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Leveraged income is probably one of the best incomes you can have.
You essential create something once and get paid for it multiple times!
Guys, this is how you can end up generating what Dan Lok calls F.U. money.
This type of passive income is what’s going to set you free.
Here are 5 ways you can earn leveraged income.
Welcome to Franknez.com – the blog where you can digest content on personal finance, side hustle ideas, entrepreneurship, and trending investing topics.
Lets get started!
There are 3 Types of Income
But before I get into them, let’s quickly discuss the different types of income.
There are three main types of income, all of which require different resources in order to move them.
Linear Income – The first is linear income, which is the type of income most people have. It’s where the resource you trade for money is your time. This is your typical 9-5 job, freelance, etc.
Passive Income – Passive income is money generated through investments. This can be income from a high interest CD or savings account. It can also be in the form of dividends paid out from shares of stocks. Passive income may also be generated from rental income if you own property. The resource required for this type of income is capital.
Leveraged Income – And finally, there’s leveraged income. Enough leveraged income and you no longer have to rely on linear income to pay your bills. Leveraged income is earned by creating something once and getting paid continuously for it. You’ll need an audience in order to make the most out of this type of income.
If your goal is to become wealthy, you need to get rid of your linear income.
This income is holding you back more than you know.
Why work 8 hours for someone else when you can use 8 hours of your day to work on growing your own business.
How can I escape my 9-5 job?
Escaping your 9-5 is going to require a lot of work on your part but it is certainly possible.
You’ll need to pick up a side hustle while you’re employed.
You can also choose to start your own business or follow an art project.
Once you’ve chosen what you’d like to pursue, work on this idea every day after work.
When I learned that Elon Musk and Steve Jobs all had the same hours in a day as I do, I really started using my time wisely.
Figure out how to earn money outside of your job so you’re not 100% dependent on your linear income.
Start setting yourself up for passive income
One way I started was by setting myself up for passive income.
I then downloaded the app Mint by Intuit to track my net worth. It gradually went from $6K to $10K and so on.
It has since reached +$100k.
I began putting money in stocks and in a high yield savings account where my money would do something.
Rather than have it collect dust I figured I’d put it to use.
When I saw returns I let go of fear that was holding me stuck to the 9-5.
There are many factors that drive the companies success.
You will discover that sales is what will keep you business thriving.
Here are some amazing steps to building a clientele from scratch.
#1 – Set Your Target Market
It is very important to identify who will be your target market.
Are you selling directly to a middleman or are you selling directly to the consumer?
Are you selling your services or products to corporations or directly to the consumer market?
Learn to identify your target as this is the foundation to a successful clientele.
#2 – Make Contact
Now that you’ve established who your target market is, you’ll need to begin making contact.
This may be through social media, direct emails, or cold calls. Reach out to the target and let them know what your business is about.
Note: DO NOT get discouraged when someone says no.
They’ve done you a favor by not wasting your time. Turn the page and move on.
You will get no’s and maybes for an answer.
Here’s what to do when someone is interested!
#3 – Make Them Aware of Your Problem-Solving Skills
It is important not to drag the conversation solely about you or the business.
Let them know just enough about who you are and what your business is about without it being all about you.
The prospect should know how your services or products will benefit them!
Ask them a little bit more about their business, make them feel comfortable and get them engaged.
How will your business be of convenience to them? Remember, convenience sells so if you offer more than one product or service, make sure you’re vocal about these ‘solutions’.
Encourage them to see the value of your business by making them aware of your problem-solving skills.
Get a feel of the conversation, did you sell it?
If you didn’t, no worries.
This takes time and take this as experience! If they ask you to follow up with them and provide them with more information this is perfect.
Put them in your data base, let’s get one step closer towards closing the sale.
#4 – Follow Up
The sale is in the follow up. It is vital that you are consistently following up with your prospects.
Your first follow up should address the initial contact.
Thank them for their time and remind them why your service/product is an amazing fit for them or their business.
Don’t be discouraged if they do not respond immediately.
Often times, it will take a few follow ups before the prospect requests a quote or buys from you.
