your business takes off, you must be willing to provide your company with the money straight out of your pocket for it to be able to thrive. Always be willing to invest in yourself.
Salespeople should view themselves as a business or a mini- corporation, rather than a loan originator, real estate agent or insurance salesman. Do whatever it takes to grow the business. Just as you’re willing to hire an assistant to help get you to the next level,
it’s also important to invest in the business in other ways. For example, salespeople shouldn’t necessarily expect their companies to provide laptops, marketing materials and other “necessities.” When we first opened the Golden Rule office, I used $3,000 of my
own money to cover various overhead expenses, and there have been a number of other instances when I invested my own income for marketing campaigns and other costs. Some management consultants have said that three percent of your annual income is a reasonable amount to invest. Based on my own experience and conversations with other salespeople, I think it should be higher – as much as 20 percent. Of course, you can gradually increase your investment and ultimately, the amount will be what you are comfortable spending. Do your own cost/benefit analysis to ascertain how much you are able to invest to help generate a specific production level.
While it is important to work in a team and invest in others to help you rise to success, it is also equally important to invest in yourself to help your company grow off the ground.
Daniel Milstein is the bestselling author of ABC of Sales. For more information, visit: http://amzn.to/ABCARTICLES
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