Change your strategy each time you follow up, make them remember you.
#5 – Keep Feeding The Pipeline
Continue to make contact with new consumers/businesses in your target market.
It’s better to keep your pipeline full rather than realizing you have no business because you were so locked on a few prospects that seemed interested that now you have no one to follow up with.
Avoid this mistake by consistently updating your client database and keeping track of who’s interested, who you’re in the talks with already, and who you’ve closed with.
Continuously strive for making new clients, don’t settle.
#6 – Client Retention
Client retention is the ability to retain clients over a period of time. In order to create a successful clientele you must be able to maintain your clients from using your competitors products or services. This is the part where actions speak louder than words. You managed to sell yourself and your business, now it’s time to prove why your business is the best of the best. Client retention is fundamental to a long-term partnership with your clients and customers.
Here are 7 amazing tips that are sure to keep your customers coming back.
Exceed their expectations by overdelivering.
Present a positive attitude at all times.
Show initiative to want to help.
Be a team player!
Appreciate them for their business.
Build a solid relationship.
Take care of their needs so they take care of yours.
Here are some words from Founder and CEO of VeeFriends, Gary Vaynerchuk:
“This partnership means way more to me than you could ever imagine. The thought that VeeFriends will be in Macy’s and Toys “R” Us simultaneously is incredible. I fondly remember growing up in Edison, New Jersey, walking down these stores’ aisles as a kid. We chose characters that we think embody exciting features for first-time collectors, much like some of the toys I picked up on the shelves of Toys “R” Us the first time. I can’t wait to see them in-store and on the shelves — it’s a full circle moment for me and a very big step for the company.”
Cold emailing prospects is a great way to establish new relationships and build your clientele. If you’re looking to improve your technique, well I have you covered. These are the best tips to writing a successful and eye catching email.
Welcome to Franknez.com – the blog where you can digest content on personal finance, side hustle ideas, entrepreneurship, and trending investing topics.
Lets get started.
Are cold emails effective?
Cold emails have personally worked better for me than any other sales or closing strategy.
The process of sending out cold emails to grow my network and follow up database has allowed me to grow a 6-figure clientele.
For some people cold emails might not drive results. Maybe you’re better at expressing yourself via voice. In this case cold calling might be your best bet.
I love words so I favor writing. I can also speak to a prospect or client confidently over the phone but my choice for initial contact is by cold email. This is what has worked for me and I’m going to show you exactly what I’ve done to make my cold email strategies effective.
Do you know what the purpose of an envelop is? It’s to get the receiver to open it and read the contents within the envelop. Cold emailing prospects will work the same way. You are going to need them to open your email instead of trashing it on sight.
Your subject line must sell the contents within the email so that a prospect takes what you have to say into consideration. Cold emailing prospects will require you to get creative with drawing attention to your emails. An attractive subject line will draw the prospect to your world.
You might have a great idea on how you want to draw a prospect in. You’ll come to find out it takes a lot of practice through trial and error. The persistence that goes into creating great emails will eventually bear fruit. Don’t get discouraged if prospects aren’t replying immediately.
One strategy I found very effective is to simply call them to follow up to let them know you sent out an email with some information you think they can obtain value from. Not only does the prospect hear your voice and has an intro of who you are, but they feel more inclined to find this cold email.
Tips for writing an attractive subject line
There are actually quite a few subject line email hacks that increase your open rate and get your emails seen. Here are some I’ve implemented myself:
Keep your subject line short
Avoid using CAPS AND EXCLAMATION MARKS!
Put yourself in your prospects shoes
Use a positive sentiment
4 major key points to writing an attractive subject line
Keep your subject line short: this tells your prospect you’re not going to waste their time and demonstrates personality. Long subject lines tend to come off as wasteful and sales pitchy.
Avoid using caps and exclamation marks: The purpose of your email’s subject line is to get your email opened and read. Throwing caps and exclamations marks screams SPAM. Avoid this at all cost.
Put yourself in your prospects shoes: Start from the inside out. Begin thinking what type of email you would be more inclined to open if you were in your prospects position. A good way to find out what your prospect needs to see is to know your industry very well.
Use a positive sentiment: Using a positive sentiment is going to make your prospect curious. They’re going to want to know who’s emailing them before even getting to the actual message or purpose of your email.
Here’s an example of a recent success pitch
The sales director of the company I do 100% commission-based sales for let me in on some recent news. One of the biggest clients in the company had acquired another multi-million revenue generating company in our industry.
Within a two weeks timespan I had closed my first sale with this acquired sister company using only emails. The initial email went like this:
And the rest is history. A rep from the company contacted me a week later for a quote on a rather large project and I sealed the deal via email days later.
Did Jamie respond?
Yes, she did. She was pleased to ‘meet me’ and advised she would be sharing my information with her team. Jamie is the CEO of this now acquired sister company.
So, what made this email very successful?
I implemented the 4 key points to writing an attractive subject line. I kept it short with positive sentiment without the need to use an exclamation mark or caps. Who doesn’t like to be congratulated for a big move right?
My email body demonstrated to Jamie what type of connection I could be for her business and for her team. Lets talk a little bit more about what made this email body an attractive email for the CEO of this company to share with her team.
If you’re enjoying this post so far be sure to bookmark it and come back to it a week from now to refresh your memory on these skills that have allowed me to build a 6-figure clientele.
#2. Write a body email that gets noticed
In the example email above you will find that there’s a lot of details packed into an easy-to-read format that delivers exceptional value from the get go.
The keyword here is value.
Every email you send out should provide value in its highest form possible. Yes, even when simply responding to a prospect or a client.
See, when Jamie had responded to my initial contact email I responded back to her.
Wonderful – thanks, Jamie!
Looking forward to providing the team with tons of value.
Always be the last person to respond.
Address your prospect by their name
It’s common courtesy to address someone by their name. Avoid writing ‘to whom it may concern‘. This form of introduction completely disregards who you’re looking to do business with; especially if their name is already on their email address.
Use your prospects name in the email to be direct and personal.
If the prospects email does not have a name and it’s simply an info or sales email, address the team. You can start your email with ‘hello team‘ or ‘good morning team‘ to show comradery and respect to anyone reading the email.
Doesn’t that just sound so much better than ‘to whom it may concern’?
Establish a connection
Figure out how to establish a connection with someone you’ve never met before. I did this on my email by advising that our company has been a long-time partner with the acquirer company as well as another sister company.
This established the possibility of being trusted. Remember, I still have to deliver and won’t be fully trusted until I do business with them and exceed their expectations.
Tip: don’t work to meet your customers needs. Work to exceed your customers expectations.
Make yourself known
Let your prospect know who you are, as well as a little bit about your responsibilities in your company.
Remember, you’re a stranger to your prospect. Giving them a little bit of background lets them know what type of value and commitment you are able to provide to them and their team.
Demonstrate a willingness to help
People are more inclined to work with people who put their customers first. Demonstrating a willingness to help shows you’re:
a team player
committed to seeing a project through
reliable and confident in your work
I did this on my email by making myself available to my prospect at their convenience.
Use a professional signature
Your signature should be clear and easy to understand and read. There’s no need to personalize it with dated script or flashing banners. Often times this comes off as spam.
My email has a headshot image along with my contact information. By personalizing my signature with a headshot, it lets my prospects know who they’re communicating with.
People like to do business with people, not with logos or company names.
When you’re cold emailing prospects you’re going to want to make a great first impression. Your signature is the icing on the cake. It’s the dessert after dinner. It’s the farewell after a meeting.
Your signature should contain the following:
High quality art linking to your website or social media
This information tells your prospect exactly who you are and what company will be doing business with them very soon. They have easy access to your address and number. If they want to explore a little more then they can click on your website or social media link for an in-depth look and insight of your company.
#3. Get Remembered
There’s someone else like you targeting your prospects for their business. But not exactly like you, right? You’re different, you want it more. So get remembered.
Wow your prospects with your demeaner and willingness to help. You already know that no one out there can service them like you can. All you need is ONE opportunity. One opportunity to prove there’s no one like you out there.
Cold emailing prospects is an attempt to get them to look at you. Strategize how you can make that happen. Be honest, never sell yourself short, and genuinely strive to make some else’s lives better.
Since we’re talking about emails, my best advice for you is to get remembered on every email. Once you’ve turned a prospect into a client, keep getting remembered. Each email should leave the client thinking about how much value they get from working with you.
This can easily be accomplished by:
Being courteous and thankful
Responding to emails quickly
Making work easier for them
Using exclamation marks to demonstrate a great attitude (e.g. absolutely!)
Closing emails on kind terms (e.g. have a great weekend, enjoy your time off, etc.)
Overall presenting exceptional customer care
Cold emailing prospects is about strategizing so don’t get frustrated if your emails are not being responded to. Get creative to see how you can tweak your emails to eventually receive a response.
Tip: Leave a great impression every single time, just like when you first began cold emailing prospects.
Sales are a universal language in business. Every industry requires a sale to be made in order for the business to grow and become profitable. You will learn that these tips are applicable no matter what industry you are in.
Welcome to Franknez.com – most of the excerpt will be based on taking the actions to bring in new clientele to your business. These are the best strategies to increase your sales.
#1. Cold Call Method
The cold call method is a great strategy to use when making contact with a prospect for the first time. Cold calls:
Demonstrate willingness to make contact at a more personal level
Presents your character (be charismatic, uplifting, energetic, thankful)
Allow you to get a feel of the prospects personality (tone, mood, interest, etc.)
Is the best way to sell yourself to a prospect through the use of attitude and dialogue
Perfect for extroverts (if you’re an introvert, step out of your comfort zone and use this method to gain new skills in sales)
The cold call method is a great way to introduce yourself to a company or prospect and sets the mood for potential business in the future.
Increase your sales by selling yourself and your service or product in order to make a lasting impression.
#2. Cold Email Method
Cold emails are a great method to follow up on prospects. They can also be a great means of making a quick and presentable first-time contact. You may alternate and follow up with a call based on the success rate of response. Cold emails:
Are quick and efficient
Advantageous for skilled writers
Don’t take much time from a prospects busy schedule
Perfect for introverts
If you’re sending out a cold email to make first contact, be sure to follow up with a call when necessary. Some prospects appreciate cold emails due to having the convenience of reading and responding to them whenever it is most convenient to them.
If you’re sending out an email to follow up after a call, be sure to thank them for their time and be clear on your proposition(s).
The most effective way to increase your sales is to alternate between these two methods in terms of first contact and follow up.
Every lead and choice of execution will result in a variety of ways to present and close a sale. I have emailed prospects who immediately responded requesting pricing after making initial contact with a cold email.
I’ve cold called prospects who advised I made contact at the perfect time as they have actually been fed up with their current vendor.
There has been prospects who have been open to working immediately, some who would like to see samples first, and some who are willing to run test projects before committing to more business.
#3. Schedule Meetings
If you’re after a prospect who isn’t biting, who is giving you the runaround; try scheduling a meeting. Meetings are a great way to present or demonstrate your service or product to a prospect. You may also schedule a meeting with current clients in order to add flame to the relationship.
A meeting may take place in your prospects workspace environment or in your facility. Meetings are very personal, sell yourself, your product(s)/service(s), and your abilities that confirm why you’re the best choice for this prospect.
Establish an awesome relationship with your prospect(s). Impressing them will boost your probability of establishing a new client which in return will increase your sales.
Experience & Tips
Scheduling meetings with current clients is a fun way to increase your sales. This strategy will allow you to form a deeper connection with the company and with the client.
There has been a few instances where clients have actually wanted to meet up and see how product was produced at our facility. After one particular meeting, I followed up with the coordinator to advise they are more than welcome to stop by anytime and to bring the rest of the team next time around.
Months later I met another coordinator who wanted to meet in person and see how we conduct business. They were very impressed and super enthusiastic about continuing to doing business together.
This experience has served as a great means of connecting with our clientele which has strengthened the business relationship. At some point in your sales career you will need to meet with your prospects or clients in order to further establish your credibility and increase your sales.
#4. Become An Expert In Your Industry
In order to continuously increase your sales, you’ll need to become an expert in your industry. Yes, you can naturally be a great sales person and understand the importance of catering to a company and really know how to sell yourself.
However, when you become an expert in your industry, you have an insight and advantage far greater than any other sales rep in your circle.
This is one of those ‘extra credit’ strategies that will help take your skills, expertise, AND knowledge to another level in your career.
Understand your industry, and become an expert in your service(s) and product(s). Here are some advantages to being an expert in your industry:
The Ability To Serve Your Clients Quickly & Efficiently
Being an expert in your industry allows you to serve your clients quickly and efficiently. You are able to provide instant answers to your customers questions regarding your services or products in a confident manner.
The Ability To Effectively Solve Problems
Being an expert in your industry means you have the ability to effectively solve problems. Your advantage is that you have the answers to just about everything in your niche, which translates to finding better solutions when discrepancies arise in your workplace.
Your Reputation Exceeds You
Whenever people think of the services or products in your industry they think of you. When you’re an expert in your industry, your reputation exceeds you. People want to work with you.
All of a sudden you aren’t chasing prospects anymore, they’re chasing you. Becoming an expert in your industry is an absolute way to increase your sales.
#5. Feed The Sales Pipeline
You should consistently be feeding your sales pipeline and lining up prospects to follow up with, meet, and close new deals with. I personally suggest creating a client database to reflect the status of your leads. This will help you keep track of who just spoke with, who needs more from you, and who’s in your pocket.
Feeding the sales pipeline will increase your sales due to the consistency of reaching out to new prospects. When work slows down in your industry, you’ll have this amazing client database you can tackle before things start to pick up again.
Tip: Never let your sales pipeline go empty as you’ll have no leads to follow up with once your industry slows down.
#6. Follow Up To Seal The Deal
Grant Cardone says the sale is in the follow up and it’s true. Increase your sales by continuously following up with your prospects and current clients. Here are some ways you can follow up with prospects:
Regarding initial contact
On provided quotes
Follow up on scheduled meetings
Or questions you might have
These points show prospects you have potential of earning their business and highlights your attentiveness to serve.
Here are some ways you can follow up with existing clients:
In regards to satisfactory upon purchase of product or services
Provided quotes OR re-orders
Status of processed orders
These points show willingness to help and demonstrate an effort to accomplish a set of goals. Being proactive with follow ups will increase your sales as you’re consistently on your clients or prospects radar. Remember to create a client database where you can keep track on your prospects.
Tip: Your follow ups should always be strategized so they do not become robotic to the receiver. Alternate between emails and phone calls for the best results.
#7. Think Of Your Customers Needs
Understanding how to cater to your customers needs is a definitive way to increase your sales. Everyone you meet, encounter, or come into contact with will have similar needs. You will come to understand that everyone has unique needs. It’s when you learn to differentiate these two that you will gain an advantage over your competition.
Put yourself in your prospects or clients world for a second. What will make them buy from you? How can they think you to be the go-to-person? In order to understand how to cater to your customers needs, you must form a relationship with your current clients, or creatively asses your prospects wants.
Tip: Always think of your customers needs.
#8. Overcommit And Overdeliver To Increase Your Sales
Overcommitting is saying yes to a rush project. It’s saying yes to the tight deadline and the extra work it will require to make it happen.
Overdelivering is not only accomplishing the goal but it’s having completed it while exceeding the customers expectations.
Increase your sales by demonstrating to your clients that you are trustworthy and a reliable partner with whom they can count on for ANYTHING.
When you overcommit it is up to you to do whatever it takes to see that promise through. When you overcommit you close the deal. Now make sure your delivery is phenomenal. Think long-term success when catering to your clients needs.
Sales really are a universal language in business. Every industry requires a sale to be made in order to grow and become profitable. Use these strategies to help you further your career in sales and stay ahead of your competition.
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Leave me a comment below if you are already implementing any of these strategies in your industry or if there’s anything else you can input to the related topic!